07262016 business

TUESDAY, JULY 26, 2016

business@tribunemedia.net

Bran’s ‘living nightmare’ over Tax Certification

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The DNA’s leader yesterday said “the living nightmare” of business in the Bahamas was brought home when the National Insurance Board (NIB) effectively tore up the contract with his family’s pharmacy via its Tax Compliance Certificate (TCC) demands.

Branville McCartney told Tribune Business that NIB is required to reimburse Wilmac’s Pharmacy weekly for drugs supplied to National Prescription Drug Programme (NPDP) members.

He explained that the contract’s terms were supposed to endure for the full 12 months of their agreement, and could only

NIB altered drug plan payments on tax compliance Family’s pharmacy waited 7-8 weeks for monies But contract says should be reimbursed within week be changed by mutual agreement.

That, though, was before NIB introduced the requirement that all its vendors had to produce a See pg b4

Cable to ‘devastate’ BTC via mobile win

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Cable Bahamas could “devastate” the Bahamas Telecommunications Company (BTC) if its mobile market share projections come true, even though the latter recorded a 26 per cent profit rise in its last financial year.

Dionisio D’Aguilar, a Cable Bahamas shareholder, told Tribune Business in a recent interview that mobile was “all BTC has”, with this segment accounting for the majority of its revenues and profits.

With Cable Bahamas predicting that NewCo2015, the second mobile operator, is likely to capture between 27-52 per cent of the market within the next two-three years, based on Caribbean and regional experience, Mr D’Aguilar implied that BTC’s very survival may be threatened.

The incumbent, now majority owned by Liberty Global, is unlikely to see it that way, especially as profits for the 12 months to endMarch jumped by 25.9 per cent year-over-year.

However, the increase from $53 million to $68 million was not as promising as it seems, for the prior year included $25 million of one-off restructuring costs as BTC downsized and realigned to prepare for competition.

Strip that figure out, and BTC’s performance for its 2016 financial year would have represented a $9 million reduction upon its prior

Investor says mobile ‘all BTC has’ But BTC profits up almost 26% to $68m Driven by absence of one-off $25m charge year bottom line.

Referring to Cable Bahamas’ imminent entry into the mobile market, thus ending the Bahamas’ latest communications monopoly, Mr D’Aguilar said: “They’ve fleshed out See pg b3

$3.97 $4.06 $3.98

$3.98

DNA leader Branville McCartney.

‘Sense of chaos’ at Out Island airports

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government has been warned that “a sense of chaos” exists at several key Family Island airports, which lack the necessary management policies and structures to deal with environmental and social concerns.

A July 21, 2016, report submitted to both the Christie administration and the Inter-American Development Bank (IDB) found that several airports suffered from “general disorder and lack of cleanliness”, with hazardous and flammable materials not property stored or disposed of.

The report, compiled by ALG Transportation Infrastructure and Logistics, assesses the Exuma and North Eleuthera airports, plus their Abaco and Treasure Cay counterparts.

All four have been identified as airports suitable for public-private partnerships (PPPs) between the Government and private investors, as part of an IDB-assisted project to upgrade the Bahamas’ airport

Key facilities rapped over waste disposal Emergency response facilities found inadequate Report discovers ‘general disorder’ infrastructure and secure tourism’s sustainability.

Overhauling all the Family Island airports has been pegged as an $180 million investment, and the ALG report’s findings indicate there is much work to do.

“The environmental management of the airport of Exuma (GGT or Georgetown) is not adequate,” it said bluntly.

“The terminal spaces are saturated due to the lack of space.

Given the absence of a structured See pg b5

Lack of freedom ‘impairing’ BPL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Opposition’s deputy leader yesterday renewed concerns that PowerSecure lacks the necessary freedom to run Bahamas Power & Light (BPL) as a business, arguing that it was being “hampered and impaired” by the Government.

KP Turnquest told Tribune Business that the Christie administration’s vetoing of BPL’s ‘base rate’ increase

proposal was but one example showing that its Board and management has less autonomy than their counterparts at the Nassau Airport Development Company (NAD).

PowerSecure’s BPL management agreement, and the Bahamas Electricity Corporation (BEC) restructuring, were based on the so-called ‘NAD model’, which allows the Government to retain ownership of the underlying assets while engaging private sector expertise to operate them.

See pg b5

Turnquest says obvious lack of autonomy from Govt Utility’s refinance said pushed back to 2017 Govt’s must admit ‘burden from interference’

GB Power action challenges ‘validity’ of Freeport MoU

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Grand Bahama Power Company’s opposition to regulation by URCA further challenges the “validity” of the Government’s Freeport Memorandum of Understanding (MoU), the Opposition’s deputy leader said yesterday.

K P Turnquest, the east Grand Bahama MP, said the utility’s legal challenge to the Utilities Regulation and Competition Authority (URCA) showed

that the MoU “does not have the buyin” of key Grand Bahama Port Authority (GBPA) licensees.

“Obviously, the MoU made some commitments that did not have the buy-in of the licensees in Freeport, the Power Company being one,” Mr Turnquest told Tribune Business.

“As a result, the validity of it is questionable. The Port Authority, in and of itself, does not have the right, as I understand it, to sign away any of the rights licensees may have.”

See pg b5

Shows Port licensees not ‘bought in’ to Govt’s deal FNM deputy queries if GBPA can bind licensees URCA to respond ‘appropriately’ to action

PAGE 2 , Tuesday, July 26, 2016 THE TRIBUNE

Calling All High

SCHOOL STUDENTS

Left to Right: BTVI’s Dean of Construction Trades & Workforce Development, Alexander Darville; President of LJM Maritime Academy, Dr. Brendamae Cleare; President of BTVI, Dr. Robert W. Robertson; BTVI’s Associate Vice President of Fund Development, Alicia Thompson and LJM Maritime’s Librarian, Willamae Johnson.

BTVI partners with maritime institution Every year in August THE TRIBUNE publishes a popular Back to School supplement as a guide to the following academic year.

In the supplement we feature the profiles of high school students across the Bahamas and Family Islands.

We want profiles from as many schools and students as possible to make this guide essential and informative.

Profiles must include 1. Name 2. Age 3. School 4. Grade 5. Parent name or names 6. Goals and aspirations, prizes won and honours awarded

7. Name of college they will be attending (if attending) Plus a suitable photograph in .jpeg format (graduation or any other image).

How to submit profiles Email to back2school@ tribunemedia.net with ‘Back To School’ in the subject field and photos in .jpeg format.

By post to Back To School, The Tribune, Shirley Street & Deveaux Streets, PO Box N-3207, Nassau.

By hand to The Tribune office The deadline for the profiles is July 29, 2016 and there is no cost involved. For any questions please contact Tribune Features at 5022373 or 502-2387 or 502-2411.

The Bahamas Technical and Vocational Institute (BTVI) has signed a Memorandum of Understanding (MoU) with the LJM Maritime Academy, in a bid to boost training and skill development for students and faculty.

The MoU, which was signed by BTVI president, Dr Robert W. Robertson, and his LJM Maritime Academy counterpart, Dr Brendamae Cleare, took effect on July 13, 2016.

The move aims to foster

co-operation between the two organisations in areas such as academics, funding and research. It also promotes exchange among faculty and students.

The MoU, which covers an initial five-year period, with renewals possible every three years thereafter, will see cooperation in other areas such as facilities sharing.

BTVI’s dean of construction trades and workforce development, Alexander Darville, said the partner-

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ship “gives our students an opportunity for employment. They can tap into the maritime industry”.

He added: “It broadens BTVI’s offerings. Because of this MoU, we can now offer maritime related courses.”

Dr Cleare said: “It’s about the youth of the Bahamas and educating them.

With the marrying of these institutions, we are able to give them greater job opportunities aboard vessels.”

LJM Maritime Academy is a Bahamian maritime training institution that offers internationally-recognised certifications in the maritime field, plus preparation for long-term job placement on international vessels and shore-based enterprises. BTVI is the main technical and vocational training institution in The Bahamas.

THE TRIBUNE

Tuesday, July 26, 2016, PAGE 3

Junkanoo Carnival report is completed

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net The report on Bahamas Junkanoo Carnival’s economic impact is complete, its chairman said yesterday, although he was unable to confirm when it would be released publicly.

“The report is finished, I can report that much,” said Paul Major, the Bahamas National Festival Commission’s (BNFC) chairman, when contacted by Tribune Business. “I’m presenting my report to the principals today. I can’t say what happens after that, but that will be done today.”

Obie Wilchcombe, minister of tourism, added: “With respect to Carnival,

Major presented to ‘principals’ yesterday they’ve finished those numbers. I don’t know why they haven’t been released.

“The Commission has completed its work. I think they are meeting with the Prime Minister, and then they can release it because his Ministry is responsible for that.”

Bahamas Junkanoo Carnival was held in Nassau from May 7-9, and in Grand Bahama from April 15-16.

Many, including members of the official Opposition, have questioned why the

Government has yet to produce figures on the festival’s financial performance and economic impact.

Last year, the Government spent $11.3 million on the inaugural festival, going over its initial budget of $9 million.

It ‘gained’ $8.3 million in combined direct and tax revenues, with the latter providing $6.7 million of that sum. The direct revenue, which totalled $1.6 million, largely came from ticket sales and cash sponsorships, organisers said.

The BNFC faced strong criticism last year for going over-budget and a lack of proper planning. This year, the BNFC estimated that it would spend roughly $7 million to stage the event.

Bahamas Junkanoo Carnival 2016 Road Fever Parade.

Landfill manager eyes metal recycling

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net The New Providence landfill manager said yesterday it was still in talks with the Government about revising its current five-year management contract, although it hopes to have its recycling facility operational soon.

Michael Cox, Renew Bahamas’ chief executive, told Tribune Business: “Dialogue is still ongoing with the Government on the contract situation.

We’re working with the Government on that issue.”

The company confirmed to Tribune Business back in April that it was in “active” talks with the Government to alter the terms of its five-year landfill management contract, after “substantial” losses showed its original financial projections were invalid. The

New Providence Landfill company’s management contact runs until 2019.

Mr Cox, meanwhile, said Renew Bahamas’ recycling facility was still out of operation. A landfill fire had damaged a key component of its materials recycling operation, the baler.

“It got hit by lightning after the fire damage, and I’m waiting to put roof back on to it. We hope to have that back up and running soon,” he said.

That facility was used for the dry recycling of paper and plastics.

Mr Cox said Renew Bahamas was expecting another machine soon

Cable to ‘devastate’ BTC via mobile win From pg B1 and maximised revenues on Internet and cable TV throughout the Bahamas, and the only other play really is mobile.

“I can’t wait for them to come out and start knocking down prices. This is what happens when you have competition; it causes prices to go down. It’s good.

It’s critical.”

Acknowledging concerns over how leveraged Cable Bahamas was becoming, having added $189 million in preference share debt over the past two years to fund its mobile and Florida expansions, Mr D’Aguilar added: “They’re burning through a lot of cash, but have obviously run the numbers and feel comfortable with what they’re going to earn.”

The Superwash laundromat chain’s president said Cable Bahamas, which will have Board and management control at NewCo, plus a 48.25 per cent equity stake, has some tough targets to achieve in terms of its network roll-out.

He added that the Government had imposed some “very onerous terms”, including the $62.5 million spectrum fee, the $18-plus million performance bond and network sharing with BTC. “This is all BTC has,” Mr D’Aguilar told Tribune Business in reference to its now-expiring mobile monopoly. “If [Cable’s] projections are right, and it’s going to take half the market, that’s going to devastate BTC. We’ll see what happens.”

For the year to endMarch 2016, BTC’s revenues fell by 5.5 per cent year-over-year, dropping from $348 million to $329 million.

This was blamed on the company having to renegotiate international roaming agreements with foreign carriers at lower rates, plus a 7 per cent drop in data revenues.

BTC’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were flat yearover-year, standing at $122 million compared to $121 million the year before, as costs were reduced.

And the absence of 2015’s one-time $25 million restructuring charge ensured its bottom line performance looked healthier than 2015’s. The average number of persons employed by BTC over the 12 months to end-March 2016 was 732, compared to 787 the prior year.

However, BTC has become ever-more reliant on its mobile monopoly, which in recent years has been responsible for generating

which would be able to process metals, adding that more details would be released in the coming weeks.

He also reassured that the company was meeting its financial obligations to former and current employees.

Earlier this month, the landfill management company announced that 40 employees were made redundant at the Tonique Williams Highway site.

Additionally, the company announced that Mr Cox, former chief operations officer, had replaced Gerhard Beukes as chief executive.

close to 75 per cent of its revenues.

The carrier will need to quickly compensate by making inroads into the cable TV and Internet markets, the segments where Cable Bahamas is strongest.

Mr D’Aguilar said communications industry liberalisation, and BTC’s privatisation, should act as “the model” for all publicly-owned corporations in terms of getting the Government out of business.

“The only thing extremely frustrating about this has been because of the timeframe,” Mr D’Aguilar told Tribune Business. “The

LEGAL NOTICE OF DISSOLUTION

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the Dissolution of CHESTERTON 1992 LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 5th day of May, 2016.

LEGAL NOTICE OF DISSOLUTION

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the Dissolution of PASTON ENTERPRISES LTD has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 5th day of May, 2016.

cost of years gone by, where Bahamians had to pay all those charges and higher rates for too long.”

PAGE 4 , Tuesday, July 26, 2016

Bran’s ‘living nightmare’ over Tax Certification From pg B1 valid TCC before they receive payment for goods and services ALREADY rendered.

Mr McCartney said the Government’s “bureaucratic inefficiencies”, and the “back and forth” with various departments, ultimately meant it took several weeks before Wilmac’s could obtain the cherished TCC. And, as a result, NIB’s payment for pharmaceutical drugs supplied under

the NPDP in early June only arrived at the end of last week - some seven to eight weeks later than contractual stipulations.

As a result of the massive “burden” this is creating for Wilmac’s cash flow and financial sustainability, Mr McCartney said he and his family were “seriously considering” whether to renew the NIB contract when it expires at end-July.

“We have a contract with NIB where we pro-

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HAPPIE ELIZABETH MICHELLE CARROLL of #10 Sandyport, Nassau, Bahamas, intend to change my name to HAPPIE ELIZABETH MICHELLE KELLY. 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.

vide drugs for the NIB drug plan [the NPDP],” the DNA leader told Tribune Business. “We are the second biggest provider to the plan, Wilmac’s at Poinciana Drive, behind Lowe’s.

“The contract we have with NIB is a yearly contract, July to July, and speaks about us purchasing drugs for that plan, so that once persons come in they can get their medication.

“We are supposed to be paid within a week. The contract says it’s an enforceable contract, and cannot be changed without mutual agreement.”

However, Mr McCartney said NIB unilaterally - and arbitrarily - changed the terms of their contract with its demand that Wilmac’s supply a TCC along with its invoice in order to get paid.

“A few months ago, they introduced this concept where you must have in place a Tax Compliance Certificate (TCC) before we are paid,” he told Tribune Business. “They will not be paying you unless you have a TCC. “This was, firstly, not

part of our agreement, and second, we have to get this TCC every month.”

Mr McCartney said confirming that government ‘red tape’, and the need to deal with different revenue agencies, meant it took Wilmac’s several weeks to secure the TCC and supporting documentation.

“Because of the back and forth with the Government departments, it took us just to last week to be paid for the beginning of June,” he said.

“In the meantime, we have to spend money every day on drugs to keep the supply going for persons coming in for medications.

This is thousands and thousands of dollars every month.

“Because of the bureaucratic inefficiency of the Government departments we’re dealing with, getting this certification is creating a burden on our business.”

As a result, Mr McCartney revealed: “We are now seriously considering whether to renew our contract with NIB at the end of this month.

“It costs us thousands and thousands of dollars, and people are not paying us because of the bureaucracy we have to go through monthly. This is why people do not want to go into busi-

ness or expand their business - it’s because of the red tape.”

Mr McCartney added that the ‘TCC issue’ was the second time that his family’s pharmaceutical business had been negatively impacted by an abrupt NIB policy change over the NPDP. He recalled how NIB’s decision to switch virtually overnight to cheaper, generic drugs left Wilmac’s and other pharmacies carrying thousands of dollars worth of inventory they were no longer able to sell to NPDP customers, forcing them to ‘eat’ significant losses.

“The completely changed the type of drugs we had to purchase,” Mr McCartney said. “They went from name brand drugs to generics, which are much less expensive.

“When they did that, they didn’t tell us. The thousands of dollars that we spent purchasing the named brands, we lost completely.

“That’s an example, from a personal point of view, why people are reluctant to get into business or expand their business, because the Government is making doing business in this country a living nightmare.”

Mr McCartney said he “agreed 100 per cent” with Sir Franklyn Wilson’s call,

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THE TRIBUNE

made in last week’s Tribune Business, for ‘risk takers’ and those with capital to invest rather than leave monies in the bank.

Yet he added that experiences such as his own were exactly why so many Bahamian entrepreneurs and businessmen had become increasingly risk averse.

NIB’s TCC demands are part of the Christie administration’s drive to implement tighter tax enforcement measures that were introduced in July 2015 to accompany that year’s Budget.

Part IIB, Section 19I, of the Financial Administration and Audit Act mandates that a business/entrepreneur must provide a TCC both to win an initial government tender and obtain payment on that contract, provided the value is greater than $10,000.

The taxes they must be in full compliance with are Business Licences and real property taxes, Immigration (work permit) fees, all Customs-related taxes, Value-Added Tax (VAT), NIB contributions and motor vehicle licensing fees.

With the Public Treasury desperate for every cent of revenue it can earn, given the Bahamas’ strained fiscal position, the TCC-related changes are seen by the Government as further tightening the revenue enforcement circle, and eliminating tax compliance gaps and loopholes.

However, several Bahamian businesses have argued that it is “unconscionable” for NIB and other government agencies to demand a TCC be produced before paying for goods and services already received.

They are also concerned that it will exacerbate the stranglehold bureaucracy and red tape are imposing on Bahamian businesses, and fear an ever-increasing compliance burden that will “cripple” cash flow.

Tribune Business was told privately by at least one business, which did not wish to be named, that it is considering placing NIB and other government agencies on a ‘cash up front’ basis as a result of the TCC demands.

THE TRIBUNE

Tuesday, July 26, 2016, PAGE 5

Lack of freedom ‘impairing’ BPL From pg B1 Mr Turnquest, though, again queried whether such a model was appropriate for an energy utility such as BPL, given that PowerSecure has “no skin in the game” other than an annual performance bonus capped at $3 million.

He was speaking after Deputy Prime Minister Philip Davis, who has ministerial responsibility for BEC/BPL, blamed the Government for the utility’s recent woes, suggesting its inability to make quick decisions was creating “uncertainties” and holding it back.

Mr Turnquest said one such “uncertainty” was likely to be the Rate Reduction Bond (RRB) issue, which is supposed to refinance BEC’s $650 million legacy debts and provide the freedom for BPL to raise much-needed investment capital.

He suggested, though, that concerns over BPL’s current performance, and

ability to service the bonds, was making it difficult for the Government to place the RRB with both Bahamian and international investors.

Tribune Business contacts have suggested that the RRB issue may now not be placed until 2017, which would further delay progress in reforming BPL and lowering energy costs for Bahamian consumers.

“It does seem that the management and Board of BPL is substantially constrained, given that they may have been given the perception that they were going to have the freedom to run the company in a business-like manner,” Mr Turnquest told Tribune Business.

He pointed to BPL’s proposed ‘base rate’ increase, which was subsequently blocked by the Government, even though there may have been sound commercial and cost recovery reasons for implementing it.

BEC’s annual losses, av-

GB Power action challenges ‘validity’ of Freeport MoU From pg B1 The MoU between the Government and the GBPA, which was unveiled in early May, agrees fundamental and sweeping reforms to the regulatory and governance structure in Freeport.

It commits the GBPA to far-reaching reforms, and the potential devolution of some of its quasi-governmental powers/regulatory authority, via their ‘harmonisation’ with national laws and government policies/ regulations.

The MoU’s clause 1.18 suggests this ‘harmonisation’ will be achieved

through “existing independent regulators” such as URCA - a development that is now being directly resisted by the GB Power action.

It is challenging URCA’s ability to license and regulate it, arguing that this “conflicts” with Freeport’s founding law.

The utility provider, in legal documents obtained by Tribune Business, is seeking a Supreme Court injunction to prevent URCA “from regulating, or seeking to exercise licensing and regulatory authority”, over it.

Its amended statement of claim, filed on July 7, 2016,

‘Sense of chaos’ at Out Island airports From pg B1 environmental and social management system, a certain sense of chaos can be perceived from the general disorder and lack of cleanliness in some of the facilities.”

ALG added that there was an absence of “structured mechanisms for an efficient management of airport infrastructure”, with “poor organisation, order and cleanliness” making it difficult for the Georgetown airport’s emergency services to respond to aircraft incidents.

In particular, the airport’s fire station was described as “obsolete”, with conditions unsuitable for emergency responders due to poor maintenance and inefficient use of space.

“The cluttering of materials inside the fire station means that it is not possible to distinguish between materials and waste,” the ALG report said.

“There is no control over the entry of materials. The expiration date of materials is not taken into account.

Flammable and hazardous materials are not distinguishable from other materials that have no direct environmental impact.

“In the event of an emergency, there would be no direct access to the materials and individual personal equipment to ensure immediate operation. The materials and first responders are not clearly identifiable.”

The ALG report said the inability to identify potential risks, and their environmental and social impacts, led to “poor management” of Exuma’s prime international gateway, and the first impression for visitors.

“There are no equipment and infrastructure maintenance programmes, which stresses the infrastructure environment’s obsolescence,” the report added.

“The absence of an environmental and social management system to document the operational and administrative management is a key impediment to the smooth operation of the airport infrastructure and operational safety.”

ALG also noted that waste had been allowed to build up in different areas

at the airport outside the terminal, and was likely to include hazardous, flammable and construction materials.

“Corroded metal structures and other accumulation of materials can be found beside the perimeter fence, which generates direct impact on the outside of the airport perimeter and on other properties,” the report found.

“It was observed that warehouses are a mess and out of control, and there are no conservation criteria applied to materials and equipment.”

ALG contrasted the state of the commercial (public) airport with conditions at Odyssey, the nearby fixed base operator (FBO), which had “good quality facilities” and elements natural to Exuma incorporated in its design.

In North Eleuthera, the ALG investigators found an environmental and social management framework was similarly lacking.

“As far as competitiveness and organisational capacity concerns, both the management and staff are qualified and perform tasks properly,” the report concluded.

“However, the lack of procedures and management tools for monitoring and controlling environmental and social renders the management inefficient and insufficient.”

ALG noted that there was a lack of buildings and facilities devoted to emergency response and preparedness at North Eleuthera, and expressed concern at the absence of measures to deal with spills at the fuel plant, and “poor maintenance and safety of the potable well water”.

“Another issue is the waste generated by private stakeholders, in areas where obsolete equipment and waste materials are stored. There is a large area where all sorts of waste has been dumped, from construction materials to hazardous waste,” the report revealed.

“One of the most common issues of the management of materials and equipment (which does not justify this unorderly and

eraging between $20-$30 million since 2007, suggest that the utility provider is selling energy ‘below cost’, and that its prices are insufficient to cover its operating expenses.

As a result, BPL, as BEC’s successor, wanted to raise the ‘base rate’ portion of consumer tariffs, which is the segment supposed to generate all its cash flow and profits.

The increase would have placed BPL on a more sustainable financial footing, and enabled the utility to better invest in upgrading its aged, inefficient and poorly maintained infrastructure.

“In order for it to be sustainable in the short and medium-term, BPL needed to make some adjustments,” Mr Turnquest said.

“Either on the cost side by reducing headcount or a rate increase.

“Again, if they [BPL management] don’t have the opportunity and responsibility to determine a business case in respect of being able to put forward cogent arguments for whatever rates and funding they require, then obviously management is being ham-

pered and impaired.”

Linking the ‘base rate’ rise refusal with the Government’s reluctance, even as owner, to invest in BPL, the FNM’s deputy leader added: “One has to say management control is impeded, given that it is being held back by the Government of the Bahamas, or the Cabinet of the Bahamas.

“I’d always expressed concerns about bringing in a management team to run BPL, with no skin in the game, and under a politically-appointed Board.”

PowerSecure’s five-year management contract for BPL guarantees it a minimum of $2 million per year, and maximum of $5 million if it hits key performance targets.

Thus its earnings could be anywhere between $10$25 million, yet it is being asked to do an awful lot for the compensation on hand.

Mr Turnquest said that the refinancing of BEC’s $650 million legacy debt was likely to be “a significant headache”, given that the new company’s hands were tied financially until this was accomplished.

“It will be very difficult to

do that [place it] without a government guarantee,” he added. “The state of BEC’s legacy liabilities to-date means they have not been able to go to the market.

“I suspect it has a lot to do with the state of the current review by the rating agencies, and international investors wanting some kind of guarantee that this debt will be backed by the Government.

“Without a rate increase and new generation equipment to bring down the cost of operations, there’s not much faith that BPL will be able to continue as a viable, going concern without Government subvention, much less pay the RRB.” The proposed RRB aims to remove BEC’s legacy bank and bond debt from its balance sheet, plus deal with environmental and unfunded pension liabilities.

These will be transferred to a special purpose vehicle (SPV), which will securitise the debt and sell it to investors as bonds. They will be repaid principal and interest from revenues generated by BPL, which will be free to raise new capital to finance infrastructure improvements.

Investors are guaranteed the first slice of any revenues generated by BPL, the Government hoping this will eliminate the need for a ‘guarantee’ from itself.’

However, feedback from capital markets participants has suggested that the RRBs are under-priced for the risk investors are being asked to take, with the Government seeking to place the Bahamian component at a coupon equal to Prime. As a result, appetite for their purchase is understood to be lukewarm at best.

Mr Turnquest, meanwhile, said the majority of BPL’s problems appeared to be on the generation side, and he criticised past governments for interfering politically in BEC. “It requires several governments to acknowledge that they’ve interfered so much in the management of BEC that is now a significant burden on future Bahamians,” he told Tribune Business.

“It is a tremendous burden that has to be reconciled, and we have to find competent solutions.”

also wants the Supreme Court to declare that GB Power can carry on its business without requiring a public electricity supplier licence from URCA. GB Power’s action is founded on the basis that, as a Grand Bahama Port Authority (GBPA) licensee, it is licensed and regulated by the latter via the Hawksbill Creek Agreement - and not

by URCA and the Electricity Act 2015.

It is arguing that the Electricity Act’s sections 44-46, which give URCA the legal right to licence and oversee energy providers, “are inconsistent, and conflict with, the rights and privileges vested in [GB Power] and the Port Authority” by the Hawksbill Creek Agreement.

GB Power’s statement of

claim argues that itself and the GBPA “have been vested with the sole authority to operate utilities”, including electricity generation and transmission and distribution, within the Port area until the Hawksbill Creek’s expiration in 2054.

Rejecting URCA’s attempt to regulate it, GB Power added: “The plaintiff seeks a determination of the issue of whether the defendant is lawfully entitled to license and regulate the plaintiff’s business in the Port area of Grand Bahama, having regard to the rights and privileges vested in” it by the Hawksbill Creek Agreement and license agreements with the GBPA. As a result, the Power Company is also seeking a Supreme Court declaration

that the Electricity Act 2015 “contravenes the rights and privileges” granted to it by Freeport’s founding law.

GB Power’s decision to initiate legal action represents an immediate obstacle to URCA’s fledgling efforts to regulate the entire Bahamian energy sector, which have yet to get past first base.

For the filing coincides with URCA’s initiation of consultation on the very ‘public electricity supplier licence’ that is the subject of GB Power’s action.

This is URCA’s first regulatory action in the energy sector since the Electricity Act, and amendments to its own founding law, transferred such obligations to it earlier this year.

Stephen Bereaux, URCA’s director of policy and

regulation, told Tribune Business that the legal action would not impede its efforts to regulate the energy sector outside Grand Bahama.

Pointing out that it was free to supervise Bahamas Power & Light (BPL), which covers the majority of the Bahamas, Mr Bereaux said URCA would respond “appropriately” to GB Power’s action.

“They are free and entitled to seek recourse before the courts if they choose,” he told Tribune Business of GB Power.

“It [the legal action]may impact the work we do on Grand Bahama, particularly the Port area, but we don’t expect it to unduly prejudice what we have to do elsewhere. The Port situation is complex.”

neglected storage) is that airport facility operators are not capable of managing government property.

“So that any piece of equipment that is inventoried can be dumped without prior authorisation, which leads to the accumulation of old materials at various points in the airport grounds.”

While praising Marsh Harbour’s new airport infrastructure, ALG added:

“A deeper look into the airport’s day-to-day permitted identifying unresolved management deficiencies with the new infrastructure.

“The operational launch of the new airport requires the establishment of plans, programs and procedures for the systematisation of data and compliance with ICAO (International Civil Aviation Organisation) ICAO standards.”

As for Treasure Cay airport, the ALG report found it relies upon a oneman emergency response team.

“The health and safety conditions of workers are compromised in the fire station,” the report added.

“The spaces are right-sized as regards airport operations, but are cluttered with materials and equipment in a state of disuse, with inadequately stored materi-

als, waste that has not been properly managed (hazardous waste, special waste) and with flammable materials.

“Many different types of waste, both inside and outside the terminal, could be observed. Waste is not selected previously, nor is hazardous waste stored adequately (batteries, deposits with flammable materials... are dumped outdoors).”

PAGE 6 , Tuesday, July 26, 2016

THE TRIBUNE

Stocks pull back after 4 weeks of gains; Yahoo slips NEW YORK (AP) — Stocks fell moderately on Monday as investors took a break after four weeks of gains that brought the market to record highs.

Energy companies fell more than the rest of the market as the price of oil took another turn lower. Yahoo fell after Verizon Communications announced it would buy most of Yahoo’s internet businesses for $4.83 billion.

The Dow Jones industrial average lost 77.79 points, or 0.4 percent, to 18,493.06.

The Standard & Poor’s 500 index lost 6.55 points, or 0.3 percent, to 2,168.48 and the Nasdaq composite lost 2.53 points, or 0.1 percent, to 5,097.63.

It’s common for a market that has run up quickly to retreat. With the slow summer trading season and lack of economic news, traders say there are few reasons to be buying the market right

now.

“This is a broad, but benign, sell-off,” said Ryan Larson, head of U.S. equity trading for RBC Global Asset Management.

Larson pointed out the recent price-to-earnings ratio on the S&P 500, or the amount money that investors are paying for each dollar of earnings, which was trading at nearly 20. That’s far above the 14-16 times that investors are typically comfortable with.

“It’s another reason why the market looks fatigued at the moment,” he said.

This week, while heavy on individual company earnings, is light on economic data. Later this week the Bank of Japan and Federal Reserve will hold policy meetings. With Japan’s economy barely growing, economists are speculating about whether its central bank may push more stimulus, likely lowering its inter-

est rate further into negative territory when it announces its decision on Friday.

The U.S. economy is in better shape than other advanced economies, but expectations are that the Fed will hold interest rates steady and look to raise interest rates later this year.

Securities that bet on which way the Fed will move interest rates show only a 10 percent chance of a rate increase this week. The Fed’s two-day meeting starts Tuesday.

Technology companies will dominate quarterly earnings news this week, including results from Apple, Amazon, Google and Facebook. Their reports are also likely to heavily impact trading this week.

In individual company news, Yahoo fell $1.06, or 2.7 percent, to $38.32 after the company announced that Verizon would buy Yahoo’s advertising, media

a Wall Street street sign outside the New York Stock Exchange. Stocks were pulling back in early trading yesterday, following four weeks of gains for the market, as busy investors work through another batch of corporate earnings and wait for the week’s Federal Reserve interest rate decision.

Yahoo fell after Verizon Communications announced it would buy most of Yahoo’s internet businesses for $4.83 billion. (AP Photo) to $55.87.

Oil prices continued on their month-long slide. The price of crude fell $1.06, or 2.4 percent, to close at $43.13 a barrel. U.S. crude oil is down 12 percent this month. Brent crude, the global benchmark, dropped 97 cents, or 2.1 percent, to close at $44.72 a barrel in London.

The 2 percent drop in oil prices dragged down major

energy companies. Chevron lost $2.59, or 2.5 percent, to $103.07 and Exxon Mobil gave up $1.81, or 2 percent, to $92.20, the two biggest drops in the Dow Jones industrial average.

In other energy trading, wholesale gasoline fell 3 cents to $1.33 a gallon, heating oil fell 3 cents to $1.32 a gallon and natural gas also fell 3 cents to close at 2.75 per 1,000 cubic feet.

Report: ‘Brexit’ move raises risks to US financial stability

2008-09 following the global crisis because economies face different conditions.

“Overall, the general sense was that the outlook remains uncertain,” Lew said in a statement Sunday.

“There is now broad consensus that what the global economy needs is growth — not austerity — and the discussions here have focused on how best to achieve that outcome.”

Lew met soon after the EU exit vote with Britain’s new Treasury chief. He has said that the recent market turmoil sparked by the British vote was within bounds and doesn’t have the makings of another financial crisis.

WASHINGTON (AP) — Britain’s decision to quit the European Union has elevated the risks to U.S. financial stability, though they remain moderate, U.S. Treasury Department experts say.

The report issued Monday by Treasury’s Office of Financial Research comes a day after global finance of-

ficials promised to protect the world economy from the shockwaves of Britain’s “Brexit” referendum last month and to boost sluggish growth.

The vote, which surprised financial markets and was a “negative shock” to investor confidence, brings in months or years of uncertainty over British

finance, trade and investment, the OFR report says.

Because Britain’s economy and financial system are so closely connected with the U.S. and the rest of Europe, distress in Britain could threaten U.S. financial stability, it warned.

“Brexit was a shock,” OFR Director Richard Berner told reporters. “It

and email businesses for $4.83 billion, ending a fivemonth auction. Verizon will add Yahoo to its portfolio of recently purchased media companies, including AOL. Once finished, Yahoo will be a shell of its former self, existing mainly as a holding company for its Alibaba and Yahoo Japan investments, as well as its patent portfolio. Verizon fell 23 cents, or 0.4 percent,

creates uncertainty both in financial markets and among business people. ...

There’s still uncertainty to come.”

Financial markets, especially the U.S. stock market, were rocked by the June 23 vote in Britain. Markets later recovered, and U.S. stocks mounted a robust rally in recent weeks. But the new report warns that markets may be underestimating the risks ahead.

In a “severe adverse scenario,” shocks from Britain and Europe would threaten the stability of the U.S. financial system through

disruptions in trade, financial connections among the countries and in investor confidence, the report says.

Officials from the Group of 20 major economies — including the U.S., China, Britain and Germany — met in Beijing over the weekend against a backdrop of a weak global recovery that was rattled by the “Brexit” vote and trade tension over Chinese exports of low-priced steel.

U.S. Treasury Secretary Jacob Lew said ahead of the meeting that it was not the right time for coordinated action similar to that in

EPA moves to regulate climatewarming airliner pollution WASHINGTON (AP) — Jet engine exhaust from airliners endangers human health and adds to climate change, the government found Monday in taking the first step toward regulating those emissions.

The Environmental Protection Agency said it will use its authority under the Clean Air Act to impose limits on aircraft emissions.

Jet engines spew significant amounts of greenhouse gases, including carbon dioxide and methane, into the upper atmosphere, where they trap heat from the sun.

But proposed rules such as imposing fuel-efficiency

standards have faced stiff opposition from aircraft makers and commercial airlines.

Aircraft emissions were not addressed as part of the landmark global climate agreement agreed to in Paris in December.

“Addressing pollution from aircraft is an important element of U.S. efforts to address climate change,” said Janet McCabe, EPA’s acting assistant administrator for air and radiation.

McCabe said aircraft are the third largest contributor to greenhouse gas emissions in the U.S. transportation sector, and that is expected

to increase. Cars and trucks already are regulated.

The EPA’s findings do not apply to small piston-engine planes or to military aircraft.

A U.N. panel in February recommended new emissions standards for international flights that require an average 4 percent reduction in fuel consumption during the cruising phase of flight.

The new regulations from the International Civil Aviation Organization require that new aircraft designs meet the standards beginning in 2020, and that designs already in production comply by 2023.

Environmental groups have criticized those new international standards as too weak to actually slow global warming. Planes burn the most fuel during takeoffs and landings. Cruising at high altitudes is the most fuel-efficient period.

Environmentalists say aviation accounts for about 5 percent of global greenhouse emissions, though the U.N. and EPA cite studies concluding it’s actually less than 2 percent.

The EPA finding announced Monday is expected to result in fuel-efficiency standards for domestic carriers, which critics call long overdue. The EPA acted after a coalition of environmental organizations filed notice of their intent to sue the agency over its inaction.

“People should not have to choose between mobility and a healthy climate,” said Marcie Keever, legal director for the environmental group Friends of the Earth.

“Now it’s time for the Obama administration to issue a strong rule, to hold the aviation industry accountable.”

Though environmental groups are pushing EPA to adopt stricter standards, the airlines and aircraft manufactures want to U.S. to adopt the more modest reductions proposed for international routes.

U.S.-owned airliners account for nearly one-third of all aircraft pollution worldwide. While carbon emissions from land-based sources are largely in decline, pollution from airplanes is projected to triple by 2050 without stricter limits.

THE TRIBUNE

Tuesday, July 26, 2016, PAGE 7

Seeking wider digital audience, Verizon buys Yahoo for $4.8B SAN FRANCISCO (AP) — Seeking a wider digital audience, Verizon is buying Yahoo for $4.83 billion in a deal that marks the end of an era for a company that defined much of the early internet but struggled to stay relevant in an online world dominated by Google and Facebook.

It’s the second time in as many years that Verizon has snapped up the remnants of a fallen internet star. The nation’s largest wireless carrier paid $4.4 billion for AOL last year. The two brands will be rolled into the same operation.

“We have enormous respect for what Yahoo has accomplished: This transaction is about unleashing Yahoo’s full potential,” AOL CEO Tim Armstrong said in a statement.

Despite Yahoo’s travails, its operations are a prize for Verizon, which wants to capitalize on the growing number of people living their digital lives on smartphones. The company already profits from the data plans that connect more than 100 million people and their devices to the internet.

Now it’s making plans to control more of the advertising on those devices.

Most analysts expect the deal to end the four-year reign of Yahoo’s Mayer, who flopped in her muchwatched attempt to turn around the company that was once a titan valued at $130 billion.

However, Mayer told em-

ployees Monday in an email that she intends to stay “to see Yahoo into its next chapter” without specifying for how long. In a later interview with The Associated Press, she said it’s too early to know whether there will still be a desirable role for her after Yahoo and AOL are combined.

“It would be premature and presumptive of me to discuss what Verizon may or may not want to do. I will be open-minded,” said Mayer, who could receive a severance package valued at $55 million If she leaves following the sale.

In its announcement, Verizon did not discuss Mayer’s future or its long-term plans for Yahoo.

Shareholders fed up with a steep downturn in the company’s revenue over the past eight years pressured Yahoo Inc. to part with its email service and stillpopular websites devoted to news, finance and sports, in addition to its advertising tools.

The slump deepened even as advertisers poured torrents of cash into what is now a $160 billion market for digital advertising, according to research firm eMarketer.

But most of that money has flowed to Google and Facebook, two companies that eclipsed Yahoo during its long slide from a sensation to a dysfunctional alsoran.

The sale could result in thousands of layoffs as Ve-

LEGAL NOTICE

Notice of Dissolution of Mima Bella Limited Notice is hereby given that pursuant to Part IX, Section 138(4) of the (International Business Companies Act, 2000) liquidation of the above company commenced on the 18th day of July, 2016. Octagon Management Limited of Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company.

a person walks in front of a Yahoo sign at the company’s headquarters in Sunnyvale, Calif.

Verizon bought Yahoo in a sale announced yesterday. rizon eliminates overlapping jobs and services in Yahoo and AOL. Mayer has already jettisoned 1,900 Yahoo workers since last September.

The merging of Yahoo’s online operations with AOL’s sets up a potential reunion between Mayer and Armstrong, who were both executives at Google for years. Armstrong tried unsuccessfully to persuade Mayer to combine the two companies when they both still independent.

“It makes a little less sense now than it did two or three years ago” when Yahoo and AOL were stronger,” said Gartner analyst Andrew Frank. “But better late than never.”

When the sale is complete early next year, Yahoo will become a holding company for its two stakes in China’s e-commerce leader, Alibaba Group, and Yahoo Japan. Those investments, made more than a decade ago, are worth more than $40 billion before taxes, making them by far the most valuable pieces of Yahoo. The holding company will drop the Yahoo name and adopt a new identify after Verizon takes control of

the Verizon studio booth at MetLife Stadium in East Rutherford, N.J. Verizon bought Yahoo in a sale announced yesterday.

(AP Photos) the operating business.

The name change is a strong indication that Verizon intends to retain the Yahoo brand on many services, an idea that Mayer told the AP came up in the preliminary discussions leading up to the deal.

“The Yahoo brand still holds a lot of consumer-affinity” and could help Verizon overcome the lukewarm feelings that many subscribers have toward their wireless service providers, said Forrester Research analyst Shar VanBoskirk.

Until the sale is done, Ya-

hoo’s users should not see any major changes in the company’s mobile apps or websites.

Verizon, based in Basking Ridge, New Jersey, is buying Yahoo’s online operations and its real estate.

The Sunnyvale, California, company also has a patent portfolio that it intends to sell, and about $7.7 billion in cash.

Mayer, 41, is the latest in a succession of Yahoo CEOs who could not engineer a comeback. Yahoo’s annual revenue, after subtracting ad commissions, has de-

MARKET REPORT MONDAY, 25 JULY 2016

____________________________________ Octagon Management Limited Liquidator

LEGAL NOTICE

NOTICE OF DISSOLUTION OF

LEEWARD MANAGEMENT LIMITED Notice is hereby given that pursuant to Part IX, Section 138(4) of the (International Business Companies Act, 2000) liquidation of the above company commenced on the 18th day of July, 2016. Triangle Administration Limited of Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company. _______________________________ Triangle Administration Limited Liquidator

LEGAL NOTICE

Notice of Dissolution of Ravela Management Corporation Notice is hereby given that pursuant to Part IX, Section 138(4) of the (International Business Companies Act, 2000) liquidation of the above company commenced on the 18th day of July, 2016. Octagon Management Limited of Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company.

clined by about 20 percent from $4.4 billion before Mayer’s arrival to a projected $3.5 billion this year.

But Mayer told the AP she does not consider her tenure to be a failure. She pointed to a 50 percent increase in Yahoo’s total worldwide audience to more than 1 billion users, including 600 million people who now visit on mobile device, three times more than before her arrival.

“If you look at the state of products today, they are orders of magnitude better, more viable, better designed,” Mayer said. “I am incredibly proud of all that.

The next chapter is around how we can increase our relevance on mobile.”

Yahoo’s stock fell $1.06 Monday to close at $38.32.

The shares have more than doubled since Mayer became Yahoo’s CEO, largely because of the rising value of the Alibaba stake.

When millions of people began to flock to the internet with the advent of graphical web browsers in the 1990s, Yahoo was king.

Co-founders Jerry Yang and David Filo began building a web directory as Stanford University graduate students in 1994, and Yahoo quickly established itself as the online hub for tens of millions of people. It proved that internet companies could indeed be profitable as other dot-com startups burned through millions of dollars.

But Yahoo strayed from internet search in an attempt to build a multimedia business, clearing Google’s path to supremacy. To make matters worse, Yahoo failed to recognize the importance of social networking and was slow to make the leap into mobile devices such as smartphones and tablets.

Yahoo attempted to buy Google and Facebook in their formative years, but it was rebuffed and then later dwarfed by them.

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,964.90 | CHG 2.11 | %CHG 0.11 | YTD 140.95 | YTD% 7.73 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

52WK LOW 2.21 17.43 9.09 3.14 4.70 0.12 5.85 7.25 5.50 7.00 14.48 2.25 1.27 5.51 6.00 9.85 6.01 5.55 11.75 10.00

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

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

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

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

LAST CLOSE 3.65 15.85 9.09 3.50 5.22 0.12 6.50 8.35 5.84 10.50 14.49 2.72 1.41 5.80 8.75 10.93 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 10.55 14.49 2.69 1.41 5.80 8.75 10.93 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 0.05 0.00 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

114.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

115.06 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

10,000

VOLUME

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

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 19.5 27.4 28.6 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% 3.41% 4.21% 2.23% 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

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

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

_________________________________

Octagon Management Limited Liquidator

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

PAGE 8 , Tuesday, July 26, 2016

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.

THE TRIBUNE

Verizon could boost Yahoo ad targeting, but challenges ahead NEW YORK (AP) — Verizon’s deal for Yahoo could give the phone company a stronger foothold in digital advertising as it takes what it knows about its customers’ whereabouts and combines that with Yahoo’s popular destinations and AOL’s advertising expertise.

To boost traffic and revenue even more, Verizon could also ship some phones with Yahoo apps already installed.

Ultimately, Verizon could do what Yahoo alone could not: make money off its highly trafficked properties, such as Yahoo Sports and Yahoo Finance.

But Verizon also faces the same challenges a standalone Yahoo had: how to get better ad rates through personalization and targeting, when Google and Facebook are already adept at that.

Although the new Verizon would be No. 3 in the $60 billion U.S. market for digital advertising, “one shouldn’t delude themselves into thinking that it’s a close third place,” MoffettNathanson analyst Craig Moffett said. “They’re third place in a two-player market. Ad dollars are going to Google and Facebook and they’re coming out of everyone else.”

According to eMarketer, Google and Facebook had a combined 55 percent of the U.S. digital-ad market last year, while a combined Verizon and Yahoo would have had just 6 percent.

Marketers could be drawn by Verizon’s ability to know where its phone users are, but that might apply only to Verizon’s custom-

ers — not to other Yahoo users around the world.

Meanwhile, Facebook and Google already have a lot of that data — Facebook through its social network, and Google through its Android phone system and popular services like maps, email and search.

Like many other major broadband providers, Verizon wants to be more than a “dumb pipe” that just provides internet access, Columbia Business School professor Rita McGrath said.

Verizon wants to build a business that can make money off the ever-growing amount of time people spend on their phones. To that end, it has invested in digital-ad businesses and mobile video, including the creation of go90, a video service aimed at millennials.

Ad Sales Power With its $4.4 billion purchase of AOL last year, Verizon got technology that matches ads with websites like Huffington Post and TechCrunch. With Yahoo, which Verizon is buying for $4.8 billion, Verizon will get websites, apps and other services used by more than a billion people worldwide each month.

Verizon can use AOL’s ad technology to sell ads and make more money off those Yahoo properties, whether on a computer or phone.

Forrester analyst Dan Bieler said Verizon and AOL will be better than Yahoo was at using Yahoo’s user data and wide range of apps

and media properties to sell ads.

Ultimately, AOL’s adsales technology could encourage brands to spend more money across a range of Yahoo websites and apps.

But some analysts aren’t sure that a troubled Yahoo can make Verizon into an ad player that rivals Facebook and Google. Jefferies analyst Mike McCormack said he’s doubtful an older internet brand like Yahoo will bring in the kinds of users that Verizon has been trying to lure with go90.

Yahoo is among the stodgier internet brands, but comScore says the age breakdown of Yahoo users in the U.S. is not substantially different than Google or Facebook users.

Verizon could drive more traffic by loading Yahoo apps on Android phones, although Apple forbids this on iPhones. In a conference call, Yahoo CEO Marissa Mayer suggested that Verizon “and its distribution on mobile” could help get Yahoo’s mobile apps “in front of more users.”

But eMarketer analyst Martin Utreras said the company would have to be careful not to annoy users by doing that.

Instead, it’s more likely that Verizon would use location and other data it has about its users to help advertisers target people across the internet. For example, on a hot day, Verizon could show an ad for a nearby store that sells barbecue equipment, Bieler said. That might be valuable to the advertiser, and Verizon could charge more.

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.

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.

ABOUT OUR OFFER 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.

a sales clerk at an electronics store in the Akihabara District of Tokyo, displays a stack of video cassette recorders which are on sale for 20 to 30 percent off. Japanese electronics maker Funai Electric Co. says it’s yanking the plug on the world’s last video cassette recorder. A company spokesman, who requested anonymity citing company practice, confirmed Monday, July 25, 2016, that production will end sometime during the month, although he would not give a date. (AP Photo)

Farewell to VCRs: Japanese maker to shelve once-hit product TOKYO (AP) — Japanese electronics maker Funai Electric Co. says it’s yanking the plug on the world’s last video cassette recorder.

A company spokesman, who requested anonymity citing company practice, confirmed Monday that production will end sometime this month, although he would not give a date.

He said the company would like to continue production to meet customer requests, but can’t because key component makers are pulling out due to shrinking demand for VCRs. Many families and libraries have content stored in the VHS format and want to convert the tapes to DVD or other digital disks.

They can do so using VHS/DVD converters, known as “combos” in Japan. Funai will be rolling out such products later this month, the spokesman said.

Funai’s VCR factory, which is in China, is offlimits to media coverage for security reasons because other products are made at the same plant, he said.

Funai began making videotape players in 1983, and videotape recorders in 1985. The company says they were among its alltime hit products.

Last year, Funai made 750,000 VHS machines that

played or recorded cassette tapes. In 2000, it made 15 million, 70 percent for the U.S. market, according to the company, based in Osaka, central Japan.

Other products have also grown outdated with the advance of digital and other technology. That includes film cameras and floppy disks once used to store computer content, which were displaced by smaller memory devices with larger capacity and by cloud storage.

Owners of VCRs are not as emotionally attached to their machines as are owners of Sony Corp.’s discontinued robotic dog Aibo, or the Boombox, the portable cassette player, with its deeply resonating speakers and cool designs, said Nobuyuki Norimatsu, nicknamed “Aibo doctor,” of A-Fun, a company of engineers who do repairs for discontinued electronics goods.

Still, many VCR owners want to dub their videos on their own, rather than sending them to outside companies, because the content is so personal, he said.

“To give up on keeping such records is like denying the history of humankind,” said Norimatsu. “Production ending is going to present problems for some people.”

Panasonic Corp. withdrew from making VCRs several years ago, making Funai the only manufacturer.

Funai will continue selling VCRs through its subsidiary until inventory runs out and will provide maintenance services as long as it can, the company spokesman said.

Videotapes can still be converted using VHS-DVD recorder-players made by other, mostly Chinese, companies.

Secondhand products abound in Tokyo’s electronics district as well.

But a time may come when all such options also disappear.

But many are shrugging off the VCR’s disappearance as inevitable.

“I think only hard-core fans of old machines are going to be using VCRs,” said Isao Tokuhashi, author of “My Eyes Tokyo,” a book about newsmakers in Japan.

Like most people, Tokuhashi invested hours 10 years ago to transfer video he wanted to keep to DVD, and these days stores video in his iPhone and computer.

He no longer owns a TV and hasn’t recorded any shows recently, he added.

“None of my friends still has one,” Tokuhashi said of the VCR.

THE TRIBUNE

Tuesday, July 26, 2016, PAGE 9

b o dy a n d m i n d

Donors participate in the Unity Blood Drive at the Mall At Marathon.

Photos/Shawn Hanna

Bahamians urged to make life-saving blood donations

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

WHILE the Unity Blood Drive may have ended over the weekend, members of the general public are still being urged to keep on donating by visiting the island’s various blood banks.

Community service organisations appealed to donors last week to participate in the first Unity Blood Drive held at the Mall At Marathon.

On Saturday, a number of organisations took part in the initiative with the aim of collecting at least 300 units of blood to help replenish the dwindling supplies.

The Princess Margaret Hospital Blood Bank, Doctors Hospital Blood Bank, Bahamas Red Cross Society, One Blood and Friend of the Blood Bank all took part in the event.

Basil Christie, Friends of the Blood Bank founder, told Tribune Health that people can still donate blood and help make up the

deficit.

Last year, some 3,954 donations were accepted at Princess Margaret Hospital, but 12,487 units were needed.

“We have been very fortunate because of the publicity that we have gotten, so the response has been tremendous. We had set a target at 300 units, but I think we will get a little bit under that.

“We have a serious crisis during the summertime.

Last year, the Princess Margaret Hospital requested around 12,000 unit but only got about 3,700, so people died because they did not get the blood they needed,” he said.

Daryll Armbrister of the Red Cross echoed the sentiment, encouraging people to keep donating, because “blood is always needed”.

“It is always a great thing to do for the mere fact that it can also help you stay healthy. You can lose about 600 calories after giving blood. Apart from that, after giving blood your blood has to be replenished, which

means that new blood and new cells are in the body,” he said.

While there are a number of people who donate blood to the Princess Margaret Hospital and Doctors Hospital blood banks on a regular basis, many people still shy away from becoming donors.

“Trying to ask people to donate blood is like trying to ask people to donate money. It is tough. But we want persons to know the dire need for giving blood,” said Mr Armbrister.

“It could be your family member who needs blood.

A heart transplant is taking place next week and this is beyond on time for that person. And that is just one person we are talking about. There are number of people that who need blood, and need blood now.

So think about it being your family member,” he said.

A person can donate blood every eight weeks, Mr Armbrister explained.

“A pint of your blood can save three lives.”

Doctors Hospital re-accredited by Joint Commission International The board of directors and executive team at Doctors Hospital announced that the hospital has once again been accredited by the Joint Commission International (JCI) following a week of intense on-site scrutiny and examination.

The Bahamas’ only private hospital became the first acute care hospital to be awarded the gold seal of approval by JCI in 2010, and has maintained the stringent standards and levels of care required to consistently pass re-examination every three years.

JCI is the international arm of the US-based Joint Commission on the Accreditation of Healthcare Organisations (JCAHO); the same body that certifies more than 21,000 hospitals in the United States. Fewer than 850 hospitals outside

of the US have earned the accreditation and Doctors Hospital remains one of only two acute care hospitals in the Caribbean region to be recognised for its consistent adherence to international quality standards.

A team of surveyors spent four days last month interviewing staff, physicians and hospital management on policies and procedures, examining the physical structure and reviewing patient records to ensure that in every instance, Doctors Hospital is providing quality healthcare to each patient at the standard set out by JCI. “I’m extremely proud of our team here at Doctors Hospital following our successful review and accreditation award,” said CEO Charles Sealy, “with-

out their consistent hard work and adherence to the standards set by JCI every day with every patients we would not be able to join this exclusive grouping of hospitals around the world.”

JCI’s methodology ensures that Doctors Hospital is providing each patient with the very highest level of healthcare possible anywhere in the world.

“It is important for Bahamians to realise that they have access to the very highest levels of healthcare without having to leave the country,” Mr Sealy said.

“JCI accreditation also reassures visitors who due to accident or illness end up seeking medical care that the quality they get at Doctors Hospital in the Bahamas is as good as, or better, than what they would have

The team of Joint Commission International surveyors and members of Doctors Hospital’s executive management team. Back row from left: Dr Roy Smoot, surveyor JCI; Courtney Cosby, RN, surveyor, JCI; Charles Sealy, CEO; Dr Charles Diggiss, Chief Medical Officer; Chadwick Williamson, vice president of the Management Information System. Front row from left: Dorcena Nixon, vice president of Patient Care; Penelope Ott, surveyor, JCI; Joanne Lowe, CFO; Michaela Sumner-Budhi, legal counsel; Dr Sheena Antonio-Collie; vice president of Medical Affairs; Marsha Sands, vice president of Quality and Patient Safety. received at home.”

In order to constantly push accredited hospitals to even higher standards of patient care, JCI issues new and upgraded standards that Doctors Hospital is required to embrace and in-

The importance of visiting the dentist Many people have various reasons why they do not visit their dentist regularly. The reasons range from a busy schedule to not sensing anything wrong in the mouth. The main reason though is some persons feel a visit to their dentist is synonymous with pain.

The truth is the longer you postpone visiting your dentist for a check-up, the more you put your oral health at risk.

If you put off going to the dentist for too long there can be several negative consequences; these include: 1. Losing teeth 2. Gum disease 3. Toothache 4. Costly procedures

Losing teeth

Losing your teeth is the most serious and severe cost of dental

cern and lead to tooth loss. Losing teeth not only affects your mouth but can also have a negative impact on you socially especially if the tooth is at the front of the mouth. Tooth loss will result in embarrassing spaces in the mouth, drifting of your remaining teeth and can alter your occlusion.

Gum disease

Dr Tamika Ferguson neglect. Most problems affecting your teeth and gums can be treated if caught in a timely manner. By avoiding your dentist over long periods, a small problem can eventually become a major con-

Gum disease does not occur spontaneously out of the blue, it is a physical manifestation of poor oral hygiene over a long period of time. If you are suffering from painful or bleeding gums then these are some symptoms of gum disease. By visiting your dentist at six months intervals for your regular cleanings, gum disease can be avoided. If a person is a regular attender their dentist will note if their oral hygiene practices are

stitute. Marsha Sands, vice president of Quality and Patient Safety, oversees the hospital’s adoption of new standards, consistent adherence to those standards and preparation for the triennial review process.

not up to par and instruct them on how to improve. Several studies have shown that persons with gum disease are at an increased risk of heart disease and other health problems.

Toothache

A lot of people believe the only time they should visit the dentist is if they are experiencing severe pain. When asked, “Why did you wait so long to see the dentist”, persons often say they were only experiencing slight pain from the tooth but since it wasn’t severe they ignored it. Do not wait for the pain to start, visit your dentist to prevent that from happening. Cavities become painful the longer they remain untreated. It is best to visit your dentist at the first sign of discomfort. Further, during your regular check-up Xrays will be taken. These X-rays will show if there is any decay in your mouth. Your dentist will then make a treatment plan for

“We do not seek JCI approval because we have to,” she said, “we do it because we see it as another tool to help us provide the highest quality of care that our patients expect and deserve.”

you and if followed you can avoid even slight pain.

Costly procedures

The longer you wait to see the dentist it is more likely the procedure will be more costly. For example, a filling is generally a simple and inexpensive procedure but if you wait until the pain is severe then the dentist can no longer simply fill the tooth instead you will need a root canal. The root canal entails a longer time in the dental chair and is more expensive than a filling. Avoiding the dentist not only increases your chances of a toothache/pain but hurts your bank account as well.

By visiting your dentist on a regular basis, he or she will detect any problems in the early stages.

The dental environment may not be your favourite place, but going ensures you maintain your oral health. So see your dentist once every six months!

PAGE 10 , Tuesday, July 26, 2016

THE TRIBUNE

‘Soca for the Cure’ to launch CIBC FirstCaribbean cancer fundraising Survivors, supporters, fitness buffs and soca fans will be able to fete for a cause at CIBC FirstCaribbean’s ‘Soca for the Cure’ event. Organisers promise this interactive fitness experience, which launches the fundraising season that leads up to the bank’s fifth annual Walk for the Cure in October, will be unlike any other fundraiser, with soca fitness instructor Macumbla “Comby” Smith leading the charge.

The event will be held from 8am to 10am at the Meliá Nassau Beach. For a $15 donation, participants will join Comby in his aerobic workouts and will be treated to a live DJ and performances by dynamic Bahamian entertainers.

Healthy snacks and refreshments will be provided and CIBC FirstCaribbean and sponsors will be giving out a variety of exciting prizes throughout the event.

Comby, who will lead the “socaerobics” sessions, said he expects a big crowd and participants should come dressed to sweat and ready to party.

“Our idea is to create an atmosphere where people can let loose and turn fitness into fun. So on the 30th come with an open mind, because this isn’t your traditional fitness experience. We will dance, shout and sweat. Prepare to party,” he said. “We are expecting a big turnout. The room holds 300 people and we intend to fill it. My classes are bursting at the seams and I have 12,000 people following me on Facebook. I hope to translate that demand into a great

(l-r) Rhondi Robinson, CIBC FirstCaribbean staff member and cancer survivor; Macumbla ‘Comby’ Smith, soca fitness instructor;, and Comby’s mother, Yvonne McCartney, a cancer survivor. turnout.”

He said he is excited for the event and jumped at the opportunity when CIBC FirstCaribbean approached him.

“I created fitness programmes for CIBC FirstCaribbean’s employees in the past, so when they reached out to me about having a fitness dance party there was no

question about it. I am familiar with cancer. My mom is a cancer survivor, so I immediately jumped on board.”

The event kick-starts the fundraising season which leads up to the bank’s regional fundraising event, the Walk for the Cure, scheduled for October 2, 2016.

This will mark the fifth year that CIBC FirstCaribbean will host

the fun run/walk and each year the event grows larger in size and dollars raised. Last year, 1,000 participants registered for the Walk in the Bahamas and over $77,000 was donated to eight local cancer charities including Sister Sister Breast Cancer Support Groups of New Providence and Grand Bahama, the Cancer Society of the Bahamas, the Cancer

Societies of Abaco, Eleuthera and Grand Bahama, the Cancer Association of Grand Bahama and the One Eleuthera Foundation. Supplemental fundraising events like Soca for the Cure are considered key in making the campaign a success by increasing awareness and helping to raise funds.

Comby said that these kinds of events play a large part in the fight against this devastating disease.

“It is important that Bahamians support events like Soca for the Cure. Cancer is rampant in our country. More than 65 per cent of the Bahamian population is obese. In my opinion, getting people to live more active and healthy lives is a big part of battling this disease. It’s wonderful that CIBC FirstCaribbean is encouraging Bahamians to maintain a healthy lifestyle while supporting others through their participation in this event.

Maya Nottage, CIBC FirstCaribbean marketing manager and member of the committee for Walk for the Cure, said that the bank is looking forward to the kick off of their fundraising events.

“At CIBC FirstCaribbean, we believe that it’s our duty as a good corporate citizen to continually support and have a positive impact on the communities that we serve. Many of our employees and their families have been affected by various forms of cancer, so naturally our team is very passionate about championing this cause,” she said.

Hundreds take the ‘Pathway to Wellness”

A dozen health-oriented vendors joined The Medical Pavilion Bahamas to host its annual health fair.

In honour of its 26th anniversary, the Bahamas Heart Centre hosted a Pathway to Wellness health fair on July 14 on its grounds at The Medical Pavilion Bahamas (TMPB).

On the Pathway to Wellness, all 10 plus centres of TMPB along with a number of health and wellness organisations from around the Bahamas advised and made sure persons were headed in the right direction with their health. The event was free to all.

Hundreds of person from around the Bahamas even from the Family Island came to take advantage for all the free health screenings provided. Screenings ranged from HIV to cholesterol, glucose, BMI, dental and vision tests, with lots of prizes and giveaways.

The event was deemed a success by organisers and promises to be even bigger next year.

Participating companies were: The Bahamas Heart Centre; The Cancer Centre Bahamas; Optimum Dental Care; AIDS Secretariat; Nassau Agencies; Bahamas Cancer Society; Leno Corporate Services; Club One; Sandilands Rehabilitation Centre; Family Eye Care; Atlantic Medical; Department Of Public Health - Healthy Lifestyles.

Chrissy Teigen offers a variation on the Caprese salad

By ELIZABETH KARMEL Associated Press The Caprese salad of fresh mozzarella, basil and tomatoes is universally loved.

I personally make it all summer long and although I mix up the tomatoes based on what I can buy at the farmers’ market, it is virtually the same every time.

Since it is tomato season and we waited a long time for this moment, I looked for a new take on a summer favourite — and found it in “Cravings,” model Chrissy Teigen’s cookbook that she co-wrote with Gourmet magazine alumna Adeena Sussman.

Teigen adds a few new elements: She uses burrata — fresh mozzarella with a creamy centre — and cuts the tomatoes in different shapes and sizes, some slices, some wedges. She omits the traditional basil and adds arugula and delicious,

crunchy prosciutto chips which take this Caprese from ordinary good to extraordinary great.

The prosciutto chips (she calls them crisps) are easy to prepare and make such a difference that I can’t believe that I never thought of baking thin slices of prosciutto into “chips.” You can substitute them in almost any recipe that calls for bacon. Once the prosciutto bakes and cools, it is crispy and crunchy, salty and addictive.

You’ll find this a welcome addition to an already popular summer recipe.

CAPRESE SALAD WITH CRISPY PROSCIUTTO Adapted from “Cravings: Recipes for All the Food You Want to Eat,”

by Chrissy Teigen Start to finish: 20 minutes Serves 6

Ingredients: 4 cups baby arugula 1 (8-ounce) ball burrata or fresh mozzarella cheese 2 pounds assorted ripe tomatoes cut in a variety of shapes (wedges, slices, chunks, etc.)

3 tablespoons bestquality olive oil 1 tablespoons balsamic vinegar 1-2 teaspoons kosher salt 1-2 teaspoons freshly ground black pepper 6-12 prosciutto crisps (recipe follows) Directions: Scatter the arugula on a serving platter and place the cheese in the centre. Arrange the tomatoes around the cheese.

Cut a small opening in the burrata/mozzarella ball so you can see the centre, and then drizzle

A caprese salad with crispy prosciutto, from a cookbook by swimsuit model Chrissy Teigen and styled by Sarah Abrams, at the Institute of Culinary Education in New York. (AP Photo) olive oil all around the platter.

Drizzle balsamic vinegar on the tomatoes and arugula. Season the entire salad with the salt and pepper and top with the prosciutto crisps.

PROSCIUTTO CRISPS Preheat the oven to

400 F. Line a baking sheet with parchment paper.

Arrange the prosciutto in a single layer on the baking sheet. Bake until wrinkled and slightly shrunken, 11 to 13 minutes. (It will crisp as it cools.) Cool, eat whole as a snack, or crumble and use as a garnish for salads,

eggs, or anything that could use crispness and ham. (For me, that’s everything.)

Nutrition information per serving: 245 calories; 158 calories from fat; 18 g fat (7 g saturated; 0 g trans fats); 42 mg cholesterol; 862 mg sodium; 8 g carbohydrate; 2 g fibre; 5 g sugar; 14 g protein.

THE TRIBUNE

Tuesday, July 26, 2016, PAGE 11

New mom surprises There are many things that we are taught when having children for the first time. Most of this information comes from family, our doctor, or books that we may have read. But after giving birth, there are a few things that may surprise you about the glorious parenting journey.

Pee and poop are not as gross as you once thought they were. At least that’s what you’ll tell yourself the first few times you get peed-on and pooped-on.

Little boys seem to tinkle every time you’re in the middle of changing their diaper. I think it’s something with the cold air that gets to them. Oh, and if you’re not familiar with the blow-out-diaper, Google it.

That baby smell really is intoxicating. I know you were probably familiar with the “baby” smell before you had the baby, but when it’s your baby, it’s even better. It’s as if you can smell that your baby belongs to you. There is something very familiar and instinctual about the baby smell. I really have no doubt that a mother could pick out her baby from their smell.

If you decide to breastfeed, you may be surprised to know that just thinking about your baby, even when you are not with your baby, can cause you to leak. You’ll want

Bun In The Oven

Bianca Carter to make sure that you prepare for this by investing in nursing pads.

This can also happen if you hear a baby cry in public.

Post-natal hair shedding does happen, and it sucks! This can happen a few weeks or a several months after giving birth. It happens because of hormonal reasons. Sometimes women who breastfeed shed their hair much later after giving birth.

Sneezing and hiccups are normal. In the first few weeks after birth your newborn may sneeze

Criminals According to the state, our sons are criminals. Our daughters are not mentioned, but our sons are being made criminals because we give them everything they want and we do not supervise them.

This may be in part true, but there is an entire other side to this is that more troubling. However, we go along with this and it becomes a part of the way our state and society relate. Sadly, we also allow the state to run us, instead of us running the state.

The state is currently controlled by a small group of people who have decided, as has been pointed out in numerous of these columns, that young boys are destabalising the country with their violence and their anger.

Yet those same folks choose to take no responsibility for any wrong they do or any poor impressions they provide. This challenge today though is about the way we have become victims to state violence and the power of their language and creation or depiction of life that is partly true, but not fully. The state sells and markets that partial truth as if it were the whole story.

Our sons are criminals: this statement allows the state to deploy all its strength and arms against these young men. They do not need rights because they are bad, they are exceptions to anyone’s need for rights. This allows them to be shot on the streets and to be beaten up in police custody

Dr Ian Bethell-Bennett because they are criminals.

The state has chosen to use the same language as many white countries and argue that all young, black men, especially if they are poor, are expendable and they are criminal. They cannot be trusted. Our daughters are somehow outside of this.

Sexism

This language is highly sexist.

The painting of all young black men as criminals states that only men are criminals. It singles them out for different treatment because they, according to the story the police and government create, are bad and a threat to us. Only our sons are criminals.

Sexism is the creating of a system that makes one group less than another and justifies its discrimination against them by underscoring their inferiority. It makes them unable to move up in society and creates a multi-tiered

No matter how many books you read, there are always surprises after the baby is born. and hiccup a lot. The sneezing is something they do to clear their nasal passages; they’re still getting used to their environment. Hiccups can actually be felt in utero, and babies will continue to hiccup after birth as well. system where they are close to the bottom. We are used to talking about sexism against women, but assume that there is no sexism against men. It is an extremely sexist statement to create a national service announcement that tells us how to stop making criminals of our sons. The community sees this as a truth and that daughters cannot be criminals, though they are just as capable as criminal thought as are boys.

Given the way we create a system that discriminates against young black males beginning with the way we bring them up, then we make it almost impossible for them to access a good education.

Girls usually do better at school because of education’s structure and the ability to sit still, listen and absorb, though in this country we are failing on all fronts.

Boys are discriminated against once they are dark-skinned, poor, and/or living in an imagined ghetto. We determine how far they can go based on where they live. We also discriminate against them because we send them to poorly supplied and often poorly equipped schools.

Girls are smart, better educated and non-violent. Yet we see countless videos on YouTube where it is young women stealing from stores, committing violence on young men, often boyfriends, yet they are not criminals. They steal, lie and commit murder, but are free from being painted as criminals. Sexism also means that we assume girls are less able to commit crimes and we argue that they are weak and lesser beings.

Love and hugs!

• Bianca Carter is a certified lactation counsellor and founder of Bun in the Oven.

For more information, e-mail her at info@babybunintheoven.com.

Racism

When we argue that our sons are criminals, though in a black country, the same mechanisms are used as in Anglo-European countries. In 2010, after the riots in Britain, a similar trend came up. But the community announcement on television that purports that we are making our sons into criminals by giving them everything and not our daughters is the same language of black inferiority and criminality. During colonial days, laws and policies were used to control movement of blacks based on their inferiority, racially entrenched ideas of black male criminality is real.

The current racist backlash in the United States against young black males is a part of this tradition as shows how the system, even when headed by a president who happens to be black, can remain as anti-young Negroes as it ever was.

It is structural and the violence visited on them by police cultural.

They provide the exception that allows exceptional violence to be deployed to protect the state from them.

By justifying this language with images of black criminality and hoodlum behaviour, the stakes are in place and the state operates a violent project to eradicate black threat and violence. They cannot be trusted and so must be shot even when on the ground, pinned down by two officers of the law with a knee in the back.

They possess superhuman evil strength and so can throw off such power and free themselves. They must therefore be killed, and the killing is justified and/or normal-

Follow BITO on Facebook at babybunintheoven, and check out the BITO Blog every Monday and Thursday at http://babybunintheoven.com. ised. The need to create exceptional responses and the structural creation of the same speaks to a culture of racially charged and informed images of blackness.

Violence

Whereas blacks are inferior and violent, they must be controlled by state-sanctioned violence.

These policies have been historically recognised. Runaway slaves could be whipped to death because they threatened the structure of slavery. Young, black men could be lynched because they sought to step beyond the line of their neighbourhood, defined as a ghetto, the wrong side of the tracks. People often say that blacks are animalistic and bring violence out all the time because they are unable to reason beyond that. The less educated one is the one who more easily relies on violence to win battles and conflicts.

Violence is an interesting conundrum as the more we argue that young black men are violent, the more we believe it, and the more violent they become. The more the culture of violence consumes them and the more we justify the use of violence to control them; this is an exception though. Exceptions soon become law and the law creates a counter culture.

Young men are dangerous and criminal, according to the community announcement on cable TV, yet there is no awareness of how we create them or how racially charged and sexist this image of black male criminality is, even if it is a black country.

• bethellbennett@gmail.com

Are you dominating your distractions?

Most would agree that we are living in a time of unprecedented distractions. Today we are offered an ocean of technology that produces gizmos and gadgets that those generations before us could never have imagined.

However, the challenge is that these gadgets relentlessly jockey for attention. The more gadgets people acquire, the more distracted they seem to become. In time, many find themselves overwhelmed; unable to switch their gadgets off in order to give their lives their full attention.

The key point here is, when it comes to your life, there is no neutral ground. You are either in control or you are out of control.

Similarly, when it comes to any distractions, you are either dominating those distractions or being dominated by those distractions.

I find that people are often so mesmerised by the idea of the latest gadget that they literally forget that it is designed to serve them, not the other way around.

It is rather ironic that an era of technological advances appears to prevent many from actually advancing due to their lack of focus.

What is even more interesting is that the vast majority of people seem to prefer to remain on the consumption end of this very fluid technological environment. This means that even though there is room and opportunity to be on the creator/developer end of this technology equation, the majority opts to stand in line waiting for the release of the next new device.

Michelle Miller Motivationals

Michelle M Miller As such, if you are going to remain on the consumer end of things, isn’t it of value to dominate your consumption?

You cannot live an empowered life if you are not dominating your consumption and mastering your distractions. Self-control is a key leadership principle. Leaders must know when to say when.

Take a look at the horrific results of accidents due to drivers who cannot master their consumption of alcohol. Even more alarming is a recent survey by the US AAA which indicates that six out of 10 teen crashes involve driver distraction.

The habit of driving through life with undue distractions or consumption causes you to lose focus.

It is, at best, ineffective. You must be willing to take control of how you allow things to dominate your

Too many people lose control of their lives due to technological distractions life, be it a device or substance.

If you surrender your power to over to the thing, that thing will certainly take power over you.

Recognise that time is fleeting.

Once this day is gone, it is gone forever. Without your focused attention your life stands still.

In many ways people don’t own all of the latest gadgets; the latest gadgets own them. They dominate and direct what they do; if they do it and how they do it.

No doubt, this era of amazing technology will continue to expand and produce more innovative devices. This is a good thing.

However, you must remember that you are the master of your domain. In this context, the main domain to be mastered is the do-

main of your mind. You are responsible for the direction of your life and you determine how any device will serve you.

Leader to leader, make today the day that you begin to dominate your distractions. Fail to do so, and you will remain dominated by them. This is your decision.

Your ability to dominate dis-

tractions and deliberately direct your attention is a major step to living an empowered life. Yes, you can do it!

• Michelle M Miller is a certified life coach, communication and leadership expert. Visit www. michellemmiller.com; mail can be sent to PO Box CB-13060.

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Healthy tresses through healthy products

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net WHAT do you do when you are a naturalista but it’s a real hassle finding the right items to keep your tresses strong and healthy? For Richae Barton, starting a business in the hair care industry and becoming a retailer of all the products necessary to manage her hair was the solution.

The young entrepreneur launched The Tress Xpress a little over a year ago after becoming frustrated with trying to find the right products for her hair. She realised that there were many others out there who had similar problems.

“I got into the hair care business mainly because I had first-hand experience of hair care from high school. I graduated from Aquinas College where I learned the basic understanding of cosmetology.

Being natural sparked my curiosity, as I would watch dozens of hair tutorials and try to mimic the hairstyles,” she told Tribune Woman.

The 21-year-old College of the Bahamas marketing major said starting a business in hair care was something she knew she would eventually do, but the route there was unclear.

“From the constant raves of being featured on a natural hair page, I also decided to create one – ‘NaturalsWithCurls’. I always had the idea to open a hair care business, but there were a few things missing. I would often shop around local beauty supply shops and leave disappointed by the brands or lack thereof,” she said.

Having established her own business, Richae said the adage, “What the Lord has for you is for you”, has never been more true for her.

The Tress Xpress offers healthy hair products that rejuvenate hair follicles, which results in stronger, healthier and

New Bahamian company caters to all hair types thicker hair. The products are for men, women and children, and for all hair types.

One of the most common hair problems Richae finds women complaining of is having sparse or thinning hair.

“I find that a lot of women complain about severe hair thinning, either on their edges or in the middle of their scalp.

Time to time others also complain about stunt growth phases or the typical lack of moisture,”

she said.

Sometimes putting too much pressure on the hair – which can happen when a woman’s hair is braided too tightly or with the consistent use hair bonding glue at the hairline – can cause this problem.

While it varies from person to person, usually when the right steps are taken women can see growth back to the hairline in a matter of months, said Richae.

“Although everyone is different and some people don’t require that long, my average client would use our products for

one month and be back because of the amount of tremendous growth they’ve seen,” she said.

“But realistically I would say the answer is about two months.

It is pertinent that you keep up you’re your trims, oil your hair and keep hair in a bonnet or sleep on a satin pillow case.”

What has also helped Richae remedy problems with her own hair was a change in diet.

“In the culture we live in we really don’t watch what we eat.

Diabetes runs in my family so our diet switched tremendously.

As a result of that I started to watch what I ate and the result from that was healthy hair along with some good products,” she said.

“Although it is easier said than done, cutting back on one particular item or three weeks of healthy eating can make difference. The best products often have water as their main ingredient, thus the reason I advise my clients to drink their daily recommended glasses of water.”

A few other tips Richae shared with us to ensure that your hair stays healthy and strong include the following: • Deep condition regularly; try a hot oil treatment every few weeks.

• Trim dead ends.

• Always secure your hair at night by either using a satin bonnet or sleeping on satin or silk pillowcases.

• Your scalp needs love, too. When using hair products it matters more where you apply the product, than how much is applied.

• Minimise the amount of heat used on hair. If possible use a heat-protective spray before using heat styling tools.

• Stretch your relaxers to an at least four-month interval.

• Make sure your diet is comprised of foods that are beneficial to your body, those rich in iron, zinc, biotin, protein and omega-3, to name a few.

• Be patient, although length and thickness is desired, healthiness is preferred.

Crowning glory

By SANCHESKA BROWN Tribune Staff Reporter sbrown@tribunemedia.net

Dedicating her victory to her late father, 23-year-old Ashley Hamilton soared above her competition in Sunday night’s Miss Bahamas World pageant, winning not only the crown, but the hearts of the audience as well.

In an emotional interview, Ashley, who is a veteran of the beauty pageant circuit in the Bahamas, said she felt a sense of calm knowing that her father was standing on stage with her throughout the night.

The 6’1” tall aspiring lawyer and model said she is privileged and honoured to have competed against eight of the fiercest young ladies in the Bahamas, and she looks forward to representing her country in the Miss World international pageant this December.

Fighting back tears, Ashley said she believes she can relate to most Bahamians because she is an island girl who is willing to “do whatever it takes” to get the job done.

“I represent a true island beauty. I was never born with a silver spoon in my mouth. In

Miss Bahamas World dedicates win to her late father November 2014, I had to grow up very quickly when we lost our father. I am an island girl who had to work for everything in life,” she said.

“If you live in our house every day, you know the struggles that we go through. We may not show it on the outside, but on the inside we struggle. And this competition I dedicated to my father from day one. I said, ‘Daddy, you may not be here with me psychically, but spiritually and emotionally I feel you every step of the way’. I had a sense of calm tonight knowing that he was standing right next to me and I was making him so proud.

And I know if he was here today he would be sitting right next to me.”

Representing Long Island, Ashley said was humbled to take the crown home to an island filled with “industrious, hard working people”.

“In December, months after Hurricane Joaquin, I visited Long Island and I saw first-hand, though they were rebuilding,

the devastation that the island faced. And so I am ecstatic to know that I represent a group of industrious people like myself, who are willing to work hard and get the job done,” she said.

Miss Bahamas Organisation President Michelle Malcolm said they have a lot to accomplish with the new queen in a short period of time, but she has no doubt that Ashley has what it takes to bring the crown home in December when the Miss World pageant takes place in Washington, DC. “We had such an amazing group of young ladies. No matter who was chosen we would have been very, very happy because we have so many awesome choices,” said Ms Malcolm.

“I am so proud of these young ladies. Ashley will be a wonderful queen. She seems to be a level-headed young woman who is goal-orientated and knows how to get the job done, and I am confident that she is going to continue on the rich legacy that Chantel O’Brian, the former queen, has left behind “.

Miss Paradise Island Pischia Adderley, 23, was the runner-up in the pageant followed by Miss Cat Island Rotalya Williams.

Miss World Bahamas 2016 held at the Melia Grand Ballroom.

Photo/Shawn Hanna