THURSDAY, AUGUST 4, 2016
business@tribunemedia.net
PM proposes new tax concessions approach for Grand Bahama By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
TAX concessions when used properly should be an inducement to encourage private sector investment, Prime Minister Perry Christie said yesterday, noting the extended Hawksbill Creek Agreement (HCA) concessions will encourage and facilitate further development and employment on Grand Bahama. Addressing Parliament yesterday before tabling the Grand Bahama (Port Area) Investment Incentives Bill, 2016, Mr Christie said that the Government is “desirous of encouraging and facilitating economic growth and continued development of all sectors of the island of Grand Bahama, and of promoting increased opportunity for significant employment for the overall economic benefit of the Bahamas. “It is envisaged that the MOU and agreements to be made with licensees will aim to fundamentally shift the See pg b6
Bill tabled to update ‘different era’ HCA Inducement to boost private sector investment Certain undeveloped land subject to property tax
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Grand Bahama Chamber of Commerce’s president yesterday asserted that the Gaming Act 2014 should be revisited and, if necessary, amended to ensure that the sector does not imperil the country’s already fragile banking sector. Kevin Seymour, in a review of the International Monetary Fund’s (IMF) Staff Report - Article IV Consultation on The Bahamas, said that recent concerns expressed by Central Bank Governor John Rolle should be taken seriously by the government. During a recent address made to the Bahamas Chamber of Commerce and Employers Confederation, the Governor of the Central Bank of The Bahamas stated that “overlooking the need for more stringent regulations in the web shop sector could, in time, increase the possibility of local bank de-risking.” Mr Rolle went on to explain that he was becoming increasingly concerned over the source of funds entering the gaming industry, asserting that more regulations would be needed to assure regulatory agencies of the sector’s legitimacy. Mr Seymour told Tribune Business: “It would appear that certainly there are still banks, even after the passage of the Gaming Act, who are not accepting funds from these web shops. That is a matter of internal policy for the respective banks. The question then needs to See pg b5
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net HEALTH Minister Dr Perry Gomez yesterday affirmed that there is no significant introduction of taxes directly related to National Health Insurance (NHI) implementation “at the outset”, citing the single governance model as fundamental to the health care industry’s reformation and a smooth NHI implementation. Addressing Parliament yesterday while introducing a Bill for an Act to repeal the National Health Insurance Act 2007 to pave the way for the the implementation of NHI, a national health insurance authority and fund, Dr Gomez said: “The aim is not to increase the approximately $400
Simultaneous implementation of universal health coverage Concept of single governance fundamental million being expended annually on all aspects of healthcare in the country by the government. As a result there is no significant introduction of taxes directly related to the implementation of NHI at the outset. In order to achieve this the four pillars of universal health coverage - single governance, the social determinants of health, health system straightening and
Minister of Health Dr Perry Gomez health care financing - are all addressed simultaneously.” He added: “The concept of single governance is fundamental to the reformation of the health care
industry or the smooth implementation of universal health coverage under the umbrella of National Health Insurance.” Dr Gomez noted that legislation being crafted that would allow for the proper execution of single governance across the health care industry. “In the public sector this will be achieved with the creation of a public health authority which will untie the clinical functions of the department of health and the Public Hospitals Authority particularly to create a seamless system of clinical services. This will allow the public health functions of prevention, promotion and protection to be separated in the ambit of the Ministry of Health headquarters for national oversight and monitoring,” said Dr Gomez.
Union has legal backing for Melia negotiations By NATARIO McKENZIE Prime Minister Perry Christie
Revisit Gaming Act to protect banking sector says Chamber chief By NATARIO McKENZIE
No NHI tax “at the outset” says Gomez
Seymour fears web shop money could bring de-risking Says “alarm bells should be ringing”
Kevin D. Seymour
$3.97 $4.06 $3.98
$3.98
Tribune Business Reporter
nmckenzie@tribunemedia.net
BAHAMAS Hotel Catering and Allied Workers Union (BHCAWU) president Nicole Martin yesterday expressed confidence that the union was in a more firm legal position to pro-
Labour certificate gives”more firm legal position” BHCAWU chief confident of progress
ceed with negotiations with the Melia Nassau Beach Resort having secured a long-awaited certificate of recognition, describing it as “one of many steps” to be taken to ensure proper representation for the all-inclusive resort’s employees. Ms Martin told Tribune Business that the BH-
CAWU had applied since last year for a certificate of recognition from the Ministry of Labour as the sole bargaining agent for the resort’s non-managerial employees, and with that now in hand was looking to meet with the resort’s management to discuss the way See pg b5
THE TRIBUNE
Thursday, August 4, 2016, PAGE 3
Customs official promotes harmonious and simplified initiatives RECENT initiatives to allow electronic submissions of shipments and tariff reductions is facilitating trade in Grand Bahama, a leading customs official has said. Sherick Martin, assistant controller of Bahamas Customs, Northern Bahamas, addressed a weekly meeting of the Rotary Club of Lucaya on Tuesday on the topic “A Modern Bahamas Customs” and outlined the approach of a “harmonised and simplified” procedure. Mr Martin discussed the role of the Bahamas Customs Department, explaining: “Our department has promoted over the years a harmonized and simplified customs procedures aimed at facilitating trade that will enhance economic prosperity and social development. “We have recently introduced the EDI initiative or Electronic Data Interface which allows the customs broker to enter shipments electronically to the entry checking division of the Customs Department for approval,” he said. “No longer would you have to wait in line to have your entry checked by an officer; the Government mandated
Sherick Martin addresses the Rotary Club of Lucaya at Ruby Swiss Restaurant on Tuesday. Photo: Vandyke Hepburn/BIS
all entries to be submitted electronically by the end of July, 2016.” Mr Martin also discussed the amendments to regulation 108, which has caused some unrest in business circles. “We say to the couriers you must list all of the goods on a manifest and the names of those persons whose goods you are importing and let us know who these people are before the vessel or plane arrives.” He also mentioned the East West Grand Bahama Development Encouragement Regulation. “The Government has removed or reduced the tariff on over 200 items, and legislation was introduced on initiatives to allow business in the Eastern and Western part of Grand Bahama to access duty free concession on the importation of capital and other goods for the operation of their business,” he said. “All that is required is they would have to register as a licensee with the Ministry of Grand Bahama under the East West Grand Bahama Development Economic Regulations.” The Family Island Development Encourage-
ment Act, which has been extended until the end of June 2017, allows people building a home or business to import goods duty free under the agreement. However, this agreement only applies to certain islands, Grand Bahama included. The Customs Management Act, and regulations 2011 and 2013 respectively, was enforced in January 2014 and aims to provide general rules to the Administration of the Customs Business in the Customs Territory of the Bahamas.
“We who are citizens of this great country have a duty to protect it in every way. We must ensure that others do not abuse it by illegal means and we must nurture and respect its laws,” Mr Martin said. The Bahamas Customs Department is a member of the World Customs Organization, which comprises 176 countries; and it collects approximately 50 per cent of the country’s revenue which equates to over $800m annually.
BTC welcomes CEO of Sprint THE Bahamas Telecommunication Company (BTC) last week welcomed the Chief Executive Officer of Sprint Corporation to the Bahamas. While the Sprint CEO is on holiday in the country, he is connected using BTC’s products and services. BTC provided him with mobile voice and internet services. CEO, Sprint Corporation, Marcelo Claure said “Sprint is a proud partner of Cable & Wireless Communications (BTC’s parent company). All of our customers that come, here roam using the network.” BTC CEO Leon Williams said, “It is important, that our customers can stay connected while on vacation here in the
Sprint CEO, Marcelo Claure pictured with Helene Ferguson, BTC SVP Human Resources and Training (left) and Patricia Walters, SVP, Customer Services (right)
country. The Bahamas welcomes millions of visitors throughout the country annually. No matter where our visitors roam, BTC is able to provide them with
best in class communications solutions.” Mr Claure is pictured with Helene Ferguson, BTC Senior Vice President of Human Resources and
Training (left) and Patricia Walters, SVP Customer Services (right).
PRIME COMMERCIAL lot of land located on Windermere Road off East Bay Street adjacent to Red Carpet Inn and the UBS Bank building contains approximately 31,000 square feet. Portion of property presently used as a parking lot and is income producing.
Fidelity is seeking persons with strong leadership, communications and interpersonal skills for the position of:
Inquiries should be directed to J. Albury at 324-7856 (H) or 424-2624 (Cell)
HELPDESK OPERATOR Job Summary: Provide support to staff on all company supported applications. Troubleshoot computer problems and determine source, and advise on appropriate action. Complete application project-based work
Main Duties & Responsibilities: • • • • • • • • • • • • •
Answer staff questions in person and via phone on all company supported applications. Troubleshoot computer problems. Determine source of computer problems (hardware, software, user access, etc.). Advise staff on appropriate action. Serve as liaison between staff and the technology department to resolve issues. Work one-on-one with staff on application projects. Manage inventory and stock in office. Document resolutions for future reference. Perform hardware and software installations. Provide on-the-job training to new department staff members. Provide computer orientation to new company staff. Assist with the EOD schedule. Any other duties as assigned.
Requirements / Qualifications: • Bachelor's Degree and three to five years of application experience. • Advanced knowledge of company supported applications. • Ability to learn and support new applications. • Strong interpersonal skills.
PLEASE SUBMIT BEFORE August 5th, 2016 to:
HUMAN RESOURCES Re: Helpdesk Operator careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
PAGE 4, Thursday, August 4, 2016
Brand your business wisely IF YOU want your enterprise to stand out in the business world, distinguishing yourself from your competitors and carving out a niche in the industry, you need to have a cohesive plan for branding your business. Branding is a difficult, multi-faceted endeavour that requires careful planning and a lot of introspective thought about what makes your business special and what separates it from its contenders. Branding is all about fostering an identity for your company. That won’t happen overnight, but you can take careful steps to devise a strategy that will help you create an image for your enterprise in the long run. Here are a few tips on how to promote your brand.
Have a powerful presence physically
If you want to build up your reputation in the world, the first step is to make sure people see you. Have a location that’s prominent and easy to find. Advertise in places people will see. Make sure that your company and your employees are present at important events where there
are opportunities to promote your enterprise. No one can promote a brand by being invisible, so make sure to get out there and let yourself and your business be seen and heard.
Have a good name and logo
A strong brand is easily recognisable. Recognition starts with the name of your business. The name will appear on your business cards, letterhead, website, social networks, promotional materials, products, and pretty much everywhere in print and online to identify your company or your company’s products and/or services. It’s not enough to have a recognisable name. People commonly associate brands with the brand’s logo but as you think about your logo, keep your audience and products/services in mind because you want your logo to reflect your company. A good logo builds trust and a strong logo will help to pull your brand together.
Be consistent
Many small businesses mistakenly change their messaging depending on their audience.
For example, a company might take a more serious tone on their website but a lighthearted tone on their Facebook fan page. This can confuse your customers and potential customers. To build and maintain a strong brand, every aspect of your brand should be as good as your product or service and you must be consistent in presenting your brand. This includes not only your company’s name, logo, overall aesthetic design, products and services, but also your marketing materials, website, appearances at trade shows and conferences and content posted to social networks, etc. Stand for something Think about brands you love. Those brands commonly stand for something (or against something) and connect with their customers emotionally.
Find your voice
What you say is important, but don’t overlook how you say it. Your company’s “voice” is the language and personality you and your employees will use to deliver your branding message and
reach your customers. Successful brands speak with a unique voice. Think about the brands you admire what makes them unique? How do they communicate with you and other customers? What do you like about their voice?
Empower your customers
You are not in control of your brand. You can set your brand’s direction, but how your brand is perceived is determined by your customers and potential customers. People can become your brand’s ambassadors spreading your ideas and brand to their own networks. Spend time nurturing relationships with these people. Who are they? What can they give and get in order to help your brand. Ultimately, successful brands recognise that if they help their customers succeed, the customers will in turn help the brand to succeed.
Deliver value
Value doesn’t always mean lowest price. You can focus on product leadership and excellence or great customer service (Virgin, Zappos). You can also focus on a combination of those things.
Appeal to people intellectually
If you want to broaden your appeal as a small business, it’s clever to appeal to people on an intellectual
level. Think about specific questions people might have about your business and how you can provide logical, honest answers. Ask yourself questions like: • What sets you apart from your competitors? • What image do you give off to the community? • What unique opinions do you have to share with the outside world? Consumers today are smart, and they want to be treated with respect. Win people’s brains in addition to their hearts.
Promote content on social media
Social media is obviously a great tool for branding your business. In addition to using the sites for straightforward promotional messages, you can also utilise social media for promoting interesting content that might not have a hard sell, but still has something interesting to say about your industry. If your social media accounts share information that’s relevant and compelling, people will follow you, and in turn, more people will become loyal to your business. This might be a very gentle process, but over time it works.
Don’t steal the show
While it’s important to be active on social media to establish your brand, there is such a thing as being ‘too involved’ or ‘over bearing’. First of all, you don’t want to spam people by
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GERACE RESEARCH CENTRE FACILITY MANAGER JOB VACANCY Applications are invited from suitably qualified candidates for the following position: The Facility Manager is responsible for directing the overall operations of the physical plant. This position is physically demanding and requires working long hours with almost no days off during the busiest weeks, including weekends. The position of Facility Manager is required to perform a variety of tasks including but not limited to the following: Directing the overall operations of the physical plant including maintaining the vehicles and boats, buildings, guest rooms, fresh and salt water plumbing, food preparatory equipment, and sustaining and upgrading the aging electrical system; Supervising the physical plant staff and conducting performance reviews (currently a staff of two); Managing and administering minor construction/renovation projects around the Centre; Establishing a preventative, predictive and replacement program for the Centre’s vital equipment; Coordinating the setup of rooms and laboratory spaces for use by various college and university groups; Assisting faculty with equipment for research and educational needs and maintaining research and laboratory equipment; Coordinating with the Executive Director the purchasing and transportation of parts and supplies for the station; Maintaining a small dive shop and dive compressor. QUALIFICATIONS: • A minimum of an associate’s degree in an engineering related field or equivalent; • A minimum of 5 years experience directly related to physical plant management or an equivalent combination of considerable education, training, and experience with the aspects of physical plant management, personnel management, automotive expertise, and safety and budgetary practices; • Previous experience managing personnel; • The ability to begin this position no later than November 1, 2016 For a complete job description, visit www.cob.edu.bs/hrapply. Interested persons should submit a completed COB application form; letter of interest highlighting work experience and accomplishments relevant to the position; a current resume or curriculum vitae and supporting documents/qualifications on or before August 15th to: Associate Vice President, Human Resources The College of The Bahamas P.O. Box N-4912 OR Email: hrapply@cob.edu.bs Nassau, Bahamas
THE TRIBUNE
The Art of Graphix by deidre m bastian
promoting too much content. Being overwhelmed with information will turn people off. While personally you want to be very active as the leader of your small business, you might also want to let the marketing wing of your company handle the job. Yes, you are in charge but it’s good to share the spotlight when possible.
Prove that you are here to stay
Prove that you have staying power. Think about your business and where it’s headed in the future. What are you doing to embrace future trends in the business world? Will people still or identify with your brand in five years? What about in 10, or 20? Your promotional message should be one of longterm potential. Your goal is not only to service customers’ needs now, but also to earn their loyalty for the long haul. Branding is a long, arduous process and getting your name out there is key. As you think about the value your company delivers, ask yourself: What sets your product, service and company apart from your competitors? What value do you provide and how does that value differ from that provided by your competitors? Until we meet again, fill your life with memories, not regrets. Enjoy life and stay on top of your game. • Deidre Marie Bastian is a professionally trained Graphic Designer/Marketing Co-ordinator with qualifications of MSc, BSc, ASc. She has trained at institutions such as Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas. Comments and responses to deedee21bastian@gmail.com
THE TRIBUNE
Thursday, August 4, 2016, PAGE 5
Union has legal backing for Melia negotiations From pg B1 forward. The issue of union recognition was brought to the fore last year amid tension between the union and the all-inclusive property, with the resort announcing last August that it was not obligated to provide administrative facilities for the payment of hotel union
dues in light of appellate and Supreme Court rulings which confined such obligations to a valid industrial agreement. Ms Martin told Tribune Business yesterday: “We have been recognised as the bargaining agent for employees of that resort under the various owners for well over 20 plus years but it was
Revisit Gaming Act to protect banking sector says Chamber chief From pg B1 be asked and in light of the concerns raised by the Governor, whether or not the due diligence carried out by the Gaming Board was sufficiently robust to meet the requirements of local banks. “It would appear that the answer to that is no because they are still not accepting those funds. When you put
that in the context of the overall de-risking initiative, it would be quite easy to identify with the comments made by the Governor because under the de-risking approach they are really promoting a risk-based approach to money laundering etc. High on the scale would be web shops who, up to the time that they were legalised, were basically amassing huge amounts of funds
always voluntary recognition. What we are trying to do is, wherever we have voluntary recognition, we are trying to get a certificate issued so that as the players change we don’t have to answer the question as to whether or not we have been recognised. While the question is asked and can easily be answered because the record would reflect that we have bargained on behalf of those workers, we believed that the best thing to do would be to have the minister issue a certificate
of recognition.” Ms Martin added: “Having the certificate doesn’t change the fact that employers may not want to deal with the union but it gives us a more firm legal position. The law says that for limited trade disputes you must meet and treat with the union on matters that arise. There is protection in the law once a certificate is issued. We are now asking to meet with them to discuss the way forward. If that fails then we are going to take the next step to get
them to meet and treat with the union.” Last July, a Supreme Court judge found that although the union had entered into a new collective bargaining agreement with the Bahamas Hotel Employers Association (BHEA) in 2003, that agreement was never registered under Section 49 of the Industrial Relations Act, meaning it was deemed to be ineffective in law. “We have been petitioning each employer to come to the table and negotiate
a new collective bargaining agreement,” Ms Martin said. “That is a medium term goal for us. As it relates to Melia, we need to be able to go in and bargain on behalf of the workers for things that come up on a daily basis. The employees have even going through a lot because the company has decide to take a certain stand with the union. We thought that the best approach was to go through the legal channels, get a certificate and compel them to come to the table.”
which because it was from an illegal activity at the time would be tainted. The question is what did they do with those funds. The business community has not received a satisfactory answer from government on exactly how they propose to deal with this issue.” The IMF’s recent analysis found that while Bahamian institutions have come under greater scrutiny from
their correspondents, there has been “temporary disruption” in only a few instances. “Financial institutions in the Bahamas have experienced additional scrutiny of their correspondent banking relationships, although only in a few cases has this resulted in temporary disruptions of correspondent banking services,” the IMF said. “Five financial institutions (rep-
resenting about 19 per cent of the assets of the banking system) have recently lost one or more correspondent banking relationships. “The alarm bells should be ringing because what a lot of Bahamians do not understand about this de-risking initiative is that if you have correspondent banks starting to cut off their relationships with local banks that means that any sort
of international transactions that we are looking to participate in diminishes. If that is the case, if you have a situation where your banking is not really working like banking systems in the developed countries and your ability to attract foreign direct investment is diminished. People really need to pay attention to this,” Mr Seymour said.
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PAGE 6, Thursday, August 4, 2016
THE TRIBUNE
Scammers, bug spray companies capitalizing on Zika fears TRENTON, N.J. (AP) — Worried you might catch the Zika virus? Scammers and bug spray companies are counting on it. Marketers know this is the time to pounce: The summer Olympics are about to start in Brazil, where the recent Zika epidemic started, and 14 mosquito-borne cases of Zika were identified recently in the Miami area, the first in the U.S. So companies and entrepreneurs are capitalizing on Zika fears wherever mosquitoes buzz, hawking questionable products like anti-Zika wristbands and promoting all manner of mosquito repellents for people and pets. “From a marketing point
of view, it’s a golden opportunity,” said Jonathan Day, a University of Florida mosquito expert and researcher. In a first for a bugspray, Off! became the official insect repellent supplier for an Olympic Games, and agreed to send 115,000 sprays, spritzers and towelettes to the Rio Olympics. Rival Cutter in June signed on to sponsor the U.S. men’s and women’s national soccer teams. Both companies are likely to benefit from Zika fears far beyond supplying athletes and fans in Brazil. Pharmacies in New York City, for example, have Off! displays warning consumers to “Repel the mosquitoes that may
carry the Zika virus.” The tropical mosquito responsible for the Zika epidemic, called Aedes aegypti, is not found in New York, though state health officials still recommend that people use bug spray. Zika is usually spread when the mosquito picks it up by biting an infected person and bites someone else. It is worrying disease, of course, especially for pregnant women. Its symptoms are often so mild that most people don’t know they have it, but it has been found to cause severe birth defects if women are infected while pregnant. Health officials say people in Zika-affected areas
should take steps to avoid getting or spreading the disease by wearing long pants and long-sleeved shirts and using insect repellent. The Centers for Disease Control and Prevention specifically mentions brands like Off! and Cutter in its recommendations . Zika can also be transmitted by sex, so the CDC recommends using condoms to prevent spreading the virus if one partner is infected, or might be. In a marketer’s hand, that kind of recommendation turns a condom into a Zikafighting device. Australia’s Ansell Ltd. is supplying that country’s Olympic team with “anti-Zika condoms” lubricated with an antiviral gel. But that gel has never been tested outside a laboratory, and experts say any condom will do the job.
a display for cans of Off! insect repellent with a sign which reads, “Repels the mosquitos that may carry the Zika virus” at a home improvement store in Fairless Hills, Pa. (AP Photo)
PM proposes new tax concessions approach for Grand Bahama From pg B1 investment climate and economic prospects in Grand Bahama in a dynamic and positive way for all concerned. We have sought to create a new economic development framework that can jumpstart and sustain growth in Grand Bahama. A framework is to be established for the Government and private sector to partner to deliver a wide range of gains for the residents of Grand Bahama and the Bahamas as a whole,” said Mr Christie. The Prime Minister noted that specific objectives will emerge from the framework including immediate investments in strategically important industries; historic changes in the governance, transparency and regulatory framework that governs Freeport; Government ownership stakes in prime landholding companies which will allow for enhanced public/private development and partner-
ships, and a new framework for performance-based development concessions that will replace the expiring tax concessions of the HCA, among other objectives. “Underpinning these agreements for change and new investments is a new approach to development concessions in Grand Bahama,” he said. “The expiring tax concessions as initially provided under the Hawksbill Creek Agreement, and extended on multiple occasions, were designed in a different era and need to be updated. Tax concessions, when used properly, should be an inducement to encourage private sector investment and/or employment. Accordingly, we will be establishing a new framework that will replace and modernise the current framework for tax concessions in Freeport.” He added: “A new regime with a new framework is contemplated for the Port area with respect to the tax concessions which expired
on May 4, 2016. The same tax concessions will be granted by the Government for a period of 20 years commencing on May 4, 2016, to existing licensees of the GBPA on an individual basis, subject to certain conditions and under a framework that would provide for the maintaining of performance through periodic reviews every five years. The Government would collaborate with GBPA on the design of the framework. The same framework will apply to new licensees once they submit and obtain approval of their development plans.” Mr Christie noted that the government is also taking steps to address an important inhibitor to development in Grand Bahama - the lack of any taxes or carrying costs of undeveloped land. This, he noted, means that property holders can simply sit on undeveloped land without recourse. “To address this situation, and enhance the revenue base in Freeport, we intend to create a new framework where real property tax would be payable on undeveloped land held by non Bahamians owning more than five acres,” said Mr Christie.
THE TRIBUNE
Thursday, August 4, 2016, PAGE 7
Japan picks defense chief who downplays wartime past TOKYO (AP) — A woman who has downplayed Japan’s wartime actions and is known for far-right views was named defense minister in a Cabinet reshuffle Wednesday, a move that could unsettle Tokyo’s relations with Asian neighbors with bitter memories of its World War II-era atrocities. Tomomi Inada, a former reform minister who most recently was policy chief in the ruling Liberal Democratic Party, replaced Gen Nakatani as defense minister. She is the second female to fill the post. Prime Minister Shinzo Abe changed more than half of the 19-member Cabinet in a bid to support his economic and security policies, as well as push for revising Japan’s postwar pacifist constitution. While keeping the economy as the top priority, Abe said he would do his “utmost to achieve a (constitutional) revision during my term,” which ends in September 2018. A lawyer-turned-lawmaker with little experience in defense, Inada is one of Abe’s favorites. She regularly visits Yasukuni Shrine, which honors war dead including convicted war criminals, a gesture seen as an endorsement of Japan’s militaristic past. She also has defended Japan’s wartime atrocities, including forcing many Asian women into sexual servitude in military-run brothels, and has led a party committee to re-evaluate the judgment of war tribunals led by the victorious Allies. Her link to a notorious anti-Korea group was acknowledged by a court this year in a defamation case she lost. Inada also was seen posing with the leader of a neo-Nazi group in a 2011 photo that surfaced in the media in 2014. Inada, 57, is a supporter of Abe’s long-cherished hope to revise Japan’s Constitution. She has said parts of the war-renouncing Article 9 should be scrapped, arguing that they could be interpreted as banning Japan’s military. Inada said she would try to protect peace and safety under the Japan-U.S. alliance, a cornerstone of Japan’s security and diplomacy. At a news conference after her appointment, she refused to say if she planned
Japan’s Prime Minister Shinzo Abe, front center, steps down stairs with his new Cabinet as they pose for an official photo session with his new Cabinet at the prime minister’s official residence .
launch of a North Korean missile that fell into the sea off Japan’s northwestern coast on Wednesday a serious threat. She said the security environment surrounding Japan is worsening “by the day.” Yet, when asked about her suggestion in a 2011 magazine interview that Japan should consider possessing atomic weapons, she said the country at the moment is supposed to keep its military capability at a bare minimum and it’s not the time to study the nuclear option. Finance Minister Taro Aso, Foreign Minister Fumio Kishida and Chief Cabinet Secretary Yoshihide
Suga were among key Cabinet members who retained their portfolios, while 10 ministers were replaced in the reshuffle. Many are not necessarily experts in their assigned portfolio, prompting opposition lawmakers to criticize Abe for dominating the Cabinet with like-minded supporters of his political views. Abe, whose key policies include women’s advancement, will have two other female Cabinet members, including one who will serve as Olympic minister after being shifted from environment minister. Tokyo is to host the 2020 Summer Games.
Vacancy We are currently looking to fill the positions of Office Manager (1) and Retail Manager (1).
Office Manager
Job Description • Maintains office efficiency • Inform employees on new or updated procedures. • Supervise cashiers and oversee completion of tasks • Review office supply requisitions and approve prior to Purchase Order creation. • Prepares and distributes documents and reports on a daily basis. • Break down and input invoices into QuickBooks daily. • Ensures daily reports are reconciled and completed in a timely fashion. • Ensures proper completion of all forms and requests that are to be submitted to Human Resources. • Assemble required supporting documents for new hires and properly file. Employee files are to be constantly updated as necessary.
Retail Manager Japan’s newly-appointed Defense Minister Tomomi Inada answers questions from reporters at the prime minister’s official residence in Tokyo, yesterday. Inada who has downplayed Japan’s wartime actions and is known to have far-right views was named defense minister in a Cabinet reshuffle on Wednesday, a move that could unsettle relations with Asian neighbors with bitter memories of World War II-era atrocities. (AP Photos) to visit Yasukuni to mark the Aug. 15 anniversary of the end of World War II. In Washington, State Department spokesman Mark Toner said the U.S. would sustain its close cooperation with the government of Japan. Asked about the possibility of the new defense minister visiting the shrine, Toner told reporters: “We continue to emphasize the importance of approaching historical legacy issues in a manner that promotes healing and reconciliation. That’s always been our position.” Inada called the test
As a privately-owned, mid-sized Bahamian Company and the authorized Caterpillar dealer in the Bahamas, we are seeking a Financial Rental Coordinator. The candidate should have a Bachelor’s Degree in Accounting. He/She should be knowledgeable in the field of Marine Engineering and Inventory Control. The candidate should be able to develop inventory systems for rental equipment, be able to implement a system for service inventory for rental machines, create a maintenance program for company’s rental fleet, and monitor inventory system levels among technicians. The candidate should also have some knowledge about purchasing parts, inventory, and motors, and be able to coordinate the delivery of these parts, motors and equipment. This person should be a professional who thrives on the challenge of developing outstanding customer relations and service excellence. Having both academic and practical background in the field of Accounting/ Inventory Control is an asset. Send complete resume with education and work experience to M & E Limited, P. O. Box N-3238, Nassau Bahamas, Attention: Human Resources Department, or email me@me-ltd.com . Only persons being interviewed for this position will be contacted.
FINAL NOTICE Pursuant to the provisions of Section 138 (8) of The International Business Companies Act 2000 Notice is hereby given that: TOWN CENTRE INVESTMENT LTD. has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 30th day of June, 2016 Dated the 4th day of August, 2016 PAXTON L. WHITE LIQUIDATOR
Job Description • managing and motivating a team to increase sales and ensure efficiency; • managing stock levels and making key decisions about stock control; • analysing sales figures and forecasting future sales; • using information technology to record sales figures, for data analysis and forward planning; • providing or organising training and development; • ensuring standards for quality and customer service • responding to customer complaints and comments; • organising special promotions, displays and events; • identifying or resolving urgent issues; • maintaining awareness of market trends in the retail industry • initiating changes to improve the business Requirements: Interested persons must have at least 3 years’ experience in the relevant areas, proficient in Microsoft Office, great personality, a team player, excellent oral and written skills. Forward your resume to: talentedcandidates242@gmail.com on or before August 8th, 2016. We would like to thank all candidates for their interest in this opportunity however due to the volume of resumes, only those short-listed for an interview will be called in for an interview.
PAGE 10, Thursday, August 4, 2016
THE TRIBUNE
Fed fines Goldman $36.3M for use of confidential material WASHINGTON (AP) — The Federal Reserve fined Goldman Sachs $36.3 million for what it called the use and disclosure of confidential materials that the U.S. uses in its supervi-
sion of banks. The Fed ordered the big Wall Street bank on Wednesday to put in place a program to ensure that the alleged violation doesn’t
happen again. Regulators now want to ban Joseph Jiampietro, a former managing director at Goldman, from the banking industry and levy fines against him for the in-
cident that took place more than two years ago. Jiampietro’s attorney said the Fed’s allegations are false and his client will fight them in the Fed’s legal proceedings. Regulators say the “confidential supervisory information” obtained by Goldman included reports of bank examinations used by regulators. Goldman employees improperly used and disclosed the confidential information during presentations to clients and prospective clients in an attempt to get their business, they said. Since at least 2012, Goldman employees lacked proper training and the company didn’t have policies or procedures in place to ensure compliance with disclosure rules, accord-
ing to the Fed’s order. The central bank said it will “actively monitor” Goldman’s implementation of a compliance program. It prohibited Goldman from rehiring anyone involved in the alleged violation. Michael DuVally, a spokesman for the New York company, said “We’re pleased to have resolved this matter.” When Goldman discovered that a former employee Rohit Bansal had improperly obtained material from the New York Fed, where he had previously worked, the bank immediately notified the Fed and other regulators, DuVally said. Goldman fired Bansal in 2014 and the Fed permanently banned him from the banking industry last year.
“We previously reviewed and strengthened our policies and procedures after Bansal was terminated,” he said in a company release. “We have no tolerance for the improper handling of confidential supervisory information.” Jiampietro’s lawyer, Adam Ford, said the Fed’s allegations are “demonstrably false, and rely solely on the testimony of a single and inherently incredible witness,” whom he didn’t name. “As Mr. Jiampietro has said from the start, he never requested confidential supervisory information from anyone, and never used it for his or anyone’s benefit,” Ford said in a statement. “The Fed has the law wrong and the facts wrong.”
THE TRIBUNE
Thursday, August 4, 2016, PAGE 11
Administration warns Congress: Zika money running out WASHINGTON (AP) — The Obama administration warned Congress Wednesday that money to fight the Zika virus is on the verge of running out amid political stalemate on Capitol Hill. In a letter to key lawmakers, the secretary of Health and Human Services said the National Institutes of Health would exhaust its resources for vaccine development by month’s end. The letter from HHS Secretary Sylvia Burwell said that without additional money the second phase of clinical trials would be delayed, and Americans would have to wait longer for a vaccine. The news comes as the first local transmissions of the virus have been found in Miami and authorities are warning pregnant women to stay away from the area. The virus can cause severe birth defects. Congress gridlocked over President Barack Obama’s $1.9 billion emergency spending request after House Republicans added language on Planned Parenthood and other issues that was unacceptable to Democrats. Then lawmakers left town for a sevenweek summer recess and they won’t be back until September. Republicans have been downplaying the urgency of the issue, questioning why the administration has not spent more than $350 million already on hand, including money redirected from the Ebola fight. Burwell’s letter gives a detailed accounting. The Centers for Disease Control has $222 million available for domestic response including front-line
assistance to states and localities. Of that, nearly $100 million will have been provided by week’s end, and resources will be virtually exhausted by the end of the fiscal year on Sept. 30, the letter says. The NIH started Phase I clinical trials Wednesday of a DNA-based vaccine, but without more funding, the second phase on that vaccine and others will be delayed. Additional research and development also may be constrained as NIH’s $47 million in repurposed funding runs out by the end of this month. “A delay in this stage of development will delay when a safe and effective Zika vaccine is available
ing by the day.” She called on Speaker Paul Ryan to reconvene the House to act on a bipartisan Zika bill that had passed the Senate. This week, authorities have been spraying insecticides in Miami’s Wynwood arts district, where more than a dozen people have become infected with the first mosquito-transmitted cases in the mainland U.S. The country has been girding for months against the epidemic coursing through Latin America and the Caribbean. On Monday, the CDC instructed pregnant women to avoid the neighborhood, marking what is believed to be the first time in the agency’s 70-year his-
“A delay in this stage of development will delay when a safe and effective Zika vaccine is available to the American public” to the American public,” Burwell wrote. “These examples demonstrate the urgent need for the administration’s request for $1.9 billion in emergency supplemental funding.” Democrats blamed Republicans, and Republicans blamed Democrats and the administration. Although Congress typically finds a way to get beyond its partisanship and act when circumstances absolutely require, it’s not clear what will happen in this case at the height of a frenzied election season, and with the virus still not widespread in this country. Rep. Nita Lowey of New York, top Democrat on the House Appropriations Committee, said: “The urgency of enacting emergency Zika funding is grow-
tory that it warned people not to travel somewhere in the U.S. The Zika virus can cause severe brain-related defects, including disastrously small heads. Campaigning for re-election Wednesday in Doral, Fla., GOP Sen. Marco Rubio called for action and called it “inexcusable” that the administration is sitting on unspent funds. “Now, I don’t like to ascribe motives, but in this case, I have to start wondering whether they are holding back on spending that federal money because they like making this a political issue that they can attack Republicans on,” Rubio said. Health officials warn the mosquitoes are proving harder to eradicate than expected.
U.S. Senator Marco Rubio, R-Fla., speaks during a news conference about the Zika virus, yesterday in Doral, Fla. The CDC has advised pregnant women to avoid travel to the Miami neighborhood of Wynwood where mosquitoes are apparently transmitting Zika directly to humans. (AP Photo)
GN-1783
GOVERNMENT NOTICE
PAGE 12, Thursday, August 4, 2016
THE TRIBUNE
Fed official says one rate increase might be needed this year WASHINGTON (AP) — A Federal Reserve official who has been a leading supporter of a slow approach to raising interest rates said Wednesday that one rate increase “could be appropriate” this year. Charles Evans, president of the Fed’s Chicago regional bank, didn’t specify whether he thought that rate increase should come at the Fed’s next policy meeting in September or as late as December. He also said he might still prefer no rate increase at all this year until he sees inflation rising above its current low level. The Fed has sometimes expressed concern that it might start raising rates too late and fall behind in efforts to fight inflation. But Evans, speaking to a group of reporters, said he isn’t
sure that concern is relevant today given how low inflation has remained. A key price gauge favored by the Fed has stayed below the central bank’s 2 percent target level for four years. This year, Evans is not among a group of 10 Fed officials who have votes on the central bank’s policy committee. But he does take part in the discussions. He has been a leading proponent of a go-slow approach in raising rates, arguing that the Fed needs not only to maximize employment but also to monitor inflation, which has remained unusually low. Inflation, excluding volatile food and energy prices, has risen just 1.6 percent over the past 12 months through June. That is just a mild acceleration from
the 1.4 percent increase for the 12 months that ended in June 2015. The Fed has been saying it plans to “carefully monitor actual and expected progress” in meeting its 2 percent inflation goal. Evans said the experience of Japan, which has been caught in a deflationary cycle for more than a decade, underscored how important it was for the Fed to make sure inflation was rising to a more acceptable level. Central banks seek to avoid too-low inflation because of the dangers it poses to the economy including the threat of deflation, or falling prices. The United States has not experienced a period of falling prices since the Great Depression of the 1930s.
the Washington news conference of Federal Reserve Chair Janet Yellen is reflected in a specialist’s screen on the floor of the New York Stock Exchange. Anyone trying to peg the likelihood of a Federal Reserve interest rate hike in 2016 has seen a topsy-turvy shift of expert opinion so far in the year. A bleak May jobs report and a panic that followed Britain’s vote to quit the European Union had dimmed earlier expectations for a rate hike. But as the central bank meets the week of July 25, a resurgent U.S. economy and job market have led many to predict a Fed move by December if not sooner. (AP Photo) have diminished.” That wording raised the prospect that the Fed might raise rates in September. But then a government report showing that the
economy grew at a lackluster 1.2 percent annual rate in the April-June quarter led many analysts to suggest that no rate hike is likely before December.
UK desperately short of trade experts to lead Brexit talks
Experts also worry that what legal experts are brought in won’t be able to grasp the complicated politics and horse-trading that will be necessary. These challenges are one reason Britain has been slow to invoke Article 50 of the EU treaty, which will give it two years to negotiate a new relationship and leave the bloc. The deadline can be extended only with the agreement of both parties.
LONDON (AP) — Britain is woefully short of one thing it desperately needs in its high-stakes divorce from the European Union: experienced trade negotiators. Ever since Britain joined the bloc in 1973, the EU has handled its trade talks, so expertise in this area has migrated to Brussels. That means the government has only a few dozen skilled negotiators — against the 1,200 it will need, by one estimate — as it embarks on the complex talks that will determine the U.K.’s relationship with its most important trading partners. Add to this the fact that Britain has no clear plan yet for what it wants to achieve and that EU rules give it only a fraction of the time normally required to complete a major trade deal, and chances are the U.K.
will gain less and pay more for leaving the bloc than campaigners promised, according to experts on negotiations and trade. Nick Butler, a visiting professor of public policy at King’s College London, underscores the challenges by stressing that in reality Britain must work out deals with other 27 member states, each with its own goals, not just the EU as a single entity. “It is multi-dimensional chess,” says Butler, an adviser to former Prime Minister Gordon Brown. “This will take longer, it will be less simple, and the outcome will be more clouded and politically less satisfying” than those who voted to leave the EU expected. That’s a very different picture from the one painted by new Foreign Secre-
tary Boris Johnson and other leaders of the “leave” campaign, who told voters Britain could ditch the EU and negotiate their way into a new, better relationship. For example, one of the “leave” campaign’s most potent arguments was that exiting the EU would allow Britain to regain control of its borders and stem the flow of European migrants. But EU officials haven’t budged from their position that the free movement of people is a precondition for access to the single market. The most immediate problem is finding the people to get the job done. Jim Rollo, deputy director for the U.K. Trade Policy Observatory at the University of Sussex, estimates that Britain has 30 to 50 civil servants with some expertise in trade negotia-
The Fed raised its key policy rate in December but has since left it alone. At a Fed meeting last week, officials said “near-term risks to the economic outlook
tions. By the end of the process, as many as 1,200 will be needed over the next decade, he said. The country has only just set up a government agency devoted to the British exit — nicknamed Department X — to lead the way on socalled Brexit talks. David Davis, who is in charge of the talks, recently said they have 10 applicants for every job, though it remains unclear what level of expertise they represent. Though some have speculated that Britain could bring in negotiators from friendly countries like New Zealand, department officials say it is too early to speculate on who might be hired. Tapping the private sector is problematic. Because there was no need for trade experts, few British-head-
MARKET REPORT TUESDAY, 2 AUGUST 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,972.71 | CHG 1.58 | %CHG 0.08 | YTD 148.76 | YTD% 8.16 BISX LISTED & TRADED SECURITIES 52WK HI 4.01 17.43 9.09 3.50 4.70 0.18 8.34 8.40 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 8.05 6.90 12.25 11.00
52WK LOW 2.25 17.43 9.09 3.14 4.70 0.12 6.09 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
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
LAST CLOSE 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.84 10.59 14.49 2.68 1.41 5.80 8.76 10.93 7.90 6.40 11.93 10.00
CLOSE 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.83 10.59 14.49 2.72 1.41 5.80 8.76 10.93 8.01 6.40 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.11 0.00 0.00 0.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330
115.59 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.41 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
2,879
30,000
7
VOLUME
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 13.2 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.6 27.4 28.9 8.5 11.4 14.3 11.4 12.3 9.1 15.8 0.0
YIELD 2.24% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.10% 3.43% 3.40% 4.21% 2.21% 2.84% 4.14% 3.14% 0.00% 3.50% 1.88% 5.36% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045
MUTUAL FUNDS 52WK HI 1.99 3.89 1.91 167.58 138.35 1.44 1.67 1.55 1.06 6.67 8.16 5.81 10.66 10.12
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.53 1.47 1.03 6.11 6.93 5.55 10.37 8.65
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund
NAV 1.99 3.89 1.91 167.58 136.68 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65
YTD% 12 MTH% 2.09% 4.15% 3.06% 6.67% 1.39% 3.06% 3.41% 5.18% 2.95% -0.58% 1.89% 3.91% 2.32% 8.70% 1.68% 5.28% 2.77% 1.26% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%
NAV Date 30-Jun-2016 30-Jun-2016 24-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
quartered law firms have any because there had been no need to invest in the expertise. Those that exist are highly prized, with many commanding six figure salaries. But many corporate firms are going to be reluctant to part with that expertise, because their clients will now need advice on how to deal with the evolving situation.
NOTICE
NOTICE is hereby given that DELISA CYNTHIA McPHEE of Bamboo Crest, Golden Gates #1, P.O.Box SB-52266, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that KHESHORIE PERSAUD RAMLOCHAN of #21 Emerald Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that CHOONADAI RAMLOCHAN of #21 Emerald Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, Sakinah Duncombe of New Providence intends to change my son’s name from JAMES LAMOUNT MCKENZIE to JAMAR JEROEN SAUNDERS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742,Nassau Bahamas no later than Thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that EUNICE IDA MAY MCINTOSH SMITH of Martin Town, Eight Mile Rock, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that odilia joseph of Key West Street, P.O.Box N10610, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of august, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Thursday, August 4, 2016, PAGE 13
US stocks tick higher as energy prices jump NEW YORK (AP) — U.S. stocks edged higher Wednesday as energy companies climbed with the price of oil. Banks also rose, and investors sold traditionally safe stocks. A survey showed that hiring by private companies continued at a solid but uninspiring clip in July. Stocks opened lower but gradually recovered to finish at their highest levels of the day. The price of oil jumped after the U.S. government said gasoline stockpiles shrank last week. A survey showed private U.S. business payrolls grew by 179,000 in July as retailers and shipping firms hired more workers. That suggests hiring is still healthy, but that wasn’t enough to excite investors. “So much of this (economic) recovery could be correctly categorized as slow but steady,” said Mike Baele, senior portfolio manager with U.S. Bank’s private client reserve. “It’s all better than last year, for the most part, but it’s also all below expectations.” The Dow Jones industrial average broke a seven-day losing streak and added 41.23 points, or 0.2 percent, to 18,355. The Standard & Poor’s 500 index gained 6.76 points, or 0.3 percent, to 2,163.79. The Nasdaq composite rose 22 points, or 0.4 percent, to 5,159.74. The employment survey by payroll processor ADP suggests employers continue to hire new workers and at a faster pace than they were this spring, when hiring slowed sharply. Still, growth has been sluggish this year. The Labor Department will release a report Friday that includes hiring by government as well as private companies. Experts think it will show a gain of about 175,000 jobs. The price of crude oil jumped after the U.S. government said stockpiles of gasoline shrank by more than 3 million barrels last week. S&P Global Platts
said that was far more than expected, and that total oil production also decreased slightly. That helped oil bounce back from the slump that’s taken it from $50 a barrel in early June down to around $40. Benchmark U.S. crude added $1.32, or 3.3 percent, to $40.83 a barrel in New York. Brent crude, which is used to price international oils, rose $1.30, or 3.1 percent, to $43.10 a barrel in London. That translated into big gains for energy companies. Williams Cos. rose $1.71, or 7.1 percent, to $25.67 and Devon Energy gained $1.88, or 5.2 percent, to $38. Financial stocks also traded higher. Insurance company American International Group jumped following a strong second-quarter report. AIG stock rose $3.96, or 7.3 percent, to $58.10. Intercontinental Exchange, the owner of the New York Stock Exchange and other stock markets, said it will split its stock 5-for-1 and buy back $1 billion in shares. Its stock rose $14.09, or 5.3 percent, to $278.02. Earnings reports continued to stream in. Luxury clothing, handbag and accessories company Kate Spade skidded $3.67, or 18.2 percent, to $16.47 after it disclosed weak results and lowered its estimates for the year. Kate Spade said travelers aren’t spending as much money at stores that depend on shopping by tourists. Footwear maker Crocs plunged after its secondquarter sales fell $25 million short of analyst estimates. Crocs projected a bigger shortfall in the current quarter, and the company said it expects overall revenue to shrink this year. Its stock gave up $2.56, or 23.3 percent, to $8.44. Fitness tracker maker Fitbit rebounded after its quarterly results came in stronger than expected. The stock rose $1.77, or 13.4 percent, to $14.93. The stock is still
a Wall Street sign hangs near the New York Stock Exchange, in New York. Stocks are opening slightly lower, yesterday, on Wall Street following sideways moves in Europe and Asia. (AP Photo) down 50 percent this year, and a year ago it was trading around $50 per share. Etsy climbed $1.13, or 8.9 percent, to $13.84. The online crafts marketplace said sales were better than expected and raised its sales and other projections for the year. Zagg, a mobile device accessory company that bought smartphone charger company Mophie earlier this year, reported an unexpected profit and sales that were stronger than estimates. Among other factors, it said the “Pokemon Go” craze boosted its sales as players needed to recharge their phones more often. The stock rose 67 cents, or 10.5 percent, to $7.03. The price of gold fell $8.30 to $1,356.10 an ounce. Silver fell 23 cents, or 1.1 percent, to $20.47 an ounce. Copper
lost 1 cent to $2.20 a pound. In other energy trading, wholesale gasoline rose 4 cents to $1.35 a gallon. Heating oil added 3 cents to $1.29 a gallon. Natural gas gained 11 cents to $2.84 per 1,000 cubic feet. France’s CAC 40 dipped 0.2 percent, as did the FTSE 100 in Britain. Germany’s DAX picked up 0.3 percent. Japan’s benchmark Nikkei 225 slipped 1.9 percent and South Korea’s Kospi lost 1.2 percent. Hong Kong’s Hang Seng dipped 1.8 percent. Japanese stocks have been slipping because the country’s recently-announced stimulus package, worth around $272 billion, fell short of expectations. Much of the money is already in the pipeline. Meanwhile a strong yen is also deepening pessimism over prospects for Japan’s recovery.
Employment Opportunity MAINTENANCE WORKERS A leading Fast Food franchise is looking for mature, clean-cut individuals to join its Maintenance (Janitorial) Team. Job Summary To be responsible for the general cleanliness and upkeep of the entire Store and its surroundings, so as to facilitate the smooth, efficient operation of the Store. Requirements • Must be a high school graduate. • Must have excellent inter-personal skills. • Must have excellent oral and written communication skills. • Professionalism required. • Must be able to work flexible hours including early mornings, late nights, weekends and holidays. • A basic knowledge of kitchen equipment and electrical and air conditioning repair skills would be a plus. • Must have a clean police record. McDonald’s offers excellent benefits! Please submit Resume to: Human Resources Department McDonald’s Head Office 111 Market Street North P. O. Box SS-5925 Telephone: 325-4444 Nassau, N.P., The Bahamas
As a privately-owned, mid-sized, Bahamian Company and the Authorized Caterpillar Dealer in The Bahamas, we are seeking candidates for the positions of: Shop Technician, Field Service Technician and Electric Power Generation Technician. The individual shall meet the following requirements: knowledge and experience with Diesel engines and components, experience in maintenance and troubleshooting of Diesel generator sets, strong sense of urgency to address and resolve technical issues, good organization skills, capability to understand abstract concepts, basic computer literacy (Microsoft Office and Web browsers), and good communication skills. Applicants with a vocational degree in Auto Mechanics and/or proven experience with heavy equipment and diesel generator sets are preferred. Send complete resume with education and work experience to M&E Limited P.O. Box N-3238. Nassau, Bahamas. Attention: Human Resources Department, or email to me@me-ltd.com Only persons interviewed for this position will be contacted.