08142017 business

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MONDAY, AUGUST 14, 2017

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Turnquest: We can turn Bank of The Bahamas around

By NATARIO MCKENZIE Business Tribune Reporter nmckenzie@tribunemedia.net Finance Minister K Peter Turnquest said yesterday the Minnis administration has the best opportunity to restore value to Bank of The Bahamas, telling this newspaper the government would not have injected $166m into the struggling bank if it did not believe it could turn it around.

“I think that we have the best opportunity certainly to restore value to the bank. I am very confident in the board that we have. They will have the full support of the government and we believe that we will

be able to turn it around. We wouldn’t be investing $166m if I didn’t believe that there is an opportunity for the Bank for The Bahamas. At the end of the day, we believe in the professionalism and the ability of Bahamians,” Mr Turnquest told Tribune Business yesterday.

The latest rescue will remove some $166m worth of “toxic” commercial loans from BOB’s balance sheet and transfer them to the Bahamas Resolve special purpose vehicle (SPV).

The loans, which are to be paid for at gross book value, will be exchanged for promissory notes (government IOUs or bonds) that will be provided

PM: Youth entrepreneurial empowerment to be ‘major focus’ of administration

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net PRIME Minister Dr Hubert Minnis said that youth entrepreneurial empowerment will be a major focus of his administration, while urging the private sector to be “bold and imaginative”.

Dr Minnis, who was speaking at the recent launch of the Bahamas Striping Group’s Investment Group funding arm, said: “Youth entrepreneurial empowerment will be a major focus of my administration as we see this as a means of tackling some of our long-entrenched problems in our urban areas such as unemployment, crime and social anomie.”

Dr Minnis applauded the efforts of the striping group, while noting there are countless examples of young individuals who have ideas to start a business enterprise but who

have nowhere to turn to find the necessary funding to advance their proposals.

“They are unable to obtain funding through the established commercial banks and quite naturally they would not have the connections or the knowledge to obtain private financing. And so what happens, the dream is deferred, and the dream dies. Needless to say, this leads to personal frustration and social explosion.”

Dr Minnis also stressed that the private sector must expand. “One of today’s realities is that the private sector must expand. It must be that sector of our economy that must be bold and imaginative. We know that the public sector is already overburdened when it comes to creating new employment and so any opportunity that the private sector has to expand and create new employment should be welcomed,” said Dr Minnis.

See PG B3

by Bahamas Resolve. This will fill the hole left on BOB’s balance sheet by the removal of the impaired loans.

“We are going to give them every opportunity to be successful. It is unfortunate that the bank got to this point but as we give the bank the opportunity to solve its issues, we will also diligently pursue those loans that we taken on to the Resolve Corporation to ensure that the Bahamian people are able to recover as much of those delinquent loans as possible.

At the end of the day, this is a tremendous investment for the Bahamian people and we must See PG B3

DPM PETER TURNQUEST PRIME Minister Hurbert Minnis giving opening remarks at a orientations for parliamentarians.

Photo: Terrel W. Carey/Tribune Staff

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$1M FUND FOR TOMORROW’S ENTREPRENEURS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMAS Striping Group of Companies (BSGC) president Atario Mitchell said the group was “putting its money where its mouth is” via a $1m facility which will provide capital funding for local entrepreneurs.

BSGC officially launched The Investment Group Ltd last week. The Investment Group will invest in new or rapidly growing Bahamian companies. Mr Mitchell noted that BSGC was born in 2010 from a $5,000 self-starter grant to its original company, Bahamas Striping, and has now grown to a multi-layered enterprise, including Airport Maintenance Services, Caribbean Pavement Solutions, Bahamas Themed Photography and Abaco Caribbean Holdings.

“We want to plant $1m to raise up the next generation of Bahamian millionaires.

Unlike some who made their success and locked the gate behind them, we want to do the opposite,” said Mr Mitchell, noting that the group wants to give entrepreneurs the keys to access funding to help grow the economy. Local companies KW Paving, Global Energy Solutions Limited and United Data Technologies are the first to benefit from the fund.

“This is what our country needs. This will inspire our next generation of Bahamians to build The Bahamas,” said Mr Mitchell, adding: “We want to put our money where our mouth is to empower young Bahamians and help them fulfill their dreams.”

Mr Mitchell also revealed that BSGC by mid-2018 is looking to commence construction on a cold patch manufacturing facility in West End Grand Bahama. The plant will produce environmentally friendly cold patch and asphalt repair mix using local aggregates. “Our vision is to meet domestic demand and export through the Caribbean.”

‘Govt spending cuts will hurt country’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

Mitchell says job figures show PLP left nation in good state

OPPOSITION Labour spokesman Senator Fred Mitchell has warned of a ripple effect from the Government’s spending cuts, arguing that the near two per cent drop in the unemployment rate was proof that the Christie administration had left the country in “good shape to grow and prosper”.

Mr Mitchell, in response to the preliminary results of the Department of Statistics’ latest Labour Force Survey, said that under the Christie administration, “unemployment was trending downwards, See PG B3

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THE TRIBUNE

A glimpse inside Inagua life Island Overview

Two things spring to mind when most Bahamians think of Inagua: flamingoes and salt. While those industries and attractions may color public perception, Inagua brims with untapped potential in the growing field of ecotourism. With unrivalled biodiversity, virgin national parks, and a burgeoning marina services component, Inagua may well have what it takes to live up to its reputation as the ‘best kept secret’ in The Bahamas.

Nature Guide Services

Inagua has long served as the unquestioned birdwatching capital of The Bahamas but Inaguans have yet to fully capitalise on their remarkable natural resources. The Inagua National Park, spanning over 220,000 acres, remains the world’s largest breeding ground for West Indian flamingoes and continues to draw in visitors and dedicated birdwatchers from abroad. Aside from its famed flamingoes, the park also supports nearly 150 species of birdlife and has

been designated an Important Bird Area. This has further boosted the island’s appeal in the eyes of birdwatching enthusiasts, who tend to spend far more than cruise ship passengers or the average stopover visitor.

Birdwatching, one of the most lucrative and rapidly growing branches of the tourism sector, with the local market having been recently bolstered by government support. As we have previously discussed in this column, The Bahamas Ministry of Tourism launched a birdwatching

initiative in January 2017 through the support of the Bahamas National Trust and the US-based National Audubon Society, which trains Bahamians birdwatching guides throughout the Family Islands and provides a booking network for interested visitors.

Although the National Audubon Society has trained its first class of birdwatching guides, many remain employed in other agencies, leaving much room for growth for outdoor-oriented young Bahamians. At present,

only two wardens from the Bahamas National Trust represent Inagua birdwatching tours on the Ministry of Tourism’s website.

Port and Marina Services

Inagua is currently enjoying a massive overhaul of its port facilities as part of the government’s $232m Sandy Bottom Project, designed to modernise three port facilities across the country and help decentralise Royal Bahamas Defense Force (RBDF) operations. Through the project, Inagua will receive expanded harbour dredging at the Matthew Town government dock along with construction of warehouses, workshops, and a new Operations Building for the Defense Force.

Despite being designed primarily for the RBDF, the newly dredged harbor and accompanying improvements to the government dock at Matthew Town also offer opportunities for boating services catering to commercial and private vessels. Construction of the remaining facilities is expected to finish in roughly two months. Once completed, the revamped port will provide international yachters with access to a better-equipped marina facility capable of hosting larger ships along with a convenient stop for clearing Bahamas Customs, which could lead to spinoff business for local restaurants and tour companies.

Ecotourism

Little Inagua, the largest uninhabited island in the Wider Caribbean Region, also boasts the Little Inagua National Park, spanning roughly 63,000 acres of pristine wetland and marine environments. Inagua’s combined national parks offer access to rare protected species including sea turtles and birdlife, and wild donkeys that cannot be found elsewhere in the country. More certified guides and continued aggressive marketing could shine a much-deserved spotlight on the island’s exceptional treasures.

Aside from the clear guide opportunities for birdwatching and wildlife tours, Inagua also has ample room for growth in businesses built around the wealth of resources below sea level. Deep sea fishing is viable around the island, despite much of the waters surrounding Little Inagua being protected by the national park, with great potential for charter fishing services.

Dive companies are similarly underexplored on the island and could diversify the excursions offered for those visitors looking for something other than birdwatching experiences.

Challenges and Improvements

Inagua’s lack of robust marketing is likely the main inhibitor to growth on the island. Although statistics from the Ministry

ISLAND

InsightS

By RODERICK A. SIMMS II BCCEC DIRECTOR FAMILY ISLAND DIVISION CHAIRPERSON

of Tourism indicate that visitor arrivals have slowly increased over the last two years, growth remains anemic within the sector.

Recent pushes by government agencies to promote flights to the Family Islands are a step in the right direction but Inagua’s unique national parks and biodiversity are still underrepresented in international marketing.

Transportation is another challenge for the island.

Bahamasair is the only carrier offering routine flights to the island and even those are limited to three flights per week. However, the improved harbor facilities at Matthew Town could soften the impact of this disadvantage by drawing in more cruise visitors.

Furthermore, Inaguans should invest in training initiatives focused on improving the quality of services provided across the island as part of their efforts to modernize and address the island’s aging service sector.

New youth apprenticeship programs from some of the island’s largest employers, such as Morton Salt, the RBDF, and Bahamas Customs, could go a long way in improving the quality of services offered while keeping young Bahamians on the island. Competitive service quality is particularly needed within in the yachting and marina sector to keep yachters coming back to Inagua. A new world-class facility at Matthew Town is of little use if basic services such as reliable fuel supply are often difficult to provide.

Untapped Potential

It is peculiar to see an island with such broad potential for ecotourism hindered by lack of proper promotion. One need only look at the massive boost in Exuma’s tourism arrivals following the ‘Swimming Pigs’ marketing campaign so see how one unique attraction can draw in big numbers given sufficient advertising. As it stands presently, Inagua’s unspoiled parks and existing businesses offer an environmentally friendly experience for visitors and biologists with exponential room for growth. However, business owners and investors must lay the groundwork now for a sustainable, lowimpact tourism model to ensure that Inagua’s treasures remain unharmed for future generations.

THE TRIBUNE

Monday, August 14, 2017, PAGE 3

Update on legislation affecting financial sector THE Securities Commission of The Bahamas told financial and corporate service providers about its progress in overhauling the legislation governing their sector at a briefing recently.

The briefing was held at the British Colonial Hilton on 8 August and attracted over 120 representatives of financial and corporate services firms. Executive director Christina Rolle said that the commission, the industry and various international standards setters have observed several critical issues and regulatory gaps in the legislation which needed to be addressed.

“Some of these gaps include weaknesses in the enforcement structure of the legislation, lack of clarity around the consequences for non-payment of annual fees as well as inadequate definition of the specific activities that fall within the scope of this legislation,” Rolle said.

She said The Bahamas is facing increasing pressures

from the international community to ensure proper supervision of all forms of non-banking financial service activities and must double-down on its efforts in the fight against money laundering and the financing of terrorism.

Deputy Prime Minister and Minister of Finance K Peter Turnquest said the jurisdiction must have a reputation for compliance with international best practices and spoke to the importance of the Government, regulators, and businesses working together for a pragmatic and sensible approach to doing business in the jurisdiction.

Saying that transparency was the “order of the day”, Minister Turnquest said financial and corporate service providers must ensure they comply with their responsibilities regarding maintaining reliable accounting records.

“As financial and corporate service providers, you must ensure that

CHAIRMAN of the Securities Commission of The Bahamas Mr. Robert Lotmore (left), Executive Director Christina Rolle (middle) and Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest (right) at the Financial and Corporate Services Providers Act, 2000 Industry Briefing, held 8 August 2017.

you meet your obligation to maintain accounting records as required under relevant legislation, both with respect to your own business and any [International Business Company] or Exempted Limited Partnership where you provide corporate or administrative

services,” he said. “The eyes of the world are on us, and we should expect that our access to beneficial owner information and reliable accounting records will be tested.”

Managers of the commission’s supervisory

Turnquest: We can turn Bank ‘Govt spending cuts of The Bahamas around will hurt country’ From pg B1 return shareholder value to them,” Mr Turnquest added.

Bahamas Resolve is the special purpose vehicle (SPV) created in October 2014 to facilitate the rescue of Bank of the Bahamas.

The “bail out” saw a collective $45.2m in “bad loans”, belonging to 13 delinquent borrowers, transferred from the BISX-listed institution to Bahamas Resolve, with the subsequent ‘hole’ in the bank’s balance sheet plugged by $100m worth of government bonds.

The interest payments due to Bank of the Bahamas on those bonds were supposed to be serviced by the proceeds from Bahamas Resolve’s sale/liquidation of “distressed assets” securing

those loans - mainly highend and apartment-style residential properties, together with some business premises.

Opposition financial services spokesman and Exuma MP Chester Cooper yesterday backed the Minnis administration’s BOB rescue. In a statement, Mr Cooper noted that there was “no getting around” the fact that BOB has been in trouble over the course of several administrations. He noted that the government and ultimately the Bahamian taxpayers will be on the hook for the $166m to be transferred and the $100m transferred under the previous administration.

From pg B1 employment was trending upwards.

Under the PLP, the deficit was trending downwards, the revenue was up, reforms were underway, the financial services, immigration, health care, tourism and public service sectors were being reformed, and the country was headed in the right direction.”

The Labour force survey, conducted between April 24th and April 30th, reports the country’s unemployment rate at 9.9 per cent – a 1.7 per cent decrease from the results of October’s survey. The decline came as 7,770 people gained employment while there was a decrease of 3,485 unemployed people.

According to the survey,

the unemployment rate in New Providence was 10.4 per cent; in Grand Bahama it was 12.4 per cent and in Abaco it was 7.8 per cent.

Mr Mitchell argued that the Minnis administration has have cut back spending in the economy and have decided to halt hiring in the public service, at a critical time when the country was poised for growth. “The Government is the largest spender in this economy.

When they cut back and fire, the whole country trembles and the private sector follows. Consumer spending is contracted and revenues begin to drop.

Investors lose confidence in the economy, when the Government preaches doom and gloom as the FNM is doing.”

departments brought updates regarding the licensing and approvals process, and provided cautions and reminders to registrants stemming from the supervisor’s oversight of the sector. Wilfred Bain, enforcement officer, made a special presentation He added: “The FNM, through its current policies, is damaging the reputation of the country, talking down the economy and threatening investor confidence. It is unable to stop campaigning and start governing.”

“The latest employment numbers show that between May 2012 and May 2017 under the PLP administration, 39,505 jobs were added to the national economy with 7,770 added in the last six months of the PLP’s term in office. This is the largest jobs expansion by any government administration in any fiveyear term. Regardless of what is said about the PLP government, those are the objective numbers and the unvarnished facts,” said Mr Mitchell.

on registrants’ responsibilities for obtaining and documenting beneficial ownership information for various types of legal persons and arrangements.

The draft financial and corporate services providers legislation was issued on July 20 for public consultation and the commission is asking comments

by September 1. The draft legislation includes the Financial and Corporate Services Providers Bill, 2017, the Money Lenders’ Rules, and the Fees Rules.

The documents, including instructions for providing comments, are on the Commission’s website at www.scb.gov.bs.

PM: Youth entrepreneurial empowerment to be ‘major focus’ of administration

From pg B1

He added: “Our economy needs small and medium enterprises to grow and become successful. More often than not, these are the companies that employ those who are marginalised and who may not fit into the conventional mainstream of employable skills. But the market place must find room for such young men and women, and often the best way to do this is allowing such persons to do their own thing.”

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PAGE 4, Monday, August 14, 2017

THE TRIBUNE

PROCTER & GAMBLE TAKES CALCULATED RISK WITH ‘THE TALK’ AD

By RUSSELL CONTRERAS AND COREY WILLIAMS Associated Press IT’S a simple message: Beware of racism in the United States.

But Procter & Gamble took a calculated risk with its ad that features black mothers speaking to children about racial bias through the decades. The company says it knew there might be a backlash — and the ad has been criticized as being anti-police or antiwhite. But it says it felt after hearing from consumers that the ad would be worth it.

“The Talk,” which makes no mention of any P&G product, has been the talk of social media.

The ad is part of a shift by some corporations that are making emotional appeals to consumers by treading into territory that could be polarizing. But experts say there are likely to be more of these ads, as companies seek younger customers who respond to them.

“Brands just can’t push their messages out there,” said Luis Garcia, president and lead strategist of MarketVision, a San Antonio, Texas-based marketing firm.

“They have to create meaningful ways that are going to engage people.”

Consumers have so many choices among so many brands, Garcia said, that people remember only what matters to them.

In the P&G video released online last month, a mom in the 1950s tells her daughter she is not just “pretty for a black girl,” as someone told the girl, but “beautiful, period.” And a mom in the 1960s tells her son he may hear an epithet, but not to let it hurt him. Another mom, this time in the 1990s, reminds her son to take his identification with him as he sets off for practice.

None of the company’s products, like Pampers diapers, Tide detergent or Crest toothpaste, are shown. Instead, after clips of mothers giving children “the talk,” the video invites people to discuss it online with the hashtag #TalkAboutBias.

The ad is scheduled to begin airing on national television next week.

Damon Jones, a spokesman for Cincinnati-based Procter & Gamble, said not including products in “The Talk” was a conscious decision because the company wanted viewers to focus on

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SIGNAGE outside Procter & Gamble corporate headquarters in downtown Cincinnati. Experts say Procter & Gamble is taking a calculated risk with its ad that features black mothers speaking to children about racism across the last six decades. The consumer products maker says it knew there might be a backlash, and indeed, the ad has been criticized as being anti-police or anti-white.

But the company says it thought the ad would be worth it. (AP Photo/John Minchillo, File) its message. Ads for P&G products often feature smiling babies wearing its diapers or highlight dishes that sparkle after using its soap.

“There’s a time for product placement,” Jones said.

“There’s a time to do something broader.”

Jones said the company believed now was the time to tackle racial bias after hearing feedback from consumers. He said “The Talk” ad seemed like an evolution from other

socially conscious Procter & Gamble efforts, and cited its #LikeAGirl campaign that criticized emojis for being “stereotypical” and “limiting” toward women.

Procter & Gamble isn’t the first company to try to tackle difficult topics.

Some brands are specifically known for taking positions on political or social issues.

Other big brands have tried it too. Earlier this year, Nike unveiled its “Equality Has No Boundaries” commercial featuring well-known

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athletes. And AnheuserBusch released a Super Bowl ad that focused on its founder’s immigrant past.

Such ads often draw criticism, not only from those who oppose the social message but also sometimes from people it’s trying to appeal to.

Pepsi was reproached early this year over a video that took images from Black Lives Matter protests and ended with Kendall Jenner, a white woman, giving a police officer a can of Pepsi.

Critics said the commercial trivialized the issue of black residents’ interaction with police.

And two years ago, Starbucks launched a “Race Together” campaign aimed at getting customers to talk about race, only to end it shortly after critics claimed it was poorly executed and a marketing ploy.

The P&G ad has drawn positive and negative reactions.

Jennifer Johnson of Detroit said the conversations portrayed in the ads are rooted in real life. She says she’s had similar talks with her now-adult daughter over the years.

“She liked to go out and I would tell her to be careful,” said Johnson, 55, who is black. “She would say ‘alright, ma. I got you.’”

Johnson also believes that the ad, although illustrating black experiences, is meant for all audiences and that it may steer more business toward P&G products.

Victor Taylor, a black 63-year-old retiree in Bakersfield, California, called the ad “reality.”

“That’s what (black) children go through every day,” Taylor said about being treated differently. “I don’t find the ad prejudiced. I found it informing to the children growing up.”

Still, the ad didn’t make him want to go out and buy Crest or Tide, Taylor added.

Some social media users saw the ad as stroking racial animosity.

Conservative columnist Michelle Malkin said it amounted to “identity-politics pandering” and alienated law enforcement.

“P&G should stand for quality consumer goods, not empty Protest & Grumble that divides more than it unites,” Malkin wrote.

Robert Passikoff, president of the customer research firm Brand Keys Inc. in New York, said that’s the risk Procter & Gamble took and wondered how shareholders, even those who agree with the ad’s message, might respond. P&G is currently resisting activist investor Nelson Peltz, who is seeking faster changes and better financial results from the consumer products company.

“I’m the last of the Mad Men era,” Passikoff said. “I believe companies are not there for social change. They are there to sell products.”

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THE TRIBUNE

Monday, August 14, 2017, PAGE 5

Michigan reverses 44,000 jobless fraud cases, refunds $21M

By DAVID EGGERT Associated Press LANSING, Mich. (AP) — The state of Michigan said Friday it has reversed at least 44,000 unemployment benefit fraud cases covering a two-year period and is refunding nearly $21 million after a computer system wrongly accused people of collecting excessive benefits.

The figures were released as part of a review that began in January, after an astounding 93 percent error rate was discovered in an examination of thousands of cases.

The Unemployment Insurance Agency said it has now reviewed more than 62,000 cases in which claimants were assessed a fraud penalty and did not appeal — at least 9,000 more than previously disclosed. Of the 40,000 resolved solely by the troubled computer program, 85 percent were reversed. Of the 22,000 cases that were flagged by the Michigan Integrated Data Automated System (MiDAS) and referred to a human investigator, 44 percent were overturned — which mirrors the overall reversal rate in the normal appeals process, said state spokesman Dave Murray.

Another 5,000 cases were resolved through appeals.

Wanda Stokes, director of the Talent Investment Agency — which houses the Unemployment Insurance Agency — said changes have been made to ensure residents “are treated fairly and get the benefits they need during a stressful time.

Our initial focus was on a painstaking review of all the cases in question so we have the clearest picture of what we have to do to make things right and restore public trust in the system.”

The state has repaid all but about $2 million of the $20.8 million being refunded to people, Murray said, and is trying to locate those who are still owed money.

Republican Gov. Rick Snyder’s administration has been under fire for the fiasco. Last month, the state announced it was dropping criminal charges against 186 people accused of illegally collecting benefits.

Over a two-year period, the state mostly relied on the computer system to flag people who were accused of collecting excessive unemployment benefits based on discrepancies in reported earnings, hours worked and other information. They were hit with penalties, wage garnishments and lost tax refunds — before the state admitted it was wrong.

The agency said that for most of the reversals in the latest review, residents got benefits to which they were not entitled but they did not intend to commit fraud.

In other cases, employers reported quarterly wages to the agency, which later found that the wages had not been earned during the weeks the claimants filed for benefits.

Jennifer Lord, an attorney who has been leading a class-action lawsuit against the state, said Friday that the review is a “limited, positive step forward. But we are concerned that the dollars are not adding up.

The state’s own audited financial statements demonstrate that tens of millions more were seized from the citizens of Michigan. It is critical that the state and the agency be fully transparent so that confidence in the agency is restored.”

Lord also called for the administration to specify how and why “this debacle happened.”

Stokes has previously said lawmakers should consider reducing what are the country’s highest financial penalties for unemployment fraud. Democrats in the GOP-led Legislature have introduced bills in response to the scandal, and a bipartisan workgroup is meeting.

The agency said it is improving the computer program, staff interaction with residents and letters sent to claimants. It has received help from national experts on “best practices” and recently began a second phases of organizational changes.

But Democrats continued their criticism Friday, saying it has taken too long to fix problems and contending that those accused of fraud often incurred other costs that the state does not plan to reimburse.

Trump spat with Senate leader complicates tough agenda

By ANDREW TAYLOR Associated Press WASHINGTON (AP) — President Donald Trump’s attacks on Senate Majority Leader Mitch McConnell come at the worst possible time — if the president’s

goal is actually to accomplish the GOP agenda on health care, infrastructure and taxes.

Congress will return from its August recess to confront a brutal September workload. It includes two absolute must-do

items: funding the government to head off a shutdown, and raising the federal borrowing limit to avert a potentially catastrophic first-ever default on U.S. obligations.

Both will require bipartisan cooperation,

something that’s been in short supply this year.

That’s all apart from the legislation Trump wants to see, including a rewrite of the tax code to lower rates, a sweeping infrastructure bill, and renewed efforts to repeal the health care law.

THE TV-STREAMING PARADOX: WHY YOU MAY MISS THE CABLE BUNDLE

By TALI ARBEL Associated Press NEW YORK (AP) — The future of TV may well be a mishmash of streaming services that could rival the cost of a $100 cable bundle — but that are way more difficult to use.

Disney’s plan for two new streaming services (and possibly more) is just the latest sign that everyone is jumping into the streaming business. It intends to launch a kids-oriented movie and TV streaming service in 2019 that will pull Disney and Pixar films from Netflix, as well as an ESPN sidekick service (minus pro football and basketball) expected early next year. The company is even exploring the possibility of separate streaming services for its Star Wars and Marvel superhero films.

All of that will simply add to a cacophony of existing Netflix-style video services that let you watch what you want, when you want. More are probably on their way, as entertainment companies see profits in controlling not only the creation of their films and shows, but also their distribution.

The downside? Potentially bigger bills, and more work for people who just want to find something to watch.

“Ultimately for consumers, it means that experience is dreadful,” says Paolo Pescatore, a vice president with research firm CCS Insight.

PROBLEM ONE: FINDING STUFF TO WATCH New Yorker David Berkowitz still pays for cable, streams from Netflix and Amazon, and sometimes buys individual movies from Amazon; his three-year-old daughter already watches “Finding Dory” and “Finding Nemo” on two separate services. The prospect of a new Disney-only service isn’t reassuring. “Having a third

thing in the mix seems like a lot to juggle,” he says.

To find stuff to watch, Berkowitz’s family uses a Roku box attached to their TV, which suggests streaming channels the family may like and lets them search for the shows and movies he wants to watch. There are also websites to guide streamers, like justwatch. com.

That’s fine if you know what you’re looking for. But the modern-day channel surfer has it much harder.

“There’s going to be a proliferation of niche content,” says Colin Petrie-Norris, CEO of Xumo, a streamingchannel provider for smart TVs. “The way for it to be managed, findable for a user — that has not emerged yet.”

PROBLEM TWO: PAYING THE PRICE People quit cable because they can’t justify a $100-andalways-climbing monthly payment, especially with so much good stuff on cheaper

services. But the cost of multiple streaming services adds up, too.

A $30 TV antenna gets you local channels — CBS, NBC, ABC, Fox, PBS, Univision — for free, though you have to watch whatever’s on at the moment unless you have a DVR. If you want to see the edgy shows everyone talks about, then Netflix is, for most, $10 a month; Amazon is $8.25 a month if you sign up for a year. Hulu starts at $8. HBO Now, $15.

Tickled by ads for a specific network show? “The Sinner,” an eerie-looking new Jessica Biel vehicle on USA, costs $20 on Amazon for the season. All that together is already more than $60 a month. It’s even worse if you’re a sports fan. MLB.TV is $113 for the year, and you won’t get hometeam games .

Berkowitz says he’s curious about the Disney service, especially since he expects to save money by cutting cable. “For us, if it’s

$5 a month it’ll almost be like that impulse buy, go to a store and pick up a candy bar,” he says.

Disney hasn’t settled on prices yet, saying only it wants an affordable service that’s broadly appealing. Its DisneyLife streaming video app in the U.K. launched at 10 pounds a month in November 2015 and now costs half that — about $6.50.

Of course, Disney might still bundle Marvel movies and the Star Wars franchise into its service, which would help it appeal to a wider demographic. For kid’s programming, there’s already a lot out there. Much of it is free.

Darcy Hansen, a communications consultant and stay-at-home mom in the Dallas suburbs, has two kids under age 5 whose favorite show — “Sheriff Callie’s Wild West” — is a Disney series on Hulu. But a Disney app isn’t a must-have for her.

Luxury Resort looking for a skilled HR Officer who will recruit, support and develop talent through developing policies and managing procedures.

If you are passionate about HR and highly efficient, give us a chance to meet you.

We expect you to have knowledge of various HR functions. We want to see a committed approachable individual and be impressed with your character and skills.

Responsibilities include: • Support the development and implementation of HR initiatives and systems • Be actively involved in recruitment by preparing job descriptions, posting ads and managing the hiring process • Develop training and development programs • Assist in performance management processes • Support the management of disciplinary and grievance issues • Maintain employee records (HRIS) • Prepare and analyse reports for executive management Requirements • Proven experience as HR officer, HRIS Administrator or other HR position • Knowledge of HR functions (pay & benefits, recruitment, training & development etc.)

• Understanding of labour laws and disciplinary procedures • Proficient in MS Office ; knowledge of HRIS is a plus • Outstanding organizational and time-management abilities • Excellent communication and interpersonal skills • Problem-solving and decision-making aptitude • Strong ethics and reliability

Please submit resume to albanyHR@albanybahamas.com by Friday, August 16th, 2017.

PAGE 6, Monday, August 14, 2017

THE TRIBUNE

US stock indexes edge higher in early trading; oil slides

By ALEX VEIGA Associated Press

A WALL Street address is carved in the side of a building in New York. Stocks are opening modestly higher on Wall Street, Friday, Aug. 11, 2017, led by gains in technology companies and banks. (AP Photo/Mark Lennihan, File)

U.S. stocks edged higher in early trading Friday, recouping some of the ground they lost after the market’s biggest single-day drop in nearly three months.

Technology and health care stocks were among the big gainers. Utilities companies were down the most.

Investors had their eye on company earnings and the latest developments in the ongoing tensions between North Korea and the United States.

KEEPING SCORE: The Standard & Poor’s 500 index rose 7 points, or 0.3 percent, to 2,445 as of 10:19 a.m. Eastern time.

The Dow Jones industrial average added 51 points, or 0.2 percent, to 21,895. The Nasdaq composite gained 32 points, or 0.5 percent, to 6,249. The Russell 2000 index of smaller-company stocks picked up 1 point, or 0.1 percent, to 1,373.

TOUGH TALK: Tensions between the U.S. and North Korea continued to simmer early Friday. In a tweet, President Donald Trump warned of military action “should North Korea act unwisely,” noting that the U.S. is “locked and loaded.” Earlier this week, Trump said the U.S. would unleash “fire and fury” on North Korea if it continued to threaten the U.S. North

BIG GAINERS: Health care stocks were among the big gainers. Perrigo rose $2.17, or 2.8 percent, to $79.01. Vertex Pharmaceuticals picked up $3.19, or 2.1 percent, to $151.73.

SALES SLUMP: J.C. Penney sank 16.6 percent after the struggling department store chain reported quarterly results that fell short of Wall Street’s expectations. The company also said sales at its established stores declined for the fourth-straight quarter. The stock lost 78 cents to $3.93.

SLIDING: Traders soldoff utilities stocks. AES Corp. shed 26 cents, or 2.3 percent, to $11.12.

OIL: Benchmark U.S. crude was down 21 cents to $48.38 a barrel on the on the New York Mercantile Exchange. Brent crude, used to price international oils, was down 35 cents to $51.55 a barrel in London.

CURRENCIES: The dollar slipped to 109.11 yen from 109.26 late Thursday.

The euro fell to $1.1791 from $1.1774.

BONDS: Bond prices fell.

The yield on the 10-year Treasury note rose to 2.22 percent from 2.20 percent late Thursday.

MARKETS OVERSEAS: Major indexes in Europe were mixed. Germany’s DAX was up 0.1 percent, while France’s CAC 40 fell 1.1 percent.

Britain’s FTSE 100 was down 1 percent. In Asia, several indexes closed lower overnight. South Korea’s Kospi lost 1.7 percent, while Hong Kong’s Hang Seng slid 2 percent. Australia’s S&P/ASX 200 dropped 1.2 percent. Japan was closed on a public holiday.

Korea has announced a detailed plan to launch a salvo of ballistic missiles toward the U.S. Pacific territory of Guam, a major military hub and home to U.S. bombers.

There were fewer signs of anxiousness in the markets Friday. Bond and gold prices, traditional havens for nervous investors, were little changed, and the VIX, a measure of how much volatility investors expect in stocks, slid 6.7 percent following a 44.4 percent jump the day before. It’s still the highest it’s been since May. INFLATION: The Labor Department said consumer prices edged up 0.1 percent in July following no gain in June. Inflation has risen 1.7 percent over the past 12 months, suggesting that inflation pressures remain well under control. The Federal Reserve, which raised its key interest rate in March and June, has signaled it plans a third rate hike before the end of this year. But some economists say the Fed may stand pat for the rest of 2017 unless inflation accelerates in coming months.

UP WITH TECH: Investors bid up technology sector shares. The sector was the biggest decliner on Thursday. KLA-Tencor gained $2.52, or 2.9 percent, to $90.07, while Seagate Technology added 97 cents, or 3.1 percent, to $32.53.

CALL 502-2394 TO ADVERTISE TODAY! Fidelity Bank (Bahamas) Limited

Consolidated Statement of Changes in Equity (Unaudited) For the Six Months Ended 30 June 2017 (Expressed in Bahamian dollars)

(Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 30 June 2017 (Expressed in Bahamian dollars) 2017 $

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets Investments in joint ventures Property, plant and equipment

101,530,444 78,278,522 385,004,476 6,072,076 12,346,925 10,980,108

Total assets

594,212,551

2016 $ 75,219,924 77,129,401 386,803,562 3,161,364 10,937,162 10,957,537 564,208,950

LIABILITIES Deposits from customers Accrued expenses and other liabilities Debt securities

457,801,372 644,157 49,061,090

430,883,092 870,908 48,892,530

Total liabilities

507,506,619

480,646,530

EQUITY Capital – ordinary shares Capital – preference shares Revaluation reserve Reserve for credit losses Retained earnings

20,333,243 15,000,000 378,809 3,859,464 47,134,416

20,333,243 15,000,000 392,251 3,855,116 43,981,810

Total equity

86,705,932

83,562,420

594,212,551

564,208,950

Total liabilities and equity

Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Reserve for Credit Losses $

Retained Earnings $

Total $

20,333,243

15,000,000

392,251

3,855,116

43,981,810

83,562,420

Net income

-

-

-

-

10,844,084

10,844,084

Total comprehensive income

-

-

-

-

10,844,084

10,844,084

-

As of 1 January 2017 Comprehensive income

Transfers

6 Months Ended 30 June 30 June 2017 2016 $ $

14,145,007 874,144

28,155,540 1,703,468

26,407,384 1,490,183

15,019,151

29,859,008

27,897,567

(3,785,985 )

(7,492,362 )

(7,165,575 )

22,366,646

20,731,992

673,201 20,156 215,844

1,386,940 40,313 387,380

1,203,459 40,313 392,223

12,142,367

24,181,279

22,367,987

EXPENSES General and administrative Salaries and employee benefits Provision for loan losses Depreciation and amortisation

2,728,000 2,468,734 2,118,146 338,698

5,219,865 4,683,811 4,129,093 732,613

4,489,886 4,764,227 3,492,916 789,445

Total expenses

7,653,578

14,765,382

13,536,474

Operating profit

4,488,789

9,415,897

8,831,513

728,339

1,428,187

1,239,900

5,217,128

10,844,084

10,071,413

-

-

-

5,217,128

10,844,084

10,071,413

28,795,142

28,791,403

28,771,099

0.16

0.36

0.33

Total income

Share of profits of joint ventures Net income OTHER COMPREHENSIVE INCOME Items not reclassified to net income Property, plant and equipment revaluation Total comprehensive income Weighted average number of ordinary shares outstanding Earnings per share

4,348

9,094

-

Total transfers

-

-

Dividends – preference shares

-

-

-

-

(483,904)

(483,904 )

Dividends – ordinary shares

-

-

-

-

(7,216,668)

(7,216,668 )

(13,442 )

Transactions with owners

Total transactions with owners As of 30 June 2017 Dividends per share

-

-

-

-

(7,700,572)

(7,700,572 )

20,333,243

15,000,000

378,809

3,859,464

47,134,416

86,705,932

0.25

0.32

Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2016 (Expressed in Bahamian dollars) Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Reserve for Credit Losses $

Retained Earnings $

Total $

20,241,119

15,000,000

875,780

3,647,593

34,998,204

74,762,696

-

-

-

-

21,687,965

21,687,965

Property, plant and equipment revaluation

-

-

(456,645 )

-

-

Total comprehensive income

-

-

(456,645 )

-

21,687,965

21,231,320

Depreciation transfer

-

-

(26,884 )

Appropriation for credit losses

-

-

Total transfers

-

-

92,124

-

-

-

-

-

-

-

(1,052,877)

(1,052,877 )

Other comprehensive income

11,233,166

Fees and commissions Rental income Other income

-

-

Net income

3 Months Ended 30 June 2017 $

Net interest income

-

(4,348)

-

-

Comprehensive income

Consolidated Statement of Comprehensive Income (Unaudited) For the Six Months Ended 30 June 2017 (Expressed in Bahamian dollars)

Interest expense

13,442

4,348

-

Appropriation for credit losses

As of 1 January 2016

INCOME Interest income Bank deposits, loans and advances Investment securities

(13,442 )

Depreciation transfer

(456,645 )

Transfers

(26,884 )

26,884

-

207,523

-

(207,523)

-

207,523

(180,639)

-

Transactions with owners Issuance of ordinary shares Dividends – preference shares Dividends – ordinary shares Total transactions with owners As of 31 December 2016 Dividends per share

75,826

167,950

-

-

-

-

(11,546,669)

(11,546,669 )

92,124

-

-

-

(12,523,720)

(12,431,596 )

20,333,243

15,000,000

392,251

3,855,116

43,981,810

83,562,420

0.40

0.70

Notes to the Consolidated Financial Statements (Unaudited) For the Six Months Ended 30 June 2017 (Expressed in Bahamian dollars) Capital Management The objectives of Fidelity Bank (Bahamas) Limited (the Bank) when managing capital, which comprises total equity on the face of the consolidated statement of financial position, are: 

To comply with the capital requirements set by the Central Bank of The Bahamas (the Central Bank).



To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and



To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank, including quantitative and qualitative measures. The required information is filed with the Central Bank on a quarterly basis.

The Central Bank, the Bank’s principal regulator, requires that the Bank maintains a ratio of total regulatory capital to risk-weighted assets at or above a minimum of 14.00%. For the six months ended 30 June 2017 and the year ended 31 December 2016, the Bank complied with all of the externally imposed capital requirements to which it is subject.

THE TRIBUNE

Monday, August 14, 2017, PAGE 7

MONTANA’S HEALTH CO-OP REMAINS STANDING AS OTHERS FALTER

By BOBBY CAINA CALVAN Associated Press HELENA, Mont. (AP) — Montana’s health care co-op, one of America’s few remaining alternatives to traditional health insurance, will resume accepting new enrollees Sunday after it voluntarily pulled itself from the state’s insurance marketplace in December.

The insurer took the nine-month hiatus from enrolling new members in the exchange created by President Barack Obama’s Affordable Care Act to boost its financial reserves and keep it from the same fate that has befallen failed co-ops across the country.

The program was among about two dozen privately run health co-ops that sprang up across the country following the 2010 passage of the Obama administration’s health care law. They provided medical coverage with premiums far lower than plans offered by traditional health insurance companies.

But within two years, half of the programs quietly folded — undermined by political attacks, financial miscalculations and the volatility of the health insurance marketplace. Just four remain — in Montana, Wisconsin, Maine and New Mexico. Earlier this week, Massachusetts officials placed the Minuteman Health co-op in receivership.

THE OFFICES of the Montana Health Co-op in Helena, Mont. The Montana Health Co-op resumes accepting new enrollees yesterday after withdrawing from the state’s health insurance exchange last year amid worries about its financial health. Chief Executive Officer Jerry Dworak asserts that the co-op is in position to absorb all 64, 000 Montanans who buy policies from the state’s health insurance exchange. (AP photo) The Montana Health Co-op, which also serves customers in neighboring Idaho, temporarily suspended new enrollment in Montana because of worries that it was overextending its resources and heading toward insolvency.

“When all the other co-ops were going down, we were losing money, too,” said Jerry Dworak, the Montana Health Co-op’s CEO. “Thankfully, we’ve turned things around.”

This year, the co-op is projecting $28 million in profits, after weathering a string of losses. It lost about $6 million in its first year and more than $40 million the following year, Dworak said.

So confident is the co-op about its financial health that Dworak said it has the capacity to absorb all

64,000 Montanans who buy their insurance through the state’s exchange. It now enrolls about 20,000 people who purchase individual plans on the exchange. Blue Cross and PacificSource, the other two providers on the exchange, have nearly 32,000 and 12,000 enrollees respectively.

State Auditor Matt Rosendale, whose office oversees Montana’s health insurance market, said he has no immediate concern over Montana’s co-op.

“Right now they are very strong, and I feel very comfortable,” Rosendale said.

But Rosendale, who recently announced a bid for the U.S. Senate, said the millions of dollars in federal loans that co-ops have used as seed money could be better used, and he doubts

Facebook anonymously launched an app in China

official efforts to suppress mention of the death of Liu Xiaobo, the imprisoned Nobel Peace laureate.

China’s biggest internet service provider, China Telecom Ltd., sent a letter to corporate customers last month saying that VPNs, which create encrypted links between computers and can be used to see sites blocked by Beijing’s web filters, would be permitted only to connect to a company’s headquarters abroad. The move could block access to news, social media or business services that are obscured by China’s “Great Firewall.”

Chinese authorities have long blocked Facebook, Twitter, Facebook and YouTube, arguing that foreign social media services operating beyond their control pose a threat to national security.

By ALEXANDRA OLSON Associated Press NEW YORK (AP) — Facebook anonymously launched a new photosharing app in China in a new effort to make inroads in the world’s most populous country.

China’s ruling Communist Party controls internet traffic across the country’s borders and tries to keep the public from seeing thousands of websites including Facebook.

The app, called Colorful Balloons, was launched in China earlier this year and does not carry Facebook’s name. Facebook confirmed Saturday that it launched the app.

The social media company’s connection to the app was first reported Friday by The New York Times, which said it was released in China through a separate local company called Youge Internet Technology.

The launch of the app comes as China is cracking down on technology that allows web surfers to evade Beijing’s online censorship.

Last month, users of Facebook’s What’sApp messaging service, which normally operates freely in China, were no longer able to send images without using a virtual private network. That came amid

that the Montana co-op will be able to repay the $85 million in loans it has gotten under the Obama health care law.

Political and financial volatility in the country’s health care system has prompted a further surge in premiums. In Montana, all three of the insurance plans participating in the exchange announced hikes in premiums, with Blue Cross Blue

Shield of Montana announcing an average increase of 23 percent. PacificSource is looking to bump its premiums by an average of 7.4 percent, while the co-op’s premiums are expected to rise on average by 4 percent.

During the heady debates over the Obama administration’s health care law in 2010, a so-called public option was supposed to spur competition in the health insurance marketplace. When that effort failed, privately run health insurance co-ops emerged as alternatives.

Co-op administrators like Larry Turney, president of Montana’s program, watched in concern as lawmakers in Washington debated the fate of the Affordable Care Act. While that debate has waned, worries persist that wholesale changes could cause membership numbers to plummet, especially if Congress strips away subsidies.

“There would be a lot of uninsured Americans again because members would have to pay their entire premiums,” Turney said.

An analysis by the U.S. Government Accountability Office in spring 2016 found co-ops have delivered on their promise of offering lower premiums, with the average premiums for co-op health plans substantially lower than other insurers.

But the analysis noted many of them grew too fast and did not have the necessary reserves to handle the higher-than-expected number of enrollees. As many as 1 million people enrolled in the co-ops before a substantial part of the system began collapsing.

Chuck Butler, one of the founders of Montana’s co-op, cited the challenges faced by rural states like Montana in widening access to affordable, quality health care. With few insurance carriers willing to do business in rural states, where the average cost of medical care is higher, the co-op was meant to give Montanans more options.

“The people of Montana deserve choices, and they really didn’t have a whole lot of choices,” Butler said.

www.ub.edu.bs

FALL SEMESTER ORIENTATION 2017 UB NORTH CAMPUS, GRAND BAHAMA Parents’ Day Tuesday, August 8th, 2017 6:00 p.m.

New Student Orientation Registration Wednesday, August 9th, 2017 9:30 a.m.

Academic Unit-based Advisement Thursday, August 10th, 2017 Hours: 9:00 a.m. – 4:30 p.m.

Online Registration Tuesday, August 15th, 2017 – Friday, August 18th, 2017 Begins at 6:00 p.m. on August 15th, 2017

OAKES FIELD CAMPUS, NEW PROVIDENCE

On August 11th, 2017 at 8:00 a.m. until 5:00 p.m., status letters will be distributed to applicants in the Performing Arts Centre, Oakes Field Campus, University of The Bahamas.

Parents’ Day Performing Arts Centre (Faculty of Social and Educational Studies /Faculty of Pure and Applied Sciences) Performing Arts Centre Thursday, August 10th, 2017 10:00 a.m. – 12:00 p.m.

Parents’ Day Performing Arts Centre (Faculty of Business, Hospitality and Tourism Studies / Faculty of Liberal and Fine Arts / Continuing Education and Lifelong Learning (CELEARN)) Performing Arts Centre Thursday, August 10th, 2017 6:00 p.m. – 8:00 p.m.

New Student Orientation (A – J) Performing Arts Centre Monday, August 14th, 2017 7:00 a.m.

New Student Orientation Harry C. Moore Library & Information Centre Eastern Porch (K – Z) Monday, August 14th, 2017 9:00 a.m.

Family Island and International New Student Orientation Performing Arts Centre Tuesday, August 15th, 2017 9:00 a.m.

Academic Unit-based New Student Orientation and Advisement Tuesday, August 15th, 2017 Hours: 2:00 p.m. – 6:00 p.m.

Academic Unit-based New Student Orientation and Advisement Wednesday, August 16th, 2017 Hours: 2:00 p.m. – 6:00 p.m.

Online Registration Tuesday, August 15th, 2017-Sunday, August 20th, 2017 (midnight) Begins at 6:00 p.m. on August 15th, 2017

PAGE 8, Monday, August 14, 2017

THE TRIBUNE

North Korea tensions continue to weigh on global stocks

By THE ASSOCIATED PRESS LONDON (AP) — Ongoing tensions between North Korea and the United States weighted on stock markets once again Friday.

KEEPING SCORE: In Europe, Britain’s FTSE 100 was down 1.1 percent to 7,306, while France’s CAC 40 fell 1.1 percent to 5,058. Germany’s DAX fared better, trading only 0.2 percent lower at 11,989.

Wall Street was poised for a soft opening with S&P futures and Dow futures both down 0.2 percent.

FIRE AND FURY: Keeping up his tough talk, U.S. President Donald Trump told reporters that North Korean leader Kim Jong Un’s government should “get their act together” or face the

consequences, and suggested that his earlier threat to unleash “fire and fury” on North Korea was too mild. The remarks, following North Korea’s earlier revelation of a plan to launch a salvo of ballistic missiles toward the U.S. Pacific territory of Guam, gave investors further incentive to take to the sidelines at least in stock markets.

ANALYST TAKE: “Equities look set to end this week on a downer, as geopolitical uncertainty regarding North Korea shakes volatility from its 2017 slumber,” said Mike van Dulken, head of Research at Accendo Markets.

US DATA: The other potential driver in markets will be upcoming U.S. economic data, including monthly inflation figures,

which could go a long way to determining expectations for the pace at which the Federal Reserve raises interest rates. Both the core and headline rates are expected to have risen by 0.2 percent during July.

THE QUOTE: “Inflation — or lack of —- has been an ongoing problem for the central bank and some policy makers have voiced concerns about this in recent months as they consider whether to raise interest rates again this year,” said Craig Erlam, senior market analyst at OANDA. “Should we see another dip in inflation in July, it could make the job of building a consensus for another rate hike this year more difficult.”

ASIA’S DAY: Earlier, Asia bore the brunt of the mounting geopolitical uncertainty, with South

A CURRENCY trader gestures at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 11, 2017. Asian stock markets slumped on Friday following overnight losses on Wall Street as U.S. President Donald Trump’s bellicose remarks prompted investors to unload shares in companies that have been on the rise in recent months.

(AP Photo/Ahn Young-joon) Korea’s Kospi index closing down 1.7 percent at 2,319.71 and Hong Kong’s Hang Seng ending 2 percent lower at 26,883.51.

Shanghai’s main index also tumbled 1.6 percent to 3,208.54 while Australia’s

S&P/ASX 200 dropped 1.2 percent to 5,693.10. Japan was closed on a public holiday.

OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent

crude, used to price international oils, declined 20 cents to $51.70 per barrel in London.

CURRENCIES: The euro slipped 0.1 percent to $1.1176 while the dollar was steady at 109.20 yen.

University aims to educate 50,000 refugees worldwide by 2022

By MICHAEL CASEY Associated Press

ALEX Buisse shows refugee student Sadiki, one of the first graduates from a Southern New Hampshire University and Kepler higher education program at Kiziba Refugee Camp, in Kigali, Rwanda.

As part of his education, Sadiki held an internship with SafeMotos, a tech start-up company in Kigali, which developed a mobile app that connects passengers to moto-taxi drivers who are equipped with smartphones that send data on how they drive. (Alex Buisse via AP)

MANCHESTER, N.H. (AP) — Inspired by the success of a Southern New Hampshire University program that allows hundreds of refugees in Rwanda to access its courses, a group of anonymous donors approached its president with a challenge: What would it take to educate 50,000 refugees each year?

The president, Paul LeBlanc, was intrigued. After some discussion, the donors agreed last month to provide $10 million to the university so it can study whether its program offering associate and bachelor’s degrees

MARKET REPORT FRIDAY, 11 AUGUST 2017

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

BISX ALL SHARE INDEX: CLOSE 1,834.10 | CHG -6.12 | %CHG -0.33 | YTD -104.11 | YTD% -5.37 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.60 2.41 0.13 6.50 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.10 7.25 12.51 11.00

52WK LOW 4.01 17.43 8.19 3.50 1.39 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 8.10 6.60 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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

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

52WK LOW 100.00 100.00 100.00

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

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

SYMBOL FBB17 FBB18 FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.07 3.95 1.96 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 3.92 8.60 6.10 10.00 10.01 2.47 1.55 6.00 9.75 7.01 10.10 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 3.92 8.60 6.10 9.98 10.01 2.47 1.55 6.00 9.75 7.01 9.75 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 -0.35 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

300

1,000 50

100 20,000

VOLUME

NAV 2.07 3.95 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.444 0.932 -0.510 0.383 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 0.753 0.763 0.330 0.830 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

P/E 9.6 18.7 N/M 9.4 N/M N/M -5.2 14.7 32.1 18.5 17.6 24.2 3.4 8.0 12.8 21.2 11.7 11.7 17.9 0.0

YIELD 1.87% 5.74% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.61% 3.61% 5.69% 2.43% 3.87% 4.83% 4.62% 0.00% 3.49% 2.00% 4.96% 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% 3.50% 3.88% 4.25%

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

YTD% 12 MTH% 2.34% 4.55% 0.90% 1.64% 1.21% 2.55% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017

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

at a Kiziba refugee camp and a Kigali facility could be replicated. Most of the 300 students are on pace to graduate, and almost all are getting job or internship offers.

The concept of a university for the displaced comes as the world’s refugee crisis reaches levels not seen since World War II. The United Nations’ refugee agency reports that 65.3 million people were forced to leave their homelands in 2016.

Many refugees languish in squalid camps that sometimes lack the basics of life — clean water and sufficient food — and where a higher education is little more than a dream.

“When I was in Burundi, I never dreamed of what is happening to me now,” said Ella Ininahazwe, a 24-yearold refugee from Burundi who left for Rwanda after her university shut down.

She now attends the Kigali program and dreams of one day working in health care for refugees.

“I see another Ella who cares about others, an Ella who is fortunate to be able to help others, an Ella who want to share what she has,” she said. “I found another person inside me. I am very proud of myself now.”

If the university can replicate its results at four more sites by 2019, the donors will agree to cover the cost of 20 more sites in refugee camps primarily in the Middle East and Africa by 2022.

The goal is to offer a free online education to refugees in jobs such as business administration, construction management and health care and to get them internships and jobs afterward.

“It’s like building a whole new college from scratch, a radically different model that is global in scope and incredibly agile to deal with different locals, settings and challenges,” LeBlanc said.

Only 1 percent of refugees have access to higher education, according to Ita Sheehy, the education

adviser for the UN’s High Commissioner for Refugees.

Few camps offer higher education to refugees in contrast to secondary and primary education. Many refugees are prohibited from leaving their camps, and those who can leave often cannot afford the schooling.

“We really feel investment in higher education is enormously important to build skills that young people need to invest in their communities and to be able to rebuild societies when they go back home,” Sheehy said, noting that the minister of education in South Sudan and an adviser to the country’s president are refugees who received a higher education.

With demand far outpacing what is available, the UNHCR is among several high-profile groups that are buying into Southern New Hampshire’s effort to scale up more dramatically.

Other partners in the New Hampshire program include the American University in Beirut, Massachusetts Institute of Technology’s SOLVE program and several highprofile advisers including former President Barack Obama’s education secretary, Arne Duncan.

“There is no group that is more vulnerable or more poorly served than refugees,” said Duncan, who returned this past week from visiting a refugee camp in Jordan.

To make it work, LeBlanc is hoping to emulate many of the things that have worked in the Rwandan programs. Students there are served lunch every day, have access to laptops and can receive mentoring, career coaching and help with English. Together with its partner on the ground, Kepler, a nonprofit university that provides education in Africa, the university offers online degree programs in business, communications and health care management.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CAROLYN HANNA of Salina Point, Acklins, Bahamas, mother of ANDREWNIQUE WILLIAMS, a minor intend to change his name to ANDREWNIQUE HANNA. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CAROLYN HANNA of Salina Point, Acklins, Bahamas, mother of ANTONIO WILLIAMS, a minor intend to change his name to ANTONIO HANNA. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

THE TRIBUNE

Monday, August 14, 2017, PAGE 9

For electric cars to take off, they’ll need place to charge

By DEE-ANN DURBIN Associated Press DETROIT (AP) — Around the world, support is growing for electric cars.

Automakers are delivering more electric models with longer range and lower prices, such as the Chevrolet Bolt and the Tesla Model 3. China has set aggressive targets for electric vehicle sales to curb pollution; some European countries aim to be all-electric by 2040 or sooner.

Those lofty ambitions face numerous challenges, including one practical consideration for consumers: If they buy electric cars, where will they charge them?

The distribution of public charging stations is wildly uneven around the globe.

Places with lots of support from governments or utilities, like China, the Netherlands and California, have thousands of public charging outlets. Buyers of Tesla’s luxury models have access to a company-funded Supercharger network.

But in many places, public charging remains scarce.

That’s a problem for people

who need to drive further than the 200 miles or so that most electric cars can travel. It’s also a barrier for the millions of people who don’t have a garage to plug in their cars overnight.

“Do we have what we need? The answer at the moment is, ‘No,’” says Graham Evans, an analyst with IHS Markit.

Take Norway, which has publicly funded charging and generous incentives for electric car buyers.

Architect Nils Henningstad drives past 20 to 30 charging stations each day on his 22-mile (35-kilometer) commute to Oslo. He works for the city and can charge his Nissan Leaf at work; his fiancee charges her Tesla SUV at home or at one of the world’s largest Tesla Supercharger stations, 20 miles away.

It’s a very different landscape in New Berlin, Wisconsin, where Jeff Solie relies on the charging system he rigged up in his garage to charge two Tesla sedans and a Volt. Solie and his wife don’t have chargers at their offices, and the nearest Tesla Superchargers

HENNINGSTAD poses next to his Tesla Model X while charging the electric car at a public charging station. Electric cars are seeing growing support around the world. But there’s a problem: There aren’t enough places to plug those cars in. (Courtesy of Nils Henningstad via AP)

are 45 miles (72 kilometers) away.

“If I can’t charge at home, there’s no way for me to have electric cars as my primary source of transportation,” says Solie, who

works for the media company E.W. Scripps.

The uneven distribution of chargers worries many potential electric vehicle owners. It’s one reason electric vehicles make up less

than 1 percent of cars on the road.

“Humans worst-case their purchases of automobiles. You have to prove to the consumer that they can drive across the

country, even though they probably won’t,” says Pasquale Romano, the CEO of ChargePoint, one of the largest charging station providers in North America and Europe.

PAGE 10, Monday, August 14, 2017

THE TRIBUNE

IRELAND’s new Prime Minister Leo Varadkar waving after being elected Ireland’s 14th Taoiseach (Prime Minister) at Leinster House, Dublin, Ireland. The EU blocâ s chief negotiator, Michel Barnier, said last month there was “a clock ticking” on the Brexit talks.

Irish Prime Minister Leo Varadkar said last week that Brexit advocates “already had 14 months” to issue detailed proposals, but had not. (AP Photo/Peter Morrison, File)

EU chief Brexit negotiator Michel Barnier gesturing as he addresses the media after a week of negotiations at EU headquarters in Brussels. The bloc’s chief negotiator, Michel Barnier, said last month there was “a clock ticking” on the talks. Irish Prime Minister Leo Varadkar said last week that Brexit advocates “already had 14 months” to issue detailed proposals, but had not. (AP Photo/ Geert Vanden Wijngaert, File)

UK tries to parry claims it’s unprepared in Brexit talks LONDON (AP) — The British government is fighting back against criticism that it is divided and unprepared for Brexit, announcing it will publish a set of detailed proposals on customs arrangements, the status of the IrelandNorthern Ireland border and other issues.

The Department for Exiting the European Union said Sunday that it would release the first set of position papers this week, more than a year after Britons voted in a referendum to leave the European Union.

The government says it hopes to persuade the 27 other EU nations to start negotiating a “deep and special” future relationship that would include a free trade deal between Britain and the EU. The EU says those negotiations can’t start until sufficient progress has been made on three initial issues: how much money the U.K. will have to pay to leave the bloc; whether security checks and customs duties will be instituted on the Irish border; and the status of EU nationals living in Britain.

The exit bill, estimated at tens of billions of euros, is to cover pension liabilities for EU staff and programs Britain committed to funding over the next few years.

The government’s Brexit department said Britain wants to show that progress on the preliminary issues has been made and “we are ready to broaden

out the negotiations” by the time of an EU summit in October.

“Businesses and citizens in the U.K. and EU want to see the talks progress and move towards discussing a deal that works for both sides,” the department said in a statement.

EU officials have expressed impatience with the pace of Britain’s preparations.

The bloc’s chief negotiator, Michel Barnier, said last month there was “a clock ticking” on the talks. Irish Prime Minister Leo Varadkar said last week that Brexit advocates “already had 14 months” to issue detailed proposals, but had not.

Barnier is due to meet Britain’s Brexit minister, David Davis, for a new round of negotiations at the end of August.

Britain voted to leave the EU in June 2016, but did not trigger the formal two-year exit process until March.

Prime Minister Theresa May then called a snap election in an attempt to increase her Conservative Party’s majority in Parliament and strengthen her negotiating hand.

But voters did not rally to her call, leaving May atop a weakened minority government.

In recent weeks, with May on her summer vacation, members of her Cabinet have openly disagreed about what direction Brexit should take.

EU chief Brexit negotiator Michel Barnier, right, welcoming British Secretary of State, David Davis, for a meeting at the EU headquarters in Brussels. The British government is fighting back against criticisms that it is divided and unprepared for Brexit, announcing it will publish a set of detailed proposals on customs arrangements, the status of the Ireland-Northern Ireland border and other issues. The Department for Exiting the European Union said Sunday, Aug. 13, 2017, that it would release the first set of position papers this week, more than a year after Britons voted in a referendum to leave the European Union.

(AP Photo/Geert Vanden Wijngaer, File)

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