08082016 business

MONDAY, AUGUST 8, 2016

business@tribunemedia.net

Central Bank forecasts mildly positive growth

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamian economy will maintain its mildly positive growth path over the near term according to the Central Bank, which has noted that the fiscal sector outlook will continue to depend on the success of government measures to strengthen revenue collections and restrain expenditure growth.

In its recently released monthly economic See pg b4

Energy costs up, fiscal deficit increases June review expects tourism and construction gains Success of government measures key for fiscal sector

Call for liberal immigration rules to revive Freeport

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net FREEPORT is ideally poised to promote itself as location for arbitration and alternative dispute resolution according to wellknown QC Fred Smith, who argues further that a more liberal immigration policy could “catapult the Bahamas forward” and provide business opportunities across several sectors.

Mr Smith, the Callenders & Co partner, told Tribune Business that Freeport’s economy was in need of alternative industries to promote.

“Given that we are promoting a maritime industry in Freeport, where we have entities such as Hutchison Whampoa, the Container Port, Bradford Marine and the Port Authority being a onestop shop investment promoter and developer I think that that Freeport is ideally poised to promote itself as a location and a forum for alternative dispute resolution,” he said.

“Freeport is like the Venice See pg b3

QC says closed shop policies devalue stock of the Bahamas ‘Venice of the Caribbean’ could be arbitration centre Employment opportunities for lawyers and support industries

Fred Smith QC

Komolafe queries “vague” identity of NHI minister

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net CONCERNS remain over ministerial powers to unilaterally change the corporate governance framework of the National Health Insurance Authority (NHIA) according to Bahamas Insurance Association (BIA) chairman Emmanuel Komolafe, who said that stakeholders are seeking a “robust” governance structure that reduces the possibility of perception of political interference or abuse of power in the management of the NHI scheme.

Commenting on the NHI Bill tabled in Parliament last week, Mr Komolafe said that the government ought to be commended for continuing to make the expansion of Universal Health Coverage (UHC) in the Bahamas a priority. “National Health Insurance (NHI) is only the funding mechanism for UHC adopted by the Government and in this regard the tabling of the NHI Bill is no doubt a milestone in our UHC journey,” he said.

“Ideally, the process for the development of the UHC framework should have entailed the preparation of a UHC Green Paper, UHC White Paper, UHC Policy Paper, NHI Policy Paper and drafting of legislation and See pg b3

BIA chairman calls for “robust” governance Fear of political interference in healthcare scheme management Government playing “catch up” with legislative framework

$3.97 $3.95 $3.98

$3.98

Stellar sues over proposed $650m energy plant delays

By NATARIO McKENZIE

Tribune Business Reporter

Company claims loss and damages 36 months on

nmckenzie@tribunemedi.net

STELLAR Waste To Energy Bahamas Ltd, the company proposing to build a $650 million waste-to-energy plant on New Providence, has launched a legal attack over its failure to obtain a Memorandum of Understanding (MOU) and other associated documents which would enable the company to proceed with the project, according to court filings seen by Tribune Business.

Two years ago, the company was thrust into the public spotlight after controversy erupted over the signing of Stellar’s now-expired Letter of Intent (LOI) by the former Ministry of Works parliamentary secretary, Renward Wells. The saga ultimately led to his dismissal from Government.

Mr Wells, an engineer by profession, subsequently admitted in Par-

Cites “interference in contract, conspiracy to defraud, attempted extortion” Renward Wells and Ministry of Works named as Defendants liament that he had signed the LOI with Stellar Energy in order to allow the company “to carry out studies” free of charge to present to Cabinet.

While the company has since sought to move on from the controversy, it is

Bamboo Town MP Renward Wells now taking legal action and is seeking compensation for loss and damages to See pg b4

Scholar Books owner writes “historic” new chapter with deal

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A BAHAMIAN has created one of the largest book publication companies via a partnership with Michigan based Thomson-Shore, one of the biggest book manufacturers and distribution companies.

Albert Cox Jr, publisher/ CEO of Scholar Books, described the move as historic not only for his company but also for the Bahamas.

“This was really about trying to open up the creative market in the Bahamas and providing an opportunity for al Bahamians to partake in and place their ideas anywhere in the world, not just from a digital perspective but also physically as well,” he told The Tribune at the weekend.

“My focus is producing quality books toward readers throughout the world, focusing on readers everywhere.

What we

Cox expands horizons with US company agreement Creative oppportunity for Bahamian selfpublishing Thomson-Sure welcomes global collaboration are able to do with this corporate partnership is provide and extend a major contribution into global services. Our goal as a company is not just another business or company in the book industry but to be recognised globally as a “True Book Publications See pg b3

Bahamian scholar and book publisher Albert Cox at ThomsonShore headquarters in Ann Arbor, Michigan, with Kevin Spalls, CEO of Thomson-Sure (right), and Jerry Friends, the company’s managing director (left).

PAGE 2, Monday, August 8, 2016

THE TRIBUNE

Halkitis highlights growth of investment funds, securities industries in Bahamas THE investment funds and securities industries in the Bahamas have realised consistent growth in recent years, despite challenges to the offshore financial services sector, according to Minister of State for Finance Michael Halkitis.

Mr Halkitis noted the growth at the Securities Commission of the Bahamas’ annual industry briefing for registrants and licensees under the Securities Industry Act and the Investment Funds Act at the British Colonial Hilton on July 28.

In opening the briefing, Mr Halkitis said that although much of the offshore financial services industry is under pressure, the investment funds and securities industries locally have grown.

“Over a three-year period, from 31st December

2012 to 31st December 2015, we have observed an average annual growth rate of 10.8 per cent in the number of licensed or registered Bahamas based investment funds,” the minister said.

The Securities Commission also reported an annual average growth rate of 7.3 per cent in the number of registered securities firms over the same period, according to Mr Halkitis.

Additionally, he said the number of individuals registered under the Securities Industry Act increased from 471 at year end 2012 to 816 at year end 2015.

Mr Halkitis also commented on the number of funds being structured as Investment Condominiums (ICONs) since the launch of the Investment Condominium Act, 2014.

“As of 30th June 2016, forty-two investment funds

Michael Halkitis

have been licensed using the ICON structure, an indication that the seeds of innovation in the sector are taking root, and a testament to the success we can achieve when industry stakeholders and their regulators work together in the interest of market development,” he said.

The Commission’s executive director, Christina Rolle, addressed the Commission’s key priorities, which include the overhaul of the Investment Funds Act, the implementation of risk-based supervision for its securities and investment funds constituents, and the development of rules for money lenders under the Financial and Corporate Service Providers Act. Ms Rolle said that in order for risk-based supervision to be implemented effectively, the Commission will have to drastically enhance data collection from licensees and registrants.

She also mentioned the efforts of the global standards setter for securities regulation (International Organisation of Securities Commissions) to improve enforcement cooperation among securities regulators. In this regard, she noted that the organisation is moving to the Enhanced Multilateral Memorandum of Understanding (EMMoU).

The Commission, which is an ‘A’ signatory to the existing Multilateral Memorandum of Understanding, is technically already positioned to comply with the E-MMoU, according to Ms Rolle. However, she noted that there are provisions of the E-MMoU which in practice may by challenging for the Commission to execute and as such may war-

rant a review of applicable legislation.

The Commission’s Chairman, Tonya Bastian Galanis, provided updates on various legislative and regulatory matters, including the promulgation of the Securities Industry Anti Money Laundering and Countering the Financing of Terrorism Rules, 2015 (AML/CFT) and the Securities Industry (Amendment) Regulations, 2015.

Both important pieces of legislation were promulgated in December, 2015.

This year’s industry briefing included a panel discussion on crowdfunding and a special presentation on Cyber Security - both topical and current issues potentially impacting the Commission, its constituents and the industries they operate in. Dr Raymond C Wells PhD, CEO of Carapace InfoSec Ltd, made the special presentation on cybersecurity. Keith Davies, CEO of BISX, and Christian Adderley, Compliance Manager, Securities Commission addressed crowdfunding.

Other presenters from the Commission gave an overview of activities in their areas and highlighted important observations arising from the Commission’s surveillance of the industry. Key addresses were made by Odecca Gibson, Deputy Legal Counsel, and Gawaine Ward, Enforcement Manager. Ms Gibson spoke on the Commission’s work to develop corporate governance rules aimed at publicly traded companies, including those that are state-owned. The Enforcement Manager spoke to the Commission’s new penalty and settlement processes.

Deltec signs Bahamas private banking deal with Societe Generale DELTEC International Group, a leading provider of bespoke wealth management and private banking solutions, has announced that its private banking subsidiary has signed an agreement with Societe Generale Private Banking to acquire its private banking activity in the Bahamas.

This acquisition marks a significant milestone in the implementation of Deltec’s ongoing global diversification strategy, which is firmly anchored by its private banking presence in the Bahamas.

For more than half a century, Deltec has served its clients with the belief that wealth management is a partnership built on trust, a relationship that exists beyond the account and lasts

for generations. Deltec says it thrives on being the best international player in the Bahamas, delivering innovative thinking, strong portfolio performance and high quality service in league with financial institutions around the world.

This transaction will bring Deltec’s service to an even higher calibre as it continues to partner with clients in the Bahamas for years to come.

In 2015, Deltec was named “Best Private Bank in the Bahamas” by Global Finance in its first annual World’s Best Private Bank Awards. Subject to the approval of the regulatory authorities, the transaction is expected to be finalised in the coming months.

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THE TRIBUNE

Scholar Books owner writes “historic” new chapter with deal From pg B1 Company” with ideals to match our influence and productivity,” Mr Cox added.

“My focus is to be as influential as a Penguin Random House. Towards my country, the Commonwealth of the Bahamas, I am excited about the professional career opportunity market and the organisation for creativity, illustrating that us as Bahamians are not monolithic in our thinking and abilities but we are as diverse, creative and intelligent as any country in the world.”

Mr Cox said that the move will provide a global avenue and opportunity for Bahamians to manifest creative ideas. “Our reach is everywhere and that is what every Bahamian must understand, which means Bahamians have the ability to place their ideas, stories and creative minds anywhere in the world, not just in digital form throughout the internet, and assume their book will sell in self-publication markets or be told that by self-publications companies but to be seen in actual physical book institutions English or foreign speaking markets globally. The true essence of who we are extends as a global company intertwined throughout thousands of institutions and nearly all countries, producing quality books that matter, beyond the cultural realms of thought and perspective, illustrating an idealistic intellectualism toward transitional growth progressively.”

Mr Cox, the first Bahamian scholar to have his scientific research documenting the origins of the universe accepted, says that late this month he plans to host a national publishers exposition in partnership with Thomson Sure.

Kevin Spalls, CEO of Thomson-Sure, said: “This partnership I see to be a collaboration of major expansion toward great possibilities throughout the world.

We as a company support Mr Cox as the Publisher/ CEO of Scholar Books in all the ways that we can achieve massive success with interconnecting our ideas and abilities.”

Thomson-Shore has been in existence for over 40 years and is one of the industry’s global giants in book manufacturing and distribution.

It has also been named in Book Business as one of the top 20 companies in book manufacturing globally, along with having a superior record of major book production in sales and distribution, dealing with many of the predominate books throughout the world.

Monday, Monday, August August 8, 2016, 8, 2016, PAGE PAGE 3 3

Southwest opens new route from Fort Lauderdale to Nassau

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net IF THE Bahamas intends to grow its tourism numbers it must cause for more connectivity with the Florida market, according to tourism minister Obie Wilchcombe who described this as the “low hanging fruit”.

Mr Wilchcombe was speaking at a ceremony to

mark the arrival of Southwest Airlines’ inaugural flight from Fort Lauderdale to Nassau yesterday lunchtime. The 143-seat aircraft, which was flown by a Bahamian pilot Sean Smith, came in nearly full according to Southwest’s vicepresident of ground operations Steve Goldberg.

“This represents our efforts to seek further growth in the Florida market. It is

Komolafe queries “vague” identity of NHI minister From pg B1 regulations (in that order).

There is no doubt that we are now trying to catch up, albeit considerable work and research has been conducted on this subject over the past three decades.

It is our understanding that the UHC Policy is a workin-progress and the NHI policy has been approved by the Government even though the latter has not yet been made available to stakeholders.”

He noted that Section 2 of the NHI Bill defines the minister as the “Minister with responsibility for national health insurance”.

“This definition is vague and does not identify or declare which Minister will have oversight of this important portfolio. It remains unclear how the ministerial responsibility for this monumental initiative will be allocated; in essence, whether a new ministerial post will be created or additional responsibility will be given to

a Cabinet Minister with an existing portfolio.

“Section 4(5) of the NHI Bill reads: “The Minister may by Order amend the First Schedule” Section 4(4) of the draft legislation notes that “the provisions of the First Schedule shall have effect as to the constitution and procedure of the Board and otherwise in relation thereto”. A review of the First Schedule will show that it lays out the constitution of the board, appointment of secretary, tenure of members of the Board, vacancies, termination of membership on the Board, remuneration, meetings of the Board, voting by Board members, disclosure of interest, confidentiality and limitation of liability vis-àvis the NHI Authority. The effect of Section 4(5) is that while stakeholders’ recommendations vis-à-vis constitution of the board were recently incorporated into the revised NHI Bill that was tabled, the Minister responsible for NHI can unilater-

Call for liberal immigration rules to revive Freeport From pg B1 of the Caribbean. The Port Authority, the government and the judiciary could work together on the laws relating to arbitration, mediation and dispute resolution and create the legal infrastructure which could match the physical and investment infrastructure that exists.

“If the Bar Association and the Immigration Department could work together to allow foreign law firms, foreign arbitration companies and foreign mediation companies to come in and promote Freeport as a centre of investment for dispute resolution I think that you could see a tremendous increase in employment, opportunities for Bahamian lawyers and the support industries,” said Mr Smith.

He argued that a more liberal immigration policy in general could provide more business opportunities across multiple sectors in the county.

“I think that opening the immigration doors generally in the Bahamas, not only liberalising the Bar but having a far more liberal immigration policy would catapult the Bahamas forward and provide so many business opportunities in all industries. The closed shop, restrictive, myopic, xenophobic polices will only continue to devalue the stock of the Bahamas as an investment and business opportunity for foreign direct investment,” said Mr Smith.

He added: “Local entrepreneurs should have opportunities for joint partnerships and joint investments.

We should also consider getting rid of exchange control

what we call the low hanging fruit. If we intend to grow our tourism numbers we want to cause for more connectivity out of the Florida market,” said Mr Wilchcombe.

Mr Goldberg described yesterday’s route launch as a “fantastic day for Southwest”, the world’s largest low cost carrier. Mr Goldberg said that customers can expect great hospital-

ity, low fares, bags fly free and zero change fees if a customer decides to extend their stay in a particular destination. “We have been flying here for a while now.

The thing that sticks out is the ability to connect the Bahamas with the Southwest network,” he said.

The new route between Fort Lauderdale and Nassau is part of Southwest’s plan to boost international

ally change this and any other aspects of the corporate governance framework of the NHIA by Order,” Mr Komolafe noted.

He argued that this provision vests significant powers in the NHI Minister without the requisite checks and balances to promote transparency and accountability. “There is currently no requirement to have the NHI Minister obtain the approval of Parliament in order to amend the very important First Schedule. It follows therefore that all the concessions given or revisions incorporated into the revised Bill (in relation to the corporate governance structure of the NHIA) based on the recommendations of stakeholders could be arbitrarily and unilaterally reversed or eliminated

by Order of the Minister; presumably at the stroke of a pen without the approval of Parliament.”

Mr Komolafe noted that this concern is shared by the Bahamas Chamber of Commerce and Employers Confederation and the Government’s independent consultant, KPMG. According to the NHI Draft

Bill Stakeholder Feedback document, KPMG had recommended “that any amendment to the governance structure of the constitution and procedures of the Board as laid out in Schedule 1 would be required by means of an amendment of the Act and not subject to powers of the Minister only”.

“Other stakeholders would have expressed similar sentiments in relation to the powers of the Minister to unilaterally change the corporate governance framework of the NHIA,” said Mr Komolafe. “This convergence of views shows that there is a common concern in this regard and a genuine desire among stakeholders for a robust governance structure that reduces the possibility, perception or appearance of political interference or abuse of power in the management of the NHI scheme.”

so that the billions of dollars that are available through the foreign currency that exists in the Bahamas with the offshore financial services sector could become available as local investment venture capital at very cheap prices.”

flying from the South Florida airport over the next few years. Southwest began serving the Bahamas in July 2014, with daily nonstop service linking Nassau to Baltimore‐Washington International Thurgood Marshall Airport. The Bahamas was one of Southwest’s first routes outside the United States.

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

PAGE 4, Monday, August 8, 2016

Steady hiring is now benefiting a broader group of Americans WASHINGTON (AP) — Years of steady job gains have finally begun to benefit a wider range of Americans, including those with less education and in lower-paying jobs.

A second straight month of robust hiring — 255,000 jobs added in July — pointed to employer confidence that suggested that the economy is powering through a slump that struck early this year.

The unemployment rate remained a low 4.9 percent, the Labor Department said Friday.

Hiring has been solid for six years, but for most of that time there were caveats: Average hourly pay was stagnant. And millions were no longer either working or looking for work, leaving a smaller proportion of adults in the labor force.

Evidence is emerging that those long-running weak spots are finally improving.

Many businesses are offering higher pay to attract workers as competition to fill jobs heats up. Average pay is up 2.6 percent from a year ago — matching the best 12-month gain since the Great Recession ended in 2009 and comfortably above inflation of just 1 percent.

The resilient job market is encouraging more Americans to begin looking for a job — a key trend that helps offset a drag from the growing retirements of aging baby boomers.

Taken together, the two trends suggest that the economic recovery, now seven years old, is finally benefiting a broad spectrum of the population.

Economists at Goldman Sachs have found that pay for workers earning less than $12.50 an hour has risen 4 percent in the past year,

Reina Borges, left, stands in line to apply for a job with Aldi at a job fair in Miami Lakes, Fla. last Friday, the Labor Department issues its jobs report for July. (AP Photo) more than for any other income group. Those earning from $12.50 to $20 an hour have received the next-biggest increase, at just above 3 percent. Higher minimum wages may be bumping up pay for workers further above the federal minimum of $7.25.

“Wage growth figures indicate that the tide is turning,” said Douglas Holtz-Eakin, a former director of the Congressional Budget Office and president of the conservative American Action Forum.

Stock investors seemed pleased by Friday’s job figures, which raised hopes for the economy without seeming to compel the Federal Reserve to resume raising interest rates soon. The Dow Jones industrial average closed up 1 percent, and the Standard & Poor’s 500 index and the Nasdaq composite both set record highs. Many

Fed watchers think the central bank will raise rates later this year but probably not before December.

The jobs report also suggested that employers were unfazed by either Britain’s late-June vote to quit the European Union or the U.S. economy’s tepid growth in the first half of the year: Just 1 percent at an annual rate.

Most analysts expect the solid hiring to help fuel an economic rebound in the second half of this year.

Consumers, who have driven the economy’s postrecession expansion, ramped up spending in the AprilJune quarter at the secondfastest pace since the recession. Their spending, though, has been offset by a slowdown in business spending on machinery and equipment.

The economy’s average annual growth rate since the

recession ended in June 2009 is just over 2 percent, the slowest since the 1930s. But job growth — the backbone of the economy — has fared much better: 2014 and 2015 notched the fastest two-year hiring gains since the late 1990s.

Part of the disparity is explained by slow growth in worker efficiency since the recession ended. Stronger hiring amid a weak expansion suggests that the economy has grown less productive, with workers delivering less output per hour.

Many of the disparities that have fueled voter anger this election season remain.

Just 54 percent of Americans with only high school degrees have jobs, compared with 72 percent of those with college or postgraduate degrees.

Still, minimum wage increases and competition for workers are elevating pay in many industries, including those with heavy concentrations of low- and middleincome jobs. Average wages in the leisure and hospitality industry, made up mostly of hotels and restaurants, rose in July from a year ago by 4.1 percent. That matches June’s showing, the best in eight years.

Construction firms, which are scrambling for workers to meet demand for new homes, are paying 3.5 percent higher than a year ago.

That’s the biggest gain in nearly six years.

THE TRIBUNE

Stellar sues over proposed $650m energy plant delays From pg B1 the company’s reputation suffered in connection with the highly-publicised saga.

Mr Wells, the firm of Allen, Allen & Co, the Ministry of Works and Urban Development, the Attorney General and Frank Forbes (Sigma Holdings Ltd) are all listed as defendants in the matter.

According to the Stellar, the company was “promised by representatives of the Bahamas Government and private individuals, who claimed to represent the Bahamas Government and who have been facilitators in connection with the project”, that a June 30, 2014, MOU for execution by the Deputy Prime Minister and Minister of Works and Urban Development and associated documentation, would be issued to the company.

“The plaintiffs have been awaiting the issuance of the aforesaid Memorandum of Understanding (MOU), and associated documen-

tation for over thirty six months, to enable them to move forward with the project. The Letter of Intent (LOI) was executed by Renward Wells, former Parliamentary Secretary to the Ministry of Works & Urban Development, since July 4, 2014.

“The matters complained of and the loss and damages suffered are as a result of inter alia the breach of the implied contract(s) and of the terms and conditions thereof, interference in contract, conspiracy to defraud, attempted circumvention and attempted extortion, by the Defendants jointly and or severally, who made representations with the intent to deceive and with the knowledge that they were false, and/or while having no reasonable basis to believe them to be true, resulting in the Plaintiffs being deprived of an unsubstantiated sum of money, total of which is to be assessed,” the writ of summons stated.

Central Bank forecasts mildly positive growth From pg B1 development report for June, the Central Bank notes that the Bahamas is expected to see a positive economic growth path over the near term, supported by gains in tourism sector output and “medium to small scale foreign investment related construction activity”.

“The outlook for the fiscal sector will continue to depend on the success of the Government’s measures to strengthen revenue collections and restrain expenditure growth. Liquidity in the banking system is expected to remain elevated, reflecting the sustained weakness in private sector credit and banks’ conservative stance, as the high level of loan delinquencies unwind slowly,” said the Central Bank.

The bank added that banks are nevertheless poised to remain well capitalised, thereby mitigating any financial stability concerns. “The outturn for foreign reserves, which have grown robustly since the start of the year, will be influenced by the performance of the main foreign exchange earning sectors and the traditional increase in demand in the latter half of the year to facilitate holi-

day-related spending.”

According to the Central Bank, preliminary indicators showed that domestic economic activity remained relatively mild during June amid modest impulses from the tourism sector. “Also foreign investment projects continued to support output in the construction sector.

Reflecting seasonal impetus from cultural events, the jobless rate narrowed during the first half of the year, although staying incrementally firmer when compared to the same period of 2015.”

It added: “Domestic energy costs rose marginally in June, due in part to some increase in global oil prices, while the fiscal deficit was higher over the eleven months of FY2015/16, as spending growth exceeded the value added tax (VAT)led revenue improvement.

On the monetary front, both bank liquidity and external reserves expanded during June, buoyed by net foreign currency inflows from real sector activities.

Anecdotal evidence suggests that tourism sector activity stabilised in June, as the hosting of regional sporting events, along with an increase in airlift capacity from a major market, supported high-value added stopover arrivals.”

THE TRIBUNE

Monday, August 8, 2016, PAGE 5

US stocks rise to record highs after strong jobs report NEW YORK (AP) — U.S. stocks jumped to record highs Friday after a strong jobs report for the month of July gave investors more confidence that the economy is still growing. Financial and technology stocks soared and investors sold the safe assets they have favored for most of this year.

The Labor Department said U.S. employers added 255,000 jobs in July, far more than investors expected and the second straight month of strong gains after shaky reports this spring.

Stocks made their biggest gain in almost a month.

Banks traded higher as investors anticipated higher interest rates and bigger profits on mortgages and other loans. The Nasdaq composite closed at a record high as tech stocks continued to climb. Consumer companies also made big gains. Investors sold bonds, precious metals, and phone and utility companies, safe investments that soared earlier this year as investors worried about the health of the economy.

“It looks like the economy is improving, it looks like corporate earnings are on the upswing,” said Sam Stovall, U.S. equity strategist for S&P Capital IQ. That marks a change from earlier this year, he said, when investors worried the U.S. would fall into a recession and tech companies would suffer as businesses cut spending. But tech stocks have come back to lead the market higher over the last few months.

people pass a Wall Street subway stop, in New York’s Financial District. Stock markets were modestly higher Friday, Aug. 5, 2016 in the run-up to monthly U.S. jobs data that could go a long way to determining whether the Federal Reserve will raise interest rates later this year. (AP Photo) The Dow Jones industrial average rose 191.48 points, or 1 percent, to 18,543.53.

The Standard & Poor’s 500 index climbed 18.62 points, or 0.9 percent, to 2,182.87.

The Nasdaq advanced 54.87 points, or 1.1 percent, to 5,221.12.

The strong jobs report suggests that Britain’s vote to leave the European Union in late June didn’t have much effect on hiring plans for U.S. companies. The unemployment rate remained at 4.9 percent and hourly pay continued to rise. The hiring spree follows an even larger surge in June and represents a turnaround from weak job growth in the first half of this year, including disappointing job gains in April and May.

Banks rose the most, as higher interest rates boost their profits on lending.

Bank of America rose 57 cents, or 3.9 percent, to $15.05 and Citigroup added $1.88, or 4.3 percent, to $45.72.

Kate Warne, an investment strategist for Edward Jones, said the report reassured investors but won’t vanquish their fears entirely.

“With an election where both candidates are likely to talk about how badly the economy is doing and how disappointing growth has been, investors as a whole are more anxious than the job picture would suggest,” she said.

The Federal Reserve has been saying for months that

it intends to raise interest rates if the economy’s strength warrants it. July’s report provides more evidence the economy is doing well, boosting the chances that interest rates will go up. But Warne said investor views on the economy and the Fed will keep fluctuating.

“When the Fed indicates that they’re data dependent, that means investors are going to be data dependent as well,” she said.

Bond prices fell and the yield on the 10-year U.S. Treasury note jumped to 1.59 percent from 1.50 percent.

Kraft Heinz, the company behind Oscar Mayer bologna, Jell-O pudding and Velveeta cheese, also trad-

Thai economy feels sting from political uncertainty BANGKOK (AP) – Thailand’s stagnating economy is unlikely to get much of a boost from a referendum Sunday on a new constitution proposed by the military government, which took power in a 2014 coup. A “yes” vote could, however, tamp down some of the uncertainty that has plagued the country over the past half-decade of instability.

from 2.8 percent in 2015.

An update on how Thailand’s economy is faring under military rule:

LIVING STANDARDS: At $395.3 billion, Thailand is Southeast Asia’s second biggest economy after Indonesia.

The gap between rich city dwellers and the rural poor is wide, and while extreme poverty has been almost eliminated, one in 10 Thais remain below the official poverty line of $6.20 a day.

In the past year, drought and falling global prices have hurt farm incomes.

THE OUTLOOK: Government spending and tourism are keeping growth afloat despite weak exports and plunging foreign investment. The World Bank forecasts that the economy will expand at a 2.5 percent annual rate this year, down

TRADE: Thailand is not part of the U.S.-led Pacific Rim trade pact known as the TPP, or Trans-Pacific Partnership. But some in Thailand are lobbying for it to join, hoping that participation would help boost slumping exports and give

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 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.

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.

the country an edge in a huge potential common market.

INVESTMENT: Foreign investment plunged by 90 percent in 2015 from the year before to 106 billion baht ($3 billion), after businesses rushed in 2014 to beat implementation of new rules that cut back on tax incentives for foreign businesses.

TOURISM: A bombing of a Bangkok shrine in August 2015 that killed 20 people put a dent in Thailand’s economically crucial tour-

ism industry, but the country still received nearly 30 million foreign visitors for the year, as arrivals from China swelled.

VITAL SIGNS: Thailand’s currency dipped to a six-year low against the dollar last year as foreign investors dumped stocks, and remains at about 35 baht to the U.S. dollar, on a par with 2009. After slashing interest rates twice last year, the central bank held back last week on further cuts that might push the baht still lower, to preserve “policy space” in case conditions worsen.

ed higher after it reported a larger profit than analysts expected. Its stock picked up $3.25, or 3.8 percent, to $88.79.

After Bristol-Myers Squibb said one of its cancer drugs failed in a clinical trial, its stock suffered its biggest slump since 2000.

Meanwhile rival drugmaker Merck soared by the most in seven years. Bristol-Myers sank $12.04, or 16 percent, to $63.28 after saying its drug Opdivo did not halt progression of non-small cell lung cancer in the study.

Merck makes a drug called Keytruda that also stimulates patients’ immune systems to fight lung cancer.

The company, which took in $533 million from Keytruda this year, rose $6.02, or 10.4 percent, to $63.86. Merck was the largest gainer among S&P 500 stocks, and Bristol-Myers Squibb took the largest loss.

Security software maker FireEye tumbled after it reported weak sales, cut its forecasts and announced job cuts. Its stock plunged $2.02, or 12.1 percent, to $14.73. Rival software firm Symantec disclosed a larger profit and better sales than expected in its fiscal first quarter, and its full-year profit forecast was stronger

than expected. Its stock climbed 86 cents, or 4.1 percent, to $21.89.

Benchmark U.S. crude slid 13 cents to $41.80 per barrel in New York while Brent crude, used to price international oils, dipped 2 cents to $44.27 a barrel in London.

The price of gold fell $23, or 1.7 percent, to $1,344.40 an ounce, its biggest loss since May. Silver fell 63 cents, or 3.1 percent, to $19.82 an ounce. Copper lost 2 cents to $2.15 a pound.

In other energy trading, wholesale gasoline held steady at $1.38 a gallon. Heating oil lost 1 cent to $1.32 a gallon. Natural gas fell 6 cents to $2.77 per 1,000 cubic feet.

The dollar rose to 101.75 yen from 101.17 yen and the euro fell to $1.1091 from $1.1127.

European stocks also advanced. France’s CAC40 rose 1.5 percent and the DAX in Germany advanced 1.4 percent. London’s FTSE 100 was 0.8 percent higher. The Shanghai Composite Index shed 0.2 percent and Tokyo’s Nikkei 225 was little changed.

In South Korea, the Kospi rose 0.9 percent.

PAGE 6, Monday, August 8, 2016

THE TRIBUNE

War turns Ukraine into ‘supermarket’ for illegal weapons KIEV, Ukraine (AP) — A former Ukrainian soldierturned-arms dealer agrees to meet in Kiev, where he offers to sell a Makarov semi-automatic pistol for about $160. Amid haggling, he drops the price to $120.

He says he also has Kalashnikov automatic rifles for less than $400 and can get heavier weapons such as rocket launchers if given a little more time.

The war in eastern Ukraine against Russiabacked separatists has led to the uncontrolled spread of firearms throughout the country, with experts describing Ukraine as a “supermarket” where millions of illegal weapons are for sale.

Since the armed conflict broke out in 2014, the number of crimes involving firearms has more than doubled in Ukraine, a country where gun ownership was previously very rare. Some of the weapons are also being smuggled out of the country, destined for conflict zones in the Middle East or for Europe, adding to fears of more attacks.

Andriy, the arms dealer, fought with the nationalist Right Sector volunteer battalion for more than a year against the separatists. He agreed to discuss the illegal weapons trade on the condition he be identified only

by his first name for fear of being arrested. If convicted of illegal weapons sales, he could be sent to prison for five years.

With the worst of the fighting in eastern Ukraine now over, Andriy said a used handgun can be purchased there for as little as $20. “But from the east, the road is long and dangerous,” he said, explaining the significant markup he gets in the capital, Kiev.

The scale of the smuggling is difficult to judge because Ukraine has made all data about the illegal arms trade classified. Ukrainian border guards, however, regularly report thwarting attempts to transport weapons out of the country illegally. In one of the more high-profile cases, a Frenchman was arrested in May after trying to cross into Poland with an entire arsenal. The Ukrainian Security Service said he was planning a series of terror attacks in France.

Each week, the security services and police uncover illegal arms caches with Kalashnikovs, explosives and even rocket launchers brought from the combat zone in eastern Ukraine.

Transport police almost daily remove passengers from trains for transporting weapons in their baggage.

Most are military personnel or members of volunteer

police during operation against weapon dealers in Mykolaiv, Ukraine. The war in eastern Ukraine against Russia-backed separatists has led to the uncontrolled spread of firearms throughout the country, with experts describing Ukraine as a “supermarket” where millions of illegal weapons are for sale. (AP photo) battalions that have been fighting on the government side.

Heorhiy Uchaikin, who heads the Ukrainian association of gun owners, estimated that Ukrainians now illegally possess as many as 5 million firearms.

“Ukraine has turned

into a supermarket for illegal weapons,” he said. “In Ukraine, a gun is like shoe polish in a shoe polish factory.”

The only legal market for firearms in Ukraine is for hunting rifles, the sales of which are tightly regulated.

Security companies can obtain licenses for guards to carry small arms. Uchaikin is advocating changing the laws to make ownership of handguns and Kalashnikovs legal as a way to regulate the market and address gun crime.

Some of the weapons sold illegally were seized from separatist fighters and are believed to have been supplied by Russia. In June, Ukraine’s security services seized more than 200 rocket launchers, 3,000 grenades and two Shmel flamethrowers that are not part of the Ukrainian arsenal.

But most of the weapons on the black market come from the Ukrainian military and the around 40 volunteer battalions, which for most of the fighting remains outside the military chain of command.

Nadiya Savchenko, a Ukrainian military pilot

who fought with a volunteer battalion, blames corrupt military leaders for the flourishing black market.

Savchenko, who became a national hero after being captured and jailed in Russia for two years, alleges that weapons that should have been given to Ukrainian soldiers who were called up to fight have ended up on the black market instead.

“I remember how it all began: The guys were mobilized but not given automatic rifles,” she told The Associated Press. “(But) they understood that an automatic rifle is the only thing that can protect their life.

And then automatic rifles became worth their weight in gold. They bought them and hid them.”

Dmytro, a Ukrainian soldier speaking on condition of anonymity for fear of criminal charges, said when he was called up in 2014 he received nothing but food.

“Everyone who was mobilized brought home at least two or three guns,” he said.

“For my family it was like hard currency.” He has since signed a military contract and now receives a monthly salary of $320.

Over the past two years, about 250,000 Ukrainians were called up in six mobilization waves.

Since the armed conflict began in April 2014, at least 9,500 people have been killed. A cease-fire agreement signed in 2015 greatly reduced the fighting, but this summer has seen an uptick in casualties. International monitors have accused both sides of violating the ceasefire by using heavy weaponry that was supposed to have been withdrawn.

Government efforts to persuade people to voluntarily surrender their weapons have had limited success. An appeal by the national police force in March yielded 4,500 firearms, more than 300 shells, about 250 grenades and even a grenade launcher.

Police Col. Kostyantyn Zhuk said the result was extremely disappointing.

“This is just a drop in the ocean,” he said.

In 2015, there were 1,526 crimes involving firearms, up from 784 in 2013. The difference is even starker considering the 2015 figures do not include the conflict zones in the east or Crimea, which Russia annexed in 2014. Police said 70 percent of the weapons used in the crimes had come from eastern Ukraine.

The other concern is smuggling, with the main route running west through European Union countries Hungary, Poland, Romania and Slovakia, all of which share a border with Ukraine.

The Ukrainian border guards say they thwart several smuggling attempts every month. In June, a German citizen was detained while trying to cross into Romania with a firearm and ammunition. On the border with Slovakia, a Ukrainian guard who discovered weapons was shot and wounded by the smugglers, who then fled.

Uchaikin, of the gun owners’ association, said the arms are smuggled into Europe along the same routes long used to smuggle cigarettes. He accused the border guards of profiting from the trade and allowing vehicles to pass through without inspection.

THE TRIBUNE

Monday, August 8, 2016, PAGE 7

Smuggling surges in Greece as migrant frustrations grow IDOMENI, Greece (AP) — With Turkey in crisis and Europe’s borders closed, smugglers in northern Greece are expecting a profitable summer.

Greek police say traffickers are using increasingly sophisticated methods — motorcycle spotters, maps of border surveillance “blind spots,” and even police informants — to move out refugees who have been stuck in this Greek border town for months.

Higher smuggling fees and steadily worsening odds of success have done little to dent the determination of migrants like Sorah Rahimi.

The 22-year-old psychology student traveled from Afghanistan with his mother who is in poor health — and is an ideal target for smuggling rings that are re-emerging in the region.

He agreed to pay traffickers 2,500 euros ($2,750) to travel from Greece’s northern border with Macedonia to Sweden, but only made it a few miles before being spotted by police and turned back.

“We need to get to Sweden. Our whole family is there. We no longer have anything in Afghanistan,” Rahimi told the AP before being taken to a migrant shelter in northern Greece.

Tens of thousands of migrants have been stuck on their journey north across Europe. Governments across the continent slammed their borders shut in March to avoid a repeat of the mass migration in 2015, when more than a million refugees and migrants arrived, triggering a string of political upheavals.

The trip north has become increasingly risky and time-consuming. Rahimi spent three months at the port of Piraeus, near Athens, before traveling north by train.

Last month’s attempted coup in Turkey, followed by a draconian government crackdown there on perceived government opponents , has added to the uncertainty.

Traffickers in Greece have re-appeared in greater numbers since the govern-

ment cleared a massive makeshift camp at Idomeni on the Greek-Macedonian border in late May, according to officials from the country’s border guard, national police and security division interviewed by the AP. In a recent operation, police arrested 29 alleged members of two trafficking rings in northern Greece.

One gang had received information from a Greek police officer on gaps in the night vision camera network on the Greek-Turkish border.

Police said the smugglers brought some 600 migrants into Greece from Turkey over several months and helped them reach other countries, using a fleet of taxis, scout vehicles, prepaid “burner” cellphones, and a system of code words that included: “dogs” for police, “garbage trucks” for police cars, and “cement blocks,” ‘’fish,” or “kebabs” when referring to the migrants themselves.

“At least six (Greek) taxi drivers were involved in the smuggling rings, charging a regular fare while knowingly participating in the illegal activity,” the Greek Police’s Brig. George Pantelakos said. “Every transfer assisted by scouts on motorcycle, in an effort to avoid detection.”

Other suspects were from Syria, Iraq, Armenia, Albania and Kazakhstan.

Five police officers have also been arrested in Macedonia, accused of helping smugglers north of the Greek border.

In Greece alone, more than 57,000 migrants are stranded, most staying at about 60 government-run camps around the country.

The European Union’s law enforcement agency Europol analyzed data from anti-smuggling operations over the first six months of 2016. It found fees charged last year by traffickers for the entire trip from Syria and other warzones to the EU are now often set as the rate for crossing a single border.

Migrants are also more likely to be held up for months and become vulner-

NOTICE

NOTICE is hereby given that ELIPHELE NICKENSON of Marsh HArbour, Abaco, 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 8th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Employment Opportunity MAINTENANCE WORKERS A leading Fast Food franchise is looking for mature, clean-cut individuals to join its Maintenance (Janitorial) Team.

Job Summary To be responsible for the general cleanliness and upkeep of the entire Store and its surroundings, so as to facilitate the smooth, efficient operation of the Store.

Requirements • Must be a high school graduate.

• Must have excellent inter-personal skills.

• Must have excellent oral and written communication skills.

• Professionalism required.

• Must be able to work flexible hours including early mornings, late nights, weekends and holidays.

• A basic knowledge of kitchen equipment and electrical and air conditioning repair skills would be a plus.

• Must have a clean police record.

McDonald’s offers excellent benefits!

Please submit Resume to: Human Resources Department McDonald’s Head Office 111 Market Street North P. O. Box SS-5925 Telephone: 325-4444 Nassau, N.P., The Bahamas

An Afghan family eats breakfast in a park, at the northern Greek city of Thessaloniki, on Saturday, July 9, 2016. With Turkey in crisis and Europe’s borders closed, smugglers in northern Greece are looking forward to a profitable summer. Police say traffickers are using increasingly sophisticated methods _ with motorcycle spotters, “blind spot” maps in border surveillance, and even police informants to move refugees stuck here for months in limbo. (AP Photo)

able to exploitation.

“Last year, the trips were sometimes completed in one to two weeks; now a journey can last for months,” the agency said.

“While in 2015, 0.2 percent of migrants declared that they had to work to pay back smugglers, this rose to 5 percent in 2016.”

When the numbers peaked in late March, 14,000 people were camped out at Idomeni. Now all that remains there are aluminum posts used for emergency lighting. Sunflowers have appeared in fields that a few weeks ago were packed with tents.

But the migration problem has not been resolved.

Dozens of migrants are still hiding in cornfields, under bridges and in forests near Idomeni. Since the refugee camp was cleared, between 50 and 100 migrants a day are spotted trying to

cross the border and being turned back, according to police estimates.

Some are found hidden in vans, buses, cars or trains. Others try their luck on foot, looking for gaps in the razor-wire border fence along river banks and mountain trails.

Lina Siopi, a 44-year-old from Idomeni, owns a coffee shop outside the village railway station and says migrants are routinely found hidden in freight cars and detained.

“We see it all the time. In the latest incident ... a family was hiding under a sheet of tarp (in a freight carriage). I don’t know where they were from: a couple with two sons,” she said.

In Thessaloniki, Greece’s second largest city, one hour’s drive south of the Macedonian border, smugglers brazenly negotiate terms with migrants

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

The candidate/s should have proven experience in the Caterpillar Industry - Servicing and Troubleshooting Diesel Engines and Generator Sets. Applicants with some background education in electrical work are preferred or at least 5 years in a similar field/area.

A Bachelor’s Degree in Electrical and/ or Mechanical Engineering is required for the noted position.

Actively seeks out solutions to technical problems.

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

Only persons being interviewed for this position will be contacted.

PAGE 8, Monday, August 8, 2016

THE TRIBUNE

Amazon unveils cargo plane as it expands delivery network SEATTLE (AP) — Seattle-based Amazon is unveiling its first branded cargo plane, one of 40 jetliners that will make up the e-commerce giant’s own air transportation network as it takes more control of its delivery process.

The latest push to speed delivery of its products comes as the company ships an increasing number of packages worldwide.

Amazon’s parcel volume was an estimated 1 billion packages in 2015. By way of comparison, in the 2016 fiscal year FedEx delivered about 3 billion packages for hundreds of thousands of customers.

Amazon has had issues with the reliability of air freight services. In 2013,

it offered refunds to customers who received their Christmas orders late after bad weather and a jump in online shopping caused delays for UPS and FedEx. Analysts say it makes sense for Amazon to use an air fleet it controls as another way to get its products to online shoppers drawn to fast, no-extra-cost delivery.

“They’re such a big online retailer,” said Satish Jindel, president of shipping consultant ShipMatrix. “There’s so much volume that if you have to add transportation for yourself, why would you pay a retail price when you can get wholesale? It makes sense.”

Amazon revealed its first branded “Prime Air” cargo plane, designated Amazon

One, on Friday at the annual Seafair Air Show. The plane buzzed over Seattle’s Lake Washington just before the Navy’s Blue Angels took to the skies.

Amazon leased 40 Boeing jets from Atlas Air Worldwide Holdings and Air Transport Services Group Inc., which will operate the air cargo network. Eleven of the planes already are delivering packages for Amazon’s annual Prime loyalty program, which offers free two-day shipping and other perks.

The remaining freighters will be rolled out in the next couple of years.

Aircraft like Amazon One allow the company to “continue to maintain our fast delivery speeds

A worker walks past a Boeing 767 with an Amazon.com “Prime Air” livery on display Thursday, Aug. 4, 2016, in a Boeing hangar in Seattle. Amazon unveiled its first branded cargo plane Thursday, one of 40 jetliners that will make up Amazon’s own air transportation network of 40 Boeing jets leased from Atlas Air Worldwide Holdings and Air Transport Services Group Inc., which will operate the air cargo network. (AP Photo) portation partners.

“Because of our growth and the sheer amount of packages, we are supplementing our transportation needs,” Clark said.

The company has been furiously building out distribution centers, where workers and robots pull products off shelves and

and lower our costs as our Prime base and our Prime member growth continue to soar,” said Dave Clark, Amazon’s senior vice president of worldwide operations.

Despite its growing fleet of aircraft, Amazon said it plans to continue to use FedEx, UPS and other trans-

THe WeaTHer repOrT

5-Day Forecast

TOday

OrlandO

High: 87° F/31° C low: 74° F/23° C

Tampa

Tuesday

Wednesday

THursday

FrIday

Clouds and sun, a t‑storm in spots

A shower early; partly cloudy

Partly sunny with a stray shower

Clouds and sun with a thunderstorm

Partly sunny, a t‑storm in spots

Partly sunny with a thunderstorm

High: 92°

Low: 79°

High: 92° Low: 79°

High: 91° Low: 79°

High: 92° Low: 79°

High: 92° Low: 78°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

110° F

95° F

110°-96° F

109°-96° F

108°-94° F

106°-91° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

aBaCO

S

N

High: 87° F/31° C low: 82° F/28° C

6‑12 knots

S

High: 90° F/32° C low: 79° F/26° C

4‑8 knots

FT. lauderdale

FreepOrT

High: 89° F/32° C low: 79° F/26° C

E

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E

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WesT palm BeaCH

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uV inDex toDay

TOnIGHT

High: 84° F/29° C low: 77° F/25° C

High: 87° F/31° C low: 78° F/26° C

mIamI

High: 89° F/32° C low: 79° F/26° C

4‑8 knots

Key WesT

High: 89° F/32° C low: 82° F/28° C

eleuTHera

nassau

High: 92° F/33° C low: 79° F/27° C

Forecasts and graphics provided by AccuWeather, Inc. ©2016

N

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

12:08 a.m.

12:39 p.m.

2.9 2.8

6:23 a.m.

6:47 p.m.

0.4 0.6

Tuesday

12:51 a.m.

1:27 p.m.

2.7 2.8

7:06 a.m.

7:38 p.m.

0.5 0.7

Wednesday 1:38 a.m.

2:18 p.m.

2.6 2.7

7:51 a.m.

8:33 p.m.

0.6 0.8

Thursday

2:29 a.m.

3:12 p.m.

2.4 2.8

8:40 a.m.

9:31 p.m.

0.6 0.9

Friday

3:24 a.m.

4:07 p.m.

2.4 2.8

9:33 a.m. 0.6 10:29 p.m. 0.8

Saturday

4:20 a.m.

5:01 p.m.

2.4 3.0

10:26 a.m. 0.6 11:23 p.m. 0.7

Sunday

5:15 a.m.

5:51 p.m.

2.5 3.1

11:19 a.m. 0.5 ‑‑‑‑‑ ‑‑‑‑‑

sun anD moon Sunrise Sunset

6:41 a.m.

7:50 p.m.

Moonrise Moonset

11:43 a.m.

11:37 p.m.

First

Full

last

new

aug. 10

aug. 18

aug. 24

sep. 1

CaT Island

E

W

High: 87° F/31° C low: 81° F/27° C

N

S

E

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6‑12 knots

S

6‑12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 80° F/27° C Normal high ....................................... 89° F/32° C Normal low ........................................ 76° F/24° C Last year’s high ................................. 94° F/34° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 25.49” Normal year to date ................................... 21.03”

High: 87° F/31° C low: 80° F/27° C

package them for delivery, as well as smaller sorting plants, which arrange packages by ZIP code for faster delivery. It has a network of more than 125 fulfillment centers worldwide.

Amazon recently reported a second-quarter profit of $857 million on $30 billion in revenue.

andrOs

san salVadOr

GreaT eXuma

High: 86° F/30° C low: 81° F/27° C

High: 86° F/30° C low: 80° F/27° C

N

High: 89° F/32° C low: 81° F/27° C

E

W S

lOnG Island

insurance management tracking map

High: 86° F/30° C low: 80° F/27° C

4‑8 knots

mayaGuana High: 87° F/31° C low: 81° F/27° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CrOOKed Island / aCKlIns raGGed Island High: 87° F/31° C low: 81° F/27° C

GreaT InaGua High: 90° F/32° C low: 81° F/27° C

N

N E

W

E

W

H

High: 87° F/31° C low: 80° F/27° C

S

S

6‑12 knots

4‑8 knots

marine Forecast aBaCO andrOs CaT Island CrOOKed Island eleuTHera FreepOrT GreaT eXuma GreaT InaGua lOnG Island mayaGuana nassau raGGed Island san salVadOr

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 4‑8 Knots SE at 3‑6 Knots SE at 6‑12 Knots ESE at 4‑8 Knots ESE at 4‑8 Knots SE at 6‑12 Knots SE at 6‑12 Knots ESE at 8‑16 Knots E at 4‑8 Knots SE at 4‑8 Knots E at 6‑12 Knots ESE at 6‑12 Knots SE at 6‑12 Knots SE at 6‑12 Knots SE at 4‑8 Knots E at 8‑16 Knots ESE at 4‑8 Knots ESE at 8‑16 Knots SSE at 8‑16 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots ESE at 6‑12 Knots SE at 6‑12 Knots ESE at 8‑16 Knots SE at 4‑8 Knots SE at 6‑12 Knots

WAVES 3‑5 Feet 2‑4 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 1‑2 Feet 1‑3 Feet 4‑8 Feet 3‑6 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet

VISIBILITY 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 85° F 84° F 87° F 87° F 84° F 85° F 84° F 85° F 85° F 86° F 86° F 85° F 86° F 87° F 86° F 87° F 85° F 86° F 84° F 85° F 86° F 86° F 83° F 84° F 85° F 86° F

THE TRIBUNE

Monday, August 8, 2016, PAGE 9

Afghan general bans Pakistani rupee in southern province KANDAHAR, Afghanistan (AP) — A senior Afghan police official regarded as one of the country’s most powerful men has banned the use of the Pakistani currency in the key southern province of Kandahar.

The police chief of Kandahar, Gen. Abdul Raziq, said he has declared the use of the Pakistani rupee in business transactions a crime.

But he says he hasn’t yet decided on the punishment.

The rupee has been widely used in Afghanistan’s eastern and southern provinces bordering Pakistan. The Iranian currency is used in the western border provinces.

“I’m not against business, but I don’t want any other currency to be used in our country, especially the Pakistan and Iranian currencies,” Raziq told The Associated Press Sunday.

Raziq’s ban came into effect last week. Traders said it had an immediate effect, with the afghani strengthening in recent days.

“This is very good news, as people have been confused about what currency they should use and keep,” said Kandahar tribal elder and businessman, Ahmad Shah Khan.

He said the afghani had strengthened to 560 for 1,000 Pakistani rupees, from 630 per 1,000 before the ban.

The official Central Bank exchange rate Sunday was 622 per 1,000.

The afghani has also strengthened against the

dollar, from 68 to 65 since the ban was introduced, traders said. The official rate is currently 67.5 afghanis to the dollar.

Azrakhsh Hafizi, the head of the international relations committee of the Afghan Chamber of Commerce welcomed Raziq’s decision and urged officials nationwide to adopt the ban of foreign currencies.

The use of the U.S. dollar in transactions elsewhere in the country, including the capital Kabul, should also be banned, Hafizi said.

“The central bank almost every week buys afghanis in the market in order to maintain the stability of the Afghan currency but if we used only the Afghan currency all over the country there would be no need,” he said.

Raziq’s move coincides with a cooling of relations between Afghanistan and Pakistan following the breakdown of a peace process initiated last year by Afghan President Ashraf Ghani and the apparent failure by Pakistani authorities to move against Taliban leaders believed by Kabul to enjoy refuge over the border.

Taliban leaders moved into Pakistan when the U.S. invaded in 2001, ending their brutal five-year rule of Afghanistan. They are widely believed to live under Pakistan’s protection and to direct their war against Kabul, now in its 15th year, from cities including Quetta

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:(a) FAUNTLEROY INC. is in dissolution; (b) The date of commencement of the dissolution is the 28th day of July A.D., 2016 and (c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

C.B. Strategy Ltd. LIQUIDATOR

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) LEWBEN & BACCA LTD. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on August 5, 2016 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before September 5, 2016 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

AUGUST 8, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) CONMILE HOLDING LIMITED is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on August 5, 2016 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before September 5, 2016 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

and Peshawar.

Raziq said the currency ban is in retaliation against Pakistan’s protection of the Taliban, a charge Pakistan denies.

“Pakistan is not only using bombs against us, they use every other tactic they can to destroy us — and that includes our businessman,” he said. Pakistani authorities have held up Afghan goods, including fresh produce, at border points until the fruit and vegetables rotted, Raziq said.

There are signs that Afghanistan is starting to look elsewhere for imported

products as a way of pressuring Pakistani authorities into complying with Afghan demands that they force the Taliban into talks to end the war.

Wheat imports — which totaled 2.4 million tons last year, according to the U.S.

Department of Agriculture — have traditionally come from Pakistan. But an increase in the customs duty charged by Afghan authorities has cut imports from Pakistan, with the business now going to Central Asian states.

An Afghan money changer holds Pakistani currency bundles at the money exchange market in Kandahar south of Kabul, Afghanistan, yesterday. A senior Afghan police official regarded as one of the country’s most powerful men has banned the use of the Pakistani currency in the key southern province of Kandahar. Gen. Abdul Raziq, Kandahar police chief, says that using the Pakistani rupee is now a crime. (AP Photo)

GN-1784

MINISTRY OF THE ENVIRONMENT AND HOUSING BEST COMMISSION – EMPLOYMENT OPPORTUNITY The Bahamas Environment Science and Technology Commission in the Ministry of The Environment & Housing is seeking a qualified individual to be the National Project Coordinator (NPC) for the implementation and execution of the UNEP/GEF Full Size Project entitled the Pine Islands – Forestry/Mangrove Innovation and Integration. The project focus is on conservation and sustainable use of forested areas of high biodiversity significance and mangrove ecosystems critical to the adaptive resiliency of island communities.

The complete Terms of Reference is available at the BEST Commission website www.best.gov.bs and the Forestry Unit ‘s website http://www.bahamas.gov.bs/bahamasforestry or www.facebook.com/bahamianforestry.

Kindly submit all resumes and supporting documents to philipweech@bahamas.gov.bs and forestryinfo@bahamas.gov.bs.

Deadline for submission is 19th August, 2016.

MARKET REPORT FRIDAY, 5 AUGUST 2016

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

BISX ALL SHARE INDEX: CLOSE 1,973.24 | CHG 0.53 | %CHG 0.03 | YTD 149.29 | YTD% 8.18 BISX LISTED & TRADED SECURITIES 52WK HI 4.05 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 4.05 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 10.96 8.01 6.40 11.93 10.00

CHANGE 0.04 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 0.03 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

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

115.33 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.04 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

4,080

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 13.3 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 2.22% 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

AUGUST 8, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY 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

THE TRIBUNE

Monday, August 8, 2016, PAGE 11

China tries to end brain drain, lure foreign-educated talent BEIJING (AP) — As a young biologist at the University of Michigan, Chen Xiaowei had plenty to like about life in the U.S. He was paid well as a researcher and enjoyed raising his family in Ann Arbor, a town he remembers as beautiful, friendly and highly educated.

But an offer from a Chinese university for him to return home to Beijing was too generous not to consider. In addition to a comparable salary, he was promised enough startup research money that he wouldn’t have to worry about pursuing grants, and as he saw it, there was a chance to make a bigger difference in China.

So in 2014 he moved back with his wife and two children.

“I feel freer to pursue my best ideas,” Chen said.

He said he has received such generous support that he’s able to study a disease through symptoms in both the liver and muscles simultaneously — something he said he would not able to do in the United States because of limitations on grants, which are often tied to projects instead of researchers.

Chen, who earned a

doctorate in physiology at Michigan in 2008, has joined thousands of highachieving overseas Chinese recruited to come home through the 1,000 Talents program, one of many state efforts launched in recent years to reverse a decadeslong brain drain.

China, the world’s secondlargest economy and one of the fastest-growing, sees a need to bring home more of its brightest as it works to transform its largely laborintensive, low-tech economy into one fueled by innovation in science and technology.

Forbidden to study abroad until the 1980s, Chinese students have been attending foreign schools in growing numbers. More than 300,000 studied in the U.S. alone in the 2014-2015 school year.

Most of those students return to China, but the country has had difficulty regaining the most coveted graduates — those with advanced degrees and experience in science and engineering.

A 2014 report by Oak Ridge Institute shows 85 percent of the 4,121 Chinese students who received doctorates in science and engi-

neering from American universities in 2006 were still in the U.S. five years later. Still, that marked an improvement: The stay rate had been 98 percent a decade earlier.

The 1,000 Talents program offers recruits salaries several times more than what a Chinese-educated local hire would receive, as well as heavily subsidized education for children and millions in start-up research funds. The sign-up bonus alone can be as much as $150,000.

Chen, now an assistant professor at Peking University, was given a $1.5 million research fund. “In the states,” he said, “it’s very hard for young people to get money when they need it the most.”

Beijing says the leading 1,000 Talents program since 2008 has brought back 6,000 people who have become vital forces in areas such as science and technology, education and high-tech industry. Similar programs have mushroomed at provincial and municipal levels.

Researchers say 1,000 Talents and similar efforts have worked but with limited success. China is handicapped by a bureaucratic

Chen Xiaowei, an assistant professor at Peking University, speaks during an interview at the school’s campus in Beijing. China is recruiting thousands of high-achieving overseas Chinese to come home through the 1,000 Talents program, one of many state efforts launched in recent years to reverse a decades-long brain drain. (AP Photo)

academic system, less-thanfriendly political environment, inflexibility in immigration practices and other concerns including pollution.

“I think that the programs to bring back people full time have had some success, but those are not the best people,” wrote Da-

vid Zweig, director of the Center on China’s Transnational Relations at the Hong Kong University of Science and Technology, in an email to The Associated Press.

Zweig has studied China’s efforts to compete for global talents for 25 years.

He said his research shows that full-time over-

seas recruits are generally better than homegrown talents, although the very best have yet to return to China.

He blames that on the bureaucracy on Chinese campuses and in scientific labs, where administrators wield too much power and complicated interpersonal relations hinder research.