Issuu

business@tribunemedia.net

TUESDAY, OCTOBER 24, 2017

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Eight jobs to go as BOB axes branches

CLOSURES SHOW BANKING SYSTEM ‘DOOMED TO FAIL’

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By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

ank of the Bahamas (BOB) yesterday announced it will shut down its Exuma branch and not reopen its Eight Mile Rock Branch effective December 31, with the moves to impact eight jobs. BOB said in a statement yesterday its Board of Directors has taken the decision to shut down the branches. “The decision to close both locations is part of BOB’s ongoing transformation strategy of streamlining its operations and reducing operational costs,” the bank said in a statement. It added: “While BOB will no longer maintain a branch in Eight Mile Rock it is currently looking at options to maintain other channels of service delivery primarily via its BOB EXPRESS ATM network. Additionally the BOB EXPRESS Online Banking service channel will continue to be available to all BOB customers. BOB is committed to take all reasonable steps to minimise the impact on our customers.” During the bank’s AGM back in August, its chairman Wayne Aranha noted the Bank has shown

THE commercial banking model needs to be adjusted to suit the needs of the local economy particularly in the out islands, a Chamber of Commerce president said yesterday suggesting the current model is ‘doomed to fail’. Pedro Rolle, the Exuma Chamber of Commerce President made the observation on the heels of Bank of the Bahamas’ (BOB) announcement that its Board of Directors has taken the decision not not to reopen its Eight Mile Rock Branch in Grand Bahama and to close its Exuma Branch, effective December 31 this year. “Even though in Exuma we have Scotia and the Royal Bank of Canada I think that closing BOB is going to create an issue. I do believe that we have the business to accommodate the banks but I’m not so sure about the banking

BANK of the Bahamas has announced that it will shut down its Exuma branch and not reopen in Eight Mile Rock. marginal success in reducing costs with its efficiency ratio is below that of its competitors. In this regard, Mr Aranha said that focus would be placed on cost control and revenue enhancing opportunities. “Stringent cost control measures will be implemented,

consistent with the need to ensure that risks are appropriately managed and customer service is not sacrificed. “The Bank will also seek cost recovery from Government in those cases where loss-making operations continue as a social

or national service in a Family Island,” he stated at the time. It was also revealed at that AGM that government had agreed to allow the special purpose vehicle Bahamas Resolve Ltd. (Resolve) to acquire $166 million in impaired commercial loans from BOB.

SEE PAGE 4

THE MAGNIFICENT SEVEN No ‘quick fix’ for fishing industy post Irma By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

VOTES were placed, results were tallied and The Bahamas can now boast seven resorts in the Condé Nast Traveler Top Resorts in The Bahamas, Bermuda and Turks and Caicos Readers’ Choice Awards list. For the second consecutive year, Kamalame Cay claims the number one spot at the top of the list. With the French Leave Resort Autograph Collection in Eleuthera at number two, The Cove in Eleuthera at number three, and four Paradise Island properties One&Only Ocean Club, The Cove Atlantis, Atlantis Paradise Island and the Reef Atlantis - claiming the 5th, 9th, 13th and 14th spots respectively. Kamlame Cay was also recently ranked number 17 on the top 100 hotels in the world by Travel + Leisure’s World’s Best Awards 2017.

Michael King, Director of Kamalame Cay said this accomplishment not only highlights his resort but reflects on the entire country. “Being named #1 Resort in The Bahamas, Bermuda, and Turks and Caicos for the second year in a row proves once again that it really is better in The Bahamas! And making the top 100 Resorts in the world list is not only a great honour for The Bahamas and Andros, but a testament to the magic of life in the out Islands,” he said. An intimate resort, Kamalame Cay is just off the Andros Great Barrier Reef and it welcomes only 70 guests into bougainvillea draped beach houses scattered over 96 acres of untouched tropical beauty. According to Condé Nast more than 300,000 travellers took part in the Reader’s Choice Awards survey. “Most declared a passion for the

SEE PAGE 3

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIAN fishermen are in the process of ‘quantifying their losses’ and take advantage of the exigency order issued earlier this month, the Bahamas Commercial Fisher Alliance (BCFA) president told The Tribune yesterday warning their post Hurricane Irma recovery was ‘not an overnight fix’. Adrian LaRoda said the exigency order issued earlier this month would be a big help to Bahamian fishermen impacted by Irma, particularly those in the southern Bahamas. IT is still too early to quantify the financial impact Irma had on the 2017/2018 crawfish season.

SEE PAGE 4

Outlook aims to tackle Andros’ ailing economy By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

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WITH the 5th Annual Andros Business Outlook right around the corner, islanders say they are anticipating the forum to do just what the 2017 topic suggests: “Break Barriers! Promote Success”, when the community meets to discuss transformation on Thursday at Dreams Villas in Davis Creek. Attendees will hear from speakers who will include: Peter Douglas, General Manager for The Bahamian Ministry of Tourism in North and Central Andros; Jeff Birch, a past president of the Bahamas Out Island Promotion Board and now owner of Small Hope

‘Break Barriers! Promote Success’ Bay Lodge in Fresh Creek Andros; Kerry Fountain, Executive Director, Bahamas Out Island Promotion Board; Carlton Bowleg, MP & Parliamentary Secretary, Ministry of Agriculture & Marine Resources; Brian Hew, owner of Kamalame Cay; Brett Lashley from the Office of The Prime Minister; Scott Young, Sales & Charters, Tropic Ocean Airways; Wellington Miller, President, Bahamas Olympic Committee and Kimberley Castellanos, Social Media Coordinator, Tambourine. Two of the speakers Peter Douglas and Jeff Birch – expect the Outlook will present an excellent

and timely opportunity for the stagnant economy of Andros, and encourage more local direct investment to the largest island in the Bahamian chain. Douglas said he is counting on the Outlook to be the perfect opportunity to raise awareness of island’s dire economic state. “It means so much,” Douglas said. “It means we get our voice out there, meaning that we get to speak to the country, to the Government to say the condition of Andros. “There are several states. The first state is the general economy and then everything that supports that: the infrastructure, the human

resources, and then there’s attractive attributes for investors.” According to Douglas, the economy of Andros is still suffering from the devastation of recent hurricanes and needs all the help it can get. “The island is in desperate need of direct flights from the United States of America to boost our tourism from a flat line,” said Douglas. “Our tourism numbers are not dropping, but they are not rising as high as they could, if we had a direct flight from the US. When we had good airlift, you could see the vibrancy of the tourism.”

SEE PAGE 4

PAGE 2, Tuesday, October 24, 2017

THE TRIBUNE

US STOCKS SKID AS GE TUMBLES AND TECHNOLOGY COMPANIES FALL By MARLEY JAY AP Markets Writer NEW YORK (AP) — Industrial and technology companies and retailers all stumbled yesterday as US stocks began the week with losses. General Electric suffered its worst one-day loss in six years following downgrades from analysts. After a mixed start, stocks turned lower in afternoon trading. GE’s struggles weighed on industrial companies, while big technology companies liked Facebook and Alphabet sank. Toy companies Hasbro and Mattel tumbled after Hasbro’s sales forecast disappointed Wall Street and familiar consumer companies like Amazon and McDonald’s also slumped. Investors did far more selling than buying as a seven-day winning streak ended. It was the worst day for stocks in about seven weeks, but it was still a fairly small decline, as almost nothing has seriously rattled investors this year. “We have never seen the level of calm and the level of strength combined that we’ve seen,” said Mark Hackett, chief of investment research at Nationwide Investment Management. “Investors are kind of willing to just trust it.” Hackett said it’s very unusual that stocks have continued to rise without

any big sell-offs, but he doesn’t see it as a problem. That’s because major economies like the US, Europe and China have all been growing for more than a year, which isn’t likely to end soon. The Standard & Poor’s 500 index lost 10.23 points, or 0.4 per cent, to 2,564.98. The Dow Jones industrial average fell 54.67 points, or 0.2 per cent, to 23,273.96. The Nasdaq composite dropped 42.23 points, or 0.6 per cent, to 6,586.83. The Russell 2000 index of smaller-company stocks sank 11.75 points, or 0.8 per cent, to 1,497.49. General Electric took its biggest single-day loss since August 2011 after analysts at UBS and Morgan Stanley lowered their ratings on its stock. GE stock has been slumping all year, but it had edged higher Friday as investors reacted positively to the conglomerate’s third-quarter results. Analysts were less optimistic Monday, as Christopher Belfiore of UBS cut his 2018 and 2019 profit estimates for GE and said it’s likely to reduce its dividend payments. The stock fell $1.51, or 6.3 per cent, to $22.32. It’s down 29 per cent this year. Other industrial firms also took losses. Equipment rental company United Rentals lost $2.92, or two per cent, to $141.48. Arconic, which makes aluminum parts for the

THE American flag flies above the Wall Street entrance to the New York Stock Exchange. (AP Photo/Richard Drew) aerospace and other industries, fell $2.52, or 9.2 per cent, to $24.65 after it disclosed a smaller-thanexpected profit and named former GE executive Charles Blankenship as its next CEO. Hasbro tumbled after its sales forecast fell short of Wall Street estimates. The company said the recent bankruptcy of Toys R Us hurt its business. Its stock gave up $8.44, or 8.6 per cent, to $89.75 and competitor Mattel fell 51 cents, or 3.2 per cent, to $15.46. Other consumer-focused companies also declined. Under Armour fell 63 cents, or 3.6 per cent, to

$16.85 after the Wall Street Journal reported that cofounder Kip Fulks’ plans to take a sabbatical from the company, and that Under Armour may exit its camping and hiking apparel business. Amazon slipped $16.63, or 1.7 per cent, to $966.30. The S&P closed at an all-time high every day last week. According to S&P Dow Jones indices, that hadn’t happened since March 1998. Hackett, of Nationwide Investments, said the steady rally over last year has been similar to the market’s rally in 1994-95, when the US was recovering from the early

‘90s recession and probusiness Republicans took control of Congress. He noted that that calm stretch did not end in a market crash. Several companies struck deals over the weekend. Communications software maker BroadSoft agreed to be bought by Cisco Systems for $55 a share, or $1.9 billion. The stock added 90 cents, or 1.7 per cent, to $54.80. It has climbed 27 per cent since August 29, when reports said BroadSoft was considering a sale. Cisco rose 10 cents to $34.35. Aetna will sell its US group life and disability insurance businesses to

Hartford Financial Services for $1.45 billion. Hartford, which also reported its third-quarter results on Monday, fell $2.43, or 4.3 per cent, to $54.06. Aetna gained 63 cents to $161.47. Bond prices edged higher. The yield on the 10-year Treasury note slid to 2.37 per cent from 2.38 per cent. Benchmark US crude added six cents to $51.90 a barrel in New York. Brent crude, used to price international oils, lost 38 cents to $57.37 a barrel in London. Wholesale gasoline stayed at $1.68 a gallon. Heating oil lost two cents to $1.79 a gallon. Natural gas jumped 8 cents, or 2.6 per cent, to $2.99 per 1,000 cubic feet. Gold inched up 40 cents to $1,280.90 an ounce. Silver remained at $17.08 an ounce. Copper rose two cents to $3.19 a pound. The dollar rose to 113.73 yen from 113.50 yen. The euro fell to $1.173 from $1.1780. The CAC 40 in France rose 0.3 per cent and Germany’s DAX rose 0.1 per cent. In Britain, the FTSE 100 was little changed. Japan’s benchmark Nikkei 225 jumped 1.1 per cent after Prime Minister Shinzo Abe’s ruling Liberal Democratic Party scored a win in the nationwide parliamentary election Sunday. The South Korean Kospi finished little changed and Hong Kong’s Hang Seng fell 0.6 per cent.

INTERNATIONAL BUSINESS HIGHLIGHTS New flight paths lead to airplane noise complaints across US

NOTICE Notice is hereby given of the closure of the Exuma Branch of Bank of The Bahamas Limited effective December 31, 2017. We further advise that the Operations of the Exuma Branch will be merged with the Freeport Branch.

PHOENIX (AP) — The Federal Aviation Administration is redesigning flight procedures at airports around the US under a programme known as “NextGen” to streamline routes for fuel efficiency.

But the new airplane routes have prompted noise complaints from San Diego to New York. A US circuit court agreed that the FAA was “arbitrary and capricious” in applying the procedures in Phoenix. And aviation experts say the agency may be forced to be more responsive to communities on the ground.

NOTICE Notice is hereby given that the Eight Mile Rock Branch of Bank of The Bahamas Limited will remain closed. We further advise that the Operations of the Eight Mile Rock Branch has been merged with the Freeport Branch.

Millions return to poverty in Brazil, eroding ‘boom’ decade RIO DE JANEIRO (AP) — Brazil’s “boom” decade is eroding, with millions of its people returning to poverty amid fallout from the country’s worst recession in decades, corruption scandals that have shaken several industries and cuts to social welfare programmes. That confluence of factors is raising the specter that the continentsized nation with one of the world’s largest economies has lost its way in addressing vast inequalities that go back to colonial times. Target says customers want it to pause the ‘Christmas creep’ NEW YORK (AP) — Target says customers want it to pause the “Christmas creep.” It says it wants to be more in tune with customers’ mindset, so it plans to ease in holiday promotions this year while better recognising Thanksgiving. The retailer’s holiday plans also include a new e-gift service, adding kiosks to its stores that focus on impulse presents, catering and launching a wallet feature to its app. It’s also adding weekend deals as shoppers focus on holiday buying

on the weekend, not the weekdays. Amazon says it received 238 proposals for 2nd headquarters NEW YORK (AP) — Amazon says it received 238 proposals from cities and regions hoping to be the home of the company’s second headquarters. The online retailer kicked off its hunt for a second headquarters in September, promising to bring 50,000 new jobs. Proposals from cities, states and regions were due last week, and Amazon made clear that tax breaks and grants would be a big deciding factor on where it chooses to land. It will announce a decision sometime next year. World mayors pledge emissions-free cities by 2030 PARIS (AP) — The mayors of London, Los Angeles, Paris and several other major world cities are pledging to ban gasoline and diesel vehicles from “large parts” of their cities by 2030. Some cities are moving even faster to reduce emissions, and the announcement yesterday by leading metropolitan areas is a bid to encourage others to do the same.

THE TRIBUNE

Tuesday, October 24, 2017, PAGE 3

Trump shoots down retirement limit to pay for GOP tax cuts By MARCY GORDON Associated Press WASHINGTON (AP) — President Donald Trump shot down a possible approach for raising revenue to finance tax cuts in politically must-do legislation for the Republicans, promising yesterday the popular 401(k) retirement savings programme will be untouched. Still, the head of the House’s tax-writing committee indicated that changes to the 401(k) structure may still be on the table as Republicans push an ambitious timetable to get tax legislation written. Asked about the issue, Ways and Means Committee Chair Rep. Kevin Brady said: “I don’t want to get ahead of the committee. That will all be part of the tax reform bill.” And in response to whether Trump’s tweet changes in any way what the panel was planning to do, Brady replied only, “no.” Republicans are scrambling to find new revenue sources to pay for anticipated tax cuts exceeding $1 trillion. A proposal to eliminate the widely-used federal deduction for state and local taxes has run into heavy opposition from GOP House members from high-tax states, threatening the enactment of tax legislation that Republicans deem essential to retaining their majority in next year’s elections. Trump pledged in a tweet there will be “no change” to tax incentives for the 401(k) retirement programs. The No. 2 Republican in the Senate, Majority Whip

John Cornyn of Texas, said he’s “sympathetic” to Trump’s opposition to curbing 401(k)s because “we don’t want to discourage people from saving.” But he cautioned against ruling out ideas at this stage of the legislative process. “I do think we need to be careful because there are going to be a lot of different trial balloons, and what counts is how you put all this together,” Cornyn said. The plan crafted by Trump and Republican leaders calls for steep tax cuts for corporations and potentially individuals, a doubling of the standard deduction used by most Americans, shrinking the number of tax brackets from seven to three or four, and the repeal of inheritance taxes on multimillion-dollar estates. The child tax credit would be increased and the tax system would be simplified; most Americans would be able to file their income taxes on a postcard, according to the plan. Crucial details of the plan have yet to be worked out, notably what income levels would fit with each tax bracket. With the possibility of the state and local deduction being at least partly preserved, some Republican lawmakers were considering limiting the amount workers could save in 401(k) retirement accounts. “It was a trial balloon and it crashed,” said Brian Riedl, a senior fellow at the conservative Manhattan Institute. “They’re struggling to find legitimate offsets” for tax cuts. “Everyone has been promised they are going

DONALD TRUMP (AP) to be better off with tax reform and that’s really hard to do in a fiscally responsible way,” Riedl said. Employees’ earnings from defined-contribution retirement plans such as 401(k)s aren’t taxed until retirement; pay-ins by both employers and employees also receive tax-preferred status. That cost the government $82.7 billion in lost revenue in the recent budget year ending Sept. 30, 2016 — a potentially juicy target for Republican tax-cutters. With 55 million US workers holding some $5 trillion in their 401(k) accounts, the plans have become a touchstone of retirement security for the middle class. “This has always been a great and popular middle class tax break that works, and it stays!” Trump tweeted. “There will be NO change to your 401(k).” Appearing with Ivanka Trump in Pennsylvania, US Treasurer Jovita Carranza echoed the president, telling the audience the retirement plans “will not be touched.” Rep. Diane Black, R-Tenn., the chairman of the House Budget Committee, said of the

THE MAGNIFICENT SEVEN FROM PAGE 1 authentic, the personalised, the unexpected – finding all three in both newcomers and stalwarts around the world.” New travel trends according to Condé Nast show that: travellers are aching for

simplicity. The awards are based on readers’ nominations of the best cities in the world, to the best spas and cruises. Participants nominated their favourite hotel, destination, or airline in the survey and to be eligible for the rankings, each entry had to rack up a minimum number of votes.

Employment Opportunity ACCOUNTANT Offshore Private Bank seeks qualified candidates to fill the position of Accountant. The Accountant is responsible for the ongoing updating and maintenance of the books and records of the Bank’s Trusts and Managed Entities. The accountant will report to the Assistant Financial Controller. Core Responsibilities: • Enter transactions into accounting system • Record corporate actions and investigate any differences with custodians • Pricing of securities at month end • Perform month end reconciliations with bank and custodian statements and prepare reporting packages • Prepare quarterly management fee and annual performance fee calculations for third party manager accounts • Communicate with custodians, managers and service providers • Assist with the annual audits of the managed entities • Assist with other accounting/financial projects as assigned from time to time Education and Experience Requirements: • Undergraduate accounting degree is required and a professional accounting certification would be an asset • At least 7 years of relevant experience as accountant at a fund administrator/private bank with strong understanding of financial instruments and pricing • Attention to detail • Proficient in Excel, MS Office and Bloomberg • Excellent oral and written communication skills • Excellent interpersonal skills and comfortable working in a family office environment with a small results oriented team • Well developed time & project management skills with proven ability to work independently to achieve goals and deadlines • Salary & benefits package are commensurate with experience. Salary & benefits package are commensurate with experience. Bahamians only need apply. Qualified candidates only should submit application via emails to: Manager, Human Resources at hr@ftbbahamas.com on or before November 3, 2017.

Trump-rejected proposal on retirement plans: “There are still some dials that do have to be turned. This is a major effort and when you dial one thing you have to look at another.” House Republicans will be working to pass a budget this week so they can turn their attention to the tax overhaul. Trump warned Sunday that action on tax reform is crucial to avoiding political failure in 2018. He’ll work to rally support for the plan at the Capitol today at a lunch with Senate Republicans. Trump personally implored House GOP members on a conference call to swiftly adopt the budget that was passed last week by the Senate, with the hope of clearing the way for what he described as historic tax cuts. Trump told the lawmakers they were on the verge of doing something historic, according to one Republican official, who, like others, spoke on condition of anonymity because they were not authorised to discuss publicly what was intended as a private update for members. Another GOP aide familiar with the conversation said Trump told the members again and again that the party would pay a steep price in next year’s midterm elections if it failed to pass his plan. The Senate last week passed a budget plan that

includes rules that will allow Republicans to get tax legislation through the Senate without Democratic votes or fear of a Democratic filibuster. House Republicans signalled Friday they would simply accept the Senate plan to avoid any potential delay on the tax measure. Republicans are desperate to rack up a legislative

win after a series of embarrassing failures despite the party controlling both chambers of Congress and the White House. Topping the list: their stalled attempts to pass legislation repealing and replacing “Obamacare.” If tax overhaul legislation doesn’t pass, many in the party fear a complete rout in 2018.

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Employment Opportunity

GRANTS ADMINISTRATOR Offshore Private Bank seeks qualified candidates to fill the position of Grants Administrator. The successful candidate will work externally with grantees and internally with the program and financial staff of several charitable entities for which the Bank provides services, to deliver administrative support, compliance monitoring, financial reporting and record keeping during the entire grant cycle. The projects funded by the charitable entities are typically projects involving research and dissemination with a focus on “Big Questions” at the intersection of theology, philosophy, and the sciences. More specifically, the charitable entities support work that seeks to uncover the fundamental nature of ultimate reality, and the nature of persons and personal flourishing, involving work in physics, biology, philosophy, theology, mathematics, and the social and human sciences. In addition, the charitable entities support research and programs in areas such as Individual Freedom and Free Markets, Character Virtue Development, Genetics, and the discovery and nurturing of Exceptional Cognitive Talent and Creativity. The Grants Administrator will report to the Grant Operations Manager.

SPECIFIC RESPONSIBILITIES:

• Perform compliance functions that ensure compliance with limitations and restrictions set out in the charters of charitable entities administered, both prior to grant review and during the life cycle of any grant. • Analyze applicant financials and present findings to program staff to inform review and decisioning. • Review grant proposal documents prior to presentation to review committees • Develop and maintain all agreements pertaining to grant awards. Create grant agreements using both templates and customized contractual language. • With reference to the Grant Operations Manager, manage all aspects of grant agreement negotiation process with potential grantees. • Proactively monitor grant process to ensure grant reports and payments are handled in a timely and appropriate manner. • Create and maintain grant files that meet legal, audit, and charter requirements. • Communicate externally with grantees and applicants of academic and scientific backgrounds and with legal advisors, as necessary and communicate internally with program and finance departments. • Undertake special projects as assigned, especially various analysis of grant activity • Liaise with financial accounting staff to ensure timely and accurate reporting for purposes of financial statement preparation, budgeting, and cash flow projections • Maintain understanding of policies and procedures of the Bank and the charitable entities it serves. • Participate in training and professional development

Selection Criteria & Relevant Skills: • • • • • • • • •

Bachelor’s Degree required Prior experience with document/contract management strongly preferred. Experience with project management database systems preferred. Demonstrated competence in Microsoft Word and Microsoft Excel Excellent written, oral, and interpersonal communication skills. Strong process orientation with sensitivity to quality. Attention to details and deadlines. Team player able to work independently or as member of a group. The ability to understand one or multiple program areas is helpful but not required. • Knowledge of the grant-making process a plus • A personal interest in the mission and funding purposes is strongly of charitable entities served by the Bank preferred. Competitive salary & benefits package are commensurate with experience. Bahamians only need apply. Qualified candidates only should submit CVs via email to: Manager, Human Resources at hr@ftbbahamas.com on or before November 3, 2017.

PAGE 4, Tuesday, October 24, 2017

THE TRIBUNE

Outlook aims to tackle Andros’ ailing economy FROM PAGE 1 “My whole appeal is that this is the place for Bahamians to invest. I keep appealing ‘come home and invest, your money is not going to die’. “We need more local direct investments from Androsians. Andros has a huge population in Nassau and Grand Bahama and throughout the world who are very affluent people. Ninety percent of Andros is still open for Bahamians to take advantage of

domestic direct investment – they can definitely get more for their buck.” For Birch, the Outlook is a way to bring unity among islanders. “The Outlook requires some dedication and planning to try to create some unity and allows a networking opportunity and sharing of information that otherwise most business people and participants would not understand in a very straightforward, intimate fashion.”

This year, in particular, Birch hopes the Outlook will bring solutions to those who depend heavily on fishing for a living. “It’s very difficult for a community to survive off of a seasonal business,” said Birch. “You need consistent business and we really need to empower the locals.” Stories shared by Douglas and Birch are the very reason Bahamas Business Outlook, was established by Joan Albury.

Albury is the president of the country’s largest communications agency, backed by a strong, 20-year legacy of creating beneficial networks across the public and private sectors and throughout the archipelago. “I saw a need for island communities to come together, regardless of race and creed in one common place to network and find solutions to issues on their islands and help one another,” said Albury. “We are our brother’s keeper.

Bridging any gaps are key to that and that’s the whole thrust of Business Outlook series—to bring that success.” Andros is one of seven islands that comprise the Bahamas Outlook series. The other islands are: Eleuthera, New Providence, Grand Bahama, Andros, Long Island, Exuma and Abaco. To sign up from the island of Andros, email Peter Douglas at pdouglas@bahamas.com or register online at www.tclevents.com

No ‘quick fix’ for fishing Closures show banking system industy post Irma FROM PAGE 1 “Right now a lot of fishermen I have spoken to, particularly those out of Spanish Wells are trying to quantify their losses right now to see if they an take advantage of the exigency order,” he said. “We expect that they would have information to take steps to take advantage of the order so that they can attempt to get things back to normal. It’s going to take a while maybe

a couple weeks or months to recover what they have lost. It’s not an overnight fix. Fishermen particularly in the southern Bahamas were dealt a very serious blow.” Earlier this month the government issued an exigency order on a number of items for people in the fishing industry impacted by Irma. The list of approved duty-free goods includes materials used for the construction of fishing traps

and condos. The order is valid for a sixth-month period (180 days), ending March 26, 2018 and is open to an extension if specified by the minister of finance. Applications in respect of goods people claim to have lost have to be certified by the director of the National Emergency Management Agency (NEMA). Mr LaRoda told Tribune Business: “The exigency order will go a bit further to help persons who

NOTICE

NOTICE is hereby given that MARIE CLAUDE PETITHOMME of Ernest Street, New Providence, The 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 17th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

would have had lost assets not covered by duty the fee exemption. Traps are normally covered but the materials for the reconstruction of condos will most likely fall under the exigency order. It will be a big help to local fishermen, it’s just a matter of how long it takes to get back up and running.” Mr LaRoda said it is still too early to quantify the financial impact Irma had on the 2017/2018 crawfish season.

NOTICE

NOTICE is hereby given that RAMON FELIZ SUEROZ of #3 Apt.,Nassau, Village, New Providence, The 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 17th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT MONDAY, 23 OCTOBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,062.95 | CHG 19.43 | %CHG 0.95 | YTD 124.74 | YTD% 6.44 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.16 5.83 8.60 6.30 5.30 14.49 2.59 1.60 6.00 10.00 11.00 4.31 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.26 0.12 3.70 8.40 5.83 3.15 9.00 2.18 1.40 5.80 8.75 5.75 3.35 6.61 11.94 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

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

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

SYMBOL FBB17 FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.10 3.98 1.97 176.30 149.66 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

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

LAST CLOSE 4.31 17.43 9.09 3.65 1.26 0.15 3.80 8.60 6.10 4.90 9.01 2.58 1.51 6.00 10.00 5.75 4.20 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 100.00 100.00 109.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.65 1.26 0.15 3.75 8.60 6.10 4.97 9.00 2.53 1.51 6.00 10.00 6.32 4.31 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 0.00 0.07 -0.01 -0.05 0.00 0.00 0.00 0.57 0.11 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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

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

VOLUME 82,527

9,000 20,450 2,500

1,365 8,000

VOLUME

NAV 2.10 3.98 1.97 176.30 149.66 1.51 1.64 1.59 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.196 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.450 0.000 0.113 0.140 0.600 0.000

P/E 9.7 18.7 N/M 6.8 N/M N/M -4.4 14.1 10.6 25.4 15.5 24.8 3.9 4.9 13.5 11.0 13.9 -10.5 23.0 0.0

YIELD 1.86% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.41% 6.33% 2.37% 3.31% 4.83% 4.50% 0.00% 2.62% 2.00% 4.80% 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% 3.50% 3.88% 4.25%

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

YTD% 12 MTH% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

‘doomed to fail’ FROM PAGE 1 model as we have it now. The one size fits all model does not work. Banking has to be structured to suit the local economy and it needs to be more commercial in nature. Our banks needs to be able to accommodate persons engaged in farming and all the kinds of ventures. When you have models where they put so many requirements and conditions like they would in a big city don’t think it offers locals the ability of take advantage of what banking should be,” said Mr Rolle. He continued: “The loan requirements are not suitable for the local economy. That is a huge problem. They need to adjust the model. The government may need to be more proactive or the

Central Bank may need to give more leeway so that we can truly have local banks. For instance on the Family Islands you have many people who farm for a living and they should be allowed to access capital by using their crops as collateral. I believe that there are other jurisdictions which have models that have been successful in this regard.” Mr Rolle noted that banks generate most of their revenue from loans but argued that requirements are ‘so stringent’ that locals can’t qualify. “Locals can’t qualify for loans and so if they aren’t lending they aren’t going to be making money. They make money from loans not just service fees. That is why I believe the current model is doomed for failure. They will say what they are doing in the Family Islands is a service and they won’t do that for very long.”

NOTICE

NOTICE is hereby given that TECHELET POLYCARPE of #27 Durham St., off Mt. Royal Ave., New Providence, The 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 24th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JOSEPH JOHNSON of Carmichael Road, P.O.Box N-10745, New Providence, The 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 24th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MARCUS JOSEPH of Garden Hills, New Providence, The 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 17th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.