Issuu

business@tribunemedia.net

FRIDAY, JUNE 9, 2017

$4.10 ‘BATED BREATH WAIT’ FOR CONSTRUCTION REGULATION * Act needs Board to take effect * Contractors chief: ‘We’re in limbo’ * Eyes $1bn boost from regulation THE Bahamian construction industry is “waiting with bated breath” to see when legislation to regulate it will be given effect, one contractor yesterday suggesting implementation could provide a $1 billion economic boost. Leonard Sands, the Bahamian Contractors Association’s (BCA) president, told Tribune Business that appointment of the Board that will oversee the Construction Contractors Act is the last remaining obstacle to its implementation. He added that the construction industry was “kind of in limbo” until the Minnis administration acted, with the situation putting Bahamian contractors “in a difficult position” due to the uncertainty surrounding whether the Act’s new regulatory regime was in effect. Explaining that the legislation had been passed by the previous Parliament, Mr Sands said the sector was “only waiting on” the Minister of Works, Desmond Bannister, to appoint the members of the Construction Contractors Board that is key to the industry’s selfregulation. “It only needs Government to appoint the Board, and we’re certainly hopeful that will happen by July 1,” Mr Sands told Tribune Business. “If that SEE PAGE 4B

THE Bahamas’ fiscal “credibility” depends on it providing a convincing explanation for why the 2016-2017 fiscal estimates changed so drastically in just two months, the Chamber of Commerce’s chairman said yesterday. Gowon Bowe told Tribune Business that while the original $100 million deficit projection had been long blown by Hurricane Matthew, international credit rating agencies and investors would want to understand why the estimate had

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government can generate a desperately needed $70 million revenue windfall by “pulling the trigger” on its sale-ready majority interest in the Aliv mobile operator, Tribune Business was told yesterday. Gowon Bowe, one of the Government’s advisers, said the Minnis administration just needed to give the word to proceed with welllaid plans to sell-off the 51.75 per cent equity stake held by HoldingCo. He explained that the former Christie administration had decided to delay the private placement of HoldingCo’s shares to ensure its credibility was not

THE Bahamian Contractors Association’s (BCA) president yesterday said the Government does “not have to reinvent the wheel” on public procurement, but simply make the existing system work properly. Leonard Sands told Tribune Business that while the reforms, unveiled as part of the 2017-2018 Budget, were laudable, the current Public Tenders Board process “can do the job” when it comes to accountability and transparency provided it is “adhered to”.

$4.15

* Aliv exit just awaits ‘go ahead’ * Advisers confident HoldingCo ‘all picked up’ * Quick boost for 2017-2017 performance undermined by political campaigning in the run-up to the general election. HoldingCo’s Board, and committee charged with arranging the private placement, “stand ready and waiting” to act on the Government’s instructions to initiate the offering, Mr Bowe said, which would generate a much-needed cash injection for the Public Treasury given the Government’s dire fiscal position. He added that the success of Aliv’s own bond offering, which was 100 per cent oversubscribed at $60 million, had “piqued” institutional investor interest

in HoldingCo, especially given that this would lead to an equity interest in the Bahamas’ second mobile operator. As a result, Mr Bowe expressed optimism that the Government’s full $70 million interest in HoldingCo would be acquired by private investors. Explaining why the Government’s exit from HoldingCo had suffered further delay, Mr Bowe told Tribune Business: “What had transpired is exactly that: The election. “All the documents and trigger being pulled for the placement had been lined

GOWON BOWE up, and then we went into the election cycle. The timelines and effort required were not a high priority for the previous administration.” He explained that the

Christie administration “decided to defer to the end of the electoral process” the Government’s exit from HoldingCo, so that campaign rhetoric did not overshadow or undermine the offering’s prospects for success. Meetings to determine the way forward on HoldingCo are planned with Prime Minister, Dr Hubert Minnis, and K P Turnquest, minister of finance, once the Government’s 20172018 Budget is passed by the House of Assembly. Mr Bowe said that while it was unclear where responsibility for communications, and cellular liberalisation, lay in the new Cabinet, HoldingCo’s Board of DiSEE PAGE 4B

LANDFILL BID CANCEL ‘A GRAVE MISTAKE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Members of the all-Bahamian group selected as the ‘preferred bidder’ for the New Providence landfill management contract yesterday warned the Government it was making “a grave mistake” by cancelling the process. Henry Dean, United Sanitation’s principal, told Tribune Business is was “kind of disrespectful” for the Minnis administration to publicly confirm it was annulling the Request for Proposal (RFP) launched by its predecessor without informing the Waste Resources Development Group (WRDG) or its partners. He was reacting after Romauld Ferreira, minister of the environment and housing, told the House of Assembly yesterday that the new

* ‘Reconcile’ $150m mid-year, full-year deficit difference * Budget ‘wrong speech at wrong time and place’ now had increased to $500 million when March’s midyear Budget pegged it at $350 million. Underscoring that greater economic growth was the solution to the Bahamas’ fiscal and other problems, Mr Bowe said it was “incumbent” on the Minnis administration to demonstrate it has a sound recovSEE PAGE 3B

DON’T ‘REINVENT WHEEL’ ON PUBLIC PROCUREMENT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.15

$70m Gov’t windfall if it ‘pulls the trigger’

BAHAMAS’ ‘CREDIBILITY’ HANGS ON PROJECTION REVISION EXPLANATION By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.15

* Contractors chief: Make existing system work * Would achieve same as Gov’ts reforms * Says too many ‘back door dealings’ He called on the Government to adopt “municipal-type” processes when it came to bidding and awarding public contracts, arguing that advertising all tenders worth more than $50,000 would both create open competition and prevent “back door deals”. K P Turnquest, in his SEE PAGE 5B

* Preferred Bahamian bidder hits at Gov’t * Says proposal ‘holistic, comprehensive’ * Process should be ‘above politics’

government was preparing its own public tender process for the landfill management contract (see article on Page 3B). The Minister, in his Budget debate contribution, slammed the eight-day RFP launched in late April by the Christie administration as “deeply flawed”, arguing that the process had been “rushed” due to the impending May 10 general election and public pressure following recent landfill fires. Mr Dean, revealing that WRDG and its members spent $80,000SEE PAGE 4B

CLOUDS of smoke rising from the landfill last year.

PAGE 2, Friday, June 9, 2017

Allowing workers to grow from mistakes GOOD employees make mistakes, and great leaders allow them to. We all make mistakes; every one of us. If we are not making mistakes, then we are probably not being innovative and stepping outside our comfort zone enough. That, in itself, is a mistake. John Wooden once said: “If you’re not making mistakes, then you’re not doing anything.” Mistakes are the path to great ideas and innovation. They are the stepping stones to moving outside the status quo and achieving heightened growth, where new discoveries are made and great lessons learned. Mistakes are not failures; they are simply the process of eliminating ways that do

not work in order to come closer to those that will. It is true that mistakes allow employees to learn and grow, but sometimes mistakes cost you. Sometimes they cost the business the business itself, and safeguards must be put in place to mitigate against this reality. It is crucial, then, that businesses minimise the risks of loss to the customer, partners, employees and, ultimately, the bottom line. Our critical role is to determine how to balance allowing mistakes while reducing risk. Great employers find ways to help employees use their shortcomings and mistakes to learn from them. When mistakes become lessons and coaching oppor-

tunities, an environment of continuous improvement is adopted, and employees grow and mature into great employees. Good employees do what it takes to rectify their wrongs. They are willing to do whatever they can to fix the problem and make it right. Certainly, there are times when the damage is done and recompense cannot be made, but good employees do their very best to repair whatever damage has been done for the sake of their own reputation, their clients and the business. How, then, do employers create this environment where individuals can feel safe to make mistakes and grow? Here is a brief list of

steps to follow: 1. Ensure that employees are acquainted with the company’s policies from day one. 2. Use language that is affirming and non-intimidating. 3. Communicate to team members that they are to own mistakes immediately and, depending on the severity, seek help in correcting them. ‘Cover up’ must be discouraged. 4. Provide coaching and mentorship for employees who might be struggling. 5. Keep the communication door open, and allow employees to feel comfortable approaching you about anything. 6. Recognise and reward success through positive re-

inforcement, so as to make it a habit. 7. Do not immediately go to punitive measures when an employee has made a mistake. 8. Weigh the employees’ worth before terminating them after a major mistake has been made. It was Meg Cabot who said courage is not the absence of fear, but rather the judgment that something else is more important than fear. Leaders must not instill fear in team members such that they do not take risks and make valiant efforts to advance business. It is in the consistent trying, and sometimes failing, that greatness is achieved.

BISX CHIEF ATTENDS GLOBAL CONFERENCE The Bahamas International Securities Exchange’s (BISX) chief executive attended the International Organisation of Securities Commissions (IOSCO) conference from May 15-18. Keith Davies was accompanied by BISX director, David Ewasiuk, to the leading international policy forum for securities regulators. IOSCO is recognised as the global standard-setter for securities regulation. It is made up of more than 100 securities regulators and self-regulating organisations (SROs), and its its 2017 annual conference was held in Montego Bay, Jamaica, under the theme ‘Building Securities Market Resilience in the Post-Crisis World’. More than 400 regulators, industry representatives and other financial market participants from around the world attended. Ashley Alder, chair of the IOSCO Board, said the conference was designed to “address the key challenges facing securities markets— including the risks around cyber security, changing market structure, and financial technology while also preparing markets to play a bigger role in financing the global economy”. Mr Davies said of the conference: “One of the themes of BISX is confidence, and confidence has

its roots in open and transparent regulation. “It was a wonderful opportunity to attend the IOSCO Annual Conference and speak with my regulatory colleagues about our common role of market regulation. “The regulatory and information sessions allowed me an opportunity to dialogue with international regulators on issues as diverse as crowdfunding, timely disclosure and trading principles. “Events such as this benefit all attendees, as they have an opportunity to learn from fellow professionals - both through the information sessions and through the conversations outside of the formal sessions.” This was the first time the IOSCO conference was held in the English-speaking Caribbean, and Mr Davies added: “I would like to thank the Financial Services Commission of Jamaica for hosting all attendees. “I also want to thank the Securities Commission of the Bahamas for sponsoring an event during the conference. “I intend to continue to follow up with my colleagues on many issues discussed at the conference to continue to foster confidence in the Bahamian capital markets through regulation.”

THE TRIBUNE

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave. com. FROM L to R: BISX chief executive, Keith Davies; Securities Commission executive director, Christina Rolle; IOSCO secretarygeneral, Paul Andrews.

CONFERENCE attendees enjoying a presentation.

Chamber teams for dialogue workshop THE Bahamas Chamber of Commerce & Employers’ Confederation’s education division has teamed

with the Caribbean Employers Confederation (CEC) and International Labour Organization

(ILO) to host a one-day Social Dialogue Workshop on June 22. This workshop, organised

by The Chamber Institute, will demonstrate how dialogue can be an effective tool to address concerns and overcome economic and social ills. Persons will learn how to effectively consult, negotiate or exchange information between social partners, including workers and the trade unions, employers and Government representatives. The goal is to show how effective collective bargaining can lead to improved living and working conditions.

Edison Sumner, the Chamber’s chief executive, said: “We have seen in recent times, especially, the importance of social dialogue within the labour sector in particular. “The great display of partnership between the social partners, who are a part of the National Tripartite Council in the recent discussions regarding amendments to the labour laws, or the discussion that lead to the increase in the minimum wage, was a great display of what can be achieved through social

dialogue”. He added: “It proved that having good social dialogue and a mature, conciliatory approach to addressing issues is a much more preferred way to address them.” The workshop will involve local and international experts presenting on the following topics: * Tools and guidance on how to make social dialogue work * Social dialogue advantages at the enterprise or national level * Constructive interaction with the Government, trade unions and other workers’ representatives. “I am hopeful that this workshop will further highlight the benefits of, and need for, deliberate social dialogue, and the Chamber fully supports this approach,” said Mr Sumner. Rainer Pritzer, a senior ILO specialist for social dialogue and labour administration, said: “Social dialogue has proven around the world, and in the Caribbean, that it is an extremely useful tool to address obstacles in the world of work – be it between labour and management on day-to-day issues, or be it in direct contact with the Government when devising sustainable policies in a wide range of policy areas. “This can go as far as influencing policies at the regional level. “However, certain techniques are more successful than others and good will is requisite. “This workshop will work out how the social dialogue situation in the Bahamas can be improved.”

THE TRIBUNE

Minister confirms new landfill bidding process

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

A CABINET minister yesterday said a new bidding process will be launched to select a manager for the New Providence landfill, describing the tender issued by the previous administration as “greatly flawed”. Romauld Ferriera, minister of the environment and housing, said: “The previous government commenced an RFP to find a new manger of the landfill. This process was greatly flawed as it was rushed to beat the date of a general election.

“The Ministry of Environment and Housing is preparing to issue a new request for proposal (RFP) for the management of the landfill that will take into account policies and regulations for non-recyclable, noncompactable and hazardous waste, with considerations for the deconstruction and proper engineering of the landfill.” Minister of Environment and Housing Romauld Ferriera “The Ministry of Environment and Housing is preparing to issue a new request for proposal (RFP) for the management of the landfill that will take into account policies and regulations for non-recyclable, non-com-

pactable and hazardous waste, with considerations for the deconstruction and proper engineering of the landfill.” The Opposition earlier this week urged the Minnis administration to enter into negotiations with the

Bahamian consortium it said was selected as preferred bidder by the former administration. It argued that there was no need to stop or cancel the process, and said the Bahamian consortium, Waste Resources Development Group (WRDG), and its financial partner, Providence Advisors, had been selected as the preferred bidder out of two offers. Ginny McKinney, principal of WasteNot, told Tribune Business earlier this week that she and other members of the 10-strong WRDG were hoping they could at least discuss the contents of their bid with the Minnis

Friday, June 9, 2017, PAGE 3

administration, given the time and money invested in it. The Christie administration committed in the Baha Mar Heads of Agreement to resolve the landfill’s woes by yearend, or otherwise new owners, Chow Tai Fook Enterprises (CTFE), would be released from their performance obligations. Mr Ferriera yesterday outlined what he said were short, medium and longterm initiatives to handling the landfill. In the short-term, he said that the Government would develop a communications programme in consultation with the

MINISTER of Environment and Housing Romauld Ferriera

community and conduct awareness meetings with affected individuals to understand the environmental environmental and health implications, so they can comply with the required standardised health checks. Mr Ferriera said the Government will also enhance security at the landfill to provide constant monitoring at the site, and provide the necessary equipment to fight fires that may occur in the future and reduce the likelihood of future fires.

$5M VENTURE FUND INJECTION TO GIVE ‘TREMENDOUS’ BOOST By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

BAHAMAS Chamber of Commerce and Employers Confederation chief executive Edison Sumner.

The Government-sponsored venture capital fund’s vice-chairman yesterday said the ‘one-time’ $5 million capital injection into the fund, in addition to its annual $1 million subvention, will be a “tremendous help” in addressing the backlog of funding applications. Edison Sumner, also the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, told Tribune Business: “We had this discussion leading into the Budget. There is going to be a one-time $5 million capital injection into the Fund, and that is going to be in addition to the annual subvention into the fund of $1 million.

“We are going to see coming into the fund this year a one-time payment of $5 million, and that

will help us address the backlog of applications we have had, and also expand the portfolio of the

fund by being able to invest in a lot more businesses.” Finance Minister, K Peter Turnquest, during his 2017-2018 Budget communication reiterated an FNM campaign commitment to provide a $5 million infusion into the Bahamas Entrepreneurial Venture Fund. “The Government will continue to provide the annual investment of $1 million. Between what has already been provided by the previous administration and what’s coming in this fiscal term, we will have just over $6 million in the fund. That is going to be a tremendous help to the fund. It has never happened before. We are excited about this new injection coming in,” said Mr Sumner. He added: “The backlog of applications is not very significant, but when you think about the

fact that we had to decline some applications because the funding wasn’t there, and others were put on the reserve list until we could get the resources to invest in them, the additional funding is much welcomed. “This also opens the door for more companies to come in and apply for funding.” Mr Sumner said the Fund was moving away from debt financing to more equity investments. “People just have to ensure that they have good management and good people around them to help them sustain and grow the business,” he added. “We are able to now assign mentors to those companies and put some of our members on the Board of these companies to ensure that the interest of the Fund is being protected.”

Bahamas’ ‘credibility’ hangs on projection revision explanation FROM PAGE 1B

ery plan and the ability to execute it. “When they come, they won’t be distinguishing between one administration and the next,” he told Tribune Business of Moody’s and Standard & Poor’s (S&P) summer visits to the Bahamas. “It will be incumbent on this government to develop policies and initiatives to meet these new Budget projections. “As a country, we always have to put our best foot forward and give an accurate and complete picture” of the Bahamas’ current and short-term fiscal position based on empirical data and statistics. Mr Bowe said the real analysis needed to determine why 2016-2017’s projected fiscal deficit had increased to $500 million, compared to the $350 million forecast given by the Christie administration in its mid-year Budget presentation at end-March. Pointing out that the Ministry of Finance officials working on the Budget had not changed from the previous administration, he added: “For the sake of our credibility, and that of the technical staff, there has to be a reconciliation between what was presented in March and what was presented as the outturn now.” The Government has blamed the expanded deficit, and need to put in place an emergency $400 million borrowing facility, on a combination of the former administration’s pre-election spending and a payments “backlog” stemming from this and Hurricane Matthew. The Minnis administration’s total $722 million borrowing requirement for this and the 2017-2018 fiscal year, and the massive revisions to the Baha-

mas’ fiscal consolidation path, stunned Moody’s. As revealed by Tribune Business on Monday, it warned the international capital markets that the Bahamas’ fiscal position was “much weaker” than expected as a result of the “wider, serial deficits” the Government was forecast to continue incurring. However, Moody’s has held off from following Standard & Poor’s(S&P) in downgrading the Bahamas’ sovereign creditworthiness to ‘junk’, indicating it is seeking more data on this nation’s projected GDP growth and an explanation for the fiscal changes. Moody’s reaction was yesterday cited by Chester Cooper, the PLP MP for Exuma, to argue that the Budget communication by K P Turnquest, minister of finance, was the “wrong speech, at the wrong time, at the wrong place”. He suggested that its contents, especially the $722 million borrowing projection, would

only serve to frighten the rating agencies, private sector and investors “at home and abroad” thereby further harming the Bahamas’ prospects for securing the GDP growth and jobs that it so desperately needs. “I wonder whether this is the speech we will take with us when we go to defend the international rating of the Bahamas,” Mr Cooper, a former Chamber of Commerce chairman, asked. “Is this the one that we will take to the debt market? You don’t tell me you broke, you busted, you unemployed and that the ‘cupboard is bare’, then ask me to borrow $722 million.” Mr Turnquest said that besides covering next year’s projected $322 million deficit, the Government also required an extra $400 million to cover a payments “backlog” and unfunded spending commitments left behind by the previous Christie administration. He added that the Ba-

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 RAINBOW JEWELS LIMITED NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of RAINBOW JEWELS LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 26th day of April A.D., 2017.

Michael C. Miller Liquidator

hamas’ “financial reputation” would be in peril should the Government fail to act, given that lenders were demanding it provide $70 million in extra collateral by the first week of July due to the earlier S&P downgrade placing the country on the wrong side of a derivatives transaction related to its borrowing. But with deficits of $228 million and $106 million projected for the 2018-

2019 and 2019-2020 fiscal years, respectively, the Minnis administration - if it stays true to forecasts will end up adding $1.056 billion to the Bahamas’ national debt within its first three years in office. Mr Bowe, meanwhile, urged the Government to focus on creating an enabling environment that will foster higher GDP growth than the 1-2 per cent forecast for the Bahamas.

“We know that we have to turn economic growth around, and once we do that a rising tide will float all boats,” he told Tribune Business. “A lot of challenges relate to depressed economic performance. “A lot of government policies have to be geared to the economic spurring of activity, money circulating and that becoming a self-fulfilling cycle.”

PAGE 4, Friday, June 9, 2017

THE TRIBUNE

$70M GOV’T WINDFALL IF IT ‘PULLS THE TRIGGER’ FROM PAGE 1B

rectors and placement committee are “standing ready and waiting to help the new government, and waiting to get their agreement to proceed”. “Simply give the go ahead,” was Mr Bowe’s response, when asked by Tribune Business what remains to be done with the HoldingCo offering. “I don’t think there’s anything to be revisited, and as long as the policy position doesn’t change with respect to holding it.........” He suggested that a HoldingCo policy shift by the Minnis administration was unlikely, given its fiscal situation and desire to reduce the $429 million collective subsidy to state-owned enterprises (SOEs) by either privatising them or making them operate more efficiently. Mr Turnquest, in his Budget presentation on Wednesday, appeared to question why the Chris-

tie administration had invested $70 million in Aliv via HoldingCo as he identified several SOEs that were failing to benefit the Government by not generating dividends. Mr Bowe, though, reiterated that the HoldingCo investment was effectively a ‘bridge financing’ arrangement to ensure that Aliv’s network roll-out was not delayed by the wait for private investors to come in. Emphasising that the Government’s exit was always planned, he said the Minnis administration would have been informed of this in the transition notes it received when taking office on May 11. “The intention was never for the Government to be invested in a cellular holding company,” Mr Bowe told Tribune Business. “That was a transitory arrangement, set out in the transition notes. “They clearly demonstrate that

is a temporary holding, set to be fully disposed of apart from any minority interest the Government may want to retain as an income asset.” Mr Bowe said the success of Aliv’s own capital-raising, via its bond offering earlier this year, had generated renewed interest among the pension funds, credit unions and mutual funds that were being targeted by HoldingCo and its advisers. “The successful bond offering Aliv had has piqued interest in this placement, and people are seeing they have a unique opportunity to be in HoldingCo, as its asset is Aliv. It gives them equity participation, which the bond doesn’t,” he told Tribune Business. Mr Bowe said HoldingCo’s equity will be sold “in two tranches if necessary, but we believe it will all be picked up”. He suggested the HoldingCo

placement was likely one of the quickest ways for the Government to generate a significant one-off cash flow, and aid its bid to keep the 2017-2018 fiscal deficit below the $323 million outlined in the Budget. “The Government, given that it’s on a cash basis of accounting, any proceeds coming in will be unbudgeted revenue, and that will have a positive impact on the fiscal performance for 20172018,” Mr Bowe said. Should the full HoldingCo private placement be taken up, the $70 million raised would, for instance, match the $70 million demand by the Government’s lenders for extra loan security by the first week of July after the ‘junk’ downgrade by Standard & Poor’s (S&P) placed it on the wrong side of a derivative transaction. The $70 million generated by selling-off HoldingCo would also enable the Government to, final-

ly, realise the proceeds from the $62.5 million spectrum license paid by Cable Bahamas. Those funds were immediately injected back into Aliv as HoldingCo’s share of its infrastructure buildout costs. HoldingCo holds the majority 51.75 per cent equity stake in Aliv, with Cable Bahamas owning the remaining 48.25 per cent. The BISX-listed communications provider has Board and management control. HoldingCo was initially conceived as a vehicle that would pool Bahamian capital for investment in a variety of infrastructurebased developments throughout the country, with Aliv designed to be just its first holding. The institutions eyed as its first investors have been targeted because they represent the broadest possible spectrum of Bahamian ownership through their members.

LANDFILL BID CANCEL ‘A GRAVE MISTAKE’ FROM PAGE 1B $100,000 on developing “a most comprehensive bid”, argued that solving the New Providence landfill’s environmental and health woes should be “bigger than partisan politics”. He added that he was “extremely disappointed” that the Government did not call WRDG and its partner, Providence Advisors, in to at least discuss their proposal and see whether adjustments could have been made to satisfy the new administration’s demands prior to cancelling the process. “I’m disappointed in his comments as you report them to be,” Mr Dean told Tribune Business of Mr Ferreira’s remarks. “That makes us sad. While he may claim it was rushed, our proposal is a most comprehensive one. “We had to bring in technical experts, two-three sets of experts, and there was plenty of work done locally that had value. We had spent $80,000-$100,000 in preparing that [bid] document.” Tribune Business understands that the Government is likely to refund the $10,000 deposits paid by bidders in the Christie administration’s RFP, which solicited two bids - one from WRDG and Providence Advisors, and the other from an unnamed foreign group. It is unclear whether any other bid costs will be re-

“We are disappointed; extremely disappointed, that having gone through an open bidding process this government chose to cancel the same without first extending to us the courtesy of discussing the same, and without saying to us they will give us some consideration of refunding all that we had to put into it.” Henry Dean of United Sanitation funded, but Mr Dean said WRDG’s Bahamian members were pleased when the Christie administration decided to launch a public tender because it increased the chances that all bidders would be competing on a ‘level playing field’. “It provided us with an opportunity to compete against all who would have had designs, and added legitimacy,” he told Tribune Business. “We are disappointed; extremely disappointed, that having gone through an open bidding process this government chose to cancel the same without first extending to us the courtesy of discussing the same, and without saying to us they will give us some consideration of refunding all that we had to put into it.” Mr Dean said WRDG’s RFP submission was the third landfill-related bid it had made under the former Christie administration. He acknowledged that the timing and condi-

tions associated with the process may have created “some scepticism” among the new government, but said the tender document provided clarity and allowed for negotiations between the Government and a ‘preferred bidder’. “The administration is making a grave mistake, and doing a disservice to locals,” Mr Dean said of the cancellation decision. “There’s nothing in there we cannot do. Let’s not reinvent the wheel. “Call us in for talks. It’s kind of disrespectful to go ahead and make that kind of announcement. Let’s hope they give it some reconsideration. It’s sad. It’s disappointing. “Our proposal was bigger than partisan politics. It took into consideration all the impacts of the landfill situation. It’s a holistic proposal. I will seek to have an urgent meeting with the Minister to discuss the same.” The Opposition, in a

A WORKER in a protective mask at a dump fire earlier this year. statement released earlier this week, urged the Government to continue with the process it had left in place and negotiate with WRDG, which it had identified as the ‘preferred bidder’ prior to the May 10 general election. However, Ginny McKinney, Wastenot’s principal and another member of WRDG, told Tribune Business earlier this week that the group had heard nothing from either government since the bids were opened at the Ministry of Finance in late April. This casts doubt on whether a preferred bidder had been selected, although the choice may have become lost in the transition to the Minnis administration. Effectively employing the same language as Mr Dean, Picewell Forbes, MP for south Andros, said: “We trust that the new administration will enter into negotiations with the preferred bidder, and allow the remediation and operation plan

prepared by the Bahamian engineering firm, Caribbean Coastal Systems, led by Carlos Palacious, and its international consultant, Dr Tarek Abichou, and approved by the Department of Environmental Health Services, to be advanced. “Significant work has been done; there is no need to stop or cancel that process, duplicate efforts or waste time or money. “Governments are continuous. The plan is laid out, and the new government should not deprive the Bahamian group from being able to negotiate terms with the Government to enable them to solve this longstanding issue in the best of interests of the Bahamian people.” Ms McKinney, meanwhile, described the decision to cancel the existing tender as “discouraging” but promised that WRDG would bid on any process initiated by the Minnis administration. “I am disappointed, but there we go,” she told Trib-

une Business. “We will have to gather our resources and respond to the next one. Each one costs money; nothing comes free.” Ms McKinney, too, bemoaned the costs incurred in developing landfill-related proposals that ultimately never seemed to move the Government. She also expressed unhappiness that WRDG and its members never seemed to be able to discuss the bids with the Government, despite showing their “indepth knowledge” of the landfill and its problems. “I do hope this is not the same old,” Ms McKinney said. “I’d love to know how long the next one [RFP] will be.” The Christie administration committed in the Baha Mar Heads of Agreement to resolve the landfill’s woes by year-end, or otherwise new owners, Chow Tai Fook Enterprises (CTFE), would be released from their performance obligations.

‘BATED BREATH WAIT’ FOR CONSTRUCTION REGULATION FROM PAGE 1B

does not happen, we would like to know imminently when that will happen. It’s that important to our economy. “We’re facing significant challenges with revenue for the country, a huge debt burden, and we believe with enactment of the Act - and regulation and regularisation of the industry - $1 billion could be added to the economy through construction. “It needs an effective pronouncement by the Minister to say this is the effective date of the legislation; this is the law of the land. There is some work for the new Minister to do.” Some observers will likely question Mr Sands’s $1 billion estimate, but the Construction Contractors Act promises to yield significant benefits for the industry, consumers and the wider Bahamian economy if it functions as intended. For the Act, when implemented, will introduce a system of licensing and self-regulation, where Bahamian contractors are certified according to their qualifications and scale/scope of work they are capable of undertaking. This would place them on a ‘level playing field’ with foreign contractors, enabling them to better compete for multimillion dollar contracts on foreign direct investment (FDI) projects that come to the Bahamas because their capabilities are certified. The Act also includes provisions giving Bahamian consumers means of redress, and protection, against shoddy workmanship by so-called ‘cowboy contractors’ -

something that has been a frequent complaint among residents. The construction industry is the last professional trade in the Bahamas to be regulated by statute law, and efforts to finally achieve this are now into their fourth administration. The Act is similar to those regulating the engineering and architect professions, in that it will self-regulate contractors via a Board comprised of members from both the private and public sectors. Mr Sands said the Board’s creation, and issuance of instruments of appointment to its members, needed to occur quickly to end the growing regulatory uncertainty in the construction industry. “The BCA have been inundated by contractors and interested persons asking what the process is now,” he told Tribune Business, “can we get a Business License, and are we registered under the new Act? “Right now it’s the status quo until the Board gets its instruments of appointment. “It’s put us in a difficult position; kind of in a limbo. We need the Board and government agencies to work together to go from a Business License to registration and a contractor’s license.” Emphasising that there was “good stuff” in the Act for contractors, developers and consumers, Mr Sands added: “It’s significantly important to the national economy and how business is done in the construction sector. “We are waiting with bated breath to see what is the next step, and when it will happen. “ We are waiting.”

THE TRIBUNE

Friday, June 9, 2017, PAGE 5

DON’T ‘REINVENT WHEEL’ ON PUBLIC PROCUREMENT FROM PAGE IB 2017-2018 Budget presentation, pledged that the Government would create a Public Procurement Board to oversee the bidding and awarding of all government contracts. Chaired by someone from outside the public service, but with the Financial Secretary and a permanent secretary among its members, Mr Turnquest said the Board would advise the Government on public procurementrelated legislation and policy. He added that a Procurement Review Tribunal would also be established to adjudicate on disputes and complaints relating to government contracts. Mr Sands praised the Government for its intentions, and agreed that the reforms outlined would create a ‘level playing field’ for bidders “if it works the way the Government intends”. Yet the BCA chief added: “The only counter argument I would have is if the Public Tenders Board functions the way it’s intended to function, it serves the exact same purpose. “I don’t know if if they need to have a new mechanism in place. They just have to hold fast, firm up existing policy and ensure they correct it. “The low-hanging fruit the Government should take care of is that contractors and members of the public would like to know how contracts are awarded, involving hundreds of thousands and millions of dollars, without any discussion in Parliament.” Mr Sands said the rules surrounding the Public Tenders Board stipulated that any contract worth more

than $50,000 has to go to public tender, yet there were numerous instances - such as the renovations to the former City Markets building on Blue Hill Road - where bids seemed to have been awarded without being publicly advertised. “While I can applaud the new government for introducing this other mechanism,” he added, “the existing mechanism can do the job if it’s followed. There needs to be better accountability and adherence to existing policy. “Every contract for every ministry should at least be publicly advertised so contractors and persons providing services know of things, and that there are no secret deals. That’s the biggest challenge. Something’s going on, contracts are issued and no one knows what’s going on. “Rather than reinvent the wheel, let’s go to municipal, open bidding. Government has a fiduciary duty and responsibility to advertise to all parties all those works going on in this town,” Mr Sands told Tribune Business. “That’s the first step in ensuring the industry has a chance to grow, encouraging individuals to participate and removing any possibility of back door dealings and special interests.” A fair, transparent public procurement process that allows Bahamian companies to compete on a ‘level playing field’ is vital to both their growth and that of the wider economy, given the significant multi-billion dollar chunk of GDP accounted for by government spending. It is also critical to curbing government spending and ensuring Bahamian taxpayers get ‘value for money’.

European Central Bank won’t call time on stimulus just yet By DAVID MCHUGH Associated Press FRANKFURT, Germany (AP) — The European Central Bank took small steps Thursday toward phasing out its extraordinary support measures for the economy, but made it clear the recovery still needs backing from the bank despite its growing strength. The bank’s president, Mario Draghi, was careful not to give a clear signal about when it will start withdrawing stimulus — a measure of the bank’s caution about the potential impact such an announcement could have on financial markets. The bank kept interest rates and its bond purchase stimulus program unchanged at a meeting of its 25-member governing council. The council made a small concession to the improving economy in the 19 countries that use the euro by dropping from its statement wording that it could lower interest rates further. Draghi made another tweak by saying risks to growth are now “broadly balanced” — a change from the April meeting when risks were “tilted to the downside.”

Analyst Carsten Brzeski at ING-DiBa described the bank’s statement as “a very first baby step toward tapering” the stimulus effort. The bank left its bond purchase stimulus program unchanged at 60 billion euros ($67 billion) per month through at least the end of the year and longer if necessary. The measure pumps newly printed money into the economy in an effort to raise inflation toward the bank’s goal of just under 2 percent, considered best for the economy. Right now inflation is an annual 1.4 percent. Analysts think the bond purchases will be tapered next year, but the bank has moved gingerly in indicating when it might be ready to announce a schedule for reducing and then ending them. Ending the bond purchases and raising interest rates could have wide-ranging effects, such as a stronger euro and higher interest costs for heavily indebted governments. It would also raise returns on savings accounts and bank CDs and make them more attractive relative to stocks and riskier investments. ECB officials are con-

chases, “five million jobs have been created in the eurozone in the last three and a half years,” he said. “More jobs than anywhere else in the world, I think, certainly more than in the United States.” Though inflation in the eurozone is higher than it was for much of the past two years, that’s largely because of a pick-up in oil prices. The ECB doesn’t expect a big increase in inflation over the coming two years. On Thursday, the bank lowered its forecasts for eurozone inflation this year to 1.5 percent from 1.7 percent, and for next year to 1.3 percent from 1.6 percent. The central bank’s statement kept important wording that its bond-buying stimulus program could be stepped up if the economic outlook worsens. While few expect that to happen, the words underline that the bank is not yet willing to call time on the stimulus program. The bank kept its shortterm benchmark rate at a record low of zero. It is also charging banks negative interest of 0.4 percent on excess cash parked at the ECB. That is in effect a tax aimed at pushing them to lend the money instead of hoard it.

NOTICE BURNS INTERNATIONAL INC. In Voluntary Liquidation

Liquidation Sale

Office Furniture & Other Items

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BURNS INTERNATIONAL INC. is in dissolution as of June 6th 2017.

BANIF INTERNATIONAL BANK LTD

FINAL NOTICE

(IN VOLUNTARY LIQUIDATION) #1 Bay Street, Centre Of Commerce Suite #201

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-

OPEN HOUSE: JUNE 12, 2017 9:00 AM – 5 PM Tel: 328-5600

DAR Tunis GmbH. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 16TH, MAY 2017.

cerned that markets would respond to a premature announcement that the stimulus is coming to an end by sending interest rates higher, blunting its effects. Evidence is piling up that growth in the eurozone has kicked into a higher gear and the region is recovering from the Great Recession and the ensuing crisis over high debt that pushed some eurozone countries, notably Greece, to the brink of bankruptcy. Earlier Thursday, the Eurostat statistics agency revised figures for first-quarter growth up to 0.6 percent from 0.5 percent. Draghi conceded that recent data suggest “a stronger momentum in the euro-area economy, which is projected to expand at a somewhat faster pace than previously expected.” The sticking point is inflation, which remains weak. Unemployment is falling, but wages aren’t picking up as many people take parttime or lower-wage jobs. Draghi said inflation indicators “have yet to show convincing signs of a pickup.” Draghi said that the brighter outlook is largely a result of the bank’s efforts and the economy still needs central bank support. Thanks to the bond pur-

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

MARKET REPORT THURSDAY, 8 JUNE 2017

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

BISX ALL SHARE INDEX: CLOSE 1,874.23 | CHG 0.89 | %CHG 0.05 | YTD -64.97 | YTD% -3.30 BISX LISTED & TRADED SECURITIES

Dillon Dean LIQUIDATOR

FINAL NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:ASHGHAL INVESTMENT SA. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 16TH, MAY 2017.

52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.76 8.60 6.10 10.60 14.50 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.40 17.43 8.19 3.50 1.64 0.12 3.80 8.35 5.70 10.05 10.50 2.18 1.31 5.80 7.55 8.56 7.30 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

Dillon Dean LIQUIDATOR FINAL NOTICE

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

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-

BISTON GROUP SERVICES SA has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 16TH, MAY 2017. Dillon Dean LIQUIDATOR

52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.50 10.50 2.45 1.55 6.00 9.75 9.00 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 100.00 100.00 100.00 109.05 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.52 10.50 2.48 1.55 6.00 9.75 9.00 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 0.02 0.00 0.03 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

109.03 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

1,000

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 145.5 15.8 N/M 21.2 N/M N/M -135.0 14.2 14.0 23.4 95.5 24.3 19.4 20.0 18.8 9.4 11.9 23.5 20.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.42% 4.67% 2.42% 3.87% 4.00% 4.10% 0.00% 3.38% 2.03% 5.12% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

PAGE 6, Friday, June 9, 2017

THE TRIBUNE

Modest gains, led by banks, push US stock indexes higher

By ALEX VEIGA Associated Press

FINANCIAL companies led U.S. stock indexes higher Thursday, nudging the Nasdaq composite index to a record high. The latest gains came as the stock market continued to trade mostly in a narrow range in the absence of major new economic data and ahead of next week’s meeting of Federal Reserve policymakers. Speculation that the Fed will raise interest rates helped boost financial stocks for the second day in a row. Higher interest rates allow banks and credit card issuers to charge more for loans, which boosts profits. Utilities and consumer goods companies were among the biggest decliners. Energy stocks also fell as crude oil prices declined. “(Today) is a continuation of fairly muted market action,” Bill Northey, chief investment officer at U.S. Bank Wealth Management. “We’ve been in a very low volatility period of time. We’re also a bit between material economic events.” The Standard & Poor’s 500 index gained 0.65 points, or 0.03 percent, to 2,433.79. The Dow Jones industrial average rose 8.84 points, or 0.04 percent, to 21,182.53. Both indexes remain slightly below their record highs set last Friday.

Climbed The Nasdaq added 24.38 points, or 0.4 percent, to 6,321.76. Small-company stocks fared better than the rest of the market. The Russell 2000 index climbed 18.94 points, or 1.4 percent, to 1,415.61. Bond prices fell. The 10year Treasury yield rose to 2.19 percent from 2.18 percent late Wednesday. Stocks wavered between small gains and losses through much of the day as investors tuned in to watch former FBI Director James Comey testify before Congress as part of the investigation into Russian meddling into the U.S. presidential election. In his testimony, Comey’s first public statements since his May 9 dismissal, he told Congress that President Don-

GLENN CARELL, second from right, works with other stock traders at the New York Stock Exchange, Thursday. (AP)

ald Trump’s administration spread “lies” about him and the FBI after his abrupt firing in May. Comey also asserted that Trump fired him to interfere with his investigation of Russia’s role in the 2016 election and its ties to the Trump campaign. Stock indexes barely budged throughout the hearing, the public portion of which wrapped around midday. “Today did not turn into a market event, nor did it accelerate the path toward further progress on the legislative and administrative agenda,” Northey said. Investors have been looking for more progress out of the White House on its agenda to cut taxes, increase infrastructure spending and implement other business-friendly policies. The Republican-led House took steps Thursday to advance Trump’s pledge to ease regulations on businesses by taking a vote on legislation that would undo the stricter banking rules that took effect after the devastating 2008 financial crisis. That helped lift bank stocks. Goldman Sachs Group picked up $2.98, or 1.4 percent, to $218.76. JPMor-

A STOCK trader at the New York Stock Exchange listens to former FBI Director James Comey on a television monitor, Thursday. (AP)

gan Chase added $1.04, or 1.2 percent, to $84.95. Regions Financial gained 44 cents, or 3.2 percent, to $14.03. Traders also welcomed news that members of the Nordstrom family are considering taking the company private. Like Macy’s and other big department store chains, Nordstrom has

struggled to cope with competition from online retailers. The company, which has 354 stores in the U.S. and Canada, has seen its stock tumble by half since early 2015. On Thursday, the stock soared $4.15, or 10.3 percent, to $44.63.

Earnings Several companies that reported improved earnings or outlooks also traded higher. Verint Systems rose 3.2 percent after the maker of software for analyzing intercepted communications had a strong first quarter. The stock added $1.35 to $43.45. Investors cheered Alibaba Group Holding’s latest revenue forecast. Shares in the Chinese e-commerce company gained $16.70, or 13.3 percent, to $142.34. Some companies failed to impress traders.

Urban Outfitters slid 10.3 percent after the retailer said sales at older stores are running lower than expected this month. That followed weak sales in May. The stock shed $1.88 to $16.35. Benchmark U.S. crude wavered for much of the day before sliding 8 cents to settle at $45.64 a barrel in New York. Brent crude, used to price international oils, fell 20 cents to close at $47.86 per barrel in London. Wholesale gasoline held steady at $1.49 per gallon. Heating oil rose 1 cent to $1.42 per gallon. Natural gas added 1 cent to $3.03 per 1,000 cubic feet. The dollar rose to 109.94 yen from Wednesday’s 109.83 yen. The euro weakened to $1.1222 from $1.1252. In metals trading, gold fell $13.70, or 1.1 percent, to $1,279.50 per ounce. Silver lost 21 cents, or 1.2 percent, to $17.41 per

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

DALLAS INTERNATIONAL INC. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), DALLAS INTERNATIONAL INC., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 16th day of May, 2017.

Mr. Viktor Dereviakin Apt. 7, Merzlyakovskiy per. 15 Bldg. 3, Moscow Russia Liquidator

ounce. Copper gained 6 cents, or 2.3 percent, to $2.61 per pound. European stock markets were mixed after the European Central Bank kept its stimulus program unchanged.

Risks ECB President Mario Draghi said Thursday that risks to the European economic recovery have diminished. Germany’s DAX rose 0.3 percent, while France’s CAC 40 slipped 0.2 percent. Britain’s FTSE 100 fell 0.4 percent as Britain went to the polls in a general election. In Asia, Japan’s benchmark Nikkei 225 index lost 0.3 percent, while South Korea’s Kospi edged up 0.2 percent. Hong Kong’s Hang Seng rose 0.3 percent. Australia’s S&P/ ASX 200 added 0.2 percent.

INSIGHT FOR THE STORIES THAT MATTER EVERY MONDAY

THE TRIBUNE

Friday, June 9, 2017, PAGE 7

JPMORGAN CHASE EXEC ZAMES TO LEAVE; SEEN AS DIMON SUCCESSOR NEW YORK (AP) — Matt Zames, a top executive at JPMorgan Chase once seen as a potential successor to CEO Jamie Dimon, will be leaving the company in the next

few weeks. Dimon made the announcement Thursday in a memo to employees. Zames, a 13-year veteran at the company, had been JPMorgan’s chief operating officer for

the last five years. Before he took the COO role in 2012, Zames was in the bank’s investing division and was tasked with cleaning up the business after the Lon-

don Whale trading scandal in which huge losses were booked through the London office of JPMorgan’s chief investment office. Dimon did not say why

Zames is leaving the company. Zames’ responsibilities will be split among other executives on JPMorgan’s executive committee, Dimon said.

GOVERNMENT NOTICE

GN-1897

MINISTRY OF PUBLIC SERVICE VACANCY FOR EDUCATION OFFICER, SCALE SED6 (BUSINESS STUDIES) (DEPARTMENT OF EDUCATION) MINISTRY OF EDUCATION, EDUCATION SCIENCE & TECHNOLOGY Letters of interest are invited from suitably qualified Bahamians to fill the position of Education Officer, Scale SED6, (Business Studies), Department of Education, Ministry of Education, Science and Technology for the beginning of the 2016/2017 academic year.

Specific duties of the posts include: • Designing, developing and implementing instructional programmes and resource materials to improve the quality of education in the subject area; • Monitoring and evaluating the effectiveness of instructional programmes and teacher performance;

Requirements for the post are:

• Liaising with tertiary institutions, other technical officers, Government and non-¬Government Agencies on school-related matters and professional development activities;

• A Bachelor’s Degree and professional teaching qualifications from approved institutions;

• Giving professional advice and guidance on education projects, programmes and initiatives;

• A minimum of seven (7) years teaching experience, two (2) of which must be at the level of Administrator, Head of Department, Grade Level Head or Team Leader; and

• Keeping informed regarding current research in the field of education;

• Curriculum/Examinations Development experience at the District/National Level.

• Facilitating procurement and distribution of tuition supplies.

• Organizing and facilitating upgrading and retraining programmes for teachers; and

The successful candidate will:

The salary of the post is in Scale SED6 $35,400.00 x 700 - $45,900.00 (July 2016 Salary Scales) per annum.

• Have initiated and co-ordinated activities in curriculum development, assessment procedures and materials production in the specific discipline/subject area;

Serving officers should apply through their Heads of Department.

• Possess evidence of leadership ability; • Possess excellent organizational, inter-personal and communication skills; • Be knowledgeable and capable of utilizing current trends and techniques which promote professional and academic development of teachers; • Be capable of making a substantial contribution to the continued operation and growth of the education system; and

Interested persons must submit letters of interest indicating the specific post and scale for which they wish to be considered. Applicants are advised that it is their responsibility to attach relevant proof of academic and professional qualifications, experience, positions held and a recommendation from their Principal. Failure to provide same may result in their disqualification from the exercise. Applicants must submit letters of interest and supporting documents through their Head of Department so that they reach the Secretary, Public Service Commission, Poinciana Hill Complex, Meeting and Augusta Streets, not later than 12 June 2017.

• Be able to demonstrate high standards of professional conduct Specific duties of the posts include: • Designing, developing and implementing instructional programmes and resource materials to improve the quality of education in the subject area; • Monitoring and evaluating the effectiveness of instructional programmes and teacher performance; • Liaising with tertiary institutions, other technical officers, Government and non-¬Government Agencies on school-related matters and professional development activities;

Permanent Secretary

VACANCY FOR EDUCATION OFFICER, SCALE SED6 (PERFORMING ARTS) (DEPARTMENT OF EDUCATION) MINISTRY OF EDUCATION, EDUCATION SCIENCE & TECHNOLOGY Letters of interest are invited from suitably qualified Bahamians to fill the position of Education Officer, Scale SED6, (Performing Arts), Department of Education, Ministry of Education, Science and Technology for the beginning of the 2016/2017 academic year. Requirements for the post are:

• Giving professional advice and guidance on education projects, programmes and initiatives;

• A Bachelor’s Degree and professional teaching qualifications from approved institutions;

• Keeping informed regarding current research in the field of education;

• A minimum of seven (7) years teaching experience, two (2) of which must be at the level of Administrator, Head of Department, Grade Level Head or Team Leader; and

• Organizing and facilitating upgrading and retraining programmes for teachers; and • Facilitating procurement and distribution of tuition supplies. The salary of the post is in Scale SED6 $35,400.00 x 700 - $45,900.00 (July 2016 Salary Scales) per annum. Serving officers should apply through their Heads of Department. Interested persons must submit letters of interest indicating the specific post and scale for which they wish to be considered. Applicants are advised that it is their responsibility to attach relevant proof of academic and professional qualifications, experience, positions held and a recommendation from their Principal. Failure to provide same may result in their disqualification from the exercise. Applicants must submit letters of interest and supporting documents through their Head of Department so that they reach the Secretary, Public Service Commission, Poinciana Hill Complex, Meeting and Augusta Streets, not later than 12 June 2017 Permanent Secretary

VACANCY FOR EDUCATION OFFICER, SCALE SED6 (AGRICULTURAL SCIENCE) (DEPARTMENT OF EDUCATION) MINISTRY OF EDUCATION, EDUCATION SCIENCE & TECHNOLOGY Letters of interest are invited from suitably qualified Bahamians to fill the position of Education Officer, Scale SED6, (Agricultural Science), Department of Education, Ministry of Education, Science and Technology for the beginning of the 2016/2017 academic year.

• Curriculum/Examinations Development experience at the District/National Level. The successful candidate will: • Have initiated and co-ordinated activities in curriculum development, assessment procedures and materials production in the specific discipline/subject area; • Possess evidence of leadership ability; • Possess excellent organizational, inter-personal and communication skills; • Be knowledgeable and capable of utilizing current trends and techniques which promote professional and academic development of teachers; • Be capable of making a substantial contribution to the continued operation and growth of the education system; and • Be able to demonstrate high standards of professional conduct Specific duties of the posts include: • Designing, developing and implementing instructional programmes and resource materials to improve the quality of education in the subject area; • Monitoring and evaluating the effectiveness of instructional programmes and teacher performance;

Requirements for the post are:

• Liaising with tertiary institutions, other technical officers, Government and non-¬Government Agencies on school-related matters and professional development activities;

• A Bachelor’s Degree and professional teaching qualifications from approved institutions;

• Giving professional advice and guidance on education projects, programmes and initiatives;

• A minimum of seven (7) years teaching experience, two (2) of which must be at the level of Administrator, Head of Department, Grade Level Head or Team Leader; and

• Keeping informed regarding current research in the field of education;

• Curriculum/Examinations Development experience at the District/National Level.

• Facilitating procurement and distribution of tuition supplies

• Organizing and facilitating upgrading and retraining programmes for teachers; and

The successful candidate will:

The salary of the post is in Scale SED6 $35,400.00 x 700 - $45,900.00 (July 2016 Salary Scales) per annum.

• Have initiated and co-ordinated activities in curriculum development, assessment procedures and materials production in the specific discipline/subject area;

Serving officers should apply through their Heads of Department.

PAGE 8, Friday, June 9, 2017

THE TRIBUNE

Verizon’s first move with Yahoo is to cut 2,100 jobs By TALI ARBEL Associated Press

NEW YORK (AP) — About 2,100 jobs are on the chopping block as Verizon prepares to combine Yahoo and AOL for a digital advertising offensive. Yahoo’s shareholders on Thursday approved the $4.5 billion sale of its key businesses to Verizon. The deal is expected to close by Tuesday. AOL and Yahoo will cut 15 percent of the 14,000 workers they now employ, or about 2,100 jobs, said a person familiar with the matter who requested not to be identified discussing the cuts. USING YAHOO Verizon has a simple goal in buying Yahoo’s core business: It wants to challenge Google and Facebook in the huge and lucrative field of digital advertising. But Verizon faces its own challenge in doing so, given that it will be competing against a slew of other companies also looking to break in. Verizon wants to become a strong third choice for advertisers by adding Yahoo’s popular sites and billion users worldwide to its own media business, which includes AOL and Verizon’s home-grown go90 video service. It can place ads on those sites, and can also combine

“Five years from now, if the combined entity were the same size as it is today, I would consider that to be successful.” Pivotal Research Group analyst Brian Wieser data from visitors to those sites with AOL’s ad technologies and sales teams, and possibly also personal data from Verizon mobile customers such as location and other information, in order to better target ads at individuals. Verizon has programs that use mobile-customer data for targeted ads and may combine that with data gathered by AOL and Yahoo. Verizon says customers can choose whether to participate. Yahoo and AOL are “positioned to do better together than apart,” Pivotal Research Group analyst Brian Wieser said. But he is setting the bar low. While Verizon talks of growth from the deal, Wieser said “not declining would be a success. Five years from now, if the combined entity were the same size as it is today, I would consider that to be

successful.” THE VISION Verizon sees online ads — particularly targeted ads — as a potential new source of growth as the wireless industry fights for U.S. users with lower prices and other discounts. Verizon has “essentially turned into a no-growth business,” said CFRA Research’s Angelo Zino. The ad business would be a “big deal” for Verizon if it goes well, he said. Tim Armstrong, the former Google executive who joined AOL as CEO in 2009, has for years wanted to combine AOL with the long-declining Yahoo. Although AOL has bigname properties such as HuffPost and Engadget, it hasn’t been as big of an online destination as Yahoo’s mail, finance, sports and other properties. The combined business, to be called Oath, will expand its news, sports, entertainment, finance and lifestyle coverage. Like everyone else, Oath will focus on video and mobile, where consumers increasingly spend their time online. Armstrong says he wants Oath properties to be a place consumers “come and visit every day” and predicts users growing to 2 billion from 1.3 billion by 2020, with annual revenue of $10 billion to $20

THE YAHOO and Verizon Wireless logos. (AP)

billion from roughly $7 billion today. Lowell McAdam, CEO of New York-based Verizon, teased last month that this could set the stage for a new streaming video service, competing with the slew of internet-TV services already out there. Verizon already has a free mobile video service, go90, that isn’t well known. LTERNATIVES TO A THE DUOPOLY Facebook and Google together draw about half the world’s spending on digital ads, and in the U.S., they’re even more dominant. They’re also where the majority of mobile-ad dollars go, eMarketer data show. The sway Facebook and Google hold for advertisers isn’t expected to change in the next few years.

They had a head start on mobile. Yahoo has poured billions into acquisitions that have helped Yahoo make some leeway in mobile — but not enough. It’s gotten better at doing mobile ads, but it has had no major hit apps. Still, AOL and Yahoo together provide a muchsmaller No. 3 in the U.S. for advertisers looking to reach lots of people. But even if Verizon’s goal is to just be happy at No. 3, there are several much smaller players that also draw advertisers. Snapchat is a niche hit with young people. Amazon has an under-theradar ad business that supports its e-commerce dominance. Microsoft, which owns LinkedIn, is expected to grow its piece of the ad pie; Microsoft will be just behind the combined AOL-Yahoo in the U.S.

once the deal closes. Twitter, although it’s sorting out its ad business, is a significant smaller player. Globally, several Chinese companies also rake in ad dollars. And the combined company will also have to compete for people’s attention, and not just with other services that rely on ad dollars to survive. Popular sites like Amazon or Netflix also suck up time spent online, said eMarketer analyst Martin Utreras. “They’ve acquired these two dinosaurs and you kind of wonder, can they be successful?” Zino said. That will depend on Verizon being able to convince marketers that they know more about consumers than anyone else, he said. AP Technology Writer Michael Liedtke contributed to this story.