business@tribunemedia.net
WEDNESDAY, MAY 24, 2017
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Tourism told Exuma: ‘Make Fyre happen’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net EXUMA’S business and local government executives were urged by Ministry of Tourism officials “to work together” and ensure the ill-fated Fyre Festival’s success just one month before its collapse, Tribune Business was told yesterday. Pedro Rolle, the Exuma Chamber of Commerce’s president, revealed that all the island’s stakeholders were summoned to a meeting that was chaired by Ministry of Tourism representatives, and attended by Fyre Festival’s main principal, William McFarland. He added that the Ministry’s officials requested the community’s assistance “to make this happen”, despite the numerous concerns already being voiced by private sector vendors and the international media as to whether the organis-
Ministry chaired meeting urging its success
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will not achieve “the radical change” it needs overnight, a governance reform campaigner likening the required effort to the time it takes to “turn a supertanker” Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Bahamas needed to strive for a series of reforms over a “significant period of time”, with each one representing a “five degree turn” of the supertanker’s rudder. He explained that the cumulative impact of such governance, economic and social reforms would ultimately achieve a 180 degree turn and push the Bahamas in the direction it needs to
ORG chief: ‘Radical reform’ to take time Series of reforms to turn ‘ship of state’ Likens each reform to five degree turn go, but getting there involved “sustained progress” across several administrations and generations. “Nobody is looking for overnight change,” Mr Myers said on the eve of the ‘Speech from the Throne’, which will set out the new government’s policy and legislative agenda. “We are looking for radical change, but not overnight change. “This is about effecting See PG B5
Regulator focuses on credit unions’ political clients By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank yesterday unveiled changes to its anti-money laundering guidelines to reflect its takeover of credit union regulation, with particular emphasis on politically exposed persons (PEPs). The regulator said Bahamian credit unions are now required to adopt Financial Action Task Force (FATF) standards, already adopted by its bank and trust company licensees, when it comes to dealing with politicians and senior government officials - and those related to them. In particular, credit unions now have to implement risk management systems to determine whether a customer or an account’s beneficial owner is a so-called PEP. They must also obtain senior management approval to establish or continue business relationships with PEPs, and “take reasonable measures” to determine the source of funds and wealth
Moves to upgrade sector’s defences But ‘not first choice’ for big criminals of such persons. “Currently, there is no requirement in the AntiMoney Laundering and Anti-Terrorism Financing Handbook and Code of Practice for credit unions to put a risk management system in place to determine whether a customer or beneficial owner is a PEP,” the Central Bank said. “Larger credit unions are required to have senior management approval to establish or continue a relationship where the PEP became high risk subsequent to establishing the business relationship. This measure does not capture ‘smaller’ credit unions. There are no provisions for credit unions to establish the source of wealth and the source of funds of PEPs.” See PG B3
Insurer on pace for best year since 2012
Yet net worth holds at $25m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Urges: Secure materials to pay vendors
Bahamas ‘supertanker’ won’t change overnight
MATTHEW BLOWS SUMMIT OFF ‘FIVE-YEAR PEAK’ TRACK But storm dropped profits almost 62%
Chamber chief: What gave them comfort?
ers had the wherewithal to pull-off the promised music extravaganza. “The very first time we met these persons, we met them with a group of representatives from the Ministry of Tourism from Nassau,” Mr Rolle told this newspaper of his first encounter with the Fyre Festival promoters. “A little over a month before the event, some representatives from Tourism came in. See PG B4
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TENTS at the scene of the Fyre Festival.
INSURER: 40% OF MARKET AT PRICE ‘TIPPING POINT’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net UP to 40 per cent of Bahamian policyholders are opting to either drop hurricane coverage or take on higher deductibles, with property and casualty premiums yesterday said to have reached “a tipping point” for many. Tim Ingraham, Summit Insurance Company’s president, told Tribune Business that the anemic economic climate and stagnant incomes were encouraging many home and business owners to absorb more risk when it came to covering their properties. He added that the existence of such pressures was one reason why the insurance industry had pushed so hard not to levy Value-Added Tax (VAT) on prop-
Rates drive coverage drop, higher deductibles Summit chief says some premiums to rise 5% Margins, organic growth ‘real issues’ for 2017 erty and casualty premiums, as this further deterred consumers from taking out coverage already perceived as high-cost. Mr Ingraham suggested the VAT policy towards general insurance had ultimately been counter-productive, as the resulting See PG B2
A BAHAMIAN insurer yesterday said it was “on track to have our best year for five years” until Hurricane Matthew intervened, dropping total comprehensive income by 61.7 per cent year-over-year. Tim Ingraham, Summit Insurance Company’s president, told Tribune Business that the property and casualty underwriter’s performance for the first nine months of 2016 helped it “carry through” the impact of the Category Three/ Four storm’s early October arrival. Summit, the carrier through which Insurance Management places much of its general insurance business, saw its profits take a similar dip to its rivals, after having to deal with 1,500 claims totalling $38 million. Pointing out that Matthew did not represent Summit’s peak payout for one event, Mr Ingraham said its “conservative reinsurance” programme had paid dividends by ensuring net equity closed 2016 at more than $25 million - barely changed from the prior year. “We’re definitely satisfied that the year ended on a positive note for us,” he told Tribune Business, referring to Summit’s continued profitability. “We were having a See PG B4
PAGE 2, Wednesday, May 24, 2017
THE TRIBUNE
Bahamas promoted to Texas travel agents AQUARIUMS in Dallas and Houston served as the host venues for the Bahamas’ latest travel agent roadshows. The Dallas event set the pace for both Texas shows, with Ministry of Tourism officials and Bahamian hotels providing information via a ‘talk show’ format. In Houston, one of the aquarium’s fish tanks served as the main backdrop. Travel agents were treated to a three-course dinner and presentation, followed by a performance from Bahamian International recording artist, Dyson Knight, of Bahamen. Both events were part of the Ministry of Tourism’s efforts to engage travel agents and update them on new and recent developments in the Bahamas, including new hotels, sporting and cultural events and airlift expansion. Prizes from suppliers were presented at both events, with the grand prize provided by the Grand Bahama Tourism Board and its members, via Bahamasair. The winners received two
TALK show with Grand Bahama representatives being hosted by Dupree Smith at Dallas TA Event. BAHAMAS team hosting travel agents at Houston Downtown Aquarium: L-R - District Manager, Dupree Smith; Anishka Dean and Margo Rose, Houston inside support team; PJ Douglas Sands, Sr. Manager, Houston; Sanique Culmer, Senior Manager, Events, Grand Bahama; Deckery Johnson, Manager, Houston; Valery Brown, Sr. Director, Sales and Jeannie Gibson, Manager, Communications. round-trip tickets to Grand Bahama from Miami. The prize featured hotel transfers in a limousine provided by Forbes Charter Service, a dolphin experience at Unexso and a three-day/two night stay at the all-inclusive Viva Wyndham Resorts. The Ministry of Tourism team was led by Greg Rolle,
Insurer: 40% of market at price ‘tipping point’ From pg B1 increase in under-insurance and non-insurance meant a rise in the number of persons seeking government assistance in Hurricane Matthew’s aftermath. Acknowledging that under-insurance was “a continuing problem”, with Bahamians frequently failing to ensure the sum insured is adequate, the Summit chief said non-insurance “probably showed up a little higher than we thought” following Matthew’s passage through this nation in early October 2016. “The losses in New Providence were a bit lower than most companies anticipated,” Mr Ingraham told
Tribune Business, suggesting this reflected reduced hurricane insurance penetration among consumers. “Part of that is because of the economy. One of the things we pushed back on with the Government was not to implement VAT on insurance, as the increased cost of protection deters people from taking it out. And that increases the burden on the Government. “I think that’s what happened here [with Matthew]. There’s a lot more people seeking Government’s assistance than in the past. The price has reached a tipping point, with people deciding not to purchase, purchase with no hurricane coverage or purchase with
senior director, under the direction of Valery BrownAlce. The events were organised by the Ministry of Tourism’s Texas-based sales team, including senior sales manager, PJ Douglas Sands; district manager, Dupree Smith; manager, Deckery Johnson; office manager, Margo Rose; and Anishka
Dean. Other Bahamas Tourist Office members at the events were Jeannie Gibson, communications manager, and Sanique Culmer, representing the Ministry of Tourism from Grand Bahama. Woodrow Wilson and Rachelle Mortimer, from Bahamasair, shared with travel agents the airline’s upcom-
ing direct non-stop flights between Houston and Nassau, which are scheduled to start in November this year. Private sector representatives at the events included the Out Island Promotion Board; The Nassau/ Paradise Island Promotion Board; and the Grand Bahama Island Tourism Board. Participating hotels included Atlantis, Sandals and SuperClubsBreezes Bahamas; The Grand Lucaya; Valentine’s Resort,
higher deductibles.” Mr Ingraham said all Bahamian property and casualty insurers, not just Summit, were seeing the effects of such consumer decisions on their portfolios. “With most companies, you’d probably find 20-30 per cent of the book not including hurricane coverage,” he told Tribune Business, “and another 20-30 per cent wanting higher than the standard 2 per cent deductible because they want to take more of the risk themselves. “My guess would be 30-40 per cent with either no hurricane coverage or higher than the standard deductible.” Mr Ingraham warned that property and casualty premium rates were set to increase for some clients, especially those who had suffered losses and made claims as a result of Mat-
thew, in 2017. With Summit and other carriers purchasing significant quantities of reinsurance annually to help cover the Bahamas-based risks they underwrite, reinsurers typically dictate prices in this nation. And, as reinsurers seek to recover Matthew-related payouts, the demand for price increases is extremely hard to resist. “A lot of what we do is driven by reinsurance protection, and the cost of that,” Mr Ingraham explained. “That will have increased because of the cost of the storm last year, so some clients - not necessarily all, but quite a few - will see some kind of an increase. “The amount will vary from company to company. If there’s no increase to the original rates, the margins of the [Bahamian] company get squeezed.”
Mr Ingraham estimated that Bahamian home and business owners could see up to a 5 per cent premium rate increase, with those most impacted residing “primarily where the losses occurred”. “Persons sustaining losses are more likely to see that,” he added. Summit, in common with virtually all rival Bahamian property and casualty underwriters, saw its top-line income drop year-over-year for 2016, with gross written premiums declining by 11.3 per cent to $29.003 million from $32.694 million. Mr Ingraham attributed the decline to the tepid economic climate and increased competition, which has seen at least two Caribbean insurers enter the Bahamian market over the past five years. “That’s still an issue,” he agreed of the top-line de-
Eleuthera; Club Med, San Salvador; and Swain’s Cay Lodge, Andros. Also representing the Out Islands were Coastline Adventures, Exuma, an adventure tour company. Wholesale partners included Vacation Express and Pleasant Holidays. Although not in attendance, Embrace Resorts, Exuma, and the Warwick Paradise Island provided hotel night stay prizes.
cline. “There are various reasons for it, but there’s virtually no growth in the economy and persons are opting to not purchase or reduce insurance coverage. “The pie is not growing, and we’ve had one or two players entering in recent years looking for market share, so there’s competitive pressures.” Mr Ingraham said the battle for market share, and top-line growth, would be one of the key themes for Summit and its competitors in 2017. “I think that maintaining any kind of reasonable margin on our rates will be one significant thing,” he told Tribune Business. “And trying to get any real organic growth in this economy is going to be extremely difficult. These are two of the bigger things we’re looking at now that we have to resolve.”
Calling All High
SCHOOL STUDENTS
Every year in August THE TRIBUNE publishes a popular Back to School supplement as a guide to the following academic year. In the supplement we feature the profiles of high school students across the Bahamas and Family Islands. We want profiles from as many schools and students as possible to make this guide essential and informative.
Profiles must include 1. Name 2. Age 3. School 4. Grade 5. Parent name or names 6. Goals and aspirations, prizes won and honours awarded
7. Name of college they will be attending (if attending) Plus a suitable photograph in .jpeg format (graduation or any other image).
How to submit profiles Email to back2school@ tribunemedia.net with ‘Back To School’ in the subject field and photos in .jpeg format. By post to Back To School, The Tribune, Shirley Street & Deveaux Streets, PO Box N-3207, Nassau. By hand to The Tribune office The deadline for the profiles is June 30, 2017 and there is no cost involved. For any questions please contact Tribune Features at 5022380 or 502-2391.
THE TRIBUNE
Wednesday, May 24, 2017, PAGE 3
REVAMPED EMPLOYMENT EXCHANGE TO LAUNCH JULY 1 By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THE Department of Labour’s revamped and modernised Employment Exchange is expected to go live on July 1, its director said yesterday. Robert Farquharson told Tribune Business that the project was 80 per cent complete. “We have already paid for the hardware and
the software,” he said. “The software is expected to be installed by the first week in June. “We have training for all of the staff at the Department of Labour at the end of June, withthefullimplementation of the new software by July 1. That’s the anticipated date.” Mr Farquharson added: “It will cause the employment exchange to be more responsive to the needs of the public. It will allow persons
Regulator focuses on credit unions’ political clients From pg B1 The emphasis on PEPs is likely to attract attention, given that the Central Bank recently mandated that troubled Bank of the Bahamas take action to collect on delinquent loans borrowed by PEPs. Besides having to enact these reforms, which will be incorporated in the guidelines, the Central Bank is also requiring that credit unions not open accounts or conduct business with persons unable to comply with Know Your Customer (KYC) stipulations. “The Codes only require credit unions to file suspicious transactions reports (STRs) when unable to comply with CDD measures,” the Central Bank added. The regulator, in the proposed guideline amendments, acknowledged that credit unions were unlikely to be “the first choice for large-scale money launder-
ers and terrorist financiers”. It added, though, that the sector was still susceptible to cash transactions, especially ‘smurfing’ where a series of small payments are made into a single account in a bid to avoid attracting attention. “Although credit Unions in the Bahamas are traditionally community-based organisations, which allow the credit unions to be more familiar with their members and the financial services they require, the risk that members may attempt to use their membership to commit money laundering and terrorist financing still exists,” the Central Bank said. “Criminals may also seek to obtain membership in a credit union by providing a false identity or using a legitimate member to conduct risky third-party transactions.” It added: “The typical credit union does not deliver sufficient functional-
to remotely upload resumes. They won’t have to visit the exchange any more.” The Inter-American Development Bank (IDB), in a report on a planned $20 million initiative to overhaul the Bahamas’ job training and matching systems, said the Department of Labour’s ‘placement’ success rate was exceptionally low compared to the regional average. While the Bahamas was able to find work for one out
of every 50 registrants, the Latin American and Caribbean average for similar employment exchanges was a placement rate slightly greater than one in every four applicants. The IDB also revealed that the Department of Labour was catching job vacancies from just 12 per cent of listed Bahamian businesses, adding that this ratio paled when compared to the 20-40 per cent of companies cap-
tured by European Employment Exchanges “at a similar stage of development”. The IDB noted that the Employment Exchange’s strengthening was critical in ensuring a system that facilitates better employment opportunities for everyone. Mr Farquharson said yesterday that the National Tripartite Council is looking at making a recommendation to the Government for the
implementation of national productivity legislation, and creation of a National Productivity Council. “We are also looking at other amendments to take government out of the strike vote issue, and we are in discussions with the International Labour Organisation on that,” added Mr Farquharson.
ity or flexibility to be the first choice for large-scale money launderers and terrorist financiers. “For instance, there are laws governing a credit union’s lending activity and the type of loans which may be granted to a person. However, despite the close network of members, and other restrictions in place, credit unions are still susceptible to the risk of money laundering. “The high levels of cash transactions going through credit unions may be one area, in particular, where there is a higher risk of money laundering or terrorist financing. An example of this is ‘smurfing’, where several small payments are made into an account where the amount of each deposit is unremarkable but the total credit is significant. Another method is the repayment of larger loans over short repayment periods, or in lump sum payments, where the source of funds is unclear.”
MEDICAL LABS SIGN UP DESPITE NHI CONCERNS
that Bahamian and legal residents who have enrolled in the scheme will now be able to access laboratory services as part of their primary care benefits. It added that “persons will no longer have to pay for certain lab tests, including some blood tests, to check immune function, blood sugar, cholesterol, hormone levels and organ function, as well as blood tests for HIV and blood disorders like sickle cell anemia”. According to the NHI Secretariat, Bahamas Medical Laboratory Services; Bonaventure Medical Laboratory; Executive Family Medical Centre; Premier Clinical Laboratory; Integrated Medical Centre and Memorial Plaza are all available to provide laboratory services at no cost at point of care under NHI Bahamas.
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net MEDICAL laboratories yesterday said they were “willing to start” with National Health Insurance (NHI) despite lingering concerns over payment rates. Bonnie Culmer, who heads Bonaventure Medical Laboratory, and a council member and former chairperson of the Bahamas Association of Medical Technologists (BAMT), which is comprised of six companies, told Tribune Business: “They launched it on Monday from what I understand. We signed up and are ready to take our first NHI patients. “We have ironed out
most of our concerns. However, we still have concerns about reimbursements for the chemistry tests, and the amounts they will reimburse at the onset to cover our cost. We’re willing to start and hopefully things will change as we go along.” Ms Culmer added: “We are hoping to continue discussions, as they appear open to such discussions. We are willing to start with it. Obviously, if we have patients coming in from the clinic and various physicians offices to use their cards, they have to have a laboratory and we’re not in a position to turn away clients. We all have to make a living. We can’t turn away customers.” The NHI Secretariat announced earlier this week
EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the investment funds, securities and capital markets, in or from The Bahamas, as well as the supervision of Financial and Corporate Service Providers, invites applications from qualified individuals for the following position: OFFICER – AUTHORISATIONS DEPARTMENT The Officer is to report to the Manager and is responsible for: • Supporting the operations of the Authorisations Department, carrying out activities/work plans related to the goals and objectives of the department. • Performing delegated supervisory tasks related to officers within the department. • Participating in special projects.
YOUR
CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019
Principal Responsibilities • Process applications (performing due diligence, assessing fitness and propriety, etc. in line with department procedures and best practices) pursuant to the Securities Industry Act, Investment Funds Act and Financial and Corporate Service Providers Act • Conduct research and analysis on industry developments and policy matters • Identify legislative gaps that require amendment or change • Assist in review and analysis of department policies and procedures and make recommendations for improvements • Assist with fulfillment of internal audit requirements • Prepare and provide statistical data and analysis on industry developments and licensing trends • Prepare and maintain department periodic reports • Maintain current and accurate registrant/licensee information and licensing fees • Manage relationship with Unrestricted Investment Fund Administrators (UIFA) • Review Licensed by Administrator filings submitted by UIFAs • Maintain custody and tracking of investment fund licenses (as assigned) • Address internal and external queries from industry stakeholders (e.g. market participants, regulators) in an accurate and timely manner in line with department procedures • Facilitate applicant and registrant meetings • Assist in preparation of industry presentations and focus group meetings • Maintain good relationships with domestic and international regulators • Demonstrate ongoing knowledge and ensure compliance with local and International developments and initiatives (e.g. IOSCO Principles) • Review work of officers assigned to work with or back up • Support the department with any other technical or administrative assignments Knowledge/Skills The candidate must possess strong communication, analytical, organizational skills, time management and decision making skills. The candidate must also be proficient in the Microsoft office suite and be able to work independently. Additionally, the successful candidate should demonstrate: • Strong technical knowledge of the industry and products; including accounting and risk management frameworks • Knowledge of financial services legislation (e.g. Securities Industry Act, 2011 and Investment Funds Act, 2003) Qualifications/Experience • Bachelor’s/Master’s Degree – Finance, Accounting, Economics, Business Administration, or equivalent. • Knowledge of capital markets, products, legislation and regulatory environment. • 2-3 years’ industry experience Compensation and Benefits • Competitive salaries and benefits offered Contact Information: Manager, Human Resources Department Securities Commission of The Bahamas Tel: (242) 397-4100 Fax: (242) 326-4802 E-mail: hrm@scb.gov.bs Deadline for applications: 2 June 2017
PAGE 4, Wednesday, May 24, 2017
Tourism told Exuma: ‘Make Fyre happen’ From pg B1 McFarland was there. “Tourism gave the assurance, or requested the assistance of the community, to say we ought to work together to make this happen. They invited all the local government departments in Exuma to come together in the meeting, and brought in all the stakeholders, including the Chamber. They [Tourism] chaired that meeting. That’s why I think sufficient due diligence was not done.” Given the concerns and doubts already being expressed over Fyre Festival, Mr Rolle questioned what
had given the Ministry of Tourism the necessary “comfort level” to call for Exuma’s private sector and workers to support the event. “They must have had a level of comfort to say: ‘Let’s work with this; let’s make it happen. If they did have that level of comfort, what gave it to them?” the Exuma Chamber president told Tribune Business. Mr Rolle’s comments add to the growing evidence that the Ministry of Tourism, and some of its officials, know far more - and are more deeply involved - with the Fyre Festival debacle than they care to admit. The Ministry’s role in
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THE TRIBUNE chairing and organising the meeting disclosed by Mr Rolle also raises questions over whether its involvement boosted Fyre Festival’s credibility, and may have unwittingly induced Exuma businesses and vendors to keep providing their services despite the difficulty in obtaining due payment. Several Exuma-based vendors revealed to Tribune Business yesterday how they are owed more than $130,000 by the Fyre Festival organisers, sums that are significant both to the island’s economy and the survival of small and medium-sized (SME) businesses. Mr Rolle, speaking after a Chamber meeting where the agenda was largely consumer by the Fyre Festival fiasco, called for an investigation into the fate of equipment and materials left behind on Exuma by the Fyre Festival organisers. Demanding that “proper protocols and procedures” be put in place, Mr Rolle suggested that this equipment - if properly safeguarded could be sold-off and the proceeds used to compensate Bahamian businesses and the Customs Department once all relevant laws were complied with. “What we’re asking for is can someone follow up on all the things that came into Exuma,” he told Tribune Business. “How’s it being disposed of? Are things being sold? Who did the investigation? What are the protocols being put in place to ensure things are being
done in a proper manner, so that monies can be paid to those owed?” The Exuma Chamber president said he feared the Fyre Festival debacle will be “swept under the rug”, with no one held accountable for the fall-out which has damaged the Bahamas’ reputation and tourism brand, as well as the financial standing of many local businesses and labourers. “We’d like to know how this happened,” Mr Rolle said. “If it’s allowed to go and be swept under the rug, how do we ensure it doesn’t happen again? Who’s to be held responsible for the due diligence? “What government agencies, departments and ministries should be held accountable now, to say: ‘You guys didn’t do your job’. We need to understand the whole vetting and compliance process. “When the organisers came, and we heard they wanted to do this, whose responsible for ultimately giving them the permits? There must have been a relationship [with the Ministry of Tourism]. We know they were far more involved that when they say they had nothing to do with it.” Mr Rolle was unable to recall the names of the Ministry of Tourism officials who organised and chaired the Exuma meeting, but its timing coincides with when it started putting out glowing press releases concerning the Fyre Festival. The Ministry described itself as “a partner” of the event, and said it was work-
Matthew blows Summit off ‘five-year peak’ track From pg B1 fairly good year before the storm, and that helped to carry us through, despite the cost of Matthew. The work done in the early part of the year helped to support the year-end.” Summit’s year-end total comprehensive income fell by almost two-thirds, a decline similar to that of its competitors, dropping from
$3.066 million in 2015 to $1.176 million last year. The near-$2 million drop was driven almost entirely by underwriting gains halving, or falling, 50.7 per cent yearover-year to $2.102 million compared to $4.263 million in 2015. That, in turn, resulted from a combination of reduced net premiums and an increase in net claims from $3.854 million to $4.587 million year-over-year. The latter was driven by Hurricane Matthew. Mr Ingraham said Summit’s greatest loss from a single event remains the $60 million it paid out for Hur-
ing with all relevant local government agencies on Exuma to obtain the necessary permits and approvals that McFarland and his partner, hip hop artist, Ja Rule, needed. In the wake of Fyre Festival’s collapse, which has triggered multi-million dollar lawsuits from aggrieved attendees and an FBI probe into the organisers, the Ministry of Tourism has sought to put as much distance between itself and the fiasco as possible - repeatedly insisting it was a private event in which it had no involvement. Yet Tribune Business reported on Monday how the Fyre Festival’s catering was provided by a newly-formed company, Cater Fyre, with the culinary team put together by the Ministry of Tourism’s culinary tourism manager, DeAnne Gibson, and two University of the Bahamas professors - one of whom was her sister. Attempts to reach Mrs Gibson and the two University professors again proved fruitless yesterday, but their involvement raises questions as to whether Fyre Festival was seen as a potential source of rich profits by some. And, in turn, whether this clouded the Ministry of Tourism’s judgment, together with the perceived wealth and ‘celebrity’ status of the organisers. Mr Rolle, meanwhile, revealed that he and other Chamber members were sufficiently concerned about Fyre Festival’s issues to invite McFarland and his organising team to update them on the event’s
progress three weeks prior to its staging. McFarland himself, and other Fyre Festival official, attended but did little to ease the Exuma private sector’s concerns, the Chamber president added. “When the Fyre people came to Exuma, we called them to a Chamber meeting, and they said everything was fine,” Mr Rolle told Tribune Business. “We called them to come by and share with us what they were doing, and gave them five minutes to give an update. “They said everything was fine, but the update they gave was very vague. We indicated that based on the timeline, we didn’t see how it would come to be. The living accommodations, the water, the food supplies; we didn’t see how this thing would be on the island between our meeting and when the festival would take place. “We were very, very concerned then that this thing would be a non-event,” he continued. “Nothing was announced with any degree of specificity. They were saying they knew what they were doing, and that this would happen. Nothing definitive was given, such as saying: ‘This will be in place next week, and you’re welcome to come and see it’.” The Exuma Chamber president said he also made McFarland aware that Fyre Festival would clash with the Georgetown Regatta, a time when the island’s resources were already stretched thin.
ricane Frances in 2004, with the $14 million in Jeanne claims resulting in a total $74 million payout that year. “Prior to Matthew, we were certainly on track to have our best year for five years,” he told Tribune Business. “There’s nothing that we can do about that. We always say to our shareholders that we’re an insurance company, and you can build up quite a surplus, but until hurricane season is over you never know what’s going to happen. “Prior to the storm, for the first three quarters of 2016 our net claims were down on the previous year. The deductible and reinsurance programme are reflected in the net claims.” Summit’s net equity, or total net worth, was almost unchanged year-over-year
at end 2016, declining by just under $50,000 to $25.235 million despite Hurricane Matthew. Explaining that this reflected Summit’s insurance programme quality, Mr Ingraham said: “We don’t want to expose the equity of the company to any significant loss. “We have a fairly conservative storm deductible. It does mean that we buy a lot of reinsurance, but we preserve the company and ensures we will be here to serve customers for future storms.” Mr Ingraham added that Summit’s continued balance sheet strength postMatthew confirmed that the underwriter’s reinsurance programme was properly structured to protect its capital. “In this region, if you get your numbers wrong and don’t protect your capital, you can quickly find yourself in problems,” he said. “Summit is in a very good position with capital protection and ensuring the company remains viable going forward. “We think we absorbed the blow from Matthew very well. We’ve absorbed bigger blows. I think this proves we’re a solid company, and people can certainly put their trust in us to protect their property.”
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Banca del Sempione (Overseas) Ltd. Employment Opportunity For the position of the
Chief Portfolio Manager Responsibilities: Analysis of investment strategies and opportunities in support of the portfolio management of clients of the Bank. Implementation of investment strategies Leading and supervision of the portfolio management team Reviewing and reporting on the performance of portfolios Overview of the securities trading department Minimum qualification: University degree and 10 years experience in a similar position with documented evidence of achievements Excellent knowledge of European/Asian/American financial markets English and Italian written and spoken fluently, additional knowledge of other foreign languages is an advantage, especially Spanish Salary and benefits will be commensurate with position and experience. Interested candidates should forward a copy of their resume to: Human Resources Banca del Sempione (Overseas) Ltd. P.O. Box N-8159 Nassau The Bahamas Only persons being interviewed for this position will be contacted.
THE TRIBUNE
Wednesday, May 24, 2017, PAGE 5
Bahamas ‘supertanker’ won’t change overnight From pg B1 change over a significant period of time, and having a large impact on the Bahamas’ socio-economic trajectory. It’s like turning a supertanker.” In the short-term, Mr Myers suggested that the Dr Hubert Minnis-led administration focus on improving the ‘ease of doing business’ and create greater efficiencies within the public sector and government. “What I’d hope to hear in the Budget remarks is that the Government is going to increase its efficiency and accountability,” he told Tribune Business. “Those things should be loud and clear. Consumer and business confidence is at an alltime low.” Turning back to the supertanker analogy for charting the Bahamas’ medium and long-term course, the ORG principal added: “With a supertanker, you turn the rudder 10 degrees and the boat does not start to move significantly for three-four miles because it’s so big. “The point is that we, the Bahamas, have to turn the wheel, and over time turn it 90 degrees, 180 degrees, and that’s a big improvement. It’s a process that must start if this system of governance is to turn around. You can’t turn a supertanker on a dime. “What we’ve got to do is put in place a plan that moves that supertanker to a 180 degree turn. That is
going to happen over a long distance. The Government in its current state must be more transparent, but it’s like a supertanker.” Mr Myers told Tribune Business that the Bahamas needed to make the 180 degree turn via a series of fundamental reforms, each of which would produce a slight alteration in course and eventually adding up to the much-desired national u-turn. “Each reform is like turning that rudder five degrees,” he explained. “That notable turn is enough to improve business confidence. Make those turns repeatedly over a sustained period of time. It doesn’t have to be monumental; it has to be sustained progress over a period of time and get the ship to turn 180 degrees. “That’s got to be the focus, and that’s the challenge. We’re not talking about cutting the size of government 30 per cent in one go, but if there are three-four public private partnerships that reduce losses, improve the P&L statement, that’s a turn. “ZNS, Bahamasair, cheaper energy, accountability and transparency in government. All those things are like three-five degree turns that end up being very productive, and will be very positively received by the country and businesses, and will improve business and consumer confidence.”
A CONSTRUCTION worker continues work on new town homes under construction in Woodstock, Ga. Yesterday, the Commerce Department reports on sales of new homes in April. (AP Photo/John Bazemore)
US NEW-HOME SALES DROP 11.4% IN APRIL, MOST IN 2 YEARS By PAUL WISEMAN Associated Press WASHINGTON (AP) — U.S. sales of new homes last month registered the biggest drop in more than two years. The Commerce Depart-
EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS
The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the investment funds, securities and capital markets, in or from The Bahamas, as well as the supervision of Financial and Corporate Service Providers, invites applications from qualified individuals for the following position:
ASSISTANT MANAGER – MARKET SURVEILLANCE The Assistant Manager is to report to the Manager and is responsible for: Assisting in the oversight and monitoring of activities of market participants (registered firms, investment fund administrators, public issuers and financial and corporate service providers). • Supporting the Manager by overseeing the Market Surveillance Officers (MSOs) ensuring that: deadlines are met and MSOs are effectively monitoring their portfolios and providing timely updates to weekly and monthly reports. • Supporting the Manager regarding the development of policies, rules, and guidelines, as necessary, for observance of international best practices and standards. This also includes assisting in the development of proper risk management systems to assess market participants on an ongoing basis for compliance with solvency and other prudential standards. •
Principal Responsibilities • Develop guidelines to facilitate regulatory compliance • Assist in the design and implement of the risk management frameworks to assess registrants’ risk, controls and financial position • Implement and maintain programs designed to monitor and evaluate risk and compliance for market participants • Design and develop reports to identify market developments and trends through collection of statistical data from market participants (i.e. surveys, questionnaires, etc.) • Oversee the review and analysis of interim and audited financial statements and annual reports for compliance with regulatory capital requirements • Review and verify reports of material change notification for compliance with laws, regulations, guidelines and best practice • Provide guidance on the identification and assessment of issues related to market participants and products and make appropriate recommendations • Identify issues and gaps in legislation stemming from surveillance activities • Provide support to onsite surveillance in focusing their work program on areas of high risk and weaknesses • Assist in the promotion and fostering of an environment of open dialogue amongst colleagues • Ability to assist in the orientation, training and coaching of subordinates • Assist onsite surveillance in focusing their work program on areas of high risk and weaknesses • Provide guidance on the proper application and interpretation of laws, rules, regulations and policies • Assist in creation of programs that train subordinates and industry regarding compliance with securities laws • Assist in the development of systems designed to monitor and detect breaches of securities laws • Regular/routine contact with market participants through courtesy call meetings • Advise industry on regulatory developments and policies of the Commission • Monitor developments in the international securities and capital markets to assess the degree of impact and implications • Ability to interpret laws, rules, regulations and policies and make independent decisions • Ability to assign and instruct officers in the preparation of reports and papers Knowledge/Skills The candidate must possess strong communication, analytical, organizational skills, time management and decision making skills. The candidate must also be proficient in the Microsoft office suite and be able to work independently. Additionally, the successful candidate should demonstrate: • Strong technical knowledge of the industry and products; including accounting and risk management frameworks • Knowledge of financial services legislation (e.g. Securities Industry Act, 2011 and Investment Funds Act, 2003) Qualifications/Experience • Bachelor’s/Master’s Degree – Finance, Accounting, Economics, Business Administration, or equivalent • Chartered Financial Analyst (Level 1) would be an asset • Strong knowledge of capital markets, products, legislation and regulatory environment • 5-7 years industry and management experience Compensation and Benefits • Competitive salaries and benefits offered Contact Information:
Manager, Human Resources Department Securities Commission of The Bahamas Tel: (242) 397-4100 Fax: (242) 326-4802 E-mail: hrm@scb.gov.bs Deadline for applications: 2 June 2017
ment said Tuesday that new-home sales skidded 11.4 percent in April to a seasonally adjusted annual rate of 569,000. It was the biggest monthly drop since March 2015. Economists had expected a more modest retreat from March sales of 642,000, which were the highest since October 2007. Sales in April were still up 0.5 percent from a year earlier. Economists were inclined
to view the April reading as a one-month blip. Ian Shepherdson, chief economist at Pantheon Macroeconomics, called last month’s drop “a correction from the Marchcycle high, not a warning sign ... We expect sales to rebound somewhat in May, and to return to the March high, at least, over the next few months.” A healthy job market is expected to give Americans
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confidence to buy homes. Employers added a solid 211,000 jobs last month, and the unemployment rate is at a decade-low 4.4 percent. But last month new-home sales fell in every region, led by a 26.3 percent plunge in the West, the biggest drop there since October 2010. The median sales price of a new home slid 3 percent to $309,200. There were 268,000 new homes for sale in April, the most since July 2009. The Commerce Department reported last week that construction of new homes fell for the second straight month in April, reducing housing construction to the lowest point since November.
Self-starter, Ability to multi-task, Exceptional communication skills, Passionate, Keen attention to detail.
If you possess these qualities, Royal Fidelity invites you to apply for the position of:
Executive Assistant & Administrator Job Summary The Executive Assistant & Administrator will provide administrative support and assistance to the President of Royal Fidelity and the CEO of the Fidelity Group - to facilitate the efficient operation of their offices as well as providing general administrative support services for the business. As an essential point of contact with clients, the Executive Assistant & Administrator is expected to possess a polished professional brand – in both appearance and personality.
Main Duties & Responsibilities: • • • • • • • •
Ensure the professional and smooth running of the President’s and CEO's office Coordinate and prioritize the daily activities of the President & CEO Organize meetings and arrangements; schedule appointments Manage all correspondences; receive and disburse incoming mail Interface and assist with preparation of reports Record and distribute minutes of departmental meetings Coordinate and Monitor staff vacation; maintain staff attendance records Research and prepare materials for presentations, etc.
Requirements / Qualifications: • • • • • • •
Bachelor’s Degree in Business Administration or related field Minimum of 3 years’ experience in similar role High proficiency in Microsoft Office Suite programs Highly organized with effective time management skills Exceptional interpersonal, written and verbal communication skills Ability to work in a self-motivated environment with little supervision Passionate, polished professional and highly confidential
PLEASE SUBMIT BEFORE June 1st, 2017
HUMAN RESOURCES Re: Executive Assistant & Administrator careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
PAGE 6, Wednesday, May 24, 2017
THE TRIBUNE
TRUMP BUDGET KEEPS PLEDGES: CUTS FOR POOR, MORE FOR MILITARY By ANDREW TAYLOR AND MARTIN CRUTSINGER Associated Press
WASHINGTON (AP) — President Donald Trump fulfilled a major campaign promise Tuesday, proposing a $4.1 trillion budget plan that would upend Washington in a big way. But he drew rebukes, even
from some Republican allies, for the plan’s jarring, politically unrealistic cuts to the social safety net for the poor and a broad swath of other domestic programs. The budget, Trump’s first as president, combines his spending plan for the upcoming 2018 fiscal year with a promise to balance government books after a
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
CARVELA RIVER LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), CARVELA RIVER LIMITED is in Dissolution.” The date of commencement of dissolution is the 23rd day of May, 2017.
Alison Rochat-Spechter of Les Pralies 15 1263 Crassier Switzerland Liquidator
decade, relying on aggressive cuts, a surge in economic growth — and a $2 trillion-plus accounting gimmick. “Through streamlined government, we will drive an economic boom that raises incomes and expands job opportunities for all Americans,” Trump declared in his budget message. “Basically dead on arrival,” opined the Senate’s No. 2 Republican, John Cornyn of Texas. The proposal reflects a conservative vision of smaller government, a drastic rollback of programs for the poor and disabled to prod them into the workforce and a robust hike for the military and border security. It foresees scuttling Barack Obama’s health care law and an overhaul of the tax code, a boon to the wealthiest Americans. The plan is laced with $3.6 trillion in cuts to domestic agencies, food stamps, Medicaid, highway funding, crop insurance and medical research, among others. Many of the voters who propelled Trump into the presidency last November would see significantly less from the federal government. “We’re no longer going to measure compassion by the
BUDGET Director Mick Mulvaney speak to the media about President Donald Trump’s proposed fiscal 2018 federal budget in the Press Briefing Room of the White House yesterday. (AP Photo/ Andrew Harnik) number of programs or the number of people on those programs, but by the number of people we help get off those programs,” said Mick Mulvaney, director of the Office of Management and Budget and a former tea party congressman. At the same time, the blueprint boosts spending for the military by tens of billions and calls for $1.6 billion for a border wall with Mexico that Trump repeatedly promised voters
the U.S. neighbor would finance. Mexico emphatically rejects that notion. The proposal got a chilly reception from congressional Republicans and Democrats, who insist they will have the final say as they struggle to complete a health care bill and rewrite the tax code. Food stamp cuts would drive millions from the program, while a wave of Medicaid cuts — on top of more than $800 billion in the
House-passed health care bill — could deny nursing home care to millions of elderly poor people. It would also force some people on Social Security’s disability program back into the workforce. “These cuts that are being proposed are draconian,” said veteran GOP Rep. Harold Rogers, who represents a poor district in eastern Kentucky. “They’re not mere shavings, they’re deep, deep cuts.”
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
RICKO LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), RICKO LIMITED is in Dissolution.” The date of commencement of dissolution is the 23rd day of May, 2017.
ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator
MARKET REPORT TUESDAY, 23 MAY 2017
Legal Notice
NOTICE t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,885.96 | CHG -3.01 | %CHG -0.16 | YTD -52.25 | YTD% -2.70 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.76 8.60 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.01 11.00
52WK LOW 3.30 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.70 9.00 11.00 2.18 1.31 5.80 7.50 8.56 7.25 6.35 11.92 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 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 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 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.33 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.33 1.55 6.00 9.75 9.00 9.75 6.90 12.01 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 0.00 0.00 0.00 0.00 0.00 -0.20 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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
109.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.11 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
41
50 4,000
4,500
VOLUME
NAV 2.05 3.92 1.95 168.44 141.76 1.47 1.64 1.56 1.04 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 145.5 15.8 N/M 21.2 N/M N/M -135.0 14.2 14.0 23.4 104.5 22.8 19.4 20.0 18.8 9.4 11.9 23.5 19.7 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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 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 28-Feb-2017 28-Feb-2017 24-Feb-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 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 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 4.26% 2.58% 3.87% 4.00% 4.10% 0.00% 3.38% 2.03% 5.33% 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
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
MISSION SERVICES LIMITED In Voluntary liquidation
Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), MISSION LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of May, 2017.
ROCKWELL LTD., 25 Mason Complex, Stoney Ground, The Valley, Anguilla, Liquidator
THE TRIBUNE
Wednesday, May 24, 2017, PAGE 7
STOCKS CLAW BACK MORE LOST GROUND WITH 4TH STRAIGHT GAIN
By MARLEY JAY Associated Press
to $581.40. O’Reilly Automotive sank $8.28, or 3.3 percent, to $240.18 and Advance Auto Parts gave up $6.71, or 4.6 percent, to $140.66. All have tumbled this year as investors worried about slowing car sales. Video game publisher Take-Two Interactive Software jumped after its fourth-quarter profit and sales surpassed analysts’ expectations. The company’s games include the “Grand Theft Auto” ‘‘NBA2K” and “Sid Meier’s Civilization” franchises. Take-Two stock jumped $3.79, or 5.5 percent, to $72.83, and it has doubled over the last year. Rival Activision Blizzard added 68 cents, or 1.2 percent, to $57.80 and Electronic Arts rose 62 cents to $109.01. Sales of new homes fell 11 percent in April from the month before, the biggest drop in more than two years. Sales had reached a nine-year high in March, and experts said the decline was most likely a blip. Homebuilder NVR fell $61.27, or 2.6 percent, to $2,296 and D.R. Horton lost 54 cents, or 1.6 percent, to $33.37. Home improvement retailer Lowe’s lost $1.71, or 2 percent, to $82.34 and Home Depot also slipped. Nokia climbed after the
company said it settled its legal disputes with Apple. The two companies said they will work together and that Nokia will get a cash payment from Apple. The Finnish company was once the biggest cellphone maker in the world, but it sold its mobile phone business to Microsoft in 2014 and is now a network infrastructure provider. Its U.S. shares rose 33 cents, or 5.3 percent, to $6.54. Fiat Chrysler sank after the U.S. government sued the automaker, saying some of diesel pickup trucks and Jeep SUVs included software that cheated emissions tests. The Department of Justice said the software let the vehicles’ engines emit more pollution on the road than during Environmental Protection Agency lab testing. Fiat Chrysler stock lost 44 cents, or 4.1 percent, to $10.32. Benchmark U.S. crude oil added 34 cents to $51.47 a barrel in New York. Brent crude, used to price international oils, picked up 28 cents to $54.15 a barrel in London. Wholesale gasoline remained at $1.66 a gallon and heating oil finished where it started, at $1.61 a gallon. Natural gas sank 11 cents, or 3.3 percent, to $3.22 per 1,000 cubic feet.
GREECE FALLS SHORT IN EFFORTS TO SECURE DEAL WITH CREDITORS
are possible at the conclusion of the bailout next year. The protracted nature of Greece’s bailout program has been costly for the country. Though Greece emerged from its economic depression in 2014, the economy is back in recession, having shrunk for two straight quarters. Analysts say the main reason why Greece has taken a step back is its stalled bailout negotiations. “The expectation is that we can reach an agreement within the next three weeks,” said Greek Finance Minister Euclid Tsakalotos.
NEW YORK (AP) — U.S. stocks rose for the fourth day in a row Tuesday as they continued to recover the ground they lost last week. Major indexes approached record highs again. Most of the gains went to banks, which surged as bond yields jumped. That will allow them to charge higher rates on loans. Banks took steep losses last Wednesday, when stocks had their worst day since September. Scientific instrument companies and drugmakers also rose. However auto parts companies were hammered after poor third-quarter results from AutoZone and home builders fell after sales of new homes sank in April. The four-day rally has restored most of the market’s losses and the Standard & Poor’s 500 index is almost back to record highs. “The market was simply reminded that there’s political risk out there and it reacted to that reminder,” said Matthew Peterson, chief wealth strategist for LPL Financial. Peterson said he doesn’t think longterm investors have made big changes to their portfolios in response to last week’s drop, which fol-
By PAN PYLAS Associated Press
BRUSSELS (AP) — Greece and its European creditors failed to clinch a deal Monday that would have seen the cash-strapped country get its next batch of bailout loans and secure an agreement on the sort of debt relief measures it can expect to get when its current bailout program ends next year. However, Jeroen Dijsselbloem, the eurozone’s
SPECIALIST ANTHONY RINALDI, left, works with traders Robert Arciero, center, and James Conti at his post on the floor of the New York Stock Exchange,yesterday. Stocks are opening slightly higher on Wall Street as technology companies post more gains. (AP Photo/Richard Drew)
lowed allegations President Donald Trump asked the FBI to end an investigation into former National Security Adviser Michael Flynn. Peterson says high stock prices and the calm market makes stocks more vulnerable to surprises from the political arena. The S&P 500 added 4.40 points, or 0.2 percent, to 2,398.42. The Dow Jones industrial average edged up 43.08 points, or 0.2 percent, to 20,937.91. The Nasdaq composite rose 5.09 points,
top official, said a broad settlement involving both the next payout and the outlines of a debt relief deal is close, and could be reached in three weeks when finance ministers from the 19 countries from the single currency bloc meet next in Luxembourg. While hailing the recent progress the Greek authorities have made to implement the reforms and cuts demanded from creditors, Dijsselbloem said certain issues still needed to be addressed. But time is running
or 0.1 percent, to 6,138.71. The Russell 2000 index of small-company stocks gained 3.84 points, or 0.3 percent, to 1,380.98. Bond prices turned lower. The yield on the 10-year Treasury note rose to 2.28 percent from 2.25 percent. That helped bank stocks like JPMorgan Chase, which gained $1.06, or 1.3 percent, to $85.76 and BB&T, which rose 63 cents, or 1.5 percent, to $43.03. Scientific instrument maker Agilent Technolo-
out for Greece as without the rescue loans it would struggle to meet a big repayment hump in July of some 7 billion euros ($7.8 billion). “We have made huge progress on the policy package on which so much work has been done,” Dijsselbloem said. “A lot of work has already been done in Greece by the Greek government and they are committed to continue that work as soon as possible so that we can work towards that next disbursement before the
gies raised its annual profit forecast after its secondquarter profit and sales beat Wall Street estimates. Its shares gained $2.58, or 4.6 percent, to $58.66. Industrial and medical device maker Danaher picked up $1.04, or 1.3 percent, to $83.95. Auto parts retailer AutoZone took its worst oneday loss in eight and a half years as high costs and lower sales at older locations hurt its results. Its stock fell $78.09, or 11.8 percent,
summer.” One of the major stumbling blocks has centered on a divergence of opinion between the eurozone and the IMF, which is not involved financially in Greece’s current three-year bailout program agreed in the summer of 2015 and which could be worth up to 86 billion euros in total. Getting the IMF involved is important as Germany and The Netherlands have indicated that they will refuse to lend more money to Greece without the Fund’s participation.
The IMF has argued that the eurozone forecasts underpinning the Greek bailout are too rosy and that the country as a result should get substantial debt relief so it can start growing on a sustainable basis following a depression that’s seen the economy shrink by a quarter and unemployment and poverty levels ratchet up sharply. While the eurozone has ruled out any debt write off, it has indicated that extending Greece’s repayment periods or reducing the interest rates on its loans
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PAGE 8, Wednesday, May 24, 2017
THE TRIBUNE
HERE’S SOMETHING WE CAN ALL AGREE ON
FAMILY MATTERS
Your next vacation calls for smiling faces, new adventures and breathtaking beaches that can only be found in The Family Islands. Come together for an unforgettable experience and feel the oneness of The Bahamas while exploring your own backyard. Book a summer escape at any participating hotel, and we’ll treat you and your family to roundtrip transportation from Nassau.*
ABACOS
ACKLINS
ANDROS
BERRY ISLANDS
BIMINI
CAT ISLAND
CROOKED ISLAND ELEUTHERA
EXUMAS
HARBOUR ISLAND
LONG ISLAND
SAN SALVADOR
*Offer is based on air/ferry-inclusive hotel packages. Subject to availability and may be changed or cancelled at any time. Other restrictions & limitations may apply. Min. stays of 2 nights for 1 free airline/ferry ticket. Stays of 4 nights or more receive up to 2 free airline/ferry tickets.