business@tribunemedia.net
MONDAY, JULY 24, 2017
$4.15 DOCTOR NON-PAYMENT COMPLAINTS ‘WON’T BE LAST’ NHI PROBLEM By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Health yesterday admitted that doctors’ complaints about not being paid by National Health Insurance (NHI) are “unlikely to be the last” revelation concerning the scheme’s woes. Dr Duane Sands told Tribune Business that private doctors who had signed-up to provide services to NHI’s 25,000-plus beneficiaries were “another potential casualty” of the Christie administration’s haste to roll-out the scheme as a pre-election ‘vote grabbing’ tool. Promising to speak with the NHI Secretariat about the alleged non-payment, the Minister reiterated that the failure to fully implement the NHI Act and its governance structure - especially the NHI Authority and its Board - meant the See PG B4
Physicians ‘another casualty’ of rollout haste MAB chief confirms compensation woe Minister: ‘Appropriate charges’ will be paid
THE Minister of Finance says the Government will soon extend its crackdown on tax cheats to Grand Bahama, arguing that Freeport was being “used as a smuggling gateway to the rest of the Bahamas”. K P Turnquest told a Grand Bahama Chamber of Commerce luncheon that the enhanced compliance and enforcement methods unveiled on New Providence last November, in Hurricane Matthew’s aftermath, will now be turned on the second city. “The bedrock of a sound fiscal regime is a modern system of tax and Customs administration, executed by committed and honest actors in the positions of public trust,” Mr Turnquest said. “Unfortunately, the system has not always worked, and thus the
$4.06
$4.02
Foreign debt breaching ex-minister’s 25% ‘goal’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FOREIGN holdings of the Bahamas’ sovereign debt are higher than “the manageable range” targeted by a former finance minister, who fears this could increasingly drain the external reserves. James Smith, also an exCentral Bank governor, told Tribune Business he would “prefer” the Government’s foreign currency debt, as a percentage of its total $7.052 billion national
‘Prefers’ lower ratio ‘for many reasons’ Fears foreign reserves drain, harder debt reschedule But Bahamas ‘quite a way’ from default, restructure debt, to remain below 25 per cent. However, Central Bank data shows that the
Bahamas’ total foreign currency debt had already breached this ratio by yearend 2016, standing at $2.645 billion or 29.3 per cent respectively. The proportion of government debt held by private foreign investors and multilateral institutions accounted for the majority of this, some $2.37 billion or 26.2 per cent, placing them above Mr Smith’s target ratio alone without even including the small portion held by domestic institutions. The former finance minister, in a recent interview See PG B3
JAMES SMITH
Realtors: ‘The recession has finally disappeared’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DR DUANE SANDS
FREEPORT ABUSED AS ‘SMUGGLING GATEWAY’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$4.05
Govt extending tax crackdown to GB
MARIO CAREY
MAJOR Bahamian realtors are reporting a “significant uptick” in business for the 2017 first half, with one telling Tribune Business: “The recession is finally gone.” John Christie, H. G. Christie Ltd’s chief executive, said the company was enjoying “one of our best
years ever” after two election results - one in the US, the other in the Bahamas boosted market confidence. “We’ve definitely been seeing significant sales. We’ve been seeing that from November on,” he confirmed to this newspaper. “People are continuing to buy. “The initial pick up was the Trump effect; the stock market going up and See PG B5
Major firms see ‘major uptick’ in 2017 first half Buyers urged to move, as prices correct 20-25% Trump, Bahamas elections part of ‘triple whammy’
KP pledges move away from duties Govt has ‘back stop plan’ on Grand Lucayan Government has recently launched measures to address non-compliance with tax and Customs laws. “These programmes have been piloted in Nassau with great success, and will be extended to Grand Bahama and the Family Islands in the very near future, having full regard for the provisions contained in the Hawksbill Creek Agreement.” Mr Turnquest continued: “These measures are risk-based and focused on See PG B2
Use poor cyber rating to become ‘top of food chain’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas should use its “near bottom of the pile” cyber security ranking as motivation to become a “top of the food chain” hub for the global information and communications technology (ICT) industry. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, told Tribune Business that this nation needed to use its 129th ranking in the Global CyberSecurity Index (GCI)
ICT remains growth opportunity Chamber chief urges specialist Minister Cloud-based firm expands from Bahamas as a springboard to realise its ICT potential. Acknowledging the “concern” created by the GCI rating, Mr Sumner See PG B6
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PAGE 2, Monday, July 24, 2017
THE TRIBUNE
IOWA FIASCO: WEB SHOP PATRONS TOOK ‘NO CHANCE’
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
A WEB shop operator yesterday said it was not uncommon for players to attempt to ‘game the sys-
tem’, asserting that the Iowa/Indiana lottery fiasco amounted to customers having “insider information”. “The customers should not get paid in this particular situation,” said the operator, speaking un-
der condition of anonymity. “Gambling as it is defined in the Gaming Act is stated as a game of chance. Anyone that purchases a ticket with information of an outcome of a particular drawing is not partaking in a game of chance; it will
then be considered a game of certainty. “My reason for stating that it would be a game of certainty is due to the fact that the reason why the customers would have bought those ticket(s), would be because they were certain of the outcome of the drawing.” Paradise Games previously told this newspaper its system had witnessed an unusual spike in player activity relating to the now non-existent Iowa state lottery numbers. They claimed that this data, and all-related evidence, had been passed to the Gaming Board, which is expected to adjudicate on a matter that impacted the whole Bahamian web shop industry “in a couple of days”. Vehemently refuting claims that Paradise Games was refusing to pay out legitimate player winnings, a spokesperson said the
issue arose from persons exploiting information asymmetries and timing differences to manipulate the gaming system to their advantage. The operation of the Iowa State 3 and 4-Ball Lottery draws was officially discontinued, and it now shares and publishes the same results as the Indiana State Lottery, which draws 30-minutes prior to the now non-existent Iowa draw. Paradise Games said the time difference between the states, and the publishing of results, created a 30-minute window for a handful of individuals in web shops throughout the Bahamas to purchase pre-existing winning numbers. “What took place with the Iowa and Indiana lottery was the equivalent of having Insider Information. In this particular situation, the customers became aware that Indiana lot-
Freeport abused as ‘smuggling gateway’ From pg B1
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levelling the playing field between those that operate within the rules and those outside. In this context, we believe these programmes will be welcomed by the business community as they will help eliminate distortions caused by shadow operators that are not paying their fair share.... “We must not allow Freeport to continue to be used as a smuggling gateway to the rest of the Bahamas to avoid tax responsibility, and to avoid detection of illegal activity.” The Minister of Finance’s last comment is understood to have caused some consternation in the Freeport private sector, as it was unclear what he was referring to. Some have interpreted it to mean the practice of Nassau-based firms importing product through Freeport, leaving it in ‘bond’ and only bringing it out and moving inventory to Nassau once it is needed or has been purchased. One Freeport-based business contact, speaking on condition of anonymity, described this as ‘good business practice’ that boosts cash flow, with no due VAT or Customs taxes evaded
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since this has to be paid once inventory is removed from a ‘bonded’ facility. The tax crackdown headed to Freeport is targeting four key taxes - VAT, Business License fees, real property taxes and Customs duties, as the Government bids to enhance cash flows by collecting every cent in taxes due to it. Simon Wilson, the Ministry of Finance’s financial secretary, earlier this year said the Government was targeting an extra $400 million from its tax crackdown within two years. He told the Chamber of Commerce’s State of the Economy 2017 forum that the enforcement crackdown, launched late last November, had generated an extra $15 million per month just from New Providence. Mr Turnquest, meanwhile, acknowledged that the Government needed to further diversify the tax base away from Customs duties, something it has begun doing with Value-Added Tax (VAT). “Sometimes, effective enforcement of our Customs laws is in conflict with our monetary and economic growth objectives,” the Minister said. “For this reason, the Government must continue to diversify its tax base away from Customs duties and encourage domestic production of goods and services for local con-
tery and Iowa lottery had merged and that the drawing results would be the same for both states,” the web shop operator said. “They also recognised that Indiana posted the winning results prior to Iowa, because of the difference in time, due to the fact that those states are in different time zones. So the customers then proceeded to wait for Indiana results, at which time they then purchased the same numbers in Iowa.” He added: “So, in reality, the customers knowingly did not partake in a game of chance. It was not fair play. It’s as if the customers acted upon leaked information. Customers went to take a test with the cheat sheet. Would we consider that a fair test, if everyone went into the exam room with a copy of the test and the answers, then came out the exam with an A Grade?” sumption and export.” Pledging that the Government would adhere to its promises of transparency, accountability and anti-corruption, Mr Turnquest added: “Businesses must follow the rules as you would expect us to. Government contracts must be awarded on the basis of merit and ability, and at competitive rates. “Conflicts of interest will be frowned upon and not tolerated in a modern governance structure. More serious situations, such as acts of bribery or attempted bribery, will be dealt with according to the law. We must be a government and people of integrity in order to safeguard the public trust and their future prospects.” Mr Turnquest provided no specifics on efforts to re-open/sell the Grand Lucayan property, only saying that the Minnis administration had “a back stop plan if the negotiations drag out further than we intend. “At the end of the day, we want a deal that we can stand behind in full daylight and any transparency tests, which will not place unacceptable burdens on the Bahamian people, but gives us an opportunity for Bahamians to obtain a stake in the industry for any tax dollars given, and a world class operator that will bring value to our destination longterm,” he said. “We believe we are close.”
AGM NOTICE The Annual General Meeting of the Shareholders of FamGuard Corporation Limited will be held at the Family Guardian Financial Centre East Bay & Church Streets at 4:00 p.m. on Thursday, August 10, 2017 The Company’s Annual Report is available on its website at www.famguardbahamas.com Parking for the Annual General Meeting is available at the rear of the building using the Church Street entrance or via Alice Street.
The parent holding company of: Family Guardian Insurance Company Limited; FG Insurance Agents & Brokers Limited; FG Capital Markets Limited and FG Financial Limited
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THE TRIBUNE
Monday, July 24, 2017, PAGE 3
JETBOAT OPERATOR AIMS TO MATCH DISNEY EXPERIENCE By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
A NEWLY-launched water adventure ride is aiming to expand and diversify the tourism product, having already received “overwhelmingly positive” feedback. Davia Saunders, Bahamas JetBoat’s manager, told Tribune Business that the company - whose official launch was on Saturday - was looking to bring innovation and a “mind-blowing experience” to New Providence’s visitor excursions. The company, founded by Mr and Mrs Walt Saunders, is targeting the tourist market but caters to locals as well. Its launch has
created seven Bahamian jobs. “It’s been excellent. Our target market would be tourists but we cater to the locals. We did not expect the kind of feedback that we got locally but it has been very positive. Our goal is to get everywhere tourists look to want to do something. We have to market and market in the right places,” said Mrs Saunders. The company, which is headquartered at the Elizabeth on Bay Marketplace & Marina on Bay Street, expects to grow its sevenstrong workforce. “This is just the start but our dream is to expand the offering to the Family Islands, and this is something once you do
Foreign debt breaching ex-minister’s 25% ‘goal’ From pg B1 with this newspaper, urged the Bahamas to keep its foreign currency debt - and especially the portion held by foreign investors - as low as possible. Mr Smith added that in a ‘worst case scenario’, if the Bahamas needed to restructure or reschedule its debt it would find it much easier to negotiate such with Bahamas-based - rather than foreign - creditors. Emphasising that he believed the Bahamas was “quite a way off” from this, Mr Smith said of the foreign currency debt: “We want to keep that down for many reasons. “It’s still in a manageable range, but I’d prefer it to not be higher than 25 per cent. I’d prefer it to be lower.” Overseas holdings of the Bahamas’ foreign currency debt breached the 25 per cent threshold in 2016, and remained relatively constant through early 2017, closing the first quarter at
$2.642 billion. However, the Central Bank’s 2016 annual report revealed that foreign currency debt servicing payments rose by 82.8 per cent or $152.8 million last year to hit $337.4 million. And they also increased by $8.3 million or 17.5 per cent to hit $56 million for the three months to end-March 31. Mr Smith said increased foreign currency debt servicing payments were worrisome because they sucked money from the external reserves, and reduced the amount of foreign exchange available for physical imports. “In our case it has a lot to do with the current account and maintaining parity with the US dollar,” he told Tribune Business. “The Central Bank reserves are used to cover the big gap in the current account, and allow us to import on a one:one basis. “That becomes weaker the larger the portion of foreign debt is to the overall
it correctly, the sky is the limit,” said Mrs Saunders. Mrs Saunders told Tribune Business that the company took its inspiration from a jet-boat ride in New Zealand. “They decided to bring the offering here. The founders wanted to get into the tourism industry and, seeing that there is a need for more Bahamians to benefit from this industry, we have to keep money here,” she said. “You have to be innovative and exciting because persons have way more options than before. The Bahamas needs to be more globally competitive, even in the tourism industry. We have jet-skis and parasailing here, but we want to make the ride an amazing experience, similar
to Universal Studios or Disney World.” Bahamas JetBoat is a new water adventure ride that launches this Saturday, July 22 from 1:00 p.m. to 5:00 p.m. from their new headquarters at Elizabeth on Bay Marketplace & Marina, just east of Rawson Square. For their grand opening celebration, they are offering rides at a reduced cost of just $20 per person, including free food, drinks and giveaways. “Bahamas JetBoat is an experience like we’ve never had in The Bahamas before,” said Manager Davia Saunders. “It’s truly fun and exciting, with 360º spins, wave riding, slides and fast twists and turns – it’s a real thrill ride, almost like being on a roller coaster but on the
water.” More information, and online booking, is available at their web site at bahamasjetboat.com. Bahamas JetBoat launched in May, and held its launch on Saturday with a special ticket price of just $20, which included a 30-minute ride, free food, drinks and giveaways. The Bahamas JetBoat is suitable for all family members at least four feet tall, and can be enjoyed by individuals, families or groups of up to 23 people. Apart from scheduled excursions, the service is also available on a charter basis for beach parties and events. Regular operating hours are Monday through Saturday, from 9am to 5pm, and on Sundays by appointment. On its regular
schedule, each JetBoat ride lasts between 45 minutes and an hour. “Bahamas JetBoat is an experience like we’ve never had in the Bahamas before,” said Mrs Saunders. “It’s truly fun and exciting, with 360º spins, wave riding, slides and fast twists and turns – it’s a real thrill ride, almost like being on a roller coaster but on the water. “We also offer GoPro video footage from each excursion, so our guests can walk away with something they can share with their family and friends on social media.” Tours and charters can be booked online through the company’s web site at bahamasjetboat.com
debt. Foreign currency that is normally used for importing and feeding the population now goes to debt servicing.” He added: “You really don’t want debt payments eating up all foreign exchange reserves that you use for all the imports. It’s such an open economy that we have to import from the US to feed our tourists. “If that is ever constrained because we are using that money to pay debt, we will be unable to satisfy the requirements of our major industry for imports. You really don’t want to be using that hard currency for servicing debt.” Mr Smith said that apart from monetary pressures, the Bahamas also needed to keep its foreign-owned relatively low should a restructuring ever become necessary. “Foreign bond holders are less likely to be amenable to reorganising if you have to reschedule your debt,” he told Tribune Business. “Most of the Bahamian dollar debt is held by national institutions, such as NIB and the banks.
“If necessary, they could probably sit down with them and stretch it out some to service the debt more effectively.” Jamaica did exactly this several years ago with its Debt Exchange Programme, which swapped existing notes for ones that held longer maturities and lower interest rates, thereby reducing debt servicing costs. Mr Smith, though, reiterated that despite the threatened Moody’s ‘junk’ downgrade’ the Bahamas has some distance to travel before such a debt restructuring - let alone a default - becomes necessary. “In my view we’re quite a way off,” he told Tribune Business, “because the one thing we have not looked at is, in a worst case scenario where it is difficult to meet debt payments, what are our assets? “We have a lot of government assets that could be sold. It may be time to look at our big holdings to see if we can sell or securitise them.” Apart from Crown Land, and publicly-owned infrastructure and buildings, the former Central Bank
government said holdings such as the Government’s 40 per cent equity stake in Arawak Cay Port Development Company (APD) could be relatively easily disposed of. Mr Smith also pointed to the Government’s 100 per cent stake in the Lynden Pindling International Airport (LPIA) and its operator, the Nassau Airport Development Company (NAD), as another marketable asset. He recalled how NAD’s operator, the Vantage Airport Group, had initially sought an equity stake only for the Government to rebuff this and opt for a management agreement instead.
Mr Smith implied that NAD’s $409.5 million revamp had created a valuable asset of interest for private investors, and suggested that it was worth exploring whether Vantage wanted to upgrade from a management to equity partner. “There are a huge amount of government assets all over the place, such as waterfront buildings like Lands and Surveys,” he told Tribune Business. “If we do an inventory of assets, fixed and buildings, there are a lot of things of value just sitting there that can be privatised or outsourced. All these things are potential contingencies to default.”
PAGE 4, Monday, July 24, 2017
Doctor non-payment complaints ‘won’t be last’ NHI problem From pg B1 scheme lacked a lawful basis to make any payments whatsoever. Dr Sands nevertheless said he had seen evidence of “a substantial amount of payments” made by NHI to private physicians, although he was unable to say whether the scheme was current. Pledging that all doctors would be paid for “appropriate charges”, the Minister warned that NHI will “no longer be given a blank cheque book”. Dr Sands was responding after Tribune Business received multiple reports that private doctors who had signed-up to provide
medical care under were not being compensated for their work. Dr Sy Pierre, the Medical Association of the Bahamas (MAB) president, confirmed he had been contacted on Friday by one such provider complaining about the non-payment. “A physician called me today and said that they were not getting paid,” he told Tribune Business. “For the last few months, they were getting paid on the 1st and 15th of the month, but he told me that none of the providers have been paid.” Dr Pierre said he was unsure whether this would result in NHI
THE TRIBUNE registrants being unable to access care under the scheme, should providers withhold services until they received payment. And another senior doctor, speaking on condition of anonymity, told Tribune Business yesterday that NHI physicians had also complained to them about the scheme’s non-payment. “The cheque has not been processed because of these accountability issues, and the [Government’s and NHI’s] inability to verify bills being submitted and invoices for patients that don’t exist,” they said. “There’s no level of ability to verify and process. I don’t understand it to be a money availability issue. They [the NHI Secretariat] are saying we have to figure out what’s going on, who’s seeing who and what services are being provided.
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“You have this group of primary care physicians being paid to deliver these services. They’re trying to figure out what to do now: Do they stop seeing NHI patients, or do they have to go to court to get money from the Government?” Dr Sands confirmed to Tribune Business on Friday that the absence of vital “checks and balances”, namely a comprehensive NHI IT system and regulated health administrators (RHAs) to verify the accuracy of doctors’ claim submissions, had left the scheme as a “free for all” and wide open to fraud and other financial abuses. The doctor told Tribune Business that the Minnis administration was now trying to ‘apply the brakes’ to this, realising that there was no mechanism to monitor doctor performance and patient treatment outcomes. They added that the Government was also unable to determine whether the same patient was being seen by multiple doctors; if a patient was seen by a particular doctor at all; and if the identity and quantity of prescribed medicine was appropriate. “They’ve never had this much money coming in during their entire existence ever,” the doctor said of
physicians who had signed up for NHI. “They’re just raking it in. “They’re trying to see as many NHI patients as they can; five minutes, roll in and roll them out as fast as they can. This is what we warned about all along, and that $15 million [for primary care] will be gone in three months based on the stories I’ve heard about bills and invoices going in. I heard one practitioner submitted a bill for $55,000 for one week. “This is not rocket science. We saw this happening. I don’t know what they’re going to do to fix it, but they’d better come up with a plan because it’s going to get worse.” Dr Sands yesterday said he was unaware of NHI’s physician payments schedule, but conceded: “I can say that in the absence of an appropriate governance and corporate structure there may be an impact on paying these things, because the law requires that certain things be in place. “I have spoken a number of times about the challenge with NHI, caused by the premature roll-out of the programme. This is another potential casualty of the reality that exists.... I have expectations this is not the last matter that will be
brought to the attention of the public.” He added that the 20172018 Budget had transferred responsibility for NHI payments from the Prime Minister’s Office to the Ministry of Health, and any distribution of funds from the scheme’s drasticallyslashed $40 million financing had to “conform with the law”. Around 60 private doctors were said to have signed up to provide NHI primary care services under the Christie administration, and Dr Sands pledged that all will receive due compensation for bills properly incurred. “Once the remedies are in place, much of this will fall away,” he told Tribune Business. “Once we have the corporate and governance structure in place to legally pay our bills, we will do so. “I have seen records of bills paid to providers, and a substantial amount of payments have been made. If we drill down into those payments, were they payables for April, May, June? I can’t answer that question. “What I can say now is that charges incurred by NHI have to be paid by the Ministry of Health through its NHI Head, and the Ministry of Finance and National Insurance Board (NIB) no longer will give NHI a blank cheque book,” Dr Sands continued. “A receivable is a receivable, whether it is paid a few days late, a few weeks late or 30 days late. It’s still a receivable. If you are owed money for appropriate charges, those will be paid.” Dr Sands said the Minnis administration now “has to make some sense” of NHI, given that the Ministry of Health was largely not involved in decision-making and payments under the former Christie government. “Decisions made have repercussions and consequences,” he added, “and we are seeing the repercussions and consequences. “I don’t have the luxury of focusing on or lamenting over what has happened. It is done. As the consequences and issues arise, we will figure out how to deal with them.”
THE TRIBUNE
Monday, July 24, 2017, PAGE 5
Realtors: ‘The recession has finally disappeared’ From pg B1 everyone feeling positive and spending. With the new government here, people sitting on the sidelines are moving forward, feeling more positive, and people are still coming here for permanent residency. It’s a triple whammy.” Mr Christie conceded that the surge in real estate market activity was “not everywhere”, with the more sparsely populated Family Islands still relatively slow. He added, though, that business had picked up across all price points in New Providence, while traditionally strong markets such as Harbour Island, Abaco and Eleuthera were also performing well. “It’s been significant,” Mr Christie told Tribune Business. “We’re having one of our best years ever. It’s as busy as it ever has been; even before the recession and everything else. “The recession, 10 years later, is finally gone and we’re back in the good times.” Mr Christie’s optimism was shared by fellow realtors. Mario Carey, president and chief executive at Better Homes & Gardens MCR (Bahamas), urged potential buyers to move quickly as increased demand was beginning to drive prices upwards. “We’re seeing prices correct themselves again; 20-25 per cent since the decline,” he told Tribune Business. “Buyers should enter the market and look for good deals, because prices are definitely going up.” Mr Carey said the real estate market had “heated up” over the past six weeks, with buyers seemingly renewing interest now that the uncertainty associated with a general election was over. “We’re seeing a noticeable uptick in interest,” he confirmed. “It seems to have really been heating up over the last six weeks to a month. We see a lot of confidence in real estate again.
“I think it would be safe to say it’s across the market; just about any sort of sector - luxury, mid-range, condos, low-end and the rental market. People are confident that the Government is open for business, that there’s financing out there and funds available, and that real estate is a good buy.” Mr Carey suggested that the Bahamian real estate market was beginning to mirror the revival now taking place in the US and globally, pointing out that this nation’s recovery traditionally lags that of developed countries. “It’s an overall recovery coming out of the recession,” he said. “We always tend to lag behind, and the US real estate market has been in recession for a year. “We’re catching up, which is the norm. It’s a cycle. We’re experiencing some good activity, even though it’s the soft months.” Peter Dupuch, head of ERA Dupuch Real Estate, agreed that “people sitting on the sidelines are coming to the table to pull the trigger” on potential real estate
MIKE LIGHTBOURN purchases, especially since the May 10 general election. “There’s definitely been a pick up. It’s been busy for us all year,” he told Tribune Business. “The market has been strong, but mostly with foreign sales. “We’ve seen a pick up since February, and it’s just this whole year. After the election I think people are a little more positive about moving forward. A lot of people who were sitting on the sidelines are coming to the table to pull the trigger. I can’t complain.” Mr Dupuch said his firm was ahead of 2016’s performance, although he was unable to say by how much. “We’re definitely up quite a bit because we’ve made a few large sales,”
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he added. “We’ve assisted with one of the largest sales at the Ocean Club, where we’ve done some large closings, and have a private island under contract. We’re making some good sales elsewhere on Paradise Island, including the Reef.” Mr Dupuch said international buyers were still attracted to Bahamian real estate, with this nation’s climate, US proximity and tax/residency advantages outweighing its numerous economic and social issues. “People are still coming here from all over the world,” he said. “Everybody wants to live here, and it’s a beautiful place to live. “We have our issues, but the higher end market doesn’t feel the issues as much as we do. They’re behind the gates, very wealthy and it’s probably their second or third home.
They don’t have the same issues as those struggling to buy a $500,000 property.” Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, told Tribune Business: “This has been a good year as far as numbers are concerned. I’m sure we’re up; I don’t know what percentage, but hopefully it will get better.” He warned, though, that “a monkey wrench could be thrown into real estate sales” should Moody’s follow through with its threat to downgrade the Bahamas’ creditworthiness to so-called ‘junk’ status. This would send a potentially negative message to foreign investors, including real estate buyers, about the security of their investment in the Bahamas and the Government’s ability to manage the country’s financial affairs.
However, Mr Lightbourn said the potential Moody’s downgrade had yet to be raised with him by foreign real estate buyers. “We’ve not heard that much discussion at large, to be truthful,” he told Tribune Business. “It’s something out there if someone sees it, reads it. “I met with an overseas client this morning with considerable holdings and the downgrade wasn’t mentioned. They’re getting ready to do something after holding off for many years. “There were legal items that had to be dealt with and those issues seem to be behind them. I’m not saying it’s a considerable investment, but it could be. They’re going to start on a relatively small scale and increase it if necessary.”
PAGE 6, Monday, July 24, 2017
Use poor cyber rating to become ‘top of food chain’
THE TRIBUNE
From pg B1 reiterated his previous call for the Government to appoint a dedicated ICT Minister to give focus and direction to the Bahamas’ efforts in this area. He suggested that addressing cyber security issues, as well as promoting this nation’s US proximity and connectivity via the fibre optic cable networks in New Providence and Grand Bahama, could attract multinational businesses to these shores. “I saw the results of that cyber security ranking, and it is a concern to us,” Mr Sumner told Tribune Business. “It’s no comfort that we’re near the bottom of the pile in that, and also sitting where we are in the World Bank’s ‘ease of doing business’ index.” He acknowledged that the Bahamas had already “been plagued with a number of cyber security attacks” on banks, companies
and private citizens, “whose data has been breached or compromised through attacks on their systems”. The growing cyber crime menace was further brought home to Bahamians this weekend after Atlantis revealed that a ‘malware’ attack may have captured credit and debit card data from guests who made purchases at its retail and food and beverage locations between November 1, 2016, and April 3, 2017. The mega resort destination, the Bahamas’ largest employer, said in a statement: “The information at risk as a result of this event for credit or debit cards used at the impacted locations includes the card number, expiration date and CVV.” Mr Sumner said the Chamber planned to host its second cyber security seminar for the private sector this September, following last year’s inaugural event in partnership with
RBC Royal Bank (Bahamas) Limited is presently considering applications for:
What is the opportunity? Our Finance Unit is looking for a highly motivated individual who is analytical and accounting focused to provide strong support to the Finance Management team.
What do you need to succeed? • Minimum – Undergraduate degree in Accounting • Five years banking experience in a similar role • Strong interpersonal and communications skills • Strong analytical, problem solving, and organizational skills • Ability to work well under pressure • Proficiency in Microsoft Office suite of products (Outlook, Word, and Excel) Nice to have Eligibility for or a professional designation, CPA, CA, ACCA or eligibility What’s in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual. • A comprehensive Total Rewards Program of flexible benefits, and pension options • World-class training programs and career development opportunities • The advantage of working with a dynamic, collaborative, and high-performing team where initiative and hard work are recognized and rewarded • A flexible work/life balance options • Opportunities to do challenging work Interested persons should apply by July 31, 2017 and forward your resume to:tt-ec-bbrecruitmentjobpostings@rbc.com
www.rbcroyalbank.com/caribbean
® / ™ Trademarks of Royal Bank of Canada. Used under licence.
take advantage of what we have to offer. “We ought to be promoting this whole industry of ICT as a major industry that others can take advantage of.” Mr Sumner was backed by Winston Rolle, a Bahamian IT specialist, who also emphasised the economic growth opportunity that the ICT industry presents for this nation. However, he emphasised that the Bahamas needed to address any cyber security weaknesses - real or perceived - if it was to attract technology-based companies and investors to do business from this nation. “I think it’s obviously something we need to be paying attention to,” Mr Rolle said of the GCI Index ranking. “I think one of the reasons we’re ranked the way we are is nobody has their eye on the big picture. Everyone is conducting business as usual.” He said the basis of the Bahamas’ 129th ranking “has to be looked at”, given that the Index’s authors may have found or been given information that did not accurately reflect what was happening in this nation. Mr Rolle acknowledged that the GCI ranking could deter investors, but added: “I see it another realm. IT presents a growth opportunity for the country, and it’s a matter of ensuring we have the proper infrastructure, that we have the proper security aspects, and we have the proper pricing. “We have a good cadre of IT professionals, are easily accessible to North America, and it becomes a matter of thinking security, infrastructure and pricing for people to come here and do business. “I see one of the local cloud-based companies here in the Bahamas is expanding its base through the Caribbean. It shows there’s an opportunity here to do a number of things, and the security aspect of it is going to be very important,” he continued. “People have to be confident when conducting business, hosting business in this jurisdiction that all the necessary security measures are in place.”
BBC WOMEN WANT WIDE GENDER PAY GAP FIXED NOW, NOT IN 3 YEARS
Finance Control Officer
What will you do? • Prepare and submit regulatory reports and respond to queries in a timely manner. • Assist with monthly, quarterly, and annual analysis and explain variances. • Assist in preparing financial statements and reports for management. • Assist with internal and external audits. • Provide strong support to Northern Caribbean Finance management team.
insurance company, Star General. With Bahamas-based companies having to invest significant sums to protect themselves, their customer and their IT infrastructure from cyber criminals, Mr Sumner called for a partnership between the Government, private sector and IT industry to combat the problem. “The professionals in the industry need to begin putting their heads together, make recommendations and advise the Government, private sector and citizens at large how to protect ourselves against these attacks in cyber space,” the Chamber chief executive. With IT providing the platform for virtually all commercial, payment and transactional activity, he added that the Bahamas “should have a full-time minister for ICT” to focus and direct the country’s development in this area. “With the entire world moving to 100 per cent egovernment and e-commerce platforms, we should have someone in place to have focused attention on the development of ICT,” Mr Sumner told Tribune Business. “These are things that need to happen. While I’m concerned we’re at where we’re at on the cyber security index, let us put in measures that strengthen our systems. We will have leapfrogged that list, but the benefit is not to elevate us on that index. It will increase our resilience in cyber space, and build systems and resources to develop the whole ICT infrastructure.” Calling on the Bahamas to look beyond the immediate GCI ranking, the Chamber chief said ICT held great potential as an export industry that could help diversify the economy. Pushing for more young Bahamians to be directed towards such an industry, Mr Sumner added: “There’s absolutely no reason why the Bahamas should not have been by now considered top of the food chain as a hub for international commerce and technology, attracting multinational companies to
By GREGORY KATZ Associated Press
Assistant Financial Controller Are you a people person? Join a team where people come first. About Us – A leading regional player in the retail insurance sector, Colonial Group International, with over 300 employees and offices in Bermuda, the Bahamas, the British Virgin Islands, the Cayman Islands and the Turks & Caicos Islands, offers a complete range of premier financial and insurance services to our individual and corporate clients. We know that our products make a real difference to our clients and their families. The Role – Reporting to the Financial Controller, you will be required to prepare monthly financial statements, reconcile all underlying account balances and totals, identify problems and manage the required corrective action, assist with the implementation and control of underlying processing procedures, prepare ad hoc management reports including regulatory filings, participate in the annual budgeting process as well as the annual external audit. Excellent and innovative customer service delivery is important to us, critical to our strategic objective of business retention and growth and applies to all roles across the Group. The Person – A professional accounting designation (CA, CPA, ACCA) with 2 years’ post-qualification experience as well as a solid working knowledge of Microsoft Office products is required, along with strong organizational and communication skills. Knowledge of Great Plains ad insurance accounting would be an asset. The Benefits – We offer an attractive compensation package. To Apply – Please send your résumé/cv by no later than August 2, 2017, to our VicePresident, Human Resources at hr_manager_bm@colonial.bm.
SECURITY & GENERAL INSURANCE COMPANY LIMITED Atlantic House, 2nd Terrace & Collins Avenue, P.O. Box SS-5915, Nassau, The Bahamas tel. 326 7100 www.cgigroup.com A member of Colonial Group International Ltd. Insurance, Health, Pensions, Life Security & General Insurance is rated A- (Excellent) by AM Best
LONDON (AP) — Some of the BBC’s most prominent female journalists and TV presenters are banding together to demand that the broadcaster fix its wide gender pay gap immediately rather than in several years as management has proposed. TV personalities including Clare Balding, Victoria Derbyshire and others wrote an open letter Sunday to the BBC’s top manager saying that plans to resolve the company’s gender pay gap by 2020 must be accelerated. They pointed out that the Equal Pay Act became the law in 1970. BBC responded in a statement that it has made “significant changes” in recent years but needs to do more to close the pay gap. Documents made public last week showed that male BBC TV and radio personalities make substantially more than their female counterparts. The salary disparity came to light after the publicly funded BBC was forced to publish the salary ranges of its best-paid actors and presenters. The list showed that two-thirds of the highest earners were men, with the highest-paid woman earning less than a quarter of the highest-earning male star. Many BBC men were also found to be receiving far higher salaries than women in comparable jobs. Education Secretary Justine Greening, who handles matters involving women and equality, told Sky News on Sunday it is “impossible not to be shocked” by the BBC’s pay disparity. She said the salary gap is “very hard to justify.” Prime Minister Theresa May has also criticized the pay differential.
THE TRIBUNE
ROBOT FINDS LIKELY MELTED FUEL HEAP INSIDE FUKUSHIMA REACTOR By MARI YAMAGUCHI Associated Press
TOKYO (AP) — Images captured by an underwater robot showed massive deposits believed to be melted nuclear fuel covering the floor of a damaged reactor at Japan’s crippled Fukushima nuclear plant. The robot found large amounts of solidified lava-like rocks and lumps in layers as thick as 1 meter (3 feet) on the bottom inside of a main structure called the pedestal that sits underneath the core inside the primary containment ves-
YOUR
sel of Fukushima’s Unit 3 reactor, said the plant’s operator, Tokyo Electric Power Co. On Friday, the robot spotted suspected debris of melted fuel for the first time since the 2011 earthquake and tsunami caused multiple meltdowns and destroyed the plant. The three-day probe of Unit 3 ended Saturday. Locating and analyzing the fuel debris and damage in each of the plant’s three wrecked reactors is crucial for decommissioning the plant. The search for melted fuel in the two other reactors has
so far been unsuccessful because of damage and extremely high radiation levels. During this week’s probe, cameras mounted on the robot showed extensive damage caused by the core meltdown, with fuel debris mixed with broken reactor parts, suggesting the difficult challenges ahead in the decades-long decommissioning of the destroyed plant. TEPCO spokesman Takahiro Kimoto said it would take time to analyze the debris in the images to figure out debris removal methods.
CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019
Monday, July 24, 2017, PAGE 7
THIS image captured by an underwater robot provided by International Research Institute for Nuclear Decommissioning on Saturday, July 22, 2017 shows heaps of solidified lava-like rocks believed to be nuclear fuel that had melted in the 2011 accident during a probe inside of the Unit 3 reactor at Japan’s tsunami-wrecked Fukushima nuclear plant in Okuma town, northeastern Japan. (International Research Institute for Nuclear Decommissioning via AP)
PAGE 12, Monday, July 24, 2017
THE TRIBUNE
US STOCKS DIP WITH ENERGY PRICES; EUROPEAN STOCKS SINK
By MARLEY JAY Associated Press NEW YORK (AP) — U.S. stocks finished barely lower Friday as energy companies fell with oil prices and a 10-day rally for technology companies came to an end. But Wall Street mostly avoided the sharp losses that hit European stocks. The price of U.S. crude oil fell 2.5 percent and pulled energy stocks lower. Technology companies slipped, ending their longest winning streak in more than two years. Investors bought government bonds in the U.S. and Europe, which sent prices higher and yields lower. With yields down, investors who wanted income bought shares in companies that pay big dividends, such as utilities and household goods makers. European stocks took sharp losses after Reuters reported that the European Central Bank will consider paring back its stimulus programs in late October. Indexes in France, Germany and Italy all fell, and so did the blue chip Euro Stoxx 50 index.
A WALL Street street sign outside the New York Stock Exchange. U.S. stocks are falling, Friday, July 21, 2017, as General Electric stock drops after the company’s second-quarter report. Most other industries are also lower, including technology companies, which have soared during a 10-day winning streak. (AP Photo/Mark Lennihan, File) “Europe is the economy that makes people the most nervous,” said JJ Kinahan, chief market strategist at TD Ameritrade. “It’s one that is still being treated with caution.” The Standard & Poor’s 500 index shipped 0.91 of a point to 2,472.54. The Dow Jones industrial average dipped 31.71 points, or 0.1 percent, to 21,580.07. Earlier it shed as many as 108 points. The Nasdaq com-
posite lost 2.25 points to 6,387.75. The Russell 2000 index of smaller-company stocks sank 6.52 points, or 0.5 percent, to 1,435.84. Still, all four indexes remain near record highs. General Electric skidded after it disappointed investors by saying it expects to reach only the low end of its annual profit forecast range. GE said its power unit struggled in the second quarter and low oil prices are also
hurting its business. The stock fell 78 cents, or 2.9 percent, to $25.91. It’s down 18 percent this year. Also falling was oilfield services company Baker Hughes, which is combined with GE’s oil and gas unit this month and is now mostly owned by GE. It shed 85 cents, or 2.4 percent, to $34.12. Baker Hughes was one of a horde of energy companies that fell with oil prices.
Benchmark U.S. crude lost $1.15 to $45.77 a barrel in New York. Brent crude, the standard for international oil prices, shed $1.24, or 2.5 percent, to $48.06 a barrel in London. Over the last few weeks investors have focused what the European Central Bank will do as the European economy continues to improve. Kinahan, of TD Ameritrade, added that the central bank also hasn’t
done much to address the way the euro has risen over that time. “The ECB didn’t take an aggressive stand on the currency move that’s already happened,” he said. He added that has left some investors thinking the euro will get even stronger, which would make European goods more expensive in other markets and affect the earnings and sales of companies based in the EU. On Friday the euro rose to $1.1677 from $1.1626. It hasn’t been this strong compared to the dollar since the beginning of 2015. The German DAX lost 1.7 percent and France’s CAC 40 shed 1.6 percent. The FTSE 100 in Britain shed 0.5 percent. European bond prices jumped and yields tumbled. Investors also bought U.S. government bonds, which sent prices higher. The yield on the 10-year Treasury note fell to 2.24 percent from 2.26 percent. Software giant Microsoft’s fourth-quarter profit and sales surpassed Wall Street estimates as the company posted another round of strong results from its cloud computing business. However, its stock dipped 43 cents to $73.79.
MACRON, SEEKING STRONGER EU, MEETS BREXIT NEGOTIATOR BARNIER BRIGITTE Macron the wife of French President Emmanuel Macron smile as they welcome Belgian Prime Minister Charles Michel and Luxembourg Prime Minister Xavier Bettel for a diner at the Elysee Palace in Paris, France, Thursday, July 20, 2017. (AP Photo/Michel Euler)
PARIS (AP) — French President Emmanuel Macron is meeting with the European Union’s chief Brexit negotiator with both men looking for more clarity from Britain over its departure from the bloc. Michel Barnier arrived Friday for talks at the Elysee Palace a day after wrapping up the first full Brexit negotiating round in Brussels. While Britain’s Brexit minister, David Davis, sounded upbeat about the discussions, Barnier urged Britain to flesh out its positions on several issues that need settling before the two sides can negotiate post-Brexit trading arrangements. France wants Britain to clarify how much it will pay as part of the divorce settlement. Macron made strengthening the EU a key part of his successful campaign. Cameras were barred from Barnier’s arrival and Macron’s other events Friday, including talks with European trade unions.
NOTICE
MARKET REPORT FRIDAY, 21 JULY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,866.48 | CHG 0.02 | %CHG 0.00 | YTD -71.73 | YTD% -3.70 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 2.41 0.13 6.50 8.60 6.00 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00
52WK LOW 3.65 17.43 8.19 3.50 1.47 0.12 3.80 8.35 5.83 10.05 10.00 2.18 1.50 5.80 8.75 8.56 8.00 6.35 11.93 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
1.00 100.00 100.00 100.00 105.00 100.00 100.00 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
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.07 3.95 1.96 170.77 146.34 1.49 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.26 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.45 10.01 2.56 1.55 6.00 9.75 8.10 9.75 6.90 12.50 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 100.00 100.00 100.00 108.53 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.26 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.45 10.01 2.58 1.55 6.00 9.75 8.10 9.75 6.90 12.50 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 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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
108.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.01 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 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
200
VOLUME
NAV 2.07 3.95 1.96 170.77 146.34 1.49 1.64 1.58 1.07 6.92 8.03 6.15 10.52 11.46 10.01
EPS$ 0.444 0.932 -0.510 0.383 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 0.753 0.763 0.330 0.830 0.600 0.697 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000
P/E 9.6 18.7 N/M 9.4 N/M N/M -5.3 14.7 31.6 19.4 17.6 25.3 3.4 8.0 12.8 24.5 11.7 11.5 17.9 0.0
YIELD 1.88% 5.74% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.67% 3.44% 5.69% 2.33% 3.87% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 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% 1.92% 4.53% 0.82% 2.80% 0.95% 2.49% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE is hereby given that CURRY AUGUSTIN MERIZIER of P.O. Box N-9405, McKinney Drive off Carmichael Road, Nassau, N.P., 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 17th Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
NOTICE
NOTICE is hereby given that RENAND FLEURIDOR of Treasure Cay, Abaco, 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 24th Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
NOTICE
NOTICE is hereby given that JADIER ADDLY of Calabash Bay, Andros, 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 17th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
A JOB seeker stops at a table offering resume critiques during a job fair held in Atlanta. Last Friday, the Labor Department reports on state unemployment rates for June. (AP Photo/John Amis, File)
JOBLESS RATES FALL BELOW 4 PCT. IN NEARLY HALF US STATES By CHRISTOPHER S. RUGABER Associated Press WASHINGTON (AP) — Hiring rose last month in 14 U.S. states in June, and the unemployment rate fell to record lows in two states, evidence that the job market is getting tighter across much of the country. The Labor Department said Friday that unemployment rates fell in 10 states and rose in only 2. Rates were stable in the other 38 states. After five years of steady hiring, unemployment rates have fallen below 4 percent in 23 states. Unemployment that low suggests that those states are at “full employment,” when nearly everyone who wants a job has one and the unemployment rate reflects the normal churn of hiring and firing. The rate has fallen below 3 percent in five states: Colorado, Hawaii, Nebraska, New Hampshire and North Dakota. When unemployment falls that low, businesses may be forced to raise pay to compete for scarce workers. So far, wage gains nationwide remain at about 2.5 percent a year, below the 3.5 percent pace normally associated with a healthy economy. North Dakota’s unemployment rate fell to 2.3 percent, a record low for the state dating back to 1976 and tying for lowest in the nation with Colorado. Tennessee’s rate of 3.6 percent is also a record low for that state. Nationwide, employers added 222,000 jobs in June, the most in four months. The unemployment rate ticked up to a still-low 4.4 percent from 4.3 percent. Nevada, Iowa and Georgia reported the largest percentage job gains, followed by Nebraska and West Virginia. The biggest job gain was in Texas, which added 40,200 positions, followed by Georgia with 27,400 and New York with 26,000. Alaska’s unemployment rate of 6.8 percent is the nation’s highest, followed by New Mexico at 6.4 percent. Michigan and Tennessee reported the largest declines in unemployment, with Michigan’s rate falling from 4.2 percent to 3.8 percent. Tennessee’s dropped from 4 percent to 3.6 percent.
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Monday, July 24, 2017, PAGE 13