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WEDNESDAY, AUGUST 1, 2018
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PMH fee rises loom on $50m funding gap By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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EALTH officials will meet today to decide on the implementation of up to 500 fees at the Princess Margaret Hospital (PMH) as they seek to narrow a $50m funding shortfall. Dr Duane Sands, minister of health, yesterday told Tribune Business that the Public Hospitals Authority (PHA) and other healthcare system elements are faced with “making some difficult decisions” that might result in “certain programmes and services” being stopped or cut back. He suggested this might include in reduced hours and/or closures at some public sector clinics, as the Government’s fiscal crisis means it no longer has “an
* Officials meet today over 500 proposed charges * Minister warns on service, clinic ‘tough decisions’ * ‘Anomalies’ where 87% of PHA users don’t pay infinite source of funds” to underwrite a system where 87 percent of PHA patients pay nothing for the care they receive. Reiterating that the days of a “free lunch” were over when it came to healthcare, especially for Bahamians who can afford to pay or have medical insurance, Dr Sands said he was targeting “anomalies” that had allowed such persons a ride at the taxpayer’s expense. He cited the “exemption” that currently allows civil servants to enjoy free healthcare from the PHA, even though the Government pays $75m annually for them to have medical insurance, as one such “anomaly”.
The Minister also pledged to “aggressively go after” potential revenue sources such as Road Traffic Act accident claims and compensation paid to workers injured on-the-job, pointing to the vast pricing gulf between the private and public healthcare sectors. While a bed in Doctors Hospital’s intensive care unit (ICU) cost $2,000-plus per night, a similarly staffed and equipped bed in the same unit at PMH “bills for no more than $200 a night”. Dr Sands said the difference, with private sector prices ten times’ higher than its public sector counterpart, “makes absolutely no sense”.
Estimating that introduction of the proposed 500 PMH fees could occur six weeks after a final decision is made, the Minister of Health told Tribune Business: “We now need to take that from concept, given the budget and the anticipated deficit. “We’re meeting on Wednesday afternoon [today] at 2pm; the managing director of the PHA, and the various hospital administrators and financing folks, to conclude these discussions.” Dr Sands said a combination of “revenue enhancement” measures and spending cuts were being eyed to narrow the PHA’s now-typical
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Ex-minister: Govt must be GB tourism’s ‘driving force’ MINISTER of Health Dr Duane Sands. financing shortfall in the Government’s budget, which appears to be increasing on an annual basis. “We may have to stop certain programmes or certain services, but increase fees and charges to eliminate the shortfall,” he warned. “Based on the budget requests versus what was allocated, it could be as much as $50m. “The challenge is we’ve got to make some serious decisions about maintenance, infrastructure, quality of services, nursing retention and other things kicked down the road repeatedly. We can’t do that any more. We have to make some difficult decisions. “We have to look at the public health arena, the public clinics. While they
THE CENTRAL Bank could have headed-off its $2bn bank liquidity concerns had it advised the Government against heavy foreign currency borrowing, an ex-governor argued yesterday. James Smith, also a former finance minister, told Tribune Business that it “didn’t make any sense” for the Minnis administration to use proceeds from last year’s $750m US dollar bond issue to pay off
* Ex-governor: Should have advised govt different * Regulator notes ‘unsustainable’ credit concern * Savers, pension funds hurt by depressed rates
JAMES SMITH
Landfill manager wait ‘disturbing’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A BAHAMIAN environmental activist yesterday branded the lack of transparency surrounding the selection of a new manager for the New Providence landfill as “very disturbing”. Sam Duncombe, reEarth’s president, spoke out yesterday following the passage of more than one month since Romauld Ferreira, minister of the environment and housing,
told the media that a private sector manager had been selected but did not name it. “It’s extremely important in terms of dealing with the health of the people who live in the vicinity,” Mrs Duncombe said of resolving the landfill’s ongoing woes. “There’s also the broader community of New Providence that also feels the effects of the smoke. You have everything under the sun burning at that
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Freeport ‘game changer’ must assess all options By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Bahama Chamber of Commerce’s president yesterday said “any option is worth considering” to re-open the Grand Lucayan given its status as Freeport’s “game changer”. Mick Holding acknowledged that with hundreds of jobs and businesses dependent on the property, the Government might have to acquire it “as a last resort”. But he warned against “a quick fix that becomes a failure” on the
basis this would do nothing to improve the island’s economy. Speaking as the prime minister’s press secretary confirmed that the Wynn Group’s $70m bid to acquire the Grand Lucayan had been rejected by the Government as “unacceptable”, Mr Holding said it was unclear how much longer tourism-reliant businesses can survive as the hotel enters its 22nd month of closure. “All I would say at this stage is that the island
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short-term Bahamian dollar debt. He argued that this had merely worsened the already-huge build-up in surplus commercial bank assets, resulting from the industry’s reluctance to lend and inability to find qualified borrowers, thereby contributing to a growing risk that the Central Bank is now sounding alarm over.
“Excess liquid assets” in the banking system stood at $1.987bn at end-June 2018, sparking the regulator’s warning that this could fuel an “unsustainable acceleration” in credit issued to Bahamian consumers and businesses unless properly managed. The Central Bank, in its June report on economic developments, said such a
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
surge in borrowing would immediately deplete The Bahamas’ foreign currency reserves unless outflows were matched by improved earnings from tourism and other hard currency sectors. “The Central Bank is also cognisant that the high level of liquidity in the banking system could fuel unsustainable acceleration in private sector credit over the mediumterm, or for external portfolio investments, with negative implications for external reserve balances in
AN EX-tourism minister yesterday urged the government to become “the driving force for Grand Bahama’s resurgence”, agreeing that this cannot be left to the private sector. Obie Wilchcombe, pictured, called on the Minnis administration to seize “a great opportunity” to restructure the island’s tourism product and differentiate it from Nassau, arguing that any Grand Lucayan purchase should be viewed as “the beginning of anew” rather than a last resort option. The former West End MP said there were “too many properties sitting idle” for the Government not to intervene, pointing to the Royal Oasis’s near 14-year closure and the Xanadu’s search for a buyer as further reasons for its involvement. Mr Wilchcombe warned against depending on the private sector to lead any Grand Bahama tourism revival, conceding that the former Christie administration - of which he was part - had suffered for doing so. He added that it endured an endless wait for investors to make things happen, only for potential deals to “die”. His call came as the prime minister’s press secretary, Anthony Newbold,
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Central Bank missed $2bn liquidity head-off By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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CO-OPERATIVES STUDENTS ‘EPITOMISE’ YOUTH GOALS A CABINET Minister has heralded the 29 participants in the Department of Co-operatives’ Development Summer Camp for “epitomising” the government’s youth development goals. Michael Pintard, minister of agriculture and marine resources, said: “This group of students epitomises the goals the government has set for the development of this country’s youth. I believe these students are well underway to becoming successful entrepreneurs who will blaze new trails in the future.” Addressing the Co-operative Youth Entrepreneur Empowerment Seminar (YEES) Summer Camp’s closing ceremony and exhibition, held at the Mall at Marathon on Monday, Mr Pintard said the government remains committed to ensuring the positive growth of small and medium-sized enterprises. As part of this year’s summer camp, YEES participants were exposed to all the agencies, departments, industries and trades under Mr Pintard’s portfolio to encourage the further development of producer and supplier co-operatives. “It is said that ‘Excellence is habit’. It is a lifetime pursuit, and these young entrepreneurs have
ATTENDEES and craft made by YEES students.
MICHAEL PINTARD, minister of agriculture and marine resources, attends the Co-operative Youth Entrepreneur Empowerment Seminar (YEES) Summer Camp Closing Ceremony and Exhibition at the Mall at Marathon. Photos: Raymond A Bethel Sr/BIS gotten off to a great start authentic Bahamian sou- the Ministry of Agriculture this month,” Mr Pintard venirs made from coral will now receive a Bahacard added. “My ministry is very reef seashells, mahogany mian-manufactured pleased with the investment fig pods and native flora holder for their desk. leaves. Another product on dismade. Included in the designs play was a skin care line “As a result of the camp, from native agri-centric careers and were a Bahama Mama produced fields of livestock farm- doll, Regatta sloops, hair tomatoes and cucumbers. ing, agri-business, marine broaches, native thatch “Imagine the cost savings science, handicraft, cos- plait and seashell dinner when you produce your metology, straw craft and napkin holders. “One of the own skincare products,” souvenir craft, farming, most authentic souvenirs I Mr Pintard said. “This comagri-food processing and have ever seen is the sea- plete skincare line includes beekeeping are now more shell business card holder, a exotic cucumber and farm must see, a must have,” the fresh tomato astringents, promising as a result.” raw natural honey and cinThe ceremony and agriculture minister said. He committed to being namon exotic facial scrub/ exhibition, held under the theme “Youth the first client of the sea- masque.” Mr Pintard said he hoped Embracing Excellence shell business card holder. Successfully”, showcased Every senior manager in these items would be
featured at BAIC’s upcoming Bahama Art Festival, scheduled for November 2018. He added that he visited the camp during the food processing session, and saw pepper sauce, tomato sauce, Guava and Juju jams, yogurt and candy being worked on. “I am advised that the
session’s objective was to equip the participants with agricultural processing skills,” he said. “Having witnessed the processing in action, we thought it deserved to be shared with everyone”. All participants received a certificate for their efforts during the summer camp.
Business Centre seeks first advisors THE newly-launched Small Business Development Centre (SBDC) will today begin the search for its first Senior Business Advisor (SBA). Davinia Blair, the centre’s executive director, is laying the platform for the SBDC’s momentum ahead of its official launch. The centre, which is designed to strengthen the micro, small and
medium-sized enterprise (MSME) sector, is a partnership between the Ministry of Finance, University of the Bahamas (UB) and the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC). The government announced Ms Blair’s appointment in June 2018. The SBDC’s business advisors (BAs) will provide clients with confidential,
one-on-one advice on areas such as business plans, intellectual property development, strategic/tactical planning, cost efficiency, sales, marketing and startup financing. For start-ups and those already in business, the advisers will also assist in expanding their operations with a focus on market penetration, exporting, operational efficiency,
right-sizing, tax and incentives management, and growth financing. Apart from “getting the right people on the bus”, Ms Blair is readying the SBDC to offer several key services to the MSME sector. Apart from the one-on-one advisory services, the SBDC and its partners will host training seminars and events to equip and inspire Bahamian entrepreneurs.
The SBDC will provide incubation services for some of its clientele, and will advocate on behalf of the MSME sector - either as a whole or on behalf of clusters of companies. “Whatever the motivation in the mind of the business creator, it is the job of the SBDC to see and interpret that vision, to pull together the pieces to accomplish it, and to put in place a system
to monitor and guide the expansion or delivery of that vision. That’s our job,” Ms Blair said. While the SBDC is not a direct provider of capital, it will facilitate access to financing for clients. SBDC clients will be advised on the right capital structure for their companies, and directed to one of the prenegotiated programmes for further assistance.
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Wednesday, August 1, 2018, PAGE 3
Fishermen ‘not in high Aviation chief warns spirits’ for crawfish start on govt ‘overreach’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMIAN fishermen were said yesterday described as “not in high spirits” for the start of the 2018-2019 crawfish season, amid multiple poachingrelated arrests and seizures during the closed season. Keith Carroll, vicepresident of the Bahamas Commercial Fishers Alliance (BCFA), told Tribune Business: “The majority of the boats have gone out but I can tell you they are not in high spirits. They saw what happened during the off-season, with just with some of the poachers that have been caught. “We just hope we find
something when we go out there, and get a good price when we come back in. Most of the boats that have far to go left Monday and others on Tuesday. All the boats will be out there but expectations are a bit dampened. We’re still going out there and having competition with Dominicans who are being allowed to fish on Bahamian boats. Fishermen are not pleased about that at all.” Carroll told Tribune Business. In early July, 46 people on board a 70-foot Dominican fishing vessel were apprehended by the Royal Bahamas Defence Force for poaching, and found in possession of around 33,000 pounds of fishery products. In a recent interview with
Tribune Business, Michael Pintard, agriculture and marine resources minister, said a “multi-pronged” approach is needed to ensure marine protection and sustainability, adding that this cannot be confined to anti-poaching measures. He underscored the need to send a strong message to poachers, suggesting that stiffer penalties could bring about that effect. Mr Carroll said yesterday that fishermen were “hoping and praying” that this season will not be impacted by storms. “We’re always hoping and praying no storms come our way. Last year, with Hurricane Irma, a lot of fishermen were impacted,” he added.
OUT ISLAND HOTELS SEE MIXED FIGURES OUT Island resorts have seen increases in room revenue and room nights sold year-over year, the Promotions Board’s (BOIPB) executive director said, although occupancies are “rather dismal”. “If I look at the fiscal year just completed, July 1, 2017, through June 2018; if I compare my numbers in terms of room revenue and room nights sold, we’re seeing increases from one fiscal year to the next,” said Kerry Fountain. “However, if I look at my occupancy levels they are still rather dismal and indicate we have a lot of room
for growth.” Mr Fountain said firm statistics will be released later this week at an industry meeting. He added that improving airlift connectivity, especially in the southern islands, would go a long way to boosting tourism growth. “If we don’t fix providing the proper number of seats to these different islands when people want to fly them, I will only see marginal improvements from year to year,” Mr Fountain said. “While marginal improvements are better than slight declines, we’re only scratching the surface.
There has to be less talk and more action. It can’t just be the Out Island Promotion Board working independently. I have to be working with the domestic carriers and the Ministry of Tourism interdependently. “When you hear about increases, in my world I’m talking about hotel owners. In the Family Islands, when you hear about the increases we’re realising, you’re throwing into the mix second home rentals. While those numbers have been growing exponentially, we’re not seeing the same growth in the hotel sector.”
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A WELL-KNOW Bahamian airline executive yesterday warned against potential government “overreach” and “demoralisation” of the aviation sector as the Government bids to crack down on rogue operators. Sky Bahamas chief executive, Captain Randy Butler, pictured, suggested that the “flights threshold” proposed by a cabinet minister would be illegal and exceed his authority. Instead, he called for a “balanced approach” and one which would not “undermine” the industry. “I have forewarned the Civil Aviation Authority that you want to provide a balanced approach, partnering with the industry to ensure the highest safety standards are maintained,” said Captain Butler. “It’s going to be interesting to see whatever number they will set. No one in the world is doing that. We will be coming up with something the international watchdogs will definitely speak out against. “I don’t blame the
minister because his technical and legal people should be able to advise him on that. We have more than enough regulations. The regulations aren’t the problem; it’s the implementation of the regulations. Right now they could confiscate airlines. The minister right now can confiscate an aircraft operating illegally. The government just has to demonstrate the political will to enforce what rules are there now. It will make a difference.” Captain Butler spoke out after Dionisio D’Aguilar, minister of tourism and aviation, in a recent Tribune Business interview revealed he is pushing for a “threshold mechanism” to address a regulatory “quirk” that aids rogue pilots in the Bahamian aviation industry. Mr D’Aguilar said he is eyeing a system where the
number of monthly flights would be used to determine whether a pilot was offering commercial services and carrying paying passengers. But Captain Butler warned that such a concept has the potential to adversely impact the private aviation sector. “These measures he is talking about are going to interfere and, I dare say, may impact the private flyers. You don’t want to demoralise or over-regulate the industry because that’s just going to stagnate the system,” he added. The Bahamas Civil Aviation Authority (BCAA), during a press conference last week, revealed its plans to crack down on rogue operators within the industry. It has come under increasing pressure to act following January’s fatal plane crash off Mastic Point, Andros, which resulted in the loss of six lives. The incident highlighted problems relating to a lack of enforcement and oversight within the aviation industry, after it emerged that the pilot involved lacked the necessary licences to offer charter services to paying passengers.
VACANCY NOTICE
DIRECTOR OF ENTERPRISE SOLUTIONS
US says driving would be riskier if fuel standards becomes tougher
Cable Bahamas Limited is seeking to employ a Director of Enterprise Solutions. Interested persons may apply by forwarding a resume stating their interest, relevant skills, and experience to humanresouces@cablebahamas.com on or before Tuesday, August 14, 2018.
WASHINGTON Associated Press
JOB SUMMARY The Director of Enterprise Solutions will be the lead in driving the development of technical solutions in both the Commercial and Residential markets within The Bahamas. This role’s primary responsibility is to generate revenue by developing and rolling out products on the fibre and Ethernet networks to enable the increase of sales, using market research, pricing, product communications, advertising and public relations. This position will also be responsible for new business development, product development and distribution channel management.
THE Trump administration says people would drive more and be exposed to increased risk if their cars get better gas mileage, an argument intended to justify freezing Obama-era toughening of fuel standards. Transportation experts dispute the arguments, contained in a draft of the
administration’s proposals prepared this summer, excerpts of which were obtained by The Associated Press. The excerpts also show the administration plans to challenge California’s longstanding authority to enact its own, tougher pollution and fuel standards. Revisions to the mileage requirements for 2021 through 2026 are still being worked on, the
administration says, and changes could be made before the proposal is released as soon as this week. The Trump administration gave notice earlier this year that it would roll back tough new fuel standards put into place in the waning days of the Obama administration. Anticipating the new regulation, California and 16 other states sued the Trump administration in May.
JOB DESCRIPTION Duties will include but are not limited to: •Creating a clear enterprise solution strategy that encompasses all segments incorporating the Company’s mid to long-term strategic and annual business plans; •Maintaining and executing the strategic plan to research, identify and propose commercial and residential solutions and applications, while determining the prioritization and investment across companies; •Developing in depth understanding of networks and plan to maximize the capabilities within product sets. Develops, rationalizes, and aligns product roadmaps for enhancing capabilities; •Monitoring industry trends and evaluate new technologies for potential deployment and/or use to support emerging business needs; •Leading or supports the development of strategic directions and business roadmaps for the current state and the evolution of product deliver; •Initiates and manages engagement with external vendors and internal crossfunctional teams; •Developing strategy to obtain and maintain executive sponsorship/direction and communication. Communicate planning and strategy to executive sponsors, champions, and vendor partners; •Establishing strategic partnership with Sales, Network Operations, Engineering and IT; •Conducting industry analysis and research, develop and present business cases to grow revenue. Identify and develop business cases across companies to drive value such as operational efficiency, organizational effectiveness, cost reduction and revenue growth; •Providing oversight and tracking of financials by product. Completing budgets, forecasts and actuals to ensure alignment; •Leveraging the data and Ethernet communications capabilities with dedicated, high-performance connectivity; •Driving innovative solutions comprising but not limited to the following service offerings; •Ethernet Network Services: • Metro Ethernet Services • SDN-WAN • Hybrid WAN SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED •Requires BS/BA in a related discipline and 8 plus years of experience in related field (Telecommunications product development) and 5 plus years of experience in developing and implementing business and technology strategies for a telecommunications service provider; •Demonstrated experience in developing and executing product management; •Confident presence in client facing situations, polished verbal and written presentations, effective interpersonal skills, and strong collaboration skills, to partner effectively with teams throughout organization; •Must demonstrate strong people leadership skills, project management and communication skills; •Candidate should possess an understanding of program management; •Knowledge of telecommunications service offerings: Video, Voice, High Speed Data; •Experience in the Caribbean (specifically The Bahamas) and the United States preferred. Qualified applicants should submit Resumes on or before Tuesday, August 14, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Director of Enterprise Solutions to humanresources@cablebahamas.com.
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Landfill manager wait ‘disturbing’ FROM PAGE ONE landfill from time to time. “The emissions are a huge issue for human health, environmental health in terms of air quality, and what’s going into the atmosphere. From a ground water perspective, if any of that is leaking - which you can pretty much bet on - when that leachate gets into the water table, anyone in the vicinity using the water is going to be affected as well.” Mrs Duncombe added: “ It’s something that should have been dealt with a long time ago. There’s talk about transparency and public inclusion, but it’s not happening. It’s very disturbing and discouraging. What’s happening with the landfill, we haven’t heard anything in a while. There are just so many other environmental issues still hanging in the balance, like the Blackbeard’s Cay issue and Bimini’s marine protected area. Mr Ferreira, in a message to Tribune Business, said he was off-island with his family and would return shortly. In late June, he declined to
say when the Government would enter into a contractual agreement with the preferred bidder, only confirming that it was Bahamian operated and any deal would for more than five years. He indicated that most of the details were dependent on Cabinet conclusions. The three contenders are Bahamas WTP Ltd; Bahamas Waste; and Providence Advisors and the Waste Resources Development Group (WRDG). Tribune Business sources have suggested the Government favoured the Providence/WRDG consortium, but understands that none of the bidders have themselves been formally notified of the outcome. Providence Advisors is headed by the well-known local investment banker, Kenwood Kerr. His partner, Waste Resources Development Group, features all the other Bahamian waste disposal groups bar Bahamas Waste. Bahamas Waste is the BISX-listed company of the same name, while Bahamas
WTP is a consortium that also features two US companies, Delaware-incorporated Ameresco Ltd and Louisiana-based Furnace and Tube Services Inc. Cedric Scott, the actor, producer and uncle of former Cabinet minister, Jerome Fitzgerald, is listed by Bahamas WTP LTD’s website as one of its five principals. Its two other Bahamas-based principals are banker, Ivylyn Cassar, and permanent resident, Fay Russell. The company’s physical address is listed as Ms Cassar’s Equity Bank & Trust, based in western New Providence. Seventeen bidders submitted Expressions of Interest (EoI) for the New Providence landfill, but just seven qualified for the Request for Proposals (RFP) round. Four out of the seven firms responded and paid the registration fee, but APAPA International’s submission was received after the closing date of April 9, 2018, at 4pm, resulting in its bid being summarily rejected by the Tenders Board.
EMPLOYMENT OPPORTUNITY
VICE PRESIDENT MARKETING A progressive company is looking for a Vice President of Marketing. This position will be responsible for the strategy, tactics and programs to create interest, demand and recognition for the company’s products through the use of PR, Product Marketing, Creative Services, Advertising, Strategic Relationships, Direct, Event, Channel, Digital and Online Marketing. The ideal candidate must be well rounded in all aspects of marketing and sales methodology to both vertical and consumer customers. Extensive knowledge of technical markets, pricing models, consumer packaging, channels of distribution, technology trends, customer buying patterns, budgeting, public and investor relations, advertising, statistics and analysis, P&L background, direct marketing, telemarketing, planning skills, database marketing, competitive strategies, event marketing, channel marketing, merchandising, product marketing, product management, team management, presentation, sales and strong training skills during high growth stages. Core Responsibilities include:• Product management, pricing and business performance management for a company’s major lines of business; • Product life cycle management which includes all aspects of service development and evolution of the product; • Manages operating and expense budgets effectively to maximize profitability and minimize impacts on corporate costs; • Ensures all activities exemplify the corporate image and brand of the company; • Creates a highly effective team fluent in current industry trends, technology changes and market conditions; • Ensures products adhere to applicable policies, practices, regulations, and privacy requirements; • Product portfolio which includes revenue, subscribers, market, share and churn targets • Portfolio plan development and business performance of products including profitability, expense management, and inventory management; • Provides inputs into the forecasting process and ongoing forecasting updates; • Identifies emerging areas of focus and high quality ideas in consultation with product marketing, technology, operations and senior management; • Leads cross-functional multi-disciplined teams in the research, evaluation, system design, requirement definition and process development for service delivery; • Negotiates, establishes and maximizes third party relationships that deliver advantageous results and protect the company’s interests; • Ensures that the company’s products and pricing are positioned competitively through proactive monitoring and research of the marketplace and competitors; • Spearheads timely tactics to counter competitive threats; • Ensures channels to market are supported and effectively maintained by providing sales aids, value propositions, product information and sales training for all marketing-related initiatives; • Drives marketing activity to ensure alignment with marketing plans, and gains the understanding and commitment of stakeholders; • Provides marketing leadership, direction and coaching to inspire, motivate and enable a positive and productive work environment for direct reports and cross-functional teams; • Create key performance metrics to measure customer experience and brand awareness, capturing customer behavior, analysis of results, and development of cross-departmental recommendations. Required Skills, Experience & Qualifications • A Bachelor’s degree in Marketing, Branding or related field; • Ten (10) plus years’ experience in a senior marketing role; • Demonstrated experience and leadership in managing comprehensive strategic; marketing, communications, media relations, and marketing programs to advance an organization’s mission and goals; • Superior management skills with the ability to influence and engage direct and indirect reports and peers; • Ability to manage influence through persuasion, negotiation, and consensus building; • Combined background of post-sale and sales experience an asset; • Strong empathy for customers AND passion for revenue and growth; • Analytical and process-oriented mindset; • Excellent communicator with superior verbal, written, interpersonal, technical and presentation skills; • Ability to think critically and problem solve in a fast-paced environment. Qualified applicants should submit Resumes on or before, August 15, 2018 electronically to the following email address: careers242@coralwave.com with Subject: Vice President Marketing.
Central Bank missed $2bn liquidity head-off FROM PAGE ONE the absence of further strengthening in the performance of the foreign exchange earning sectors,” it warned. “The Bank is therefore sustaining its focus on liquidity reduction by further decreasing its holdings of government debt. The Credit Bureau framework, now having cleared critical regulatory hurdles, will also instill a more disciplined environment for lending growth over the medium-term.” Mr Smith said a “medium-term” scenario typically referred to a period five to seven years out. To ensure a soft landing, rather than the “worst case scenario” outlined by the Central Bank, Mr Smith said the authorities needed to ensure credit was channelled to the productive, foreign exchange-earning sectors of the economy to create jobs once the banks started to lend again. With the Central Bank now focusing on a concern he identified last year in the aftermath of the Government’s $750m bond issue, Mr Smith said of the regulator: “They should have advised the Government about going out and borrowing in US dollars, when they already had excess liquidity in the system, and using it to pay local bills. It didn’t make any sense.” Arguing that the Government had been “suckered” into borrowing more than
it should, Mr Smith said that while the proceeds had boosted the Central Bank’s foreign currency reserves this was an “artificial” improvement not driven by any expansion in tourism and other exchange-earning industries. He warned that this could result in “a mismatch of currencies”, creating pressure on the external reserves when it comes time to repay foreign currency borrowings, with the excess liquidity also depressing the interest rates paid by banks to depositors. Arguing that this all stemmed from “bad fiscal and monetary policy”, Mr Smith said: “Because you’re punishing savers by paying little or no interest, they put their money into riskier investments. Savers are being exposed to actions they may not necessarily take. “The banks, having been bitten by the non-performing loans or arrears, they’re pretty reluctant to lend or are only lending to their ‘A’ customers. But there’s still the ‘B’ and ‘C’ customers, and I suspect they’re borrowing from private lenders. “They [the Government] also propped up artificially the Central Bank reserves, which paints the country and Central Bank as being able to rest on their laurels, but they didn’t earn that. That’s not net foreign earnings,” he continued. “If the banks unleash the spigots and begin to lend again, the reserves
could run down really rapidly.... It’s a reflection of the conversion of the [$750m] foreign loan, and a reflection of the banks’ reluctance to lend.” Mr Smith said the near$2bn excess bank liquidity was “the symptom” of the industry’s inability to find qualified borrowers. The size of its surplus asset pile, representing funds that commercial banks want to lend but cannot, meant the Bahamian private sector was not accessing sufficient debt capital to fund expansion and job-creating investments. He added that policymakers’ priority should be to “mitigate the fears of the banking system”, which he branded “the root of the problem”, and ensure there was a soft landing on “excess liquidity” through the extension of credit to Bahamian businesses. “The savers are paying the price,” Mr Smith reiterated, “the very people we want, as they are the mirror image of investment. It’s hurting pension funds, especially those people retiring soon and expecting a return. “This thing is playing out, and this is the first time the Central Bank has recognised there’s a potential problem, but it needs an urgent solution. The Central Bank needs to monitor when the banks loosen up, because it will have a direct impact on the reserves and create another problem when we have a drain because of fast expansion.”
PMH fee rises loom on $50m funding gap FROM PAGE ONE are extremely important to the communities they serve, if there are adjacent clinics and we can achieve economies of scale, we may have to close certain clinics, cancel services and reduce hours,” Dr Sands continued. “The decision will have to be made to avoid any real disruption. In essence, at the end of the day there is no infinite source of funds, so tough decisions have to be made.” He emphasised that critical healthcare services will not be affected, with the Government’s focus titled towards revenue enhancement so that the PHA can recover its costs. “Given that certain things are essential services we have to have increased revenue,” Dr Sands told Tribune Business. “In the pot of available income there’s only so much diversion and reallocation we can do. I’m sure the other ministries are doing similar exercises.” Predicting that today’s meeting on the proposed fees will generate “significant discussion”, he added that the process from decision to implementation will take around six weeks. The Minnis Cabinet will have to ratify the outcome, while financial projections must also be submitted to the Ministry of Finance. Dr Sands said the PHA was set to target longstanding revenue sources
that have been ignored, sometimes for decades, in a bid to close its financing deficit/gap and improve service quality and infrastructure. “There’s some simple things,” he told Tribune Business. “There’s an anomaly in the charges; the exemptions that were created when there was no insurance for the civil service. In the PHA, civil servants don’t pay, but they have health insurance paid for by the Government of The Bahamas. “If there’s a situation like that, which is clearly an anomaly, we’re going to make the case that if we’re already paying for that benefit the hospital should be able to generate revenue to pay for it.” Dr Sands said Bahamian taxpayers, via the Government, paid $75m annually to ensure politicians, civil servants and the security services enjoy medical insurance cover. “It would seem to make sense that it would be the PHA benefiting from that,” he added. “It would go a phenomenally long way to improving service, supplies. Perhaps that alone opens up beds that are closed.” The Minister said 87 percent of patients accessing care through the PHA pay nothing towards it, with the prime beneficiaries of civil service health insurance being Florida medical facilities and the private sector. Identifying other potential revenue sources, Dr
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Sands added: “We have a huge problem with road accidents, and the vast majority of patients accessing care do not pay. “The Road Traffic Act provides cover for personal injury. If somebody is injured in an automobile accident, why should the PHA not benefit from claims made under that Act. “We’re going to go aggressively after that revenue, and workers compensation for industrial injuries and accidents. “We’re going to look at all these things to capture revenue being lost to the PHA.” Turning to the disparities between public and private health sector pricing, Dr Sands said: “An ICU bed at Doctors Hospital costs $2,000 plus per night. A similar bed, equipped and staffed, at PMH bills for no more than $200 a night. “If someone has an insurance policy they go into Doctors Hospital and pay $2,000 a night. You go to PMH and pay nothing if you’re a civil servant, but it’s only $200 a night. That makes absolutely no sense; same bed, same service.” Dr Sands added that beds at PMH’s neonatal intensive care unit, which he described as “even more specialist and sophisticated”, charged $80 per night. “Many of the insurance policies will not pay for neonatal care in The Bahamas, but they will if the baby is transferred to South Florida,” he said.
THE TRIBUNE
Wednesday, August 1, 2018, PAGE 5
Ex-minister: Govt must be GB tourism’s ‘driving force’ FROM PAGE ONE confirmed Tribune Business’s July 12 revelations by revealing that the Wynn Group’s proposal to purchase the Grand Lucayan was “unacceptable to the government” and had been “rejected”. While Mr Newbold did not explain the reasons for its rejection, Tribune Business sources previously suggested Wynn had effectively been looking to the Government to finance its $70m purchase for it through a combination of tax breaks, marketing and airlift subsidies and other concessions. “Wynn is expecting the Government to pay for it, and they walk in as owner,” one contact, speaking on condition of anonymity, previously said. “I can tell you the Government isn’t interested in that, and has no choice but to start to look for another buyer immediately.” The Minnis administration is now scrambling to try and find a new Grand Lucayan purchaser within the next 30 days, with the property’s current owner, the Hutchison Whampoa offshoot of Cheung Kong (CK) Property Holdings, warning it will close the entire resort by then if no buyer is secured. Arguing that the Government needed to view the situation as an opportunity, rather than a challenge, Mr Wilchcombe told Tribune Business: “I think the Government has to find a way to capitalise the Hotel Corporation and utilise it to be the driving force for the resurgence of tourism in Grand Bahama. “There are too many properties sitting idle. We have to think about what exists. I agree with the Prime Minister that the Grand Lucayan is the heart of the tourism plant right now and some effort must be made.” Should the government have to acquire the Grand Lucayan by itself, it will need to find considerably more financing that the $25m set aside in the
2018-2019 budget to fund its acquisition of a minority equity stake - believed to be 20 percent - in Wynn’s majority purchase of the property. Apart from likely having to match Wynn’s $70m offer, Tribune Business sources said the government will need at least a further $25-$30m to fund the necessary renovations so the property can re-open. That will take its total outlay to near $100m, quadruple what is allocated in the budget, and creating a sizeable fiscal hole in its plans that will have to be filled by extra borrowing or re-purposing monies from other areas. Some sources even predicted that between $150-$200m might ultimately be required. While acknowledging that a government acquisition of the Grand Lucayan was “the last resort” option, Mr Wilchcombe said it could also represent “the beginning of anew”. To reduce any upfront purchase costs, he suggested that the Government seek to lease the resort from CK Property Holdings while also taking an option to purchase. The former minister added that it could also offset any acquisition price by “relaxing” the taxes paid by Hutchison Whampoa’s other Grand Bahama interests, such as the Grand Bahama Development Company (DevCo), Freeport Container Port and Freeport Harbour Company. “The Government needs to have an impact on the tourism industry in Grand Bahama right now,” Mr Wilchcombe told Tribune Business, “because we have to appreciate that if nothing happens the tourism appeal is going to be
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lost, and it will take a lot more time and money to bring Grand Bahama back. “The Government is going to have to give to get. It’s going to have to do that to make that happen. They should let the Hotel Corporation work on getting the entire tourism plant restructured, talk to Carnival about its tourism development in east Grand Bahama, talk to the owners of Xanadu, and look at the Royal Oasis again as a venue for conferences and events. “I think it’s an opportunity, a great opportunity, for the Government to take ownership of the tourism plant in Grand Bahama,” the ex-minister continued. “The Government has to take the lead in getting it done, and not take the dependency route like we had done. “What happened is people came in, we were waiting for them, the wait goes on for ever and it dies. The Government has got to become the driver, getting it done, and doing it in a timeframe that favours it. They can put business people in there to make it work. I think we can do it.” The Grand Lucayan’s post-Matthew closure has resulted in much of the property being shuttered for 21 months, causing the loss of over 1,000 jobs and 59 percent of Grand Bahama’s hotel room inventory - effectively taking the island off the stopover tourism map. CK Property Holdings had been running a sales process for the Grand Lucayan when it
was interrupted by Hurricane Matthew. Wynn then emerged as the potential buyer with a $110m offer just prior to the 2017 general election, but was unable to close the deal. It walked away, and the Minnis administration then revealed its plan to take an ownership stake in a purchasing group. This prompted Wynn to return with a $70m all-cash deal, which was accepted by CK Property Holdings. The Government suspended its plan, and the two companies signed a Letter of Intent (LoI) for the Grand Lucayan’s purchase just before Christmas 2017. Dr Minnis suggested then that the purchase would close by end-February 2018, but no deal was forthcoming and the Grand Lucayan’s fate has dragged on for five more months with no resolution seemingly in sight. In the meantime, Wynn has broken ground on its $120m Goodman’s Bay condo-hotel in New Providence, with many observers questioning why the Government allowed this to proceed because it meant surrendering any leverage it had over the Grand Lucayan negotiations. Tribune Business sources have previously suggested that the former Christie administration encouraged Wynn to look at the Freeport-based resort in return for helping to sort out covenant and zoning restrictions that were thenimpeding its Goodman’s Bay development.
NOTICE HERMOSILLO LIMITED N O T I C E IS HEREBY GIVEN as follows:a) HERMOSILLO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. b) The dissolution of the said company commenced on the 30th July, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. _________________________________ Octagon Management Limited Liquidator
Facebook finds ‘sophisticated’ efforts to disrupt elections NEW YORK Associated Press FACEBOOK elevated concerns about election interference yesterday, announcing that it had uncovered “sophisticated” efforts, possibly linked to Russia, to manipulate US politics and by extension the upcoming midterm elections. The company was careful to hedge its announcement; it didn’t link the effort directly to Russia or to the midterms, now less than a hundred days away. And its findings were limited to 32 apparently fake accounts on Facebook and Instagram, which the company removed because they were involved in “co-ordinated” and “inauthentic” political behaviour. But official Washington connected those dots anyway, not least because the reported activity so closely mirrored Russian influence campaigns during the 2016 presidential election. Nearly 300,000 people followed at least one of the newly banned accounts and thousands expressed interest in events they promoted. “This is an absolute attack on our democracy,” said Virginia Sen Mark Warner, the top Democrat on the Senate intelligence committee, which Facebook had briefed in advance. Warner expressed “pretty high confidence” that Russia was behind the assault. A spokesman for Senate Judiciary Chairman Chuck Grassley said Facebook had informed his office that “that a limited group of Russian actors has attempted to spread disinformation using its platform and that the affected groups are affiliated with the political left.” The identified accounts
sought to “promote divisions and set Americans against one another”, wrote Ben Nimmo and Graham Brookie of the Atlantic Council’s Digital Forensic Research Lab in a blog post Tuesday. The nonprofit is working with Facebook to find and analyse abuse on its service. The perpetrators, Facebook noted, have been “more careful to cover their tracks” than in 2016, in part because of steps Facebook has taken to prevent abuse over the past year. For example, they used virtual private networks and internet phone services to mask their locations, and paid third parties to run ads on their behalf. After it became clear that Russia-linked actors used social media to try to influence the 2016 US election, Facebook has escalated countermeasures intended to prevent a repeat. It has cracked down on fake accounts and tried to slow the spread of fake news and misinformation through outside fact-checkers. The company has also announced new guidelines around political advertisements, requiring disclosure of who paid for them and keeping a database. Facebook has ramped up spending on these and other measures, so much so that it finally spooked investors with a forecast of lower profitability last Wednesday. Facebook’s shares promptly dropped almost 20 percent and haven’t recovered. While the company would not say who is behind the efforts, Facebook said it uncovered links between the accounts it just deleted and those created by Russia’s Internet Research Agency in the 2016 influence effort.
NOTICE PAW MARK LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PAW MARK LIMITED is in dissolution as of July 30th, 2018. GOLDEX (HK) LIMITED situated at Unit1307, 13/F., Sunlight Tower, 248 Queen’s Road East, Wanchai, Hong Kong is the Liquidator. LIQUIDATOR ______________________
PAGE 6, Wednesday, August 1, 2018
THE TRIBUNE
Freeport ‘game changer’ must assess all options FROM PAGE ONE needs that resort; the jobs, the businesses, many of whom are Chamber members, that are reliant on that,” he told Tribune Business. “They have been hanging on for 20-odd months since the resort closed after Hurricane Matthew. “I think we could see further business closures if it went on for a third winter. There are a lot of businesses that managed to hang in there, but how long they can continue... a third missed winter might kill them. Every month that goes by makes it much harder for them to hang in there, and some businesses have already closed.”
Mr Holding added that if no private sector buyer emerges, the Government may have no choice but to deliver on promises to intervene and purchase the Grand Lucayan itself for “the sake of the local economy”. “There’s more at stake than the hotel itself,” he told Tribune Business. “There’s hundreds of jobs, probably thousands of jobs, and a lot of other dependent businesses. Any option is worth considering for the sake of the local economy. The economy needs something; all options should be considered. “There are a lot of good things happening on the island, but in the tourism sector this [the Grand Lucayan] is the major
player. We have the Costa, the second cruise vessel with the Celebration, GIBC Digital. There are other things that are picking up, but the game changer will be the hotel. That’s the thing.” Mr Holding, though, cautioned against any efforts to re-open the Grand Lucayan that were unlikely to be sustainable over the long-term. “The important thing is that whatever happens, it’s successful,” he emphasised. “It’s not a quick fix that becomes a failure.” The prime minister confirmed at the weekend that the Government “will intervene and, if necessary, purchase the Grand Lucayan” if no buyer is found within the next 30 days, amid suggestions that Cheung Kong Properties,
its current owner, may close the last remaining property - the Lighthouse Point some time in September. The prime minister’s remarks at a meeting of Free National Movement (FNM) Grand Bahama branches at the weekend, coupled with KP Turnquest, deputy prime minister, revealing that the resort’s fate will be determined “30 days from now”, merely confirm the growing uncertainty over whether a private sector buyer will emerge before time runs out. The Grand Lucayan’s fate has effectively come full circle in 12 months, for it was last August when Dr Hubert Minnis suggested the Government may take an equity stake in any acquisition of the resort.
That arrangement, based on his remarks, is now squarely back on the table with the clock set firmly against the Government. Unless an acquisition is completed imminently, Freeport’s “anchor” property - and, by extension, the city’s entire stopover visitor industry - run the considerable risk of missing out on a third peak winter tourism season. One Freeport businessman, speaking on condition of anonymity, said the Government was effectively back at the start and “time has been wasted” - almost an entire year - because it “kept playing” with the Wynn deal it inherited from the former Christie administration. Questioning why the
Government could not see Wynn was unlikely to close the deal, when many outside observers could, the source said a vertically-integrated tour operator, travel agent and resort operator - similar to the Memories/ Sunwing combination - was what Freeport required to re-establish itself on the tourism map. “The country is broke but they can’t let Freeport die,” they added. “We have hundreds of Bahamian families here who are going to lose their homes and can’t put bread on the table. These are the real stories. Many have already left to go to Bimini, Abaco and Nassau. We’ve lost over 10,000 people. It’s a tragedy, built up over a long time.”
TRUMP ADMINISTRATION CONSIDERING TAX BREAK ON CAPITAL GAINS WASHINGTON Associated Press THE Trump administration is studying the idea of implementing a big tax break for wealthy Americans by reducing the taxes levied on capital gains, but no decision has been made yet on whether to proceed. Administration officials said yesterday that Treasury Secretary Steven Mnuchin prefers deferring to Congress. But he does have his department
studying the economic impact of such a change and the legality of proceeding without congressional approval. The change would involve taxing capital gains — profits on investments such as stocks or real estate — after taking into account inflation, which would lower the tax bite. Capital gains taxes are currently determined by subtracting the original price of an asset from the price at which it was sold and taxing
NOTICE NOTICE is hereby given that WILSON NOE of Kool Acres Subdivision, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
the difference without adjusting for inflation. For example, a stock purchased in 1990 for $100,000 and sold today for $300,000 would produce a $200,000 capital gain. That amount, taxed at the top capital gains rate of 23.8 percent, would result in a tax bill of $47,600. However, if the $200,000 gain was trimmed to just $103,000 by adjusting for inflation over the past 28 years, the tax bill would be $24,514. “There has been a great deal of interest in this provision for a long time,” said a White House official who spoke on condition of anonymity to discuss internal policy deliberations. “Treasury is currently
evaluating the economic impact and whether it can be achieved without legislation.” Indexing capital gains for inflation would reduce federal revenue by about $102bn over a decade, according to the Penn-Wharton Budget Model. The Congressional Research Service has estimated that about 90 percent of the benefits would go to the top one percent of households. The New York Times and the Washington Post reported yesterday that the proposal was under active consideration by the administration. It has long been supported by Larry Kudlow, head of the
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, JAMAL ERROL MOSS, of #69 Malibu Reef, Freeport, Grand Bahama, Bahamas intend to change his name to JAMAL ERROL McPHEE. 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.
MARKET REPORT TUESDAY, 31 JULY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,927.56 | CHG -7.80 | %CHG -0.40 | YTD -136.01 | YTD% -6.59 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.02 1.39 0.19 4.00 9.16 6.60 5.30 11.93 2.71 1.77 8.21 6.21 11.50 7.29 13.67 13.00
52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A 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
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
LAST CLOSE 4.45 17.43 9.09 4.02 1.01 0.18 3.00 9.13 6.15 3.70 11.42 2.79 1.75 7.94 6.10 11.25 6.35 3.69 13.00
CLOSE 4.45 17.43 9.09 4.02 1.00 0.18 3.00 9.13 6.15 3.62 11.42 2.81 1.75 7.92 6.10 11.25 6.35 3.75 13.00
CHANGE 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 -0.08 0.00 0.02 0.00 -0.02 0.00 0.00 0.00 0.06 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
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
LAST SALE 100.00
CLOSE 100.00
CHANGE 0.00
108.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.03 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
108.42 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
2,600
16,809
4,255
200
VOLUME
EPS$ 0.268 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.719 0.277 0.631
DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580
P/E 16.6 18.7 N/M 14.2 N/M N/M -3.0 14.3 10.7 21.2 18.2 27.5 7.6 N/M 11.2 16.6 8.8 13.5 20.6
YIELD 2.25% 6.48% 0.00% 5.72% 0.00% 5.56% 0.00% 7.78% 3.58% 3.31% 5.43% 2.14% 4.00% 1.06% 5.25% 4.44% 3.15% 3.20% 4.46%
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 Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
MUTUAL FUNDS 52WK HI 2.16 4.16 2.00 180.30 157.58 1.56 1.70 1.64 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 1.50 1.62 1.58 1.08 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 2.16 4.12 2.00 180.30 155.10 1.56 1.70 1.65 1.09 7.24 8.28 6.46 11.16 11.65 10.26
YTD% 12 MTH% 1.87% 3.98% -0.44% 4.28% 1.05% 2.26% 0.90% 3.44% 1.11% 6.05% 2.14% 4.33% 0.17% 4.01% 1.67% 4.18% -0.96% 0.73% -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-Jun-2018 30-Jun-2018 29-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018
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
president’s National Economic Council. Mnuchin, however, has signaled caution in approaching the idea. Republicans, led by House Ways and Means Committee Chairman Kevin Brady, are leading an effort to extend and expand the $1.5tn tax cut President Donald Trump pushed through Congress last December. But GOP lawmakers had mixed views on whether the administration could lower capital gains taxes without the approval of Congress. “I think they would need Congress to do that,” Senate Finance Committee Chairman Orrin Hatch, R-Utah, told reporters. Sen Susan Collins, R-Maine, a key vote on tax issues, also panned the idea. “We just passed a major tax relief bill,” Collins said in an interview. “I don’t think this, or any other administration, has the legal authority to make that kind of change in our tax law.” But other Republicans welcomed the chance for further tax cuts. Sen Pat Toomey, R-Penn, a chief proponent of lower taxes, said such the move would free up investment and “would be very good for the economy”.
Cutting capital gains taxes was one of the few items on Republicans’ wish list that didn’t make it into their tax legislation last year. Mnuchin said in an interview with The New York times that if the capital gains change “can’t get done through a legislative process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that”. But he emphasised that he has not yet concluded that Treasury has the authority to act alone. “We are studying that internally, and we are also studying the economic costs and the impact on growth,” Mnuchin told the Times. Democrats, however, vowed to oppose the change to how capital gains are taxed. “Once again, Republicans have exposed the true priorities of their tax scam: billions in tax breaks for the wealthiest at the expense of everyone else,” House Democratic Leader Nancy Pelosi said in a statement. “American families are drowning under the weight of stagnant wages, higher health costs and soaring prescription drug costs, but the GOP continues to pick their pockets to give more handouts to the wealthiest one percent.”
NOTICE Notice is hereby given that MAURICE HEINTZ of Kennedy Subdivision, Golden Palm Estate, P.O.Box GT2663, New Providence, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 1st August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.
NOTICE NOTICE is hereby given that SHENIKA CENER of #128 Hospital Lane, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE Notice is hereby given that LACEWANNE AUGUSTIN of Central Pines, Abaco, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 1st August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.
THE TRIBUNE
Wednesday, August 1, 2018, PAGE 7
Health care and industrial stocks lead US indexes higher NEW YORK Associated Press US STOCKS rose yesterday following strong results from industrial and health care companies as well as a report that the US and China are trying to restart trade talks. Small companies rallied. Bloomberg News reported that representatives of the US and China are looking for ways to open new talks to end their trade war. The report cited two people familiar with those efforts and said there was no agreement about a time frame for talks or what issues would be discussed. Earlier this month both nations placed import taxes on $34bn worth of goods, and they’ve been threatening more severe measures. The trade dispute could affect sales for many industrial companies and new tariffs on aluminum and steel imports are also sending costs for those companies higher. Companies including Deere and Caterpillar jumped while engine maker Cummins rose after its second-quarter report. Vincent Reinhart, chief economist at Standish Mellon, a unit of BNY Mellon Asset Management, said investors have mostly stayed calm during the trade dispute because they think most of the tensions will get worked out by November. Rising corporate profits, which have been helped by the recent tax cuts, are also helping. “Everybody thinks a deal will be cut before the midterms,” he said. “That allows you to shake off the bad news and embrace the good.” Earnings from companies including Pfizer and Illumina gave health care
THE NEW York Stock Exchange in New York. Stocks are opening broadly higher on Wall Street yesterday as technology companies rise after a threeday losing streak. Industrial companies were also higher.
stocks a boost and real estate companies climbed as well. Banks were left out of the rally as interest rates slipped. The S&P 500 index rose 13.69 points, or 0.5 percent, to 2,816.29, making up most of the losses it took on Monday. The Dow Jones Industrial Average gained 108.36 points, or 0.4 percent, to 25,415.19. The Nasdaq composite added 41.78 points, or 0.5 percent, to 7,671.79. The Russell 2000 index of smaller-company stocks jumped 17.67 points, or 1.1 percent, to 1,670.80. Deere, a farm equipment maker whose profits would be hurt by China’s tariffs on soybeans, surged 4.8 percent to $144.79. Engine maker Cummins gained 4.1 percent to $142.81 after a
better-than-expected second-quarter report. After a slump on Monday, construction equipment maker Caterpillar rose 2.9 percent to $143.80. Genetic testing tools maker Illumina raised its forecasts after a strong second quarter and its stock climbed 12.1 percent to $324.36. Pfizer rose 3.5 percent to $39.93 after the biggest US drugmaker topped analysts’ projections and raised its forecasts for the year. Elsewhere, cable company Charter Communications advanced 3.6 percent to $304.58 after its quarterly profit surpassed analysts’ estimates. High-powered laser maker IPG Photonics nosedived 26.9 percent to $164.04 after it said demand
from Europe and China worsened during the second quarter. The company’s revenue forecast for the current quarter fell far short of Wall Street’s estimates. Apple climbed 2.5 percent to $195.14 in aftermarket trading after reporting that its thirdquarter profit and sales both topped analysts’ projections. Its fourth-quarter sales forecast was also better than expected. The Commerce Department said consumer spending grew another 0.4 percent in June, and a key measurement of inflation is up 2.2 percent over the last year. For the last four months, inflation has equaled or been slightly higher than the Federal Reserve’s target of two percent. The Fed is meeting
yesterday and today but isn’t expected to raise interest rates again until later this year. The Labor Department said wages and benefits for US workers continued to rise, but they grew at a slightly slower pace in the second quarter. That’s a sign that even though unemployment is low, wages aren’t picking up. Technology companies ended a three-day losing streak. Chip equipment maker KLA-Tencor soared 10.5 percent to $117.42 after it topped Wall Street expectations in the second quarter. Chipmaker Qualcomm gained 3.3 percent to $64.09 as it started to buy back stock from shareholders. Apple added 0.2 percent to $190.29 as investors
waited for its quarterly report. Technology stocks had plunged more than five percent in three days, and they regained only a small portion of that yesterday. Bond prices rose. The yield on the ten-year Treasury note fell to 2.96 percent from 2.97 percent. Economic growth in the 19-country eurozone slowed to 0.3 percent in the second quarter as trade tensions between the US and Europe hurt business confidence. Since then, the EU and US have agreed to hold off more tariffs and try to free up trade, though details remain hazy. The French CAC 40 rose 0.4 percent and the British FTSE 100 gained 0.6 percent. The DAX in Germany added 0.1 percent. Japan’s Nikkei 225 index rose less than 0.1 percent after the Bank of Japan didn’t announce any major changes to its monetary policies. South Korea’s Kospi added 0.1 percent. Hong Kong’s Hang Seng index fell 0.5 percent. Benchmark US crude lost two percent to $68.76 per barrel in New York. Brent crude, used to price international oils, fell one percent to $74.25 a barrel in London. Wholesale gasoline slid 1.4 percent to $2.13 a gallon. Heating oil shed 1.8 percent to $2.13 a gallon. Natural gas slipped 0.5 percent to $2.78 per 1,000 cubic feet. Gold rose 0.2 percent to $1,223.60 an ounce. Silver added 0.1 percent to $15.56 an ounce. Copper rose 1.4 percent to $2.83 a pound. The dollar rose to 111.83 yen from 111 yen. The euro slipped to $1.1697 from $1.1710.
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PAGE 8, Wednesday, August 1, 2018
THE TRIBUNE
AUDITORS: 30M TAXPAYERS WILL OWE MORE DUE TO LOW WITHHOLDING
PHOTO shows blank checks on an idle press at the Philadelphia Regional Financial Center, which disburses payments on behalf of federal agencies. Congressional auditors say about 30 million people will have to come up with more money to pay their taxes next year because their employers withheld too little from their paychecks under government tables keyed to the new tax law. WASHINGTON Associated Press CONGRESSIONAL auditors say about 30 million people — 21 percent of US taxpayers — will have to come up with more money to pay their taxes next year because their employers withheld too little from their paychecks under government tables keyed to the new tax law. New tax withholding tables for employers were put together by the government early this year. About 30 million workers received pay that was “under-withheld” — making their paychecks bigger this year but bringing a larger bill at tax time next spring, according to the Government Accountability Office’s report. About 27 million taxpayers would have been affected even if the new law hadn’t been enacted. The changes, however, added three million to that number. The Treasury Department and the IRS are responsible for updating the tax withholding tables each year. Highlighting the importance of accurate tables, the GAO said Treasury and the
IRS currently don’t lay out in writing their roles and responsibilities for annual updates. The auditors recommended that they do so, in accordance with federal standards for internal controls. Treasury and the IRS agreed with that recommendation, the report said. The report by the independent auditors was requested in January by the senior Democrats on the Senate and House tax-writing committees, Sen Ron Wyden of Oregon and Rep. Richard Neal of Massachusetts. They asked the GAO to analyse the withholding tables under the new tax law to make sure workers’ paychecks weren’t being under-withheld. Treasury Secretary Steven Mnuchin, speaking at a White House press briefing early this year, dismissed that notion as “ridiculous”. Wyden on yesterday called the GAO report “an alarm bell for the nearly 30 million households that are expected to owe more money come tax time this spring”. “Withholding tables directly affect the size of paychecks earned by Americans all across the country, and millions of American
taxpayers have gotten bad advice under this administration on how much to withhold,” Wyden said in a statement. He said the lack of written documents on Treasury and IRS roles “is an opening for future abuse”. Tax experts suggest that all taxpayers look at the online tax withholding calculator issued by the IRS in February, to ensure they are having the correct amount withheld. Taxpayers also should update the information on their W-4 forms, experts say. The IRS has said the new withholding tables should produce an accurate withholding amount for people with simpler tax situations. But experts say those who will still itemize under the new law, or have larger families or more complicated tax situations may want to take a closer look. The GAO’s assessment came as news emerged that the Trump administration is considering bypassing Congress to give a big tax break to wealthy Americans by reducing taxes levied on capital gains. Administration officials said no decision has been made on whether to proceed.