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MONDAY, FEBRUARY 6, 2017
$4.27 Capital-raising comes Aliv for new operator By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas’ new mobile operator yesterday confirmed to Tribune Business it was taking “market soundings” on a potential $30 million bond issue that could be placed by March. However, Damian Blackburn, Aliv’s top executive, said nothing had been finalised in relation to the proposed placement, and the company was exploring “different options” to meet its capital-raising needs. He added that the mobile operator might seek bank financing to raise the necessary monies, which will be used to meet operating expenses and fund the next phase of its Bahamas-wide infrastructure and network roll-out. Capital markets sources confirmed to Tribune Business last week that they had been approached on Aliv’s behalf by RoyalFidelity See pg b4
BTC rival’s ‘market soundings’ on $30m bonds But no decision yet, as ‘options’ being explored Private placement could come as early as March
The Bahamas must target wealth owners and the entities that directly service them to grow its financial services industry, with a bank-focused strategy “not the way to go” The principals of Holdun Family Office, which can trace its roots back five generations to Canadian industrialist and financier, Sir Herbert Holt, told Tribune Business it was “niche players” such as themselves that would drive financial services growth. Stuart Dunn, Holdun’s chairman, and Brandon Dunn, chief executive of the Albany-headquartered business, explained that it was family offices such as theirs which drove the de-
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Bahamas tops Caribbean on crime’s economic cost By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas leads the entire Caribbean on economic losses stemming from crime, losing $434 million or almost 5 per cent of its annual gross domestic product (GDP) to the scourge. The extent of crime’s impact on Bahamian economic output and wider society is laid bare in an Inter-American Development Bank (IDB) report, which shows that out of 17 Latin American and Caribbean countries, only Honduras and El Salvador incur greater annual costs as a proportion of GDP. The study, ‘The costs of crime and violence: New
Nation losing almost 5% of GDP or $434m annually Scourge costing Bahamians $1,177 per person Homicides, jailings cost nation almost $100m insights in Latin America and the Caribbean’, reveals that the Bahamas is one of only two countries in the region where crime costs its citizens and residents more than $1,000 per person annually. Once currency differ-
ences are accounted for, crime was shown as costing Bahamas residents $1,177 per capita annually, second only to Trinidad & Tobago’s $1,189 per person. The IDB study described crime’s costs as “particularly high” in the Bahamas, while placing Jamaica and Trinidad & Tobago in the same category, with more than 75 per cent of Bahamian companies spending money on security personnel, technology and equipment. Again, the Bahamas is second only to Trinidad in the proportion of companies forced into expenditure on security measures, which has become an ‘everyday feature of life’ for too many businesses. The private security in-
dustry has been one of the few growth areas in the Bahamian economy since the 2008-2009 recession, reflecting just how strong a grip crime - and the ‘fear of crime’ - maintain on the private sector and wider society. “In Honduras, private spending is almost 2 per cent of GDP – more than twice the regional average – and the higher bound is above 3 per cent,” the IDB said of spending on security measures. “El Salvador follows with costs incurred by the private sector hovering between 1.6 and 2.7 per cent of GDP. The Bahamas and Brazil also show high private costs, with estimates varying between 1 and 1.9 See pg b4
Sir Franklyn says VAT speech just ‘entertainment’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Damian Blackburn
Bank growth focus ‘not the way to go’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Family office principals urge: ‘Target niche players’
Franklyn WilsoN
Sir Franklyn Wilson has urged Bahamians not to take Michael Halkitis’s infamous ‘Where the VAT money gone’ speech too seriously because political conventions are for “entertainment”, rather than a serious discussion of national affairs. The Arawak Homes
chairman, coming to the minister of state for finance’s defence, said it “doesn’t take a rocket scientist” to know what has happened to the $1 billionplus VAT revenues collected since January 1, 2015. Agreeing with Mr Halkitis’s explanation that they had gone into the ‘pot’ known as the Consolidated Fund, and been co-mingled with the Government’s See pg b7
‘No serious information’ from party conventions Blames hurricanes for deficits, missed Budget goals Says politicians ‘don’t budget conservatively’
Holdun: ‘Market turmoil’ created our opportunity BFSB chief: Family offices ‘way of the future’ mand for banking-related services, not the other way round. Brandon Dunn, speaking during an exclusive interview with Tribune Business, acknowledged the ongoing uncertainty resulting from See pg b5
Sarkis ally: Govt ‘twofaced’ over Baha Mar role By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A key Sarkis Izmirlian ally says The Pointe’s Heads of Agreement shows the Christie administration was “hopelessly conflicted” in how it handled the Baha Mar dispute. Dionisio D’Aguilar, the FNM MP for Montagu, told Tribune Business he was “absolutely shocked” that the Government had signed an agreement with China Construction America (CCA), permitting it to move men and equipment from the Baha Mar site to its downtown Nassau development, at the height of its dispute with Mr Izmirlian. Mr D’Aguilar accused the Government of being “two faced”, saying that
Dioniso: Pointe deal shows ‘hopelessly conflicted’ Says Baha Mar helped finance CCA’s other project AG: Hundreds of jobs already created while it was presenting itself as an ‘impartial mediator’ in seeking to broker a resolution to Mr Izmirlian’s dispute with CCA, it was at the same time negotiating with the latter on another investment deal. “I was absolutely shocked to see the collusion that was See pg b6
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PAGE 2, Monday, February 6, 2017
THE TRIBUNE
Anti-IFC onslaught ‘is not all bad news’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The regulatory onslaught faced by international financial centres (IFCs) such as the Bahamas is “not all bad news”, a local PricewaterhouseCoopers (PwC) partner arguing that many institutions have turned it into a growth driver. Lanishka Farrington-McSweeney told Tribune Business that many institutions were adding senior staff with expertise in various aspects of financial services. A presenter at PwC’s ‘Better risk management, better business performance’ seminar last Friday, she said: “In the past few years the offshore jurisdictions like the Bahamas have been under attack, and a lot of the laws that have been
passed by jurisdictions such as the US and UK have targeted our market specifically. “Not all of it is bad news. Regulation can also be a driver for business growth. What we are seeing principally is that a lot of our financial institutions are now staffing up with senior, experienced people in different areas that we didn’t look at before. “We now have chief information officers leading the charge because to comply with the regulatory demands like the Common Reporting Standard (CRS), we have to have information for 180 countries possibly, and that is driving innovation in the IT field.” Ms Farrington-McSweeney said information technology (IT) can help with regulatory compliance. “A lot of our business-
es are going to have to become more automated and innovative in how they do business. That is not necessarily a bad thing because the more information you have on your customers, the more you can service them,” she explained. “With FATCA we realised that we weren’t in Kansas any more. A lot of my clients had already started making the investments in technology. With CRS they are now just tweaking that technology to help them comply. “They are going to target offshore jurisdictions for as long as the global countries are under pressure. I think the onslaught is going to continue in terms of regulations, but I think we are getting more savvy in realising how we as a jurisdiction are now going to deal with it.”
Photo/Kemuel Stubbs
Caribbean Hotel and Tourism Association Marketplace
Bahamas praised on Marketplace hosting The Caribbean Hotel and Tourism Association (CHTA) has praised The Bahamas after its fourth hosting of the Caribbean Travel Marketplace within the last six years. The latest event was held at Atlantis from January 29-February 2, 2017. Karolin Troubetzkoy, the CHTA’s president, said: “We love the Bahamas and we may never leave, but this is the second year in a row that we have hosted the event here. “What makes it so ideal is, first of all, it’s really easy to get to. Secondly, the location here at Atlantis is perfect for us. There are very few destinations that can deliver on the space we need.” Ms Troubetzkoy added: “Atlantis has a 50,000 square feet exhibition hall and they are fantastic hosts, similar to the Bahamas Ministry of Tourism, the various promotion boards and the Bahamas Hotel Tourism Association, of course. “The fact that all of our attendees are in this building or very close by has allowed us to interact with each other on a much more frequent basis, and really you run into people when you go even just for coffee. You see each other all the time and we feel that all of that really makes it a perfect venue for us for Marketplace.” More than 1,000 registrants and 14 new buyers attended the event, with firsttime participants from new countries such as Dubai, United Arab Emirates, Qatar, Russia, Poland, Argentina and Mexico. Ms Troubetzkoy said Marketplace increases exposure for host countries, adding: “The main benefit is that you really get the crop of the buyers that sell the Caribbean in one spot. “Also, the media stemming from it gives the host country an amazing opportunity to showcase their own destination to the full-
call 502-2394 to advertise in the tribune today!
est; that’s part of what happens when you bring Marketplace to your island. “You will also see that attendees don’t just leave or arrive for the show. They may add additional room nights while they’re here, explore the outer islands or even explore more of the Caribbean from here.” Irvin Lightbourne, owner of Bahamia Rental, said he has been attending the Marketplace for the last five years, and it has assisted in the growth of his business. “I think CHTA’s Marketplace is an excellent idea, it helps not only with bringing in more tourists because of the amount of vendors and buyers for different events, but they have an opportunity to see the country. I’m sure they will encourage people to come here as well,” he said. William Griffith, chief executive of Barbados Tourism Marketing, believes the timing of Marketplace makes it an excellent opportunity, as well as the location. “It happens in January, and it’s an opportunity for all the hotels or destinations to really assess how they’re doing over the winter period, which is our peak season, and to meet and to dialogue with our tour operators to talk about the upcoming summer; what promotions and plans that we have got and, really, how business is trending for all of us,” he said. “So it’s always an important show. This year we have got over 30 participants from Barbados in terms of hotels and attractions. “The Government of the Bahamas and the Ministry of Tourism has always done an excellent job of extending the hand of welcome, so I think everyone has been impressed with the new airport as well. We also see the progress that they’ve been making with Baha Mar. The service is excellent at this hotel, the Atlantis. We’ve got a very well organised and well put together event. So we’re thanking the host, Bahamas.” There has been no announcement yet on where the Caribbean Travel Marketplace will be hosted next year.
THE TRIBUNE
Monday, February 6, 2017, PAGE 3
Harbour Island upgrades national model for BPL
Matthew exposes IT issues for local firms
By NATARIO McKENZIE
nmckenzie@tribunemedia.net
Tribune Business Reporter
nmckenzie@tribunemedia.net
Bahamas Power and Light (BPL) is working to replicate Harbour Island’s newly-improved service reliability nationwide, its chief executive pledging: “We will get there”. BPL unveiled its plan to provide a 6 Mega Watt (MW) power plant to address long-standing electricity concerns for the high-end tourist destination late last year, and the utility monopoly now views it as a model for what it wishes to achieve. Pamela Hill, BPL’s chief executive, speaking on the sidelines of a ceremony to mark the official launch of its brand,said: “One of the things we have done on the service front, when you look at Harbour Island, is we have put 6 MW of new generation there. “I can tell you first-hand
Pamela Hill, Chief Executive Officer. that our customers can see the reliability they have always hoped for, but haven’t been able to grab a hold of. Our goal for our other Family Islands as well as New Providence is to develop that same level of reliability and we will get there. We know that reliability is probably the biggest element of customer service-
that customers demand.” Ms Hill added that BPL is moving forward with the small-scale renewable generation plan foreshadowed by the Utitlities Regulation and Competition Authority (URCA) back in December. “Customers, especially our residential and small commercial customers, who already have solar on their home, have been benefiting from it but we haven’t been able to benefit in terms of being able to integrate that solar into our grid,” she sai When questioned about the rate reduction bond (RRB) that is needed to refinance $650 million in legacy BEC debts and other liabilities, Ms Hill offered little despits its placement being key to the cashstrapped utility’s turnaround. BPL and its manager, PowerSecure, are unable to implement their plans for turning around the strug-
gling energy monopoly until its existing bank debtand bonds, plus pension and environmental liabilities, are refinanced. This will be achieved by the issuance of the RRB to investors, which is intended to both repay BEC’s legacy debts and move them off its - and the Government’s - balance sheet. “On the rate reduction front we look at that more than just from the bond perspective, but the fuel side of rates as well as the basic charge, which is what customers normally look at,”Ms Hill said. “Our customers’ bills have come down since 12 months’ ago. The fuel charge was about half of the total rate, and is now about half as high as it used to be. We are going to continue to push to make sure that our generation is efficient so it can use less fuel and more cost effective fuel.”
Global award win boosts Freeport
The Grand Bahama Port Authority’s (GBPA) Invest Grand Bahama division was among the winners of the Financial Times’ Global Free Trade Zone competition, capturing honours in four categories. Among the areas where it enjoyed success were Best Free Zone Overall for SMEs in Latin America and The Caribbean; Specialist Award for Best Expansions; Specialist Award for Best Educational Support and Training; and Specialist Award for Best Contribution to National Economic Diversification. The GBPA’s Invest Grand Bahama division entered the competition to improve brand recognition and establish an impartial evaluation of Freeport as a
competitive business jurisdiction. “As a free trade zone, Freeport has been able to witness significant growth since the initial signing of the Hawksbill Creek Agreement,” said GBPA president, Ian Rolle. “However, we can certainly go further and are taking the necessary steps to enhance the way we are perceived by prospective investors on the global stage. Contests such as the Financial Times’ Global Free Trade Zone competition allow us to do just that.” The entry by GBPA for the FT award was its second attempt to have Freeport recognised among jurisdictions considered the most promising free zones across the region, after its first
pursuit proved unsuccessful six years prior. For 2016, free zones, government entities and investment promotion bodies were invited to showcase their zones, detailing attractiveness, facilities and incentives offered to investors. In total, 60 entries were received from free zones across the world, with judges nominating their winning and runner-up locations in each region, as well as their top zones for SME and large tenant categories. “The competition features judges under the direction of the Financial Times of London, who evaluate the respective jurisdictions from many different aspects. They examine expansions, infrastructure,
Posing with the awards from left: Ian Rolle, president of the GBPA; and Derek Newbold, senior manager of business development and Invest Grand Bahama and Small Business Bureau.
training and support for small to medium-sized enterprises and investment incentives. It is a very extensive review and evaluation process,” said senior manager of business development and Invest Grand Bahama, Derek Newbold. Following Freeport’s unfavourable ranking in its first attempt at the competition, the GBPA decided to aggressively market the city and Grand Bahama, bringing a new level of awareness to the island. “We used it as a learning experience. We looked at the areas that we were perceived as being challenged in and decided to roll up our sleeves and go to work, implementing new programmes and initiatives See pg b6
By NATARIO McKENZIE
Tribune Business Reporter
The importance of risk management practices, business continuity planning (BCP) and regulatory compliance were highlighted at a recent PricewaterhouseCoopers (PwC) seminar. Bruce Scott, partner in charge of risk assurance for the accounting firm’s Caribbean region, said that while businesses are faced with much uncertainty, customers are reliant on them to be stable. “Companies that take the time to formally identify disruptions and put strategies in place will perform better than the competition,” said Mr Scott told the on ‘Better risk management, better business performance’ seminar. “Hurricane Matthew is a good example of a disruption,” he added. “We spoke to six Bahamian companies after the storm and they admitted that didn’t realise that their IT systems were not as robust as they thought. They struggled to quickly account for how their staff would start work and just simply trying to reach them.”
Caroline Bell-Wisdom, a PwC Jamaica partner in risk assurance practice, told Tribune Business: “Ninety per cent of businesses that have a disaster actually do not get back in business or don’t recover after two years. “Forty per cent of those still fail after that two-year period, so even if they are able to get back on the ground there may have been such a great fall-out from the destruction they don’t manage to stay in business. It’s a major issue and is something that we have even seen in our own local environment.” Myra Lundy-Mortimer, a partner at PwC Bahamas, told Tribune Business: “Most businesses are taking risk managment seriously; it’s really whether the right framework was in place to address such instances like Hurricane Matthew. “We feel that based on our clients all of them were prepared to a certain extent, but recognised that there may have been improvements required to get back up and running after Hurricane Matthew.”
PAGE 4, Monday, February 6, 2017
Bahamas tops Caribbean on crime’s economic cost From pg B1 per cent.” The IDB study also found that when it came to the Caribbean’s urban areas, New Providence and Nassau led the way when it came to the number of physical assaults, robberies, burglaries, thefts and car thefts per capita. Nassau was above the global and regional average for all categories apart from burglary and theft. The findings again illustrate why it is a matter of national urgency, and priority, for the Bahamas to get a ‘grip on crime’, given the enormous economic and social costs it continues to inflict, and which threaten to both undermine its main industries and overall competitiveness. “Not surprisingly, the three countries in the [Caribbean] that lose the highest percentages of their GDP to crime are those with the highest levels of violent crime: The Bahamas, Jamaica, and Trinidad and Tobago,” the IDB study found. “The high levels of crime likewise affect the private sector in the [Caribbean]. The number of firms in
the Caribbean experiencing losses due to crime, and the proportion of firms that pay for private security, are higher than the international averages. These costs draw money away from other activities that could potentially enhance productivity - such as the amount spent on research and development, which is lower than the amount spent on crime overall. “Finally, although government expenditure on combating crime is relatively high, the money is spent overwhelmingly on police, but this has not translated into higher police effectiveness,” the report continued. “Moreover, with precious little of the total expenditure going to the judicial systems and crime prevention, much of the subregion has ended up with overcrowded prisons, where nearly half of the detainees may wait years before going to trial.” The report, which has been studied by Tribune Business, seeks to measure crime’s costs from three perspectives. Apart from the impact on the private sector, and the spending by households and companies
Capital-raising comes Aliv for new operator From pg B1 Merchant Bank & Trust, which was seeking to determine investor appetites for the potential bond placement. This newspaper was informed that Aliv is targeting a $30 million capital raising via the private placement of corporate bonds, which will be split into two equal tranches with different principal maturity terms. One tranche, with a 10year term, will carry an interest coupon of between 7 per cent to 7.5 per cent. The second tranche, which will have a 15-year maturity
term, will carry a dividend of between 7.5-8 per cent to compensate investors for the longer term and extra risk. Michael Anderson, RoyalFidelity’s president, confirmed to Tribune Business that the investment bank had been conducting a ‘market read’ to determine whether there was sufficient institutional investor demand for the Aliv bonds at that price. “That’s true. We were looking to get an assessment of what the market will take,” he replied, when contacted by this newspaper. Tribune Business under-
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on security, it also analyses the cost to government in terms of public expenditures on the judicial and prison systems, plus the police force. And, finally, it also attempts to measure crime’s social costs, particularly its impact on Bahamians’ quality of life, and income lost by the imprisonment of inmates at Fox Hill prison. The Bahamas was found to lead the Caribbean by almost a full percentage point of GDP when it came to crime’s costs, estimated to cost this nation 4.79 per cent of annual economic output - a sum equivalent to $434 million. Only Jamaica came near to the Bahamas at 3.99 per cent of GDP per annum, with just Honduras and El Salvador ahead of this nation in the Latin American and Caribbean region, both losing more than 6 per cent of their annual economic output. Adjusting for different currencies and exchange rates, the IDB study found: “Trinidad & Tobago and the Bahamas have the highest costs at well over US$1,000 per capita in international US dollars. “Argentina is a relatively distant third, with per capita costs slightly below $700 in international US dollars. Guatemala, Paraguay, and Honduras, in that order,
have the lowest per capita costs at or below $300 in international US dollars.” The Bahamas was also shown to be above the regional average when it came to income lost as a result of murders/homicides, the report pegging this at almost 0.5 per cent of annual economic output - a sum equal to $40-$50 million. “On average, foregone income related to homicides represents 0.32 per cent of GDP,” the IDB study said. “However, this average hides enormous variability across countries. “The Bahamas has the third highest homicide cost, at 0.48 per cent of GDP..... The third country classified as having a high social cost of homicides [after Honduras and El Salvador] is the Bahamas, with an average cost from homicides of 0.53 per cent of GDP during the sample period. The Bahamas had a peak cost of 0.64 per cent in 2011, and the lowest value in 2010 at 0.47 per cent.” The Bahamas also incurred one of the high costs in income foregone as a result of the incarcerated prison population at Fox Hill, the IDB estimating this as equivalent to 0.35 per cent of GDP - around $30-$40 million - as result of inmates not being engaged in productive work. Adding this to the 0.3 per
cent of GDP spent by the Government on running Fox Hill prison, the report found the Bahamas was spending 0.65 per cent of its annual economic output on incarceration - a proportion that was the “second highest loss” in the Latin American and Caribbean region. Taking all this into account, the Bahamas led the Caribbean in terms of the social costs inflicted by crime. “Overall, social costs of crime are lowest in Chile, at 0.28 per cent of GDP, followed by Argentina and Barbados, both at 0.30 per cent,” the IDB study found. “Countries with the highest costs are Honduras, at 2.19 per cent of GDP, El Salvador, at 1.44 per cent, and the Bahamas, at 0.94 per cent.” When it came to government spending on the police/security forces, and crime prevention, the IDB report found that the Bahamas lagged behind only Jamaica and Barbados, pegging this at between 1.15 per cent and 1.94 per cent of this country’s GDP. However, conversely, the Bahamas and these other two nations were shown as spending the least - around 0.06 per cent of GDP - on their judicial systems and the administration of justice. The IDB report said this “overreliance on the po-
lice” to combat crime had resulted in the Bahamas having the highest ratio of police to citizens in the region - some 846 officers per 100,000 persons. “However, high police density has not necessarily resulted in rapid police response or higher police effectiveness in solving and investigating crime,” the study added. Referring to a survey of persons living in Nassau and four other Caribbean metropolitan areas, the report said: “Of those polled...., an average of 56 per cent said that if they called the police because someone was entering their home, it would take the police more than 30 minutes to arrive. “It would take more than three hours, according to 9 per cent of respondents, and 2.5 per cent said there are no police in their area at all.” The Bahamas, though, was said to have the highest murder rate detection based on 2013 data, pegged at 51 per cent. And the Christie administration has been attempting to address the justice system’s weaknesses via the $20 million ‘Citizen Security’ initiative with the IDB, increasing the number of criminal courts and recently unveiling the Office of the Public Defender.
stands that should the bond issue proceed as planned, RoyalFidelity will act as lead issuer, adviser and placement agent to Aliv. Mr Blackburn, too, confirmed the approaches being made on behalf of Aliv by RoyalFidelity when contacted by Tribune Business. He emphasised, though, that no decision had been taken on any capital-raising’s final details. “There are soundings going on, but no official process,” Mr Blackburn said. “We haven’t given any mandates yet to anybody. We’ve got a few different options, and are considering them all.” The Aliv chief executive also confirmed that the “likely timeframe” for any Aliv capital-raising would be end-February 2017 at the
earliest, and more probably occur in March. “We don’t necessarily need a bond issue,” Mr Blackburn added. “We’re looking at all possibilities. We’re not fixed on a bond solution. We might look at bank debt. We don’t know all the answers yet. Whatever we do, it will be comprehensive and it’ll be done.” Aliv and its operating parent, NewCo, will remain capital-hungry for some months to come, given the network roll-out targets they have to hit over the next two-three years to meet their nationwide coverage obligations. The company, which has broken the Bahamas Telecommunications Company’s (BTC) long-standing monopoly, started off life with around $125-$130 mil-
lion in financing via a combination of the Government and its 48.25 per cent controlling shareholder, Cable Bahamas. The Aliv placement may well occur before the Government secures its own exit from HoldingCo, the entity that holds the majority 51.75 per cent stake in NewCo. The Government has temporarily taken 100 per cent ownership of HoldingCo to ensure NewCo/Aliv is not delayed in obtaining the necessary financing to meet its infrastructure rollout objectives, with the intention that it quickly be bought out by private Bahamian institutional investors. Securing this ‘buy out’, though, has been harder and taken longer - than the Government and its advisers thought.
Tribune Business was told that potential investors in the Alive bond issue are eager to see whether the new mobile operator is meeting performance and financial targets, as it bids to make major inroads into BTC’s 310,000-plus subscriber base. “Everyone’s a bit wary of Aliv, as it’s a new entity to market, and want to know what’s going on,” one source, speaking on condition of anonymity, told Tribune Business. They added that since Aliv had only begun operations in November, management accounts were unlikely to reveal much yet, suggesting that the key would be the size of the company’s subscriber base and its growth rate.
THE TRIBUNE
Monday, February 6, 2017, PAGE 5
Bank growth focus ‘not the way to go’ From pg B1 continued consolidation among Bahamas-based banks and trust companies. Yet he emphasised that such “market turmoil” also created opportunities, such as the one Holdun had exploited, taking advantage of Royal Bank of Canada’s (RBC) retreat to acquire its Cayman-based trust portfolio. “Once that consolidation is done, you will have a foundation of top-draw banks that are committed to this island,” Brandon Dunn told Tribune Business. “Then you will have the niche players that use their services to support their clients. “Going back to the Bahamas as a jurisdiction, if they’re trying to convince the banks to grow their operations here, that’s not the way to go; it’s the niche players. “The banks are here to provide the services; it’s attracting the ancillary service providers around it. Attract the owners of the wealth. You have the infrastructure and banks here to provide the service.” Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, recently described family offices such as Holdun as “the way of the future” for the Bahamian financial services industry. Much closer to their clients, family offices provide an almost personalised service for a high net worth family or group of families, managing their financial and everyday needs. Founded by the heirs of
Sir Herbert, who enjoyed a 33-year tenure as president and chairman of Royal Bank of Canada (RBC), multiplying its assets 15fold despite enduring the Great Depression, Holdun Family Office has evolved from managing just their needs into a multi-family office looking after likeminded high net worth individuals and their families. Its private wealth management business is headquartered and run from the Bahamas, after Holdun obtained all its necessary regulatory approvals in 2014-2015 “There’s turmoil in the market, but that creates opportunity,” Brandon Dunn told Tribune Business. “If there was no turmoil, we would not have had that opportunity in Cayman. “The people that intend to stay here will be stronger at the end of the day. People committed to this island will stay. There’s a lot of wealth being created all over the world, and part of that wealth will come to the Caribbean and come here. The Bahamas is a great platform.” Stuart Dunn added that “people are looking in the rear view mirror” when it comes to the Bahamian financial services industry and its future. “I think that if the Government is alert and the financial services sector responsive, you’re going to get a lot of new players in here,” he told Tribune Business. “It’s just making sure you accommodate them in a timely manner. If they get a license and office space,
Stuart Dunn, chairman of Holdun Family Office, (left) and Brandon Dunn, the chief executive, at The Tribune offices. they will come.’ Brandon Dunn said his family’s Holdun partner, the Meier family, had spotted the potential opening for their business to grow into “a fully-fledged” multifamily office as a result of top-tier institutions electing to withdraw from the Bahamas and the Caribbean. He disclosed that Bruno Meier had seen how Holdun could ‘fill the gap’ for clients who either lived in the Bahamas or had assets here, but now had no one to manage these.
Stuart and Brandon Dunn say firms such as Holdun Family Office drive demand for bankingrelated service. Photos/Shawn Hanna
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“That’s when the need came in,” Brandon Dunn explained. “People were saying: ‘What are we going to do?’ People who had booked assets here were looking for alternatives. Bruno said: ‘Let’s see what we can do’. “It was a perfect storm. Everyone was pulling out. Why not try to build a fullyfledged operation in the Bahamas, staff it and run it?”
PUBLIC NOTICE OF INTENDED APPLICATION FOR A GRANT OF Letters of Administration IN THE SUPREME COURT PROBATE DIVISION In the Estate of Bernard Burrows, late of No. 3 Patron Crest, Eastwood Subdivision in the City of Nassau, deceased. NOTICE is hereby given that Arnette Burrows of No. 3 Patron Crest in the Eastern District of New Providence, one of the Islands of the Commonwealth of The Bahamas will make application to the Supreme Court of The Bahamas after the expiration of fourteen days from the date hereof, for a grant of Letters of Administration of the real and personal Estate of Bernard Burrows, in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.
PAGE 6, Monday, February 6, 2017
Sarkis ally: Govt ‘twofaced’ over Baha Mar role From pg B1 going on,” Mr D’Aguilar told Tribune Business of this newspaper’s revelations on Friday. “On the one side, Christie was supposedly being neutral in the whole arrangement, when on the other side he was making a backroom deal with the Chinese. It’s almost twofaced. “They were trying to be a neutral arbitrator on one face, and with the other face they were making a deal to allow CCA to move all their assets and management, piggybacking off Baha Mar’s infrastructure to start this thing.” Tribune Business revealed on Friday how the Heads of Agreement for the $200 million The Pointe project, which is owned and being developed by CCA next to the British Colonial Hilton, contained two clauses allowing Baha Mar’s main contractor to move manpower and equipment from Cable Beach to
its new development. The Heads of Agreement were signed by the Government, and the CCA entities that owned the British Colonial Hilton and The Pointe development site, on June 18, 2015. Just 11 days later, on June 29, 2015, Mr Izmirlian, filed for Chapter 11 bankruptcy protection in the Delaware courts. The dates show that as the dispute between Mr Izmirlian and CCA, as Baha Mar’s main contractor, heated up from January 2015 onwards, the Government was simultaneously negotiating with CCA over The Pointe - a situation that undoubtedly created a ‘conflict of interest’ for it in seeking to mediate a resolution at Cable Beach. Indeed, the Christie administration could have used CCA’s desire to ‘redeploy’ equipment and manpower, and the negotiations over The Pointe’s Heads of Agreement, to require Baha Mar’s main contractor to finish construction at
Cable Beach before switching its attention to downtown Nassau. Instead, The Pointe’s Heads of Agreement could be interpreted as letting CCA ‘off the hook’ for failing to complete Baha Mar on time and on budget, amid allegations that it committed “shoddy workmanship” that was responsible for the delays. Backing this interpretation, Mr D’Aguilar, a former Baha Mar director, charged: “The Christie administration has been in bed with the Chinese from day one. Sarkis never had a chance. “It’s slowly coming to light now. It allowed them [CCA] to begin with the full knowledge that if this deal did not come through, they could go on to the next one. “Here’s a project, Baha Mar, that was not completed, did not meet the deadline, caused $2.5 billion in damage to our economy two years later by not completing the deal, and here we were giving them another deal.’ Mr D’Aguilar also queried whether Baha Mar had helped to finance The Pointe development, suggesting that the manpower and equipment ‘transfer’ effectively meant that the Cable Beach-based development had absorbed some of CCA’s costs. “God knows what assets were taken from Baha Mar,” he told Tribune Business. “I’m sure there were
a lot of items brought from Baha Mar, and with Sarkis out of the picture there was no accounting, no checking.” Mr D’Aguilar’s comments came as Allyson Maynard-Gibson, the attorney general, sought to change the ‘narrative’ on Baha Mar following a week in which it was confirmed that the property will open on April 21 despite Chow Tai Fook Enterprises (CTFE) not having closed its purchase. Mrs Maynard-Gibson touted the jobs that had already been created by the Hong Kong-based conglomerate, and the work made available by CCA to Bahamian contractors, to show progress was being made at Baha Mar. This came after Robert Sands, Baha Mar’s senior vice-president of governmental and external affairs, said the CTFE purchase would only close once CCA finished construction. The construction completion is only likely to occur in November/December 2017, when the SLS and Rosewood properties open, with CTFE having agreed to operate Baha Mar and open certain parts of the property in the meantime. This arrangement, though, has led Opposition politicians such as DNA leader Branville McCartney to question who is hiring the 1,500 Bahamians supposed to be engaged by April 2017, given that
Global award win boosts Freeport From pg B3 to address those shortfalls,” said Mr Newbold. The improvements began with the launching of the
invest Grand Bahama campaign, followed by the Invest Grand Bahama Small Business Bureau (IGBSBB). “We actually intro-
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Baha Mar’s secured creditor, China Export-Import Bank, still holds the title and ownership of Baha Mar through its Perfect Luck vehicles. Mr McCartney also questioned the job security for the 9,000 Bahamians who had applied for posts at Baha Mar, stating: “In light of the fact that the resort has not, to-date, been sold, the question remains as to who or what entity the Bahamian people are applying to for these so-called jobs. “It certainly cannot be the proposed owner, who has not closed or purchased that property. So, it can only be the Chinese bank, which at this stage holds the title to the resort. But is the Chinese bank able to execute an employment contract with the Bahamian people? I think not. I am very curious to see the employment contract for the Bahamians. Bahamians…beware.” Mrs Maynard-Gibson, seeking to reassure, said CTFE had formed a Bahamian company, ‘CTF BM Operations Ltd’, to facilitate Baha Mar’s opening. “To date, it has been reported that 15 contractors and 322 Bahamian employees have been engaged by CTFE. It is anticipated that a total of 1,500 Bahamians will be engaged by April 2017,” Mrs Maynard-Gibson said. “CCA reports that to date there are nearly 100 Bahamian vendors and contractors, and 500 employ-
ees, involved in the Baha Mar completion. CCA also confirms that it has paid the CCA Bahamian contractors who had little or no hope of being paid in Delaware.” It is unclear why Mrs Maynard-Gibson, rather than the Prime Minister, issued the Government’s response to the latest furore surrounding Baha Mar. She added yesterday that the National Training Agency “has been actively involved in the recruitment process”, with some 300 of its trainees set to interview for posts at Baha Mar tomorrow. “It is anticipated that by the end of next week, 2,100 Bahamians will be interviewed for various levels of employment,” she said, adding that the 2,000 former Baha Mar staff who were terminated in November 2015 will “be given the opportunity to be” re-hired during CTFE’s February 811 recruitment drive. “The significant levels of investment made by CTFE attest to the fact that investor-confidence in the Bahamas remains strong: Our country is still a great place to invest,” Mrs MaynardGibson said. “The Government celebrates these major steps forward, knowing that the jobs and opportunities will have a major impact for many Bahamian families.”
duced the IGBSBB to bring a more structured approach to how we went about supporting and training persons operating small to medium-sized enterprises, especially our licensees,” said Mr Newbold. The establishment of the IGB Small Business Bureau ultimately led to the introduction of Business Concierge Services for domestic investors, an initiative which Mr Newbold described as ‘holding the hands of investors’ from the initial application process all the way through to start of operations. “This recognition speaks to the hard work and dedication of the GBPA team over the past several years,” Mr Newbold said. “Be-
ing awarded the top Free Zone in LATAM and the Caribbean for SMEs did not happen haphazardly; it came about as a result of a co-ordinated approach to changing the status quo…. “We had to get team members to buy into a vision. We had to test different initiatives to see what worked and what did not, because some programmes that worked in other jurisdictions simply could not work here.” “Invest Grand Bahama is now recognised as an International Promotional Brand and we feel confidently positioned to compete for new investments on a global stage moving forward.”
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Monday, February 6, 2017, PAGE 7
Sir Franklyn says VAT speech just ‘entertainment’ From pg B1 other taxes, Sir Franklyn said the issue was being exploited by the Opposition parties for “political silly season”. When Tribune Business suggested the real issue was the Government’s continued running of $300 million-plus deficits, despite VAT having been ‘sold’ as necessary to eliminate such annual’ red ink’, Sir Franklyn blamed this on Hurricanes Matthew and Joaquin. After this newspaper pointed out that the Christie administration was missing its Budget targets by a wide margin prior to these storms, the Sunshine Holdings chief responded by saying that no Bahamian government - and hardly any local private sector companies - were hitting their financial goals. “I don’t listen to convention speeches to try and understand what is going on,” Sir Franklyn told Tribune Business over the controversy ignited by Mr Halkitis’s speech at the PLP’s recent convention. “Whenever I listen to any Minister of Finance speak, the only place I listen is if he’s in Parliament. If it’s in Parliament, I assume that’s a serious speech, or a serious occasion like Business Outlook, where he knows people are taking him seriously and listening,” he added. “I go to a convention to be entertained, not to get information about what is
really happening. You get all the dancing, music and singing....You don’t go to a convention to get serious information.” Sir Franklyn’s suggestion that speeches by all Bahamian politicians at their party conventions should not be taken seriously, and are just for entertainment purposes, will likely amuse many observers given the controversy sparked by Mr Halkitis’s ‘Where the VAT money gone’ address. In an effort to rebut Opposition charges, and rouse the PLP’s base, the Minister listed numerous capital/ investment projects undertaken by the Government, such as the $232 million and $100 million re-equipping of the Royal Bahamas Defence Force and Bahamasair fleets, respectively, the Princess Margaret Hospital Critical Care Block, and other investments in healthcare and education. However, Tribune Business, others in the media and the Opposition were quick to point out that the initiatives identified by Mr Halkitis were financed by project-specific loans, rather than VAT revenues directly, With the Minister sticking to his position, and Prime Minister Perry Christie promising to issue a report to show ‘where the VAT money went’, Sir Franklyn said of the controversy: “That is politics. “Everyone knows where the VAT money gone. Those asking the question do so in a political con-
text. You don’t need to be a rocket science. The answer is that it went into the Treasury. “Where it came out and what they did with that money, that lies in the Government’s accounts. It’s there. It went there like all the Government’s monies, and the Government used that to finance the Government.” Sir Franklyn continued: “The noise, in my opinion, is because we’re in silly season, and people are finding something to talk about. People are trying to make hay of this stuff.” Tribune Business previously reported that the real question many Bahamians are asking is why the Government continues to overshoot its Budget projections, running deficits worth hundreds of millions of dollars and increasing the national debt - albeit at a slower rate - when VAT had been billed as raising enough money to eliminate the deficit and pay down the $6.695 billion national debt. This newspaper also pointed out that what Mr Halkitis was really saying is that VAT has financed increased spending, borrowing and debt by the Government, helping it to increase the size of government. Sir Franklyn sought to blame the Budget forecast overshooting on the fall-out from Hurricanes Joaquin and Frances, saying: “You can Budget whatever you want to Budget; there’s something called unforeseen.” Joaquin, which devastated the southern Bahamas in October 2015, is estimated to have caused $105 million
Trump inherits a healthy job market, with solid hiring WASHINGTON (AP) — President Donald Trump has inherited a healthylooking job market from his predecessor, with the U.S. economy registering a burst of hiring in January and an influx of Americans looking for work. U.S. employers added 227,000 jobs last month, the Labor Department said Friday . That’s the biggest gain since September, and it exceeded last year’s monthly average of 187,000. Unemployment ticked up to a still-low 4.8 percent from 4.7 percent in December. But it rose for an encouraging reason: More Americans started looking for work last month. The unemployment rate counts only those people who are actually trying to find a job. All told, more than a half-million Americans began looking in January, and the vast majority landed a job. That suggests the job market could grow more quickly than expected in the coming months. “You could have a faster pace of job growth, because you have more people out there looking for work,” said Michelle Meyer, chief U.S. economist at Bank of America Merrill Lynch. Investors appeared upbeat about the jobs report. The Dow Jones industrial average rose 187 points to lift the index back above 20,000. Yet some of the econ-
omy’s softness remains: Average hourly wages — a weak spot since the Great Recession ended 7½ years ago — barely rose last month. And the number of people working part time who would prefer full-time work climbed. The January figures reflect hiring that occurred mostly before Trump was inaugurated on Jan. 20. Still, it was the first employment report to be released with Trump in the White House. The president expressed satisfaction with the jobs report and suggested that the sharp hiring gain reflected confidence among employers about his administration. “Great spirit in the country right now,” Trump said as he began a meeting at the White House with corporate CEOs and other business leaders. “We’re very happy about that.” As a candidate, Trump frequently argued that the government’s jobs data exaggerated the health of the economy. He called the unemployment rate a “hoax” and said it declined after the recession under President Barack Obama mainly because many Americans stopped working or looking for work. Friday’s figures also represent a final report card on Obama. The economy added jobs for a record 76 straight months, or nearly 6½ years, and gained 11.5 million jobs during his two terms in office.
That puts Obama fourth in job-creation among the 12 presidents who have served since World War II, according to Hamilton Place Strategies, a consulting firm. Many employers appear to have adopted a more positive outlook since Trump’s election. His promise of tax cuts, deregulation and infrastructure spending has increased their confidence that the economy’s sluggish growth will pick up. The National Federation of Independent Business said its measure of smallbusiness optimism soared 38 points in December to its highest level since 2004. And the Conference Board’s consumer confidence index jumped to a 15-year high in December before dipping slightly last month. Economists said optimism may have played some role in lifting hiring last month. “I think there is some anticipatory hiring going on,” said Sung Won Sohn, an economics professor at California State University. “The only way I can really explain that is optimism related to the election.” Robert Mayfield, 69, owns eight Dairy Queen franchises and an independent restaurant in Austin, Texas. He plans to open a ninth DQ that will employ about 30 people and said he is much more bullish about the economy since the election.
in damages. And Matthew, which arrived almost exactly a year later, is forecast to have caused $700 million worth of damage - possibly as much as $1 billion, when economic losses are thrown in. “If those things had not happened, the money spent on those storms would likely have been spent on reducing the deficit,” Sir Franklyn added. “Whatever the deficit did not go down by, the logical place to look is the hurricanes.” Tribune Business’s records, though, show the
Government was already having difficulty meeting its Budget projections before the hurricanes, not least in the 2014-2015 fiscal year, when a projected deficit of $196 million almost doubled to $381 million. “When has any government last issued a Budget when they did everything they said they were going to do,” Sir Franklyn responded. “When one looks at government budgeting and they say we’re going to produce a small surplus or small deficit, when last has
that ever happened?” Suggesting the same applied to the private sector, he added: “How many companies in this country are hitting budget? How many? “My position to you is that the majority of companies in this country I know of - I don’t know all - are struggling to hit their budget. That’s just a fact of life. “Some people budget conservatively, but that ain’t what politicians do because they have to sell it. They don’t budget conservatively and don’t hit the target.”
PAGE 10, Monday, February 6, 2017
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Banks lead stock surge as investors hope for regulation cuts the Wall Street entrance of the New York Stock Exchange. U.S. stocks are climbing Friday, Feb. 3, 2017, morning after the government said employers hired more workers last month, another positive sign for the U.S. economy. (AP Photo)
NEW YORK (AP) — Banks and other financial companies made big gains Friday after President Donald Trump moved to scale back regulations on the financial industry. Other stocks also rose as investors were also pleased that employers hired workers at a faster pace in January. Financial stocks made their biggest gains since shortly after the presidential election as Trump took his first steps to reduce regulations, which could boost profits for investment firms. The Labor Department said hiring sped up last month, a positive sign for the economy. Small-company stocks, which stand to benefit more than others from stronger economic growth, make sharp gains. Financial companies have made huge gains since Trump’s election, and his pledge to cut laws and rules that govern the industry is a major reason. “They’re going to benefit from not having all of this onerous red tape,” said Karyn Cavanaugh of Voya Investment Strategies. “That’s why we see the rallies every time they talk about regulation.”
Cavanaugh said a reduction in regulations could also help banks lend more and speed up economic growth, which could benefit many other industries. The Dow Jones industrial average jumped 186.55 points, or 0.9 percent, to 20,071.46. The Standard & Poor’s 500 index advanced 16.57 points, or 0.7 percent, to 2,297.42. The Nasdaq composite picked up 30.57 points, or 0.5 percent, to close at a record high of 5,666.77. The Russell 2000 index of smaller-company stocks climbed 20.41 points, or 1.5 percent, to 1,377.84. Smaller, domestically-focused companies may have more to gain than their larger peers from faster growth in the U.S. The Russell made big gains at the end of 2016 based on those hopes. On Friday Trump directed the Treasury Secretary to look for potential changes to the Dodd-Frank law, which reshaped financial regulations after the 200809 financial crisis. The order does not have any immediate impact, but investors applauded its intent. Trump also signed a memorandum that delayed
NOTICE NOBEL BULK TRANSPORT LTD. NOTICE IS HEREBY GIVEN as follows: (a) NOBEL BULK TRANSPORT LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 1st day of February, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 1st day of February, A.D., 2017. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
NOTICE
CHAMPLAIN HOLDINGS LTD.
Pursuant to the provisions of SECTION 138 (8) of The International Business Companies Act, notice is hereby given that CHAMPLAIN HOLDINGS LTD. has been dissolved and struck off the Register as of the 31st day of December, 2016.
_________________________________ Romauld S.E.A. Ferreira t/a Ferreira & Company - Liquidator for the above-named Company
an Obama-era rule that requires financial professionals who charge commissions to put their clients’ interests first when giving advice on retirement investments. JPMorgan Chase added $2.59, or 3.1 percent, to $87.18 and Goldman Sachs rose $10.54, or 4.6 percent, to $240.95. Morgan Stanley gained $2.30, or 5.5 percent, to $44.43. Smaller banks, which could find it easier to lend money if regulations are cut, also traded higher. Texas Capital Bancshares picked up $2.85, or 3.4 percent, to $86.10 and East West Bancorp rose $2.26, or 4.5 percent, to $52.72. U.S. employers added 227,000 jobs in January, according to the Labor Department. That’s more than last year’s average monthly gain of 187,000. The unemployment rate ticked up to a low 4.8 percent from 4.7 percent in December as more people started looking for work. That helped smaller companies and industrial stocks, both of which would benefit from faster economic growth. Visa said shoppers stepped up their use of debit and credit cards in the latest quarter, and the payment processing company also benefited from its acquisition of Visa Europe. Its profit and revenue were stronger than analysts expected, and Visa’s stock jumped $3.78, or 4.6 percent, to $86.08.
Sales Concern Online retail giant Amazon traded lower as investors grew concerned about its sales. The company’s fourth-quarter sales fell short of analyst estimates, and so did its forecast for revenue in the current quarter. The stock gave up $29.75, or 3.5 percent, to $810.20. Macy’s stock soared after the Wall Street Journal reported that Hudson’s Bay Co., the owner of Saks Fifth Avenue, could buy the department store chain. The companies declined to comment. Macy’s jumped $1.97, or 6.4 percent, to $32.69. The stock has been trading around five-year lows. Hudson’s Bay stock rose almost 4 percent in Toronto. Biotech drugmaker Amgen disclosed a bigger profit and better sales than analysts had expected. It also reported results from a study that showed its new cholesterol drug Repatha reduced the risk of death, heart attack and stroke in patients with advanced atherosclerotic cardiovascular disease. That could help boost prescriptions for the drug. Amgen jumped $7.95, or 5 percent, to $167.53. Underwear, t-shirt and sock maker Hanesbrands announced surprisingly weak holiday sales and gave disappointing projections for the year. Its stock slumped $3.73, or 16.4 percent, to $18.98, its lowest price in almost three years.
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Monday, February 6, 2017, PAGE 11
Trump launches his attack on banks’ financial restraints NEW YORK (AP) — Banks and other financial companies made big gains Friday after President Donald Trump moved to scale back regulations on the financial industry. Other stocks also rose as investors were also pleased that employers hired workers at a faster pace in January. Financial stocks made their biggest gains since shortly after the presidential election as Trump took his first steps to reduce regulations, which could boost profits for investment firms. The Labor Department said hiring sped up last month, a positive sign for the economy. Small-company stocks, which stand to benefit more than others from stronger economic growth, make sharp gains. Financial companies have made huge gains since Trump’s election, and his pledge to cut laws and rules that govern the industry is a major reason. “They’re going to benefit from not having all of this onerous red tape,” said Karyn Cavanaugh of Voya Investment Strategies. “That’s why we see the rallies every time they talk about regulation.” Cavanaugh said a reduction in regulations could also help banks lend more and speed up economic growth, which could benefit many other industries. The Dow Jones industrial average jumped 186.55 points, or 0.9 percent, to 20,071.46. The Standard & Poor’s 500 index advanced 16.57 points, or 0.7 percent, to 2,297.42. The Nasdaq composite picked up 30.57
points, or 0.5 percent, to close at a record high of 5,666.77. The Russell 2000 index of smaller-company stocks climbed 20.41 points, or 1.5 percent, to 1,377.84. Smaller, domestically-focused companies may have more to gain than their larger peers from faster growth in the U.S. The Russell made big gains at the end of 2016 based on those hopes. On Friday Trump directed the Treasury Secretary to look for potential changes to the Dodd-Frank law, which reshaped financial regulations after the 200809 financial crisis. The order does not have any immediate impact, but investors applauded its intent. Trump also signed a memorandum that delayed an Obama-era rule that requires financial professionals who charge commissions to put their clients’ interests first when giving advice on retirement investments. JPMorgan Chase added $2.59, or 3.1 percent, to $87.18 and Goldman Sachs rose $10.54, or 4.6 percent, to $240.95. Morgan Stanley gained $2.30, or 5.5 percent, to $44.43. Smaller banks, which could find it easier to lend money if regulations are cut, also traded higher. Texas Capital Bancshares picked up $2.85, or 3.4 percent, to $86.10 and East West Bancorp rose $2.26, or 4.5 percent, to $52.72. U.S. employers added 227,000 jobs in January, according to the Labor Department. That’s more than last year’s average monthly
President Donald Trump prepares to sign an executive order in the Oval Office of the White House in Washington, Friday, Feb. 3, 2017. Trump signed an executive order that will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped financial regulation after 2008-2009 crisis. At left is Vice President Mike Pence. (AP Photo) gain of 187,000. The unemployment rate ticked up to a low 4.8 percent from 4.7 percent in December as more people started looking for work. That helped smaller companies and industrial stocks, both of which would benefit from faster economic growth. Visa said shoppers stepped up their use of debit and credit cards in the latest quarter, and the payment processing company also benefited from its acquisition of Visa Europe. Its profit and revenue were stronger than analysts expected, and Visa’s stock jumped $3.78, or 4.6 percent, to $86.08. Online retail giant Amazon traded lower as investors grew concerned about
its sales. The company’s fourth-quarter sales fell short of analyst estimates, and so did its forecast for revenue in the current quarter. The stock gave up $29.75, or 3.5 percent, to $810.20. Macy’s stock soared after the Wall Street Journal reported that Hudson’s Bay Co., the owner of Saks Fifth Avenue, could buy the department store chain. The companies declined to comment. Macy’s jumped $1.97, or 6.4 percent, to $32.69. The stock has been trading around five-year lows. Hudson’s Bay stock rose almost 4 percent in Toronto. Biotech drugmaker Amgen disclosed a bigger profit and better sales than ana-
Global stocks rise on robust US jobs report
BEIJING (AP) — Global stocks rose Friday after the U.S. employment report showed a strong increase of 227,000 jobs in January, above forecast, and a rise in the number of people joining the labor force.
KEEPING SCORE: London’s FTSE 100 gained 0.5 percent to 7,178 while Germany’s DAX added 0.3 percent to 11,657. France’s CAC 40 gained 0.9 percent to 4,835. On Wall Street, futures for the Dow Jones industrial average were up 0.5 percent and those for the Standard & Poor’s 500 index gained 0.4 percent. US JOBS: U.S. employers added 227,000 jobs in January, higher than last year’s average monthly gain of 187,000 and a sign that President Donald Trump
has inherited a robust job market. The unemployment rate ticked up to a low 4.8 percent from 4.7 percent in December, but for a good reason: More people started looking for work. The percentage of adults working or looking for jobs increased to its highest level since September.
TRUMP EFFECT: The jobs come against the backdrop of heightened uncertainty over Trump’s actions since coming into office. Some investors worry his actions, including last week’s immigration ban, comments on trade and tough talk toward Mexico, Australia and Iran might hurt business confidence and the economy. After a post-election rally that pushed stocks to all-time highs and the Dow above
lysts had expected. It also reported results from a study that showed its new cholesterol drug Repatha reduced the risk of death, heart attack and stroke in patients with advanced atherosclerotic cardiovascular disease. That could help boost prescriptions for the drug. Amgen jumped $7.95,
or 5 percent, to $167.53. Underwear, t-shirt and sock maker Hanesbrands announced surprisingly weak holiday sales and gave disappointing projections for the year. Its stock slumped $3.73, or 16.4 percent, to $18.98, its lowest price in almost three years. Bond prices wobbled, then turned higher. The yield on the 10-year Treasury note fell to 2.47 percent from 2.48 percent. Benchmark U.S. crude added 29 cents to $53.83 a barrel in New York. Brent crude, used to price international oils, added 25 cents to $56.81 a barrel in London. Gold inched up $1.40 to $1,220.80 an ounce. Silver added 5 cents to $17.48 an ounce. Copper lost 7 cents, or 2.6 percent, to $2.62 a pound. In other energy trading, wholesale gasoline rose 2 cents to $1.55 a gallon. Heating oil picked up 1 cent to $1.67 a gallon. Natural gas dropped 12 cents, or 3.9 percent, to $3.06 per 1,000 cubic feet. The dollar rose to 112.96 yen from 112.70 yen. The euro inched up to $1.0765 from $1.0764.
NOTICE CLEOPATRA TRADING LTD. NOTICE IS HEREBY GIVEN as follows: (a) CLEOPATRA TRADING LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 1st day of February, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.
the 20,000-point mark, investors have stepped back this week.
$56.72 in London. It shed 24 cents the previous session.
(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas
ASIA’S DAY: Tokyo’s Nikkei 225 was almost unchanged at 18,918.20 while the Shanghai Composite Index lost 0.6 percent to 3,140.17. Seoul’s Kospi added 0.1 percent to 2,073.16 and Hong Kong’s Hang Seng shed 0.2 percent to 23,129.21. Sydney’s S&PASX 200 lost 0.4 percent to 5,621.60 and India’s Sensex retreated 0.2 percent to 28,168.41.
CURRENCY: The dollar dropped slightly, to 112.89 yen from Thursday’s 112.93 yen. The euro slipped to $1.0749 from $1.0759.
Dated the 1st day of February, A.D., 2017.
ENERGY: Benchmark U.S. crude gained 18 cents to $53.72 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost 34 cents on Thursday. Brent crude, used to price international oils, added 16 cents to
H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
PAGE 12, Monday, February 6, 2017
House GOP lawmakers face tough questions on health care WASHINGTON (AP) — Angry constituents confronted Republican lawmakers at separate town halls in California and Florida, fearful of the GOP promise to repeal former President Barack Obama’s health care law without a comprehensive alternative. In California, Rep. Tom McClintock faced tough questions on Saturday about health care and President Donald Trump’s agenda and had to be escorted by police after his hour-long event. Protesters followed him, shouting “Shame on you!” In an equally conservative district in Florida, Rep. Gus Bilirakis answered questions from frustrated town hall attendees who worried about the loss of insurance and higher premiums if the law is repealed. The events captured on Facebook, the Saint Peters blog and other news organizations echoed the angry town halls that Democrats faced in 2009 as Obama pressed for passage of his
sweeping law. With the Trump administration support for scrapping the law, the Republican campaign to overturn it is no longer a political exercise to be stopped by Democrats and Obama but rather a reality. Republicans have repeatedly said the law is a costly disaster with rising costs. Democrats say the GOP effort will threaten health care’s availability and raise rates, angering the 20 million people who gained insurance under the law and tens of millions of others who benefit from the statute’s coverage requirements. Last week, at a GOP retreat in Philadelphia, McClintock raised concerns about the GOP steps. “We’d better be sure that we’re prepared to live with the market we’ve created,” McClintock was quoted as saying in a secret recording obtained by The Washington Post and elsewhere. “That’s going to be called ‘Trumpcare.’ Republicans will own that lock, stock and
barrel, and we’ll be judged in the election less than two years away.” On Saturday, McClintock was constantly interrupted and booed as he defended his party’s national agenda during the hourlong event at a theater in downtown Roseville, the population center of his sprawling congressional district, the Sacramento Bee reported (http:// bit.ly/2k8fQHQ). Hundreds of protesters stood outside chanting “Vote him out,” while those inside the theater held signs that read “Resist,” ‘‘Dump Tom McTrump,” and “Climate change is real.” “I understand you do not like Donald Trump,” McClintock said. “I sympathize with you. There have been elections where our side has lost ... Just a word of friendly advice: Remember that there were many people in America who disagreed with and feared Barack Obama just as vigorously as you disagree with and fear Donald Trump.”
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Roseville police escorted Republican congressman Tom McClintock through an audience from the Tower Theatre in Roseville, Calif., Saturday, Feb. 4, 2017. McClintock on Saturday faced the rowdy crowd at the packed town hall meeting in Northern California, and had to be escorted by police as protesters followed him shouting “Shame on you!” (AP Photo)
‘Obamacare’ sign-ups show slippage in Trump era WASHINGTON (AP) — Facing higher premiums, less choice and a last-minute advertising pullback, fewer people signed up for coverage this year through HealthCare.gov, according to data from a preliminary government report Friday. About 9.2 million people signed up through HealthCare.gov, the insurance marketplace serving most states, said the Health and Human Services department. That’s about 500,000 fewer customers than had enrolled last year in those same 39 states, or slippage of around 5 percent. The report doesn’t include figures from 11 states that run their own health insurance markets — including California and New York — so the final national number will be higher. But the preliminary report is being closely watched, because President Donald Trump and the GOP-led Congress have vowed to repeal the Obama-era health law and replace it with a plan yet to emerge. Insurance markets created by former President
Barack Obama’s law provide subsidized private coverage for people who don’t have access to health care through their jobs. Along with a Medicaid expansion aimed at low-income adults, the Affordable Care Act has helped millions get coverage, reducing the nation’s uninsured rate to a historic low of about 9 percent. But even before Trump’s election victory, the ACA’s markets were facing double-digit premium increases and a sharp drop in insurer participation. Although most customers receive taxpayer subsidies for their premiums, the increases averaged more than 20 percent nationally and much higher in several states. The night he was inaugurated, Trump signed an executive order directing his administration to provide relief from “Obamacare.” That was interpreted as a signal that officials would waive the law’s tax penalties meant to nudge uninsured people to sign up. Then last week the ad-
ministration pulled back about $5 million in ads that were part of a closing bid to woo the uninsured. Former Obama administration officials cried foul. Trump administration spokesman Matt Lloyd said Friday that “Obamacare has failed” and the new president looks forward to providing relief through “patient-centered solutions that will work for the American people.” But independent analysts said the report also highlights the challenges that Trump and the GOP Congress will face trying to deliver on their promises without disrupting coverage for millions. That includes many people in states that Trump won in November, among them Florida (1.8 million); Texas (1.2 million); North Carolina (549,000); Georgia (494,000), and Pennsylvania (426,000). “While enrollment is down, this does not exactly paint a picture of a program collapsing,” said Larry Levitt of the nonpartisan Kaiser Family Foundation.
THE TRIBUNE
Monday, February 6, 2017, PAGE 13
Travelers arrive in US to hugs and tears after ban is lifted BOSTON (AP) — Travelers from the seven predominantly Muslim countries targeted by President Donald Trump enjoyed tearful reunions with loved ones in the U.S. on Sunday after a federal judge swept the ban aside. Airlines around the world allowed people to board flights as usual to the United States. One lawyer waiting at New York’s Kennedy Airport said visa and green-card holders from Iraq and Iran were encountering no problems as they arrived. “It’s business as usual,” said Camille Mackler, of the New York Immigration Coalition. Fariba Tajrostami, a 32-year-old painter from Iran, came through the gate at Kennedy with a huge smile and tears in her eyes as her brothers greeted her with joyful hugs. “I’m very happy. I haven’t seen my brothers for nine years,” she said. Tajrostami had tried to fly to the U.S. from Turkey over a week ago but was turned away. “I was crying and was so disappointed,” she said. “Everything I had in mind, what I was going to do, I was so disappointed about everything. I thought it was all over.” Tajrostami said she hopes to study art in the U.S. and plans to join her husband in Dallas soon. He moved from Iran six months ago, has a green card and is working at a car dealership. Similar scenes played out across the U.S. two days after a judge in Washing-
ton state suspended the president’s travel ban and just hours after a federal appeals court denied the Trump administration’s request to set aside the ruling. The U.S. canceled the visas of up to 60,000 foreigners in the week after the ban on travel from Syria, Iraq, Iran, Sudan, Somalia, Libya and Yemen took effect, according to the State Department. Trump also suspended nearly all refugee admissions for 120 days and barred Syrian refugees indefinitely. The order triggered protests and a multitude of legal challenges around the country and blocked numerous college students, researchers and others from entering the U.S. Mahsa Azabadi, 29, an Iranian-American who lives in Denver, was forced to put her wedding plans on hold after her fiance, Sorena Behzadfar, was turned away when he tried to board a plane to travel from Iran to the U.S. on Jan. 28. Over the weekend, though, Behzadfar was cleared for travel and was expected to arrive at Boston’s Logan Airport on Sunday afternoon. “It’s been a really tough week to figure out what will happen to us,” said Azabadi, who has lived in the U.S. for 11 years and is now a U.S. citizen. The couple are hoping to keep their wedding date of May 12. “Seeing the support from the lawyers and different people trying to help, it was really nice,” she said. “We want to be the best and do
Members of International Migrants Alliance in Hong Kong hold placards during a protest against U.S. President Donald Trump’s selective country travel ban outside of the U.S. Consulate in Hong Kong, yesterday.
Iranian-born bioengineer researcher Nima Enayati talks on his mobile phone at Milan’s Malpensa international airport in Busto Arsizio, Italy, yesterday. Just hours after an appeals court blocked an attempt to re-impose the travel ban, Iranian researcher Nima Enayati checked in on an Emirates Airline flight direct from Milan’s Malpensa airport to New York’s JFK on Sunday afternoon. (AP Photos)
the best for the people and for this country. We would love to have the opportunity.” Iranian researcher Nima Enayati, a Ph.D. candidate at a university in Milan, was prevented from boarding a flight to the U.S. on Jan. 30. He had a visa to conduct research on robotic surgery at Stanford University in California. On Sunday, he said, his check-in went smoothly, and he was on his way to New York, where he was expected to arrive in the evening. At Cairo Airport on Sun-
day, officials said a total of 33 U.S.-bound migrants from Yemen, Syria and Iraq boarded flights. Lebanon’s National News Agency said airlines operating out of Beirut also began allowing Syrian families and others affected by the ban to fly. Beirut has no direct flights to the U.S.; travelers have to go through Europe. At Kennedy, a team of volunteer lawyers that had set up operations in a diner to help arriving passengers during the height of the crisis packed up computer equipment and paperwork.
MARKET REPORT THURSDAY, 2 FEBRUARY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,905.73 | CHG -0.02 | %CHG 0.00 | YTD -32.48 | YTD% -1.68 BISX LISTED & TRADED SECURITIES
NOTICE
NOTICE is hereby given that RONALD PIERRE of #222 Market St., P.O.Box N-4185, Nassau, The 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 6th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that PONITA SENAT of
Smith’s Bay, P.O. Box General Delivery, Cat Island, The 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 30th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that BLANDINE CHARLECINE PIERRE JEAN of Wilson Track, East Street Nassau, The 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 30th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that MARK ROLAND SMITH of East Street South, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
52WK HI 4.38 17.43 9.09 3.55 4.70 0.12 7.68 8.50 6.10 10.60 15.48 2.72 1.60 5.82 9.75 11.00 9.00 6.90 12.25 11.00
52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 4.10 8.05 5.50 7.72 11.00 2.18 1.31 5.60 6.78 8.56 6.12 6.35 11.81 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 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 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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
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 BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.46 1.67 1.56 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 4.10 8.50 5.83 10.50 11.93 2.03 1.55 5.82 9.75 10.95 9.00 6.90 11.93 10.00 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 LAST SALE 100.00 100.00 100.00 107.50 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 4.10 8.50 5.83 10.50 11.93 2.01 1.55 5.82 9.75 10.95 9.00 6.90 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 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 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
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
107.48 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-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 0.00 0.00 0.00
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
VOLUME
VOLUME
NAV 2.03 3.92 1.94 168.44 141.76 1.46 1.66 1.56 1.07 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000
P/E 151.0 15.8 N/M 20.7 N/M N/M -136.7 14.0 13.6 23.3 108.5 19.7 19.4 19.4 18.8 11.4 11.0 23.5 19.6 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 0.0
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% 3.50% 3.88% 4.25%
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 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-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 1.83% 6.31% 0.00% 5.97% 0.00% 0.00% 2.20% 3.53% 3.77% 3.43% 4.11% 2.99% 3.87% 4.12% 4.10% 0.00% 3.67% 2.03% 5.36% 0.00%
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