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THURSDAY, NOVEMBER 23, 2017
$4.25
$4.29
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Increased notice periods for redundancies on the table
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
T
he Labour Department is formulating amendments to the national Employment Act which include an increase in the notice period for redundancies, Labour Minister Dion Foulkes told Tribune Business yesterday. Mr Foulkes said: “There are several amendments to the Employment Act we intend to propose. One of the biggest issues
from the unions point of view was to increase the notice period for employees upon being made redundant and that is something the Tripartite Council is actively considering.” The former Christie administration had sought to make it mandatory for employers to provide two months’ (60 days) notice to government and the relevant bargaining agent (trade union) whenever they are about to make 10 or more workers redundant, with failing to do so becoming a criminal offence. “There are some other amendments we intend to
DION FOULKES
pursue that are not before the Council as yet but the legal team at the Labour Department are formulating the amendments to the Employment Act,” said Mr Foulkes. The Minnis administration has pledged to remove the redundancy cap of 12 years for workers’ compensation. “In this term in office we pledge to move the redundancy cap of 12 years for workers’ compensation, and institute a new cap after consultation with the Tripartite Council,” Mr Foulkes previously stated said.
At present, line staff remain entitled to a maximum of 24 weeks or six months’ redundancy pay, gaining two weeks for each year they have been employed up to the 12-year ‘cap’. Managers remain at a maximum of 48 weeks, or one month for every year worked up to 12 years. The redundancy cap was a key contention between employers and the trade unions when Employment Act reforms were introduced earlier this year under the former Christie administration.
‘BEND TO FOREIGN INVESTMENT OR GO BANKRUPT’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A BAHAMIAN businessman and leading governance reform advocate yesterday slammed opponents of the Commercial Enterprises Bill (CBE), arguing ‘xenophobic and myopic thinking’ will ‘send the country bankrupt’. Robert Myers, a principal with Organisation for Responsible
Governance (ORG) argued immigration fears being stoked over the CBE were likely politically motivated or due to a lack of understanding of the issues. “The government has to make a determination as to where and how it is going to stimulate the economy. There may be people complaining about the immigration aspect to that but I think that is probably being politicised. You’re going to need foreign
Do No Approve party questions new bill’s benefits By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net WHILE voicing its support for government initiatives aimed at improving the ease of doing business in the country, the Democratic National Alliance (DNA) yesterday queried how the Commercial Enterprises Bill (CEB) would benefit Bahamian businesses. The Minnis administration has argued the Bill
“seeks to build a stronger and more stable economy”. But in a statement the DNA said: “The DNA supports government initiatives aimed at improving the ease of doing business in The Bahamas and making The Bahamas’ business environment more investor friendly. However, we find it curious that this legislation is being pushed ahead of other pressing matters confronting the Bahamian
SEE PAGE 5
Mindset not money the key to success By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE lack of funding is ‘not fatal’ to the pursuit of the entrepreneurial dream a well-known, accountant and banker stated yesterday. Hubert Edwards’ advice came at a press conference to promote the Success Summit 2017 scheduled for December 2 at SuperClubs Breezes. He said: “I have come to appreciate that funding is never a limitation. What is more important is that you have a mindset for success
and you surround yourself with the right people. Not having money is not fatal to pursuing your entrepreneurial dream. I think that is very important for people to know.” Mr Edwards was joined by Valentino Munroe, the Jumbey Cafe proprietor who urged entrepreneurs to develop their ideas. “We have always been told that you need to have money to make money. I would say there is no shortage of money just a shortage of great ideas. How do you develop an idea with no money and have the
SEE PAGE 12
direct investment and foreigners who have the ability to bring capital into the country. We’re facing a failing financial industry and the average person not in that business may not understand that. The government needs to improve conditions for Bahamians and stimulating the economy outside of education is the single most important thing the government needs to be focused on,” said Mr Myers.
The Minnis administration has stated the Commercial Enterprises Bill will ensure “that Bahamians are the priority,” despite the fact it will “liberalise the granting of work permits” to foreign companies. Officially known as an Act for the Designation of Specified Commercial Enterprises and Specified Economic Zones in The Bahamas, the Commercial Enterprises Bill “seeks to liberalise the granting
of work permits to an enterprise that wishes to establish itself in the Bahamas, and requires work permits for its management team and key personnel.” The company’s investment however must be a minimum of $250,000. As previously reported by Tribune Business, if passed into law as is, the legislation would enable a “specified commercial enterprise”
SEE PAGE 8
PAGE 2, Thursday, November 23, 2017
THE TRIBUNE
WINTER HOLIDAY SEARCHES SEEING YEAR-ON-YEAR SPIKE WITH the winter holidays on the horizon, the Expedia group is reporting a large influx of searches and interest for travel to the Caribbean. The region is seeing a large influx of group travel (bookings with three or more people) around the Christmas holidays with an increase in searches of more than 30 per cent for Christmas Day and nearly 25 per cent for New Year’s compared with holiday travel searches for 2016. Per Expedia group search data, the Caribbean destinations with the highest amount of interest for travel
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during the month of December compared with the same month in 2016 are: Punta Cana up nearly 10 per cent; San Juan up nearly 10 per cent; Montego Bay up nearly 25 per cent, Aruba up nearly 15 per cent. “The holiday season is always an exciting time for the Caribbean, as the region receives a wave of travellers from top markets like the US and Canada who are looking to escape the winter cold,” said Rafael del Castillo, Senior Director, Resorts, Market Management, the Expedia group. “Expedia is proud to work with our Caribbean hotel
partners to ensure they are capitalising on the heavy influx of travellers. Winter season represents an opportunity for partners to utilise Expedia’s platforms, tools and strategies to increase visibility and bookings. Expedia’s local market management team is present to serve as a support system to hotel partners and to provide specific recommendations for hoteliers to best navigate the holiday season.” Data indicates that nearly 30 per cent of bookings for the holidays happen more than three months in advance, and about 20 per cent happen between 31 – 60 days. Additionally, more than 15 per cent of holiday travellers book their stays less than six days in advance, which allows hotels to push last minute travel deals to entice these travellers to choose their property. The Expedia group’s hotel partners can take advantage of the company’s experience and understanding of holiday trends to set rates with certain booking windows that can best attract target audiences. Valuable insights also allow hoteliers to fully plan their marketing and distribution strategy depending on their intended audience. Inbound markets to the Caribbean with the highest interest for travel during the month of December compared with the same month last year were the US with nearly 15 per cent growth and the UK and France with nearly 20 per cent growth from each market. During this time frame, the Caribbean is also seeing growth through mobile searches and packages, which combine aspects like hotel, airfare and/or car bookings.
THE TRIBUNE
Thursday, November 23, 2017, PAGE 3
UK BUDGET SEES ECONOMY WILTING UNDER BREXIT PRESSURE By DANICA KIRKA Associated Press LONDON (AP) — Britain’s Treasury chief has outlined cautious spending plans to a nation bracing for the shock of leaving the European Union, amid a stream of worsening of economic forecasts that hampered room for giveaways. Philip Hammond revealed the deteriorating outlook in his annual budget speech to Parliament yesterday, with slowing growth and a stubborn deficit offering little space to increase spending in the face of demands from teachers, firefighters, police and the military. Adding to the pressure for fiscal restraint was the need to preserve state coffers for the potential turmoil of Brexit. “We are at a turning point in our history,” Hammond told the House of Commons. “And we resolve to look forwards, not backwards.” Hammond set aside 3 billion pounds ($3.9 billion) over two years to prepare for Brexit and offered a package of initiatives to build new homes and ease the country’s
BRITAIN’s Chancellor of the Exchequer Philip Hammond. (AP Photo/Frank Augstein) housing shortage, but he otherwise sidestepped eye-popping initiatives. He promised to “invest in the future,” with money to improve infrastructure, spur the development of new technologies and teach advanced mathematics to more children. “More maths for everyone,” Hammond said in a cheerful effort to put the best face on things. “Don’t let anyone say I don’t know how to show the nation a good time!” Hammond, who has been nicknamed “Eeyore” because of his cautious approach, had been under pressure to appear upbeat
about the economy’s prospects after Brexit. Prime Minister Theresa May’s weakened government was hoping for excitement without controversy — particularly since anything too revolutionary might get voted down. The Chancellor of the Exchequer tried to paint an optimistic vision of a “global Britain” that would embrace the technological revolution and capitalise on the opportunities presented by leaving the EU. He promised an approach that would be “balanced” amid pleas to end austerity. And though Hammond did his best to put a happy stamp on things — Britain’s Press Association described him as the chortling chancellor — the part of his speech he himself described as “economicky” revealed the painful truth. The economy is slowing. The Office of Budget Responsibility, an independent body that provides the chancellor with forecasts, said it expects the economy to expand 1.5 per cent this year, 1.4 per cent in 2018, and 1.3 in both 2019 and 2020, before picking up to 1.5 per cent and finally 1.6 per cent in 2022. The OBR also cut its forecast
for worker productivity over the next five years. By contrast, the neighbouring eurozone economy was growing at a 2.5 per cent annual rate at last count. Slower growth and lower productivity mean British tax revenues are likely to grow more slowly in coming years, making it harder for the government to ease the austerity that has characterised budgets since the global financial crisis swelled Britain’s debt. While Hammond announced progress on the budget deficit, saying it would fall below two per cent of GDP next year, Britain still faces relatively high debt.
Public borrowing rose more than expected in October, driven by higher borrowing costs. Debt will peak at 86.5 per cent of GDP this year, Hammond said. That compared with less than 40 per cent in 2007, the Office for National Statistics said Tuesday. “Mr Hammond is like David throwing pebbles at the Goliath of the productivity and growth challenges that the UK faces after Brexit,” said Lucy O’Carroll, chief economist at Aberdeen Standard Investments. “Today could have been a golden opportunity to take a distinct, long-term view of the UK’s prospects,
tackling the country’s productivity performance head on. ... Unfortunately, the Chancellor lacks the political capital to take such a dynamic approach.” Opposition leader Jeremy Corbyn, whose fortunes have been on the rise of late, was quick to criticise the government’s plans, highlighting that many in this country are struggling. “Our country is marked by growing inequality and injustice,” he said. “We were promised, with lots of hype, a revolutionary budget. The reality is nothing has changed. People were looking for help from this budget and they’ve been let down.”
PAGE 4, Thursday, November 23, 2017
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THE TRIBUNE
Thursday, November 23, 2017, PAGE 5
Do No Approve party questions new bill’s benefits FROM PAGE 1 masses.” The DNA noted the CEB seeks to fast track work permit approvals and empowers the Minister of Financial Services to usurp the powers of the Director of Immigration by granting certificates for work permits to investors after meeting certain criteria. “The fundamental question is whether the name of the Bill is a misnomer as it appears to focus more on amendments to our immigration laws and policies. Further, it is unclear why the Minister responsible is the Minister of Financial Services when the
industries in this legislation covers more than financial services,” the party argued. The statement continued: “The CEB grants the Minister unilateral authority to determine which industries can be granted fast track work permits. The Minister also has the unilateral authority to designate specified commercial enterprise zones and in consultation with the Minister of Finance, economic incentives for foreign businesses. It is noteworthy that this administration has prioritised the tabling of a Bill which seems to place more emphasis on the creation of commercial zones for foreign direct investors over Bahamians even though the Minnis administration
campaigned on providing economic zones and tax relief for Bahamians.” The DNA argued rather than focus on reforming the Department of Immigration to be more efficient and effective, the Minnis administration has chosen to take a ‘shortcut’ by concentrating significant powers in a ‘Super Minister’ without checks and balances. “The DNA would like to know what is in this Bill for Bahamian business? The Prime Minister had announced the establishment of an Ease of Doing Business Committee (EDBC) which would make recommendations aimed at making it easier for local and foreign enterprises to do business in
The Bahamas. The Bahamian people deserve to know whether the EDBC has produced a report and whether this report will be released to the public. Are we putting the proverbial cart before the horse?” the DNA queried.
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
QUERIS DEVELOPMENT INCORPORATED In Voluntary liquidation
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), QUERIS DEVELOPMENT INCORPORATED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.
ROCKWELL LTD., of 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator
PAGE 6, Thursday, November 23, 2017
THE TRIBUNE
US STOCKS MOSTLY SLIP AWAY FROM THEIR LATEST RECORD HIGHS By MARLEY JAY AP Markets Writer NEW YORK (AP) — US stocks mostly slipped away from their latest record highs Wednesday as the two former halves of Hewlett-Packard both tumbled, while falling interest rates helped phone companies but hurt banks.
The price of oil jumped on reports OPEC and a group of other countries might extend the cuts in production they made at the start of this year. That took energy companies higher. Hewlett Packard Enterprise sank after it said CEO Meg Whitman will retire, while printer and PC maker HP lost ground after its latest quarterly report.
Interest rates fell after the Federal Reserve released minutes from its latest meeting, which ended Nov. 1. While most officials were comfortable raising interest rates soon, as investors think they will do in December, a few Fed leaders think rates should stay where they are until there is more evidence inflation is rising.
The Fed has suggested it wants to raise rates three more times next year, but many are skeptical that it will. “The market certainly doesn’t believe it, and hasn’t believed it all along,” says Scott Wren, senior global equity strategist for Wells Fargo Investment Institute. He said investors may change their minds as economic reports roll in
THE AMERICAN flag flies above the Wall Street entrance to the New York Stock Exchange. (AP) over the next few weeks, and they may get nervous if they think the Fed will move faster. The Standard & Poor’s 500 index dipped 1.95 points, or 0.1 per cent, to 2,597.08. The Dow Jones industrial average slid 64.65 points, or 0.3 per cent, to 23,526.18. The Nasdaq composite rose 4.88 points, or 0.1 per cent, to a record 6,867.36. The Russell 2000 index of smaller-company stocks lost 2.13 points, or 0.1 per cent, to 1,516.76. All four indexes closed at record highs Tuesday, and on Wednesday most of the companies on the New York Stock Exchange
finished higher. US markets will be closed today for the Thanksgiving holiday. They will reopen Friday but will close at 1pm ET. The two main companies that once comprised Hewlett-Packard took the largest losses in the S&P 500. Hewlett Packard Enterprise, which sells data-center hardware and tech gear, dropped after it announced company President Antonio Neri will replace Whitman as CEO February 1. Whitman became CEO of Hewlett-Packard in 2011 and oversaw its split in 2015. HPE also reported mixed fourth-quarter results.
INTERNATIONAL BUSINESS HIGHLIGHTS Fed minutes show general support for 3rd rate hike this year WASHINGTON (AP) — Federal Reserve officials generally believe that it’ll soon be time for another increase in the Fed’s key interest rate. However, a few felt any further rate hikes should be delayed until they see inflation moving higher, minutes of their last meeting revealed. Minutes of the Fed’s Oct. 31-Nov. 1 released Wednesday showed that many officials believed a third rate hike this year will likely be warranted if incoming data leaves the mediumterm economic outlook unchanged. Did you ‘like’ Russian propaganda? Facebook will clue you in NEW YORK (AP) — Facebook says it will show users if they followed or ‘liked’ Russia propaganda accounts on its service or on Instagram. The company said Wednesday it will launch a portal to let people see which accounts of the Internet Research Agency they followed between January 2015 and August 2017, when the pages were shut down. Credibility at risk, media cuts stars loose over sex claims NEW YORK (AP) — Veteran news host Charlie Rose’s firing makes him the latest in a string of prominent journalists felled abruptly by accusations of sexual misconduct. News organisations aren’t the only companies taking prompt measures against the accused. But they face particular pressure to act because of the risk of losing the audience’s trust as they cover the sex scandals coursing through politics, Hollywood and the media itself. US durable goods orders fell 1.2 percent in October WASHINGTON (AP) — Orders for long-lasting manufactured goods fell last month for the first time since July, pulled down by plummeting orders for commercial aircraft. A key category that tracks business investment posted the biggest drop in more than a year. The Commerce Department says that orders for durable goods, which are meant to last at least three years, slid 1.2 per cent in October. Small retailers aim for emotional ties big chains may lack NEW YORK (AP) — The nation’s smallest retailers will tug at
shoppers’ heartstrings during the holidays, aiming to give them the emotional experience and connection a big national chain might not provide. Some store owners are going well beyond the usual decorations and music. Among their plans: parties where the focus is on fundraising rather than profits, and events with other stores. Retailers are betting that their efforts will keep customers coming back throughout the year. What happens once ‘net neutrality’ rules bite the dust? NEW YORK (AP) — The Federal Communications Commission formally released a draft of its plan to kill net-neutrality rules, which equalised access to the internet and prevented broadband providers from favoring their own apps and services. Now the question is: What comes next? The FCC’s move will allow companies like Comcast, AT&T and Verizon to charge internet companies for speedier access to consumers and to block outside services they don’t like. The change also axes a host of consumer protections, including privacy requirements and rules barring price gouging and unfair practices. Trump SoHo to lose Trump name amid reports of troubles NEW YORK (AP) — The Trump Organisation is ending its licensing deal with the Trump SoHo hotel in New York amid reports that the property has struggled to attract business. The company owned by President Donald Trump says it has signed a deal with the hotel owners to end its management of the property and use of the Trump name. The announcement comes amid mixed results at Trump’s other hotels and resorts. The Trump Organization doesn’t own the Trump SoHo, as is the case with many Trump-branded properties. Airline defendants to pay $95m in 9/11 settlement NEW YORK (AP) — Insurers for American Airlines, United Airlines and other aviation defendants have agreed to pay $95 million to settle claims that security lapses led planes to be hijacked in the Sept. 11 attacks. The settlement was described in papers filed Tuesday in Manhattan federal court. Developers of the new World Trade Center buildings had once demanded $3.5 billion from aviation companies after hijacked planes destroyed three skyscrapers on Sept. 11, 2001.
THE TRIBUNE
Thursday, November 23, 2017, PAGE 7
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Successful candidates for the Senior/Supervising Senior position must have at least three to four years professional public accounting experience. Applicants must hold a CPA, CA, ACCA or other professional designation recognized by the Bahamas Institute of Chartered Accountants. IN this file photo, Afghan internally displaced children stand in a muddy yard at a poor neighbourhood in Kabul, Afghanistan. A United Nations report says the world’s least developed countries need access to electricity if they are to break out of poverty. It says 60 per cent of people in the world’s poorest countries have no access to electricity - some 577 million people in total. (AP Photo/Massoud Hossaini)
UN: CLOSING ENERGY GAP WOULD HELP POOREST COUNTRIES DEVELOP By KAWEEWIT KAEWJINDA Associated Press BANGKOK (AP) — The world’s least developed countries need access to electricity if they are to break out of poverty, according to a U.N. report that urges wealthy nations to do more to honor their aid commitments to help bridge the energy gap. The report by the U.N. Conference on Trade and Development says 60 percent of people in the world’s poorest countries, 47 of which meet the U.N.’s standards for being “least developed,” have no access to electricity — some 577 million people in total. Access to stable supplies of electricity is crucial for helping businesses in developing countries grow. More than 40 percent of businesses in the countries covered in the report suffer from inadequate, unreliable and unaffordable power, said the report that was released Wednesday. They report an average of 10 power outages a month, each lasting about five hours, that cost them 7 percent of the value of their sales, it said. “Energy as a source of transformation is one of the key issues of economic development and this is what we are trying to contribute to, specifically for the least developed countries,” Mukhisa Kituyi, secretary-general of
UNCTAD, told reporters in Bangkok. There is a shortfall of $1.5 trillion in funding to help meet the goal of universal access to power by 2030, Kituyi said. The report said it would cost an estimated $12 billion to $40 billion in annual investment and a more than tripling of the annual rate of gaining access to electricity in those countries. The countries covered in the report include 33 in Africa, nine in Asia, and five in the South Pacific and Caribbean. The U.N. is encouraging governments in those countries to adopt policies to attract investors and improve use of their energy resources. Kituyi said it was still difficult for those nations to tap private sources of financing for poverty alleviation. “The world has come to a point where we say that many solutions to development are best triggered by the private sector,” Kituyi said. “But you cannot say that about the least developed countries. You cannot leave it to the private market to fix Laos and Bangladesh, and Cambodia challenges.” Renewable energy has the potential to play a revolutionary role in such countries. So far, most of those initiatives have been small scale, and the U.N. is urging that use of such technologies be scaled up to be useful for public utilities.
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Auditing experience in the financial services (banking, investment funds and insurance) and hospitality industries is an advantage; Excellent interpersonal skills and the ability to relate well with clients; Excellent oral and written communication skills; The ability to work independently and under pressure to meet strict deadlines; Proficiency in a variety of software applications; The ability to pay close attention to detail and ensure accuracy of reports and data; and The ability to coach and mentor junior staff while simultaneously fostering synergy in a team-based environment.
OUR OFFER We offer a team-based environment with wonderful opportunities, in our Nassau and Freeport offices, to broaden your professional experience in a varied practice that offers competitive compensation and benefits packages. Assurance is given that every applicant will be treated in the strictest of confidence. Only applicants who meet the criteria stated above will be contacted. Applicants should submit a cover letter, resume, transcript, CPA examination test scores and a copy of their professional certification by Friday December 1, 2017, to: Human Resources Manager, KPMG, P.O. Box N123, Nassau, Bahamas or hrbahamas@kpmg.com.bs. © 2017 KPMG, a Bahamas partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
MARKET REPORT WEDNESDAY, 22 NOVEMBER 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,065.22 | CHG -0.41 | %CHG -0.02 | YTD 127.01 | YTD% 6.55 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.77 0.16 5.60 8.60 6.30 5.30 13.50 2.59 1.60 6.01 10.06 11.00 4.50 7.25 12.51 11.00
52WK LOW 4.06 17.43 8.19 3.50 1.13 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.75 3.35 6.61 12.01 10.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.31 17.43 9.09 3.70 1.25 0.15 3.70 8.60 6.10 4.93 9.01 2.64 1.51 6.01 10.06 6.30 4.49 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 100.00 100.00 107.98 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.31 17.43 9.09 3.70 1.21 0.15 3.70 8.60 6.10 4.93 9.01 2.62 1.51 6.01 10.06 6.29 4.49 7.01 12.50 10.00
CHANGE 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
108.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
8,000
2,750
VOLUME
NAV 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08
EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.196 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.450 0.000 0.120 0.140 0.600 0.000
P/E 9.7 18.7 N/M 6.9 N/M N/M -4.3 14.1 10.6 25.2 15.5 25.7 3.9 4.9 13.5 10.9 14.5 -10.5 23.0 0.0
YIELD 1.86% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 2.43% 6.33% 2.29% 3.31% 4.83% 4.47% 0.00% 2.67% 2.00% 4.80% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
PAGE 8, Thursday, November 23, 2017
TO ADVERTISE TODAY CALL @ 502-2394 NEEDED IMMEDIATELY
Certified IT Technicians Warehouse Attendants Send resumes to
jobs@pp-solutions.com
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‘Bend to foreign investment or go bankrupt’ FROM PAGE 1 to obtain an Investments Board certificate granting it a specific number of work permits for certain
positions. The certificate, which will initially be issued for one year and can be
renewed, would allow key personnel to set up the company’s physical
PUBLIC NOTICE
Effective October 31st, 2017, BRUNO CARTER is no longer employed as a driver with Waste Not Limited.
operations in the Bahamas before they obtained a work permit. Such a permit must be applied for within 30 days of their entry, and the bill mandates the Director of Immigration to make a decision on approval within 14 days of receiving the application. If the director does not respond within that time-frame, the work permit will be “automatically deemed to have been granted”. Work permits issued under the bill’s provisions will be for a three-year period, and are renewable for the same duration. They can only be revoked on grounds of “public safety, public morality or national security”. “There is a tremendous skills gap and there is a significant lack of qualified middle management,” said Mr Myers. “We should give that immigration preference to Bahamian companies where there are skills gaps. If we don’t get upward mobility in employment we will not get growth. If you want to hold back the economy, keep being xenophobic and myopic in our thinking and the country will go bankrupt. They are either politically motivated or stimulated by ignorance and people who don’t understand economics. “Anyone who understands what drives and economy could not possibly argue that this is a bad idea. I have skills gaps in construction but yet it cost me thousands of dollars a year for a work permit. They need to lower the price of those permits and get the economy moving. Many small businesses can’t afford those work permits. The permit cost is only the first part of our problem in the private sector.”
Notice is hereby given of the loss of Bahamas Government Registered Stock Certificate as follows: Stock Interest Rate BGRS 2014-2017 1.25000% APR
Certificate No. 50063
Maturity Date Amount 2017 B$1,000.00
If found please return to The Central Bank of The Bahamas, or call 424-3844.
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Thursday, November 23, 2017, PAGE 9
IN this file photo, a traveller tries to book a ride with Uber at LaGuardia Airport in New York. (AP Photo/Seth Wenig)
UBER CUSTOMERS TORN BETWEEN SCANDALS AND SERVICE By TOM KRISHER AND BARBARA ORTUTAY AP Business Writers DETROIT (AP) — Uber has managed to hold the title of world’s largest ridehailing service despite its seemingly endless string of scandals. Its latest misbehaviour involving a data breach cover-up revealed this week could be the impetus for people to ride elsewhere — or keep looking the other way. Hackers were able to steal data for 57 million riders and drivers, and Uber concealed it for a year after paying $100,000 in ransom for the stolen information to be destroyed. Riders and business experts say that while Uber’s problems such as workplace sexual harassment, drivers with criminal records and other past infractions are serious, stolen data hits people directly and could make them mad enough to delete the app. Then again, riders have fled from the service before, but enough have stayed because of the Uber’s convenience so the latest scandal-of-the-week may not make much of a difference. The brand is so well-known for quickly responding to ride requests that it’s often used as a verb for such trips, no matter which service is summoned. Michael Pachter, a technology analyst based in Los Angeles, said he uses Uber five to 10 times a month. “I don’t blame the drivers for the company transgressions, and view Uber as the glue that facilitates drivers willing to drive me around,” he said. But for Vermont resident Jay Furr, the breach was the “final straw.” He had stuck with Uber despite recent problems because of the service. But now he’ll use Lyft, Uber’s main competitor, when he goes to the airport for frequent business trips. “Why reward crooked behavior?” he asked. “The only way they will learn is if they lose business.” For much of the past year, Uber has been mired in well-publicized problems. A female former engineer blogged that her boss had propositioned her for sex, exposing widespread sexual harassment. A federal judge urged prosecutors to investigate allegations that Uber stole technology from Waymo, Google’s autonomous vehicle unit. The Justice Department is investigating whether Uber used a bogus app to deceive inspectors in several cities, and in London, authorities decided not to renew Uber’s operating license in part for failing to report crimes. Earlier this week the state of Colorado fined Uber $8.9 million for allowing employees with serious criminal or motor vehicle offenses to drive for the company. Then came the stolen data, which has touched off more government inquiries. The scandals have damaged Uber’s brand reputation over time, said
Robert Passikoff, president of Brand Keys Inc., a New York-based customer research firm. The company’s polling has found that in 2015 Lyft passed Uber as the most trusted of ridehailing brands, and trust in Uber has been eroding ever since. Consumers will give technology companies the benefit of the doubt for a long time. But with Uber, “That well of forgiveness isn’t bottomless,” Passikoff said. Passikoff doesn’t measure the impact on ridership and Uber won’t discuss it. But Lyft says its share of the U.S. market has risen 3 percentage points since August to 33 percent. It’s up from 12 percent two years ago as Lyft has expanded with more drivers in major U.S. cities. In the data breach, Uber has said that for riders, hackers got only names, email addresses and telephone numbers. They did not get personal information such as trip details or credit card and Social Security numbers. For about 600,000 drivers in the U.S., hackers got driver’s license numbers, and the company has offered them free credit monitoring services. While Uber drivers lost personal data and face uncertainty over identity theft, it appears they’ll stick with Uber. Many drive for Lyft as well. Nate Tepp, who drives Uber in Seattle, said he doesn’t plan to leave, nor does he think other drivers will. “All they are doing is cutting out 60 to 65 percent of their income,” Tepp said of drivers who might consider leaving. That estimate is based on his own split between Uber and Lyft fares. Tepp also thinks the last three to four months at Uber have been different and things have “started to go in drivers’ favor.” This includes adding an option for riders to tip. He is also somewhat forgiving about the hacking — and the subsequent cover-up. After all, companies are hacked often, he said. “Does it make me happy? No. Does it (make me angry) to the point that I am going to stop making money through that company? No,” he said. New Uber CEO Dara Khosrowshahi could do little but admit the problem and promise ethical behavior in the future. “We are changing the way we do business, putting integrity at the core of every decision we make and working hard to earn the trust of our customers,” he wrote in a blog post. Marlene Towns, a professor at Georgetown University’s business school who studies brand values, said Uber is testing the boundaries of how many scandals people will endure. While data breaches are personal to people, she still thinks Uber will get through this scandal as well. “We have a short memory as consumers,” she said. “We tend to be if not forgiving, forgetful.”
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PAGE 12, Thursday, November 23, 2017
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Mindset not money the key to success FROM PAGE 1 courage to pursue that idea? You will find that as you develop your idea you will start to attract money,” said Mr Munroe. He continued: “I went into my first business with $3,000 and couldn’t even cover my first month’s rent. You will find that when you
start to move in the direction of your dreams and demonstrate the passion and desire things start to open up for you. You have to dream beyond your bank account and limitations. I was able to start Jumbey Cafe without significant capital. It was simply an idea and capitalising on my network, connecting to the right people who helped me
realise that a half a million dollars investment could be done for the fraction of the cost.” Mr Edwards, the Success Conference’s founder and coordinator said the conference will seek to give entrepreneurs and aspiring entrepreneurs, the opportunity to connect with individuals to help steer them on their journey and
empower them with information to attain success. “There is too much discussion about what is going wrong in the country. It is time to change that and we are putting our money where our mouth is and seeking to inspire others,” said Mr Edwards. He noted the conference- which will feature a line-up of local as well as international
speakers - will set the platform for a mentorship initiative to help young persons improve their personal circumstances.
“It’s not just what we do on December 2, but it’s about what we intend to do thereafter,” said Mr Edwards.
NOTICE
NOTICE is hereby given that NATACHA SIDE of East Avenue, Carmichael Rd., 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 23rd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that ANTONIA JOHNSON of Coral Heights East, 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 23rd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that MICHAEL EUGENE of Palm Breeze Street, 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 23rd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that GUERLIEN MERTULIEN of Mathew St., Nassau Village, 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 23rd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that JOCELYNE JOSEPH of Farrington Road, P.O. Box SB-51206, 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 16th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that TY RAMSES PIERRE LOUIS of P.O. Box CR-54204, Nassau, Village, 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 23rd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that JOHN LOUIS of Davis St., Fox Hill, 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 16th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
N O T I C E
Island Reef Corporation
____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 7th day of November, 2017. Delano Aranha Liquidator of ISLAND REEF CORPORATION
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Thursday, November 23, 2017, PAGE 17
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284 Bay Street, Nassau Bahamas (242) 302-2800 Royal Towers at Atlantis, Paradise Island (242) 363-5257