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THURSDAY, AUGUST 10, 2017

$4.00 Govt should phase out cash-based accounting to reveal true numbers By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A TOP accountant said yesterday the country’s fiscal deficit has become a ‘political football’ and it was now time the former and current administrations ‘reconcile the numbers’. Gowon Bowe, Bahamas Institute of Charter Accountants (BICA) and Fidelity Bank (Bahamas) chief financial officer, said the argument between the two administrations underscored the need for a transition to an accrualbased accounting of the Government’s finances. “Both political parties really need to be mindful of the various numbers being bandied about,” said Mr Bowe. “Given the concerns over the ratings agencies, there is a need to obviously demonstrate clearly what the numbers truly are. When you have one administration speaking of a $350 million deficit projection

GOWON BOWE and a new administration saying that it is $500 million for the same period, with a two month gap between both statements using the same personnel at the Ministry of Finance, then there is a need to truly reconcile the numbers.” “The Government currently operates a cashbased accounting system, which only recognises revenues when they come in and expenditures when they become due for payment. It See PG B4

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

$4.18

$4.12

Taxation to hit vacation home rental sector By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

BPL BOSS DETAILS STRATEGY TO DRIVE DOWN CONSUMER BILLS BAHAMAS Power & Light’s (BPL) chief executive Pam Hill said yesterday the company is aiming to improve efficiency at its plants and is also pursuing a fuel hedging strategy as a means to provide lower electricity costs to consumers. Ms Hill, who spoke to reporters after addressing the Rotary Club of East Nassau said: “We are working on two key things. One of them is to improve the efficiency of our plants so they are able to burn less diesel and less heavy fuel oil. You do that by going in early, doing the preventative maintenance, looking

$4.17

LEGISLATION is being drawn up to regulate the vacation home rental sector which will include taxing rental income, Tourism Minister Dionisio D’Aguilar revealed yesterday. Speaking at a press conference for the signing of a Memorandum of Understanding (MOU) between the Ministry of Tourism and Airbnb, Mr D’Aguilar said there is “ample evidence” that the vacation home rental market is one which is poised for growth. “We see evidence of this in the increase in the number of online booking

agents, such as Airbnb and a growing preference among leisure travellers away from traditional hotels toward second home rentals,” said MR D’Aguilar. “The Ministry of Tourism recognises the contribution of vacation home rentals to our economy, but notes, with concern, that, generally, this sector is unregulated and operates without taxation.” Mr D’Aguilar said that while the rate of taxation has not yet been determined the amount of tax levied will level the playing field in the industry. He noted that it could be in the range of the 7.5 per cent VAT. See PG B3

1ST Row: Shawn Sullivan, Public Policy lead for Central America and the Caribbean, Airbnb; Charles Albury, Permanent Secretary, MOT. 2nd Row: Hon. Dionisio D’Aguilar, Bahamas Minister of Tourism and Aviation; Carlos Munoz, Public Policy and Government Affairs, Airbnb; Travis Robinson, Parliamentary Secretary, MOT; Joy Jiblrilu, Director General, MOT.

Baha Mar occupancy at 50 percent and growing By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A SENIOR Baha Mar executive said yesterday the mega resort is running at 50 per cent occupancy with more than 2,000 Bahamians being currently employed.

Robert Sands, Baha Mar’s senior vice president of government and external affairs said the SLS Lux remains on track for its opening during the first week of November, with the Rosewood to follow in the first quarter of 2018. “Group bookings continue to get interest and

expand as we look forward and our occupancy continues to grow. We are encouraged by business levels today. Employment is over now at 2,000 Bahamians. Hopefully we’ll get to the 5,500 figure by full opening next year. Our occupancy is still round 40-50 per cent remains steady,” said Mr Sands.

“We just recently opened the current art exhibit which is an area we are showcasing artists and exhibits. We’re quite happy about John Cox the curator. We have a space where we will showcase on an ongoing basis over 8,500 pieces of art so we’re very See PG B3

PAM HILL at everything associated with the plant and essentially getting more miles per gallon.” Ms Hill further noted the company was pursuing a fuel hedging strategy as See PG B4

PROJECT AIMS TO BOOST $500M FLY FISHING INDUSTRY By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A PILOT project to help Bahamian fly fishing guides improve their business and technical capacity is now underway on Andros. At the same time a ‘holistic’ market assessment of the local fly fishing industry is also being undertaken. The Ministry of Tourism launched the Fly Fishing Economic Empowerment Programme on Andros as part of a programme approved by the InterAmerican Development Bank (IDB) back in 2014. That IDB programme led to the establishment of The Bahamas Fly

Fishing Guides Association (BFFIA). Tarran Simms, assistant coordinator of the programme told Tribune Business yesterday: “We are developing a community-based business model for fly fishing guides. Under this model we are upgrading the skill sets of current guides and also creating opportunities for new guides for the sustainability of the industry. “In the training they are learning about lodge management and marketing, along with fly fishing techniques, flats ecology and things of that nature. Andros is the fly fishing capital of The Bahamas. We expect that this programme will be replicated on other islands in The Bahamas.” See PG B3

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An Oasis of style in Sandyport By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net OASIS Furniture, the Sandyport based retail showplace recently hosted a pop-up shop which allowed

several local Bahamian entrepreneurs to showcase their work. For one weekend that began on a Friday night and ended late Saturday the iconic store in Sandyport with furniture and

accessories from around the world was completely transformed. “This was a great idea, so much fun and I did really well,” said Tadara Simon, whose candle, body scrub and similar personal products business under the

name GLOW flourished, adding light and scent to event’s atmosphere. For Rebecca Armbrister Christen, the event was an opportunity to unveil her new collection of harem pants and kaftans.

“This was fantastic,” said Christen, whose goods were moving off the racks as fast as she could re-stock. Oasis Sandyport designer and operator Brooke Phillips, who sourced the unusual and the practical to fill the shop under Club One, created the pop up shop. “We wanted to host an event that was lively, organic and dynamic, reflecting the feel and vibe of the store,” said Phillips. “We think this worked really well because it gave a number of other people like Arcadian Treasures, LVC Resort Wear, Krystal Treco artwork, Rodero Miller jewelry and Café Channing Noelle coffees, teas and delicacies an opportunity to showcase their work while introducing new people to Oasis. When customers come in for the first time, there is always this look of surprise and words like, ‘I never knew there was anything like this in Nassau,’ and invariably they are drawn to pieces by local wood artist Morgan McKinney whose work is absolutely amazing.” McKinney works were not part of the pop up. He is a constant in the store that features everything from sofas and chairs to dining room tables, large mirrors, hanging chandeliers, organically shaped sinks, even a small selection of books

and jewelry. McKinney works with native Bahamian woods, largely from the Family Islands. He allows the shape of the tree or the piece of driftwood to dictate the nature of the finished piece. His maller work, hand-carved key chains and coasters, are popular. Stand alone sculptures the size of a tree capture attention. “When you run a small business, especially with overhead that does not go away, you can never rest on last week’s success. You always have to think about what to do to add appeal so if mixing beautifully handsewn bikinis with Balinese bar stools works, why not?” asks Phillips. While that event was highly successful, the 31-year-old is already planning a surprise for the Christmas holidays. “We will use our imagination and hope that guests use theirs. Maybe this year instead of a tie he won’t like and striped socks he’ll never wear, Dad will get a native stone sink or a large copper chandelier,” said the entrepreneur who opened the store in February after two years of sourcing. “It’s all about keeping it fresh so with a new container coming in next month, I have to do something to top the pop up shop. Any ideas?”

GLOWING Reception – Tavara Simon, proprietor of GLOW candles, body scrubs and more shares a scent with young real estate broker Ashley Brown during the Oasis Furniture pop up shop, Sandyport.

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Thursday, August 10, 2017, PAGE 3

Project aims Taxation to hit vacation to boost home rental sector $500m From pg B1 home rentals can operate as fly fishing “Ideally it would have an integral part of our tourbeen the 7.5 per cent VAT ism sector,” he added. According to Sean Sulindustry but that doesn’t work for livan, Airbnb’s policy lead From pg B1

Mr Simms added: “Another component which falls under the project is the development of a curriculum package for anyone wanting to become a fly fisherman in The Bahamas.” The Bahamas Technical and Vocational Institute (BTVI) is developing the curriculum. “A market assessment of the industry is currently being done to look at the value of the industry and work with lodges and guides to create a better value chain for the industry. We are looking at the needs and wants of the market and seeing where The Bahamas stands in the market,” added Mr Simms. The Bahamian fly fishing industry is said to be worth more than $500 million. There are roughly 400 local fly fishing guides Back in January regulations to govern the industry were implemented which require anglers above the age of 12 who wish to fish in the flats to apply for a personal angler’s licence. Non-citizens will have to pay $15 for a day licence, $20 for a weekly licence, $30 for a monthly licence and $60 for an annual licence. The regulations also require a foreign vessel wishing to fish in the flats to obtain the usual sports fishing permit while each person onboard the vessel intending to fish must hold a personal license. The regulations also ban commercial fishing in the flats. Anglers are only allowed to catch and release when landing bonefish, permit, snook, cobia and tarpon. The new law will also establish a Conservation Fund for the management and protection of the flats and fisheries resources in the Bahamas.

Airbnb. The reason being is there are certain exemptions and they like taxes that are clean and easy to collect. Since VAT has a $100,000 ceiling it becomes difficult for them to ascertain whether that person had reached that threshold,” said Mr D’Aguilar. “The great take away from this is not the tax but that this is a way for Bahamians who are unable to tap into the tourism sector in the formal sense can begin to tap into the sector in the informal sense.” Mr D’Aguilar said the new legislation being crafted to regulate the sector will clarify many of the ‘murky issues” which now plague it. “The regulation will define the parameters of vacation home rentals. It will set the standards and best practices to facilitate the sector in preserving the reputation of our destination brand. The new legislation will put in place a modern regulatory framework within which vacation

for Central America and the Caribbean, there are 1,900 active listings from The Bahamas on Airbnb’s platform and 1,200 active hosts. “Our average host makes about $6,000 a year through Airbnb. The majority of people who use Airbnb to come to The Bahamas come from the United States, Europe and parts of Latin America. This is an important market for Airbnb. I think that The Bahamas has a lot to offer.” Mr D’Aguilar noted that not all vacation rental properties in The Bahamas are listed on Airbnb’s platform which is why over the next few months, the Ministry of Tourism is asking all proprietors and operators of owner occupied rental homes to register with its Hotel Licensing Department. The Ministry launched a registration drive in 2016 and in the past few months saw an increase in the number of registrants according to Mr D’Aguilar.

SCREEN grab of the AirBNB Bahamas homes for rental website.

Baha Mar occupancy at 50 percent and growing From pg B1 happy about Sands added.

that,”

Baha Mar is expected to generate more than $65 million in direct taxation to the Bahamas annually and over $100 million in combined direct, indirect and induced tax revenues Under its original developer Sarkis Izmirlian, the $4.2 billion project was scheduled to open in December 2014. After repeatedly missing construction completion deadlines, Mr Izmirlian filed for Chapter 11 bankruptcy protection in the US in June 2015. The

former government vigorously opposed this process, saying it threatened the Bahamas’ sovereignty, and instead petitioned the Supreme Court to place Baha Mar into liquidation. Mr Izmirlian ultimately lost control of the mega resort after being defeated in the US and Bahamian courts, and Chow Tai Took Enterprises (CTFE), the conglomerate formed by the late billionaire, Cheng Yu Tung, was revealed as the new owner last year. CTFE is pushing for a full opening by April 2018. Baha Mar also includes a 300-room SLS resort, a 200-room Rosewood Baha

ROBERT SANDS Mar property, and the 694room Melia Nassau Beach, which has been open for three years and operates as an adults-only, all-inclusive.

PAGE 4, Thursday, August 10, 2017

Govt should phase out cash-based accounting to reveal true numbers From pg B1 fails, however, to capture spending commitments the Government may have entered into, but which have yet to fall due, meaning that the current public sector accounting system does not reveal the full extent of its liabilities. This

is what an accrual-based system will correct.” Finance Minister K Peter Turnquest earlier this week blasted his Progressive Liberal Party (PLP) counterpart and Exuma MP Chester Cooper for challenging whether the Government had exaggerated the size of the country’s fiscal deficit. Mr

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THE TRIBUNE Cooper had seized on new Central Bank data which showed a deficit much lower than the $500m figure Mr Turnquest reported in his budget address. It was this half billion dollar number which the Government has used to justify new borrowing of $722m. However, the Central Bank placed the deficit at $284.7m in its latest report published on July 31. The figure represented data on the Government’s budgetary operations for the first ten months of the fiscal year 2016-17, which is June 2016 to April 2017.

In a statement yesterday, Mr Cooper, PLP MP for Exuma and Ragged Island, said the Government’s earlier statements “seem misleading,” and raised very serious questions he said Mr Turnquest and the Minnis administration should answer. Mr Turnquest accused the PLP politician of being “disingenuous at best” or, at worst, “obviously trying to mislead the Bahamian people on the basic facts.”

From pg B1

to add more stability to fuel prices,” she added. “We are looking out for our customers and looking to find a product where we can have less ups and downs so that 10 per cent, maybe 20 per cent or 50

a means to help reduce the company’s exposure to volatile and potentially rising fuel costs. “Another area we are looking at really revolves around the prices themselves and looking at ways

Mr Bowe said neither side should be playing political football over the issue.

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“I think right now what is happening is a bit of political football with each party arguing over the numbers but I think that we really need to reconcile the numbers so that people can have a better understanding of what the state of the public finances are,” he added. “The main thing is that a reconciliation of the numbers needs to be provided. The best way for the greatest transparency and accountability is to reconcile what one number is to the next.” Mr Bowe said transitioning to an accrual system

would not take place over ‘a couple of months’ but could take three to five years. He noted an International Public Sector Accounting Standards (IPSAS) Task Force was created by the former government, together with officials from the Ministry of Finance, Public Treasury and the international agencies. Mr Bowe said it was vital the Task Force’s work continue, with BICA having formed its own Public Sector Advisory Committee to assist the Government in reforming its accounting and fiscal processes.

per cent of their fuel price is stable or fixed.” Ms Hill said BPL had witnessed its ‘highest ever’ peak demand over the past two months adding the company was still utilising the 80 megawatt (MW) rental units as part of its generation fleet through the company Aggreko. Ms Hill said BPL had hit its highest ever peak demand back in June, only to ‘blow past that,’ in July. “We hit a new peak, the highest ever in June and blew past that in July. That peak was roughly 245-250 megawatts. You never want to have enough reserve power only for your peak. How we look at it is in the event that two of our largest engines went off line. Our two largest engines are

about 30 megawatts or so which takes you to about 310 mega watts that you want to have readily available at all times. Of that, 80 megawatts of is rental generation. The total generation that BPL has in Nassau, including the generation that is really not working very well is as much as 420 mega watts,” said Ms Hill. “The rental generation is very inefficient and is very strongly priced. It is well priced for our customers. It is both efficient and it is also reliable for our customers. It is on the lower end of the total fuel cost that our customers incur.” As to how long the company would have to rely on the rentals, Ms Hill said: “The purpose is to have a stand in as we build a new power generation the company. That will probably take 18 months on the low end to two years at the high end to put in place. We are looking at that sort of time frame to have some sort of temporary generation in place.” Ms Hill estimated BPL’s overall fuel cost was currently in the range of $0.12-$0.13 cents per kilowatt hour. Last February, PowerSecure signed a five-year management services agreement with the Government to run BPL, the Bahamas Electricity Corporation’s (BEC’s) newly-created operating subsidiary. Then, on February 25, PowerSecure announced the Atlanta-based utility giant, Southern Company, had acquired it it for $431 million making PowerSecure a wholly-owned subsidiary.

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Thursday, August 10, 2017, PAGE 5

WISCONSIN SENATE LEADER SAYS FOXCONN VOTES MAY BE LACKING By TODD RICHMOND Associated Press

near the plant’s site will affect a $1 billion shortfall in the state’s transportation fund. He also expressed concern about a fiscal analysis that found the state won’t break even on the incentives package for at least 25 years. “I just want to be able to talk intelligently about this thing and I’ll be honest with you, I can’t do that right now,” Fitzgerald said during an interview with WISN-AM radio Wednesday afternoon. “We’re just trying to make sure all our ducks are in a row.” Despite Fitzgerald’s concerns, Assembly Republicans planned to take the first votes on the package next week, with a committee vote set for Tuesday and a full floor session scheduled for Aug. 17. Assembly Speaker Robin

Vos tweeted he wants the Legislature to pass the plan by Labor Day. Fitzgerald accused Vos of drafting amendments to the plan without consulting the Senate, further complicating matters. He said he plans to send the bill to the Legislature’s budget-writing committee but wants the panel to finish work on the state budget before it takes up the Foxconn bill. “The interaction between the two documents has become very, very intertwined over the last few weeks,” he said. Asked for comment on Fitzgerald’s remarks, Gov. Scott Walker’s spokesman Tom Evenson replied that the governor is ready to work with both houses to bring more jobs to the state. There was no immediate response to a message

Belgium says Dutch found tainted eggs back in November

Ducarme also said that food safety controls have been boosted after contaminated eggs were discovered in Belgium last month. Almost all eggs tested in Belgium have been found to contain very low levels of the insecticide. One company tested on July 18 was found to have Fipronil levels well below the European limit. But the company demanded a second opinion, and the second test was above the maximum permitted. The company has been quarantined since July 18, Ducarme said Wednesday. It’s believed that Fipronil got into the food chain when it was illegally added to a product used to treat poultry for lice and ticks. An investigation is underway in Belgium and the Netherlands.

MADISON, Wis. (AP) — The leader of the Wisconsin Senate said Wednesday he doesn’t know if he has the votes to pass a package of incentives for a Foxconn plant in the southeastern corner of the state, raising doubts about whether legislators will be able to meet a deadline for finalizing the deal. Senate Majority Leader Scott Fitzgerald expressed concerns about some specifics of the deal with the Taiwanese electronics giant, which could decide to go elsewhere for its first U.S. factory if the $3 billion package isn’t approved by Sept. 30. The Republican leader said he wants to know more about how bonding for interstate reconstruction

By LORNE COOK Associated Press BRUSSELS (AP) — Dutch authorities knew as far back as November that some eggs in the country were contaminated with an insecticide and they failed to notify their European partners at the time, Belgium’s agriculture minister said Wednesday. Dozens of producers in Belgium and the Netherlands are being investigated for eggs containing Fipronil, which is dangerous to human health. Britain, France, Sweden and Switzerland have also been warned to keep an eye out for tainted eggs. Belgium

signaled on July 20 that it had found contamination. Agriculture Minister Denis Ducarme said that Belgium’s food safety agency has official documents “that indicated the presence of Fipronil in Dutch eggs as early as the end of November 2016.” Ducarme told Belgian lawmakers that “there was concerning this no official communication from the Netherlands.” He said he wrote to his Dutch counterpart for an explanation, and also spoke to the European Commission’s agriculture commissioner, “who seemed to already have this information.”

THE ASSEMBLY Committee on Jobs and Economy meets about the incentive deal for Taiwan-based Foxconn Technology Group, Thursday, Aug. 3, 2017, at the state Capitol in Madison, Wis. The company last week that it planned to construct the first liquid crystal display panel factory outside of Asia in southeast Wisconsin. The deal requires the state to approve $3 billion in tax breaks tied to Foxconn hiring and spending as promised. (Mark Hoffman/Milwaukee Journal-Sentinel via AP) The Associated Press left in Foxconn’s general email box Wednesday afternoon. President Donald Trump announced last month that Foxconn would build a 20 million-square-foot plant in Wisconsin. The company has said the facility could employ as many as 13,000 people.

Walker, who faces reelection next year, signed a memorandum of understanding with Foxconn promising to deliver the incentive package by Sept. 30. In addition to the road borrowing, the package would provide up to $3 billion in tax breaks for the

company depending on how many jobs are created. It also exempts the plant from a number of environmental regulations, lifting the requirement for environmental impact statements on construction and operations and making it easier to fill wetlands around the plant site.

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PAGE 8, Thursday, August 10, 2017 SENATE Majority Leader Mitch McConnell Ky. listens during a news conference on Capitol Hill Washington. A top White House aide and a Fox News host are criticizing McConnell after the Senate majority leader said people think Congress hasn’t achieved anything this year partly because President Donald Trump has created “excessive expectations.” (AP Photo/J. Scott Applewhite, File)

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Trump hits McConnell for Senate crash of Obama health repeal By ALAN FRAM Associated Press WASHINGTON (AP) — President Donald Trump scolded his own party’s Senate leader on Wednesday for the crash of the Republican drive to repeal and rewrite the Obama health care law, using Twitter to demand of Majority Leader Mitch McConnell, “Why not done?” Trump fired back at the Kentucky Republican for telling a home-state audience this week that the president had “not been in this line of work before, and I think had excessive expectations about how quickly things happen in the democratic process.” The exchange came less than two weeks after Senate rejection of the GOP effort to scuttle President Barack Obama’s health care law, probably McConnell’s most jolting defeat as leader and Trump’s worst legislative loss. The House approved its version in May, but its

Senate failure — thanks to defecting GOP senators — marked the collapse of the party’s attempt to deliver on vows to erase Obama’s statute it’s showcased since the law’s 2010 enactment. “Senator Mitch McConnell said I had ‘excessive expectations,’ but I don’t think so,” Trump tweeted. “After 7 years of hearing Repeal & Replace, why not done?” Trump had repeatedly used Twitter to pressure McConnell to find the votes to approve the health care bill, even saying hours after its failure that GOP senators “look like fools.” But his tweet Wednesday was an unusually personal reproach of the 33-year Senate veteran, who is deeply respected by GOP lawmakers. Trump will need him to guide the next major Republican priority, a tax system overhaul, through the chamber. And he might be a useful White House ally as

investigations progress into collusion between Russia and Trump’s presidential campaign. For his part, McConnell’s statement was surprising because he is typically among the capital’s most guarded politicians. When it comes to criticizing Trump, he’s seldom gone further than saying he wishes he would stop tweeting, and often refused to chime in when Trump made widely condemned comments during last year’s campaign. McConnell told the Rotary Club of Florence, Kentucky, on Monday that people think Congress is underperforming partly because “artificial deadlines, unrelated to the reality of the complexity of legislating, may not have been fully understood.” He added that 52 is “a challenging number,” a reference to the GOP’s scant 52-48 Senate majority. “You saw that on full display a couple of weeks ago,” when McConnell failed to muster a majority to push three different Republican health care plans through the chamber. McConnell’s Kentucky remarks also drew a tweet from Dan Scavino Jr., the White House social media director. “More excuses,” wrote Scavino, one of Trump’s more outspoken loyalists. “@SenateMajLdr must have needed another 4 years - in addition to the 7 years - to repeal and replace Obamacare.” Also joining the fray was Fox News Host Sean Hannity, a close Trump ally. “@SenateMajLdr No Senator, YOU are a WEAK, SPINELESS leader who does not keep his word and you need to Retire!” Hannity tweeted. Hard-right conservatives have long assailed McConnell for being insufficiently ideological. Before taking office and after becoming president, Trump spoke often of moving legislation erasing Obama’s law rapidly through Congress. On Jan. 10 — 10 days before taking office — he told The New York Times that Congress could approve a repeal bill “probably sometime next week,” and a separate replacement measure would be passed “very quickly or simultaneously, very shortly thereafter.” Top congressional Republicans also fed expectations for quick work, placing health care atop their 2017 agenda. In January, House leaders unveiled a schedule calling for action by late March, and McConnell said in March that he wanted Senate passage by the April recess.

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THE TRIBUNE

Thursday, August 10, 2017, PAGE 9

US stocks close slightly lower, trimming earlier losses By ALEX VEIGA Associated Press U.S. stocks closed slightly lower Wednesday, making up much of the ground they lost earlier following a rare batch of earnings disappointments by Walt Disney and other big companies. Consumer-focused stocks, media companies and banks accounted for much of the market decline. They outweighed gains in health care stocks and elsewhere. Small-company stocks fell more than the rest of the market. Investors’ unease over escalating tensions between the U.S. and North Korea had weighed on stocks earlier in the day, pushing gold and bond prices slightly higher. But by the end of the day, traders appeared to take the geopolitical drama in stride. “Right now the market is viewing it as a lot of saberrattling and a lot of smoke, but not much fire,” said Darrell Cronk, president of Wells Fargo Investment Institute. The Standard & Poor’s 500 index slipped 0.90 points, or 0.04 percent, to 2,474.02. The Dow Jones industrial average slid 36.64 points, or 0.2 percent, to 22,048.70. Earlier, the average had been down more than 88 points. The Nasdaq composite lost 18.13 points, or 0.3 percent, to 6,352.33. The Russell 2000 index of smaller-company stocks gave up 13.20 points, or 0.9 percent, to 1,396.95. That’s the index’s lowest level in two months. The stage was set for the U.S. indexes to go lower early Wednesday as investors around the world reacted to the rising war of words between the U.S. and North Korea, pushing global market indexes lower. On Tuesday, President Donald Trump warned North Korea of “fire and fury” in response to recent threats from Pyongyang, which said it was examining plans for attacking Guam, a U.S. territory in the Pacific with a military base. Trump’s comments followed reports that the North has mastered a technology needed to strike the United States with a nuclear missile. Investors reacted by driving up the price of gold and bonds, traditional safehaven plays. But the moves were modest. Gold added $16.70, or 1.3 percent, to settle at $1,279.30 an ounce. Bond prices rose. The yield on the 10-year Treasury note slipped to 2.25

percent from 2.26 percent late Tuesday. While the tough talk about the potential for war is scary, investors have heard it many times before. “North Korea was fodder for the overnight trade, and as we headed into today we haven’t seen any more saber-rattling,” said JJ Kinahan, chief market strategist at TD Ameritrade. “I would expect the markets to react again pretty negatively to any more tough talk from either side, but for now, everybody seems to have settled down, and we’ll see what happens.” Outside of geopolitical concerns, disappointing company earnings and outlooks put traders in a selling mood. Priceline Group slid 6.9 percent after the online travel booking service issued a profit forecast that was weaker than analysts

THE NEW York Stock Exchange. U.S. stocks headed lower in early trading Wednesday, Aug. 9, 2017, as traders weighed the growing tensions between the U.S. and North Korea. A batch of disappointing company earnings also helped pull the market lower, with consumerfocused companies and technology stocks among the biggest decliners. (AP Photo/ Mark Lennihan, File)

were expecting. The stock lost $142.20 to $1,906.80. Disney dropped 3.9 percent, its biggest singleday loss in more than a year, after the media giant reported a weak quarter and said it would pull its movies from Netflix and start two of its own video streaming services. The stock lost $4.15 to $102.83. Netflix also fell, giving up $2.58, or 1.4 percent, to $175.78. Shares in several other big media companies also declined. Discovery Communications fell 70 cents, or 2.9 percent, to $23.60. Viacom slid 60 cents, or 1.9 percent, to $30.17. Fossil tumbled 25.1 percent after the watch maker said sales continued to weaken, falling short of analysts’ estimates. The company booked a hefty charge and said its CFO is leaving the company. The stock lost $2.97 to $8.87.

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

2017 CLE/gen/No. 00569

IN THE MATTER of an Indenture of Mortgage made on the 26th day of June, A.D., 2006 between Andrea Mayann Seymour of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and now of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9875 at pages 278 to 291 AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Statute Laws of The Bahamas BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED Plaintiff

AND ANDREA M. SEYMOUR-MCINTOSH

Defendant

NOTICE TAKE NOTICE that an action has been commenced against you in the Supreme Court, Common Law and Equity Division, Action No. CLE/gen/00569 of 2017, in which the Plaintiff, FirstCaribbean International Bank (Bahamas) Limited has issued an Originating Summons and Affidavit of Tamika Lightbourne, both filed on the 2nd day of May, A.D. 2017, seeking the following Orders:(i) Delivery of vacant possession of “ALL THAT piece parcel or lot of land situate in the Subdivision called and known as “TWYNAM HEIGHTS” (hereinafter referred to as “the said Subdivision”) situate in the Eastern District of the said Island of New Providence comprising Lot Number Four hundred and Twenty-seven (427)” (ii) Payment of all sums of all sums due and owing by the Defendant to the Plaintiff together with interest thereon; (iii) Further or other relief; and (iv) Costs. TAKE FURTHER NOTICE that it was ordered on the 27th day of July, A.D., 2017 by the Deputy Registrar, Mrs. Carol Misiewicz (Actg) that the service of the aforesaid Originating Summons and Affidavit in the said action be effected on you by way of this Advertisement PLEASE TAKE FURTHER NOTICE that the said Affidavit of Tamika Lightbourne can be collected from the Chambers of the Plaintiff ’s Counsel as set out below AND FURTHER TAKE NOTICE that you must within twenty-one (21) days from the publication of this advertisement, inclusive of the day of such publication, acknowledge service of the said Originating Summons by completing a prescribed form of Acknowledgment of Service which may be obtained on request from the Plaintiff ’s Attorneys whose names and addresses appear below, otherwise judgment may be entered against you without further notice DATED the 27th day of July, A.D., 2017 HARRY B. SANDS, LOBOSKY & COMPANY Shirley House 253 Shirley Street Nassau, Bahamas Attorneys for the Plaintiff

PAGE 10, Thursday, August 10, 2017

THE TRIBUNE

US oil industry pushes back on sanctions against Venezuela CARACAS, Venezuela (AP) — The Trump administration’s decision on Wednesday to slap sanctions on eight members of Venezuela’s all-powerful constitutional assembly brings to 30 the number of government loyalists targeted for human rights abuses and violations of democratic norms since anti-government protests began in April. But even as the list of targeted individuals grows longer, promised economic sanctions have yet to materialize amid an outcry by the U.S. oil industry that a potential ban on petroleum imports from Venezuela — the third-largest supplier to the U.S. — would hurt U.S. jobs and drive up gas costs. The sanctions announced Wednesday focused on current or former Venezuelan government officials accused by the U.S. of supporting President Nicolas Maduro’s creation of a special assembly charged with rewriting Venezuela’s constitution — a move the U.S. says is an attempt by Maduro to shore up his grip on power.

Since its election last month, the 545-member assembly has declared itself superior to all other government institutions and ousted Venezuela’s chief prosecutor, a vocal critic of Maduro. The U.S. Treasury Department took the unusual step of sanctioning Maduro himself last month, freezing any assets he may have in the U.S. and blocking Americans from doing business with him. The newest additions on Wednesday include Adan Chavez, the older brother of Hugo Chavez , who is credited with introducing the late president to Marxist ideology in the 1970s, and a national guard colonel lionized by the government after he physically shoved congress President Julio Borges during a heated exchange caught on video. While most Venezuelan officials wear U.S. sanctions as a badge of honor — and are frequently rewarded with promotions as a result — Maduro faces a far greater threat if Trump follows through on economic

sanctions against the OPEC nation. For all of Maduro’s anti-capitalist rhetoric, Venezuela, which sits atop the world’s largest oil reserves, remains highly dependent on oil exports to the U.S., especially for importing food and medicine — items in short supply as crude prices have fallen and triple-digit inflation wreaks havoc on the economy. The Trump administration warned last month that it would take “strong and swift economic actions” against Maduro if he went ahead with plans to seat the constitutional assembly. But since the election last month, no such action has materialized, leading some of Maduro’s opponents to wonder whether the U.S. president has lost his nerve. The prospect of an import ban has alarmed U.S. oil companies that rely on Venezuelan crude. Nine companies, including Chevron, Valero, Citgo and Phillips 66, currently process Venezuelan crude in more than 20 U.S. refineries, most of them located along

CONSTITUTIONAL Assembly delegate Carmen Melendez speaks from the podium during a session in Caracas, Venezuela, Tuesday, Aug. 8, 2017. The governmentbacked assembly that is recasting Venezuela’s political system filed into the stately domed chamber where congress normally meets. In two previous sessions, the 545-member assembly met in an adjacent, smaller building. (AP Photo/ Ariana Cubillos) the Gulf Coast, according to data from the U.S. Energy Information Administration. Many of these refineries are designed for the type of heavy crude that Venezuela exports and replacing those supplies would be disruptive and costly. An influential industry group whose member include the nine companies has written two letters to Trump warning there is no guarantee that other key sources of U.S. crude imports — Canada, Mexico and Colombia — could provide enough additional supply to replace the Venezuelan oil. Many refineries would likely turn to Saudi Arabia but the higher costs associated with such a shift

FINAL NOTICE

Pursuant to the provisions of section 138 (8) of the International Business Companies Act 2000, notice is hereby given that:-

PASSOA CONSULTING LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 12th July, 2017.

ABOTUCCI LIMITED has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 24th July, 2017.

Dillon R. Dean Liquidator

“could significantly impact fuel costs for U.S. consumers,” according to the letter by the American Fuel & Petrochemicals Manufacturers. “We want to make sure that we don’t have the unintended consequence of doing more harm to U.S. refineries than the Maduro regime,” said Chet Thompson, the CEO of the group, which represents 95 percent of the U.S. refining sector.

He added that he is hopeful his lobbying is gaining traction. “We think we’ve come a long way from early July when these sanctions were first being kicked around. ... We think folks are a lot smarter on this issue than they used to be,” he said. “We certainly have not received any commitments or promises as far as what they are going to do. But we have done our job.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MELVIN DEVEAUX of West Dennis Court, Yellow Elder, P.O. Box GT-2390, New Providence, Bahamas, intend to change my name to THOMAS VERNAL STRANGE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

MARKET REPORT WEDNESDAY, 9 AUGUST 2017

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

BISX ALL SHARE INDEX: CLOSE 1,838.14 | CHG 5.25 | %CHG 0.29 | YTD -100.07 | YTD% -5.16 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.60 2.41 0.13 6.50 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.10 7.25 12.51 11.00

52WK LOW 4.01 17.43 8.19 3.50 1.47 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 8.10 6.60 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

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 BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

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

MUTUAL FUNDS 52WK HI 2.07 3.95 1.96 170.77 146.34 1.50 1.67 1.58 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 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 3.92 8.60 6.10 9.95 10.01 2.56 1.55 6.00 9.75 7.01 9.75 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.81 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 3.92 8.60 6.10 9.95 10.01 2.53 1.55 6.00 9.75 7.01 10.10 7.01 12.50 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 -0.03 0.00 0.00 0.00 0.00 0.35 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 1.01

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.27 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

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

3,500

1,000

VOLUME

NAV 2.07 3.95 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.444 0.932 -0.510 0.383 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 0.753 0.763 0.330 0.830 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

P/E 9.6 18.7 N/M 9.4 N/M N/M -5.2 14.7 32.1 18.4 17.6 24.8 3.4 8.0 12.8 21.2 12.2 11.7 17.9 0.0

YIELD 1.87% 5.74% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.61% 3.62% 5.69% 2.37% 3.87% 4.83% 4.62% 0.00% 3.37% 2.00% 4.96% 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

0.0 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% 3.50% 3.88% 4.25%

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 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 2.34% 4.55% 0.90% 1.64% 1.21% 2.55% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017

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

Wanted Full time boat captain

for fishing, live aboard option is available. Must also be a handyman with plumbing, electrical work and carpentry expertise. Position is full time and may include travel during the summer. Salary based upon ability as well as experience.

Interested persons may apply to: ghanna@sterlinggloballtd.com

THE TRIBUNE

Thursday, August 10, 2017, PAGE 11

Fed official supports September start for bond reductions By MARTIN CRUTSINGER Associated Press WASHINGTON (AP) — A member of the Federal Reserve’s interest-setting committee said Wednesday it would be appropriate for the central bank to announce next month that it will begin trimming its $4.5 trillion balance sheet, but wait until December before raising a key interest rate again. Charles Evans, the president of the Fed’s regional bank in Chicago, said he does not expect the balance sheet reduction to make much of a market impact because the move has been “well-choreographed.” Speaking to a group of reporters, Evans added that he believes waiting until December to raise rates would give the Fed time to assess whether inflation is moving back toward the Fed’s 2 percent annual target. Evans joked that he would like to see inflation rise above the Fed’s 2 percent target “at some point in my Fed career.” Evans, who has a vote on the Fed’s 9-member policy committee this year, is viewed as a leading “dove” — a group of Fed officials who believe it is important to push

unemployment as low as possible as long as inflation remains under control. The Fed’s two goals are to pursue interest-rate policies that foster maximum employment and price stability. The central bank has succeeded on the employment front with the jobless rate now at a 16-year low of 4.3 percent, but it has had trouble lifting prices to what it considers an optimal rate of 2 percent annual increases. In fact this year, the Fed’s preferred measure of inflation has been backtracking, dropping to a 12-month increase of 1.4 percent in June, below the 2.2 percent 12-month gain the inflation gauge had hit in February. Evans told reporters at a breakfast session at the Chicago regional bank that he agreed with Fed Chair Janet Yellen that the decline stems from a number of temporary factors, including a price war for mobile phone plans. The Fed’s next meeting is Sept. 19-20, with the last two meetings of the year on Oct. 31-Nov. 1 and Dec. 12-13. Evans said that “unless the data and the forecast change dramatically” he believed the Fed could wait until December before moving again to boost its benchmark rate, which is currently at a

still-low level of 1 percent to 1.25 percent. The Fed in June released a plan that would begin

the bond reductions at a monthly pace of up to $10 billion and then gradually increasing that level. In July,

the Fed said that it expected to begin the bond trimming later this year. Evans said he believed it was “quite

reasonable” to use the September meeting to announce that it was starting the bond reductions.

CHARLES Evans of the Federal Reserve Bank of Chicago arrives for a session at the annual Federal Reserve conference, in Jackson, Wyo. Evans says it would be appropriate for the central bank to start trimming its $4.5 trillion balance sheet at its next meeting in September 2017, but wait until December before raising a key interest rate again. The Fed raised its key benchmark rate in March and June 2017. (AP Photo/Reed Saxon, File)

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PAGE 12, Thursday, August 10, 2017

THE TRIBUNE

EGYPT CURTAILS ACCESS TO SUBSIDIZED FOOD AS PART OF REFORMS By MENNA ZAKI Associated Press CAIRO (AP) — Egypt on Wednesday curtailed access to ration cards used by three-quarters of the country’s 93 million people to buy subsidized food items — the latest in the government’s ambitious economic reform plan. Under a government decree, which was published in the official gazette on Tuesday, people earning

more than 1,500 Egyptian pounds (about $84) a month would be excluded from getting ration cards. Beneficiaries were also limited to families with up to four members. The decree did not make clear what happens to impoverished families with five or more members. The new ration cards limits will not affect current card holders. Authorities estimate abound 70 million Egyptians are using ration

cards. The measures went into effect on Wednesday. The Egyptian government is looking to bring down its budget deficit to 9.1 percent in the current fiscal year, from 10.9 percent in the previous one by cutting spending and lifting subsidies. Subsidy cuts have a history of stoking unrest in Egypt but the government has pleaded with the people to brace themselves and endure the tough austerity

measures, promising the measures would spur economic recovery and attract foreign investments. Among the key measures undertaken within efforts to fulfill International Monetary Fund conditions for a $12 billion loan, Egypt devalued and then floated the national currency. Earlier this summer, the government raised prices by up to 55 percent for the most-used automobile fuels in the country — 80 octane

gasoline and diesel — and doubled the prices of butane canisters used across Egyptian households for cooking. It also raised the prices of electricity by more than 40 percent, as well as drinking water and public transportation charges. Prior to that, President Abdel-Fattah el-Sissi approved a package of measures benefiting middle and lower class Egyptians, including income tax relief, bonuses for state employees and increases in pensions,

in order to alleviate the effect of the price hikes. Along with the cuts in subsidies, Egypt has also introduced value added tax. The nation’s economy has been battered since the 2011 uprising and continues to face major challenges, including a rising Islamic militancy. The government embarked on the economic reform program soon after el-Sissi took office three years ago.