08182016 business by tribune242

THURSDAY, AUGUST 18, 2016

business@tribunemedia.net

Lottery funded NHI “a great opportunity” says MAB president By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE establishment of a national lottery could be a way of funding National Health Insurance (NHI), according to Medical Association of The Bahamas (MAB) President Dr Sy Pierre. “Funding is obviously a concern. The question has always been where is the funding coming from. The only thing I can see that may be palatable is a national lottery. You don’t want NHI to be the tax that broke the camel’s back,” said Dr Pierre. He added: “This possibly would have been a great opportunity for a national lottery. A national lottery strictly for health care would have been a good thing. Also there are tobacco products, alcohol and things that contribute to poor outcomes in health that could also be looked

Pierre: National scheme for health care “a good thing” at.” The NHI policy paper states that the primary care stage of NHI implementation will cost the Government approximately $100m annually. It is proposed that an additional $24m a year will be reserved for coverage of selected high-cost specialised care. It remains unclear how the scheme will be funded when it expands in scope, although Health Minister Dr Perry Gomez recently noted that other countries have taxed “unhealthy substances” like alcohol and tobacco as well as high salt and high sugar products to fund healthcare. The government spends about $400m annually on “all aspects of healthcare in the country”.

D’Aguilar: Govt “living in a dream world” over Bahamian contractor payout By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THe Government is “living in a dream world” if it believes that Bahamian contractors will be paid the $74m owed collectively for work carried out on the $3.5 billion Baha Mar development, a former Baha Mar director said yesterday, asserting that “no buyer” except the original developer is interested in seeing them paid. Dionsio D’Aguilar told Tribune Business that the Christie administration’s promises to ensure that Bahamian contractors receive payment for work carried out on the project amounted to very little. “If they think Bahamian contractors are going to be paid that $80 million because the Chinese feel that it is a good thing to do and they feel in their heart that it is right thing to do then the government is living in a dream world,” said Mr D’Aguilar. “They can say all they want about how those contractors are going to be paid and that they are going to make sure that they get paid but that doesn’t mean a thing. There is no buyer of Baha Mar that is remotely interested in taking care of Bahamians except Sarkis Izmirlian but they blew him out of the water,” added Mr D’Aguilar. Prime Minister Perry Christie has repeated promises that Bahamian contractors will be paid for Baha Mar work. The Government has frequently touted the ‘framework agreement’ between itself, China Construction America and the China Export-Import Bank

Dionisio D’Aguilar for Baha Mar’s construction restarting as showing evidence of a Chinese commitment to make Bahamian contractors whole. Mr Christie, speaking during an interview on Kiss FM with radio personality Ed Fields, last month confirmed that the China Export-Import See pg b6

$3.85 $3.89 $3.89

$3.89

MAB president: IPA should not be mandatory By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribnemedia.net

MEDICAL Association of The Bahamas (MAB) President Dr Sy Pierre says that his organisation is not opposed to any physician or group of physicians seeking to form an Independent Provider Association (IPA), stressing however that IPA “should not be mandatory”. He also noted that MAB

Association concerned over ‘virtual monopoly’ Pierre calls for fair pay for NHI patient care Questions BIPA’s ‘special privilege’ to bypass process

members are concerned over the potential impact on Bahamian physicians if the private, for-profit healthcare facilities form a virtual monopoly - by way of an IPA - on the provision of private and possibly public healthcare. Dr Pierre told Tribune Business yesterday: “The Medical Association’s position is that any physician or group of physicians that want to form an IPA, they should have that right to

form that. However to say that we need it or mandate an IPA to negotiate with the Government on behalf of all physicians then I have a problem with that. As physicians I think obviously everyone want to maximise their earning ability but as physicians our primary concern should be our patients, being the best doctors we can be and getting fair remuneration for our services. See pg b7

BPL ‘making good progress’ on North Eleuthera service improvement By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMAS Power and Light Company Limited (BPL) said yesterday that it is “making good progress” on its commitment to improve electricity service in North Eleuthera and Harbour Island, stating that it expects “major improvement” in service in reliability before the end of September. As reported by Tribune Business, due to power outages and repeated power surges, resort operators on Harbour Island have expressed serious concerns over “major” equipment damage as well as damage to the island’s reputation

Contract signed for 6 megawatts of generation at Harbour Island Major reliability improvement before the end of September as a tourist destination. In a statement responding to Tribune Business inquiries, Arnette Ingraham, BPL’s Corporate Communications, acknowledged that customers in North Eleuthera and Harbour Island have experienced bouts of supply interruptions over

time, due primarily to the need for major network improvements in the transmission of power from the Hatchet Bay Power Station (HBPS) to North Eleuthera and Harbour Island. “BPL believes that by providing new generation for Harbour Island this will significantly improve reliability on the island while also allowing for infrastructural upgrades on the transmission network out of HBPS. In the long term, adequate generation on Harbour Island as well an upgraded supply out of HBPS will provide greater energy security to the area,” the statement read. It further noted: “A contract was signed two weeks ago to provide 6 megawatts

of generation at the Harbour Island Power Station. Work has already commenced at the site and BPL expects the engines to be operational well before the island’s busy winter season.” BPL continues to ask for patience from its customers in North Eleuthera and Harbour Island as necessary maintenance along with existing system abnormalities may cause periods of supply interruption until the generator units are operable. “The company is committed to ensuring that it communicates planned outages in advance and keeps residents informed when experiencing challenges. BPL expects major improvement in reliability on Eleuthera before the end of September, 2016.”

PAGE 2, Thursday, August 18, 2016

THE TRIBUNE

AIBT, BFSB pays courtesy call to AG THE Association of International Bank & Trust Companies (AIBT) in the Bahamas and the Bahamas Financial Services Board (BFSB) paid a courtesy call on Allyson Maynard Gibson, the Attorney General and Minister of Legal Affairs, yesterday as a continuation of public/private sector dialogue on matters relating to the financial services industry, including implementation and strategy of Automatic Exchange of Information/Common Report Standard.

From left are AIBT Director Jan Mezulanik; Partner, McKinney Bancroft & Hughes Brian Moree; AIBT Executive Administrator Anastacia Johnson; AIBT Chairman Antoinette Russell; Attorney General and Minister of Legal Affairs Allyson Maynard Gibson; Acting Director of Public Prosecutions Franklyn Williams; Permanent Secretary Marco Rolle; Deputy Permanent Secretary Emma Foulkes; BFSB Executive Director and CEO Tanya McCartney; and AIBT Deputy Chairman Bruno Roberts. Photo/Derek Smith/BIS

Nassau Ad

CTU INFORMATION

SESSION 58% Tuition Grants Available to All Bahamian Residents

The Bahamas Institute of Business and Technology has formed an educational alliance with Colorado Technical University that enables BIBT alumni and Bahamian residents to complete a degree program 100% online. CTU is an accredited university based in the U.S. that offers degree programs in: • • • • •

Business & Management Engineering & Computer Science Healthcare Information Technology Project Management

• Security Studies & Criminal Justice

MEET OUR ADVISORS Tuesday, August 30th, 6:00-9:00p.m. British Colonial Hilton Hotel LEARN MORE CALL 242.323.4347 VISIT coloradotech.edu/btechbahamas

CTU cannot guarantee employment or salary. Find employment rates, financial obligations and other disclosures at www.coloradotech.edu/disclosures. Colorado Technical University is accredited by The Higher Learning Commission (230 South LaSalle Street, Suite 7-500. Chicago, Illinois. 60604-1411). University grants or scholarships are based on established criteria as published in the university’s catalog and are awarded after verification that the conditions of eligibility have been met. Financial aid is available for those who qualify. 4435 North Chestnut Street, Colorado Springs, CO 80907. 852-1093461 1097022 08/16

THE TRIBUNE

Thursday, August 18, 2016, PAGE 3

Potential US investors struggle to match foreign competitors in securing financing for large private sector projects such as Baha Mar.

Renewed American focus can bring regional tourism dividends O n June 13 the US House of Representatives overwhelmingly passed the US-Caribbean Strategic Engagement Act of 2016. The act requires the Executive Branch to submit a multi-year strategy for US engagement with the Caribbean region, including plans for promoting greater economic development. Significant bipartisan interest exists in a similar bill in the Senate. A month later, the House of Representatives held a hearing on the “Strategic Importance of Building a Stronger US-Caribbean Partnership”. The hearing focused on the need to support Caribbean tourism, which is the largest, albeit fragile, economic sector in the region. Subcommittee members observed that several Caribbean countries have supported Venezuela in international organisations due to the assistance provided by that country through its “PetroCaribe” program since 2005. China, Cuba, Taiwan and Brazil have all moved to fill the power vacuum in the Caribbean. The focus was on how the US can develop a more collaborative relationship with the Caribbean to restore and maintain US influence in the region. Testimony included a strategic look at increasing

Bruce Zagaris, a tourism expert, and Scott Buzzard examine the potential of cooperation between the United States, the Bahamas and the Caribbean in tourism in the light of recent legislative developments immigration pre-clearance programs, increasing collaboration on security issues, and providing technical assistance and training for the development of a shared watch-list for travellers into and within the region. Financing is a critical element of facilitating US private investment in Caribbean tourism. Unlike foreign competitors, such as China, which subsidises mega-tourism projects like the $3.5 billion Baha Mar resort in the Bahamas, potential US investors often find that, due to the comparatively small size of most Caribbean tourism projects, most proposed Caribbean tourism projects qualify for neither Overseas Private Investment Corporation financing nor feasibility studies. Without the support of such programs, many private sector projects struggle to obtain

the financing they need. Proposed initiatives include improving the arrivals and departures processing experience through the implementation of Advance Passenger Information Systems and Automated Passport Control systems; advancing “one-stop” security clearance for travel to and connecting travel within the region; visa liberalisation; increasing the duty-free shopping allowance for returning US travellers; and supporting the establishment of a Caribbean Open Skies policy.

Bilateral tourism

With respect to travel and tourism collaboration, the US and Caribbean countries should conclude bilateral (or even a multilateral) agreement(s) on the development and facilitation of tourism, similar to the ones the US

has already concluded with other countries. These agreements provide, among other things, for establishing government tourism offices and stationing personnel in each other’s territory; promoting the development of the tourism industry and infrastructure in each other’s territory; facilitating and encouraging bi-national cultural events; simplifying travel documents; saving certain visa fees; and promoting foreign investment in the tourism sectors. In furtherance of these goals, the agreements provide for cultural and tourism programs, tourism training, the exchange of tourism statistics, joint marketing of tourism, consultations (annual meetings), and additional tourism-related protocols. Cultural exchanges

covered in the agreements should emulate some of those between Mexico and the US. The USMexico Tourism agreement includes provisions for establishing programs such as youth in action (activities for low-income youth), youth councils, sports diplomacy and an International Visitor Leadership Program (IVLP). Some of the Caribbean travel and tourism programs should be directed at the states, especially those in the Southeastern US. Many long-trip tourists, such as those from northern Europe and Asia, like to travel to parts of the US, especially the southeastern US, during the winter months. If they could take advantage of joint US-Caribbean tourism products, such as plantocracy tourism and cultural tourism

packages and/or discounts on hotels and restaurants with operations in both the US and the Caribbean, then they would have more Continued on pg b4

PUBLIC NOTICE Would the owner of a white 30ft homemade fiberglass hull boat located in Drigg’s Hill South Andros, on Lot #1 of Flowers Estate please contact Percitta Knowles at 369-1466/4710981./369-4569 in reference to removing said item. Storage fee @ $150.00 will be charged everyday for duration of Notice and thereafter. If no contact is made, the owner of the property reserves the right to dispose of the boat. Whether it be by removal of the boat from the property or sale of the boat for all cost incurred.

THE TRIBUNE

Thursday, August 18, 2016, PAGE 4

Renewed American focus can bring regional tourism dividends From pg B3 incentive to take such trips to both the US and the Caribbean. In this regard, some US states have already concluded their own tourism agreements and/ or Memorandum of Understanding (MOU) with foreign counterparts. For instance, California has a tourism agreement with Mexico and a MOU with Israel. The one with Mexico has as its objectives to increase bilateral tourism flows, with emphasis on luxury travel, adventure and nature tourism, sports tourism, sun and beach tourism, cultural tourism

and tourism organised for groups. Many US hotels, such as Best Western, Choice Hotels International, Divi, Hilton, Holiday Inn, Hyatt Hotels, Marriott Hotels, Island Inns, Radisson Resorts, and have hotels in the Caribbean. There are also other US-themed vacations, such as Dive SuperClubs, that have Caribbean operations. In addition, many US restaurants and casinos operate in the Caribbean, and a significant number of cruise liners bound for the Caribbean begin their journey in southeastern cities such as Miami.

These US travel and tourism operators can attract new business through joint marketing initiatives and by partnering to offer joint tours. For instance, hotels, restaurants and other service providers with operations in the southeast US and the Caribbean could offer discounts to tourists who plan to visit both regions. Via joint marketing initiatives, tourists can now obtain discounts at several service providers. Because the potential tourist is familiar with some of the brands, the potential tour now becomes more competitive in the mind of the tourist.

Cultural tourism

An example of how tourism co-operation between

HUGE

Blowout Sale FOR THE MONTH OF AUGUST ON ALL:

•Stand fans •Ceiling fans •Bathroom vanity and fixtures •Light fixtures •Kitchen faucets •Royal Ductless A/C - $525.00 (1200 BTU) •Interior solid doors & bi-fold doors

HOME CARE #4 Joe Farrington Road • Phone: 324-7953

Man gone crazy

Caribbean states and the US states and federal government can have positive results for all parties is in the cultural tourism area. Tourists increasingly seek destinations with strong cultural heritage and an air of authenticity. Tourism provides cultural heritage and economic value and thus helps to preserve these assets. Cultural tour groups are especially popular in northern Europe. Using the tourism agreement, assuming one is concluded, Barbados and South Carolina or Barbados, South Carolina, Virginia, and other states with deep histories of plantation economies could decide to develop inter-regional plantocracy tours. In

English colonists settled Charles Town, now Charleston, South Carolina in 1670. In 1663, eight Lords Proprietors in England obtained land grants in North America from King Charles II for their loyalty to the monarchy during the English Civil War. The Lords decided to combine their shares to establish a profit-seeking proprietary settlement, Carolina, between the English colony of Virginia and Spanish Florida. To ensure financial success, they dispatched representatives to study the lucrative sugar plantation system in Barbados. At one point, due to a scarcity of land in Barbados as a result of the land being dominated by large

to displays of items typical of life in the mid-18th century, which are richly described with both visual and audio aids. The southeastern US, too, boasts numerous culturally significant relics harkening back to the Antebellum era that, like their Caribbean counterparts, are steeped in a rich common history. South Carolina, for example, has many old plantations that offer visitors a glimpse into the way of life that pervaded the Deep South throughout the pre-modern era. Prominent examples include the Middleton Place Plantation, a National Historic Landmark that is also America’s oldest landscaped garden, and the Drayton Hall plantation,

“Study tours would enable a tourist to spend time in a Caribbean country becoming educated about such aspects as local architecture, local and regional politics, international financial services, local legal, accountancy and banking professionals, and the role of academics in the local and regional educational system(s).” Barbados, Georgian and Victorian architecture was quite prevalent in the 17th century. Hence, many plantation houses in Barbados were built according to this architectural guide, including The Garrison Historic Area, which features Georgian building styles. Barbados still has a number of plantation houses that have been restored to their original style but there are a few that have been left to the elements. Some of the plantation houses have been converted for both private and commercial use. Two plantation homes in Barbados have been restored to their original state and are open for public viewings, the Sunbury Plantation House and St Nicholas Abbey. The plantation economy and African slavery in the Carolinas started before

established plantations, to become landholders free white Barbadians had to migrate either to other West Indian islands or to Virginia or Carolina. George Washington’s interactions with the country symbolise the long-standing connection between the US and Barbados. He visited Barbados in 1751 and spent about two months there. Barbados was the only country he ever visited outside colonial America. The George Washington House in Barbados, now appropriately under the control of the Barbados National Trust, provides useful insights into life as it was in the Barbados of 250 years ago. The ground floor of the building is furnished in the same style in which it might have been in 1751. The second floor of the building is devoted entirely

which has one of the only original plantation houses remaining in the state due to General William T Sherman’s preoccupation with burning such structures to the ground on his infamous march to the sea. In 1930, a group of four plantations totalling 6,635 acres and later extended, were bought as a place to preserve southeastern plants and animals and exhibit sculpture. Brookgreen Gardens, which features a fantastic sculpture garden, is one of the few institutions in the United States to earn accreditation from the American Alliance of Museums and the Association of Zoos and Aquariums, as well as being designated a National Historic Landmark and being listed on the National Register of Historic Places. Continued on Next pg

An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. We are growing! Fidelity invites applications for the position of:

Recruiter To find the best and brightest talent to join our team. We provide a challenging, driven, results-oriented environment where creative, goal-oriented, self-confident, high achievers succeed.

Main Duties & Responsibilities: • Managing all stages of the hiring process including candidate sourcing, screening, interviewing, negotiating, extending offers, securing new hire acceptances, background checks and completing post hire follow ups • Evaluating candidate's work history, education, training, job skills, compensation requirements, and abilities • Creating internal and external job posting • Documenting and tracking statistics and data pertinent to each position • Solid understanding of employment law, recruitment, stafﬁng metrics and HR related practices • Preparing assigned monthly, quarterly and annual HR reports • Demonstrated ability to manage high volume of recruitment within strict scheduling requirements • Keeping abreast of current market trends and identify potential impacts on hiring decisions • Maintaining a network of potential hires in advance of requisitioned needs • Conducting regular follow-up with managers to determine the effectiveness of recruiting plans and implementation • Assisting with beneﬁts administration

Requirements / Qualifications: • 3-5 years of recruiting experience a must • Strong analytical skills • Excellent communication skills both oral and written • Ability to multi-task in a fast paced environment • Excellent administrative skills and proficiencies in Microsoft Office Suite Programs • Ability to work in a self-motivated environment with little supervision • Strong leadership abilities • Analytical with strong negotiation skills • Efficient and detail oriented • Must be able to identify and resolve problems in a timely manner. PLEASE SUBMIT BEFORE August 19th, 2016 to:

HUMAN RESOURCES Re: Recruiter careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

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

THE TRIBUNE

Thursday, August 18, 2016, PAGE 3

Potential US investors struggle to match foreign competitors in securing financing for large private sector projects such as Baha Mar.

Bilateral tourism

packages and/or discounts on hotels and restaurants with operations in both the US and the Caribbean, then they would have more See pg b4

THE TRIBUNE

Thursday, August 18, 2016, PAGE 4

Cultural tourism

An example of how tourism co-operation between

HUGE

Blowout Sale FOR THE MONTH OF AUGUST ON ALL:

•Stand fans •Ceiling fans •Bathroom vanity and fixtures •Light fixtures •Kitchen faucets •Royal Ductless A/C - $525.00 (1200 BTU) •Interior solid doors & bi-fold doors

HOME CARE #4 Joe Farrington Road • Phone: 324-7953

Man gone crazy

An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. We are growing! Fidelity invites applications for the position of:

Recruiter To find the best and brightest talent to join our team. We provide a challenging, driven, results-oriented environment where creative, goal-oriented, self-confident, high achievers succeed.

HUMAN RESOURCES Re: Recruiter careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

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

THE TRIBUNE

Thursday, August 18, 2016, PAGE 5

Renewed American focus can bring regional tourism dividends From pg B4 One feature of Brookgreen Gardens is the Lowcountry Trail, consisting of a beautiful boardwalk that crosses the hillside overlooking Mainfield, a restored rice field of the former Brookgreen Plantation. The painter Washington Allston was born there in 1779. He financed his European art studies by selling the adjoining Springfield Plantation. In addition to South Carolina, many other southeastern states have a diverse array of plantations and other old historic sites that align well with plantocracy themed vacations. Virginia, North Carolina, Alabama, Tennessee, Georgia, Mississippi and Louisiana all contain a number of Antebellum-era plantations, actively promote tourism to these sites, and are geographically situated such that they are easily accessible to tourists seeking to gain a better understanding of these old ways of life. Another potential area for travel and tourism cooperation is study tours. Periodically, professional organisations such as universities, bar associations, architects, or organisations such as National Geographic, organise their own cross-border educational programs. The study tours would enable a tourist to spend time in a Caribbean country becoming educated about such aspects as local architecture, local and regional politics, international financial services, local legal, accountancy and banking professionals, and the role of academics in the local and regional educational system(s). Study programs can appeal to naturalists, historians, health care professions, high school and college study tour programs, and those interested in programs oriented toward music, literature, theatre, and arts and crafts. The interplay between Caribbean-US performing arts, especially music, is clear. One example of cultural tourism concerning performing arts in Caribbean are the Carnivals. In this regard, much of the Caribbean diaspora and tourists in general attend Carnivals to experience cultural authenticity, including pan, calypso and masquerade. State officials, development planners and cultural entrepreneurs perceive culture and nationalism as the means with which to create a market niche in the tourism economy. Indeed the potential to export aspects of Carnival – mas, calypso and pan – has significant implications for Trinidadian identity and culture. Most US state universi-

ties, colleges and even some community colleges have tourism and travel and/or hospitality and tourism management programs. Many of them are focused on the private sector, while others, such as the one at George Washington University, cater in part to government tourism officials and have links to the World Tourism Organization. If Cuba, with its severe and pervasive poverty, could find ways to accommodate Caribbean students in its universities, surely US stakeholders can persuade some of the state universities to engage in collaborative arrangements with universities and colleges in Caribbean countries for their mutual benefit.

Power vacuum

Stakeholders interested in a stable and healthy Caribbean and a collaborative US-Caribbean economic and political relationship should act to take advantage of these unique opportunities, especially since the US executive and legislative branches have not similarly focused on their economic relationship with the Caribbean since at least the Reagan Administration. Announced in February, 1982, the Caribbean Basin Initiative (CBI) had three prongs: it provided $350 billion emergency aid for the region; it asked Congress to allow most Caribbean exports to enter duty-free for 12 years; and it promoted US private investment in the region by providing tax incentives for US companies to operate there and by negotiating treaties to protect their investments. Problems of the CBI were the need to multilateralise the unilateral US initiative and provide better institutional mechanisms for regional integration. The lack of sufficient investment incentives and the need to embrace services within the Caribbean Basin Economic Recovery Act undermined its success. In contrast, the Lome Convention and the EU-Caribbean Economic Partnership Agreement cover services and have a multilateral institutional framework in which CARIFORA countries participate in the decisionmaking. The political gain to be had is underscored by the fact that countries with whom the US has at best tepid relations, such as China and Venezuela, have moved to fill the power vacuum caused by the US’ neglect of the region. Joint marketing, joint tourism programs and other forms of collaboration between the Caribbean and the United States will encourage new tourists

Trinidad Carnival to visit both the Caribbean and the US. In addition, promoting study tours and cultural heritage tourism provide opportunities for quality and sustainable tourism in both regions. Although collaboration can be organised through tourism agreements with national and/or state governments, publicprivate partnerships can also accomplish many of the goals. In this respect, tourism industry leaders and US travel and tourism associations, who arguably have the most to gain, are crucial partners for facilitating the expansion of cross-border travel to and from the Caribbean. Through the combination of lessening government interference with respect to visa requirements and other restrictions on travel and proactively creating a more robust framework to assist the private sector develop and finance inter-regional travel and tourism initiatives, the economic benefit to both US and Caribbean tourism

Photo/Wikipedia stakeholders is clear. As Lord Tennyson’s “Ulysses” proclaimed, the travel and tourism cooperation between the US and the Caribbean should enable new tourists “to sail beyond the sunset and the baths of the western stars”. By showing creativity and ingenuity, American and Caribbean entrepreneurs and government officials can help jump-start both of their tourism and service sectors. • Bruce Zagaris is a partner at Berliner Corcoran & Rowe LLP, Washington, DC. A former lecturer at the University of the West Indies Law Faculty, he testified in Congress on the Caribbean Basin Initiative, and his practice has focused on Caribbean financial services and investment. Scott Buzzard is a JD Candidate, 2017 American University Washington College of Law; Intern at Berliner Corcoran & Rowe; and Articles Editor, American University International Law Review.

THE BAHAMAS CO-OPERATIVE LEAGUE INSURANCE BROKERAGE LIMITED To Our Valued Customers:

Please be advised that The Bahamas Co-operative League Insurance Brokerage Limited will be closed on Friday, August 19, 2016 to allow staff to attend the company’s Annual Staff Fun Day. We will resume normal business on Monday, August 22, 2016. We apologize for any inconvenience caused. Management

PAGE 6, Thursday, August 18, 2016

THE TRIBUNE

Work gets underway on Sandals renovation LESS than 24 hours after Sandals Royal Bahamian closed its doors for two months of extensive repairs, the sound of jackhammers and heavy equipment pierced the air on the pool deck and surrounding area where visitors from around the world normally lull in the midday sun, listening to reggae and soft sounds. “From the moment that corporate engineers said we could not complete this work with guests in the resort, we had no choice but to temporarily close down this property,” said Gordon ‘Butch’ Stewart, Chairman of the award-winning hospitality brand that has built its reputation on romance in settings of beachfront perfection. “We wanted to accomplish the work in the shortest period of time so as the last guests departed, the heavy equipment moved in.” The closure resulted in some 600 staff members being made redundant, the only legal option available

to the resort, according to its legal counsel, Lennox Paton. As heavy equipment revved up on the hotel property, just a few miles away from the Cable Beach resort at Christ the King Church hall, Sandals Royal Bahamian staff were receiving severance pay and benefits packages with the highest line staff taking home upwards of $22,000 and the top supervisory staff more than $34,000. Both days of the redundancy exercise were smooth and trouble-free according to Sandals, with staff members being advised that they would be first in line for the interview and application process that would begin as early as next week. About 60 workers will be transferred to Exuma, where Sandals Emerald Bay will accommodate many of the guests being relocated from Nassau because of the construction. In addition to tearing out the vast pool deck and rebuilding the pool, repairs

include extensive plumbing throughout the tower, renovations to beach villas, addition of a new dining experience and soft upgrades to interiors. Sandals management said earlier it made major repairs when it bought the 70-year-old property 20 years ago but what it hoped would be continual maintenance evolved into deeper issues that they have been trying to deal with for the past year while operating the popular resort and spa featured in TV ads worldwide. “The charm of older properties cannot be reinvented or re-created,” said Mr Stewart. “We were committed to bringing Sandals Royal Bahamian up to the grandeur and style she deserves and delivering the standard which our guests have come to expect. We will have a grand re-opening in October and look forward to our best season ever.”

PRIME COMMERCIAL lot of land located on Windermere Road off East Bay Street adjacent to Red Carpet Inn and the UBS Bank building contains approximately 31,000 square feet. Portion of property presently used as a parking lot and is income producing. Inquiries should be directed to J. Albury at 324-7856 (H) or 424-2624 (Cell)

Mona Sweeting (centre), Brand Manager for Solomon’s, with representatives from Zonta Club of Nassau at last year’s Solomon’s Back to School Trade Show. This Saturday, the group will host a second back to school drive to assist the Bahamas AIDS Foundation after care program.

Solomon’s hosts second back-toschool trade show SOLOMON’S Super Center is helping parents and kids countdown to back-to-school with a trade show featuring healthy lunch tips, fitness and afterschool options for kids of all ages on Sautrday. During the event, the Zonta Club of Nassau will also host a uniform and supply drive to benefit the AIDS Foundation of The Bahamas’ After School Program. It’s the second year AML Foods Ltd, parent company of Solomon’s, has chosen to partner with Zonta to give back to the Foundation. “Even with all of the back-to-school preparations, many parents also have to consider fun and safe after-school care options for their kids and the trade show is a great way to put quality vendors under one roof,” explained event organiser and Solomon’s Brand Manager Monalisa Sweeting. “Last year our

customers were able to learn about reputable organisations and responded positively to the event. This year, we are showcasing more vendors and are adding in the healthy living component. Our goal is to look at the total health and well-being of parents and students as we begin the new school year.” On Saturday, judo and dance instructors, swim clubs, soccer and track coaches and educational tutors will all be on hand to share information on their programs. A health nutrition specialist will give tips to parents and kids on staying fit and eating healthy throughout the school year. And for the first time, a farmer’s market will be set up on the outside of the store featuring fresh organic produce. Prizes and giveaways are also on tap for Saturday with a special appearance by the owner of natural hair product line

Uncle Funky’s Daughter stopping by with product samples and hair demonstrations. Shoppers will have a chance to spin and win free club memberships from vendors participating in the trade show. “We’re encouraging our shoppers to come out, take advantage of the trade show and give back to a great cause. Last year, with the help of the Zonta Club of Nassau, our customers were able to donate much-needed new and gently used uniforms, canned goods and supplies to the Bahamas AIDS Foundation’s After School Program. We hope to do even more this year,” Ms Sweeting said. The trade show is set to take place at Solomon’s Super Center Nassau on the East West Highway from noon until 4.30pm. A similar show will also be held at Solomon’s Freeport on Queen’s Highway.

D’Aguilar: Govt “living in a dream world” over Bahamian contractor payout

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

From pg B1 Bank and its receivers are under no obligation to compensate Bahamian contractors - and any other unsecured creditors - for work completed at Baha Mar. He then said: “We have asked for the Bahamian contractors to be paid as near to 100 per cent of what they’re owed as possible. So in any negotiations going forward, we expect that to be a major point, where up to over $100 million in debt is owed to Bahamian contractors, and we want Bahamian contractors to be paid.”

THE TRIBUNE

Thursday, August 18, 2016, PAGE 7

Dispelling misconceptions about the art world

There are many misconceptions about the art world. Ask someone to describe what it means to be an artist, and they will probably paint a picture of one of two extremes. There is no perceived middle ground: there are simply those who make it, and those who don’t. The quintessential artistfailure is dedicated, talented, yet tragically unappreciated. Regrettably, their work acquires value only after their death. If popular opinion is anything to go by, the creative sector is a huge gamble, braved only by reckless, individuals. But if you’re an art student, you need to know if this “make or break” view bears any relation to reality. Actually, it doesn’t. And with all the stereotyping, it’s tough for students to know what to expect from a career in the arts. Hence I will try to make things a little clearer and dispel some myths along the way. Here are some honest

truths about work, life and leisure in the creative industry.

Many artists work freelance

A study by the Arts Council finds that 41 per cent of creative workers are self-employed. Temporary work contracts can make for an interesting and varied career, though periods of unemployment between jobs are a reality for some artists.

Freelance artists budget carefully

Being self-employed means you are without pension, holiday pay or maternity benefits. Contingencies such as falling ill or having children require pre-emptive financial planning.

Artists self-promote. Many showcase their talents on Facebook, Twitter, Tumblr and Linked in, as well as on their own web-

MAB president: IPA should not be mandatory From pg B1 “If someone wants to be an entrepreneur and go into other things and form an IPA that’s fine, but for a large majority of us that is not what we are here to do. We are here to provide a service and get fair pay for that service.” An IPA would negotiate insurance contracts with both the Government’s National Health Insurance (NHI) Authority and private sector providers on behalf of its members, allowing those doctors to focus on the quality of patient care and the latter’s experience, as opposed to managing costs and administrative issues. “The IPA is fine but I don’t think it should be mandated that the IPA is the negotiator for contracts for the providers under national health insurance. There is just too much room for graft, duplication of services and all the other things that go on,” said Dr Pierre. The MAB is the largest and only officially recognised association of physicians in the country. Dr Pierre told Tribune Business that he had been effectively forced to address the IPA issue publicly after it was reported that the Trade Union Congress (TUC) and the Bahamas Independent Provider Association (BIPA) had entered into a partnership with major healthcare providers or stakeholders to advance NHI discussions. “The statement was made that the IPA had the majority of physicians signed on to it. I found this to be deceptive especially since I had met with a group which had proposed this and I made it clear that the MAB could not sign on to it. The MAB did not want it, the

executive did not want it and I did not want it,” said Dr Pierre. Dr Conville Brown recently told The Tribune that eight organisations have signed on to a proposed Independent Provider Association. Dr Brown said of the 11 major organisations invited, eight signed on to the initiative on Friday, July 8. These include the Consultant Physicians Staff Associations in Nassau and Freeport; the Grand Bahama Medical & Dental Association; Care Bahamas; Physicians Alliance Ltd; Doctors Hospital; The Sunrise Medical Centre-Hospital Complex and The Medical Pavilion Bahamas. He noted that the Medical Association of the Bahamas, the Bahamas Association of Primary Care Physicians and the Bahamas Doctors Union declined. “An audience was sought with Prime Minister Perry Christie to inform of our group’s desire to have said model considered as a possible facilitator of implementation of National Health Insurance.,” Dr Brown said. “The prime minister was provided with the signatory list on Saturday, July 9, 2016. He was also advised that of the major physician groups, three had declined to sign on at that stage.” Dr Brown added that it was always proposed that BIPA be a 100 per cent Bahamian-owned company incorporated in the Bahamas as a non-profit organisation. He added that BIPA would be able to represent all stakeholders in healthcare, including physicians, unions, insurance companies, nursing, pharmacists, etc, and indeed any special interest groups in relation to healthcare provision.

Dental assistant

neeDeD

No experience required Will train Please send resume to ctchumanresources@gmail.com

sites. Having a good online presence shows employers that you are self-motivated and digitally literate.

Artists love socialising

Networking events are the art world’s equivalent to job hunting, but with less misery and more booze. Whether they are searching for commissions or trying to advance their career, networking gives artists the chance to meet industry professionals and gain exposure to new opportunities.

It’s about your portfolio

The visual arts are less grade-centric than other disciplines. An Art Director once told me he’d think twice about hiring someone with a first-class degree, as he worried they would have no time for hobbies outside work. In his words, not mine. Therefore try to focus on making your portfolio the best you can. A good body of work speaks louder than grades.

In a statement responding to Dr Brown yesterday, Dr Pierre said that it was “interesting and possibly disturbing” if a meeting with the Prime Minister had actually taken place, noting that the Government has specifically set-up the office of the National Health Secretariat to deal with all matters NHI. “Is Dr Brown saying that his group has special privilege, able to bypass the normal processes and access the Prime Minister’s office? Also, if BIPA is an established or possibly significant stakeholder, how is it that they were not invited to be a part of the Universal Healthcare Advisory Council established by the National Health Insurance Secretariat’s office to address stakeholder issues?” Dr Pierre continued: “Again, as MAB President the question must be asked - in the public’s interest - are

Some artists supplement their income with a second job

Doing so gives them financial security while they exercise their creative passions.

Many artists take on internships to help kick-start their career

Working for a company can prepare you with essential industry skills and improve your employ-ability. The question of payment is a hot potato – in general, the shorter the internship, the less likely you may be paid.

Subsequently, job opportunities are growing

Statistic reveals that there are currently over 1.9 million people working in the creative industries … and note that it will continue to skyrocket, with an additional 1.3 million new jobs

there conflicts of interest with the ownership (possibly including high ranking members of government) of private facilities being on the executive management team of an IPA that wants to negotiate directly with the government for the management of millions of dollars in public funds? “Also, MAB members are concerned that if the private, for-profit healthcare facilities form a virtual monopoly (by way of an IPA) on the provision of private and possibly public healthcare, what is the possible implication for Bahamian physicians. Are our highly-trained and skilled physicians to be relegated to being employed serfs of these facilities? What will happen in the future when young Bahamian physicians look to come home and there are no opportunities for advancement?”

in the private sector alone.

By and large the creative sector is characterised by high levels of job satisfaction

As a result, the industry is highly competitive and aggressively sought after. So if you have the passion and motivation to stay ahead of the game, then a creative career can be an exciting and rewarding experience for you. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game! • Deidre Marie Bastian is a professionally trained Graphic Designer/Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as Miami Lakes Technical Centre, Success

The Art of Graphix by deidre m bastian

Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas. Comments and responses to deedee21bastian@gmail.com

PAGE 10, Thursday, August 18, 2016

THE TRIBUNE

Cisco laying off 5,500 employees amid tech upheaval SAN FRANCISCO (AP) — Cisco Systems is laying off 5,500 employees as the internet gear maker scrambles to adapt to a technology upheaval that has triggered similar cutbacks to other storied tech companies. The shake-up announced Wednesday means about 7 percent of Cisco’s roughly 74,000 workers will lose their jobs beginning this summer. The purge is the latest fallout from a relentless march of innovation that has forced some of the world’s biggest and oldest technology companies to head in new directions in search of revenue growth. Others that have been laying off thousands of workers while overhauling their product lines include Microsoft, the world’s largest software maker; Intel, the world’s largest maker of computer chips; and HP, a Silicon Valley pioneer that went to the extreme of splitting itself into two separate companies that have continued to cut back.

an exterior view of Cisco Systems Inc. headquarters in Santa Clara, Calif. Cisco Systems Inc. reported yesterday, that it will lay off 5,500 employees as the internet gear maker scrambles to adapt to technology changes that have reduced demand for its main products. (AP Photo) Tech companies for decades have been prodded into sometimes painful transitions as advances in computing and faster wireless connectivity open up fertile new markets for frequently nimbler and more motivated rivals to plow while the incumbent powerhouse stick to familiar ground.

The adjustments usually are more wrenching for the companies that wait too long to pivot. IBM, for instance, dawdled during the early phases of the move away from mainframe computers, resulting in a traumatic overhaul that began in the 1990s and continues today. Despite its early leadership

Jury finds investment banker guilty of insider trading

son soon afterward, made it obvious the son tipped his father intentionally. The father received about $150,000 while the stock broker got the rest of $1.1 million in profits, though prosecutors say the son benefited when his father used some of proceeds to pay for Stewart’s wedding rehearsal dinner and for a wedding photographer. Richard Cunniffe, who executed some of the securities trades for Stewart’s father, pleaded guilty to insider trading charges and testified at the trial. The effort to show Sean Stewart received something in return for sharing secrets was important after the 2nd U.S. Circuit Court of Appeals in December 2014 changed the landscape of insider trading law by saying prosecutors needed to show that the person supplying secrets received something of value in return. Stewart’s trial was the first to occur in Manhattan since that ruling.

NEW YORK (AP) — A Yale-educated investment banker was convicted of insider trading charges Wednesday after a jury concluded he gave tips about mergers and acquisitions to his father, enabling over $1 million in illegal profits. Sean Stewart, 35, testified during the two-week Manhattan federal court trial, insisting he had no idea his father was sharing secrets with a broker to make trades ahead of public announcements on five separate deals that he oversaw while working at JPMorgan Chase & Co. and Perella Weinberg partners LP. As the verdict was read, Stewart was stoic, though he turned to look at his mother on a bench behind him. Sentencing was set for Feb. 17 for the Manhattan resident. Stewart’s lawyer, Mark

Gombiner, said the defense was damaged when Judge Laura Taylor Swain ruled that Stewart’s father could use the Fifth Amendment to avoid testifying. “We have a lot of issues on appeal,” he said. In a release, U.S. Attorney Preet Bharara said: “Time and time again, Sean Stewart took his clients’ most sensitive corporate secrets and fed them to his father on a silver platter for quick and illegal profits.” The father, Robert Stewart, was sentenced to one year of home detention after pleading guilty to an insider trading charge. Prosecutors said evidence, including the timing of pivotal meetings regarding the corporate deals and subsequent trades in securities by the father and communications between the father and

in personal computers, Apple went bankrupt during the 1990s before rebounding with its invention of the iPod and then, more importantly, the iPhone that triggered the mobile computing revolution underlying many of the current changes in technology. “Companies are retooling now in attempt to take advantage of this next generation of opportunities,” says Patrick Moorhead of tech consulting firm Moors Insights & Strategy. “History shows that some make the transition and others don’t make it.” In the case of the 32-yearold Cisco, its business has been hurt as more of its corporate customers rely on remote data centers for their computing needs instead of online networks maintained on their own premises. The San Jose, California, company is now focusing more on equipment tailored for large data centers and pouring more resources into software and security. The new empha-

sis is being orchestrated by CEO Chuck Robbins, who replaced the Cisco’s longtime leader, John Chambers, nearly 13 months ago. “We are committed to making the necessary decisions to drive our future growth,” Robbins assured analysts during a Wednesday conference call. He promised to use the money that Cisco saves from paring its workforce to invest in areas where it believes it can boost its sales in the future. Cisco’s fiscal fourthquarter results, also released Wednesday, underscored the need to expand beyond the company’s traditional strengths. The company’s revenue for the three-month period that ended July 30 increased by just 2 percent from last year to $12.6 billion. Previous cost cutting helped boost Cisco’s profit 21 percent to $2.8 billion, or 56 cents per share. The performance didn’t impress investors as Cisco’s stock shed 42 cents to $30.30 in extended trading

after the numbers came out. The decline may have been driven by disappointment that Cisco’s job cuts weren’t nearly as deep as published reports had speculated they would be. It wouldn’t be a shock if Cisco jettisoned even more workers in during the next year or two, given what has happened at other big tech companies that have gone through several waves of layoffs. The employees who have been losing their jobs have been highly successful in finding other positions in the industry, as long as they have training in technical fields, said Todd Thibodeaux, CEO of CompTIA, a trade group that tracks industry employment. Laidoff workers in the finance, administrative and marketing departments of tech companies tend to have more trouble. “This is certainly a period of transition, not only for the companies involved in it, but also for some of their workforce as well,” Thibodeaux said.

Career Opportunity Scotia Wealth Management International Private Bank is seeking the services of a

Senior Associate Private Banker Position Summary: The Senior Associate Private Banker is a hybrid role focused on junior portfolio management. The role is designed to provide a successful incumbent with the necessary skills and experience to potentially take on a Private Banker role. The Senior Associate may have a portfolio of assigned clients along with new business and referral goals appropriate for the position.

Key Accountabilities for this role: • Relationship Management: The incumbent may manage a modest client portfolio directly under the guidance of a Private Banker / Sr. Private Banker and Team Lead. • Risk Management: Review all written authorizations to ensure accuracy, completeness and clarity. • Operations and Compliance: Organizing work flows to maintain maximum efficiency. Complying with regulatory requirements as part of the services process, including Know Your Client (KYC), Canada Deposit Insurance Corporation (CDIC), Financial Consumer Agency of Canada (FCAC), Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF), Privacy and Occupational Health & Safety (OHS) requirements, processes and guidelines as well as SSI guidelines/processes.

Educational Requirements: • The incumbent must have 5 years Commercial or Retail banking experience, as well as an understanding of commercial credit principles; • University or community college degree preferred; • Must have a good understanding of tax, estate and financial planning and investment vehicles; • The incumbent must be able to relate comfortably with affluent and influential clientele in both a business and social content, demonstrating an ability to display a high degree of poise and professionalism at all times;

Functional Competencies: • The Senior Associate must have the ability to communicate confidently, effectively and diplomatically at all levels, both verbally and in writing. • He/she should have a good understanding of banking lending policies, practices and procedures as well as an awareness of business trends, economic, technological, social, legal and political conditions and factors which could affect a borrower. The individual must have a good working knowledge and understanding of financial statements and accounting principles and polices. • He/She must have strong organizational skills in order to meet large volumes and tight time frames. • He/she is required to be highly proficient in the execution of day to day duties and delivery of client services at the highest level in the Bank for personal banking. • He/She should have sound knowledge and familiarity with credit lending practices. Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before August 24, 2016. Please note that only those individuals short-listed for an interview will be contacted.

POSITION AVAILABLE A specialist international boutique law firm is looking for a graduate calibre secretary/ paralegal who has been working as a secretary /paralegal in either another law firm or other professional services environment for at least one year. The role will be to provide secretarial and paralegal support to a corporate and commercial Litigation Principal and will include all diary management, dictation (correspondence and emails) managing payments and expenses, liaising with clients, and drafting engagement letters. You will also be fully trained to do certain paralegal duties including file opening and closing, carrying out Companies House searches and supporting on corporate transactions including the drafting of ancillary documents. In addition to the paralegal duties, you will also take on some general office management responsibilities and provide day to day assistance with the smooth running of a busy office. This role is ideal for a law graduate with some secretarial experience or a secretary looking to take on more paralegal duties. It is essential that you are proactive, dynamic and flexible to help out with anything and everything. There will be extensive liaison with clients so you must also have exceptional communication and Microsoft Office Suite skills. This is a great opportunity for someone to gain solid corporate legal experience in a well rounded position. Someone who has previously worked as a corporate paralegal, a corporate administrator or someone with minimal legal experience would be considered. Please note, this is a stand alone position in which you will work alongside the sole managing partner/principal . Requirements: • Undergraduate degree • Prior secretarial, administrative and/or paralegal experience • Must have active secretarial litigation experience • Trust administration experience preferred • Proficient in Microsoft Office Suite • Excellent command of the English language Contract type: Permanent Hours: Full Time If you’re interested in this role, please apply now and forward an up-to-date copy of your CV and current photo to: mrscott@scottlawbahamas.com

™Trademark of The Bank of Nova Scotia, used under licence (where applicable).

Applicants which fail to include a current photo will automatically be removed from consideration.

THE TRIBUNE

Thursday, August 18, 2016, PAGE 11

Fed: Conditions could ‘soon warrant’ a rate hike WASHINGTON (AP) — Federal Reserve officials believed last month that near-term risks to the U.S. economy had subsided and that an interest rate increase could soon be warranted. But they did not indicate when they would likely raise rates. The minutes of their July 26-27 meeting, released Wednesday, show that officials were encouraged by a rebound in job growth. They also took note of a stabilization of financial markets after a bout of turbulence triggered by Britain’s June 23 vote to leave the European Union. The Fed officials believed those developments had lessened the risks for the economy in the short run. The minutes show that as a result, the officials thought a rate increase “was or would soon be warranted.” But a key factor holding the Fed officials back was the stubbornly slow rate of inflation, which has been running below the central bank’s 2 percent target for more than four years, according to the minutes. Some analysts said the minutes showed that it’s possible the Fed could raise rates as early as September, especially if job growth and other economic data come in on the strong side between now and the Sept. 2021 meeting. But many think the Fed will lack enough certainty to act, especially if inflation remains far below the Fed’s target. “The Fed is inching closer to a rate hike, but it likely isn’t there yet,” said Sal Guatieri, senior economist at BMO Economics. “While a growing number of policymakers likely wouldn’t oppose lifting rates at the next meeting, the majority still seem keen to wait until the economy strengthens further and downside risks abate.” The minutes closely par-

allel the message the Fed sent in a statement it released after its July meeting. In that statement, the Fed noted that the job market had rebounded from a brief slump. Still, it said it planned to monitor global economic threats and financial developments to ensure that they don’t slow the economy. This week, William Dudley, president of the Federal Reserve Bank of New York and a close ally of Fed Chair Janet Yellen, said in a television interview that a September rate hike is “possible.” Dudley said he thought that solid job growth would continue and that the sluggish pace of the U.S. economy would pick up.

Economic health But, as the Fed itself as done repeatedly, Dudley stressed that any policy action would depend on the health of the most recent economic data. Though some economists say they think the Fed will be ready to raise rates next month, most have said they think the policymakers will take no action before December. The Fed’s July decision to leave rates alone was backed by a 9-1 vote. Esther George, president of the Kansas City Fed, dissented in favor of an immediate rate increase. In December last year, the Fed raised its benchmark lending rate from a record low near zero, where it had stood since the depths of the 2008 financial crisis. But in recent months, turbulence in financial markets and concerns about China and weakening global growth have persuaded the Fed to keep rates on hold. Fed officials have also expressed concern about the

tepid pace of U.S. growth, weakness in worker productivity, excessively low inflation and the long-term consequences of Britain’s vote in June to leave the European Union. Investors will be paying close attention to a speech that Yellen will give on Aug. 26 to an annual conference of central bankers in Jackson Hole, Wyoming, for any further clues about the Fed’s timetable for a rate hike. The minutes said “a couple” of officials had advocated a rate increase at the July meeting. However, the majority of the group agreed that waiting would give them more time to assess whether the economy was strong enough to withstand the potential aftershocks when the Fed does raise rates. But Fed officials also noted the risks of waiting too long. If labor market conditions tightened so much that inflation pressures jumped, the Fed would have to respond with a more rapid series of rate hikes that could jeopardize the recovery. Although near-term concerns associated with Britain’s vote to leave the EU had dwindled, officials mentioned other threats that needed to be closely monitored, including the possibility that growth in Britain and the EU could be slower than expected. Some Fed officials also expressed concerns that weak capital positions and sizable bad loans at some European banks could also weigh on the continent’s growth prospects. In addition to lingering problems in Europe, some officials noted weakness in other parts of the global economy, including uncertainties over China’s currency policies and the growth in Chinese debt.

New York Federal Reserve President William Dudley is interviewed by Peter Barnes on the Fox Business Network, in New York. Dudley, a close ally of Fed Chair Janet Yellen, said in a television interview on Tuesday, that a September rate hike is “possible.” Dudley said he thought that solid job growth would continue and that the sluggish pace of the U.S. economy would pick up. (AP Photo)

CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:

Engineering Can-Fix-It

Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing. • Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. • General knowledge to repair heating and cooling units, painting the exterior and pressure washing. Position Requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus.

Storekeeper/Receiver:

Essential Job Functions: • Receive and inspect all incoming materials and reconcile with purchase orders. • Process and distribute documentation with purchase orders; reports, documents and tracks damages and discrepancies on orders received. • Ensure all goods received are of good quality.

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

Customer Support Representative Main Duties & Responsibilities: • Handling complex queries and requests via the telephone, the ticket site, email and general mail • Liaising with other departments and external third parties to achieve resolution of cardholder and merchant query • Liaising with branch network on behalf of clients • Answering inbound calls and initiating transfer of calls to the relevant departments • Arranging for the dispatch of products, information packages, brochures etc. to clients and other interested parties • Opening and closing of merchant accounts

Position Requirements: • High School Diploma required. • Two years experience as a Storekeeper required. • Must be computer literate.

Requirements / Qualifications:

Bartender

• Minimum of two years experience in similar or related position

Essential Job Functions: • Properly stock and set up bar at the beginning of each shift. • Make certain that all drinks prepared for guests are at industry standard. • Ensure that the required amount of liqueurs are dispense for all drinks. Position Requirements: • High School Diploma required. • Two years experience as a Bartender required.

Utilities

Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant equipment and utensils in clean and orderly condition. • Transfers supplies and equipment between storage and work areas by hand or by use of hand truck. • Sets up banquet tables, when required. • Keep all equipment in the food and beverage areas are in good condition. Report any breakdowns in equipment to management. Position Requirements: • High school graduate or equivalent. • Previous hotel-related experience desired. Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resumes via e-mail to recruitment.humanresources@outlook.com

• Diploma from recognized tertiary institution or a minimum of a High school diploma or equivalent vocational training

• In-depth knowledge of Cards product/service • Excellent interpersonal and customer service skills with ability to work in a team environment • Excellent administration skills, including being IT literate with the ability to be self-supporting in the use of computer software, including the MS Ofﬁce Suite and databases • Excellent inter-personal and communication skills (both written and verbal), with the ability to communicate with a wide range of people at all levels • Excellent time-management and organizational skills with the ability to prioritize workload and manage conﬂicting demands • Attention to detail

PLEASE SUBMIT BEFORE August 19th, 2016 to:

HUMAN RESOURCES Re: Customer Support Rep. careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

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

PAGE 12, Thursday, August 18, 2016

THE TRIBUNE

Global stocks dip ahead of release of Fed minutes BEIJING (AP) — Global stocks and the price of oil dipped Wednesday as investors awaited the release of the minutes to the U.S. Federal Reserve’s latest meeting for hints on when interest rates might be raised again.

KEEPING SCORE: France’s CAC-40 dropped 0.7 percent to 4,431 while Germany’s DAX shed 1.2 percent to 10,549. London’s FTSE 100 declined 0.2 percent to 6,880. Wall Street looked set for a weaker opening, with futures for the Dow Jones industrial average and the Standard

Employment Opportunity

& Poor’s 500 index both off 0.1 percent.

weakened the dollar, helping exporters.

FED WATCH: Wednesday’s release of notes from the Fed’s July meeting will provide insight into the debate among board members over when to raise rates. One member of the policymaking board, William Dudley, said earlier that it was premature to rule out further increases this year and another member, Dennis Lockhart, has said there could be two hikes in 2016. The Fed’s earlier decision to hold off raising rates has

HONG KONG STOCK LINK: Earlier, China’s Cabinet approved an initiative that would give foreign investors more access to Chinese stocks by linking exchanges in Hong Kong and the mainland city of Shenzhen. Hong Kong is Chinese territory but its financial system is open to foreign investors while mainland markets are sealed off. The move helped boost sentiment in Hong Kong on Wednesday,

but analysts said the influx of foreign money into Chinese stocks is likely to be modest. A similar measure to link Hong Kong with the Shanghai stock exchange took effect in 2014. ASIA’S DAY: Hong Kong’s Hang Seng was off 0.5 percent at 22,799.78 and the Shanghai Composite Index was unchanged at 3,109.55. Tokyo’s Nikkei 225 gained 0.9 percent to 16,745.64 points and Seoul’s Kospi rose 0.9 percent to 2,017.94. India’s Sensex lost 0.1 percent to 28,022.97.

A leading Fast Food franchise is looking for mature, clean-cut individuals to join its Maintenance (Janitorial) Team. Job Summary To be responsible for the general cleanliness and upkeep of the entire Store and its surroundings, so as to facilitate the smooth, efficient operation of the Store. Requirements

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

Asian stocks mostly higher after Wall Street decline BEIJING (AP) — Asian stock markets were mostly higher Wednesday after Wall Street declined. Shares in China were mixed after leaders approved a plan to give foreign investors more access to Chinese equities through Hong Kong. KEEPING SCORE: Tokyo’s Nikkei 225 rose 0.9 percent to 16,748.93 points and Sydney’s S&P-ASX 200 advanced 0.4 percent to 5,497.40. Hong Kong’s Hang Seng added 0.2 per-

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

Fraud and Compliance Representative Main Duties & Responsibilities: • Ensure Cards obligations/requirements pertaining to contracts and agreements with vendors and associates are met and fully satisfied. • Monitor and review the entire cardholder and merchant acquisition process and all aspects of the cardholder application including but not limited to: content, approvals, credit line, KYC and also declined and closed applications. • Monitor and audit cardholder and merchant files and storage, inventory as well as information access via email/card-site/Support-Suite and information leaks which may invoke fraud. • Liaise with customers, other banks, compliance departments and Supervisor where necessary on compliance matters. • Undertake, train and educate branch staff/customers on best-practice techniques for card handling and usage as well as the security features and benefits.

Requirements / Qualifications: • First Degree from recognized tertiary institution or a minimum of a tertiary diploma • Experience in similar or related position is an asset • Law enforcement background, collections or compliance experience is an asset • A sound knowledge of telephone and e-mail etiquette • Excellent interpersonal and customer service skills with ability to work in a team environment • Basic computer knowledge/technological skills - the person should be adept in using search tools, browsers and also email features; attaching ﬁles to correspondence, utilizing tracking and management features • Ability to communicate effectively both orally and written • Ability to treat people with respect under all circumstances, instill trust in others besides upholding the values of the organization • Sound judgmental powers; ability to manage difﬁcult customer situations, to respond promptly to the needs of the customer, solicit feedback to improve service, respond to requests for service/assistance PLEASE SUBMIT BEFORE August 19th, 2016 to:

HUMAN RESOURCES Re: Fraud and Compliance Rep. careers@fidelitybahamas.com

ENERGY: Benchmark U.S. crude shed 25 cents to $46.33 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 84 cents on Tuesday. Brent crude, used to price international oils, also dropped 25 cents, to $48.98 in London. It added 88 cents the previous session. A woman reacts as she studies stock prices at a brokerage house in Jiujiang city in central China’s Jiangxi province, yesterday. Global stocks rose Wednesday after Japanese Prime Minister Shinzo Abe announced plans for a whopping 28 trillion yen ($254 billion) stimulus package. Investors were awaiting a policy statement by the Federal Reserve, as strong U.S. economic data raised questions over the likely course for interest rates. (AP Photo)

MAINTENANCE WORKERS

• Must be a high school graduate. • Must have excellent inter-personal skills. • Must have excellent oral and written communication skills. • Professionalism required. • Must be able to work flexible hours including early mornings, late nights, weekends and holidays. • A basic knowledge of kitchen equipment and electrical and air conditioning repair skills would be a plus. • Must have a clean police record.

CURRENCY: The dollar gained to 100.69 yen from Tuesday’s 100.33 yen. The euro edged down to $1.1269 from $1.1276.

ABSOLUTELY NO PHONE CALLS

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

cent to 22,963.51 and India’s Sensex gained 0.1 percent to 28,098.32. The Shanghai Composite Index shed 0.2 percent to 3,102.93 and New Zealand and Malaysia also advanced. Singapore and Bangkok declined.

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.

influx of foreign money into Chinese stocks is likely to be modest. A similar measure to link Hong Kong with the Shanghai stock exchange took effect in 2014. Shares in Shenzhen were higher on Wednesday.

WALL STREET SLIDE: U.S. stocks slid as investors sold phone company and utility shares. Stocks have wavered lately as investors review mixed reports about the U.S. economy, trying 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 is little changed from a year ago. The Commerce Department said the pace of home construction grew by the most since February. The Dow

HONG KONG STOCK LINK: China’s Cabinet announced approval of an initiative that would give foreign investors more access to Chinese stocks by linking exchanges in Hong Kong and the mainland city of Shenzhen. Hong Kong is Chinese territory but its financial system is open to foreign investors while mainland markets are sealed off from global capital flows. The Chinese premier said the move will help to reinforce Hong Kong’s status as a financial center, and it helped to boost sentiment there on Wednesday. But analysts said the

FED WATCH: Investors looked ahead to Wednesday’s release of notes from the U.S. Federal Reserve’s July meeting for insight into the debate among board members over when to raise rates. One member of the policy-making board, William Dudley, said earlier it was premature to rule out further tightening this year and another member, Dennis Lockhart, said Tuesday there could be two hikes in 2016. The Fed’s earlier decision to hold off raising rates has weakened the dollar, helping exporters.

THE TRIBUNE

Thursday, August 18, 2016, PAGE 13

US stocks get modest lift from Federal Reserve comments NEW YORK (AP) — U.S. stocks closed barely higher Wednesday as big gains for utilities balanced out losses for retailers like Lowe’s, Target and Staples. Stocks fell in morning trading as a recent slump in phone company and utility stocks continued. But the indexes reversed directions after noon as those stocks turned higher, as did banks and household goods makers. Investors scrutinized the minutes from the Federal Reserve’s late July meeting and found no suggestion the central bank’s in any hurry to raise interest rates. Federal Reserve officials felt near-term risks to the U.S. economy have diminished as job growth improved in June and July. It said another boost in interest rates might be warranted before long, but investors doubt that will happen in September and they’re not sure if it will happen in the months after that. “The minutes today were not any kind of a surprise,” said Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute. “There’s probably some relief there.” The Dow Jones industrial average rose 21.92 points, or 0.1 percent, to 18,573.94. The Standard & Poor’s 500 index gained 4.07 points, or 0.2 percent, to 2,182.22 after falling as much as 10 points early on. The Nasdaq com-

posite inched up 1.55 points to 5,228.66. That left the market little changed from Tuesday and continued a persistent pattern of small moves for U.S. stocks. Utility companies made the biggest gains, as low interest rates and bond yields make their big dividend payments more appealing. Dominion Resources jumped $1.97, or 2.6 percent, to $76.65 and Xcel Energy added 69 cents, or 1.7 percent, to $42.33. Bond prices turned higher and the yield on the 10year Treasury note fell to 1.55 percent from 1.58 percent. The dollar weakened, falling to 100.19 yen from 100.25 yen. The euro rose to $1.1290 from $1.1277. In recent days the Fed’s decision to leave rates unchanged has weakened the dollar, helping exporters. Consumer companies slumped after weak results and forecasts for some major retailers. Home improvement retailer Lowe’s cut its annual profit forecast after it reported a profit that was smaller than analysts expected, and sales at older stores were weak. Those sales are considered an important measurement of retailer performance. Lowe’s stock fell $4.60, or 5.6 percent, to $76.88. Target also lowered its profit projections as it deals with stiff competition. Its stock lost $4.85, or 6.4 percent, to $70.63.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, William Howard Barr of Foster Street, Chippingham, P.O.Box CB13412, New Providence, Bahamas intend to change my name to WILLIAM HOWARD DAWKINS JR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.

Office supply retailer Staples fell after disappointing analysts with its forecasts, which included further sales declines. Its stock fell 66 cents, or 7.1 percent, to $8.67. Rival Office Depot lost 26 cents, or 6.9 percent, to $3.52. Urban Outfitters jumped after it disclosed solid second-quarter results. The company said sales at older stores improved, surprising analysts who expected a decline. The stock gained $4.71, or 15.4 percent, to $36.05. It’s up 58 percent this year, wiping out a steep loss from 2015. Barnes & Noble tumbled after the book seller said CEO Ronald Boire is leaving after less than a year in the job. The company said its board determined that Boire was not a good fit. Chairman and former CEO Leonard Riggio, who was scheduled to retire next month, will stay with the company as it seeks a new CEO. Barnes & Noble has been cutting costs and clos-

people walk to work on Wall Street beneath a statue of George Washington, in New York. Stocks moved higher in early trading Wednesday, July 27, 2016, led by gains in technology stocks after Apple soared on a strong earnings report. Investors are looking ahead to a decision on interest rates from the Federal Reserve, which wraps up a two-day policy meeting later in the day. (AP Photo) ing stores as it copes with people doing more of their shopping online and at discount stores. Its stock sank $1.47, or 11 percent, to $11.91. Oil prices climbed after the Energy Information Administration said U.S. crude oil inventories shrank by 2.5 million barrels last week and gas stockpiles decreased by 2.7 million barrels. The declines were larger than expected, which is generally good for oil prices. Benchmark U.S.

crude added 21 cents to $46.79 a barrel in New York. Brent crude, used to price international oils, inched up 62 cents, or 1.3 percent, to $49.85 a barrel in London. In other energy trading, wholesale gasoline added 3 cents to $1.45 a gallon and heating oil rose 3 cents to $1.49 a gallon. Natural gas held steady a $2.62 per 1,000 cubic feet. The price of gold fell $8.10 to $1,348.80 an ounce. Silver fell 23 cents, or 1.1 percent, to $19.65 an ounce.

Legal Notice NOTICE

Copper gave up 2 cents to $2.15 a pound. China’s cabinet approved an initiative that would give foreign investors more access to Chinese stocks by linking the stock exchanges in Hong Kong and the mainland city of Shenzhen. Hong Kong’s financial system is open to foreign investors while mainland markets are sealed off. A similar measure to link Hong Kong with the Shanghai stock exchange took effect in 2014.

Legal Notice

NOTICE

YELLOW DOG HOLDINGS CORPORATION

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

NOTICE IS HEREBY GIVEN as follows:

SEWARD LIMITED

(a) Yellow Dog Holdings Corporation is in dissolution under the provisions of the International Business Companies Act 2000

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), SEWARD 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.

(b) The dissolution of the said Company commenced on the 17th August, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

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

Shareece E. Scott Liquidator

NOTICE

NOTICE is hereby given that RONEL JOACHIM of Carmichael Road, P.O. Box CR-56277, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th dAy of AUGUST, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

NOTICE

NOTICE is hereby given that Edno Garcon of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

EMPLOYMENT OPPORTUNITY Major law firm is immediately seeking a detail oriented, hands-on individual to fill the post of Legal Secretary. The qualified candidate must have 5 years’ experience working in the litigation practice area and must be well-versed in drafting pleadings, originating applications and claims and other court documents, in addition to preparing bundles of documents; Applicant must be able to work independently, take initiative, be a team player, and have excellent organization and communication skills in addition to advanced knowledge of Microsoft Office Suite. Applications for qualified candidates accepted via: vacancylegal5@gmail.com

MARKET REPORT WEDNESDAY,17 AUGUST 2016

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

BISX ALL SHARE INDEX: CLOSE 1,968.38 | CHG -0.02 | %CHG 0.00 | YTD 144.43 | YTD% 7.92 BISX LISTED & TRADED SECURITIES 52WK HI 4.05 17.43 9.09 3.50 4.70 0.18 8.34 8.40 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 8.10 6.90 12.25 11.00

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 2.43 1.55 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 2.41 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 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

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

115.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

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

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

3,000

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 25.6 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% 2.49% 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

0.0 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

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

THE TRIBUNE

Thursday, August 18, 2016, PAGE 15

Democratic presidential candidate Hillary Clinton tours classrooms and talks with students at John Marshall High School in Cleveland, yesterday, before participating in a campaign event. (AP Photo)

Clinton shrugs off Trump shakeup, attacks his tax plan CLEVELAND (AP) — Hillary Clinton shrugged off Donald Trump’s latest campaign shakeup Wednesday, saying he’s the “same man” who would cut taxes for rich people while she would force the super-wealthy to pay more. “Donald Trump doesn’t need a tax cut. I don’t need a tax cut. It’s time for the wealthiest Americans, whoever you are, as well as corporations and Wall Street to pay your fair share in taxes,” Clinton said at a rally with more than 2,300 people at Cleveland’s John Marshall High School. Her remarks came shortly after Trump, struggling to steady his troubled campaign, announced a new chief executive officer and campaign manager. Polls show Clinton building a lead in the weeks since the summer nominating conventions. At the rally, Clinton suggested staffing changes won’t fix her rival’s campaign or change his past insults of the

Muslim American parents of an Army Captain killed in Iraq, or incendiary comments about women and people with disabilities. Trump, she said, has “shown us who he is.” “There is no new Donald Trump. This is it,” she added. Even as she has struggled to address questions about her trustworthiness amplified by scrutiny of her use of a private email server at the State Department, Clinton has addressed the trust issues in other ways. Popular surrogates, including Vice President Joe Biden this week in Pennsylvania, have testified to her trustworthiness. Clinton has repeatedly pointed to Trump’s unwillingness to release his income tax returns and said his tax policies would only help the rich. Clinton pledged again that she would not raise taxes on middle-class earners but Republicans noted that during her time in the Senate she had voted in favor of Democratic budget plans that

would have raised taxes on American earning less than $250,000 a year. Republican National Committee chairman Reince Priebus said in a statement that Clinton’s tax plan would “kill jobs, reduce wages and hurt economic growth” and her prior Senate votes showed “she can’t be trusted to look out for the middle class.” Clinton has proposed a 4 percent surcharge on incomes of more than $5 million, which would essentially create a new top bracket of 43.6 percent while those earning more than $1 million annually would face a tax rate of at least 30 percent. She has also pledged to eliminate the so-called “carried interest” loophole for private equity and hedge fund managers who pay lower rates on their investment profits. Trump wants to reduce the top bracket to 33 percent from the current level of 39.6 percent and would reduce the seven tax brackets down to three, at 12 percent, 25 percent and 33 percent.

PROVIDENCE ADVISORS GIVES BACK TO MARK 10TH ANNIVERSARY Providence Advisors Limited, a wholly Bahamian owned financial services provider, recently celebrated 10 years of successful operation. In commemoration of this milestone, Providence Advisors has invested in several local non-profit organisations recognised for serving the community in significant and tangible ways. CEO Kenwood Kerr explained, “We have been fortunate to have experienced 10 years of growth as a thriving investment management and pension administration firm. It is only fitting at this time to give back to this community of which we are a part.” The company made donations to Blue Chip Athletics Club, Hands for Hunger, The Bahamas National Trust and The Salvation Army.

THE BAHAMAS NATIONAL TRUST (L-R) Eric Carey, Executive Director, Bahamas National Trust; Kenwood Kerr, CEO, Providence Advisors

SALVATION ARMY

ALL THE PERKS OF COMFORT SUITES

ALL THE PLAY OF ATLANTIS

(L-R) Lisa Armbrister, Administration, Salvation Army; Melanese Coakley, Community Relations, Salvation Army; Kenwood Kerr, CEO, Providence Advisors; Flo Knowles, Corporate Services, Providence Advisors; Nikita S. Smith, Securities Officer, Providence Advisors. The Providence team are pictured presenting a donation in support of the Salvation Army’s Christmas in July campaign.

BLUE CHIP ATHLETICS CLUB (L-R) Nikita S. Smith, Securities Officer, Providence Advisors; Corrington Maycock, Head Coach, Blue Chip Athletics Club; Kenwood Kerr, CEO, Providence Advisors; Flo Knowles, Corporate Services, Providence Advisors • Free access to all pool and beach activities at neighboring Atlantis • Complimentary full American buffet breakfast • Kids 11 and under stay free in room with parent** • Free Wi-Fi

• Free parking • Air conditioned Jr. suites with king size or two double beds • Pool with swim up bar • 32 inch flat screen televisions • Complimentary In-Room Safe

GREAT FOOD! GREAT PRICES!

Taste Perfection Join us for lunch & dinner at Comfort Suites Paradise Island

HANDS FOR HUNGER Teneille Bodie & Flo Knowles, Corporate Services Team at Providence Advisors are pictured presenting to Zeleka Knowles, Executive Director for Hands for Hunger (centre)

Ext: 6376 or 6404

Maximum 4 persons per room, additional fees apply for mandatory taxes, mandatory housekeeping gratuities and utility service fees. Quoted rates are based on standard room category and subject to availability. Full American buffet a $58 value per room per day based on double occupancy. Free Wi-fi a $22 value per room per day. Free parking a $16 value per day. Cancellations must be received 72 hours prior to arrival or a 1-night penalty will apply. **Kids under 11 years of age stay and eat free in room with parent - breakfast, lunch & dinner.

ComfortSuitesPI.com | (242) 363-3680

/ComfortsuitesPI

Goodman’s Bay Corporate Centre P.O. Box AP 59223, Slot 409 West Bay Street, Nassau, The Bahamas T:: 242.328.7115 through 9 E:: info@providenceadvisors.net W:: www.providenceadvisors.net