08102016 business by tribune242

WEDNESDAY, AUGUST 10, 2016

business@tribunemedia.net

Tax certificate demand forcing “cash only” deals with Govt By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemdia.net A BAHAMIAN auto dealer said yesterday that the Government’s “unreasonable” monthly Tax Compliance Certificate (TCC) demand was putting a serious strain on local businesses and creating a “big paperwork backlog”, arguing that the Government’s failure to keep its own fiscal house in order was pushing some businesses into “cash only” arrangements. Ben Albury, the Bahamas Bus & Truck general manager, said yesterday that it was contradictory for the Government to severely scrutinise businesses when it has been challenged to meet its own fiscal obligations. According to Mr Albury, at least one of his competitors has placed the government on a “cash only” arrangement and

TCC rules “unreasonable” says auto dealer Believes government trying to avoid payments Albury fears that local businesses will fold under present circumstances, he believes more businesses inevitably will do the same. “The government financial household is in such a mess but then they are scrutinising businesses which have been loyal and faithful in paying their bills and carrying a great load towards keeping the govern-

Ben Albury ment operating,” Mr Albury said. “When I need to collect my money it’s a mess. As a businessman, I have to keep my business functioning. I can go months and months behind in collecting money from government but they tell you you need to have all of your business in order, that’s the frus-

trating part. “Even if they have tax refunds for me, I can’t get them because I can’t get my tax refund certificate in a reasonable time to process it. I think they are going to put a lot of people out of business or some people - including one of my competitors - has put them on completely cash. They can’t go in and get a part unless they have cash. You can’t trust them to take a product with just a purchase order.” Mr Albury said that while he has faced challenges like other businesses in terms of getting Value Added Tax refunds in a reasonable time, the need for a TCC each month has also proved problematic. “Now we have the problem with the Tax Compliance Certificate that has to be issued on a monthly basis,” he said. “There’s a challenge in getting See pg b4

BPL’s request for turnoverbased licence fee agreed By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

Minister of Education, Science and Technology, Jerome Fitzgerald pictured as he announces analysis for the 2016 National Exams. Photo/Shawn Hanna

Taking students to court over loans is “last resort” says minister By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net EDUCATION Minister Jerome Fitzgerald said yesterday that he was “pleased” with the level of participation in the student loan repayment arrangements, noting that legal action “is a last resort and not the first”. Earlier this year Mr Fitzgerald said that the Education Loan Authority (ELA) is owed $155m in loan payments - principal and interest included. That represents approximately 4,300 outstanding loans, accounting for a delinquency rate of approximately 75 per cent amongst borrowers. He noted at the time that approximately 4,733 loans had been issued. Mr Fitzgerald told The Tribune yesterday: “With regard to the Education Loan Authority, we are very pleased with the level of participation we are seeing. We are seeing students, past students and parents who have committed to pay and are coming in. We are negotiating those loans and making it more affordable to many of those past students. We continue to work with them. “We want to be in a situation to hopefully be able to restart the programme because it has shown that it is beneficial. The government has increased the level of scholarships. It has more than doubled but still there is a shortfall for some students so we need to have another avenue available for them.” Mr Fitzgerald said that the ELA, which has full

75 per cent of education loans are delinquent Fitzgerald says ELA making inroads into $155m debts

THE Utilities Regulation and Competition Authority (URCA) acceded to Bahamas Power and Light’s (BPL) request that its annual fees to the regulator be based on turnover - with the exclusion of fuel charge - while dismissing the electricity provider’s request for the licence fee to take the place of the annual business licence fee. URCA noted in its Statement of Results and Final Determination on Public Electricity Supplier Licence that a fee change was beyond its “regulatory power or statutory remit”. “URCA does not have the regulatory power or statutory remit to accede to the replacement of the Business Licence fee with the URCA licence fee,” the regulator said. “URCA considers that the two are dissimilar in nature and purpose to the extent that the URCA licence fee is specific for the functioning of URCA in accordance with the Electricity Act, 2015, and set out (and explained) in URCA’s Fee Schedule, as published annually.

URCA rejected business licence switch Regulator bound by power and remit “The Business Licence fee is a tax imposed by the Government of the Bahamas on all businesses carrying on business in the Bahamas for public good and interest. URCA accepts BPL’s proposal that annual fees should be based on turnover, with the exclusion of fuel charge, and will amend the Licence accordingly,” said the regulator. URCA announced on Monday that it had awarded the first Public Electricity Supplier Licence to BPL, authorising the company to engage in the generation, transmission, distribution and supply of electricity in the Bahamas. On January 28, 2016, the Electricity Act along with a compendium of related legislation came into effect, thereby establishing the Authority as the regulator for the electricity See pg b4

K Peter Turnquest

Govt involvement a “disincentive” to Freeport investors Turnquest cites BEC and NIB as bad examples of involvement By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net OPPOSITION Finance spokesman K Peter Turnquest yesterday asserted that Government’s involvement with the Grand Bahama Port Authority (GBPA) would result in neither quick decisions nor efficient business, suggesting that one need “only look as far as BEC and NIB” to see the results of political considerations. While Prime Minister Perry Christie has defended the government’s “minority equity stake” in the principal landholding companies in the city of Freeport based on a Memorandum of Understanding (MOU) with the GBPA, Mr Turnquest yesterday asserted that government involvement would likely not improve business. “We’re talking about government getting involved in a private entity,” Mr Turnquest said. “That is never a good thing from the private entity’s point of view because it injects a whole different dynamic into the operation of what is otherwise a business. You only need to look as far as NIB or BEC to see what happens when you have government involved in the decision making process. BEC wants a rate increase but the government says no because there are other considerations - political considerations. When you start to inject government into the running of a private entity you are going to have complications. That is not going to result in quick decisions or an efficient business. “On the other hand, if the government is a participant in the decisions of the Port Authority then what is the recourse for citizens after that if they are aggrieved? As it is now if the Port Authority acts outside of its mandate See pg b4

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PAGE 2, Wednesday, August 10, 2016

THE TRIBUNE

AML Foods commits $100k to eliminating hunger in the Bahamas AML Foods Ltd, the parent company of Solomon’s, Solomon’s Fresh Market, Cost Right Wholesale Club, Domino’s and Carl’s Jr, has announced that over the next three years it has committed to donating a total of $100,000 to the Bahamas Feeding Network (BFN) in an effort to eliminate hunger in the country. “That equates to feeding hundreds of people in our country who can’t afford to feed themselves on a daily basis, much less over longer periods of time,” said BFN Executive Director Philip Smith. “The fact that we now have guaranteed contributions coming in from

AML for the next few years means we, in turn, can keep our commitment to the people who rely on us for sustenance.” According to figures released by the Department of Statistics in 2014, nearly 13 per cent of the Bahamian population lives in poverty with almost 72 per cent of that community living in New Providence. This means there are more than 43,000 citizens throughout the country - friends, neighbours and fellow churchgoers - who struggle to survive on about $11.64 a day. “Hunger is a real problem in our society,” said Renea Bastian, AML’s Vice Presi-

dent of Marketing & Communications. “By supporting BFN we are ensuring that more Bahamians have access to the foods they want and need. We envision a day when no individual has to wonder where his or her next meal will come from.” In the two and half years since BFN has been distributing food and funding to feeding centres in the Bahamas, the programme has donated more than $350,000 to its 110 partners with the aid of public and private contributions. So far for 2016, AML donations stand at $14,000. In another few weeks, the company

will host another event that will provide an additional $10,000 to BFN. “We are passionate about helping people live better,” Ms Bastian said. “We consider it our responsibility to make a positive impact in the communities that support our brands through giving.” The Bahamas National Feeding Network is a non-profit organisation launched in December, 2013, that acts as a hub for distributing food to feeding centres throughout the Bahamas. For more information or to make a donation, visit www.bahamasfeedingnetwork.org

Pastor Paul Mullings of Mt Calvary Baptist Church, Freeport, and member of the Bahamas Feeding Network accept a donation from James Williams’ Store Manager at Solomon’s Lucaya. AML Foods Ltd has committed to donating $100,000 over the next three years to the BFN in New Providence and Grand Bahama.

RBC supports young film makers at three-week workshop RBC Royal Bank has announced that it is the cosponsor of the 2016 Youth Film Workshop (YFW), a programme designed to introduce local students to the world of filmmaking. Leslie Vanderpool, Founder of YFW and Executive Director of the Bahamas International Film Festival (BIFF), explained that this year’s workshop will feature a three-week series of pre-production and postfilm making tutorials. Each session aims to further the knowledge and skill of amateur and novice filmmakers. Every tutorial and discussion will be led by an industry professional, on topics such as the history of filmmaking, selecting movie themes, film script writing, casting and character selection, the elements of cinematography and film editing and presentation, giving attendees working insight and expertise. Additionally, students will produce their own film throughout the duration of the programme and the short films will be shown during the 2016 BIFF,

which will run from December 5 to 8 in Harbour Island and December 8 to 11 in Nassau. “We are proud to support BIFF’s mission in raising awareness of the film industry, which is very important to our local economy,” said Deborah Zonicle, Market Manager, Products, Marketing & Channels, RBC Royal Bank. “It also gives young Bahamians access to expert knowledge on film making and cinematography from industry professionals from around the world.” Ms Vanderpool said: “The Bahamas International Film Festival believes in the importance of creating unique opportunities within our community, to promote education, which will translate in a better future for the Bahamas. Through its youth programmes and annual events, BIFF has not only expanded the film industry in our country, but it has also introduced the islands of the Bahamas as a highly desirable location for cinema production and as a cultural destination.”

Mrs Zonicle said that RBC believes “that our youth are indeed the future of the Bahamas. What a wonderful opportunity to expose our students to new careers and opportunities in the film industry. We congratulate the Bahamas International Film Festival for creating a unique platform for youth to express themselves through film creation and look forward to their perspectives and new films.”

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THE TRIBUNE

Wednesday, August 10, 2016, PAGE 3

Grand Bahamians finally have “a seat at the table” By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net MINISTER for Grand Bahama Dr Michael Darville said that the passing of the Grand Bahama Investment Incentives Bill will allow in excess of a half a billion dollars to be injected into the Grand Bahama economy. “This is the kind of economic investment capital that is necessary to prime our local economy, stimulate economic growth and increase employment and business opportunities for Bahamians,” he said during his contribution in the House of Assembly. Dr Darville described the Bill as “monumental” and one that will bring about a much needed paradigm shift for the future development of the island of Grand Bahama. “In years to come, (it) will be one of the many positive legacies of this Perry Christie led administration,” he said. The Grand Bahama Investment Bill, 2016, was seconded by Dr Darville, who fully supports it as the existing business model of Grand Bahama is outdated and no longer working effectively for the people of Grand Bahama. The Bill will allow for the

Minister hails “monumental” Investment Incentives Bill Stimulates growth, employment and business Describes “rough, harsh and intense” negotiations Government to have equity and a seat at the table along with The Grand Bahama Port Authority (GBPA) to facilitate more investments and stimulate economic growth and development of Freeport and Grand Bahama. The minister said the new business model is currently being designed. Under the new model the GBPA and government will have mutually agreed upon, specific responsibilities, he said. He explained that under the existing Hawksbill Creek Agreement, the responsibility for granting of business licenses will still remain with the GBPA, but the government will have the responsibility for grant-

Dr Michael Darville ing concessions to potential investors. Dr Darville said although it was argued by others that if the government allowed the expiring concessions to fall away, it would reap hundreds of millions in tax revenue dollars, they believed it would have proved counterproductive in the long run. “Our research clearly indicates that there is evidence to support the notion that additional taxes in Freeport … could potentially result in the collapse of the economy of Grand Bahama Island,” he said. “I would dare say that these negotiations (with the GBPA) have been some of the roughest, harshest and most intense negotiations any government of this

country has ever entered into.” With the passage of the Bill, Hutchison Whampoa, in partnership with Mediterranean Shipping Company, will carry on with its $280m expansion of the Freeport Container Port. It will also “pave the way” for a $250m cruise port for East Grand Bahama.

Passage

Dr Darville said the Grand Bahama Investment Incentives Bill does not apply to Bahamians who are not licensees of the GBPA. He noted that the successful

passage of the Bill will be accompanied by regulations by the Minister for Investments. The bill applies to Bahamians licensees who own less than five acres of undeveloped land in the Port Area, and non-Bahamian licensees who own five or more acres of developed land in the Port Area. He said the concessions will no longer be automatic for existing or new businesses on Grand Bahama. “Each business, will be assessed on a case by case basis and will have to apply in writing for an extension of the concessions and such concessions, will only be granted by the Board once certain conditions and criteria are met,” he said. The minister said once existing investments on developed land satisfy the board of a sure plan they will receive swift approval, whereas new businesses on undeveloped land will be classified as small, medium and large and depending on the nature of the business some of the steps outlined in section 5 under the application concessions may be waived by the board. Dr Darville said businesses will be granted con-

fidentiality; licensees will be required to report on their developments on an annual basis or as stipulated on approval; and developments which violate the Act shall be subject to penalties. “No longer will investors be able to buy commercial land on speculation. No longer will big companies receiving concessions lay off workers without just cause yet still enjoy the benefits of operating tax free,” said the minister. Dr Darville said that developments creating damage to the environment will no longer be incentivised. “No longer will developers be able to invest without proper monitoring schedules,” he said. He stressed that it is important that government ensure work is being carried out as promised and in keeping with best business practices. Despite criticisms, Dr Darville said the government fought hard … for the best possible deal for Grand Bahamians. “I am satisfied as Minister for Grand Bahama that we did our best and finally the people have equity and a seat at the table,” he said.

IBM Bahamas Limited

BAHAMAS COUNTRY LEADER JOB SUMMARY Responsible for managing the sales efforts of all professionals engaged in the selling of IBM products financing and services within a unit. Responsible for customer satisfaction, overall territory management and control of business objectives. May manage other managers. Provides leadership and guidance to staff to ensure that business objectives and customer requirements are met. Discharges the basic management responsibilities and assumes additional responsibilities as assigned. KEY COMPETENCIES • Professional knowledge of function, and business unit or division operations. Understands organizational resources, priorities, needs and policies. • Frequently interfaces with functional management and executives. Develops rapport and establishes communication with top level and/ or potential customer executives; negotiates issues/ solutions to positively meet customer requirements. • Anticipates potential problems and future trends. Analyzes complex/ new situations, assess opportunities, impacts and risks. Develops and implements solutions. • Accountable for the unit’s quota, expense and revenue objectives. Achieves and maintains a high level of customer satisfaction. Ensures identification of IBM’s business opportunities; develops effective marketing strategies. Maintains awareness of competitive activity, understands prospect/customer selection criteria and leads customers to sound decisions. Drives results through the leadership of multi functional teams. Direct budget control for a large function. Activities are subject to business measurements and impact customer satisfaction, as well as function, business unit costs and expenses REQUIREMENTS • A minimum of 10 years’ experience in Sales Management • Strong leadership, organizational and decision-making skills. • Excellent written and oral communications skills • Ability to lead multi-functional teams and conducts special projects • Sales and Management experience in global or multinational organizations • MINIMUM EDUCATION LEVEL • Bachelor’s Degree in Marketing or Management Studies or the equivalent. REMUNERATRION A competitive compensation package Qualified persons are invited to submit their applications before August 31, 2016 to ibm@tt.ibm.com We thank all interested applicants, however, only suitable persons short-listed for interviews will be contacted.

PAGE 4, Wednesday, August 10, 2016

THE TRIBUNE

Local bank offers COB students scholarships through award programme FOR THE fifth consecutive year, Commonwealth Bank is offering students at the College of The Bahamas (COB) hope, encouragement and support in the form of scholarships as part of the Bank’s Emerging Leaders Award Programme. Established in 2012, the $500,000 endowment fund managed by COB provides $50,000 worth of financial aid annually to promising full-time undergraduates who meet and maintain specific qualifications. To be eligible, students must be in good academic standing and demonstrate financial need. Over the course of this 10-year commitment, the gift will fund 40 student awards, valued at up to $12,000 each. To date, Commonwealth Bank contributions have totalled $250,000. “Supporting education in the Bahamas has always

been, and will always be, our bank’s top priority,” said President Ian A Jennings. “We strongly believe that our country’s future, both economically and culturally, depends on helping our brightest minds succeed.” Mr Jennings added that this does not only apply to students at the college level, but to all levels of education, including technical training. Over the years, Commonwealth Bank has consistently donated equipment to both primary and secondary schools throughout New Providence as well as the Family Islands. As a fully Bahamian owned institution, Commonwealth Bank is committed to social responsibility. Last year alone, the financial institution reinvested more than $500,000 in the community including contributing to fighting hunger, assisting law enforcement,

aiding hurricane relief efforts, donating toward the expansion of the Cancer Caring Centre in Nassau and providing thousands of students with back to school supplies as well as donating to tech equipment for classrooms. “Not only do we measure our bank’s strong performance in financial goals, but also in fulfillment of our pledge to assist our community,” Mr Jennings said. “As one of the top performing banks in the country, it’s our obligation to give back where we can.” With more than $1.5 billion in assets, Commonwealth Bank operates branches in New Providence, Grand Bahama and Abaco, and employs more than 550 staff. The all-Bahamian owned and operated bank is publicly traded and has consistently paid quarterly dividends since going public in 2000.

From left, Davinia Blair, VP Advancement, COB; Ian Jennings, President, Commonwealth Bank; Dr Rodney Smith, President, COB; Anthea Cox, VP HR & Training, Commonwealth Bank; and Peter Mitchell, Acting Director, Development & Alumni Relations, COB, at the cheque presentation for the Commonwealth Bank Emerging Leaders Award Programme.

involvement US worker productivity falls Govt a “disincentive” to in 2Q, causing annual decline Freeport investors WASHINGTON (AP) — American workers’ productivity slipped in the AprilJune quarter, feeding into a 12 month decline in how much people are producing for each hour worked. Productivity fell at an annual rate of 0.5 percent in the second quarter after a 0.6 percent drop during the first three months of the year, the Labor Department said Tuesday. Over the past 12 months, productivity has dropped 0.4 percent,

as labor costs and the hours worked are rising faster than the output of workers’ goods and services. Unit labor costs rose 2 percent in the second quarter, after decreasing 0.2 percent in the first quarter. Productivity has been weak for the past five years, a thorny problem since productivity growth is the key factor supporting rising living standards and higher incomes. The decline corresponds with a U.S.

NOTICE STRONGSTOCK LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) STRONGSTOCK LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 08th August, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Manex Ltd., Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 10th day of August, A. D. 2016

_________________________________ Manex Ltd. Liquidator

economy in which overall economic growth has been sluggish while hiring has been relatively robust. “As for the underlying trend of productivity, it is likely to remain in a soft trend in coming months as output rises at a modest pace and hours worked continue to move ahead,” said Joshua Shapiro, chief U.S. economist at the forecasting firm MFR. The economy expanded at an annual pace of 1 percent during the first six

months of the year. The growth rate is roughly half the already tepid average of the seven-year recovery from the Great Recession. Yet hiring has been remarkably solid with employers adding 255,000 jobs in July and 292,000 jobs in June, as the unemployment rate has held at a healthy 4.9 percent, the Labor Department said last week. The rise in labor costs indicates that worker pay is finally climbing after a prolonged phase of anemic wage gains.

BPL’s request for turnover-based licence fee agreed From pg B1 sector in the Bahamas. As regulator, URCA is authorised to grant a licence with terms and conditions consistent with the National Energy and Electricity Sec-

tor policies, as it considers appropriate. As part of its licence, BPL must “provide an adequate, safe and efficient service based on industry standards”, and “at ap-

Tax certificate demand forcing “cash only” deals with Govt From pg B1 one. You apply for one at the beginning of the month but you don’t get it until

the end of the month and so then you have to reapply every month for a new form, which I personally

From pg B1 or does something harmful to a licensee, the licensee can appeal to the government for an intervention. If they become part of the deal then the only recourse open would be the courts, which can be expensive. I don’t know what we are trying to achieve with the government being a part of the equity side. They say that at the end of the day they want there to be development in the Port area but the process they have taken in my

view has provided disincentive for people to invest.” Under the MOU with the GBPA, the government will acquire a “minority equity stake” and “participation in governance at the board level” in the principal landholding companies in Freeport, such as the Grand Bahama Development Company Limited (GB DevCo) and Freeport Commercial & Industrial, via the vehicle of a new company.

proved rates so as to meet the electricity demand and to contribute to national economic development”. BPL must also, “to the extent that it is technically feasible and economically reasonable, employ modern and leading edge technological solutions to secure optimal efficiencies in its operations”. As its licence states: “The Licensee shall take all reasonable steps to prevent

and resolve unplanned interruptions to the provision of its Licensed Business. Subject to technical and economic constraints, the Licensee shall take all reasonably practicable steps in accordance with prudent utility practice to maintain, to the greatest extent possible, the proper and effective functioning of its Generating Facility and Licensed Business provided by it at all times.”

believe is a way for government to avoid paying. “They come and get these products from you in good faith and when it is time to pay you have to have a Tax Compliance Certificate every month which they themselves are unable to provide in a reasonable amount of time. When you look at it, it is impossible

for them to satisfy the demand based on the amount of people that need such a form. “I think its ridiculous and it is creating a big paperwork backlog. It’s not realistic to have a new one produced in a month. You can have one produced every six months, which still may not be necessary.”

NOTICE

PACIFIC STAR INVESTMENTS LIMITED

VERSO LIMITED

EXXONMOBIL COLOMBIA (CPE III) LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) PACIFIC STAR INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) VERSO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 08th August, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 10th day of August, A. D. 2016

_________________________________ Bukit Merah Limited Liquidator

N O T I C E Crystal Teck Limited ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 25th day of July, 2016. Delano Aranha Liquidator of Crystal Teck Limited

_________________________________ Bukit Merah Limited Liquidator

THE COMPANIES ACT, CH. 308 NOTICE OF VOLUNTARY WINDING UP VOTORANTIM BANK LIMITED (In voluntary liquidation) Registration No. 41031C TAKE NOTICE that the above-named Company was put into liquidation on the 9th day of August, 2016, by a resolution passed at the meeting of the Company, and the Secretary’s Certificate was filed at the Companies Registry on the same date. AND FURTHER TAKE NOTICE that MÁRIO ROGÉRIO KUCHEMBUCK PAVAN, with address at the Centre of Commerce Building, Suite 401, # 1 Bay Street, Nassau, Bahamas has been appointed voluntary liquidator of the Company”.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 12th day of July, A.D., 2016. Dated the 11th day of August, A.D., 2016. T.J Frink Liquidator of EXXONMOBIL COLOMBIA (CPE III) LIMITED

Vacancies We are currently accepting applications for the following positions: 1. Prep cooks 2. cooks 3. stewards 4. cashiers Applicants must have at least 2 years restaurant or hospitality experience with clean police record. Interested candidates may send CV to afeisha@portstarboardltd.com on or before august, 10th 2016.

THE TRIBUNE

Wednesday, August 10, 2016, PAGE 5

US stocks eke out Call 502-2394 to advertise small gains; Nasdaq sets record close Fidelity Bank (Bahamas) Limited

(Incorporated under the laws of the Commonwealth of The Bahamas)

associated Press U.S. stocks recovered from a late-afternoon slide to eke out small gains Tuesday, nudging the Nasdaq composite to its second record close in less than a week. The three major stock indexes, all of which set new highs last Friday, rebounded from a slight decline on Monday. Investors focused on the latest batch of company earnings, bidding up health care, telecommunications and consumer-focused companies most. Energy was the biggest laggard, as crude oil prices closed lower, backtracking after an early rally. Traders also sold off shares in big department store chains after The Gap reported lower sales figures. With nearly 90 percent of S&P 500 companies having already reported, earnings this quarter have been OK, while revenue growth has not been as bad as expected, said Bob Doll, chief equity strategist at Nuveen Asset Management. “We’re slowly turning the corner and exiting (the) earnings recession,” Doll said. “The worst quarter, year-over-year, was the first quarter. While the second quarter wasn’t great, it was less bad. The third and fourth quarters will continue

that.” The Dow Jones industrial average added 3.76 points, or 0.02 percent, to 18,533.05. The Standard & Poor’s 500 index rose 0.85 points, or 0.04 percent, to 2,181.74. The Nasdaq composite index gained 12.34 points, or 0.2 percent, to 5,225.48. That’s up less 0.1 percent from its most recent high last Friday. For the year, the Dow is now up 6.4 percent, while the S&P is up 6.7 percent and the Nasdaq is up 4.4 percent. The stock market has bounced back in recent weeks, buoyed by strong job growth in the U.S., improved company earnings and persistently low inflation and interest rates. “That all equals support for the market, but then the reality is where do we go from here?” said Mike Baele, senior portfolio manager with U.S. Bank’s Private Client Reserve. On Tuesday, U.S. stocks got a boost early on from a rally in European markets and in Asia, where most of the indexes closed higher. Data out of China showing that consumer price growth declined in July for the third month in a row helped fuel expectations among investors that Beijing will pump out more stimulus in a bid to soften the slowdown in

the world’s second-largest economy. In the U.S., stock indexes edged higher until about mid-afternoon, when crude oil prices reversed course after an early surge. The indexes wavered between small gains and losses the rest of the day before they turned higher in the final minutes of trading. Traders bid up shares in several companies that posted strong quarterly results. Endo International vaulted 21.8 percent a day after the medical device maker reported that it returned to profit in the second quarter. The Dublin-based company’s shares gained $3.97 to $22.16. Valeant Pharmaceuticals surged 25.4 percent after the Canadian drugmaker reaffirmed its earnings outlook for the year, despite reporting a wider second-quarter loss. The company also said it is undergoing a restructuring. The stock added $5.71 to $28.16. Chemicals company Chemours and solar energy seller Vivint Solar also rose after posting better-thanexpected earnings. Chemours added 99 cents, or 10.6 percent, to $10.30. Vivint gained 30 cents, or 9.4 percent, to $3.49. Retailers didn’t fare as well.

Consolidated Balance Sheet (Unaudited) As of 30 June 2016 (Amounts expressed in Bahamian dollars)

30 June 2016 $

31 December 2015 $

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets Investment in joint venture Property, plant and equipment

74,278,328 75,348,149 370,341,313 3,233,225 10,099,240 11,869,184

71,192,677 62,041,584 360,513,733 1,588,576 14,554,506 11,797,378

TOTAL ASSETS

545,169,439

521,688,454

LIABILITIES Deposits from customer Accrued expenses and other liabilities Debt securities

417,255,384 433,449 48,775,444

397,113,443 1,016,171 48,796,144

TOTAL LIABILITIES

466,464,277

446,925,758

EQUITY Capital Revaluation reserve Reserve for credit losses Retained earnings

35,409,068 858,596 3,647,593 38,789,905

35,241,119 875,780 3,647,593 34,998,204

TOTAL EQUITY

78,705,162

74,762,696

545,169,439

521,688,454

TOTAL LIABILITIES AND EQUITY

Fidelity Bank (Bahamas) Limited Consolidated Statement of Comprehensive Income (Unaudited) For the Six Months Ended 30 June 2016 (Expressed in Bahamian dollars) 6 Months Ended 30 June 30 June 2016 2015 $ $ INCOME Interest income Interest expense

27,897,567 7,165,575

24,819,019 6,549,510

Net interest income

20,731,992

18,269,509

Non-interest income

1,635,995

2,088,236

22,367,987

20,357,745

4,764,227 4,489,886 3,492,916 789,445

4,605,929 4,058,056 3,490,171 613,326

13,536,474

12,767,482

Operating profit

8,831,513

7,590,263

Share of profit of joint ventures

1,239,900

1,151,587

10,071,413

8,741,850

525,000

433,699

9,546,413

8,308,151

10,071,413

8,741,850

28,760,474

28,718,349

$0.33

$0.29

Total income EXPENSES Salaries and employee benefits General and administrative Provision for loan losses Depreciation and amortisation Total expenses

a Wall Street street sign is framed by an American flag hanging on the facade of the New York Stock Exchange. Global stock markets rose yesterday, as slack Chinese consumer price figures stoked expectations of more stimulus policies. Oil prices rose further after reports of a new OPEC meeting. (AP Photo)

OTHER COMPREHENSIVE INCOME Total comprehensive income/(loss) Net income attributable to preference shareholders Net income attributable to ordinary shareholders

PICTET BANK & TRUST LIMITED Invites qualified applicants for the following position:-

CLIENT RELATIONSHIP MANAGER (INDEPENDENT ASSET MANAGERS - LATAM) TASKS:-Establishing and servicing IAM relationships in North/South America. -Conducting operational relationship management functions including stock market orders, account opening functions and monitoring accounts. -Day to day monitoring and controlling of clients and accounts.

Weighted average number of ordinary shares outstanding Earnings/(loss) per share

Fidelity Bank (Bahamas) Limited Consolidated Statement of Changes in Equity (Unaudited) For the Six Months Ended 30 June 2016 (Amounts expressed in Bahamian dollars) Capital $ As of 1 January 2015

Revaluation Surplus $

Reserve for Credit Losses $

Retained Earnings $

Total $

31,653,119

910,149

3,353,581

23,448,671

59,365,520

20,700,354

34,369

(294,012)

Comprehensive income Net income Other comprehensive income

REQUIRED SKILLS:-Ability to work independently. -Strong organisational skills. -Commitment to excellent customer service. -Must be a team player. -Excellent oral and written communication skills. -Excellent problem solving skills. -Ability to work under pressure and to meet strict deadlines. EDUCATION AND EXPERIENCE:-Bachelor’s Degree in Finance or related subject. -At least seven (7) years’ experience in similar function. -Excellent knowledge of investment instruments. -Proven understanding of Securities Administration. -Proven understanding of Independent Asset Managers’ activities. -Ability to speak/write French and Spanish would be an asset. -Proficiency in a variety of software applications including Microsoft Word, Excel and PowerPoint and Avaloq.

ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED. Please deliver Resume BY HAND and two (2) references NO LATER THAN FRIDAY, AUGUST 19, 2016 to: The Human Resources Manager Bayside Executive Park Building No. 1 Nassau, Bahamas

Depreciation transfer

Appropriation for credit losses

Total comprehensive income

(34,369 ) (34,369 )

294,012 294,012

20,440,711

20,700,354

Transactions with owners Issuance of ordinary shares

99,000

86,400

185,400

3,489,000

Cost of preference shares

Dividends – preference shares

(963,014)

(963,014 )

Dividends – ordinary shares

(7,938,334)

(7,938,334 )

3,588,000

(8,891,178)

(5,303,178 )

As of 31 December 2015

35,241,119

875,780

3,647,593

34,998,204

74,762,696

As of 1 January 2016

35,241,119

875,780

3,647,593

34,998,204

74,762,696

10,071,413

17,184

10,088,597

10,071,413

Issuance of preference shares

Total transactions with owners

Comprehensive income Net income

(76,230)

(76,230 )

Other comprehensive income Depreciation transfer

Appropriation for credit losses

Total comprehensive income

(17,184 ) (17,184 )

Transactions with owners Issuance of ordinary shares

167,949

Issuance of preference shares

Cost of preference shares

Dividends – preference shares

(523,562)

(523,562 ) (5,773,334 )

Dividends – ordinary shares Total transactions with owners As of 30 June 2016

(5,773,334)

167,949

(6,296,896)

(6,128,947 )

35,409,068

858,596

3,647,593

38,789,905

78,705,162

THE TRIBUNE

Wednesday, August 10, 2016, PAGE 7

Putin, Erdogan agree on steps to mend relations ST. PETERSBURG, Russia (AP) — Turkey’s president cozied up to his “dear friend” Vladimir Putin on Tuesday in a visit intended to send a message to his allies in the West, whom he blames for what he considers a lack of support after a failed coup. President Recep Tayyip Erdogan has pressed the United States to extradite the man he claims was behind the failed insurrection, and has sought more funds and visa-free travel from the European Union, but it’s unclear what leverage improved ties with Russia could give him. Putin, in turn, expects Turkey to become more accommodating of Russia’s interests in Syria and move faster on major energy projects — demands Ankara could find difficult to meet. After their talks in St. Petersburg’s ornate Konstantin Palace, both leaders emphasized their shared desire to rebuild ties, but it remained unclear if they could reach common ground on the Syrian crisis. While Moscow has backed

Russian President Vladimir Putin, right, and Turkish President Recep Tayyip Erdogan shake hands at a news conference after their talks in the Konstantin palace outside St.Petersburg, Russia, yesterday. President Erdogan travels to Russia to meet with President Putin for the first time since apologizing in late June for the downing of a Russian fighter jet along the Syrian border in November last year. (AP Photo)

Syrian President Bashar Assad throughout the nation’s civil war and further bolstered that support by launching an air campaign last September, Turkey has pushed for Assad’s removal and helped his foes. Putin said he and Erdogan would have a separate discussion on Syria later Tuesday involving top diplomats and intelligence officials. Repeatedly calling Putin his “dear friend,” Erdogan refrained from mentioning any sticking points after the talks, saying he expects ties to fully blossom again soon. He said Turkey is ready to implement a natural gas pipeline project proposed by Moscow and a deal for Russia to build Turkey’s first nuclear power plant. Both projects were announced years earlier, but had been held back by commercial disputes even before Turkey’s downing of a Russian jet at the Syrian border last November. The shoot-down, which Putin called a “treacherous stab in the back,” brought relations to a freezing point where they remained for

seven months until Erdogan apologized to Russia in June. Putin responded by ordering his government to start rebuilding ties with Turkey, and when Erdogan faced the botched coup attempt on July 15 the Russian leader quickly offered his support. Erdogan emphasized that pledge of support, saying “it was very important for us psychologically. It offered us moral support and showed Russia’s solidarity with Turkey.” While Putin also spoke of rebuilding ties, he sounded more cautious, warning that it will take time to fully restore them. Moscow has accused the Turkish government of turning a blind eye to the flow of weapons and supplies to the Islamic State group and other extremists in Syria. While the Kremlin has tempered its rhetoric amid the rapprochement, Putin will most certainly push Erdogan to cut support for the rebels engaged in a fierce battle with Assad’s forces in Aleppo. Moscow could use economic levers to force Tur-

In Uganda, solar power plant amid African bush inspires hope SOROTI, Uganda (AP) — In this electricity-starved rural part of Uganda, men ride bicycles several kilometers (miles) to the nearest market town simply to charge their phones. That should change with the construction nearby of one of the largest solar plants in sub-Saharan Africa, where two-thirds of the population is without electricity and countries increasingly explore alternative sources of power. Frustrated by the slow pace of rural electrification

in this East African country of 36 million people, many Ugandans have been investing in their own solar panels to light their homes at night and keep small businesses running. But even the cheapest solar units can cost at least $100, a challenge when Uganda's per capita income is $703, according to U.N. figures. Villagers near Soroti are watching with enthusiasm the construction of a solar photovoltaic plant in their neighborhood. In the blistering heat, workmen install tables into dry earth. Shiny so-

NOTICE

NOTICE is hereby given that SHALINDA LUBIN of Zion Blvd., 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 10th 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 we, GREGORY FOSTER and LATARA LYNETTE KNOWLES of #224 Windsor on the Mall, P.O.Box F43725, Freeport, Grand Bahamas, Bahamas intend to change our child’s name from GREGORY KEVIN T’NAJH KNOWLES to GREGORY KEVIN T’NAJH FOSTER. 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.

lar panels will be fixed atop them across a 33-acre field. When the plant is launched later this year it will have the capacity to generate 10 megawatts of power, which will be added to Uganda's national grid. The solar plant is expected to supply electricity to 40,000 homes and businesses in the area, a big deal in a country that is still heavily dependent on hydroelectric power for its energy needs, said Philip Karumuna, an engineer managing the project. Hydroelectric plants depend on the flow of water, making them vulnerable to dry spells or droughts. “We have a lot of sunshine, but then we are not utilizing it,” said Ambrose Kamukama, a maintenance engineer at the plant. “By all means, the government should do more of this.”

The candidate/s should have proven experience in the Caterpillar Industry - Servicing and Troubleshooting Diesel Engines and Generator Sets. Applicants with some background education in electrical work are preferred or at least 5 years in a similar field/area. A Bachelor’s Degree in Electrical and/ or Mechanical Engineering is required for the noted position. Actively seeks out solutions to technical problems.

In Soroti, the sun shines almost daily, a key factor in choosing to locate the plant here. Surrounded by grasslands in which cattle graze and monkeys play, the town is located nearly 300 kilometers (186 miles) from

the capital, Kampala. The town's small hotels and businesses need a constant supply of power to thrive, but they rarely get it. When power fails, resident Stephen Okot just sits

back and waits, often for hours, making it impossible to meet deadlines or win new customers for his business making metal doors and windows. He hopes the new solar plant will end the power blackouts. Soroti Hotel manager David Mugoda said the power cuts force him to run a gasguzzling generator that eats into his profits, for instance when milk in the freezer goes bad. “Power doesn't go often, but when it goes you can curse your life,” he said. “When you really need (power), that is when it goes off.” The Soroti solar plant is financed under a scheme called GET FiT, a renewable energy facility funded by the European Union and supported by the governments of Germany, Norway and the UK, according to Access Power, a Dubai-based firm that is jointly operating the plant with Eren RE of France.

MARKET REPORT TUESDAY, 9 AUGUST 2016

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

BISX ALL SHARE INDEX: CLOSE 1,973.62 | CHG 0.36 | %CHG 0.02 | YTD 149.67 | YTD% 8.21 BISX LISTED & TRADED SECURITIES 52WK HI 4.05 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

As a privately-owned, mid-sized Bahamian Company and the authorized Caterpillar dealer in the Bahamas, we are seeking a Service Supervisor.

a Ugandan casual worker levels the ground at a solar plant in Soroti about 300 kilometers east of Uganda capital Kampala. In this electricity-starved rural part of Uganda, men ride bicycles several kilometers (miles) to the nearest market town simply to charge their phones. That should change with the construction nearby of one of the largest solar plants in sub-Saharan Africa, where two-thirds of the population is without electricity and countries increasingly explore alternative sources of power. (AP Photo)

key to compromise on Syria. Turkey badly needs the flow of Russian tourists to resume, and Turkish farmers, construction companies and other businesses badly need to regain access to the Russian market, which has been shut to them after the plane’s downing. Putin said Tuesday that charter flights to Turkey could resume “in the near future,” but added that “painstaking work is ahead to revive trade and economic cooperation.” “This process has been launched, but it will take some time,” the Russian leader said. While ties with Russia can’t substitute Turkey’s economic and security cooperation with the U.S. and the EU and its membership in NATO, Erdogan clearly hopes to use the Russia card to strengthen his hand in disputes with his Western partners. Turkey has pressed the United States hard to extradite Fethullah Gulen, a Turkish cleric the government blames for the failed coup. Gulen has repeatedly denied any involvement.

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 4.05 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.83 10.59 14.49 2.74 1.41 5.80 8.76 10.96 8.01 6.40 11.93 10.00

CLOSE 4.05 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.83 10.59 14.49 2.71 1.50 5.80 8.76 10.96 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 0.00 0.00 0.00 -0.03 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

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

115.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.29 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.20 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

1,500

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 13.3 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.6 27.4 28.8 9.0 11.4 14.3 11.4 12.3 9.1 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.10% 3.43% 3.40% 4.21% 2.21% 2.67% 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

0.0 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

Send complete resume with education and work experience to M & E Limited, P. O. Box N-3238, Nassau Bahamas, and Attention: Human Resources Department, or email me@me-ltd.com. Only persons being interviewed for this position will be contacted.

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

PAGE 8, Wednesday, August 10, 2016

THE TRIBUNE

Beyond ‘Obamacare’: State initiatives refocus health debate WASHINGTON (AP) — Moving beyond “Obamacare,” political activists are looking to state ballot questions to refocus the nation's long-running debate over government's role in health care. This fall, California voters will decide whether to lower some prescription drug prices, while Coloradans will vote on a state version of a “single-payer” government-run health system, similar to what Vermont Sen. Bernie Sanders proposed in his unsuccessful bid for the Democratic presidential nomination. Sanders supports both the California and Colorado initiatives, said spokesman Michael Briggs. “We are in the process of building a new organization to keep a lot of the energy going,” he said. “Backing those kinds of ballot initiatives is one of the major things that we are focusing on.” Pharmaceutical companies and insurers are spending millions of dollars to defeat the two ballot questions. The measures are among the more far-reaching health care questions to be decided by voters around the country on Election

Day. With ballots still being finalized in some states, other questions may include raising tobacco taxes, expanding use of marijuana for medical treatment and allowing terminally ill patients to have physician assistance in dying. A proposal in Ohio to limit drug costs didn't make it on the ballot this year, but proponents are pushing for a vote in 2017. California's Proposition 61 would bar drug companies from charging state programs more than the discounted price paid by the U.S. Department of Veterans Affairs. There would be exemptions, however. For example, it would not apply to medications purchased through private insurers who contract with the state to cover beneficiaries in the Medi-Cal program for lowincome people. Opponents of the California initiative have reported $69.6 million in contributions, mainly from pharmaceutical companies. That's more than seven times the $9.4 million that supporters have raised. Those amounts guarantee national visibility for the battle. In Colorado, a measure known as Amendment

Sen. Bernie Sanders, I-Vt., speaks during the first day of the Democratic National Convention in Philadelphia. Moving beyond “Obamacare,” political activists are looking to ballot questions in a couple of major states as a new election-year front in the nation’s long-running debate over the role of government in health care. California voters will decide whether to limit what drug companies can charge many state programs, while Coloradans will vote on a state version of a “single-payer” government-run health system, similar to what Sanders proposed in his hardfought but unsuccessful bid for the Democratic presidential nomination. (AP Photo) 69 would create ColoradoCare, a government-financed system that would cover most state residents, largely replacing private insurance. Seniors would continue to rely primarily on Medicare. Opponents have raised

$3.6 million, more than five times the $678,000 reported by supporters. The nation's second-largest insurer, Anthem, donated $1 million to the opposition. As envisioned, Colorado's new public health care system would be paid for

with tax increases and with federal and state money that now goes to programs such as Medicaid, and for subsidized insurance under President Barack Obama's health care law. Federal approval would be needed under a provision of the Obama law that takes effect next year, allowing states to redesign their health care systems. The tax increase features a new 10 percent levy on wages and other income. Employers would pay twothirds of the new payroll tax, with workers responsible for the rest. The taxes would raise $25 billion in 2019, the earliest the program could start. A recent nonpartisan study projected that as currently structured, ColoradoCare would post a small deficit starting in its first year and the shortfall would keep growing. With the presidential campaign consumed by questions about the candidates' character and temperament, the traditional debate over issues has been downplayed. Republican Donald Trump has pledged to repeal Obama's health care law, while Democrat Hillary Clinton would build on it. The California and

Colorado initiatives steer the conversation away from the highly scripted backand-forth on “Obamacare.” The two proposals are strikingly different, said John McDonough, a former U.S. Senate Democratic aide who worked on the federal health overhaul. The Colorado plan seeks a total transformation of the health care system, while the California initiative reflects concerns about the rising cost of many medications. Which ballot question has a better chance? “Of the two, I probably think the prescription drug piece, because people have so much anger and antipathy toward the pharmaceutical industry,” said McDonough, now a professor at the Harvard T.H. Chan School of Public Health. Supporters of the California drug costs proposal say it would save state taxpayers money; opponents say such savings are not a sure thing and the whole scheme could prove to be unworkable. Supporters of ColoradoCare say it would guarantee coverage for all and reduce administrative costs; opponents fear it would lead to more tax increases.

Legal group issues private emails Clinton did not turn over WASHINGTON (AP) — The State Department has turned over 44 previously-unreleased Hillary Clinton email exchanges that the Democratic presidential nominee failed to include among the 30,000 private messages she turned over to the government last year. They show her interacting with lobbyists, political and Clinton Foundation donors and business interests as secretary of state. The conservative legal

group Judicial Watch obtained the emails as part of its lawsuit against the State Department. They cover Clinton’s first three months as secretary of state in early 2009, a period for which Clinton did not turn over any emails to the State Department last year. The government found the newly disclosed messages during a search of agency computer files from longtime Clinton aide Huma Abedin. In one instance, Clinton

exchanged messages with a senior Morgan Stanley investment executive whom she met with later that year at her office in Washington. They were among 246 pages of Abedin messages turned over to Judicial Watch. Clinton campaign officials did not immediately answer questions about the issue. The emails are separate from a larger batch of several thousand work-related

emails that FBI officials recovered from Clinton’s private server. Clinton’s legal team turned over more than 30,000 emails from her server to the State Department last March but only after deleting another 30,000 messages that Clinton’s team deemed private and personal. The FBI plans to turn over the reconstructed Clinton emails to the State Department for public release. The new Clinton emails

include a February 2009 message to her from Stephen Roach, then-chairman of Morgan Stanley Asia, saying he planned to testify to Congress that week and was “happy to help in any way I can.” Roach later met with Clinton over the summer for 30 minutes, according to Clinton calendars obtained by The Associated Press. In another email, Clinton’s chief of staff, Cheryl Mills, informed her that

National Security Agency and State Department officials discussed an attempt to develop a modified blackberry for Clinton that might be used when she worked in a restricted State Department office that did not allow private phones. Clinton called the development “good news,” but she continued using a private Blackberry tied to her private server.