THURSDAY, SEPTEMBER 8, 2016
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Court upholds illegal worker contract rights
All web shops urged to join Freeport fight
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Attorneys: Sector regulator sorted ‘once and for all’
Employment contracts do not become “invalid or void” if an employee is working in the Bahamas illegally, the Court of Appeal has ruled. It upheld the $20,200 award to Jamaican national, Rupert Barrett, who had sued Tycoon Management and its owner, James Curling, for damages relating to “negligence and/or breach of
Work permit absence does not ‘void’ job contracts Ruling came via Tycoon Management vessel sinking Captain’s mate went back to sleep despite danger alert
contract” over injuries suffered when a dredging vessel sunk. Tycoon tried to argue that Mr Barrett, who produced pay slips showing he was one of its employees, was unable to bring his claim because he did not possess a work permit and was therefore employed in the Bahamas illegally. It argued that permitting his claim would be “giving effect to an illegal contract”, but this had little impact with the Court of Appeal.
Appeal Justice Stella Maureen Crane-Scott, in delivering the verdict on the court’s behalf, said there was nothing in the Immigration Act that rendered invalid employment contracts with illegal workers. She added that the Act only dealt with penalties for both employer and employee if the latter did not possess a valid work permit, while also providing for the latter’s deportation. “In my view, having examined the Act as a whole, I am satisfied See pg b5
Ex-contractor chief fears ‘poor results’ on CCA collection
We’ve ‘lost our way’ in financial services
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A former Financial Services Minister has admitted that Bahamians have “lost our way” and become “too comfortable” in the financial services sector, adding: “We need to invest in ourselves and our industry.” Ryan Pinder, the Graham Thompson & Company partner, told a recent Bahamas Financial Services Board (BFSB) Millennials Society panel discussion: “Our greatest strength is our people and our greatest weakness is our people. “We have successfully, as a small island nation on the doorstep of the United States, built a very competent and knowledgeable financial services industry, and we have seen the level of Bahamian professionals in the industry rise up the ranks to the very highest levels in some of the largest institutions present in this country.” Mr Pinder continued: “We have also lost our way and gotten too comfortable. We do not invest in ourselves as See pg b3
Urges Bahamians to ready to ‘take it to court’
A former Bahamian Contractors Association (BCA) president yesterday expressed fears that the industry will suffer “very poor results” in collecting the multi-million dollar sum owed to it by Baha Mar’s contractor. Stephen Wrinkle, telling Tribune Business that he was basing this prediction on China Construction America’s (CCA) past performance, urged its Bahamian subcontractors to band together and seek legal recourse if dissatisfied with the compensation offered. Mr Wrinkle was speaking out after the website created to handle the settlement of Baha Mar creditor claims warned that the process did not apply to CCA’s Bahamian sub-contractors and vendors. They will instead have to negotiate directly with the Chinese stateowned contractor for sums that it owes them, a development that Mr Wrinkle described as “not very encouraging”. And, in a development that may See pg b2
CCA ‘historically bad’ at processing claims Baha Mar claims entity called ‘Perfect Luck Claims’
Stephen Wrinkle
Business to resist ‘heavy handed’ labour law reform By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The private sector will resist any “heavy handed” move to impose the proposed labour reforms on it, the Chamber’s chief executive yesterday warning they were “not sitting well” with the business community. Edison Sumner told Tribune Business that the Chamber would “take issue” with any attempt by a single party on the National Tripartite Council to force through far-reaching legal changes. Emphasising that the private sector would likely submit alternatives to the proposals now before the Council, he added that it was also seeking to meet with Shane Gibson, minister of labour and national insurance, on the matter before providing a full response. “Overwhelmingly, we’re finding that the response is that we cannot allow there to be any heavy-handed approach by the Government or the trade unions to pass legislation without having proper consultation done,” Mr Sumner told Tribune Business of initial private sector reaction. “The recommendations in the proposed changes are not going to sit well with the private sector. You’ll find private sector companies will be resisting these proposed amendments to the Employment Act.” The Christie adminis-
Planned changes ‘not sitting well’ with private sector Chamber likely to submit ‘alternative’ suggestions Seeking ministerial meeting over ‘concerns’
CEO of Chamber of Commerce Edison Sumner. tration wants to make it mandatory for employers to provide two months’ (60 days) notice to itself and the relevant bargaining agent (trade union) whenever they are about to make 10 or more workers redundant, with failing to do so becoming a criminal offence. And, joining this proposal in the “emergency See pg b4
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
Pinder: Bahamas ‘got too comfortable’ Has to adapt better to evolving industry landscape Needs to boost transaction flow through nation
Ryan Pinder
Port eyes legal action against other operators Chances shouldn’t ‘take burden by itself’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Attorneys on both sides of the Freeport gaming dispute yesterday urged other web shop operators to join their action, so that the issue of who is the sector’s regulator in that city and be “determined once and for all”. Both Fred Smith QC and Carlson Shurland called on other web shops to join with Jarol Investments, the latter arguing that the Chances Games operator should “not be carrying the burden by itself” in seeking a verdict that will benefit the entire industry. Jarol’s action, which both parties yesterday agreed should proceed as a private law action, rather than in its original Judicial Review form, wants the Supreme Court to determine whether it is the Grand Bahama Port Authority (GBPA) or the Gaming Board that has jurisdiction to licence, tax and regulate web shop gaming in Freeport. Mr Smith, meanwhile, warned that his GBPA client may soon launch separate legal actions against other web shop companies, given that some were operating without a Business Licence from Freeport’s quasi-governmental authority. This again illustrates the confusion and uncertainty over who is responsible for web shop gaming regulation in Freeport, although all procedural obstacles to hearing Jarol’s substantive case on December 2, 2016, have now been removed. “I hope that the vehicle of this action can be used to deal with any and all other operators in Freeport,” Mr Smith, the Callenders & Co attorney and partner, told Tribune Business. “Currently, they do not all pay license See pg b3
PAGE 2, Thursday, September 8, 2016
THE TRIBUNE
Bahamas urged: Shift to ‘low taxation’ model By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Understanding how to operate in a tax compliant manner may be the biggest challenge facing this nation’s financial ser-
vices industry, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman believes. Gowon Bowe, who was a panellist at a recent Bahamas Financial Services Board (BFSB) Millennials
Society panel discussion, said: “The good news is that we are not shadow boxing any more. We sort of know who our enemies are. “If I were to say what is our biggest threat, I think it is really understanding how do we operate in a tax com-
plaint manner. It is saying that we no longer have to hold ourselves out as a ‘zero tax’ jurisdiction. “We need to be focusing on how we become an efficient and effective low tax jurisdiction that allows us to leverage that by not closing the door to any of the clients that we had previously. We have to know that it’s just a different picture that we want to draw, but it is the same canvas.” Kevin Burrows, chief investment officer for the Adi
Dassler International Family Office, said the Bahamas has paid lip service to being able to compete on a ‘level playing field’. “I think it really has been just lip service. We have really hidden behind our tax advantage, secrecy laws, and all that has been stripped way so now we have no choice but to compete one on one with the guys sitting in London, New York, Geneva, Singapore or Hong kong,” said Mr Burrows.
Ex-contractor chief fears ‘poor results’ on CCA collection From pg B1 infuriate and amuse Bahamians (especially Baha Mar’s creditors) in equal measure, the entity created to handle the claims process is called Perfect Luck Claims Ltd. While the name sounds more like that of a web shop operator, the bottom of the claims form requires all creditors to assign the rights to their claim to this entity once they accept their payout. “Any claim approved will require the applicant to assign their claim to Perfect Luck Claims Ltd in order to get paid,” all Baha Mar creditors were told. Why Baha Mar creditor claims rights have to be transferred to this entity, in return for compensation payouts, is unclear. However, Tribune Business received several calls yesterday from irate Bahamians, asking whether the ‘Perfect Luck Claims Ltd’ name was a joke or intended as further provocation. “Un-flipping real. That’s just a slap in the face. Unbelievable,” said one former Baha Mar staff member, who should be able to recover 100 per cent of the severance pay and other benefits owed to them. Mr Wrinkle, meanwhile, questioned why CCA subcontractor/vendor claims were being handled by a different process, and the method by which they will be dealt with. “Given that CCA are maintaining they’ve not been paid themselves, it’s going to be extremely difficult to collect,” the ex-BCA president said of Bahamian contractors. “There are so many impediments to that. I anticipate very poor results. The processing of valid claims by CCA has historically been a problem for small and medium-sized contractors
throughout the project.” Mr Wrinkle said CCA had frequently “procrastinated, made partial payments” or delayed paying Bahamian sub-contractors for as long as possible, while warning them that they would receive nothing if they left the Baha Mar site. “The attitude was that if sub-contractors quit, they wouldn’t get anything,” he told Tribune Business. “That was the problem throughout the contract if you leave the site.” Prime Minister Perry Christie, in unveiling the agreement with the China Export-Import Bank, Baha Mar’s secured creditor, for the project’s construction completion, said CCA had to compensate its sub-contractors and vendors as part of the deal. “China Construction will finish the works, and will resolve outstanding claims with its suppliers and subcontractors,” Mr Christie said that night. “Going forward, many of the same people and companies who were previously contracted will be re-engaged to complete the project.” Typically, few details were provided, and there was nothing from the Prime Minister to indicate that there will effectively be two claims recovery processes one for Bahamian creditors of the Baha Mar group of companies, and another for CCA’s sub-contractors and vendors. The Government’s view is that because CCA (Bahamas) and its parent are solvent, with their own assets, they will be able to satisfy creditor claims from their own financial resources. And creditors will also have legal recourse if they are dissatisfied with the settlement on offer. But this also raises more unanswered questions, in-
Gowon Bowe cluding how CCA - which has every incentive to ‘beat them down’ - will deal with creditor claims, and how much Bahamian companies can reasonably expect to recover. While some Bahamian sub-contractors may enjoy a little leverage if they are required to complete Baha Mar’s construction, CCA will likely seek to negotiate their return at a discount reduced compensation now in return for future payment tomorrow. It is also unclear how the five-person Baha Mar creditors committee, upon which CCA has a seat, will deal with the construction company’s claim. Documents related to the project’s Chapter 11 bankruptcy filing showed that CCA claimed to be owed $140 million, although the list of unsecured creditors said this sum was closer to $72.6 million. Describing the claims processes as “a dog and pony show” and “all smoke and mirrors”, Mr Wrinkle warned his fellow Bahamian contractors that they may have to seek legal redress against CCA (Bahamas) in the Supreme Court. “I was suggesting to the contractors that they form a Coalition and sue CCA for non-payment a long time ago,” he told Tribune Business, “while having the claims registered in the Bahamian court system. “Since the Government is so keen to have everything settled here, have a process through the court system. As of now, we have nothing. “If we’re going to negotiate with CCA, we’re going to have a long, hard road. The odds of them [Bahamian contractors] collecting have diminished substantially. There’s absolutely no incentive for CCA to settle with those people other than those they need. I’m afraid the Bahamian contractors will have to take it to court. Oh my God, what a mess.”
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THE TRIBUNE
Thursday, September 8, 2016, PAGE 3
Bahamas told: Focus beyond tax exchange By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas must look beyond global tax compliance initiatives to reform other areas that will help it remain “the destination of choice for financial services” in the Western Hemisphere. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that meeting the 2018 commitment to implement the Common Reporting Standard (CRS) on automatic tax information exchange would “have no impact on our competitive advan-
professionals, for the most part. “We do not pay attention to the changing landscape and figure out what is that landscape, and how we sell from within that landscape. Instead, we have a tendency to sit on our laurels too many times. That
tage”. She argued that the Bahamas instead needed to focus on “the enablers” that would strengthen the “value proposition” offered to financial services clients, such as upgrading the Immigration/residency regime. “I think it ultimately boils down to the customer expe-
is not how we are going to sell and develop this industry. The only way we are going to succeed is to take that knowledge and experience, and all those generations of development in this industry, look forward and invest in ourselves.” Mr Pinder said the Bahams’ traditional high net
All web shops urged to join Freeport fight From pg B1 fees to the Grand Bahama Port Authority, but conduct their business using all the administrative, social, infrastructure and economic benefits that accrue to any business doing business in the Port area.” Mr Smith said some web shops were still licensed as Internet cafes, which did not account for their gaming activities in terms of the license fees levied, while others were “not licensed at all”. “It is the intention of the Port Authority to take out proceedings against all companies operating without a Port license,” he told Tribune Business. “None of them are paying license fees for the operation of their gaming activities. It all goes to the Gaming Board. “It’s simply unfair that they should have the advantages of doing business with Freeport’s infrastructure, yet they’re not contributing by virtue of doing business to the upgrade and maintenance of the Port area through the payment of license fees. “We hope that the other
France mulls institute to study attacks’ impact on tourism PARIS (AP) — A French government report has proposed to set up an institute to monitor developments in the tourism industry following the recent attacks in the country. The report released Wednesday noted the precise impact of the attacks on tourism is hard to evaluate. It also suggested the creation of a crisis center that would be able to deliver “reliable information” to tourists in case of attacks or serious events happening in the country. France's economy relies heavily on tourism, which provides an estimated 2 million jobs, according to the government. Exact figures remain unclear but hotel industry numbers and data on visits to major tourist attractions suggest a general decrease in visits to the French capital and the Riviera, following attacks in Paris last November and in Nice on July 14.
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that, improving the efficiency in the process, and residency, and really see how we can use that to improve growth in the sector. “I believe that while it will be a new operating environment, we have a strong value proposition, and that we must ensure we put in place structures to strengthen it,” Ms McCartney added. “There are some things we can do, despite the changing landscape, to ensure the Bahamas remains attractive and the destination of choice for financial services on this side of the world.” Ms McCartney echoed former financial services minister, Ryan Pinder, in suggesting that the Bahamas
seek to carve out a niche in trade financing, “establishing an environment where real international business can take place”. She also called for the Bahamian financial service industry to forge better links with the major foreign direct investment (FDI) projects attracted to this nation. “We can leverage some of the FDI we see taking place, creating linkages between real commercial activity we see taking place in the Bahamas and the financial services sector,” Ms McCartney told Tribune Business. “All of that inures to the benefit of financial services.”
worth individual clients wanted services that extended far beyond just a bank to deposit their money. “They need family offices, they need efficiencies, good customer service, someone who is going to get on a telephone call at midnight, because they are on the other side of the world, to talk competently and advise them,” he added. “They are going to need someone who doesn’t work 9am to 5pm, and they are going to need someone
who is knowledgable and understands the landscape in which they operate. They need an environment that is efficient and less bureaucratic, and that is going to create the way forward. “We are a private wealth jurisdiction. Why can’t we be a trade finance jurisdiction, considering all of the shipping lanes that come through this country from the greatest economies in the world? Why can’t we be more institutional? We have very limited pension
funds and hedge funds” Mr Pinder said there had been much concern about so-called ‘de-risking’ and the loss of correspondent banking relationships. “We don’t have the volume of transactions to make those banks feel secure and say that the Bahamas is an asset,” he said. “Right now, the Bahamas is not an asset. There is not enough money being made off of the deposits and the transactions that flow through the Bahamas.
“We fix that by evolving our industry. We need to invest in ourselves and our industry. There is real competition out there and those jurisdictions, if they figure it out first, they certainly aren’t going to tell us what the answer is. “We have to stop being so hyper-competitive and everybody give just a little bit to figure out the way forward. It has to be a collective we. We have the minds to do it; we have the energy to do it.”
numbers. We’d like to see them come together.” Mr Smith, meanwhile, argued that there was no reason why web shop operators could not pay license fees to the GBPA, given that the operator of Grand Lucayan’s casino, Treasure Bay, paid such fees Chances Games was one of at least two web shop chains who have launched separate legal challenges to the GBPA’s bid to issue gaming licences to them, and levy an associated 50fold fee increase. They were effectively arguing that the GBPA is trying to “usurp” the Gaming Board as the web shop industry’s regulator, and that the former has no power to issue provisional gaming licences - and charge associated fees - for their Freeport operations. Chances Games is thus asking the Supreme Court to determine who is the appropriate regulator and licensor for its Freeport operations, and to whom it
should pay related gaming taxes. Its action was initially launched as a Judicial Review, but both Mr Smith and Mr Shurland confirmed that at yesterday’s Supreme Court hearing, they agreed it should proceed as a private law action by way of originating summons. And the various government agencies, including the Gaming Board, minister of tourism (who has responsibility for gaming) and the Attorney General’s Office, will also be added as parties, enabling them to file evidence and make submissions to the Supreme Court. The attorneys said yesterday’s hearing had removed obstacles to the hearing of Jarol’s substantive case on December 2. Apart from eliminating procedural matters, the switch to a private law case also removes the issue of whether the GBPA is a body that is “amenable” to Judicial Review. The case may not be received well by either the
Gaming Board or the Government, given their efforts to legalise and regulate the web shop gaming industry via the Gaming Act 2014. It will especially irk the Christie administration, given that a key element of its recent Memorandum of Understanding (MoU) with the GBPA was designed to address the issue of regulatory conflicts in Freeport. The MoU’s clause 1.18 commits the GBPA to ensuring its regulatory and quasi-governmental powers are ‘harmonised’ with national laws and government policies/regulations - some-
thing that Mr Smith’s suggestion appears to fly in the face of. And the ‘harmonisation’ is supposed to occur via “existing independent regulators” such as the Utilities Regulation and Competition Authority (URCA) and the Gaming Board. With the Grand Bahama Power Company already challenging URCA’s ability to regulate it, should Mr Smith’s suggestion be adopted, it would mean that the Supreme Court will be asked to rule on whether a second ‘national regulator’ has jurisdiction in Freeport.
Suggests focus on trade finance, FDI linkages
We’ve ‘lost our way’ in financial services From pg B1
rience,” Ms McCartney said of ways to improve the Bahamas’ competitiveness. “If we can ensure we improve the ease of doing
business, if we look at ways to innovate as it relates to products and services, and the means by which we can deliver services.... it’s for us to leverage the Bahamas’ value proposition to our advantage.” Suggesting that “location is everything”, and that the Bahamas is “ideally placed” to serve target markets such as Latin America, Ms McCartney said this nation’s financial services industry had much to play for despite the changed regulatory landscape. “It’s for us to ensure we put the enablers in place to support what is an evolving value proposition,” she told Tribune Business. “Immigration is key to
BFSB chief calls to strengthen ‘value offering’
operators will consider joining the action so that all of them, the Attorney General and the Gaming Board, are before the court, and once a determination is made it is in respect of all.” Mr Smith’s views were echoed by Mr Shurland, who told Tribune Business that the entire web shop gaming industry would benefit from a determination of the issues raised by his client, Jarol Investment. “At the end of the day, this will give us some clarity, but ideally Chances should not be carrying this burden by itself,” he said. “The other operators will benefit from what comes out of this. I would love for the other web shops to come on board as a team, and consolidate our resources in order to get focus on who we should be paying [license fees] to. There’s strength in
PUBLIC NOTICE Would the owner of a white 30ft homemade fiberglass hull boat located in Drigg’s Hill South Andros, on Lot #1 of Flowers Estate please contact Percitta Knowles at 369-1466/4710981./369-4569 in reference to removing said item. Storage fee @ $150.00 will be charged everyday for duration of Notice and thereafter. If no contact is made, the owner of the property reserves the right to dispose of the boat. Whether it be by removal of the boat from the property or sale of the boat for all cost incurred.
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PAGE 4, Thursday, September 8, 2016
Business to resist ‘heavy handed’ labour law reform From pg B1 legislation” the Government wants to bring to the House of Assembly by September 30, the Government also wants to remove the Employment Act’s existing ‘12-year cap’ on severance/ redundancy pay. The latter move, in particular, has long been demanded by Bahamian trade union leaders, while the ‘advance redundancy warning’ measure appears to be a “knee jerk” reaction by the Government to Sandals Royal Bahamian’s termination of its 600-strong workforce.
Yet the proposals have horrified employers, who see them adding “astronomical costs” and excessive ‘red tape’ and bureaucracy to their operations - and at a time when many companies are already struggling to survive or avoid downsizing. Mr Sumner suggested that the Chamber, and wider private sector, would have great difficulty with either the Government, trade unions or both attempting to ram the proposed changes through into law. “The approach of amending the laws at the behest of one particular group in
the Tripartite cycle is one we will certainly take issue with,” he told Tribune Business. Mr Sumner yesterday reiterated that the proposed amendments were “not etched in stone, and not made into law” - at least not yet. He added that they would be further debated at the Tripartite Council, the body that comprises Government, private sector and union representatives, and which was created to assess all proposed changes to labour-related legislation. In the meantime, Mr Sumner said the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) was speaking to as many of its members and individual businesses as
possible, in a bid to gain the widest possible feedback on the proposals. Besides discussing the matter at Board level, the Chamber is also talking to industry groups, such as those representing interests in the hotel and financial services industries. Mr Sumner said that while organisations such as the Bahamas Hotel and Tourism Association (BHTA) would have their own sector-specific concerns regarding the planned labour law changes, the Chamber was hoping to establish the strongest “consensus” position possible before finalising the private sector response. He added that the Chamber was also consulting beyond the Bahamas’ borders, seeking advice and feedback from the likes of the International Labour Organisation (ILO), Caribbean Employers Confederation and the International Employers Organisation. Mr Sumner explained that this was being done “to ensure there is a compre-
hensive response, and that it is not being done from a place of emotionalism; that there is reason and logic behind the recommendations we are making”. “It’s important to cast the net as wide as possible in taking the views of the private sector,” he added. “At the end of the day, I’m sure we’re going to come up with what are reasonable recommendations to what is being proposed. “It’s not going to be about rebutting what has been suggested or recommended, but providing alternatives and what we’d like to see if we’re going to amend the laws.” Mr Sumner said the Chamber had already submitted a written request to meet with Mr Gibson on the proposed labour reforms, so that it could brief him on private sector concerns prior to providing its full response. “The Chamber, as with any right-thinking employer, is always concerned about the welfare of workers in the country,” he told
THE TRIBUNE Tribune Business. “Nothing we do is to the detriment of workers, but we must bear in mind that employers are running businesses. They have certain protocols and guidelines, and certain laws, they must follow to stay in business. “When we look at changing any law that impacts business, we need to examine the short and long-term effects. If we are going to make laws that make it more difficult to do business in the Bahamas, we will have fewer businesses wanting to operate in this country.” Mr Sumner also implied that the proposed labour law reforms could undermine the Bahamas’ drive to attract more foreign direct investment (FDI). “That effort could effectively be threatened if we do not demonstrate that we’re a good place to do business,” he added, “a labour-friendly environment as well as a business-friendly environment.”
Goldman Sachs restricts employee political contributions
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NEW YORK (AP) — The nation’s largest investment bank is barring its top employees from contributing to certain political campaigns — including Donald Trump’s White House bid. The new rules, which went into effect last week, prohibit partners at Goldman Sachs from donating to politicians running for state or local office, or to state officials who are seeking federal office. That applies to Indiana Gov. Mike Pence, Trump’s running mate, which means that the Goldman Sachs partners can’t contribute to the Republican ticket. The policy, which was spelled out in a memo obtained by The Associated Press on Wednesday, is meant to remove any implication of a “pay for play” scandal. Four years ago, the bank paid $12 million to settle charges that a Boston-based banker had a bond underwriting business in the state while contributing funds to and working for the campaign of Massachusetts gubernatorial candidate Tim Cahill. The memo specifically highlights the TrumpPence ticket — and Super PACs supporting the Republicans — as a campaign to which the partners at the New York-based firm can’t donate. But the rules do not apply to the Democratic ticket, since neither Hillary Clinton nor her running mate, Sen. Tim Kaine, are
a screen at a trading post on the floor of the New York Stock Exchange is juxtaposed with the Goldman Sachs booth. The nation’s largest investment bank is barring its top employees from contributing to certain political campaigns, including Donald Trump’s White House bid. The new rules, which went into effect last week, prohibit partners at Goldman Sachs from donating to politicians running for state or local office, or to state officials who are seeking federal office. That applies to Indiana Gov. Mike Pence, Trump’s running mate, which means that the Goldman Sachs partners can’t contribute to the Republican ticket. (AP Photo)
currently state officeholders, though Kaine is a former governor. A spokeswoman for Trump did not immediately respond to a request for comment. Many Goldman employees are not impacted by the new rule: only 467 of the bank’s 30,000-plus employees around the globe are partners. But many of those partners tend to be extremely wealthy. And both campaigns’ finance directors — Steven Mnuchin for Trump and Gary Gensler for Clinton— are former Goldman employees who may be inclined to turn to their ex-colleagues for do-
nations. “The policy change is meant to minimize potential reputational damage caused by any false perception that the firm is attempting to circumvent pay-to-play rules, particularly given partners’ seniority and visibility,” the memo reads. “All failures to preclear political activities as outlined below are taken seriously and violations may result in disciplinary action.” A request for further comment from Goldman Sachs was not immediately returned. The new policy was first reported by Politico.
THE TRIBUNE
Thursday, September 8, 2016, PAGE 5
Court upholds illegal worker contract rights From pg B1 that apart from those sanctions there is nothing in the Act - either express or to be implied - which suggests that employment contracts or arrangements entered into breach of the Act are, as a matter of public policy, to be regarded as invalid or void,” Justice Crane-Scott ruled. The verdict stemmed from the capsize of Tycoon Management’s dredging vessel, the MV ‘Bahama Wave’, which resulted in Mr Barrett suffering “a massive hematoma on his chest wall” and a breathing system infection. The Court of Appeal judgment reveals that the accident occurred despite Mr Barrett alerting the Captain’s Mate to the fact the vessel appeared overloaded. The response of the Captain’s Mate was to “go back to sleep”. Mr Barrett had been retained as a seaman on the MV ‘Bahama Wave’ after its sale to Tycoon Management, a leading Bahamasbased sand and aggregate supplier/exporter.
The vessel had been engaged in sand dredging and mining just off the New Providence coast on September 27, 2009, when Mr Barrett “noticed that the boat appeared to be overloaded and had begun to lean.... “He had awakened the Captain’s mate and alerted him of his concerns, but the Captain’s mate had gone back to sleep.” With its sand cargo loaded, the MV ‘Bahama Wave’ headed for shore, but Mr Barrett - who himself had gone to sleep - awoke to see “the stern of the vessel high out of the water and the bow of the vessel going downwards”. According to the earlier Supreme Court verdict, delivered by then-Chief Justice Sir Michael Barnett, the Jamaican retrieved some life jackets and alerted two other crew members who were asleep. However, the MV ‘Bahama Wave’ sank before Mr Barrett could put on his life jacket. He was hit by the sinking vessel after jumping into the water, and eventu-
ally rescued by the Defence Force hanging on to the ship, which had capsized a mile off Paradise Island. After it was discovered that he had no work permit, Mr Barrett spent nine days in the Carmichael Road Detention Centre before returning to Jamaica. Sir Michael, as chief justice, found that Mr Barrett had been a Tycoon Management employee, and that while his hiring had been in breach of the Immigration Act, the company “owed him a duty of care”. He also ruled that the Jamaican national had been “constructively dismissed”. While Mr Barrett’s illegal employment was not raised by Tycoon Management at the original trial, it formed the basis of the company’s Supreme Court appeal. The Court of Appeal allowed it to argue this issue because it was “so fundamental” to the outcome of the case. Chernenka Rolle, Tycoon Management’s attorney, argued that Mr Barrett could not base his claim on an illegal contract, given that he was a non-Bahamian who had failed to obtain a work permit from the Department of Immigration. But Darren Ellis, acting for Mr Barrett, said the
Two psychologists plead guilty in $25 million Medicare scam NEW ORLEANS (AP) — Psychologists from Louisiana and Mississippi admitted participating in a $25 million Medicare scam by billing for unnecessary or nonexistent tests on nursing home patients across the Southeast, federal authorities said Wednesday. As part of their guilty pleas, Beverly Stubblefield, 62, of Slidell, Louisiana, and John Teal, 46, of Jackson, Mississippi, admitted they’re responsible for more than $5.6 million in fraudulent claims submitted to Medicare, according to a Department of Justice news release. Each pleaded guilty in
New Orleans’ federal district court to one count of conspiracy to commit health care fraud. In statements made as part of their pleas, the two say that they worked for two companies run by codefendants scheduled for trial next month. They said those companies, Nursing Home Psychological Services Inc. and Psychological Care Services Inc., billed Medicare for tests that were not needed or not given at all to nursing home residents in Mississippi, Louisiana, Florida and Alabama. Teal and Stubblefield admitted that they tested the same residents repeatedly, according to
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the agreements. Some of those patients were "nonresponsive," Stubblefield’s statement said. Their co-defendants, Rodney Hesson, 46, and his mother, Gertrude Parker, 62, both of Slidell, are scheduled for trial Oct. 11. The FBI and U.S. Department of Health and Human Services’ Office of Inspector General investigated the case for the Justice Department’s criminal division and the Medicare Fraud Strike Force for the Eastern District of Louisiana.
latter’s evidence was that Tycoon Management had promised “to submit the necessary paperwork to the relevant authorities to ensure that his employment situation in the Bahamas was regularised, and that it had failed to do so”. He argued that it was “inequitable” for Tycoon Management to avoid its obligations to Mr Barrett, arguing that the company - not his client - was responsible for breaching the Immigration Act’s work permit requirements. As a result, Mr Ellis argued that Tycoon Management could not rely on the absence of a work permit to avoid its obligations to Mr Barrett, adding that it was
the company itself that had broken the law. Justice Crane-Scott’s verdict recalled Mr Barrett’s evidence of entering the Bahamas with a ‘travel letter’ provided by Tycoon Management, which he said was retained by Immigration. “There is little doubt that the respondent did in fact enter the Bahamas without a work permit, and further, had been in [Tycoon Management’s] employ without a valid work permit when the ship sank,” she said, before dismissing the “illegality” argument. The Court of Appeal then rejected Tycoon Management’s claim that Mr Barrett had failed to prove
his injuries had been caused by “negligence in failing to properly manage the loading operation”, causing the MV Bahama Wave to sink. It said the company had failed to show an alternative reason for the vessel’s sinking, while also failing to provide its own witnesses. Justice Crane-Scott said the Chief Justice had found support for Mr Barrett from Mr Curling, Tycoon Management’s owner, who “stated that five days after the incident, he had been contacted by Captain Robinson and informed ‘that the vessel took on some water and it capsized’” - an explanation consistent with the ship being overloaded with sand.
PAGE 6, Thursday, September 8, 2016
House vote on impeaching IRS chief possible next week WASHINGTON (AP) — The House will vote as early as next week on a conservative effort to impeach IRS chief John Koskinen. But congressional GOP leaders still must decide how to avert a federal shutdown and finance federal efforts to contain the Zika virus, even as the approaching elections pressure them to avoid riling voters. After House Republicans met privately Wednesday for the first time since Congress returned from summer recess, leaders said GOP lawmakers would meet again next week to discuss their next steps on Koskinen’s impeachment. They said a House vote
would come sometime after that. Conservatives have pushed for Koskinen’s removal since last year, saying he’s impeded their investigation of how the IRS treated tea party groups several years ago — before he led the agency. Others worry that with the effort certain to fail in the Senate should it get that far, it needlessly risks making the GOP look too partisan just before voters go to the polls. “Members are going to vote the way they want to vote on this,” House Speaker Paul Ryan, R-Wis., told reporters. But he added, “You have members on both sides of this.”
The impeachment drive has prompted little enthusiasm among GOP leaders and is solidly opposed by Democrats. Even if the House votes to impeach Koskinen — the equivalent of formally charging him with a crime — the move is certain to go nowhere in the Senate, which has final say on removing an official from office. A resolution introduced by conservatives accuses Koskinen of not cooperating with congressional subpoenas for documents and making false statements to Congress about destroyed emails in the probe. Koskinen has said the charges are without substance.
THE TRIBUNE
House Speaker Paul Ryan of Wis. speaks during a news conference on Capitol Hill in Washington, yesterday. From left are, House Majority Leader Kevin McCarthy of Calif., Rep. Cathy McMorris Rodgers, R-Wash. and Ryan. (AP Photo)
Republican leaders hope to resolve that and other issues and send Congress home by September’s end so lawmakers can campaign. In a post-summer fixture for Congress, Republicans and Democrats remain divided over federal expenditures. Lawmakers have a long way to go to complete spending legislation to keep agencies functioning after Sept. 30. With zero chance of completing all 12 spending bills by then, the key questions are how many weeks a temporary spending package
will last, and whether the GOP can garner enough votes for such a measure without triggering a government shutdown sure to enrage voters. Many conservatives want to provide temporary spending into early next year, instead of extending it only into December. They don’t want to let a postelection, lame-duck session of Congress make the year’s spending decisions because they say retiring lawmakers who no longer must face voters are more inclined to accept wasteful spending. President Barack Obama
WANTED 1 Sales Person Needed • 3 years experience • Computer literate • Works well with others. Forward resume with references and police record to email:
salesperson100@gmail.com
and Senate Democrat oppose that idea. Even House Speaker Paul Ryan, R-Wis., has said he wants to keep negotiating into the fall on full-year spending measures. “I’m sure we’ll have a successful outcome to make sure just that the trains are running on time,” Ryan told hometown radio host Stan Milam of AM 1380 in Janesville, Wisconsin, on Tuesday. Some conservatives said Wednesday they might support a short-term spending bill into December in exchange for language blocking money to resettle Syrian refugees in the United States, language opposed by most Democrats. Late Tuesday, the Senate used its first vote since returning to recess to highlight that partisan battling over financing the battle against Zika remains as bitter as ever. For the third time this year, Senate Democrats blocked a Republican measure to battle the virus. A 52-46 vote to advance the money fell short of the 60 votes needed as Democrats opposed provisions blocking Zika prevention and treatment money from going to Planned Parenthood clinics in Puerto Rico.
THE TRIBUNE
Thursday, September 8, 2016, PAGE 7
Authorities to build up presence before oil pipeline ruling BISMARCK, N.D. (AP) — North Dakota authorities are recruiting law enforcement officers from across the state to guard the site of a protest in anticipation of an impending federal ruling on whether to block the construction of the four-state Dakota Access oil pipeline. The buildup, announced Wednesday, comes after a skirmish between protesters and private security guards on Saturday that turned violent; the crowd dispersed when officers arrived, and no one was arrested. Authorities also said they pulled back Tuesday from responding to a report of 150 to 200 protesters, some with hatchets and knives, gathered at a construction area on pri-
vate land because they determined it wasn't safe to respond. A ruling is expected by Friday on the tribe's challenge of the U.S. Army Corps of Engineers' decision to grant permits to the Dallas -based operators of the $3.8 billion Dakota Access Pipeline, which will cross North Dakota, South Dakota, Iowa and Illinois. The tribe's lawsuit says the project violates several federal laws, including the National Historic Preservation Act, and will harm water supplies for the reservation's residents and for millions downstream, as well as disturb ancient sacred sites. The local law enforcement department is bracing for a decision that would al-
low the project to proceed while a spokesman for Gov. Jack Dalrymple said “the governor has always said the National Guard is an option.” “We are preparing and planning for all scenarios that may occur in response to the federal court ruling,” the Morton County Sheriff's Office said in a statement, which didn't detail how many officers were being added or what their plan is should the ruling allow construction to continue. Standing Rock Sioux Chairman David Archambault II said he is not concerned with the additional law enforcement presence at the site of the protest, where thousands have camped out for weeks, and that the judge's ruling will
not stop the protest either way. “This is not going to be over on this one day, whether he rules in our favor or the company's favor,” Archambault said. “Both sides will appeal so this will not be over.” He noted that he saw very few law enforcement personnel near the protest site Wednesday and said he's appealing to protesters to remain “peaceful and prayerful.” The pipeline company, Dallas-based Energy Transfer Partners, said it would not comment regarding who is providing the private security detail, which has been in place since last month, or what they've been told to do when facing protesters.
Already, the Morton County Sheriff's Office estimated it is spending $100,000 a week in overtime costs to monitor the protests, and the North Dakota Highway Patrol is spending $65,000 weekly to do the same. But no law enforcement personnel were present Saturday, when tribal officials said construction crews on private land destroyed several sites of “significant cultural and historic value.” Energy Transfer Partners said “assailants broke through a fence and attacked our workers,” and the sheriff's office said four private security guards and two guard dogs were injured. The tribe countered that protesters reported six peo-
ple had been bitten by security dogs, including a young child, and at least 30 people were pepper-sprayed. Archambault said the protesters were “provoked” by the company's actions. The tribe won some reprieve from construction work Tuesday, when U.S. District Judge James Boasberg ordered a stop for about 20 miles of the pipeline until he ruled on the tribe's broader challenge. Dalrymple spokesman Jeff Zent said plans are also in the works to “enhance” patrols in Bismarck and neighboring Mandan, about 40 miles from the protest site, but those coincide with an annual powwow that draws hundreds of dancers from around the country.
EMPLOYMENT OPPORTUNITY
OPERATIONS COORDINATOR Comfort Suites Paradise Island invites qualified persons to apply for the position of Operations Coordinator.
Job Summary
Provides administrative support to the Assistant General Manager and Business Process Manager along with all departments that fall under the umbrella of the Operations Department.
Duties and Responsibilities: • • •
The Sacred Stones Overflow Camp is growing in size and number as more people arrive at the site along North Dakota Highway 1806 and across the Cannonball River from the Standing Rock Sioux Indian Reservation, Monday, Sept. 5, 2016 in Morton County, N.D. (AP Photo)
• •
Assist with the day to day responsibilities of the Assistant General Manager’s office. Assist with the day to day responsibilities of the Business Process Manager’s office. Assist with clerical responsibilities with each department that falls under Operations Assist with Medallia and Tripadvisor responses. Assist with the coordination of Messenger service for all departments.
Position Requirements:
Three or more years experience in the administrative field required. Experience in the hotel industry will be a plus. Competitive salary and benefits package are commensurate with experience. Interested persons should apply in writing via e-mail address:
jmcdonald@comfortsuitespi.com
An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. We are growing! Fidelity Bank invites applications for the position of:
ADMINISTRATIVE ASSISTANT Job Summary: Fidelity Group of Companies has an immediate opening for a confident, well groomed, professional, Administrative Assistant seeking to grow with Fidelity Group of Companies. A positive eager attitude, excellent telephone presence, superior customer service skills and the ability to handle multiple tasks with an attention to detail will be keys to succeed in this role. Excellent organizational skills, finesse and diplomacy in all situations A MUST. Duties include fielding telephone calls, receiving and directing visitors, word processing, filing, and providing clerical support to the Administration Team.
ACCOUNTANT Bank And Trust Company seeking a candidate for the position of Accountant. RESPONSIBILITIES • Direct responsibility for bank and investment reconciliations, • Data preparation, input maintenance and upkeep of the general Ledgers of client companies, trusts and other structures, including preparation of related yearly financial statements and periodic cash flow analyses. • Assist the Manager, as required with the preparation of monthly and quarterly financial statements.
Requirements / Qualifications: • High school diploma or equivalent vocational training • Minimum 3 years administrative experience • Willingness to take initiative and seek additional projects as time allows • Excellent communication skills - written and verbal • Ability to prioritize projects • Strong problem solving skills • Analytical, organized, and judicious in performing a variety of tasks
KNOWLEDGE/SKILLS REQUIRED: • • • • • • • • •
3-5 years’ experience with a Bachelor’s degree in accounting or related field Strong oral and written communications skills Basic knowledge of banking and investment products and their application in overall management and administration of wealth Working knowledge of accounting concepts and their applications Ability to identify potential risk issues and solutions and to communicate these effectively to senior management Excellent time management, organization and administrative skills Strong analytical and problem-solving skills Strong PC skills Strong interpersonal skills and excellent team player
Interested candidates should forward a copy of their resume to:
Human Resources P.O. Box N-9834 Nassau, Bahamas
• General knowledge of operating standard office equipment • Proficient in Microsoft Word, Excel, and Outlook
PLEASE SUBMIT BEFORE September 16th, 2016 to:
HUMAN RESOURCES Re: Administrative Assistant careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
PAGE 10, Thursday, September 8, 2016
THE TRIBUNE
Starbucks moves into “content creation” with digital series
CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:
Engineering Can-Fix-It
Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing. • Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. • General knowledge to repair heating and cooling units, painting the exterior and pressure washing. Position Requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus.
Storekeeper/Receiver: Essential • • •
Job Functions: Receive and inspect all incoming materials and reconcile with purchase orders. Process and distribute documentation with purchase orders; reports, documents and tracks damages and discrepancies on orders received. Ensure all goods received are of good quality.
Position Requirements: • High School Diploma required. • Two years experience as a Storekeeper required. • Must be computer literate.
Bartender
Essential Job Functions: • Properly stock and set up bar at the beginning of each shift. • Make certain that all drinks prepared for guests are at industry standard. • Ensure that the required amount of liqueurs are dispense for all drinks. Position Requirements: • High School Diploma required. • Two years experience as a Bartender required.
Utilities
Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant equipment and utensils in clean and orderly condition. • Transfers supplies and equipment between storage and work areas by hand or by use of hand truck. • Sets up banquet tables, when required. • Keep all equipment in the food and beverage areas are in good condition. Report any breakdowns in equipment to management. Position Requirements: • High school graduate or equivalent. • Previous hotel-related experience desired.
Guest Service Representative Essential • • • •
Job Functions: Register guests and assign rooms. Assists in pre-registration and blocking of rooms for reservations. Thoroughly understands and adheres to proper credit, cheque-cashing, and cash-handling policies and procedures. Processes guest check-outs.
Position Requirements: • High school graduate or equivalent. • Must have the ability to work independently Competitive salary and benefits package are commensurate with experience.
Interested persons should submit their resumes via e-mail to recruitment.humanresources@outlook.com
NEW YORK (AP) — Starbucks wants to tell stories about inspiring Americans, marking the coffee chain’s latest push to deepen its relationship with customers and cast itself as a positive force on social issues. The coffee chain says it is moving into the world of "content creation" with its series of text, video and podcasts on subjects including a former NFL player who helps disabled veterans. The company says it is aiming for the quality level of The Washington Post and The New York Times. Starbucks says it will promote the "Upstanders" series in stores and on its mobile app over the next 10 weeks. CEO Howard Schultz said the app, which accounts for 25 percent of Starbucks transactions, is a "treasure trove" that can give content considerable exposure. Schultz said that retailers need to evolve to be more "experiential," and that he believes Starbucks will continue to pursue original con-
tent. Moving into original content could give Starbucks more control in burnishing its image on social issues. The company has long touted its health and education benefits for employees, for instance. And last year, it had employees write "Race Together" on cups in the wake of protests over police killings of black men. The move was criticized as opportunistic and inappropriate coming from a company better known for pricey lattes, but such efforts have nevertheless fostered Starbucks’ liberal image. Schultz said the changing "rules of engagement" means businesses now have to show customers they’re giving back to the community. He also gave a strong endorsement to Democratic presidential nominee Hillary Clinton on Wednesday, citing on CNN the "vitriolic display of bigotry and hate" on the "other side." He didn’t rule out running for office himself at some point.
Many companies have been trying to bypass news outlets and become a direct source of information, sometimes hiring "brand journalists" to create stories about themselves. Coca-Cola runs a "Coca-Cola Journey" website, for instance, and Chipotle gained praise for its animated videos depicting itself as a more wholesome alternative to traditional fast food. Schultz said the Upstanders series is not branded content or marketing because it’s not about Starbucks. But the push is nevertheless a way for the company to try and connect directly with customers with a feel-good message. The challenge is that there’s so much content available online that it’s difficult for anyone to get noticed, said Allen Adamson, founder of the Brand Simple consulting firm. He also noted that marketers have to walk a fine line when commenting on social issues, so that they don’t risk losing customers.
Despite recovery, Florida won’t have much extra money in ‘17 TALLAHASSEE, Fla. (AP) — Florida’s economic recovery over the past few years probably won’t be enough to prevent Gov. Rick Scott and top Republican legislators from being forced to make tough decisions to meet some of their recent spending promises. A new annual forecast put together by state economists and legislative staff says that in the coming year, Florida is expected to bring in just enough money to meet its needs. The three-year outlook shows the state will have a surplus of only $7.5 million during the fiscal year that starts in July 2017. More importantly, Florida will have a substantial budget gap of $1.3 billion in Scott’s final year in office if nothing is done. That sets up the likelihood of yet another budget showdown in the Legislature during the annual session that starts next March. Scott has made it clear that he wants to continue to push for additional tax cuts. Incoming Senate President Joe Negron has his own ambitious plans to boost spending on state universities and acquire land south of Lake
Okeechobee as a part of a push to stop recent toxic algae blooms. “The good news is that they have the benefit of time,” said Amy Baker, coordinator for the Office of Economic and Demographic Research. “If they are not really careful in the first year, they are going to develop really big problems. ... It’s going to be really challenging.” Florida’s overall budget this year, which includes state tax dollars and federal aid, is nearly $82.3 billion. The state’s main source of money — a 6 percent sales tax — is continuing to grow after the Great Recession. But the forecast drawn up by Baker and other economists concludes that increased public school enrollment, rising costs in Medicaid and additional spending on state worker benefits will cut into the amount of money that could be spent on tax cuts or new programs. The forecast also assumes that legislators will set aside at least $1 billion in reserves. Part of the problem is that a series of tax cuts pushed into place primarily at the urging of Scott has resulted
in less money coming into state accounts. Negron, who called the latest forecast a “snapshot in time” that will be revised before the 2017 session, acknowledged legislators may have cut spending in some parts of the budget to find money for some of his priorities. “I think we will have to make difficult choices between competing priorities,” said Negron, an attorney and Republican from Stuart. One of those priorities will likely be Scott’s continued insistence to cut taxes further. He has constantly pushed for tax cuts during most of his five years in office. “Gov. Scott looks forward to working with the Legislature to keep cutting taxes and making college more affordable for students,” said Jackie Schutz, a spokeswoman for Scott, when asked about the new forecast. Negron said the Legislature will likely agree to more tax cuts next year, but added, “The main question is ‘What is the appropriate level of those tax reductions?’”
THE TRIBUNE
Thursday, September 8, 2016, PAGE 11
Global stocks drift amid US economy worries LONDON (AP) — Global stock markets traded in fairly narrow ranges on Wednesday after further soft U.S. economic data reinforced concerns over the recovery in the world’s largest economy. Uncertainty over whether the European Central Bank will unveil another stimulus on Thursday also kept traders in check. KEEPING SCORE: In Europe, France’s CAC 40 rose 0.2 percent to 4,541 while Germany’s DAX rose 0.4 percent to 10,727. Britain’s FTSE 100 edged up 0.1 percent to 6,832. U.S. stocks were poised to open slightly lower, with Dow futures and the broader S&P 500 down 0.1 percent. US CONCERNS: A run of weak U.S. data has weighed on sentiment in markets in recent sessions. On Wednesday, a private monthly survey found that U.S. services companies expanded in August at the slowest pace in more than six years. Last month’s decline was also the biggest since late 2008, when the U.S. was gripped by a recession following the financial crisis. The soft data has reduced expectations that the Federal Reserve will raise interest rates again soon — a potential boon for stocks. However, worries over the U.S. economy have ratcheted up fears about the outlook and the earning power
of companies — and that’s bad for stocks. ANALYST TAKE: “Markets never have been convinced about a rate hike this year but these reports have once again tipped the balance back in favor of a March 2017 move, rather than December, while September is only 15 percent priced in,” said Craig Erlam, chief market analyst at OANDA. ECB UNCERTAINTY: Another factor holding back momentum relates to uncertainty over whether the ECB will boost its monetary stimulus on Thursday following some lackluster economic data. Nothing dramatic is expected given that the ECB recently cut its main interest rate to zero and expanded its monthly bond purchases. One of the more likely steps would be to extend its current 80 billion euros ($90 billion) per month in bond purchases from banks and other financial institutions. Such purchases pump newly created money into the banking system. The ECB has already
bought over 1 trillion euros worth, on its way to an expected 1.74 trillion euros. ASIA’S DAY: Japan’s benchmark Nikkei 225 index lost 0.4 percent to finish at 17,012.44 as the latest U.S. data pushed the yen higher, hurting shares of the country’s export manufacturers. South Korea’s Kospi fell 0.2 percent to 2,061.88 and Hong Kong’s Hang Seng dipped 0.2 percent to 23,741.81. The Shanghai Composite Index in mainland China climbed less than 0.1 percent to 3,091.93 and Australia’s S&P/ASX 200 rose 0.2 percent to 5,424.20. ENERGY: Benchmark U.S. crude oil futures added 28 cents to $45.11 in electronic trading in the New York Mercantile Exchange while Brent crude, the benchmark for international oil prices, fell 6 cents to $47.20 a barrel in London. CURRENCIES: The euro was down 0.1 percent at $1.1237 while the dollar fell 0.3 percent to 101.65 yen.
Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
Edward Curran, center, works with fellow traders on the floor of the New York Stock Exchange, Tuesday, Sept. 6, 2016. U.S. stocks indexes are mostly higher in early trading as traders look over the details of several corporate deals. (AP Photo) COMMONWEALTH OF THE BAHAMAS
2016
IN THE SUPREME COURT
CLE/gen/No. 00243
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made on the 30th day of April, A.D., 2004 between Xavier O. Sherman and Claudette C. Sherman of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and now of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 12174 at pages 76 to 88 AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Statute Laws of The Bahamas BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND XAVIER O. SHERMAN
Job Opportunity:
and
BOTANIST – Leon Levy Native Plant Preserve (Eleuthera)
POSITION DESCRIPTION: The Botanist will provide advice and guidance to advance the Leon Levy Native Plant Preserve (LLNPP). This will involve on and off site management on the development and improvement of trails, general program and visitor experiences and special project development. The position involves on and off site work on plant identification and signage, improvements to site diversity, and general site development, including training and mentoring of staff. The position will continue development of content for Eleuthera Plants on-line database for the Preserve Website. This will include the development of scientifically accurate descriptions and digital images of species that occur at the LLNPP, Eleuthera, and the Bahamian Archipelago. The position will liaison with the New York Botanical Garden, Fairchild Tropical Garden and other relevant international botanical institutions. The Botanist will also act as coordinator and supervisor for plant collecting expeditions throughout the islands of the Bahamas. Qualification and Experience M.S. In Botany, Biology or related field 5 Years minimum experience infield Proficiency in MS Office suite Strong organizational and time management skills Excellent oral and written communication skills To Apply: Send CV to P O Box N 4105, Responses will only be communicated to those persons meeting all qualifications. Deadline to apply – September 15, 2016
COMMONWEALTH OF THE BAHAMAS
2015
IN THE SUPREME COURT
CLE/gen/No.01779
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made on the 29th day of September, A.D., 2004 between Donald Rolle and Beverly Rolle of the first part and FirstCaribbean Bank (Bahamas) Limited of the second part and now of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9215 at pages 551 to 562. AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Statute Laws of The Bahamas BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED Plaintiff AND DONALD ROLLE
FIRST DEFENDANT
and BEVERLY J. ROLLE
SeCOND DEFENDANT NOTICE OF APPOINTMENT TO HEAR ORIGINATING SUMMONS To: DONALD ROLLE BEVERLY J. ROLLE Big Pond Subdivision P.O. Box N-9439 Nassau, Bahamas TAKE NOTICE that the Originating Summons issued herein on the 6th day of November, A.D., 2015, will be heard by the Honourable Mr. Justice Gregory Hilton (Actg) of the Supreme Court sitting in Chambers at the Supreme Court Building in the City of Nassau on the Island of New Providence on Wednesday, the 26th day of October, A. D., 2016 at 9:15 o’clock in the forenoon. You may attend in person or by your attorney or counsel. If you fail to attend, such order will be made as the Court may think just and expedient. DATED the 3rd day of August, A. D., 2016 HARRY B. SANDS, LOBOSKY & COMPANY Chambers Shirley House 253 Shirley Street Nassau, Bahamas Attorneys for the Plaintiff
Plaintiff
First Defendant
CLAUDETTE C. SHERMAN Second Defendant NOTICE OF APPOINTMENT TO HEAR ORIGINATING SUMMONS To: XAVIER O. SHERMAN CLAUDETTE C. SHERMAN #27 Warren Street P.O. Box N-973 Nassau, Bahamas TAKE NOTICE that the Originating Summons issued herein on the 23rd day of February, A.D., 2016, will be heard by the Honourable Mr. Justice Gregory Hilton (Actg) of the Supreme Court sitting in Chambers at the Supreme Court Building in the City of Nassau on the Island of New Providence on Wednesday, the 26th day of October, A. D., 2016 at 9:15 o’clock in the forenoon. You may attend in person or by your attorney or counsel. If you fail to attend, such order will be made as the Court may think just and expedient. DATED the 3rd day of August, A. D., 2016 HARRY B. SANDS, LOBOSKY & COMPANY Chambers Shirley House 253 Shirley Street Nassau, Bahamas Attorneys for the Plaintiff
PAGE 12, Thursday, September 8, 2016
THE TRIBUNE
US job openings jump to record high in mixed signal to Fed
a woman passes a “We’re Hiring!” sign while entering a clothing store in the Downtown Crossing of Boston. Yesterday, the Labor Department reports on job openings and labor turnover for July. (AP Photo)
Major firm in the financial and legal services industry invites applicants for the function of:
Corporate Administrator Successful candidate will: • have responsibility for preparation of incorporation documentation, filings with the Registrar of Companies, maintaining corporate records, preparation of directors and shareholders’ resolutions and other related documentation • prepare all post incorporation documentation: o Minutes, Notices, share transfers and share certificates, bank opening forms, etc. o updating and maintaining the corporate system in relation to companies to which the firm provides registered offices o general secretarial duties Good typing and organization skills required. Ability to work independently is essential. Proficiency in Microsoft Office Suite is required. Minimum 3 years’ experience preferred. Salary commensurate with experience and qualifications Only short-listed applicants will be contacted Reply in confidence to: corpvacancy1@gmail.com
CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:
Security Supervisor
Prime Responsibilities and Duties are: • Oversee the proper reporting and documentation of all incidents. • Act as focal point for any investigations involving guests and employees, prepare accurate reports and follow up action plans. • Take the lead on all incidents and emergencies. • Monitoring of camera system and schedule patrolling of grounds. • Assist with the smooth and efficient running of the organization. Qualifications & Experience Required: • Three or more years in the security or military (RBDF & RBPF) field. • Three or more years supervisory experience • Excellent leadership and communication skills. • Must be computer literate with strong administrative skills.
Security Officer
Prime Responsibilities and Duties are: • Assist with any investigations involving guests and employees, prepare accurate reports and follow up action plans. • Ensure that any criminal activity does not hamper the smooth functioning of the hotel. • Assist with and ensure the accuracy of all industrial accident reports. • Take the lead on all incidents and emergencies. • Assist with the monitoring of camera system and scheduled patrolling of grounds. • Assist with the smooth and efficient running of the organization. Qualifications & Experience Required: • Two or more years in the security or military (RBDF & RBPF) field. • Excellent leadership and communication skills. • The ability and interpersonal skills to relate with internal and external customers. • Ability to work as part of a team, as well as independently. • Must be computer literate with strong administrative skills. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to
recruitment.humanresources@outlook.com
WASHINGTON (AP) — American employers advertised a record number of open jobs in July, a sign hiring may stay healthy despite a slowdown last month. Job openings jumped 4 percent to 5.87 million, the Labor Department said Wednesday, slightly above the previous peak reached in April. The data dates back to December 2000. The report muddies the employment outlook for the Federal Reserve, which meets in two weeks to consider whether to raise short-term interest rates for the first time this year. The big increase in open jobs suggests hiring will pick up
in the coming months. But that message runs counter to the government’s jobs report Friday, which showed that employers pulled back on hiring in August. They added 151,000 jobs last month, about half the total of the previous two months. The unemployment rate stayed a relatively low 4.9 percent for the third straight month. Economists and investors don’t think the Fed is likely to raise rates at its Sept. 20-21 meeting. But if Fed officials believe the economy is accelerating and will push up wages and prices, an increase in December is more likely.
Legal Notice
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
ASHER INVESTMENT MANAGEMENT INC. In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), ASHER INVESTMENT MANAGEMENT INC. is in Dissolution.” The date of commencement of dissolution is the 2nd day of September, 2016.
ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator
Last Friday’s sluggish jobs report moved the Fed in a more cautious direction. Traders now see about a 46 percent chance that the Fed will raise rates by its December meeting, down from over 50 percent last week, before the employment report was released. Wednesday’s report, known as the Job Openings and Labor Turnover survey, or JOLTS, provides a more detailed reading of the job market than the Friday employment numbers. The JOLTS shows that total hiring rose 1 percent in July to 5.22 million, a solid pace but down slightly from a year ago. That hiring figure is a gross total. Friday’s jobs report calculates a net total of gains after subtracting those who quit, retired or were laid off. The disparity between the 4 percent jump in open jobs, and just a 1 percent increase in hiring, suggests that many employers are struggling to find enough qualified workers to fill their positions. An increasing proportion of jobs require additional education beyond a high school degree. At the same time, a rising number of open jobs, with a low unemployment rate of 4.9 percent, could force employers to increase pay to attract more applicants. Faster wage gains would quicken growth, which has been tepid in the past year.
SUN OIL LIMITED EMPLOYMENT OPPORTUNITY Sun Oil Limited seeks to identify:
PROFESSIONAL TRACTOR TRAILER DRIVERS in New Providence
The successful candidate(s) will assume the role of Driver/Operator. This position is responsible for the daily execution of key responsibilities within a bulk fuel facility. These responsibilities include the safe receipt, storage and delivery of bulk petroleum products in accordance with strict industry and company standards. Successful candidates must be able to demonstrate a proven track record of safe driving. Successful experience in the petroleum industry would be a plus. Core Responsibilities • Daily inspection of assigned truck(s) and associated equipment. • Safe truck loading and delivery of petroleum products throughout the island. • Provide exceptional customer service at all times. • Adhere to company driving policies and the Highway Code of the Bahamas. • General fuel handling operations associated with the receipt, stor age and re-distribution of petroleum products. Job Requirements • 5 year’s minimum work experience in a similar capacity. • In depth knowledge of The Highway Code of the Bahamas. • A strong safety record. Safety related trainings would be a plus. • Defensive driving training would be a strong plus. • A mechanical aptitude with some experience with equipment maintenance and repairs. • Strong leadership skills with the ability to work as an effective team member. • Excellent verbal and written communication skills. • The ability to work flexible hours and weekends. Benefits include: Competitive salary and benefits package, commensurate with work experience and qualifications. Interested persons should apply no later than 28th September, 2016 to:
jobs@sunoilbahamas.com
THE TRIBUNE
Thursday, September 8, 2016, PAGE 13
Britain’s economy is stable – and people are surprised
LONDON (AP) — Fear of an economic meltdown was the biggest weapon in the campaign to stop Britain from leaving the European Union. Economic and financial experts in the City of London, which has a lot to lose from an EU exit, warned that a decision to leave would hit business so hard as to put the country in or close to recession this year. Ten weeks after the vote, though, some say the fearmongering was overdone. Though the pound has fallen to a 30-year low, as predicted, people continue to spend and activity in manufacturing and services rebounded last month from a sharp contraction in July. House prices have held up. The question is whether this is simply the calm before the storm — before Britain goes through with the decision to leave the EU and negotiates its new relationship — or is the country such a good place to do business that it can weather the dislocation of Brexit. “The City called it wrong,” Nigel Wilson, chief executive of Legal & General, an insurer and pension provider that has 746 billion pounds ($1 trillion) under management, told the BBC this week. “Everyone was naturally a ‘Remainer’ and therefore when it didn’t happen,
psychology took over and we got some very odd outcomes which are busily self-correcting over a period of time.” But Swati Dhingra, one of those who forecast severe damage to the economy, says the danger hasn’t past. Warnings about the impact of Brexit were focused on what might happen when Britain leaves the EU, and that won’t happen for more than two years — at least. Until then, no one knows what the country’s relationship with the EU will look like and what effect it will have on trade, labor supply and investment, she said. “It’s too early to tell,” said Dhingra, an expert on trade and international economics at the London School of Economics. “The trade policy changes have not yet happened. . Why are we expecting things to change?” Among the most crucial questions to be decided is whether Britain will continue to have access to the EU’s single, tariff-less market of more than 500 million people and under what conditions. The financial services industry is particularly concerned about maintaining the current system of “passporting,” which allows professionals who are registered in one member state to work anywhere in the bloc. The details of Britain’s new relationship with the
Bank of England’s governor Mark Carney answers questions in front of the Commons Treasury Select Committee in the Houses of Parliament, central London, yesterday. (AP Photo) EU will be determined by negotiations that will last at least two years and won’t begin until the government formally notifies European authorities that it intends to leave. Prime Minister Theresa May has signaled that she won’t do this before 2017. John Nelson, chairman of the insurance market known as Lloyd’s, suggested during a speech this week that big businesses are waiting to see what sort of deal the government will strike. “If we are not able to access the single market, either through passporting rights or other means, the inevitable consequences for Lloyd’s — and indeed other insurance organizations — will be that
JOB OPPORTUNITY: EDUCATION OFFICER
Primary Responsibilities: Support and implement National Park Experience Programmes. Duties: • Serve as Project Manager and implementer on various projects as assigned by Director of Education • Assist with development of various reports. • Assist with the BNT Resource Library • Serve as a representative of the Education Dept in the promotion of education programmes at various public outreach initiatives. • Participate in Annual Work Plan of the Dept. Qualifications/ Required Skills: • BS in Environmental Education, Marine Biology, or similar major • Experience with diving and snorkeling • Experience with facilitation and leading trips Key personality traits (to include but not limited to): • ability to work lift 45lbs, • flexible, adaptable, responsible and safety conscientious, • relatable and personable with students/group/leaders/visitors/local, • A team player with a good work ethic. • A natural public speaker with ability to connect easily with audiences of all ages but especially with young people. Apply by sending cover letter and CV to: hr242bahamas@gmail.com on or before September 16, 2016
we will transact the business onshore in the EU. And that obviously will have an impact on London,” Nelson said at the Lloyd’s City Dinner. One explanation for stabilization in economic indicators is that the Conservative Party chose a new prime minister two months earlier than was expected when David Cameron stepped down following the referendum. Since taking office, May has dismissed calls for early parliamentary elections and, critically, insisted that she won’t immediately trigger Article 50, the clause in the EU treaty that sets a departure in motion. That eliminated some of the political uncertainty that
fueled uncertainty after the vote — and bought the country time. The Bank of England also swung into action, launching a range of stimulus measures to bolster confidence in the economy. The multipronged approach greased the gears of the economy by making borrowing easier and cheaper. The bank cut its key interest rate to 0.25 percent from a previous record low of 0.5 percent and agreed to pump an additional 60 billion pounds ($78 billion) of new money into the economy through the purchase of government bonds. The central bank also said it would buy up to 10 billion pounds of corporate bonds to make it easier for companies to borrow, and provide cheap loans for banks to make sure they could lend to people and businesses at low rates. The measures were bolder than investors expected, pushing stocks up and the pound down. Experts say they will help shore up trust at a time of uncertainty by showing that authorities are taking action. But that hasn’t stopped lawmakers from demanding answers. One lawmaker, Jacob Rees-Mogg, an asset manager who campaigned to leave the EU, frostily challenged Bank of England Governor Mark
Carney at a parliamentary hearing Wednesday over the bank’s often severe predictions about the impact of a vote to leave the EU. Carney countered that the bank’s actions helped calm nerves and said he was “serene” about the measures. “This financial system, under the oversight of the Bank of England, sailed through what was a surprise to the vast majority of financial market participants,” Carney said. In the weeks after the June 23 referendum, surveys showed that business and consumer activity dropped at the fastest pace since the depths of the financial crisis in 2008. The purchasing manager’s index posted a record drop in July, falling to 47.4, with anything below 50 indicating a contraction in activity. But the index rebounded to 53.2 in August, injecting some optimism into the debate on how Britain is faring after the seismic vote. The FTSE 100 index of Britain’s biggest publicly traded companies closed at 6826.05 on Tuesday, 7.7 percent higher than on June 23. The index was helped, however, by the plunge in the pound, as many of its listed companies are energy and mining companies that make money in dollars, or exporters that benefit from the drop in the British currency.
PAGE 14, Thursday, September 8, 2016
THE TRIBUNE
SUN OIL LIMITED EMPLOYMENT OPPORTUNITY Sun Oil Limited seeks to identify:
PROFESSIONAL LPGas Serviceman/Technician in New Providence
The successful candidate(s) will assume the role of Liquefied Petroleum Gas (LPG) Serviceman/Technician. This position is responsible to install, repair and maintain LPG equipment to the Company’s customer requirements. These responsibilities must be carried out to meet or exceed company, industry and local codes and standards. Experience in the petroleum industry would be a plus.
An American flag flies over Capitol Hill in Washington, Tuesday, Sept. 6, 2016, as lawmakers return from a 7-week break. Election-year politics will rule the congressional calendar when lawmakers return from a seven-week recess. Congress will have a little more than four weeks in session beginning Tuesday before the November election, or around 20 days. Lawmakers are scheduled to leave town again in early October to return home and campaign. (AP Photo)
Core Responsibilities • To respond immediately to all ‘gas leak’ reported • To conduct routine service checks on all company customers • To respond to all requests for assistance by the company’s customers • To install LPG tanks and piping in accordance with local codes and industry standards • To maintain current records of all the company’s bulk tanks with location • Continually conduct a safety upgrade program modifying installations to meet code changes and as necessary remove tanks due for recertification
US stock indexes mixed; Nasdaq ekes out another record high By AP Business Writer Even on a day when the major U.S. stock indexes barely budged, the market notched another milestone. The Nasdaq composite eked out a gain, pushing the tech-heavy index to its second record-high close in a row. The Dow Jones industrial average and Standard & Poor’s 500 index drifted in the opposite direction, closing slightly in the red. Supermarket chains and other consumer-focused companies were among the biggest decliners. Traders bid up shares in energy, technology and airline companies. Crude oil prices rose. New figures on job openings and a report used by the Federal Reserve to gauge the health of businesses did little to move the market, which has been in a wait-and-see mode as investors gauge the likelihood of further intervention by the Fed. "We get a favorable data point and shortly thereafter we get one that suggests we’re still in a very low-growth environment," said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank. "We’re not see-
Job Requirements • Possess LPGas Certification Certificate • 3 year’s minimum work experience in a similar capacity. • In depth knowledge of LPG consumption equipment basic operating characteristics and the applicable gas code standards • A strong safety record. Safety related trainings would be a plus. • A mechanical aptitude with some experience with equipment maintenance and repairs. • Use computerised system to plan and document all maintenance activities • Strong leadership skills with the ability to work as an effective team member. • Excellent verbal and written communication skills. • The ability to work flexible hours and weekends. Benefits include: Competitive salary and benefits package, commensurate with work experience and qualifications. Interested persons should apply no later than 28th September, 2016 to: jobs@sunoilbahamas.com
MARKET REPORT WEDNESDAY, 7 SEPTEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,942.40 | CHG 0.75 | %CHG 0.04 | YTD 118.45 | YTD% 6.49 BISX LISTED & TRADED SECURITIES 52WK HI 4.05 17.43 9.09 3.50 4.70 0.18 8.34 8.50 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 8.20 6.90 12.25 11.00
52WK LOW 2.47 17.43 9.09 3.15 2.41 0.12 6.09 7.25 5.50 7.00 13.99 2.25 1.27 5.51 6.00 9.85 6.12 5.75 11.75 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 106.00 100.00 106.00 100.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 100.00 100.00 100.00 10.00 1.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
LAST CLOSE 4.05 15.85 9.09 3.50 2.41 0.12 6.47 8.50 5.83 10.27 14.00 2.55 1.55 5.80 8.77 10.95 8.12 6.60 11.93 10.00
CLOSE 4.05 15.85 9.09 3.50 2.41 0.12 6.47 8.50 5.83 10.27 14.00 2.55 1.55 5.80 8.77 10.95 8.17 6.60 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330
115.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.27 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
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
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
450 20,000
VOLUME
EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000
DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000
P/E 13.3 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.0 26.5 27.1 9.3 11.4 14.3 11.4 12.6 9.4 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.89% 3.06% 3.43% 3.51% 4.36% 2.35% 2.58% 4.14% 3.14% 0.00% 3.43% 1.82% 5.36% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045
MUTUAL FUNDS 52WK HI 1.99 3.90 1.92 167.58 138.35 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.39 1.67 1.48 1.03 6.41 7.62 5.66 8.65 10.54 9.57
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
NAV 1.99 3.90 1.92 167.58 136.68 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.59 11.15 9.57
YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 2.19% 3.91% 2.46% 8.70% 1.94% 5.28% 4.11% 1.26% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
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
ing tremendous volume or tremendous conviction on either side, from either sellers or buyers." The Dow dropped 11.98 points, or 0.1 percent, to 18,526.14. The S&P 500 index slipped 0.32 points, or 0.01 percent, to 2,186.16. The Nasdaq gained 8.02 points, or 0.2 percent, to 5,283.93. A run of weak U.S. economic data has reduced expectations that the Federal Reserve will raise interest rates again soon, which would be a potential boon for stocks. However, if the central bank opts to hold off on a rate increase, it could suggest expectations of sluggish economic growth and a dimmer outlook for corporate earnings, which is bad for stocks. On Wednesday, investors got a mixed bag of economic news. The Fed’s latest "Beige Book" survey of business conditions indicated that the economy grew at a moderate or modest pace this summer in eight of the central bank’s 12 U.S. districts. The findings represent a slowdown from previous reports. Separately, the Labor Department said job openings jumped 4 percent in July. Another government report last Friday showed that employers pulled back on hiring in August. "The jobs report from last Friday still kind of overshadowed that," said JJ Kinahan, chief strategist at TD Ameritrade. Shares in some supermarket operators slumped on worries about lower food prices and greater dis-
counts. Sprouts Farmers Markets fell $3.13, or 13.7 percent, to $19.68, after the company cut its guidance, citing falling food prices and rising discounts. Whole Foods slid $1.62, or 5.3 percent, to $29.08, while Kroger lost $1.35, or 4.1 percent, to $31.32. Dave & Buster’s Entertainment fell about 3 percent after the restaurant and arcade chain reported weaker-than-anticipated sales. The company also lowered its same-store sales growth outlook for the rest of the year. The stock shed $1.34 to $44.93. Benchmark U.S. crude oil futures rose 67 cents, or 1.5 percent, to close at $45.50 a barrel in New York. Brent crude, the benchmark for international oil prices, added 72 cents, or 1.5 percent, to close at $47.98 a barrel in London. The pickup in crude prices gave energy stocks a boost. The sector eked out the biggest gain in the S&P 500 index, rising 0.3 percent. It’s up 15.5 percent this year. Technology stocks also rose, led by digital storage drive manufacturer Western Digital. The stock jumped $5.75, or 12.1 percent, to $53.30. Rival Seagate Technology added $2.04, or 5.9 percent, to $36.51. Apple shares moved higher as the company announced new iPhone models that are water and dust resistant. Analysts say the new iPhones could help Apple recover modestly from a recent dip in sales. The stock added 66 cents, or 0.6 percent, to $108.36.
NOTICE
NOTICE is hereby given that VLADIMYR JEAN BAPTISTE of Kemp Road, 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 1st DAY of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
NOTICE
NOTICE is hereby given that VEVENE STRACHAN GREEN of Malcolm Road, 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 1st dAy of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
Career OppOrtunity A leading retailer seeks to employ the services of a junior accounting clerk. Requirements: high school diploma, computer literate and grade C or above in BGCSE English, Math and Accounting. 1-2 years accounting experience preferred. Competitive earnings, benefits and working conditions offered. Send resume and standard supporting documents to: humanresources@aidltd.com cc: jacw1961@gmail.com