WEDNESDAY, SEPTEMBER 28, 2016
business@tribunemedia.net
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‘Road map’ for solving City Meat pensions set By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Supreme Court was yesterday said to have laid out “a road map” for former City Markets workers and pension beneficiaries to receive the multi-million dollar payout due to them, following a four-and-a-half year court battle. Whanslaw Turnquest, the defunct supermarket chain’s former chief inventory control officer, told Tribune Business that “significant progress” towards a final payout for hundreds of per-
Court registrar to determine payouts, plan’s status Worker reps hope resolution ‘before year out’ Ex-trustees ‘not accepting’ severance liability yet
sons had been made through last Friday’s ‘consent Order’. The September 23 Order, agreed to by all parties in the City Markets dispute, stipulates that a Supreme Court registrar will conduct “an assessment and/or accounting” to determine the pension plan’s current financial position, and the sums due to each beneficiary. Rouschard Martin, the attorney representing the workers covered by the Bahamas Supermarkets Former Employees’ committee, said the Order established a process that should “bear fruit” shortly.
He told Tribune Business: “We feel as if we have made significant progress by setting up a road map that will bear fruit, meaning that all of the interested parties to the pension plan would be paid their due amounts by lump sum.” The consent Order, which took several months to be agreed by all parties, mandates that a Supreme Court registrar “determine the assets or missing assets” of the pension plan as at May 30, 2016. They are also required to assess the income, expenditure See pg b4
FNM deputy: $20m ‘down Commission targets tubes’ over Junkanoo Carnival ‘privatising’ Carnival By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The FNM’s deputy leader yesterday charged that almost $20 million in taxpayer monies has “gone down the tubes”, amid increasing evidence that Bahamas Junkanoo Carnival cannot be sustained without government subsidies. K P Turnquest told Tribune Business that the economic impact data for the 2016 event, released yesterday by the National Festival Commission, provided “obvious” evidence that the Carnival would only survive with the Government’s continued financial support. While the Christie administration’s subsidy was down by 28.3 per cent year-over-year, falling from $11.3 million to $8.1 million, this represents almost $20 million in public monies devoted to the first two Junkanoo Carnivals. Suggesting that these funds could have been better spent fixing key infrastructure assets, or improving the education system and hiring new teachers, Mr Turnquest challenged the Commission to produce evidence to support Carnival’s purported $70 million gross domestic product (GDP) impact. See pg b5
KP: Better uses for taxpayer monies Says: ‘We’ve partied, now for the hangover’ Queries $70m GDP impact, as subsidy cut 28%
A Performer at this year’s carnival opening. Photos/Tim Clarke
Gaming Board confirms Island Luck acquisition By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net An Island Luck affiliate has applied for Gaming Board approval to acquire a 65 per cent majority equity stake in the rival Bahama Dreams web shop chain. An advertisement, confirming Tribune Business’s exclusive revelation of the pending deal, was quietly published in the newspapers last week. It reveals that Playmark Entertainment, an entity jointly owned by Island Luck principal, Sebas Bastian, and Jeffrey Prescott Kerr, is seeking a ‘Certificate of Suitability’ from the Gaming Board to acquire a 65 per cent equity stake in Bahama Dreams Web Cafe. Persons objecting to regulatory approval for the deal have until October 12 to submit their written reasons to the Gaming Board. Tribune Business disclosed on September 15 that Island Luck was awaiting regulatory approval for the acquisition of Bahama Dreams, the first consolidation to occur in the newlylegalised web shop gaming industry. Should the deal go through, it will give Mr Bastian and Island Luck increased market share, via the acquisition of Bahama Dreams’ customer portfolio, while also enabling it to
Affiliate to buy 65% of rival Bahama Dreams Objections to be lodged with regulator by October 12 take out a smaller competitor. Anton Roker, Bahama Dreams’ principal, has not returned a series of messages left by this newspaper seeking comment on the pending purchase. Tribune Business previously reported that Bahama Dreams had been forced to seek a purchaser after its deal with Super Value’s owner and president, Rupert Roberts, to place web shop kiosks in the supermarket chain’s stores was blocked by the Minister of Tourism. Obie Wilchcombe, who has ministerial responsibility for gaming, overrode the Gaming Board in forcing Bahama Dreams and Super Value to abandon their commercial tie-up, which was intended to lead to bigger things. Tribune Business was told that Mr Roberts had himself planned to acquire See pg b5
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net The Bahamas National Festival Commission (BNFC) yesterday said the privatisation of its activities and Junkanoo Carnival is the end goal, its chairman saying: “That has always been our objective.” Paul Major emphasised: “Anyone who says that the BNFC and its work with the Bahamas Junkanoo Carnival has not created economic opportunities for entrepreneurs is simply not being truthful. “We have not only turned them loose as entrepreneurs but we have trained them. We have insisted that they have financial statements, and we are trying to wean them off being dependent. “In the case of the Road Fever event we gave them no subsidies in 2016, and we don’t plan to give them any in 2017. For all intents and purposes, they have even
Focus on private sector benefits, ‘wean off’ subsidies privatised.” Mr Major, addressing a BNFC press conference, added: “That has always been our objective. We don’t need staff; we need to create opportunities for people outside of the BNFC so that they have sustainable businesses. “The BNFC is a governmental agency. That is not where we want to build the infrastructure. We want to build the resources and opportunities outside, and that will be the measure of our success. We need to continue the use of the PPP (public-private partnership) model and the ultimate privatisation of the BNFC activities.” Mr Major said Junkanoo Carnival was attracting more tourists, as shown See pg b4
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Baha Mar staff in Hobby Horse fear Payout chair: ‘No one will be turned away’ Cheques being re-written ‘right up till Monday night’ Contractors, vendors urged: Speed up submissions By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s claims committee chairman yesterday said he was “not familiar” with a “third party” entity whose former employees are increasingly fearful that they will be excluded from the creditor payouts. James Smith confirmed to Tribune Business that he was aware of a Baha Mar affiliate called The Hobby Horse Company, but was unsure of the role and functions it performed. He was responding after this newspaper obtained evidence that former Baha Mar workers, who were either emjames Smith ployed by The Hobby Horse Company at the time of the project’s collapse, or previously engaged by it, are becoming increasingly concerned that they will either be excluded from the settlement process entirely or see their payments cut. Deyvon Smith, a former Baha Mar employee, in a posting on Facebook that was shared across social media, warned that those contracted to The Hobby Horse Company at the time of Baha Mar’s collapse would receive “no payment”. “I am a former employee of Baha Mar, and as you know there has been talk of Baha Mar employees receiving outstanding payments, which is false,” Deyvon Smith wrote. “To all my fellow Baha Mar employees, See pg b2
PAGE 2, Wednesday, September 28, 2016
THE TRIBUNE
BISX’s securities hit $5bn in value The Bahamas International Securities Exchange (BISX) outperformed global stock market indices during the 2016 first half, with the total worth of listed securities hitting the $5 billion mark. The exchange, unveiling data on the performance of its All-Share Index for the six months to end-June 2016, said it appreciated by 7.67 per cent year-over-year. This growth outpaced the 4.2 per cent rise in London’s FTSE 100 Index over the same period, and the 5.03 per cent appreciation enjoyed by the MSCI Emerging Market Index.
The All-Share Index is a weighted index that measures movements in share prices, up or down, for BISX’s listed stocks, and its 2016 first half performance also beat the S&P 500 index, which appreciated by just 2.69 per cent. Boosted by the general appreciation in share prices, BISX said the total value of its listed securities - equity and debt - now exceeded the $5 billion mark. “As at June 30, 2016, the market was comprised of 20 ordinary shares with a market capitalisation of $4.17 billion,” BISX said. “In addition, there were
13 preference shares with a market capitalisation of $327.36 million, and 16 bonds with a face value of $505 million.” The exchange’s data showed that share price appreciation had accelerated when compared to the 2015 first half. The All-Share Index’s rise, by 7.67 per cent or 139.96 to 1,963.81, compared a 4.28 per cent increase the previous year. Trading volumes, and the value of shares being traded on BISX, were up for both the 2016 first half and the second quarter. “Trading volume for the six-month period January 1,
2016, to June 30, 2016, was 2,960,687 shares for a value of $15.451 million,” BISX said. “Trading volume for the six-month period January 1, 2015, to June 30, 2015, was 1,187,758 shares for a value of $7.573 million. “Trading volume for the three-month period April 1, 2016, to June 30, 2016, was 2,061,562 shares for a value of $8.113 million. Trading volume for the three-month period April 1, 2015, to June 30, 2015, was 588,771 shares for a value of $3.415 million.” Average trading volumes and volumes more than doubled in comparison to
Baha Mar staff in Hobby Horse fear From pg B1
Loran Pyfrom, Bayshore Marina’s general manager, at Textron’s Manufacturing Facility in Augusta, Georgia.
Bayshore named as Bahamas distributor Textron Specialised Vehicles has named Bayshore Marina as its first distributor for the Bahamas, representing E-Z-GO personal transportation vehicles and Cushman commercial utility vehicles. “We are excited to partner with Bayshore Marina, which has been providing the Bahamian market with outstanding service and support for more than 50 years,” said Hamish Lusty, Textron’s commercial vicepresident for specialized vehicles. “Bayshore Marina’s commitment to superior cus-
tomer service, and its ability to showcase both our consumer and commercial vehicle lines at its waterfront showroom, were important factors in choosing to partner with it.” Bayshore’s storefront, Marlin Marine, is located on the Bay Street waterfront. It sent three employees to Textron Specialized Vehicles’ manufacturing facility in Augusta, Georgia, where they successfully completed Master Certification status in the company’s product service training programme.
if you have not signed your hotel contract and still work for Hobby Horse Company, please know that you will not receive any payments whatsoever from Baha Mar. “You are setting yourself up for more disappointment and unfulfilled promises thanks to our soon-to-be exPrime Minister Perry Christie.” Other former Baha Mar staff confirmed that Deyvon Smith was a former employee, and Tribune Business possesses evidence showing his concerns over The Hobby Horse Company are not isolated ones. This newspaper understands that The Hobby Horse Company was the entity that Baha Mar placed all its new hires with, until they were assigned and contracted to one of the four resort properties - the hotel/casino, the Grand Hyatt, Rosewood or SLS. Tribune Business can reveal that other former Baha Mar staff have contacted the creditors committee to inquire if they will be paid monies owed to them by The Hobby Horse Company, and if they will receive funds covering the period when they were switching from
this entity to one of the hotel properties. In response, Mr Smith urged any Bahamian who felt they had a valid claim against Baha Mar to contact the committee he chairs, pledging: “No one will be turned away.” The former finance minister told Tribune Business: “I have heard of this company, Hobby Horse, but I’m not sure whether it’s a management or administrative company. I’m not familiar with the details.” Mr Smith, though, added that the committee was dealing with a similar situation relating to Baha Mar’s training academy, or Leadership Development Institute (LDI). “There were a group of people in the academy guaranteed jobs at Baha Mar,” he explained. “Some had been contracted, and some had not been contracted, before it collapsed. “The process is trying to accommodate everyone they can within the amounts. When we discover the nontraditional employees not directly engaged by Baha Mar in-house, they have to be dealt with in almost a special way, designing a package for them.” Conceding that the credi-
2015, the BISX data revealed. “For the six-month period from January 1, 2016, to June 30, 2016, the average volume per trading day was 23,590 shares for a value of $123,532,” the exchange disclosed. “By comparison, for the six-month period from January 1, 2015, to June 30, 2015, the average volume per trading day was 9,547 shares for an average value of $61,311.” Doctors Hospital led BISX’s trading volumes during the first half, accounting for 51.4 per cent or 1,522,749 shares traded.
The second most-traded stock was FOCOL Holdings, producing 11 per cent of total volumes. Rounding out the ‘top five’ were Commonwealth Bank, Colina Holdings and Cable Bahamas, accounting for 9.1 per cent,7.7 per cent and 7.6 per cent, respectively. Commonwealth Bank shares generated the greatest value in trading, accounting for $2.288 million or 14.8 per cent of the total. Doctors Hospital came in second at 13.9 per cent, or $2.15 million, barely ahead of FOCOL Holdings.
tor payout committee had not specifically dealt with The Hobby Horse Company, and any of its former staff, Mr Smith said: “If there is anyone out there who has a claim, they ought to submit it and let the committee look at it. “No one is being turned away. If they fall into this specific category, it requires a more in-depth look. If they were associated with the company for a period of time, and feel they might qualify, they ought to come in.” Mr Smith urged former employees with Hobby Horse Company-related concerns to come and talk with Baha Mar’s former human resources executives, plus attorneys and accountants at the payout location, to “try and work it out”. Meanwhile, the former finance minister revealed that the creditor committee had been “re-writing a lot of cheques” up until Monday night, just prior to yesterday’s payout start. He added that claims from Baha Mar’s contractor and vendor creditors were “not coming in as swiftly as we thought”, and urged them to submit even incomplete submissions as the September 30 deadline looms. Suggesting that around 250 former Baha Mar employees had come to collect their payments during the first two hours yesterday,
Mr Smith said: “We’re expecting around 700 a day to get to just short 2,000 staff members who would have been engaged. “It went very smoothly. I heard one or two people were saying that what they got paid did not square with the letter they got in October 2015, but I doubt there’s very many of them, as the calculations were based on the same data that the Baha Mar human resources department had. “In some cases, where it was brought to our attention, legitimate adjustments were made. Right up until last [Monday] night we were rewriting cheques. But for a lot of them, the difference was $26 or something like that.” Mr Smith said attorneys, accountants and former Baha Mar human resources executives were available to assist if payments “don’t reflect expectations”. Confirming that Baha Mar’s expatriate staff have been told to wait until October 31 for determination of their fate, he added that the committee wanted to avoid a ‘last-minute rush’ on contractor and vendor claims. “They’ve not been coming in as swiftly as we thought,” he told Tribune Business. “Submit the claims. They may be incomplete, but at least get into the queue. The quicker, the better.”
THE TRIBUNE
Wednesday, September 28, 2016, PAGE 3
Carnival ‘never will be a profit exercise’ By NATARIO McKENZIE
The Bahamas National Festival Commission (BNFC) held press conference to officially release the Bahamas Junkanoo Carnival 2016 report. Chairman of BNFC, Paul Major is pictured giving his remarks. Photo/Shawn Hanna
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Baha Mar development
Hundreds show for Baha Mar payouts By NATARIO McKENZIE
then you have individuals who were hired for Baha nmckenzie@tribunemedia.net Mar, so amounts will vary.” One former employee Hundreds of former told Tribune Business: “I Baha Mar employees ar- thought that the process rived at the resort site yes- went pretty smooth. I was terday to receive their pay- in and out pretty quick. I outs, with many expressing got what I came for. Looksatisfaction and gratitude ing at it, I think it should that they had received some have been more, but a litcompensation. tle something is better than Roberts Sands, who pre- nothing at all.” viously served as Baha Another, who also Mar’s senior vice-president wished not to be identiof government and external fied, told Tribune Business: affairs, described the pro- “I thought it was a smooth cess as smooth. and organised process. I’m “We started at 7 am satisfied with what I got. I promptly this morning,” wasn’t expecting to get anysaid Mr Sands, estimating thing so this is a good thing that around 680 persons for me.” would be processed, based Gavin Cartwright, a foron the ‘A-F’ surname listing mer bar tender, said: “It was scheduled to come yester- good, it was quick; much day. quicker than I expected. I “It has gone very smoothexpected a long line or so, ly with no hiccups. Individbut it was quick. uals are being processed on “I was only in there for the outside and, once they five minutes. I’m satisfied, have been identified, they are allowed to go inside and I’m not going to lie, I’m satthey are directed to a desk isfied.” where they will receive On Sunday, claims compackets, which include fre- mittee chairman, James quently asked questions, a Smith, advised employees copy of their assignment, not to worry if payments copies of the cheque for did not match the amount listed on their redundancy them. “They’ll basically sign letters. He urged workers with the assignment, sign a copy of the cheque for acknowl- discrepancies to bring in edgement, and the process the letter they received from the resort’s human is extremely quick.” This process will take resources department upon place over the next three their termination, as the days, Mr Sands added, with committee was prepared to about 600-700 individuals deal with any dispute. However, the claims per day expected to be processed. Some 2,000 are ex- committee has previously responded to queries from pected to receive payouts. Mr Sands said payout Baha Mar’s former Bahasums varied based on the mian staff by reminding tenure and position of the them that they have little former employee. “Basical- choice but to accept what is ly, how long they have been on offer this week. The committee has said employed. It’s in conformity with the Employment that while it is “happy” to discuss their issues, the forAct, basically,” he added. “So those calculations mer employees have “no vary for individuals. You legal entitlement” to any of have individuals who have the funds the committee is been here a long time, and administering. Tribune Business Reporter
The Bahamas National Festival Commission’s (BNFC) chairman yesterday said Junkanoo Carnival “has and never will be a profit exercise”, arguing that its main function is to stimulate economic activity and employment. “I have said from the first day I took on this position that this is not a profit exercise,” Paul Major said. “It has never been, and never will be. “Nowhere in the world is a carnival a profit event. In Trinidad they spend somewhere around $40 million a year when you convert it. The government makes $40 million in taxes. It’s not about that, though; it’s about the tens of thousands of people that fill their hotel rooms, rent every vehicle on the island and the thousands who participate in the bands. “The GPD impact is in the hundreds of millions of dollars. We keep talking about what we spend, but we are not looking at the economic impact of what this thing does. You have scores of countries using
this Carnival model to be able to draw people to their shores and expand their GDP.” The BNFC said Carnival’s total costs for 2016 were $9.8 million, with the Government providing a subsidy of $8.1 million. Officials also projected a $70 million GDP impact, down $10 million from 2015 estimates. Mr Major said the BNFC welcomes an audit of its operations, adding: “There are no secrets here. We have an independent accountant
here every day. We have always had an accountant in here. “We know where every dollar of the Commission’s money has gone, and it’s gone essentially to Bahamians, apart from a very minuscule portion that has gone to international service providers and vendors.” Mr Major added that $8.3 million of the Commission’s total expenditure went to Bahamians and local companies. Addressing the delay in
releasing the long-awaited Carnival report, he added: “This kind of work took a lot of research. Then it takes a lot of time to complete the data and review it, and pass it to the principals. “You never get financial reports out, particularly with story lines like this, in under 90-120 days; that’s just standard. I want to put everyone at ease that there is nothing late about the report. We would have liked to have it sooner but we’re here.”
PM urges Bahamas to be world leader in accessible tourism By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Prime Minister Perry Christie yesterday said the Bahamas should strive to become a world leader on universal tourism accessibility, a billion dollar travel sector catering to persons with disabilities. Mr Christie, who delivered an address at World Tourism Day’s Accessible Tourism Symposium, said: “We need to take practical steps, and this is where we all have an important part to play. “We need to ensure that the infrastructure and facilities throughout our destination are as far as possible barrier free. We need to work towards making our transportation services, whether by air, land or sea, suitable for all users. All of our staff members need to
be trained to deliver high quality services.” Mr Christie added that in the accessible tourism segment, Barbados leads the way in the Caribbean, while Barcelona tops Europe. “Our goal should be that the Bahamas should move not just to lead the way in the Caribbean, but in the world,” he said. In 2014, Parliament
passed the Persons with Disabilities Bill, which established a secretariat for the National Commission for Persons with Disabilities. The Act seeks to eliminate discrimination against disabled people, and allow access to public buildings, transport and education. It also mandated that businesses that employ 100 peo-
ple or more must employ a minimum number of disabled people. The Ministry of Tourism is aiming to tap into this travel sector, which caters to visitors and residents alike, and seeks to remove barriers that would hinder disabled persons and the elderly from enjoying easy access to everyday activities.
Managing Director/Chief Executive Officer - Bank Position Description The Managing Director/CEO is responsible for oversight and management of the Bank’s performance in the marketplace, conformance to all laws, mandates and regulations, and satisfaction of stakeholders. The Managing Director/CEO also ensures decisions made by the Board of Directors are adhered to and integrity of the Bank is upheld. The Managing Director/ CEO is accountable for business development, management of risk, maintenance of the business lines and the maximization of profits. • Provides leadership and strategic direction for the entirety of the Bank’s operations. Establishes policies and makes decisions on behalf of the Bank and is responsible for corporate governance; • Ensures the profitable development and maintenance of business through all product lines; • Maintains an understanding of the diverse economic, social, political and legislative environments, and considers these factors in clearly identifying the market potential of the Bank; • Monitors the soundness of the asset and liability portfolios, and oversees the management of all risk especially, credit risk; • Uses advanced analytical skills, to assesses performance, considers external influences, and imparts recommendations for direct reports to execute; • Gains commitment for strategic direction and courses of action, ensuring appropriate corporate conduct; • Oversees the development and implementation of budgets and strategic plans, including oversight of fundraising and sets financial and operational performance targets for all key operating units; • Establishes strategic alliances and partnerships to increase the Bank’s reach, diversifying business lines, offering new methods of service and new products, and ensuring implementation of regulatory requirements; • Uses sound judgment and strong leadership skills to manage direct reports and managers in all departments; and • Provides oversight of the HR functions in a policy and decision making capacity to ensure the well-being of employees. Experience and Qualifications • MBA/MSc degree in banking, finance or a related field; • Minimum ten years relevant experience in an executive role within a Bank; • Thorough understanding of macroeconomics and experience in effective decision making utilizing macroeconomic inferences and a global perspective; and • Proven experience and proficiency in leadership skills such as, strategic planning, organizing, motivating, decision-making, coordinating and controlling. Qualified applicants are invited to send their résumés to info@orgsoul.com on or before October 4th, 2016. Applicants without senior or executive banking experience NEED NOT APPLY.
www.orgsoul.com
PAGE 4, Wednesday, September 28, 2016
‘Road map’ for solving City Meat pensions set From pg B1 and financial status of the Bahamas Supermarkets Profit Sharing Retirement Plan over the decade since January 2006, and calculate “the sums owed to the pension plan which have not been paid into the plan”. Other tasks assigned to the Registrar involve determining the pension plan’s financial condition as at May 30, 2016; the legal costs due to the workers and their representatives; and who should pay them. The Order requires that the sums owed to the pension beneficiaries are paid “forthwith” (immediately) once all this is determined, and that all parties - the workers, and current and
former trustees - provide the Registrar with all information necessary to perform their duties. Mr Martin and Mr Turnquest, who heads the Bahamas Supermarkets Former Employees’ committee, are alleging that the collective sum owed to workers and beneficiaries, both in terms of pension benefits and severance pay, is some $20.954 million. This was based on a forensic accounting, but both the current trustees (Dennis Williams and Rosalie McKenzie), and the former trustees (Mark Finlayson and Philip Kemp), are arguing that their own assessments show the true sum is $12 million.
COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT Commercial Division IN THE MATTER OF
2016/COM/bnk/00038
INTERNATIONAL BUSINESS COMPANIES ACT, Ch. 309 (as amended by the International Business Companies (Winding Up Amendment) Act, 2011) AND BHP INTERNATIONAL MARKETS LIMITED (In Compulsory Liquidation) NOTICE TO CREDITORS TO PROVE DEBTS NOTICE is hereby given to any creditor of the above named Company in compulsory liquidation that it is (they are) required to submit to Anthony S Kikivarakis, the Official Liquidator, Proof(s) of their respective debt or claim against the above named Company by sending to the Official Liquidator on or before October 31, 2016. Such Proof(s) may be in the form prescribed at Form 24 of the Companies Liquidation Rules, 2012 stating a creditor’s name, address, particulars of debt(s) or claim(s), documentation to prove debt(s) or support claim(s), and any entitlement to priority. Any creditor wishing to be provided by the Official Liquidator with a form may contact the Official Liquidator, at No 10 Caves Professional Centre, Caves Village, West Bay street, P.O. Box SP-64133, Nassau, NP, The Bahamas, telephone: (242) 327-0399, email: info@kikivarakis. com, requesting the same. Dated 21st day of September 2016 ANTHONY S KIKIVARAKIS Official Liquidator
The Supreme Court registrar will now have to bridge that gap, but Mr Turnquest expressed hope that the dispute will finally be resolved “before this year is out”. “The Chief Justice [Hartman Longley] has set the waters clear,” he told Tribune Business. “What we’re looking at now is to work out the total monies owed to the trust fund. There is a clear road map to act. “On behalf of the employees of Bahamas Supermarkets, we are very happy that we have reached this final stage. We have been battling in court since March 2012, and we’re looking forward to this matter coming to a final conclusion, and for all and sundry to be dealt with in an equitable and professional manner.” Mr Turnquest said the four-and-a-half year wait for former City Markets workers and pension beneficiaries to receive the retirement savings and life savings due to them continued to exact a heavy toll on hundreds of persons and their families. “School just opened up, and a lot of people were unable to meet their financial obligations to schools and banks,” he added. “We had a gentleman
come in just yesterday with a bank letter, threatening to foreclose on his home. Mr Martin is doing his best to persuade the bank not to proceed.” Mr Turnquest continued: “A lot of people in Freeport have medical issues. A young lady has cancer; a gentleman with a high level or arthritis in his hands from 40 years working as a butcher in the cold. His hands are damaged, and he cannot work. “We have people in Freeport about to lose their homes. It’s a very stressful situation people find themselves in, and they’re looking for closure and for this matter to be resolved in the best interests of employees and the pension plans. “We have a lot of frustrated former employees, and a lot of people don’t understand the legalities of the process. They’re concerned with outcomes and stages. We want them to understand we are 90 per cent closer to achieving our legal and financial objectives.” Mr Turnquest also called on Bahamian commercial banks “to give us a little more time” and forbearance to resolve the pension fund issue, which would enable former staff to settle
Commission targets ‘privatising’ Carnival From pg B1 by the 2016 results. “There were a whole lot of discussions around the subject in the first year,” he said. “Everyone held our feet to the fire on the question over heads in beds. We took that very seriously. It isn’t
about recycling Bahamian money among Bahamians, but trying to attract foreign dollars to our shores. “In Grand Bahama, if you look at the Carnival weekend, we went from 1,200 people in 2015 to virtually 2,000 people in 2016. That is a 65 per cent in-
NOTICE
NOTICE is hereby given that SANDRA JEAN LOUIS of Malcolm Road, P.O. Box SS-6063, Nassau, N.P., The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st DAY of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
THE TRIBUNE
their outstanding obligations. Mr Williams, one of the current pension plan trustees, did not respond to a Tribune Business e-mail seeking comment before press time last night. However, Desmond Edwards, the attorney representing Messrs Finlayson and Kemp, confirmed the details of the September 23, 2016, consent Order. He also acknowledged that all parties had been given seven days by the Supreme Court “to put any issues they have with the severance pay” matter in writing. Mr Edwards, though, said his clients “are not accepting liability right now” for the severance monies due to former City Markets staff. He explained that this was based on the City Markets pension fund being “non-contributory”, meaning the staff did not make any payments towards their retirement. Because of the Bahamas Supermarkets Profit Sharing Retirement Plan’s noncontributory nature, Mr Edwards said former staff could choose whether to accept their retirement benefits or savings - but not both.
He added that ex-workers, mainly union members, who had accepted preference shares in Associated Bahamian Distillers and Brewers (ABDAB), the Finlayson family-controlled company, as compensation for their pension entitlement would not be included in this settlement. Tribune Business has seen Department of Labour documents, filed with the Supreme Court, detailing meetings where Mark Finlayson promised to pay staff their due severance as soon as Super Value completed the purchase of City Markets’ leasehold interests. Mr Turnquest, though, said Mr Finlayson had wanted to base the severance payouts on the reduced 20-hour work weeks staff were on when City Markets ceased trading, not the normal 40-hour week. Mr Turnquest, in a September 19, 2016, affidavit, alleged that Mr Finlayson and the other defendants had “created numerous delays” relating to the pension fund dispute and court case from inception. He claimed this was “part and parcel of a grand scheme” to delay due pension payouts to City Markets beneficiaries.
crease. There is no question that this thing is catching on and the cruise operators are co-operating with us.” The BNFC said air arrivals in Grand Bahama increased by 64.5 per cent during the Carnival weekend compared to the same period in 2015, while Nassau air arrivals increased by 11.5 per cent. According to the BNFC, in Grand Bahama there were 21,000 attendees, and in Nassau some 39,700. “We have been beating on the doors of cruise operators and they have told us in no uncertain terms that they are not going to invest in a single event, and to ramp up a marketing campaign they need a yearround product.”Mr Major
said. “We have on the weekend some 25,000 tourists and crew siting in the harbour, and on every exit survey the top complaint is there is nothing to do when they come to Nassau.” Mr Major said that in terms of total domestic and international spending, in 2015 the BNFC spent $13.2 million, bringing that down to $8.5 million last year. “It was the inaugural year. We couldn’t risk doing anything wrong. Like they say, you only get one chance to do it right, and I think we got it dead right. In the second year we didn’t have to spend as much money. We went down from $13.2 to $8.5 million,” Mr Major added.
Angelique Romer is no longer employed with
Island Luck Web Café and is NOT authorized to conduct any business on behalf of the Company.
Collections Specialist Leading local company seeking Collections Specialist to manage a list of debt collection matters, prospective payment arrangements, urgent payments or large payment arrangements that have been promised. The ideal candidate will be able to conduct skip tracing and property title research, prepare financial calculations through the use of financial models, communicate with accountholders, update collection management software, and work well with co-workers. Qualifications: Highly motivated and results driven Excellent communication skills College business degree with GPA of 3.0 or more Excellent computer skills Ability to problem solve and apply judgement Ability to multi-task and work in a fast-paced professional setting All interested and qualified applications should submit a cover letter and resume to the attention of the Human Resources Manager at the below email address: Debtcollections242@gmail.com The deadline for receipt of all applications is Thursday, 29 September 2016. Only persons shortlisted for an interview will be contacted.
THE TRIBUNE
Wednesday, September 28, 2016, PAGE 5
FNM deputy: $20m ‘down tubes’ over Junkanoo Carnival From pg B1 That figure is equivalent to almost 1 per cent of per annum GDP, and the Festival Commission suggested that the impact was down $10 million year-over-year “primarily due to the overall cost reduction”- meaning there was a smaller government/taxpayer subsidy. The FNM deputy leader, meanwhile, also called on the Festival Commission to provide gross figures, rather than percentages, on Carnival-related tourist arrivals and attendance, arguing that this would give a better understanding of the event’s international reach. And he also queried how the number of Carnival attendees in Nassau was just 18,700 higher than the figure for Freeport, despite the latter having a population that was four-five times’ greater. Assessing the impact made by the two Carnival
events to-date, Mr Turnquest told Tribune Business: “To me, it appears that the newness of the whole affair is wearing off, and we’re beginning to realise this is not going to be sustainable long-term. “It’s interesting that Grand Bahama attracted 21,000 attendees, when Nassau, with a population four-five times’ that of Grand Bahama’s, was only able to attract 18,000 more. It says a lot about where this is going.” Mr Turnquest said that dividing the 2016 Carnival’s $578,342 in ticket sales and other revenues by the 60,700 attendees equated to about $10 per person ($9.53 according to Tribune Business calculations). “We know that there were supplementary packages going at $40 per head, and ticket prices were at $15 per head,” the FNM deputy leader said. “Using the basic price of $15 per head,
Gaming Board confirms Island Luck acquisition From pg B1 a majority equity stake in Bahama Dreams, although he declined to comment when contacted by this newspaper, instead directing it to Mr Roker. Mr Wilchcombe’s intervention seemingly scuppered the Super Value deal, forcing Bahama Dreams to seek a new partner, thereby and ‘pushing’ the web shop operator into the arms of Island Luck and Mr Bastian. Having an active web shop kiosk in Super Value’s stores would likely have driven more consumer traffic - and more sales - to its stores, attracted by the convenience of purchasing groceries and ‘numbers’ at the same time. The relationship would have made for a ‘win-win’ for both parties, and further legitimised the web shop gaming industry following its legalisation. Island Luck’s move on Bahama Dreams is the first sign of consolidation among the players in the newlylegalised gaming industry, and is a development that will not surprise informed observers. For legalisation has brought with it added costs through compliance and regulation, not to mention taxation, which requires web shops to pay the greater of 25 per cent of their operating income (EBITDA) or the 11 per cent gaming tax.
This will favour the larger players with deeper financial ‘war chests’, such as Island Luck and Craig Flowers’ FML Group of Companies, and it is possible further consolidations may follow Bahama Dreams. The Government, via the Gaming Board, is also moving to enforce the zoning requirements related to web shops, which require that they not be near schools or places of worship. Some 200 locations are already said to have closed.
you’re losing $5 per head. “This thing doesn’t seem to be adding up, and the Government seems to be headstrong in continuing this event when the numbers show there is a trend here, and it is not sustainable from a financial perspective.” Mr Turnquest said there were more pressing issues meriting the Government’s attention, pointing to the air conditioning problems currently afflicting Princess Margaret Hospital’s Critical Care Block. He also suggested the Carnival funds could have been better spent in assisting traditional Junkanoo groups with the Boxing Day and New Year’s Day parades. “We know we can use $8.1 million to improve technology in the schools, hire more teachers, and we just don’t seem able to appreciate the reality of the situation we face as a country,” Mr Turnquest said. “We certainly want to see investment in the cultural arts, and diversity of the cultural arts, but we have to invest in what is unique and It is unclear what will happen to Bahama Dreams’ transitional web shop gaming licence should its sale to Island Luck close, although it will likely have to be relinquished and handed back to the Gaming Board. While this may create an opening for Bet Vegas, the one applicant that was refused a web shop gaming licence, this appears unlikely. The fact that the web shop industry has yet to move to its fully licensed phase, as opposed to being stuck in ‘transition’, is also thought to have complicated the Bahama Dreams purchase.
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sustainable about the Bahamas. This is just not it. “It’s basically $20 million of the Bahamian people’s money down the tubes over the last two years,” he added to Tribune Business. “We had a great party, and will now suffer the headache and hangover over the next 20 years, not to mention the opportunity cost lost from investing in this way.” The data disclosed by the Festival Commission shows what appears to be a ‘wealth transfer’ from Bahamian taxpayers to Carnival participants, namely the various bands and participants, plus their employees. The Commission said some 278 small and medium-sized businesses (SMEs) and 696 individuals benefited directly from Carnival-related spending, 85 per cent of which was injected into the Bahamian economy. More than 1,200 workers were hired directly as a result of Carnival, with another 1,600 indirect jobs created, as the Bahamas seeks to monetise and de-
rive economic benefits from its cultural economy. Mr Turnquest, though, questioned how many of these jobs were permanent as opposed to short-term for Carnival’s duration, pointing out that their hiring provided a timely employment boost for the Department of Statistics’ May survey. He also indicated that Junkanoo Carnival’s timing was particularly opportune for the Government, given that the 2017 version will likely coincide with the general election. The Festival Commission’s analysis showed the 2016 Carnival had a ‘direct economic impact’ of $17.795 million, which was then ‘multiplied by four’ to derive the $70 million GDP effect challenged by Mr Turnquest. The figures also revealed that, in return for its $8.111 million subsidy, the Government received $6.347 million in tax revenuemeaning it had to spend $1.28 for every $1 it earned. Ultimately, it suffered a near $1.8 million ‘loss’.
The number of vendor employees benefiting from Junkanoo Carnival dropped by almost twothirds, from 1,200 to 402, due to the redesigned Cultural Village that cut vendor numbers. As for tourist arrivals, the data suggests that Junkanoo Carnival’s impact was in the hundreds, rather than the thousands. While May air arrivals to Nassau/Paradise Island were up 6 per cent yearover-year, the Commission’s data showed an 11.5 per cent increase for Carnival weekend, with 12,006 compared to 10,767 the year before. On Grand Bahama, while air arrivals were down 20 per cent for May, the Festival Commission said there was a 65 per cent jump on Carnival weekend - although the gross rise was less than 800 persons. Some 14,799 Carnival attendees or 24 per cent, out of the total 60,700, were said to have been tourists. Visitors accounted for one out of three attendees on Grand Bahama.
PAGE 6, Wednesday, September 28, 2016
THE TRIBUNE
Tech and consumer companies lead US stocks higher NEW YORK (AP) — U.S. stocks rebounded Tuesday and climbed after a survey showed consumer confidence is at a nine-year high, a sign Americans will keep spending in the months to come. Technology and consumer stocks made the largest gains. The market opened lower after two days of losses but quickly recovered. The consumer confidence report gave major indexes a boost and they locked in a big gain by early afternoon. Technology companies jumped, and solid results from cruise line operator Carnival sent travel-related companies higher. Energy companies slumped with oil prices as hopes for an international cut in fuel production faded. U.S. consumer confidence reached its highest level this month since August 2007, according to the Conference Board. The group said its index rose to 104.1 as consumers grew more optimistic about the labor market. The result was better than expected. Katie Nixon, chief investment officer for Northern Trust, said it’s even more important right now because government spending, exports, and capital spending by businesses are all limited.
Trader Michael Milano, center, works on the floor of the New York Stock Exchange. European stocks faltered yesterday, as investors worried over Deutsche Bank’s outlook, a big decline in oil prices and a sharp downgrade in global trade predictions. The reaction in markets to the first U.S. presidential debate of this campaign was fairly minimal. (AP Photo) “Everything’s riding on the consumer right now,” she said. Recently investors have worried about consumer spending because of disappointing auto sales and retail sales. After its slow start, the Dow Jones industrial average jumped 133.47 points, or 0.7 percent, to 18,228.30. The Standard & Poor’s 500 index picked up 13.83
points, or 0.6 percent, to 2,159.93. The Nasdaq composite gained 48.22 points, or 0.9 percent, to 5,305.71. Economists had expected consumer confidence would fall in September. That’s partly because of disappointing reports on car and retail sales earlier this month. Investors have been wondering if consumers would spend enough to keep
the economy growing at a steady pace. Travel companies made some of the biggest gains on the S&P 500 after cruise operator Carnival reported a solid profit and strong revenue in the third quarter and raised its forecast for its fullyear results. Carnival rose $1.88, or 4 percent, to $48.35 while competitor Royal Caribbean added $3.38, or 4.8
Legal Notice
Legal Notice
NOTICE
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
ATLAS ASSOCIATED INVESTMENT CORPORATION
CHIPPIE LIMITED In Voluntary liquidation
In Voluntary liquidation
Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), CHIPPIE LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 15th day of September, 2016.
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), ATLAS ASSOCIATED INVESTMENT CORPORATION is in Dissolution.” The date of commencement of dissolution is the 26th day of September 2016.
percent, to $39.43. American Express gained 86 cents, or 1.4 percent, to $64.28. A federal appeals court ruled late Monday that the company didn’t violate antitrust laws by preventing stores from asking customers to use one credit card over another and steering consumers to another type of payment. On Tuesday, the company said it will buy back as much as 150 million shares of its stock and raised its dividend to 32 cents from 29 cents. Oil and natural gas company Rice Energy said it will buy Vantage Energy for $2.7 billion including debt. Rice Energy fell $2.14, or 7.9 percent, to $25. Part of Vantage’s business will become part of a separate Rice company called Rice Midstream Partners, and shares of that partnership rose $1.21, or 5.7 percent, to $22.52. Bond prices continued to rise. The yield on the 10year Treasury note fell to 1.56 percent from 1.58 percent. Bond yields have been slipping for more than a week as investors waited for the Federal Reserve to make a decision on interest rates. Last Wednesday the Fed announced it was leaving rates where they are for now.
NOTICE
NOTICE is hereby given that VALICIA BENNETT of House #23 St. Lucia, P.O.Box EE-15818 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 28th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
Invicta Limited P.O. Box 634 Bourdeaux Court Les Echelons, St. Peter Port Guernsey, GY1 3DR Liquidator
ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator
percent, to $74.35. Southwest Airlines climbed $1.67, or 4.5 percent, to $38.54 and booking site Expedia gained $4.01, or 3.7 percent, to $113.10. Amazon rose $16.95, or 2.1 percent, to $816.11 as consumer stocks made big moves. Netflix, which has slumped this year after its stock doubled in 2015, regained $2.51, or 2.7 percent, to $97.07. Microsoft helped pull tech stocks higher as it picked up $1.05, or 1.8 percent, to $57.95. IBM advanced $2.79, or 1.8 percent, to $156.77. Oil prices fell after investors were disappointed again that OPEC countries didn’t make a deal to limit production. A representative for Iran said there probably won’t be any such agreement this week and that oil-producing nations should discuss the issue in November. U.S. crude fell $1.26, or 2.7 percent, to $44.67 a barrel in New York. The international standard, Brent crude, lost $1.38, or 2.9 percent, to $45.97 a barrel in London. Oil prices rose 3 percent on Monday. Devon Energy lost $1.26, or 3.2 percent, to $38.38 and ConocoPhillips sank 59 cents, or 1.5
KANAHENA LIMITED In Voluntary liquidation
Notice is hereby given that in accordance with Section 138 (4) of the International Business CompaniesAct (No. 45 of 2000), KANAHENA LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of September, 2016.
MARKET REPORT TUESDAY, 27 SEPTEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,945.98 | CHG 0.00 | %CHG 0.00 | YTD 122.03 | YTD% 6.69 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.50 4.70 0.18 8.30 8.50 6.10 10.60 15.50 2.72 1.60 5.80 9.00 11.00 8.25 6.90 12.25 11.00
52WK LOW 2.47 17.43 9.09 3.15 1.77 0.12 6.09 7.25 5.50 7.00 13.05 2.25 1.27 5.55 6.00 9.85 6.12 5.75 11.80 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 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.40 14.00 2.37 1.55 5.80 8.77 10.95 8.25 6.60 11.93 10.00
CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.40 14.00 2.36 1.55 5.80 8.77 10.95 8.25 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 -0.01 0.00 0.00 0.00 0.00 0.00 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 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330
115.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.06 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
49,500
3,730
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 13.4 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.2 26.5 25.1 9.3 11.4 14.3 11.4 12.7 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% 3.46% 4.36% 2.54% 2.58% 4.14% 3.14% 0.00% 3.39% 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 1.45 1.67 1.55 1.09 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.39 1.60 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
NAV 1.99 3.90 1.92 167.58 136.68 1.45 1.67 1.55 1.09 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% 2.51% 3.84% 2.48% 4.47% 2.20% 3.79% 5.03% 3.89% 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-Aug-2016 31-Aug-2016 31-Aug-2016 31-Aug-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
Mr. Sergejs Sivrins of Strelnieku 13-24, Riga, Latvia Liquidator
THE TRIBUNE
Wednesday, September 28, 2016, PAGE 7
‘Dramatic slowing’ seen in advertise today! global trade, as rhetoric rises call the tribune GENEVA (AP) — Trade, that lifeblood of the world economy, is growing at its slowest rate in seven years and could falter even more should anti-globalization sentiment encourage governments to throw up more barriers. That’s the verdict from the World Trade Organization, which dramatically slashed its forecast for trade growth this year by about a third to its lowest rate since 2009, when the global economy was mired in recession in the wake of the financial crisis. In an update to its forecasts Tuesday, the world’s leading trade body said anti-globalization sentiment could make matters worse, especially if policymakers respond to that in a “misguided” manner. The Geneva-based WTO, perhaps best known for dealing with trade disputes, predicted that global trade will rise only 1.7 percent this year, way down from its April prediction for 2.8 percent. It said the downgrade, which came as the WTO opened a three-day forum about ways to make trade more inclusive, was largely due to an unexpectedly sharp drop in merchandise trade volumes in the first quarter. Lower economic growth and trade in developing countries like China and Brazil as well as a deceleration in imports in North America lay at the heart of the sharp downgrade. If the WTO’s forecast comes true, it will be the
today @ 502-2394
Brazilian Roberto Azevedo, Director General of the World Trade Organization, WTO, delivers his speech during the WTO Public Forum “Inclusive Trade” at the headquarters of the WTO in Geneva, Switzerland, yesterday. The WTO dramatically slashed its forecast for trade growth this year by about a third to its lowest rate since 2009, when the global economy was mired in recession in the wake of the financial crisis. (AP Photo) first time in 15 years that global trade grows more slowly than the world economy, which it expects to expand by 2.2 percent. “The dramatic slowing of trade growth is serious and should serve as a wake-up call,” WTO director-general Robert Azevedo said. “It is particularly concerning in the context of growing antiglobalization sentiment.” “We need to make sure that this does not translate into misguided policies that could make the situation much worse,” he added, referring to job creation and economic growth. As well as reducing its
2016 forecast, the WTO cut its project for next year to between 1.8 percent and 3.1 percent from 3.6 percent. The WTO warned of a number of risks, such as the effect of the British vote to leave the European Union, which has increased uncertainty in a part of the world where trade has been relatively strong. Other risks include financial market volatility stemming from changes in monetary policy in developed countries — the U.S. Federal Reserve is set to raise interest rates again while the European Central Bank and the Bank of
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Japan could cut borrowing costs further. It also voiced worries that growing anti-trade rhetoric around the world might affect trade policy. One planned trade deal that looks to be in trouble is the proposed Trans-Atlantic Trade and Investment Partnership, commonly known as TTIP, between the United States and the EU.