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WEDNESDAY, SEPTEMBER 5, 2018

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Cruise Group pledges 1.3m visitor rise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN majority-owned group plans to transform Nassau’s cruise port into a “must call destination” that will attract an extra 1.3m visitors annually by 2028. The Global Ports Holding-led group, in their “unsolicited” July 2018 offer to the Government, forecast that its project will combine with anticipated cruise industry expansion to increase annual passenger volumes through Prince George Wharf by almost 28 percent over the upcoming decade - from 3.575m in 2019 to 4.938m by 2028. Referring to their planned $200m capital spend, the consortium’s proposal said: “The planned investment, combined with Global Ports Holding’s unparalleled management expertise, will entice cruise lines navigating the Caribbean to designate Nassau as a must-call destination. “The growth of the industry and Nassau is so dynamic that the business has overwhelmed the infrastructure and impacts

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THE Government and governance reformers were yesterday in agreement that passage of the Fiscal Responsibility Bill must be “top of the docket” when Parliament resumes on September 19. KP Turnquest, pictured, deputy prime minister, told Tribune Business that the legislation - intended to transform the Government’s financial

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Bahamas National Trust (BNT) yesterday revealed it is “exploring” ten ventures with private entities involving the country’s National Parks, but pledged: “Nothing unethical will be allowed.” Eric Carey, pictured, the BNT’s executive director, confirmed to Tribune Business that the organisation was looking at proposals involving “the operation of concessions” within the National Parks, but said leasing land to private developers was off-limits. Declining to release details on the proposed PPPs, Mr Carey indicated the BNT had been prodded by successive governments to examine such arrangements as alternative sources of financing to improve upon the annual taxpayer subsidy it receives. The BNT’s accounts show it received $1.5m and $1.4m grants from the Government

discipline - remained “right up there at the top of our priority list” - despite it not being tabled as planned before the summer recess. His stance found favour with Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, who said the group was “talking to anyone we can” about the need for the Fiscal Responsibility Bill to be “first on the docket” of the Minnis administration’s

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$18.8m credit shrink exposes weakness By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PERSISTENT private sector and consumer weakness was further exposed by July’s $18.8m credit contraction, with total banking sector loan arrears also slightly increasing to $835m The Central Bank, in its July economic update, said: “Private sector credit fell by $18.8m, a turnaround from an $11.1m uptick recorded in 2017, as consumer credit and mortgages contracted by $11.5m and $7.9m

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Trust eyes 10 PPPs for National Parks

Fiscal Responsibility must ‘top the docket’ when House returns By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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vis-à-vis respective gains of $4m and $0.8m in the preceding year. In addition, the increase in commercial and other loans narrowed to $0.5m from last year’s $6.3m.” The regulator released data showing that non-performing (NPL) and arrears loans were trending back towards 2008-2009 levels, from where they exploded upwards following the lingering effects of the global recession on unemployment and incomes.

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potential party for any National Park. We’ve had no discussions about any lease agreement at all. We will not lease any land to anybody. That’s currently not our policy.” Mr Carey was contacted after Tribune Business sources suggested Albany, the multi-billion dollar highend residential community in southwestern New LEON LEVY Providence, had proPRESERVE posed a $50,000 annual lease of part of Warderick Wells Cay - the location of the headquarters and visitor centre for the Exuma Cays Land and Sea Park - the first protected area of its kind in the partnerworld. ships Christopher Anand, (PPPs) Albany’s principal, for people could not be contacted for to operate comment yesterday despite concessions in the Tribune Business leaving a National Parks,” Mr Carey message on his cell phone. told Tribune Business. “But The BNT executive direcwe do not intend to lease tor confirmed that Albany any land or divest ourselves was one of the ten potential partners for the Trust, of any assets. “That’s not been in SEE PAGE 2 any discussions with any

* Pledges: We’ll protect public interest * Albany among proposals ‘explored’ * Top executive pledges no land leases

in 2017 and 2016, respectively, without which it would have made a substantial operating loss for both years. Its endowment fund, the Heritage Fund, did possess some $4.319m in assets at end-2017 through investments in government bonds and Templeton Global mutual funds. “The BNT is exploring at least ten private-public

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FOREIGN consultants hired by Bahamas Power & Light (BPL) were last night put “on hold” amid union uproar over a project “critical” to ensuring Nassau residents have reliable power in 2019. Dr Donovan Moxey, pictured, BPL’s newlyappointed chairman, last night confirmed that the Burmeister & Wain Scandinavian Contractor (BWSC) consultant hired to overhaul the Clifton Pier power plant’s spare parts inventory had been “put on the sidelines” following talks involving the utility’s management and union leaders. He added that the need for other BWSC engineers and consultants, hired via a contract BPL signed “months and months ago”, was also being evaluated following Monday’s outburst

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PAGE 2, Wednesday, September 5, 2018

THE TRIBUNE

CIBC BRANCH TO SERVE ONLY BAHA MAR STAFF CIBC FirstCaribbean has expanded its branch network with a location that will only serve Baha Mar’s 5,000strong workforce. The new branch, which is not accessible by the general public, features a sales and self-service centre as well as two full-service automated banking machines (ABMs). It will offer services such as platinum and retail loans; account opening; issuance of drafts; electronic banking services for wire transfers; and online banking. CIBC FirstCaribbean (Bahamas) managing director, Marie Rodland-Allen, said: “As a digitally-enabled bank, we continue to simplify and increase the ease of banking access for our clients. “We want to see an end to the long lines of people waiting in our banking halls to do simple transactions that can be performed at the ABM, through mobile banking, or one of our other digital channels. “We have therefore placed two full-service ABMs at this location to accommodate deposits and cash

FROM left: Lisa Knowles, assistant customer service manager, CIBC FirstCaribbean Baha Mar branch; Sherwin Hilton, business support manager, CIBC FirstCaribbean; Gezel Farrington, director of banking retail channels, CIBC FirstCaribbean; Allison Adderley, assistant director of compensation and benefits, Baha Mar; Mayko Alce, sales specialist, CIBC FirstCaribbean Baha Mar branch; and Katrice Darville, senior relationship manager, sales and platinum banking, CIBC FirstCaribbean. Photos: Delano Culmer withdrawals, reducing the need for extended face-toface banking services that take time to transact.” Mrs Rodland-Allen added: “Baha Mar offers employees the convenience of banking on their own terms without having to leave their workplace. It also embodies the philosophy

with which we approach our service to our clients - modern, digital banking that promotes self-service; and convenient banking through our variety of digital channels that complement our existing, traditional branches.” Gezel Farrington, CIBC FirstCaribbean’s director

Trust eyes 10 PPPs for National Parks FROM PAGE ONE but denied that its proposal involved leasing land or the construction of buildings on Warderick Wells Cay as a “getaway destination” for high-end clients - as this newspaper’s contacts had suggested. Mr Carey branded such suggestions “mischievous”, but declined to provide any detail on the proposed PPPs or the nature of the “concessions”. “We’re working on a number, but I’m not prepared to release any details right now,” he added. “When we finalise our first concession we’ll make a statement about it. We have not signed any agreement, finalised any details or discussed any numbers. “When we spoke to successive governments about committing funding for us, they encouraged us to look at models available around the world, and PPPs are being used to fund National Parks.”

The Government’s $1.5m grant accounted for 35 percent of the National Trust’s $4.282m income in the year to end-December 2017, which saw it incur a net operating loss of $101,162. This followed a similar $117,976 net operating loss for 2016, although these figures do not include dividends and the performance of the Heritage Fund. Mr Carey said the BNT had yet to determine its preferred PPP model, adding: “Somebody can come to us with a deal and say this is what we like. We will evaluate whether it will take away public access and rights.” He added that requests to lease land within any of the National Parks would be “a very difficult proposal to sell”, and pledged that the BNT would safeguard the Bahamian public’s interest in any PPP arrangement. “Absolutely nothing unethical or untoward will be allowed,” Mr Carey told

Tribune Business. “These National Parks are trusted to us to protect the national resources, and to ensure and allow for appropriate public access. “Anyone can enter now and in the future. We protect the national resources and public access to these places.” But one Tribune Business source, speaking on condition of anonymity, questioned whether private interests would want public access to their “concessions” should it be granted by the National Trust. “When you start talking about concessions in the park for private use, for who’s use could it be?” the source asked. “Look at Disney at Lighthouse Pointe. That means exclusive use. “The National Parks are for the use of Bahamians and all those who reside here. If you go about carving them up, that opens the door for all sorts of carve-outs.”

of banking retail channels, said: “We’re excited for this opportunity to place our products directly in the hands of this new clientele, and happy to be leading the way in banking that fits the modern mold of the 21st century. “The welcome we’ve received from hotel

BAHA Mar’s assistant director of compensation and benefits, Allison Adderley, was the first client served at CIBC FirstCaribbean’s new hotel branch. From left: Gezel Farrington, director of banking retail channels, CIBC FirstCaribbean; Allison Adderley, assistant director of compensation and benefits, Baha Mar; and Sherwin Hilton, business support manager. employees is amazing. We got numerous inquiries about our services even before the official opening, and today at 9am sharp, our first client was ready to be served.” Kirsty Cowper, Baha Mar’s vice-president of human resources and organisational development, said they reached out “to every bank, explained our goals, and found that CIBC FirstCaribbean perfectly aligned with our ideas. They understood where we were going

and appreciated the value for them and for us here at Baha Mar. “We are passionate about supporting our associates [employees] personally and professionally, and the benefit of a full-service branch dedicated to our teams will certainly make handling finances more convenient. So today’s a great day. We’re so excited that our visions have come together, and look forward to a successful future,” she added.

$18.8m credit shrink exposes weakness FROM PAGE ONE “Reflecting an increase in short-term arrears, banks’ credit quality indicators softened during July,” the Central Bank said. “Total private sector loan delinquencies firmed by $10.5m (1.3 percent) to $834.8m, and by a corresponding 25 basis points to 14.7 percent of total private sector loans. “Arrears in the shortterm segment (31-90 days) rose by $14.8m (5.3 percent) to $291.8m, resulting in a 28 basis point increase in the attendant ratio to 5.1 percent. In a partial offset, total non-performing loans (NPLs) contracted by $4.3m (0.8 percent) to $543m, with the corresponding ratio decreasing by three basis

points to 9.6 percent. “An analysis by loan type showed that the increase in total loan delinquencies was concentrated in mortgages, which rose by $16.1m (3.3 percent), attributed to an $18.9m (12.4 percent) rise in the short-term segment, which eclipsed a $2.8m (0.9 percent) reduction in the non-accrual category,” the regulator continued. “Conversely, consumer loan arrears decreased by $4.7m (1.9 percent), with reductions in both short-term and long-term delinquencies. In addition, commercial arrears softened by $0.8m (0.9 percent), also reflecting declines in both set of accounts.” The Central Bank added that commercial banks increased loan loss provisions by $4.5m or 1.1

percent in July, taking their ratio as a percentage of non-performing loans to 79 percent. “On a year-on-year comparison, the total private sector arrears rate was consolidated by 2.8 percentage points in comparison to July 2017, amid a 16.2 percentage point fall-off in the commercial arrears rate, with more muted decreases on the mortgage and consumer loan portfolios of 80 and 41 basis points, respectively,” the Central Bank said. “Meanwhile, the nonaccrual rate for total private sector credit was 2.8 percentage points lower than in 2017, although the shortterm arrears rate firmed marginally by six basis points.”

THE TRIBUNE

Wednesday, September 5, 2018, PAGE 3

‘MINIMAL’ FALL RESORT’ CLOSURES ON ABACO MINISTRY of Tourism officials yesterday said there will be “minimal” hotel closures in Abaco this fall due to the increase in stopover visitors to The Bahamas. Wynsome Ferguson, manager of the Abaco Tourist Office, said all hotels in Marsh Harbour and Hope Town will remain open during the August to November period, which is typically off-season on the island. “Hotel closures for the fall in Abaco are at a minimal this year,” she said. “The hotels in Hope

Town and Marsh Harbour will remain open, and this is because Abaco has been fortunate enough to not have been impacted by any major hurricanes in the past four to five years. “Also, over the past several years, we have seen a significant growth in our tourism arrival numbers, which has resulted in a continuous booming tourism season for hoteliers and industry partners on the island.” The length of time for which hotels, restaurants, marinas and other tourist-related facilities

are closed also appears to have decreased, with some opening this month and others resuming service in October. Silver Airways, though, has announced the suspension of flights into Treasure Cay International Airport from September 3 until mid-November. The Bahamas Ministry of Tourism and Aviation (BMOTA) recently reported that The Bahamas experienced significant increase in foreign air arrivals which is up 2.8 percent. Dionisio D’Aguilar,

minister of tourism and aviation, said The Bahamas was forecasting further improvements upon the 2.8 percent increase in foreign stopover visitors during 2018 to-date. “We are pleased with the recent results, and we anticipate a continued upward trend that will positively reflect the tremendous effort we place into our marketing programme. The Bahamas is a magnificent place to visit, and we’re happy to see that travellers are still choosing our home as their destination of choice,” Mr D’Aguilar said.

Consultants ‘on hold’ amid BPL union uproar FROM PAGE ONE by Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president. The union chief slammed the engagement of BWSC to perform “work a Bahamian could do”, and he last night told Tribune Business he had reached “an agreement” with BPL’s chairman and chief executive, Whitney Heastie, that will result in the consultants “going back” home. Dr Moxey, though, argued that their agreement was less than suggested by Mr Maynard, as he blamed “misunderstanding and miscommunication” - caused by the departure of a senior BPL executive during the recent voluntary separation (VSEP) downsizing - for the confusion sparked when BWSC personnel arrived at

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Clifton Pier on Monday. He added that the spare parts inventory overhaul was a “time critical” project that needed to be completed quickly, as it was vital to upgrading BPL’s procurement strategies and identifying whether it needed to order extra equipment for the winter maintenance that will be performed on BPL’s generation engines at Clifton Pier. Given the “time lags” between ordering parts and their arrival, Dr Moxey said it was essential for BPL to have everything it needed so it could “hit” the January maintenance schedule on target - otherwise the reliable supply of electricity to New Providence residents and businesses could be undermined in 2019. And BWSC were already three months’ late starting. “Right now, the big issue

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is around the consultant who came in to deal with the outstanding stores issue at Clifton Pier,” the BPL chairman explained to Tribune Business. “We needed to do some clean-up and realignment on the stores and inventory at Clifton Pier power plant. “There was an agreement signed with BWSC earlier this year, months and months ago, which involved other consultants and engineers coming in - not just for stores. The agreement was taken care of, and these gentlemen were supposed to start on June 1. “There was a shift, and these gentlemen ended up coming in on Monday. We had a gentleman running Clifton Pier, Mr Davis, who is no longer there. He took the VSEP, and it ended up being a misunderstanding and miscommunication over when these people were supposed to arrive,” Dr Moxey continued. “When he [Mr Davis] left, no one understood what was going on. The question, when these gentlemen showed up, was: What are they here to do? And the biggest question mark was the consultant on the stores alignment.” While Dr Moxey blamed Mr Davis’s departure for the confusion caused by BWSC’s arrival, Mr Heastie seemed fully aware of their personnel’s presence and why they were here. He explained that Clifton Pier’s parts inventory needed to be properly catalogued so BPL knew what it had, and where to find it. Following talks with Mr Heastie, Dr Moxey last night said he had decided to take up Mr Maynard’s assertion that Bahamians could perform the stores realignment themselves. “What I said to Maynard was this,” he told Tribune Business. “Identify two individuals who can take

on this particular responsibility; who they are and get a scope of understanding of the works required from the project engineer responsible. If they have issues there, go through the vendors you can recommend who are Bahamian that can provide additional assistance. “It’s a short-term project that needs to be done. We will put the consultant on the sidelines and pull him back.” The BPL chairman said the state-owned utility will also “assess the need” for the other BWSC consultants and engineers, given the desire to “build capacity” among Bahamians - both BPL staff and vendors. Some observers may view BPL’s move as akin to “the tail wagging the dog”, with the union effectively dictating to management and the board, but Dr Moxey added: “Stores are not very technical, although they do require certain skill sets. If the union feels these are available, we are more than happy to use these skill sets [if they are up to] the quality we need. “It’s important for us to make use of the operational knowledge and increase capacity in terms of the people working at BPL, so we can minimise going out and bringing in consultants.” The BPL chairman pledged that all actions would comply with the utility’s procurement and other internal policies, and added of the inventory project: “This is critical to us from a

timing perspective. “It all ties into our procurement process. We’re in the process of realigning and updating procurement. Stores and inventory is a huge part of that. We need to understand what’s in it, and what we need for scheduled maintenance and lead times in ordering parts. “If we know we’re running out of a particular part, and the maintenance window is coming due, we need to order that part. We need to get everything in line because procurement is tied to maintenance on the plant.” Dr Moxey continued: “We’re in the process of aligning stores, getting everything in place now, so when maintenance hits in January we can have all the parts we need to do overhauls in place. “This is why this is a critical process. It needs to be done in a certain time period so we understand the lead time for parts to be replaced, and get this done as quickly as possible.” Mr Maynard last night confirmed he had reached “an agreement” with Dr Moxey “to solve this problem”. He declined to provide details until he spoke to the unions’ members, other than to say: “It means BWSC going back. It’s a good thing we’ve come to, and think we can work it out.” Speaking earlier to Tribune Business, Mr Maynard said “humungous sums of

money” had been paid to BWSC over a period spanning at least three decades, yet he argued that the contractor “never gave us the proper service”. “The agreement was they were supposed to train our people,” he said. “Their part of the bargain was to teach the Bahamian, transfer knowledge to the Bahamian, and they never did. This has been going on since the 1990s. They’ve not done a fantastic job. This BWSC thing, they need to cut this off at the pass. They’ve not done anything for us or our country.” Mr Maynard confirmed that he and Anthony Christie, head of the BPL managers’ union, met with Mr Heastie and Patrick Rollins, BPL’s executive director, over the issue yesterday afternoon. “I told them the union ain’t going to stand for this,” he added. “He needs to consider moving them [BWSC] out of here. Get them out of here. He apologised, and said it was his fault for not communicating with the union at the time. But we can’t go down this road with BWSC.” Dr Moxey, meanwhile, said the board saw BPL’s two unions as key partners in moving the utility forward. “From day one we’ve had an open door policy with the unions, and will work through it with them,” he added.

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THE TRIBUNE

Cruise Group pledges 1.3m visitor rise FROM PAGE ONE on the community, leading to deterioration in the passenger experience and, at the same time, significantly impacting the quality of life for residents.” Global Ports has partnered with Nassau Container Port operator, Arawak Port Development Company (APD), and Bahamian investment advisory firm, CFAL, in its offer to take over management and operational control of Prince George Wharf - a contract that the Government now plans to obtain competitive bids for via a public tender or request for

proposal (RFP). The consortium, which will be 51 percent majority-owned by Bahamian investors and entities, described Nassau and its cruise port as being at “a paradox” in readying itself for the predicted explosive growth in vessel numbers and sizes - all of which requires expansion of Prince George Wharf’s berthing capacity to meet the sector’s needs. Noting that previous masterplans for redeveloping downtown Nassau’s harbourfront and Bay Street have “not been executed fruitfully”, the Global Ports Holding-led group said: “Downtown Nassau

needs to be re-imagined, creating a unique, one-ofa-kind experience based on the businesses, historic architecture and colourful street life. “The most significant way to redevelop downtown is to reconnect it to the water. Today, the port is designed to prevent this connection. Passengers are intercepted through a series of buildings, blocked with walls and fences that do everything possible to prevent integration between the passenger and downtown Nassau. “These structures create chokepoints which are used to channel customers through points where

vendors are accumulated to create an unwelcoming experience and prevent people from flowing through the downtown area... The redevelopment of downtown must start with a new waterfront.” The consortium described Nassau as “having some of the longest walking distances in the industry” between cruise ship and reaching downtown attractions, such as retail, restaurant and tour facilities. “From the outer most pier to the existing port exit, some passengers must walk nearly half a mile, which is unacceptable,” the Global Ports Holding

group argued. “As much as the current piers include planters and shade structures, it is not a welcoming experience. “Thus the plan proposes the use of trams and the creation of conveniently located tram stops that will move people quickly and efficiently from those outer piers to the arrival harbour.” The consortium added that their planned redevelopment of Nassau’s waterfront involved the creation of open spaces, parks through the reclamation of land from the existing harbour - a proposal that would involve filling in the space between

the existing frontage and nearest cruise berth. “The new waterfront is not a platform for creating additional retail, as that will have the opposite effect on the current merchants on Bay Street but should focus on open space, parks and creating a world-class waterfront that will attract people focusing on entertainment and food and beverage,” the Global Ports Holding group said. It added that it plans to replace the Festival Place building with a new arrivals plaza that will function as a gateway to downtown Nassau, not as a retail centre.

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FROM PAGE ONE fall 2018 legislative agenda. And these views were echoed by ORG’s principal, Robert Myers, who told this newspaper that the credit rating agencies will “have a field day” if the Government “screws around any more” with the bill’s passage and enactment. Moody’s, in both its August “credit opinion” and “full country analysis” on The Bahamas, made clear its expectations that the Fiscal Responsibility Bill will be passed into law this “fall”, viewing it as critical to reversing the financial deterioration that has resulted in multiple $300m-plus annual deficits and an $8bn national debt. “We consider that establishing these rules in law will be an important step towards strengthening the institutional arrangements that guide fiscal policy in The Bahamas,” Moody’s said of the bill’s contents. “Moreover, equally important will be the government establishing a track record in terms of the reporting requirements set by the legislation, therefore enhancing transparency, and meeting the targets set in the rule.” And the Central Bank, in its July economic update that was released on Monday, also highlighted the bill’s role in the Government’s ongoing fiscal consolidation programme as “key” to its success. Mr Turnquest indicated the Government was fully aware of these expectations, and that the bill’s passage and implementation were critical to the Government fulfilling its side of the fiscal bargain through mechanisms requiring it to be more transparent and accountable over the use of taxpayers’ monies. Conceding that it was also critical to the Government’s “credibility”, following the 12 percent VAT hike and other budget tax increases, he told Tribune Business of the bill: “We’re hoping to be able to lay that when Parliament gets back. “I think it’s right up there at the top of our priorities because it underlines the amount of commitment the Government has to fiscal responsibility and transparency, which is a

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significant philosophy of this government. “It also gives the credibility to the consolidation plan we have put forth,” the deputy prime minister continued. “It’s very important to get this through as it demonstrates and ensures we put in place the legislative teeth to support the plan we have.” Mr Turnquest had previously sought to bring the Fiscal Responsibility Bill to Parliament before the summer break, but other legislative initiatives delayed until this fall. He acknowledged it will be competing with multiple other bills, including proposed laws to meet the European Union’s (EU) anti-tax avoidance demands and address World Trade Organisation (WTO) accession-related issues. ORG’s Mr Myers agreed that the deputy prime minister had foreshadowed “getting it done as soon” as Parliament returned, but warned it was critical for the Government to stick to this timetable to retain credibility with the likes of Moody’s and Standard & Poor’s (S&P). “He knows they expect him to get it done,” the ORG principal added of the rating agencies. “It’s beyond the point where the Government can screw around with it any more. It’s beyond the point where they can just keep talking about it. They’ve got to get it done otherwise the rating agencies will have a field day with it.” Mr Myers credited the Government for its public pledges to pass the Fiscal Responsibility Bill, but said the importance of such frameworks had been further emphasised by warnings that the fiscal projections for 2018-2019 would be impacted by the loss of gaming revenues through the web shops’ just-launched court challenge. The Fiscal Responsibility Bill is intended to lock the Government into specific deficit targets and longerterm debt ratios, while boosting transparency and accountability in the management of its financial affairs through enhanced public scrutiny. The latter role will be played by a newly-created Fiscal Responsibility Council, comprised of accounting, legal, financial analyst and business expertise from the private sector. Mr Aubry told Tribune Business that ORG was continuing to press for “strengthening” of the bill’s sanctions/penalties for non-compliance, and an expanded role for the fiveman Fiscal Responsibility

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Council beyond just oversight and advising the Government. Arguing that it was “essential” for the Council to be a “proactive resource” in contributing to fiscal strategy and decisions, Mr Aubry said ORG planned to be “right upfront and centre” on the bill’s passage. “We’re really hoping, pushing, advocating and talking to anyone we can about this being first on the docket,” he told Tribune Business of the bill. “What’s most encouraging is that the Financial Secretary is talking about adopting quarterly reporting standards, which is part and parcel of the Fiscal Responsibility Bill. “We think it’s very encouraging they are prepared to follow through in terms of the legislation as if it were passed, and make sure we get our fiscal house in order. We’ll all breathe a little easier once the legislation is passed.” Mr Aubry said there seemed to be “a new level of accountability” within government over how taxpayer money was being used and distributed, but called for “all levels to be on the same page” when it came to sharing information and the ministry of finance holding all agencies to account. “We all have a lot invested in this being done the right way,” he said, adding that it was also critical for the Government to properly implement the Freedom of Information Act and pass two anti-corruption laws the Integrity Commission Bill and the Ombudsman Bill. “All of these contribute to the country’s fiscal wellbeing,” Mr Aubry added. “We’re going to keep the pressure up.” The Fiscal Responsibility Bill’s key targets require the Government to slash the fiscal deficit to 0.5 percent from 2020-2021 onwards, cutting it from a sum equivalent to 5.8 per cent of GDP in the 2016-2017 budget year. This means reducing it from near $700m to around $54m over a four-year period. The bill’s “first schedule” sets out a “glide path” or “road map” for achieving this, acknowledging - as the IMF stated - that “significant fiscal adjustments” are needed over the next two budget years to hit this objective. To enable the public sector and wider Bahamian economy “to achieve the fiscal objective in an orderly manner”, and avoid unnecessary shocks, the bill calls for 2018-2019 and 20192020 deficits that “shall not exceed” 1.8 percent and one percent of GDP, respectively. The first target is what the Government is going for this coming fiscal year, aided by the VAT hike. The bill also sets out a “long-term” target of reducing the Government’s direct debt-to-GDP ratio from the current 58 percent to “no more than 50 percent”. The year by which this target is to be achieved has to be set out in the Government’s “fiscal strategy report”, which must be submitted to Parliament no later than the third week of November each year.

THE TRIBUNE

Wednesday, September 5, 2018, PAGE 5

TARIFF FIGHT ADDS TO CHINA’S ECONOMIC CHALLENGES BEIJING Associated Press CHINA faces bigger economic challenges than its trade war with the US. Even before the two sides started imposing tit-for-tat tariffs, growth in the world’s number two economy was already forecast to cool from 6.8 percent last year to a still-robust 6.5 percent this year. Communist leaders who are trying to engineer slower, more self-sustaining growth clamped down last year on a bank lending boom that encouraged businesses and families to borrow and spend beyond their means. That’s a tricky balance to strike, and some worry the economy is weakening too much. Growth in retail sales, a bigger part of the Chinese economy than exports, was weaker than expected in July and close to a 14-year low. Factory output and other sectors also slowed. Beijing responded by easing controls on lending and boosting government spending. “We expect the economy to get worse before it gets better,” Nomura economists said in a report. Trump’s advisers say the slowdown gives Washington leverage in the trade battle.

“Their economy looks terrible,” said Trump’s top economic adviser, Larry Kudlow, at a Cabinet meeting last month. But analysts closer to China say it is doing better than Americans might think. “A lot of this economic slowdown is really the result of an intended policy,” said Tai Hui of JP Morgan Asset Management in Hong Kong. “The overall growth momentum is still relatively healthy and certainly broadly in line with the authorities’ plans.” Here is a breakdown of China’s economic strengths and weaknesses: ECONOMIC SLOWDOWN July’s downturn was more abrupt than policymakers wanted, as growth in factory output slowed to six percent and corporate profits weakened. Investment in factories and other fixed assets rose at the slowest rate in 19 years. Weaker demand from Chinese steel mills has taken global prices for iron ore down 14 percent this year — and 60 percent from their 2010 peak. That hurts Australia and other producers. Chinese leaders want to shift the focus from growth numbers to poverty reduction, energy efficiency and the environment. But they

need to keep the expansion above six percent to hit their target of doubling incomes from 2010 levels by 2020. China’s yuan has sunk in value against the dollar. That helps exporters by making Chinese toys, appliances and other goods cheaper for American consumers. But regulators worry it will trigger an outflow of money, making it harder for companies to borrow. CHINA’S RESPONSE Banks have been told to lend more freely to small exporters that might be hurt by Trump’s tariffs. That temporarily backtracks on government efforts to rein in rising debt. Beijing sees the “growth slowdown as a bigger near-term risk,” said UBS economists in a report. The government is pumping money into the economy with plans to spend more on building roads, bridges and other public works. This month, sales of infrastructure bonds raised 280 billion yuan ($41bn), more than the total for the first seven months of the year, according to Macquarie Bank’s Larry Hu. Beijing has speeded up the rollout of plans to ease restrictions on foreign ownership in auto manufacturing, banking and insurance.

The moves are not, however, intended to address the American complaints about Chinese plans for state-led creation of global champions in robotics, electric cars and other technologies that Washington says violate Beijing’s market-opening commitments and might erode US industrial leadership. Instead, China is trying to reduce reliance on foreign markets and technology by promoting domestic consumption and industry development. TUMBLING STOCKS While Wall Street sets records, China’s stock market is 2018’s worst global performer. The market benchmark tumbled 25 percent from its January peak to midAugust. It has gained 3.7 percent since then after government spending plans helped to revive investor confidence. The biggest decliners are real estate, construction and other companies hardest-hit by Beijing’s lending controls. Shares in Poly Real Estate Group, one of China’s biggest developers, have lost 40 percent of their value this year. Aluminum Corp of China Ltd, the country’s biggest aluminum producer, is down by half.

The biggest gainers are smaller tech companies that look set to benefit from official industry plans. Shares in Zhongshi Technology Ltd, a Beijing-based maker of insulators for telecoms, medical and automotive equipment, are up 400 percent this year. TRADE IMPACT July exports to the United States rose 13.3 percent over a year ago despite a tariff hike. Forecasters expect exports to soften but mainly due to flagging global demand rather than American controls. The tariffs target Chinese goods such as medical equipment and factory machinery that Washington says benefit from improper industrial policies. But US officials have tried to limit the blow to consumers by avoiding penalties on Barbie dolls, Apple iPhones and many other brand-name products made in Chinese factories. China is the world’s number one trader, but exports have shrunk as a share of the economy, to 19 percent of gross domestic product from 38 percent in 2005. Exports supplied 0.6 percentage points of GDP growth of 6.8 percent in 2017, while consumption accounted for more than half.

The United States buys about 20 percent of China’s exports. Sellers of low-margin goods such as surgical gloves and handbags say American customers are cancelling orders. But producers of highertechnology goods such as factory machinery and medical equipment report little impact. Chinese leaders are encouraging exporters to sell to other markets, especially in Asia and Africa. That will be a challenge, because their consumers buy lower-value goods than Americans. So far, US tariff hikes have had little impact on a Chinese economy that is bigger than Japan and Germany combined. The first round hit July 6 and Trump says they could spread to cover up to $250bn of Chinese imports. Credit Suisse says if all threatened US tariffs are imposed, that might trim 0.2 percentage points off Chinese growth this year and 1.9 percentage points in 2019. “I don’t think Beijing is willing to yield significantly,” said Hui of JP Morgan. “Especially to pressure from another country. You know the historical precedent of that is just not acceptable.”

With industry in decline, wild blueberries sing the blues DEBLOIS, MAINE Associated Press IN THE era of superfoods, Maine blueberries aren’t so super. The Maine wild blueberry industry harvests one of the most beloved fruit crops in New England, but it’s locked in a downward skid in a time when other nutrition-packed foods, from acai to quinoa, dominate the conversation about how to eat. And questions linger about when, and if, the berry will be able to make a comeback. The little blueberries are touted by health food bloggers and natural food stores because of their hefty dose of antioxidants. They’re also deeply ingrained in the culture of New England, and they were the inspiration for the beloved 1948 children’s book “Blueberries for Sal”. But the industry that picks and sells them is dealing with a long-term price drop, drought, freezes, diseases and foreign competition, and farmers are looking at a second consecutive year of reduced crop size. At Beech Hill Blueberry

in fields called “blueberry barrens” that stretch to the horizon in Maine’s rural Down East region. While the plumper cultivated blueberries harvested in states like New Jersey are planted and grown as crops, harvesters of wild blueberries tend to a naturally occurring fruit and pick it by hand and with machinery. Woes in the industry have caused some growers

A WORKER pours wild blueberries into a tray at a farm in Union, Maine. The state’s wild blueberry industry harvests one of the most beloved fruit crops in New England, but it’s locked in a downward skid in a time when other nutrition-packed foods, from acai to quinoa, dominate the conversation about how to eat. Farm in Rockport, this year’s harvest was off by about 50 percent, said Ian Stewart, who runs the land trust that manages the farm. “Our year was a little underwhelming. There was a lot of drought. There was a freeze at a bad time,” Stewart said. “We’re hoping it’s a blip. We’ll see.” North America’s wild blueberry industry exists only in

Maine and Atlantic Canada, and an oversupply of berries in both places caused prices to harvesters to plummet around 2015. Recent years have brought new challenges, such as particularly bad spells of mummy berry disease, a fungal pathogen, and difficulty in opening up new markets. The blueberries grow wild, as the name indicates,

JOB OPPORTUNITY A leading Bank & Trust Company is looking to fill the position of

Chief Fund Administrator

Main Function: General Supervision of Fund Administrators and Assistant Fund Administrators, ensuring quality standards are being achieved. In this challenging position you will be responsible for but not limited to the following tasks: • Assist VP with general department supervision and coordination of Fund Administration issues • Supervision of a group of Fund Administrators and Assistants being a reference point for consultation on Corporate Administration and Fund Legislation affairs • Deal with ad hoc incoming queries and requests from various stakeholders such as investors, directors, investment managers and bankers. • Ensure department compliance with company procedures and policies • Ensure AML compliance and adherence to legislation and respective Fund statutes • Liaison with The Securities Commission of The Bahamas The successful applicant must have the following qualifications: • Minimum of ten years experience in Corporate Administration ideally including at least four years in Fund Administration • Solid experience in all Corporate Services matters (incorporation of companies, corporate & secretarial services, regulators liaison with the registry and with client) • Experience specific to Fund Administration (licensing, knowledge of register & transfer agent services, Fund legislation) would be an asset • Proven experience supervising a team is a mandatory requirement for the position • Spanish language fluency (written and spoken) or commitment to acquire same would be highly valued • Basic knowledge of Portuguese would be an asset • Training or Certification in Series 6, Series 7, Canadian Securities Course, Fund Administration would be an asset • Above average fluency with spoken and written English at a professional level • Computer literate (MS Office products and Microsoft Windows operating system) • Strong organization and communication skills • Team Player • Capability to work under pressure Applications/resume should be sent by e-mail to peter@pghrbahamas.com Under reference “Chief Fund Administrator” Persons not meeting the above requirements need not apply Deadline for applications September 13th, 2018

to scale back operations in Maine. Harvesters collected a little less than 68 million pounds of wild blueberries in the state in 2017, which was the lowest total since 2005 and more than 33 million pounds less than 2016. Last year’s price of 26 cents per pound to farmers was also the lowest since 1985, and was more in line with the kind of prices farmers saw in the early 1970s than

in the modern era. This year’s harvest was mostly wrapped by late August, a little earlier than usual, and members of the industry said they believe it was another year of lower harvest. Exact totals aren’t available yet, but signs point to a crop that’s “similar to last year, or even smaller,” said Nancy McBrady, executive director of the Wild Blueberry Commission of Maine.

A growing company in the maritime logistics industry, with more than fifteen years of operations in Freeport, Grand Bahama invites applications from qualified and experienced candidates for the following vacant position:

FINANCIAL CONTROLLER POSITION SUMMARY

The Financial Controller is ultimately responsible for the accuracy, completeness, and timeliness of the company’s financial reporting. The Financial Controller helps establish and direct the company’s financial goals and objectives. The Financial Controller has primary responsibility for ensuring internal controls are in place, enforced, and reviewed periodically for conformance to accounting and financial standards and applicable regulations. ESSENTIAL DUTIES AND RESPONSIBILITIES • Directs day-to-day leadership of all accounting and finance activities as Accounts Department Head; encompassing management of the daily accounting functions in accounts receivables, payables, banking, general ledger maintenance, and other related duties. • Develops and implements accounting policies, coordination of systems and procedures, and the preparation of operating data and special reports as required, including interim and year-end financial statements (consolidated as well as stand-alone statements). Maintains company’s system of accounts; safeguards books and records on all company transactions and assets • Establishes and administers all tax policies and procedures (inclusive of VAT reporting and communicating directly with the Department of Inland Revenue) • Implements and maintains an effective cash flow management system • Coordinates month-end close procedures of financial records for reporting to Executive Management • Prepares annual budget and monitors monthly against actuals for reporting to Executive Management and Department Heads • Leads the weekly processing of payroll in conjunction with Human Resources • Chief communications liaison between the company and external stakeholders (banks, government agencies, special vendors, etc.) • Assists Executive Management Team with any other duties as assigned by the President QUALIFICATIONS AND REQUIREMENTS • Qualified Accountant (CPA, CA or ACCA) with 5 or more years of experience in a finance managerial or controller role • Member of the Bahamas Institute of Chartered Accountants • Proficiency in the use of QuickBooks, Microsoft Dynamics, and other relative computer applications (Microsoft Word, Excel, Outlook, etc.) • Ability to communicate with all members of the staff on financial matters • Results oriented, accuracy and attention to detail • Flexibility and adaptability to work under pressure • Team player with high level of enthusiasm • Professional in demeanor and communication skills • Knowledge of the Maritime Industry, and familiarity with Bahamas Customs procedures is a plus The Company offers a competitive remuneration package. Compensation will be aligned with relative experience and qualifications. Interested candidates should submit resumes via email only to: controller@freeportshipservices.com no later than Thursday September 6, 2018. Only candidates shortlisted for an interview will be contacted.

PAGE 6, Wednesday, September 5, 2018

THE TRIBUNE

Bank of England chief hints he will stay to help with Brexit

LONDON Associated Press BANK of England Governor Mark Carney all but confirmed yesterday that he is to stay at the helm of the central bank for longer than planned to help ensure Britain leaves the European Union as smoothly as possible. Following days of speculation about an extension beyond his planned June 2019 departure, Carney told a committee of lawmakers that during “this critical period” everyone should do what they can to help the Brexit process. Carney, a Canadian, took the top job at the Bank of England in July 2013 on a five-year basis. He extended it by a further year in the aftermath of Britain’s vote in June 2016 to leave the EU. “Even though I have already agreed to extend my time to support a smooth Brexit, I am willing to do whatever else I can in order to promote both a smooth Brexit and an effective transition at the Bank of England,” he said yesterday. With Brexit due March 29, 2019, Carney confirmed he has been in talks with Britain’s Treasury chief, Philip Hammond, about extending

MARK CARNEY, governor of the Bank of England, all but confirmed yesterday, to a committee of lawmakers, that he is to stay at the helm of the central bank for longer than the planned June 2019 departure, to help ensure Britain leaves the European Union as smoothly as possible. Photo: Matt Dunham/AP his tenure again. Concerns have been raised recently that the Treasury had yet to open up the appointment process to replace Carney. Carney, who is reportedly also interested in returning to Canadian politics, has said the government will announce details “in due course”. Media reports have suggested his tenure may be extended by about a year or two. “The sooner the government provides clarity, the

better,” said Nicky Morgan, a Conservative lawmaker who chairs the Treasury Committee to which Carney was addressing yesterday. “Any extension to Carney’s term should not be used to delay succession planning.” Many backers of Brexit have accused Carney of taking sides during the Brexit referendum campaign, of being a leading proponent of so-called “Project Fear” when warning of the economic consequences

of a vote to leave the EU. But many in the financial markets have been calling on Carney to stay longer to help reduce uncertainty. The British government’s discussions with the EU have struggled to make progress over the past few months, and Prime Minister Theresa May has suffered a series of resignations from her cabinet, including those of Boris Johnson as foreign secretary and David Davis as Brexit secretary.

Her latest proposals for Brexit involve Britain maintaining many EU rules so British firms can keep trading easily in the European single market. Her plan has run into resistance from both the EU and within May’s Conservative Party. With the opposition Labour Party also seemingly split over how to approach Brexit, concerns have risen that Britain will end up crashing out of the EU with no deal and no transition

period after Brexit day to help smooth the process. Though Carney said last month that the risks of a no-deal Brexit were “uncomfortably high”, he said yesterday that an agreement was the “more likely” scenario. “The negotiations are getting to a critical stage and there’s still a wide range of views of potential outcomes,” he said. Companies appear to be expecting a smooth exit, with only 20 percent of firms having contingency plans for a no-deal Brexit, Carney noted. Reaching a Brexit deal would likely boost business investment, jobs and consumer confidence, he said. “There’s upside to this economy.” Last month, the Bank of England raised its main interest rate by a quarter point to 0.75 percent to contain inflation, which has risen above the two percent target. Prices have risen largely as a result of a 15-percent fall in the pound in the wake of the Brexit vote, from around $1.50. Following Carney’s comments, the pound was down 0.5 percent at $1.2812, amid a broad-based increase in the dollar.

HEALTH AND TECH STOCKS DIP; AMAZON FLIRTS WITH $1 TRILLION NEW YORK Associated Press US stocks finished lower yesterday as losses for health care and technology companies cancelled out gains for banks. Another gain for Amazon briefly brought its market value to $1tn. Banks rose as

interest rates climbed. Nike slumped after it gave a major endorsement deal to former San Francisco 49ers quarterback Colin Kaepernick, known for his protests of police brutality and racial injustice. Investors didn’t commit to many big moves as trading resumed after the Labor Day holiday. They are likely to focus on trade this week,

as the US is scheduled to resume trade talks with Canada today and could announce new tariffs on $200bn in Chinese imports later in the week. Mark Hackett, chief of investment research at financial services firm Nationwide, said investors are paying less attention to trade-related headlines recently because they are

fairly certain they know how the talks will end. “I’m still pretty confident that before midterms or by the end of the year we’re going to have a handshake agreement with the NAFTA region and China,” he said. The S&P 500 index gave up 4.80 points, or 0.2 percent, to 2,896.72. The Dow Jones Industrial Average

MARKET REPORT MONDAY, 1 SEPTEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 1,962.20 | CHG -0.08 | %CHG 0.00 | YTD -101.37 | YTD% -4.91 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.46 1.26 0.19 3.92 9.17 6.60 5.30 12.50 2.71 1.77 8.21 6.21 13.00 7.00 13.67 13.01

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.60 8.55 6.09 3.33 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

1050.00 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

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson 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

52WK LOW 100.00

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 ##########

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ 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)

LAST CLOSE 3.90 17.43 9.09 4.45 1.01 0.18 2.60 9.17 6.15 3.68 12.40 2.70 1.75 7.74 6.21 13.00 6.31 3.72 13.01

CLOSE 3.89 17.43 9.09 4.45 1.01 0.18 2.60 9.17 6.15 3.68 12.40 2.70 1.75 7.70 6.21 13.00 6.31 3.72 13.01

CHANGE -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 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

CHANGE 0.00

108.48 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.12 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

LAST SALE 100.00 108.36 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 9,532

17,550

VOLUME

EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 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 0.590

P/E 14.5 18.7 N/M 14.0 N/M N/M -2.6 13.1 10.7 21.5 19.8 26.5 7.6 N/M 11.4 19.1 8.8 13.4 20.6

YIELD 2.57% 6.48% 0.00% 5.17% 0.00% 5.56% 0.00% 7.74% 3.58% 3.26% 5.00% 2.22% 4.00% 1.09% 5.15% 3.85% 3.17% 3.23% 4.53%

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 ############### 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 2.17 4.16 2.01 180.30 157.58 1.56 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

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 9.88 8.45 11.20

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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.17 4.14 2.01 180.30 155.10 1.56 1.70 1.65 1.09 7.27 8.32 6.48 11.32 11.71 10.31 9.93 8.45 11.20

YTD% 12 MTH% 2.24% 4.15% 0.03% 4.59% 1.23% 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% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 31-Jul-2018 31-Jul-2018 27-Jul-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-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

dipped 12.34 points to 25,952.48. The Nasdaq composite fell 18.29 points, or 0.2 percent, to 8,091.25. The Russell 2000 index lost 7.38 points, or 0.4 percent, to 1,733.38. The S&P 500 has risen in eight of the past nine weeks and closed at an all-time high Wednesday. Drugmakers and suppliers took some of the sharpest losses yesterday, and big technology companies including Facebook and Alphabet, Google’s parent company, also slumped. Nike stock fell 3.2 percent to $79.60 after the company said Kaepernick will be one of the faces of its 30th anniversary “Just Do It” campaign. Investors feared a possible backlash from customers. Two seasons ago Kaepernick began a wave of protests by NFL players, kneeling during the national anthem to protest police brutality and racial inequality. He hasn’t played in the NFL since the end of the 2016 season and is suing the league, saying owners conspired to keep him out of the game because of his protests of social injustice. Tesla skidded 4.2 percent to $288.95 after a Goldman Sachs analyst said the company will face rising competition from other electric car makers as an important federal tax credit is phased out, while its spending is likely to increase further. Goldman analyst David Tamberrino expects the stock to fall to $210 in six months. Amazon briefly traded above $1tn in market value, a milestone only Apple has surpassed among publicly-traded US companies. Amazon finished with a gain of 1.3 percent to $2,039.51, which gave it a market value of $995bn. Apple reached the $1tn mark on Aug 2 and is now valued at $1.1tn. According to S&P Dow Jones Indices, Amazon and Apple combined account for eight percent of the current value of the S&P 500. Talks to keep Canada in a revised North American trade deal are scheduled to resume today as Washington and Ottawa try to break a deadlock over issues such as Canada’s dairy market and US efforts to shield drug companies from generic competition. The US and Mexico announced a preliminary trade deal last week, and while the Trump administration has threatened to

leave Canada out of a final deal, investors doubt that will happen. Hackett, of Nationwide, said talks with China are far more complicated, but investors feel the Chinese government will ultimately make significant concessions. He said that’s reflected in the gains for US stocks in recent months and the losses for indexes in China and other emerging markets. “Investors are pretty solidly betting that the US is going to quote-unquote win the trade war,” he said. Chinese e-commerce company JD.com slid 6.1 percent to $29.38 after founder and CEO Richard Liu was arrested in Minneapolis. Liu was arrested late Friday on suspicion of criminal sexual conduct and was released pending charges. JD.com said he has returned to China. Bond prices dropped. The yield on the ten-year Treasury note rose to 2.90 percent from 2.85 percent. Banks made modest gains as higher long-term interest rates mean they make more money from mortgages and other types of loans. High-dividend companies including real estate and household goods makers fell, as investors sold those stocks and bought bonds instead. Benchmark US crude rose 0.1 percent to $69.87 a barrel in New York. Brent Crude, used to price international oils, was little changed at $78.17 a barrel in London. Wholesale gasoline dipped 0.1 percent to $1.99 a gallon. Heating oil rose 0.5 percent to $2.25 a gallon. Natural gas slumped 3.2 percent to $2.82 per 1,000 cubic feet. The dollar gained strength and metals prices fell. Gold lost 0.6 percent TO $1,199.10 an ounce. Silver dropped 2.6 percent to $14.18 an ounce and Copper sank 2.6 percent to $2.60 a pound. The dollar rose to 111.48 yen from 111.01 yen. The euro fell to $1.1581 from $1.1597. France’s CAC 40 dropped 1.3 percent and Germany’s DAX shed 1.1 percent. In Britain, the FTSE 100 index lost 0.6 percent. Japan’s benchmark Nikkei 225 lost 0.1 percent while the Kospi in South Korea gained 0.4 percent. Hong Kong’s Hang Seng added 0.9 percent.

THE TRIBUNE

Wednesday, September 5, 2018, PAGE 7

Amazon is 2nd US company to reach $1 trillion market value NEW YORK Associated Press AMAZON yesterday became the second publicly traded company to reach $1tn in market value, hot on the heels of iPhone maker Apple. The milestone is another sign of Amazon’s swift rise from an online bookseller to a behemoth that sells toilet paper, TVs and just about anything. In its two decades, Amazon has expanded far beyond online shopping and into health care, advertising and cloud computing. Its growth has boosted the fortunes of its founder and CEO, Jeff Bezos. His 16 percent stake in Amazon is now worth more than $160bn. Forbes magazine placed him at the top of its list of billionaires for the first time this year, surpassing Microsoft co-founder Bill Gates and investor Warren Buffett. Amazon’s stock has increased almost 600 percent in the last five years, including a more than 70 percent surge so far in 2018 alone. Yesterday morning, the stock climbed enough to push the company’s valuation pass the $1tn mark, although it dropped back slightly after that. The stock closed at $2,039.51 yesterday, about $11 short of keeping its valuation above $1tn. Apple topped the $1tn mark in early August. Saudi Arabia’s national energy company, Aramco, is widely believed to be worth much more than either Amazon or Apple. Amazon’s growing power has made it a target of politicians. President Donald Trump has said the company should pay the US Postal Service more in shipping costs. And US

JEFF BEZOS, CEO and founder of Amazon. Yesterday, Amazon became the second publicly traded company to be worth $1tn, hot on the heels of Apple. The company’s blowout success made Bezos, No 1 on Forbes’ billionaires list this year. Photo: Reed Saxon/AP Senator Bernie Sanders has frequently noted the disparity between what Amazon’s warehouse workers make and Bezos’ vast fortune. Amazon has remained publicly silent about Trump’s criticism, but has called Sanders’ comments “misleading”. Bezos started Amazon after leaving a hedge fund in 1994. He called Amazon the “Earth’s biggest bookstore” at the time, but it quickly added more products and eventually opened up a marketplace where others could list and sell their goods.

Amazon has cemented customer loyalty through its Prime membership program, offering fast, free shipping as well as music and video streaming perks. In April, Bezos disclosed for the first time that Amazon had more than 100 million paying Prime members around the world. Wall Street has become very enthusiastic about Amazon’s businesses outside of retail. Amazon Web Services provides cloud computing services to companies and governments, and Amazon’s advertising

division makes billions by selling ads to companies that want their products to show up when shoppers search on the site. Those profitable businesses have helped offset the high costs associated with running its online store. Amazon saw its quarterly profit soar past $2bn for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing. Amazon is also building its physical presence: Its purchase last year of the Whole Foods grocery chain

gave it hundreds of stores at which to promote its gadgets and offer discounts tied to Prime memberships. It has opened more than a dozen brick-and-mortar bookstores, and has plans for more cashier-less Amazon Go convenience stores. It’s also been trying to have more control over how its packages are delivered. Under a program announced this summer, contractors around the country can launch businesses that deliver Amazon packages. The move gives Amazon more ways to

ship its packages to shoppers without having to rely on UPS, FedEx and other delivery services. Amazon’s latest push has been in the health care industry. It has formed a venture with JPMorgan Chase and Berkshire Hathaway to figure out ways to attack rising health care costs for their US employees and possibly for many more Americans. It also announced plans to buy the online pharmacy PillPack, but hasn’t revealed what it plans to do with it.

PAGE 8, Wednesday, September 5, 2018

THE TRIBUNE

Good for business? Nike gets political with Kaepernick ad NEW YORK Associated Press

HY do it? Nike has touched off a furor by wading into football’s national anthem debate with an ad featuring Colin Kaepernick, the former 49ers quarterback who was the first athlete to kneel during “The Star-Spangled Banner” to protest police brutality against blacks and hasn’t played a game since 2016. The ad copy reads: “Believe in something, even if it means sacrificing everything.” The ad, part of Nike’s 30th anniversary “Just Do it” campaign, has outraged many. Online, people threatened boycotts and posted videos and photos of shoes set on fire, Nike gear thrown in the trash, and swoosh logos cut out of products. Most big corporations steer clear of politics, and marketing experts disagreed yesterday over whether the Kaepernick campaign is good business. But some noted approvingly that it made a big splash and set Nike apart. And they said it could solidify Nike’s bond with athletes, especially black ones, an important consideration for a company that relies heavily on sports stars to endorse its products. Brian Gordon, CEO of Engine Shop, a sports and entertainment marketing agency, said the ad is provocative but “authentic to who they are and the communities they represent and speak to”, including the athletes. “Even in the face of potential backlash, they support their athlete partners, and that’s an incredibly powerful statement to the

COLIN Kaepernick shares his nike campaign image on instagram.

athlete community,” Gordon said. Other athletes in the campaign include tennis star Serena Williams, New York Giants wide receiver Odell Beckham Jr and Shaquem Griffin, a linebacker whose left hand was amputated when he was 4. But the Kaepernick ad struck a nerve, timed just before the NFL season kicks off on Thursday. Nike did not return a request for comment about its strategy. Its stock closed down more than three percent yesterday. Neil Saunders, managing director of the data and analytics firm GlobalData, called the Kaepernick strategy “commercially imprudent”. “Nike’s campaign will generate both attention and discussion which is, arguably, one of its central aims,” he said. “However, it is also a risky strategy in that it addresses, and appears to take sides on, a highly politicised issue. This means it could ultimately alienate and lose customers, which is not the purpose of a marketing campaign.” But other experts think the strength of Nike’s brand will help it weather the storm and perhaps benefit from it, too. Nike is one of the world’s largest sports apparel companies, with $34.5bn in revenue last year. “What you stand for is almost as important as what you make,” said Allen Adamson, co-founder of marketing firm Metaforce. “It’s a polarised marketplace. No matter what you do, you offend some people. They’re focused on what they stand for, and if that upsets some users, so be it.” Robert Passikoff, founder of marketing consultancy Brand Keys, said an ad like Nike’s will divide people, but the outrage won’t last.

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