MONDAY, SEPTEMBER 5, 2016
business@tribunemedia.net
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Govt ‘legislating us out of business’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Government’s latest proposed labour law amendments have been slammed as “irresponsible governance”, a well-known businessman warning: “Don’t legislate the private sector out of business.” Robert Myers, a principal in newly-formed civil society group, the Organisation for Responsible Governance (ORG), urged the Christie administration and trade unions to focus on making the economy more competitive instead of “going after business”.
New labour law reforms ‘irresponsible governance’ Proposals ‘another nail in private sector coffin’ Improve competitiveness to better protect workers He argued that doing so would have a far greater impact on “improving job security” than
the measures the Government is seeking to push through the National Tripartite Council and Parliament in the wake of Sandals’ mass termination exercise. The Department of Labour served notice of the Christie administration’s intentions to the other two sides represented on the Tripartite Council - the private sector and the trade unions - via a notice issued to them on August 30. The Christie administration wants to make it mandatory for employers to provide two months’ (60 days) notice to itself and the relevant bargaining agent (trade union) whenever See pg b6
Govt, unions told: ‘Businesses are not unlimited money pits’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Chamber of Commerce’s chairman has warned the Government and trade unions that “destroying businesses” will render talks on worker protection and benefits “moot”, as there will be no jobs for them to fill. Gowon Bowe urged both the Christie administration and worker representatives to realise that Bahamian companies “are not bottomless pits of money”, and that there was a limit to how much regulation and costs they can absorb. The Chamber chief also called on the Government to avoid a “knee jerk” response to Sandals’ mass termination of its 600-strong workforce, given that any legislative action was likely to produce “unintended consequences” for the private sector and wider economy. Mr Bowe spoke out amid increasing private sector concern over the “emergency” labour law reforms that the Government wants to bring to the House of Assembly by September 30, in direct response to the See pg b5
Chamber chief: Destroy business and there’s no jobs Warns on ‘knee jerk’ reaction to Sandals situation Says Govt ‘not so naive’ as to force law reforms
Gowon Bowe
Web shop wants GBPA to ‘rescind’ licensing demand Chances seeks January 25 letter ‘clarification’ Wants Port to recognise Gaming Board’s authority Chain’s expansion plan dependent on resolution By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Robert Myers
BOB trading bandwidth is increased 54% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The bandwidth in which Bank of the Bahamas shares can trade on BISX has been expanded for the second time in less than two months, this time by 54 per cent, amid alterations to its $40 million rights offering. The Bahamas International Securities Exchange (BISX) quietly informed broker/dealers of the change in trading policy last week, Tribune Business can reveal, although it gave no formal notification to the wider investing public. Several capital markets sources confirmed to this newspaper that Bank of the Bahamas shares are now being allowed to trade at prices up to 54 per cent away from the previous day’s closing price, compared to the nor-
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Second such BISX move in two months Govt likely to own 80-90% after rights issue mal ‘10 per cent bandwidth’ that BISX permits for its listed stocks. “There was an announcement sent out a couple of days ago to the brokers,” one source, speaking on condition of anonymity, confirmed. No explanation has been forthcoming, either from BISX or the Bank of the Bahamas, as to why the latter’s stock price is being allowed to fluctuate so widely - a major departure from the stock exchange’s normal policy. See pg b4
A web shop operator is demanding that the Grand Bahama Port Authority (GBPA) “rescind” a letter requiring it to apply for a provisional gaming licence, and accept the Gaming Board’s regulatory jurisdiction in Freeport. Carlson Shurland, who represents Jarol Investment, trading as Chances Games, told Tribune Business that “the only thing” dividing his client and the GBPA was the latter’s January 25, 2016 letter. In that document, Freeport’s quasigovernmental regulator demanded that Chances Games apply to it for a provisional gaming licence, adding that its authority stemmed from the Gaming Act 2014 and accompanying regulations. Fred Smith QC, the GBPA’s attorney, subsequently admitted in an August 31, 2016, letter that his client had been “incorrect” in stating that the lawful basis for its licence request stemmed from the Gaming Act. Instead, he asserted that the GBPA’s licensing authority was derived from the Hawksbill Creek Agreement, and made no mention of his client withdrawing its January 25, 2016, letter. Chances Games fears that without the GBPA confirming the withdrawal of that letter, and its contents, the issue is left open to further conflict in the future, potentially exposing its Freeport operations to ‘double regulation and taxation’. And the web shop chain is warning that its business development and expansion plans are “entirely and directly dependent” on resolving its dispute with the GBPA over the provisional gaming licence. Speaking ahead of today’s Judicial Review hearing on the matter, Mr Shurland accused Mr Smith of “dwelling on See pg b5
CCA sticking with Baha Mar ‘lock out’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s main contractor is sticking to its position that it cannot produce documents for a New York court case because it remains “locked out” of its offices at the $3.5 billion project site. Michael Guiffre, China Construction America’s (CCA) US attorney, asserted that his client was unable to produce documents for ‘legal discovery’ “because it has been locked out of its project offices since June 2015”. Attorneys for Controlled Demolition Inc (CDI), a US sub-contractor that is demanding CCA (Bahamas) pay it an alleged outstanding $754,704 balance for work completed on the $3.5 billion project, have accused the Chinese state-owned company of employing this as part of “stonewalling” tactics. Mr Guiffre, though, denied this in an August 22, 2016, letter, and argued that CCA was “only capable of producing documents in its possession, custody, or control; it cannot produce what it does not have”. “Defendant [CCA] stored most of its hard copy and electronic data relating to the project at its project site offices,” he added. “Defendant has repeatedly explained that it does not have access to these documents because it has been locked out of its project offices since June 2015, when the project owner [Sarkis Izmirlian] filed its bankruptcy petition.
Congratulations
Couldn’t access offices as late as late August But now remobilising for Baha Mar completion “Far from seeking to ‘stonewall’ discovery, [CCA] has sought to overcome the hurdles presented by its lack of access to its project offices. Defendant is continuing its efforts to identify alternate sources of responsive documents, and it believes that it has additional e-mail data which may contain responsive documents. Defendant is working to produce any additional responsive documents before the president of the company is deposed by plaintiff [CDI] in September.” Document discovery is a key part of the legal process, as it enables all parties to obtain and exchange evidence that is relevant to their respective cases. And many observers are likely to be suspicious of CCA’s assertions that it remains ‘locked out’ of its offices at the Baha Mar project site, given recent developments involving the $3.5 billion investment. Given that CCA has now signed an agreement with Baha Mar’s secured lender, the China Export-Import See pg b4
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PAGE 2, Monday, September 5, 2016
THE TRIBUNE
Labour law changes are ‘not set in stone’
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The private sector is reviewing recent recommendations by the Government to amend the Employment Act, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive stressing that the proposals “are not set in stone”. Edison Sumner acknowledged that the recommendations had been presented at last Thursday’s meeting
of the National Tripartite Council. “The only thing we can say at this point is that we have received these recommendations, along with the other social partners, being the trade unions who are members of the Council as well,” he added. “The Chamber is now reviewing the recommendations. We will be canvassing our members, talking to our partners in industry, and international partners as well. After we would have done our own consultation then
we would be able to provide our response to those recommendations, understanding that they are only proposed recomendations.” Mr Sumner continued: “They are not set in stone. We are now required as a Tripartite Council to make recommendations back to the Minister of Labour. The Chamber will be formulating an official position, and once that has been completed we will be writing our own recommendations to the Council.” Several recommenda-
tions to the Employment Act have been outlined in a Department of Labour document seen by The Tribune. Among the recommendations is that it would be a criminal offense for employers to fail to consult, or notify, the relevant minister or bargaining agent about their intention to make 10 or more workers redundant. This would be “punishable by fine or imprisonment or both”, according to the proposal. The Government has also recommended that employ-
Local construction chief joins elite builder group The head of a Bahamian construction company was recently selected to join an elite group of builders in the US, after becoming the first international representative on the Star Building Systems’ president’s advisory council in more than 15 years. Lee McCoy, president of TMC Engineering, a Nassau-based company which installs metal structures produced by Star Building Systems for clients throughout the Bahamas, joined other ‘Star Builders’ from the US
and Canada at the Oklahoma-based company’s President’s Advisory Council (PAC) event in August 2016. The PAC is a small group of builders who represent more than 1,100 Star Builders throughout the world. The goal of the PAC is to advise the leadership on what they are doing well, and what can be improved. TMC Engineering was asked to join the PAC after being selected for Outstanding Builder awards by Star Building Systems every year since Mr McCoy took over
Star regional manager, Marty Hooks, and TMC Engineering president, Lee McCoy. leadership of TMC Engineering in 2006, and having joined the Star Building Systems’ Presidents Club in 2015. Speaking of the Jackson Hole conference, and his company’s success in the Ba-
hamas, Mr McCoy said: “I met a variety of builders with diverse experiences. Some builders only supply buildings and some supply and install like us; some have only one or two very large clients at any given time.
ers consult the minister and bargaining agent at least 60 days prior to the redundancy exercise, whenever they are proposing to make 10 or more employees redundant. According to the document, the Government plans to not only force employers to give it and unions substantial notification of redundancy plans and to consult them, but to also remove the cap in the Employment Act which ensures there is a 12-year limit on the redundancy pay an employee is entitled to un-
der the law. The recommendations come amid the ongoing dispute between trade unions and Sandals over 600 workers recently being made redundant. Shane Gibson, ministerof labour and national insurance, told Tribune Business that once the Tripartite Council had made its final recommendations, the issue would be before him. “I don’t even know what it is. I don’t get involved until it is finished and they send it to me,” he said.
“One thing I noticed was most, if not all, were negotiation-based builders. Instead of relying on low-bid tactics, they talk with their clients and find out exactly what they need, and give them a great product and service to match. This is how TMC operates and how we’ve been able to become a top Star Builder in the Bahamas.” During the event, David Alexander, president of Star Buildings, gave an update on the status of the company and the future outlook. Others followed, updating changes since the last meeting. The builders were then left alone to discuss the various issues that had come up over the past year among those represented across areas including service, product, automation, and marketing.
Mr McCoy said: “Communication was a common theme in all of the segments. From making sure follow up phone calls are made to letting builders know about new products and changes. We’ve certainly seen this happening more on our end, and I think this will help improve communication with our clients as well.” A 100% Bahamian-owned company, TMC’s 2016 client list includes Wildflowers Events and Occasions, Home Fabrics, Central Food Fair, and Aetos Holdings, the owner of the Wendy’s, Popeyes, and Marco’s Pizza chains. In addition, TMC is currently working with Integrated Building Services to provide a dormitory for the Moore’s Island Student Athlete Programme.
THE TRIBUNE
Monday, September 5, 2016, PAGE 3
Unions ‘plan something major’ on Sandals issue By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
A trade union leader says the movement is “planning something major” in response to the Sandals Royal Bahamian terminations, arguing that the “overwhelming” public response had effectively left them with “no choice” but to act. Obie Ferguson, the Trades Union Congress (TUC) president, said its affiliate, the Bahamas Hotel, Maintenance & Allied Workers Union (BHMAWU),along with the National Congress of Trade Union (NCTU), is expected to meet with Prime Minister Perry Christie today on the matter. Mr Ferguson hinted, though, that regardless of the meeting’s outcome, the unions “will do something”, although he did not go into specifics. “We are planning something very major. We just
Set to meet PM today want to meet with the Prime Minister on Monday. We’re still going to do something,” Mr Ferguson told Tribune Business. “The response from the Bahamian public is just overwhelming in this matter. We don’t have a choice, to be honest. The public is really against what happened at Sandals. We have to account to the public because the public has given us 100 per cent support, and they have called in consistently.” Tribune Business understands that the unions are also scheduled to meet with the Free National Movement (FNM) on Tuesday to discuss the Sandals redundancies and other matters affecting the trade union movement. Union executives, along with members of the reli-
Obie Ferguson gious community, met with Mr Christie two weeks ago regarding grievances over the termination of Sandals Royal Bahamian’s 600 staff. And the TUC and the
them within 48 hours to resolve the Sandals situation. The TUC and its BHMAWU affiliate previously blasted Sandals Royal Bahamian for its abrupt
CIBC upgrades its mobile banking app
Commonwealth Bank in 12% profit increase Commonwealth Bank says tighter loan portfolio management and increased net interest income drove an 11.8% increase in net profits for the 2016 half-year, taking them from $29.2 million to $32.7 million William B. Sands, the bank’s chairman, said: “The bank continues to maintain good credit quality as indicated by our nonperforming loan ratio of 4.4 per cent, and continually outperforms the industry average of 14.19 per cent at June 2016, as reported by the Central Bank of The Bahamas.” The BISX-listed institution’s total assets stood at $1.55 billion, an increase of 1 per cent year-over-year, while total revenue rose by 6.3 per cent to $78.3 millilon, nearly $5 million higher than the previous year. Net interest income grew by 7.1 per cent, ending the six-month period at $70.9 million - about $4 million higher than the comparable period in 2015. “We are pleased to present these positive results to our loyal shareholders, and
NCTU had previously warned they were prepared to “shut the country down” with a repeat of the 1958 General Strike unless the Prime Minister met with
William B Sands are particularly proud that through staff dedication, prudent management and our conservative, low-risk approach to lending, we were able to achieve this performance in an economy that continues to present challenges,” said Mr Sands. “With recent announcements, we cautiously look forward to an improving economy and associated higher levels of economic activity.”
CIBC FirstCaribbean’s has made more improvements to the functionality of its mobile banking app. From September 1, several user interface enhancements have bene implemented to improve the experience of users of the free app. The enhancements include a new ‘Redeem Now’ button”, which allows users who have signed up to track their Rewards Points on the CIBC FirstCaribbean credit card. The latest upgrade also includes a number of additional security enhancements, as well as improved speed of some of the app’s functions. Introduced in May 2016, the CIBC FirstCaribbean Mobile App gives customers an extra channel to help
them customise their banking experience to best suit their lifestyle. Mobile users can access the app on Android, Apple, Blackberry and Windows devices, and enjoy the following features: * Checking account balances * Transferring funds * Paying bills * Locating branches and Instant Tellers Trevor Torzsas, CIBC’s managing director for customer relationship management and strategy, said: “This is an app that allows our clients to choose how they want to engage with us. More and more of them are telling us they want to avoid the banking hall and bank electronically. It’s how they live their lives - fast-paced
closure last month, arguing that it was a ‘union busting’ move.The resort chain, though, has repeatedly countered that the closure, which resulted in 600 employees being made redundant, was essential for much-needed $4 million repairs to take place at the Cable Beach property. The BHMAWU has been seeking to negotiate an industrial agreement for workers at Sandals Royal Bahamian since 2009, and has grown increasingly frustrated at its failure to do so, despite having been recognised as the bargaining agent. Sandals Royal Bahamian and its attorneys, Lennox Paton, have been challenging the “very basis” for the union’s existence on technical grounds. The resort previously filed a Judicial Review seeking a court order that would force the Registrar of Trade Union’s to cancel the union’s registration. and on the go. Their banking must match that pace and expectation.” Mr Torzsas added: “You can now link your credit card to your mobile banking app. You can track how many points you have earned and redeem them right from your mobile device. Now that’s the ulti-
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.
PAGE 4, Monday, September 5, 2016
BOB trading bandwidth is increased 54% From pg B1 BISX normally allows trading prices for its listed stocks to only fluctuate by a maximum of 10 per cent either side of the previous day’s close, in a bid to eliminate market volatility produced by small retail sellers wanting to get out at any price. Despite leaving numerous messages, both BISX’s chief executive, Keith Davies, and its chief operating officer, Holland Grant, have failed to respond to Tribune Business inquiries and requests for comment. However, it is likely that the move was taken in a bid to create a market for Bank of the Bahamas shares amid the backdrop of the current rights offering. BISX’s own trading data shows a huge build-up in ‘sell’ order for Bank of the Bahamas stock, with investors numbering in the hun-
dreds seeking to offload their investments in the troubled institution. Yet not a single ‘buy’ order has been placed, highlighting both the complete absence of investor interest in Bank of the Bahamas and the problems created by this nation’s illiquid capital markets - not enough buyers and sellers. Still, some 25 Bank of the Bahamas shares were traded last week at a price of $2.41 per share, a major departure from the $5.22 they have been stuck at for months in the absence of buyers and trading activity. Two unfulfilled ‘sell’ orders, including one for almost 216,000 shares, have also been placed at the same $2.41 price, indicating that this may become the ‘new floor’ for Bank of the Bahamas shares. The offering document for the $40 million rights
CCA sticking with Baha Mar ‘lock out’ From pg B1 Bank, for the project’s construction completion, its representatives are already likely to be back on-site especially as remobilisation is scheduled to occur this month. The Baha Mar project site is also under the control of the Deloitte & Touche receivership team, which acts as agents for the China Export-Import Bank. The latter is effectively a CCA ‘affiliate’, given that both are owned by the Beijing government. As a result, CCA, which had already removed many of its computers and files around the time of the Chapter 11 bankruptcy protection filing, should have no difficulty ‘accessing’ the Baha Mar site. Its seeming ‘inability’ to access information relating to work on Baha Mar, especially its construction contracts, may also leave some
wondering how effective it will be in assessing and adjudicating claims submitted by Bahamian creditors - especially its sub-contractors. CCA has a seat on the fiveperson committee that will oversee the creditor payouts. Meanwhile, Mr Guiffre told the southern New York federal court that CCA had produced some 1,600 pages of documents in response to CDI’s discovery requests, but alleged that the latter had failed to clarify some of its demands. He added that it was incorrect for CDI to suggest that the Baha Mar project had been “terminated”, an event that in any case would have “no bearing on [CCA’s] defense that addressing plaintiff’s claims before the Dispute Resolution Board (DRB) is a condition precedent to this lawsuit”. Mr Guiffre also accused CDI of seeking “to obtain every scrap of derogatory information” available on
issue confirms that the 54 per cent move is the second time that BISX has increased “the trading bandwidth” for Bank of the Bahamas (BOB) stock within the last two months. The rights offering document says: “On Thursday, July 14, 2016, BISX announced an increase in the trading bandwidth for BOB ordinary shares from 10 per cent to 20 per cent. “Due to the financial circumstances of the bank over the past three years and stagnant trading, market sentiment reflected that the price was overvalued at $5.22 and the band needed to be increased to encourage trading in order to bring the price in line with its true value.” This was tied to how the rights issue price was calculated. The prospectus added: “Using this premise, and the last price at which the shares executed of $4.70, the price was further discounted 42.5 per cent to arrive at the issue price of $2.70. “Thereby, once the rights his client in relation to the Baha Mar project via its request for documents dealing with Mr Izmirlian’s claims of “shoddy workmanship” and other alleged breaches. “Plaintiff’s [CDI] argument that it is entitled to seek discovery as to all payments defendant [CCA] received from the owner [Mr Izmirlian] is similarly overbroad and without merit,” Mr Guiffre said. “Such a request, particularly in a multi-billion dollar project involving numerous sub-contracts, work packages and phases, seeks irrelevant information that is grossly disproportionate to the needs of this case, in which plaintiff seeks $754,704. “Moreover, as is standard practice in the construction industry, the owner allocates payments to specified work. Thus, defendant agreed to produce payment applications it submitted to the owner and related documents to the extent they correspond with or relate to plaintiff’s payment applications or plaintiff’s work.”
offering closes and the stock begins trading exrights, it would average out to a price of $4.18, which would amount to a 20 per cent decrease in the current market price of $5.22. “This ex-rights price would satisfy the initial 20 per cent bandwidth decrease in the current price to stimulate trading in the security.” The introduction of the ‘54 per cent bandwidth’ may also have been influenced by the lack of demand for Bank of the Bahamas stock at the $2.70 per share rights offer price. “Nobody has stepped up to take the rights offer price,” Tribune Business was told bluntly. “Nobody has bought it.” Bank of the Bahamas has also been forced to alter the timing of its rights offering, which was supposed to launch last Monday and close today (September 5). It is now due to open tomorrow and close on September 12, 2016, according to the bank’s newspaper advertisement, which says
The Baha Mar development.
THE TRIBUNE
the changes were intended to bring it into compliance with BISX Rules. While the ‘one new share for every 1.44 currently held’ terms have not changed, the altered timing suggests the stock exchange had some difficulties with the rights offering as originally structured. Tribune Business understands that BISX and the Securities Commission held discussions on the issue, and particularly the time - or lack of it - afforded to investors to read the offering materials and understand them. While the prospectus was sent out to investment houses, brokers and other institutional money managers on the Friday before the original launch date (August 29), many retail investors did not receive their copies until Monday at the earliest. Tribune Business previously reported how this raised questions about information asymmetries and the maintenance of an orderly Bahamian capital
market, given that some Bank of the Bahamas shareholders gained an advantage over their fellow investors by learning of the post-rights offer price in advance. The changed dates for the $40 million offering are likely a response designed to deal with these issues. However, it is unlikely to make much of a difference to demand from Bank of the Bahamas’ 35 per cent minority investors. The market expectation is that the Government, likely through the National Insurance Board (NIB), will be required to pick up most, if not all, the $40 million. Should such an outcome occur, capital markets observers believe the Government will own between 8090 per cent of Bank of the Bahamas’ equity, controlling it virtually outright. “I think that, at the end of this, the Government will own this bank almost completely,” one source said.
Photo: Tim Clarke/Tribune Staff
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THE TRIBUNE
Monday, September 5, 2016, PAGE 5
Web shop wants GBPA to ‘rescind’ licensing demand From pg B1 a non-issue”, which was an ‘clarification’ letter sent to himself on February 23, 2016. This, too, did not rescind the previous January 25 letter, and Mr Shurland told Tribune Business: “The issue is that letter of January 25. “That letter deals with the Port Authority asking my client to pay for a provisional gaming licence. It is very clear, very unambiguous where it’s saying they’re relying on the Gaming Act 2014 and the Gaming Rules 2015 to issue a provisional gaming licence.” The January 25, 2016, letter prompted Chances Games to become one of at least two web shop chains who have launched separate legal challenges to the GBPA’s bid to issue gaming licences to them, and levy
an associated 50-fold fee increase. They are effectively arguing that the GBPA is trying to “usurp” the Gaming Board as the web shop industry’s regulator, and that the former has no power to issue provisional gaming licences - and charge associated fees - for their Freeport operations. Chances Games is thus effectively asking the Supreme Court to determine who is the appropriate regulator and licensor for its Freeport operations, and to whom it should pay related gaming taxes, at the threeday hearing scheduled to begin today. Mr Shurland told Tribune Business that the GBPA, through Mr Smith’s August 31 letter, had “accepted the reference to the Gaming Board is incorrect”, yet it had not accepted his invita-
Govt, unions told: ‘Businesses are not unlimited money pits’ From pg B1 Sandals situation. The Christie administration wants to make it mandatory for employers to provide two months’ (60 days) notice to itself and the relevant bargaining agent (trade union) whenever they are about to make 10 or more workers redundant, with failing to do so becoming a criminal offence. And, accompanying this proposal, the Government also wants to remove the Employment Act’s existing ‘12-year cap’ on severance/ redundancy pay. While the National Tripartite Council, made up of trade union, government and private sector representatives, is supposed to discuss the proposals in a bid to achieve an agreed position, the Government has made clear that it wants to push them forward as is. Bahamas Chamber of Commerce and Employers Confederation (BCCEC) are understood to have reassured anxious private sector executives that the proposals have not been presented via a ‘take it or leave it’ ultimatum from the Government, and that consultations and feedback from the private sector will be factored into the final outcome. And when asked whether the Christie administration intended to ‘ram through’ its proposals, Mr Bowe said he was confident it would “not be so naive” as to further exacerbate tensions with the private sector. The proposed reforms, though, threaten to further increase costs, and undermine the ‘ease of doing business’ in a fragile economy that according to recent Department of Statistics data has just undergone two consecutive years of recession. And coming after the imposition of numerous tax (VAT) and regulatory impositions, the proposals will also hit a weak private sector confidence and give the impression that the Government is anti-business. Mr Bowe, while disagreeing that the proposed reforms would further undermine business confidence, acknowledged: “Employee representatives and the Government need to be reminded that businesses
are not bottomless pits of money. “If businesses are forced to close because of unprofitability, there will be no businesses, and with no businesses there will be no employees, and the discussion of employee benefits will be moot. “I cannot destroy a company by paying everything out to the employees, because if there’s no company, there’s no employees.” Mr Bowe added that Bahamian capital and labour needed to work together for the common good, and the service-driven nature of this economy gave workers a natural protection that was stronger than any legislation. “We have to have a mindset of protecting the viability of businesses in general, while impressing upon businesses that your success comes from a talented and highly motivated workforce,” the Chamber chairman added. “Employees can destroy businesses that are oppressive to them, and there is a natural protection for workers because most businesses in the Bahamas are service driven. Without employees, businesses do not do well.” The Government’s ‘mandatory redundancy notice’ period proposal appears to be a direct response to Sandals’ decision to terminate 592 workers while it conducts a $4 million, two-month renovation at its Royal Bahamian property. But the nature of the resort’s subsequent job fair, where terminated had to reapply for their jobs and outside candidates were invited to apply, raised suspicions that Sandals was using the renovations as a ‘union busting’ exercise. The Bahamas Hotel, Maintenance and Allied Workers Union has been recognised as the bargaining agent for Sandals line staff, and has been seeking without success - to engage in the resort in industrial agreement negotiations. The temperature in the two sides’ dispute rose markedly just before the resort’s closure and staff terminations, with road blockages and the union filing a court case against the resort’s senior management. Calling for cool heads to
tion - contained in two letters - to rescind the January 25 document. “Unless they rescind and do a clarification, it’s like sanctioning their authority,” Mr Shurland said, explaining Chances Games’ dilemma. “By not rescinding that letter, they [the GBPA] leave that issue of the provisional gaming licence open. “All we want them to say is that that letter is no longer applicable; that the content relating to the provisional gaming licence is no longer relevant.” In his first letter, dated August 4, 2016, and addressed to Nicola Colebrooke, the GBPA’s customer relations manager, Mr Shurland acknowledged that the quasi-governmental authority had “approved and renewed” Chances Games’ 2016-2017 Business Licence. Yet he added: “It is incumbent that we seek clarification of the contents of your letter dated January 25, 2016, where you demanded
that our client apply for provisional gaming licence(s) pursuant to the Gaming Act 2014 and Gaming Rules 2015, with a corresponding inordinate increase of fees and threats of any future gaming license(s). “Further, can you confirm whether the contents of that letter are no longer relevant, and that you adopt our position that it is only the Gaming Board of the Bahamas, which is established by law, that can lawfully demand and issue gaming licences for all gaming operations in the Bahamas, inclusive of Freeport.” After receiving no response, Mr Shurland again sought “further and better particulars, and clarification” via an August 21, 2016, letter. And he added: “We wish to advise your good office that your failure to acknowledge and/or respond to our letter is prejudicial to our client’s position, as they are in the process of developing a strategic plan for future
development and expansion of Chances Games, which is entirely and directly dependent on the GBPA’s position regarding the issuance of its provisional gaming licence.” The GBPA is likely resisting Chances Games’ demands because to “rescind” its letter, and the provisional gaming licence request, would potentially undermine its case that it is the licensing authority for all gaming activities in Freeport - not the Gaming Board. Mr Shurland, meanwhile, hit out at Mr Smith over the GBPA’s late bid to strike out Chances Games’ Judicial Review in what are largely technicalities. He added that himself, and his client, had been placed at a disadvantage by only being served with the relevant documents on September 1, 2016, giving him little time to respond and defend the GBPA’s motion. “I am at a disadvantage,” Mr Shurland complained.
“It is prejudicial to me at such short notice that I have to argue the substantial application for Judicial Review, and at the same time start preparing for arguing the motion to strike out at 3pm on Friday. “I just want to state that I’m very disappointed in Mr Smith’s approach to this Judicial Review when, in fact, he was privy to all the submissions and the substantive amendments from June of this year.” Mr Shurland said the transcript from the Supreme Court hearing, at which Chances Games was given permission to bring the Judicial Review action, showed that Mr Smith had no objection then to the case proceeding forward. “Mr Smith waited until the 11th hour,” he complained. “He served my office on September 1 with a motion to dismiss the substantive application, the one he had no objection to hearing.”
prevail, Mr Bowe told Tribune Business: “Business has to educate the Government as to the impact of onerous regulation and trying to over-protect certain aspects of the economy. “Too often there have been knee jerk reactions to unusual circumstances like Sandals. While I certainly expect a review of the laws that protect workers, I don’t expect any exaggerated changes until there’s been
a proper consideration of the consequences and other options to achieve the same goals.” Mr Bowe reiterated that “you don’t amend legislation for one particular circumstance; you use that circumstance to guide debate on risks not foreseen in the past. “It has to be a collaborative approach. What will be the unintended consequences? You may address
a particular symptom, and cause the rest of the body to fail. You may cut out the pimple and bleed to death.” When asked whether he felt the Government would try to force its proposals through the Tripartite Council, Mr Bowe said: “I am confident the Government will not be so naive as to have so many divisive topics on the board that it takes an action that might create further tension.”
He added that while Shane Gibson, minister of labour and national insurance, had indicated he hoped the Tripartite Council “leans in a particular fashion”, his comments showed the Government realised the “merits” of using the body. Mr Bowe emphasised the need for a “good faith”, collaborative approach to discussing and determining any labour reforms.
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PAGE 6, Monday, September 5, 2016
Govt ‘legislating us out of business’ From pg B1 they are about to make 10 or more workers redundant, with failing to do so becoming a criminal offence. And, joining this proposal in the “emergency legislation” the Government wants to bring to the House of Assembly by September 30, the Government also wants to remove the Employment Act’s existing ‘12-year cap’ on severance/ redundancy pay. Such a move has long
been demanded by Bahamian trade union leaders, while the ‘advance redundancy warning’ measure appears to be a “knee jerk” reaction by the Government to what occurred at Sandals. While both proposals must be discussed by the Tripartite Council, in a bid to achieve consensus before they become draft legislation put before Parliament, the Government has made little effort to disguise its determination to move
them forward. However, both Mr Myers and Rick Lowe, an executive with the Nassau Institute think-tank, described the Government’s proposals as akin to “using a sledgehammer to crack a nut”. Mr Lowe told Tribune Business of the measures: “It’s another nail in the coffin that we know as the private sector in the Bahamas.” He added that the proposal to lift the ‘12-month cap’ on redundancy pay threatened to impose “astronomical costs” on the business community when some firms might need to
The National Art Gallery of the Bahamas seeks a full time receptionist The National Art Gallery of The Bahamas is seeking a candidate for a full time receptionist position. The National Art Gallery of the Bahamas (NAGB) has an opportunity for a personable and professional Receptionist with an engaged telephone manner, good attention to detail and excellent communication skills. The duties of the receptionist will include answering visitors’ enquiries about The National Art Gallery of the Bahamas, directing visitors to their destinations in the institution and surrounding neighborhood, answering incoming calls on multi-line telephones, and ensuring all messages are relayed to the appropriate parties. The receptionist must have knowledge of the organization and its work and must be able to work under his or her own initiative. Key Accountabilities: - Ensuring telephones are operational; - Report daily to the Office Manager and Executive Director for duties; - Answering telephones during opening hours; - Taking clear messages and delivering to staff members; - Directing vendors and visitors with appointments to appropriate staff members and offices; - Assisting visitors to the NAGB with information and directions; - Assisting Office Manager with communicating rental information. Personal Specifications: • Qualified candidate will possess (5) GCE’s or GCSE’s. • Previous work experience answering telephones is beneficial. The suitable candidate must have excellent phone etiquette. • Excellent verbal communication skills, organizational and interpersonal 3skills. • Good written and oral skills. • Be self-motivated, have strong organizational skills, ability to multitask effectively to ensure proper workflow. • Interest in meeting people and providing friendly and efficient customer service in professional manner • An interest in the NAGB’s mandate is a plus. Please send the following documents in support of your application: 1. CV or résumé – no more than 2 pages. 2. Letter of Intent – 1 page 3. Two (2) letters of good character Selection Process: The selection process will include evaluation of applications in relation to minimum requirements. Applicants meeting the minimum qualifications are not guaranteed advancement to the interview. Only those applicants whose qualifications most closely meet the needs of the department will be invited for an interview. Deadline for applications: September 9th, 2016 For further questions, please contact: Amanda Coulson Director The National Art Gallery of the Bahamas acoulson@nagb.org.bs or info@nagb.org.bs
downsize to survive. And Mr Myers, the immediate past Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman, was even more forthright. “If we keep this nonsense up, you’re going to put the country out of business. If you put the businesses out of business, the country will be right behind them and go out of business. That’s downright irresponsible,” Mr Myers told Tribune Business. “How much can the private sector take? You can’t do that. You’re going to make it so bad for people to hire, lay-off and terminate people that you are going to kill-off industry. “Don’t legislate the private sector out of business. We appreciate the Government wants to gain votes and protect workers, but don’t drive the private sector out of business. You are going to have less and less, not more and more. If that’s OK, keep throwing out the private sector and you’re going to have no more employees. That’s extremely short-sighted.” Many in the private sector view the latest labour law reforms, especially the ‘redundancy notice’ proposal, as unwarranted government intrusion and interference into the affairs of private businesses, and how they manage their operations. They also threaten to undermine labour market flexibility, and the flexibility of Bahamas-based businesses in general to restructure as necessary to ensure their survival. Businesses are also likely to view the proposals as government over-regulation and overkill, and a ‘knee jerk’ response to the peculiar circumstances created by Sandals decision to terminate virtually its entire workforce to facilitate a $4 million renovation programme. While the ‘redundancy notification’ proposal threatens to tie the private sector up in more ‘red tape’ and bureaucracy, plans to lift the statutory ‘12-month cap’ on redundancy pay will further increase business costs.
Both Mr Myers and Mr Lowe said the proposal contradicted recent promises by Prime Minister Perry Christie and other Cabinet ministers to reduce the cost, and improve the ease, of doing business in the Bahamas. “I don’t understand quite why the Government is taking this position when the PLP said in its Charter for Governance that they understood the problems businesses were having, and would correct them,” Mr Lowe said. “Instead, they’ve done a complete 180 degree turn on these pledges. At every turn, they’re making it more difficult for businesses, who are their tax collectors for VAT. “Instead of forging a partnership, they seem to be out to destroy the private sector and any semblance of a market economy,” he added. “They’re so upset that Sandals had the right to do this that they’re going to extremes to support the Bahamian worker.” The main concern for many Bahamian businesses is unlikely to be the latest labour reform proposals by themselves, but rather that they add to a series of cost and regulatory impositions that have been heaped on the private sector in recent years. Apart from Value-Added Tax (VAT), companies have had to contend with the likes of Tax Compliance Certificates, delayed VAT refunds and minimum wage increases within a narrow one-two year window. Meanwhile, industries such as construction and service contract providers will likely face practical difficulties in implementing the ‘60 day redundancy warning’ provisions. Mr Myers, who has business interests in these sectors, explained that construction was “cyclical”, with contractors frequently having to terminate workers when a project came to an end and there was nothing to replace it. It was the same for services businesses such as his Caribbean Landscaping company, where clients fre-
THE TRIBUNE quently terminated or chose not to renew contracts, again requiring lay-offs. Thus the effect of the Government’s reform proposals on these sectors would be an increase in the administrative burden, through numerous lay-off notifications, and costs associated with such terminations. Mr Myers suggested that construction and service contract companies, as a result, might now have to include clauses in client contracts that prevent termination unless the latter agrees to cover the additional costs imposed by the Government’s reforms. “That’s not tenable. It’s not a business transaction that works,” Mr Myers told Tribune Business. “You can’t get in the face of business. We’re not Gods. We don’t control our clients, and what’s going on in the world. “This is above and beyond the fact that most of us in the private sector think the existing redundancy laws are excessive, overblown and so expensive.” With foreign direct investment (FDI) dollars able to choose from multiple competing jurisdictions where they will earn the best returns, Mr Myers warned that the Bahamas could ill-afford reforms that may scare them away. “If we want to improve business and job security, think about how to make the Bahamas more competitive, not less,” he told Tribune Business. “Let’s stop going after the private sector and think about how to move the country forward. “If you don’t want to have a free market, and have a socialistic country that is run in a socialist way, you’re going to see an exodus of people. “It’s extremely irresponsible to start killing a fly with a sledgehammer. Instead of looking at this particular issue and both sides of the coin, you’re going to react in a certain way because it’s politically popular to do so. That’s not responsible governance. You’ve got to be completely ignorant and short-sighted to think that it is.”
THE TRIBUNE
Monday, September 5, 2016, PAGE 7
Economic summit opens amid sluggish growth, trade disputes HANGZHOU, China (AP) — Chinese President Xi Jinping called Sunday for leaders of the United States, Germany and other major economies to resist pressure to raise trade barriers as they opened a summit amid sluggish global growth and disputes over China's steel exports and Apple's Irish tax bill. China made trade a theme of the Group of 20 meeting even as Beijing faces complaints it is flooding world markets with lowcost steel, fueling demands for trade curbs. The president of the European Commission highlighted the conflict by calling for the summit to take action. Opening the two-day meeting in this lakeside city southwest of Shanghai, Xi called for more innovation to spur economic growth and reforms to global financial and economic management. He appealed for cooperation in taxes, anticorruption and measures to "improve the ability of the world economy to resist risks." Chinese officials said earlier that Beijing would propose a plan to boost trade and innovation through regulatory changes
and closer government cooperation. "We should build an open world economy," Xi said before an audience that included President Barack Obama, German Chancellor Angela Merkel, British Prime Minister Theresa May and leaders from Japan, South Korea, India and other governments. "Group of 20 countries should abide by their commitment to avoid taking new protectionist measures, strengthen investment policy cooperation and take effective action to promote trade growth," Xi said. China hopes to use its status as this year's G-20 leader to increase its influence in global economic management. Chinese officials say they want the G-20, created to coordinate the response to the 2008 financial crisis, to take on a longer-term regulatory role. The World Trade Organization is forecasting this year's global trade growth at an anemic 2.8 percent — its fifth straight year below 3 percent. Leaders at the meeting have said they will call for "inclusive growth" — a reference to efforts to defuse
pressure to protect local industries by spreading the benefits of closer global integration to millions of people who have been left behind by wrenching changes. Obama stressed that theme at a separate news conference with May. "We understand that many of our citizens are frustrated by the pace of globalization and feel they're not experiencing the benefits of international trade," Obama said. "We must all work together to spur economic growth, to boost free trade and build a fairer economy that truly works for all." Also Sunday, the head of the European Union's governing body called for action on China's bloated steel industry. The G-20 meeting "must urgently find a solution" to excess steel production, said Jean-Claude Juncker, president of the European Commission. He called on Beijing to accept a monitoring mechanism for overproduction that Beijing's trading partners blame for low prices and job losses. Juncker also rejected U.S. criticism of the order for Ireland to collect $14.5
European Commission President Jean-Claude Juncker, right, is shown the way by a Chinese official as he arrives at the G20 Summit in Hangzhou in eastern China’s Zhejiang province, yesterday. European Union leaders have called for China to take action on its bloated steel industry and defended an order to Ireland to collect back taxes from Apple, highlighting the trade strains looming over a global economic summit.(AP Photo)
billion in back taxes from Apple. An EU panel ruled that Apple improperly received government aid in the form of tax rates that were lower than those paid by other companies. Ireland has made low taxes a part of its strategy to attract investment. "Free trade must be fair trade," Juncker said at a news conference with Donald Tusk, president of the European Council. Another prominent issue at the summit is G-20 member Britain's June vote to leave the 28-nation EU, seen by some analysts as the first in a wave of moves by other nations to retreat from free trade. Germany, South Korea
and other governments say they also want to discuss climate, energy and possible reforms to the global tax system to reduce tax evasion. The meeting began on a diplomatic high note following a joint announcement Saturday by Obama and Xi that their governments had submitted documents committing them to carrying out the Paris climate agreement. But U.S. and other officials say they plan to bring up Chinese industrial overcapacity and other potentially thorny issues. Washington has imposed import duties of up to 500 percent on Chinese steel to offset what regulators say are improper subsidies. China, the world's biggest
steel producer, has committed to reducing its production capacity by 100 to 150 million tons by 2020, a pledge Xi repeated Saturday. "This is a global problem, but with a specific Chinese dimension we have to address," Juncker said. "We are really insisting on the need to take this seriously." Juncker defended the EU's tax order on Apple against U.S. criticism and rejected suggestions that the company was targeted because it is American. He said previous tax orders have affected European companies, including a January ruling that covered 35 enterprises, most of them from Europe.
PAGE 10, Monday, September 5, 2016
THE TRIBUNE
OBAMA LEGACY:
Quiet but big changes in energy, pollution HANGZHOU, China (AP) — Mostly unnoticed amid the political brawl over climate change, the United States has undergone a quiet transformation in how and where it gets its energy during Barack Obama’s presidency, slicing the nation’s output of polluting gases that are warming Earth. As politicians tangled in the U.S. and on the world stage, the U.S. slowly but surely moved away from emissions-spewing coal and toward cleaner fuels like natural gas, nuclear, wind and solar. The shift has put the U.S. closer to achieving the goal Obama set to cut emissions by more than a quarter over the next 15 years, but experts say it is nowhere near enough to prevent the worst effects of global warming. The overlooked changes took center stage Saturday in China. Obama and Chinese President Xi Jinping entered the world’s two worst polluters into a historic agreement to ratchet down heattrapping pollution. Obama hailed “the investments that we made to allow for incredible innovation in clean energy.” U.S. Department of Energy statistics show jolts in where America gets its volts:
—In 2008, 48 percent of America’s electricity came from coal, the dirtiest power source; now it’s about 30 percent. That’s less than the combined U.S. output of carbon-free nuclear and renewable energy. —There are now more than three solar power jobs in the U.S. for every job mining coal. —In just the first five months of 2016, more solar power was generated than 2006 through 2012. —In 2008, the U.S. imported about two-thirds of its oil, and politicians spoke longingly of energy independence. Now, America imports less than half its oil. —U.S. emissions of carbon dioxide — the main greenhouse gas — are down more than 10 percent, and this year is on pace to be the lowest in about a quartercentury.
“There were gigantic changes happening in the energy world, gigantic tectonic changes,” said Peter Fox-Penner of the Boston University Institute for Sus-
NOTICE
NOTICE is hereby given that WIDNER SIMILIEN of Ridgeland Park West, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
the latest generation of SunPower solar panels are stacked in Positive Energy Solar’s warehouse in Albuquerque, N.M. Mostly unnoticed amid the political brawl over climate change, America has undergone a quiet transformation in how and where it gets its energy during Barack Obama’s presidency, slicing the nation’s output of polluting gases that are warming Earth. (AP Photo) tainable Energy. “It’s a sea change. There is no question.” Facing steep obstacles in Congress, Obama never aggressively pursued new emissions-curbing legislation, aside from a half-hearted attempt at cap-and-trade in his first term that was politically disastrous for Democrats. Instead, he relied on executive authority and regulations at home while largely going above lawmakers’ heads by focusing on brokering global deals to curb carbon and other greenhouse gases. So how much credit does Obama deserve? And how much was completely outside his control? That debate is playing out in Obama’s final months in office, as the
National Art Gallery of The Bahamas seeks Communications and Development Officer The National Art Gallery of The Bahamas is seeking a candidate for the Communications and Development Officer position. The NAGB now has an exciting opportunity for a creative, talented and professional Communications and Development and Officer with excellent interpersonal and communication skills and a passion for outreach, fundraising, public relations at the nation’s premier cultural institution. For the past 13 years, the NAGB has committed itself to fostering local artists who continue to push the frontiers and foundations of culture across the islands. The institution assumes a critical role in the development of visual arts and devotes itself to exchange, the shoring up of national identity, scholarship and education. The Communications and Development Officer would oversee the gallery’s communication and publicity efforts and is responsible for the day-to-day management and implementation of the gallery’s public relations and outreach efforts, media relations, programming initiatives and, most importantly, digital communications strategies, including the website. The Communications and Development Officer would also be responsible for assisting Director and Chief Curator with the planning and production of public fundraising campaigns for exhibitions, general programming and capital projects. KEY RESPONSIBILITIES: • Writing press releases and blog entries about exhibitions and gallery programming activities; • Assisting in writing about works in the National Collection or in temporary exhibitions; • Assisting with writing educational and communication materials for exhibitions, coordinating with the Curatorial department and the Education and Community Outreach Officer; • Managing the gallery’s external communications, including coordination of any advertising; not limited to radio ads, and print advertising along with the organization of the Blank Canvas Radio show. • Coordinating content across all social media platforms and bi-monthly newsletters under the supervision of the Chief Curator, ensuring that these strategies are optimized in relation to the aesthetic aspects of the museum and its brand in signage and spatial utilization; • Work with the Director and Chief Curator to enhance NAGB’s public identity and positioning, foster positive external relations and build long-term strategic alliances; • Play an active, public role as a spokesperson and representative of the gallery; • Maintaining updates on NAGB website; • Managing gallery tours for schools, donors and VIP guests; • Assisting with communication to corporate and individual patrons; • Assisting in preparing corporate and individual fundraising mailings, including letters and proposals, for exhibitions and other gallery programs in conjunction with the Registrar; • Supervise and manage the research and preparation of all foundation, corporate and government grant proposals, and oversee grant administration and reporting; • Performing general administrative duties, including scheduling of tours and programming talks and screenings. PERSONAL SPECIFICATIONS: • Qualified candidate will possess a Bachelor’s degree in related field – Communications, Marketing, English – and two or more years of experience; • Previous working experience in communications, development, social media management in a fast paced cultural environment; • Excellent communications, organizational and interpersonal skills demonstrating various capacities to plan, liaise and manage multiple projects; • Exceptional writing and oral skills, proficient in Microsoft Office (Word, Excel, PowerPoint); • Some knowledge of working with Adobe Suite, MailChimp, Google Documents; • Must have the ability to plan, prioritize and manage workloads whilst meeting deadlines; • Previous project management experience; • An outstanding team player with the ability to work on own initiative to drive results; • A vested and deep interest in and knowledge of modern and contemporary art, especially from The Bahamas and the region. Please send the following documents in support of your application: 1. 2. 3. 4.
CV or résume Letter of Intent Writing sample of under 500 words. 3 Letters of recommendation.
Note: Make sure your application and any attachments to the application submitted at the time of filing are complete and accurate and include details on all experience, education, training and other information that qualifies you for this recruitment. Failure to submit a complete and accurate application at the time of filing may result in your ineligibility for this recruitment. Only the most qualified applicants will continue on in the selection process. Selection Process: The selection process will include evaluation of applications in relation to minimum requirements. Applicants meeting the minimum qualifications are not guaranteed advancement to the interview. Only those applicants whose qualifications most closely meet the needs of the Department will be invited for an interview. Deadline for applications: September 9th, 2016 For further questions, please contact Amanda Coulson, Director, The National Art Gallery of the Bahamas at acoulson@nagb.org.bs or info@nagb.org.bs
president tries to go out with a bang on climate and the environment. Jack Gerard, president of the American Petroleum Institute, the oil and gas lobby, pointed out that Obama pitched his sweeping pollution limits on coal-fired power plants as the main driver of lower future emissions — but the courts have put those rules indefinitely on hold. Meanwhile, emissions have fallen due to a dramatic increase in cleaner-burning natural gas, which Obama was slow to try to regulate. “We are leading the world in carbon reductions today, and it’s driven primarily by cleaner-burning, affordable natural gas that was brought to you by innovation and technological advances in the oil and natural gas industry,” Gerard said. But Brian Deese, Obama’s senior adviser, said the seeds of the fracking technology that enabled the natural gas revolution were found in federal Energy Department research conducted in the 1970s. He noted that the people who warned Obama’s
policies — like his “Clean Power Plan” emissions limits — would be disastrous are the same people now celebrating the natural gas revolution. “You can’t on the one hand argue that the Clean Power Plan is an overarching regulation that’s going to impose all these costs, enforce all these changes in the industry, and on the other hand argue that change is happening independent of what government is doing and therefore these regulations are meaningless,” Deese said in an interview. The advent of fracking, or hydraulic fracturing, produced much more natural gas, which became much cheaper and elbowed out coal as America’s fuel of choice. That has surprised all sorts of experts. In 2000, Dana Fisher, director of the University of Maryland’s Program for Society and the Environment, predicted the U.S. was unlikely to wean itself off coal because it was cheap and plentiful. And John Reilly of MIT’s Joint Program on
the Science and Policy of Global Change, predicted heat-trapping gas emissions would grow. Both admit they were wrong, with an embarrassed Reilly calling the subsequent decline “a dramatic turnaround from what everyone has expected.” Obama had little to do with the fracking boom, except to not get in the way with regulations, energy experts said. But Obama pushed through 2009’s stimulus package that goosed spending and research in renewables, like solar, wind and hydro. His administration also increased fuel mileage requirements for cars and trucks and ratcheted up appliance and building energy efficiency standards. “His war is against fossil fuels, and natural gas is a fossil fuel,” said Sen. Jim Inhofe, R-Okla., the Senate’s most prominent climate change doubter. “You can’t separate that out and say it’s somehow different than other fossil fuels. It’s not.” Natural gas is a “bridge fuel” from coal, which spews about twice as much heattrapping carbon dioxide, but America still needs to wean itself from that fossil fuel too, said Granger Morgan, Carnegie Mellon University engineering and public policy professor. And there are some downsides to these significant changes — like higher power bills in a few places — said Jeff Holmstead, a Bush-era environmental official who lobbies for utilities that depend on coal. “It’s a shame that we’ve shut down a lot of plants that were continuing to provide low-cost power,” Holmstead said. The change in America’s energy supply is still too slow and pollution cuts are not enough to prevent dangerous global warming, Morgan said, adding “but it’s certainly better than the alternative, which is continuing to sail on as if we weren’t heading into the big storm.”
THE TRIBUNE
Monday, September 5, 2016, PAGE 11
Lawmakers likely to do what they do best: the bare minimum
WASHINGTON (AP) — Lawmakers return to Washington this week for an abbreviated electionseason session in which they will likely do what they do best: the bare minimum. All Congress must do this month is keep the government from shutting down on Oct. 1 and, with any luck, finally provide money for the fight against the mosquitoborne Zika virus. Republicans controlling Congress promise they won’t stumble now, but the weeks ahead could prove tricky. A chief motivation for the September session, especially for Senate Majority Leader Mitch McConnell, R-Ky., is allowing lawmakers to return to campaigning as soon as possible. Republicans are scrambling to hold onto their Senate edge as GOP presidential nominee Donald Trump lags in the polls. The short-term spending measure is sure to pass. The alternative is that Republicans would get the blame for a government shutdown, as they did in 2013. But it’s a complicated path for the temporary spending bill. Some House conservatives say the measure should last into next year, when there is a new president and a new Congress, and that would block any chance for a session after the Nov. 8 election. Leaders in both parties feel otherwise — as does President Barack Obama — and a temporary measure until December seems to be the consensus. “We are not doing anything into next year and every Republican should be aware of that right now,” said Senate Minority Leader Harry Reid, D-Nev. Lawmakers left Washington seven weeks ago without resolving a dispute over money for Zika. The virus can cause severe birth defects and is linked to a host of other maladies. Obama asked Congress in February for $1.9 billion in emergency money, but legislation to partially pay for his proposal collapsed in July amid various fights. Among them was a Republican provision to deny money to Puerto Rican affiliates of Planned Parenthood. Because the shutdownprevention measure simply has to pass, it’s a tempting target for lawmakers seeking to use it as a vehicle for their preferences. For instance, Sen. Bill Cassidy, R-La., is pressing for emergency grants to help communities in his floodravaged state to recover.
“I hope we can accomplish that in September,” Cassidy said. But GOP leaders probably will try to keep the spending bill as free of unrelated additions as possible, especially now. If GOP leaders were to grant Cassidy’s request, it would make it more difficult to say no to others, such as Democrats seeking money for fixing the lead-tainted water system of Flint, Michigan. House conservatives are looking to press ahead with impeaching IRS Commissioner John Koskinen over the destruction of agency emails and misleading testimony on whether the tax agency, before his arrival, improperly scrutinized conservative groups seeking nonprofit status. The impeachment drive is a headache for Republicans who believe that Koskinen’s conduct isn’t serious enough to warrant impeachment, but who may be reluctant to support the Democratic appointee in such a politically charged environment. In a recent memo, House Majority Leader Kevin McCarthy, R-Calif., said lawmakers will take up legislation regarding the Obama administration’s $400 million payment to Iran in Jan-
uary, made immediately after four U.S. prisoners were released. The payment, for undelivered arms to the shah of Iran, was made on the same day of the prisoner release, and Republicans call it “ransom.” The as-yetunreleased legislation is designed to prevent a repeat, but seems like an electionseason messaging effort. McConnell also wants to advance a popular water projects measure. But the priority is to simply adjourn the chamber to allow embattled incumbents such as Sens. Kelly Ayotte, R-N.H., Pat Toomey, R-Pa., and Richard Burr, R-N.C., to get back home and campaign for re-election against the political headwinds created by Trump. The abbreviated session should give GOP-run committees a final pre-election chance to hold hearings on the Obama administration and other targets such as EpiPen manufacturer Mylan, N.V. That company has come under withering criticism for steep price increases for its life-saving injector, which can stop potentially fatal allergic reactions to insect bites and stings, and foods such as peanuts and eggs. House Republicans are
NOTICE
NOTICE is hereby given that ROBERT CHARLES of LEWIS YARD, GRAND BAHAMA, BAHAMAS is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29TH day of AUGUST, 2016 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.
Career OppOrtunity A leading retailer seeks to employ the services of a junior accounting clerk. Requirements: high school diploma, computer literate and grade C or above in BGCSE English, Math and Accounting. 1-2 years accounting experience preferred. Competitive earnings, benefits and working conditions offered. Send resume and standard supporting documents to: humanresources@aidltd.com cc: jacw1961@gmail.com
the Capitol is seen from the Russell Senate Office Building on Capitol Hill in Washington. Lawmakers return to Washington on Tuesday, Sept. 6, 2016 for an abbreviated election-season session in which they will likely do what they do best: the bare minimum. In this case, that means preventing the government from shutting down and finally providing money for the government’s battle against the mosquito-borne Zika virus. (AP Photo) promising hearings on Hillary Clinton’s emails. FBI Director James Comey criticized Clinton’s use of a homebrew email server to handle sensitive work-related emails as “extremely careless,” but said his agen-
cy’s yearlong investigation found no evidence of criminal wrongdoing. Republicans now are demanding that the Justice Department open a new investigation into whether Clinton lied during testi-
mony last year before the House Benghazi committee. They claim the FBI note may show Clinton provided inconsistent answers to questions about her handling of emails containing classified information.
ACCOUNTANT Bank And Trust Company seeking a candidate for the position of Accountant. RESPONSIBILITIES • Direct responsibility for bank and investment reconciliations, • Data preparation, input maintenance and upkeep of the general Ledgers of client companies, trusts and other structures, including preparation of related yearly financial statements and periodic cash flow analyses. • Assist the Manager, as required with the preparation of monthly and quarterly financial statements.
KNOWLEDGE/SKILLS REQUIRED: • • • • • • • • •
3-5 years’ experience with a Bachelor’s degree in accounting or related field Strong oral and written communications skills Basic knowledge of banking and investment products and their application in overall management and administration of wealth Working knowledge of accounting concepts and their applications Ability to identify potential risk issues and solutions and to communicate these effectively to senior management Excellent time management, organization and administrative skills Strong analytical and problem-solving skills Strong PC skills Strong interpersonal skills and excellent team player
Interested candidates should forward a copy of their resume to:
Human Resources P.O. Box N-9834 Nassau, Bahamas
PAGE 12, Monday, September 5, 2016
New billboards across Egypt’s capital extol austerity CAIRO (AP) — Billboards and street signs have gone up across Egypt's capital extolling austerity and hope, part of a pro-government public relations campaign aimed at preparing Egyptians for sweeping economic reforms. The advertising blitz follows last month's provisional agreement by the Inter-
national Monetary Fund to give Egypt a $12 billion loan over three years to help President Abdel-Fattah elSissi's government overhaul the ailing economy. The agreement has yet to be ratified by the IMF's executive board, but the first installment of the loan is expected to be disbursed later this year.
The campaign's main slogan is: “Oh, Egypt, with bold reforms, we shorten the road.” Other messages include “Fear and skepticism lengthen the road,” as well as “Rationalize our consumption, reduce our imports.” Egypt is expected to gradually lift state subsidies on fuel, basic services and food
items as part of its reform program. It is also expected to devalue or float its currency, the pound, to bolster exports and stamp out a flourishing black market in U.S. dollars. Such moves would help wean Egypt off of billions of dollars in foreign aid -mainly from Gulf countries -- which has propped up the economy since el-Sissi led the 2013 military overthrow of President Mohamed Morsi, an elected Islamist. The decision to take the government's message to the streets reflects concern that the reforms, which are likely
to trigger a surge in prices, could spark popular unrest. Past governments have faced protests, strikes and violence when they have sought to curb subsidies. El-Sissi has repeatedly warned Egyptians in recent weeks that “difficult” economic decisions lay ahead and vowed to introduce measures to protect the neediest from price increases. El-Sissi partially lifted fuel subsidies in 2014 without sparking any significant unrest. Last month, his government partially lifted subsidies on domestic electricity.
THE TRIBUNE “There must be appropriate solutions to achieve reform even if they are temporarily painful,” elSissi told the editors of three state-owned newspapers last month. “But we are working to lighten the burden on those with limited incomes and the middle class.” On Thursday, scores of Egyptian mothers with crying babies in their arms protested a severe shortage of subsidized baby formula. The Cairo protest, though small, offered a glimpse of what authorities may face if subsidies on main items are reduced or lifted.
THE TRIBUNE
Monday, September 5, 2016, PAGE 13
New air links raise hopes in Washington and Cuba SANTA CLARA, Cuba (AP) — The first off JetBlue 387 were the TV cameramen, the U.S. secretary of transportation and the airline executives. As the tropical sun beat the tarmac, the VIPs traded congratulations on the arrival of the first commercial flight from the U.S. to Cuba in more than 50 years. Away from the cameras, a small but potentially more important group made its way through Santa Clara’s single-terminal airport: a pair of backpackers from Oregon and a book editor from Chicago and his 16-year-old daughter — the first U.S. tourists on the newly reestablished flights. By December, the four will have a lot of company, with some 300 direct flights a week scheduled from the U.S. to 10 cities across Cuba. America’s biggest airlines and the Obama administion hope the planes will carry hundreds of thousands of U.S. travelers, both Cuban-Americans visiting family and sightseers who will turn the largest island in the Caribbean back into a major U.S. vacation destination. For U.S. airlines it’s a chance to move into an untapped market less than an hour’s flight from Miami. For Cubans, it means waves of demanding but hightipping Americans could transform the landscape in cities like Santa Clara that have been off the well-trod tourist track for now. “The best tourist there is, is the American tourist,” said 25-year-old Liban Bermudez as he sold 16-year-
old Sophia Compton a pair of handmade leather sandals from his stand off Santa Clara’s main plaza. “They’re the ones that buy the most.” For President Barack Obama, the reestablishment of commercial air links with Cuba is the last major chance to make a key part of his foreign policy legacy irreversible before he leaves office. In the year since the U.S. and Cuba re-established diplomatic relations, government ties have grown quickly, generating a string of bilateral agreements on issues from environmental protection to public health. Commerce remains stalled by the 55-year-old U.S. trade embargo on Cuba, and the difficulty of doing business in the island’s largely closed and centrally planned economy. The restart of commercial flights on Wednesday means 10 U.S. airlines including American Airlines, Delta, United, Southwest and JetBlue suddenly have hundreds of millions of dollars in business due to U.S.Cuba normalization. The Obama administration finalized the last of the new routes, 20 a day to Havana, the same day Flight 387 touched down in Santa Clara. A requirement that the airlines start service within 90 days means all the new Cuba flights will have to be running a month before Obama leaves office. Pure tourism remains illegal under U.S. regulations that allow 12 categories of travel to Cuba including religious and sports activities
and educational travel promoting “people-to-people” contact. For Americans without family ties to Cuba, the most popular form of travel has been on tightly focused educational trips organized in conjunction with the Cuban government. The Obama administration lifted that group requirement in March, leaving Americans free to travel to Cuba as long as they can credibly describe their trips as educational. As a result, the ban on tourism has become effectively unenforceable, something that many more Americans are likely to realize now that they can instantly book travel on commercial flights instead of expensive, inconvenient charters. The four travelers on Flight 387 without relatives in Cuba paid about $200 each to fly from Fort Lauderdale to Santa Clara. They spent Wednesday seeing Che Guevara’s tomb and sites from Cuba’ 1959 revolution. Then Stephen Compton and his daughter Sophia headed to Havana. Keane Daly and Taimairie Locke boarded a bus to the colonial city of Trinidad and the waterfalls and beaches
tourist Stephen Compton from Chicago connects to the internet at the main square in Santa Clara, Cuba. Compton and his daughter Sophia who flew in to Santa Clara in the first commercial flight from the U.S. to Cuba in more than 50 years, spent Wednesday seeing Che Guevara’s tomb and sites from Cuba’ 1959 revolution. Then they headed to Havana. (AP Photo) of Cuba’s central southern coast. “I’ve traveled to 30-35 countries and this is probably one of the friendliest places I’ve been to,” Daly, a 25-year-old University of Oregon geology graduate student, said Saturday evening. “I was expecting maybe some hostility but it’s actually the opposite. People are really excited about Americans coming to Cuba.”
FULL FLOWERS LTD. VOLUNTARILY LIQUIDATED Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act 2000 the Dissolution of FULL FLOWERS LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register of Companies. The Date of the Completion of dissolution was the 3rd of August 2016.
MARKET REPORT FRIDAY, 2 SEPTEMBER 2016
___________________________ David Thain Liquidator KHANYHA INVESTMENTS LTD. VOLUNTARILY LIQUIDATED Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act 2000 the Dissolution of FULL FLOWERS LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register of Companies. The Date of the Completion of dissolution was the 3rd of August 2016.
BISX ALL SHARE INDEX: CLOSE 1,974.89 | CHG 0.04 | %CHG 0.00 | YTD 150.94 | YTD% 8.28 BISX LISTED & TRADED SECURITIES 52WK HI 4.05 17.43 9.09 3.50 4.70 0.18 8.34 8.50 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 8.20 6.90 12.25 11.00
Legal Notice
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
COMPTEX ENTERPRISES INC. In Voluntary liquidation “Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).COMPTEX ENTERPRISES INC., is in Dissolution.” The date of commencement of dissolution is the 31st day of August, 2016.
MARIANO DE LARROBLA and MARIA DEL CARMEN FERNANDEZ., Av. Rivera 2417, Montevideo, Uruguay Liquidator
52WK LOW 2.47 17.43 9.09 3.15 2.41 0.12 6.09 7.25 5.50 7.00 13.99 2.25 1.27 5.51 6.00 9.85 6.12 5.75 11.75 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 106.00 100.00 106.00 100.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 100.00 100.00 100.00 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 6.47 8.50 5.83 10.60 14.00 2.46 1.55 5.80 8.77 10.95 8.12 6.60 11.93 10.00
CLOSE 4.05 15.85 9.09 3.50 5.22 0.12 6.47 8.50 5.83 10.60 14.00 2.51 1.55 5.80 8.77 10.95 8.12 6.60 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 0.05 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
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
115.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.42 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.12 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
___________________________ David Thain Liquidator
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
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 250
25
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 35.0 15.4 11.5 19.6 26.5 26.7 9.3 11.4 14.3 11.4 12.5 9.4 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.89% 3.06% 3.43% 3.40% 4.36% 2.39% 2.58% 4.14% 3.14% 0.00% 3.45% 1.82% 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 3.90 1.92 167.58 138.35 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.39 1.67 1.48 1.03 6.41 7.62 5.66 8.65 10.54 9.57
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 Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
NAV 1.99 3.90 1.92 167.58 136.68 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.59 11.15 9.57
YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 2.19% 3.91% 2.46% 8.70% 1.94% 5.28% 4.11% 1.26% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-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