FRIDAY, AUGUST 12, 2016
business@tribunemedia.net
Govt urged to ‘expedite’ Central Revenue Agency By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net The Bahamas Chamber of Commerce and Employers Confederation - the chief private sector representative - has urged the Government to ‘expedite’ the establishment of a Central Revenue Agency (CRA) amid growing backlash from businesses over the mandatory Tax Compliance Certificate (TCC). The BCCEC has also recommended that the Government make TCCs valid for a period of six months as opposed to the 30-day period which currently stands, given the amount of time it takes to obtain the document. A TCC is necessary when doing business with the government and is issued to businesses
“Single window” facility would make tax certificate process more efficient Recommends gov’t make tax certificates valid for six months and persons who are compliant with their tax obligations to the government. The certificate is required for individuals who; wish to do business with the government or a public body, seek to collect monies for services rendered to the government or a public body; seek to register ownership or change ownership of a taxable good. The BCCEC noted that a sig-
nificant number of businesses have been expressed over the TCC. Several Bahamian businesses speaking with Tribune Business have argued that it is “unconscionable” for NIB and other government agencies to demand a TCC be produced before paying for goods and services already received. They also expressed concern that it will exacerbate the stranglehold bureaucracy and red tape are imposing on Bahamian businesses, and fear an ever-increasing compliance burden that will “cripple” cash flow. The BCCE noted that businesses have expressed concerns over the length of time it takes to obtain a TCC, stating that based on feedback from businesses, the average time to obtain a TCC is in excess of four business days. “This represents a significant period of time, par-
ticularly when it impacts cash flows through delays in settlement of transactions with The Bahamas Government. The fact that specific checks are required to be carried out by various entities and departments, including but not limited to the National Insurance Board and the Department of Customs, which are not interfaced currently, is a large contributor to length of time to obtain a TCC,” said the BCCEC. It added: “We recommend that the establishment of the Central Revenue Agency be expedited, and trust that its systems and processes would enable a “single window” facility enabling all necessary checks to be performed by one department, which can make the process for obtaining a TCC far more efficient.” See pg b4
URCA orders BTC Govt finalising “Patients interconnection Bill of Rights” for NHI changes to facilitate Health ombudsman NewCo mobile entry expected to be BY NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemeda.net
The Utilities Regulation & Competition Authority (URCA) yesterday issued its final determination on the amendments to the Bahamas Telecommunications Company’s (BTC) Reference Access and Interconnection Offer (RAIO), setting out terms and conditions to facilitate interconnection services to other licensed mobile operators, namely NewCo. “URCA considers it necessary and appropriate to require BTC to make certain changes to its RAIO in order to ensure that the pro-competitive conditions that are needed for competitive mobile entry are in place,” the regulator said yesterday. The regulator noted that prior to the licensing of NewCo - the second mobile operator the services provided over the interconnection links between networks in The Bahamas were limited to those services required for competition in landline telephone services to work, and the links between those networks were designed to accommodate traffic to and from landline networks. “URCA has reviewed the current status quo in light of the liberalisation and introduction of competition into the cellular mobile market in The Bahamas. “Based on the current relative size of the mobile market in The Bahamas, approximately 315,000 subscribers as opposed to the landline market, approximately 125,000 subscribers and the nature of cellular mobile services, the interconnection services provided by BTC to other operators will need to be changed to ensure that mobile-to-mobile services are covered,” the regulator stated. These services include for example charges related to mobile to mobile calls, SMS messages. “URCA has determined certain key changes that will need to be made to BTC’s RAIO to ensure that the access and/or interconnection services provided by BTC meet the needs of the electronic communications market. URCA is now requiring BTC to agree in its interconnection agreement to deliver calls from NewCo subscribers/customers to its subscribers/customers, and establish the rate which will be paid by NewCo to BTC per minute of such calls. That rate, referred to as a mobile termination rate, will be 2.48 cents per minute, which means that for
all calls made from a NewCo customer’s telephone to a BTC mobile customer’s telephone, NewCo will pay BTC 2.48 cents per minute. “URCA expects that a charging regime will also be implemented for calls from BTC to NewCo,” the regulator said. URCA is also requiring BTC to agree to and to provide a direct interconnection link to its mobile network, for NewCo. “Currently all licensees providing phone services are required to interconnect with BTC’s landline network, which is separate from BTC’s mobile network. This means that for each call from a customer of another licensed operator to a telephone on BTC’s mobile network, the other licensed operator must pay a per minute transit charge to BTC to cover the use of BTC’s fixed network to deliver that call. For example, when a CBL/SRG landline customer calls a BTC mobile customer, CBL pays a per minute transit charge to BTC. This charge would be in addition to any applicable termination charge. Direct interconnection to the BTC mobile network would avoid the need to pay this charge. Because of the higher volume of calls expected as a result of mobile liberalisation, it is considered appropriate to require See pg b3
$3.94 $3.95 $3.98
$3.98
While the National Health Insurance Authority (NHIA) will be responsible for protecting the rights of patients under National Health Insurance (NHI) it is expected that overtime a fully independent body will be established as a health ombudsman according to the NHI policy paper, with the Government said to be in the process of finalising a “Patients Bill of Rights”. As noted in the recently released policy paper, entitled ‘Building a Healthier Bahamas’, “During the initial rollout of NHI Bahamas, the NHI Authority will be responsible for protecting the rights of patients under National Health Insurance. Over time, a fully independent body will be established as a health ombudsman”. The Patients Bill of Rights as noted in the policy paper, “will present a standard of care that must be followed by everyone involved with the provision and delivery of health care to any patient”. It will give patients a right to seek legal redress if the standards of care are See pg b4
established over time
Prime Minister Perry Christie arriving ahead of parliamentary business at the House of Assembly this week. Debate was continuing yesterday on the newly tabled NHI now BahamaCare. Photo/Peter Ramsey
“No qualifying distinction” between BahamaCare and private insurers BahamaCare to be publicly owned/privately managed Will offer health insurance only By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net There will be ‘no qualifying distinction’ between BahamaCare and private insurers under National Health Insurance (NHI) according to the recently released NHI policy document. The policy paper entitled, ‘Building a Healthier Bahamas’, notes that under NHI, the choice of insurers ‘is envisioned to be provided by competing private insurers and the introduction of a public insurer,” which is proposed to be called ‘BahamaCare’. The insurer will be publicly owned but privately managed by a privately operated regulated health administrator which was one of the recommendations by the government’s NHI consultants KPMG. BahamaCare will only offer health insurance. “It would operate as a publicly owned, privately operated regulated health administrator and not offer any other type of insurance. Like private insurers in The Bahamas, BahamaCare will be subject to the regulatory regime of the Insurance Commission of The Bahamas (ICB) and there will be no qualifying distinction between BahamaCare and private insurers under NHI Bahamas, save to the extent that BahamaCare will be restricted in its product offering,” the policy document states. It further notes that: “Approved private insurers under NHI Bahamas will offer the legally-required services. In addition, these insurers may compete for new customers in an expanded marketplace by offering supplemental insurance. Strategic purchasing, population health management and consumer responsiveness are also important drivers of competition among insurers.” The Bahamas Insurance Association’s (BIA) had suggested that the Government abandon plans to establish a public NHI insurer because there was no need for it. The BIA, and its member life and health insurers, argued that creating the public insurer, to be known as BahamaCare, would be a great expense and waste of taxpayer monies by the Government, given that its role would be duplicated by the private sector.
PAGE 2, Friday, August 12, 2016
THE TRIBUNE
Corruption in business Presidential and political elections in the United States and around the world have raised awareness of high levels of corruption that exists when individuals with power take advantage of systems where there are loopholes or insufficient checks and balances. Just as in politics, business leaders are often challenged in exhibiting integrity when no one is watching. From bribery, theft, abuse of employees and a slew of other serious, sometimes incriminating offenses, leaders seems too often caught with their corporate ‘pants down’. The World Bank estimates that $1 trillion dollars gets paid every year in bribes, worldwide. There’s possibly corruption exist-
ing in every government in the world and in most businesses around the world, but what varies is how extreme, how visible, and how tolerated it is. What we do agree on is that corruption at its core is a destructive force for industry, both in government and the private sector. A very small handful seem to benefit while others are taken advantage of and abused seemingly without recourse. Today we focus on the mindset of the individual abusing power and influence in the workplace and what we must all do to combat corruption stamping it out at the root. Some years ago, a duo of German psychologists studying organisational corruption globally, indicated that
countries encouraging tipping as a means of expressing gratitude for services rendered or bargaining on goods and services for sale, had a higher tendency to slip into dishonesty. When people believe they can get more, get it faster or simply get it done because of some means other than the established protocols or set price, human nature will opt for expediency- even to the detriment of others. What does this look like in our context? Here we go: · The senior leader at the passport office takes the extra $200 to process travel documents at a faster rate. · The politician manipulates the bidding process and awards contracts through extreme and blatant nepotism-naturally
getting padded on the side · The police officer stares the violator in the face and says $100 can make this all go away · The road traffic officer passes the inspection for the unworthy vehicle because lunch was offered and received We could easily do this all day, because there are literally thousands of scenarios in our system where people in positions of authority are allowed to run-a-mock with privileges extended to them. Greed possesses them, low ethical standards are their hallmark and a lack of respect for decency and order seems to have taken deep root in the hearts of these individuals. Perhaps the questions that supersedes why they
do it, is how do we stop it. There is a simple answer to this very important concern in business and government. It comes in three parts: 1. Establish the standard-the order-the script by which leaders and all they lead must follow when engaging the public 2. Identify those who continuously fail to meet the standards and make an example of them and 3. Applaud and lift up those leaders and individuals who walk upright and have demonstrated great integrity in the midst of a corrupt system and world. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having com-
Ian ferguson pleted graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
Bowe to become new Local businesswoman wins RBC EZ Pay Rio grand prize CFO for Fidelity Bank FIDELITY Bank has appointed a new chief financial officer. CEO Anwer J Sunderji announced yesterday that Thomas F Hackett, the current CFO, will be retiring at the end of this year. He will remain associated with FBB and will serve on its board and continue to provide advice.
PUBLIC NOTICE Would the owner of a white 30ft homemade fiberglass hull boat located in Drigg’s Hill South Andros, on Lot #1 of Flowers Estate please contact Percitta Knowles at 369-1466/4710981./369-4569 in reference to removing said item. Storage fee @ $150.00 will be charged everyday for duration of Notice and thereafter. If no contact is made, the owner of the property reserves the right to dispose of the boat. Whether it be by removal of the boat from the property or sale of the boat for all cost incurred.
Mr Sunderji said “Tom has been a very effective CFO and has been instrumental in the Bank’s stellar results since 2010. He will be sorely missed. However, we are very fortunate in securing, as his replacement, subject to regulatory approvals, Gowon Bowe, a partner at PwC and the current chairman of the Bahamas Chamber of Commerce. Gowon will assume the role on September 1, and we are delighted to welcome him to our management team”. Mr Sunderji added that the bank’s midyear results showed a profit of $10m and the bank was well on its way to matching, or exceeding the 2015 net income of $20.7m. The bank’s share price has soared to $8.76 per share reflecting the ongoing performance. The share price is up over 200% since 2010 and is the best performing financial stock over that period listed on BISX.
Amie Baranda-Bowe, owner of East & Bay Liquor Store and Gift Shop (Bahamas) is the grand prize winner of the RBC EZ Pay Rio campaign. A client of RBC Royal Bank’s main branch, Amie and a guest will enjoy a triop for two to the Rio 2016 Olympic Games. Her package includes a four-day/three-night stay for two including airfare, five-star hotel accommodations, meet and greet service upon arrival at the airport, group activities and a tour, scheduled ground transportation, daily meals, two tickets to see a preselected Rio 2016 Olympic event, Visa Olympicthemed merchandise and one US$300 Visa prepaid money card per person. Ms Baranda-Bowe said that she is grateful for this opportunity. “I am going to have fun. I feel so privileged to be the winner of this grand prize. This is also timely because I had no vacation plans this year, she said. She further said that EZ Pay has made doing business simpler for her custom-
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.
Picture includes: Dwayne Kemp, Branch Manager, RBC Royal Bank, Bay Street and Amie- Baranda-Bowe, RBC EZ Pay Rio Campaign Winner. ers. “I would encourage any business owner to try it, it’s flexible and convenient. I have seen an increase in my sales because I can accept all forms of payment from
customers including tourists.” To qualify, all merchants with an RBC EZPay device must have completed 10 Visa card transactions dur-
ing the campaign period. Once the criteria were met, merchants were automatically entered for a chance to win.
THE TRIBUNE
Friday, Friday, August August 12,12, 2016, 2016, PAGE PAGE 3 3
New recruit for NewCo Sands takes NewCo2015 Limited (NewCo), The Bahamas’ newest mobile network, has announced the recent hire of Leyre Goitia. Ms Goitia joins the NewCo team as the products, pricing and devices manager. She is responsible for product research and development, market analysis, and developing market strategies. These components are essential to solidifying the company’s goal of gaining a quantifiable competitive advantage. “NewCo is excited to have Leyre Goitia as the latest addition to our team. Having worked in the industry for more than twenty years, she possesses a depth of knowledge from her experiences in the international telecommunications industry. Her unique skillset has been proven through the
Leyre Goitia years as she navigated the successful launch of multiple startup ventures. Leyre will play an important role in
the marketing department and will provide a calculated market approach to positioning our products and services,” said Franklyn Butler, chairman at NewCo. “We are deeply committed to employing qualified Bahamians to help us build a successful enterprise. In addition, we eagerly look forward to adding other experienced professionals to our team.” Ms Goitia said, “I enthusiastically anticipate the opportunity to construct a strong and competitive strategy here at NewCo. My professional experience in telecommunications began in 1993 and I thoroughly enjoy the kind of work that I do. Working with startup ventures is a passion of mine and I am excited to be part of the team.”
CIBC launches debit card for business owners CIBC FirstCaribbean has announced the launch in The Bahamas and Turks and Caicos Islands of the region’s first and only dedicated business owners’ debit card. The CIBC FirstCaribbean Visa Business Debit Card is designed exclusively for business owners’ convenience to facilitate better cash flow management and record-keeping. The card is linked to the owner’s CIBC FirstCaribbean business bank account for instant processing and recording of transactions.
This innovative new product works just like cash, cheques, and ATM cards. Business owners can make business purchases and payments locally, internationally or on-line wherever Visa cards are accepted. The card helps them control their cash-flow more effectively as transaction processing is instant; so tracking expenditures and deposits on their CIBC FirstCaribbean Business Account is available 24/7 through the bank’s Internet Banking service. Managing director, Ba-
URCA orders BTC interconnection changes to facilitate NewCo mobile entry From pg B1 BTC to allow NewCo to interconnect directly to its mobile network,” URCA said, noting that the determination will also require BTC to extend the same opportunity to fixed line
operators. The regulator said yesterday that it is also requiring BTC to implement interconnection using Session Internet Protocol (SIP) technology. “This introduces IP based technology to the interconnection link
hamas & Turks & Caicos Islands, Marie RodlandAllen, said that diligent money management by business owners is a key component in their success. “Diligent cash flow management can make or break any business. Having this card linked directly to a Business Account allows our clients to monitor their current cash position and business related expenses and purchases. Instead of wondering if there’s money in the bank, clients can know exactly how much money is available and be
more in control of their finances.” According to director of business banking William Wright, the card provides an additional channel for business owners to manage their funds more conveniently at a lower cost.” “The introduction of the card aligns with the bank’s desire to improve its services by transforming the banking experience of its customers. There is no application fee and no credit application is needed. This card enhances our business banking product suite in The Bahamas and Turks and Caicos. Customers can visit their nearest branch to learn if this card is right for them or speak directly to their business banking officer to get one.”
which requires less equipment and allows a considerably greater volume of traffic to be sent along each interconnection link. URCA considers this appropriate because most networks in The Bahamas, and all new network equipment, use IP technology, making establishing the interconnection quicker and less costly, and the increased capacity makes it more efficient and cost effective.” In its interconnection agreement, BTC according to the regulator is also required to deliver SMS messages from NewCo cus-
tomers to its customers, to include the relevant technical specifications and parameters in its RAIO, and establishing the rate which will be paid by NewCo to BTC for such messages. “That rate, called a SMS termination rate, will be 1.4 cents per message. This means that for all SMS messages sent by a NewCo customer to a BTC customer’s telephone, NewCo will pay BTC 1.4 cents per message. URCA expects that a charging regime will also be implemented for SMS messages from BTC to NewCo.”
An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. We are growing! Fidelity invites applications for the position of:
Recruiter To find the best and brightest talent to join our team. We provide a challenging, driven, results-oriented environment where creative, goal-oriented, self-confident, high achievers succeed.
Main Duties & Responsibilities: • Managing all stages of the hiring process including candidate sourcing, screening, interviewing, negotiating, extending offers, securing new hire acceptances, background checks and completing post hire follow ups • Evaluating candidate's work history, education, training, job skills, compensation requirements, and abilities • Creating internal and external job posting • Documenting and tracking statistics and data pertinent to each position • Solid understanding of employment law, recruitment, staffing metrics and HR related practices • Preparing assigned monthly, quarterly and annual HR reports • Demonstrated ability to manage high volume of recruitment within strict scheduling requirements • Keeping abreast of current market trends and identify potential impacts on hiring decisions • Maintaining a network of potential hires in advance of requisitioned needs • Conducting regular follow-up with managers to determine the effectiveness of recruiting plans and implementation • Assisting with benefits administration
Requirements / Qualifications: • 3-5 years of recruiting experience a must • Strong analytical skills • Excellent communication skills both oral and written • Ability to multi-task in a fast paced environment • Excellent administrative skills and proficiencies in Microsoft Office Suite Programs • Ability to work in a self-motivated environment with little supervision • Strong leadership abilities • Analytical with strong negotiation skills • Efficient and detail oriented • Must be able to identify and resolve problems in a timely manner. PLEASE SUBMIT BEFORE August 19th, 2016 to:
HUMAN RESOURCES Re: Recruiter 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.
on brand role
NewCo2015 Limited (NewCo) announced that another highly qualified Bahamian has joined its management team. DianaLynn Sands is charged with developing the company’s brand and media strategies, and will drive enhanced communications initiatives between NewCo and its stakeholders. Ms Sands has worked in public relations, hospitality, administration and transportation, and brings a wealth of corporate branding expertise to this role. “NewCo is fully committed to employing talented Bahamians who will greatly contribute to our planned success in the telecommunications market. Diana’s experience and industry knowledge has made her an asset to our team. Her expertise will also address the need for well-timed, systematic and integrated messaging. This kind of targeted communication will keep our partners abreast of important information in an era of rapid change. I am confident that she will play a critical role in providing and implementing high quality media relations strategies for both internal and external clients,” said Franklyn Butler, chairman at NewCo2015.
Diana-Lynn Sands Ms Sands said, “I am excited to start a new chapter with NewCo and I look forward to working with such an accomplished team. We are entering the market as the second telecommunications company in The Bahamas; as a result we have a fantastic opportunity to build a powerful and highly competitive brand. I am fortunate to be a part of an organisation whose focus is to provide quality products with excellent value because our customers are worthy of it.”
NOTICE
The following customer is kindly asked to urgently contact DAVIS TRANSMISSION at telephone number 242-393-6773, regarding your vehicle, which has been completed. Henry Butler - White Double Cab Chevy Silverado Truck, License #T264 Kindly note that failure to contact us and to collect your vehicle within the next 30 days, i.e. September 8, 2016, will result in the vehicle being sold at a public auction to settle your account with us.
PAGE 4, Friday, August 12, 2016
Govt urged to ‘expedite’ Central Revenue Agency From pg B1 The BCCEC also noted that concerns have been expressed over the period of time for which TCCs are valid. “Currently, TCCs are only valid for a period of thirty days, which results in businesses conducting significant transactions with The Bahamas throughout any given year being re-
quired to obtain TCCs on a monthly basis,” said the BCCEC. “Given the time required to obtain a TCC noted above, this could result in a significant loss of manpower hours and productivity. We recommend consideration be given to making TCCs valid for six months, which would result
Govt finalising “Patients Bill of Rights” for NHI From pg B1 not followed. The NHI Authority will be responsible for the management of the National Health Insurance program and all associated processes of NHI Bahamas. “Specifically, the NHI Authority will serve as a regulatory body to administer National Health Insurance and to
set criteria for approving insurers under NHI Bahamas and health care providers under NHI Bahamas. The NHI Authority will be governed by a qualified and professional board of directors, with board members carefully selected based on their thorough knowledge of and experience with the health care system, health insurance industry and oth-
in semi-annual formal validation exercises. However, such TCCs can be revoked at any time if businesses become significantly delinquent in the intervening period. Given the efforts to automate the procurement process, the management of the vendor registry should enable this revocation to be done electronically.” The Chamber also noted, that further consideration can be given to implementing a standard letter/contract for significant ven-
dors where such vendors agree that any sums owed by The Bahamas Government for goods and services acquired can be applied to overdue tax balances prior to any settlement. According to the Chamber, businesses have also expressed concern over past amounts owing for transactions that occurred prior to the new requirement for TCCs. “Several businesses with legitimate receivables from The Bahamas Government
THE TRIBUNE have been experiencing a refusal to settle such obligations prior to the presentation of a valid TCC. We recommend that the policy of TCCs be applied prospectively, to avoid unnecessary threats of legal action and negative goodwill between The Bahamas Government and such businesses. Naturally, any significant vendor will be seeking to continue to conduct business with The Bahamas Government going forward and would have to comply with the new requirement.”
“Several businesses have indicated that an impractical TCC requirement could result in changes to how they transact with The Bahamas Government, such as doing business on a cash on delivery basis. This would not serve the private sector, The Bahamas Government or expansion of the domestic economy, and accordingly, we hope to have further deliberations with the Government achieve resolutions that benefit both the private sector and The Bahamas,” said the BCCEC.
er relevant qualifications,” the policy document states. The Ministry of Health will consolidate the management of government health facilities, which are currently overseen by both the Department of Public Health and the Public Hospitals Authority (PHA). The policy paper says: “A new, single governance structure will manage the day-to-day operations of public hospitals and clinics with greater efficiency, transparency and attention to patient needs.”
Average US 30-year mortgage rate ticks up to 3.45 percent WASHINGTON (AP) — Long-term U.S. mortgage rates edged higher this week, though rates remain at historically low levels. Mortgage giant Freddie Mac said Thursday the average for the benchmark 30-year fixed-rate mortgage ticked up to 3.45 percent from 3.43 percent last week. The average rate is down sharply from 3.94 percent a year ago, and remains close to its all-time low of 3.31 percent in November 2012. The 15-year fixed mortgage rate rose to 2.76 percent from 2.74 percent last week. Record-low interest rates this year have helped spur home purchases and boost the housing market. To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the begin-
a home for sale in Surfside, Fla. Yesterday, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo) ning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for a 30year mortgage remained at
0.5 point this week. The fee for a 15-year loan also was unchanged from last week at 0.5 point. Rates on adjustable fiveyear mortgages averaged 2.74 percent, up from 2.73 percent last week. The fee held at 0.5 point.
Fidelity is seeking persons with strong leadership, communications and interpersonal skills for the position of:
Fraud and Compliance Representative Main Duties & Responsibilities: • Ensure Cards obligations/requirements pertaining to contracts and agreements with vendors and associates are met and fully satisfied. • Monitor and review the entire cardholder and merchant acquisition process and all aspects of the cardholder application including but not limited to: content, approvals, credit line, KYC and also declined and closed applications. • Monitor and audit cardholder and merchant files and storage, inventory as well as information access via email/card-site/Support-Suite and information leaks which may invoke fraud. • Liaise with customers, other banks, compliance departments and Supervisor where necessary on compliance matters. • Undertake, train and educate branch staff/customers on best-practice techniques for card handling and usage as well as the security features and benefits.
Requirements / Qualifications: • First Degree from recognized tertiary institution or a minimum of a tertiary diploma • Experience in similar or related position is an asset • Law enforcement background, collections or compliance experience is an asset • A sound knowledge of telephone and e-mail etiquette • Excellent interpersonal and customer service skills with ability to work in a team environment • Basic computer knowledge/technological skills - the person should be adept in using search tools, browsers and also email features; attaching files to correspondence, utilizing tracking and management features • Ability to communicate effectively both orally and written • Ability to treat people with respect under all circumstances, instill trust in others besides upholding the values of the organization • Sound judgmental powers; ability to manage difficult customer situations, to respond promptly to the needs of the customer, solicit feedback to improve service, respond to requests for service/assistance PLEASE SUBMIT BEFORE August 19th, 2016 to:
HUMAN RESOURCES Re: Fraud and Compliance Rep. 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.
YOUR
CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019
THE TRIBUNE
Friday, August 12, 2016, PAGE 5
Applications for US unemployment aid slip to a low 266,000 WASHINGTON (AP) — Slightly fewer people sought U.S. unemployment benefits last week, a sign that layoffs are low and employers are probably adding new jobs. THE Weekly
NUMBERS: applications for
U.S. unemployment aid barely fell last week, slipping 1,000 to 266,000. The four-week average, a less volatile measure, rose 3,000 to 262,750, but remains low. And 2.16 million people are receiving benefits, about 5 percent below last year’s level.
THE TAKEWAWAY: Applications are a proxy for layoffs and are at historically low levels. That suggests employers are confident enough in the economy to hold onto their staffs. At the same time, hiring has picked up: Employers added the most jobs
of the year. Still, most economists forecast a rebound in the July-September quarter to 3 percent growth or even higher. The steady job gains are starting to benefit a broader swath of the population than the first few years after the recession, when wealthier Americans tended to benefit more. Average hourly pay has started to rise more quickly, particularly in lower-paying businesses, such as restaurants and hotels. And more Americans
in eight months in June and hiring was also healthy in July. The unemployment rate was 4.9 percent in both months. Weekly applications have been below 300,000 for 75 straight weeks, the longest such stretch since 1970. KEY DRIVERS: Businesses have hired at a healthy clip this summer, even as growth in the first half of the year was sluggish. The economy expanded at just a 1 percent annual rate in the first six months
are being pulled back into the workforce, though the proportion of Americans working or looking for work remains near four-decade lows. One reason hiring has been solid even as growth was tepid is that the economy has become less productive, with worker’s output per hour falling in the past year. That decline in productivity, if continued, could act as a long-term drag on growth.
PUBLIC NOTICE
OFFICE CLOSURE The public is advised that the BAIC Head Office
& All BAIC Managed Entities in New Providence will be CLOSED Friday 12th August 2016, to facilitate the Annual Staff Georgia Department of Labor services specialist Louis Holliday, right, helps a woman with a job search on a computer at an unemployment office in Atlanta. Yesterday, the Labor Department reports on the number of people who applied for unemployment benefits in the previous week. (AP Photo)
House Ethics panel investigating Texas congressman WASHINGTON (AP) — A congressional review panel says there is “substantial reason to believe” that a Republican congressman from Texas may have been perceived to be acting in his own financial interest when he offered an amendment to benefit auto dealers last year. Texas Rep. Roger Williams is an auto dealer, and he has come under scrutiny by the House Ethics Committee over an amendment he offered to a wide-ranging transportation bill that would have allowed auto dealers to rent out vehicles even if they’re subject to recall. Williams has said the amendment was intended to address recalls aimed at trivial defects, but critics said it would apply more broadly.
The House Ethics Committee’s Republican chairman and senior Democrat said in a joint statement that the panel is reviewing a referral from the independent Office of Congressional Ethics, an outside panel that reviews ethics complaints against House members. The review panel said in a 43-page report released by the ethics committee Thursday that “there is substantial reason to believe that Rep. Williams’ personal financial interest in his auto dealership may be perceived as having influenced his performance of official duties — namely, his decision to offer of an amendment to the surface transportation legislation.” The report said Williams’ actions may have violated
House rules and standards of conduct regarding conflicts of interest. The House ethics panel will rule on that after finishing its investigation. The ethics panel also released a joint statement from Williams and his auto dealership denying wrongdoing. The statement said Williams offered the amendment after being asked to by National Automotive Dealers Association and noted that he was up front about being an auto dealer when he spoke about it on the House floor. The statement also said that his dealership does not turn a profit from car rentals. The report noted that the ethics committee has previously advised that a member doesn’t always have to directly benefit from an action to violate the rules. The perception of that benefit can be enough to merit a violation. The nonpartisan Campaign Legal Center had urged a House Ethics Committee investigation of Williams over the issue.
Appreciation Day. We apologize for any inconvenience caused and look forward to resuming normal Head Office hours on Monday August 15th, 2016 at 9 a.m. to 5 p.m. BAIC Managed Entities: • The Fish & Farm Store Re-opens: Mon. Aug. 15th, 7a.m. - 3p.m. • The Feed Mill Re-opens: Mon. Aug. 15th, 7a.m. - 3p.m. • The Abattoir Re-opens: Mon. Aug. 15th, 8a.m. - 4p.m. • The Produce Exchange Re-opens: Sat. Sept. 13th, 7a.m. - 12p.m.
BAIC HEAD OFFICE & TRAINING CENTER Old Trail Road • P. O. Box N-4940 Nassau, Bahamas
Tel: (242) 396-3725/6 Fax: (242) 322-2123 / 328-6542 Web: www.baic.gov.bs www.facebook.com/mybaic
Growing. Partnering. Empowering.
Fidelity is seeking persons with strong leadership, communications and interpersonal skills for the position of:
Customer Support Representative
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.
Main Duties & Responsibilities: • Handling complex queries and requests via the telephone, the ticket site, email and general mail • Liaising with other departments and external third parties to achieve resolution of cardholder and merchant query • Liaising with branch network on behalf of clients • Answering inbound calls and initiating transfer of calls to the relevant departments • Arranging for the dispatch of products, information packages, brochures etc. to clients and other interested parties • Opening and closing of merchant accounts
Requirements / Qualifications: • Diploma from recognized tertiary institution or a minimum of a High school diploma or equivalent vocational training
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
• Minimum of two years experience in similar or related position • In-depth knowledge of Cards product/service • Excellent interpersonal and customer service skills with ability to work in a team environment • Excellent administration skills, including being IT literate with the ability to be self-supporting in the use of computer software, including the MS Office Suite and databases • Excellent inter-personal and communication skills (both written and verbal), with the ability to communicate with a wide range of people at all levels • Excellent time-management and organizational skills with the ability to prioritize workload and manage conflicting demands • Attention to detail
PLEASE SUBMIT BEFORE August 19th, 2016 to:
HUMAN RESOURCES Re: Customer Support Rep. 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 6, Friday, August 12, 2016
THE TRIBUNE
Clinton knocks ‘outlandish Trumpian ideas’ in policy speech WARREN, Mich. (AP) — Her political fortunes flourishing, Hillary Clinton attempted to undercut Donald Trump’s claim to working-class voters Thursday, portraying her Republican rival as untrustworthy on economic issues and pushing policies that would only benefit the super-wealthy — himself included. The Democratic presidential nominee sought to seize momentum as Republicans — including Trump — struck an almost defeatist note about their Election Day chances. As Republican leaders sounded alarms about Trump’s unconventional approach, Clinton attacked what she dubbed “outlandish Trumpian ideas” that have been rejected by both parties. “Based on what we know from the Trump campaign, he wants America to work for him and his friends, at the expense of everyone else,” she said after touring a Michigan manufacturing facility. Appearing in a county known for so-called Reagan Democrats — workingclass Democrats who voted Republican in the 1980s — Clinton tried to win back some of the blue-collar voters who have formed the base of her rival’s support, making the case that she offers a steadier roadmap for economic growth and prosperity. “I can provide serious, steady leadership that can find common ground and build on it based on hard but respectful bargaining,” she said. “I just don’t think insults and bullying is how we’re going to get things done.” Clinton, who frequently boasts about her numerous policy plans, didn’t offer any new, major ideas to improve the country’s economy in her afternoon address. She reiterated her strong opposition to the
Trans-Pacific Partnership trade deal, leaving herself little room for backtracking should she win the White House. “I oppose it now, I’ll oppose it after the election, and I’ll oppose it as President,” she said, while also noting that the U.S. should not cut itself off from the rest of the world. Clinton once called the TPP the “gold standard” of trade deals when she served as Obama’s secretary of state, but she announced her opposition to the deal last year, saying it did not meet her standard for creating jobs, raising wages and protecting national security. Hoping to keep the pressure on Trump, Clinton is also planning to release her 2015 tax returns in the coming days. Trump has said he won’t release his until an IRS audit is complete, breaking tradition with every presidential candidate in recent history. A source close to Clinton said she would soon release her return, supplementing the decades of filings she and her husband have already made public. Her running mate, Virginia Sen. Tim Kaine, and his wife will also release the last 10 years of their taxes. The source spoke on condition of anonymity to discuss the plans in advance. Clinton’s appearance followed Trump’s own speech on the economy, which he delivered in Michigan on Monday. But his scripted remarks were quickly eclipsed by the latest in a series of blunders and controversial statements that appear to have handed Clinton’s campaign a boost in the polls, particularly with Republican women and collegeeducated voters who make up a key piece of the GOP base. Just hours before her address, Trump unleashed
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, BERLINGTON FITZGERALD STRACHAN of Gabon Lane,New Providence, Bahamas intend to change my name to BURLINGTON FRITZGERALD STRACHAN. 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 RADIANT EMERALD S.A. NOTICE is hereby given as follows: (a) Radiant Emerald S.A. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.
Democratic presidential candidate Hillary Clinton gives a speech on the economy after touring Futuramic Tool & Engineering, in Warren, Mich., yesterday.
Republican presidential candidate Donald Trump speaks to a group of pastors at the Orlando Convention Center, yesterday, in Orlando, Fla. (AP Photos)
NOTICE
NOTICE is hereby given that ROBINSON SIMON of Gladstone Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
another round of attacks on Democrats, calling Obama the “founder” of the Islamic State militant group — and Clinton its co-founder. The Republican presidential nominee brushed off conservative radio commentator Hugh Hewitt’s attempt to reframe Trump’s observation as one that said Obama’s foreign policy created the conditions in Iraq and Syria that allowed IS to thrive. “No, I meant he’s the founder of ISIS. I do,” Trump said, using another acronym for the extremist group that has wreaked havoc from the Middle East to European cities. The latest bit of controversy shook Republicans, already rattled by polling showing Trump losing support among women and other segments of their party’s base. Dozens of frustrated Republicans gathered signatures Thursday for a letter to Republican National Committee Chairman Reince Priebus that urges the party chief to stop helping Trump and instead focus GOP resources on protecting vulnerable Senate and House candidates. Speaking to reporters in Kentucky on Thursday, Senate Majority Leader Mitch McConnell described Republicans’ chances of keeping control of the Senate after the November elections as “very dicey.” A draft of the letter, which operatives say has at least 70 signatories, warns that Trump’s “divisiveness, recklessness, incompetence, and record-breaking unpopularity risk turning this election into a Democratic landslide.” Trump said he had no intention of changing his inflammatory approach to presidential politics, pledging in a CNBC interview to “just keep doing the same thing I’m doing right now.”
NOTICE
NOTICE is hereby given that LEMOINE ALEXANDRE of P.O.BOX 5802 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 5th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE
International Business Companies Act No.45 of 2000
International Business Companies Act No.45 of 2000
THORQUE INVESTMENT MANAGEMENT LTD. (the “Company”)
THORQUE1 FUND LTD. (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of THORQUE INVESTMENT MANAGEMENT LTD. (IBC №. 164506 B) has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 28th day of July, 2016.
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of THORQUE1 FUND LTD. (IBC №. 164487 B) has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 28th day of July, 2016.
Dated this 11th day of August, 2016 Beatus Limited Liquidator NOTICE GANNICUS LTD. NOTICE is hereby given as follows: (a) Gannicus Ltd. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas. Dated this 10th day of August, 2016 Beatus Limited Liquidator
Thor de Oliveira Fuhrken Batista Liquidator
Thor de Oliveira Fuhrken Batista Liquidator
THE TRIBUNE
Friday, August 12, 2016, PAGE 7
IMF, Egypt agree on $12B loan to fix ailing economy CAIRO (AP) — The International Monetary Fund said Thursday it will grant Egypt a $12 billion loan over three years to help the Arab world’s most populous country mend its ailing economy following years of unrest. The IMF said the loan, which is subject to approval by its executive board, comes in support of a government reform program that aims to stabilize Egypt’s falling currency, reduce the budget deficit and government debt, as well as boost growth and create jobs. “Egypt is a strong country with great potential but it has some problems that need to be fixed urgently,” it said in a statement, adding that planned government measures include tax increases and cuts in energy subsidies. Egypt said earlier this week it would raise electricity prices by a least a quarter, part of plans to eliminate the subsidies altogether by 2019. Egypt’s economy has been struggling since the 2011 popular uprising that overthrew longtime autocrat Hosni Mubarak, with high inflation, foreign currency shortages, and lack of tourism and investment. Cairo called on the IMF, the U.S.-based global lender of last resort, after having exhausted billions of dollars in aid from wealthy Gulf Arab nations recently humbled by low oil prices — and now turned off by persistent bureaucratic hurdles to investing in Egypt. Egypt hopes the loans can generate momentum that will boost growth, reassure potential investors and give the country enough leeway to restructure the economy. The budget deficit currently stands at nearly 12 percent of gross domestic product and the current account deficit is at almost 7 percent. The government’s economic program says it will focus on helping the poor, and try to ensure that any
economic rebound brings benefits to the entire population of 91 million and not just elites, as has happened during past periods of economic growth. Economists welcomed the IMF’s announcement, as well as the government’s acknowledgement that it must address longstanding structural problems despite potential short-term discontent. “I think the government will have to work on several fronts simultaneously, and some of them will be painful,” said Angus Blair of investment advisory firm Signet. “But it’s necessary to shore up the budget and free up funds to be spent more efficiently, and they’ve recognized that.” Egypt’s President AbdelFattah el-Sissi has faced mounting criticism of his economic stewardship in recent months, and the former general has responded with near daily appearances and statements touting his commitment to defending the poor. Egyptian leaders have balked at IMF loans in the past because they require subsidy cuts and other reforms that cause short-term pain, and which could spark popular unrest. Frustrations over economic stagnation, inequality and perceived corruption were among the main factors behind the uprising that toppled Mubarak in 2011 and the massive protests demanding the resignation of Islamist President Mohammed Morsi in 2013. El-Sissi, who led the military overthrow of Morsi that year, has presided over a wide-ranging crackdown on dissent that has eliminated his opponents, Islamist and secular alike, as well as virtually all dissent and street protests. Billions of dollars in Gulf aid, meanwhile, allowed the government to delay reforms over the past three years.
NOTICE
NOTICE is hereby given that PENNY THOMAS of Jerome Avenue, P.O. Box CR-54845, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th 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 DESIREE ANITA ERSKINE PLUCK of Sir Lynden Pindling Estates, P.O.Box CR-54845, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Egyptian President Abdel-Fattah el-Sissi, speaks during a press conference with Hungarian Prime Minister Viktor Orban at the presidential palace in Cairo, Egypt. The International Monetary Fund said it signed an initial agreement with Egypt yesterdayto loan the Middle Eastern country $12 billion over three years to help fix its ailing economy.(AP Photo)
ACCOUNTS RECEIVABLE CLERK -
Persons applying should have at least three (3) years experience in accounts receivables. A bachelor or Associates degree qualification would be an asset. Candidates should have good telephone ethics, a keen eye for detail and good people skills. Must be a team player and self motivated. Persons applying should have at least three (3) years experience in accounts receivables
Interested persons with the proper qualification, energy and enthusiasm may apply. Please send full resume including copies of certificates and a photograph.
Via email to:
terrorist attacks. Egypt has also seen dwindling revenues from the Suez Canal because of a falloff in foreign trade, despite a costly and much-hyped expansion of the key trading channel linking the Mediterranean to the Red Sea. The foreign currency shortage is all the more worrying in a country highly reliant on imports, including food, consumer goods and industrial parts and products. The Egyptian pound now trades about a third weaker than its official value of 8.9 to the dollar. Before Thursday’s deal, Central Bank Governor Tarek Amer said that defending the pound had been a “grave error.” Documents leaked to the press showed the bank blaming the government for forcing it to do so.
Property Title Solutions If you own land with no title deeds whether by Possession Squatting, Family Inheritance, Incomplete Administration,Commonage,Gen eration Property, etc. we have the solution. If you have lost your title deeds or if someone is disputing your land ownership we solve these issues. We have a less expensive and speedy process to obtain and register your rights. Contact Us: Commercial Services Group #4 Henrea Carlette Plaza, Cable Beach Phone: 1-242-698-0434 Email: comsvcsgrp@gmail.com
MARKET REPORT THURSDAY,11 AUGUST 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,974.81 | CHG 1.22 | %CHG 0.06 | YTD 150.86 | YTD% 8.27 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 8.10 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 6.12 5.55 11.75 10.00
PREFERENCE SHARES
POSITION AVAILABLE
While the IMF cast Thursday’s deal as supporting the government’s own homegrown reform package, the lender is widely expected to have demanded the floating of the country’s overvalued currency. Egypt’s foreign currency shortage has generated a thriving black market for U.S. dollars and hindered the operations of multi-national companies and investors, who are holding back in anticipation of further devaluation. Despite a rising dollar, the central bank has resisted devaluation, spending billions of dollars of its own cash reserves to prop up the Egyptian pound, and only allowing a slight devaluation last year. The lack of foreign currency has been compounded by a drop in tourism revenues in the wake of recent
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 4.05 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
CLOSE 4.05 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.83 10.59 14.49 2.65 1.50 5.80 8.76 10.95 8.10 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 -0.06 0.00 0.00 0.00 -0.01 0.09 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
115.36 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.43 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
400
6,015 20,000
12,000
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 28.2 9.0 11.4 14.3 11.4 12.5 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% 2.26% 2.67% 4.14% 3.14% 0.00% 3.46% 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
accountsvacancy@milobutler.com
Only serious persons need apply. 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, Friday, August 12, 2016
THE TRIBUNE
US stock indexes close at record highs; oil up ASSOCIATED PRESS – Strong gains by energy companies and retailers helped nudge each of the major U.S. stocks indexes to a record high close Thursday, erasing mild losses from the day before. The Standard & Poor’s 500 index and Nasdaq composite had previously hit new highs last Friday. The Nasdaq also notched a record close on Tuesday. Investors welcomed some better-than-expected quarterly results from Macy’s and Kohl’s, which spurred gains for several other big retail chains. Energy stocks led the rally, getting a boost from a surge in oil prices. An industry report released Thursday projected a more even balance in the supply and demand for oil this year. “It’s been such an oversupplied market for a long period of time, to get that supply-demand closer to being in balance, or to be in balance, is a huge driver,” said David Chalupnik, head of equities for Nuveen Asset Management. “That should at least support the commodity price.” The Dow Jones industrial average climbed 117.86 points, or 0.6 percent, to 18,613.52. The average is now up about 0.1 percent from its last record set July 20. The S&P 500 index add-
the New York Stock Exchange. Global stocks were mixed yesterday, and the price of oil was volatile after a report forecast slower global demand growth for crude. (AP Photo) ed 10.30 points, or 0.5 percent, to 2,185.79. That’s a gain of 0.13 percent from its previous high last Friday. The Nasdaq composite index gained 23.81 points, or 0.5 percent, to 5,228.40. It edged up 0.1 percent from its previous high. The latest market milestones reflect investors’ improved confidence in the U.S. economy of late. Strong job growth, more stable oil prices and a crop of better-than-expected
company earnings have helped lift stocks in recent weeks. Still, overall earnings for companies in the S&P 500 are expected to be down 2.2 percent for the second quarter, according to S&P Global Market Intelligence. “We’re still looking at negative earnings growth, albeit improved, and negative revenue growth,” said Tim Dreiling, regional investment director for U.S. Bank’s Private Client Re-
serve. “In order for stocks to continue to make new highs and continue to grind higher, we’re going to need to see some improvement in revenues and see some improvement in earnings in the second half of 2016.” The major stock indexes got off to a strong start early Thursday, bouncing back from slight losses a day earlier. Traders bid up oil prices in response to the International Energy Agency’s
latest forecast. The agency said it expects that supply and demand for oil will be more in balance the rest of this year. It also projected that global oil demand won’t grow as much as it previously expected next year, citing a weaker global economy. Benchmark U.S. crude rose $1.78, or 4.3 percent, to close at $43.49 a barrel in New York. Brent crude, used to price international oils, gained $1.99, or 4.3 percent, to close at $46.04 in London. Several oil and gas companies got a boost from the rise in crude prices. Devon Energy added $1.74, or 4.4 percent, to $41.31, while Chesapeake Energy rose 23 cents, or 4.8 percent, to $5.03. Retailers also posted strong gains after Macy’s and Kohl’s reported quarterly results that beat Wall Street’s expectations despite continued competition from online outlets like Amazon.com. Macy’s also said it plans to close about 100 stores next year as it tries to become more nimble in a competitive market. Macy’s rose $5.81, or 17.1 percent, to $39.81, while Kohl’s jumped $6.15, or 16.2 percent, to $44.19. Investors also bought up shares in several other retail chains. Nordtsrom gained $3.33, or 7.5 percent, to $47.56, while J.C. Penney
Oil and gas group says feds illegally canceling lease sales BILLINGS, Mont. (AP) — A trade group for the energy industry accused federal officials Thursday of illegally canceling or postponing the sale of more than two dozen oil and gas leases over the past two years. The Western Energy Alliance sued the Obama administration in U.S. District Court in New Mexico, seeking to force officials to hold lease sales four times a year as required under the federal Mineral Leasing Act. The group said sales have been called off in Montana,
Colorado, New Mexico, North Dakota, Oklahoma, Texas, Utah and Wyoming. U.S. officials have blamed at least some cancellations on companies' limited interest, citing low oil and gas prices that have drastically slowed exploration over the past two years. Of more than 2.2 million federal acres offered for sale last year, just over a halfmillion acres received bids, according to the Interior Department's Bureau of Land Management. Mark Barron, lead attor-
ney on the lawsuit, said the leasing cancellations have extended even into oil and gas fields where operating costs are low and companies can still make a profit, such as the Permian Basin of New Mexico and Texas. "There's a simple requirement under the Mineral Leasing Act. They are not adhering to it at this point and our question simply is why," Barron said. Interior Department spokeswoman Amanda Digraph said the agency was aware of Thursday's lawsuit
but does not comment on pending litigation. Less frequent lease sales can hit smaller companies particularly hard, said Jerry McHugh Jr., founder of San Juan Resources, a Denverbased company that operates several dozen wells in New Mexico's San Juan Basin. McHugh said low oil prices can drive down lease prices, presenting an opportunity to build up inventory. If lease sales are held in other areas but not regularly in the San Juan Basin, that does his company little good.
"I'm not interested in leases in Kansas or Oklahoma or Texas," he said. "If they were issuing leases every quarter, I would have an opportunity to add to my leases, to develop." The Bureau of Land Management oversees lease sales on more than 700 million acres of public lands and private lands where the underlying minerals are publicly owned. It said last month that low prices are projected to reduce drilling on public lands by 40 percent versus historical levels in coming
rose 79 cents, or 8.6 percent, to $9.94. The chain is scheduled to release earnings early Friday. The retailers’ earnings fueled optimism for the government’s latest monthly tally of retail sales Friday. Not all companies had favorable quarterly results. Hamburger chain Shake Shack slumped 6.2 percent after it said sales at older locations slowed down in the latest quarter. The stock shed $2.53 to $38.34. The major stock indexes in Europe closed higher. Germany’s DAX gained 0.9 percent, while France’s CAC 40 added 1.2 percent. Britain’s FTSE 100 rose 0.7 percent. In Asia, Hong Kong’s Hang Seng index closed 0.4 percent higher, while China’s Shanghai Composite slipped 0.5 percent. South Korea’s KOSPI edged up 0.2 percent. Japan’s stock exchange was closed for a holiday. In other energy trading, wholesale gasoline added 6 cents to $1.36 a gallon, while heating oil rose 6 cents to $1.38 a gallon. Natural gas fell a penny to $2.55 per 1,000 cubic feet. In metals trading, the price of gold slipped $1.80, or 0.1 percent, to $1,342.50 an ounce. Silver lost 15 cents, or 0.7 percent, to $20.02 an ounce. Copper gained 2 cents, or 0.9 percent, to $2.19 a pound. years. Interior officials did not immediately respond to questions on whether the number of existing leases was sufficient to satisfy industry demand. Just over 32 million acres of federal lands were under lease at the end of last year. That's down more than 30 percent since peaking in 2008 and the least amount of land in at least two decades, according to government data. However, the number of acres where companies were producing oil and gas has remained relatively flat during that period and stood at 12.7 million acres last year.