08052016 business

FRIDAY, AUGUST 5, 2016

business@tribunemedia.net

BIA says “major concerns” remain over NHI

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMAS Insurance Association (BIA) chairman Emmanuel Komolafe said yesterday that although the National Health Insurance (NHI) Bill tabled in the House of Assembly on Wednesday appears to have incorporated some stakeholders’ recommendations, “major concerns” remain.

Mr Komolafe told Tribune Business: “A preliminary review revealed that some of the recommendations of various stakeholders relating to reporting and the composition of the NHIA board among others, were incorporated into the revised version of the draft legislation. However, it is apparent that some major concerns regarding the role and powers of the Minister, data protection, lack of accompanying regulations and administration of the plan remain. We are hopeful that we will be able to work through these issues and concerns in the weeks See pg b2

Komolafe has issues with “landmark” legislation Role of minister and data protection among concerns Still much work to be done by government

Emmanuel Komolafe

Chamber chief calls for Civil Service to be cut

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net IN order to avoid a further weakening in the economy and to mitigate the possibility of overspending and provide greater transparency, the Government should “move with haste” to enact fiscal rules which, by law, will cap spending over the immediate to long term, the Grand Bahama Chamber of Commerce president has urged.

Additionally Kevin Seymour said that “steps need to be immediately taken to increase automation in areas involving high transaction volume and to rationalise salaries and emoluments in the civil service through reduced headcount”.

Mr Seymour noted that, in January, the Government received approval for a $33 million loan from the Inter-American Development Bank to strengthen the management and the management capacity of the public sector to monitor all projects and programs more efficiently and effectively. That loan is to be drawn down in tranches over the next five years and is intended to cover performance monitoring, strengthening the Department of Statistics, public financial management, IT systems upgrade within the public service and an upgrade of the public procurement system.

Mr Seymour said that while this is “a step in the right direction”, these initiatives, due to their critical nature, need to be expedited by the Government.

“The rating agencies are really just assessing the strength of the country and its balance sheet. If we have a situation where we have a limited amount of revenues that are being generated by the Government by way of taxes on an annual basis and the Government knows that it has a certain amount of expenditure it is committed to meet, then all other things being equal the government must do whatever it can to ensure that the expenses do not exceed the revenues and, in this case,

“Rationalise salaries and emoluments through reduced headcount” Seymour says IDB loan initiatives should be expedited Questions lack of government discipline post-VAT

Kevin D. Seymour they have and they have been for some time. That is what creates a deficit,” said Mr Seymour.

“We thought that, based See pg b3

$3.97 $4.06 $3.98

$3.98

Sandals accused of “union busting” with threatened closure

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net TRADE Union Congress (TUC) president Obie Ferguson has accused Sandals Royal Bahamian of the “highest level of union busting”, blasting the the resort for its imminent abrupt closure, which he said was almost treasonous to the Bahamian people.

Mr Ferguson told Tribune Business that the TUC was “very surprised” at the Sandals closure notice and suggested that it may be connected to an ongoing dispute with the bargaining unit for the all-inclusive Cable Beach resort’s 500 plus employees.

The Bahamas Hotel Maintenance and Allied Workers Union (BHMAWU), which falls under the TUC umbrella, has since 2009 been seeking to negotiate an industrial agreement. Mr Ferguson announced last week that the union had filed criminal charges against the resort’s top executives for failing to negotiate a new industrial agreement.

“Obviously we were very surprised that the company decided to do what they did,” he said. “This is undermining, this is skulduggery, this is really almost treason on the Bahamian people that we have a corporate citizen in this country to which the government has extended all kind of incentives to do something like this.”

The Sandals Royal Bahamian resort on West Bay Street is understood to be closing for two months from August 17.

Photo: Shawn Hanna/The Tribune

TUC chief calls resort’s decision “treason” Surprise at two-month closure at short notice Claims company is “undermining” the Bahamas

Senior executives at the Sandals Royal Bahamian resort have remained tight-lipped over the purported closure of the all-inclusive Cable Beach resort in less than two weeks.

It is understood to be closing its doors on August 15 with plans to re-open on October 13.

In a letter from Gary Sadler, Unique Vacations’ senior vice-president of sales which was seen by Tribune Business, the resort blamed “circumstances” beyond its control for the pending See pg b2

Minister’s power reduced in smaller NHI board

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE revised National Health Insurance (NHI) Bill tabled in Parliament on Wednesday appears to reduce some of the powers of the Minister proposed under the draft Bill, most notably cutting the number of people to be appointed to the Authority’s Board.

The NHI Bill tabled by Dr Perry Gomez states that the Board shall consist of nine members as opposed to 12 previously proposed and only two members shall be appointed by the Min-

Revised Bill cuts Authority board to nine Two members, not seven, now picked by minister Eligibility rules amended to six months from three ister as opposed to seven members proposed in the draft NHI Bill. This revi-

sion seems to address at least one of several concerns the Bahamas Insurance Association (BIA) had expressed over the draft Bill.

Additionally, the BIA will now have a seat on the Board, as the revised Bill states that one member shall be proposed by the Bahamas Chamber of Commerce and Employers Confederation, National Congress of Trade Unions Bahamas; the Bahamas Insurance Association and from among the Medical Association of the Bahamas respectively.

“The Board shall consist of nine members - (a) two

of whom shall be appointed by the Minister n his discretion of whom (i) one shall be regarded as having demonstrated experience in the health sector in areas such as health service delivery, health workforce, health information systems, access to essential medicines, health financing, health leadership or governance; (ii) one shall be regarded as having demonstrated experience in the commercial sector in areas such as financial expertise, business strategy, business administration or executive-level management,” See pg b2

PAGE 2, Friday, August 5, 2016 2016 THE TRIBUNE THE TRIBUNE

Citi wins Global Finance banking awards CITI has been recognised by Global Finance magazine, in the first round of the “World’s Best Digital Corporate/Institutional Banks in Latin America 2016” competition, with nine regional sub-category awards and 14 country awards.

Citi received a total of nine awards in the regional sub-categories of “Best Corporate/Institutional Digital Banks” including “Best Investment Man-

agement Services” for the tenth consecutive year, “Best in Mobile Banking” for the sixth consecutive year, “Best Trade Finance Services” for the fifth consecutive year, “Best in Social Media” for the fourth consecutive year, “Best Online Cash Management” and “Best Mobile Banking App” for the third consecutive year, and, for the first time, “Best Integrated Corporate Banking Site”, “Best Information Security Initiatives” and “Best Online

Treasury Services”.

Citi also won the “Best Corporate/Institutional Digital Bank Award” in 14 countries including Argentina, the Bahamas, Brazil, Costa Rica, El Salvador, Honduras, Jamaica, Mexico, Panama, Paraguay, Peru, Trinidad & Tobago, Uruguay, and Venezuela.

Margaret Butler, Citi Country Officer for Citi Bahamas, said it was an honour for Citi Bahamas to receive such a distinguished

international award. “It is a testament of our commitment to provide clients with top of the line solutions in the most current and efficient manner,” she said.

“It is an honour for Citi to receive this recognition which underscores our continued commitment to provide both value-added advisory and relevant and enriching digital solutions for corporate and institutional clients in Latin America. This interna-

tional award not only distinguishes Citi as a leading and trusted advisor, but also reinforces the superiority of Citi’s online Corporate Banking offering in the region,” said Steve Donovan, Latin America Region Head, Treasury and Trade Solutions.

Winners were chosen among entries evaluated by a world-class panel of judges at Infosys, a global leader in consulting, technology and outsourcing. Global

Finance editors were responsible for the final selection of winners in the first round. Winning banks were selected based on the criteria of strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality.

Minister’s power reduced Sandals accused of in smaller NHI board “union busting” with From pg B1 draft Bill had empowered threatened closure the Minister to “give to The Bill states, adding that “not less than 40 per cent of the members of the Board shall be female and not less than 40 per cent shall be male”.

The Bill also states that the Board shall appoint a Managing Director who shall be the chief executive of the Authority. According to the revised NHI Bill, the Managing Director of the National Health Insurance Authority, the Chief Medical Officer, the Director of the National Insurance Board, the Superintendent of the Insurance Commission of the Bahamas and the Director of Social Services shall be ex-officio members with no voting rights.

While the BIA had expressed concern that the

Nassau Darts Association

AGM

Wednesday 7th September 2016 At

Tailgaters Bay Street 7.30pm for registration of teams 8pm Meeting Any amendments and proposals to the Bye Laws, Constitution or Playing Rules must be received by the Secretary at Least 2 weeks prior to the AGM

the [NHI] Authority such directions of a general or specific character regarding the discharge of the functions of the Authority”, the Bill tabled on Wednesday was revised to state that, “Where circumstances require immediate action, the Minister may, in the interest of the public, give to the Authority such directions as it appears to the Minister appropriate, whether of a general or specific character and the Authority shall give effect to any such direction.”

The revised NHI Bill allows persons to be eligible to receive benefits under the Plan for the plan if they are a citizen of the Bahamas and ordinarily resident in the Bahamas or lawfully residing in the Bahamas in accordance with the provisions of the Immigration Act (Ch. 191) and have resided in the Bahamas for a period of ‘not less than six months’ immediately preceding enrollment as opposed to the three months in the draft Bill.

The revised Bill tabled in Parliament also states that “Any person that is desirous of participating in the Plan as an Administrator must (a) be registered with the Insurance Commission as a long-term insurance business carrying on sickness or health insurance in accordance with the Insurance Act (Ch. 347); (b) be certified by the Insurance Commission as an Administrator and enter into an agreement with the Authority in accordance with the provisions of this Act.”

From pg B1 closure and offered affected guests a chance to re-book their stays with any of the resort chain’s properties throughout the Caribbean.

The letter read: “We appreciate your patience as we work through this challenging time. We have instituted a streamlined and efficient course of action for these guests who may be affected and are extending all of our call centre resources to you.”

Mr Ferguson said: “The workers decide to exercise their constitutional rights.

Now all of a sudden Sandals is telling their guests that they can go to other destinations while offering them all kind of incentives so that they don’t come to the Bahamas. Now they can be in a position where the occupancy of the hotel would reduce to an unacceptable level. Now they can go to the government and say the occupancy has dropped and we now have to make some workers redundant. That to me is the highest level of union busting and the government of the Bahamas ought to intervene and make sure that the constitutional rights of the workers are adhered to. The union is very upset. The workers are under siege. This company is undermining the entire Bahamas by doing what it is doing.”

Labour Director Robert Farquharson said on Wednesday his office had been made aware of the po-

tential closure through the media but could not confirm validity of such reports. His indication was that labour matters connected to the resort were still being addressed by his department, and at no point were he or his subsidiaries notified of a potential closure.

The Tribune understands that no employee at the resort has been notified of the closure and “all scheduled to work have reported”.

For much of the last month, members of the BHMAWU have used media outlets to express their dissatisfaction with the resort for not recognising it as the official union body in negotiations between workers and the resort. As part of the group’s most recent demonstration, heavyduty trucks and buses were parked in along the West Bay Street thoroughfare next to the Sandals property, leading to the arrest of several people.

Long Island MP Loretta Butler-Turner called on the government to immediately address the issue.

“The impending closure of Sandals Royal Bahamian Resort at Cable Beach for two months beginning in 12 days is of great concern,” she said in a statement on Wednesday.

“The resort employs approximately 400 line staff and under 100 managers.

This is a significant staff complement in a tourism economy already reeling from high unemployment and stagnant growth.”

BIA says “major concerns” remain over NHI From pg B1 ahead.”

The revised NHI Bill tabled in Parliament on

Wednesday appears to have reduced some of the powers of the Minister proposed under the draft Bill, most

Obie Ferguson She questioned the lengthy time frame of the closure, the level of salary and benefits workers will receive and whether affected individuals will be entitled to National Insurance Board unemployment benefits.

“Will all of the line staff and workers be assured of employment when the resort reopens?” she asked.

“It should be noted that it

has often been a practice in the hotel industry to let go staff after the temporary closure of a hotel or resort.

When were senior government officials aware of the closure? According to press reports the Director of Labour appeared to be caught off guard by the closure.

The scant notice to workers of a mere 12 days is also of concern.”

notably cutting the number of people to be appointed to the Authority’s Board, which had been a concern expressed by the BIA. Mr Komolafe described the National Health Insurance Bill, 2016, as a landmark legislation, with its tabling representing a significant step in the journey to universal health care.

“The draft legislation is important because it provides, inter alia, a framework for the establishment of the NHI Authority and the NHI Fund. The bigger picture is, however, the achievement of a higher level of Universal Health Coverage (UHC) in the Bahamas as NHI is only the funding mechanism for UHC. In this regard, it is expected that more focus will be placed on UHC and comprehensive healthcare reform going forward. This seems to be the objective as the Minister of Health noted that there are about 180

ongoing projects relating to the Bahamas’ UHC journey with the strengthening of the public healthcare system being the major priority,” said Mr Komolafe.

He added: “The UHC journey is a long and challenging one that will require collaboration between the public and private sectors more than ever before if we are to achieve our objective of being the healthiest country in the Caribbean region by 2030. Following the tabling of the draft NHI Bill, our efforts should be focused on reviewing of the Bill and making the requisite changes where appropriate to address any deficiencies with a view to enacting the best version of the legislation possible.

That being said, there is much work to be done by the government working with stakeholders to ensure that the final plan implemented is practical, reasonable and sustainable.”

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

THE TRIBUNE

Friday, August 5, 2016, PAGE 3

As Zika fears escalate, lawmakers point fingers from afar WASHINGTON (AP) — As Zika escalates into a public health crisis and the number of mosquito-transmitted cases grows, Republicans and Democrats are pointing fingers over the failure by Congress to commit federal dollars to fight the virus.

President Barack Obama on Thursday sought to pressure congressional Republicans over the issue, encouraging voters to “call your members of Congress and tell them to do their job.”

“The money that we need to fight Zika is rapidly running out. The situation is getting critical,” Obama said at a news conference.

Yet lawmakers left Washington in mid-July for a seven-week recess without approving any of the $1.9 billion that Obama requested in February to develop a vaccine and control the mosquitoes that carry the virus.

Abortion politics played a central role in the impasse.

Republicans angered Democrats by adding a provision to a $1.1 billion takeit-or-leave-it measure that would have blocked Planned Parenthood clinics in Puerto Rico from receiving money.

House Speaker Paul Ryan, writing in USA Today on Thursday, did not mention that provision in blaming Democrats for blocking the legislation. Their obstruction, according to Ryan, RWis., is “a blatant ploy in an election year.”

Also Thursday, 47 Senate

Democrats called on Ryan and Senate Majority Leader Mitch McConnell, R-Ky., to reconvene Congress and immediately address the Zika threat. They faulted GOP leaders for allowing “poison pill special-interest priorities” into the bill.

But McConnell has signaled he is in no rush to return. Writing in the Lexington (Ky.) Herald-Leader on Monday, he criticized Democrats for balking at passing the bill. He said they’ll get another chance after Labor Day when Congress is back in session.

Some important points to know about the issue: ZIKA MONEY BEING SPENT “AGGRESSIVELY, PRUDENTLY” Health and Human Services Secretary Sylvia Burwell warned lawmakers on Wednesday that her Zika budget is running out quickly. Without more money soon, she said, the “nation’s ability to effectively respond to Zika will be impaired.”

Burwell’s letter sought to counter Republicans who’ve criticized the Obama administration for not using several hundred million dollars already in the budget for Zika prevention. The money was initially allotted for fighting Ebola but was redirected to address Zika.

Sen. Marco Rubio, R-Fla., said Tuesday that’s there’s no excuse for not spending

Chamber chief calls for Civil Service to be cut From pg B1 on the undertakings given

by Government in the rollout for VAT, they would be disciplined in applying the proceeds from this new tax

towards closing that deficit gap and paying down the national debt. I think that that is a reasonable expectation, particularly since they themselves said that

money that Congress has provided. “Why are they holding that money back?” he asked.

Burwell said her agency is committed to using “scarce federal dollars aggressively and prudently.” The Centers for Disease Control received the bulk of the $374 million “repurposed” for Zika domestic response efforts, she said, and it will exhaust the remainder of the money by Sept. 30.

Money for vaccine development will run out even sooner, she said. The second phase of clinical trials would be delayed as a result, and Americans would have to wait longer for a vaccine, according to Burwell.

“Now that the United States is in the height of mosquito season and with the progress in developing a Zika vaccine, the need for additional resources is critical,” Burwell wrote.

DON’T EXPECT CONGRESS TO INTERUPT ITS RECESS Sen. Bill Nelson, D-Fla., said Congress does not have to interrupt its break to pass the bill. Republicans quickly dismissed his proposal.

Nelson’s state has become the epicenter for Zika in the U.S. At least 15 people are reported to be infected with the virus in Miami’s Wynwood arts district. These are believed to be the first mosquito-transmitted cases in the mainland United States.

that is what they were going to do.

“When you look at the results post-VAT implementation, it seems as if the needle has only moved slightly in terms of reducing the deficit and - quite amazingly - the actual national debt itself has increased,” said Mr Seymour.

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

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.

Health and Human Services Secretary Sylvia Mathews Burwell speak in Des Moines, Iowa. The Obama administration warned Congress last Wednesday, that money to fight the Zika virus is on the verge of running out amid political stalemate on Capitol Hill. (AP Photo) Nelson said in a letter Tuesday to McConnell that the Senate could pass a bill through a procedure known as a pro forma session that requires the presence of only a few senators.

But even Nelson is not optimistic that will happen, and he took a jab at McConnell, predicting the Senate would move swiftly if a transmitted Zika case was reported in Kentucky.

Don Stewart, McConnell’s spokesman, said Nelson’s proposal was not plausible unless Democrats were willing to end their filibuster

of a Zika bill the House has passed. Otherwise, the Senate would be only approving an earlier version of the legislation that Obama could not sign into law, Stewart said.

ZIKA IS RISKY FOR BUSINESS TOO Zika is a looming economic development problem too, according to Rubio.

Many Florida businesses depend heavily on tourism and the state’s economy could be hurt if potential visitors decide to stay away, he said.

“I can foresee now when

people that are planning to come to Florida, to go fishing perhaps, will decide to cancel their trip because they’re worried about mosquitoes and they’re worried about Zika,” Rubio said.

White House spokesman Josh Earnest said Wednesday that it’s up to Congress to pass the legislation so that more can be done.

“They left on a sevenweek recess a day early, at the height of mosquito season and basically told the American people, ‘good luck,’” Earnest said.

PAGE 4, Friday, August 5, 2016

THE TRIBUNE

UK central bank tries to soften Brexit shock on economy LONDON (AP) — Britain’s central bank launched a range of stimulus measures Thursday meant to jolt confidence back into an economy shocked by the vote to leave the European Union. Analysts, however, say they may not be enough to halt a slide toward recession.

In a multipronged approach intended to grease the gears of the economy by making borrowing easier and cheaper, the Bank of England cut its key rate to 0.25 percent from a previous record low of 0.5 percent.

It also agreed to pump an additional 60 billion pounds ($79 billion) of new money into the economy through the purchase of government bonds. It furthermore said it will buy up to 10 billion pounds of corporate bonds to make it easier for companies to borrow, and announced a program of cheap loans for banks to make sure they can lend to people and businesses at low rates.

“This is the appropriate response to the economic conditions we find ourselves in,” the Bank of England’s governor, Mark Carney, told a news conference.

The measures were somewhat bolder than investors had expected, pushing stocks up and the pound down. Experts say they will help shore up confidence at a time of uncertainty by making borrowing margin-

ally cheaper and showing that authorities are taking action. Since the vote’s outcome, business and consumer activity in Britain has dropped at the fastest pace since the depths of the financial crisis in 2008, according to surveys.

But they are unlikely to address the economy’s fundamental concerns.

While cheaper money will help households and companies, the cost of loans is already very low and is not their primary concern right now, economists say.

Businesses in particular are worried about whether to make investments or hire in Britain without knowing what the country’s trade relationship with the EU will be. That could take years.

To reflect the grim reality, the Bank of England cuts its economic forecasts by the most in almost two decades, particularly for the period after 2016.

While it still predicts 2 percent growth this year thanks to strong growth before the vote, it slashed its forecast for next year to just 0.8 percent from its May estimate of 2.3 percent.

That suggests the economy could fall into — or close to — recession, defined as two consecutive quarters of economic contraction.

“We took these steps because the economic outlook has changed markedly” since the referendum, Carney said in a statement.

“By acting early and com-

A London bus passes the Bank of England while people sit on a bench in London, yesterday. The Bank of England is expected to cut interest rates close to zero and possibly inject billions in new money into the economy to help it endure the shock of the vote to leave the European Union. prehensively, the (Bank of England) can reduce uncertainty, bolster confidence, blunt the slowdown, and support the necessary adjustments in the U.K. economy.”

And there may be more in the coming months. All of the measures have scope for further action, including another cut to interest rates “close to, but a little above, zero” if incoming economic data proves broadly consistent with the Bank of England’s new forecasts. Carney insisted that subzero interest rates were not being considered.

The value of the British

pound fell sharply on the announcement of the measures, as lower rates tend to weigh on a currency. It was down 1.5 percent at $1.3126 by late afternoon in London, while stock markets rose, as the weaker currency will help many of the country’s multinationals and exporters earn more money abroad.

One of the main concerns for the U.K. economy is that the immediate drop in confidence caused by the vote could become ingrained, with employers delaying expansion and hiring, and consumers putting off purchases of big-ticket items

such as cars and appliances.

Now that the central bank has acted, analysts say, the government also needs to step in by providing clarity on Britain’s future relations with the EU and by encouraging growth with government spending and tax incentives.

Lucy O’Carroll, chief economist at Aberdeen Asset Management, described Carney as a “first responder” to the shock of Brexit.

She said Carney had through his comments signaled to the new Treasury chief, Philip Hammond, that the government needs to come up with a plan to

make the economy more competitive and invest in infrastructure.

In a nutshell: “Over to you, Mr. Hammond,” she said.

Hammond hinted action was possible, saying in a letter to Carney on Thursday that he was “prepared to take any necessary steps to support the economy and promote confidence.”

But this will hardly be straightforward.

Carney had to pointedly warn banks they had “no excuse” not to pass on the cut in interest rates to consumers.

He also acknowledged savers would be hurt by the perennially low rates.

Even so, Carney suggested the actions were needed to face the “new reality” of Brexit.

The bank forecast that Britain would avoid recession but Carney warned of a significant slowdown, unemployment rising to 5.5 percent from 5 percent and falling house prices over the next year. It also predicts inflation will rise past the 2 percent target within three years to around 2.4 percent in 2018 as the weaker pound makes it more expensive to import goods and services.

Ben Brettell, the senior economist at Hargreaves Lansdown said that central bank had little choice but to do something. “Whether these measures are appropriate, only time will tell.”

Requests for US unemployment aid rise to still-low 269,000 WASHINGTON (AP) — More Americans applied for unemployment benefits last week, but the number of remained close to historic lows in a positive sign for the job market.

THE NUMBERS: Applications for jobless aid rose 3,000 to a seasonally adjusted 269,000, the Labor Department said Thursday.

The four-week average, a less volatile measure, increased 3,750 to 260,250.

The number of Americans collecting benefits has fallen 5.4 percent over the

past year to 2.14 million.

THE TAKEAWAY: The U.S. economy looks pretty resilient despite a slow start to 2016, since jobless claims are a proxy for layoffs. The number of people seeking aid has been below 300,000 for 74 straight weeks, the longest streak since 1973.

By holding onto employers, employers are signaling that they expect economic growth to continue.

KEY DRIVERS: The pace of hiring and economic growth slowed in the first

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.

half of 2016, even if companies are refraining from layoffs.

Monthly job gains averaged 147,000 in the AprilJune quarter, a 25 percent decline from the average in the first three months of the year.

The economy expanded at an annual pace of just 1.2 percent in the April-June quarter after a sluggish 0.8 percent and 0.9 percent rate in the prior two quarters.

Economic growth is now at roughly half the pace it achieved over the past three years, according to the Commerce Department.

But consumer spending zoomed up at a rate of 4.2 percent in the April-June quarter, an increase that points to stronger growth in the back half of 2016.

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

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 .

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.

Only persons being interviewed for this position will be contacted.

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.

a job candidate’s resume sits on a table as he interviews for a job with a restaurant during a recruiting event at the Georgia Department of Labor office, in Atlanta. The Labor Department reports yesterday, on the number of Americans applying for unemployment benefits a week earlier. (AP Photo)

THE TRIBUNE

Friday, August 5, 2016, PAGE 5

Brazil’s shrinking economy is facing Olympic-size troubles RIO DE JANEIRO (AP) — When Rio de Janeiro was awarded the 2016 Summer Olympic Games seven years ago, Wagner Bastos was a hotshot car salesman for Rio Citroen-Peugeot. Some months he earned 17,000 Brazilian reais — about $5,200 now and much more back then.

But Brazil’s fortunes — and Bastos’ — have taken a sickening tumble. His last monthly paycheck in June was for 1,400 reais ($425) — too little to cover his rent or school fees for two children.

So Bastos, 54, quit and started driving a taxi.

“I needed cash urgently,” he says.

In the past, hosting the Olympics often allowed newly prosperous countries to strut on the world stage and showcase their glitziest cities. Think Tokyo in 1964 or Seoul in 1988.

And in 2009, when Rio won the competition for this year’s Summer Games, the picture looked similar.

Brazil’s emerging market economy was sizzling — one of the world’s economic superstars, along with Russia, India, China and South Africa.

But the ‘16 Games come at a dire moment for Brazil, which is enduring myriad calamities: A deep recession. A political crisis.

Widespread street protests.

Reports of filthy waterways.

And a health emergency caused by the Zika virus.

“There have been political and economic problems in other (Olympic) host cities,” says Andrew Zimbalist, an economist at Smith College who has studied Olympic Games. “But the combination here has probably been as foreboding as any I have seen.”

Brazil’s economy shrank 3.8 percent last year and will likely contract an additional 3.3 percent this year, according to the International Monetary Fund. The economy was rocked by a plunge in prices for iron ore and other commodities it exports, partly a result of slowing demand as China’s powerhouse economy decelerated.

In the booming mid2000s, Brazilians celebrated their collective arrival in the middle class by borrowing heavily to buy cars, refrigerators and iPhones. Now, like Americans after the

devastating 2008 financial crisis, they face diminished livelihoods.

A political crisis has compounded the economic troubles. President Dilma Rousseff was suspended in May for allegedly violating budget laws. She is awaiting a trial this month in Brazil’s Senate that will determine whether she’ll be permanently ousted.

Business investment has been paralyzed by an investigation into corruption at the state-owned energy giant Petrobras. Once worth more in the stock market than either Microsoft or Wal-Mart, Petrobras has been reduced to selling assets — from oil fields to corporate subsidiaries — to raise cash to offset lower oil prices.

The Olympics might be making things even worse.

To prepare for the Games, the state of Rio spent heavily. When it ran into financial trouble, the federal government stepped in to help share the costs, thereby deepening the country’s budget woes.

The Brazilian real has plunged 47 percent against the U.S. dollar since Rio was awarded the ‘16 Games

athletes warm up during rowing team practices in Lagoa ahead of the 2016 Summer Olympics in Rio de Janeiro, Brazil. The 2016 Olympic Games come at a dire time for Brazil. The country is enduring myriad calamities: the deepest recession in memory, a political crisis, violent street protests and a public health emergency caused by the Zika virus. (AP Photo)

in October 2009. The weak real makes imports costlier and helps escalate inflation, which was running at an annual 8.8 percent in June.

High inflation means Brazil’s central bank can’t slash interest rates to juice the economy for fear of sending inflation even higher. As a result, the central bank has kept its key rate at a punitive 14.25 percent.

Nationally, since the end of 2014, more than 5 mil-

lion people have lost jobs.

Unemployment has nearly doubled to 11.3 percent.

The anemic job market has depressed real estate.

Gone are the bidding wars for choice apartments in Rio’s seaside neighborhoods. Office rents plunged 6.1 percent in Rio from the fourth quarter of 2015 to the first quarter of 2016, making it the world’s third-worst office market in that period, according to the real estate

firm JLL. Leo Ickowicz, who is Brazilian but has worked for two decades in South Florida real estate, has experienced the transformation. At the height of Brazil’s boom in 2010, when the economy grew a blazing 7.5 percent, many Brazilian clients sought to capitalize on the currency’s strength to buy Miami real estate as an investment or vacation property.

PAGE 6, Friday, August 5, 2016

THE TRIBUNE

Asian stocks higher ahead of Bank of England policy decision SEOUL, South Korea (AP) — Asian stock markets were higher Thursday ahead of the Bank of England’s upcoming announcement of its monetary policy decision. Oil prices extended gains.

KEEPING SCORE: Japan’s Nikkei 225 rose 0.3

percent to 16,133.30 erasing losses in the morning session. South Korea’s Kospi added 0.2 percent to 1,998.62 and Hong Kong’s Hang Seng index added 0.6 percent to 21,861.48. But China’s Shanghai Composite Index dropped 0.2 percent to 2,972.66. Stocks in Taiwan, Singapore, Indo-

nesia and other Southeast Asian markets were higher.

UK WATCH: Bank of England is widely expected to unveil stimulus measures including a rate cut when it announces its monetary policy decision later Thursday after Asian markets close. Some ana-

lysts also expect the bank will announce the creation of billions in new money as early indicators since the U.K. referendum to leave the European Union suggest that the economy is contracting at its sharpest rate since 2009. Analysts expected increased volatility in the foreign exchange market ahead of the decision.

ANALYST’S TAKE: “The question is, not so much, if the BoE will ease policy, but rather how the BoE will choose to deliver policy easing,” Mizuho Bank wrote in a daily com-

YOUR

mentary. If the bank’s decision falls short of market expectations, “there is a risk of markets being disappointed.”

WALL STREET: U.S. stocks edged higher on Wednesday as the big gains in the price of oil boosted energy companies. The Dow Jones industrial average broke a seven-day losing streak and added 0.2 percent to 18,355. The Standard & Poor’s 500 index gained 0.3 percent to 2,163.79. The Nasdaq composite rose 0.4 percent to 5,159.74.

OIL: Benchmark U.S. crude climbed 29 cents to $41.12 per barrel in New York. The contract jumped $1.32, or 3.3 percent, to close at $40.83 on Wednesday after the U.S. government said stockpiles of gasoline shrank by more than 3 million barrels last week.

Brent crude, which is used to price international oils, rose 19 cents to $43.29 a barrel in London.

CURRENCIES: The dollar weakened to 101.24 yen from 101.28 yen while the euro fell slightly to $1.1143 from $1.1148.

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

NOTICE

MARKET REPORT THURSDAY, 4 AUGUST 2016

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

BISX ALL SHARE INDEX: CLOSE 1,972.71 | CHG 0.00 | %CHG 0.00 | YTD 148.76 | YTD% 8.16 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 8.05 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 5.83 10.59 14.49 2.72 1.41 5.80 8.76 10.93 8.01 6.40 11.93 10.00

CLOSE 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.83 10.59 14.49 2.72 1.41 5.80 8.76 10.93 8.01 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 0.00 0.00 0.00 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

115.43 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.29 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.14 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

300

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 13.2 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.6 27.4 28.9 8.5 11.4 14.3 11.4 12.3 9.1 15.8 0.0

YIELD 2.24% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.10% 3.43% 3.40% 4.21% 2.21% 2.84% 4.14% 3.14% 0.00% 3.50% 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

NOTICE is hereby given that LEMOINE ALEXANDRE of P.O.BOX 5802 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 5th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ROBINSON SIMON of Gladstone Road, 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 5th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that PENNY THOMAS of Jerome Avenue, P.O. Box CR-54845, 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 5th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DESIREE ANITA ERSKINE PLUCK of Sir Lynden Pindling Estates, P.O.Box CR-54845, 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 5th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LEONEL ALCENAT of Carmichael Rd., P.O.Box CR-55963, 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 28th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, August 5, 2016, PAGE 7

Small food companies ponder response to new GMO labeling law

NEW YORK (AP) — A new law that requires food makers to label the packaging of any products that contain genetically modified ingredients has small and medium-sized manufacturers facing some big decisions.

Should they try to provide the information on the label itself, or invest in the technology to add scannable codes? Should they change their ingredients to steer clear of such products, and is it worth getting certified as being GMO-free?

These are tough questions for companies that may not have financial cushions like bigger businesses to absorb the cost of such changes, which can run into the thousands or tens of thousands of dollars — a considerable amount for a small enterprise.

The law, which President Barack Obama signed last week, requires food manufacturers and producers to disclose whether products contain GMO components, also known as genetically engineered ingredients.

Companies can embed the information in a QR code, the square found on some packaging that is read with a smartphone camera.

GMOs have been the subject of much debate. The government and many scientists say they’re safe, but opponents believe they can be toxic and cause allergies.

Although GMOs have become a staple in many processed food products over the past two decades, many Americans may not realize how widespread they are.

Ellia Kassoff, CEO of Leaf Brands, which makes Hydrox cookies and various candies, is concerned about how the public will react to labels that say its food has GMOs — although the bulk of the nation’s corn and soybean crops are now genetically modified.

“It does create this negative feeling with the customer, and I don’t know if the majority of customers in the U.S. fully understand the benefits or non-benefits of GMOs,” says Kassoff, whose company is based in Newport Beach, California.

But many consumers don’t read labels that already display nutritional information like calories, fat and carbohydrates, and they might not read or understand labels that mention GMOs, says Alexander Chernev, a marketing professor at Northwestern University’s Kellogg School

of Management.

“People don’t know if it’s good or bad,” he says. “In the short term, it’s not very likely to change behavior by itself.”

A look at the issues surrounding GMOs that small and medium-sized companies face:

A QUICK PRIMER

A GMO is a plant or animal whose genes have been altered to change how they act or react to the environment. Corn, for example, has been genetically modified to make it resistant to insects and to herbicides used to kill weeds. The Agriculture Department estimates that about 90 percent of the U.S. corn crop is modified against herbicides, and about 80 percent is modified against insects.

According to the government, the majority of plants with GMOs are used to make ingredients like corn starch and syrup and corn, canola and soybean oils and beet sugar. They’re also used as livestock feed.

The Food and Drug Administration, which regulates food made from GMOs, has declared them safe, and the nonprofit National Academy of Sciences, in a review of almost 900 scientific studies and reports released this year, “found no substantiated evidence of a difference in risks to human health between current commercially available genetically engineered (GE) crops and conventionally bred crops.”

But many groups that oppose GMOs point to studies in the U.S. and other countries that have said food with GMOs can cause some types of cancer or other illnesses. The European Union, relying on such studies, requires GMO foods to be labeled.

The Non-GMO Project, an organization that advocates for the production of more non-GMO food, has said that determining the safety of GMO foods requires studies spanning generations.

HOW MUCH TO DISCLOSE, AND WHERE?

Before the law can take effect, the Agriculture Department must write regulations spelling out what food companies will be required to do to comply. The USDA has two years to do that.

Kassoff isn’t sure how Leaf will label its packages, simply because the govern-

ment hasn’t specified what’s needed. Depending on the requirements and the size of the package — Leaf’s products include small packets of candies — it might not be possible to fit everything in without using the QR code.

Soylent, a protein and carbohydrate drink maker whose website says it’s “proudly made with GMOs,” favors labels that give details on how GMOs are used so consumers can be well-informed about what they’re eating.

“Simply saying on the label ‘Made with genetically engineered’ ingredients is probably not enough,” says Samy Hamdouche, the Los Angeles-based company’s vice president of research.

GO NON-GMO?

Some companies have decided to stop using GMO ingredients rather than risk doubts in consumers’ minds. Others are going further, seeking a certification from the Non-GMO Project that their food is made completely without GMOs, and getting to use a logo on their packages.

“Our consumers are the types that value certification of non-GMOs to reassure them they’re getting the highest-quality ingredients,” says Jonathan Davis, a senior vice president of Los Angeles-based bread maker La Brea Bakery. The company has always sought non-GMO ingredients, he says, and it plans to be completely non-GMO by the end of this year.

But some companies may not be able to afford to phase out GMO ingredients because the supply of nonGMO versions is limited.

“In some cases it’s hard to acquire non-GMO ingredients and sell a product at a price where consumers

Ellia Kassoff, CEO of Leaf Brands, a Newport Beach candy and cookie company that manufactures Hydrox at its factory in Vernon, Calif., poses with some of his products at the offices of his distributor in Pico Rivera, Calif. Kassoff is concerned about how the public will react to labels that say its food has GMOs _ although the bulk of the nation’s corn and soybean crops are now genetically modified. (AP Photo) will buy it,” Kassoff says. If Hydrox cookies were reformulated to be GMO-free, he says, a package would cost 50 cents more than Oreos, the cookie’s biggest competitor.

Kar’s Nuts has NonGMO Project certification for its Second Nature line of snack mixes, but some of the ingredients in its Kar’s line do contain GMOs, says Nick Nicolay, the company’s president. Finding replacements would drive up

NOTICE

NOTICE is hereby given that JEAN BAPTISTE DUBREUS of #28 Carmichael Rd., P.O. Box N-7646, 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 28th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

his costs.

“It’s a little unrealistic for us at this time,” says Nicolay, whose company is located in Madison Heights, Michigan. However, the company says going completely non-GMO is something it will consider in the future.

Deep River Snacks doesn’t use GMO ingredients and almost all its products have been certified by the Non-GMO Project.

Founder Jim Goldberg says

the Deep River, Connecticut, company is still trying to get certification for two potato chip flavors and one tortilla chip flavor that are dairy; that takes verification from its suppliers that the cows whose milk is used weren’t given feed with GMOs. Goldberg thinks labeling is a good idea.

“This is about consumers wanting to know what they’re eating,” he says.

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.

Notice

Tekcon associaTes lTd. (in Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the international Business companies Act 2000, the above named company is in Dissolution which commenced on August 4th, 2016. the Liquidator is Sterling Asset Management Ltd., east Bay Street, P.o.Box N-1812, Nassau, the Bahamas.

NOXIA HOLDING S.A. Company No. 450656 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that NOXIA HOLDING S.A. is in voluntary liquidation.

The voluntary liquidation commenced on 14th July, 2016 and Susanne Keicher of Aeulestrasse 5, 9490 Vaduz, Furstentum has been appointed as the Sole Liquidator.

Dated this 14th day of July, 2016 Sgd. Susanne Keicher Voluntary Liquidator

sTeRlinG asseT ManaGeMenT lTd. (Liquidator)

CALAIS ESTATE INC. Company No. 1447201 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that CALAIS ESTATE INC. is in voluntary liquidation. The voluntary liquidation commenced on 5th July, 2016 and Cristina Solcà of Schulhausstrasse 14, 8027 Zurich, Switzerland has been appointed as the Sole Liquidator.

Dated this 5th day of July, 2016 Sgd. Cristina Solcà Voluntary Liquidator

NOTICE KOHAI INDUSTRIES INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, KOHAI INDUSTRIES INC. is in dissolution as of July 29, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

PAGE 8, Friday, August 5, 2016

THE TRIBUNE

US stocks barely budge ahead of monthly jobs report NEW YORK (AP) — U.S. stocks wavered Thursday and finished barely higher as an interest rate cut by the Bank of England, a move intended to shore up the British economy, wasn’t enough to get investors out of their recent cautious mode.

Technology companies continued to make the biggest gains, as they’ve done over the last few months. Oil prices rose for the second day in a row, something that hadn’t happened for almost three weeks. Bank stocks fell the most, as the interest rate cut suggests they won’t be able to make as much money on lending. While the Bank of England’s moves sent European stocks higher, investors in U.S. stocks moved carefully as they waited for Friday’s jobs report.

Quincy Krosby, market strategist at Prudential Financial, said investors were playing it safe as they waited for the Labor Department’s July employment report.

Hiring in June was stronger than expected, but that followed shockingly weak job growth in May. “The market has been surprised before and wants to make sure that they’re prepared in either direction,” Krosby said. “To get the market to move higher you need an underpinning of stronger economic growth.”

The Dow Jones industrial average slipped 2.95 points to 18,352.05. The Standard & Poor’s 500 index inched up 0.46 points to 2,164.25. The Nasdaq composite rose 6.51 points, or 0.1 percent, to 5,166.25.

The Bank of England cut interest rates to new lows and unveiled a raft of stimulus measures that include resuming a bond-buying program to pump money into the economy and offering cheap loans to banks. The measures seemed

a sign for Wall Street carved into the side of a building, in New York. Global stocks rose and the British pound fell yesterday after the Bank of England unveiled stimulus measures to help the economy deal with the uncertainty over the vote to leave the European Union. (AP Photo) to exceed investors’ expectations, and the bank said the measures could be expanded later if it proves necessary.

The Bank of England is trying to counter the shock of Britain’s vote in late June to leave the European Union. Britain’s central bank hadn’t cut interest rates since the financial crisis.

The pound fell to $1.3116 from $1.3317 on Wednesday. Bank shares also lost ground, as lower interest rates reduce the amount of money they can make from lending.

Technology stocks have done

better than the broader market in the spring and summer, and on Thursday they were led higher by companies including Facebook and communications chipmaker Broadcom. Facebook rose $1.85, or 1.5 percent, to $124.36, and Broadcom gained $2.88, or 1.8 percent, to $166.99.

Materials companies made some of the biggest gains after strong earnings from Ball Corp. and Westrock. Ball, which makes metal and plastic packaging for food and drink companies, jumped $8.41, or 12 percent, to $78.51 and packaging company

WestRock rose $1.77, or 4.2 percent, to $43.72.

Benchmark U.S. crude rose $1.10, or 2.7 percent, to $41.93 a barrel in New York after a 3-percent climb Wednesday. Brent crude, a benchmark for international oil prices, added $1.19, or 2.8 percent, to $44.29 a barrel in London.

The Labor Department said applications for unemployment aid rose to 269,000 last week, a level close to historical lows and a positive sign for the job market. The number of Americans collecting unemployment benefits has fallen

more than 5 percent in last year, but the pace of hiring and economic growth slowed in the first half of 2016.

Mobile payments company Square climbed after it reported strong second-quarter results and raised its projections for the year.

The stock rose 88 cents, or 8.4 percent, to $11.32.

Travel website operator TripAdvisor reported lower revenue growth and profit margins in the second quarter, disappointing analysts. The company also cited terrorism as among the events that are making it harder to predict how its business will perform in the near future. Its stock lost $5.90, or 8.5 percent, to $63.59.

Theme park operator SeaWorld said its revenue fell in the second quarter as guest numbers from Latin America dropped off amid economic turmoil there and bad weather. Its stock gave up $1.96, or 13.2 percent, to $12.88.

Callaway Golf jumped after sporting goods giant Nike surprised Wall Street by saying it will stop making golf equipment like clubs, golf balls and bags. Nike said it will focus on apparel and shoes instead. Callaway climbed 42 cents, or 4 percent, to $11.

In other energy trading, wholesale gasoline rose 2 cents to $1.37 a gallon. Heating oil added 4 cents to $1.33 a gallon. Natural gas fell 1 cent to $2.83 per 1,000 cubic feet.

The price of gold rose $2.70 to $1,367.40 an ounce. Silver fell 3 cents to $20.44 an ounce. Copper lost 2 cents to $2.17 a pound.

Britain’s FTSE 100 rose 1.6 percent. Germany’s DAX and France’s CAC 40 both rose 0.6 percent. Japan’s Nikkei 225 finished 1.1 percent higher. South Korea’s Kospi added 0.3 percent and Hong Kong’s Hang Seng index gained 0.4 percent.

Average US 30-year mortgage rate declines to 3.43 percent WASHINGTON (AP) — Long-term U.S. mortgage rates declined this week after rising for three straight weeks, continuing to lure prospective homebuyers.

Mortgage giant Freddie Mac said Thursday the average for the benchmark 30-year fixed-rate mortgage

fell to 3.43 percent from 3.48 percent last week. The average rate is down sharply from 3.91 percent a year ago.

The 15-year fixed mortgage rate dipped to 2.74 percent from 2.78 percent last week.

Record-low interest rates this year have helped spur

home purchases and boost the housing market. The Federal Reserve has been holding its key short-term rate near zero since 2008, and a statement from the Fed last week after its latest policy meeting had led many economists to conclude that a strengthening economy would lead the central bank to resume rais-

ing rates as soon as September.

But after a government report last Friday showed a surprisingly lackluster economy in the second quarter, many economists said a September rate hike was now probably off the table. The Commerce Department data showed that gross domestic product —

the broadest gauge of the economy — grew just 1.2 percent in the April-June period.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must

pay to get the lowest rates.

One point equals 1 percent of the loan amount.

The average fee for a 30year mortgage remained at 0.5 point this week. The fee for a 15-year loan also was unchanged from last week at 0.5 point.

Rates on adjustable fiveyear mortgages averaged 2.73 percent, down from 2.78 percent last week. The fee held at 0.5 point.