business@tribunemedia.net
WEDNESDAY, OCTOBER 25, 2017
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Phase II of Pointe ‘is moving nicely’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
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hase II of the $250 million Pointe project is now underway and is expected to be complete by the end of 2018, the spokesman for the development Leslie Pindling told Tribune Business yesterday. The new phase of the project will encompass the development of a 100-room, eight-storey condominium complex with oceanfront residences and a marina. Mr Pindling, director of New World One Bay Street, told Tribune Business: “Work has resumed. Phase II is underway and moving nicely.” According to Mr Pindling work began approximately two weeks ago. He was unable to say how many people will be employed on the current phase. “We have no numbers yet, we’re just ramping up,” he said. The Pointe, which is a project by New World One Bay Street, a wholly owned subsidiary of China Construction American (CCA), Baha Mar’s main developer, is being built on five-six acres of waterfront property adjacent to the British Colonial Hilton. The Pointe’s first phase was centered on the multistorey parking garage, which now dominates the
A LOCAL striping company has snagged the cover of Sustainable Business Magazine, a UK based publication which focuses on ways in which companies meet 21st century challenges, roll out new initiatives and cutting edge projects all the while operating within an environmentally, social and economically positive framework. “It gives us a great sense of pride to come from such a humble beginning,
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
AN artist’s impression of the new phase of the $250 million Pointe project, which will encompass the development of a 100-room, eight-storey condominium complex with oceanfront residences and a marina.
entrance to downtown Nassau on West Bay Street. Ground breaking for The Pointe’s latest development phase took place in early March 2017 under the former Christie administration. Tribune
overcome the challenges we had to endure these seven years and to have a European based magazine feature us as a progressive Bahamian company on its cover, it fills us with pride not only as owners but as Bahamians,” said Dominic Sturrup, senior vice president of business development at Bahamas Striping Group of Companies located on Abundant Life Road. “It shows that if you work hard, execute at international standard, be consistent, then anything is possible.”
SEE PAGE 2
Public health service needs total reform By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net STRENGTHENING the public health care system is a key step towards realising ‘comprehensive’ health care reform in this nation, the Bahamas Insurance Association’s (BIA) chairman said yesterday, noting the poor state of this nation’s public healthcare system as outlined in a report by former Public Hospitals Authority (PHA) boss Herbert Brown came as ‘no surprise’.
CRAIG FLOWERS
LOTTERY $250m project expected to be complete by 2018 end TERMS NEED DEFINING AND THE WEB SHOPS COULD HELP
Bahamas Striping steals the spotlight By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
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Speaking with Tribune Business Emmanuel Komolafe said: “We need comprehensive healthcare reform and for that to be successful there is no doubt that we need to strengthen the public healthcare system. I think that all stakeholders have articulated this. The reality is the state of the public healthcare system is not something that happened over night, it has taken years, some even say decades for us to get here.”
SEE PAGE 3
Business reported back in late August that Daniel Liu, head of the China Construction America (CCA) entity behind the downtown Nassau project, wrote to the Minnis administration on August 22, seeking
“immediate assistance” for the Pointe’s condominium and marina construction approvals. The letter, addressed to Desmond Bannister, minister of works, was written just four days after China’s
State Council and its top economic planning body placed overseas hotel investments by Chinese companies - and especially state-owned ones such as CCA - in a ‘restricted’ category.
A prominent web shop operator said yesterday the parameters of what would constitute a national lottery need to be clearly defined as the term is ‘very vague’, arguing such schemes have not proven to be successful in the Caribbean. Craig Flowers, the FML Group of Companies founder, told Tribune Business yesterday: “The term national lottery is very vague to us in the industry and that needs more description. If it is something that resembles a web shop operation then it will get a lot of resistance from existing operators. If it is something that is going to be done by way of a ball being thrown once or twice a week, I don’t think there will be any resistance from the
SEE PAGE 3
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PAGE 2, Wednesday, October 25, 2017
THE TRIBUNE
Bahamas Striping steals the spotlight SUPPORT THE BLOOD BANK
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FROM PAGE 1 The unsolicited profile piece on the local company consumed 12 of the magazine’s 48 pages, not including the cover. Although Bahamas Striping made its debut in the magazine last year, it came as quite a surprise when they were approached by the publication earlier this year. “The magazine is one of the few dedicated to sustainable business activities. Essentially, what they do is look across the spectrum of the globe for companies that have implemented economic, social and environmentally sustainable strategies,” said managing director Dr Allen Albury. “They thoroughly examine a company’s online presence and reach out to key individuals within the industry to gain an understanding of who you are as a company, prior to approaching the business they seek to spotlight. We weren’t contacted until after they completed their research and met the criteria.” In its seven years of existence Bahamas Striping, a full-service road and airport maintenance company, has grown from a $5,000 startup to a multilayered Group of companies. Within its group of companies is Airport Maintenance Services specialising in all aspects of aerodrome maintenance services at world-class standards; Caribbean Pavement Solutions, a regional distributor for asphalt rejuvenation; Bahamas Themed Photography, a company specialising in high-end digital imaging services;
“IT GIVES US A GREAT SENSE OF PRIDE TO COME FROM SUCH A HUMBLE BEGINNING, OVERCOME THE CHALLENGES WE HAD TO ENDURE THESE SEVEN YEARS AND TO HAVE A EUROPEAN BASED MAGAZINE FEATURE US AS A PROGRESSIVE BAHAMIAN COMPANY ON ITS COVER, IT FILLS US WITH PRIDE NOT ONLY AS OWNERS BUT AS BAHAMIANS. IT SHOWS THAT IF YOU WORK HARD, EXECUTE AT INTERNATIONAL STANDARD, BE CONSISTENT, THEN ANYTHING IS POSSIBLE.” — Dominic Sturrup, senior vice president of business development at Bahamas Striping Group of Companies
Abaco Caribbean Holdings and Atillio Holdings, a property investment, management and development subsidiary. BSGC believes this latest exposure will help to catapult the company to the next level. “This serves to further heighten our profile outside The Bahamas. We are not just a Bahamian company promoting ourselves. A trusted source of information, the magazine acts as a vetting process,” said BSGC’s president, Atario Mitchell.
“Those in the public and private sector elsewhere are able to see we are able and capable of completing work to an international standard and here’s a well-regarded magazine substantiating our claim.” As to what’s next for the company, Mr Sturrup reported that executives are hoping to have BSGC’s cold patch plant up and running. The company is also hoping government will get the ball rolling on upgrading its road and highway infrastructure throughout the Family Islands.
THE TRIBUNE
Wednesday, October 25, 2017, PAGE 3
Pricewaterhouse Coopers executives pay courtesy call on Minister of Labour EXECUTIVES of Pricewaterhouse Coopers, one of the country’s leading and trusted professional services firms have paid a courtesy call on the Minister of Labour, Senator the Hon. Dion Foulkes at the Ministry of Labour on Shirley and Charlotte Streets. • Pictured from left to right with Minister Foulkes (third from
HEALTH REFORM FROM PAGE 1 Prior to his retirement, Mr Brown wrote a detailed report to Health Minister Dr Duane Sands in which he itemised areas of massive underfunding and inefficiencies which he warned were having a direct affect on patients. Mr Brown pointed to an “unacceptable” state of public health services, noting access to service is compromised on a daily basis, physical infrastructure is deteriorating and there is a more worrying unnecessary patient risk factor, blamed on poorly functioning medical equipment. His eight-page letter sent to Dr Sands was sent roughly two weeks before he went into retirement, Mr Brown further highlighted a catalogue of capital works projects, just a few of which have started, but generally
LOTTERY FROM PAGE 1
operators and they may even offer to assist in seeing that the government gets it off the ground.” Tourism Minister Dionisio D’Aguilar earlier this month told Tribune Business the creation of a Bahamian national lottery is “front and centre” in his mind, while warning web shops: “The status quo needs tweaking.” Mr Flowers told Tribune Business: “The first question in my mind is what is the objective? If the objective is to raise more funds then I don’t think that a national lottery would raise the funds the government may be seeking. They have indicated that they are interested in privatising the lottery to be run by some other entity. A national lottery needs to be defined. What will it consist of?” He continued: “For a layman like myself one would think that it would have the same opportunities that we in the web shop operations now have plus additional provisions will be in place for it to do things that web shops aren’t able to do. It will cover more opportunities than the web
left), is Mrs Shavonne Symonette, Administration Officer, Ministry of Labour; Ms. Cecilia Strachan, Permanent Secretary (Acting), Ministry of Labour; Mr. Kevin Cambridge, Director PwC; Mrs. Claudene Lofters, Senior Manager, PwC and Mr. Adrian Tait, Partner Advisory-Consulting, PwC.
no funding has ever been provided. To complete these projects, said Mr Brown, the PHA would need $43,181,178. “Collapsing infrastructure, broken equipment, inadequate provision of staff; particularly nurses, doctors and allied health personnel has led to a situation in which access to healthcare services and patient dignity – particularly in Accident and Emergency (A&E) and the Maternity ward - are compromised on a daily basis,” wrote Mr Brown. “Indeed our inability to properly budget and allocate sufficient finances for medicine, medical and surgical supplies, equipment, staff and infrastructure upgrades and maintenance has directly impacted the delivery and quality of our services and the ongoing deterioration of our physical infrastructure.” Mr Komolafe noted funding continues to be a major issue for the public health care system. “The reality is that healthcare shops and that will be seen as competing with existing operators. Is that the intent, I don’t know.” Mr Flowers argued that national lotteries have not been proven to be successful in the Caribbean. “It has been known for that type of operation, the calculation of the returns from such an operation is miniscule compared with the returns of a number game the web shops are doing. A national lottery is based on a large volume of people purchasing tickets. That pool is then taxed by way of paying its operational cost, paying its winning cost and then whatever is left from this amount there is a social or a government concern that will take away a tax from it. In most cases throughout the Caribbean in particular where populations are small, it doesn’t work because of the fact that you cannot generate the pool size in order to make it attractive enough to pay these entities. “That idea of a national lottery is certainly no threat to the web shop operations. We should endorse and assist government in establishing a national lottery if we can have some parameters as to what will define a national lottery and the way forward,” said Mr Flowers.
costs globally continue to rise. Technology and advancements in medicine are bringing about more effective procedures but it all comes at a cost. Procedures are becoming less evasive now but it comes at a greater cost.” Commenting further on the report Mr Komolafe stated: “The reality is we always knew about this. Going forward there has to a comprehensive healthcare reform which does not only look at treatment of sick people but also keeping people healthy. Comprehensive healthcare reform must not only be about the Ministry of Health. We have to go beyond that and look to education because we have high rate of childhood obesity, we have to look at the lunch programmes, taxes on healthcare, health insurance and taxes on healthy foods to encourage people to live a more healthy lifestyle. We shouldn’t be myopic in our view of it and just look at the Ministry of Health.”
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: PAGE 1 accounting degree is required and a professional •FROM Undergraduate 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.
PAGE 4, Wednesday, October 25, 2017
THE TRIBUNE
GM, other US industrial giants, hit all-time highs By TOM KRISHER Associated Press DETROIT (AP) — Shares of General Motors hit an alltime high yesterday as investors focused on a $2.5 billion thirdquarter pretax profit and ignored a big accounting loss. The Detroit automaker’s $3 billion net loss came from a $5.4 billion charge for selling Opel and Vauxhall to France’s PSA Group, which closed in August. But with that backed out and before taxes, the company made $1.32 per share, trouncing Wall Street estimates. Analysts polled by FactSet expected $1.11 per share. Much of the accounting charge came from previous losses that GM can’t use to offset future tax obligations. Revenue without Europe fell 14 per cent to $33.6 billion, but that also beat expectations of $32.2 billion. After hitting the record early, GM shares pulled back slightly to close at $46.48, a 3 per cent gain. GM says its strong pretax performance came despite a 26 per cent production cut in North America during the quarter to close out the 2017 model year and adjust to slowing demand, mainly for passenger cars. The company made just over $2 billion pretax in North America, as well as just under $500 million from its joint venture in China.
Chief Financial Officer Chuck Stevens said the company sold more high-profit trucks and SUVs and fewer lower-margin sedans, but it also cut costs at an annual running rate of $5 billion since 2014. The company also has cut low-profit sales to rental car companies. Stevens attributed the performance to “overall resilience of a better business model that we built in North America.” Investors overlooked the loss because GM has worked hard to shed unprofitable businesses and make its operations more efficient, said Jeff Windau, an industry analyst with Edward Jones. The company also was helped by strong SUV demand in North America, where it makes the bulk of its profits, Windau said. Still, Edward Jones rates GM a “hold” rather than buy or sell. Windau says he’s concerned about spending on electric and autonomous vehicles with demand yet to be seen. GM also faces intense competition in China and the potential for rising material costs. On a conference call with industry analysts, GM executives also gave details about autonomous vehicles and other business developments: — When GM’s revamped pickup truck debuts next fall, GM will have a “broader portfolio” to compete with Jeep and others
THIS photo shows General Motors’ Chevrolet brand logo at Quirk Auto Dealers in Manchester, N.H. (AP Photo/Charles Krupa) in off-road performance, CEO Mary Barra said. New full-size SUVs will be built on the same underpinnings. — GM will start testing autonomous vehicles without a human backup driver “in quarters, not years,” but will not do that until the cars meet metrics to prove they are safe, Barra said. She didn’t say how many quarters. — GM and its Cruise Automation self-driving vehicle unit
could partner with another company or GM could deploy the cars on its own, Barra said. The company also is evaluating international markets, including Berlin and London, to test autonomous vehicles. — The company lost production of about 20,000 Chevrolet Equinox compact SUVs during a nearly monthlong strike recently by auto workers at a factory in Canada, Stevens said. That
production will not be made up, he said. The strike ended October 16. With Europe no longer included, GM reported profits for all of its business units for the first time since the fourth quarter of 2014. Even South America, which has been a money loser in recent quarters, posted a $52 million pretax profit. With European operations backed out, GM posted a net profit from continuing operations of $100 million.
AP FACT CHECK: Donald Trump on Boeing’s big order By DAVID KOENIG AND DARLENE SUPERVILLE Associated Press DALLAS (AP) — President Donald Trump is showcasing a major contract landed by Boeing from
Singapore Airlines and talking about the 70,000 or so US jobs that he says will flow from that order. It’s indeed a big deal for Boeing, but there are some caveats to keep in mind when Trump addresses the
Legal Notice
NOTICE
NOTICE IS HEREBY GIVEN as follows: (a) PRIME TECHNOLOGY INDUSTRIES LTD. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on October 24, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before November 24, 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. October 25, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY
subject: – The order primarily came together while Barack Obama was president, and it’s unlikely any president had much to do with it. The announcement of major aircraft orders usually follows lengthy negotiations. The Boeing order was announced less than three weeks after Trump was sworn in. — Boeing says the order will “sustain” more than 70,000 direct and indirect US jobs for the company, its suppliers and others. The company did not say they were new jobs. Trump witnessed a “certificate of purchase”
signing at the White House on Monday by Boeing and Singapore Airlines executives. “In terms of the orders it’s about $13.8 billion and most importantly it’s about 70,000 jobs,” Trump said, patting Boeing’s Kevin McAllister on the back. “So those are all jobs in this country.” The president correctly cited the value of the order for 39 airplanes, but it’s unlikely to yield that much. Boeing says the contract is worth “$13.8 billion at current list prices.” But airlines routinely receive deep discounts from the list price of planes. Boeing
NOTICE
NOTICE is hereby given that AZENDE BRITNEY JOHNSON of #51 Margret Place, Freeport, Grand Bahama, 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 18th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
declined to provide financial terms of the order. The company also notes that the announcement Monday was an order “previously attributed to an unidentified customer,” meaning it happened earlier. Singapore Airlines announced February 9 that it signed a letter of intent to order the 39 planes from a US manufacturer. Boeing booked the order in June but did not identify the buyer until this week. Boeing and competitor Airbus sometimes let airlines announce such orders first. The order is for 20 777-9s and 19 787-10s, with an
option for Singapore Airlines to buy six more of each type. Boeing arrived at the job estimate by using a Commerce Department formula that every $1 billion in US exports supports 5,200 US jobs, said Boeing spokesman Dan Curran. The Boeing calculation is based on the list price of the planes, while Singapore Airlines probably is paying far less. “It’s definitely an imperfect formula,” Curran said. He called the 70,000-job figure the best estimate that doesn’t involve Boeing disclosing confidential information.
NOTICE
NOTICE is hereby given that DINETA CHANDRA DE of Commonwealth Street, Blair Estates, P.O. Box SS-19418, 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 25th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that VIKING II LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 5th day of October, 2017.
ENERVO ADMINISTRATION LIMITED LIQUIDATOR MONTAGUE STERLING CENTRE EAST BAY STREET NASSAU, THE BAHAMAS
NOTICE
ECHIUS LTD. N O T I C E IS HEREBY GIVEN as follows: a) ECHIUS LTD is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. b) The dissolution of the said company commenced on the 20th October, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 25th day of October, A. D. 2017
_________________________________ Octagon Management Limited Liquidator
NOTICE VL TRADING INTERNATIONAL HEAAD LIMITED (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 23rd day of October 2017. The Liquidator is Windermere Corporate Management Limited, East Bay Street, New Providence Financial Center, P.O. Box N-7797, Suite A-084, Nassau, Bahamas. WINDERMERE CORPORATE MANAGEMENT LIMITED (Liquidator)
THE TRIBUNE
Wednesday, October 25, 2017, PAGE 5
McDiscount: $1 soda, 2 for $5 deals lure more to McDonald’s By JOSEPH PISANI Associated Press NEW YORK (AP) — Cheap soda and burgers brought more people into McDonald’s. The fast-food company said yesterday that sales in the US rose 4.1 per cent at existing locations during the third quarter, thanks to $1 soft drinks, coupons on its app and a two-for-$5 promotion called McPick 2. And with more people coming in, McDonald’s said some also bought pricier burgers stuffed with crispy onions, kale or guacamole, which helped sales. “We are serving more customers, more often,” said CEO Steve Easterbrook. McDonald’s has been offering deals to fight off competition from other low-priced chains. It plans to offer more cheap eats next year, with items priced at $1, $2 and $3, the company said yesterday. Bill Fahy, an analyst at Moody’s, said the boost in sales is “a good indication that the company’s various initiatives are resonating well with consumers.” Besides discounts, McDonald’s has also been tinkering with its menu as more people shun processed foods. It removed artificial preservatives from its nuggets and it plans to use fresh beef in quarter pounder burgers next year. And it has been
THIS photo shows a McDonald’s restaurant in downtown Pittsburgh. (AP) modernising its restaurants by adding mobile ordering and offering delivery through the UberEats app. About 5,000 of its nearly 14,000 US locations will have delivery by the end of the year. The company’s McCafe drinks “performed well,” said Chris Kempczinski, who oversees McDonald’s US business, but he didn’t provide any numbers.
The company rolled out espresso drinks, such as cappuccino and caramel macchiato, during the quarter and plans to remodel McCafes in its restaurants next year. “McCafe can be a significant growth platform for us in the future,” Kempczinski said. Worldwide, McDonald’s sales rose six per cent at existing restaurants, the
Caterpillar profit surges on equipment demand NEW YORK (AP) — Caterpillar Inc.’s thirdquarter profit surged on demand for construction equipment, topping Wall Street expectations. The Peoria, Illinois-based company boosted its guidance, citing strong oil and gas markets in North America along with construction in China. Its shares surged, ending Tuesday up $6.56, or 5 per cent, to $138.24. Profit nearly quadrupled to $1.06 billion, or $1.77 per share. Earnings, adjusted
for restructuring costs, came to $1.95 per share. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share. Revenue surged 25 per cent to $11.41 billion while six analysts surveyed by Zacks expected $10.61 billion. Construction equipment revenue rose 37 per cent to $4.85 billion, followed by energy and transportation equipment rising 12 per cent to $3.96 billion. Those
segments were the key revenue drivers during the quarter. Caterpillar now expects full-year adjusted earnings to be $6.25 per share, up from a previous estimate of $5 per share. It expects revenue of $44 billion. Caterpillar shares have risen 42 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen 15 per cent. The stock has climbed 53 per cent in the last 12 months.
POWER GRID OPERATOR SLAMS DONALD TRUMP PLAN TO AID COAL AND NUCLEAR By MARC LEVY Associated Press HARRISBURG, Pa. (AP) — The nation’s biggest electric grid operator said a Trump administration plan to change the way electricity is priced to reward coal and nuclear power is both unworkable and potentially against the law. PJM Interconnection, which operates the grid covering 65 million people from Illinois to Washington, D.C., submitted formal comments on the plan late Monday to the Federal Energy Regulatory Commission. In a conference call with reporters and industry analysts, PJM’s president and CEO, Andy Ott, said the plan by Energy Secretary Rick Perry is not “workable.” “In fact, we do believe it’s contrary to law and, again, will not really solve any problems,” Ott said. Guaranteeing higher payments to coal, nuclear and other qualifying power plants would probably increase consumers’ electric bills, unless FERC found another source of money, Ott said. Coal-fired and nuclear generators comprise just
over half of all generation capacity in PJM’s region. However, the amount of US electricity generated by coal has fallen to about one-third in the last decade, mostly as hydraulic fracturing has made natural gas cheaper and more plentiful. The natural gas boom also has hit nuclear power plants, sending their owners in search of a financial rescue in states including Pennsylvania and Ohio where competitive electricity markets have compounded the effect. In its 76-page filing with FERC, Pennsylvania-based PJM urged the commission to reject the plan drawn up by President Donald Trump’s administration. PJM, which administers the transmission grid and the marketplace that brings electricity from power plants to customers, said the plan would undermine the reliability of markets, intrude on state policies, violate the Federal Power Act and represent a radical departure from the commission’s policies. It “misidentifies a problem, misstates the cause, and then proposes a radical solution that is antithetical to clear Congressional and Commission policy in favor of promoting competitive
energy markets,” PJM wrote. Perry’s plan would reward nuclear and coalfired power plants for adding reliability to the nation’s power grid. The plan is needed to help prevent widespread outages such as those caused by Hurricanes Harvey, Irma and Maria, Perry claims. But PJM said it is power line damage — not plentiful fuel on hand at power plants — that causes outages. The Trump administration’s strategy wouldn’t lead to the outcome it envisions and “appears aimed less at truly addressing resilience concerns and more at benefiting certain preferred generators and fuels and the industries they support,” PJM wrote. FERC is considering the plan and could decide by mid-December. It is not required to follow Perry’s recommendation, though two of the three current commissioners were nominated by Trump, a Republican. Advocates for natural gas and renewable energy sources have criticised Perry’s proposal, while it has been embraced by coal and nuclear power groups.
Oak Brook, Illinois-based company said. Overall, McDonald’s reported net income of $1.88 billion, or $2.32 per share, in the three months ended September 30. That’s up from $1.28 billion, or $1.50 per share, in the same period a year ago. Adjusted earnings came to $1.76 per share, a penny above what analysts expected, according to Zacks Investment
Research. Revenue fell 10 per cent to $5.75 billion, missing analyst expectations of $5.8 billion. The company said it brought in less revenue as it switched more stores from companyowned restaurants to ones owned by franchisees, especially in China and Hong Kong. Shares of McDonald’s Corp rose 54 cents to close Tuesday at $163.88.
TRUMP CROWD SOURCES GOP SENATORS ON CHOICE FOR FED CHAIR WASHINGTON (AP) — President Donald Trump has turned to Republican senators for advice as he nears a decision on naming a new head of the Federal Reserve, the most critical personnel choice affecting the economy that he’ll make in his presidency. Trump asked for a show of hands from senators on preferred candidates during a lunch with GOP senators at the Capitol yesterday, said Senate Majority Whip John Cornyn. Sen. John Kennedy said Trump praised the candidates and then said, “Let me know what everybody thinks.” The top candidates who are the subject of Trump’s crowdsourcing: current Fed Chair Janet Yellen; Fed board member Jerome Powell; John Taylor, a Stanford University economist; Gary Cohn, Trump’s top economic adviser; and Kevin Warsh, a former Fed member.
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 6, Wednesday, October 25, 2017
THE TRIBUNE
Banks, Caterpillar and industrial companies boost US stocks By MARLEY JAY Associated Press NEW YORK (AP) — Construction and mining equipment maker Caterpillar and Post-it note maker 3M led a rally in industrial companies yesterday after they made strong thirdquarter reports. Other US stocks finished the day with smaller gains. Caterpillar and 3M both raised their forecasts for the rest of the year after they did better than analysts had expected, and their stocks jumped. Combined the two companies were responsible for almost all of the 167-point gain in the Dow Jones industrial average, which sent the 30-stock index to a record high. Bond yields and interest rates rose, which helped banks, and technology companies climbed as well. Investors applauded reports from McDonald’s and General Motors while health care companies including drugmakers stumbled. Household goods makers also declined. UBS analyst Steven Fisher said he thinks Caterpillar, as well as other companies that make construction and mining equipment, are benefiting from gains in metals and oil prices over the last year to year-and-a-half. “There’s now a catchup to not only meet the demand but also replenish
inventories,” he said. That delayed reaction helped Caterpillar in the third quarter and he said investors have high expectations for other machinery makers. The Standard & Poor’s 500 index gained 4.15 points, or 0.2 per cent, to 2,569.13. The Dow Jones industrial average jumped 167.80 points, or 0.7 per cent, to 23,441.76. The Nasdaq composite climbed 11.60 points, or 0.2 per cent, to 6,598.43. The Russell 2000 index of smaller-company stocks added 2.93 points, or 0.2 per cent, to 1,500.42. Caterpillar’s revenue from construction equipment climbed, and the company said it’s getting strong demand for oil and gas machinery in North America and construction equipment in China. Its stock gained $6.56, or five per cent, to $138.24, and it’s up 49 per cent in 2017. 3M, best known for Postit notes, said its industrial, electronics and energy and health care businesses all got stronger and it expects a larger annual profit. It added $13.10, or 5.9 per cent, to $234.65. Caterpillar and 3M are two of the biggest winners in the Dow average this year. The top gainer is aerospace company Boeing, which rose $3.68, or 1.4 per cent, to $266, giving it a 71-per cent jump since the start of the year.
Bond prices continued to fall. The yield on the 10-year Treasury note rose to 2.42 per cent from 2.37 per cent and reached its highest level in five months. That helped banks, as higher interest rates boost their profits on lending. Bank of America gained 52 cents, or 1.9 per cent, to $27.68 and JPMorgan Chase rose $1.58, or 1.6 per cent, to $100.92. Technology companies recovered most of Monday’s losses. Specialty glass maker Corning jumped $1.93, or 6.4 per cent, to $31.94 after its thirdquarter report surpassed what Wall Street expected. Oracle rose 67 cents, or 1.4 per cent, to $49.98 and video game maker Activision Blizzard added $1.27, or 2.1 per cent, to $62.73. Appliance maker Whirlpool had a weak quarter as costs were high and the company struggled to integrate European businesses it’s bought over the last few years. Whirlpool also slashed its profit forecast for the year and its stock sank $19.24, or 10.5 per cent, to $163.26. Meanwhile Whirlpool’s more than century-old ties to department store Sears are ending. Sears says it is no longer selling Maytag appliances or other Whirlpool products at its stores. Whirlpool said it told Sears months ago that it would stop supplying branded
NOTICE
NOTICE is hereby given that JEAN WELBEE VILLE of #163 West 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 18th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
TRADER Craig Spector works on the floor of the New York Stock Exchange yesterday. (AP Photo/Richard Drew) products for the chain to sell because the companies couldn’t agree on terms. Sears lost 57 cents, or 8.7 per cent, to $5.99. Health care companies took losses. Drugmaker Biogen fell $12.82, or 3.9 per cent, to $315.73 as sales of its multiple sclerosis drugs Tecfidera and Tysabri disappointed analysts. Eli Lilly sank $2.01, or 2.3 per cent, to $85.17.
NOTICE
NOTICE is hereby given that JASON VERDELUS of Carmichael Road, 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 18th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT TUESDAY, 24 OCTOBER 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,070.48 | CHG 7.53 | %CHG 0.37 | YTD 132.27 | YTD% 6.82 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 4.46 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 3.75 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 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 2.47 1.51 6.00 10.00 6.40 4.46 7.01 12.50 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 0.00 0.00 0.08 0.15 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
109.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.02 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
800 2,500
7,848 5,000
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
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 9.7 18.7 N/M 6.8 N/M N/M -4.4 14.1 10.6 25.4 15.5 24.2 3.9 4.9 13.5 11.1 14.4 -10.5 23.0 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 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 1.86% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.41% 6.33% 2.43% 3.31% 4.83% 4.50% 0.00% 2.53% 2.00% 4.80% 0.00%
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
The company posted a solid third quarter, but said diabetes drug prices are still under pressure. Lilly also said it may sell its Elanco animal health unit. That business had been an important part of Lilly’s strategy as important older drugs like Zyprexa and Cymbalta lost patent protection. Drugmakers AbbVie and Celgene and health care products maker Johnson & Johnson also fell. Benchmark US crude gained 57 cents, or 1.1 per cent, to $52.47 a barrel in New York. Brent crude, used to price international oils, climbed 96 cents, or 1.7 per cent, to $58.33 a barrel in London. Wholesale gasoline rose 4 cents to $1.72 a gallon.
Heating oil added 3 cents to $1.82 a gallon. Natural gas slipped 2 cents to $2.97 per 1,000 cubic feet. Gold fell $2.60 to $1,278.30 an ounce. Silver lost 11 cents to $16.97 an ounce. Copper gained one cent to $3.20 a pound. The dollar edged down to 113.58 yen from 113.73 yen. The euro rose to $1.1788 from $1.1738. Germany’s DAX rose 0.1 per cent and the French CAC-40 gained 0.1 per cent. The FTSE 100 in London finish little changed. Tokyo’s Nikkei 225 rose for the 16th day in a row, which extended a post-World War II record. The index added 0.5 per cent. The Hang Seng in Hong Kong lost 0.5 per cent and Seoul’s Kospi was unchanged.
NOTICE
NOTICE is hereby given that MIRA DE of Commonwealth Street, Blair Estates, P.O. Box SS-19418, 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 25th 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 EASLYN SEVERE of Marsh Harbour,Abaco, P.O. Box AB-20420, 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 18th 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 EDSON POLONG JOSEPH of South Beach Estates, 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 25th 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 MIKE PHILIUS of Joe
Farrington Road, 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 18th 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 RODLIN LALANE of Palmetto Avenue, 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 25th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Wednesday, October 25, 2017, PAGE 7
PAGE 8, Wednesday, October 25, 2017
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