THURSDAY, NOVEMBER 3, 2016
business@tribunemedia.net
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‘Not enough good people to right Bahamas’ ship’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Bahamas “lacks enough good people to right the ship”, a leading governance reform advocate said yesterday, as it continues to lose more than two-thirds of its brightest minds every year. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), said he had been informed by College of the Bahamas (COB) professors that 70 per cent of their graduates headed for jobs overseas. With just 25 per cent of Bahamian high school
Governance reformer: 70% of COB grads leave ‘Brain drain’ must return for nation to have chance ‘No business in Govt’ if not addressing governance Robert Myers
graduates moving on to tertiary education, Mr Myers added that this nation was retaining less than onethird of those best-placed
to become this nation’s next generation of entrepreneurs, managers and political leaders. He warned that if the Ba-
hamas was to successfully implement far-reaching financial and governance reforms, and resolve its growing debt crisis, it needed to reverse this ‘brain drain’ and convince citizens living abroad to return home. “There aren’t enough good people, quality people in this country because of the poor education that has persisted for so many years,” Mr Myers told Tribune Business. “There aren’t enough people in the country to right the ship. That’s going to require convincing some of our brain drain over the last 20-30 years to come back to the Bahamas and See pg b6
Small Homes overseer Central Bank eyes just a ‘rubber stamp’ giving firms access By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Urban Renewal’s Small Homes repair programme was overseen by an unqualified quantity surveyor who admitted to being used to “rubber stamp” completion certificates for unverified construction work. The Public Accounts Committee’s (PAC) majority report on the programme, finally tabled in the House of Assembly yesterday, found that Lisa Tucker and her CCMG Consultants firm met their contractual obligations “mostly in the breach, rather than their observance”. The report, signed by its three FNM members, said the issuance of completion certificates, without any checks to ensure construction work had been properly performed, potentially compromised the health and safety of the very persons the programme was designed to help - low income Bahamian homeowners and tenants. The trio of MPs, Hubert Chipman, K P Turnquest and Richard Lightbourn, added that this also exposed the Government to potential liability, and showed that the Small Homes repair initiative did not deliver “value for money” to the Bahamian taxpayer. Detailing the findings from their September 17, 2015, meeting with Ms Tucker, the majority report said she was “constantly pressured” by Urban Renewal Commission and
‘Pressured’ to sign-off without checking work Quantity Surveyor ‘unqualified’, ‘incredibly naive’ Checks, balances ‘observed more in breach’ Ministry of Works personnel to override “accepted best practice” in the construction industry. The report quoted Ms Tucker as saying: “I resented all of the pressure being deployed against me by people like Ricardo Smith, and I sent an e-mail in protest. “I work in an orderly fashion, and they expected me to ‘rubber stamp’ everything.” As a result, the PAC’s FNM members concluded: “The witness admitted to being nothing more than a ‘rubber stamp’, and claimed she was constantly pressured by staff at Urban Renewal, specifically Ricardo Smith, and other personnel at the Ministry of Works to issue completion certificates without the benefit of having done site inspections for various projects. “She said that Mr Smith habitually sat in her office until the certificates of completion were signed. It is clear in this case that the Bahamian taxpayer and the homeowners concerned did See pg b6
to foreign finance By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Central Bank of the Bahamas is eyeing further exchange control liberalisation measures that would allow Bahamian companies to obtain capital and financing overseas, in a bid to improve credit access. The monetary policy regulator yesterday issued a survey to Bahamian companies, in a bid to gain data on the “issues and financial circumstances” facing businesses of all sizes. The survey, which was distributed via the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) to its members, appears to be an attempt to obtain empirical evidence that would justify another “phase” of exchange control liberalisation.
Planning new exchange control relaxation phase Also opening participation in foreign investments Seeking empirical data from business community Besides potentially giving Bahamian businesses access to foreign financing sources, and cheaper, more competitive interest rates (borrowing costs), the Central Bank added that another goal was to remove obstacles to their participation in, and the financing of, investments overseas. See pg b4
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Ex-BCA chief slams ‘corner cutting’ over Small Home repairs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net An ex-Bahamian Contractors Association (BCA) president yesterday slammed the Government’s “corner cutting” on Urban Renewal’s Small Home repairs, saying it provided a “snapshot” of the country’s woes. Stephen Wrinkle told Tribune Business that the Public Accounts Committee’s (PAC) majority report had further emphasised the urgent need to pass the Contractors Bill so that Bahamians had some protection against shoddy workmanship. He added that the report’s revelations were likely the “tip of the iceberg”, and spotlighted “the serious trouble” that the Bahamas is in when it comes to governance and corruption issues. The majority report by the PAC’s three FNM MP members, Hubert Chipman, K P Turnquest and See pg b5
‘Tip of iceberg’; shows Bahamas ‘in big trouble’ Contractor Business Licences ‘for other professions’ ‘Most’ hired on MP urgings; no ability to refuse
Stephen Wrinkle
Sandals ‘renders academic’ legal bid to end union By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Sandals’ refusal to let “the fat lady sing” has “rendered academic” a Court of Appeal verdict that reinstated its legal bid to eradicate its union adversary. Appeal Court president, Dame Anita Allen, said Sandals Royal Bahamian’s termination of its former See pg b4
Court: Terminations met Judicial Review goals Resort ignores judge’s ‘fat lady has sung’ assertion Failed to treat with union for 6 years, ignoring law
PAGE 2, Thursday, November 3, 2016
THE TRIBUNE
Websites a must for serious businesses
H
ave you ever heard an entrepreneur ask the question: “Do I really need a website?”, or say, “Well, maybe I should get one because that’s what everybody else seems to be doing”. Are these appropriate statements for a business owner who expects to compete in a world whose concepts and philosophies change by the second? They are simply not good enough, and I cannot think of any explanation for why a business does not need one. A serious business, that is. The ease of Internet searches (particularly using Google and Yahoo) means that fewer people may be using printed media when looking for products and services. When was the last time you used the Yellow Pages or any kind of phone book? We all have them (many of them), and there are times when they are convenient, especially if you know exactly what you are looking for. Last Sunday, the pastor referenced a few scriptures. I saw the majority of members quickly pull out their cell phones, as opposed to the Bibles that
sat conveniently next to them. This is the “nowadays” generation that desire quick results. I am constantly asked: “Does my small business really need a website?” I never hesitate with the answer, as it is always “absolutely”. Why? Potential customers and clients will be disappointed if you do not have one. Through with a website presence, customers can access information about your business 24 hours a day, allowing access to your storefront or offices even when you are asleep. Your website should include a very basic, but complete, explanation of the business. Make sure to highlight that you are a small business owner, what brought you to your current occupation, and include members of staff to make the user experience more personal. Having a comprehensive Internet presence will showcase your company’s goods and/or services, and enhance your potential.A website and blog will allow you to rank in Google search results, so that when persons are looking for your goods and servic-
es, they will find you. Many small business owners believe the process of designing and developing a website is time consuming, but it is actually a very simple process. While intense thought processes are required when designing a website, it must be complemented by a marketing strategy concerning the goals for the business. These should always be at the forefront of an overall promotional plan. What is the purpose of your site? Are you providing information or selling actual goods and services? How much support will you need after your site is launched? Are you going to have the time to update the information, write articles, and do you want to learn how to post them? Should you have an internal or external blog? What is the overall look and feel of your business, and how will it translate to the online environment? Will it be mobile and tablet friendly, and have social media share buttons? How much personal information do you want to include? I have helped many clients work
through these questions, and the process can seem a bit overwhelming, but it is not - especially when you consider the overall return on investment. A big source of concern during the website design process is cost, but there are many options that are low-cost and just as effective as the big firms wanting to charge well over $10,000. Keep your site simple, and provide high quality content of value to your customers. This will ensure it is properly positioned on social media as well. Launching a website can be a huge step for any small business, but if it has less than a great website - or no website at all - the company is missing a great opportunity to attract potential customers. Image is everything. And in today’s struggle, a company without a website is a company without a face. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.
ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.
NB: The columnist welcomes feedback at deedee21bastian@gmail.com
Mario Carey, president and CEO of Mario Carey Realty
The Art of Graphix by deidre m bastian
Realtor urges creation sector Advisory Board A prominent realtor has called for the creation of a Real Estate Advisory Board, believing that it will help unleash the Bahamas’ untapped economic potential and assist decisionmaking on land development. “Real estate advisory boards can contribute in significant ways to local economies,” said Mario Carey, president of Better Homes and Gardens Real Estate/MCR Group. He explained that such boards are widely employed in both developed and developing economies, where they are either an affiliate of graduate business schools or advise the business community and government directly. With Baha Mar’s re-start imminent, Mr Carey argued that a Real Estate Advisory Board could provide invaluable information and insight for the Government, “Ideally, in the Bahamas, a Real Estate Advisory Board would interact directly with government, particularly with the Prime Minister, the Minister of Finance and the Minister for Investments, in conjunction with business bodies like the Bahamas Chamber of Commerce, Bahamas Real Estate Association or trade associations connected with construction,” said Mr Carey. “We have tremendous untapped potential waiting in the wings that could assess and advise on matters related to development whether commercial, resort or residential. And after what we witnessed with Hurricane Matthew’s impact on low-lying coastal areas, and the need to look at the possible relocation of vulnerable communities further inland, the work of a Real Estate Advisory Board could be more valuable than ever. “An advisory board would also make recommendations on tax incentives, zoning, Stamp tax, historic properties incentives, green space mandates, subdivision and multiplex planning, multiple-layered financing avenues and Family Island sustainable development incentives, among other topics.” Mr Carey said such a
Board could help on issues such as a temporary Stamp Tax reprieve and real property tax amnesty periods. It could also facilitate joint venture partnerships or investments, and review Environmental Impact Assessments from a business perspective, combining promoting commerce with environmental preservation. It would also be in a position to respond to changing market influences more readily than a legislative body, he added. “With the exploding short-term rental market being driven by sites like Airbnb, a Real Estate Advisory Board would take a good, hard look at how best to make that market work for the Bahamas, not just for the homeowner and the visitor, but for government to derive an appropriate revenue and for hotels, resorts and restaurants, so that investors, local or foreign, who have made longterm commitments or extensive capital investment are not disadvantaged,” said Mr Carey. “We have more than 700 licensed professionals in the real estate industry, 20 in my office alone, who are always plugged into what’s happening that affects their world. “They generate ideas to create buzz and interest in the Bahamas. They have a wealth of information at their fingertips which they would gladly bring to a cooperative setting. They represent the hugely untapped potential we have at our disposal that we are not taking advantage of, and I believe a Real estate Advisory Board could make a significant difference.” Mr Carey suggested that a steering committee be appointed to guide the process, starting with the composition of advisory board directors, which he believes should include representatives from banking, construction, small and large development, environmental, Ministry of Finance and a minimum of five real estate professionals with different experiences to reflect generational perspective. Mr Carey suggested that the steering committee could complete its work in four to six months.
THE TRIBUNE
Thursday, November 3, 2016, PAGE 3
‘Major shift’ needed on Public Accounts body By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Public Accounts Committee’s (PAC) chairman said yesterday that a “paradigm shift” is necessary if the committee is to function within “internationally acceptable parameters”, describing his tenure as “the most frustrating experience in my professional career” Addressing Parliament yesterday before tabling the PAC’s majority report, which focused on the Urban Renewal Small Homes repair programme, Mr Chipman bemoaned the fact that the committee’s work had been stymied, particularly due to its inability to get information from various government ministries on a timely basis. “A paradigm shift is required if the PAC is to function within the internationally-accepted parameters observed in countries where transparency is seen as a desirable political objective,” the FNM MP for St Ann’s said. “We need a reform with the select committee of this House. We cannot continue with business as usual. Any select committee is only as good as the information it receives. In this instance, the information was not forthcoming on timely basis.
Tribune Business Reporter
nmckenzie@tribunemeida.net
The Minister of Labour yesterday defended the Urban Renewal Small Home repairs programme, describing claims that taxpayers did not get value for money as “misleading and inaccurate”. Speaking in Parliament on the Public Accounts Committee’s (PAC) minority report, which sought to paint a different picture than that given by the Auditor General and the PAC majority, Mr Gibson said their criticisms did not accurately reflect the value of the programme. “It is unfortunate that I had to submit a minority report on the Public Accounts Committee’s investigation into the Urban Renewal Programme, particularly the Small Home repairs programme,” he said. “The Committee conducted an extensive and exhaustive investigation with more than adequate participation from both sides of the political divide. I would have hoped that the record of the Committee’s findings would have reflected everything revealed during the course of its investigation but, sadly, it does not.” Urban Renewal’s Small Homes repair programme
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Senior Urban Renewal officials alleged they were unaware they were key signatories on its private bank account until six months after it was opened, a situation that has been described as “gross negligence”. The Public Accounts Committee’s (PAC) majority report, tabled in the
House of Assembly yesterday, said neither Urban Renewal’s permanent secretary, Diana Lightbourne, and financial officer, Francina Horton, initially knew of this responsibility. The duo were named as ‘B’ signatories on the account, with the ‘A’ signatories Urban Renewal’s co-chairs, Algernon Allen and Cynthia ‘Mother’ Pratt. The Ministry of Finance, though, had stipulated that one signatory from See pg b7
Signatories knew not of existence for six months Approval for $10k plus repair projects ‘back dated’ Bahamas China envoy accused of interest conflict
Hubert Chipman “The PAC has also requested information on BAMSI over 18 months ago from the Ministry of Works and Urban Development. To date, we have only received an acknowledgement of that request from the Minister. This is not acceptable.” Mr Chipman continued: “As chairman of the Public Accounts Committee,this has to be the most frustrating experience in my professional career. I now know how the Government and its agencies work. “This committee has been taken to task on social media over the last few years, and I must say rightly so. This is the age where people are expecting more accountability from the Government. During the last few years I began to ask myself: See pg b7
Minister slams ‘political bias’ over home repairs By NATARIO McKENZIE
‘Gross negligence’ over Urban Renewal account
was the subject of intense scrutiny last April after an Auditor-General report on the initiative revealed that 11 contractors were paid $171,000 to conduct repairs, yet on-site inspections revealed that little to no work was done. The report, leaked early last year, also found that contracts for the repair of houses in New Providence totalling $10,000 or more were issued to contractors without proof of ministerial approval. The report covered the period July 1, 2012, to September 30, 2014, and concluded by criticising the programme for its lack of “due diligence, level of transparency and accountability”, as well as having too many “gaps” in its execution, quality of work done, and overall management. The report said that contrary to the Small Homes repair programme’s fundamental mandate, homes were repaired “where occupants were not elderly, disabled and unemployed”. Mr Gibson hit out at that report repeatedly during his address in Parliament yesterday, challenging its accuracy, while arguing that the Auditor General had failed to make relevant inquires or the necessary corrections See pg b5
VACANCY Applications are invited for the position of
Corporate administrator Applicants must have: • At least five years’ experience in corporate administration including a thorough knowledge of the incorporation, maintenance & liquidation of companies, preparation of annual returns, corporate resolutions, notices and other corporate documents; • A thorough understanding of due diligence and compliance; • Computer literacy, including advanced proficiency in the use of Microsoft Applications, Viewpoint and CP or other similar time and billing software; • Sound organisational skills and the ability to consistently produce high quality work under pressure, to use initiative, work as a team player and be able to work overtime at short notice. Qualified candidates may apply in confidence no later than November 11, 2016 to: corpvacancy@gmail.com
THE TEAM – Phillips Sailmakers and Awning Manufacturers, located on east Shirley Street, has been named regional dealer and service provider for world-renowned Elvstrom Sails of Denmark. Photo/Cay Focus Photography
Nassau company sails into global partnership A veteran Bahamian sailmaker has been named as the regional partner for one of the industry’s leading firms. Elvstrom Sails, a leading designer and builder of racing and cruising sails, has named Nassau-based Phillips Sailmakers as its service point for a broad region, with the nearest similar appointment in Seattle - nearly 3,000 miles away. A second smaller service point has been established in Antigua. “After nearly 30 years of designing and building
Phillips Sailmakers & Awning Manufacturers founder, Larry Phillips, and company manager, daughter J. Brooke Phillips, in front of their east Shirley Street sail loft.
sails, and a lifetime passion for everything boating, being named the representative for the legendary global sailmaker, Elvstrom Sails, is a distinct honour,” said Phillips Sailmakers & Awning Manufacturers founder and president, Larry Phillips. “From the time I can remember, the name Elvstrom has been synonymous with racing. Paul Elvstrom wrote the rules book that is still used today in sanctioned races around the world. See pg b6
PAGE 4, Thursday, November 3, 2016
Sandals ‘renders academic’ legal bid to end union From pg B1 600-strong workforce in mid-August had made their 2-1 majority verdict unnecessary and irrelevant. In diplomatic language, Dame Anita effectively said the resort and its holding company, West Bay Management, had effectively achieved via the terminations what it was seeking to do with its Judicial Review action. That goal was to keep the Bahamas Hotel, Maintenance and Allied Workers Union (BHMAWU) out of Sandals Royal Bahamian, and avoid industrial negotiations with it, at all costs. In delivering the Court of Appeal’s written reasons for restoring the Judicial Review application, Dame Anita implied that Sandals had removed the union by re-hiring just one-third of its terminated workforce. This ensures that the BHMAWU no longer has the
50 per cent plus one membership among Royal Bahamian’s line staff to ensure it can maintain its status as the recognised bargaining agent. Acknowledging that it had taken the Court of Appeal more than 18 months to render its written reasons, Dame Anita wrote: “On 15 August 2016..... it was reported that Sandals made more than 600 of its staff members redundant; they cited the resort’s closure for renovations as its reason for the redundancies. “As at the end of September 2016, it has been reported that nearly 200 of Sandals’ former staff members have been rehired. By virtue of those subsequent events this decision has now been rendered academic.” While some, especially the trade union movement, view Sandals’ actions as ‘union busting’, the resort did not break Bahamian law
via the terminations. It now has a fresh, non-unionised workforce that potentially could be more productive. However, Appeal Justice Neville Adderley, in his dissenting judgment that rejected Sandals’ appeal, found that while the resort “may have had sufficient motive” to seek the BHMAWU’s annulment, it did not have “sufficient interest” to interfere in union business. In particular, and giving an insight into the present state of affairs between Sandals and the union, Justice Adderley quoted a September 19, 2006, letter from the resort, which said: “It would be difficult, if not impossible, to have a constructive working relationship with the Maintenance [the union].” “That proved to be a prophetic statement by [Sandals],” Justice Adderley said wryly, implying that the resort chain had done everything possible in its power to avoid treating with the BHMAWU. This was despite the Privy Council ruling in 2011, which affirmed the union as the recognised bargaining agent for Royal Bahamian’s line staff. “Yet, to date, because of various events apparently initiated by the appellant [Sandals], the appellant has yet to treat in good faith with the union as required by section 42 of the Industrial Relations Ac,” Justice Adderley said. “The industrial agreement [with the other hotel union] expired in 2013, and it is overdue to treat in good faith. It was on the verge of commencing meetings to treat with the union in 2012 when it raised this application for Judicial Review.” Justice Adderley continued: “If the appellant [Sandals] were to be successful in its Judicial Review, it
would will never have to treat with the union.... Nor would they have to contend with a strike vote that was pending. “It seems to me that if the appellant is acting in good faith and wishes to treat with the union, it cannot be said to be in its interest, and in the interest of good administration, to have the union’s registration cancelled at this stage.” Justice Adderley said that for the three years prior to launching the Judicial Review action, Sandals had “acquiesced” in the union’s status by deducting dues from members’ salaries, and paying them to the BHMAWU. Summing up, he added: “The appellant [Sandals] must face the reality that the fat lady has sung. It must live with the reality, which it has for one reason or other avoided since the decision of the Privy Council almost six years ago, that it has to treat in good faith with the union.” Sandals, though, was not listening to Justice Adderley, and achieved its goals through other means. The Court of Appeal’s ruling, which follows its oral verdict on April 1, 2015, restores the Sandals’ Judicial Review application - now rendered “academic” - that was originally dismissed by then-Chief Justice Sir Michael Barnett. The case revolved around whether Sandals could effectively ‘poke its nose’ into the BHMAWU’s business, and if the union had complied with its own constitution and the provisions of the Industrial Relations Act. It had its genesis in a conciliation meeting between Sandals and the union on February 8, 2012, where those union officers in attendance did not correspond with the list of names
Central Bank eyes giving firms access to foreign finance From pg B1 “The Central Bank of the Bahamas is embarking on another phase of exchange control liberalisation, with specific objectives for further relaxation of capital account restrictions,” the notice accompanying the survey said. “This phase of the liber-
to advertise today in the tribune call @ 502-2394
alisation process would provide greater opportunities for resident businesses to participate in and finance investments or obtain financing overseas.” The Central Bank effectively acknowledged the obstacles facing Bahamian companies, especially small and medium-sized businesses (SMEs) and start-ups, when it comes to accessing financing from commercial banks and other traditional sources - especially if they lack physical collateral. “The Central Bank of the Bahamas is aware of the concerns expressed by the small, medium and large businesses in the community, and would like to obtain a more concrete understanding of your experiences as business own-
THE TRIBUNE
provided by the Registrar of Trade Unions. The dispute over the union’s officers provoked further claims that the union had never held proper elections for its officers, in breach of the BHMAWU’s constitution, and failed to file annual returns as mandated by the Industrial Relations Act. The Registrar of Trade Unions (director of labour) had previously written to the BHMAWU asking it to correct these deficiencies on March 6, 2009. However, Sandals was unable to gain confirmation from the Registrar that the union had complied in correspondence sent after the February 8, 2012, meeting. As a result, the resort initiated Judicial Review proceedings, seeking an Order requiring the Registrar to cancel the BHMAWU’s certificate of registration on the grounds of its noncompliance. Sir Michael, though, dismissed the action on the grounds that Sandals had failed to initiate the Judicial Review within six months of the events complained of, as stipulated by Supreme Court rules. And he also found that Sandals lacked “sufficient interest” in the matter, as it was an issue for the union, its members and the Registrar of Trade Unions to deal with. The Court of Appeal made no finding on the delay in bringing the Judicial Review, with the Registrar of Trade Unions arguing that Sandals was ‘out of time’, since it had been aware of the union noncompliance since 2009. The court, though, suggested that Sir Michael had “erred” by not assessing whether Sandals had only become aware of the union’s alleged failure to comply with the Registrar’s
requirements in 2012. As for “sufficiency of interest”, the BHMAWU argued that Sandals had none since it was not a member, thus ensuring it had “no stand” to bring the Judicial Review. And the Registrar of Trade Unions alleged that the resort had no right to interfere in internal union business, especially given that it had failed to show how the matter would “negatively” impact it. However, Dame Anita found that it was impossible for Sandals to “turn a blind eye” to possible illegality involving the union seeking to represent its line staff, and with whom it may have to negotiate an industrial agreement. Finding in favour of Sandals’ appeal, she wrote: “Bearing in mind that West Bay [Sandals] was the employer of all those represented by the union, and the other party to the negotiation of an industrial agreement, and also, that following those negotiations, West Bay would be required to enter into an industrial agreement with the union..... “Could it be said, in these circumstances, that West Bay did not have an interest in the compliance of the Union with the laws of the land and in the Registrar’s decision not to cancel its registration pursuant? “Could the courts require West Bay to turn a blind eye to the possible patent illegality, and to negotiate with a union which possibly should not legally exist?” Answering ‘no’, Dame Anita and fellow Appeal Justice, Jon Isaacs, found in favour of Sandals/West Bay Management and allowed the appeal.
ers in this market,” the notice said. “This survey will assist the bank with a better understanding of the issues and financial circumstances facing small, medium and large business in the country. “The completed survey will assist us in fully assessing business conditions and the credit environment within which you conduct your business activities. As a result, the information collected will help us to craft a policy that is specifically tailored to encourage business growth and development. In essence, this policy will be directly informed by you, the business owners.” The Central Bank appears to be moving more rapidly, and aggressively, on exchange control reforms since John Rolle took office as governor. Earlier this year, the Government relaxed capital controls to allow Bahamians to make direct invest-
ments abroad, particularly in ventures that can earn net foreign exchange for the country. Investor groups can have access to up to $5 million over any three-year period to establish a business outside the Bahamas, while a sole individual can access $1 million at a one-to-one rate. The Central Bank also increased the sum granted to local broker/dealers for investments outside the Bahamas by $10 million per annum. This doubled the ‘cap’ on direct investments overseas by Bahamian groups and individuals to $10 million and $2 million, respectively. The $10 million annual increase will improve Bahamian access to higheryielding investment opportunities worldwide. Given that the funds are distributed quarterly, the maximum three-month allocation to the Bahamian capital market will increase from $6.25 million to $8.75 million.
THE TRIBUNE
Thursday, November 3, 2016, PAGE 5
Ex-BCA chief slams ‘corner cutting’ over Small Home repairs From pg B1 Richard Lightbourn, highlighted the continuing failure of government agencies to ensure contractors they hired possessed the necessary insurance. This weakness was exposed several years ago by the now-notorious Bahamas Agriculture and Marine Science Institute (BAMSI) dormitory fire, an incident likely to have cost taxpayers several millions of dollars, and Urban Renewal appears no better. The PAC’s majority report said the Small Repairs programme lacked documents showing that hired contractors possessed valid Business Licences, and/or were up to date on National Insurance Board (NIB) contributions. It added that there was “no evidence” of pre-qualification for contractors engaged by the Small Homes repairs initiative, and “in most cases” where Business Licences were produced, they were for other professions. Gregory Butler, the Ur-
ban Renewal Commission’s deputy director, was also said to have admitted that “most contractors” were hired based on recommendations from their MP rather than being ‘best man or woman for the job’. He also disclosed how one home “collapsed” when repair work began, which the majority PAC report blamed on “negligence” by either the inspectors or the contractor. “They’re certainly not moving in the right direction, are they?” Mr Wrinkle told Tribune Business, after being informed of the majority PAC report’s contents. “One has to wonder why they would do that when homes have to be built to withstand hurricanes, and people have to live in them. Why would they cut corners like that? “It’s disappointing. It’s such a struggle with the Government. The private sector is trying to do what’s right, and they undercut them.” Giving their assessment of Urban Renewal’s con-
tractor hiring practices, the FNM’s PAC majority said: “Several files reviewed showed that contractors for the Small Homes repair project were qualified if they had nothing more than a Business License and were current with National Insurance. “In most cases, the Business License was for business other than construction/handyman or maintenance services. No technical proficiency was demanded to repair homes under this project.” The report continued: “Deputy director Butler indicated that while the policy is to always have all documents required on file, including the Deputy Prime Minister’s approval for projects in excess of $10,000, there were exceptions. “The PAC reviewed files where a complete set of documents to qualify contractors for engagement in Small Homes repairs were not present. “Documents omitted included insurance certificates, evidence of current Business License, evidence of NIB status, scope of works documents signed by the homeowner, contractor, inspector or quantity surveyor reports.” Mr Wrinkle told Tribune Business that there was lit-
“As a result, the quality and standards of the work can be inconsistent. This practice gives the opportunity for victimisation, abuse and corruption. “Highly questionable quality control standards were employed, resulting in full payment for work that was either sub-standard or nonexistent. It is quite clear that the public did not get value for its money, and that opportunities for dishonest dealing, fraud and profiteering abounded.” The majority PAC report said the Small Homes repair initiative was overseen by a quantity surveyor who admitted she was “unqualified”, and used as “a rubber stamp” to certify construction work as complete when it had never been inspected. “That was a major, multifaceted undertaking that should have been undertaken by a reputable firm, not an individual,” Mr Wrinkle said of the Small Home repairs project. “I’m totally not surprised, but I’m certainly disappointed, [at the findings]. It’s a pretty good indication of how the Government and the country is being run. “It’s a snapshot of what is going on in the country today. It’s scary. My question is: Who will be held accountable? Where’s the
accountability?” Mr Wrinkle added that the PAC report’s conclusions, while “sad and predictable’, showed how the Government was spending taxpayer monies. “This is the tip of the iceberg,” he told Tribune Business. “One little thing’s made it out there. “We’re in trouble. We’re in serious trouble in this country, and unless the Bahamian people as a whole stand up and demand accountability, this will continue.” The majority PAC report’s recommendations dovetail with the proposed Contractors Bill, as it calls for all independent contractors - including quantity surveyors and architects to be licensed professionals. “All contractors have third party liability insurance so as to fully protect homeowners and occupants of homes repaired under Small Home repairs and other Urban Renewal programmes,” the report urged. “All contractors be fully vetted according to appropriate industry standards and acceptable levels of experience for the work they are seeking to undertake.”
PROPERTY FOR SALE
Minister slams ‘political bias’ over home repairs
TENDERS ARE INVITED TO SUBMIT OFFERS
Prime commercial lot of land off East Bay Street, adjacent to Red Carpet Inn and the UBS Bank Building, containing approximately 3/4 acre of land. Inquiries to: J. Albury Ph 324-7856 (Hm) 424-2624 (cell) Offers to purchase to be received by 01st December 2016. And sent to P.O. Box SS6233 Nassau, Bahamas.
From pg B3 to the document, which was ultimately tabled in Parliament. According to Mr Gibson, while hundreds of homes were repaired, only 12 were highlighted in the report. PAC chairman, FNM MP Hubert Chipman, yesterday said the Small Homes repair initiative “lacked appropriate record keeping and filing systems; to have applied unacceptable standards when engaging contractors; and to have failed to maintain even minimal levels of oversight”. He added that it was “quite clear that the public did not get value for its money, and that opportunities for dishonest dealing, fraud and profiteering abounded”. Mr Gibson responded yesterday by asserting that the PAC’s majority report was “politically driven and biased”.
tle chance of correcting this system unless the Contractors Bill became law, bringing with it a system of self-regulation that would license/certify all Bahamian contractors based on the work they are able to perform. “I think that points to the need for the legislation to be passed,” he said of the majority PAC report. “We have to take this type of work out of the hands of politicians, and until such time as we do that, we will not have adherence to the Building Code and not have quality people building homes. “Without licensing and certification, there’s no quality control. Look at car licensing and inspection. They want every form of identification known to man, yet anybody can build anything, and they let someone live in it,” Mr Wrinkle added. “That cannot be right; it isn’t right. For the Government to continue that practice is totally unacceptable.” The majority PAC report said: “Deputy director Butler indicated that some home repairs and most contractors were recommended by their MP, and Urban Renewal had little ability to overrule the nomination.
Owner reserves the right to accept or reject any or all offers. East Bay St.
Shane Gibson “If you look at all of the homes repaired, extensive repairs needed in some instances, roof repairs and other types of repairs, for a blanket statement to be made like that; that the public didn’t get value for money, that is misleading and inaccurate,”he said. “It doesn’t reflect the val-
ue of the programme. This initiative was conceived out of a genuine interest to assist the less fortunate among us. As a result, hundreds of homes were repaired and hundreds of jobs were created, bringing comfort and hope to many inner-city residents.”
NOTICE
The public is advised that on the historic occasion of the University of The Bahamas Charter Day, the academic community will assemble at the Oakes Field Campus at 9:00 a.m. on Thursday, November 10th, 2016 for the plaque unveiling and will march in procession to the Thomas A. Robinson National Stadium where the Charter Day Ceremony and Inauguration of the President will commence at 10:30 a.m.
All College of The Bahamas campuses WILL BE CLOSED and classes will be suspended on Thursday, November 10th, 2016. This includes the Oakes Field, Grosvenor Close and Northern Bahamas Campuses and the Gerace Research Centre. Operations and classes will resume on Friday, November 11th, 2016. We invite the public to join us at the Thomas A. Robinson Stadium for this momentous occasion including former faculty, staff and administrators, parents of students, donors, friends, and alumni of the College. This includes graduates of The Bahamas Teachers’ College, San Salvador Teachers’ College, C. R. Walker Technical College, the sixth form programme of The Government High School and the Bahamas Tourism Training Centre.
PAGE 6, Thursday, November 3, 2016
Small Homes overseer just a ‘rubber stamp’ From pg B1 not receive value for money spent.” The majority PAC report said Mr Smith had been “seconded” to the Snall Homes repair programme from the Bahamas Agricultural and Industrial Corporation (BAIC), where he had been working as ‘a consultant’. Mr Smith was then placed in charge “of all contracts involving social services and the Centreville constituency”, whose MP is Prime Minister Perry Christie, a move that the three FNM members branded as “unusual”. “The PAC [majority] found it unusual for a consultant from BAIC, with no known expertise in construction or project management, to be seconded to Small Home repairs and given specific charge over social services and the
Centreville area,” the trio wrote. “The PAC noted several cases of deficient work in these areas, including two homes that were repaired when it was obvious that the buildings were uninhabited and abandoned.” Ms Tucker and her company, who were hired on October 15, 2013, as quantity surveyor for the Small Homes repair initiative, were to act as the programme’s main ‘check and balance’. Their contract, according to the majority PAC report, required them to determine all the defects in homes to be repaired, and estimate the likely construction cost incurred for each. Ms Tucker and CCMG were also to undertake physical site inspections before and after work was completed at each house, with the latter to be con-
‘Not enough good people to right Bahamas’ ship’ From pg B1
invest in getting the country back on its feet. “We’re losing, and according to professors at the College of the Bahamas, 70 per cent of their graduates are not coming back, as there are no opportunities for them.” Mr Myers added that the ‘brain drain’s’ impact was even worse when the relatively low level of high school graduates going on to university and college was considered. Given that these persons accounted for just 25 per
cent of school leavers, the figures suggest the ‘best and brightest’ account for just 10-15 per cent of the Bahamian population. “We are only starting to see the depths of the problems this country faces,” Mr Myers told Tribune Business. “If it can’t attract the educated people to come back and run the businesses and institutions of this country, it’s going to fall flat on its face. “If we can’t find educated Bahamians, we have to look at foreigners, whether we like it or not. We have to start opening up to the idea
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ducted prior to the issuance of a completion certificate and final payment to the contractor. “The committee found that all of these undertakings were honoured mostly in the breach, rather than the observance,” the FNM majority’s report said. In particular, they zeroed in on a house identified in the Auditor General’s report on the Small Homes Repair initiative, which was located at Royal Palm Street in Centreville. Despite being “uninhabited and unlivable”, because the property had no windows or doors, Urban Renewal authorised that it be given a new roof - without curing all the existing defects. “Ms Tucker did believe that it was her job to consider whether this was a sensible use of public money,” the majority PAC report said. “She felt her remit constrained her to an assessment of whether or not the roof was properly erected.”
The report added that Ms Tucker was a mortgage broker and ex-banker by profession, and admitted to the PAC that while she had taken the quantity surveying course, “she is not qualified”. “She could not recall how she came to be engaged by the Urban Renewal Commission,” the majority FNM members’ report said, implying that responsibility for accurately verifying and controlling costs,and ensuring proper construction, was placed into the hands of an unqualified person without any experience. The danger here is that the Small Homes repair programme, and by extension the Bahamian taxpayer, were exposed to potential abuses including fraud, corruption and contractor rake-offs. Besides inflated costs for the taxpayer, the very homeowners and residents the Urban Renewal programme was meant to assist may also have suffered from shoddy workmanship.
Ms Tucker told the PAC that qualified quantity surveyors were employed as “part-time consultants”, who “worked on weekends” on an ‘as needed’ basis. Their qualifications were not presented to the PAC, but Ms Tucker said CCMG’s contract was “orally varied” in December 2013 so that Small Renewal sent out its own inspectors, Clifford Moss and Oswald Pinder. CCMG’s fees were reduced as a result by 50 per cent, from $600 to $300 per home. “Ms Tucker admitted that she never satisfied herself that the designated inspectors from Urban Renewal were properly qualified, yet she signed ‘completion certificates’ on the basis of before and after photos produced by these individuals without a physical inspection of the homes,” the majority report said. “The PAC finds that she did this without regard to the rights or safety of homeowners and occupants of any of these homes, as she
must have known that there were potential liability issues with respect to these third parties.” The majority reported concluded that Ms Tucker “appeared incredibly naive and obviously unqualified” for the task she was hired for. “CCMG lacked independence and was directed to approve completion statements for a number of unsatisfactorily completed projects based upon photograph of unverified origin,” it concluded. “As a result of this critical breach in accepted best practice, many projects were completed with dissatisfaction to the property owners. There were also many misunderstandings by home owners as to the scope of works to be completed, also resulting in dissatisfaction. “Additionally, projects which did not meet the stated guidelines were completed without regard to the most effective use of public funds.”
that we need help. “If we had good leadership and management in place, we will not be having these problems.” Mr Myers said the Bahamas’ latest slip in the World Bank’s ‘ease of doing business’ rankings to 121st spot “is a good indication that there’s a lot of sub-par leadership and management in the system”. The Bahamas has slipped consistently in those rankings, and Mr Myers said the decline had its roots in a variety of governance, education and economic factors. “I don’t know if the citizenry of the country understands the depths of the issues, the problems,” he added. “There’s no one thing causing our ailments; it’s a combination of a number of things that are causing the decline of our socio-economic indicators.”
Mr Myers said the keys were to improve Bahamian educational achievement, and enhance efficiency, transparency and accountability in governance. Otherwise, he warned, crime will continue to rise, and economic output (GDP), unemployment and the ‘ease of doing business’ will further contract. “If we don’t have political parties that are making these things number one, two, three, four and five on their manifestos and agendas,” Mr Myers said of the governance issues, “they really they have no business being in government. “Because if we don’t fix these things, it will be to our peril.... There’s no discussion of public sector reform, fiscal reform, accountability, transparency and efficiency. It’s just not happening fast enough. It’s irresponsible.
“The public should be outraged at any political party that does not have these things high on their agenda A party without those on their agenda is just not worth voting for. “The only thing we should be focused on is to get the Government and leadership to roll up their sleeves and change the direction of our governance.” Mr Myers likened the Bahamas to an aircraft that was “nose down and headed to disaster, and we have to pull the nose up if we’re to have any chance of saving the aircraft. “Once it hits the ground, it’s all over. That plane is never going to fly again. If we graze the ground, and don’t smack into it, we may be able to recover, but if we can’t get the pilot and crew in place that recognises we need to pull up, it will be a disaster. I don’t see that
happening.” The ORG principal said the Bahamas could not now merely settle for maintaining the “status quo”, and needed to improve in multiple areas if it was to remain a competitive economy and attract foreign direct investment (FDI). “The goal must be to improve,” Mr Myers told Tribune Business. “Anything that indicates we are not improving, and the status quo remains, is a very serious problem. We need significant improvement in all sectors mentioned. “We’ve said before that to be standing still is to be left behind. Other countries trying to improve and do right by their citizens are going to leave us behind. Those countries that want to do right for their citizens are going to improve, and we’re going to be left behind.”
are eerily similar. Elvstrom began with a single sewing machine in the basement of his childhood home. Mr Phillips started with a sewing machine loaned to him by the late Bahamian sailing legend, Robert H. ‘Bobby’ Symonette, setting up at first on his mother’s back porch and later in the sail loft left by the Victory Syndicate at Nassau Shipyard when they trained in Nassau for the 1984 America’s Cup trials. “Larry Phillips’ name came up repeatedly during our conversations with sailors, and other industry leaders in the Caribbean and in the US,” said Elvstrom Sails chief executive, Niels Bjerregaard. “We are very pleased to welcome Phillips Sailmakers to the Elvstrom family as we continue our deliberate and careful expansion
into those parts of the world where blue water cruising and superyacht sailing are increasingly popular. “The Bahamas and Phillips Sailmakers are ideal fits, and we hope that this will give more exposure for Elvstrom Sails on the east coast of the United States as well as in the Bahamas and further south in the Caribbean.” Elvstrom Sails is headquartered in Aabenraaa, Denmark, and has subsidiaries in the UK, Norway and Mallorca, Spain. Phillips Sailmakers, like Elvstrom Sails, deals with all custom work, handling marine canvas, Bimini tops, dodgers and sail shades, but also does commercial and residential awnings and has a contingent of AWS (American Welding Society) certified welders.
Nassau company sails into global partnership From pg B3 “The tradition and legacy he created in bringing order, sportsmanship and a road map to sailboat racing changed the course of the sport forever, and I am extremely humbled by having been selected to carry the name Elvstrom.”
The partnership means Phillips Sailmakers, located on east Shirley Street, becomes a dealer for new Elvstrom Sails. It will also service Elvstrom’s superyacht and blue water racing and cruising sails in its 6,000 square foot loft. The stories of how both sailmakers got their start
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THE TRIBUNE
Thursday, November 3, 2016, PAGE 7
‘Gross negligence’ over Urban Renewal account From pg B3 each - an ‘A’ and a ‘B’ - was required before cheques could be disbursed from it. “In a series of exchanges between the committee and Lightbourne, it was found that there was gross negligence in the operation of the bank accounts, and particularly the private account for which she was ultimately responsible,” the PAC majority report, written by the three FNM members, said. “Lightbourne stated that she and Ms Horton did not know that they were signatories to this account for the first six months of its operation. “Yet the account was active during this time, raising serious questions concerning transparency and accountability with regard to these funds. The Ministry of Finance later instructed Urban Renewal to close the
private bank account. The trio, Hubert Chipman, K P Turnquest and Richard Lightbourn, said this disclosure was “perhaps the most alarming” discovery they made during the probe into Urban Renewal’s Small Home repair programme. “Oversight of the Urban Renewal Commission’s bank accounts left much to be desired,” they concluded. “It is our view that these deficiencies opened the door to the potential for profiteering, fraud, corruption and other forms of malfeasance. Certainly, it encourages inefficiency and low performance standards while paving the way for unqualified contractors to be engaged.” Other notable findings included: * Ms Lightbourne produced a “blanket approval”
document from Deputy Prime Minister Philip Davis, giving permission for repairs higher than $10,000 per home, that was ‘back dated’ designed to fill a gap in an earlier interview. “Following the review of several projects in excess of $10,000, which should require individual sign off by the Minister, the PAC was unable to locate evidence of a sign off by the Minister,” the PAC majority report said. “ In a subsequent interview session, Lightbourne produced an undated document, purporting the same to be a blanket approval issued by the Minister, giving approval to a number of repairs. “When questioned as to when that document was signed, as it did not exist prior to the last interview session, Lightbourne admitted that the list was signed off by the Minister just three days prior to the interview.” * The Bahamas’ ambassador to China, Paul Andy
Gomez, was accused of a ‘conflict of interest’. The PAC majority report said he sat on the Urban Renewal Foundation’s Board, soliciting donations for its programmes, when his accounting firm, Grant Thornton (Bahamas), was also its auditor. “The Foundation’s accounts had not been audited up to the time of the Auditor General’s review,” the report said. “The PAC noted that the Foundation’s auditor is Grant Thornton, and that this firm’s managing partner, Paul Andy Gomez, is also a member of the Foundation’s Board. “ This is a clear conflict of interest in contravention of the rules on audit engagements under International Auditing Standards followed by the Bahamas Institute of Chartered Accountants, of which Mr Gomez is a member.”
two per contractor to “ensure a fair distribution of work”. “He indicated that on several occasions the allocation policy was overridden by direct intervention on the part of the Minister of Works and Urban Development specifically, and other efficiency considerations,” the PAC majority report said. “One such contractor identified was Terry Delancy, Virgo Construction, who was allocated at least nine contracts, and Deshawn Thompson, who was allocated 11 contracts. Mr Allen indicated that it was never made clear to the Urban Renewal Commission the rationale used for departing from the allocation policy.”
* Mr Allen said the practice was to limit the number of repair contracts issued to
The Urban Renewal 2.0 initiative has received significant taxpayer funding,
Obama says Army Corps examining Dakota oil pipeline route BISMARCK, N.D. (AP) — President Barack Obama has called for "peace" and "restraint" on the disputed Dakota Access oil pipeline, and says the U.S. Army Corps of Engineers is examining whether the four-state project can be rerouted in southern North Dakota to alleviate the concerns of American Indians. Obama told the online news outlet NowThis that his administration is monitoring the situation closely but will "let it play out for several more weeks." "As a general rule, my view is that there is a way for us to accommodate sacred lands of Native Americans, and I think that right now the Army Corps is examining whether there are ways to reroute this pipeline," Obama said an interview Tuesday. Corps spokeswoman Eileen Williamson said Wednesday the agency had no immediate comment on the president's remarks. She said a statement by the agency was expected later in the day. The White House said the Corps was exploring a range of options that would address concerns raised by tribal officials and others. Separately, the Army, the Justice Department and the Interior Department are discussing with tribal governments how to prevent future disputes with the federal government over public works projects, according to the White House. Standing Rock Sioux Chairman Dave Archambault welcomed Obama's statement but said the administration and the Corps should go farther and stop work on the pipeline and do a full environmental impact study. The 1,172-mile, $3.8 billion pipeline will carry oil from North Dakota through South Dakota and Iowa to a shipping point at Patoka, Illinois. It will skirt the Standing Rock Sioux Reservation that straddles the North Dakota-South Dakota border. The tribe objects to the project, saying it could threaten drinking water and destroy sacred sites. The tribe has sued federal regulators for approving permits at more than 200 water cross-
nozzles pump gas into vehicles at a BP gas station in Hoboken, N.J. Fuel economy is at a record high as new technology helps vehicles lose weight and drive more efficiently. The U.S. Environmental Protection Agency says the fuel economy of 2015 model-year vehicles increased 0.5 mile per gallon to 24.8 miles per gallon. (AP Photo) ings. Protests that have included clashes with police and pipeline security also have gone on for several months in North Dakota, where hundreds and at times thousands of people have set up a large camp on corps land. More than 400 protesters have been arrested since August. No serious injuries have been reported. Obama called it "a challenging situation." "There's an obligation for protesters to be peaceful, and there's an obligation for authorities to show restraint," he said. "I want to make sure that as everybody is exercising their constitutional rights to be heard, that both sides are refraining from situations that might result in people being hurt." The Dakota Access pipeline's capacity is about half of North Dakota's current production at present. The state, the No.2 oil producer behind Texas, this summer slipped below 1 million barrels daily for the first time in two years due to a slump in world
oil prices. About 350 miles pipeline would pass through North Dakota at a cost of about $1.4 billion, making it the longest leg of the project and its most expensive. The pipeline's path in North Dakota would cross beneath the Little Missouri River once and the Missouri River twice, near Williston and at under Lake Oahe, a river reservoir, near the Standing Rock Sioux reservation. The company said the pipeline would include safeguards such as leak detection equipment. Workers monitoring the pipeline remotely in Texas could close block valves on the pipeline within three minutes if a breach is detected, the company said. The federal government in September ordered a temporary halt to construction on corps land around and underneath Lake Oahe, a Missouri River reservoir in the Dakotas. The corps is reviewing its permitting of the project, but has given no timetable for a decision.
TEMPORARY ADMINISTRATIVE ASSOCIATE The Bahamas Country Office of the Inter-American Development Bank (IDB), wishes to contract the services of a temporary Administrative Associate. The IDB is a regional multilateral development Bank seeking to contribute to the social and economic development of 26 member countries in Latin America and the Caribbean through lending and non-reimbursable grants. The objective of the contract is to provide support to the Fiduciary Team in the oversight and monitoring of operations, as well as to foster the development of the fiduciary and institutional capacity of executing agencies, to assist with optimal resource utilization and the adaptation of administrative processes so as to meet program requirements in a highly complex working environment. Duration: 18 months. Requirements: A Master’s Degree in Accounting and Auditing (e.g. Certified Public Accountant – CPA-ACCA), Public Finance, Business Administration or a related field and a minimum of five years of relevant professional experience or the equivalent combination of education and experience. Knowledge of Spanish would be an asset. All candidates must be citizens of The Bahamas or of an IDB member country in possession of a valid work permit providing eligibility to work in The Bahamas. For more information about this position and to apply, please refer to the following link before November 4th, 2016: https://iadbcareers.taleo.net/careersection/jobdetail. ftl?job=1600003674&lang=en
* The $1 million allocated for an urban agriculture programme “died on the vine”, according to Mr Allen, and it was unclear how the monies were redirected.
the PAC majority report said. Following a $5 million allocation in 2012-2013, the sums were increased to $10 million in 2013-2014 and $9 million the following year. The latter was accompanied by $20 million for ‘special employment projects’. “From the outset, management of this substantial outlay of public funds was fundamentally flawed, with no financial structure in place, no quality assurance standards and no independent oversight,” the PAC majority report said. “This is exemplified by sub-par record keeping with regard to the programme’s various bank accounts, multiple disbursals which lack a proper paper trail.... “The financial and operational procedures employed by Urban Renewal 2.0 have suffered from a host of functional deficiencies and are severely lacking in transparency, accountability and the minimum fiscal safeguards that are to be expected of any public programme.”
‘Major shift’ needed on Public Accounts body From pg B3 Are we serious in this country? “We have been challenged because we have not been able to have meetings because of a quorum, lack of information from various ministries on a timely basis, lack of resources, such as stenographers, and the disruption to the committees for four months. This report has been completed since January. We cannot continue in this vein.” Mr Chipman, an accountant for 36 years, said he learnt after attending a Public Accounts Committee symposium in London late last year that the composition of its UK equivalent is based of the number of seats won by apolitical party in the House of Commons. “It is noteworthy that in England, members of Cabinet cannot be members of
the PAC or any other select committee of the House,” he said, alluding to the two Cabinet ministers on the Bahamian version. “The shadow spokespersons of the House are likewise disqualified from being members of the PAC. The role of the PAC is to provide an objective, nonpartisan analysis of the cost effectiveness of the manner in which Government policy is executed. “The de-politicisation of the analysis demands the disqualification of Cabinet Ministers and their counterparts in the opposition.” Mr Chipman continued: “While the UK ideal is not readily feasible in the Bahamian context, there are aspects of it that can be implemented if there is a genuine desire to do so.”
PAGE 10, Thursday, November 3, 2016
THE TRIBUNE
Three takeaways from Fed’s move to leave rates but hint at hike WASHINGTON (AP) — With six days before Americans choose a new president, the Federal Reserve sent a dual message Wednesday: It isn’t yet time to raise interest rates. But it’s getting very close. After its latest policy meeting, the Fed dropped hints that it might resume raising rates at its next meeting in mid-December — a step that would likely lead to some higher loan rates for consumers and businesses. The Fed most recently raised rates in December last year but has since remained on the sidelines. In a statement Wednesday, the Fed said nothing explicit about considering a rate hike at its “next meeting” — words it had used last year before it raised rates in December. But the brighter economic portrait it sketched Wednesday suggested that a rate increase is edging closer. A rate hike would mean that the Fed has concluded that the economy is now sturdy enough for the central bank to resume withdrawing the extraordinary aid it provided during the Great Recession. Here are three takeaways from the statement the Fed issued: A STEADY ECONOMY The Fed described a strengthening job market, rising consumer spending and improved economic growth after a weak start to the year. All of that helps explain why it said the case for a rate hike has “continued to strengthen.” As it has before, the Fed said that even after it resumes raising rates, it’s confident that the economy will expand moderately and the job market will strengthen. The statement noted that
the unemployment rate has changed little in recent months. But the current rate — 5 percent — has long been associated with a healthy economy. Repeating an observation it made after its previous meeting in September, the Fed said the risks to the economy were “roughly balanced.” Translation? That the economy is no more likely to underperform the Fed’s expectations than to exceed them — well, almost so. FINALLY, HIGHER INFLATION Inflation has remained chronically low for years. On Wednesday, the Fed said for the first time that inflation has risen since earlier this year, closer to its target rate of 2 percent. What’s more, it no longer thinks inflation will stay low over the next couple of years. This is notable because inflation has remained subpar, in defiance of many projections, even after years of super-low interest rates. Normally, ultra-low rates would be expected to accelerate price increases. When inflation remains too low, it tends to suppress consumer spending, the lifeblood of the U.S. economy, as buyers await lower prices. Ultra-low inflation also makes the inflation-adjusted cost of loans more expensive. GETTING THE TIMING JUST RIGHT The Fed’s decision to leave rates alone Wednesday had been widely expected. A big reason was next week’s elections. The Fed is supposed to operate completely independent of politics, and it surely wanted to avoid any suspicion of acting
in a way that might affect Tuesday’s vote. What’s more, some analysts think the Fed is mindful that an unexpected victory by Donald Trump next week could jolt global markets and possibly cause other repercussions. Against that backdrop, the Fed would want to avoid putting investors on edge, even before Tuesday, with an unexpected rate increase. “The timing was poor for an actual move this time because we have a little election coming up next Tuesday,” said Carl Tannenbaum, chief economist at Northern Trust and a former Fed official. By contrast, the Fed’s December meeting appears to be a more suitable time for a rate increase. By then, whatever fallout the election might produce will possibly have settled, at least somewhat. And Chair Janet Yellen is scheduled to hold a news conference after the Fed’s December meeting. That would provide a platform for her to explain any action the Fed takes then and perhaps offer guidance on how many further rate increases are probable in 2017. “When the tightening comes, likely in December, Janet Yellen will want to pair the increase with some context suggesting that rates may not increase again very soon” — a message that might calm financial markets, Tannenbaum said. Could anything cause the Fed to put off a rate hike even in December? “Only a shock — the election of Trump, or an external geopolitical or market event — can now prevent a December hike,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
A television monitor on the floor of the New York Stock Exchange shows the decision of the Federal Reserve, yesterday. The Federal Reserve is leaving interest rates unchanged just days before Americans choose a new president, but hints again that it will likely raise rates at an upcoming meeting. (AP Photo)
Comparing the US Federal Reserve’s views on jobs and economy Associated Press – A comparison of the Federal Reserve’s statements from its two-day meeting that ended Wednesday and its meeting Sept. 20-21: RATE HIKE TIMING: Now: The Fed now simply needs just “some” additional evidence that the economy is improving: The Fed “judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives.” Then: The Fed “judges that the case for an increase in the federal funds rate has strengthened but decided,
for the time being, to wait for further evidence of continued progress toward its objectives.” INFLATION: October: The statement removed a reference to inflation “remaining low,” a sign that Fed policymakers see inflation firming: “Inflation is expected to rise to 2 percent over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further.” September: “Inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but to rise to
US election uncertainty weighs on global markets and dollar LONDON (AP) — Stock markets around the world and the U.S. dollar fell Wednesday as uncertainty over the U.S. presidential election kept investor sentiment in check. KEEPING SCORE: In Europe, Germany's DAX dropped 0.7 percent to 10,459 while the CAC 40 of France lost 0.6 percent to 4,445. Britain's FTSE 100 lost 0.3 percent to 6,897. U.S. markets were also headed for a lower opening, albeit modest ones — Dow futures and the broader S&P 500 futures were down 0.1 percent. ELECTION WATCH: Investors are increasingly focusing on the U.S. presidential race, as polls between Hillary Clinton and Donald Trump appear to have tightened following last week's news that the FBI had opened a new investigation into Clinton's private email server. The narrowing in the race has brought more uncertainty — something that investors rarely like.
The VIX, a volatility measure dubbed the "fear gauge" for Wall Street, jumped 14 percent on Tuesday to its highest level since June. The dollar was also struggling amid the uncertainty. The euro was up 0.4 percent at $1.1095 while the dollar 0.8 percent to 103.28. QUOTABLE: "The leadup to the U.S. presidential election was always expected to be lively but the events of the last couple of days has seriously taken its toll on investor sentiment, as is clearly evident across a number of asset classes again today," said Craig Erlam, senior market analyst at OANDA. FED WATCH: Aside from the election cliffhanger, the Fed will wrap up a two-day meeting on Wednesday. With the election just six days away, the Fed will likely keep a low profile to try to ensure it doesn't become part of the debate at the close of a tumultuous political campaign. As a result, it's ex-
2 percent over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further.” MORE ON INFLATION: October: “Inflation has increased somewhat since earlier this year but is still below the Committee’s 2 percent longer-run objective, partly reflecting earlier declines in energy prices and in prices of non-energy imports.” September: “Inflation has continued to run below the Committee’s longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports.” pected to keep interest rates unchanged though it may signal in its accompanying statement that a rate hike is likely at the next meeting in mid-December as many expect. On the other hand, the Fed might decide to offer no hints Wednesday of a forthcoming rate hike in order to remain entirely neutral at a sensitive political moment. THE DAY IN ASIA: Japan's Nikkei 225 index fell 1.8 percent to 17,134.68 as the yen rose against the U.S. dollar. The Hang Seng of Hong Kong dropped 1.5 percent to 22,810.50 and South Korea's Kospi dropped 1.4 percent to 1,978.94. The S&P ASX/200 of Australia sank 1.2 percent to 5,229.00 and the Shanghai Composite lost 0.6 percent to 3,102.73. Shares also fell in Southeast Asia and Taiwan. ENERGY: U.S. benchmark oil futures lost 74 cents to $45.93 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, was down 71 cents at $47.43 a barrel.
THE TRIBUNE
Thursday, November 3, 2016, PAGE 11
Why robots, not trade, are behind so many factory job losses WASHINGTON (AP) — Donald Trump blames Mexico and China for stealing millions of jobs from the United States. He might want to bash the robots instead. Despite the Republican presidential nominee’s charge that “we don’t make anything anymore,” manufacturing is still flourishing in America. Problem is, factories don’t need as many people as they used to because machines now do so much of the work. America has lost more than 7 million factory jobs since manufacturing employment peaked in 1979. Yet American factory production, minus raw materials and some other costs, more than doubled over the same span to $1.91 trillion last year, according to the Commerce Department, which uses 2009 dollars to adjust for inflation. That’s a notch below the record set on the eve of the Great Recession in 2007. And it makes U.S. manufacturers No. 2 in the world behind China. Trump and other critics are right that trade has claimed some American factory jobs, especially after China joined the World Trade Organization in 2001 and gained easier access to the U.S. market. And industries that have relied heavily on labor — like textile and furniture manufacturing — have lost jobs and production to low-wage foreign competition. U.S. textile production, for instance, is down 46 percent since 2000. And over that time, the textile industry has shed 366,000, or 62 percent, of its jobs in the United States. But research shows that the automation of U.S. factories is a much bigger factor than foreign trade in the loss of factory jobs. A study at Ball State Univer-
sity’s Center for Business and Economic Research last year found that trade accounted for just 13 percent of America’s lost factory jobs. The vast majority of the lost jobs — 88 percent — were taken by robots and other homegrown factors that reduce factories’ need for human labor. “We’re making more with fewer people,” says Howard Shatz, a senior economist at the Rand Corp. think tank. General Motors, for instance, now employs barely a third of the 600,000 workers it had in the 1970s. Yet it churns out more cars and trucks than ever. Or look at production of steel and other primary metals. Since 1997, the United States has lost 265,000 jobs in the production of primary metals — a 42 percent plunge — at a time when such production in the U.S. has surged 38 percent.
Production Allan Collard-Wexler of Duke University and Jan De Loecker of Princeton University found last year that America didn’t lose most steel jobs to foreign competition or faltering sales. Steel jobs vanished because of the rise of a new technology: Super-efficient mini-mills that make steel largely from scrap metal. The robot revolution is just beginning. The Boston Consulting Group predicts that investment in industrial robots will grow 10 percent a year in the 25-biggest export nations through 2025, up from 2 or 3 percent growth in recent years. The economics of robotics are hard to argue with. When products are replaced or updated, robots can be reprogrammed far faster and more easily than people can
be retrained. And the costs are dropping: Owning and operating a robotic spot welder cost an average $182,000 in 2005 and $133,000 in 2014 and will likely run $103,000 by 2025, Boston Consulting says. Robots will shrink labor costs 22 percent in the United States, 25 percent in Japan and 33 percent in South Korea, the firm estimates. CEO Ronald De Feo is overseeing a turnaround at Kennametal, a Pittsburghbased industrial materials company. The effort includes investing $200 million to $300 million to modernize Kennametal’s factories while cutting 1,000 of 12,000 jobs. Automation is claiming some of those jobs and will claim more in the future, De Feo says. “What we want to do is automate and let attrition” reduce the workforce, he says. Visiting a Kennametal plant in Germany, De Feo found workers packing items by hand. He ordered $10 million in machinery to automate the process in Germany and North America. That move, he says, will produce “better quality at lower cost” and “likely result in a combination of job cuts and reassignments.” But the rise of the machines offers an upside to some American workers: The increased use of robots — combined with higher labor costs in China and other developing countries — has reduced the incentive for companies to chase low-wage labor around the world. Multinational companies are also rethinking how they spread production across the globe in the 1990s and 2000s, when they tended to manufacture components in different countries and then assemble a product at a plant in China or other low-wage
Susan Stacy moves a tube to sort recycled plastic bottle chips being processed at the Repreve Bottle Processing Center, part of the Unifi textile company in Yadkinville, N.C., Friday, Oct. 21, 2016. America has lost more than 7 million factory jobs since manufacturing employment peaked in 1979. Yet American factory production, minus raw materials and some other costs, more than doubled over the same span to $1.91 trillion last year, according to the Commerce Department, which uses 2009 dollars to adjust for inflation. That’s a notch below the record set on the eve of the Great Recession in 2007. And it makes U.S. manufacturers No. 2 in the world behind China. (AP Photo) country. The 2011 earthquake and tsunami in Japan, which disrupted shipments of auto parts, and the bankruptcy of the South Korean shipping line Hanjin Shipping, which stranded cargo in ports, exposed the risk of relying on far-flung supply lines. “If your supply chain gets interrupted and your raw materials are coming from offshore, all of a sudden shelves are empty and you can’t sell product,” says Thomas Caudle, president of the North Carolina-based textile company Unifi. So companies have been returning to the United States, capitalizing on the
savings provided by robots, cheap energy and the chance to be closer to customers. “They don’t have all their eggs in that Asian basket anymore,” Caudle says. Over the past six years, Unifi has added about 200 jobs, bringing the total to over 1,100, at its automated factory in Yadkinville, North Carolina, where recycled plastic bottles are converted into Repreve yarn. Unmanned carts crisscross the factory floor, retrieving packages of yarn with mechanical arms — work once done by people. In a survey by the consulting firm Deloitte, global manufacturing executives
predicted that that the United States — now No. 2 — will overtake China as the most competitive country in manufacturing by 2020. (Competitiveness is measured by such factors as costs, productivity and the protection of intellectual property.) The Reshoring Initiative, a nonprofit that lobbies manufacturers to return jobs to the United States, says America was losing an average of 220,000 net jobs a year to other countries a decade ago. Now, the number being moved abroad is roughly offset by the number that are coming back or being created by foreign investment.
CAREER
OppOrtunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions: EnginEEring Can-Fix-it Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing. • Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. • General knowledge to repair heating and cooling units, painting the exterior and pressure washing. Position requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus. Cook Essential Job Functions: • Inspect food preparation and serving areas to ensure observance of safe, sanitary food-handling practices. Turn or stir foods to ensure even cooking. • Prep, season and cook food according to recipes or personal judgment and experience. • Observe and test foods to determine if they have been cooked sufficiently. • Weigh, measure, and mix ingredients according to recipes or personal judgment, using various kitchen utensils and equipment. • Prepare staff meals. Position requirements: • General knowledge of working in a commercial kitchen. • Knowledge and ability to use basic work tools and equipment. BartEndEr Essential Job Functions: • Properly stock and set up bar at the beginning of each shift. • Make certain that all drinks prepared for guests are at industry standard. • Ensure that the required amount of liqueurs are dispense for all drinks. Position requirements: • High School Diploma required. • Two years experience as a Bartender required. UtilitiEs Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant equipment and utensils in clean and orderly condition. • Transfers supplies and equipment between storage and work areas by hand or by use of hand truck. • Sets up banquet tables, when required. • Keep all equipment in the food and beverage areas in good condition. Report any breakdowns in equipment to management. Position requirements: • High school graduate or equivalent. • Previous hotel-related experience desired. PUrChasing agEnt Essential Job Functions: • Verifies purchase requisitions by comparing items requested to master list; clarifying unclear items; recommending alternatives. • Prepares purchase orders by verifying specifications and price; obtaining recommendations from suppliers for substitute items; obtaining approval from requisitioning department. • Verifies receipt of items by comparing items received to items ordered; resolves shipments in error with suppliers. • Authorizes payment for purchases by forwarding receiving documentation. Position requirements: • High school graduate or equivalent. • Two years of experience required. aCCoUnts ClErk Essential Job Function: • Prepare all accounts receivable invoicing. • Maintain and update all accounts receivable and accounts payable files. • Perform all clerical work in the accounts department as assigned. • Answer incoming calls and provide routine information in response to inquiries. • Assist in accounts receivable month/year end closing. Qualifications: • High school graduate with accounting background. • Knowledge of Excel and Microsoft Word.
Competitive salary and benefits package are commensurate with experience.
Interested persons should submit their resumes via e-mail to:
recruitment.humanresources@outlook.com
PAGE 14, Thursday, November 3, 2016
THE TRIBUNE
Stocks struggle again as investors eye 2016 election
NEW YORK (AP) — Stocks retreated for a seventh consecutive day on Wednesday, the market’s longest decline in five years, as investor worries about the U.S. presidential election continued to weigh on the market. A steep decline in oil prices also shook investor confidence. The Dow Jones industrial average lost 77.46 points, or 0.4 percent, to 17,959.64. The Standard & Poor’s 500 index lost 13.78 points, or 0.7 percent, to 2,097.94 and the Nasdaq composite fell 48.01 points, or 0.9 percent, to 5,105.57. The last time the S&P 500 fell for seven straight days was November 2011, during a flare-up of the European sovereign debt crisis. Like most of the public, investors have their eyes glued to the presidential race, as polls between Hillary Clinton and Donald Trump have tightened. The
narrowing in the race has brought more uncertainty. Gold and bond prices have risen. The VIX, a volatility measure dubbed the “fear gauge” for Wall Street, jumped 14 percent on Tuesday to its highest level since June. It was up another 4.4 percent Wednesday. The Mexican peso, which has become a de facto proxy for Trump’s chances to win the election, has fallen steadily against the U.S. dollar since Friday and fell another 1 percent on Wednesday to 19.425 pesos to the dollar. Investors expect that Mexico’s economy would be negatively impacted by a Trump administration, which would weaken the peso. “The lead-up to the U.S. presidential election was always expected to be lively but the events of the last couple of days has seriously taken its toll on investor sentiment,” said Craig Erlam, senior market analyst at OANDA. Meanwhile a report from
the Energy Department that showed a significant buildup in crude oil supplies last week weighed heavily on oil and energy prices. Benchmark crude oil sank $1.33 to $45.34 a barrel in New York. Brent crude, the international standard, fell $1.28 at $46.86 a barrel. Energy stocks were among the biggest decliners in the S&P 500. Pioneer Natural Resources, Marathon Oil and Sempra energy fell 4 percent or more. Aside from the election cliffhanger, investors parsed through the latest policy statement from the Federal Reserve. While the nation’s central bank voted to keep rates at their current level after their twoday meeting, they left the door open to raise rates at their meeting in December. It was expected the Fed would not want to raise rates ahead of the election. “If we get an unexpected election outcome, the Fed might put any increase INTERNATIONAL BUSINESS COMPANIES ACT 2000
Legal Notice
NOTICE
SWEETCO SALES AND SERVICE LIMITED In Voluntary Liquidation
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
AKASHI INVESTMENTS S.A.
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act, SWEETCO SALES AND SERVICE LIMITED is in Dissolution.
In Voluntary liquidation
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), AKASHI INVESTMENTS S.A., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 21st day of October, 2016.
The date of commencement of the dissolution was November 1, 2016. Mercedes Parker, 26 East Avenue, P.O. Box CB-11651, Nassau, Bahamas is the Liquidator of SWEETCO SALES AND SERVICES LIMITED
Michael Alan Gardner Fifth Floor, 37 Esplanade St. Helier, Jersey JE1 2TR Liquidator
MARKET REPORT t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,929.80 | CHG -0.02 | %CHG 0.00 | YTD 105.85 | YTD% 5.80 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.50 4.70 0.18 8.30 8.50 6.10 10.60 15.50 2.72 1.60 5.80 9.00 11.00 8.40 6.90 12.25 11.00
52WK LOW 2.47 17.43 8.19 3.49 1.77 0.12 5.83 8.05 5.50 7.66 13.05 2.18 1.31 5.60 6.45 9.85 6.12 6.23 11.81 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
LAST CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 5.83 8.50 5.83 10.50 13.98 2.23 1.55 5.80 8.78 10.00 8.40 6.61 11.93 10.00
CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 5.83 8.50 5.83 10.50 13.98 2.20 1.55 5.80 8.78 10.00 8.40 6.61 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y 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
115.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
114.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.09 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
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
104 7,878
222 541
232
VOLUME 63 35
22 153
13
EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000
DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000
P/E 13.4 11.7 8.4 15.9 N/M N/M 31.5 15.4 11.5 19.4 26.5 23.4 9.3 11.4 14.3 10.4 12.9 9.4 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 3.21% 3.06% 3.43% 3.43% 4.36% 2.73% 2.58% 4.14% 3.13% 0.00% 3.33% 1.82% 5.36% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 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
MUTUAL FUNDS 52WK HI 2.01 3.91 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.40 1.61 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57
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
NAV 2.01 3.90 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.59 11.15 9.57
YTD% 12 MTH% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 2.86% 3.86% 2.64% 3.93% 2.51% 3.63% 5.44% 4.48% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
on hold. We are not convinced that December is a sure thing,” said Brandon Swensen, a portfolio manager and co-head of fixed income trading at RBC Global Asset Management. The yield on the 10-year Treasury note fell to 1.80 percent from 1.83 percent the day before. In individual company news, Brocade Communications rose $1.08, or 10 percent, to $12.32 after Broadcom announced it would buy the company for $5.5 billion. Broadcom rose $3.76, or 2.2 percent, to $172.56.
The dollar fell to 103.28 yen from 103.97 yen, while the euro rose to $1.1096 from $1.1062. In other energy trading, heating oil fell 5 cents to $1.47 a gallon, wholesale gasoline fell 4 cents to $1.45 a gallon and natural gas fell 11 cents to $2.792 per 1,000 cubic feet. Precious and industrial metals futures closed mostly higher. Gold increased $20.20 to $1,308.20 an ounce, silver climbed 28 cents to $18.69 an ounce and copper was little changed at $2.23 a pound.
NOTICE
Mercedes Parker Liquidator
WEDNESDAY, 2 NOVEMBER 2016
Trader Richard Newman works on the floor of the New York Stock Exchange, yesterday. Stocks are opening modestly lower on Wall Street as the market extends a pre-election losing streak. (AP Photo)
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
NOTICE is hereby given that REMILIUS PHILIPPE of M Harbour, Abaco, New Providence, Bahamas is applying t Minister responsible for Nationality and Citizenship, for registra naturalization as a citizen of The Bahamas, and that any pe who knows any reason why registration/naturalization should n granted, should send a written and signed statement of the within twenty-eight days from the 3rd day of November, 20 the Minister responsible for nationality and Citizenship, P.O. N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Donshanon Antonio Ferguson of Mckinney Dr., P.O. Box GT2053, Nassau, Bahamas intend to change my name to Donshannon Antonio Braynen. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that SHENIQUA DORVIL of BelairEstates, P.O.Box N-1875, New Providence, 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 3rd day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHIDDEA JACKLYN SMITH of Dunmore Town, Harbour Island mother of KENDEA SARAYAH BRICE, intend to change my child’s name to SARAYAH TEHILA FAITH THURSTON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Ehwigeo Lavardo Martin of #22, Church Avenue, Blue Hills, Providenciales, Turks & Caicos Islands intend to change my name to Ehwigeo Lavardo Ewing. If there are any objections to this change of name by Deed Poll, you may write such objections to Glinton | Sweeting | O’Brien, P. O. Box N-492, Nassau, Bahamas. no later than thirty (30) days after the date of publication of this notice.