06282018 business

business@tribunemedia.net

THURSDAY, JUNE 28, 2018

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‘Sales cancelled’ fear if no VAT grace given By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas Real Estate Association’s (BREA) president yesterday warned “lots of sales will be cancelled” as the sector makes a lastditch bid for a smooth VAT transition. Christine WallaceWhitfield called on the government to either provide a 60-90 day “transition period” for property deals signed before July 1, but which have yet to close, or “honour” them at the existing 7.5 percent VAT rate.

* BREA chief: 12% move ‘little cut throat’ * Urges 60-90 day real estate transition * Or deals in process ‘honoured’ at 7.5% She told Tribune Business this would prevent market disruption, and reassure both buyers and sellers, describing the sudden jump from a 7.5 percent VAT to 12 percent come Sunday as “a little cut throat”. Calling on the government to work with a real estate industry that is one of its largest revenue generators, Mrs Wallace-Whitfield said it was unfair for parties to “under contract” deals to be faced with paying

extra VAT on attorney fees and realtor commissions when they had a budgeted for - and had a legitimate expectation of - a 7.5 percent rate. The BREA president is seeking an 11th hour meeting with KP Turnquest, the deputy prime minister and minister of finance, in a bid to address members’ concerns over the VAT hike’s implications with just three days left before it takes effect.

Govt urged: seek other buyer on Grand Lucayan

CHRISTINE WALLACEWHITFIELD

Besides the VAT-induced increase in transaction fees, Mrs Wallace-Whitfield said the industry also feared that Real Property Tax Act changes to the definition of “owner-occupied” property will lead to “significant” tax hikes - including the removal of the $50,000 “cap” - that could turnoff current and potential second homeowners. “We would like to get clarification from them [the government] on what the

industry is faced with,” the BREA president told Tribune Business. “I’ve got a lot of people asking us what BREA can do. “We want an official government position from them to BREA on current real estate transactions under contract, and whether they will still be faced with a 7.5 percent VAT rate after July 1. Will they be able to give consideration to the real

SEE PAGE 4

THE VAT rate hike and deficit elimination will pave the way for the government to rescue NIB and address its multi-billion pension liabilities, the deputy prime minister confirmed yesterday. KP Turnquest told Tribune Business it was “absolutely correct” to deduce that addressing the government’s main fiscal woes was merely

* DPM: VAT FIRST STEP IN CORRECTION * FURTHER SACRIFICE LIKELY MEDIUM-TERM * SAYS BUDGET TAX HIKES ‘LAST RESORT’ the first step in corrective action that will ultimately address other public sector threats - such as the projected exhaustion of the National Insurance Board’s

Banker urges ‘real will’ to tackle pension crisis By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A BAHAMAS-based investment banker yesterday bemoaned the absence of “real will” to drive wideranging pension reform, with the government paying “lip service” to its own liabilities. Michael Anderson, Royal Fidelity Merchant Bank & Trust’s president, speaking at the bank’s “Pension Breakfast”, described the government’s multi-billion dollar unfunded pension liabilities as a “catastrophe” and “crisis”. “I think we tend to pay

* GOVT PAYING ‘LIP SERVICE’ TO OWN LIABILITIES * KICKING LOOMING CATASTROPHE ‘DOWN ROAD * AND ONLY DEALING WITH ‘TODAY’S CRISIS’ lip service to it and we have done for a while,” he said. “That issue is growing, and growing behind us. We

SEE PAGE 3

Union chief hits BTC’s ‘dismal performance’ post privatisation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE head of BTC’s line staff union yesterday blasted the company’s “dismal performance” postprivatisation, while giving it an “A” grade for cost-cutting and staff lay-offs. Bernard Evans, pictured, the Bahamas Communications and Public Officers Union’s (BCPOU) president, told Tribune Business that the Bahamas Telecommunications Company’s (BTC) succession of owners over the past seven years had failed to “carry out one

* GIVES IT ‘A’ FOR CUTTING EMPLOYEES * ‘REVOLVING DOOR’ OF OWNERS, CEOS * ARGUES 2011 BUSINESS PLAN NOT MET

SEE PAGE 7

K PETER TURNQUEST

(NIB) $1.6bn reserve fund by 2030. “As we get our deficit under control, it gives us the opportunity - with the growth trajectory we have to start paying attention to our debt and paying it down, and dealing with those legacy issues that have been more or less ignored along the way,” the deputy prime minister revealed. He confirmed that the government’s medium-term consolidation strategy, once it got beyond eliminating its

* EQUITY STAKE SUGGEST WYNN ‘NOT RIGHT MATCH’ * GOVT TO TAKE 20% MINORITY INTEREST * ATTORNEY URGES GOLFING FOCUS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

current $300m-plus annual fiscal deficits, involved addressing both NIB and its unfunded public sector pension liabilities after Tribune Business identified both issues by name. While Mr Turnquest did not mention it, tackling the latter two problems will likely require further sacrifice and pain from the Bahamian people, with the government seeking to

THE government was yesterday urged to seek alternative purchasers for the Grand Lucayan following confirmation it has reverted to plans to take an ownership stake in the property. Carey Leonard, pictured, the former Grand Bahama Port Authority (GBPA) inhouse counsel, told Tribune Business this suggested to him that the Toronto-based Wynn Group, the longtime front-runner to acquire Freeport’s “anchor” resort property, was “not the right match” as its owner. The now-Callenders & Co attorney said revelations

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Deficit wipe-out to pave way for NIB, pension fix By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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THE TRIBUNE

ENSURING A BOOK IS JUDGED BY ITS COVER H

AVE you ever bought a book just for its cover? Maybe not. But chances are a cover has captured your attention, leading you to pick it up and scan the first few pages to see if you will get hooked. Even if you cannot pinpoint the reasons for the appeal, there is something about a well-rendered cover that seems fresh, witty and full of substance. We have all learnt not to judge a book by its cover, but there is nothing quite like browsing through a bookstore soaking them up; layouts and every little detail. The variety is endless, and sometimes the most inspirational effects are often right in front of

The Art of Graphix BY DEIDRE M BASTIAN

us, even if it is a very simple colour from a favourite music album or titled movie.

If you ask book designers to describe what makes for a great cover, they may explain how the various elements of the typeface, colour scheme and the composition come together to create a visual metaphor for the text. A book cover at its best is amazing, marketable art, and it is common knowledge that readers indeed do shop with their eyes. Even though they look for familiarity, they still seem to yearn for something new. Many books are published with interesting covers, but you want a book cover to express a story before shoppers even crack open the first page. And since the overall objective is to sell a book, then perhaps

a striking cover can make the difference between a home run and a flop. So what exactly makes a successful book cover? When creating a book cover, you are tasked and entrusted with encapsulating someone else’s story in one powerful design. Before you even begin, it is vital that you familiarise yourself with not only the story between the pages, but also with what the writer is setting out to achieve and identifying their audience. Subsequently, a well thought-out cover design should say a great deal about a book without anyone having to turn the first page. Here is another view. As a designer, you want your cover to give away just enough to entice the reader and capture the story inside, but without revealing too much. The imagery you choose can be a great way to connect the reader with the book on a deeper level. However, book cover design is clearly not

only about images. It defines the entire aesthetic of the book and supports what the title expresses, as well as the tone of the story itself. Alongside the title and pictures sits the author’s name. Readers often buy a book they are familiar with, and often trust the name on the cover such as the author. The typography you choose for a title, and style, can also become a brand in the eyes of readers. Ultimately, a good design incorporates both the cover and spine. While the spine literally holds the entire printed book in place, it is often an afterthought for many designers. Yet when placed on a bookshelf, the spine is all you can see. This makes the continuation of a good cover design so important. So there is still room to be playful, and it is important to note that typography and illustration are two different crafts. Therefore you may require more focus in whichever area is not your forte.

As a final point, great cover designs do not have to be complex. A successful book cover design needs only to balance the right harmony of art, type and concept and, ultimately, it will certainly be the one that always makes it off the shelf after one inspection. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Ms. Deidre Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

Labour Minister talks with Credit Suisse

THE Minister of Labour and his officials met recently with senior executives from Credit Suisse Bahamas, which employs 104 persons in The Bahamas. Senator Dion Foulkes discussed a wide range of labour matters, including

the employment and training of Bahamian workers employed with Credit Suisse. Pictured from L: William Pratt, senior undersecretary, Ministry of Labour; Vanessa Knowles, Credit Suisse branch manager; Cecilia Strachan,

permanent secretary (acting); Mr Foulkes; Antoinette Russell, managing director, Credit Suisse Trust; Barbara Gardiner, Credit Suisse’s head of human resources; and newlyappointed director of labour (acting), John Pinder.

Maritime security vital for Bahamas Minister Frankie Campbell Photo: Patrick Hanna/BIS

MARITIME security is “particularly critical” for The Bahamas because of its geography and the industry’s economic importance, a cabinet minister says. Frankie Campbell, minister of transport and local government, said the issue was especially challenging for The Bahamas because its borders are extremely porous and it covers a vast expanse of water - 100,000 square miles. The Minister made his comments at a workshop and roundtable discussion on “National Maritime Supply Chain Security in The Bahamas” earlier this week. “Due to The Bahamas’ geographic make-up, there is a great need to maintain constant vigilance, ensuring that maritime security remains at the highest level at all times,” said Mr Campbell. He added that the stability of The Bahamas’ economy requires the country’s maritime industry be protected at all costs. “In this regard, I am pleased

to emphasise that all of the major port facilities in The Bahamas meet international ship and port facility security (IP code requirements). And are supported by 24/7 security presence,” the Minister said. Mr Campbell said it was important to partner with neighbouring countries, and participate in workshops, to promote the vigilance required for maintaining secured borders. The three-day conference featured interactive sessions facilitating increased information-sharing and analysis, and inter-agency coordination, with a view to identifying opportunities for enhancing related policies, procedures and mechanisms at both the port and national level among key stakeholders within The Bahamas’ maritime industry. The workshop’s sponsors included the Port Department, Ministry of Transport and Local Government, Ministry of National Security, Inter-American Committee against Terrorism, and the government of Canada.

THE TRIBUNE

Thursday, June 28, 2018, PAGE 3

BAHAMIANS URGED: DON’T RELY ON NIB IN RETIREMENT By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIANS were yesterday urged not to use national insurance as their main retirement income source, an investment banker branding the country’s pension participation rate “really low”. Michael Anderson, pictured, Royal Fidelity Merchant Bank & Trust’s president, said: “We need

to start to change how we address pensions in the country in both the government and private sector.”

Speaking on the sidelines of Royal Fidelity’s Pension Breakfast, where the company unveiled its personal retirement plan offering, he added: “I don’t even know how you measure how many people have employersponsored plans, but I know that the participation level is really low, which means a huge number of people just won’t have pensions when they retire. They will rely on NIB and family when they retire.

“Our pension plan business is one of our fastest-growing businesses. We see more and more people signing up, whether for a personal plan level or our group plan levels. Every year we add 500 to 1,000 people to our pension plans. There is a growing interest and awareness. We have been at this for 20 years, and I don’t think we really have made a big dent yet.” Cleora Farquharson, Royal Fidelity’s assistant

vice-president of pension services, told Tribune Business: “As Bahamians we really don’t save. We at Royal Fidelity want to get that discussion going so that people can know how much they need to save and make steps towards saving for retirement. “The average person doesn’t realise how much they need for retirement. People think that national insurance will be enough. It was never

created to be a primary income source, but was only ever created to supplement retirement savings.” Ms Farquharson said Royal Fidelity’s personal retirement plan offering allows for a minimum investment of $100,000. “We take those funds and invest it and, as you go into retirement, we can give you monthly, semiannually, quarterly or annual payments so you can take care of yourself,” she added.

Banker urges ‘real will’ to tackle pension crisis FROM PAGE ONE try to solve today’s problem and we think that the pension issue is tomorrow’s problem. “The taxpayer ends up paying for that problem at some stage. The earlier we start to recognise and deal with it, the better. We just watched Barbados go through a financial crisis and these are all parts of the financial crisis. We need to solve the pension issue just

like we solve other issues.” The International Monetary Fund (IMF) has warned that the current system - where civil servants contribute nothing to funding their retirement is “unsustainable”, noting that accrued government pension liabilities totalled $1.5bn in 2012, and would rise to $3.7bn by 2030 as the population ages unless corrective action is taken. The IMF said: “Government

employees draw pensions at retirement without contributing to the system while employed. Staff analysis in the 2016 Article IV Staff report noted that accrued government pension liabilities totaled $1.5bn in 2012, and would rise to $3.7bn by 2030 as the population ages.” The IMF called for reforms that involve “moving to a contributory regime in the near term, and to a defined-contribution

scheme in the mediumterm”. This would require civil servants to contribute a portion of their salary to funding their retirement, rather than having this financed 100 percent by the taxpayer through the budget - as is done currently. Prime Minister Dr Hubert Minnis during his 2018]-2019 budget address that civil service pensions will become contributory for new hires, with a

Labour chief calls for greater transparency over job advertising By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Director of Labour yesterday acknowledged the need for greater “transparency” that ensures Bahamians are given an opportunity to fill posts before employers seek work permits. John Pinder, pictured, the former trade union leader, told Tribune Business: “What we do is, when work permit applications come to us, we check our skills bank to see if Bahamians are qualified to do these jobs and we encourage the employer to interview Bahamians. “We also encourage Bahamians to go on these interviews. What I think is

missing is the transparency to ensure that the employer advertising the position is giving Bahamians an opportunity to fill them. We have to tighten that up. They would say they advertise and no Bahamian applied. We don’t have the mechanism to determine whether any Bahamian applied for not.” Mr Pinder added that the Minnis administration’s “Labour on the Blocks” initiative has so far resulted

in 8,500 persons registering with the labour department. “From where I sit, there are too many jobs Bahamians ought to be trained to do which are being filled by persons on work permits,” he said. “I believe that if we do a better job with the vocational initiatives as it relates to them putting on certain courses and disciplines, Bahamians I am sure have the ability to qualify themselves. “Many may not know what opportunities are out there. I keep reminding workers that it isn’t business as usual because technology is the biggest challenge we are faced with.” Mr Pinder said he intends to have discussions with employers, who employ

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persons in positions such handymen, to argue for more attractive wages for Bahamians. “There are lot of jobs out there for handymen. Bahamians have also really qualified themselves in landscaping, but we have to see if we can cause the employers to provide a better salary,” he added. “I intend to have discussions with employers, especially large employers who have a number of these so-called handymen, to show them that if you’re going to pay for a work permit and, in some instances, a housing allowance etc, you could increase that salary to attract a Bahamian and save money for your company.”

commencement date to be announced. However, this does not address the underlying liabilities, with the government committing $100m of taxpayer monies to funding its retirees in the upcoming fiscal year.

Mr Anderson yesterday said The Bahamas cannot further delay addressing the need for pension reform. “I don’t think there is yet the will to address it in any

SEE PAGE 5

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THE TRIBUNE

‘Sales cancelled’ fear if no VAT grace given FROM PAGE ONE estate industry having a 60, 90-day transition period after July 1? We’re going to have a lot of sales cancelled [otherwise].” Mrs Wallace-Whitfield said her phone, and those of other BREA executives, had been “ringing off the hook” with questions over how the transition to a 12 percent VAT rate will be effected - especially for transactions where sales agreements have been signed but have yet to close. “A lot of people are saying: ‘I’ve got sales on the line. What’s going to happen?’” the BREA president added. “It would be nice if the government could work with us for a little bit of an extension to help those sales in the process of closing in the next month or two so they have an opportunity to stay at 7.5 percent. “Those sales were contracted with the understanding of a 7.5 percent VAT

and, all of a sudden, you’ve got 12 percent. I understand the government needs to generate revenue, but to me that’s a little cut throat. “You’ve got to work with us. We’re one of the main industries that generate a lot of revenue. It would be nice if you could work with us. We’re not talking months and months and months. We’re talking a little bit of a grace period,” Mrs Wallace-Whitfield continued. “We now have to go back to the purchaser and say: ‘The sale is due to close on July 31, but I’m afraid that if it’s after July 1, you’re going to have to pay more’. It doesn’t look good.” Many purchasers, especially those on tight budgets, will already have made provisions for 7.5 percent VAT and may struggle to cover the increase associated with attorney and realtors’ fees. They may also encounter difficulty in obtaining the extra funding from lenders

and other avenues. Mrs Wallace-Whitfield said it was vital to avoid any market “shock”, and added: “If we can get a grace period, a transition period for 60, 90 days, that’s all we’re asking for. We can then tell clients you’ve only got so much time to close this deal. “In these last couple of weeks, it’s very hard to rush these deals to a close. Attorneys have to do due diligence, title searches, all these things. When the sale was negotiated, VAT was 7.5 percent, but come July 1 it will be 12 percent. “That’s not right. Sales agreed before July 1 should be honoured at 7.5 percent, that would be great, or a 60-90 day transition period would give people time to close those sales. I understand why they have to raise the VAT, it is what it is, but if they can work with us we can come to a more amicable arrangement and be satisfied.” The government has

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given time extensions and “grace periods” to several key industries, including the hotel sector, construction and retailers, to enable a smooth transition to the 12 percent VAT. The length of these extensions/grace periods is in keeping with what BREA is requesting. Mrs Wallace-Whitfield, meanwhile, also warned the government against “scaring away” wealthy second homeowners through the Real Property Tax Act amendments that threaten to throw many into a higher tax bracket with no “cap” protection. “Anything and everything that is related to the real estate industry affects us,” she told Tribune Business, pointing to the increase from 1.5 percent to a two percent rate on the value above $500,000 for real estate classified as “other property”. “We have to approach buyers really carefully. They’re going to say: ‘Gosh, wow’,” Mrs Wallace-Whitfield said. “You’re trying to sell your product to foreigners looking for second home ownership, so we have to change the wording and approach. “We are a destination for second homeowners. We have an excellent product in The Bahamas. With all the islands we’ve very unique compared to other Caribbean countries. We do have something different but we don’t want to scare them away. We want to be an attractive market for second homeowners. They do bring business and revenue to our country.” While some observers will likely argue that wealthy foreigners can afford to pay more taxes, and should share in the sacrifice Bahamians are being called upon to make, it should not be forgotten that the fierce competition

for scarce investment dollars means this nation cannot afford to price itself out of the market with frequent tax increases and tinkering. The concerns stem from the Real Property Tax Amendment Bill that accompanied the 2018-2019 budget, which requires “owner-occupiers” to reside in their homes for six months or more per year. This is a marked change from the current Act, which defines “owner-occupiers” as persons who reside in their homes “on a permanent or seasonal basis”. This allows The Bahamas’ second homeowner community, many of whom are in this nation for just a few months per year, to be taxed at the “owner-occupier rate” that was reduced in 2016. They currently pay a rate of threequarters of one percent on their home’s value between $250,000 and $500,000, with the portion above $500,000 taxed at one percent. The total sum they pay is also capped at $50,000 per annum. But, with the elimination of “seasonal basis”, homeowners will now have to reside in their Bahamas properties for a minimum of six months per year to retain “owner-occupied” status. Should they fail to meet this benchmark, their properties face being reclassified as “residential property” or “other property”. Since nonBahamians cannot qualify for the former, foreign second homeowners will fall into the “other property” category where the tax rates are much steeper. Real estate classified as “other property” is taxed at a rate of three-quarter of one percent on its first $500,000, with a two percent rate applied to its value above this threshold. And the 50 percent

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“cap” does not apply, meaning the tax rate is effectively doubling. “We fully appreciate the need to raise additional revenue as the government moves toward a more stable financial position,” said Mrs Wallace-Whitfield. “We have also asked the government to respect the need to make home ownership affordable, and to continue to attract second homeowners. “BREA recognises that there is always room for compromise. Accordingly, BREA has accepted the increase from $500,000 to $750,000 minimum investment for residency for those who qualify. As such we are seeking to discuss a proposal for a gradual, rather than sudden implementation, of certain aspects of teal property tax changes and a delay in the implementation of the increase in VAT rates, terms and conditions for sales or developments currently under contract or underway.” According to WallaceWhitfield, it is important for The Bahamas not to be perceived as a jurisdiction that changes business terms mid-stream. She added: “The Bahamas is seeking to retain a very special place in the global market. However, costs do influence behaviour and can impact our ability to remain competitive. While developments that are still in the planning stages have time to amend their business plans, projects that are underway that were built to sell at a certain price point may not have the same price flexibility. “BREA is faced with twin concerns, which include an increase of VAT on fees associated with a purchase in addition to an increase in percentage of real property tax from 1.5 percent to two percent above $500,000 (which also includes a removal of a $50,000 cap). “BREA is desirous of meeting with the government in an amicable atmosphere in order to derive a mutual position in an effort to stimulate growth, which in the final analysis is the best way forward for a productive real estate industry and a financially healthy nation. “

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THE TRIBUNE

Thursday, June 28, 2018, PAGE 5

Govt urged: seek other buyer on Grand Lucayan FROM PAGE ONE by Carl Bethel QC, the attorney general, that the government had committed $25m in its budget to financing the equity stake and other support - despite no deal having been concluded - suggested a sale was “as far away” as ever. A Tribune Business source recently suggested that the government is going to take a minority 20 percent equity stake in the Grand Lucayan’s purchase, with Wynn holding the majority 80 percent interest, although that has not been confirmed. They added that Planet Hollywood was among the resort/casino brands being talked of as operators, with the government having seemingly returned to the plan announced ten months ago by the prime minister when he first revealed its intention to take an equity stake in the Grand Lucayan purchasing group. But, assessing Mr Bethel’s comments, Mr Leonard told Tribune Business: “It seems to me that we don’t have a deal yet, and we’re as far away from it as we have ever been. It doesn’t look like they’ve made any progress at all. They’ve [the government] been talking this up for the last year and nothing has happened. “I really think we ought to go looking and find someone

else to buy the hotel, as either these guys [Wynn] either don’t have the wherewithal or don’t have the plan to make it work. I don’t think they’re the right match for this hotel.” Next week will mark the 19th month of the Grand Lucayan’s post-Hurricane Matthew closure, which has cost Freeport’s economy around 1,000 jobs and its tourism product some 59 percent of its room inventory. The closure of two of the resort’s three hotel properties has left the city with little stopover product to market, leading it to “miss” two winter seasons with a third fast-approaching, and forcing the closure or downsizing of many businesses in the Port Lucaya Marketplace and wider Lucayan strip. Mr Leonard yesterday suggested that a golf-based plan was needed to revive the Grand Lucayan, exploiting its two golf courses and others that exist in Freeport to attract a high-end niche market that The Bahamas typically targets. “We really need to go looking for somebody who has the proper plan, and I think it ought to be related to golf,” he told Tribune Business. “We harp too much on the water, sun and sand. We have two golf courses, the one at the Princess [Royal Oasis] and there’s a ninehole course.

“Golfers have much more money, and it’s the type of market we go after. The more I think about it, it’s apparent Wynn is not the right match. We need someone focused on the golf side who can bring high net worth people to the island. We really need a good group to go in and make it work.” Mr Leonard said business tenants in the Port Lucaya Marketplace, who rely heavily on the Grand Lucayan to produce the majority of their customers, have been “waiting with bated breath” for the resort’s sale. “I don’t know how much longer they can hold on,” he added.” Cheung Kong (CK) Properties, the entity into which Hutchison Whampoa spunoff its real estate assets, had been running a sales process for the Grand Lucayan when it was interrupted by Hurricane Matthew. A dispute with Memories, the resort operator affiliate of Sunwing, saw the Canadian brand depart from the resort after laying off its Bahamian staff. Wynn then emerged as the potential buyer with a $110m offer just prior to the 2017 general election, but was unable to close the deal. It walked away, and the Minnis administration then revealed its plan to take an ownership stake in a purchasing group. This prompted Wynn to return with a $65m all-cash deal, which was accepted by

CK Property Holdings. The government suspended its plan, and the two companies signed a Letter of Intent (LoI) for the Grand Lucayan’s purchase just before Christmas 2017. Prime Minister Dr Hubert Minnis suggested then that the purchase would close by end-2018, but no deal was forthcoming and the Grand Lucayan’s fate has dragged on for four more months with no resolution seemingly in sight. In the meantime, Wynn has broken ground on its $120m Goodman’s Bay condo-hotel in New Providence. Paul Wynn, its principal, reassured that negotiations on the Grand Lucayan were making progress, but gave no specifics and was very vague. Tribune Business sources have previously suggested that the former Christie administration encouraged Wynn to look at the Freeport-based resort in returning for helping to sort out covenant and zoning restrictions that were thenimpeding its Goodman’s Bay development. Now, Mr Bethel, under pressure from Opposition senators over a 125 percent increase in the budget for the Ministry of Finance’s “tourism contractual obligations”, has confirmed some $25m has been allocated to

SEE PAGE 7

NOTICE

Notice is hereby given that BGRS Certificate No.71556 in the amount of $40,000 is lost and due to mature 2023. If this certificate is found, please contact Miss Scavella at 428-1475.

IMPORTANT NOTICE The following persons are asked to contact our Claims Department, Financial Centre, Nassau, Bahamas at any of the following telephone numbers: 396-1343 or 396-1344. POLICY NO. NAME

DOB (M/D/Y)

POLICY NO. NAME

DOB (M/D/Y)

757256

Adderley Antonio

2/12/96

38410

Major Clarabell

5/15/38

577470

Adderley Eva L.

3/14/40

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Adderley Jr. Joseph

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Bain Brashan C. M.

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McGregor Edrico

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Munroe Jane A.

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Banker urges ‘real will’ to tackle pension crisis FROM PAGE THREE serious sense. We’re dealing with crisis today; the ones we can see,” he explained. “VAT is solving a financial problem we have. When we do that we’re kicking pensions down the road. I don’t think we have yet got any real fundamental will at the government level to deal with it. I am

hoping we can sit down with government over the next year and start working with them to start and put some plans in place. I don’t think we’re there yet.”

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PAGE 6, Thursday, June 28, 2018

THE TRIBUNE

Deficit wipe-out to pave way for NIB, pension fix FROM PAGE ONE spread this out rather than inflict an unbearable dose in one go. Both NIB and the unfunded civil service pensions, if unaddressed, could add billions to the government’s already-$8bn national debt should these liabilities materialise on to its balance sheet and require taxpayer-financed support. The Inter-American Development Bank (IDB), in its 2018-2022 country

strategy for The Bahamas, warned that NIB contribution rates must more than double to over 20 percent to prevent a long-term Bahamian pension crisis. It projected that the government’s total pension liabilities - including those owed to the civil service and public corporation workers - will ultimately grow to 160 percent of GDP. Pointing out that all government pension commitments are “underfunded”, the IDB said

eliminating this deficit will require NIB contribution rates to rise from the present 9.8 percent to 20.3 percent. “Beyond the medium term, pension liabilities for which the government is directly responsible including social security commitments, pensions and public entity pensions - amount to 160 percent of GDP and are underfunded,” the IDB said. “Fully funding these pensions would require increasing the social

security payroll tax from 9.8 percent to 20.3 percent - a 107 percent increase.” NIB contributions, which take the form of a payroll tax, are currently split 3.9 percent/5.9 percent between employee and employer, respectively. Should the IDB’s forecast prove accurate, The Bahamas’ 200,000-plus workforce will all take a further hit from reduced “take home pay” and suffer a loss of disposable income, leading to reduced living standards. And the corresponding increase in employer contributions will cut into corporate profits and cash flow, acting as a significant drag on economic growth by deterring job-creating investment and expansion. With the government’s pension liabilities projected to exceed Bahamian

economic output (GDP), the issue effectively represents an “iceberg” that can sink the economy long-term. The government will likely be hoping increased economic growth minimises the need for such a jump in NIB contributions, although the population demographics are unlikely to help as the Bahamian population starts to live longer. And unfunded public sector pension liabilities are forecast to hit $3.7bn by 2030 if no corrective action is taken - the same year that NIB’s reserve fund will be exhausted if no reforms are enacted there. It all suggests that Bahamians, workers and taxpayers in particular, face a rough ride over the next decade to fix problems where the “can has been kicked down the road” for too long.

NOTICE International Business Companies Act (No. 46 of 2000)

CONQUEST MACRO MASTER FUND LTD. Registration Number: 126068 (B)

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Conquest Macro Master Fund Ltd. has been dissolved and has been struck off the Register of Companies with effect from the 19th day of June, 2018.

GLINTON SWEETING O’BRIEN Counsel to the Liquidator NOTICE International Business Companies Act (No. 46 of 2000)

CONQUEST MACRO FUND LTD. Registration Number: 120071 (B)

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Conquest Macro Fund Ltd. has been dissolved and has been struck off the Register of Companies with effect from the 19th day of June, 2018.

GLINTON SWEETING O’BRIEN Counsel to the Liquidator

Mr Turnquest, meanwhile, emphasised to Tribune Business that the 4.5 percentage VAT rate increase to 12 percent was a “last resort” option taken when the government realised there was no alternative to filling its $400m “funding gap”. He revealed that the plan “crystallised” during the budget preparation when the unpaid, unfunded bills from all government ministries and departments began stacking up on his desk. And, despite hopes of reducing government spending “even more” during the 2017-2018 fiscal year, Mr Turnquest said the $360m in unfunded arrears meant there was a much wider gulf between revenues and expenditure without measures such as the VAT hike. “That’s when it all crystallised,” he told Tribune Business of the budget process. “As you get the budget submissions in and do the analysis, and see where you can reduce spending based on the past year, you then know where the revenue goal is. Then you do the analysis on the revenue and flush out what’s left. “We always knew we had a funding deficit. Even through the year we were looking at ways to increase the revenue. As we came into the budget period, it starts to correlate and become a real focus as to what are the options.” Mr Turnquest added: “This is not a new phenomena. We had the same problem last year. We came into this year hoping to bring spending down even more, but we realised there’s still this gap we have. “No one wants to increase the taxes on the Bahamian people. When we started thinking about this [the VAT rate increase] it was an unfortunate thing and absolutely the last resort.” The government rejected all other options, including deep spending cuts/civil service lay-offs and increased the near-$8bn national debt through more borrowing, as unsustainable and not in its - or the country’s - best interest. The $400m VAT revenue increase, which many sceptics have described as a questionable target, is designed to pay off $172m in unfunded arrears during the 2018-2019 fiscal year and cover $79m in previously under-budgeted spending commitments. A further $89m is to cover interest costs on The Bahamas’ existing debt.

THE TRIBUNE

Thursday, June 28, 2018, PAGE 7

Govt Union chief hits BTC’s ‘dismal performance’ post privatisation urged: seek other buyer on Grand Lucayan FROM PAGE ONE

FROM PAGE FIVE finance the government’s Grand Lucayan equity stake along with marketing and airlift support. This is despite no deal having been concluded, with the government’s ownership plan having aroused previous controversy. For some it rekindled dark memories of Hotel Corporation ownership during the Pindling administration, when millions of taxpayer dollars were squandered on financing loss-making government resorts. The government, though, always presented its plan as akin to the US auto and UK banking industry bailouts in the aftermath of the 2008-2009 recession, with the intention being to exit its ownership investment as rapidly as possible. The airlift and marketing support, however, call into question its previouslyannounced intention to wean the Grand Lucayan and Freeport’s wider tourism industry - off subsidies that at one point hit $29m per annum. The government has always talked about transforming the resort and wider strip into a “destination” product that can support itself, with Wynn as the “real estate owner” and a variety of high-end resort brands providing the operating expertise.

mandate of significance” from the privatisation business plan in 2011. With the incumbent carrier coming under increasing pressure from the loss of its lucrative mobile monopoly, Mr Evans said BTC and its owners had done too little, too late to compensate for this by entering new markets such as TV. He spoke out after revealing that the 2018-2019 budget vote, which saw four FNM MPs - including two parliamentary secretaries - vote against the VAT increase, recalled for him memories of the way in which Parliament approved BTC’s 51 percent majority sale to Cable & Wireless Communications (CWC) in 2011.

Arguing that the “whip” system should be ended to allow MPs to vote according to their conscience, Mr Evans said he was contacted by “so many ministers” from the thenIngraham administration in the aftermath of the BTC vote who told him they wanted to vote against the privatisation “but couldn’t”. Not divulging any names, the union leader said: “Now look at what we’re reaping. BTC has been sold three times in the last six years, and is on its fifth chief executive in the same period. “Every time we get a potential vision, what direction BTC is headed in, there’s a change - a change in ownership, change in philosophy. The only thing consistent is they keep reducing the staff, reducing costs and outsourcing where the benefits are not

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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2017 CLE/GEN/425

BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED Plaintiff AND BYRON ELLINGTON PRATT First Defendant and PETULA NICOLE PRATT Second Defendant To: Byron Ellington Pratt and Petula Nicole Pratt TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Bahamas by Finance Corporation of Bahamas Limited, Palmdale Branch, situate at Palmdale Shopping Plaza, Madeira Street, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Writ of Summons filed in this action on the 3rd day of April A.D., 2017 seeking an Order for leave to enter Judgment against you for the sums outstanding under the Indenture of Mortgage dated the 1st day of November A.D., 2004 in connection with the mortgaged property being Lot Numbered 12 situate at Workers Bank Road off Harold Road in the Southern District of the Island of New Providence, Bahamas. And that it has been ordered that the publication of a notice of the entry of the Summons filed on the 7th day of November A.D., 2017 and the Affidavit filed on the 6th day of December A.D., 2017 in the Nassau Guardian newspaper and The Tribune newspaper shall be deemed to be good and sufficient service of the said documents on you. The said Summons will be heard before the Deputy Registrar of the Supreme Court, Mrs. Camille Darville-Gomez, at the Supreme Court Registry, Ansbacher House, East Street, Nassau, New Providence, Bahamas, on Tuesday the 3rd day of July A.D., 2018 at 10:00 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Summons and Affidavit may be obtained from the Supreme Court Registry, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 21st day of June A.D., 2018. HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas. Attorneys for the Plaintiff.

there for the contract workers. It has become the norm for us.” BTC has gone through a series of chief executives since its 2011 privatisation, starting with Geoff Houston and going through Phil Bentley, Leon Williams and Dexter Cartwright to the latest appointment, Gary Sinclair, who will take up the post on August 1. Mr Evans agreed that Mr Sinclair, a Jamaican, was “a heavy hitter” given his track record as a leading investment banker and then as head of CWC’s regional business. Some observers have interpreted his appointment as both a sign of BTC’s importance to its current owner, Liberty Latin

America (LiLAC), and an indication of the latter’s concern at its Bahamian asset’s performance in the face of competition from Aliv and Cable Bahamas. Tribune Business earlier this year revealed how BTC’s net profits fell by at least $30m, or 75 percent, year-over-year in 2017 as a result of competition’s pressure on not just subscriber numbers but pricing and margins. BTC’s 2017 full-year net earnings were down 71.3 percent at $11.4m, compared to the $39.7m profit it enjoyed for the last nine months of 2016 - the last period in which it enjoyed a mobile monopoly prior to Aliv’s launch in November 2016.

This suggests that BTC’s full year-over-year profits comparison could have been down by as much as 80 percent, given that the telecommunications carrier was likely on track for a near-$50m “bottom line” in 2016 based on its ninemonth performance. The figures also revealed that the government and “BTC Foundation”, as non-controlling BTC shareholders, received no dividend in 2017 compared to the $12.6m payout they collectively enjoyed in 2016. And BTC lost over 60,000 mobile customers, almost 20 percent of its market, in just over one year as a result of competition. Data

SEE PAGE 10

PAGE 10, Thursday, June 28, 2018

THE TRIBUNE

Union chief hits BTC’s ‘dismal performance’ post privatisation FROM PAGE SEVEN released by LiLAC revealed that at end-2017

its Bahamian subsidiary had 228,100 pre-paid subscribers and 26,800 post-paid customers, giving it a total

base of 254,900 persons. This compared to the 282,000 pre-paid and 33,000 post-paid subscribers that

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2017 CLE/GEN/430

BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND ADINA DIANA ESTHER LOUISE MUNROE To:

Plaintiff Defendant

Adina Diana Esther Louise Munroe

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Bahamas by Finance Corporation of Bahamas Limited, RBC FINCo Mortgage Centre, situate at RBC Financial Centre, Carmichael Road, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Writ of Summons filed in this action on the 3rd day of April A.D., 2017 seeking an Order for leave to enter Judgment against you for the sums outstanding under the Indenture of Mortgage dated the 12th day of August A.D., 2005 and the Indenture of Mortgage dated the 11th day of January A.D., 2008 in connection with the mortgaged property being Unit Numbered 5 High Vista Condominium situate at High Vista Phase II Subdivision in the Eastern District of the Island of New Providence, Bahamas. And that it has been ordered that the publication of a notice of the entry of the Summons filed on the 7th day of November A.D., 2017 and the Affidavit filed on the 6th day of December A.D., 2017 in the Nassau Guardian newspaper and The Tribune newspaper shall be deemed to be good and sufficient service of the said documents on you. The said Summons will be heard before the Deputy Registrar of the Supreme Court, Mrs. Camille Darville-Gomez, at the Supreme Court Registry, Ansbacher House, East Street, Nassau, New Providence, Bahamas, on Tuesday the 3rd day of July A.D., 2018 at 10:00 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Summons and Affidavit may be obtained from the Supreme Court Registry, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 21st day of June A.D., 2018. HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas. Attorneys for the Plaintiff.

Liberty’s 2016 accounts showed it as possessing one year earlier, which was just after BTC’s first-ever mobile rival launched in November 2016. Suggesting that BTC has “a revolving door at the top”, Mr Evans questioned whether Mr Sinclair would be able to give The Bahamas his undivided attention given his responsibilities for other CWC markets (CWC is now a LiLAC subsidary) such as Jamaica. “BTC needs 100 percent attention, not a share,” he told Tribune Business. “Why have a part-time chief executive if you’re concerned about the company? I would have thought they would have dedicated someone here to give BTC

their full undivided attention. It is what it is. This is an ongoing saga with a revolving door at the very top.” Mr Evans argued that BTC and its owners, CWC, Liberty Global and now LiLAC “haven’t done much of anything to bring in new revenue, maintain the revenue they were enjoying. “Even though we understood there would be a drop-off, you had four years to prepare. My God, you didn’t do anything,” the BCPOU leader argued. He added that BTC should have rolled-out CWC’s Flow TV package much earlier to compensate for the mobile monopoly loss, revealing that the carrier was moving to launch

such a product in 2006 only for it to be be put on hold while the privatisation’s completion was awaited. “It’s being rolled out in places where it will be a disappointment at best,” Mr Evans told Tribune Business of Flow TV. “It’s been a dismal performance. “All we’ve seen them [the owners] do is reducing costs, cutting employees and lowering staff morale. I’ll give them an ‘A’ for that. “They have not carried out one mandate of any significance from the business plan they submitted on the day of the sale that they said they’d do on behalf of workers and consumers at BTC.”

Jury: Dr Dre’s Beats headphones owes ex-partner $25.2M in royalties LOS ANGELES Associated Press A JURY on yesterday found that Dr Dre, music mogul Jimmy Iovine and their headphone company Beats Electronics owe a former partner $25.2m in royalties. The Los Angeles Superior Court jury found yesterday by a narrow 9-3 margin that Beats breached a contract with Steven Lamar and his company Jibe Audio. Dr Dre and Iovine, the music producer and co-founder of Interscope Records, were not in court for the verdict. Both testified during the three-week trial and sat in the audience for opening statements. The suit said Lamar in 2006 came to Dr Dre, whose real name is Andre Young, with the idea for celebrity-endorsed headphones. Attorneys for Lamar contended he was

JIMMY IOVINE, left, and Dr Dre, right, attend the WSJ Magazine 2014 Innovator Awards in New York. A jury has found that Dr Dre, music mogul Jimmy Iovine and their headphone company Beats Electronics owe a former partner $25.2m in royalties. Photo: Andy Kropa/AP owed over $130m for a dozen different models of headphones. The defendants acknowledged that Lamar was involved in initial plans, but argued he was only owed for one product, the original Studio model, and was already paid. “The jury really validated our theory of the case, that Mr Lamar was involved in the founding

of Beats,” Lamar’s attorney Stephen E Morrissey said outside court. “It’s not everything we were asking for, but we’re happy.” Lamar said the award could grow because of future sales of headphones still on the market. Beats attorneys declined comment outside court. A minimum of nine jurors had to agree to reach a verdict.

THE TRIBUNE

Thursday, June 28, 2018, PAGE 11

Desperation ‘you can smell’ as pot shops sell untested weed LOS ANGELES Associated Press BARGAIN basement bud is on the menu in California, but you need to act fast to cash in on the cheap weed. Regulations being phased in six months after the state broadly legalised marijuana require that pot sold after Saturday meet strict quality standards, so retailers unloading untested inventory are offering blowout prices. Deep discounts on everything from edibles to joints reflect the last days of the heady first phase of legal recreational pot. They could be followed by empty shelves as many stores scramble to restock with properly tested and packaged products. “You can smell it. There’s a certain desperation from stores that bought too much and they have to dump it,”

said John Atari, CEO of Source Cannabis Farms, a licensed cultivator in Los Angeles. “There’s going to be a big shortage of clean product come July 1.” At Firehaus, a shop along an LA freeway, a fire sale of sorts unfolded this month with a 50 percent off “summer blowout” sale advertised on a popular marijuana app and texted and emailed to regular customers. Patrons leaving the brick storefront on a recent day were happy to double their value, but were unaware of the reason behind the bargains. A half-dozen of those interviewed said they welcomed testing designed to weed out pesticides and contaminants such as solvents and mold, though they were largely unconcerned about the safety of the cannabis they’ve used for years.

“I smoked pot for 40 years that wasn’t tested, from dealers on the street, and it smelled like anything from gasoline to perfume,” said Catherine Lanzarotta, who stocked up on “Blue Dream”. ‘’So I’ve never had that concern.” Testing will also examine concentrations and potency of the ingredient that gives users a buzz. The change in rules was part of the state’s decision to allow the industry in its legal infancy to get a running start at the beginning of the year. Shops were given six months to burn through supplies of grass grown and cookies and other products made without strict testing requirements. Any marijuana harvested this year or for sale July 1 must meet quality and safety standards or be destroyed. Before the legalisation

EMPLOYMENT OPPORTUNITY POSITION:

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of recreational marijuana, testing of pot sold for medical purposes was largely done for marketing. Growers could promote the potency of their product or the fact that it was free of contaminants. Robert Martin,

co-founder and CEO of CW Analytical Laboratories in Oakland, said the voluminous new rules are draconian, with a mandate to test for heavy metals, which he said is unnecessary, and one to keep tested samples 45 days. There are

also requirements about what technicians must wear, and lab employees have to pick up test samples directly from suppliers. “The new regulations have us twisting,” Martin said. “We feel like we’re trying to do yoga on two mats.”

PAGE 12, Thursday, June 28, 2018

THE TRIBUNE

CALIFORNIA GOVERNOR TOUTS TURNAROUND IN HIS FINAL BUDGET SACRAMENTO Associated Press GOV JERRY Brown, pictured, took a victory lap yesterday after he signed a $139bn California budget that marks a stark turnaround from the financial crisis he inherited almost eight years ago. Nearing the end of his second two-term stint as governor, Brown has celebrated the state’s financial strength and thriving economy, even as President Donald Trump and his allies paint the nation’s most populous state as in decline. Brown has largely eschewed the pomp and circumstance of his office

in recent years. But he savored the spotlight for his last budget, which he signed in front of cameras at a state office building in downtown Los Angeles. “This is a budget that represents the collective effort of the people of California,” Brown said. “This is the way we together, 40

million people, invest in our collective future.” Brown said he took office in 2011 with a $27bn deficit and pledged to fix it, adding that his signature yesterday “fulfills that pledge and prepares us for the future”. The spending plan fills the state rainy day fund to its constitutional maximum and beefs up other reserve funds, boosting the state’s total savings to $16bn. Even more money is set aside for specific one-time purposes such as building construction and maintenance — projects that could easily be cancelled if the state runs into trouble. Still, massive debts remain for pensions and retiree health care. And

EMPLOYMENT OPPORTUNITY Comfort Suites Paradise Island is looking for an ambitious career-oriented individual for the following position:

SOUS CHEF

The role of the Sous Chef is to prepare culinary delights for our guest and execute the menu, ensuring a high level of performance, guest satisfaction and profitability. ESSENTIAL DUTIES AND RESPONSIBILITIES • Assist with the management of the day-to-day operation of the kitchen, coordinate food production schedules and ensure the highest level of food quality, taste and presentation. • Participate in actual food preparation, produce food of consistently high quality, taste and presentation. • Assist with the creation of new menus. • Control food cost by assisting in training kitchen staff on the proper methods of food preparation and handling. • Assist with the anticipation of trends, enacting approved profit-oriented and cost saving ideas/activities. Position Requirements: • A minimum of three (3) years of Culinary and supervisory experience required. • An associate’s degree from a Culinary School of Arts or an equivalent is required. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to rmunroe@comfortsuitespi.com

California relies immensely on income taxes collected from the wealthy — a revenue source that is extremely volatile. Brown, who leaves office in January, appeared alongside Assembly Speaker Anthony Rendon and Senate President Pro Tem Toni Atkins, the top legislative Democrats with whom he negotiated the final budget agreement. Brown has generally faced tougher criticism from his fellow Democrats than from Republicans, who dislike some specific spending items but welcome his efforts to restrain the growth of long-term budget commitments. Democrats have advocated more aggressive efforts to help people living in poverty, including expanding the state Medicaid programme, Medi-Cal, to cover some people living in the country illegally.

“Clearly there is more to do in these areas, but by investing in our people and saving for the future this budget gives us the tools we need to keep doing better,” Rendon said. The budget includes $138.7bn from the state’s general fund. Including bonds and special funds that must be used for specific purposes, total state spending tops $201bn. Brown did not use his line-item veto authority, which allows him to strike specific expenditures from the spending plan. The budget boosts funding for higher education, staving off tuition increases, and increasing welfare grants that have been slow to return to their pre-recession levels. It creates more slots for subsidised child care and gives a raise to doctors and dentists who see low-income patients on Medi-Cal, which covers one in three Californians.

It also seeks to tackle the housing and homelessness crisis, a problem that has exploded on Brown’s watch as more Californians struggle to find an affordable place to live. Brown has tangled with the Trump administration on a range of issues, particularly immigration and the environment. Trump said California is “out of control”, taking sharp aim at the state’s efforts to the protect immigrants living in the country illegally from deportation. In a tweet urging supporters to back Republican John Cox to replace Brown, Trump referred to “High Tax, High Crime California”. Brown, by contrast, portrays California on a march toward the future and points to its thriving economy as evidence that high taxes and aggressive business regulations aren’t an impediment.

THE TRIBUNE

Thursday, June 28, 2018, PAGE 13

Clico (Bahamas) Limited (In Liquidation) Will the following Policyholders please contact Clico at 502-2400 as soon as possible or visit the office at Mt. Royal Ave. Please bring your insurance policy with you and two Government issued photo IDs.

Last |First | Middle Adderley Ashtain Adderley Jacqueline Adderley Raphe-Ene Johnovan Ambrose Monka Anderson Desiree Ivy Anderson Kevin Anderson Lorna Letera Archer Dwayne Conrad Archer Jacobi Garron Armbrister Jacqueline Margaret Armbrister Patricia Arthur Stacey Bain Carolyn Satella Bain Feraud Jamaal Bain Mildred Bain Rufus Bain Tschantre Brenon Bain Sr. Dennis Barr Michael Jerome Beneby Martha Delive Bethel Deidric Alexander Bethel Nevaeh Angel Bodie Jennifer Joycelyn Brathwaite Maria Patrice Braynen Franco Leroy Brown Alfred M Brown Dr. Linda Moxey Brown Lavonne Cashette Brown Ruth Brown Wendy Murine Brown Sr. Charvago Alttilio Bullard Doris Bullard James Steven Burrows Donna Marie Burrows Natasha Burrows Jr. Silbert Canter Beckley Sr Capron Jewelann Carrol Carolyn Rowena Cartwright Enrique Cartwright Henry Cartwright Martin Luther Cartwright McLiesh Deon Cartwright Philippa Janet Charles Novela Clarke Florence Clarke Paula Atasha Cleare Leonard Collie Edwardo Tamar Collie, Sr Gerard Cox Damian Cox Kryatal Curry Talisa Curry Taria Curtis Jamaal Kareem Curtis Tina Dames Chavron Elixir Dames Olga Bullard Darling Kendra Davis Gloria Patricia Davis Nyoka Elizabeth Dean Basil Jamile Dean John Dean Walter Bernard Dean Willamae Deleveaux Cochena Eureka Demeritte Tracey c. Derius Nesly Dermeritte Anthony Harvey Deveaux Aaron Deveavx Charlee Douglas Andronicus Edgecombe Douglas Jr Elliott Bruce Anthony Evans Keshia Clinique Farrington Christine R Fawkes Rubien Fawles Kevin Ferguson Augustin Livingstone Ferguson Florence Ferguson Floyd Livingstone Ferguson Joyanne Louise Ferguson Keito Kenson Ferguson Kendal Ellison Fernander Gaynell Forbes Brenda Lee Forbes John Yul Forbes Kevin Fowler Cedric Fowler Jr. Kendal I Gaitor Aaron Gardiner Sarah Garvey Michael Sr Gibbs Janet Gibson Darron Gilbert Larry Gordon Sr. Marvin Greene Fliose Grey Samuel Griffith Elridge Hall Faith-Rolle Hanna Kim Hanna Nicole Harris Dawanyna Dakota Harris Melanie Harvey Dereck Harvey Raymond Hepburn Cheryl LeeAnn Hepburn Eleanor Hepburn Lerese Leshanne Hepburn Suen Higgs-Nabbie Francita Evelyn Hutchinson Marcia Annastasia Ingraham Xavier Lynden Jackson Shelly Johnson Dale Lynden Johnson Dianne Johnson Dion G. Johnson George A. Johnson Joshua Jervis Johnson Morlette Lue Johnson Nyoka Laqurel Johnson Patricia Veraleen Johnson Venera Jones Delvano Jones Mario King DeAngelo Linward Knowles Andrew Rudolph Knowles Elizabeth

NAMES

Last |First | Middle Knowles Mark Leroy Knowles Mary Eloise LaFleur Claudius Williama Larrimore William Lockhart Pauline Rowena Mackey Valderine Major Craig Kevin Maycock Laurene Lauree McDonald Desmond McIntoch Simone Leotha McIntosh Stephanie McKay Charles James McKinney Janet McMinns Dereck McPhee Frederick Alexander McPhee Kennarndo Jamie McPhee Lilamae Meadows Barbara Mae Miller Milred Miller Ted Ronald Miller Jr. Rudolph Moore Brenda Morris Tiffany Moss Carol Lanette Moss Dency Moss Fredrick Moss Jennie Mae Moss Keith Reginald Moss Kim Moss Philip George Moss Willie Moxey Carolyn Munroe Joyce B. Nairn Racquel Neely Hesketh Nelson Canix Newbold Jonathan Newbold Pedro Hillard Newry Mariette North Dominick Wayne Norville Leslie D Outten Minna Parker Christopher Penn Deshannon Deangela Pickstock Philip Pinder Deirdre Pratt Carlton Kiteli Pratt Carlyscka Khalilah Rahming Deborah Richie Monique Montise Rigby Everett Ettalene Roberts Greg Rolle Winnie Mae Rolle Alveria Jennie Rolle Clasandra Ethlyn Rolle Doris Rolle Gary Rolle kenrick Calvin Rolle Prez Rolle Richard Rolle Shannel A. Rolle Simeon Rolle Tomicko Rolle Tony Romer Lashan Romer Mashelle Pamela Rose Charles Russell Frederick Sands Vera Saunders Anton Scott Frankie Scrven Tony Sr Seymour Cheryl Antonette Seymour Trevor Shane Miller Simmons Dante Amari Simms Shaneka Simpaon Theresa Singh Shirley Smith Bronique Smith Decbert Smith Glen Smith Kinto Arrell Smith Marilyn Smith Paul Leonard Smith Randy Smith Revanno Aaron Smith William Stockdale Dpominque Storr Terrance Stracan Cornell V. Strachan Sr. Earnest Strapp Donnavan Louis Stuart Ruth Mae Stuart Stephanie Ilean Stuart Wendal Burke Stuart Jr. Wendal Burke Styles Lional A. Sweeting James Sr Taylor Alfred Devavte Taylor Cynthia Taylor Judy Janet Taylor Nestor Taylor Troy Temeco Taylor William Thompson Chantel Sherrilyn Thompson Janet Tinker Lonnie Tucker Audrey Sr. Tucker Romello Turnquest Deborah Jennet Wallace Viola Dorothy Watson Yvonne Weech Roscoe Henry Weech Violet Lucille Welborn Monica Wells Brian Sands Wells Steveandrae Wells Stevette Wells Suzette Whyms Eveline Wilchcombs Leola Williams Frankwill Williams Kathy Nicole Williams Kevin Williams Lisa Williams Pamela Wilscsombe Leola Young Natasha Dionne

PAGE 14, Thursday, June 28, 2018

THE TRIBUNE

NOTICE

MARKET REPORT WEDNESDAY, 27 JUNE 2018

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

BISX ALL SHARE INDEX: CLOSE 1,968.25 | CHG -0.04 | %CHG 0.00 | YTD -95.32 | YTD% -4.62 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 8.98 6.60 5.30 11.00 2.71 1.77 8.21 6.10 11.48 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 1.55 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.49 1.62 1.58 1.07 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.40 17.43 9.09 4.00 1.01 0.18 3.00 8.98 6.12 4.20 10.90 2.61 1.72 7.87 6.10 11.00 6.32 3.44 12.51

CLOSE 4.40 17.43 9.09 4.00 1.01 0.18 3.00 8.98 6.12 4.20 10.90 2.61 1.72 7.87 6.10 11.00 6.32 3.44 12.51

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 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

107.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.17 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

106.93 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

1,252

500

125

VOLUME

EPS$ 0.361 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.610 0.277 0.631

DIV$ 0.080 1.130 0.000 0.230 0.000 0.010 0.000 0.320 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 12.2 18.7 N/M 14.1 N/M N/M -3.0 14.1 10.7 24.6 17.4 25.6 7.4 N/M 11.2 16.2 10.4 12.4 19.8

YIELD 1.82% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.56% 3.59% 2.86% 5.69% 2.30% 4.07% 1.07% 5.25% 4.55% 3.16% 3.49% 4.64%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.15 4.12 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 1.55% 4.09% -0.45% 4.34% 0.84% 2.31% 0.39% 5.05% -0.25% 4.57% 1.29% 4.18% -0.61% 2.84% 1.02% 3.84% -0.87% 1.82% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-May-2018 31-May-2018 31-May-2018 31-Mar-2018 31-Mar-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE is hereby given that JULIE SAINTILUS of #62 Sunset Subdivision, Passion Flower, Freeport, Grand Bahama, 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 June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, June 28, 2018, PAGE 15

Trump softens trade stance toward China and raises market optimism WASHINGTON Associated Press PRESIDENT Donald Trump de-escalated a confrontation with China on yesterday, dropping plans to impose strict limits on Chinese investment in US technology companies and instead urging Congress to strengthen existing laws that apply to all foreign countries. The administration’s more conciliatory stance raised at least the possibility that the two sides could work toward a negotiated end to the punishing tariffs they’re set to impose on each other’s goods beginning July 6. And it fueled a temporary rally in financial markets, which had been reeling on fears of an escalating trade war. Stocks sank late in the day, though, after Larry Kudlow, Trump’s top economic adviser, said on Fox Business Network’s “Varney & Co” that the administration’s policy shift should not necessarily be seen as a softening in its stance toward China. It was unclear whether the policy shift would lead to a truce between the world’s two biggest economies, which have been edging toward a high-risk confrontation, or whether any formal negotiations might soon begin. But Kudlow told reporters that the two sides are “in communication”. And analysts said they took heart that the administration had offered some semblance of an olive branch to Beijing. “It seems like this move is being undertaken with the goal of coming to a resolution ultimately on the trade policy issues the US has with China,” said Stephen Ezell, who manages global innovation policy at the Information Technology and Innovation Foundation think tank. Last month, the White House said that by the end of this week, it would announce tight new curbs on Chinese investment. The idea was to prevent state-owned or politically connected Chinese companies from buying advanced US technology. Beijing is seeking such technology as part of its “Made in China 2015” initiative, a roadmap to its goal of becoming a global tech leader. But on yesterday, the Trump administration announced a less-draconian approach: It would work with Congress to strengthen reviews of foreign investment under the existing Committee on Foreign Investment in the United States, or CFIUS, led by Treasury Secretary Steven Mnuchin. CFIUS applies to all countries — not just China — and its reviews are conducted on a case-bycase basis.

TREASURY Secretary Steven Mnuchin walks out to speak with reporters at the White House in Washington on yesterday. Photo: Susan Walsh/AP “It makes eminent good sense,” said Christopher Brewster, a senior member of the CFIUS practice at the law firm Stroock & Stroock & Lavan. “Defining technology that is ‘off limits’ is an exceedingly difficult task,” Brewster said. “For this reason, broad-scale investment restrictions are a clumsy tool that inherently run the risk of being overinclusive or under-inclusive. Using the CFIUS process is a more nuanced approach.” The House has approved a bill to strengthen the CFIUS law, and the bill will likely be considered by a House-Senate conference committee for a Senateapproved defense measure. Asked about the administration’s shift, Mnuchin told reporters, “It is not a question of whether we are focusing on China or we are not focusing on China” but an issue of using all means to address trade disputes with Beijing. “For those who want to say this is being weak on China, the answer is no,” Mnuchin said. “The question was, What were the appropriate tools?” Trump campaigned for the White House on a pledge to take a much more aggressive stance with China and other trading partners. He has long accused other nations of exploiting poorly negotiated trade deals and of using unfair practices to sell America far more than they buy from it. The United States last year posted a $552bn trade deficit with the rest of the world — $336bn with China alone. Washington and Beijing are sparring over China’s attempts to supplant US technological dominance, through cyber-theft and policies that force American companies to hand over technology in exchange

for access to the Chinese market. On July 6, the United States is set to impose tariffs on $34bn in Chinese imports — a sum that could reach $450bn if Beijing refused to yield and

retaliated with its own sanctions. In response, China is prepared the same day to slap tariffs on billions in US exports, including soybeans — a direct threat to Trump supporters in America’s heartland. Many members

of Congress have warned the administration to avoid a trade war with China. “The president is unsatisfied with their response on the trade talks, and so he put out there the possibility of an additional tariff

measure,” Kudlow said, referring to China. “The ball’s in their court. I’m always the optimist, but I have to be realistic.” James Lewis, who studies technology policy at the Center for Strategic and International Studies, said he foresees no quick resolution to the dispute. “Both sides are dancing around; they know a trade war is too expensive,” Lewis said. But there’s “going to be brinksmanship. The Chinese don’t want to play by the rules. We needed to start pushing back. This is going to be a long fight.” The debate within the administration on how to deal with China had reportedly intensified — between hard-liners like Peter Navarro, a top trade adviser, and moderates led by Mnuchin who favoured a less confrontational stance. “Peter Navarro lost, and Steve Mnuchin won, and we ended up with what’s actually a good policy,” said Rod Hunter, a lawyer who served as an economic official on the National Security Council in President George W Bush’s administration.

PAGE 16, Thursday, June 28, 2018

THE TRIBUNE

Voters in Google’s hometown to decide employee ‘head tax’

VALUE ADDED TAX INCREASE TO OUR VALUED INDIVIDUAL MEDICAL AND GROUP MEDICAL INSURANCE POLICYHOLDERS:

THE GOOGLE logo at the company’s headquarters in Mountain View, Calif.

Value Added Tax (VAT) will increase from 7.5% to 12% effective July 1, 2018. The VAT increase is applicable to INDIVIDUAL AND GROUP MEDICAL INSURANCE premiums. Clients who have existing payment arrangements with Colina (salary deductions, post-dated cheque payments, pre-authorised credit cards) will need to adjust their standing orders as soon as possible to reflect the increased VAT-inclusive premiums for billing periods after July 1, 2018 to avoid interruption in coverage. Clients who have the selected pre-authorised cheque payment option will have their payment automatically adjusted. For more information on how the new tax rate will impact your premiums due, please visit our website at

www.colina.com,

contact

us

at

356-8400,

or

visit us at one of our locations to speak with a Colina salesperson or customer service representative.

MOUNTAIN VIEW, California Associated Press VOTERS in Google’s Silicon Valley hometown will decide whether the search engine leader and other tech companies should help pay for the traffic congestion and other headaches resulting from mushrooming workforces. The City Council in Mountain View, California, voted Tuesday to place a measure on the November ballot asking residents to authorise taxing businesses between $9 and $149 per employee, The Mercury News in San Jose, California, reported yesterday. The move comes weeks after Seattle leaders succumbed to strident opposition from online retailer Amazon and repealed a tax on large companies aimed at alleviating homelessness. If the Mountain View measure passes, the tax could generate about $6m a year for the city, with $3.3m coming from Google alone. The bulk of the money would pay for transit projects that are badly needed to ease gridlock for workers and residents, and ten

percent would go toward affordable housing and homeless services. Mountain View, a suburb of 80,000 about 40 miles (65 kilometers) south of San Francisco, is known for recreational vehicles that line some of its streets. The vehicles house lowerincome workers unable to afford monthly rents that can easily top $3,000. “Why shouldn’t one company pay the majority of the business tax if they are the one company that strains city resources the most?” Jesse Cupp said, a Mountain View resident who introduced himself to the council as a Google shareholder who favors a progressive tax. “Their impact on housing and traffic is disproportionately large compared to all other companies in the city, and they should cover the cost.” Google so far hasn’t taken a public position on the proposal in the city that has been its home for most of its 20-year history. Representatives of the Silicon Valley Leadership Group and Mountain View Chamber of Commerce spoke against the tax Tuesday.

Google had no comment on the proposal yesterday. One possible reason that Google is reacting differently is that it wouldn’t be hit as hard as Amazon would have been had Seattle’s tax been approved. After initially seeking a $500 annual tax per Amazon employee, Seattle lowered it to $275 per worker. Mountain View’s proposal would tax Google $150 annually for each of its roughly 23,000 employees, resulting in an estimated bill of $3.3m in the first year. Amazon employs nearly twice as many people in Seattle, meaning it would have been charged more than $12m annually. Other circumstances also would make it difficult for Google to explain why it can’t afford to pay $3.3m — or even more — to help support its hometown. Last year, the company paid a $2.7bn penalty in Europe after regulators there concluded Google had improperly manipulated its search engine to favor its own services and boost its profits.