08032016 business

WEDNESDAY, AUGUST 3, 2016

business@tribunemedia.net

QC: Judgement in email leak “saves Smith “not about to lay financial industry” in Bahamas

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net AN outspoken QC said that yesterday’s Supreme Court judgement against Education Minister Jerome Fitzgerald for breaching the constitutional rights of environmental advocacy group Save The Bays by disclosing and releasing the group’s private emails in Parliament affirmed that the Bahamas is “not a political banana republic”, asserting that it would have been the “kiss of death” for the country’s financial services industry had the judge vindicated the minister’s actions.

Supreme Court judge Justice Indra Charles ruled yesterday that Mr Fitzgerald’s actions in acquiring, disclosing and releasing the group’s internal emails were not legally justified and therefore he cannot be protected by parliamentary privilege. Mr Fitzgerald, the MP for Marathon,

down” in BREA battle

“Kiss of death” had ruling vindicated Minister Smith says country “not a political banana republic”

Ruling finds licence application right not sustained

was ordered to pay $150,000 in damages for the breach and is permanently banned from disclosure and publication of any further material belonging to Save The Bays and must delete material within 14 days.

The Attorney General has requested and been granted a stay of the entire decision pending the hearing and determination of an appeal.

Fred Smith QC, the Callenders & Co partner and Save The Bays legal director, told Tribune Business that he welcomed an

$250,00 damages claim to be reviewed Fred Smith QC

Jerome Fitzgerald

appeal. “I welcome an appeal because an appeal to the Court of Appeal and the Privy Council will only refine and sophisticate the debate on the constitutionalism and rule of law that ought to prevail in the Bahamas,” he said.

“This will only encourage and promote confidence in our judi-

cial system. The Supreme Court and judges of the Bahamas are independent not only in spirt but in substance.

“As a businessman in the Bahamas whose oldest law firm does a substantial amount of business in the asset protection, See pg b3

IDB report reveals Chinese tourism opportunity for Caribbean

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribuneedia.net

Mr. Peter Turnquest pictured during his arrival at the Free National Movement Convention held at the Melia Nassau Beach Resort.

Christie has “obligation to deliver” on Baha Mar

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net OPPOSITION Finance spokesman K Peter Turnquest said yesterday that Prime Minister Perry Christie has “an obligation to deliver” on the Baha Mar project completion having thrust the government into the saga via its push for liquidation, arguing that the Bahamian people should not be left in the dark regarding any developments surrounding the stalled resort.

“As I have said the Prime Minister lacks credibility on this issue having announced a number of restarts,” Mr Turnquest told Tribune Business. “I am aware that there is apparently some work being done at the resort. To what level I don’t know but I know that there are people who have been milling around.”

Baha Mar filed for Chapter 11 bankruptcy protection over a year ago, and subsequently construction on the mega resort development stalled. The Government has frequently touted the ‘framework agreement’ between itself, China Construction America (CCA) and the China ExportImport Bank for work to restart at the Cable Beach project but few details of a deal with a new operator have been made public.

Personnel from CCA have reportedly returned to the property to prepare it for completion. Bahamian construction companies are owed a collective $74 million over Baha Mar. “The reality is no matter what happens its going to take a while for this to be done,” Mr Turnquest said.

“Depending on what status the restart is at there may be some sensitivity involved in terms of the negations so I don’t want to prejudge that. However, at the end of the day, the Prime Minis-

Turnquest says public must be kept informed Criticises PM for “lack of credibility”

Prime Minister Perry Christie ter has an obligation to deliver since he has inserted his government in it and keep the Bahamian people informed especially those who have a vested interest in terms of existing jobs and the creditors.”

Changes must be made to capture market

CHINA represents a new “source market” for tourism-dependent economies like the Bahamas, with the Inter-American Development Bank (IDB) suggesting that many changes and investments would have to be made to capture more of this market.

An IDB paper by Mark D Wenner and Dillon Clarke released last month on the “Chinese Rise in the Caribbean; What Does It Mean for Caribbean Stakeholders?” noted that there is a clear opportunity for tourism-dependent economies such as the Bahamas to capitalise on the Chinese tourist market. It is estimated that in 2014, 117 million outbound Chinese tourists spent nearly $500 billion, with leading destinations being Hong Kong, Macau, the United States and France. The number of Chinese tourists is expected to double by 2020.

The main constraints on Chinese tourism outside Asia are said to be the cost of long-haul travel and the limited amount of vacation time the typical Chinese worker is entitled to

Shift in tastes and spending patterns emerging

in the year.

“To date, the typical Chinese tourist has tended to economise on food and accommodation and splurge on the purchase of luxury goods. However, shifts in tastes and expenditure patterns are emerging,” the report noted. Higher income Chinese households earning 350,000 Rmb per year, (US$56,402), are said to be spending more on entertainment and exSee pg b3

with

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Congratulations to this week’s winner:

Latisha Forbes From L to R: Antonio Saunders, Marketing Manager Fidelity Bank, Ms. Latisha Forbes - Rubis/Fidelity Bank $1,000 Winner, Garnell Cooper, Marketing Program Coordinator Rubis Bahamas

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net AN ex-Cabinet Minister said yesterday that he was “not about to lay down and play docile” amid an ongoing legal battle with the Bahamas Real Estate Association (BREA), with a judicial review looming in the next round of the contentious dispute.

BREA, the regulatory body which oversees the practice of real estate business and the licensing of real estate agents in the Bahamas, has for over a year been locked in a legal battle with the former Cabinet minister George Smith over the publication of his name among 70 realtors who had George Smith failed to pay their due licence fees.

Justice Deborah Fraser, in a May 12, 2015, decision, ruled in Mr Smith’s favour, accepting his argument that BREA had violated section 35 of the Real Estate (Brokers and Salesmen) Act 1995. This requires the Real Estate Board to give a hearing to all applications made to it under that law.

The application in this case was one by Mr Smith for ‘re-registration’, after his name was published in a newspaper advertisement among 70 realtors who had failed to pay their due licence fees.

Those realtors ceased to be registered under the Real Estate (Brokers and Salesman) Act 1995, and were no longer authorised to engage in the real estate business. BREA’s president Carla Sweeting argued then that the Board felt Mr Smith never applied for such a hearing in his July 21, 2014, letter to them - a position the judge disagreed with.

See pg b3

PAGE 2, Wednesday, August 3, 2016

THE TRIBUNE

Solar batteries can save money and support the energy grid Does it make sense to add batteries to your solar system?

In two previous articles we talked about some battery basics and benefits and then discussed situations in which solar batteries can now be a practical addition to your home or business.

Today, we look at two areas where batteries can bring big benefits in the future.

First, batteries will be able to let us buy power from the electricity company when it is cheap, and sell it back when it is high.

Barry Cinnamon (who founded the largest US residential solar installer in the middle of the last decade) calls this Energy Arbitrage.

The motto: buy low, and sell high.

How does Energy Arbitrage work?

In many places around the world, electricity costs different rates at different

times of the day. You want to buy it when it’s cheap and and sell it back to the grid when it’s expensive.

To over-simplify, let’s say the electric company charges 42 cents per kilowatt for power during the early evening, but only 11 cents in the middle of the night. With battery backup, you could charge the batteries at night from the grid (when it’s cheap), and sell that power back during the expensive evening time for 31 cents profit per kilowatt.

You could even use your solar system to reduce the power you need from the company during the day.

Why can’t we do this now?

We do provide hybrid systems that let you determine when to buy and sell power.

However, as a larger-scale money-making plan, many utilities don’t allow this and the Bahamas is behind other areas in setting this

up.

Also, looking at the limits of current technology, Energy Arbitrage would cycle the batteries too often and wear them out sooner. By the time you crunch the figures to work out how much money you gain from Energy Arbitrage versus how much extra money you will have to spend to replace the batteries more often, it’s not economic. It doesn’t work out in your favour.

That said, as battery technology improves, this will likely become a more viable option in the future.

Instead of paying Bahamas Power and Light at the end of the month, you could end up with a negative electric bill. That’s good for your pocket and can help the environment. If you install a solar system today, you may want one that is capable of reaping this benefit for you in the future, so be sure to ask your solar professional.

Second after Energy Ar-

bitrage is Grid Support.

This will occur when we reach the point where a significant number of homes and businesses have solar systems with some batteries to supplement their power.

How does Grid Support work?

Today, we have power surges (too much power), brown outs (too little power), and black outs (no power). In the future, with the right software and the right safeties on the power lines (similar to what is used now), the public will be able to help the grid provide power.

We see this on a small scale today with microgrids - groups of homes that use renewable energy to power each other without real need for the electric company.

Why don’t we do Grid Support services now?

The incentives have not been worked out - for example, who should get paid for supporting the grid?

And how much should they get paid? Linked to that, utilities don’t want to spend the money to add the extra safeties, and they might lose revenue if power is coming from your building instead of from their power plant!

However, your solar system today can be designed to contribute when this does become a reality.

What will all this result in?

We will need to burn less oil, we will have a healthier environment for ourselves and our children, we will save more money, and we will have more reliable electricity.

Isn’t that something you want to be part of? Professional services are available in the Bahamas to help you find out how you can. Just ask.

Joshua key SuperGreen Solutions

• Joshua Key is General Manager for SuperGreen Solutions Bahamas, on Wullf Road next to FYP. SuperGreen Solutions leads the market as one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.

Established over 19 years and with a reputation spanning five continents, SuperGreen Solutions looks at energy creation and energy saving from a holistic point of view, to provide clients with total solutions.

Strachan calls for UN study of likely impact of de-risking FINANCIAL Services Minister Hope Strachan, who has responsibility for international trade and financial services, said at the 14th Session of the United Nations Conference on Trade and Development (UNCTAD XIV) that the potential negative impact of ‘de-risking’ and the loss of correspondent banking relationships warrant studies by UNCTAD to understand the effect on international trade, sustainable development and the global economy.

Mrs Strachan, who led a six-member delegation to the conference in Nairobi, Kenya, last month along with Minister of State for Investment Khaalis Rolle,

noted that banking and financial services represent 15 per cent of the Bahamas’ Gross Domestic Product, with de-risking and the loss of correspondent banking relationships representing a “threat to our economic stability”.

“This recent phenomenon is a result of external pressures associated with the changing global financial regulatory environment,” she said. “This is not only true for the Bahamas but also for many countries within the Caribbean region. While the Caribbean seems to be the most severely affected region, other jurisdictions are also being affected. The potential negative impact on the econo-

mies of affected countries warrant studies by UNCTAD to understand the effect on international trade, sustainable development and the global economy.

The Bahamas as a financial service centre understands the issues associated with tax avoidance and tax evasion and the need for transparency and co-operation globally in such matters.”

She noted that the UNCTAD XIV came a time when governments are seeking to effect the 17 Sustainable Development Goals under the 2030 Agenda and to discuss the opportunities and challenges of implementing those goals.

“As a small island developing state (SIDS) climate

Hope Strachan, the Minister of State for Financial Services, with Minister of State for investment Khaalis Rolle, at the UNCTAD conference in Nairobi, Kenya, last month. change has significant economic and social implications. This was made clear in 2015 when Hurricane Joaquin devastated the livelihood of thousands of residents. The vulnerabilities of the country’s geographical location and low topography were clearly exposed.

Additionally, as a small developing archipelago, the country faces peculiar developmental challenges including replicating infrastructure on 22 inhabited islands, regardless of size or population. Our vulnerabilities not only relate to our geographical and topographical structure, but also to our economic structure,” said Mrs Strachan.

“As an archipelagic state, whose economy is also significantly supported by inter-island and international shipping, we recognise the inherent value of UNCTAD’s work in the maritime sector. This work pro-

vides member states with guidance to make transport more efficient and cost effective. The provision of capacity building and technical assistance in this area to developing countries will further enhance trading opportunities for all.”

Mrs Strachan noted that while each country has primary responsibility for its own economic and social development, the support of an enabling international environment is integral to the success of national efforts. “In the case of the Bahamas and many other developing countries, access to foreign markets and attracting foreign direct investment is critical for sustainable development,” she said. “Foreign direct investment, public private partnerships and the transfer of technology which often accompany such initiatives, are crucial for trade and sustainable developmental policies.

“The Bahamas supports other G77 and China members who believe that UNCTAD should be strengthened to enable it to effectively deliver on the trade and development goals of developing countries, informed by our needs, vulnerabilities, national development strategies, macroeconomic policies and the realities with which we are faced.

“There are some developing countries like the Bahamas excluded from eligibility for concessional loans and grants from bilateral and multilateral sources by reason of perceived high per capita income. The need for the development of transparent measures of progress on sustainable development which go beyond the per capita income model as a measure of development is essential. UNCTAD’s work on productive capacity and vulnerability indices is critical,” she said.

THE TRIBUNE

Wednesday, Wednesday, August August 3, 2016, 3, 2016, PAGE PAGE 3 3

Smith “not about to lay down” in BREA battle From pg B1 Justice Fraser’s decision was subsequently overturned by the Court of Appeal, which outlined its reasons in a written ruling yesterday. “We were of the view that the respondent’s right to be present and represented at the Board meeting “in support of his application” in respect of an “application under the Act” could not properly be sustained. The second difficulty was that the learned judge Fraser J went astray in coming to the conclusion that the BREA Board arrived at an actionable decision under the Act. As a result, the appellant succeeded on this appeal and having regard to our conclusions it was unnecessary to consider the other grounds submitted,” the Court of Appeal said, ordering that the declarations granted by the trial judge be set aside.

Mr Smith had been granted a declaration that BREA’s refusal to renew his licence and membership violated the 1995 Act’s provisions and was “against administrative jurisprudence and the law generally”.

The Supreme Court also ordered that Mr Smith’s damages, which he alleged

to be $250,000, be assessed by the Supreme Court registrar.

Mr Smith contended that the Supreme Court judge’s ruling was fair and correct.

“I think that BREA was wrong not to have extended the courtesy to me and any longstanding member of the association, whose only error was a lapse in memory in terms of sending my dues in in advance of the date. They took me off the actual register so I ceased being a member, which I though was unfair having been a Member of Parliament before the Act came into being and having spoken in support of the Act. The whole thing was most improper, most inconsiderate and most selective,” said Mr Smith.

He said that the matter is now set for a judicial review this month. “I am not about to lay down and play docile because some foolish president of the association decides to conduct what I consider to be an unfair vendetta against me and the other people affected,” he said. “I have been in too many battles for that. This should have never happened.”

QC: Judgement in email leak “saves financial industry” in Bahamas From pg B1 Trust and financial services industry work internationally, I am very pleased that the Supreme Court has protected the privacy of the financial confidential information of businessmen, NGOs and organisations in the Bahamas. It would have been the financial kiss of death for the government to have been vindicated in their illegal hacking and intrusion into the private emails, banking and financial correspondence of Zachary Bacon, whose brother is an international financial icon in the world and an environmental organisation such as Save the Bays. The judge, by one stroke of her judicial pen, has saved the financial industry of the Bahamas.”

Mr Smith contended that if the Supreme Court had not ruled in favour of Save the Bays, “it would have been the death knell of our banking and financial services industry”.

“It would have meant that when it was expedient for the government, whenever they targeted a political enemy they could have without consequence release the confidential information of any financial institution in the Bahamas,” he said. “We would have seen the flight of tax and financial services business to the Cayman Islands, Bermuda, Turks and Caicos etc. We would have lost yet another 653 jobs in this sector as we did in the last five years,” said Mr Smith.

“I have had interviews with the Economist, the Financial Times and other international publications, all of whom have been watching and waiting for the judgement from the Supreme Court. Had the judgment not gone in favour of Save The Bays it would have been a very dark cloud hanging over the Bahamas’ business environment. I thank God for this constitutional victory,” he added.

Japan Cabinet OKs new stimulus package to pump up growth TOKYO (AP) — Japan’s Cabinet approved a fresh economic stimulus package on Tuesday worth more than 28 trillion yen ($275 billion), Prime Minister Shinzo Abe’s latest effort to get the stalling recovery back on track.

Abe called the package, part of a supplementary budget for the parliament to approve in an extraordinary session starting in September, “an investment for the future.”

It focuses on Japan’s agriculture and tourism, and on providing support for the child and elder care industry to enable more women to work full-time, since the labor force is shrinking as the population ages.

Japan’s economy has stagnated for years, with short spurts of faster growth, as companies have focused investments in faster-growing markets overseas.

Economists said the measures approved Tuesday include a total of only 7.5 trillion yen ($73.5 billion) in government spending, spread over a number of years. The rest is meant to be subsidized lending and private sector spending.

“Publishing a vastly inflated headline spending figure is nothing new, and especially popular during times of acute crisis,” Marcel Thieliant of Capital Economics said in a commentary.

He said the official fore-

shoppers walk next to a clothing shop in Tokyo. Japan’s Cabinet has approved a fresh economic stimulus package worth more than 28 trillion yen ($275 billion) to help revive the country’s stalling growth. Chief Cabinet Secretary Yoshihide Suga announced that the Cabinet endorsed the package yesterday. It will be included in a supplementary budget for consideration by the parliament’s extraordinary session starting in September. (AP Photo) cast that the package would boost Japan’s GDP by only 1.3 percentage reflected that “the government doesn’t believe its own numbers.”

Public works projects that would be covered by deficit bonds are also raising concerns because of their possible impact on Japan’s already huge public debt, which is more than twice the size of its economy.

Since Abe took office in late 2012, he has sought to boost growth by pumping massive amounts of money into the world’s third-biggest economy. But lavish mone-

tary easing and public works spending so far have failed to reignite growth as much as hoped.

Including both the government and other spending, the package includes: —3.5 trillion yen ($34.3 billion) for measures to expand child and elder care support, including improving salaries and benefits for caregivers to attract more workers, while introducing robots in short-handed nursing homes. The money will also go to measures to

promote paid maternity and childcare leaves, scholarships and loans for students.

—Payments of 15,000 yen ($147), announced earlier, to low-income households.

—10.7 trillion yen ($105 billion) for infrastructure projects to help promote tourism — one of the few sectors of the economy that is booming — by expanding ports to accommodate ultralarge cruise ships, upgrading airport facilities and accelerating a decades-long highspeed maglev train project.

IDB report reveals Chinese tourism opportunity for Caribbean From pg B1 periences.

“An opportunity clearly exists for Caribbean tourism-dependent economies to target this higher income bracket, those who may be seeking different experiences and opportunities to explore far-flung and exotic cultures,” the report stated.

It was noted that: “For the Caribbean to capture more of the Chinese market, many changes and investments would have to be made - streamlined or visa exemptions for Chinese nationals, more five-star hotel properties, better personal and property security, more offering of Chinese cuisine, hiring of Mandarin and Cantonese speakers as staff

and tour operators, sensitising staff and tour operators to Chinese cultural proclivities and differences, developing marketing materials and signage in Mandarin language, offering more price-competitive shopping experiences and establishing more airlift connections.”

Fidelity is seeking persons with strong leadership, communications and interpersonal skills for the position of:

Call 502-2394 to advertise

HELPDESK OPERATOR Job Summary: Provide support to staff on all company supported applications. Troubleshoot computer problems and determine source, and advise on appropriate action. Complete application project-based work

Main Duties & Responsibilities: • • • • • • • • • • • • •

Answer staff questions in person and via phone on all company supported applications.

Troubleshoot computer problems.

Determine source of computer problems (hardware, software, user access, etc.).

Advise staff on appropriate action.

Serve as liaison between staff and the technology department to resolve issues.

Work one-on-one with staff on application projects.

Manage inventory and stock in office.

Document resolutions for future reference.

Perform hardware and software installations.

Provide on-the-job training to new department staff members.

Provide computer orientation to new company staff.

Assist with the EOD schedule.

Any other duties as assigned.

Requirements / Qualifications: • Bachelor's Degree and three to five years of application experience.

• Advanced knowledge of company supported applications.

• Ability to learn and support new applications.

• Strong interpersonal skills.

PLEASE SUBMIT BEFORE August 5th, 2016 to:

HUMAN RESOURCES Re: Helpdesk Operator careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

PAGE 4, Wednesday, August 3, 2016

THE TRIBUNE

Stressed times for Europe’s banks despite rosy assessment LONDON (AP) — The results of recent stress tests of Europe’s biggest banks should have reassured investors that the sector can withstand another crisis. A slump in share prices across the industry since the findings’ publication on Friday suggests many have yet to be convinced.

On Tuesday, bank stocks across Europe — even those that were effectively given a clean bill of health by the European Banking Authority’s tests — fell sharply for the second day and weighed heavily on the wider market indexes.

The falls aren’t just confined to Italy, where concerns over the health of the banking sector have been the most acute. Britain’s Barclays fell 3.6 percent while Germany’s Commerzbank slid 9.2 percent and

Italy’s UniCredit dropped another 7.2 percent.

As a result, the main indexes in Europe fell sharply — both Germany’s DAX and France’s CAC-40 closed down 1.8 percent.

It’s difficult to pin down a single reason why European banking stocks have taken such a battering this week. After all, Friday’s stress tests into Europe’s 51 biggest banks showed that only Italian bank Monte dei Paschi di Siena, or MPS, was severely underfunded.

Michael Hewson, chief market analyst at CMC Markets in London, says the tests’ findings failed to address many of the concerns investors have about the state of Europe’s banks, including the rising costs they face for parking their cash at the European Central Bank.

The ECB has in recent months been reducing its so-called deposit rate further below zero in the hope that banks opt to lend money rather than place it at the ECB. That rate is now minus 0.4 percent and many economists think it could be cut further in coming months as the ECB tries to encourage lending.

“Skepticism that the EBA bank stress tests painted a far too rosy picture of the health of Europe’s banks while paying no account of the current negative rate environment nor for that matter the fiscal health of Portuguese and Greek banks,” Hewson said.

No banks from Portugal or Greece were assessed in the stress tests. And they are two countries still struggling with high debts and low growth, a backdrop that makes their banks susceptible to a new financial or economic crisis. Throughout Europe’s debt crisis, it was clear that problems in one country can easily spill over to another.

One country that saw a number of its banks assessed Friday was Italy.

Italian banks have been worn down by some 360 billion euros ($400 billion) in loans that won’t be paid back in full as a result of years of crisis and subdued growth that’s made it difficult for firms and households to service their

A view of a ‘ Monte Dei Paschi di Siena ‘ bank branch in Milan, Italy, last Monday. Shares in troubled Italian bank Monte dei Paschi di Siena have jumped as investors cheer a rescue deal from private investors that means the bank will not be nationalized. Monte dei Paschi was by far the worst performer in stress tests of 51 European banks but sought to head off any speculation about its future with the announcement late Friday of a 5 billion euro ($5.6 billion) capital injection from investors. (AP Photo) debts. The scale of the nonperforming loans stands a little below 20 percent of the banks’ total loan stock, a level that weighs on their propensity and ability to lend.

Given Italy’s position as the eurozone’s third-largest economy, any major financial problems that put in doubt the state’s own finances would create a new crisis for the currency bloc that could outweigh those of the past few years, notably in Greece.

MPS, Italy’s third-biggest lender, sought to get ahead of its poor result in the stress tests with a plan to offload a large chunk of its soured loans at a certain discount and a 5 billion euro ($5.6 billion) capital increase. The money injec-

tion from private sources avoids a potentially painful bailout for the Italian bank that under new EU rules would have imposed losses on creditors like bondholders, many of which are small savers in Italy.

Though welcome, MPS’ cash call has stoked expectations that other banks may have to do something similar and that has contributed to the wave of selling in stock markets this year, notably of Italian banks.

“It’s likely that the weakness in Italian banks in particular may be down to renewed fears that more recaps are needed in the sector,” said Jim Reid a senior analyst at Deutsche Bank.

A related concern is that Italy’s banks won’t address their problems, partly be-

cause of the country’s legal system, which makes foreclosure agreements far lengthier than elsewhere in Europe.

And though the Italian government has acknowledged the fragility of the banking system and introduced some modest reforms and legal changes, it may find it difficult to push the banks to shore up their finances given the new EU rules and the potential impact on savers. That’s even more unappetizing for the government as it prepares for a referendum on political reforms and a possible election soon after.

As a result, the banks could just continue to stumble on, further hobbling an economy that’s barely grown in years.

Asian shares lower as investors await Japan stimulus details MANILA, Philippines (AP) — Asian shares were mostly lower Tuesday as investors watched for details of a Japanese fiscal stimulus package. The recent decline in oil prices also weighed on trading.

KEEPING SCORE: Japan’s Nikkei 225 lost 0.7 percent at 16,522.47. Australia’s S&P ASX 200 slid 0.4 percent at 5,579.76. China’s Shanghai Composite Index edged up 0.1 percent at 2,956.74. South Korea’s Kospi lost 0.5 percent at 2,019.70. Most Southeast Asian markets were down.

Hong Kong’s stock market was closed in the morning due to a typhoon.

Vacancy We are currently looking to fill the positions of Office Manager (1) and Retail Manager (1).

Office Manager

Job Description • Maintains office efficiency • Inform employees on new or updated procedures.

• Supervise cashiers and oversee completion of

tasks • Review office supply requisitions and approve

prior to Purchase Order creation.

• Prepares and distributes documents and reports on

a daily basis.

• Break down and input invoices into QuickBooks

daily.

• Ensures daily reports are reconciled and

completed in a timely fashion.

• Ensures proper completion of all forms

and requests that are to be submitted to Human

Resources.

• Assemble required supporting documents for new

hires and properly file. Employee files are to be

constantly updated as necessary.

Retail Manager

Job Description • managing and motivating a team to increase sales

and ensure efficiency; • managing stock levels and making key decisions

about stock control; • analysing sales figures and forecasting future sales; • using information technology to record

sales figures, for data analysis and forward

planning; • providing or organising training and development; • ensuring standards for quality and customer service • responding to customer complaints and comments; • organising special promotions, displays and

events; • identifying or resolving urgent issues; • maintaining awareness of market trends in

the retail industry • initiating changes to improve the business

JAPAN STIMULUS PACKAGE: The Japanese Cabinet was due later Tuesday to approve Prime Minister Shinzo Abe’s proposal, announced last

week, of a 28 trillion yen ($272 billion) package of measures to help rev up the lagging economic recovery.

Economists have noted that much of the money listed in the package may be already in the pipeline and massive construction projects have so far done little to sustain stronger growth.

ANALYST VIEWPOINT: Japanese stocks opened lower, “with a focus on the details of the 28 trillion yen stimulus,” said Chris Weston, chief market strategist with IG. “In terms of genuine fiscal stimulus measures the devil is in the details.”

WALL STREET: U.S. stocks wobbled and finished mostly lower Monday as the price of oil continued to nosedive thanks to the strong dollar. The Dow Jones industrial average fell 0.2

People walk past an electronic stock indicator of a securities firm in Tokyo, last Monday. Shares were higher Monday in Asia, as investors shrugged off disappointing growth data from the U.S. and lackluster but better-than-expected manufacturing figures for China. (AP Photo) percent to 18,404.51. The S&P 500 lost 0.1 percent to 2,170.84. The Nasdaq composite gained 0.4 percent to 5,184.20. The Dow and S&P 500 set all-time highs recently and the Nasdaq is within 1 percent of the record it set in July 2015.

OIL: Benchmark U.S. crude gained 13 cents to $40.19 after settling at $40.06 a barrel in New York on Monday. Brent crude,

which is used to price international oils, rose 23 cents to $42.37 a barrel in London, after closing at $42.14 a barrel the day before. As of Monday, the price of oil had fallen 13 percent in a little more than two weeks.

CURRENCIES: The dollar rose to 102.60 yen from 102.39 the previous day. The euro rose to $1.1172 from $1.1166 on Monday.

As a privately-owned, mid-sized, Bahamian Company and the Authorized Caterpillar Dealer in The Bahamas, we are seeking candidates for the positions of: Shop Technician, Field Service Technician and Electric Power Generation Technician.

The individual shall meet the following requirements: knowledge and experience with Diesel engines and components, experience in maintenance and troubleshooting of Diesel generator sets, strong sense of urgency to address and resolve technical issues, good organization skills, capability to understand abstract concepts, basic computer literacy (Microsoft Office and Web browsers), and good communication skills. Applicants with a vocational degree in Auto Mechanics and/or proven experience with heavy equipment and diesel generator sets are preferred.

Requirements: Interested persons must have at least 3 years’ experience in the relevant areas, proficient in Microsoft Office, great personality, a team player, excellent oral and written skills.

Forward your resume to: talentedcandidates242@gmail.com on or before August 8th, 2016.

Send complete resume with education and work experience to M&E Limited P.O. Box N-3238. Nassau, Bahamas. Attention: Human Resources Department, or email to me@me-ltd.com

We would like to thank all candidates for their interest in this opportunity however due to the volume of resumes, only those short-listed for an interview will be called in for an interview.

Only persons interviewed for this position will be contacted.

THE TRIBUNE

Wednesday, August 3, 2016, PAGE 5

Brushing off Clinton’s critique, Obama presses ahead on TPP WASHINGTON (AP) — President Barack Obama brushed off opposition from Hillary Clinton and Donald Trump to a freetrade agreement with Asia on Tuesday, vowing to try to force the Trans-Pacific Partnership through Congress before either of them can take office.

Increasingly, Obama has been on his own as election-year resistance to the pact hardens around him.

Though Democratic leaders in Congress and both parties’ presidential nominees say it’s a bad deal that shouldn’t move forward, Obama showed no signs of entertaining their concerns.

“Right now, I’m president, and I’m for it,” Obama said. “And I think I’ve got the better argument.”

Obama’s odds of success appear exceedingly slim.

Even Republicans who typically support trade deals have downplayed chances for the deal, known as TPP, to be ratified by Congress this year. That includes many Republicans who partnered with the Democratic president last year to pass legislation giv-

ing him the negotiating authority he said he needed to strike the deal.

Senate Majority Leader Mitch McConnell said recently that prospects this year are “pretty slim,” while House Speaker Paul Ryan has accused Obama of messing up the negotiations. Ryan’s spokeswoman, AshLee Strong, said Tuesday that the deal still has problems, “and there can be no movement before these concerns are addressed.”

Even Sen. Chuck Schumer of New York, Senate Democrats’ leader-in-waiting and a frequent Obama ally, told The Associated Press last week that the days of thinking free trade could pass Congress without major changes was over.

In a clear reference to Clinton, the president’s preferred successor, Obama said he respects those who warn the deal undercuts U.S. workers and their wages. Yet he pointedly asserted that none of the deal’s opponents had effectively argued that TPP would be worse for labor and the environment than no deal at

all.

“I’ve got some very close friends, people I admire a lot, but who I just disagree with,” Obama said. “And that’s OK.” Clinton and her running mate, Virginia Sen Tim Kaine, both once supported the deal but reversed course as White House candidates.

The White House is banking on Clinton reversing herself once again if elected and supporting the deal, perhaps by pointing to fixes she can say have addressed her concerns. But after a close Clinton ally floated that possibility last week, her campaign chairman quashed it, insisting Clinton would remain opposed — “period, full stop.”

“We have to be clear that we don’t have the votes right now,” said Tami Overby, senior vice president at the U.S. Chamber of Commerce, a pro-business group that strongly supports TPP. “The reason is there are still some issues that are being very actively worked on both by the administration, Congress and the stakeholders.”

Yet Obama and the lead-

President Barack Obama speak to reporters during a joint news conference with Singapore’s Prime Minister Lee Hsien Loong in the East Room of the White House in Washington, yesterday.

(AP Photo) ers of other TPP countries have made clear that reopening negotiations to try to alter the terms would likely fell the whole deal, given how complicated it was to reach agreement in the first place. That means fixes would have to come via side deals or less formal arrangements that might not have the same force as a ratified act of Congress.

Speaking at a news conference with the prime minister of Singapore — one of 12 countries in TPP — Obama confirmed what most in Washington had long sus-

pected: that he’s given up on getting the deal passed during the harried campaign season but is holding out hope for a vote in the lame-duck period between Election Day and the next president’s inauguration.

“Hopefully, after the election is over and the dust settled, there will be more attention to the actual facts behind the deal and it won’t just be a political symbol or a political football,” Obama said.

But Republicans control both chambers of Congress for the remainder of Oba-

ma’s term, so they generally decide what gets a vote and what doesn’t. Making Obama’s pitch to congressional leaders even harder, after Election Day the nation will have just elected a new president opposed to the deal, assuming Clinton or Trump win.

“Hope springs eternal, but if you take Sen. McConnell at his word and Clinton’s team at their word, it’s difficult to imagine anything happening,” said Jim Manley, a former top aide to Senate Democratic leader Harry Reid.

State dinner celebrates 50 years of US-Singapore relations WASHINGTON (AP) — President Barack Obama’s 12th state dinner is being held Tuesday night for the prime minister of Singapore, a city-state Obama refers to as an anchor for the U.S. presence in Southeast Asia.

The black-tie dinner in honor of Prime Minister Lee Hsien Loong and his wife, Ho Ching, marks the 50th anniversary of bilateral relations between the U.S. and Singapore, an island nation of about 5.7 million people. The allies share close economic and security ties, with more than 3,500 U.S. companies having a presence in Singapore. Singapore was the first Southeast Asian country to join in the fight against the Islamic State group. Both countries also signed onto last year’s Paris climate agreement.

Earlier in the day, the two leaders held a joint press conference in which Lee ensured that Singapore would continue to work closely with the United States regardless of who wins this year’s tumultuous presiden-

President Barack Obama and Singapore’s Prime Minister Lee Hsien Loong stand and watch a state arrival ceremony on the South Lawn of the White House in Washington, yesterday. (AP Photo)

tial election. After elections, “positions are re-thought, strategies are nuanced and a certain balance is kept in the direction of the ship of state. It doesn’t turn completely upside down,” Lee observed.

“The Americans take pride in having a system with checks and balances so that it is not so easy to do things, but it is not so easy

Jarol Investments Limited is seeking to fill the following position:

Marketing Manager •

• •

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•

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Plan marketing and branding objectives.

Prepare and adhere to budgets.

Oversee creation and delivery of press releases, advertisements, and other marketing materials.

Design print ads and publications Engage consumers on social

media.

Deepen relationships with all media to ensure the most effective messaging and positioning of the organization.

Lead all areas of content generation and production across all media platforms.

Collaborate with sales and sourcing to develop strategic partnership activities and implement the execution framework and strategic plan on identified opportunities.

Develop and lead a marketing team that will develop and execute new concepts, business models, channels and partners to position business as innovator and leader.

Perform other related duties as assigned by management.

Interested person mail their resume to P.O. Box F-40886 or email to careers@chancesgames.com

to completely mess things up,” Lee said, prompting reporters to laugh and Obama to smile. “And we admire that and sometimes we depend upon that.”

Dinner will open with Maryland blue crab salad tossed in an Asian citrus curd and rimmed with slivered baby cucumbers. The salad course will showcase

heirloom tomatoes from Ohio paired with lime basil from Michelle Obama’s garden, as well as mangoes, cucumbers, green papayas and soursop sorbet.

American Wagyu beef dressed with roasted yams, wilted kale and heirloom carrots will anchor the main course for some 200 guests

seated at round tables in the East Room.

Dessert is peach sangria cake accented with coconut milk and kaffir lime leaves, a citrus fruit native to Asia, and dressed with White House honey. Pastry chef Susie Morrison also showed off the handmade, spunsugar orchids and roses she prepared for each table.

California and New York red, white and sparkling wines will be served.

Floral arrangements for the dinner will consist of yellow orchids, yellow roses and other yellow flowers.

The color symbolizes the friendship between the two countries.

After dinner, R&B and soul singer-songwriter Chrisette Michele is scheduled to entertain guests, generally a mix of Washington officials and celebrities with

some ties to the guests of honor.

The White House said attendees were to include business executives Timothy Armstrong, chairman and chief executive officer of AOL Inc., Douglas Oberhelman, chairman and chief executive officer of Caterpillar Inc.; and Stephen Lee, chairman of Singapore Airlines.

Former Rep. Gabrielle Giffords, D-Ariz., and her husband, retired Navy Capt. Mark Kelly, were also on the guest list, as were actors Matthew Rhys and Keri Russell, as well as Michelle Obama’s brother, ESPN analyst Craig Robinson.

The last state dinner at the White House for Singapore occurred in October 1985, during Ronald Reagan’s presidency, for Lee’s late father, Prime Minister Lee Kuan Yew.

As a privately-owned, mid-sized Bahamian Company and the authorized Caterpillar dealer in the Bahamas, we are seeking a Financial Rental Coordinator.

The candidate should have a Bachelor’s Degree in Accounting. He/She should be knowledgeable in the field of Marine Engineering and Inventory Control. The candidate should be able to develop inventory systems for rental equipment, be able to implement a system for service inventory for rental machines, create a maintenance program for company’s rental fleet, and monitor inventory system levels among technicians. The candidate should also have some knowledge about purchasing parts, inventory, and motors, and be able to coordinate the delivery of these parts, motors and equipment. This person should be a professional who thrives on the challenge of developing outstanding customer relations and service excellence.

Having both academic and practical background in the field of Accounting/ Inventory Control is an asset.

Send complete resume with education and work experience to M & E Limited, P. O. Box N-3238, Nassau Bahamas, Attention: Human Resources Department, or email me@me-ltd.com .

Only persons being interviewed for this position will be contacted.

PAGE 6, Wednesday, August 3, 2016

THE TRIBUNE

US stocks take biggest losses in nearly a month NEW YORK (AP) — U.S. stocks took their biggest loss in almost a month on Tuesday as investors worried about the health of the U.S. economy and sold shares in retailers and car companies. Machinery companies also fell and the price of oil continued to decline.

Travel companies fell after cruise line operator Royal Caribbean cut its projections for the year, and automakers and suppliers fell after car companies reported lower U.S. sales for the month of July. Banks finished lower as investors worried about the health of banks in Europe. While stocks set all-time records as recently as July 22, they’ve been trading in a very narrow range for the last few weeks. Since stocks aren’t making big gains, investors are sensitive to signs of trouble for the U.S. economy, like weaker sales of autos or last week’s disappointing GDP report.

“The market had just rallied... and now it’s sort of paused,” said Jim Paulsen, the chief investment strategist for Wells Capital Management. “Any weak reports get magnified,” he said.

the statue of George Washington on the steps of Federal Hall faces the facade of the New York Stock Exchange. U.S. stocks are little changed early last Monday, as the mixed trading of the last few days continues. Energy companies are tumbling as the price of oil continues to nosedive.

Electric car maker Tesla Motors agreed to buy solar panel maker SolarCity, but both stocks are trading lower. (AP Photo) The Dow Jones industrial average fell 90.74 points, or 0.5 percent, to 18,313.77.

The Standard & Poor’s 500 index lost 13.81 points, or 0.6 percent, to 2,157.03. The

Nasdaq composite slid 46.46 points, or 0.9 percent, to 5,137.73. The Dow has fallen for seven days in a row, and Tuesday was the worst day for U.S. stocks since July 5.

Auto companies reported lower U.S. sales in July as a heatwave kept buyers at home. General Motors said its sales fell 2 percent and Ford said sales fell 3

percent. After six straight years of growth, auto sales have reached record levels and are starting to plateau.

GM stock shed $1.37, or 4.4 percent, to $29.93 and Ford lost 54 cents, or 4.3 percent, to $11.94. Car retailers CarMax and AutoNation and supplier BorgWarner all fell.

Cruise line operator Royal Caribbean cut its forecasts for the year as the strong dollar continues to hurt its results. That left Royal Caribbean’s stock down $4.51, or 6.3 percent, to $67.35. Other consumer companies like retailers Nordstrom and Kohl’s and office supply chain Staples all stumbled.

Citigroup retreated 43 cents, or 1 percent, to $42.99 and Morgan Stanley fell 50 cents, or 1.8 percent, to $28.

Bank stocks in Europe tumbled for the second day in a row. The losses extended to banks that were effectively given a clean bill of health by the European Banking Authority in last Friday’s stress tests.

Industrial and transport companies struggled. Delta said a revenue measurement fell in July and its stock

Samsung’s new jumbo phone unlocks with iris scanner NEW YORK (AP) — You’ll be able to unlock Samsung’s new phone by just looking at it.

The Galaxy Note 7 will come with an iris scanner, which matches patterns in your eyes with what was detected by your phone during

setup. It offers an alternative to fingerprint ID, which doesn’t work well when fingers are wet. Of course, the four-digit passcode will still work.

“We challenged our engineers to design a security system that’s convenient

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DEXTER HUBERT BODIE of Beach Drive, Adelaide, New Providence, intend to change my name to DEXTER HUBERT RAHMING. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

and safe at the same time,” said Justin Denison, a senior vice president for product strategy at Samsung. “It took five years to perfect, but it only takes a glance to unlock your phone.”

Samsung isn’t first, though. Microsoft’s Lumia 950 phones had it.

Beyond that, the updates in the Note 7 are mostly enhancements, such as a stronger glass screen and more storage — 64 gigabytes, or double what Samsung usually offers, plus a slot to add more.

The Note 7 comes with a better camera — but it’s the same one that the smaller Galaxy S7 phones got in March, save for interface enhancements to access

settings and switch between the front and rear cameras more easily.

Samsung had lost its mojo after Apple matched the company on size with the iPhone 6 and 6 Plus in 2014, but thanks to the popularity of the S7, Samsung just reported its best quarterly financial results in two years.

The new Note 7 phone comes weeks before Apple is expected to announce new models.

Samsung typically releases its regular-size phones in the spring and jumbo phones in August. This time, Samsung has just one large model, which stays at 5.7 inches. It will have curved edges — a well-liked feature limited to a special

MARKET REPORT FRIDAY, 29 JULY 2016

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

BISX ALL SHARE INDEX: CLOSE 1,971.13 | CHG 0.84 | %CHG 0.04 | YTD 147.18 | YTD% 8.07 BISX LISTED & TRADED SECURITIES 52WK HI 4.01 17.43 9.09 3.50 4.70 0.18 8.34 8.40 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 7.90 6.90 12.25 11.00

52WK LOW 2.25 17.43 9.09 3.14 4.70 0.12 6.09 7.25 5.50 7.00 14.48 2.25 1.27 5.51 6.00 9.85 6.01 5.55 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 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.84 10.57 14.49 2.70 1.41 5.80 8.76 10.93 7.90 6.40 11.93 10.00

CLOSE 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.84 10.59 14.49 2.68 1.41 5.80 8.76 10.93 7.90 6.40 11.93 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 -0.02 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

115.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.59 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 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

2,000

1,300

2,500

VOLUME

30

200 200

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 13.2 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.6 27.4 28.5 8.5 11.4 14.3 11.4 12.2 9.1 15.8 0.0

YIELD 2.24% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.10% 3.42% 3.40% 4.21% 2.24% 2.84% 4.14% 3.14% 0.00% 3.54% 1.88% 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 1.99 3.89 1.91 167.58 138.35 1.44 1.67 1.55 1.06 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.53 1.47 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 1.99 3.89 1.91 167.58 136.68 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 2.09% 4.15% 3.06% 6.67% 1.39% 3.06% 3.41% 5.18% 2.95% -0.58% 1.89% 3.91% 2.32% 8.70% 1.68% 5.28% 2.77% 1.26% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Jun-2016 30-Jun-2016 24-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-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

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

“Edge” model before. The Note 7 will be available in the U.S. starting Aug. 19.

Prices haven’t been announced.

Samsung is also releasing an updated virtual-reality headset — with a dedicated home button, a wider field of view and a black interior to improve viewing. The new Gear VR will be available Aug. 19 for $100. A previously announced 360-degree camera called Gear 360 also comes out that day, for $350. As phones mature and innovation slows, VR has been one area in which gadget makers try to entice consumers.

As with past Note phones, the Note 7 comes with a stylus. It expands on a feature

lost $3.09, or 7.8 percent, to $36.39 and American Airlines lost $2.09, or 5.9 percent, to $33.51. Emerson Electric, which makes valves and process controls systems, posted disappointing quarterly results. It gave up $2.75, or 4.9 percent, to $53.03. Tech stocks also lost ground. Apple fell $1.57, or 1.5 percent, to $104.48 and electronic storage company Seagate Technology slid $1.78, or 5.5 percent, to $30.65 despite a solid quarterly report.

Oil prices continued to drop, extending a slide that has lasted more than two weeks. Benchmark U.S. crude fell 55 cents, or 1.4 percent, to $39.51 in New York. U.S. crude hadn’t closed under $40 a barrel since April 8. Brent crude, which is used to price international oils, sank 34 cents to $41.80 a barrel London.

Drugstore chain and pharmacy benefits manager CVS Health raised its 2016 forecasts as specialty drug prices kept rising and deals for Omnicare and Target’s pharmacy and clinic unit boosted its results. Its stock rose $4.57, or 4.9 percent, to $98.06.

that lets you magnify text and images by hovering the pen over it. With the pen, people will have ways to easily create and share GIF animations.

The Note 7 also expands on a feature to give sensitive files an additional layer of security. You’ll be asked for an iris scan, fingerprint or passcode to access documents you place in a Secure Folder. This way, if you’re handing the phone to friends to browse pictures, you’re not inadvertently giving them access to confidential work documents.

In previous phones, Samsung’s Private Mode merely hid files and worked only with selected apps. Samsung says Secure Folder stores sensitive documents and even entire apps in a separate, secure location.

NOTICE

NOTICE is hereby given that STEVEN ABSOLU of Augusta Street, P.O.Box N-4388, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that NIXON CALIXTE OF 1st STREET, THE GROVE, P.O. BOX N-4841, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th DAY of JULY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CLAIRCINA DUVERGE- ALTIDOR of Baldo Loop, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FILS AIME ALTIDOR of Baldo Loop, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HENRY ANTHONY CLEAR (AKA) HENRY ANTHONY CLEARE of 237 Brookspring Road, Columbia, South Carolina, 29223, P.O. Box 2686, Columbia, South Carolina, 29202, intend to change my name to ALFRED HENRY ANTHONY CLEARE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE

Wednesday, August 3, 2016, PAGE 7

July US auto sales rose slightly on weaker demand DETROIT (AP) — U.S. auto sales wilted in July, as hot weather and softening demand kept many buyers at home.

Sales rose less than 1 percent over last July, to just over 1.5 million new cars and trucks, according to Autodata Corp. Sales were strong at the beginning of the month thanks to Independence Day promotions, but weakened after that, Kelley Blue Book senior analyst Alec Gutierrez said.

General Motors’ sales fell 2 percent while Ford’s U.S. sales fell 3 percent. Toyota’s sales slipped 1 percent. Fiat Chrysler’s sales were flat.

Volkswagen’s sales fell 8 percent.

Several automakers eked out sales increases. Hyundai’s sales were up 6 percent and Honda’s sales rose 4 percent. Nissan’s were up 1 percent.

After six straight years of growth — and record sales of 17.5 million new vehicles last year— U.S. auto sales are beginning to plateau.

In the first six months of last year, for example, sales were up 4 percent, or more than double the pace of this year.

Still, analysts say low gas prices, low interest rates, enticing new vehicles and strong consumer confidence should keep them at a very high level. If sales stayed at the same pace they were in July, they would reach 17.9 million this year, Autodata said.

“We’re still at a healthy level as an industry,” Ford’s U.S. sales chief Mark LaN-

eve said Tuesday. “We’ll adjust our plans according to the reality and temper our expectations somewhat.”

Plateauing sales could be a good thing for consumers, since automakers are dialing up the discounts in order to hold on to their market share. TrueCar said industry incentives were up 5 percent over last July to an average of $3,225 per vehicle. Ford, Volkswagen, BMW and Fiat Chrysler had the biggest increases over last July, TrueCar said.

But incentives are a dangerous game for automakers, since they hurt profits and resale values and artificially inflate demand.

Gutierrez said automakers are approaching a level of incentive spending last seen during the recession, and that’s risky.

“The sky isn’t falling just yet, but we are on an unhealthy path,” he said.

General Motors Co. said its sales fell 2 percent to 267,258 vehicles. Chevrolet sales dropped but Cadillac, Buick and GMC all saw gains for the month. Sales of GM’s best-seller, the Chevrolet Silverado pickup, were down 4 percent, but sales of the smaller Colorado pickup were up 27 percent.

Ford’s sales fell 3 percent to 216,479. Sales were down for both its Ford and Lincoln brands. The Ford Escape SUV, a perennial best-seller, saw a 10 percent sales decline; Ford said inventories were low as it prepares to launch the revamped 2017 Escape. F-Series trucks sales were also

down 1 percent as Ford prepares to launch a new Super Duty pickup.

Toyota’s sales fell 1 percent to 214,233. Toyota division sales were flat but Lexus sales were down 6.5 percent. Toyota’s SUVs, like the RAV4 and Highlander, saw double-digit percentage increases, but low gas prices continued to hurt its cars. Sales of the hybrid Prius were down 29 percent.

Fiat Chrysler’s sales were flat at 180,727. Jeep and Ram sales both rose around 5 percent, but Dodge, Fiat, Alfa and Chrysler brand sales fell. One bright spot was minivans: Fiat Chrysler sold nearly 8,000 new Pacifica minivans and sales of the Dodge Caravan — which will eventually be discontinued — were up 28 percent.

Fiat Chrysler said its sales numbers conformed to its new reporting standards.

Last week the company revised five years’ worth of sales reports because they contained questionable figures. The government also is investigating charges that FCA inflated sales by pressing dealers to buy more vehicles.

Honda’s sales jumped 4 percent to 152,799. Strong sales of Honda’s trucks and SUVs made up for an 8 percent sales decline at its luxury Acura division.

Nissan’s sales rose 1 percent to 132,475. Nissan’s car sales dropped 9 percent, but strong sales of its trucks and SUVs made up for those losses. Luxury Infiniti sales

Volkswagen cars for sale are on display on the lot of a VW dealership in Boulder, Colo. Yesterday, major automakers report sales for the month of July. (AP Photo) fell 5 percent.

Hyundai’s sales jumped 6 percent to 75,003. Sales of the recently revamped Tucson SUV nearly doubled over last July.

Volkswagen, still stinging nearly a year after its diesel cheating scandal was revealed, saw sales drop 8 percent to 28,758. One bright spot was the Tiguan SUV, which saw sales jump 40 percent over last July.

Email fallout: Three Democratic National Committee resignations WASHINGTON (AP) — The chief executive of the Democratic National Committee and two other top officials have resigned in the wake of an email hack that embarrassed the party on the eve of its presidential nominating convention.

CEO Amy Dacey, chief finance officer Brad Marshall and communications director Luis Miranda left their jobs on Tuesday, the party said in a statement.

The resignations are the latest fallout from the hacked emails, which exposed an apparent lack of neutrality in the primary race between Hillary Clinton and Bernie Sanders, with some party officials disparaging Sanders.

Marshall wrote the most explosive email, questioning Sanders’ Jewish faith and suggesting he could be portrayed as an atheist. He has apologized for the missive.

Earlier, party chairwoman Debbie Wasserman Schultz resigned her posi-

tion and, after being booed at a pre-convention appearance last week in Philadelphia, chose not to speak from the convention stage.

Longtime Democratic operative Donna Brazile is serving as the party’s interim chair. Brazile said Tuesday that she has created a “transition team” to help prepare the party for its post-election mission. She said Tom McMahon, a former DNC executive director under then-Chair Howard Dean, will lead that group.

Clinton operatives who moved over to party headquarters after she had effectively secured the nomination in June will continue in their roles; that group includes DNC chief of staff Brandon Davis. Additionally, veteran Democratic strategist Doug Thornell will serve as an interim senior adviser to the party.

Dacey already has a new job. She has been hired by Squared Communications, a Democratic consulting firm based in Washington.

NOTICE IN THE COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT, Probate Side

IN the Estate of HUGH PHILIP RAYMOND-BARKER late of Caves Point, West Bay Street, Nassau, Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send the particulars of their debts or claims duly certified in writing to the undersigned on or before the 31st August, 2016 after which date the Administrator will proceed to distribute the assets of the Estate having regard only to the claims, demands or interests of which he shall then have had notice. AND NOTICE is hereby given that all persons indebted to the above Estate, are requested to make full settlement on or before 31st August, 2016.

KING & CO. Attorneys for the Administrator, 2nd Floor, Olde Towne Marina,Sandyport, West Bay Street, Nassau, Bahamas.

“As one of the top campaign strategists in our party, and with our experiences together on presidential, Senate and congressional campaigns, Amy will help our firm’s clients navigate this and future election cycles,” Michael Meehan, founder and CEO Squared Communications, said in a statement.

Before joining the DNC, Dacey was executive director of EMILY’s List, which works to elect female Democrats.

The cache of more than

19,000 messages was made public by the group WikiLeaks just before the convention.

Democratic Party officials learned in late April that their systems had been attacked after they discovered malicious software on their computers. A cybersecurity firm they employed found traces of at least two sophisticated hacking groups on the Democrats’ network — both of which have ties to the Russian government.

call 502-2394 to advertise today!

Jarol Investments Limited is seeking to fill the following positions:

Island Manager (Bimini) Island Manager (Eleuthera) Island Manager (Andros) Duties include, but not limited to:

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Overseeing adherence to company policies and procedures by employees.

Auditing cashiers work to ensure efficiency.

Maintain a safe and secure working environment for customers and staff Maintaining confidentiality of sensitive data.

Evaluating, assessing and managing the performance of each employee.

Ensuring that the opening and closing of shops in a timely manner.

Ensure safe keeping of company funds.

Overseeing the selection and recruitment of new employees

Interested person mail their resume to P.O. Box F-40886 or email to careers@chancesgames.com