08172016 business

wednesday, august 17, 2016

business@tribunemedia.net

Martin: Sandals move ‘a slap in the face’

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net Bahamas Hotel Catering and Allied Workers Union (BHCAWU) Nicole Martin has urged the government to make legislative changes to protect workers and their tenure of employment describing the recent move by Sandals to abruptly make some 600 workers at Royal Bahamian resort redundant “disgraceful” and a “slap in the face” to workers across the country.

“What Sandals did is disgraceful. It is a slap in the face of the workers across this country.

Workers should be protected against this kind of move whether the workers have a union or not. I believe that when they reopen they should not be per-

Mass redundancy a ‘sad day for the labour movement’

Calls for Govt to enact legislation to protect workers and tenure of employment

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

Tripartite Council ‘not helpful’ mitted to hire new people. The Government should insist on that. We have to have consistency and respect for tenure. If an employee goes to work and creates a breach they can be fired but if you have done nothing and then tell me the place has to close down and make you redundant that certainly is not right. There is a layoff period, ten weeks, where you can decide See pg b3

Sandals Royal Bahamian Resort

Ex-Baha Mar director: Govt ‘too prideful’ to admit ‘tactical error’

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net An ex-Baha Mar director said yesterday accused the Christie administration of being “too prideful’ to admit its ‘tactical error’ in backing Baha Mar’s liquidation, arguing that the Government is effectively being held hostage for better terms and concessions.

“There is no doubt in my mind that the Government made a tactical error in taking the decision that they have. They have come to find out that the Chinese are more interested in the Chinese than The Bahamas.

The reason why the project can’t get started is because the Chinese are constantly negotiating better terms and conditions from the Government. Now that they have sucked them into supporting them in the Chapter 11 process, the government has no choice but to deal with them and they are holding the Government hostage by demanding more concessions. That is why the project isn’t moving. The can go on and on about how some-

Christie administration being held hostage for better concessions thing is imminent but you want see anything happening there because the Chinese don’t give a damn.”

Mr D’Aguilar’s comments come on the heels of Economic Impact Report (EIR) which revealed that the government has lost $315m in tax revenue from the beleaguered Baha Mar resort due its opening delays and the court appointed receivership process. Of this figure, the government has lost an estimated $25m in stamp conveyance at a rate of 10 per cent; more than $30m in casino taxes on winnings; $16m in business license fees; $33m in National Insurance Board contributions; $13m in departure tax; $114m in import duty and $81m in occupancy tax/ value added tax, among other losses. The report also estimates that $451m in wages and salaries for direct and indirect work-

Power woes continue to plague Harbour Island

BY NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net Power disruption issues and power surges continue to plague Harbour Island causing ‘major damage’ at the island’s resorts and threatening its tourism industry, although Tribune Business understands that some remedy may be imminent as Bahamas Power & Light seeks to replace existing equipment facilitating power to the island.

The island was plagued by power outages since last week, with repeated power surges causing major concerns for resort to operators and damaging equipment.

Tribune Business understands that progress on rectifying the situation is underway with the replacement of existing generators expected to begin soon.

“I know that the team up here is definitely trying their best. They work around the clock. The problem is we are low down the totem pole.

Unless they do a major infrastructure, nothing is going to improve. Spanish Wells does their own plant and I think the people in Spanish Wells would be very interested in doing Harbour Island but BEC is never going to give up this account, it’s too much revenue,” said one resort operator.

Bahamas Power & Light (BPL) chief executive Pam Hill met with a small group of Harbour Island tourism and business stakeholders late last month following an especially bad week for power outages and surges across

Major damage’ being done to resorts BPL moving to address situation with new equipment Eleuthera. The island’s power supply woes were highlighted last year following a series of electricity plant fires in April, and another in June, during key holiday weekends such as US Memorial Day. The issue prompted a group of Harbour Island businesses to send a letter to the Ministry of Tourism highlighting their concerns.

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Sandals union: We will ‘not sit quietly’

Baha Mar Resort Site ers has been lost, as well as a $48m loss in government utility payments and a gross domestic product (GDP) loss of $1.9bn.

D’Aguilar said:”They will live by these consequences. It was a tactical error and the Bahamian people are suffering as a result of that decision. They just need to acknowledge that they made a mistake and let’s try and make it right but they are so prideful.

Now they’re stuck dealing with the Chinese and the Chinese don’t care about Bahamians or The Bahamas. They will wait the government out until they get what they want. That is why you will never hear what the agreement is. They know that when that gets out that it’s going to be embarrassing for them.”

The Bahamas Hotel Maintenance & Allied Workers Union (BHMAWU), which is the bargaining agent for the 600 Sandals Royal Bahamian employees, said yesterday that it would “not sit quietly” in the wake of the wake to the resort’s decision to make employees redundant, calling it “a sad day for the labour movement”.

The BHMAWU is continuing its legal assault against the resort, stating yesterday that it is taking legal action for the “unfair dismissal” of the workers at the all-inclusive Cable Beach property.

Sandals on Monday outlined a $4m renovation to be undertaken during a two-month closure of its Cable Beach property, saying that the work was being “fast tracked” for what is shaping up to be its best winter season ever.

This revelation came as it made 600 employees redundant.

“It’s a sad day for the labour movement. 600 employees were terminated on Monday. The union was not notified. The Government claims that it was notified one business day prior.

This is unjustifiable. Our leaders are not standing up for the workers. I rest this solely at the feet of the Government. We will not sit by quietly and allow this to happen to our workers. If we allow this to happen other companies, other foreign investors will want to take the same position. I cry shame on the government,” said BHMAWU president Donnell Ferguson.

The BHCAWU and its Trade Union Congress (TUC) affiliate has blasted Sandals Royal Bahamian of the “highest level of union busting” and blasted the resort for its imminent abrupt closure, which he said was almost treasonous to the Bahamian people. The BHMAWU which falls under the TUC umbrella, has since 2009 been seeking to negotiate an industrial agreement.

Last week, Sandals Royal Bahamian general manager Gary Williams and the resort’s financial controller Ronnie See pg b3

PAGE 2, Wednesday, August 17, 2016

THE TRIBUNE

FOCUS Summer Slam teaches students how to solve real world problems Completing its sixth Summer Slam, FOCUS engaged 200 students in Grades 5-10 in solving real world problems from June 23rd - August 5th at The College of The Bahamas.

FOCUS Summer Slam continues to be a time of growth, learning and commitment for both students and the dedicated interns who are key to the programme’s success.

An initiative of the Lyford Cay Foundations, FOCUS is a tuition-free, out-ofschool time enrichment programme aimed at college readiness and access. Participants are public school students from the Northwestern district (Bain and Grants Town through to Gambier Village) who are recruited in grade four and continue the programme through high-school graduation. The majority of students will be within the first generation of their families to complete college.

Students attend sessions on 15 Saturdays during the school year and 30 days in the summer. A projectbased learning curriculum, programming that emphasises the development of the entire student, and a teaching team committed to making learning exciting and fun are hallmarks of FOCUS. Eight-year-old Chris Cesar spent his first summer at FOCUS this year. “FOCUS is amazing!” said the fifth grader from Eva Hilton Primary School. “The projects are the best part. My group is working on ‘heat wave.’ I learned that you can get a heat stroke if you’re in the sun too long.”

Chris is referencing FOCUS’s project based learning curriculum. This summer, Grades 5 and 6 researched the topic of Climate Change and its impact on The Bahamas; Grades 7 and 8 explored the concept of Democracy and its alter-

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natives as systems of government; and students in Grade 9 investigated the Summer Olympics and the implications of the Bahamas’ participation from a social, economic and cultural perspective. Grade 10 students began their second phase of FOCUS, “On Course to College”, which transitions from project based learning to more individualised summer learning and mentoring based on students’ interests and career goals.

“Project-based learning allows students to develop critical thinking skills that they aren’t usually introduced to. In FOCUS, they have to research,” commented Gwenique Charlow, a returning intern.

“During my six years with FOCUS, I’ve grown professionally and gained classroom management skills,” Gwenique continued. “I’ve also gained organisational skills and had the benefit of working with seasoned professional educators.”

This year, FOCUS incorporated Character Week into its summer schedule as a way of offering students structured exploration of character development.

Students were introduced to character traits such as courage, temperance, wisdom, transcendence and justice. For the week these traits were defined and reflected upon at start of the day during “ASR” (All School Rally), the energy packed morning student assembly at Summer Slam.

Jazmyn Munnings, a tenyear-old from Albury Sayle Primary School, summed up her FOCUS summer this way, “FOCUS is challenging. We do a lot of work that we don’t usually do in school. But sometimes, I think about how I’ll be famous walking down the aisle for graduation and becoming a veterinarian.”

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THE TRIBUNE

Wednesday, August 17, 2016, PAGE 3

Martin: Sandals move ‘a slap in the face’ From pg B1 to layoff workers while you decide on the next step,” Ms Martin told Tribune Business.

Martin said that the Sandals situation was similar to one the BHCAWU faced last year when Harbour Island’s Pink Sands Resort decided to terminate roughly 80 employees as it shut down for renovations.

“They sought to bust the union, they had no desire of working with the union.

They announced a scheduled closure, made everyone redundant, and said they would rehire some of the persons but that never happened. They reopened with new employees. Even though recognition is in place with the property, those new employees were very reluctant to sign up with the union. That actually caused us to approach the Government to make some changes legislatively

to protect workers and their tenure of employment. Everything seems to be working very slowly but the larger issue is that there is no respect for Bahamian workers. Employers can come in and do as they feel like,” said Ms Martin.

She added: “I know that there is a Tripartite Council in place but in my opinion it is not helpful because it has employers, the union and the Government. When you look at the problems, one of the three of those pillars is causing the problem. Most of the time, it is the employers finding loopholes in the law and exploiting it to the point of exploitation of the workers. Any legislative change we need has to go through that Council. The council has to agree before it moves on to the House of Assembly for consideration and passage. I believe the Government should enact emergency legislation to stop this from happening.”

Sandals union: We will ‘not sit quietly’ From pg B1

Mirza both appeared in a magistrate’s court for failing to negotiate with the union, unlawfully terminating several union executives and intimidating union executives. The men pleaded not guilty and were each granted $5,000 bail with one surety.

“The government is endorsing the lawlessness of

Sandals. We had no other choice but to go to the criminal justice system to file charges against Gary Williams, Ronnie Mercer and west Bay management.

It is a clear union busting tactic. This is not the first time that Sandals has done this. They could have kept employees on while works being carried out,” said Ferguson.

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World Trade Center mall reopens, shows progress since 9/11 NEW YORK (AP) — The reopening — and reinvention — of the World Trade Center mall Tuesday reflects how much lower Manhattan has changed since the 9/11 attacks.

Once a scene of massive destruction, the area is now a vibrant one of office towers and upscale hotels, with three times the number of residents as before the attacks, weekday employees in industries beyond Wall Street, and millions of tourists visiting every year.

Shops from Apple to Forever 21 to H&M to John Varvatos will serve the increasingly diverse area where real estate experts say people have been eager for new stores and restaurants. The new spaces also let customers tap into technology, as some retailers use the space for their latest ideas.

The location is a “symbol of hope, opportunity, progress and perseverance,” said Bill Hecht, chief operating officer of Westfield Corp.’s U.S. division. Westfield manages the retail properties, while the Port Authority of New York and New Jersey owns the real estate.

More than 100 stores will occupy the 365,000-squarefoot center, with about 60 opening Tuesday and the rest by the winter holiday season. Ford Motor Co. is set to open this fall the first FordHub, a showroom for innovations that’s not a dealership. Shoe purveyor Aldo Group Inc. is using the opening to launch an app feature for its store, which will be rolled out to other locations. Digital bill-

people walk through the World Trade Center Transportation Hub in New York. The Westfield World Trade Center, a retail mall, opened yesterday, in the hub and throughout the site. (AP Photo) boards include a 280-footlong one.

Food options include Eataly’s second Manhattan location, which features foods from Italy and coffee and gelato bars.

It stretches along a fourblock underground network that spans the bases of three office towers. While mostly below street level, light beams in through the windows of the winged Oculus, designed by Santiago Calatrava, that top the transportation hub of 13 subway trains and river ferries. More than 300,000 commuters use it on a daily basis, many for jobs beyond finance in advertising and media.

“When you look at how many people now live in the neighborhood, how many commuters work in the neighborhood and how many tourists now are coming to the memorial, emotionally it was a no-brainer and financially it was a nobrainer,” Angela Ahrendts, Apple’s retailing chief, said

at the store’s opening Tuesday.

More than 60,000 residents live within blocks of the World Trade Center area, about three times the number from right before 9/11. The former shopping mall in the World Trade Center was one of the most successful properties in the

world, but catered to daytime weekday shopping, said Robin Abrams, vice chairman of The Lansco Corp., a real estate advisory firm. The new mall is expected to have a vibrant night and weekend atmosphere, and Hecht noted a deliberate move to include shops with necessities like drugstore Duane Reade.

Westfield says 15 million travelers are expected to visit the areas from the U.S. and around the world next year to see the National September 11 Memorial & Museum and other nearby places of interest. There is no signage on the side of the mall that faces the 9/11 memorial.

“We have huge respect for this site,” Hecht said.

On the anniversary of the attacks, the skylight of the Oculus — meant to symbolize the image of a dove released from a child’s hand — will open to bring in a slice of the open New York sky.

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PAGE 4, Wednesday, August 17, 2016

THE TRIBUNE

Android makers really want to make their phones eye-catching BUILD YOUR OWN PHONE

NEW YORK (AP) — It's getting rarer for phone launches to generate excitement these days — especially in the Android world, where all models use the same underlying Google software. Every year, phones get routine refreshes such as faster processors, better cameras and longer battery life.

But Android phone makers haven't given up trying to stand out. Samsung, for instance, hopes to encourage upgrades by giving its new Galaxy Note 7 phone an eye scanner for identification and related security features. Other manufacturers are looking beyond the phone entirely, pinning their hopes on innovative accessories. Motorola offers mix-and-match modules that let you upgrade your phone on the fly, while Alcatel is focused on adding virtual-reality features, including a headset.

The Moto Z Droid, left, and Moto Z Force Droid phones are displayed with modules available to extend the phones’ functionality. The Moto Z adopts a modular design, which lets customers mix and match components, like Lego blocks.

The modules are, from left to right, JBL speakers, a wall projector and a spare battery pack.

JUST LOOK ... FOR SECURITY Fingerprint scanners are now standard in high-end phones, following their big debut in the 2013 iPhone 5S. In the Note 7, Samsung takes the notion of such “biometric” security a step further, adding an iris scanner that detects patterns in your eyes to confirm your identity.

The feature is easy to set up, and the iris detection works well — as long as you're not in direct sunlight or wearing glasses (much less sunglasses). Samsung even warns that contact lenses might mess things up, although the scanner worked fine when I wore them. To unlock the phone, you need to turn on the screen and swipe; then you just stare at the screen. The fingerprint scanner works

Alcatel’s Idol 4S phone is attached to a companion headset. Alcatel’s approach to innovation is not to sell you a phone at all, but rather a virtual-reality experience. Alcatel won’t sell the phone separately and requires that customers buy the entire VR package. (AP Photos) even with the screen off and glasses on, making it the far better choice unless your fingers are wet.

Many Android phones offer a face-detection feature for unlocking phones, but that's all it does. With the Note 7, the iris or fingerprint can also unlock a secure folder where you can stash sensitive photos, documents and email accounts you might want to keep away from friends who borrow your phone to look

at baby pictures.

It's a good concept, although in practice it can feel like you're using two separate phones. When browsing photos in the “secure” gallery, all your other photos are invisible. You need to go back out to the “unsecure” gallery to view those. And there's no way to move text messaging to the Secure Folder.

Beyond that, the Note 7 has a more resilient screen, more storage and more ways to use the stylus — for instance, you can translate a phrase just by holding the pen over a word. Samsung also brings water resistance and its excellent Galaxy S7 camera to the jumbo Note 7, while offering easier access to camera settings using swipes.

Nothing is radically new, but the improvements are great if you're already looking to upgrade. The Note 7 comes out Friday and will cost $850 to $880 in the U.S., depending on the carrier. It's about $100 more than what last year's Note cost at launch, but all models now have a screen that curves over the sides of the phone, something previously reserved for a more expensive “Edge” version.

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Motorola is the latest manufacturer to embrace a new concept called modular design . With it, customers can customize their phones on-the-fly by swapping out components to get, say, a bigger battery or more powerful speakers.

Another replaceable module can turn the phone into a wall projector for presentations. This takes the idea of personalization way beyond choosing the phone's color or storage.

LG introduced an earlier modular design with its G5 phone in April, although that phone forces you to shut it down every time you replace a module. Motorola lets you replace modules without missing a Snapchat. Modules attach to the phone using powerful magnets, yet they snap on and off easily, like Lego blocks.

Of course, many phone cases and other accessories offer similar functionality, but they aren't as fun as what the company calls Moto Mods.

For now, you can only use these modules with the Moto Z ($625) and Moto Z Force ($720) phones, which are currently available only through Verizon in the U.S. under the Droid brand.

And these modules will cost you: a spare battery is $60 to $90, the speaker is $80 and the projector is a whopping $300. You could shell out more than $1,200 if you also opt for a designer phone back made of fabric, wood or leather.

The concept is pretty radical as Android innovations go, but there's a chicken-and-egg problem.

Third-party developers need to know there are customers out there before they'll commit the time and money to building imaginative modules. A module with a larger camera lens for better zooming, for instance, would be awesome.

But there are no crowds demanding that feature — at least not yet.

LG faces the same problem with its G5 modules.

For now, it lets you swap batteries and attach a camera grip with physical buttons to take shots and control video recording.

ANOTHER WORLD Alcatel's approach to innovation is to not sell you a phone at all. Instead, it wants to offer you a virtualreality setup for $400. You get a mid-range Android phone, the Idol 4S, along with a VR headset, JBL headphones and an Incipio protective case for the phone. Alcatel doesn't sell the 4S separately, but based on the $280 price of last year's Idol 3, you're paying roughly $100 for the accessories.

Alcatel's headset is a step up from Google Cardboard, a $15 contraption that's not meant to be comfortable — it's made of cardboard, after all. But it lacks the head-tracking capabilities of Samsung's $100 Gear VR, which on Friday is getting a wider field of view and a black interior for more-immersive viewing.

The Idol 4S comes with several VR apps already installed, including Littlstar for watching VR videos and Fyuse for stitching together 360-degree photos, panorama-style.

Unfortunately, Alcatel's innovation might feel obsolete in just a few months, when Google releases its Daydream system for headsets and phones. Daydream is designed for higher-end phones than the Idol 4S, so Alcatel's VR system won't be compatible.

THE TRIBUNE

Wednesday, August 17, 2016, PAGE 5

Gawker sold to Univision in aftermath of Hulk Hogan case NEW YORK (AP) — Spanish-language broadcaster Univision won an auction Tuesday for Gawker Media, which was put on the block in the aftermath of a $140 million judgment against it in the Hulk Hogan invasion-of-privacy case.

Univision is paying $135 million for the online gossip and news publisher, according to a person familiar with the matter who asked not to be identified because the deal had not been formally announced.

Expanding from its Spanish-language base, Univision has been investing in media properties aimed at young people, including taking a stake in satirical website The Onion in January. In April, it said it was taking full control of Fusion, a TV channel and website aimed at Englishspeaking young people it had launched with ABC in

2013.

Univision outbid Ziff Davis, the owner of tech and gaming sites, in the auction for Gawker Media. They were the only two bidders, according to a person familiar with the bankruptcy auction. A judge must still approve the sale at a hearing Thursday.

Gawker Media properties include its namesake site, the women-focused Jezebel, tech-oriented Gizmodo and sports site Deadspin.

Their breezy and often confrontational style has been influential in the publishing world.

But it filed for bankruptcy in June, about three months after Hogan won his lawsuit against the 14-year-old company. Gawker founder, Nick Denton, a former Financial Times journalist, also filed for personal bankruptcy.

Denton said Tuesday that the sale to Univision means

“our employees are protected and will continue their work under new ownership — disentangled from the legal campaign against the company.”

Hogan, a former professional wrestler whose real name is Terry Bollea, sued over a tape posted by Gawker showing him having sex with a friend's wife.

The case gained additional notoriety when it was revealed Silicon Valley billionaire Peter Thiel had secretly bankrolled Hogan's lawsuit. Thiel was outed as gay by a Gawker-owned website in 2007.

Thiel's role paying for the litigation against Gawker raised fears about the power of wealthy people to go after publications they dislike. Gawker argued in the Hogan case that it was protected by the First Amendment.

Gawker Media founder Nick Denton arrives in a courtroom in St. Petersburg, Fla. Spanishlanguage broadcaster Univision has bought Gawker Media in an auction for $135 million. That’s according to a person familiar with the matter who asked not to be identified because the deal had not been formally announced. (AP Photo)

Home Depot rides housing boom to record sales, profit NEW YORK (AP) — Home Depot posted record sales and earnings during its second quarter and raised its profit expectations for the year as the U.S. housing market continues to warm up.

The home improvement retailers have been a bright spot as other shops like department stores are seeing sales slow, hurt by consumers who’ve shifted away from buying clothing and more toward experiences, fixing up their houses and services like spas.

Atlanta-based Home Depot’s profit jumped 9 percent to $2.44 billion, or $1.97 per share, edging out Wall Street expectations by a penny, according to analysts surveyed by Zacks Investment Research.

Sales surged 6.6 percent to $26.47 billion, also slightly better than expected.

Revenue at stores opened at least a year rose 4.7 percent.

The measure is a key indicator of a retailer’s health.

The solid report came as

government data showed continued health in the U.S. housing sector. The rate of home construction grew 2.1 percent in July, mostly because of an increase in apartment construction. It was the strongest pace of new home starts since February. New home construction had jumped 4.8 percent in June.

Still, future gains may be limited because current housing starts are outpacing permits to build in the future. Authorized permits slipped 0.01 percent in July to an annual rate of 1.15 million.

This week, the National Association of Home Builders with Wells Fargo released its builder sentiment index, showing that optimism among homebuilders is on the rise.

“We continue to see positive signs (from) the housing data, which we believe serve as a tail wind for our business,” Home Depot CEO Craig Menear told investors Tuesday.

He noted that business was strong across the board, led by appliances, which enjoyed double-digit percentage sales increases in sales at stores opened at least a year. One key reason for Home Depot’s confidence: Transactions over $900, which represent about 20 percent of its U.S. sales, rose 8.1 percent in the quarter.

Home Depot also has seen notable strength from its professional customers like plumbers and electricians. Sales from this segment grew faster than the average company’s sales at stores opened at least a year. Furthermore, the gap between the highest- and lowest-spending professional is narrowing.

The company is also expanding its online services and sprucing up its mobile features. Online sales rose 19 percent and represented 5.6 percent of total sales in the latest quarter. Home Depot said more than 50 percent of online traffic

came from mobile and tablets in the latest quarter.

Forty-two percent of online orders are now picked up at the stores. And 90 percent of its online product returns are processed at the stores.

That’s good news since customers are more likely to buy something when they’re in the store.

For several years, Home Depot has been offering services like allowing online customers to order on-

line and pick items up at the store. But now it’s shipping products from the store directly to online shoppers.

It’s in 700 stores and will be rolled out to all stores by year-end. Home Depot operates more than 2,200 stores. The change has helped tighten the delivery time to a two-hour window, a service that is helpful for professionals looking to have items dropped off at their work sites.

Home Depot has also enlarged mobile images and added live mobile chat. It also simplified the checkout experience.

The Home Depot Inc. boosted its full-year profit outlook to $6.31 per share from a previous per-share projection of $6.27. Its shares, up almost 4 percent this year, edged down 3 cents to $137.03 in midday trading Tuesday.

people approach an entrance to a Home Depot store location in Bellingham, Mass. Home Depot reports financial results yesterday. (AP Photo)

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PAGE 6, Wednesday, August 17, 2016

Ford says it will have a fully autonomous car by 2021 DETROIT (AP) — Ford Motor Co. intends to have a fully driverless vehicle — no steering wheel, no pedals — on the road within five years. The car will initially be used for commercial ride-hailing or ride-sharing services, with sales to consumers coming later.

“This is a transformational moment in our industry and it is a transformational moment for our company,” said CEO Mark Fields, as he announced the plan Tuesday at Ford’s Silicon Valley campus in Palo Alto, California.

Ford’s approach to the autonomous car breaks from many other companies, like Mercedes-Benz and Tesla Motors, which plan to gradually add self-driving capability to traditional cars.

Just last month, BMW AG, Intel Corp. and the automotive camera maker Mobileye announced a plan to put an autonomous vehicle with a steering wheel on the road by 2021.

Instead, Ford is taking the same approach as Alphabet Inc.’s Google, which supports moving directly to self-driving cars once the technology is perfected.

“We abandoned the stepping-stone approach of driv-

Ford President and CEO Mark Fields speaks during the inauguration of Ford’s manufacturing facility and engine plant at Sanand, near Ahmadabad, India. Fields said yesterday, that Ford Motor Co. will have a fully autonomous vehicle ready to provide ride-hailing or ride-sharing services by 2021. (AP Photo) er-assist technologies and decided we were going to take the full leap,” said Raj Nair, Ford’s chief technical officer.

Nair says Ford will continue developing systems that assist the driver, like automatic emergency braking or lane departure warning. But he said semi-autonomous systems that can operate the car but then cede control back to the driver when an obstacle is encountered are actually dangerous in Ford’s

view. Engineers couldn’t figure out how to make sure drivers stay engaged and ready to take over. So, Ford decided to remove the driver altogether.

“We learned that to achieve full autonomy, we have to take a completely different path,” Nair said.

Jeremy Carlson, a senior analyst with IHS Automotive, says he doesn’t know of another automaker that is taking Ford’s approach. But there are challenges either

way, he said. Riders may have a hard time trusting fully autonomous cars, for example, but semi-autonomous cars can be dangerous because drivers may not understand what the vehicles can and cannot do.

“I don’t think there’s going to be any one right answer,” he said.

But Dillon Blake, senior director of business development for Runzheimer, a transportation consulting firm, says Ford’s approach could go wrong very quickly.

“When you do it in steps, you get to make tweaks along the way. When you go all or bust, it’s like going ‘all in’ in Vegas,” Blake said.

Ford’s vehicle will be specifically designed for commercial mobility services, like taxi companies, and will be available in high volumes. Ford says personal ownership of self-driving cars will come later.

Ford didn’t say whether it would work with a ridesharing partner or try to establish services on its own.

Rival General Motors Co. has a partnership with the ride-hailing company Lyft and has also bought a selfdriving software company called Cruise Automation.

NOTICE BRANDENBURG INTERNATIONAL LIMITED Registration Number 175850 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 16th day of August, 2016. The Liquidator is Dartley Bank & Trust Limited No. 2C Sandyport Plaza, Sandyport, West Bay Street, P. O. Box CB-13319, Nassau, Bahamas. _______________________________ Dartley Bank & Trust Limited (Liquidator)

TUESDAY,16 AUGUST 2016

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

BISX ALL SHARE INDEX: CLOSE 1,968.40 | CHG 0.12 | %CHG 0.01 | YTD 144.45 | YTD% 7.92 BISX LISTED & TRADED SECURITIES 52WK LOW 2.25 17.43 9.09 3.15 4.70 0.12 6.09 7.25 5.50 7.00 14.00 2.25 1.27 5.51 6.00 9.85 6.12 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 4.05 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.83 10.59 14.00 2.54 1.50 5.80 8.76 10.95 8.10 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 14.00 2.43 1.55 5.80 8.76 10.95 8.10 6.40 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.11 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

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

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

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

115.53 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.42 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.11 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 190

200 1,819

1,500

876

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 26.5 25.9 9.3 11.4 14.3 11.4 12.5 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% 4.36% 2.47% 2.58% 4.14% 3.14% 0.00% 3.46% 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 3.90 1.92 167.58 138.35 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 3.90 1.92 167.58 136.68 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 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 31-Jul-2016 31-Jul-2016 27-Jul-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

Feds to test financial aid for unorthodox college programs BOSTON (AP) — In an experiment backed by the federal government, Northeastern University and General Electric are offering a new manufacturing degree program to be taught primarily at the company’s work sites. Students will take online courses through the university, undergo training at a GE plant and earn a bachelor’s degree within three years.

The biggest twist: For the first time, students who enroll in that kind of partnership will be eligible for federal financial aid.

Under U.S. law, financial aid is prohibited for programs in which at least half of the instruction comes from “ineligible entities” outside the school, such as GE. But in a pilot project meant to help low-income students, the U.S. Education Department is opening financial aid to eight programs jointly offered by schools and companies.

“While America has some of the best colleges and universities in the world, as a system we’re still catching up to the needs of today’s new normal college student,” Education Undersecretary Ted Mitchell told reporters on Tuesday, adding that the typical U.S. college student is no longer an 18-year-old, but a working adult.

In its first year, the project will offer up to $5 million in federal aid for students in eight programs chosen by the Education Department.

The experiment’s goal is to prepare students for the growing number of jobs that require some level of higher education, but on terms that are flexible enough for working adults.

The experiment is being called EQUIP, short for Educational Quality through Innovation Partnerships.

Among the programs chosen by the department,

most are new partnerships between colleges and education companies, including four academies for computer coding.

The University of Texas at Austin, for example, is pairing with the coding boot camp MakerSquare to offer a 13-week certificate in web development.

Thomas Edison State College in New Jersey is working with the website Study. com to offer online bachelor’s degrees in business administration and liberal studies, to be completed at a student’s own pace through video courses.

At Northeastern, the new degree aims to combat what school officials say is a shortage of workers with advanced manufacturing skills. The program will launch next spring, starting with up to 50 General Electric employees as the first students. By fall 2017, the university hopes to expand the degree program to students across the U.S. “In order to bring manufacturing back to the United States, we need to focus on the advanced aspects that require skills, that require expertise,” Northeastern President Joseph Aoun said.

The program will cost $10,000 a year without financial aid. Students with some college experience can complete it within a year and a half, school officials said.

Each of the partnerships will be assigned an independent organization to monitor their work and evaluate student incomes. The monitors include consulting firms and education advocacy groups. Ultimately, the Education Department will decide whether each partnership’s pilot was a success.

“It’s not enough to measure only access or simple enrollment,” Mitchell said, “we need to have a laser-like focus on outcomes.”

Share your news

MARKET REPORT 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 8.10 6.90 12.25 11.00

THE TRIBUNE

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

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Legal Notice

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

SAWARD LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), SAWARD LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 27th day of July, 2016.

ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

PAGE 12, Wednesday, August 17, 2016

THE TRIBUNE

US stocks slip from records as investors sell safe picks NEW YORK (AP) — U.S. stocks slid Tuesday as investors continued to sell phone company and utility shares. Energy companies rose with the price of oil, but stocks have been locked in an up-and-down pattern for more than a week.

As the dollar weakened, the price of oil rose for the fourth day in a row to sustain a recent recovery and metals prices also rose.

The Labor Department said inflation remains low, as prices paid by consumers were unchanged in July.

Most stocks were down, but for the second day in a row, the biggest losses went to traditionally safe investments like telecom and utility companies. Bond prices also inched lower.

The dollar has been very strong over the last few years compared to other currencies. Early this year it looked like the dollar would stay at those elevated levels because the Federal Reserve was raising interest rates while other global central banks were cutting

them to stimulate their economies. John Cannally, chief economic strategist for LPL Financial, said the Fed has changed course. By leaving interest rates where they are, it has allowed the currency to weaken a bit, aiding U.S. manufacturing and energy companies and other exporters.

“The Fed is using the dollar as sort of a tool of monetary policy,” he said. “The Fed wants to give China and emerging markets time to heal and get their houses in order.”

The Dow Jones industrial average lost 84.03 points, or 0.5 percent, to 18,552.02.

The Standard & Poor's 500 index slid 12 points, or 0.5 percent, to 2,178.15. The Nasdaq composite fell 34.90 points, or 0.7 percent, to 5,227.11. Stocks have been setting records recently, but it's been more than a week since they rose for two days in a row. The market hasn't made many big moves over the last month.

The Labor Department said prices paid by consum-

ers were unchanged in July as gas and other energy prices kept inflation down.

Core inflation, which leaves out food and fuel prices, inched up just 0.1 percent for the month. Overall, inflation is up just 0.8 percent over the last year. That's far below the 2-percent target set by the Federal Reserve, and investors concluded that means the Fed is less likely to raise interest rates soon.

The dollar fell to 100.25 yen from 101.25 yen. The euro rose to $1.1277 from $1.1183. The weakening dollar boosted energy and metals prices Tuesday.

Benchmark U.S. crude added 84 cents, or 1.8 percent, to $46.58 per barrel in New York. Brent crude, a benchmark used to price international oils, rose 88 cents, or 1.8 percent, to $49.23 a barrel in London. Oil prices climbed last week after steep losses in June and July.

That aided companies like pipeline operator Kinder Morgan, which rose

the American flag flies above the Wall Street entrance to the New York Stock Exchange. U.S. stocks slipped early yesterday, as investors continued to sell phone company and utility stocks.

Materials companies are the exception, as they’re trading higher as the dollar weakens. Investors are also sifting through reports that showed inflation remained weak in July, but home building and factory production improved. (AP Photo) 48 cents, or 2.3 percent, to $21.78. Apache Corp. added $1.09, or 2.2 percent, to $50.97.

Metals prices also rose.

Gold gained $9.40 to $1,456.90 an ounce. Silver added 3 cents to $19.87 an ounce. Copper edged up 2 cents to $2.17 a pound.

Bond prices dipped and the yield on the 10-year Treasury note rose to 1.58 percent from 1.56 percent.

Stocks have wavered lately as investors review mixed reports about the

U.S. economy as they try to get a sense of its health.

On Tuesday the Federal Reserve said U.S. factories cranked out more autos, machinery and chemicals in July, which suggests manufacturers might be recovering, though growth remains little changed from a year ago and manufacturers aren't adding many jobs.

Meanwhile the Commerce Department said the pace of home construction grew by the most since February.

Tea maker Hain Celestial

Group delayed its quarterly report because of accounting issues and said it doesn't expect to reach its financial projections for the year.

The stock tumbled $14.05, or 26.3 percent, to $39.35.

Uniform maker Cintas said it will buy G&K Services, a uniform and facility services maker, for $97.50 a share, or $1.93 billion.

G&K Services advanced $14.57, or 17.7 percent, to $96.70 and Cintas stock gained $5.57, or 5.2 percent, to $112.99.

Cuba releases new economic guidelines without major changes HAVANA (AP) — Cuba’s ruling Communist Party released a new set of economic guidelines Tuesday that emphasize the slow-moving and limited nature of the country’s reforms amid a sharp national economic downturn.

The guidelines “recognize the objective existence of market relationships,” but they also restate Cuba’s commitment to a centrally planned economy.

The 274 rules say concentration of property and wealth will not be permitted and promise to advance internet service only “gradually, according to our eco-

nomic possibilities,” in one of the world’s least-connected nations.

They update a document that laid out President Raul Castro’s vision of economic reform at the Cuban Communist Party’s twice-adecade congress in 2011.

Those reforms have allowed growth of tens of thousands of private businesses ranging from self-employed cobblers to high-end restaurants and small boutique hotels.

But the spread of private enterprise has failed to save the government from cash shortages and economic stagnation due to a cutback

in subsidized oil from Venezuela.

Then-Economy Minister Marino Murillo said last month that Cuba saw 1 percent growth in the first half of 2016 despite an explosion in tourism set off by the declaration of detente with the United States in December 2014. Murillo said the country would have to reduce electricity consumption by 6 percent, with the majority of the reduction directed at the state sector.

The government and state-run enterprises see less activity during the summer, when many Cubans take long vacations. This

summer has been particularly slow, with more employees than usual taking longer vacation and leaving the office by early afternoon. Air-conditioning has been cut back in state buildings, and gas stations are frequently closed because they have run out of fuel or are ostensibly undergoing repairs.

Cuba has so far not seen frequent or sustained power outages, shortages or other dramatic effects of the slowdown.

There is, however, widespread popular frustration with the government’s failure to increase state salaries

or allow the faster growth of private enterprise.

Another Communist Party document released in May laying out the party’s vision for the country until 2030 mentions a new legal recognition of small- and medium-sized business.

Private businesses are currently allowed only under a special category of self-employment, leading to problems for businesses that run afoul of a bureaucracy that doesn’t officially recognize them.

The new guidelines contain no details about that reform, casting doubt on whether it will go into effect

anytime in the foreseeable future.

Frustrated by the lack of opportunities and worried that the U.S. will end special privileges for Cuban immigrants, Cubans have been leaving the island of 11 million people in growing waves. The rate of emigration has more than doubled since the declaration of detente and more than 90,000 Cubans have entered the United States through border crossings. More than 10,000 more have left in rafts and thousands of others have gone to other countries.