WEDNESDAY, OCTOBER 9, 2019
chief insists Housing market struggles to Business Abaco security must cope with evacuees’ demands be restored before commerce can restart A by Youri Kemp
LEADING realtor has warned New Providence does not have the inventory to meet demand from Abaco evacuees looking for rental properties. Mario Carey, president of Better Homes and Gardens, told Tribune Business: “We continue to get a steady demand for rentals we just cannot fulfil, along with Nassau rentals not being cheap at the same time. What we have now is limited supply and things that are simply not affordable. “We get demand for properties under $2000 a month every day that what we cannot fulfil.” In the wake of Dorian Carey had earlier floated earlier the idea of using foreclosed homes as affordable rental units in order to in order to help displaced families. “Pushing this initiative is time consuming but we
MARIO CAREY are making decent strides and getting a lot of positive feedback,” he said. In comparison, Carey said he believes a suggestion by Bahamas Real Estate Association president, Christine Wallace-Whitfield - that families could be “paired” into a single property was not an attractive option. He asked: “Would it be comfortable to begin pairing two families who may not know each other or people who may not feel comfortable with each other, ask them to share
GBPA holds out hand to help with rebuild AS LOCAL businesses begin recovery and restoration plans following the impact of Hurricane Dorian, the Grand Bahama Port Authority, Limited (GBPA) is seeking to engage with licensees to assess their needs. Deann Seymour, Chief Financial Officer and Licensing Chairman of the GBPA, said: “We recognise that many of our licensees face the daunting task of rebuilding. Our commitment is to provide the necessary support for their recovery that will translate into our island’s economic sustainability and demonstrate Grand Bahama’s resilient spirit.” The organisation’s executive further acknowledged that business owners were impacted on multiple levels with physical damage to commercial and residential property, in addition to employees who lost their homes, vehicles and other resources. Seymour said: “The enormity of Dorian’s impact has tremendous effects on the physical and emotional well-being of business owners. With this in mind, we thought to allow business owners a reasonable amount of time to grasp the full scope of the storm’s impact before approaching them to address their needs. “This storm impacted us significantly not only in managing material loss, but also in handling the loss of manpower, due to the challenges many employees have faced in their personal lives. This also impacts the
DEANN SEYMOUR recovery process and we saw it appropriate to allow licensees a time to assess their complete situations, so that when we engage with them, they have a better idea of their needs.” It has been more than one month since Dorian slammed Grand Bahama and the GBPA is making a great push to connect with licensees. Seymour says, “We have already begun the strategic process of connecting with business owners and we intend to make every reasonable effort to connect with our 2,800 licensees. This will be achieved through online surveys, door to door visits, telephone calls and business sector meetings.” As the engagement process with relevant stakeholders continues, Seymour anticipates her team will be better able to design, develop and deliver the best business relief assistance programme “In doing this, they will explain their business needs and goals and we will listen, develop and launch the best initiatives to support their rebuilding efforts,” she said.
food and share space and abide by one another’s personal rules and standards. “It is not sustainable. It is a good idea, but it requires people to work together. But from my experience I feel people are best suited in their own space.” Carey also told Tribune Business some Abaco businesses are now looking to rent commercial space in Nassau to restart their businesses and that his agents are starting to see a lot of inquiries. Carey says that he
expects this high demand to go on for at least two years. Tribune Business also asked Carey about alleged “property vultures” descending on Abaco. “We see some, but surprisingly not as many as we thought we might have seen,” he said. “I think the stories have gone out that they have been identified as vultures, but really they are just people looking for an affordable land deal, particularly residential land on the beachfront.” Carey continued: “We want to wait for sellers to be in a good position to make sound decisions when and if they do decide that they want to sell. Don’t forget that people are still in shock and it’s hard for them to make wise decisions at this time. There are so many people trying to make money off of this tragedy, and when it comes to these property vultures we just tell them, no we are not interested.”
by Youri Kemp
SECURITY is a primary concern for restarting commerce in Abaco and bringing in international cargo, the island’s Chamber of Commerce President Ken Hutton warned yesterday. Hutton told Tribune Business: “Inadequate security is a very big factor in us getting businesses restarted because the place is just not secure. The police don’t have enough vehicles to respond to calls on the island.” As commerce tries to restart Hutton believes it is vital police and defence force officers are able to respond to criminal incidents when they are reported. He complained police don’t have enough vehicles to respond to calls and feared the situation is only going to get deteriorate “as more lootings and robberies are taking place”.
KEN HUTTON “My lumber yard was broken into again,” he said. Hutton added: “There is also no security at the ports of entry. The docks are totally and completely unsecured.” Because of this, Hutton says businesses cannot safely import cargo into Abaco and as a result the economy can’t get going again. Hutton was careful to dispel suggestions there were armed militias roaming the island. “What we do have is armed homeowners who are protecting their property, but there are no armed militias moving around in Abaco,” he said.
Super Value presents $110,000 to NEMA for Hurricane Relief Efforts IN the immediate aftermath of Hurricane Dorian, Super Value food stores decided to initiate a drive to solicit funds from customers for disaster relief efforts. Cashiers asked shoppers at the register if they wished to donate their change towards this initiative. Each day, funds were deposited into a special account bringing the total to $10,000. Additonally, Rupert Roberts Jr, president of Super Value, donated $100,000 bringing the total to $110,000. Mr Roberts’ goal is $1m. He encourages the public to continue to donate. A cheque presentation was made to NEMA on Gladstone Road on Friday.
FROM left: Debra Symonette, chief financial officer, Super Value; Rupert Roberts Jr, president, Super Value; Captain Stephen Russell, director, NEMA; and Candy Kelly, vice president, Super Value. Photo: Raymond Bethel/BIS
World Bank: Trade tensions could block path out of poverty WASHINGTON Associated Press RISING trade tensions are threatening to block a path out of poverty for the world’s poorest countries: their ability to manufacture lowcost parts for multinational corporations. In a report out yesterday, the World Bank warns that trade conflicts between major countries — specifically the United States and China — are disrupting supply chains and causing manufacturers to delay investment decisions to avoid getting caught in a trade-war crossfire. For years, poor countries have been able to “export their way out of poverty” by
feeding multinational companies with components, said World Bank economist Aaditya Mattoo, who co-directed the study. But rising protectionism “could stymie” that progress. In a worst-case scenario, the bank says, more than 30 million people around the world could be pushed into poverty (incomes below $5.50 a day) around the world if the trade conflict worsens. President Donald Trump has reversed decades of US support for ever-freer trade. In a drive to reduce America’s vast trade deficits, he has slapped tariffs on foreign steel and other products and pursued a trade war with China over US allegations
that the Chinese steal technology and pressure foreign companies to hand over trade secrets. But the damage in trade conflicts isn’t limited to the combatants, Mattoo notes. For example, Mongolia sells metals to Chinese factories; so what hurts China, hurts Mongolia too. The World Bank said developing countries could offset some of the damage by enacting reforms that improve efficiency — by speeding up customs processing and reducing border delays, for instance, and by modernising ports, roads and railways. The World Bank’s report did deliver some good news
for developing countries. It downplayed the notion that new technologies such as 3D printing would reduce trade and hurt poor exporting countries. The danger for developing countries was that automation would allow rich nations to bring manufacturing home. That is because the machines would reduce the reliance on high-wage labour that had encouraged them to move factories overseas in the first place. Instead, the bank found, “these technologies have contributed to higher productivity and larger scale of production” and have actually increased the demand for imports from developing countries.
PAGE 2, Wednesday, October 9, 2019
LIENTS have wildly differing needs. Knowing their characteristics and how to keep them happy is key. However, it is also smart to know how to escape what I would refer to as “the clients from hell”. Know how to filter out the small number who is likely to turn your life into a nightmare before you accept their proposal. That doesn’t mean, of course, that the remaining clients will all be a joy to work with. Ultimately there are different types of clients with different needs, and I have grouped them into five basic categories. Note this isn’t just for fun. By organising our client base in this way, you can better know what kind of time and resources each will require. Above all get inside your clients’ heads and you’re halfway there already.
Types of clients and how to handle them The Art of Graphix BY DEIDRE M BASTIAN
HIGH MAINTENANCE This type of client requires that you hold their hands all the way. They’re Above all, get inside mainly firstyour clients’ heads timers at hiring proand you’re halfway fessional there already. designers and/or develat times. opers. Dealing They with high-mainbelieve that tenance clients, to “merely requires being firm and change the design fair and offering a very colors” takes a matter of clear processes in advance. minutes, or that making This will prevent them an Android version of the from becoming confused iPhone app just involves but allow you to explain a flick of a switch. They how to move forward should be forgiven and smoothly and also give it’s imperative that you them faith in your ability or offer this type of customer your company. detailed breakdowns of every stage and the assoHIGH EXPECTAciated time involved. Whenever an overly ambiTIONS CLIENTS tious demand is made, Clients with high expec- agree to a cost which tations can be very difficult avoids complication at the
end of the project when it comes to invoicing!
ENTIRELY UNREALISTIC CLIENTS
Beware of clients with their heads in the clouds. These are newbies with unrealistic expectations; those who make the previous class of client look like grounded realists. Their dreams have the potential to end in tears, but with a little love, care and above all, patience, they will begin to trust you more. Ask questions as to why they want X or who it is
for. Inquire what research they have done and where they got the idea from. Be clear and be sure to explain the benefits and reasoning behind your processes, as well as costing.
We all love the kind of client who knows what they want…don’t we? This type of client knows what they want, and has prior experience. Understandably they just need it done. We all love these clients! Often they have content, design, logos, fonts and
functional requirements in the barrel ready to shoot at a moment’s notice. And surely they will require confirmation. They wish to know that you understood their requests, therefore always reply back with a summary of what you have understood, plan to do and by when. In other words, if your client is on the ball, you should be also!
This type of client is keen at the start but then the project goes cold. Emails
go unanswered for days, resources get tied up waiting for feedback and the deadline seems so far in the future which makes it hard to reach it. This type of client you have to be firm with but fair. Firstly set dates and times for deadlines and explain the consequences if they are missed. And if you’re still met by a wall of silence and inactivity, either let the project go and just wait for them to contact you again. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game! NB: Columnist welcomes feedback at firstname.lastname@example.org ABOUT COLUMNIST: Ms. Deidre M. Bastian is a professionally trained Graphic Designer/ Marketing Coordinator and Certified Life Coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
POWELL SEES COOLER US HIRING IN POSSIBLE HINT OF RATE CUTS WASHINGTON Associated Press FEDERAL Reserve Chairman Jerome Powell, pictured, said yesterday that US job growth since early last year was not as robust as thought, a hint that the Fed may be ready to keep
cutting interest rates to support the economy. Powell also said the Fed will soon announce plans to buy Treasurys, likely shortterm bills, to try to pump more cash into overnight money markets. The goal is to keep short-term rates at their target level and
isn’t needed to support the economy, the Fed chairman added. Downward revisions to the government’s hiring data, announced in August, suggest less upward pressure on wages and inflation. “Where we had seen a booming job market, we
now see more-moderate growth,” Powell said in a speech at an economic conference in Denver. The Fed raised its benchmark short-term rate four times last year, ending at a range of 2.25% to 2.5%. The reasoning behind these rate hikes was based in part
on the notion that brisk hiring would enable workers to secure higher pay, which would ultimately lead to higher inflation. Yet so far, the pace of income gains and price increases has been modest. Since the start of this year, the Fed has reversed two of those hikes, and investors expect a third rate cut late this month, according to market gauges. Michael Feroli, an economist at JPMorgan Chase, said Powell’s remarks yesterday were “consistent with a further easing” of interest rates at the Fed’s Oct 28-29 meeting. In his remarks, Powell addressed the upheaval that occurred in a vital corner of the financial system in September. A shortage of funds in the overnight lending markets used mostly by banks lifted the Fed’s rate above the top of its target range. Corporate tax payments due at the end of the quarter and bond sales by the federal government had soaked up so much cash as to send the overnight rates sharply higher. To try to prevent that from recurring, Powell said the Fed is considering buying Treasury bills. Typically, the Fed creates new currency to make such purchases, which boost cash reserves available in shortterm lending markets. “Neither the recent technical issues nor the purchases of Treasury bills we are contemplating to resolve them should materially affect” interest rate policy, Powell said. The move is a tacit admission by the chairman that the Fed let the level of cash reserves fall too low. Oxford Economics has
forecast that the Fed will buy up to roughly $480bn in Treasurys over the next two years to meet the demand for cash in short-term lending markets. During the Great Recession and its aftermath, the Fed bought more than $1tn in Treasury and mortgage bonds to try to lower longer-term loan rates to encourage more borrowing and spending. The central bank dubbed the programme “quantitative easing”, or QE. In this case, Powell stressed that unlike QE, the forthcoming purchases aren’t intended to stimulate the economy. “This is not QE,” he said. “This is nothing like it at all.” In his remarks yesterday, Powell did not directly address the Fed’s next steps on interest rates. But he said the central bank “will act as appropriate” to support the economy and hiring. “At present, the jobs and inflation pictures are favorable,” he said. “But there are risks to this favourable outlook,” he added, referring specifically to the US-China trade war and Brexit. Major overseas economies, such as Germany, are also stumbling. Powell also acknowledged that the Fed now recognises that the unemployment rate can fall lower than it previously thought without sparking high inflation. That allows the economy to keep growing and to lead more people to look for and find work. He also said he did not see signs of an economy overheating. “This feels very sustainable,” he said.
Wednesday, October 9, 2019, PAGE 3
UK says chances of Brexit deal slim; EU chides ‘blame game’ LONDON Associated Press BRITAIN and the European Union traded illtempered barbs yesterday as the UK said a Brexit deal might be impossible, while insisting it was still working for one with just over three weeks until its scheduled departure from the bloc. British Prime Minister Boris Johnson’s office said EU intransigence had led to a breakdown in negotiations, prompting a top European leader to warn against playing a “stupid blame game” — and chide Johnson in Latin. Johnson’s office gave a gloomy assessment after his call with German Chancellor Angela Merkel yesterday morning. In a statement to British media, Downing Street said Merkel had told Johnson that “a deal is overwhelmingly unlikely” unless the UK agreed to let Northern Ireland continue to follow EU customs rules in order to maintain an open border with EU member Ireland. That is something the British government says it can’t accept. Downing Street said that “if this represents a new established position, then it means a deal is essentially impossible not just now but ever.” How people and goods will move across the Irish border is the main sticking point to a deal. The German government confirmed that Merkel and Johnson had spoken but declined to comment on the substance of “confidential conversations”. European Commission spokeswoman Mina Andreeva said “the EU position has not changed. We want a deal. We are working for a
BRITAIN’s Prime Minister Boris Johnson leaves 10 Downing Street to welcome the President of the European Parliament David Sassol in London yesterday. Photo: Frank Augstein/AP deal with the UK.” European Council President Donald Tusk tweeted testily that “what’s at stake is not winning some stupid blame game”. “At stake is the future of Europe and the UK as well as the security and interests of our people,” he said, addressing Johnson. “You don’t want a deal, you don’t want an extension, you don’t want to revoke, quo vadis?” — a Latin phrase meaning “where are you going?” Despite the grim mood music, British officials insisted they still hope to strike a deal before Britain’s scheduled Oct 31 departure date — although Johnson has also said the UK will leave even if one is not struck. “We’ve moved — it is now time for the EU to move too,” said Michael Gove, the minister in charge of Brexit preparations. “If
it does, then there is still every chance we can leave with a new deal.” Downing Street said Johnson spoke by phone to Irish Prime Minister Leo Varadkar yesterday afternoon, and “both sides strongly reiterated their desire to reach a Brexit deal.” It said the two leaders hoped to meet in person later in the week. EU leaders have demanded more “realism” from Britain in response to a Brexit plan proposed by Johnson. The bloc says the proposals — which would require customs checks on some goods moving between Northern Ireland and Ireland — don’t fulfill the UK’s commitment to a frictionless Irish border. An open border is key to both the regional economy and the peace agreement that ended 30 years of conflict between Catholics and Protestants in Northern
Ireland. Northern Ireland is part of the UK but shares an island — and a land border — with the Republic of Ireland. “It’s not just about trade, it’s about so much more than that, and anybody who understands Ireland and the politics of this island understands that,” said Irish Deputy Prime Minister Simon Coveney. French President Emmanuel Macron has said the EU will assess by Friday whether a deal is possible. Johnson’s opponents in Britain accused the government of deliberately undermining the Brexit talks. “Boris Johnson will never take responsibility for his own failure to put forward a credible deal. His strategy from day one has been for a no-deal Brexit,” said Keir Starmer, Brexit spokesman for the main opposition Labour Party.
Yesterday, Britain published more details of its plans for leaving without a divorce deal. The government says those plans will minimise any resulting economic shock. Economists and business groups warn that no amount of preparation can eliminate the pain of new barriers with the EU, which accounts for almost half of UK trade. The government’s “nodeal readiness report” shows significant British preparation but also acknowledges its limits. Britain says it will try to keep goods flowing by not immediately imposing border checks on imports from the EU. But the government acknowledges there will be new tariffs on 60% of British exports to the EU, including levies of more than 50% on beef and lamb. Many in the EU — and in Britain — are skeptical that Britain will leave the bloc on Oct 31 because the UK Parliament has passed a law compelling the government to ask the EU for a delay to Brexit if no deal is agreed
upon by Oct 19. Johnson says he will obey the law but will not ask for a delay. It’s not clear how those two statements can be reconciled — but it’s clear Johnson wants to pin the blame for any delay on Parliament and the EU, so that he can campaign as a champion of Brexit in an election that’s likely to be called soon. Both the government and the opposition see a national vote as the only way to break Britain’s Brexit deadlock, though they disagree on the timing. Parliament was set to be suspended yesterday evening so that a new session can begin next week with a major policy speech from Johnson’s Conservative government. An earlier attempt by the government to shut down Parliament for five weeks was ruled illegal by Britain’s Supreme Court because it had the effect of preventing legislators from scrutinising the government’s Brexit plans. This week’s shorter suspension is more routine. Lawmakers will return on Monday.
PAGE 4, Wednesday, October 9, 2019
US companies walk fine line when doing business with China NEW YORK Associated Press THE furor over a tweet by the Houston Rockets general manager in support
of Hong Kong protesters is highlighting the fine line that US companies must walk when doing business with China. The NBA is trying to
manage that delicate relationship after Daryl Morey posted a now-deleted tweet of an image that read “Fight for Freedom. Stand with Hong Kong”, referring
TRAFFIC warden and securities stand guard near a TV screen broadcasting live of President Xi Jinping’s opening speech, outside a shopping mall in Beijing. Companies who do business with China walk a fine line to stay aligned with US values such as freedom of speech and democracy while avoiding offending China, where they stand to make billions of dollars. to the 4-month-old protests in the semiautonomous Chinese territory. That set off an immediate backlash, with China’s state broadcaster canceling plans to show a pair of preseason games in that country later this week. With a population of 1.4 billion people, a rapidly growing middle class and easing economic restrictions, China is highly appealing to US companies looking for growth overseas. But companies must balance the potential for growth with the potential for pitfalls in dealing with a country that aggressively goes after its detractors.
Paul Argenti, professor of corporate communication at Dartmouth’s Tuck School of Business, cautions that companies should know what they’re getting themselves into when they enter a relationship with a country that’s heading into 70 years of communist rule. “It has a regime that doesn’t look like the United States,” Argenti said. “We can pretend it is a democracy, but it’s not.” Western governments dislike China’s attacks on companies but are unlikely to get involved, said David Zweig, a politics specialist at the Hong Kong University of Science and
NOTICE EMORY HOLDINGS LIMITED
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Emory Holdings Limited has been completed and the company has been struck from the Register on the 19th day of September, 2019.
Shareece E. Scott Liquidator LEGAL NOTICE
NOTICE SUMAI INVESTMENTS INC.
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of SUMAI INVESTMENTS INC. has been completed and the company has been struck from the Register on the 19th day of September, 2019.
Shareece E. Scott Liquidator LEGAL NOTICE
NOTICE KLINTOL LIMITED
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Klintol Limited has been completed and the company has been struck from the Register on the 19th day of September, 2019.
Shareece E. Scott Liquidator
Technology. So it’s up to companies to navigate situations themselves. Most of the time that means companies that face trouble quickly acquiesce to Beijing, apologise and try to “build bridges” instead of standing up to China, said Jonathan Sullivan, director of China programmes at the University of Nottingham’s Asia Research Institute. In 2018, Gap pulled a shirt with a map of China that did not include Taiwan, a self-ruled island that Beijing regards as Chinese territory, and apologised. Delta Air Lines, hotel operator Marriott and fashion brand Zara have all apologised to China for referring to Taiwan, Hong Kong or Tibet as countries on websites or promotional material. And MercedesBenz apologised for quoting the Tibetan spiritual leader, the Dalai Lama, in a social media post. “Everyone — states and companies — seem to accept that they have to tread on eggshells when it comes to China for fear of offending them and being punished,” Sullivan said in an email. “And they have to contort themselves to do that.” A rare exception of a company standing up to China is Google Inc, but even the internet giant had its limits. Google shut down its mainland Chinese search engine in 2010, no longer willing to enforce Chinese censorship by not displaying foreign websites in search results if they were blocked by government filters. Years later, however, reports surfaced that Google was working on a search engine that complies with China’s censorship laws, dubbed “Dragonfly”, leading to an outcry and a protest by hundreds of its own employees. Peter Petri, a professor of international finance at the Brandeis International Business School, said despite the risks of dealing with China, the country is hard for US businesses to avoid. “Both countries have huge economies and are the world’s greatest innovators — they have too much to sell and license to each other to stay isolated in the long run,” he said. “Especially in high-tech products, China will soon be the largest market in the world, and America’s best companies can’t stay global leaders without a strong presence there.” China is well-aware of its power and influence. And while a tweet may seem inconsequential, the Chinese government’s subsequent outrage has a chilling effect on anyone thinking of doing the same, said Alexander Dukalskis, a professor at University College Dublin specialising in Asian politics and human rights. “In these episodes, the Chinese government is sending a clear signal to other companies that if you or one of your executives criticize certain policies, your company risks losing large sums of money,” he said. Over time, companies that want to do business with China learn to censor themselves — and maybe even their own employees.
Wednesday, October 9, 2019, PAGE 5
DOMINO’S STICKING TO GROWTH PLAN DESPITE SALES PRESSURES ANN ARBOR Associated Press
DOMINO’S Pizza is sticking with its aggressive growth plans — and its own army of US delivery drivers — despite mounting pressure from services like UberEats and DoorDash. The world’s biggest pizza
chain is rapidly opening new stores in order to shorten delivery times, increase carryout business and push out weaker competitors like Pizza Hut and Papa John’s. The company has opened 1,174 new stores worldwide over the last year; it opened nearly 250 stores in the JulySeptember period. “We’ve got a unique
NOTICE is hereby given that CARLOS PHILIUS of Spanish Wells, Eleuthera, 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 9th day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that CHARLENE NIVONE of Village Alley off Hospital Lane, P.O.Box N10326 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 9th day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PKF BAHAMAS QUALIFIED ACCOUNTANTS REQUIRED PKF Bahamas, an International Accounting Firm, seeks to recruit senior professional qualified persons with recognized accounting qualifications, and trainee accountants. Qualified persons must be eligible for membership in The Bahamas Institute of Chartered Accountants and must have at least two (2) or three (3) years post qualification experience. Only Bahamians need apply. Preference will be given to applicants with proven audit and assurance experience. Salary and benefits subject to negotiation. Please apply in writing to: Human Resources Partner PKF Bahamas P. O. Box N-8335, Nassau, Bahamas.
opportunity right now to solidify market share gains for the long term,” CEO Ritch Allison said in a conference call with investors. “We firmly believe that now is the time to go on offense.” But in the short term, those new stores are cannibalising existing locations. Yesterday, Domino’s Pizza Inc. reported its fourth consecutive quarter of declining same-store sales in the US. Sales at US stores open at least a year rose 2.4%, shy of the 2.7% growth Wall Street had anticipated, according to analysts polled by FactSet.
Third-quarter net income rose 3% to $86.4m, or $2.05 per share, two cents short of Wall Street forecasts. Revenue rose 4% to $820.8m, also lower than expected, according to FactSet. Domino’s was a pioneer in recognising the value of getting food to the doorstep of customers fast. It’s one of the biggest national chains to maintain an in-house delivery infrastructure, with more than 120,000 drivers in the US. But it’s facing an onslaught of startups that are offering rebates to use their delivery services from
NOTICE is hereby given that WILGENPS JEAN LOUIS of Palm Breeze Drive, P.O.Box CR55469 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 9th day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
thousands of smaller, local pizzerias and other types of restaurants, including national fast food chains like McDonald’s. Allison said companies like GrubHub are currently pricing delivery below what it actually costs, thanks to subsidies from investors. But he thinks that model will eventually collapse. “We believe that a significant shakeout is coming to the industry,” he said. But in the meantime, the company is tightening its outlook. Yesterday, Domino’s introduced a new two-to three-year outlook, replacing its three- to fiveyear one. In that new time frame, the company expects US same-store sales growth between 2-5%, international same-store sales growth between 1-4% and global retail sales growth between 7-10%. Allison said a five-year time frame is too long in such a rapidly changing landscape. “It is an evolving competitive and operating environment in the US right now,” Allison said. Domino’s shares fell initially but then rebounded, adding 6% to $256.07 in the early afternoon following Domino’s conference call.
Maxim Group analyst Stephen Anderson, who has a “buy” rating on Domino’s shares, said it was a good sign that Domino’s didn’t scale back its growth plans. Anderson said some Domino’s stores are capacity constrained, so Domino’s can manage the cannibalisation from its growth strategy. Anderson believes third parties have several disadvantages, including longer delivery times than Domino’s and a mixed level of service. He also says Domino’s could benefit in an economic slowdown, since some consumers would order pizza instead of more expensive meals. Allison reiterated that he has no plans to use thirdparty delivery services in the US Papa John’s signed on with DoorDash in March, while Pizza Hut works with GrubHub. Domino’s stores in some countries, like China, are using third-party drivers because those systems are dominant and Domino’s is a smaller player. But Allison said Domino’s doesn’t want to share its data with third parties and can only guarantee the safety and quality of its food with its own drivers. “That is an unbending and unyielding position,” he said.
PAGE 6, Wednesday, October 9, 2019
STOCKS SKID AS TENSIONS FLARE AHEAD OF US-CHINA TRADE TALKS By DAMIAN J TROISE AND ALEX VEIGA Associated Press
NOTICE is hereby given that schneider saint fleur ofSea View Drive, Off East Street South, P.O.Box SS19058 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 twentyeight days from the 2nd day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
STOCKS closed broadly lower on Wall Street yesterday as tensions between the US and China flared ahead of negotiations aimed at resolving the costly trade war between the world’s two biggest economies. The sell-off, which accelerated in the last hour of regular trading, knocked more than 300 points off the Dow Jones Industrial Average. Technology companies, banks and
health care stocks bore the brunt of the selling, which stretched the market’s losses further into a fourth week. The market slide began after the US blacklisted a group of Chinese companies, claiming that their technology plays a role in the repression of China’s Muslim minority groups. The State Department also imposed restrictions on visas for Chinese officials. The moves cast more doubt on whether Washington and Beijing will find a resolution to their longrunning and economically damaging trade conflict. Envoys from the US and China are scheduled to meet in Washington tomorrow for another round of trade talks. “The rhetoric on both sides, whether it’s the US putting certain Chinese technology companies on a blacklist, or China vowing to retaliate with a ‘stay tuned’, it just keeps upping the temperature in the room and creating greater uncertainty for businesses, for consumers and for investors,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. The S&P 500 index lost 45.73 points, or 1.6%, to 2,893.06. The Dow slid 313.98 points, or 1.2%, to 26,164.04. The Nasdaq, which is heavily weighted with technology companies, dropped 132.52 points, or 1.7%, to 7,823.78. Smaller company stocks were also big decliners, sending the Russell 2000 index down 25.19 points, or 1.7%, to 1,472.60. The yield on the ten-year Treasury fell to 1.53% from 1.55% late Monday, a signal that investors favoured lower-risk investments amid the trade war turmoil. Utilities and real estate companies, both safe-play sectors, held up better than the rest of the market, though they also ended the day in the red. The latest escalation in US-China tensions adds yet another worry for investors already anxious over a bevy of political and economic concerns. Last week,
MARKET REPORT www.bisxbahamas.com
TUESDAY, 8 OCTOBER 2019
ALL SHARE INDEX: CLOSE: 2,173.43 | CHG: -0.01 | %CHG: 0.00 | YTD: 63.98 | YTD%: 3.03 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 5.92 2.60 2.00 5.47 11.75 6.17 4.64 12.40 2.81 3.50 10.18 7.35 16.50 9.30 3.64 14.20
52WK LOW 3.50 20.91 4.90 4.46 1.01 0.22 2.00 9.22 6.15 3.60 6.75 2.35 1.76 7.51 6.10 12.10 6.20 3.01 13.00
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 Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
52WK HI 2.26 4.31 2.07 191.61 158.55 1.63 1.77 1.71 1.17 8.01 9.60 6.83 11.39 12.30 10.68 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.65 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
SECURITY Fidelity Bank Note 22 (Series B) +
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.80 11.06 6.16 3.99 7.26 3.24 3.50 10.72 7.00 16.50 9.27 3.50 14.20
CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.80 11.06 6.16 3.99 7.26 3.25 3.50 10.70 7.00 16.50 9.27 3.50 14.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -0.02 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
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
NAV 2.26 4.29 2.07 191.61 158.33 1.63 1.77 1.71 1.17 8.01 9.60 6.83 11.30 12.30 10.68 9.92 8.68 11.38
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 17.2 18.7 N/M 16.0 N/M N/M -11.0 15.3 13.7 21.7 51.9 31.9 7.5 16.6 9.6 20.2 9.9 17.2 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.15% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 3.01% 0.00% 13.35% 1.71% 3.07% 3.43% 3.27% 2.16% 3.43% 4.30% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 2.46% 3.85% 1.61% 3.28% 1.78% 2.75% 3.85% 6.28% 7.12% 2.08% 1.91% 4.55% 1.45% 4.30% 1.67% 4.21% 4.75% 7.44% 7.17% 8.76% 11.07% 12.58% 3.50% 4.96% 8.92% -0.97% 5.22% 5.44% 2.95% 2.64% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%
NAV Date 31-Aug-2019 31-Aug-2019 30-Aug-2019 30-Jun-2019 30-Jun-2019 31-May-2019 31-May-2019 31-May-2019 31-May-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019
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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
the S&P 500 posted its first back-to-back losses of 1% this year as surprisingly weak numbers in surveys of manufacturing and service industries showed the US-China trade war is threatening US economic growth. The Trump administration’s moves to blacklist select Chinese companies and restrict visas on certain officials dampened investors’ hopes that the negotiations this week will yield progress. “The jockeying for position in front of the Thursday and Friday meetings in Washington has intensified perhaps more than the market could have imagined,” said Julian Emanuel, chief equity and derivatives strategist at BTIG. Technology stocks were among the biggest losers as chipmakers absorbed the impact of the latest US restrictions on sales to Chinese tech companies that develop facial recognition and other artificial intelligence technology. Ambarella tumbled 9.5% and Nvidia fell 3.9%. The sector has shouldered much of the volatility from swings in trade war sentiment because many of the companies face bigger risks to sales and supply chains. Several medical device makers knocked down health care stocks. Thermo Fisher fell 6% and Boston Scientific slid 6.1%. Banks also dropped as bond yields fell. Bank of America lost 2.4%. Benchmark crude oil fell 12 cents to settle at $52.63 a barrel. Brent crude oil, the international standard, slid
11 cents to close at $58.24 a barrel. While the price of US crude is up just under 9% so far this year, it remains off by more than 27% from a year ago. That slide in prices over the past 12 months has weighed on energy stocks this year. Energy is the biggest loser among the S&P 500’s 11 sectors. It’s down 2.8% for the year and 27.8% over the past 12 months. It’s also the worst-performing sector so far this month. The stocks could face more pressure when energy companies report their third-quarter results later this month. The sector is expected to report a nearly 10% drop in revenue for the third quarter due to a 19% decline in crude oil prices from a year ago, according to Credit Suisse analyst Jonathan Golub. The analyst expects the sector to reduce earnings growth for the S&P 500 by 1.9% for the third quarter. Wwholesale gasoline rose a penny to $1.58 per gallon. Heating oil added one cent to $1.91 per gallon. Natural gas fell two cents to $2.29 per 1,000 cubic feet. Gold slipped 50 cents to $1,503.90 per ounce, silver rose 16 cents to $17.70 per ounce and copper was little changed at $2.57 per pound. The dollar fell to 107.14 Japanese yen from 107.28 yen on Monday. The euro weakened to $1.0954 from $1.0973. Major stock indexes in Europe finished broadly lower after the British government warned that chances of a separation deal with the European Union are fading.
NOTICE is hereby given that GINA GUSTAVE of Cordeau Ave, Off East Street South, P.O.Box SS19058 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 9th day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that JOELISIA JASMINE JOHNSON of West Street North #36, 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 2nd day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that ADDERLY DORCELY of Boatswain Hill #10, 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 2nd day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that MADEL SILVERNY of Palm Beach Street, 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 2nd day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Wednesday, October 9, 2019, PAGE 7
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100
CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus
OPPORTUNITIES • • • •
Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters
• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115
PAGE 8, Wednesday, October 9, 2019
EU’s top regulator for Big Tech looks to use stronger action BRUSSELS Associated Press THE EU’s powerful antitrust chief said yesterday she’s weighing up stronger measures to curb anticompetitive behaviour because huge fines that she has levied
on tech multinationals aren’t working. EU Competition Commissioner Margrethe Vestager didn’t offer specifics on possible actions she’s considering, although she downplayed the idea of breaking up companies.
Vestager is arguably the world’s most powerful technology regulator. She made a name for herself by hitting Silicon Valley giants with eyepopping fines, including nearly $10bn in penalties for Google in three antitrust cases.
EUROPEAN Commissioner designate for Europe fit for the Digital Age Margrethe Vestager answers questions during her hearing at the European Parliament in Brussels yesterday. Photo: Virginia Mayo/AP “You’re right to say that fines are not doing the trick and fines are not enough because fines are for illegal behaviour in the past,” Vestager told European Union lawmakers. “Some of the things we will look into are even stronger remedies for competition to pick up in these markets.” She cited the 1.49 billioneuro ($1.7bn) fine she gave Google this year for abusing its dominant role in online advertising. Even though the company stopped its behaviour two years ago, “the market hasn’t picked up - what do we do? We have to consider remedies that are more far-reaching”. Vestager was speaking at a hearing to confirm her for a second term as competition commissioner and for a new role as executive vice president responsible for making “Europe fit for the Digital Age”. When asked about the possibility of breaking up companies, she said it “is a tool we have available.”
But she added that she is obliged to “use the least intrusive tool to restore fair competition”. In response to concerns that EU antitrust investigations have dragged on for years — time that critics say allows big companies to cement their dominant position — Vestager said she plans to act more quickly, including deploying “intermediate measures” to pause any anti-competitive behaviour. Her other plans include coming up with a deal on a tax to ensure global digital companies pay “their fair share” in Europe. “We want these taxation rules to be based on a global agreement,” she said, but added if that’s not possible by the end of 2020, then the EU is prepared to act alone. The EU is trying to find a way to tax big companies that rake in big profits across the continent but pay taxes only in the EU nation where their local headquarters are based, often a low-tax
haven like Luxembourg or the Netherlands. Vestager also outlined her plans to regulate artificial intelligence and big data. She said she’ll look at how companies that have collected a lot of data can use that data “as an asset for innovation but also as a barrier for entry” to for smaller companies. One of Vestager’s goals is coming up with rules on the ethical use of artificial intelligence 100 days after the European Union’s new executive Commission takes office on Nov 1. The EU will likely need new rules for items it already regulates that are increasingly equipped with AI. She gave as an example an AI-equipped refrigerator that can sense when it’s empty and have it refilled with more food. “How do you make sure those products are your preferred products and not someone else’s preferred products?”