08152016 business by tribune242

MONDAY, AUGUST 15, 2016

business@tribunemedia.net

Public insurer claim a ‘meaningless distinction’ By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A “privately managed” public insurer as proposed by the Government under National Health Insurance (NHI) is likely a “meaningless distinction” according to Bahamas Insurance Commission (BIA) chairman Emmanuel Komolafe, as he reiterated concerns over political interference and unfair competition. The NHI policy paper released last week stated that there will be “no qualifying distinction” between BahamaC-

Insurance Association ‘resolute’ in its opposition to public insurer are and private insurers under NHI. BahamaCare will be publicly owned but managed by a privately operated regulated health administrator which was one of the recommendations by the government’s NHI consultants KPMG and will only offer health insurance. The BIA has long opposed the establishment of a public insurer, citing

that it would be a great expense and waste of taxpayer monies by the Government, given that its role would be duplicated by the private sector. Mr Komolafe reiterated those concerns in a statement yesterday and said that despite what has been outlined in the policy paper, the BIA remains resolute in its opposition to the establishment of a pubic insurer. “It has always been the view and position of the BIA that based on the population of The Bahamas and number of private health insurers in The Bahamas - seven in total - there See pg b4

Emmanuel Komolafe

Bowe blasts ‘unconscionable’ overpricing in family islands By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net Price Control Commission (PCC) Chairman E J Bowe said that he found it “unconscionable” that bread baskets items were overpriced by more than $3 in some family islands, asking, “How do they expect people to survive?” Bowe, speaking with Tribune Business, noted that the PCC has carried out inspections in North Andros as well as North Eleuthera, Spanish Wells and Harbour Island in recent weeks. According to Mr Bowe, the PCC found infractions at all seven stores visited in North

Andros two weeks ago and all ten stores during the commission’s Eleuthera visit last week. Mr Bowe said that the commission found items such as sugar, tomato paste, cream, grits, rice, corned beef, cooking oil, mayonnaise overpriced during its visit to North Andros. “All seven stores we inspected had infractions,” said Bowe. “In North Eleuthera, Spanish Wells and Harbour Island, we inspected ten stores and all of them had infractions.” “It’s really unconscionable. I don’t know how they expect people to survive. We’re not talking about a few cents. It’s really bad. If you look at the

amount they went over $3.41, $2.80, $2.71 and that sort of thing. From my point of view, one cent is too much. It should be right on the mark or below,” said Bowe, pointing out the cost of freight is calculated into the maximum selling price of the items. “Freight is already calculated in and there is no reason for them to go over the maximum selling price on those bread basket items. The items that we found which were overpriced were confiscated and lodged with the island administrator for safekeeping pending a court hearing,” said Mr Bowe.

Gowon Bowe

Integrated patientcentred care envisaged for NHI By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net While enrollees in National Health Insurance Bahamas will have a choice of primary care providers, over time those primary care providers will transition into a network of health professionals creating what is referred to as “Integrated Patient-Centred Care” according to the NHI policy paper. The policy paper entitled: “Building a Heathier Bahamas” notes: “Enrollees in NHI Bahamas will have a choice in primary care providers. Ultimately, over time, primary care providers will transition and organise into local networks of doctors, nurses and other healthcare professionals, as is the contemporary model in jurisdictions around the world. This organisation of resources, skills and talents creates what is called “Integrated Patient-Centred Care”. NHI Bahamas will strive toward an end state where the patient is central to all health decisions and care models and be structured to enable the patient access to other levels of care. It will take time, however, to evolve towards this goal, working closely with the medical provider community. Integrated PatientCentred Care will also present increased opportunities to healthcare professionals for collaboration, training and professional development.” The initial service provision stage of NHI Bahamas will cover primary health care. General practitioners, family medicine doctors, internists, advanced practice nurses, pediatricians, and obstetricians-gynecologists are among the different types of healthcare physicians and healthcare professionals who provide primary care services. “Primary care providers play a critical role in guiding patients through the healthcare system via referring them to specialists and maintaining relationships with nurses, labs and pharmacies. Primary care is often See pg b5

Chamber urges membership tax compliance By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemdia.net

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) has urged its membership to comply with existing tax laws and regulations, noting that where law and regulations are considered unreasonable or ‘overly onerous’, they should raise such matters formally though the private sector representative. “The BCCEC fully supports efforts by the Bahamas Government to enforce the rule of law and implement initiatives to increase tax compliance, and we further strongly encourage our members to comply with existing laws and regulations. The informal economy is as damaging to the formal economy as it is to coffers of the Bahamas Government. Where laws and regulations are considered unreasonable or their implementation is overly onerous or impractical, we continue to encourage compliance by our members but request that they raise such matters formally through the BCCEC to enable dialogue and collaboration with the relevant authorities to agree a middle ground that achieves the objectives of the initiatives with minimal impediments to commerce,” the BCCEC said in a recent statement.

Urges membership to raise concerns formally through BCCEC The admonition came in a recent statement on the issue of tax compliance certificates. The BCCEC - the chief private sector representative - has urged the Government to ‘expedite’ the establishment of a Central Revenue Agency See pg b4

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THE TRIBUNE

Monday, August 15, 2016, PAGE 3

Your Energy Tip of the Week: Solar Attic Ventilation Systems What do you suppose is the hottest part of your home? For most buildings, it’s the attic. Anyone who has been in their attic in the middle of a summer day knows that they could almost rent space as a sauna up there! The attic acts like a hot box, radiating heat downward through the home. Now if you were running a space heater inside, say in your kitchen, you probably wouldn’t consider propping open your refrigerator door to cool the room. No one would think about throwing away money like that … right? But I find that many of my fellow Bahamians do just that all summer by cranking up their AC in homes that are poorly ventilated. So my advice to homeowners and businesses, as the warmest part of the year beats down on us, is to consider an improvement with many benefits – a proper roof ventilation system. Now is the perfect time to tackle this quick, easy and affordable way to make your home or business more comfortable and more energy efficient. There are several products on the market that are great at extracting the hot, moist, stale air that builds up in the roof cavity. Some of these products include fitting a few wind driven roof vents (often called whirlybirds). These products can

extract up to 90 cubic yards of air per hour. Another option is to fit one or two of the thermostatically controlled electrically-powered vents. These units can draw up to 530 Cubic yards of air per hour. However, these versions typically require BEC to work and can be unreliable. Better still, conscientious Bahamians are turning to new solar-powered roof vents such as the Solar Star by Solatube or the Solaro Aire by Solaro, as these units can extract up to 1320 cubic yards of air per hour! My prediction is that these solar-powered roof ventilation fans will become increasingly popular as a way to draw heat up and out of the building. These quiet Solar Ventilation Systems run entirely for free from the sun and pay for themselves through improved energy efficiency for the entire home or business. Consider the benefits of having sufficient ventilation:

• Inadequate roof ventilation causes air conditioning units to work overtime, forcing your BEC bill through the roof (excuse the pun). • Properly ventilated roofs make an entire home feel cooler and more comfortable. • Excessive heat and

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

moisture build-up in the roof can cause significant damage to critical roof structures (and proper ventilation can extend the life of the roof). My room is on the west side on the upper story of my home. When I came home in the evenings, my room felt like an oven and it took forever for the airconditioner to cool it down. However, since I installed a solar attic vent, my whole second story is much more comfortable, and when I turn on the AC, it has less work to do and cools the place much faster. One of my clients even sent me a picture of his thermostat – after he installed his solar attic vents, the temperature was lower in his attic than in his bottom story! You can improve the quality of your home or business while reducing your bills. Why not take the first step? Ask your local energy efficient products expert to show you a few of these ventilation options. Then you can make the best choice for saving money on the power bill and cooling your home this summer.

• Joshua Key is General

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.

Manager for SuperGreen Solutions Bahamas, located on Wulf Road next to FYP. SuperGreen Solutions leads the market as one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions, making it truly a ‘one stop energy efficient solution shop’. Having been in the

Energy Efficiency industry for over 19 years, the founders have established a solid reputation spanning 5 continents. SuperGreen Solutions is different because it looks at energy creation and energy saving from a holistic point of view, to provide clients with total solutions.

Joshua key SuperGreen Solutions

PAGE 4, Monday, August 15, 2016

Public insurer claim a ‘meaningless distinction’ From pg B1 is no need for the Government to establish a government-owned insurance company. The general view within the private sector has been that the Government should maintain its traditional role of enacting appropriate laws, regulat-

ing and supervising the activities of the private sector. However, should the Government proceed to create a public insurer, there should be a level playing field. That being said, the extent to which there could in fact be a level playing field in practice is questionable judging by the experience of

the local airline and banking industries where the government-owned entity receives preferential treatment and taxpayers funds not available to its private sector competitors,” said Mr Komolafe. “We note that the Government has indicated that the public insurer will be subject to the same rules as private health insurers. Our expectation is that this will include corporate governance, capital, solvency and

other prudential requirements that are currently imposed on private health insurers. There are concerns within the industry as to how this will work in reality seeing that the NHI Authority, Insurance Commission and the public insurer are or will be either government and/or quasi-government agencies. Hence, the boards of these entities will predominantly consist of individuals appointed by the Government. Additionally, the agencies are or will be wholly owned by the Government which gives the Government effective control and total or significant influence over the operations of these establishments. The proposed structure (as has been stated by the BIA in the past) could lead to a flawed system and generate financial losses – defeating the purpose of a Public Private Partnership (PPP) that is set up for the purpose of ensuring operational efficiency, limiting subsidies and minimizsng reliance on the public purse,” he added. Mr Komolafe said that while the public insurer will be wholly-owned by the government but privately

managed, in reality, this is likely a “meaningless distinction”. “If the entity is run like a completely private entity, then this simply increases the number of health insurers to eight without otherwise changing the nature of the private health insurance industry. It seems to be the case that the government wants its own health insurance company so that it can exercise control over its operations and with that comes responsibility for its failures as well. Given the track record of our government-owned companies, we have every reason to believe that if the public insurer fails, the government will step in and give it taxpayers’ money and other benefits which would not normally be available to a private company. This is not a level playing field. A privately managed but governmentowned insurer might try to be efficiently run but will still be challenged with potential political influence,” said Mr Komolafe. Mr Komolafe said that while the management company will presumably be paid a fixed management

Chamber urges membership tax compliance From pg B1 (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 neces-

sary when doing business with the government and is issued to businesses 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

THE TRIBUNE or administrative fee for its services, this does not necessarily address the sustainability of the public insurer based on its financial performance. “However, the public insurer will have a competitive advantage over its private sector counterparts in that it will possess the perceived unlimited financial support from the Consolidated Fund and by extension taxpayers. In the final analysis, it is difficult and arguably impossible for a private company in general and private health insurers in this instance to effectively compete against the government. We remain resolute in our view that the Government should reconsider its position on the establishment of a public insurer for all the obvious reasons noted above. However, if the government is intent on moving forward in that regard, we suggest that the framework be modified vis-à-vis the constitution and delivery of service proposed by the public insurer in the interest of the consumer to ensure the best access to quality healthcare services,” he concluded. taxable good. The BCCEC noted that a significant number of businesses have been expressed over the TCC. “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,” the Chamber noted.

call 502-2394 to advertise today!

Fidelity is seeking persons with strong leadership, communications and interpersonal skills for the position of:

Customer Support Representative 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 • 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.

THE TRIBUNE

Monday, August 15, 2016, PAGE 5

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

The Dares return to SuperClubs Breezes When Breezes Bahamas Resort & Spa officially opened its doors on January 27, 1996, Linda and Kevin Dare were among the first guests to register. The Dares have now returned - their fourth time returning to the resort. Their visit was marked with welcome

back gift bags, chocolates, sparkling wine and more in their Ocean View Room. “Breezes made us feel extra special as returning guests,” said Linda. The couple hail from Garnet Valley, Pennsylvania, and promise that they will be back to The Bahamas and Breezes soon.

Integrated patient-centred care envisaged for NHI From pg B1 described as the gateway to the rest of the healthcare system and a foundation from which to build comprehensive Universal Health Coverage. Primary care providers will be the first point of contact with the healthcare system under NHI Bahamas. Referrals for secondary and tertiary care will be made through primary care providers. A high-functioning primary care system, over time, is expected to reduce the de-

mand for hospital and other services,” the policy paper states. It further notes that subsequent stages of NHI Bahamas will be extended to specialised care procedures, starting with those conditions most prevalent in The Bahamas. “The National Prescription Drug Plan, as part of the approved listing of prescription drugs, will be improved and merged, over time, into NHI Bahamas. Once our healthcare

system has adjusted to the initial implementation of Universal Health Coverage, full implementation of NHI Bahamas will include an increasingly comprehensive benefits package. Private health insurance or other means will be required to pay for non-covered services. Until the full rollout of NHI Bahamas, our network of public hospitals and clinics will continue to provide access to in-patient services and specialists, as required. During the initial stages of NHI Bahamas, coverage for work-related injuries will continue to be covered by the National Insurance Board through the existing system.”

• 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.

PAGE 6, Monday, August 15, 2016

THE TRIBUNE

What Trump and Clinton didn’t say in their economic speeches WASHINGTON (AP) — Donald Trump and Hillary Clinton spelled out their economic visions in high-profile speeches in Michigan this week. They delved into taxes and regulations, trade deals and job growth. Yet perhaps most notable about their speeches is what they left out. Mostly unmentioned were major challenges that have slowed the U.S. economy and made good-paying jobs harder to find, particularly in struggling pockets of the country. They are challenges that tend to preoccupy economists and defy simple fixes: A less efficient workforce. A dwindling proportion of adults either working or looking for work. Automation and increasingly highskilled jobs that require technological know-how that many people lack. They are problems that analysts say require a transformative vision. Yet neither candidate voiced anything like the high-reaching themes that were hallmarks of previous campaigns — from Bill Clinton’s “Bridge to the 21stcentury,” which urged Americans to face a more globalized economy, or George W. Bush’s “No Child Left Behind,” which sought to overhaul public education to better serve more children. Each promised a bright future but also spotlighted the country’s challenges. “It’s much easier to be either optimistic about the future or harp on problems that voters already recognize,” said Daron Acemoglu, an economist at the Massachusetts Institute of Technology who has stud-

ied the impact of automation on the workforce. When Trump spoke Monday and Clinton followed on Thursday, each pledged more spending for rebuilding roads, bridges, tunnels and other infrastructure, which many economists say is long overdue. Such work, beyond creating more construction jobs, could ultimately lower transportation costs, raise workers’ productivity and accelerate economic growth. But economists worry that the United States faces long-run challenges beyond dilapidated airports and tunnels. An economy’s ability to expand is shaped largely by two trends: The size of its workforce and how much its workers produce for each hour on the job. In both areas, the United States is weakening. In the past decade, the workforce has grown an average of just 0.5 percent a year — barely half its post-World War II pace. Much of that slowdown is due to the continuing retirements of the vast baby boom generation, 10,000 of whom turn 65 every day. Similar demographic trends are also bedeviling Europe and Japan. And productivity — output per hour worked — has increased an average of just 0.6 percent a year in the past five years, the slowest pace since the recession of the early 1980s. Rising productivity is vital to raising living standards because it allows businesses to pay employees more without having to raise prices. All of which means the United States may be stuck in a low-growth rut for years to come. Federal Re-

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.

Employment Opportunity

Democratic presidential candidate Hillary Clinton waves as she finishes a speech on the economy after touring Futuramic Tool & Engineering, in Warren, Mich., last Thursday.

Republican presidential candidate Donald Trump waves after delivering an economic policy speech to the Detroit Economic Club, today, in Detroit. (AP Photos) serve officials now estimate that the economy’s growth potential is only 1.8 percent to 2 percent a year, down from 2.5 percent to 2.8 percent five years ago. That broader slowdown went unmentioned by either candidate. Potential solutions are complicated and in many cases wouldn’t be popular with voters. For example, most economists consider increased immigration not a prob-

NOTICE

NOTICE is hereby given that ELIPHELE NICKENSON of Marsh HArbour, Abaco, 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 8th 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 FRANC GENELUS of Charles Vincent St., P.O. Box GT-2601, 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 twentyeight days from the 15th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MAINTENANCE WORKERS

POSITION AVAILABLE

A leading Fast Food franchise is looking for mature, clean-cut individuals to join its Maintenance (Janitorial) Team.

ACCOUNTS RECEIVABLE CLERK

Job Summary To be responsible for the general cleanliness and upkeep of the entire Store and its surroundings, so as to facilitate the smooth, efficient operation of the Store.

Requirements

• Must be a high school graduate. • Must have excellent inter-personal skills. • Must have excellent oral and written communication skills. • Professionalism required. • Must be able to work flexible hours including early mornings, late nights, weekends and holidays. • A basic knowledge of kitchen equipment and electrical and air conditioning repair skills would be a plus. • Must have a clean police record.

McDonald’s offers excellent benefits! Please submit Resume to: Human Resources Department McDonald’s Head Office 111 Market Street North P. O. Box SS-5925 Telephone: 325-4444 Nassau, N.P., The Bahamas

lem but a solution — to the challenge of an aging U.S. workforce. More legal immigrants would accelerate workforce growth. Yet few issues are as contentious in this election. William Galston, a senior fellow at the Brookings Institution, said immigration reform, if it provided a path to citizenship for people who entered the country illegally, would be economically beneficial — in part

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:

accountsvacancy@milobutler.com

Only serious persons need apply.

because it would bar employers from underpaying those workers and thereby give them more spending power. Galston argued that Japan’s economy, which is aging faster than the United States and has barely grown for two decades, has suffered from an “absolute refusal to countenance immigration.” In her speech, Clinton briefly mentioned “comprehensive immigration reform” and said it would “unleash a lot of new income and growth.” Trump, who launched his campaign with promises to build a wall to keep out Mexicans, barely mentioned the issue. Clinton also proposed helping more students attend college, increasing training for those who don’t and spending more on “scientific research that can create entire new industries.” Those steps might help boost productivity over time if they improved workers’ skills. But Clinton didn’t cast them as potential remedies for weak productivity. Rather, she hailed the U.S. workforce as the “most productive” in the world. Openings for such highskilled jobs as data scientist, software engineer, physician’s assistant and nurse practitioner have grown fast since the Great Recession. Yet they require more skills than many workers have, particularly older people with less education. That trend has contributed to a

sharp drop in the proportion of Americans in their prime working years — ages 25 through 54 — who either have a job or are looking for one. And automation is threatening lower-paying jobs. Self-driving cars, check-in kiosks at airports and hotel and potentially touch-screen ordering at restaurants could put more lower-skilled Americans out of work. “We’re really just seeing the very beginning of robots competing with workers,” Acemoglu said. The consequences “could be potentially very disruptive if we pursue business as usual. Or they could amazingly fruitful if we adapt to them.” Acemoglu says this would require overhauling high school education to provide more skills-related training, rather than waiting for community college, in addition to providing training for current workers. Yet instead, both candidates spent considerable time discussing ways to revitalize American manufacturing. Trump focused more on old-line sectors, like autos, planes and steel, which have mostly shrunk in recent years. Clinton cited “advanced manufacturing” that requires greater skills. Yet modern factories that use more technology typically don’t employ as many people as those that are retrenching.

NOTICE TOP WISDOM LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) TOP WISDOM 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 10th 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 15th day of August, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator NOTICE ARNAOUT COMPANY LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ARNAOUT COMPANY 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 10th 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 15th day of August, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator NOTICE SORRISO MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SORRISO MANAGEMENT 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 10th 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 15th day of August, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Monday, August 15, 2016, PAGE 7

Russian man faces US trial in lucrative hacking scheme

SEATTLE (AP) — Prosecutors describe Roman Seleznev, the son of a Russian lawmaker, as a master hacker who orchestrated an international scheme that resulted in about $170 million in fraudulent credit card purchases. In a federal jury trial that begins this week, they plan to lay out evidence that they say will prove Seleznev hacked into U.S. businesses, mostly pizza restaurants in Washington state, and stole credit card information. They claim he made millions by selling that data on underground internet forums. Seleznev’s lawyers plan to argue that prosecutors have failed to adequately connect Seleznev with the computer hacks that hit more than 200 businesses over several years. They have also said the U.S. Secret Service agents who arrested Seleznev mishandled his laptop, which may have compromised some evidence. Seleznev faces a 40-count indictment that charges him with running a hacking scheme from 2008 until his arrest in the Maldives in July 2014. Steve Bussing, owner of Red Pepper Pizza in Duvall,

northeast of Seattle, told The Associated Press on Friday that he and his wife had to spend about $10,000 installing a new computer system after they learned theirs was compromised by a hacker. “It was a huge expense” for a small business, he said, adding that the process disrupted their business as they shut down and reinstalled a new security system to protect their customers. Bussing, along with owners and managers from Mad Pizza, ZPizza, Grand Central Bakery, Village Pizza, and Casa Mia were included on the prosecutor’s witness list and were expected to testify about the effect of the hacking on their companies. Secret Service agents captured Seleznev as he and his girlfriend arrived at the airport on their way back to Russia. The agents flew him by private jet to Guam, where he made his first court appearance, and then to Seattle, where he is in federal custody. Seleznev was indicted on 29 felony charges in 2011, but a month later, Seleznev suffered a brain injury in a terrorist bombing in a cafe in Morocco. He was in

a coma for two weeks and underwent a series of operations, according to one of his previous lawyers. He bears a sickle-shaped, horizontal scar on the side of his head that is visible when his hair is cut short. He speaks little English and participates in court hearings with the help of a Russian interpreter. His father, Valery Seleznev, is a member of the Russian Parliament. Federal prosecutors have called Roman Seleznev a “leader in the marketplace for stolen credit card numbers,” and they said he collected millions of dollars selling that data to his coconspirators. They added 11 new counts to his indictment in October 2014, including wire and bank fraud, hacking and identity theft. Although his lawyers have argued Seleznev’s arrest was a “kidnapping” or an “illegal rendition” that violated international law, U.S. District Judge Richard Jones has barred that argument at trial. Seleznev used various computer names over the course of his criminal career, prosecutors said in court documents. Between 2002 and 2009,

attorney John Henry Browne listens to questions from reporters at Joint Base Lewis-McChord in Washington state. Browne will be representing accused Russian computer hacker Roman Seleznev as jury selection for a federal trial begins today, in Seattle. Prosecutors accuse Seleznev of hacking into U.S. business computer systems, mostly pizza restaurants in Washington state, and selling credit card data on underground internet forums. (AP Photo)

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.

he operated under the nickname “nCuX,” which is the transliteration of the Russian word for “psycho,” prosecutors said. He switched to “Track2” in 2009, and in 2013, he went by “2Pac” and others, they said.

Secret Service agents began monitoring nCuX’s activities in 2005 and found that in 2007, he started selling stolen credit card data online, prosecutors said. After the agents told Russian law enforcement officials

that they believed nCuX was Seleznev, the person using that name posted that he was going out of business, prosecutors said. Track2 soon began appearing on the same carding forums used by nCuX.

PAGE 8, Monday, August 15, 2016

THE TRIBUNE

UK promises to maintain EU funding for farming, science LONDON (AP) — The British government promised Saturday to keep paying for European Union-funded agriculture, infrastructure and science projects until 2020, even if Britain leaves the bloc before then. Treasury chief Philip Hammond wants to allay worry among farmers and scientists about what will replace the millions they

currently get from the EU. Some scientists in Britain say the uncertainty is already hitting their ability to begin multi-year research projects. Hammond said organizations “want reassurance about the flow of funding they will receive,” and the announcement would help provide “stability and certainty.” He said the fund-

ing guarantee would cost taxpayers about 4.5 billion pounds ($5.8 billion) a year. Britain voted in June to leave the 28-nation EU, but an exit likely remains several years away. The Conservative government says it will not trigger the formal two-year exit negotiations process before next year. Scientists' organization the Royal Society welcomed

NOTICE

the announcement, but said it should be extended to give more stability. Its president, biologist Venki Ramakrishnan, said “we have been hearing anecdotal reports of people not being willing to collaborate with certain U.K. collaborators because they weren't sure that they would be able to stay for the full duration of the grant.”

NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-

PEASBOTTOM ALLEY LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7th JuLY, 2016.

BLEUGURU S.A. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7th JULy, 2016.

C.B. Strategy Ltd. LIQuIDATOR

DEONAFAYE COMPANY LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7th JuLY, 2016.

NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-

POT HOLE STREET LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7th JuLy, 2016.

LEGACY RICHES SA has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7th JuLY, 2016.

C.B. Strategy Ltd. LIQuIDATOR

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-

C.B. Strategy Ltd. LIQUIDATOR

NOTICE

Britain’s Foreign Secretary Philip Hammond arrives at Downing Street in London. Britain’s Treasury chief Philip Hammond said Saturday, in a funding guarantee that Britain will keep paying for European Union-funded agriculture, infrastructure and science projects even if Britain leaves the bloc. (AP Photo)

C.B. Strategy Ltd. LIQuIDATOR

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-

C.B. Strategy Ltd. LIQuIDATOR

FACE POWDER CORP. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7th July, 2016.

MARKET REPORT FRIDAY,12 AUGUST 2016

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

C.B. Strategy ltd. lIQuIDATOR

BISX ALL SHARE INDEX: CLOSE 1,974.75 | CHG -0.06 | %CHG 0.00 | YTD 150.80 | 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 3.15 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 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 2.65 1.50 5.80 8.76 10.95 8.10 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 2.59 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 0.00 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

115.43 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.41 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.02 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

200

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 27.6 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% 2.32% 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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045

MUTUAL FUNDS 52WK HI 1.99 3.89 1.91 167.58 138.35 1.44 1.67 1.55 1.06 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.53 1.47 1.03 6.11 6.93 5.55 10.37 8.65

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund

NAV 1.99 3.89 1.91 167.58 136.68 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 2.09% 4.15% 3.06% 6.67% 1.39% 3.06% 3.41% 5.18% 2.95% -0.58% 1.89% 3.91% 2.32% 8.70% 1.68% 5.28% 2.77% 1.26% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Jun-2016 30-Jun-2016 24-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:MAJESTIC SHORES LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7th JuLy, 2016. C.B. Strategy Ltd. LIQuIDATOR

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:FRITTERS CONCH LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7th JuLy, 2016. C.B. Strategy Ltd. LIQuIDATOR

THE TRIBUNE

Pressuring Trump, Clinton releases 2015 tax returns

Monday, August 15, 2016, PAGE 9 WASHINGTON (AP) — Hillary and Bill Clinton earned $10.6 million last year, according to a tax filing released by her campaign Friday that sought to pressure presidential rival Donald Trump to disclose his tax returns. The filing shows that the Clintons paid a federal tax rate of 34.2 percent in 2015. The bulk of their income — more than $6 million — came from speaking fees for appearances made largely before

Hillary Clinton launched her campaign in April 2015. They gave more than $1,042,000 to charity, with $1 million going to the Clinton family foundation. That is the financial vehicle the family uses to give money to museums, schools, churches and other charitable causes. It is not the same organization as the better-known Clinton Foundation. The Clintons' income puts them well within the ranks of the top

0.1 percent of Americans, though they pay a higher tax rate than many of their elite peers, according to an analysis by the nonpartisan Tax Foundation, based on 2013 data. The release is part of an effort to undercut Trump's character by questioning the celebrity businessman's record. Trump has refused to make his filings public, saying they're under audit by the Internal Revenue Service and he'll release

COMMONWEALTH BREWERY LIMITED

Interim Consolidated Statement of Changes in Equity (Unaudited)

Management comments on Interim Consolidated Financial Statements (Unaudited)

For the six months ended June 30, 2016

Six months ended June 30, 2016

(Expressed in Bahamian dollars)

Revenue declined 4.5% in the second quarter compared to the same period last year despite flat sales volume reflecting reflecting a continuation of the conservative shift in consumer spending noted at the end of the first quarter.

Operating expenses declined by 4%, driven by lower raw materials, consumables and services costs reflective of the relatively weak market for operating inputs. Net income consequently decreased 8% compared to the first six months of 2015. Earnings per share for the 6 months ended June 2016 amounted to $ 0.24, which is three cents below the level of the first half of 2015. On April 28th, 2016 the board of directors declared a final dividend of $0.36 per share related to 2015. This amount was paid on May 251h, 2016 to shareholders of record on May 12th, 2016.

Interim Consolidated Statement of Financial Position (Unaudited)

June 2016

December 2015

Assets Current Assets: Cash and cash equivalents Trade receivables Prepaid expenses and other assets Inventories Total current assets

1,545,353 4,186,085 4,706,933 22,533,526 32,971,897

1,345,882 3,370,708 2,883,761 19,893,831 27,494,030

Non-current Assets: Goodwill Property, plant and equipment - net Intangible assets Total non-current assets Total assets

4,487,242 36,148,218 97,952 40,733,412 73,705,309

4,487,242 36,556,901 113,418 41,157,561 68,651,591

Liabilities and Equity Current Liabilities: Accounts payable and accrued expenses Total current liabilities

21,857,074 21,857,074

13,327,296 13,327,296

150,000 12,377,952 16,351,369 7,096,254 15,872,660 51,848,235

150,000 12,377,952 16,351,369 7,096,254 19,348,720 55,324,295

73,705,309

68,651,591

Total liabilities and equity

Balance at December 31, 2015

Share premium

Contributed Revaluation surplus surplus

150,000 12,377,952

16,351,369

7,096,254

Total comprehensive income

Dividends declared/paid Balance at June 30, 2016

150,000 12,377,952

16,351,369

(Unaudited)

7,096,254

Cash flows from operating activities Net income and total comprehensive income Adjustments for: Depreciation Amortisation Loss/(gain) on disposal of PPE Interest received Interest paid Net cash from operations before changes in working capital Changes in non-cash working capital Net cash from operating activities Cash Flows from financing activities Repayments of bank loans Proceeds from issue of share capital Interest paid Dividends paid Net Cash used in financing activities

Cash flows from investing activities Additions to property, plant and equipment Proceeds from sale of property, plant and equipment Interest received Net cash used in investing activities

Finance cost Net finance cost Net income and total comprehensive income

June 2015

31,172,676 9,500 31,182,176

32,409,891 180,781 32,590,672

21,308,349 4,714,722 800,733 7,733 26,831,537

22,491,674 4,611,137 788,355 12,733 27,903,899

4,350,639

4,686,773

2,859 2,859

4,347,780

4,686,773

0.14

0.16

For the six months ended June, 30, 2016, with corresponding figures for the six months ended June 30, 2015 (Expressed in Bahamian dollars) June 2016

June 2015

58,691,835 (15,696) 58,676,139

60,983,257 488,333 61,471,590

40,436,296 9,299,371 1,598,396 15,466 51,349,529

42,949,644 9,000,120 1,538,064 25,466 53,513,294

7,326,610

7,958,296

2,670 2,670

7,323,940

7,958,296

0.24

0.27

Operating expenses:

Results from operating activities Finance cost Net finance cost Net income and total comprehensive income

Basic and diluted earnings per share (Unaudited)

2015

7,323,940

7,958,791

1,598,396 15,466 (1,000) (36) 2,706

1,538,064 25,466 -

8,939,472

9,521,826

3,251,381 12,190,853

(8,984,051) 537,775

(2,706) (10,800,000) (10,802,706)

(10,800,000) (10,800,000)

(1,189,712) 1,000 36 (1,188,676)

(877,203) (877,203)

199,471

(11,139,428)

Cash and cash equivalents, beginning of year

1,345,882

7,125,222

Cash and cash equivalents, end of period

1,545,353

(4,014,206)

(Unaudited)

Accounting Policies These interim financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by IFRS for consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these unaudited consolidated financial statements.

Dividends Declared On April 26, 2016 the Board of Directors of the Company declared a final dividend of $0.36 per share related to 2015 to be paid to the shareholders of record on May 12, 2016. The total declared amounted to $10,800,000 with a payment date of May 25, 2016.

LEGAL NOTICES

Interim Consolidated Statement of Comprehensive Income (Unaudited)

2016

Publish your

COMMONWEALTH BREWERY LIMITED

Raw materials, consumables and services Personnel costs Depreciation Amortisation Total operating expenses

15,872,660

(Unaudited)

Revenue Other income Total income

(10,800,000)

Notes to Interim Consolidated Financial Statements (Unaudited)

June 2016

Basic and diluted earnings per share

Note(s)

(10,800,000) 15,872,660

Net increase in cash and cash equivalents

Operating expenses:

Results from operating activities

7,323,940

Six months ended June 30, 2016 (Expressed in Bahamian dollars)

Raw materials, consumables and services Personnel costs Depreciation Amortisation Total operating expenses

55,324,295

7,323,940

Interim Consolidated Statement of Cash Flows (Unaudited)

For the three months ended June, 30, 2016, with corresponding figures for the three months ended June 30, 2015 (Expressed in Bahamian dollars)

19,348,720

COMMONWEALTH BREWERY LIMITED

Interim Consolidated Statement of Comprehensive Income (Unaudited)

Revenue Other income Total income

Total equity

LTIP

COMMONWEALTH BREWERY LIMITED

Note(s)

Retained earnings

Note(s)

June 30, 2016 with corresponding figures for December 31, 2015 (Expressed in Bahamian dollars)

Share capital

For the six months ended June 30, 2016, with corresponding figures for the six months ended June 30, 2015 (Expressed in Bahamian dollars)

COMMONWEALTH BREWERY LIMITED

Equity: Share capital Share premium Contributed surplus Revaluation surplus Retained earnings Total equity

them only once that review is complete. All major U.S. presidential candidates in modern history have released their returns. Trump steered clear of mentioning his personal taxes Friday. A spokesman pointed to Clinton's move to delete tens of thousands of personal emails from her private account as secretary of state and questions about whether she used her government post to benefit the Clinton Foundation.

in The Tribune

Call 7

502-2394