01252018 business

business@tribunemedia.net

THURSDAY, JANUARY 25, 2018

$4.34

$4.39

$4.48

‘Shooting ourselves in foot’ over deal red tape

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

ttorneys yesterday warned the Bahamas is “shooting ourselves in the foot” through red tape that has caused multi-month delays to the closing of real estate transactions.

The increased costs and bureaucracy, which are impacting real estate deals involving foreign investors, are said to be creating such “uncertainty and anxiety” that many overseas owners “want to get out” of the Bahamas.

Frederik Gottlieb, the former MP, told Tribune Business that the recent real property tax over-billings were just ‘the tip of the iceberg’ when it came to obstacles threatening to deter foreign direct investment (FDI) in Bahamian real estate.

* Foreign real estate deals taking months to close * VAT imposition, Central Bank demands ‘sheer hell’ * 1.5% remittance fee adds to investor ‘anxiety’

FREDERIK GOTTLIEB Warning that the situation threatened to undermine the Government’s stated objective of improving the Bahamas’ ‘ease of doing business’, Mr Gottlieb said the

Minister encourages Sandals expansion

By NATARIO MCKENZIE Business Reporter and NEIL HARTNELL THE Minister of Tourism is encouraging Sandals to execute on long-established plans to expand its Emerald Bay property, suggesting that this will make “the economics better”.

Dionisio D’Aguilar told

Tribune Business that his conversations with the resort developer’s top executives suggested that Sandals was “very interested” in growing its Exuma property, possibly through the addition of a resort bearing its Beaches brand.

“I met with Adam Stewart

SEE PAGE 5

RBC’s ‘great injustice’ to the Family Islands

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CHAMBER of Commerce executive yesterday accused Royal Bank of Canada (RBC) of doing the Family Islands “a great injustice” through their continued branch closures and exits.

Roderick Simms, who heads the Chamber’s Family Islands division, told Tribune Business that while digital banking is the way to go RBC’s implementation strategy left a lot to be desired.

He added that the Canadian-owned institution,

SEE PAGE 10

Insurers seeking urgent ‘closure’ on VAT refunds

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian insurance industry yesterday said it was seeking urgent “closure” on its outstanding VAT refunds to ensure it is “on the same page” with government prior to hurricane season. Emmanuel Komolafe, the Bahamas

Insurance Association’s (BIA) chairman, told Tribune Business that the Deputy Prime Minister had yesterday agreed to meet with the sector in a bid to resolve the property and casualty industry’s “biggest issue”.

Pledging that the industry will “take up” K P

SEE PAGE 6

problems stemmed from the increased paperwork demanded by the Central Bank before it will give permission for real estate sales proceeds to be remitted to foreign buyers.

He explained that this was linked to Value-Added Tax’s (VAT) imposition on real estate transactions, which now requires the sales price to be approved and stamped by both the Department of Inland Revenue and Public Treasury.

In the past, conveyances only required the latter’s ‘stamp of approval’, and Mr Gottlieb and others warned that the extra layer of bureaucracy could potentially add several months to the approvals process.

The Abaco-based attorney said a further development causing consternation among the legal profession, realtors and their foreign clients was the Central Bank’s decision to suddenly enforce a provision in the Stamp Tax (Amendment) Act 2016.

This allows it to levy a 1.5 per cent fee on remittances heading out of the Bahamas, and Mr Gottlieb said the Central Bank had decided to impose this without warning on real estate sales proceeds being sent to foreign vendors.

“There are so many things that are creating uncertainty and anxiety for these investors,” he told Tribune Business. “There’s

the way in which Stamp Duty is assessed and determined, with no regard for the price negotiated in good faith by a vendor and purchaser.

“Appraisals have to be done, and all that results in delays to getting documents stamped. You can’t get a Certificate of Registration and record the conveyance value unless it’s stamped by both the Department of Inland Revenue and the Public Treasury.

“That, in turn, is creating further delays, and now the Central Bank has made it clear that they will not give permission for the remittance of funds by or to

SEE PAGE 7

$4.39 FINANCIAL PROVIDER TARGETS 100-WORKER EXPANSION * OMNI TARGETS FOUR NEW LOCATIONS

BY MARCH * SAYS ‘POISED TO FILL VOID’ LEFT

BY RBC, BANKS * PLANNING E-WALLET RELAUNCH, MORE PRODUCTS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN e-payments provider is planning to more than double its staff by adding 100 employees in 2018, believing it is “in the right place at the right time” for nationwide expansion.

Harvey Morris, Omni Financial Group’s chief executive, yesterday told Tribune Business that it plans to open four new

SEE PAGE 4

PAGE 2, Thursday, January 25, 2018

THE TRIBUNE

Developer beats potholes to bring motorists relief AN online applications developer is racing to launch an app that could bring relief for unhappy New Providence motorists affected by ongoing pothole woes.

Quincy Rolle, president of United Data Technologies, unveiled his Bahamas’ Smart City App six months ago. It is designed rectify the problem of pot holes, debris, downed street lights and traffic signals.

Mr Rolle, who specialises in the creation of mobile apps, smart database systems and software products, is at the point of finalising an agreement with an international company on the implementation of a communications platform that will enable the Bahamian public to report non-emergency issues via cell phone.

The app will allow Bahamians to keep government agencies informed of trouble spots along their commute in real time.

It is scheduled to go live in March.

“It has certainly been a journey developing the exclusive rights of this app for the entire Bahamas,” said Mr Rolle, who has more than 10 years’ experience in web and online application development for Bahamian and foreign entities.

He envisions rolling out the app in Nassau first, before going live in the Family Islands.

The app is expected to provide at least four notifications: When the complaint is successfully submitted; once it has been read; when it has

been assigned; and upon completion. The user who lodged the complaint is able to track the process every step of the way Mr Rolle, who proposes to manage the app for the Government, originally envisioned the Ministry of Works carrying out remedial work.

“After meeting with senior Ministry of Works officials and being briefed on the challenges of the current workload, we had to go back to the drawing board and research what other smart cities are doing around the world,” Mr Rolle explained.

“Most of them outsource infrastructural maintenance. They have private companies doing the work.

After much consultation, the idea emerged to section New Providence into five work zones and have private companies execute the work.”

According to the app developer, there are obvious benefits associated with outsourcing.

These include the creation of new business opportunities that could ultimately boost employment, especially for marginalised inner-city males; the accountability which comes along with private sector involvement; faster completion time (24-72 hours); and higher standard of execution that accompanies contractual work in relation to the fear of termination upon failure to meet pred-etermined requirements.

“With four to five persons in UDT’s control room monitoring and relaying complaints, I’m

QUINCY ROLLE, president of United Data Technologies, who unveiled his Bahamas’ Smart City App six months ago. It is designed rectify the problem of pot holes, debris, downed street lights and traffic signals.

confident the app will not only provide accountability within our city but make the roads of New Providence easier to navigate,” said Mr Rolle.

“The app improves efficiency, and it is envisioned to save the Ministry of Works money, with new features to be released as it develops.”

THE TRIBUNE

Thursday, January 25, 2018, PAGE 3

RBC withdrawal to ‘deepen hardship’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net MPs and private sector executives from the two islands affected by Royal Bank of Canada’s (RBC) pull-out yesterday said this would only “deepen the hardship” for already-sluggish economies.

Adrian Gibson, Long Island’s MP, told Tribune Business: “This is only going to deepen the hardship in Long Island, and businesses will suffer. Long Island continues to be under-served when it comes to banking.

“We don’t have any full service bank, and that is unacceptable.

“I understand that banking is a business, but communities are being abandoned. Long Island is dying and this move is indicative of that. This is going to have a trickle down impact where people will lose jobs, persons will lose rental income, and families will be impacted. We have to limit our reliance on these foreign commercial entities.”

Mr Gibson who called for a ‘real Family Island development plan, following a move that will leave Long Island without any commercial bank presence.

Picewell Forbes, the South Andros MP, told Parliament that RBC’s move had caused concern within the community and would create security concerns from people having to hold considerable sums of cash. He said: “This leads to a further social dislocation in that community. It sends a level of weariness and concern. People are very concerned about this.”

Mr Forbes said the web shops had filled a void or ‘vacuum’ left by the regulated banking sector. He added that Bank of the Bahamas has been operating in South Andros, operating two days a week, and three days a week in Mangrove Cay. “You can’t have that but that’s where we are,” he said.

RBC announced on Tuesday night the closure of its Andros Town and Long Island branches with effect from March 30 and April 13, respectively.

Ambika Cooper, a director with the Andros Chamber of Commerce, told Tribune Business: “That [RBC] is the only bank in that area. The only other bank, where persons would have to physically drive to, is in North Andros and that’s Scotiabank.

“BOB is in South Andros and you need the ferry or some sort of boat to get

there. This leaves businesses in the area with no other option but to drive to North Andros, and that’s a 45 minute to an hour drive each way. Considering that the economy is sluggish this is another blow to the business community.”

Businessman Mario Cartwright, a director at the Long Island Chamber of Commerce, told Tribune Business: “This is not good for commerce on Long Island or any Family Island. This really gives a dim outlook for the economic future of the island.

When second homeowners and potential investors see these kinds of things they get turned off. Most business persons say this is like going backwards.”

He added: “We have a dilemma now. What do we do with cash deposits?

Do we fill up duffle bags and go to Nassau once a month. RBC has many customers on Long Island. At one point we had two banks with four branches; now we have one bank open two days a week that doesn’t accept cash deposits.

“This is terrible, and what really bothers me is that the number houses are contributing to this. The banks won’t admit it but a lot of cash that used to go to them goes to the number houses in Nassau.”

BAHAMAS ‘BEHIND 8-BALL’ ON NEW BANK TECHNOLOGY

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government has received expressions of interest from mobile banking solutions providers to fill the Family Island void left by the commercial bank pull out, the Deputy Prime Minister said yesterday.

K Peter Turnquest told Tribune Business: “We have a number of entities who have expressed interest in providing mobile solutions to those communities.

We are exploring our way through those to determine what that structure may look like in terms of the actual physical operation, as well as the regulations that may need to be in place around that to ensure we protect the system and the integrity of the system.”

His comments came after Royal bank of Canada (RBC) announced the closure of four branches, including a pull-out from Andros and Long Island, on Tuesday night. RBC also stopped cashing cheques, accepting bill payments, taking deposits or buying and selling foreign currency for non-customers on January 2. It now only cashes government cheques and pension cheques for non-clients Deposits and transfers to other RBC clients’ accounts are also no longer accepted over-the-counter in branches, other than those for FINCO clients. The bank also ceased its FastDeposit service on January 15, while wire transfers will not be processed overthe-counter - and standing orders for credit cards discontinued - from January 31, 2018. RBC said that it has near 25,000 active users of its mobile banking app.

Mr Turnquest yesterday told Parliament the impact of RBC’s move, and similar downsizing by other commercial banks, would be felt more deeply because the Bahamas was “behind the 8-ball” in preparing its people to exploit digital banking and other technologies.

He described technological evolution as “the curse of this generation” when it came to replacing human employment, adding that the Government did not control such decisions by the likes of RBC. Speaking afterwards, Mr Turnquest said that while the Bank of the Bahamas

could possibly fill the void left by other commercial banks, he stressed that the Government would not dictate such moves.

“We are not going to dictate to BOB what they should and shouldn’t get into. What we do is suggest where we believe they ought to have a look to see if their business model would support a location in these under served areas, and to the extent that they determine based on their business model that they can support an operation

then they would go on with that. We would not force that. We are looking at this entire situation,” he said.

“We are looking at what is happening, and we are looking at where domestic banking is likely to go and trying to ensure that we put in place initiatives to allow for the technological developments that are happening. We need to keep pace and expand the offerings available to Bahamians in these communities so they are not vulnerable for unbanked proceeds.”

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THE TRIBUNE

Financial provider targets 100-worker expansion FROM PAGE 1 physical locations before end-March 2018 as it bids to “fill the void” left by continuing commercial bank withdrawal from the Family Islands.

He added that the group, which celebrates its 13th

anniversary this April, has established a foundation from which it can rapidly expand to solve the Bahamas’ problems of ‘financial inclusion’ by bringing services to communities that are either ‘unbanked’ or under-served.

Disclosing how Omni had grown from

four employees and one location at its 2005 founding to 68 staff and 14 offices now, Mr Morris revealed: “The proposal on the table with our expansion plan for this year will probably add another 100 [employees].

“The current branches will be open by the end of

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March. We’re opening them as we speak. Four new ones are coming on stream now, and the others will follow right after. We’re going into all the islands with an on-the-ground physical location.”

Mr Morris said those locations are in Abaco (Marsh Harbour); two new ones in Freeport; and another in Exuma, as Omni moves to exploit the vacuum created by the Canadian-owned commercial banks’ exit from numerous Family Islands.

Besides these departures, epitomised by Royal Bank of Canada’s (RBC) decision to close its Andros and Long Island branches, Mr Morris said the Central Bank and other regulators were firmly behind the expansion of e-payment services providers such as Omni to fill the gap.

The Central Bank passed its e-payment provider regulations in mid-2017, and the Omni chief said the regulatory pressures on the web shop industry to cease its involvement in money transfers would further ‘open the door’ for his company’s planned expansion.

Describing the potential opportunity as “huge”, Mr Morris told Tribune Business: “We think we’re in the right position, and in the right place at the right time.

Omni is poised to fill that void right now.

“We have quite a lot of products that, as we expand the economy, will provide solutions to these challenges of the Family Islands and the banks leaving.”

Christof Fox, Omni Money Transfers general manager, added: “We definitely want to be able to provide financial services to those islands that are left without them by the closures and departures of the commercial banks.

“Through our expansion plans we’re looking to go into a lot of them, especially the far-flung ones that have nothing but a Post Office.

We’re looking at what to do to fill some of the void left with product offerings such as accounts, payment

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“If someone has an emergency, they can have funds available to them in a 24-hour period,” he said.

“One person told me that long ago people would turn to family members, getting $100 here, $50 there. Now, because so many people are cash-strapped, they find it easier to come to us and get a very quick turnaround.”

Christine Turnquest, Omni’s FlashCash general manager, said its client portfolio had expanded to more than 5,000 since its launch just over four years ago in November 2013. She added that the company “provides ourselves on being a prudent lender”.

Mr Morris, meanwhile, revealed that Omni’s fourth and final business segment - small and medium-sized enterprises (SMEs) - will be unveiled next week when a $1 million project in partnership with the InterAmerican Development Bank’s (IDB) Multilateral Investment Fund will be announced.

While Mr Morris was reluctant to go into detail, due to IDB protocols, the bank’s website billed the project as ‘Expanding access to finance for SMEs in the Bahamas through Factoring combined with a Digital Platform’.

The only other details provided by the IDB were that the project involves “the introduction and mainstreaming of a financial product through a digital platform in the Bahamas that can efficiently provide access to finance for small and medium enterprises”.

“That opens a lot of doors for us, opportunities,” Mr Morris told Tribune Business. “The relationship with the IDB has actually led us into meetings, and we’re going to be working with the Organisation of American States (OAS) because of that relationship. There’s a lot of things happening because of it.”

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for services. “In addition to that, the regulators are putting pressure on the web shops with money transfer.”

Mr Morris and Omni’s management team said the company’s steady, phased group to this point in its history had provided it with the necessary expertise, technology and human resource platform to expand its growth more rapidly.

Omni Financial Group is now the ‘umbrella’ parent company for four subsidiaries that all represent an individual business stream.

Its roots remain in Omni Money Transfers, the money transmission segment that also offers utility bill paying services, and top-up for Bahamian and international communications carriers.

The group is also well known for its Mango ‘stored value’ card and e-wallet business, launched in 20082009, which partnered with entities such as the Ministry of Tourism and Club Grand Bahama.

“When we launched it we were definitely ahead of the curve then,” Mr Morris told Tribune Business of Mango.

“E-money, e-wallets, that was pretty new to the Bahamas and we were in that space for quite some time.

“We scaled back that operation, but we intend to relaunch it in the very near term. The cost of the technology has dropped so much now.” Mr Morris declined to go into detail on the relaunch plans, but added that Omni was working on the development of multiple new products and services that it aims to finalise very shortly.

He said its FlashCash lending business was working on “introducing some innovative products geared towards people who have recurring expenses”, bolstering a suite that includes in-house financing for the likes of wholesalers, micro lending and “emergency” credit to provide persons with temporary cash flow.

Mr Morris described the latter service as “a safety net”, with loan amounts typically ranging from $250

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THE TRIBUNE

Thursday, January 25, 2018, PAGE 5

Minister encourages Sandals expansion FROM PAGE 1

[Sandals chief executive] down in Jamaica, and encouraged him to make additional investments in Exuma,” Mr D’Aguilar told Tribune Business.

“They seem to be very interested in it, primarily because I don’t think they have sufficient room inventory for the infrastructure they have in place. They need more rooms to cover the fixed costs.

“I think a proposal has been put into the Bahamas Investment Authority, and if it hasn’t I hope they do, so they can undertake expansion of that world-class facility they have down there.”

Sandals has sufficient land available for expansion,

and Mr D’Aguilar added: “Exuma is one of our most inviting Family Island destinations, and I think that they’re continually interested in doing it just to make the economics better for the whole project.

“They run very high occupancies there, so certainly there is a need and demand for extra rooms.

That market is seemingly very popular for them.”

Sandals Emerald Bay’s general manager, Jeremy Mutton, reaffirmed that the Caribbean resort chain remains committed to developing a Beaches Resort at the property “when the time is right and when we have the right support in place, such as airlift”.

He added, though, that no expansion dates had been set, and did not indicate whether any

application was before the BIA. Mr Mutton, though, said Mr Stewart had confirmed Sandals’ intentions at the Great Exuma Golf Classic earlier this month.

“He affirmed that Sandals is here to stay, and when asked about further plans on Exuma he noted that the expansion plans are well-documented and that Sandals is still keen,” Mr Mutton said.

“We have to do so when the time is right and when we have the right support in place such as airlift. There are no definitives as far as dates, but the chief executive reiterated last week both his commitment to our presence here and commitment and desire to expand here.”

Sandals Emerald Bay is anticipating strong occupancies for the winter season, having

finished 2017 with high occupancies after picking up business due to the impact of Hurricane Irma across the Caribbean.

“Early indications are that it’s going to be quite a good winter season,” Mr

Mutton said. “There is still a fair amount of competition in the market. We are continuing to do what we can from a marketing standpoint.

“We are anticipating good occupancies for

the first part of the year.

We ended 2017 very well.

There were guests who had been displaced from other Sandals properties or elsewhere, and found themselves at Emerald Bay,” he added.

PAGE 6, Thursday, January 25, 2018

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THE TRIBUNE

INSURERS ON VAT REFUNDS FROM PAGE 1

Turnquest’s offer of a meeting with himself and acting financial secretary, Marlon Johnson, the BIA chairman said it wanted the disputed multi-million dollar sum to be resolved before it received any more disaster-related claims.

“On the general insurance side, this is the biggest issue coming into 2018,” Mr Komolafe told Tribune Business. “There’s been a lot of questions; questions coming in regarding this.

“We will be taking the Deputy Prime Minister up on his offer. We had a good initial meeting with him, but it’s such a significant issue for the industry - the general insurance sector - that it warrants another meeting on the issues we face.

“In another four to five months we’re going into a new hurricane season, so it’s important we get not only clarity but closure on

this issue facing the general insurance industry.”

Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business recently that the insurance industry was “too important to the Bahamian economy” to allow a $30 million unpaid VAT refund to remain outstanding for over a year.

This, he indicated, was impacting the cash flow of Bahamas-based property and casualty underwriters, as well as their balance sheets and solvency calculations.

But Mr Turnquest, in response, said the Ministry of Finance was challenging some of the refund claims and sums said to be owed.

“We have addressed the issue of VAT refunds with the insurance industry,” he told Tribune Business then, “and explained to them our rationale, and how we derived our position.

“We believe we are in accord with the VAT legislation, and to the extent they still have a discrepancy there is an appeals process

they can avail themselves of.”

Mr Turnquest added: “We believe that our position is supported by the law. Again, there are varying cases, so there are some that are owed legitimate refunds that we can support, and others we have questions about.

“They [the insurers] are fully aware of our position, and it’s a matter of them lodging any objections they may have so it can be dealt with appropriately.”

Mr Komolafe said coming to an agreement on the collective amount owed to the Bahamian insurance industry in VAT refunds was one of the issues that had be settled with the Government.

Describing the Deputy Prime Minister’s response to the BIA’s meeting call as “positive”, he added that it was “extremely important” that the matter be resolved swiftly.

“It goes beyond the hurricane season, even though it’s important,” Mr Komolafe told Tribune Business.

“Dealing with VAT and

the administration of VAT, we want clarity so that in the adjudication of claims - God forbid we have another event - the Government and ourselves are on the same page. “It’s important to we don’t have this uncertainty hanging over the industry. It’s assuming a level of urgency now heading into 2018.”

In a statement, the BIA said its latest meeting request was “a last resort” to address VAT-related matters that the Ministry of Finance and Department of Inland Revenue had not given “a definitive formal response” on over the past two years.

“We have also established a special committee to give specific focus and attention to this topic until it is resolved,” Mr Komolafe said.

The BIA added that it wanted “to come to terms on a consistent and standardised approach to the treatment of VAT payments and refunds across the general insurance sector going forward”.

THE TRIBUNE

Thursday, January 25, 2018, PAGE 7

‘Shooting ourselves in foot’ over deal red tape FROM PAGE 1 foreign owners who have completed the sale of their property unless they receive a conveyance stamped by the Department of Inland Revenue and the Public Treasury, and a Certificate of Registration is attached to the conveyance, along with evidence that the conveyance has been recorded.”

Other attorneys, speaking on condition of anonymity, backed up Mr Gottlieb’s concerns and warned that the increased bureaucracy/ red tape and associated delays were striking at the heart of foreign investor confidence - the ability to monetise investments and access their funds.

One attorney said the Central Bank’s requirement that a properly stamped and recorded conveyance be produced was adding four to six weeks to the approvals process where foreign real estate sellers were involved.

Another revealed that the stamping ‘turnaround time’ at the Department of Inland Revenue and Public Treasury was seven and three days, respectively, provided there were no objections to the sales price or other factors.

With a stamped conveyance likely available to the Central Bank some six weeks after a deal’s closing, the attorney said it then frequently took between four to six weeks to record the relevant documents at the Registry of Records.

As a result, it is now taking between two to three months before the Central Bank gives exchange control approval for the proceeds of a real estate sale to be remitted to foreign owners.

“I can understand why they’re doing it,” Mr Gottlieb told Tribune Business, “but that doesn’t sit well with foreign sellers, as they have to wait for the funds to be remitted to them. They also have to wait until the purchaser’s law firm carries out the transaction, which means it’s outside their control.

“In one situation, I had to wait two-three months to remit funds to a foreign investor, and that’s not going to work well in the future. I fully understand the need to tighten up revenue collections, but we have to find ways of doing so without shooting ourselves in the foot.”

Terence Gape, senior partner at Dupuch & Turnquest, told Tribune Business that VAT’s imposition on real estate transactions had created “sheer hell” for attorneys in trying to close deals where foreigners were involved.

Describing the situation as “a total disaster” and “unbelievable”, Mr Gape confirmed: “The Central Bank will not approve the transit for the conversion of funds until they get the conveyance, which is way after the closing. It’s totally ridiculous.

“I’ve written letters to the Central Bank, the head of exchange control, until I’m blue in the face. If a

foreign investor is selling his property to a Bahamian, he must wait for the conveyance to be stamped and recorded before the Central Bank approves and he gets paid.

“That’s three to five months after the closing.

There’s no country in the world that does that to people. I’ve been complaining until I’m blue in the face. What kind of investor confidence are you trying to engender?” Mr Gape continued.

“I had one where the Bahamian buyer was applying for the first-time buyer Stamp Duty exemption.

That takes time, and the money was not available until nine months after the man sold his house - foreigner to a Bahamian.

Unbelievable.”

Attorneys are not the only Bahamian professionals impacted.

Bill Thompson, of Abaco Real Estate Agency, recently told Tribune Business that it took five months for the Central Bank to issue the necessary exchange approval for a transaction involving a foreign client selling a land parcel to a Bahamian.

To reduce the ‘red tape’, Mr Gottlieb urged the Government to reverse the VAT Act changes of 2015, which imposed the 7.5 per cent levy on real estate transactions. This replaced, and reduced, the amount of Stamp Duty charged, and he called on the Minnis administration to go back to the previous position where that was the only tax imposed.

Doing so, the Abacobased attorney explained, would eliminate the additional layer of bureaucracy created as a result of the Department of Inland Revenue having to stamp conveyances separately from the Public Treasury.

“VAT has introduced another layer of bureaucracy,” he said. “To get a document stamped you have to get it stamped by the Department of Inland

Revenue for VAT or marked ‘exempt’, and then go to the Treasury.

“I’ve had instances where the VAT Department had no problem stamping the document based on the conveyancing price, but then the Treasury required an appraisal. All this makes it difficult to complete transactions and allow transactions to flow.

“In the long run it’s not going to result in increased revenue. I don’t know if this attributable to the negatives surfacing among foreign investors, but those I’ve spoken to are not happy at all and want to get out.”

Mr Gottlieb then revealed how it took him 10 months of negotiations with the Department of Inland Revenue before it relented, and stamped as VAT ‘exempt’, a transfer of land from a husband to a wife where no purchase price was paid.

Such transactions are exempt from the 7.5 per cent levy, but he recalled: “The Department of Inland Revenue refused to stamp this document as VAT exempt. It took me 10 months of arguments, going back and forth with the Ministry of Finance, before they finally relented and stamped the document as VAT exempt. “Can you imagine how well that’s sitting with foreign investors?

I something is going to be done to make that easier.”

He also called on the Government “not to treat every other conveyance as being suspect; that the price expressed therein is a potential fraud”.

“That’s what we’re experiencing now,” Mr Gottlieb told Tribune Business. “We provide a conveyance, and they don’t accept the price that’s been negotiated in good faith between the parties, plus the appraisals that have been done. It’s very unsatisfactory and never used to be like this.”

And, rounding off the obstacles facing foreign investors, the former MP said sellers were reacting

Sales/Driver Representative

furiously to the Central Bank’s decision to impose a 1.5 per cent levy on the remittance of their sales proceeds - something it can do by law, but which it has only started enforcing after a year of inactivity.

“Due to the amendments to the Stamp Act in 2016, but never enforced until very recently, the Central Bank’s exchange control department has implemented a policy where any funds remitted out of the country to a non-resident - even if the monies are paid by a nonresident in foreign currency - you’re going to have to pay 1.5 per cent to remit the funds,” Mr Gottlieb told Tribune Business.

“What’s unacceptable is that no advance notice was given. They started doing that two to three months ago. What makes that so ridiculous is that you can get around it. Attorneys, where there is a foreign seller and purchaser, have to direct the purchaser to pay the seller the net proceeds out of the Bahamas.

“It underscores how ridiculous that policy is. It creates another negative impression as far as foreign investors are concerned. It’s another hurdle that has to be dealt with. It’s another example of how difficult it is to do business in the Bahamas.”

Mr Gape described the 1.5 per cent levy as “the kiss of death” for the FDIdriven real estate market segment, while Mr Gottlieb said the increased red tape was consuming more and more of his time in trying to complete transactions - as

opposed to originating new ones. “Every day we have a challenge to get documents stamped and matters resolved,” the latter said.

“It takes up a tremendous amount of time to deal with this, and it’s unfair for small firms like mine as we don’t have the resources to deal

with that. “It’s a tremendous burden on a firm like mine because of the amount of time that has to be spent dealing with these things, and completing transactions before moving on to the next one. I’ve spent an incredible amount of time on this.”

TEACHING

JOB OPPORTUNITY A preeminent, well-established, independent, international school in Nassau is seeking a full-time qualified Secondary Teacher for immediate employment for our growing school.

Candidates should have sound classroom experience; a passion for innovative education; a professional attitude towards work; a friendly and cooperative disposition; a willingness to work in a team environment; a determination to grow professionally; and strong communication & organisational skills.

Successful candidates will be required to: • Prepare and deliver well-planned learning experiences and curricula • Differentiate curriculum objectives to support a diverse range of learners • Show consistent, compassionate, classroom management skills • Assess student learning and produce detailed reports • Use learning data to inform and adapt instruction • Contribute to the co-curricular programme and whole-school activities in a committed and enthusiastic manner • Maintain high standards of professionalism • Communicate positively with parents, staff, and administration If you think you have the commitment, passion, and energy for our school, please forward your resume and introduction letter by email to: teachingbahamas@gmail.com

Family Island Marina Resort Invites applications from suitably qualified candidates to fill the position of

General Manager

Primary Functions • Leading, directing & managing all hotel operations including, but not limited to, budgeting, forecasting & strategic planning; • Developing & directing service initiatives; • Managing balanced scorecard performance & compliance with company policies & standards; • Overseeing sales & marketing initiatives; • Responding to & resolving guests’ concerns in timely fashion; • Anticipating the need of the resort & marina & acting in its best interest.

Qualifications & Experience • 10+ years’ experience in fine hotel/private club/marina/ remote & tropical locale resorts preferably within The Bahamas or Caribbean; • College or university degree, preferably in hospitality management; • Experience running 50+ marina slips, full scale resort operations of at least 25 rooms & campus style properties; • Intrinsic knowledge, skill, & proven professionalism as Owners’ Agent handling matters & meeting government, legal & financial requirements, & • Intricate knowledge of resort & marina accounting systems.

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PAGE 10, Thursday, January 25, 2018

THE TRIBUNE

RBC’s ‘great injustice’ to the Family Islands FROM PAGE 1 which acts as the Government’s bank, was effectively “flipping the switch” and seeking to complete “overnight” in the Bahamas what has been a 30-year digital conversion in its home country.

Mr Simms warned that the 70-80-day closure notice provided by RBC to Andros and Long Island residents was simply “insufficient” for what are still largely cash-based economies, with the branch shutdowns to take effect on March 30 and April 13, respectively.

He questioned how businesses on these islands will be able to “get cash in and out” of the formal banking system without a physical branch location, and asked whether RBC planned to leave Automatic Teller Machines (ATMs) in place.

“I’m very, very concerned,” Mr Simms said of the RBC pull-outs. “I understand RBC’s decision

to go digital, and digital is the way to go, but where we fell down in the implementation of digital was education.

“We did not do a smooth transition from what we have now to digital. In the US and Canada digital is not a state; it’s a journey, an evolution. RBC suddenly flipping the switch is not the best way to go about it. The US and Canada have taken three decades, and what we’re trying to do jump from zero to 30 overnight.

“I am of the opinion that the Clearing Banks Association fell down in their job of transforming the digital economy in the Bahamas. They fell asleep at the wheel. They should have started from 2007 after the crash. That was the perfect opportunity to start implementing the digital transformation. Many of the services going to digital out there they could have phased in over time.”

RBC has led the way in trying to drive Bahamian businesses and residents to its digital platform, and use the Internet and mobile apps to conduct their financial business. This is directly linked to its branch closures and consolidation strategy, as it looks to reduce costs and physical footprint, and eliminate numerous in-branch transactions to free-up clients to focus on customers.

Tribune Business understands that up to 85 jobs may be impacted by RBC’s latest consolidation, although this does not mean all will be made redundant as other posts will be found within the bank. This newspaper was also told that RBC may be planning to shift more of its back office operations, including credit card processing, to Trinidad.

Mr Simms, though, blasted the bank for the “inconsiderate” way this strategy is being implemented, adding: “It doesn’t leave the Family Islands with many options.

“I will not argue that digital is the way to go, but when people are not familiar with it they resist it. Had RBC eased us into a transition over time, the community will be a lot more accepting of it. The ‘flip the switch’ has created a backlash. You have to take the culture and people into account.

“The digital transformation in Canada has been happening for 30 years.

Why do they think it will happen here overnight?

The technology itself is disruptive and people have to become used to it. Right now, everyone is shocked.”

The Bahamas, especially Family Island communities, is still a very cash-dependent society despite efforts by the Central Bank and the private sector to push the country to a more digital-based, cashless payments system. RBC, it appears, has run out of patience and is effectively trying to impose and force this on to the Bahamas.

Mr Simms said RBC’s Andros exit would leave the central portion of the island without a bank, potentially forcing individuals and businesses to make a 45-60 minute trip both ways to Scotiabank in the north or take the ferry to the south.

“We should have a discussion about the way RBC went about it,” he told Tribune Business. “They shouldn’t be allowed to get away with what they’ve done. It’s a great injustice and disservice, especially to the Family Islands. Now the Family Islands are marginalised.

“I understand it’s a business decision, and businesses have to find a way to make money, but you have to have a cash centre. How do you get cash out of the system and into the system on the islands?

“Let’s face it. We’re still cash based, especially on the Family Islands. It will be disruptive to the business communities on these islands. How do you pay people if you can’t write and cash a cheque? How do you direct deposits? Are they going to put ATMs in Andros?”

Mr Simms questioned why RBC and other other clearing banks had not partnered with the Chamber and wider private sector to make the digital banking transition easier, saying it seemed as if Family Island communities had been left to “figure it out” for themselves.

“They’ve left the problem solving in the hands of the communities; you figure out how to get cash in and get cash out,” he added. “The technology itself is disruptive, and this is making it more disruptive. We need to have a discussion about where banking is headed.”

The Chamber executive added that the calls for action to be taken against web shops, and prevent them from participating in the money transfer business, had also narrowed the banking alternatives available to the Family Islands.

He suggested that Bank of the Bahamas partner with the Post Office to fill the void, using the latter’s locations as a base from which to service Family Island communities.

THE TRIBUNE

NOTICE

For all of your Immigration needs contact STONE ARCH BAHAMAS. Book your appointment today. 356-0011

Human Resources Assistant

JOB OPPORTUNITY Requirements: • Great Organizational Skills with the Ability to Multi-Task and Meet Deadlines.

• Highly Productive and Results Oriented •

Proficiency in all Computer Programs including: Excel, Word, Power Point as well as Human Resources Computer Base Programs.

• Excellent Inter-Personal Skills. Team Player • Time Management, Critical Thinking and Problem Solving Skills.

• Extremely Articulate with the Ability to Effectively Communicate (both Orally and Written) with Individuals at all Levels • Highly Confidential and Professional • Minimum three years’ experience working in the Human Resources Department.

• Minimum Associates Degree in Human Resources Management or Related Field would be desirable.

Training, Upward Mobility, Opportunities and Benefits are Available.

Thursday, January 25, 2018, PAGE 11

MARKET REPORT WEDNESDAY, 24 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,048.71 | CHG -10.53 | %CHG -0.53 | YTD -21.86 | YTD% -1.06 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.93 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 8.76 5.82 8.78 5.67 3.35 12.01 10.00

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 Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) 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 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

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

MUTUAL FUNDS 52WK HI 2.11 4.13 1.98 176.30 149.66 1.53 1.70 1.62 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 1.47 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.85 17.43 9.09 3.34 0.92 0.18 3.68 8.70 6.10 4.80 9.01 2.63 1.50 9.09 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.85 17.43 9.09 3.34 0.92 0.18 3.68 8.70 6.10 4.77 9.01 2.62 1.50 9.19 6.00 10.45 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.01 0.00 0.10 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 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.25 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

110.43 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

1,000 5,173

1,000

VOLUME

NAV 2.11 4.13 1.98 176.30 149.66 1.53 1.70 1.62 1.10 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.171 0.631 0.102 0.330 2.670 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.565 0.290 0.500 0.150 0.120 0.580 0.000

P/E 8.1 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 27.9 14.3 25.7 4.5 3.4 5.3 14.3 12.9 15.0 23.0 0.0

YIELD 2.08% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.52% 7.66% 2.29% 3.33% 6.15% 4.83% 4.78% 2.40% 2.68% 4.64% 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 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

6.95% 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 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 4.34% 4.34% 1.83% 1.83% 3.30% 3.30% 4.03% 4.03% -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-Nov-2017 30-Nov-2017 24-Nov-2017 30-Sep-2017 30-Sep-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-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

Forward Your Resume by E-mail to:

submityourform@gmail.com 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

PAGE 12, Thursday, January 25, 2018 GE slides to loss in 4Q, faces SEC probe over $15B charge BOSTON (AP) — General Electric is being investigated by federal regulators for a $15 billion hit taken to cover miscalculations made within an insurance unit.

The company revealed last week that it would take a $6.2 billion charge in its fourth quarter after a subsidiary, North American Life & Health, underestimated how much it would cost to pay for the care of people who lived longer than projected.

THE TRIBUNE

INTERNATIONAL BUSINESS HIGHLIGHTS Starbucks gives workers raises, stock grants due to tax law NEW YORK (AP) — Starbucks is giving its U.S. workers pay raises and stock grants this year, citing recent tax reform.

The coffee chain says all employees will soon be able to earn paid sick time off, and the company’s parental leave benefits will include all non-birth parents. Starbucks Corp. says the changes affect about 150,000 full-time,

part-time, hourly and salaried employees, most of whom work as baristas or shop managers.

the back of a firetruck on Interstate 405 Monday in Culver City, California, near Los Angeles.

Federal safety board is investigating Tesla freeway crash DETROIT (AP) — The U.S. National Transportation Safety Board says it’s investigating the crash of a Tesla Model S electric car that may have been operating under its semi-autonomous “Autopilot” system. The car hit

EU fines Qualcomm $1.23B for paying Apple to use its chips BRUSSELS (AP) — European regulators fined Qualcomm $1.23 billion after concluding the U.S. mobile chipmaker bribed Apple to stifle competition by using its products exclusively in iPhones and iPads.

The penalty announced Wednesday marks the latest blemish on Qualcomm, whose business tactics have been portrayed

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION

2016 CLE/Qui/No. 01245

IN THE MATTER OF THE PETITION OF LINDY ARLINGTON HALL of Gambier Court New Providence AND IN THE MATTER OF THE QUIETING TITLES ACT 1959 STATUTE LAW OF THE BAHAMAS CHAPTER 393 AND IN THE MATTER OF ALL of that parcel of land containing 0.846 acre or 26,837 square feet situate on the Western side of a 40 feet wide Crown Road Reservation and approximately 196 feet southeasterly from West Bay Street immediately North of Lot Number Twenty (20) Gambier Heights Subdivision New Providence Bahamas.

NOTICE OF PETITION The Petition of Lindy Arlington Hall of Gambier Court in the Western District of New Providence one of the Islands of the Commonwealth of the Bahamas, in respect of: ALL of that parcel of land containing 0.846 acre or 26,837 square feet situate on the Western side of a 40 feet wide Crown Road Reservation and approximately 196 feet southeasterly from West Bay Street immediately North of Lot Number Twenty (20) Gambier Heights Subdivision New Providence Bahamas.

The Petitioner claims to be the equitable owner in fee simple possession of the parcel of land hereinbefore described and have made an application to the Supreme Court of the Commonwealth of the Bahamas under Section three (3) of the Quieting Titles Act 1959, to have his title to the said land be investigated and the nature and extent be determined in a Certificate of Title in accordance with the provisions of the Act. Copies of the filed Plan may be inspected during normal office hours at:(1) The Registry of the Supreme Court Marlborough House Marlborough Street New Providence the Bahamas.

(2) The Chambers of Sivle Law Chambers #20 Montrose Avenue New Providence the Bahamas.

NOTICE IS HEREBY GIVEN that any person having a dower or right to a dower or an adverse claim or a claim not recognized in the Petition shall on or before the expiration of thirty (30) days after the final publication of these presents file in the Supreme Court and serve on the Petitioner or the undersigned a statement of his or her claim in the prescribed form verified by an affidavit therewith. Failure of any such person to file and serve a statement of his or her claim on or before the final publication of these presents will operate as a bar to such claim.

Dated this 19th day of October 2017 SIVLE LAW CHAMBERS #20 Montrose Avenue New Providence, The Bahamas Attorney for the Petitioner

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Human Resources Clerk

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as illegal abuses of power in lawsuits filed by the U.S. Federal Trade Commission and Apple. Qualcomm says it will appeal the EU’s decision.

Technology stocks sink, pulling indexes lower; dollar falls NEW YORK (AP) —Stocks wobbled and finished mostly lower, dragged down by a slide in technology companies. Commerce Secretary Wilbur Ross discussed a more nationalist trade policy, with uncertain effects for the market.

Chipmakers, which have far outpaced the market

WANT TO ADVERTISE IN THE TRIBUNE? JUST CALL 502-2394 TODAY

over the past year, fell after Texas Instruments gave a disappointing forecast.

The dollar sagged after Treasury Secretary Steven Mnuchin said the currency’s decline is good for U.S. exporters.

Gold and silver rose.

Bond yields climbed. ___ The Standard & Poor’s 500 index lost 1.59 points, or 0.1 percent, to 2,837.54.

The Dow Jones industrial average rose 41.31 points, or 0.2 percent, to 26,252.12.

The Nasdaq composite fell 45.23 points, or 0.6 percent, to 7,415.06. The Russell 2000 index of smaller-company stocks skidded 11.10 points, or 0.7 percent, to 1,599.61.

Benchmark U.S. crude rose $1.14, or 1.8 percent, to $65.61 a barrel in New York. Brent crude, used to price international oils, added 57 cents to $70.53 a barrel in London. Wholesale gasoline rose 1 cent to $1.92 a gallon. Heating oil picked up 2 cents to $2.11 a gallon. Natural gas gained 7 cents to $3.51 per 1,000 cubic feet.

THE TRIBUNE Dollar tumbles after US treasury chief welcomes weaker value DAVOS, Switzerland (AP) — The U.S. treasury chief has welcomed a weaker value in the dollar, breaking with a past commitment by the U.S. government to back a strong dollar.

The comments led to a sharp drop the currency Wednesday. During his visit to the World Economic Forum in Davos, Switzerland, Steven Mnuchin said that: “Obviously a weaker dollar is good for us as it relates to trade and opportunities.”

Thursday, January 25, 2018, PAGE 13

INTERNATIONAL BUSINESS HIGHLIGHTS Trump heads to Swiss forum to push economic policies WASHINGTON (AP) — President Donald Trump is ready to play salesman as he heads to an economic summit in the Swiss Alps, making the case that his “America First” agenda can go hand-in-hand with global cooperation. Trump is set to arrive at the World Economic Forum in Davos, Switzerland, on Thursday to declare that the United

States is open for business.

But the protectionist-leaning president’s attendance at an annual gathering for free-trade-loving political and business elites has raised eyebrows.

In Davos, European leaders try to counterbalance Trump views DAVOS, Switzerland (AP) — European leaders have come to the defense of free trade and global cooperation, against any U.S. lurch toward protectionism

as top economic officials in the Trump administration made the case for a series of tariffs, a day ahead of the much-ballyhooed arrival of the president to the World Economic Forum in Davos, Switzerland.

Powell taking over as Fed chairman at time of economic calm WASHINGTON (AP) — It would seem like a pretty good time to take over as chairman of the Federal Reserve.

Jerome Powell has won Senate confirmation to head the U.S. central bank, inheriting an economy on a roll, a booming stock market and unemployment at a 17-year low.

He will succeed Janet Yellen, the first woman to serve as Fed chairman, when her term ends on February 3. But while the immediate horizon appears clear, Powell faces the risk the economy could reverse course in the coming months or years.

Toys R Us cites holiday “missteps,” says 182 stores to close NEW YORK (AP) — Toys R Us plans to close up to 182 stores, or about 20 percent of its U.S. locations.

The company that once dominated toy sales in the United States has been operating under bankruptcy protection since last fall.

Loyal fans lamented the closing of their hometown stores. Some said they remembered shopping there as kids and liked doing so with their own children.

Reputable and Growing Gaming Company, accepting resumes for

Marketing Executive

Essential Duties & Functions: (Includes but not limited to) • The Marketing Executive will contribute to and develop integrated marketing campaigns: • Conceive and develop effective and intuitive marketing strategies • Organize and oversee advertising/communication campaigns (social media, TV etc.), exhibitions and promotional events • Conduct market research and analysis to evaluate trends, brand awareness and competition ventures • Initiate and control surveys to assess customer requirements and loyalty • Write copy for diverse marketing distributions (brochures, press releases, website material, email etc.)

• Maintain relationships with media vendors and publishers to ensure collaboration in promotional activities • Monitor progress of campaigns using various metrics and submit reports of performance • Collaborate with managers in preparing budgets and monitoring expenses • Liaising and networking with a range of stakeholders including customers, colleagues, suppliers and partner organizations; • Communicating with target audiences and managing customer relationships; • Managing the production of marketing materials, including leaflets, posters, flyers, newsletters, e-newsletters, etc.

• Writing and proofreading copy; • Liaising with designers and printers; • Organizing photo shoots; • Arranging the effective distribution of marketing materials; • Maintaining and updating customer databases; • Conducting market research, for example using customer questionnaires and focus groups; • Contributing to, and developing, marketing plans and strategies; • Evaluating marketing campaigns; • Supporting the marketing managers and other colleagues.

Interested candidates are required to possess the following managerial skills and qualifications: • Proven experience as marketing executive or similar role • Good understanding of market research techniques, data analysis and statistics methods • Thorough knowledge of strategic planning principles and marketing best practices • Proficient in MS Office and marketing software (e.g. CRM) • Familiarity with social media and web analytics (e.g. WebTrends) • Excellent communication and people skills • Strong organizational and time-management abilities • Creativity and commercial awareness • Preferred BSc/BA in marketing, business administration or relevant discipline Interested qualified candidates may submit their resume via email to info@242careers.com.

Deadline for submissions – January 26, 2018 Only successful candidates will be contacted.

PAGE 14, Thursday, January 25, 2018

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