THURSDAY, JULY 21, 2016
business@tribunemedia.net
AML targets second Carl’s Jnr for Q4 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AML Foods yesterday confirmed the second outlet for its Carl’s Jnr burger franchise will open on Carmichael Road during the 2016 fourth quarter, as it continued to bridge “the huge confidence gap” among consumers. Gavin Watchorn, the BISX-listed food retail and franchise group’s chief executive, told Tribune Business that construction on the outlet, which will be located near the Royal Bank of Canada (RBC) branch and Faith Avenue junction, had already begun. “Construction has commenced on it, and we’re looking forward to opening it,” Mr Watchorn said. “As for timing, we will get it open in the fourth quarter this year,” He declined to provide details on the number of jobs created, and value of the investment involved, but the Carmichael Road outlet
The Central Bank last night dismissed suggestions that the Bahamian dollar faces a devaluation threat, pointing out that foreign currency reserves were “well above” global benchmarks at more than $1 billion. John Rolle, its governor, reassured that the one:one peg with the US dollar was under “no imminent or medium-term threat of devaluation”, with pressures on the foreign exchange regime also absent. He added that the Central Bank possessed sufficient foreign currency reserves to support the Bahamian dollar’s value, with its ability to regulate demand for overseas currencies providing another layer of protection. “A predicate to any pressure on the currency is for the foreign reserves to be threatened with depletion,” Mr Rolle said. “As of today’s date, the Central Bank’s holdings of international reserves are still in excess of $1 billion well above the international See pg b4
Group bridging ‘huge confidence gap in country’ Expects to match last year’s sales, profits will be the first expansion since Carl’s Jnr launched in the Bahamas with its first location opposite the Mall at Marathon. Elsewhere, AML Foods continues to shrug off the soft economic and consumer environment, with group sales for the three months to end-April 2016 up by 12.2 per cent year-over-year at $39.052 million. The $4.2 million jump from $34.81 million the year before was driven See pg b4
Governor: Reserves ‘well above’ standard at over $1bn No ‘imminent, medium-term pressures’ in sight ‘Well within Bahamas’ means’ to avoid devaluation
John Rolle
Risk takers’ bank preference exposes ‘state of economy’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The preference shown by ‘risk takers’ for leaving capital in the bank, earning minimal returns, “says a lot about the state of the Bahamian economy”, an auto dealer believes. Ben Albury, Bahamas Bus and Truck’s general manager, told Tribune Business that the ‘low interest rate’ environment See pg b5
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
New outlet to be located on Carmichael Road
Central Bank dismisses devaluation threat fear By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Not out of the woods’ with downgrade escape
Confidence collapse sees aversion to higher returns Baha Mar: 12% of GDP ‘rotting away’ Auto sales reliant on buyers who can ‘write cheques’
Gowon Bowe
The Bahamas will not be “out of the woods” should it escape Moody’s threatened downgrade, the Chamber’s chairman warning yesterday that the country will face continued “scrutiny” on a revolving six-month cycle. Gowon Bowe told Tribune Business that while Moody’s gave no intention of its likely action following meetings with the Government and private sector last
Bahamas to face continuous six-month ‘scrutiny’ ‘Can’t dismiss’ rating agencies’ desire for progress Chamber chair hopes Moody’s buys in to ‘positives’
week, a downgrade would be avoided if it bought into the Bahamas’ message that progress is being made. However, he warned that the Bahamas “should not kid itself” into believing it was ‘scott free’ if Moody’s elected not to downgrade the Government’s creditworthiness. Mr Bowe emphasised that the nation was set to face continued regular scrutiny both from it and its fellow credit rating agency, Standard & Poor’s (S&P), plus the International See pg b6
Contractor chief: PM’s Baha Mar pay pledges ‘don’t mean anything’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Prime Minister’s repeated promises that Bahamian contractors will be paid for Baha Mar work “doesn’t mean anything to us”, the Bahamian Contractors Association’s (BCA) president said yesterday, adding: “It’s all up in the air.” Leonard Sands told Tribune Business that the sector, which is owed a collective $74 million for work on the $3.5 billion project, was
Industry wants ‘definitive info’ on sums owed PM seemed to backtrack on making sector ‘whole’ Sector not waiting on debts as ‘saviour’
waiting for “definitive information” on who would be paid, when and how much. Giving an insight into the industry’s frustration, Mr Sands said it was impossible to know if the Prime Minister was “speaking accurate information” through his insistence that the 123 impacted contractors will be fully compensated. He added that the BCA and its members wanted to hear from the party with “proper authority” to pay what was owed, and called on Mr Christie to start See pg b6
$4.05 $4.06 $4.06
$4.06
PAGE 2, Thursday, July 21, 2016
THE TRIBUNE THE TRIBUNE
Showcasing the art behind typography Is typography an art? This question is like ask ing if photography is an art. Certainly, there are photog raphers and typographers whose ideas and techniques raise their work to the level of art. But at their core, both photography and typog raphy perform a utilitar ian function. The aesthetic component is separate. Be ing an effective typographer is more about good skills than good taste. Ultimately, typography is another word for font. Fonts are part of typography, but typography goes beyond fonts. Typography is a central component of design. It gives us an understanding of the heritage behind our craft. It is one of the pri mary ways we pass on infor mation to others. Imagine a website, a magazine or even
TV without text. Typogra phy is a subject that raises passions and it can become a consuming obsession. From a descriptive and simplistic viewpoint, typog raphy is the arrangement of type. It can mean different things depending on whom you ask. How typography is used in a design is deeply rooted in its overall theme, tone and message. It works with your layout, grid and colour choice to create a well-rounded de sign. Your choice of type faces, and your technique of setting type, gives your com position its character, pace and style. Not only does it give the copy legibility, it also helps the reader gain a greater insight into the sub ject of the design. Typography has to be ori ented to your actual readers, not idealised ones. Writers often get attached to ideal
ised readers because those readers are easier to please. But it is wise to see your text as an actual reader will. You will not get it perfectly right, but a rough approximation is better than no approxima tion at all. Here are some of the most important typographic con siderations that designers can take into account:
Hierarchy and scale:
If all type was the same size, then it would be dif ficult to know the most im portant information on the page. In order to guide the reader, headings are usu ally large, sub-headings are smaller, and body type is smaller still. Size is not the only way to define hierar chy; it can also be achieved with colour, spacing and weight.
The Art of Graphix by deidre m bastian
Leading:
Leading describes the vertical space between each line of type. It is called this because strips of lead were originally used to separate lines of type in the days of metal typesetting. For legible body text that is comfortable to read, a gen eral rule is that your lead ing value should be greater than the font size - anywhere from 1.25 to 1.5 times. See pg b5
Dwayne A. Davis
New mobile operator appoints IT director The Bahamas’ second mobile operator, New Co2015, has appointed Dwayne A. Davis as direc tor of its information tech nology (IT) team. “Information technol ogy is a critical area for us, and we need to ensure it is in safe hands,” NewCo chairman Franklyn Butler said. “I am delighted to an nounce that, with immedi ate effect, Dwayne A. Da vis will lead the IT team as director. “This is a key appoint ment within the man agement structure, and Dwayne brings a wealth of experience, gained over a 20-plus year period, both at home here in the Bahamas, and in Europe, Canada and the US. I wish Dwayne every success as he begins his journey to deliver the Bahamas’ newest cellular network.” Mr Davis said: “This is an incredibly exciting time to be involved in telecom
munications technology here in the Bahamas and, for me, NewCo represents a huge opportunity to bring choice, innovation and su perior service to the people. “Specifically, I will en sure that the IT function and infrastructure is opera tionally efficient, built on innovation and consistently optimised for superior ser vice. I’ve worked at many ‘tier one’ institutions, finan cial organisations such as RBC private banking, RBC Dominion Securities, Ci tiTrust (Bahamas), Abaco Markets, UBS Bahamas, UBS Trust Company Baha mas and Cayman Islands. “These organisations de mand IT excellence, given the very nature of their op erations. Believe me, New Co is no less demanding in delivering its objectives for technology, and and under my guidance IT excellence will be delivered to internal and external customers.” TURN-KEY INVESTMENT
FOR SALE EAST BAY STREET, NASSAU, THE BAHAMAS
f COMMERCIAL PROPERTY ON 1.38 ACRES f NEARBY FORT MONTAGU BEACH, PARADISE ISL. & SHOPPING f 26,561 SQ. FT. PERFECT FOR A SCHOOL, OR FINANCIAL,
CONVALESCENCE, RETIREMENT CENTER
OFFERED AT $3,500,000
REF. NS08412
Schedule a showing!
DANIELLE VAN WYNEN 424 0 076 . Danielle@HGChristie.com
322 1041 . HGChristie.com
THE TRIBUNE
Thursday, July 21, 2016,. PAGE 3
FNM deputy: ‘It’s too late’ for Moody’s hope By NATARIO McKENZIE
threatens to slow interna- spite this over-achievement “It will take an FNM govtional trade and cost high on VAT collections, the ernment, open to advice nmckenzie@tribunemedia.net volume businesses thou- gGvernment has still not and input from all stakesands of dollars in punitive been successful in reduc- holders, businesses and The Opposition’s dep- taxes. This is not a growth ing the national debt by one civic entities, as well as oruty leader yesterday said it strategy.” dollar. In fact, they have dinary residents, all making was “a bit too late” to base Mr Turnquest said that grown it to over 76.3 per a concerted contribution to the Bahamas economic fu- while Value-Added Tax cent, extremely dangerous national economic develture on “hope”, arguing (VAT) collections had ex- for an open economy de- opment, and the political that this was “no strategy” ceeded expectations, “the pendent on dwindling FDI will to relinquish control of to combat Moody’s down- cost and misery being in- and tourism for growth and the economy so that it can grade threat. breath and grow,” he added. curred by local businesses stability.” K. P Turnquest was re- and consumers is horrible”. His comments came two Mr Turnquest continferring to comments by “When combined with ued: “We can do better and weeks after Moody’s anMichael Halkitis, minister the sad state of affairs at it will start with a renewed nounced it was placing the of state for finance, who NIB, where pensioners on attitude of openness and in- Bahamas “on review” for said the Government was fixed income are receiving clusiveness. It begins with a potential downgrade, “hopeful” the Bahamas’ their benefit late or not at an acknowledgement that due to both its unexpected creditworthiness will not all, this is a recipe for social we have a serious problem economic contraction and be downgraded following and economic disaster,” he that will require all bright further deterioration in the “constructive” meetings added. minds to aggressively and Government’s fiscal posiwith the Wall Street rating tion. “The kicker is that de- intelligently attack. agency. Representatives from Moody’s met with both government and private sector organisations over a twoday period, and the Christie administration now has to “wait and see” what the agency’s decision will be come the end of August. Mr Turnquest, though, responded: “Basically, it is a bit late to be basing our economic future on ‘hope’. Hope is not a strategy, nor does it engender confidence that the Government is confident of its position and economic plan.” He added: “Already, we have had a series of avoidable bad news emanating from this Government due to a lack of focus and conservative spending policies. “After racking up a record debt load in four years, in a period of general world economic growth, this government has presided over two years of negative growth due to policies that were not well thoughtout, and they continue to is presently considering applications for: execute bad policy initiatives that will further slow growth. “The onerous Customs penalty fees on couriers What is the opportunity? and imports, for example, Tribune Business Reporter
Edison Sumner
Small businesses urged to invest in renewables By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net The Bahamian private sector continues to suffer a “great level of frustration” over the frequency of productivity-inhibiting power blackouts, the Chamber’s chief executive yesterday urging businesses to invest in renewable energy as a back-up plan. Edison Sumner told Tribune Business yesterday: “The business sector has expressed a great level of frustration over the frequent power outages because it has always had a direct impact on productivity in business, the comfort and convenience of staffing, businesses having to turn away customers and close their doors, having to lose inventory.” He added: “One of the things we are now recommending is that the smaller business people, particularly, invest in alternative energy sources or renewable energy sources as a contingency, making an investment in obtaining generators or solar panels so that they can have some level of redundancy power for themselves. “For many of them it is going to be a sacrifice, but if you look at business continuity planning then we must start to think along those lines. I think it will also help to relieve the pressure on the grid now. If
some of the larger companies were to get off the grid to some degree, it may allow for there to be more capacity to be shared between others on the grid.” Bahamas Power and Light (BPL) said earlier this week it had stopped its power outage rotations (load shedding) in New Providence “for now”, and is in a “safe zone” after returning two engines on line. Additional rental generators, able to produce 40 Mega Watts (MW) of energy, should be in the country in “a few weeks”. BPL announced “outage rotations” throughout New Providence earlier this month, as it continued to grapple with “generation challenges” at its power stations. Since then, it has been load shedding intermittently, but there had been numerous power cuts before that. Pam Hill, BPL’s chief executive, blamed the outages on a lack of proper maintenance for its aging equipment, as well as extreme heat. “We understand clearer what the challenges are and we are hopeful that the new management company at BPL will get the necessary resources to make this happen quickly. We have had at least two meetings with the CEO. We hope these challenges can be addressed sooner rather than later,” said Mr Sumner.
RBC FINCO
Managing Director
•
RBC FINCO is looking for a Managing Director, to lead a dynamic team of sales and service professionals. As Managing Director, you will have responsibility for the financial and business performance of the company, with accountability to the Shareholders and Board of Directors. You will also be responsible for the company’s banking operations, ensuring that it remains sound.
What will you need to do? • Develop an effective sales and service force in the market, to maximize revenue and productivity through recruiting and ongoing coaching, ensuring a high level of employee capability and engagement is maintained, through focused sales management routines • Ensure a continuous improvement approach is applied to achieve superior client satisfaction levels across all channels in the market • Act as a point of integration to manage clients, change, local relationships, risk and regulators. Is the lead Integrator, accountable for end-to-end market business performance from sales delivery and after sales service through to regulatory management • Build marketplace recognition and revenue growth, through increased product penetration and market share • Ensure defined in-market processes are being followed to protect shareholder’s interests, including but not limited to, Adherence to Regulatory Compliance Guidelines, Anti-Money Laundering and Bank policies and procedures What you need to succeed? Must have: • 10 or more years banking experience • Minimum – Bachelor's Degree in Banking or a related field • Strong financial and business acumen • In-depth credit knowledge of personal and business lending • Strong leadership and coaching skills • Strong communication skills (oral and written) • Microsoft Office proficiency What’s in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual. • A comprehensive Total Rewards Program including bonuses, flexible benefits and competitive compensation • Leaders who support your development through coaching and managing opportunities • Work in a dynamic, collaborative, progressive, and high-performing team • A world-class training program in financial services • Opportunities to building close relationships with clients • Access to a variety of job opportunities across business and geographies Interested persons should apply by July 29, 2016 and follow the steps below: • Go to jobs.rbc.com • Type Bahamas in the search by location box • Then select Search Jobs • Select the role you wish to apply for
PAGE 4, Thursday, July 21, 2016
AML targets second Carl’s Jnr for Q4 From pg B1 almost entirely by increased customer volumes and transaction counts, rather than average spend. “We’re driving our sales with extra transactions, getting more people into the stores, and that’s driving extra volumes for us,” Mr Watchorn told Tribune Business. “Our sales are up around 12 per cent, so that’s pretty much equivalent to the increase in customer transactions. We’re just very fo-
cused on delivering value to our customers, and they’re responding to that with extra transactions coming through our doors.” Mr Watchorn added that the increased sales trend had continued through the current quarter set to close at end-July, and was spread across all the group’s formats. “All of our brands are doing well at the moment,” he said. “They’re all recording sales increases, and we’re pleased with the perfor-
mance of all of them.” AML Foods’ retail formats include Solomon’s SuperCentre, Cost Right and Solomon’s Fresh Market, while Carl’s Jnr is complemented in the franchise segment by Domino’s Pizza. Despite an 8.4 per cent rise in selling, general and administrative expenses to $10.709 million for the three months to end-April 2016, the sales growth was enough to deliver a 16.2 per cent year-over-year profit increase to $1.707 million, up from $1.469 million. The group’s results indicate it has largely been able to shrug off a tepid economic environment, marked by
MEDICAL SALES REPRESENTATIVE WANTED Servier Caribbean Ltd. A leading French Pharmaceutical company is seeking to recruit a dynamic Medical Sales Representative to promote and detail the company’s products to Physician and Pharmacies in The Bahamas. Requirements & Key Competencies • University degree preferably in the Natural Sciences or a Pharmacist/Nurse/ Allied Health/Medical background • 1-2 years’ experience in Sales or Health care • Excellent Oral and written communication skills • Good analytical and people skills • An outgoing person who enjoys travelling and meeting people • The ability to work as part of a team • The ability to work independently and consistently • A working knowledge of Microsoft Office, social media, internet programs and related software • A valid Driver’s License and the owner of a reliable motor vehicle Please Submit resume by Monday 25th July, 2016 to: Human Resources Lowe’s Wholesale Drug Agencies Ltd. P.O. Box N-7504 Nassau, Bahamas Fax: 242-393-0440 Or E-mail: HumanResources@loweswholesale.com
Attractive Compensation Package Is Offered Please indicate “Medical Sales Representative” in subject line of email. We thank all applicants; however, only qualified and shortlisted candidates will be contacted for an interview.
low consumer and private sector confidence. “The main pressure on business is consumer confidence and consumer spending power,” Mr Watchorn told Tribune Business. “It’s very real out there that people don’t have the spending power they had before, whether that’s because of stagnant wages, loss of a job or less hours of work. There’s real pressure on consumers right now. “It’s not just affecting retail. It’s every business in the Bahamas. I imagine there are a lot of businesses in the Bahamas feeling the effects of that. There’s just a huge gap in confidence in the country right now.” AML Foods has just closed a 15-month financial year, as it switches its year-
end from January to April, making year-over-year comparisons difficult. However, for the five quarters to end-April 2016, net income was up by more than $1 million at $6.9 million, compared to $5.86 million for the prior period. Mr Watchorn expressed confidence that the BISXlisted group would be able to match the previous year with its performance in 2016-2017. “We expect our sales, in terms of dollars, to remain pretty consistent,” he told Tribune Business, “and expect to maintain the profits recorded last year.” While AML Foods still wanted to undertake more energy efficiency and savings initiatives, Mr Watchorn said these had
Central Bank dismisses devaluation threat fear From pg B1 benchmark of 12 weeks of total import cover - which reflects stronger reserves growth in the first half of 2016 than in the corresponding period of 2015. “Although the Bank expects the normal seasonal drawdown in reserves over the rest of the year, balances are still expected to settle at a year-end position that are stable to slightly improved when compared to December 2015,” he added. “In the present circumstances, the Bank remains well equipped to defend the Bahamian dollar, and any forced float or devaluation would not benefit the economy. It is well within the Bahamas’ means of being avoided over the mediumterm.” Mr Rolle was responding to Robert Myers, a principal with newly-formed civil society group, the Organisation for Responsible Governance (ORG), who warned in Wednesday’s Tribune Business that devaluation was “not a question of if; it’s a question of when” unless the Bahamas changed its economic and political course. Devaluation of the Baha-
mian dollar would be a disaster for an economy that consumes virtually all it imports, as the living standards of Bahamian consumers and households would be drastically slashed. With reduced purchasing power versus the US dollar, businesses and households would be unable to afford many of the necessities and products taken for granted - at least in the same quantities. And the cost of education and holidays abroad would rise dramatically. However, Mr Rolle refuted any devaluation concerns, saying: “Adequate support and mechanisms remain in place to protect the value of the currency, despite conjectures about the impact of economic growth, fiscal consolidation prospects or governance institutions. “The Bahamian dollar’s value continues to be supported by the foreign reserve holdings of the Central Bank, and the tools at the Bank’s disposal to regulate the demand for foreign exchange. “These include the monitoring of the system permitted under the exchange control regime, as well as
THE TRIBUNE
been deferred due to lower oil and electricity costs, which mean “the return on investment isn’t there right now”. “That’s not to say we’re not going to do them,” he added. “There are a few things we want to do, but the return is not there at the moment to justify doing them at the expenses of something else.” Amid speculation that the Symonette family is seeking a purchaser for its 50 per cent equity stake in the Town Centre Mall, Mr Watchorn said that Cost Right’s lease at that location would not be impacted. “We have a lease here for another couple of years until 2020, and fully expect the lease to be honoured,” he added. direct means to ensure that domestic credit expansion does not fuel greater demand for foreign exchange than the system can accommodate.” Mr Rolle said Bahamian businesses and individuals would continue to have “comfortable access” to foreign currency for their international transactions, adding that tourism, exports and foreign direct investment (FDI) - together with the Central Bank’s credit policies - would ensure the system’s import sustainability would endure. “The capacity to further boost the reserves, or to support more robust import financing, remains contingent on strengthening medium-term growth prospects and, by extension, on the enabling policies that can improve the base of private sector activities,” the Governor added. “In such a context, the Central Bank’s ability to accommodate even stronger spending on imports would also be enhanced. Mr Rolle said the Central Bank will continue to encourage “more informed dialogue” on the Bahamian dollar’s underpinnings, and on factors that would “prompt a review of whether an adjustment in the current fixed exchange rate regime is warranted”.
THE TRIBUNE
Thursday, July 21, 2016,. PAGE 5
Risk takers’ bank preference exposes ‘state of economy’ From pg B1
impacting bank deposits would normally force Bahamian entrepreneurs to invest in new or existing businesses. He argued, though, that with private sector and investor confidence at an exceptionally low ebb, ‘risk takers’ and those with access to capital preferred to leave it safe in the bank. “Typically, the average business person prefers to put their money out there in some sort of investment, business, generating a 1020 per cent return on their money,” Mr Albury said. “But when people prefer to keep their money in the bank, that says a lot about where we are in terms of the state of the economy. “Historically, business people sitting on capita
would be trying to get creative and invest it, finding a higher rate of return, but right now there is no confidence because of the state of the economy.” Mr Albury’s views echo those of Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, who earlier this week urged entrepreneurs and ‘risk takers’ to do more if the Bahamas is to shake off its economic malaise. He called on them to step forward and prove they truly “believe in the Bahamas” by breaking out of the “risk averse” mindset, pointing out that with almost $1.5 billion in excess liquidity in the commercial banking system, access to capital was no problem for those who qualify. Sir Franklyn said the Bahamas’ lack of economic
Showcasing the art behind typography From pg B2
Tracking and kerning:
Kerning describes the act of adjusting the space between characters to create a harmonious pairing. It is similar to, but not the same as, ‘tracking’. This relates to the spacing of all characters and is applied evenly.
Measure:
The term ‘measure’ describes the width of a text block. If you are seeking to achieve the optimum reading experience, it is clearly an important consideration.
Legibility:
This is the ease with which one letterform can be distinguished from the next. It feeds into, but is not the same as, readability.
Orphan:
The first line of a new paragraph stranded at the bottom of a page. This is considered to be as bad as the name suggests. Despite these simple illustrations of how influential typography can be, despite having the same text with different typefaces, it still has a level of integration and theme that makes it one of the most powerful tools in the designer’s tool-
Ben Albury
growth, Moody’s threat of a credit rating downgrade to potential ‘junk’ status, and investors’ ‘risk averse’ appetites were “not unrelated”. “Moody’s wants to see growth; everyone wants to see growth,” he explained. “To generate growth, you
need risk takers, and the risk takers cannot forever be foreign investors. “Look at the level of liquidity in the system to fund deals. We just need the risk takers. Moody’s doesn’t need to downgrade the Bahamas now. But all of us in this country need the economic risk takers to do more. “Believe in the Bahamas. That’s not a political statement in this context. Believe in the Bahamas. Believe in yourself by investing in your country. The capital is here; we’ve got to use it.” Mr Albury, meanwhile, said crime was impacting investor perceptions of the Bahamas both locally and internationally, pointing to house break-ins and boat thefts that were affecting Abaco. And with the $3.5 billion Baha Mar impasse now in its 13th month, the Bahamas Bus and Truck general manager said this country
was faced with potentially 12 per cent of its gross domestic product (GDP) “rotting away”. “It’s not very encouraging because I don’t see anything happening,” Mr Albury said of the Bahamas’ economic climate. “We keep hearing good things on Baha Mar are coming, and not to be worried about it, but every day that passes by people become more concerned. “Baha Mar is deteriorating. That is projected to be 12 per cent of GDP, and sitting there rotting. Unemployment is through the roof. I’m a little bit depressed at this time.” Mr Albury said that when auto sales were down, parts and service revenues for dealers typically picked up, as persons sought to keep their existing vehicles on the road. “Right now, people aren’t even servicing their vehicles,” he added. “We’ve seen a decline in that area
as well.” With auto purchasers still finding it difficult to obtain bank financing, Mr Albury said his main sales source were high income earners who were largely able to “write a cheque” for themselves. “That’s not a pretty strong demographic,” he told Tribune Business. “We’re selling vehicles largely in the $50,000$80,000 range, but before our bread and butter was selling to the middle and lower middle classes. “Now, it seems every sale is to someone who can come in here and write a cheque. We have a strong line of used vehicles, a strong line of commercial vehicles, and high end vehicles. “In my opinion, we have the market range of vehicles to match my competitors, but the business just isn’t there.”
OFFSHORE BANK
box. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.
Will receive qualified applicants’ resumes for the following position
Securities Back Office Officer
• NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. Ms Bastian has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, the College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.
Tasks include: Confirm purchase and sales orders with brokers Correspond with Clearing Houses and group employees for timely settlement of trades Reconciling accounts, Coupon calculations, interest and dividend payments Opening and maintenance of brokers and customers’ accounts Execute purchase and sale orders with brokers and counterparts Correspond with customers of the bank regarding general queries and renewals of Time Deposits Spanish - fluent, spoken and written. No need to apply without this requisite. Strong organizational skills At least 5 years of financial experience in Banks or Broker Dealers. Understanding of securities administration Knowledge of Euclid and Clearstream settlements systems (an asset) Proficiency in the use of Microsoft’s Office suite (including Word, Excel, PowerPoint and Outlook) Ability of work under pressure, and keep daily deadlines
PRIME COMMERCIAL lot of land located on Windermere Road off East Bay Street adjacent to Red Carpet Inn and the UBS Bank building contains approximately 31,000 square feet. Portion of property presently used as a parking lot and is income producing. Inquiries should be directed to J. Albury at 324-7856 (H) or 424-2624 (Cell)
Please send all correspondence to: Back Office Search P.O.Box N4779 Nassau, Bahamas
Employment Opportunity
Customer Service Representative Responsible for answering customer related queries via either email, telephone or in person. To ensure that all information regarding products, procedures and services that company provide are up-to-date. II. • • • • • III.
Tasks and Responsibilities Daily processing all orders received for delivery. To handle all Customer Service related complaints and forward information to respective departments for analysis. Checking driver invoices daily to ensure that all orders received are processed accurately and received on the requested delivery date. Maintaining an up-to-date database of all Customer contact information. Collecting data and gathering routine reports and documents for management, accounting department and external partners. Competency
Education/Experience High School Diploma BGCSE’s including Math and English A Minimum of 2 years experience in Customer Service, Tele Sales and/or related field. Skills • • • • • • • •
Excellent oral and written communication skills. Excellent organizational skills. Telephone Etiquette Data Entry Skills. Problem Solving Skills. Attention to detail Computer literacy (Microsoft Excel, Word and Route Center) The ability to speak a foreign language may be an asset
Training • MAS 90 and Routcentre Software Application • Relevant KORE Requirements and Company Procedures • Awareness of Integrated Management System: • IMS Policy and Objectives • Training in applicable Work Procedures: Quality, Food Safety and GMPs Interested persons must submit resume to the front desk or electronically no later than July 30, 2016
Caribbean Bottling Co. Sir Milo Butler Highway Nassau, The Bahamas vbain@cbcbahamas.com
PAGE 6, Thursday, July 21, 2016
‘Not out of the woods’ with downgrade escape From pg B1 Monetary Fund (IMF), with all wanting to see “tangible progress” from the Bahamas in improving its economic growth numbers and fiscal position. Recalling last week’s meetings with Moody’s, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman said: “The message was: ‘If we’re moving forward, shouldn’t we be given some credit for that, although we’ll still be under scrutiny’. “If they [Moody’s] subscribe to that and the positives, then we should be OK and confirmed at the current rating.” Moody’s has threatened to downgrade the Bahamas’ existing ‘Baa2’ sovereign creditworthiness by “one or more notches”, a move that could cost this nation its ‘in-
vestment grade’ status by dropping its debt to ‘junk’ quality. The New York-based rating agency cited weaker than expected GDP growth numbers, recent revisions to which had shown the Bahamian economy to be in recession for the past two years, as the main rationale for placing the Bahamas under review. It added that the continued increase in the $6.8 billion national debt, albeit at a slower rate, coupled with concerns about the effectiveness and credibility of Government policy, had also prompted its action. Mr Bowe, though, warned the Government, private sector and Bahamian people against complacency should last week’s visit to Nassau succeed in persuading Moody’s against a credit rating downgrade.
Contractor chief: PM’s Baha Mar pay pledges ‘don’t mean anything’ From pg B1 providing specifics on Baha Mar. Mr Sands added that contractors were not waiting on Baha Mar compensation to be their “saviour”, and pointed to the sector’s resilience in finding “very creative ways” to ensure their businesses survived. His comments came following a subtle change of language by Prime Minister Perry Christie earlier this week, which seemed to imply that Bahamian contractors will not be ‘made whole’ - paid 100 per cent of what is owed to them - on Baha Mar. Mr Christie, speaking during an interview on Kiss FM with radio personality Ed Fields, confirmed that
the China Export-Import Bank and its receivers are under no obligation to compensate Bahamian contractors - and any other unsecured creditors - for work completed at Baha Mar. He then said: “We have asked for the Bahamian contractors to be paid as near to 100 per cent of what they’re owed as possible. “So in any negotiations going forward, we expect that to be a major point, where up to over $100 million in debt is owed to Bahamian contractors, and we want Bahamian contractors to be paid.” Baha Mar’s collapse into Chapter 11 bankruptcy protection one year ago, and subsequent stalled construction progress, has
“We should not kid ourselves, as this will be reviewed every six months,” he told Tribune Business of the rating agencies. “We still have structural concerns that were raised, and we shouldn’t dismiss that.” “They’re going to want to see tangible progress on the ease of doing business, growth prospects being realised by the Government facilitating expansion, and the fiscal numbers given by the Government not being revised on a consistent basis. “We shouldn’t believe we’re out of the woods, even if the rating is confirmed at this point,” Mr Bowe continued. “This is an exercise that will be undertaken every six months, where we have to answer questions, demonstrate positive movement, at least two times a year.” Both Moody’s and S&P have the Bahamas on a sixmonth review cycle, producing their assessments of its economy, fiscal health and creditworthiness in
February and August of each year. Mr Bowe, though, said that “depending on how they stagger this”, the Bahamas may have to demonstrate it was performing more frequently - possibly even on a quarterly basis to both the rating agencies and IMF. He added that Moody’s meetings with both the Government and the private sector had provided “a very clear indication” of the issues the rating agency was focusing on. Besides the economy’s immediate past ‘negative growth’ issues, and nearterm prospects, Moody’s was also focused on revisions to the fiscal numbers and what the Bahamas was doing to improve its ‘ease of doing business’. Describing the meetings as “a dual exchange” between the two sides, Mr Bowe said the ratings agency gained “a greater appreciation” for how the Department of Statistics had calculated the growth
numbers. The Chamber chief argued that ‘real GDP’, which the Department had measured as ‘negative’ or ‘contracting’ in 2014 and 2015, was a measurement that only economists zero in on. “It’s really about what the marketplace is seeing and feeling,” Mr Bowe told Tribune Business. “Certainly, we’re not experiencing growth at the rate we want, but persons do not feel they are moving backwards.” He added that the private sector also confirmed Moody’s perception that the Bahamas’ growth prospects did not depend entirely on the $3.5 billion Baha Mar project. “We dispelled that,” Mr Bowe said. “They didn’t think so, and we confirmed we didn’t see it that way. Baha Mar had a lot of impact in the construction phase and will bring some employment, but long-term growth is not going to be centred on that.” He said Moody’s had
been informed of the “uptick” in container throughput volumes through the Arawak Cay port, which was a positive sign that Bahamians and businesses were spending money on imports. “What has to be focused on is: Are we moving in the right direction, or staying stagnant as we try to get on the right path [the National Development Plan],” Mr Bowe added. “It’s safe to say we’re moving forward, but not at the pace to put us into the easy zone. There’s a lot of work to be done.” The Chamber chairman emphasised that the private sector “weren’t trying to paint a rosy picture” for Moody’s, and acknowledged that the business community had its part to play in improving the ‘ease of doing business’. “There are positive indicators in the works; we just have to bring them to fruition,” Mr Bowe told Tribune Business.
meant that Bahamian contractors have effectively financed the project’s progress to-date out of their own pockets. Sources familiar with the situation at Baha Mar have even suggested that one Bahamian contractor is owed as much as $32 million, although this has yet to be confirmed. Osprey’s joint venture with the US contractor, Yates, was identified as owed the greatest sum, some $5.3 million. And Cavalier Construction, another major Bahamian contractor, is understood to be owed $1.5 million. Mr Sands yesterday said neither the BCA, nor its members and individual contractors, had received official information on the fate of their outstanding payments. He indicated that the industry was confused over who had the power to make a decision on paying it; whether it was China Construction America (CCA) as general contractor; the China Export-Import Bank as secured creditor, and its Deloitte & Touche receivers; or a new Baha Mar owner. “They’re waiting to have
word. They’ve not heard anything at all,” Mr Sands told Tribune Business of Baha Mar contractors. “I think the BCA’s position on that is until somebody with the correct authority can give us a position, either coming from CCA, Baha Mar or the Export-Import Bank as when payment will be made, by whom, and in what amount, we’re just sitting here hearing all these things.” The BCA president continued: “We’re just waiting for someone with authority to give us definitive information. “We can’t say if the Prime Minister’s speaking accurate information, or whether he’s hearing it from someone else. We’re still waiting for someone from these entities to speak to us properly. It’s up in the air.” Referring to Mr Christie’s payment promises, and insistence that a Baha Mar resolution is “imminent”, Mr Sands told Tribune Business: “We don’t know what that means. “‘Very close’ doesn’t mean anything to us at this time. Dates matter. The Prime Minister can’t say ‘very close’. He’s got to say that on such a date this is
going to happen. “We want to have definitive information at this time. Until such time as CCA and the Export-Import Bank give us definitive information, we wait and see.” The Government has frequently touted the ‘framework agreement’ between itself, CCA and the China Export-Import Bank for Baha Mar’s construction restart as showing evidence of a Chinese commitment to make Bahamian contractors whole. Yet the language employed is very vague, and hardly represents a binding commitment by the China Export-Import Bank and CCA to do this The ‘joint statement’ says: “It is expected that many contractors who have participated in the construction of the project will be re-engaged in the process. “The requirements of the unsecured creditors will also be considered during the remobilisation.” Jerome Fitzgerald, minister of education, science and technology, who sits on the Cabinet’s Baha Mar sub-committee, also confirmed to Tribune Business that the Christie administration had set making all Bahaman creditors whole as a ‘condition precedent’ for it to approve any new Baha Mar sale and purchaser. That is when the Government will have the lev-
erage to force payment to be made to all Bahamian contractors and other Baha Mar creditors. No buyer will likely want to take on the extra expense involved, meaning that the burden will fall on the Chinese. Some Bahamian contractors will also enjoy additional leverage if their skills are required to complete Baha Mar, as they can simply refuse to return to the work site until all outstanding debts are settled. Mr Sands, though, said Bahamian contractors were not just sitting around waiting to recover their Baha Mar payments. He said many had found new sources of revenue to sustain them, with general contractors becoming electrical and plumbing specialists, and doing “base work”in those areas. “While we’re waiting to be paid, we’re not holding on to that as a saviour for our businesses to survive,” Mr Sands told Tribune Business. “We’re moving on, finding ways to keep the doors open and not waiting on that as the solution. “Contractors are finding different types of services, things they don’t normally do. They have found very resilient ways, very creative ways to keep their doors afloat, get revenue in and be profitable. “It [Baha Mar] make take five months, it may take 15 months, but we’re not sitting here doing nothing. We’re finding creative ways to keep going.”
call 502-2394 to advertise in the tribune today!
OFFSHORE BANK Will receive qualified applicants’ resumes for the following position
Adminstrative Assistant Tasks include: Taking phone calls Filing all documents (clients’ accounts, broker’s statements, bank statements, etc.) Preparing documents for weekly delivery Handling all billing and collection of office supplies and local expenses Iseries operations, opening and closing of the daily activities, backups Spanish - fluent, spoken and written. No need to apply without this requisite. Please send all correspondence to: Back Office Search P.O.Box N4779 Nassau, Bahamas
THE TRIBUNE
THE TRIBUNE
US court reverses record forfeiture order over Iran assets
NEW YORK (AP) — A record terrorism-related forfeiture order benefiting families of some Sept. 11 victims and others was reversed on appeal Wednesday, leaving in doubt what will happen to a $1 billion Manhattan office building at the center of the legal case. The 2nd U.S. Circuit Court of Appeals in Manhattan rejected a judge’s reasoning in ordering the sale of the 36-story office building and other properties to benefit family members of victims of terrorism attacks. The families and the U.S. government had sued the Alavi Foundation and Assa Corp., the building’s partial owners. U.S. Attorney Preet Bharara has said the sale of the buildings would constitute the largest ever terrorism-related forfeiture. In 2013, Judge Katherine Forrest said revenue from the buildings passed through a state-owned Iranian bank, violating a U.S.trade embargo, and thus were eligible for forfeiture. They were to be sold by the
U.S. Marshals Service, with proceeds distributed among 19 holders of over $5 billion in terrorism-related judgments against the government of Iran. The appeals court disagreed with Forrest, casting doubt on evidence that the properties were controlled by Iran. The 2nd Circuit decision written by Circuit Judge Richard C. Wesley said the buildings do not qualify as being owned by Iran under the Foreign Sovereign Immunities Act but a threejudge appeals panel left it for the lower court to determine at trial if they could be considered an agency or instrumentality of Iran under the Terrorism Risk Insurance Act. “Given the lack of evidence demonstrating Iran’s day-to-day control of Alavi, we conclude, as a matter of law, that defendants cannot be deemed Iran’s alter egos,” the appeals court said. The 2nd Circuit noted that evidence showed Iran created Alavi in 1973 and supervised its board and
controlled its affairs in the 1980s and 1990s. But it said the only recent evidence of Iran’s control consisted of a 2007 meeting between Alavi board members and Iran’s ambassador to the United Nations. Lawyers for the families of terror victims did not immediately respond to requests for comment. Bharara spokesman Nicholas Biase declined comment. Daniel Ruzumna, attorney for Alavi and 650 Fifth Ave. Co., said: “We are very pleased by the rulings of the Court of Appeals. We look forward to vindicating our clients’ rights and interests at trial.” The U.S. government had said the Alavi Foundation’s sole partner in the ownership of the Manhattan building was a shell company fronting for a secret interest held by the stateowned bank of Iran, Bank Melli. The Iranian government had been designated by the U.S. as a sponsor of international terrorism, an allegation it has repeatedly denied.
Auto industry sharing info on cyber attacks DETROIT (AP) — Automakers are sharing information on cyber security threats and working together on ways to respond when hackers strike, under guidelines being developed by the industry. Nearly all companies that sell cars and trucks in the U.S. have joined the Auto-
motive Information Sharing and Analysis Center. The group announced Thursday that it’s working on best practices to combat cyber threats. Vice Chairman Jeff Massimilla of General Motors says the group has a common Internet portal and already is sharing information on threats. It’s now
working on guidelines that include developing secure hardware and software and how to respond to hacking incidents. The group is holding a hacking attack drill on Thursday. It includes 15 automakers and covers 98 percent of the cars on U.S. roads. It began operating in January.
Thursday, July 21, 2016,. PAGE 7
CIBC FirstCaribbean is a major Caribbean bank offering a full range of market-leading financial services in Corporate Banking, Retail Banking, Wealth Management, Credit Cards, Treasury Sales and Trading, and Investment Banking. We are the largest, regionally-listed bank in the English-and Dutch speaking Caribbean. The bank has over 2,900 staff; 66 branches, 22 banking centres, and offices in 17 regional markets. We are looking to fill the following position:
BRANCH MANAGER, RETAIL BANKING ABOUT THE JOB • Responsible for the overall management and development of staff with the ability to drive and deliver exceptional Retail business performance through effective leadership. • Manages the overall operations of the branch focusing on providing excellent customer service, achieving efficiencies in execution and promoting the bank’s products and services. The Branch Manager will serve as the Service Standards Champion. • Ensures high standards are maintained in regards to operational risk ABOUT YOU management and compliance in accordance with the Bank’s guidelines, procedures and controls as it relates to all services and products offered through the branch. • Effectively drives sales of core banking products through the branch team (example: deposit and current accounts, credit and debit cards, etc.) • Contains costs and maximises the collection of fees to achieve set targets and profitability. • Assists with maximising the growth and contribution of Retail’s high value and personal banking customers through an active referral/leads program. ABOUT YOU • Team Management with a proven track record of achieving targets, goals and objectives. • Experience in supervising people in a sales and service environment. • Thorough knowledge of operational risk management policies, compliance and fraud prevention controls. • In depth knowledge of the Retail segment product set and an overview of Corporate and Business service. • Detailed knowledge of the retail business strategy and bank’s operating structure and interface. • In-depth understanding of technical support systems. • Thorough understanding of Operational Procedures and Audit requirements. • Certificate at ACIB/First Degree would be an asset but is not a requirement.
SALES TEAM LEADER, RETAIL BANKING (based in Freeport, Grand Bahama) ABOUT THE JOB • The Sales Team Leader proactively promotes and sells all core retail banking products and services, and has strong, specialised knowledge and skill in the sale of deposits and transactional products, cards, consumer and home finance products. • Effectively uses tools such as CIF profiling to gather customer information. • Proactively matches CIBC FirstCaribbean’s products and services to customers’ needs in order to provide appropriate financial solutions. • Maintains regular and ongoing contact with internal and external referral sources to solicit new business. • Actively participates in, and supports, Retail Banking, marketing campaigns and customer contact activities. • Prepares personal sales action plans and reports on results. Participates in other sales and sales management activities as defined by the Cluster Sales Manager.
A career opportunity is available for an ambitious career-oriented individual at a small hotel.
ABOUT YOU • Strong interpersonal skills sufficient to successfully interact with internal and external customers, as well as direct reports and Retail in country leadership teams. • Direct leadership responsibility of a group of Sales Specialists, Customer Care Officers and Customer Service Officers (Account Opening) in a branch. • Well-developed negotiation skills. • Good communication skills–both written and verbal. • Well-developed knowledge of credit policies and procedures and the ability to apply these in order to approve/decline applications for credit within delegated lending authorities, keeping within all relevant CIBC FirstCaribbean guidelines.
Engineering Manager:
ABOUT OUR OFFER
Career Opportunity Essential Job Functions: • Working knowledge of systems such as electrical, plumbing, heater, solar panels, mechanical, heating and air condition units. • Must be proficient in Preventive Maintenance Programs. Perform preventative maintenance on a scheduled basis and complete work orders as necessary; keep accurate records of PM’s on all rooms and equipment and prepare relevant re ports. • Have the ability to test, examine, and maintain all hotel’s safety systems to ensure they are 100% operational at all times. Position Requirements: • Five years experience as a Supervisor or Manager in the Maintenance Department of a hotel Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resume to recruitment.humanresources@outlook.com
You will have a challenging, diverse experience with opportunities for professional growth. Our compensation and reward package is attractively structured and performance bonuses are offered.
To apply for this and any other positions, kindly visit https://www.cibc.com/fcib/about-us/careers.html Applications with detailed resumes should be submitted no later than 26th July, 2016. CIBC FirstCaribbean International Bank Limited thanks all applicants for their interest, however only those under consideration will be contacted. Look for us at: linkedin.com/company/cibc-firstcaribbean-international-bank The CIBC logo is a trademark of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license.
PAGE 10, Thursday, July 21, 2016
THE TRIBUNE
In surprise, GOP looks to revive Depression-era banking law NEW YORK (AP) — The Republican Party has taken a page straight out of the campaign books of Bernie Sanders and Elizabeth Warren. What? No, we’re not kidding. In the party’s 2016 platform, the GOP advocates for reinstating the GlassSteagall Act, a Depressionera law that regulated the U.S. banking industry until it was repealed in 1999. Bringing the law back would lead to the breakup of major U.S. banks like JPMorgan Chase in order to separate investment banking from commercial banking. "It’s a spectacular aboutface by the Republican Party," said Aaron Klein, an economist and fellow at the Brookings Institution who has written about bank regulations. In a party that traditionally favors deregulation and hands-off governance, the adoption of this provision by the Republicans has raised eyebrows on Wall Street and among industry lobbyists. Here’s a primer about what Glass-Steagall is and what the GOP’s adoption of this policy means:
WHAT IS GLASSSTEAGALL? The Glass-Steagall Act of 1933 was passed in the wake of the stock market crash of 1929 and the thousands of banks failures that led up to the Great Depression. While the law did a lot of things, the provision most talked about was the law segregating the U.S. banking industry into commercial banks, or banks that take consumer deposits and operate branches, and investment banks, or those that trade and underwrite stocks and bonds and advise companies on making deals. It also separated out insurance. A bank could be only a commercial bank, an investment bank or an insurance company. That’s it. WHY WAS IT REPEALED? As banks became larger and more complicated in the decades after the passage of Glass-Steagall, U.S. financial regulators had been easing their requirements under the law. Commercial banks increasingly started offering services that had traditionally been associated with investment
NOTICE
NOTICE is hereby given that CHARLENE MACKEY of Second Street Grove, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st dAY of JULY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
NOTICE
a sign for Wall Street carved into the side of a building in New York. Stocks got off to a weak start on Wall Street, early Tuesday, July 19, 2016, as more earnings reports rolled in. (AP Photo) banks. By the late 1990s, some historians and economists had begun to argue that Glass-Steagall was effectively dead. The final blow came when banking giant Citicorp said it intended to combine with Travelers, an insurance company. The proposed deal faced regulatory concerns from the get-go since Glass-Steagall prohibited the combination of insurance and banks. But a GOP-led Congress passed the Gramm-Leach-Bliley Act in 1999, which President Bill Clinton signed into law, which repealed that provision. Citicorp and Travelers became what’s known as Citigroup. Other banks followed. Chase Manhattan Bank merged with JPMorgan & Co. to become JPMorgan Chase & Co. SO WHY BRING IT BACK? After the financial crisis, much anger was directed at Wall Street for the behavior that led to the crisis. Part of that anger jelled into an ar-
gument that Glass-Steagall could have mitigated or prevented the financial crisis by keeping Wall Street from growing too large. While there had been pushes for the return of Glass-Steagall since its repeal, the appeal of that argument grew exponentially following the crisis. When advocates say they are in favor of restoring Glass-Steagall, they are typically not referring to the entire law, just the provision that would separate investment banks and commercial banks. Senator Warren, a Massachusetts Democrat who is well-loved by the anti-Wall Street crowd, has been an advocate for the return of Glass-Steagall. That position was also adopted by Senator Sanders, a Vermont Democrat who built his presidential campaign partly by forcefully arguing for the breakup of big banks. Until this week, restoring Glass-Steagall was a policy advocated for almost entirely by the left wing of the Democratic Party.
NOTICE
NOTICE is hereby given that SYLVIA JUNE HALSTEAD ROLLE of #13 Pioneer’s Way, Grand Bahama, Freeport, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21ST day of JULY, 2016 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.
NOTICE is hereby given that CHANTAL ALPHONSE of Mildred Ave., off Carmichael Rd.,P.O.Box CR-55647, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,966.57 | CHG 0.04 | %CHG 0.00 | YTD 142.62 | YTD% 7.82 52WK LOW 2.21 17.43 9.09 3.14 4.70 0.12 5.85 7.25 5.50 6.85 14.48 2.25 1.27 5.51 6.00 9.85 6.01 5.55 11.75 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
LAST CLOSE 3.65 15.85 9.09 3.50 5.22 0.12 6.50 8.35 5.84 10.58 14.49 2.69 1.41 5.80 8.75 10.96 7.90 6.36 11.93 10.00
CLOSE 3.65 15.85 9.09 3.50 5.22 0.12 6.50 8.35 5.84 10.58 14.49 2.74 1.41 5.80 8.75 10.96 7.90 6.36 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330
114.96 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.23 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
5,000
VOLUME
1000
1069
EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000
DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000
P/E 12.0 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.6 27.4 29.1 8.5 11.4 14.3 11.4 12.2 9.0 15.8 0.0
YIELD 2.47% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.11% 3.42% 3.40% 4.21% 2.19% 2.84% 4.14% 3.14% 0.00% 3.54% 1.89% 5.36% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045
MUTUAL FUNDS 52WK HI 1.99 3.89 1.91 167.58 138.35 1.44 1.67 1.55 1.06 6.67 8.16 5.81 10.66 10.12
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.53 1.47 1.03 6.11 6.93 5.55 10.37 8.65
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund
NAV 1.99 3.89 1.91 167.58 136.68 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65
YTD% 12 MTH% 2.09% 4.15% 3.06% 6.67% 1.39% 3.06% 3.41% 5.18% 2.95% -0.58% 1.89% 3.91% 2.32% 8.70% 1.68% 5.28% 2.77% 1.26% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%
NAV Date 30-Jun-2016 30-Jun-2016 24-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MICHAEL LESLIE KORI FOWLER of Nassau East Blvd., Nassau, Bahamas, P.O. Box FH-14644, intend to change my name to KORI LESLIE MOSES MONCUR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
BISX LISTED & TRADED SECURITIES 52WK HI 3.65 17.43 9.09 3.50 4.70 0.18 8.34 8.35 6.10 10.60 15.50 2.72 1.60 5.80 8.75 11.00 7.90 6.90 12.25 11.00
BUT IT HAS APPEAL, CLEARLY Glass-Steagall became political "cure-all" for the public’s anger with Wall Street and the U.S. banking industry, Klein said. "What I’ve come to realize is that people who are pining for the return of Glass-Steagall, they are not pining for the prohibition on earning interest on your checking account," Klein said. "It’s a pining for a return to the culture and norms of the post-Depression era. That strong regulation could have prevented the crisis."
SO WHY IS THE GOP ADOPTING A DEMOCRATIC PARTY POLICY PROPOSAL? One reason why the Republican Party is adopting this proposal could be the hope of appealing to Sanders supporters who don’t want to vote for Hillary Clinton. While restoring Glass-Steagall was in the Democratic Party’s preliminary 2016 platform, the Clinton campaign does not argue for the return of Glass-Steagall. "The Trump campaign seems to have a fantasy that they will be able to acquire some significant share of Bernie Sanders voters in the general election and this is one way to appeal to them," said Tony Fratto, a former Treasury Department official under George W. Bush who now runs a lobbying firm focused on financial issues. Fratto doesn’t see the strategy working, however. "Sanders supporters would have to overcome their concerns about Trump’s positions on immigration, race, the wall, taxes, etc. — all of those things — to support Trump over this throwaway line in the party platform," he said. Even Warren finds the move perplexing. While she supports the return of Glass-Steagall, an aide said the Senator is "bewildered" that the GOP would adopt the provision but still advocate for other deregulatory proposals such as the repeal of Dodd-Frank, the key financial regulatory reform law passed following the 2008 financial crisis.
Legal Notice
MARKET REPORT WEDNESDAY, 20 JULY 2016
WOULD IT WORK? It’s unlikely Glass-Steagall would have stopped the financial crisis. The first institutions that failed in the crisis were mortgage lenders. That was followed by Bear Stearns, Lehman Brothers and the near-collapse of Merrill Lynch, three traditional investment banks that did not have commercial ban`king operations. Other banks that failed, like Washington Mutual and Wachovia, were commercial banks that collapsed because of bad mortgage lending practices. "The common thread with the bank failures in the 2007-2008 crisis was these banks were weakly capitalized, not that they had both investment bank and commercial bank operations," said Kim Schoenholtz, an economics professor at the New York University Stern School of Business. "The goal of the people who want to bring back GlassSteagall is to make the system safer. But this is just a bad idea."
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
CHIPPIE LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), CHIPPIE LIMITED is in Dissolution.” The date of commencement of dissolution is the 19th day of July, 2016. Invicta Limited P.O. Box 634 Bourdeaux Court Les Echelons, St. Peter Port Guernsey, GY1 3DR Liquidator
THE TRIBUNE
Thursday, July 21, 2016,. PAGE 11
Global stocks resilient amid solid corporate earnings LONDON (AP) — Stock markets around the world were proving resilient on Wednesday in the face of a fairly gloomy economic outlook from the International Monetary Fund. How U.S. markets perform, however, could hinge on a raft of corporate earnings statements. KEEPING SCORE: In Europe, Germany’s DAX was up 1.4 percent at 10,117 while the CAC-40 in France rose 1 percent to 4,372. The FTSE 100 index of leading British shares was 0.1 percent higher at 6,704. Wall Street was poised for solid gains at the open with Dow futures and the broader S&P 500 futures up 0.3 percent. VW CHEER: One notable riser in Europe, and one which helped Germany’s DAX rise, was Volkswagen, whose shares jumped after it revealed that its first-half earnings before charges related to its diesel-emissions scandal
were “significantly higher” than market forecasts. In an unexpected announcement, Volkswagen said its operating profit before special items for the first six months of the year was 7.5 billion euros ($8.25 billion) despite the economic impact of the scandal. Though Volkswagen didn’t state what market expectations it was referring to, investors appeared encouraged and Volkswagen shares spiked 5.2 percent to 134 euros. US EARNINGS: There are a number of leading U.S. companies reporting second-quarter earnings on Wednesday, including Morgan Stanley, American Express, eBay, Intel and Mattel. Solid numbers were reported from the likes of Goldman Sachs, Microsoft and Johnson & Johnson. ANALYST TAKE: “U.S. corporate results season tends to prove a good driver each and every quar-
ter thanks to suspiciously convenient low-balling of guidance, and last night’s Microsoft scorecard was no exception, helping boost sentiment,” said Mike van Dulken, head of research at Accendo Markets. GLOBAL OUTLOOK: The solid earnings reports so far have helped cushion the blow from a downbeat assessment of the global economy by the IMF. On Tuesday, it said Britain’s decision to leave the European Union will reduce global economic growth this year and next. In its latest assessment, the IMF shaved its estimate for worldwide growth to 3.1 percent this year and 3.4 percent in 2017. Both estimates are 0.1 percentage points lower than the bank’s previous forecast in April.
central banks intervening to quell the financial turmoil,” said Lukman Otunuga, research analyst at FXTM. “With fears over slowing global growth and diminishing global confidence lingering in the background, questions should be asked over the sustainability of the market rally.” ASIA’S
DAY:
Asian
stock markets finished mixed. Japan’s Nikkei 225 fell 0.3 percent to 16,681.89, while South Korea’s Kospi dipped 0.1 percent to 2,015.46. But Hong Kong’s Hang Seng index rose 1 percent to 21,882.48 and Australia’s S&P/ASX 200 gained 0.7 percent to 5,488.70. Stocks in mainland China ended lower. OIL: Benchmark U.S.
oil futures fell 5 cents to $45.40 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the standard for oil sold internationally, gained 8 cents to $46.74 a barrel in London. The CURRENCIES: euro was down 0.1 percent at $1.1007 while the dollar rose 0.3 percent to 106.58 yen.
ANALYST QUOTE: “Global stocks have enjoyed an extended period of gains which have been fuelled by optimism over
VACANCY ANNOUNCEMENT:
COASTAL ZONE MANAGEMENT/DISASTER RISK MANAGEMENT CONTRACTUAL The Bahamas consists of more than 700 low lying islands and cays extending over an area of 5000 sq. km. and encompassing a variety of coastal and marine ecosystems, mangroves, extensive beaches and coral reefs. The coastal zone is a critical asset for the national economy. It harbors much of the islands’ critical infrastructure in the tourism and fisheries sectors, including industrial complexes, ports, fish processing plants and tourism resorts and associated services; as well as 80% of the island’s residential population. Coastal ecosystems themselves provide goods and services that are also vital to these sectors, including for example the provision of nursery habitat for fish stocks, buffering public infrastructure and coastal populations from coastal erosion and flooding, and supporting tourism and recreation. Natural disasters pose a recurring and substantial threat to the well-being of the country’s coastal and marine assets and tourism plant, and thus to the country’s economy. Bahamas on average is affected by a hurricane once every three years and three of the Bahamas islands (Andros, Abaco and Grand Bahama) are ranked among the top 10 in terms of effects from tropical systems of all cities, islands and countries in the North Atlantic Basin. Coastal erosion present additional threats; and the densely populated coastal zone is also prone to flooding. There is also increasing evidence that increased intensity and frequency of storms associated with climate change and sea level rise is affecting the health of the country’s coastal and marine biodiversity including reef degradation and coral bleaching due to increased temperatures and physical damage and loss of reefs. As most coastal development, tourism, industry, and residential sites occur at elevations of one to four meters above sea level, and more than 90% of all fresh water resources lie within 1.5 meters of the surface, significant property damage, potential loss of life, and long-term damage to coastal biodiversity is predicted (ICF, Bahamas National Report). Other impacts include greater inundation of low-lying coastal lands, loss of beaches, inland migration of coastal wetlands (notably mangroves) and increased groundwater contamination due to saltwater intrusion. Key Functions The tasks include and are not limited to the following: • Support to the Bank’s Environment, Rural Development and Disaster Risk Management Division and the Country Office Bahamas in the execution of approved TCs in The Bahamas and the Caribbean Region • Increasing capacity within the Government of The Bahamas to incorporate ecosystem services into coastal planning and evaluation • Evaluating the impact of hazard-resilient coastal infrastructure • Comparing best practices in ICZM in SIDS/SDS • Disseminating lessons learned • Assist in the project preparation and supervision of ICZM and DRM-related operations (BH-T1029/BH-T1038, BHT1040) in The Bahamas, including (i) supporting the preparation of TC approval documents (e.g., San Salvador); (ii) contracting of individual contractuals and consulting firms; (iii) coordination and monitoring of activities of firms and individual contractuals and with executing agencies; (iv) technical review of project documents; and (iv) the updating of Bank monitoring systems; • Assist in the preparation of technical studies; • Develop presentation material and reports and deliver presentations as requested; • Assist in the organizing of meetings, workshops and conferences, including those aimed at building the community of practice in risk-resilient ICZM in The Bahamas and regionally. • Support other ICZM-related operations in the region (RG-T2489, RG-T2675/RG-T2702). Requirements • Academic Degree/ Level& Years of Professional Work Experience: Master’s degree in coastal zone management, coastal engineering and/or natural resource management, with at least five years of postgraduate relevant experience in analytical research and technical input for projects and programs in coastal zone management/disaster risk management, or the equivalent combination of education and experience. Experience in the Caribbean is necessary. • Languages: English written and spoken fluently. • Areas of Expertise: Integrated Coastal Zone Management (ICZM), climate change adaptation, disaster risk management. • Skills: Dynamic individual with capacity to be proactive, work under minimal supervision; strong analytical, planning, organizing and executing skills; attention to detail; ability to work with multicultural and multidisciplinary teams; ability to adjust to multiple demands; ability to write technical reports; and excellent communications skills in English For more information about this position and to apply, please refer to the following link before July 25th, 2016: https://iadbcareers.taleo.net/ careersection/external/jobdetail.ftl?job=1600003293&lang=en&sns_id=email
Vacancies career opportunities are available for ambitious career-oriented individuals at a small hotel. We are inviting experienced persons to apply for the following positions:
Engineering Can-Fix-It
Functions: • Repair minor electrical issues, appliances, and minor plumbing. • Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. • General knowledge to repair heating and cooling units, painting the exterior and pressure washing. Position Requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus.
Electrician
Functions: • Assemble, install, test, and maintain electrical or electronic wiring, equipment, appliances, apparatus, and fixtures, using hand tools and power tools. • Diagnose malfunctioning systems, apparatus and components, using test equipment and hand tools, to locate the cause of breakdown and correct the problem. • Connect wires to circuit breakers, transformers, or other components. • Inspect electrical systems, equipment, and components to identify hazards, defects, and the need for adjustment or repair, and to ensure compliance with codes. Position Requirements: • Completion of a technical school program. • Three years experience in the field of electrical engineering.
Reservations Agent
Functions: • Receives reservations from various sources: Reservation Terminal, telephone, correspondence, and guests at front desk. • Handles arrangements for groups - i.e., rooming lists and pre-registration. • Keeps block arrangements secure for group bookings for Sales Department. • Maintains all pertinent information with regard to Travel Agent Commissions. Position Requirements: • Three years experience at a major company or hotel in a similar position; • Working knowledge of hotel’s reservation system. • General knowledge of office and telephone procedures.
Guest Service Representative:
Functions: • Register guests and assign rooms. • Thoroughly understands and adheres to proper credit, cheque-cashing and cash-handling policies and procedures. • Coordinate guestroom maintenance work with the engineering and maintenance department. Position Requirements: • High school graduate or equivalent. • Previous hotel-related experience desired.
Storekeeper/Receiver:
Functions: • Receive and inspect all incoming materials and reconcile with purchase orders. • Process and distribute documentation with purchase orders; reports, documents and tracks damages and discrepancies on orders received. • Ensure all goods received are of good quality. Position Requirements: • High School Diploma required. • Two years experience as a Storekeeper required. • Must be computer literate.
Purchasing Agent:
Functions: • Prepares purchase orders by verifying specifications and price; obtaining recommendations from suppliers for substitute items; obtaining approval from requisitioning department. • Verifies receipt of items by comparing items received to items ordered; resolves shipments in error with suppliers. • Provides purchasing planning and control information by collecting, analyzing, and summarizing data and trends. Position Requirements: • High School Diploma required. • Two years experience as a Purchasing Agent required. • Must be computer literate. Competitive salary and benefits package are commensurate with experience. interested persons should submit their resume to recruitment.humanresources@outlook.com
1.
Samuel Kelly
Dwight and Raquel Cox
V. Alfred Gray
THE TRIBUNE Magistrate: Crawford McKee TAKE Magistrate NOTICECourt: that the following Over before His Marsh HarbourCivil Appeal matters have been set for Call Abaco
Thursday, July 21, 2016,. PAGE 13
Lordship, The Honourable, Sir Hartman Chief Justice in his Chambers, located on the 2009 G. Longley, Decision Date: 10th March, 32.rd floor Margurette of the Ansbacher building on Wednesday, Thelma 10th August, 2016 at 10:00 a.m. Berry Burrows Darling Richard L.
GN-1778 Magistrate:Continued Derrence Rolle
(Personal Representative in the Boodle & Col Estate of the Late Rodney Darling) Magistrate Court: No. 5 No. AppellantDate: 15th October, 2009 Respondent Appellant Decision Magistrate and Court No. Attorney/Firm Edison Nairn 3. Gaichelle Ferguson Timothy Serrette Magistrate Carolyn DecisionVogt DateEvans onCo. record (or) Magistrate: & Last Known Magistrate Court No. 3 Address Decision Date: 17th November, 2009 1. Samuel Kelly Dwight and Raquel Cox V. Alfred Gray 4. Brandon Ingraham Meoshi Poitier Brandon Magistrate: McKee Magistrate: Crawford Ellen Serville Ingraham Magistrate Harbour Abaco Magistrate Court: Court: thMarsh 3 (Pro Se) Decision March, 2009 Decision Date: Date: 10 1st April, 2009 2. Margurette Thelma Darling Richard 5. Ed Brown Berry Burrows Leon Ferguson Collie &L. Collie Magistrate: Rolle (Personal Representative in the Boodle & Col Magistrate: Derrence James Moxey Estate of the Late Rodney Darling) Magistrate Magistrate Court: Court: thNo. 13 5 Decision 2009 Decision Date: Date: 15 10th October, November, 2009 Edison Nairn 3. Gaichelle Ferguson Timothy 6. Andre Wright Sharon Bastian James M.Serrette Magistrate: Vogt Evans & Co. Magistrate: Carolyn Janette Bullard Thompson Magistrate Court No. 3 Magistrate Court No. 2 Chambers th Decision Decision Date: Date: 17 16th November, November, 2009 2009 4. Brandon Meoshi Poitier Knowles Brandon 7. Nykeisha Ingraham Deshan Carey Jevon Carveyian Clarita V. Magistrate: Serville Ingraham Magistrate: Ellen Carolyn Vogt Evans Lockhart Magistrate Court: 3 (Pro Se) Magistrate CourtstNo. 3 Chambers Decision 2009 2009 Decision Date: Date: 123rdApril, November, 5. Ed Brown Leon Ferguson Collie & Collie& 8. Patricia Darling Samuel Darling Hope Strachan Magistrate: Moxey Magistrate: James Subusola Swain Co. Magistrate 13 11 Magistrate Court: Court No. th Decision November,2009 2009 Decision Date: Date: 10 2nd December, 6. Andre Wright Sharon Bastian James M. 9. Warren Minns Julien Pedican Commonwealth Magistrate: James JanetteL. Bullard Thompson Magistrate: Moxey law Advocates 8 Magistrate Court No. Chambers Magistrate Court: No.213 th 10. Punto Larga Ltd. James Wallace Tutt, III Bazard, Lamour st16 November, 2009 Decision Date: Magistrate: 21 December, 2009 Deputy Registrar: Ernie Wallace Co. V. 8 7. Nykeisha Deshan Carey Jevon Carveyian Knowles & Clarita Supreme Court 10. Punto Larga Ltd. James Wallace Tutt, III Bazard, Magistrate: Carolyn Vogt Evans LockhartLamour December, 2009 Decision Date: 18thNo. Deputy Registrar: Ernie & Co. Magistrate Court 3 Wallace Chambers Supreme Decision Court Date: 23thrd November, 2009 Decision Date: 18 December, 2009 8. Patricia Darling Samuel Darling Hope Strachan & Magistrate: Subusola Swain Co. AND FURTHER TAKE Magistrate Court NOTICE No. 11 that should you fail to attend the aforesaid Call Over on the date nd and the time fixed therefore, Order may Decision Date: 2 such December, 2009be made in your absence as the Court deems fit. AND FURTHER TAKE NOTICE that should you fail to attend the aforesaid Call Over on the date 9. Warren Minns Julien Pedican Commonwealth July, therefore, A.D. 2016. Dated thistime 18thfixed and the Order may be made in your absence as the Court deems fit. Magistrate: James L.such Moxey law Advocates Magistrate Court: No. 13 2016. Dated this 18th July, A.D. 2009 Magistrate: 21st December, Signed by: Donna D. Newton (Mrs.) REGISTRAR Signed by: Donna D. Newton (Mrs.) REGISTRAR
Attorney General Loretta Lynch, left, with FBI Deputy Director Andrew McCabe, speaks during a news conference, yesterday, at the Justice Department in Washington, announcing that the U.S. government is seeking the forfeiture of more than $1 billion in assets that federal officials say were misappropriated from a Malaysian sovereign wealth fund. (AP Photo)
US goes after more than $1B taken from Malaysian fund WASHINGTON (AP) — The United States moved Wednesday to recover more than $1 billion that federal officials say was stolen from a Malaysian economic development fund and that was used for high-end real estate, fancy artwork and production of the Hollywood film, “The Wolf of Wall Street.” The diverted funds paid for luxury properties in New York and California, a $35 million private jet and expensive paintings by Vincent Van Gogh and Claude Monet, according to federal government complaints that demand the recovery and forfeiture of the ill-gotten assets. The complaints, filed in Los Angeles, allege a complex money laundering scheme that the Justice Department says was intended to enrich top-level officials of a government-controlled Malaysian wealth fund. That fund, known informally as 1MDB, was created in 2009 by the Malaysian government with the goal of promoting economic development projects in the Asian nation. Instead, officials at the fund diverted more than $3.5 billion over the next several years through a web of shell companies and bank accounts in Singapore, Switzerland, Luxembourg and the U.S., the complaints allege. About $1.3 billon raised through purportedly legitimate bond offerings
was swiftly transferred to a Swiss bank account and, from there, distributed to fund officials for their own personal benefit. “In seeking to seize these forfeited items, the Department of Justice is sending a message that we will not allow the United States to become a playground for the corrupt,” United States Attorney Eileen Decker, the U.S. Attorney in Los Angeles, said at a news conference. “And we will not allow it to be a platform for money laundering or a place to hide and invest in stolen riches.” The more than $1 billion the government is seeking to recover reflects the amount officials were able to trace through the U.S. financial system. The Justice Department says the forfeiture demand is the largest single action it’s taken under its Kleptocracy Asset Recovery Initiative, which seeks to recover foreign bribery proceeds and embezzled funds. Federal officials say the funds laundered into the U.S. for the benefit of 1MDB officials and their associates were used to pay for property including Manhattan penthouses and Beverly Hills mansion; to settle gambling debts in Las Vegas casinos, to pay for a London interior decorator, expensive artwork and the for production of films, including the 2013 Oscarnominated movie “The Wolf of Wall Street.”
“Neither 1MDB nor the Malaysian people ever saw a penny of profit from that film or from any of the other assets that were purchased with funds that were siphoned from 1MDB,” said Assistant Attorney General Leslie Caldwell, head of the Justice Department’s criminal division. “Instead, that money went to relatives and associates of the corrupt officials of 1MDB and others.” The complaints identify by name multiple Malaysian nationals that the government alleges profited from the scheme. Among them is Riza Shahriz Bin Abdul Aziz, who co-founded Red Granite Pictures, a movie production studio whose films include “The Wolf of Wall Street.” According to the complaint, eleven wire transfers totaling $64 million were used to fund the studio’s operations, including the production of the movie starring Leonardo DiCaprio. Riza is the stepson of Prime Minister Najib Razak, who is not named in the complaints. But the Justice Department described Riza as a relative of an unnamed “Malaysian Official 1” — a high-ranking Malaysian government official with authority to approve all appointments and removals from 1MDB’s board of directors and whose approval was needed for the fund’s financial commitments.
CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:
Security Supervisor
Prime Responsibilities and Duties are: • Oversee the proper reporting and documentation of all incidents. • Act as focal point for any investigations involving guests and employees, prepare accurate reports and follow up action plans. • Take the lead on all incidents and emergencies. • Monitoring of camera system and schedule patrolling of grounds. • Assist with the smooth and efficient running of the organization. Qualifications & Experience Required: • Three or more years in the security or military (RBDF & RBPF) field. • Three or more years supervisory experience • Excellent leadership and communication skills. • Must be computer literate with strong administrative skills.
Security Officer
Prime Responsibilities and Duties are: • Assist with any investigations involving guests and employees, prepare accurate reports and follow up action plans. • Ensure that any criminal activity does not hamper the smooth functioning of the hotel. • Assist with and ensure the accuracy of all industrial accident reports. • Take the lead on all incidents and emergencies. • Assist with the monitoring of camera system and scheduled patrolling of grounds. • Assist with the smooth and efficient running of the organization. Qualifications & Experience Required: • Two or more years in the security or military (RBDF & RBPF) field. • Excellent leadership and communication skills. • The ability and interpersonal skills to relate with internal and external customers. • Ability to work as part of a team, as well as independently. • Must be computer literate with strong administrative skills. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to
recruitment.humanresources@outlook.com
THE TRIBUNE
Thursday, July 21, 2016, PAGE 15
Share your news
The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
ALL THE PERKS OF COMFORT SUITES
ALL THE PLAY OF ATLANTIS
• Free access to all pool and beach activities at neighboring Atlantis • Complimentary full American buffet breakfast • Kids 11 and under stay free in room with parent** • Free Wi-Fi
• Free parking • Air conditioned Jr. suites with king size or two double beds • Pool with swim up bar • 32 inch flat screen televisions • Complimentary In-Room Safe
GREAT FOOD! GREAT PRICES!
Taste Perfection Join us for lunch & dinner at Comfort Suites Paradise Island Ext: 6376 or 6404
Maximum 4 persons per room, additional fees apply for mandatory taxes, mandatory housekeeping gratuities and utility service fees. Quoted rates are based on standard room category and subject to availability. Full American buffet a $58 value per room per day based on double occupancy. Free Wi-fi a $22 value per room per day. Free parking a $16 value per day. Cancellations must be received 72 hours prior to arrival or a 1-night penalty will apply. **Kids under 11 years of age stay and eat free in room with parent - breakfast, lunch & dinner.
ComfortSuitesPI.com | (242) 363-3680
/ComfortsuitesPI
PAGE 16, Thursday, July 21, 2016
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
T
he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100
CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus
OPPORTUNITIES • • • •
Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters
BENEFITS
• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115
THE TRIBUNE