07072016 business

THURSDAY, JULY 7, 2016

business@tribunemedia.net

Governor: ‘Credible’ growth plan key to satisfying Moody’s

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank’s governor yesterday said it was “within the Government’s reach” to lay out an economic growth strategy that convinces Moody’s not to further slash the Bahamas’ credit rating.

John Rolle told Tribune Business that the “key area” for the Christie administration will be to establish a “credible” GDP growth plan, given that concerns over the economic outlook were central to Moody’s decision to place the Bahamas ‘on review’.

Acknowledging that any downgrade to the Bahamas’ sovereign creditworthiness would be “worrisome”, Mr Rolle suggested that such a development - if it occurred - would be unlikely to have any economic impact in the short-term.

Instead, it would send a message to the Christie administration that it needs to See PG B5

Downgrade staveoff ‘within Gov’ts reach’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Threat ‘worrisome’, but no short-term impact

THE US has again warned that the Government’s procurement processes are “particularly susceptible to corruption”, with the renewal of some public sector contracts left outstanding for more than a year.

Bahamas must ‘ground set’ at positive outlook

The State Department’s annual investment climate

THE US government has criticised the Bahamas Bar Association for failing to pursue complaints about the conduct of member attorneys, disclosing that several of its citizens had suffered “significant losses” on flawed real estate deals.

The State Department’s annual investment climate statement on the Bahamas, released this week, said complaints submitted to the Bar’s Ethics Committee were “frequently unanswered”, raising questions about whether foreign investors enjoyed sufficient legal protection.

“The [Nassau] Embassy is aware of several com-

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

JOHN ROLLE

Says too many attorney complaints ‘unanswered’ Americans suffer ‘major losses’ on real estate deals ‘Don’t rely on Chapter 11 after Baha Mar’ plaints about local attorneys, primarily involving real estate transactions, which have resulted in significant losses to American investors,” the US report charged.

See PG B5

Green economy gives ‘opportunities galore’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government would help create a “far greater” number of “meaningful” Bahamian jobs if it abandoned its current development approach in favour of the ‘green economy’, a wellknown QC believes.

Fred Smith QC, the Callenders & Co attorney and partner, said such an economic model would help to attract investors and visitors from the United States and elsewhere, many of whom were attracted to environmentally-friendly destinations.

He argued that it would also create many more sustainable, high-paying jobs, than the current development approach being employed in the Bahamas.

statement on the Bahamas, released this week, repeated concerns it has raised for the past three years over “a lack of transparency and undue political interference” with government procurement contracts.

A perceived lack of government accountability and transparency featured frequently in the US assessment of the Bahamas, which argued that anti-corruption laws were “inconsistently applied”.

The report added that this year’s prosecution of former Bahamas Electricity Corporation (BEC) Board member, Fred Ramsey, for bribery and corruption-related offences was the first such action brought under the Prevention of Bribery Act for 27 years.

Pointing out that the Government had failed to meet its own deadlines on “highly-publicised” bidding processes, the US See PG B4

Says contracts renewals ‘pending for year or more’ Annual report again slams ‘opaque’ procurement Anti-corruption laws ‘inconsistently applied’

Be ‘mad as hell’ with PLP, FNM

US govt blasts Bar Association

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

US warns Govt tenders exposed to ‘corruption’

QC: Model would create ‘far more’ Bahamian jobs Urges Gov’t to invest in needed training Blames Govt’s ‘secretive’ approach for adversity Mr Smith was responding to Khaalis Rolle, minister of state for investments, who had expressed concern to Tribune Business that the numerous Judicial Review actions he has led on behalf of environmental activists were impeding See PG B6

THE Bahamian people “should be mad as hell” with both the PLP and FNM for placing the country in a position where it is being threatened with a downgrade to ‘junk’ status, the Democratic National Alliance’s (DNA) leader has charged.

Branville McCartney told Tribune Business that bad policy and governance, combined with fiscal profligacy, on the part of both rival parties had resulted in the Bahamas’ direct debtto-GDP ratio ‘doubling’ in less than a decade.

Bran: ‘Both to blame’ for Moody’s woe Added $3.1bn to national debt in just 8 years

$4.15 $4.20

FNM deputy ‘rooting’ for Gov’t to avoid downgrade PETER TURNQUEST “We should be furious, as a people, with both the PLP and FNM,” Mr McCartney said. “In 2007, when the FNM came into power

then, we were running at 30 per cent debt-to-GDP. In 2016, it’s up over 60 per cent.

See PG B10

$4.06

$4.06

PAGE 2, Thursday, July 7, 2016

THE TRIBUNE

THE TRIBUNE

Thursday, July 7, 2016, PAGE 3

The keys to a top design portfolio AS a creative professional, you live and die by the quality of your design portfolio.It sums you and your work up, and is the first port of call for anyone looking to hire or commission you. It needs to show the breadth of your output, your skills and experience, how you generate and execute ideas; basically, your whole creative process.

When done well, a creative portfolio should impress and surprise the viewer, demonstrating how you and your work will be an invaluable asset, whether that be as a full-time member of staff or on a freelance basis.

There are many opinions on exactly what a design portfolio should contain (especially what format it should take), but there are some golden rules and theories that will place you in good standing when putting yours together.

Here are some tips for creating a quality portfolio, gained from industry experience as a commissioning designer and art editor, not to mention my own experience of preparing portfolios.

All killer, no filler

This should really be common sense, but you would be surprised how often it is not followed. Only ever show your best work in your portfolio, and if you

are not 100 per cent happy with the outcome, do not feature it.

It is fine to show a creative journey, but people do not want to see back to your college years (unless, of course, you are a recent graduate). The old adage that ‘you are only as good as your last job’ should spring to mind.

It is often hard to selfedit, but you must be quite ruthless when selecting the work to ensure that all of it is up to scratch, and of a standard that you are happy with.

Start and end with key pieces

This is something that I learned quite early on; to begin with a really strong piece that will grab their attention, and then finish on a similarly striking talking point that will leave them wanting more. It is easy to see how this can apply to a traditional print portfolio, but the same thinking can be applied to an iPad folio or, indeed, a simple PDF attachment in an e-mail.

Leave them wanting more

As mentioned above, it is important to leave the viewer wanting more, especially on initial application, as you do not want to arrive at a meeting or interview

with nothing left to talk about. Also, remember not to overdo it in certain areas of your portfolio.

If you have done some graphic work, feature a few key pieces and then show something different. The last thing you want is to bore someone with 100 examples of the same kind of work.

Create an online portfolio

There is simply no excuse for not having an online portfolio in this day and age, even if you are predominantly a print designer. You do not have to know any code to take advantage of features that sites such as Cargo Collective and Square Space offer, not to mention an abundance of ready-made and beautifully designed Tumblr and Wordpress themes. And do not forget the social portfolio platform behemoth, Behance.

Cargo is a great platform, enabling creatives to quickly set up an online portfolio and customise it by editing the CSS or HTML

Let the work speak for itself

Do not be tempted to over-embellish your online portfolio (or printed portfolio, for that matter). Allow the work to do the talking

John Watling’s unveils new rum JOHN Watling’s Distillery yesterday said it has made available 5,000 bottles of its newly launched Single Barrel rum.

The Buena Vista Estatebased distillery said JOHN WATLING’S Single Barrel is a four year-old rum that has been bottled at a cask strength of 66.2 per cent alcohol by volume, or 132.4° proof. It has been aged at its facilities in downtown Nassau.

JOHN WATLING’S Single Barrel rum was conceived after casks of aged rum were opened following their long stay in the company’s storehouse.

The company’s sixth generation master blender, Guillermo E. García-Lay, approved the aged rum for bottling at cask strength.

He instructed that no water was to be added to bring its strength to 40 per cent alcohol, and that the rum was not to be touched before bottling in any way.

John Watling’s said this was the first occasion, in its knowledge, where a rum from the Caribbean has been bottled directly from the barrel - one barrel at a time - at cask strength.

The distillery’s managing director, Jose B. Portuondo, said: “It is the company’s intention to con-

by making projects easy to view in large formats.

Curate for the job you want

If sending out a PDF sampler or curating your portfolio for an interview, always make a bespoke selection of work each time that is tailored to that specific client.

Although it may be the item you are most proud of, a potential corporate client is probably not interested in the experimental fashion shoot you have just worked on. This applies to selections of work on websites as well; only show the kind of work that you want to get commissioned for or hired to create.

Self-initiated work

I have lost count of the number of times I have heard fellow designers state how important self-initiated work is to their practice.

Potential employers are also interested in seeing you flex your creative muscles and express your individual voice, to the point that I actually saw this specifically stated as a requirement on

a job ad.

Including self-initiated work helps the employer to see where your passions lie and the kind of work that you would choose to do if not restricted by a tight client brief.

Show your working

Along with seeing selfinitiated projects, it can also be valuable to show your working and the journey you went through to realise the outcome of a given brief.

Choose the right format

This is paramount.

To iPad or not to iPad

This is something that I have been talking about recently, and which seems to be a hot topic of conversation with some prominent designer networks.

For a lot of people, it seems that the traditional print portfolio is redundant, especially when attending interviews, and that displaying work on an iPad is a much easier, convenient See PG B6

The Art of Graphix

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JOHN WATLING’S Single Barrel rum was sampled in early April 2016 at the Miami Rum Renaissance Fair & Trade Expo. Rum experts who were provided with a tasting described

JOHN WATLING’S Single Barrel rum as both “a nice sipper” and “a fine tasting rum”.

Bottle sales for the product started on the May 9, 2016, at John Watling’s Distillery’s retail store at the Buena Vista Estate.

The company is seeking to distribute JOHN WATLING’S Single Barrel to select accounts throughout the Bahamas.

More than 20 Bahamians hand-craft rums and RED TURTLE vodka at the Buena Vista Estate. John Watling’s features a production and museum-like tour, shopping and signature Bahamian cocktails at its Red Turtle Tavern.

PAGE 4, Thursday, July 7, 2016

US warns Govt tenders exposed to ‘corruption’ From pg B1 State Department again criticised the “opaque” nature of public tenders and the absence of any appeal/ review process for contract awards.

The timing of the annual US report’s release is unwelcome for the Bahamas, which is trying to stave off a further downgrade of its sovereign creditworthiness

by Moody’s.

The rating agency has warned it may slash this

nation to ‘junk’ status by end-August, costing it its current investment grade standing, and the ‘ease of doing business’ and foreign direct investment (FDI) will be two key areas they target.

“The procurement process is particularly susceptible to corruption, as it is opaque, contains no requirement to engage in open public tenders, and does not allow award decisions to be reviewed,” the US investment climate

statement blasted.

“The Government has laws to combat corruption of, and by, public officials, but they appear to be inconsistently applied.

Reports of corruption, including allegations of widespread patronage and the routine directing of contracts to party supporters and benefactors, have plagued the political system for decades.”

Leslie Miller, the outspoken MP for Tall Pines, admitted that the awarding of government contracts to party supporters, family members and cronies had effectively become ‘a way of life’ in the Bahamas.

Responding to a previous US report, he described the Bahamas’ system of patronage, and the awarding of government contracts to family and political supporters, as the most natural thing in the world, asserting that it will “never stop” because politicians must “do what they have to do” to win elections.

Bahamian taxpayers, though, are the biggest losers from such practices as they are consistently denied ‘value for money’ by contracts awarded to parties who may not be the ‘best bidder’.

Such a ‘patronage’ system, which all Bahamians know exists, also undermines the creation of a meritocracy-based society, plus notions of fairness and social equity.

Meanwhile, sticking with public procurement, the US report reiterated: “Some US companies have alleged a lack of transparency and undue political influence with government bidding and procurement processes. There is no requirement to engage in open public tenders, and award decisions are not subject to review.

“The Government has implemented procurement procedures in the management of funds from international lending agencies, but has not yet implemented best international practices for the management of national finances.

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THE TRIBUNE “In several highly publicised requests for proposal (RFPs), the Government has not met self-imposed deadlines, and contract renewals have been pending for 12 months or more.”

The US State Department gave no examples, but the BEC/energy sector reform process, initially launched in August 2013, was targeted for completion by summer 2014. After switching its format from ‘splitting BEC in two’ to a management contract, the process was eventually concluded in February 2016 almost two years later.

And as for ‘pending contract renewals’, BISX-listed Consolidated Water has been waiting almost three years to find out whether the Christie administration will renew its operating contract for the Windsor reverse osmosis plan for a further five years, or hand the facility to another company.

“Successive governments sometimes review contracts executed by previous administrations, although government officials assert that the majority of contracts are not reviewed or altered in any way. However, the [US] Embassy is aware of instances where contracts have been cancelled,” the State Department report said.

“Other areas of concern noted by companies include the discretionary issuance of approvals and licenses from various government authorities.

Companies complain that in some instances, these approval processes can be opaque with no possibility for review or appeal of a decision.”

The existing public procurement process, governed by the Public Procurement Act and Financial Administration and Audit

Act 1973, provide significant flexibility and latitude in the awarding of public sector contracts.

Those worth less than $50,000 can be approved by a single Cabinet minister, while those valued at between $50,000 and $250,000 can be awarded by the Tenders Board, which is chaired by the Minister of Finance. Tenders for contracts greater than $250,000 have to be approved by the Cabinet.

The US report acknowledged that the Christie administration has committed to “modernising and reforming government procurement” with assistance from the Inter-American Development Bank (IDB).

“Some US and Bahamian companies also complain that the tender process for public contracts is not consistent, and that it is difficult to obtain information on the status of bids,” the report added.

“Government of the Bahamas officials have told the [US] Embassy that the Government is preparing legislation to address concerns related to its investment policy and public procurement regime.”

Previous investment climate statements have sparked controversy, with a variety of Government ministers hitting back at their content, and asking the US government to provide specific examples to back up their concerns.

Sir Franklyn Wilson, the Arawak Homes and Sunshine Insurance chairman, last year told the US to “cure yourself” in response to the State Department’s annual human rights report, arguing that there was more corruption per capita in America than in the Bahamas.

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Thursday, July 7, 2016, PAGE 5

Governor: ‘Credible’ growth plan key to satisfying Moody’s From pg B1 redouble its efforts on both the economic growth and fiscal consolidation fronts, and assess its policies for both.

Mr Rolle added that rather than Moody’s potential actions in the short term, the Bahamas needed to raise its sights and ‘set the bar’ at achieving a ‘positive outlook’ on its mediumterm prospects.

“I think it can be shown that the important structural changes have occurred in the fiscal area,” Mr Rolle told Tribune Business of the issues where Moody’s was keenly focused.

“I think it can be demonstrated that very credible structural reforms are in the pipeline speaking to the financial sector, in terms of a credit bureau and reforms elsewhere that the Government is driving, which could speak to the better management of risk in private sec-

tor credit. I think there can be very credible information provided to the agencies in that regard, managing the financial sector.”

Moody’s decision to place the Bahamas on a ‘twomonth review’ for a possible downgrade appears to have largely been sparked, though, by the revisions to the GDP growth numbers.

The Department of Statistics appears to have stunned the rating agency with the revelation that the Bahamas has been in recession for two consecutive years, with the economy contracting by 0.5 per cent and 1.7 per cent, respectively, in 2014 and 2015.

This reversed previous expectations of 1-1.2 per cent economic growth, with the new data affirmed

by Prime Minister Perry Christie in his 2016-2017 Budget communication.

Mr Rolle acknowledged that presenting Moody’s with a viable economic

US govt blasts Bar Association From pg B1 “Referrals to the Bahamas Bar Association and its Ethics Committee for appropriate disciplinary action in these matters often go unanswered.”

Concerns and complaints about the Bar’s self-regulatory and disciplinary procedures have surfaced at regular intervals, and usually stem from foreign real estate buyers and investors unhappy about some aspect of their purchase.

“Property disputes can be challenging, sometimes lasting several years in the Bahamian court system,” the US report warned.

“Some purchasers have reported problems obtaining clear title to property, either because the seller had no legal right to convey, or due to claims to ownership that arose after a purchase was made.

“Investors complain that these matters are difficult to resolve, and that, even after a court decision has been rendered in their favour, they face difficulty in collecting or enforcing the court judgments.”

The US report then zeroed in on another ‘ease of doing business’ weakness, namely the length of time taken by the Bahamian judicial system to resolve commercial and civil cases.

“Courts in the Bahamas face a persistent backlog of cases. Civil cases, on average, can take five years to resolve,” the investment climate statement said.

“Foreign investors have frequently complained that local defendants are able to delay payment on Bahamian civil judgments due to the lengthy judicial process, which often involves delays during multiple levels of appeal. In addition, enforcement or collection of court judgments can be difficult.”

While none of these concerns are new to informed observers, the timing of the US State Department’s report is this year more problematic for the Bahamas, given that it has just been placed under a ‘two-month credit rating downgrade review’ by Moody’s. The ‘ease of doing business’, and this nation’s attraction for foreign investors, will be key aspects in any Moody’s assessment.

Elsewhere, the US report warned its citizens not to rely on Chapter 11 bankruptcy laws to protect troubled Bahamas-based assets in the wake of court rulings over the $3.5 billion Baha Mar project.

“American investors should be aware that they may not be able to rely on the provisions of US Chapter 11 bankruptcy law to protect assets in the Bahamas,” the report said.

“In September 2015, a US Bankruptcy Court judge dismissed a bankruptcy case in the US involving the owner and developer of the stalled $3.5 billion Baha Mar resort complex in Nassau, citing a finding by a Bahamian Supreme Court judge that the project’s

stakeholders would expect that insolvency proceedings would take place in the Bahamas.”

Justice Ian Winder last summer refused to recognise the Chapter 11 proceedings in the Bahamas, finding in favour of Baha Mar’s secured lender, the China Export-Import Bank, its contractor, China Construction (America), and the Government.

He ruled that the majority of Baha Mar’s companies had no connection to the US, and the state of Delaware, and that creditors would have expected the Bahamas to be the primary jurisdiction for resolving their claims, given that the project and its assets were domiciled here.

Whether the inability to obtain Chapter 11 bankruptcy protection will deter American investors eyeing the Bahamas is uncertain, but the US investment climate statement highlighted the structural weaknesses of this nation’s economy.

“The major challenges to investment in the country include the relatively high cost and uncertain reliability of electricity; high unemployment combined with a limited pool of skilled labour; cumbersome and sometimes opaque administrative requirement; and an escalating crime rate,” the report said.

“US and Bahamian companies alike report that the resolution of business disputes often takes years, and collection of amounts due can be difficult even after court judgments.

“Companies also report that the approval process for foreign direct investments and work permits can be cumbersome and time-consuming, and that often pending decisions linger for long periods making it difficult to make investment decisions,” the US State Department added.

“There is no timeline for approval, and in a few instances proposals have been pending for more than a year. The review by a political body also provides an opportunity for political influence to weigh in the analysis of a business proposal.

“The Government of the Commonwealth of the Bahamas asserts that the majority of foreign investment applications are processed quickly and without significant issues.”

Elsewhere, the US report expressed optimism over the decision to expand the Utilities Regulation and Competition Authority’s (URCA) mandate to regulation of the energy sector.

“This is a positive development, and suggests the medium-term potential for competition in the sector and the eventual approval of independent power producers,” the investment climate statement said.

“Exclusive rights for fixed periods to provide services have been granted by contract in some sectors. These legally approved private monopolies are being dis-

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growth plan will be critical if the Bahamas is to stave off a downgrade, which could possibly be to ‘junk’ status and cost it its investment grade rating, in the short-term.

“The other key area where some credibility will have to be forthcoming is on a plan for growth, and how we can speak to the elements of growth coming forward,” he told Tribune Business.

“The credibility we have to show in terms of growth is in areas where the policies have to become enshrined in legislation. That will be very important.

“Some of the structural reforms related to growth may have a more gradual take-off, but it’s within the Government’s reach to establish some credibility.”

Top of Moody’s ‘priority list’ is to determine whether the Bahamas’ medium-term economic growth prospects will improve. The Government is projecting a modest GDP expansion of 0.7 per cent in the upcoming 20162017 fiscal year, followed by a slightly more robust 1.6 per cent in 2017-2018.

“According to the latest continued.”

It added, though, that the Government “has shown a preference” to hire private sector companies to manage state-owned enterprises, rather than “full-scale divestment or liberalisation” through the sale of equity interests via privatisation.

The US report, though, noted that most appointments to public corporation Boards were not subjected to scrutiny or vetting.

“Historically, there have been criticisms that these corporations have been used to employ party supporters and, with few exceptions, state-owned enterprises have not demonstrated sustained profitability,” it added.

The US report said the Government also had yet to implement the new regime to protect intellectual property rights. “The new laws are comprehensive but have not been implemented and still require the approval of supporting regulations,”it added.

“While these are vital to economic growth, the Government likely will face internal and external challenges to successfully implementing its plans to become more fully integrated into the global trading system.”

That is a reference to the Bahamas’ continuing bid, now going on for 15 years, to become a full World Trade Organisation (WTO) member.

national accounts report published by the Bahamas’ Department of Statistics in June 2016, the Bahamian economy grew on average by 1.2 per cent in 2010-2013, and then output contracted in both 2014 and 2015 by 1.1 per cent on average,” Moody’s said. “This contrasts with previous assessments published in 2014 and 2015, when GDP had been estimated to have grown on a consistent basis.”

After getting over its shock at two years of consecutive recession, Moody’s turned to the symptoms of the Bahamas’ economic malaise. “The worsened economic performance is characterised by persistently high levels of unemployment, stagnant credit to the private sector and declining investment, in part explained by the indefinite opening of the Baha Mar mega resort,” it said.

“Additionally, structural constraints related to the energy sector and labour

market negatively impact costs for the tourism sector, which accounts both directly and indirectly for about 50 per cent of GDP. Given that these conditions are likely to persist in 2016 and 2017, Moody’s considers that it is unlikely that the Bahamas will return to its potential growth rate of about 1.5 per cent in the short-term.”

In response, Mr Rolle said: “Any rating downgrade, I think, would be worrisome on some level or the other. However, we do not see the credit rating as having a near-term impact on the economic environment.

“It’s [a downgrade] basically a signal to the Government on how concerted the effort needs to be to improve the economy, an improvement that has to be achieved over the medium term.”

With the economic outlook and associated reforms driving Moody’s stance, the

Governor added: “For the rating agencies, what they would be expecting to see is the extent and likelihood of reforms in the near and medium term that could have an impact.”

Rather than Moody’s immediate decision on the credit rating, Mr Rolle suggested it was more important for the Bahamas to obtain a ‘positive’ outlook, as this would indicate it was moving in the right direction with the possibility of better days ahead.

“What is important is the medium range. Irrespective of where we settle today or three months from now, we want to see a medium term ‘positive’ outlook for the rating of the Bahamas,” he told Tribune Business.

“That’s where the ground-setting has to take place; making sure we get a positive outlook. Whether we have a change or not in the rating, a ‘stable’ outlook means we stay where we are. That’s not ideal.”

PAGE 6, Thursday, July 7, 2016

The keys to a top design portfolio From pg B3 and contemporary way to display your work.

My personal advice would be to take both, but perhaps a box folio for actual printed matter is preferable to the traditional leather flip book. There is nothing wrong with a PDF, an iPad or, indeed, a keynote presentation, but when dealing with print I think wherever possible it is nice to see the actual pieces and feel the tactility of the product.

It makes sense that printing out digital projects is a pretty pointless activity, and photo-shoots and illustration both look great on iPad. But if you have been working with different pa-

per stocks and finishes, it is nice to see those pieces in the flesh. Ultimately, use common sense and choose the best format to display the kind of work that you produce.

Be confident and tell your story

The key to any portfolio presentation is the ability to deliver and talk confidently about the work within it.

There is nothing worse than going through someone’s portfolio that has little or nothing to say about their work.

Ensure all the pieces you include are ones that you are very proud of, and can talk confidently and enthusiastically about, explain-

ing the journey you went through to get there. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

• NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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Green economy gives ‘opportunities galore’ From pg B1

legitimate developers, and undermining jobs and economic benefits for Bahamians.

“What Mr Rolle fails to understand is that a ‘green economy’, in which the Government invests in training and human resources development of a cadre of Bahamian professionals in biodiversity, architecture and construction, and environmental regulatory agencies, would create a far greater permanent establishment of meaningful and dignified jobs for Bahamians,” Mr Smith told Tribune Business.

“It would create a green economy, in which regulated and controlled sustainable development is the preeminent feature, and which would cause the Bahamas to be one of the most desirable and affordable locations and investment environments in the world.”

Mr Smith said the Bahamas “sits on the doorstep of the American gold mine”, which he described as the south Florida economy, adding that a so-called ‘green economy’ would attract greater investment

and visitor numbers from the state.

“If we would simply adopt a green and environmentally regulated development policy, there would be no end of job opportunities, foreign direct investment, legitimate and transparent processes.

“There would be opportunities galore for the future employment of thousands of Bahamians and those coming out of school,” he added.

“A green economy, an environmentally-respectful economy, creates jobs. It doesn’t stop development; it promotes development.

The PLP and FNM’s myopic, medieval and secretive approach to development in the Bahamas is what creates adversity.”

Mr Smith said the Save the Bays group, for which he is the legal director, supported development that was properly regulated, environmentally and socially friendly, and sustainable.

“We realise, of course, that development and growth is necessary to promote jobs and opportunities for Bahamians,” he added.

“We encourage regulated, environmentally sustainable development, and

FRED SMITH QC

we will always continue to oppose secretive, disrespectful, disproportionate, socially destructive and culturally inappropriate development.”

Mr Smith suggested that foreign developers, especially Americans, appreciated a regulated environment, given that at home they were accustomed to having to obtain federal, state and city approvals for all their projects.

“In Miami, you cannot put up a picket fence without consultation with your neighbours,” he added.

The Board of Directors of Finance Corporation of Bahamas Limited hereby notifies its Shareholders that there will be no interim dividends paid to shareholders in respect of the quarter ended 30th April, 2016.

Dated: 7th July, 2016 Corporate Secretary

will be closed on Friday, 8th July, 2016 in observance of the Firm’s

Annual Fun Day The office will re-open on Tuesday, 12th July, 2016

KINGSWAY ACADEMY

Teacher Applications for September 2016 - 2017 Kingsway Academy invites applications from highly qualified and experienced candidates who are committed to the spiritual, intellectual and social development of students, and who are willing to enrich our school community beyond the classroom.

High School • •

French Information Technology

Successful candidates will meet the following criteria: • An academic degree in the area of specialization • A teaching certificate • Strong oral and written communication skills • Interest in and skills to participate in extra-curricular activities or committees • Be a born-again Christian with high standards of morality A complete application package includes the following: A completed Kingsway Academy application form, a detailed resume with cover letter, a recent photo, a legible e-mail address, working telephone contacts, and three reference forms - one being from your church’s minister, a police record and a health record. The application and reference forms are accessible at the school’s website at www.kingswayacademy.com click on About Us or at the school’s Business Office located on Bernard Road.

Packages should be forwarded to:

Kingsway Academy Employment Kingsway Academy P O Box N-4378 Nassau, The Bahamas E-mail: employment@kingswayacademy.com To ensure consideration, application packages must be received

by Wednesday, July 13, 2016 at the Herbert L. Treco Administration Building at the school.

We regret any inconvenience caused.

PAGE 10, Thursday, July 7, 2016

Be ‘mad as hell’ with PLP, FNM From pg B1 “We cannot fully blame the PLP with respect to the debt; both are to blame. We should be mad as hell with both of them for putting us in this position.”

Research by Tribune Business, using official government data, shows that the last Ingraham administration ran up a collective $1.5 billion in deficit spend-

ing over the five years it was in office between 2007 and 2012.

The former government argued that it had little choice but to incur deficits that peaked at $445 million in 2011-2012, as its term in office coincided with the 2008-2009 recession and its aftermath. As a result, it had to engage in countercyclical public spending to

try and maintain employment and economic activity, while also incurring higher social security-related demands.

However, the Ingraham administration’s deficit spending was exceeded by the Christie government during its first three years in office at $1.6 billion.

The Central Bank’s 2015 annual report showed that the Bahamas’ national debt had increased from $5.003 billion at year-end 2012 to $6.638 billion at end-December 2015, a rise of some $1.635 billion in just three

years under the Christie administration.

The statistics show that between them, the Christie and Ingraham administrations have added more than $3.1 billion to the national debt within eight years.

And almost half of the national debt incurred since the Bahamas’ independence 43 years ago has been accumulated within the past decade.

Mr McCartney, meanwhile, suggested that he would remove the Government’s current fiscal advisers should the DNA be elected to office.

“Why is the Government not getting the best financial advice,” he asked. “The

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award.

If so, call us on 322-1986 and share your story.

THE TRIBUNE people giving advice now gave fiscal advice under the FNM. “We must make sure we get the best financial minds, whether internal or otherwise. We’ve got persons here whose net worth could almost pay off our national debt.

“Why aren’t we talking to the best minds and international persons to get us out of debt. The people advising on our finances need to go, and we need to put the best financial minds in there to make sure we get our country back on track.”

Both Mr McCartney and K P Turnquest, the FNM’s finance spokesman, said they did not envy the task facing Michael Halkitis, minister of state for finance, in trying to convince Moody’s not to further downgrade the Bahamas’ sovereign creditworthiness.

“The good minister of state is a smart man,” the DNA leader added. “I think his hands are tied. He knows what the deal is, but he’s been placed in a box.”

He said Mr Halkitis’s remark that the Government would “plead its case” to Moody’s was the only thing that he could say in the circumstances.

Mr Turnquest, mean-

while, said he was “rooting” for the Government to succeed when Moody’s representatives visited the Bahamas later this month to conduct their annual economic and fiscal assessment.

“I wouldn’t want to sit at Mr Halkitis’s desk right now, as the Government will have a hard job convincing the rating agencies that their projections will hold water, given the fiscal realities and given that there has been no real progress on Baha Mar,” he added.

“It’s a tough sell; let’s hope they succeed for all our benefits. They’re very much between a rock and a hard place. We are at risk, and hopefully the Government will be able to put forward a credible plan that the rating agencies will be able to buy into.

“No one wants to see a downgrade. It’s not in anybody’s interests. As the Opposition, we are rooting for the Government’s success in being able to give adequate, satisfactory explanations, even as we know we have to engage in significant discussions and structural reforms to turn this thing around and take control of our destiny again.”

CAREER OPPORTUNITY Comfort Suites Paradise Island is seeking qualified persons to apply for the following positions:

Engineering Manager: Essential •

•

•

Job Functions: Working knowledge of systems such as electrical, plumbing, heater, solar panels, mechanical, heating and air condition units.

Must be proficient in Preventive Maintenance Programs.

Perform preventative maintenance on a scheduled basis and complete work orders as necessary; keep accurate records of PM’s on all rooms and equipment and prepare relevant reports.

Have the ability to test, examine, and maintain all hotel’s safety systems to ensure they are 100% operational at all times.

Position Requirements: • Five years experience as a Supervisor or Manager in the Maintenance Department of a hotel

Engineering Can-Fix-It Essential • •

•

Job Functions: Repair minor electrical issues, appliances, and minor plumbing.

Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs.

General knowledge to repair heating and cooling units, painting the exterior and pressure washing.

Position Requirements: • Must have three years of hands on experience in the maintenance field.

• Experience in the Hotel Industry will be a plus.

Electrician Essential •

•

• •

Job Functions: Assemble, install, test, and maintain electrical or electronic wiring, equipment, appliances, apparatus, and fixtures, using hand tools and power tools.

Diagnose malfunctioning systems, apparatus and components, using test equipment and hand tools, to locate the cause of breakdown and correct the problem.

Connect wires to circuit breakers, transformers, or other components.

Inspect electrical systems, equipment, and components to identify hazards, defects, and the need for adjustment or repair, and to ensure compliance with codes.

Position Requirements: • Completion of a technical school program.

• Three years experience in the field of electrical engineering.

Reservations Agent Essential •

• • • Position • • •

Job Functions: Receives reservations from various sources: Reservation Terminal, telephone, correspondence, and guests at front desk.

Handles arrangements for groups - i.e., rooming lists and pre-registration.

Keeps block arrangements secure for group bookings for Sales Department.

Maintains all pertinent information with regard to Travel Agent Commissions.

Requirements: Three years experience at a major company or hotel in a similar position; Working knowledge of hotel’s reservation system.

General knowledge of office and telephone procedures.

Guest Service Representative: Essential • •

•

Job Functions: Register guests and assign rooms.

Thoroughly understands and adheres to proper credit, cheque-cashing and cash-handling policies and procedures.

Coordinate guestroom maintenance work with the engineering and maintenance department.

Position Requirements: • High school graduate or equivalent.

• Previous hotel-related experience desired.

Storekeeper/Receiver: Essential •

•

• Position • • •

Job Functions: Receive and inspect all incoming materials and reconcile with purchase orders.

Process and distribute documentation with purchase orders; reports, documents and tracks damages and discrepancies on orders received.

Ensure all goods received are of good quality.

Requirements: High School Diploma required.

Two years experience as a Storekeeper required.

Must be computer literate.

Purchasing Agent:

Essential Job Functions: • Prepares purchase orders by verifying specifications and price; obtaining

recommendations from suppliers for substitute items; obtaining approval

from requisitioning department.

• Verifies receipt of items by comparing items received to items ordered;

resolves shipments in error with suppliers.

• Provides purchasing planning and control information by collecting,

analyzing, and summarizing data and trends.

Position Requirements: • High School Diploma required.

• Two years experience as a Purchasing Agent required.

• Must be computer literate.

Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resume to jmcdonald@comfortsuitespi.com

THE TRIBUNE

Thursday, July 7, 2016, PAGE 11

Fed minutes show uncertainties about job slowdown and Brexit WASHINGTON (AP) — Federal Reserve policymakers expressed uncertainty last month about the outlook for the U.S economy because of a sharp slowdown in job growth and the threat posed by a potential vote in Britain to leave the European Union.

Minutes of the June 1415 Fed policy meeting released Wednesday show a consensus to delay further interest rate hikes until data could show whether an anemic U.S. hiring report for May was merely a temporary blip.

"Almost all participants judged that the surprisingly weak May employment report increased their uncertainty about the outlook for the labor market," the minutes said.

Policymakers also agreed that they needed to await the outcome of the British vote. Days later, Britain ended up voting to abandon the EU — a move that ignited turbulence in financial markets and has likely deepened caution among Fed policymakers.

Many economists think the Fed will raise rates at most one time in 2016, probably near year's end.

At its meeting last month, the Fed voted 10-0 to leave its key policy rate unchanged in a range of 0.25 percent to 0.5 percent.

It's been at that level since December, when the Fed raised the rate from a record low near zero.

Prospects for further rate hikes dimmed last month even before the Fed met after the government said employers added just 38,000 jobs in May. It was the fewest monthly total in five years, and it followed a tepid gain of 123,000 in April.

The June jobs report, to be issued Friday, is expected to show a gain of 160,000 jobs. A solid jobs report could help assuage anxieties about the U.S. economy and renew speculation about when the Fed might resume raising rates.

Few analysts, though, think a healthy jobs report Friday would be enough to speed up the Fed's timetable for a rate hike in light of the British vote to leave the EU and other concerns about the global economy.

Many economists feel the central bank won't move rates until September at the earliest, with some forecasting just one rate hike this year or possibly no hikes this year.

"While we don't rule out a scenario whereby the Fed raises rates once this year,

FEDERAL Reserve Chair Janet Yellen testifies on Capitol Hill in Washington, Wednesday, June 22, 2016, before the House Financial Services Committee hearing on U.S. monetary policy.

(AP Photo)

we ultimately expect them to sit tight until mid-2017," said Michael Dolega, senior economist at TD Economics.

Financial markets had little reaction to release of the minutes, which for the most part echoed themes Fed Chair Janet Yellen raised in her news conference following the June meeting and in testimony before Congress the following week.

Late Wednesday, the Fed issued a statement saying that a "technical error" had resulted in one news organization prematurely transmitting information from the lock-up room where reporters are allowed to review Fed reports under embargo. The Fed said because of the error, some news organizations also experienced a brief delay in releasing their stories at 2 p.m. EDT, when the em-

bargo was lifted.

The Fed said that it was reviewing its lock-up procedures and had informed the Fed's Office of Inspector General of the error.

The minutes released Wednesday underscored, for example, questions about softness in U.S. business investment spending.

Fed officials attributed the weakness in large part to sharply lower oil prices, which triggered cutbacks at energy companies.

But officials also discussed other possible reasons, including a slowdown in corporate profits and "heightened uncertainty regarding the future course of domestic regulation and fiscal policies." That was an apparent reference to businesses' concerns about the path of government policy after the November elections.

The minutes showed that Fed officials were closely watching the vote in Britain, which occurred eight days after the Fed meeting.

Markets plunged in the first days after the June 23 vote but have rebounded

since.

"Most participants noted that the upcoming British referendum on membership in the European Union could generate financial market turbulence that could adversely domestic economic performance,"

the minutes said.

In addition to worries about Britain and the EU, some officials expressed concerns surrounding China's managing of its currency and the effects that China's high debt levels could have on its economy.

Certified General Accountants Association of The Bahamas NOTICE IS HEREBY GIVEN as follows:

(a) Certified General Accountants Association of The Bahamas is in dissolution. (b) In accordance with Section 226 of the Companies Act 1992 the dissolution of the said company commenced on the 2nd day of February, 2015 on the passing of a resolution by the Directors and members of the company. (c) The Liquidator of the said company is Errol Haines, of P. O. Box N-4911, Nassau, Bahamas.

Errol Haines Liquidator

PAGE 12, Thursday, July 7, 2016

THE TRIBUNE

US services firms grew in June at fastest pace in seven months WASHINGTON (AP) — U.S. services firms expanded last month at the fastest pace since November, good news for the U.S. economy.

The Institute for Supply Management said Wednesday that its nonmanufacturing index rose to 56.5 in June from 52.9 in May. Any reading above 50 signals growth. Production, new orders and export orders grew faster in June. Employment grew last month after contracting in May. Services have been a source of strength for the American economy.

The ISM services index has shown growth for 77 straight months.

"The rebound in the ISM index reinforces our view that the US economy remains on a firm footing," Andrew Hunter, an economist at Capital

Economics, wrote in a research report.

He expects growth to accelerate to an annual pace of 3 percent in the second quarter and to come it at "a solid" 2 percent for the year.

Employees of private services companies hold 71 percent of American non-farm jobs, and services firms account for 94 percent of the 12.9 million jobs created since the Great Recession ended in June 2009.

The ISM is a trade group of purchasing managers. Its services survey covers businesses that employ the vast majority of workers, including retail, construction, health care and financial services companies.

The ISM reported last week that American manufacturing expanded last month for the fourth

KAYLA Mitchell makes sandwiches at Good Day Cafe in North Andover, Mass. Yesterday, the Institute for Supply Management, a trade group of purchasing managers, issues its index of nonmanufacturing activity for June. (AP Photo)

straight month. U.S. factories had been hurt last year by weak demand overseas and a strong dollar that makes U.S. goods more expensive in foreign markets.

The American economy got off to a slow start

this year, growing at a lackluster 1.1 percent annual pace from January through March. Economists expect the economy to grow at least twice as fast from April through June, lifted by a pickup in consumer spending.

Legal Notice

NOTICE

GLORIFY HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) GLORIFY HOLDINGS LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 01st July, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

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

Dated this 07th day of July, A. D. 2016

VICTORIA INC. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), VICTORIA INC., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 21st day of June, 2016.

MR. ROLAND FRANCOIS FELICIE of Revolution Avenue, Mahe, Seychelles Liquidator

_________________________________ Bukit Merah Limited Liquidator NOTICE

DYSON LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) DYSON LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 04th July, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

MARKET REPORT WEDNESDAY, 6 JULY 2016

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

BISX ALL SHARE INDEX: CLOSE 1,960.84 | CHG -0.01 | %CHG 0.00 | YTD 136.89 | YTD% 7.51 BISX LISTED & TRADED SECURITIES 52WK HI 3.62 17.43 9.09 3.50 4.70 0.18 8.34 8.35 6.10 10.60 15.50 2.57 1.60 5.80 8.50 11.00 7.90 6.90 12.25 11.00

52WK LOW 2.21 17.43 9.09 3.14 4.70 0.12 5.67 7.25 5.50 6.85 14.49 2.25 1.27 5.51 6.00 9.85 6.01 5.25 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

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

LAST CLOSE 3.62 15.85 9.09 3.50 5.22 0.12 6.56 8.35 5.84 10.50 14.49 2.62 1.41 5.80 8.50 10.96 7.90 6.36 11.93 10.00

CLOSE 3.62 15.85 9.09 3.50 5.22 0.12 6.56 8.35 5.84 10.50 14.49 2.61 1.41 5.80 8.50 10.96 7.90 6.36 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

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

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

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

114.19 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

114.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 60,000

7,944

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 11.9 11.7 8.4 15.9 N/M N/M 35.5 15.2 11.5 19.4 27.4 27.8 8.5 11.4 13.9 11.4 12.2 9.0 15.8 0.0

YIELD 2.49% 6.31% 0.00% 4.57% 0.00% 0.00% 2.85% 3.11% 3.42% 3.43% 4.21% 2.30% 2.84% 4.14% 3.24% 0.00% 3.54% 1.89% 5.36% 0.00%

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%

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

MUTUAL FUNDS 52WK HI 1.97 3.82 1.91 160.64 138.35 1.43 1.64 1.54 1.05 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.52 1.46 1.03 6.11 6.93 5.55 10.37 8.65

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 Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund

NAV 1.97 3.83 1.91 164.74 133.64 1.43 1.64 1.54 1.05 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 1.35% 4.06% 1.43% 6.57% 0.70% 3.23% 1.67% 5.13% 0.66% -3.41% 1.56% 3.85% 0.69% 8.09% 1.11% 5.27% 2.03% 0.72% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Apr-2016 30-Apr-2016 29-Apr-2016 31-Mar-2015 30-Sep-2015 31-May-2016 31-May-2016 31-May-2016 31-May-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-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 - 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

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 07th day of July, A. D. 2016 _________________________________ Leeward Nominees Limited Liquidator NOTICE

SIDONIA HILL LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SIDONIA HILL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 04th July, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 07th day of July, A. D. 2016 _________________________________ Leeward Nominees Limited Liquidator NOTICE

EAGLE TECH HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EAGLE TECH HOLDINGS LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 01st July, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 07th day of July, A. D. 2016

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

_________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Thursday, July 7, 2016, PAGE 13

US stocks rise as drugmakers gain; gold keeps climbing NEW YORK (AP) — U.S. stocks changed course and turned higher Wednesday, with drug and consumer companies leading the way. Investors were willing to take a few more risks than the day before, but they remained cautious, and demand for bonds and precious metals stayed high.

Stocks opened lower, and the Dow Jones industrial average fell as much as 127 points early on. Indexes started moving higher at noon and finished at their highest levels of the day.

Phone companies, traditionally safe investments, fell after some recent gains.

Bond prices were little changed after Tuesday's surge, which pulled the yields on long-term U.S. bonds to their lowest levels ever recorded.

The day before, investors flocked to bonds and sold off all but the steadiest stocks as they worried about the health of Britain's financial system. Those fears faded a bit on Wednesday, but Kristina Hooper, head of U.S. investment strategies at Allianz Global Investors, said demand for bonds will remain high as the effects of the British vote to leave the European Union ripple through the markets.

"It's probably safe to assume there will be bouts of continued fear going forward that could drive the yield down ... even lower than where we've already been," she said.

The Dow Jones industrial average rose 78 points, or 0.4 percent, to 17,918.62.

The Standard & Poor's 500 index added 11.18 points, or 0.5 percent, to 2,099.73. The Nasdaq composite gained 36.26 points, or 0.8 percent, to 4,859.16.

Drugmakers AbbVie and Biogen led health care stocks higher after regulators in the European Union approved their drug Zinbryta, a treatment for multiple sclerosis that can be take just once a month. AbbVie rose $1.45, or 2.3 percent, to $63.37 and Biogen gained $5.45, or 2.3 percent, to $247.48.

Bond prices inched higher and yields fell as investors sought safety following Britain's vote to leave the European Union. The yield on the 10-year Treasury note slipped to 1.37 percent from 1.38 percent and the yield on the 30-year Treasury bond fell to 2.14 percent from 2.15 percent.

According to Tradeweb, both yields set all-time lows early Wednesday, reaching 1.32 percent and 2.10 per-

cent, respectively.

Bond yields have tumbled over the last few months following a weak U.S. jobs report and then the unexpected result of the British referendum to leave the European Union. While the yields on U.S. bonds have fallen, they remain higher than yields from other advanced economies, some of which are negative. The U.S. economy also appears to be in better shape.

Netflix fell after a Jefferies & Co. analyst said its U.S. subscriber growth may be slower than expected. John Janedis also said competition is increasing for Netflix. He downgraded the stock to "Underperform" from "Hold" and cut his price target to $80 per share from $120. Netflix lost $3.31, or 3.4 percent, to $94.60.

Other consumer stocks traded higher, however.

Online retailer Amazon rose $9.51, or 1.3 percent, to $737.61 and used car dealership CarMax gained $2.69, or 5.6 percent, to $50.45.

Phone company stocks were the only S&P 500 sec-

tor to trade lower. Frontier Communications pulled the sector to small losses as it gave up 10 cents, or 2 percent, to $4.88. Phone companies are the best-performing sector on the S&P 500 over the last month.

Nortek, which makes heating and ventilation systems for buildings, agreed to be acquired by Melrose Industries PLC for $86 per share, or $1.4 billion. Nortek stock jumped $24.09, or 38.6 percent, to $86.58.

The price of gold rose $8.40 to $1,367.10 an ounce and silver surged 30 cents, or 1.5 percent, to $20.20 an ounce. Gold is trading at its highest price since March 2014 while silver is at its highest price since August of that year. Newmont Mining gained $1.04, or 2.6 percent, to $41.42 and Harmony Gold rose 22 cents, or 5.4 percent, to $4.32.

Copper, meanwhile, fell 3 cents to $2.15 a pound.

Oil prices, which fell earlier in the day, also reversed course. Benchmark U.S. crude closed up 83 cents, or 1.8 percent, to $47.43 a

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PICTURED is the facade of the New York Stock Exchange. U.S. stocks continued to fall early yesterday, as investors snap up bonds. Yields on long-term Treasury notes remained near all-time lows. The prices of gold and silver, which are around two-year highs, rose further. Phone company stocks and banks took some of the biggest losses. (AP Photo) barrel in New York. Brent crude, used to price international oils, added 84 cents, or 1.8 percent, to $48.80 a barrel in London.

Gas prices lagged after the U.S. government said stockpiles of gasoline jumped last week. That was a surprise to analysts, as S&P Global Platts says they expected gasoline stockpiles to fall by 900,000 barrels.

The price of wholesale gasoline remained at $1.43

a gallon, and companies that refine oil into gas stumbled. Marathon Petroleum fell $2.28, or 5.9 percent, to $36.50 and Valero Energy fell $1.18, or 2.4 percent, to $48.66. Phillips 66 slumped $1.56, or 2 percent, to $76.37.

In other energy trading, heating oil gained 3 cents to $1.47 a gallon. Natural gas rose 2 cents to $2.79 per 1,000 cubic feet.

The British pound continued to weaken. It's at

its lowest in more than 30 years and fell to $1.2922 from $1.3032 Wednesday.

The dollar slipped to 101.40 yen from 101.55 yen on Tuesday. The euro rose to $1.1105 from $1.1075.

France's CAC lost 1.9 percent and Germany's DAX shed 1.7 percent while Britain's FTSE 100 fell 1.2 percent. Tokyo's Nikkei 225 and South Korea's Kospi each skidded 1.9 percent.

Hong Kong's Hang Seng index slid 1.2 percent.

THE TRIBUNE

Thursday, July 7, 2016, PAGE 15

ALL THE PERKS OF COMFORT SUITES

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GERMAN Finance Minister Wolfgang Schaeuble arrives for the cabinet meeting at the chancellery in Berlin, yesterday. The cabinet will decide about the German budget 2017 and the finance planing until 2020. (AP Photo)

German minister: No Brexit race to bottom on business tax BERLIN (AP) — Germany's finance minister says he doesn't expect a "race to the bottom" on business taxes in Europe after Britain announced plans to cut its corporation tax rate.

British Treasury chief George Osborne said Monday that he plans to cut the U.K. corporation tax to below 15 percent to encourage investment and ease business concerns after voters chose in a June 23 referendum to leave the 28-nation European Union.

Some London-based businesses are considering leaving for other European cities — Paris, Berlin, Amsterdam — to benefit from the EU's large common market.

German Finance Minister Wolfgang Schaeuble said Wednesday that Britain's move would have little influence on German policy.

"We have no intention in Europe of starting a race to the bottom," Schaeuble told reporters in Berlin.

He added that "we are not against tax competition,

but we favor public budgets in all member countries being fairly and appropriately financed."

The prospect of an economic downturn in Britain and the risk of businesses moving away from London are raising concerns that Britain's commercial real estate might drop in value.

On Wednesday, three more financial firms — for a total of six this week — suspended trading in their U.K. commercial real estate funds after investors rushed to sell out.

Henderson, Columbia Threadneedle and Canada Life said they had to suspend trading in the funds, which buy and own commercial property and sell shares to investors. When investors rush to sell their shares, that drains the funds dry, which then risk having to sell properties they own to pay investors back.

The jitters in the real estate market have pushed down the pound to a 31year low of $1.2950.

Schaeuble stressed that it's up to Britain to decide what future relationship it

wants with the EU. Departing British Prime Minister David Cameron has left the decision to formally trigger EU exit talks to his successor, who will be elected by members of the governing Conservative Party in September.

Conservative lawmakers on Thursday will hold another vote to whittle down the three contending candidates remaining to two: Home Secretary Theresa May, Justice Minister Michael Gove and Energy Minister Andrea Leadsom.

A key question is whether Britain wants to remain part of the EU's single market. Schaeuble underlined EU leaders' insistence that any country wanting that access has to accept the free movement of European workers — a notion that is strongly opposed by those who wanted Britain to leave the EU. "One thing is clear: belonging to the internal market of course means accepting the fundamental freedoms in Europe," he said. "Switzerland had to take note painfully of that after a referendum."

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THE TRIBUNE

Judge pushes for speedier release of Clinton-era documents WASHINGTON (AP) — A federal judge on Wednesday ordered the State Department to speed up the release of documents related to a decision made under former Secretary Hillary Clinton to allow a foreign defense contractor that admitted criminal wrongdoing to continue doing business with the Pentagon.

The Associated Press filed a Freedom of Information Act request in 2013 for emails and internal memos involving a U.S. subsidiary of the British aerospace giant BAE Systems. AP sued after the State Department failed to provide those and other requested public records, including Clinton's official calendars and emails transmitted through her private server.

U.S. District Court Judge Richard Leon told the government at a court hearing in Washington that the documents must be provided to AP well before the November election. Clinton, who served as secretary of state from 2009 to 2013, is the presumptive Democratic presidential nominee.

"Tell your colleagues at the State Department ... weekend trips to Nantucket should be off the table," Leon told one of the government lawyers. "They should be rolling up their sleeves to get this done."

BAE pleaded guilty in March 2010 to one criminal count of conspiring to making false statements about its compliance with the Foreign Corrupt Practices Act and paid a $400 million fine. The Justice Department said that BAE had conducted a 20-year practice of illegal payments to Saudi Arabian officials related to arms deals.

The conviction could have resulted in the American subsidiary losing billions in U.S. military contracts. But an assistant secretary working for Clinton signed off on BAE keeping its lucrative U.S. business. Documents show Clinton was briefed on the issue before the decision was made.

In a court hearing last week, AP lawyer Jay Brown told Leon the documents likely contain information of public interest, including the reasoning behind allow-

ing BAE to keep its U.S. weapons contracts.

"Many of those elements relate directly to decisions that American voters are going to have to make in this election," Brown said.

"At least they potentially relate to that. We don't have the documents."

The department estimates it will have to sort through at least 10,000 pages. Only a small fraction of them have been provided to AP so far, most heavily censored.

In previous affidavits to the judge, State Department lawyers said they expected to show some internal documents to attorneys for BAE to allow the firm to ask for redactions of any proprietary trade secrets.

A lawyer for the State Department said last week that BAE's attorneys were reviewing the materials "pretty quickly." The government lawyer added, however, that in some cases the agency and BAE's law firms have differed sentence by sentence over how much material should be blacked out before release to the AP.