business@tribunemedia.net
TUESDAY, APRIL 25, 2017
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Bahamas under rising tax exchange pressure By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas is under growing pressure to bow to international demands that it automatically exchange tax information on a ‘multilateral’ basis, with the European Union (EU) and its members refusing to accept this nation’s preferred approach. Well-placed Tribune Business sources, both inside the Bahamas and internationally, have confirmed that the EU and its 27 members are holding back from negotiating automatic tax information exchange agreements with this nation on a ‘bilateral’ basis. The Bahamas previously
Threatens nation with deadline miss, ‘blacklist’
agreed to implement the Common Reporting Standard (CRS), the Organisation for Economic Co-Operation and Development’s (OECD) global standard for automatic tax information exchange, via a bilateral approach that involved
Allyson Maynard-Gibson
Tanya McCartney
negotiating agreements on an individual country-by country basis. However, the OECD and its developed country members have been steadily increasing the pressure on the Bahamas to switch to the ‘multilateral’ approach,
requiring this country to negotiate tax deals with allcomers at once. The Bahamas has been left exposed by the decisions of Hong Kong and Panama to switch from the bilateral to multilateral approach, See pg b5
Price control ‘makes inroads’ Customs labelled ‘inefficient at best, Chairman reveals ‘quite a bit of corrupt at worst’ improvement’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Customs modernisation is an essential “precondition” for developing a logistics/break bulk industry in the Bahamas, with the Department described as “inefficient at best, corrupt at worst”. Oxford Economics, in a report commissioned by the Bahamas-based Organisation for Responsible Governance (ORG), said local private sector representatives described Customs as a major impediment to developing export-oriented industries in this nation. The consultants, who have performed work for the Government and numerous Bahamas-based investment projects, cited tariff rate uncertainty and “costly, time-consuming” cargo inspections as major private sector concerns. “Interviewees repeatedly raised concerns about the operations of the Customs Department, citing inefficiency at best, corruption at worst, and how detrimental this was to any ambition toward increasing exports or modernising the port,” the Oxford Economics report for ORG found. “In fact, more than one port interviewee argued that improved Customs operations are an important pre-condition to any new
Reform ‘precondition’ to ‘break bulk’ development Private sector: 100% cargo inspections outdated Call for ‘less discretion’ for staff on tariff rates investment in break bulk operations.” The Government has already moved to enhance efficiencies in Customs’ operations, introducing the revised Customs Management Act in 2011, and following this up with the Electronic Single Window (ESW) initiative - a project funded by the Inter-American Development Bank (IDB). This is designed to eliminate bureaucracy, paperwork, and the potential for fraud and tax evasion by computerising all Customs’ operations and data on a single platform, facilitating international commerce through reduced clearance times and costs. ORG gave the Government credit for the initiative, but warned against allowing Customs staff to execute the ESW project See pg b5
The Bahamas’ chief price overseer yesterday said it had “made some inroads” into retail merchant non-compliance, acknowledging private sector improvement in Nassau and the Family Islands. E. J. Bowe, the Price Control Commission’s chairman, said the regulator had seen better compliance with the Price Control Act as it prepares to wrap-up its current round of Bahamaswide inspections. “There has been quite a bit of improvement with some of the merchants on some of the islands, but in all of the islands we have covered this year, all have had infractions on breadbasket items,”Mr Bowe said. “The Commission was, however, pleased to note
But breadbasket infractions seen on all islands that we do appear to be making some inroads.” Mr Bowe added that the Commission’s inspectors have recently been carrying out inspections in the south-east Bahamas. “In New Providence there has been some improvement, and in the Family Islands there has been some improvement as well,” he said. “So far we have covered most of the islands ,and we are getting ready to complete the cycle next week.” See pg b4
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Rating agencies told: ‘Stroke us with same Baha Mar whip stick’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Europe refusing to agree bilateral deals with nation
Industry: ‘Avoid EU blacklist at all costs’
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Senior Chamber of Commerce executives have urged the credit rating agencies to “stroke us with the same stick you beat us with”, and factor Baha Mar’s opening into their next assessments of the Bahamas’ sovereign creditworthiness. Gowon Bowe, the Chamber’s chairman, told Tribune Business that just as Standard & Poor’s (S&P) had “over-emphasised” the negative impact associated with the Baha Mar dispute, it would do similar when assessing the positives associated with its opening. “I think Standard & Poor’s over-emphasised the impact it [Baha Mar] was supposed to have, which had a negative impact in terms of their assessments of us, so hopefully they will over-emphasise the impact the opening will have,” Mr Bowe said. “They beat us with one stick, so hopefully they will stroke us with the same
Chamber chiefs urge credit be given for opening Hope next assessment upbeat after ‘junk’ fall Acknowledge Baha Mar ‘not sole downgrade reason’
Edison Sumner based on the same criteria.” The two-year delay in opening Baha Mar, and ‘opportunity cost’ associated with the loss of projected job creation, See pg b4
Bahamas told: Create ‘new investor category’ for vacation rentals By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas could leverage the opportunities created by Airbnb and the exploding vacation rental market by creating “a new investment category” for persons seeking to develop the sector. A report commissioned by the Bahamas-based Organisation for Responsible See pg b3
Study calls for overhaul of old, impractical regulation Suggests link faster approvals to collecting taxes Bahamas has threeeight times’ more Airbnb homes
PAGE 2, Tuesday, April 25, 2017
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Mobile number transfer suffers new 2-day delay Mobile number portability’s (MNP) launch has been delayed for another two days after testing “raised technical concerns” over the system’s stability. The Utilities Regulation and Competition Authority (URCA), in a statement issued late yesterday afternoon, said the issues
encountered by the Bahamas Telecommunications Company (BTC) and Aliv meant it was “prudent” to postpone today’s launch until Thursday. “URCA is satisfied that all required systems have been installed and implemented,” the regulator said. “However, final testing of
the live process has resulted in the need for a short postponement of the MNP. “Over the weekend, the Bahamas Telecommunications Company and BeAliv migrated their automated porting functions to the live production environments and worked closely to progress their final testing. “It was at that time that the live testing raised some technical concerns and, following consultation with URCA, it has been decided that it would be prudent to complete additional testing to confirm that the new MNP service is stable.” URCA added that “a stable production environment is critical for the successful launch of the MNP service to all consumers in the Bahamas”. It said: “The launch of MNP requires both operators to implement various
Testing reveals ‘technical concerns’ on system stability URCA pushes launch from today to Thursday changes to their networks and business processes and requires extensive coordination by URCA.” Mobile number portability was initially supposed to launch on February 14 this year, but URCA has already postponed the date twice, first pushing it to March 2017, then to today. Following the earlier delays, URCA blasted both Aliv and BTC for their alleged failure “to adequately and effectively plan and
prepare” for this. The biggest losers to-date from the two-month number portability delay are the Bahamas’ 320,000-plus mobile subscribers, as it impedes their ability to have full freedom of choice over their provider. Mobile number portability will allow customers of BTC and Aliv to keep their existing phone numbers when switching between providers. This, in turn, is vital to facilitating competition and consumer choice for Bahamians, especially businessmen wanting to retain their existing number for commercial purposes and ease of contact. Any further number portability delays will also impede Aliv’s ability to seize greater market share from BTC, and meet its financial projections and targets.
Damian Blackburn, Aliv’s top executive, told Tribune Business last month that there would be “big questions” if the sector failed to meet the April 25 deadline for number portability’s launch. He said its launch was vital for Aliv to fully penetrate two of the Bahamian mobile market’s three customer segments, including corporate and post-paid subscribers, who want to keep their existing number when switching from BTC. Mr Blackburn added then that mobile number portability’s introduction had already taken longer than the six-months post-license award condition stipulated during the bidding process won by Aliv’s controlling shareholder, BISX-listed Cable Bahamas.
Owner names $200m Exuma development
The $200 million Children’s Bay project was yesterday named ‘Atabey’ by its developer. Built on private islands in the Exumas, Atabey is named after the Taino goddess, known as the “mother of waters”. The project is part of a strategy being rolled-out by Swiss businesswoman, Dona Bertarelli, and her Ledunfly Hospitality business to develop unique resort properties in Europe and North America. Mrs Bertarelli said: “We aim to offer today’s discerning traveller what they desire: A life more thoughtful. My
vision of modern luxury is to be completely at ease, sharing authentic experiences in truly special surroundings.” Along with unveiling its name, the project this week announced its first sponsorship, becoming a silver sponsor of the National Family Island Regatta scheduled for later this week. The regatta draws hundreds to Exuma for sloop races, music and a festival-like atmosphere, filling hotels,restaurants and pop-up food stalls for four days. Michel Neutelings, Atabey’s project director, said: “In addition to providing economic stimulus for the mainland of See pg b3
Developer unveils branding of $200 million Exuma project.
Resorts World adds airlift from Newark Resorts World Bimini has partnered with Elite Airways to launch the first ever non-stop service from Newark to Bimini, which is scheduled to start on June 1. The non-stop flight will be available two days a week, on Thursdays and Sundays, leaving Newark Liberty International Airport at 1.45pm and arriving in Bimini at 4.30pm. The return flight from Bimini
to Newark leaves at 8.45 am the following day with a stop in Melbourne, Florida. Resorts World Bimini said this marks the first time ‘tri-state’ residents can travel directly to the island without a layover in Fort Lauderdale or Miami airports. Introductory flight fares for the new route will begin at $298 per round-trip. “Tri-state travellers now have the perfect excuse
to visit Bimini,” said Ed Farrell, Resorts World Bimini’s president. “The new route allows for a quick and seamless Caribbean getaway, where travellers can experience the best of both worlds: Authentic island adventure and the luxurious accommodations, pools, casino, spa and dining at the newly-opened Hilton.” To celebrate the new route, Resorts World Bi-
mini is offering a $100 resort credit to any guest who books a flight between now and June 1. There are no restrictions on travel dates, provided the booking is made before the June 1 inaugural flight. Resorts World Bimini features a newly-opened Hilton hotel with 300 guest rooms and 18 luxury suites. Additional amenities include six restaurants, a lagoon pool with swim-up bar, a Vegas-style casino, the Serenity Spa & Salon, and a rooftop infinity pool.
THE TRIBUNE
Tuesday, April 25, 2017, PAGE 3
Trade Portal attracts 30 Bahamas exporters By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Around 30 current and potential Bahamian exporters are currently listed on the Bahamas’ Trade Information Service Portal that launched earlier this month, a private sector executive yesterday saying there was “definitely interest” from businesses. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, told Tribune Business: “We believe that the portal is something that is going to be very signifi-
cant for trade in the country. “It creates a market access for local products to now be accepted in the international marketplace. We think the private sector is going to benefit tremendously from this. So far we are getting good interest ,and there have been a number of companies which have already uploaded details to the portal and others are still exploring it. We understand it’s a new system and it will take time for the entire business community to come onboard, but so far we are pleased.” Chara Walker, the fulltime content manager for
Bahamas told: Create ‘new investor category’ for vacation rentals From pg B1 Governance (ORG) argues that this nation’s ability to make greater inroads into the vacation rental market is being impeded by old, impractical laws and regulations. Apart from the International Persons Landholding Act imposing “especially strict rules” on foreign home owners, the study said all vacation-based properties have to be approved by the Bahamas Investment Authority (BIA). “While vacation home owners and foreign owners can overcome these hurdles, this comes at a cost in terms of time and money,” the report’s author, the Oxford Economics consultancy, said. “In the view of interviewees, most of the complexity reflects laws that are designed with mega-resorts in mind. For example, if the owner is not the primary occupant, then the applicant must present detailed business plans that addresses issues such as how many people will be employed, traffic issues, etc. For the vacation home rental market, this is not a practical approach.” Data obtained by Oxford Economics showed that the Bahamas had 1,878 properties registered with Airbnb, of which 908 - just under
half - were deemed to be active. Highlighting the vacation rental market’s growth and economic potential for the Bahamas, the ORG report showed these numbers were between eight to three times’ higher than comparable Airbnb data for Bermuda, the Cayman Islands and Turks & Caicos. The Bahamas’ mean occupancy rate was lower than Bermuda’s and Cayman’s, at 38 per cent and 22 per cent, respectively, but higher than Turks & Caicos’s 16 per cent. When it came to yield, the Bahamas’ mean Airbnb nightly rate of $306 was higher than Bermuda and Cayman’s, but lower than Turks & Caicos’s. This nation’s guest ratings were also in line with its regional rivals. To better exploit the growing global demand for vacation rentals, the ORG report suggested creating a new investor category that traded off faster approvals for tax compliance. “Policies that promote increased foreign investment and those that promote increased tourism through home rentals should be considered in tandem,”Oxford Economics concluded in the report. “One solution is to estab-
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the Portal, added: “I can say that there is definitely interest in the Portal from the business community. I have been getting a lot of inquiries. Applications are steadily coming in. “I foresee that going forward that there will be quite a number of people reaching out to the Chamber. Right now there are approximately 30 businesses on the portal; 30 exporters and potential exporters that are listed. There is a steady flow of invitees for applications.” The Trade Portal was designed to create a “onestop-shop” to access important national, regional and
international trade information, such as export/import statistics, information on trade regulations such as quality requirements and standards, certification requirements and rules of origin, as well as shipping information, company profiles and key information on trade agreements. The portal was developed by Dutch company Globally Cool, working alongside the International Trade Centre (ITC). The portal is a joint initiative of the Government, led by the Ministry of Financial Services, which has responsibility for trade, and the BCCEC.
lish a new investment category that recognises that questions suitable for large investments are not relevant for foreigners who just want to build a vacation home. “This new investment category, for example, might allow expedited and simplified approval in exchange for the homeowner agreeing to register as a new business and agreeing to collect VAT (or Hotel Guest Taxes) on home rentals made to tourists.” Prominent Bahamian realtors, such as Mario Carey, have already urged the Government to get a better regulatory grip on the vacation rental market, warning that it is losing potentially valuable tax revenues. “It should be noted that many foreigners who might wish to invest in a second home in the Bahamas have no desire to live full time in the country,” the ORG report said. “For example, it was noted during several interviews that the poor quality of healthcare was a particular concern for elderly, wealthy Americans who might otherwise consider making a Bahamas property investment. “Therefore, leveraging the opportunity presented by the fast-growing home rental vacation market could be a valuable strategy for attracting foreign dollars from investors who might not want to live year-round in the Bahamas. Zoning rules would address most
obvious objections, such as limiting the number of days a home can be rented, making sure beaches maintain public access.” The ORG report suggested that “more relaxed investment requirements” for vacation rental home developers could be restricted to specially-designated areas, such as Trade Development Zones (TDZs), located near ports and airports. “TDZs would allow the Government to experiment with different policy prescriptions in specific limited areas before fully committing to a much larger or permanent programme,” the ORG report argued. “TDZs would also afford the Government the opportunity to experiment with tax schemes to promote equity. One goal, for example, might be to bring more equity to visitor occupancy taxes so that regardless of whether the visitor stays in a home rental or hotel, the tax burden is the same or comparable. “For example, within the TDZ, homeowners who voluntarily registered to collect occupancy taxes on home rentals might receive property tax reductions proportionate to the amount of occupancy tax remitted. In this way, registration schemes for the collection of occupancy taxes from renting homeowners can be experimented with so that only proven and effective programmes get implemented on a national level.”
Bahamas adds standards to reduce trade barriers By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas has now adopted a total of 11 national standards with the addition of eight more yesterday, a Cabinet Minister explaining that their development was key to eliminating trade barriers for local businesses. Hope Strachan, minister of financial services, described the introduction of the eight standards as a “milestone”, adding that they were benchmarked using international guidelines. Those declared as national standards include: The labelling of prepackaged foods; labelling of tobacco products; specifications for grading and quality requirements for table eggs; specifications for poultry and poultry products; specifications for poultry feed and feed ingredients; specifications for cement; general requirements for the competence of testing and calibration laboratories; and requirements for quality and competence of medical laboratories. “Trade, more particularly export trade, is critical to the development of our country and we must grasp every opportunity to increase our international trading opportunities,” said Mrs Strachan.
“Quality standards reduce those technical barriers to trade in terms of our producers being able to put their products out there on the international market and offer their goods for sale to any number of countries. This is how you actually develop a country.” The Standards Bureau, which was established as part of the Bahamas’ commitments to membership in the rules-based trading regimes of the World Trade Organisation (WTO) and Economic Partnership Agreement (EPA), is designed to both protect consumers and facilitate trade. Mrs Strachan said work towards the Bahamas becoming a full WTO member is ongoing. “There isn’t a specific date that has been set for that particular process to be completed yet, but a lot of the work that we have been doing in the Ministry of Financial Services, particularly under our trade regime, is to create the environment of compliance with whatever standards and regulations the WTO sets for us to meet,” she added. “A lot of what we are doing is also very much to comply with our obligations under the European Economic Partnership Agreement (EPA). We have found that a lot of the work that we do towards one also covered the other.”
Owner names $200m Exuma development From pg B2 Exuma, Atabey will play a significant role in community building”. The Atabey project is earmarked for the Children’s Bay and Williams Cay, just off northern Exuma. The development has been going through the planning and permitting process following a Heads of Agreement signing in 2016. It is designed as a low density, boutique property that will create between 200 to 300 full-time jobs once properly constructed. The Children’s Bay development promises to include a five-star resort and golf club, a boutique pavilionroom hotel, over-the-water pavilions, estate homes, a
clubhouse comprising a restaurant, boutique library, screening room and bar and lunches. The project also involved the creation of Marine Protected Area, and the use of renewable energy. Ms Bertarelli and her family’s business interests includes the five-star Grand Hotel Park in Gstaad, which was honoured as 2013 Best Hotel in Switzerland by Premium Switzerland, and rated in the 2012 Robb Report’s World Best Resorts list. She is involved in philanthropic activities in marine conservation, life sciences and children’s education. Ledunfly Hospitality is part of Mrs Bertarelli’s family office.
PAGE 4, Tuesday, April 25, 2017
Rating agencies told: ‘Stroke us with same Baha Mar whip stick’ From pg B1 economic activity and GDP impact, weighed heavily in S&Ps decision to downgrade the Bahamas’ creditworthiness to socalled ‘junk’ status just before Christmas 2016. Its fellow rating agency, Moody’s, has taken a more sanguine, measured view of the Baha Mar travails, and their economic and creditworthiness impact, keeping the Bahamas one notch above ‘junk’ in its own assessments. Edison Sumner, the Chamber’s chief executive, agreed with Mr Bowe that S&P should factor Baha Mar’s opening, and subse-
quent planned ramp-up of hirings and activity, positively into its next Bahamas assessment if it applied the same rating criteria. “We’ve said, especially over the last three years when we saw the effect the project had on the sovereign credit rating, that as significant an investment as Baha Mar is, it was not the only investment in the country, and still lis not” Mr Sumner told Tribune Business. “We cautioned then that we should not have put all our eggs in one basket with Baha Mar as the saviour of the economy. That’s still our position, but we support the development of
Baha Mar. When we saw that Baha Mar is going to contribute 12 per cent of the country’s GDP, we cannot ignore that.” Mr Sumner acknowledged that Baha Mar was “not the sole reason” for the Bahamas’ repeated credit rating downgrades to ‘junk status’, and the resort’s impact will likely be offset in S&P and Moody’s assessment by the persistent $300 million-plus annual fiscal deficits and rising $7 billion national debt. However, the Chamber chief executive echoed Mr Bowe in arguing that just as the Baha Mar dispute and delayed opening had been used as “a whipping stick” by S&P, its opening justified an improvement in ratings of this nation’s creditworthiness. “When the rating agencies came in to assess our sovereign credit rating and
process, they must now consider an uptick in the country’s rating.” Reversing the persistent credit rating downgrades suffered over the past two administrations will positively impact Bahamians, as it should in theory reduce the Government’s future borrowing costs on the international capital markets. This, in turn, will improve the country’s access to the global markets and reduce future borrowing (debt servicing) costs, enabling the Government to divert more money to public services such as health, education and social security, plus the law enforcement agencies. Mr Bowe, meanwhile, said the Bahamas was now poised to see “the fruits of our labour”, with Baha Mar having taken 13-14 years, two developers and three administrations to come into being.
“It’s been a long labour; the birth of the property,” he told Tribune Business. “To be candid, any Bahamian, when you look at the size of the property, would realise that for it to go unutilised for a long period of time is in no one’s interests.” Mr Bowe said Baha Mar’s new owner, Chow Tai Fook Enterprises (CTFE), was implementing the property’s phased opening “in a very structured manner”, and with “a vision for what they’d like to see”. He added: “I think that what we need to do now is be positive about what it [Baha Mar] can produce, and that’s not to say we don’t hold them [CTFE] to account for obeying the law and ensuring the Bahamian economy benefits from it, but it’s looking at it half-full as opposed to the glass being half empty.”
Price control ‘makes inroads’
Providence and Grand Bahama, but also throughout the Family Islands. If the consumers are well versed in the Price Control Act, its regulations and what they entail, they can help us to police the merchants.” Breadbasket items under the Price Control Act include butter, cooking oil, mayonnaise, grits, cheese, corned beef, evaporated milk, margarine, rice, sugar, flour, bread and tomato paste.
liberally gave us downgrades, they cited Baha Mar as a big part of the rationale for doing so,” Mr Sumner told Tribune Business. “That it had not opened and was becoming a drain on the economy. “The same way the rating agencies used the stick of Baha Mar to downgrade the sovereign rating given to the country, they should come back and acknowledge the progress made and lift the credit rating of the country. “You should not use Baha Mar as a whipping stick and to downgrade the country, but now that it’s open and running, ignore it as a factor in considering an uptick to the rating,” the Chamber’s chief executive continued. “For them not to do so will cause us to bring other things into question. For them [the rating agencies] to maintain integrity in the
From pg B1 Mr Bowe said that while the Commission often receives complaints from consumers about merchant overpricing, many of the concerns relate to items that are not price controlled. “We tell consumers that if the item is not under price control then the merchant can charge whatever they
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Academic Qualifications & Experience + A degree in Business, Engineering, Computer Science, Information Technology or related field + Seven (7) plus years’ experience in a business or telecommunications environment + Comprehensive understanding of customer relationship systems; networks, databases, and application integration + Strong business acumen + Ability to manage influence through persuasion, negotiation, and consensus building + Strong empathy for customers and passion for revenue and growth + Deep understanding of value drivers in recurring revenue business models + Analytical and process-oriented mindset + Demonstrate a desire for continuous learning and improvement + Enthusiastic and creative leader with the ability to inspire others + Excellent communicator with superior verbal, written, interpersonal, technical and presentation skills + Ability to think critically and problem solve in a fast- paced, entrepreneurial environment Qualified applicants should submit Resumes on or before, April 26, 2017 electronically to the following email address: careers@bealiv.com with Subject: Core Network Manager.
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like,” he explained. “We remind consumers, however, that they have the purchasing power. If they believe that an item is too expensive, then they shouldn’t purchase it. They can go somewhere else. “We are trying to step up our consumer education programmes to better equip consumers, not only in New
THE TRIBUNE
Tuesday, April 25, 2017, PAGE 5
Customs labelled ‘inefficient at best, corrupt at worst’ From pg B1 without oversight, as this “creates opportunity for non-compliance and corruption”. The Oxford Economics study, meanwhile, suggested: “A commitment to modernising Customs procedures would not only improve the public’s confidence in the integrity of Customs operations; it would also be an important signal that the Government intends to explore smart policy solutions that support and leverage port development.” As previously reported by Tribune Business, the ORG report urges the Bahamas to exploit existing infrastructure in Nassau
and Freeport to target the ‘break bulk processing’ market, where container loads are broken down and repackaged into smaller consignments before heading to their final destination. Freeport, with its existing harbour and port facilities, and tax advantages under the Hawksbill Creek Agreement, has long been seen as suited for a logistics industry that could exploit trade liberalisation and rules-based agreements that the Bahamas is entering into. However, little has been done to examine such an opportunity. The ORG report’s interviews with Bahamian private sector representatives,
Bahamas under rising tax exchange pressure From pg B1 which has left this nation as the last international financial centre (IFC) of significance that is sticking to the former. “There’s real concern that they have at least put on the table that they’re not going to deal with it on a bilateral basis,” a well-placed Bahamian source said of the stance adopted by the EU and its members. “There’s pressure being brought on the Bahamas to jump out of the bilateral and go into the multilateral treaty. They seem to be playing hardball on it. It’s getting very difficult, and I don’t think we’re going to be able to hold out. I’m fairly sure we’re the sole hold-out on bilateral of any consequence.” The refusal of the EU and its members to accept the Bahamas’ ‘bilateral’ approach - an approach previously accepted by the OECD itself - creates several potential threats for this nation’s financial services industry. With ‘the clocking ticking down’ to the Bahamas’
commitment to implement the CRS and automatic tax information exchange by 2018, the refusal of the EU and its member states to negotiate could jeopardise meeting this deadline. “There’s a concern that in not getting these countries to sign, you’ll find yourself to far behind the curve and we don’t want to be there,” the source, speaking on condition of anonymity, said. And, potentially more problematic, is the EU’s threat to publish a ‘blacklist’ of so-called ‘tax havens’ by year-end 2017. The Bahamas, should it fail to meet its CRS implementation deadline and negotiate automatic tax information exchange agreements with the EU and its member states, would almost certainly find itself on such a list. If that happens, the Bahamas’ reputation, integrity and ability to attract financial services business will be threatened, undermining the economy’s ‘second pillar’ and the sector that underpins the nation’s middle class.
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bahamascareers242@gmail.com
who are not named, cited several policy constraints and bureaucratic obstacles to developing such industries. “One specific Customs reform often mentioned was the publication of updated and streamlined tariff regulations, so that it is clear which duties will be applied to well-defined specific categories of goods,” the Oxford Economics report said. “This would make such determinations less likely to be subject to the discretion of an individual Customs agent.” The study on ORG’s behalf also suggested that the Bahamas employed outdated practices by inspecting 100 per cent of all cargos landed in this nation, something that is likely related to its traditional dependence on import duties as the primary revenue source for the Government. “Reliance on statistical
sampling to test the veracity of the cargo manifest was also mentioned as a best practice common in most other ports, but not in the Bahamas,” the report said. “In ports with modern sampling techniques, typically 2 per cent of cargo is inspected. By comparison, in the Bahamas nearly 100 per cent of the cargo is inspected, making this a very costly and time-consuming procedure. “Replacing the manual inspection of all goods transported through the port and movement to an electronic customs format for payment and paper processing would both improve transparency and operational efficiencies.” The ORG report added that there was “a perception” that the Government would be reluctant to make an investment in Freeport to facilitate the development of a ‘break bulk’ industry, such as the rais-
ing and levelling of land, because it would generate minimal tax revenues for the Public Treasury. “Undoubtedly, the major gain from bulk break would be indirect - it would vastly increase the desirability of the location for light assembly manufacturing,” Oxford Economics conceded. “But expansion would also increase taxes directly. It would be associated with an increase in the volume of containers passing through Freeport. In addition, break bulk is slightly more labour intensive than other port operations, and so the tax take would increase as a result of an increase in the number of longshoremen and warehouse operators.” Trumpeting the potential ‘break bulk’ benefits for the Bahamas, the report concluded: “The real benefit of expanded break bulk operations would be in the development of new assembly or light manufacturing
plants that might take advantage of the unique combination of deep sea port [in Freeport], proximity to the US, and favourable tax and export treatment. “Virtually all of the value added created on-site in the Port District would be taxfree in the Bahamas, and likely duty-free entering the US. This is particularly true for a wide range of products made tariff-free for United States entry through the Caribbean Basin Trade Partnership Act (CBTPA). “Although the Trump administration might take a more hard-line approach to US participation when the agreement comes up for renewal in 2020, as it stands now, operators could realise substantial logistics and tax advantages if break bulk operations expanded to better support manufacture or assembly in the Port district.”
Allyson Maynard-Gibson, the attorney general, neither confirmed nor denied that the EU and its 27 member nations were refusing to negotiate with the Bahamas on a bilateral basis when contacted by Tribune Business yesterday. She told this newspaper that she “didn’t want to preempt” the arrival of OECD representatives in the Bahamas this week for meetings with both the Government and the Bahamian financial services industry. Members of the OECD’s Global Forum Secretariat are due to hold technical briefings on the CRS for the private sector on Wednesday and Thursday, and Mrs Maynard-Gibson said the Bahamas would seek to reinforce its ‘blue chip’ reputation. “We have been working very closely with them [the OECD], making it very clear to them that the Bahamas is a clean jurisdiction, honours commitments and welcomes close collaboration with the OECD and its members,” Mrs MaynardGibson said. When pressed by Tribune Business over the EU’s refusal to negotiate with the Bahamas on a bilateral basis, she replied: “I don’t have anything to add to what I said. “We’re looking forward
to meeting with the OECD this week, and look forward to growing the sector on behalf of Bahamians.” Financial services industry sources said the Bahamas would still be able to “survive” if forced to ultimately adopt the multilateral approach to CRS implementation, as it would not be placed at a competitive disadvantage since all rivals were doing the same. However, Ryan Pinder, the former minister of financial services, had argued against the ‘multilateral’ route because the Bahamas currently has no tax architecture to facilitate the “spontaneous” handing over of the information it demands, the US excepted (FATCA). As a result, should the Bahamas be forced down the multilateral route, the costs, time and bureaucracy associated with compliance will likely increase for both the Government and financial services industry, further hitting this nation’s competitiveness. Mrs Maynard-Gibson did confirm that the Government had been “advised” of Hong Kong’s and Panama’s altered approaches, leaving the Bahamas as the sole ‘bilateral’ adherent. “We will be in discussion with the OECD on this and other matters, and will continue to send a very strong message to the world about the Bahamas being a clean jurisdiction, fully compliant, with the doors open for business,” the Attorney
General added. “We’re determined that financial services, the second pillar of the economy, is the route by which the young people of this country can have a bright future.” Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that the “bottom line” for the industry was to avoid any EU ‘blacklist’ at all costs. “There is acknowledgement from the industry that pressure to go the multilateral route continues to be applied,” she said. Ms McCartney, though, said there had been no change to the Bahamas’ CRS policy position yet, and the industry would respond appropriately if and when it altered. Expressing confidence that the Government had dedicated sufficient resources to ensure the Bahamas’ compliance with the global automatic tax information exchange standard, Ms McCartney said the industry was eager to listen to the OECD representatives before assessing whether there were any repercussions for this nation’s position. “The bottom line is this,” Ms McCartney told Tribune Business. “The industry doesn’t want to see the Bahamas ‘blacklisted’, and to the extent we have to take action to avoid a blacklist, it will be done.” She added that “the
implications” from any ‘blacklisting’ were of most concern to Bahamas-based financial institutions. “It’s not about ‘blacklisting’; it’s about global perceptions of the jurisdiction,” Ms McCartney told Tribune Business. “If our integrity is going to be called into question as a jurisdiction, if the risk profile is going to be increased, we want to avoid that at all costs.” The EU, in rating 81 different jurisdictions for their co-operation on tax matters last September, ‘red flagged’ the Bahamas and nine other countries - mainly its fellow IFCs - for having either no, or a zero rate, corporate income tax. This, though, has now been dropped, seemingly after pressure from the UK worried about its IFC dependencies, plus European nations who themselves have ‘low tax’ regimes. A ‘zero’ tax rate will now only trigger a closer look at a jurisdiction’s taxation rules. The Brussels-based EU Commission, though, also placed a ‘red flag’ against the Bahamas when it came to transparency and the exchange of tax information, although on the third and final criteria - the existence of a ring-fenced preferential tax regime - this nation received a clean bill of health. The EU has so far sent requests to 92 countries, including the US, in a bid to assess practices that could be seen as enabling tax avoidance.
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PAGE 6, Tuesday, April 25, 2017
THE TRIBUNE
Trump's tax plan could face a budget deficit challenge WASHINGTON (AP) — President Donald Trump plans to stick with his campaign pledge to slash the corporate tax rate from 35 percent to 15 percent, but the dramatic cut raises a problematic question for the White House: How can the president deliver the “massive” tax cut he promised without also blowing a massive hole in the budget? A senior administration official confirmed the planned reduction to corporate rates, speaking on condition of anonymity in order discuss details of the plan the president is expected to unveil Wednesday. Most outside economic analyses say the type of tax cuts being promoted by Trump would likely fuel even larger deficits for a federal government already projected to see its debt steadily rise. They are also unlikely to generate Trump’s ambitious promised growth rate of 3 percent a year, roughly double the 1.6 percent growth achieved last year. These two factors are related because the Trump administration is counting on faster economic growth to produce additional tax revenues that could then close the deficit. The concept was popularized as “trickle-down” economics.
Treasury Secretary Steve Mnuchin points to a member of the media as he answers questions during the daily briefing in the Brady Press Briefing Room of the White House yesterday. (AP Photo) The problem is that the economy can’t grow quickly enough to cover the likely hole in the deficit. “There’s no pure tax cut that pays for itself,” said Alan Cole, an economist at the right-leaning Tax Foundation. Trump has promised to release the outlines of his tax plan Wednesday and has said the plan would give Americans a tax cut bigger than “any tax cut ever.” During the campaign, he backed cutting the corporate
tax rate and the personal income tax rate to 33 percent from a top marginal rate of 39.6 percent. Although he did not disclose details, Treasury Secretary Steven Mnuchin said Monday the lower tax rates would generate so much economic growth that it would hold the deficit in check. “The tax reform will pay for itself with economic growth,” Mnuchin said at the White House news briefing, adding that the overhaul would ideally let someone
file taxes on a “large postcard.” By running the risk of higher deficits, the Trump plan could damage the credibility of Republican lawmakers who spent years railing against the rising national debt under former President Barack Obama. Trump could also make it harder to pass lasting tax reform, since any policy that increases the debt above its baseline either requires Democratic support or — if passed by a slim majority of Republicans in the Senate — would expire in a decade. The House Republican tax blueprint tried to offset the lower rates by introducing a new tax system that applies to imports. Mnuchin and White House economic adviser Gary Cohn are scheduled to meet with congressional leaders Tuesday evening to talk about the president’s tax plan. They are expected to meet with Senate Majority Leader Mitch McConnell, R-Ky., House Speaker Paul Ryan, R-Wis., Senate Finance Committee Chairman Orrin Hatch, R-Utah, and House Ways and Means Committee Chairman Kevin Brady, R-Texas. Hatch and Brady will be key players in Congress as lawmakers try to tackle a tax
overhaul. Trump’s announcement Friday that he would unveil a tax plan this week caught lawmakers by surprise, despite regular conversations among Mnuchin, Cohn and congressional leaders, said a congressional aide. The aide, who spoke on condition of anonymity, was not authorized to speak publicly about the issue. Without a proposal on the table, the White House has been vague about the president’s support for ideas circulating in Congress. It’s unclear whether the president favors the House Republican blueprint’s border adjustment tax system, which would lower corporate rates to 20 percent by essentially taxing imports and excluding U.S. exports. Trump told Fox Business News that he prefers a “reciprocal” tax in which any tariffs, duties or taxes would match what trading partners charge. Most economists say it’s unlikely that tax cuts can generate enough gains to prevent the budget deficit — estimated to total $559 billion this year — from rising. They also have recent real-world examples to make their case: Tax cuts in Kansas made by Gov. Sam Brownback failed to deliver
the expected boost, forcing the state into years of grueling budget battles and harsh spending cuts to make up the gap. The benefits of the tax cuts could also be limited by economic forces beyond Trump’s immediate control. The Federal Reserve could raise short-term interest rates, investors might charge the government higher borrowing costs and a stronger dollar could temper growth through exports, said Mark Doms, a senior economist at the bank Nomura. “Doing some kind of tax cut might boost growth a bit, but there are forces that would counteract the tax cut,” Doms said. Tax reform would likely have a modest effect on growth, almost surely not enough to match the administration’s 3 percent growth target, said Mark Mazur, director of the nonpartisan Tax Policy Center and a former assistant treasury secretary for tax policy in the Obama administration. Major tax cuts might also provide a short-term boost, but they would likely produce additional debt that would dampen growth in the future. “The laws of arithmetic kind of catch up to you," Mazur said.
French election result gives markets a start-of-week lift
A man stands in front of an electronic stock board of a securities firm in Tokyo,yesterday. Asian stocks were mixed Monday as investors weighed the results of a closely watched election in France. (AP Photo)
LONDON (AP) — European stock markets and the euro ratcheted higher Monday, particularly in France, after the first round of the country’s presidential election saw centrist Emmanuel Macron emerge on top — stoking hopes that he will defeat far-right Marine Le Pen in the run-off in two weeks’ time. KEEPING SCORE: France’s CAC 40 spiked 4.6 percent to nine-year highs of 5,290, while Germany’s DAX advanced 3.2 percent to 12,427. The FTSE 100 index of leading British shares was 1.9 percent higher at 7,247. U.S. stocks were poised for solid gains at the open, with Dow fu-
MARKET REPORT MONDAY, 24 APRIL 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,891.34 | CHG 0.04 | %CHG 0.00 | YTD -46.87 | YTD% -2.42 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 6.76 8.50 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 9.30 6.90 12.01 11.00
52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.79 8.56 7.11 6.35 11.92 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
1.00 105.50 100.00 100.00 105.00 100.00 100.00 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
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.26 1.55 6.00 9.75 9.00 9.30 6.90 12.01 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 100.00 100.00 100.00 107.84 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.31 1.55 6.00 9.75 9.00 9.30 6.90 12.01 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 0.05 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 1.01
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
107.82 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.02 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
900 1,521
VOLUME
NAV 2.05 3.92 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000
P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 104.5 22.6 19.4 20.0 18.8 9.4 11.3 23.5 19.7 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 0.0
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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 28-Feb-2017 28-Feb-2017 24-Feb-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.26% 2.60% 3.87% 4.00% 4.10% 0.00% 3.55% 2.03% 5.33% 0.00%
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
tures and the broader S&P 500 futures up 1.2 percent. FRANCE FOCUS: Though Le Pen came second with 21.5 percent of the vote on Sunday and will contest the runoff on May 7, the favorite to be the country’s next president is Macron, who came top with around 24 percent. Following Britain’s vote to leave the European Union and Donald Trump’s surprise victory in the U.S. presidential election, the hope in the markets is that the rise of populism around the world — and the associated potential unpredictability in policymaking — may have peaked. That hope was also evident in the performance of the euro, which was up 1.1 percent at $1.0846, having struck five-month highs overnight above $1.09. ANALYST TAKE: “In Macron, we see the strongest opponent pitted against Le Pen, in what is likely to be the final vote of confidence for the EU in what was always going to be a critical year for the future of Europe,” said Joshua
Mahony, market analyst at IG. TRUMP ON TAX: Though the second run of the French election will remain in the spotlight, there’s likely to be investor interest also in upcoming tax proposals from the Trump administration. However, investors aren’t expecting too much from Wednesday’s anticipated announcement following the recent reverse on repealing the Affordable Care Act. “Markets have received this news with a big pinch of salt,” said FXTM Research Analyst Lukman Otunuga. CHINA BLUES: Benchmarks in Shanghai and Shenzhen fell by more than 1 percent in their worst losses in four months after regulators warned over the weekend of risks in the financial industry. The Chinese Insurance Regulatory Commission, in a notice carried by the state-run Xinhua News Agency, ordered insurers to improve risk controls amid a crackdown on misuse of capital.
NOTICE
NOTICE is hereby given that SHANNAN YATES of #13 Hunts Close off Fire Trail, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARLON ANTHONY DALEY of #3 Miller Road, Nassau, Bahamas intend to change my name to MARLON ANTHONY WILLIAMS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
THE TRIBUNE
Tuesday, April 25, 2017, PAGE 7
Magnifique: Investors applaud French vote with stock rally NEW YORK (AP) — Vive le rally. U.S. stocks joined a worldwide surge higher Monday after the first round of France’s presidential election raised expectations that the European Union will hold together. A candidate seen as probusiness won the most votes Sunday, and many investors expect him to win a runoff against the remaining antiEU candidate, which is set for May 7. Prices for gold, Treasurys and other investments that signal fear in the market all sank, while a popular gauge for measuring investor fear eased by the biggest margin since the summer of 2011. “It’s good news, and now investors have a reason to focus on the fundamentals in Europe, which are strong,” said Luca Paolini, chief strategist at Pictet Asset Management, a U.K.based firm that manages $165 billion in client assets. The Standard & Poor’s 500 index jumped 25.46 points, or 1.1 percent, to 2,374.15. The Dow Jones industrial average rose 216.13, or 1.1 percent, to 20,763.89, and the Nasdaq composite gained 73.30, or 1.2 percent, to 5,983.82. Coming into Sunday’s election in France, several
candidates railed against the European Union, one of the world’s dominant trading partners. A victory for one of those candidates would have followed the path set by last year’s “Brexit” vote by Britain to exit the European Union and the U.S. election of President Donald Trump as a kick in the face to the globalist, free-trade worldview. Emmanuel Macron, a candidate investors see as pro-business, ended up winning the most votes. He will face Marine Le Pen in a runoff election in two weeks. Le Pen is one of the candidates who campaigned against the European Union, but many investors expect Macron ultimately to be victorious. “It’s not only France” where the forces of populism seem to be waning, said Paolini. He pointed to the Dutch elections last month, where a candidate who ran on the pledge to pull the Netherlands from the European Union, lost. “This surge is fading,” Paolini said. “Maybe it’s too early too early to celebrate, but that’s what the market is pricing in.” Risks remain: Not only is there the runoff election for France in two weeks, but
there is also a parliamentary election in June. And other elections may loom even larger for the future of the European Union, such as next year’s Italian vote, Paolini said. On Monday, though, relief reigned. France’s CAC 40 index jumped 4.1 percent and at one point touched its highest level since 2008. Germany’s DAX gained 3.4 percent, and the FTSE 100 in London rose 2.1 percent. Asian markets also rose. Japan’s Nikkei 225 index climbed 1.4 percent, and Hong Kong’s Hang Seng and South Korea’s Kospi indexes both added 0.4 percent. In the U.S., the VIX index that many investors see as a measure of the market’s fear level plunged 25 percent. That’s its largest drop since the summer of 2011 when worries were intense that Europe’s debt crisis could lead the union to unravel. Demand for other investments that investors flock to when they’re fearful also fell. The price of gold fell $11.60 to settle at $1,277.50 per ounce. Prices for Treasury bonds dropped, which sent yields higher. The yield on the 10year Treasury climbed to 2.27 percent from 2.25 per-
the American flag flies above the Wall Street entrance to the New York Stock Exchange. Stocks are opening sharply higher on Wall Street, yesterday, following gains in Europe, as investors hoped that France was not heading for an exit of the euro. Banks and industrial companies led the way higher in U.S. markets early in the day. (AP Photo) cent late Friday. Any rise in bond yields recently has fed into immediate gains for bank stocks, because higher rates mean banks can charge more for loans, and Monday fit the pattern again. Financial stocks in the S&P 500 jumped 2.2 percent, by far the biggest gain among the 11 sectors that make up the index. Bank of America surged 4.1 percent, and SunTrust Banks gained 3.6 percent. Strong earnings reports also helped to lift stocks, as companies continue to report better results than expected. Analysts forecast this to be the best quarter of earnings growth in years. Hasbro jumped $5.67, or 5.9 percent, to $101.70 after reporting stronger quarterly revenue and profits than analysts had forecast. Illi-
Bloomberg to world leaders: Ignore Trump on climate NEW YORK (AP) — New York billionaire Michael Bloomberg urged world leaders not to follow President Donald Trump’s lead on climate change and declared his intention to help save an international agreement to reduce carbon emissions. Bloomberg, who considered a presidential bid after serving three terms as New York City’s mayor, addressed his intensifying focus on climate change in an interview with The Associated Press. He said there was no political motive tied to last week’s release of his new book, “Climate of Hope: How Cities, Businesses, and Citizens Can Save the Planet,” co-authored by former Sierra Club executive director Carl Pope. “I’m not running for office,” the 75-year-old Bloomberg said. Instead of helping to reignite his political career, he said the new book offered a specific policy objective: To help save an international agreement, negotiated in Paris, to reduce global carbon emissions. The Trump administration is debating whether to abandon the pact as the president promised during his campaign. Under the agreement, the U.S. pledged that by 2025 it would reduce its annual greenhouse gas emissions by 26 to 28 percent below 2005 levels, which would be a reduction of about 1.6 billion tons. Bloomberg said he believed the U.S. would hit that goal regardless of what
former New York City Mayor Michael Bloomberg waves after speaking to delegates during the third day session of the Democratic National Convention in Philadelphia. The former New York City mayor addressed his intensifying focus on climate change on Saturday, April 22, 2017, in an email interview with The Associated Press. Bloomberg said he wants to help save an international agreement to reduce carbon emissions. (AP Photo) Trump does because of leadership at the state level and market forces already at play in the private sector. “Washington won’t determine the fate of our ability to meet our Paris commitment,” he said in an email Saturday to the AP. “And what a tragedy it would be if the failure to understand that led to an unraveling of the agreement. We hope this book will help to correct that wrong impression — and help save the Paris deal.” Bloomberg already plays a significant role in shaping some of the nation’s fiercest policy debates, having invested millions of dollars in one advocacy group that pushes for stronger gun control and another that promotes liberal immigration
policies. In the new book, which follows what a spokeswoman described as $80 million in donations to the Sierra Club in recent years, the New York businessman solidifies his status as a prominent climate change advocate as well. His policy repertoire aligns him with core values of the Democratic Party, although the Democratturned-Republican-turned independent has no formal political affiliation. In the interview, Bloomberg shrugged off conservatives who condemn him as a paternalistic New York elitist. He noted that policies he helped initiate in New York City — including a smoking ban and high taxes on sugary drinks — have eventually
caught on elsewhere. “My goal has been to save and improve lives,” he said. “Some ways of doing that can be controversial at first, but end up being highly popular and successful.” In his new focus on climate change, Bloomberg directs particularly aggressive language at the coal industry. “I don’t have much sympathy for industries whose products leave behind a trail of diseased and dead bodies,” he wrote in the book. He added: “But for everyone’s sake, we should aim to put them out of business...” Similar language haunted Hillary Clinton’s presidential bid last year and fueled criticism from Trump and other top Republicans that Democrats were engaged in a “war on coal.” Bloomberg offered a pragmatic approach when asked about the political consequences for politicians who embrace such a stance. “The fact is, coal in Appalachia is running out,” he said, adding that “Washington can’t put generations of people back to work in a dying industry.” Saying that coal miners “have paid a terrible price,” Bloomberg also disclosed for the first time plans to donate $3 million to organizations that help unemployed miners and their communities find new economic opportunities. Bloomberg Philanthropies highlights the plight of coal miners in a new film to be featured at the Tribeca Film Festival on Wednesday.
nois Tool Works rose $4.89, or 3.6 percent, to $139.76 after also surprising analysts with a better-than-expected quarter. In the commodities market, benchmark U.S. crude oil fell 39 cents to settle at $49.23 per barrel. Brent crude, which is used to price international oils, fell
36 cents to $51.60 per barrel. Natural gas fell 3.5 cents to $3.07 per 1,000 cubic feet, heating oil fell a penny to $1.54 per gallon and wholesale gasoline dropped 2 cents to $1.62 a gallon. Silver was virtually flat at $17.86 per ounce and copper added 1.5 cents to $2.55 per pound.
RBC Royal Bank (Bahamas) Limited is presently considering applications for:
Trading Assistant Capital Markets What is the opportunity? In this role, you are contributing to the management of a multi-billion securitized products investment portfolio. You will be using state-of-the art financial technology and learning investment strategies to build stable investment income for RBC. What will you do? • Assist with analyzing credit & market risk in CLOs, CMBS, & ABS and GNMA securities • Develop/revise models/tools for purchase analysis and portfolio management • Perform ad hoc analysis for Portfolio Managers as requested • Track/summarize sell side research • Maintain Front Office books and records estimates, including reporting P&L and portfolio metrics • Act as Front Office liaison with Middle Office Risk, Operations, and other internal support groups. What do you need to succeed? • Fundamental knowledge of finance, capital markets, and bond cash flows • Strong attention to detail, accuracy of work, and capacity to learn • Desire to contribute to a team environment Must-have • Undergrad or Graduate degree in Business or highly quantitative subject (Engineering, Physics, Math) • Ability to source data from the internet as well as various technology publications on Bloomberg • Ability to work independently, under time constraints and with attention to details • Self – starter, must be organized and able to prioritize work and responsibilities • Good interpersonal skills and the ability to work and coordinate effectively within a team environment Technical requirements • Advanced Excel skills: pivot table, Bloomberg formulas • VBA: Ability to develop, update and maintain macros • SQL and database management software • Statistics: linear and logistics regression, fixed effects, quantiles Nice-to-have • Ability to develop, update and maintain macros in Excel based financial models • Knowledge of programming languages and familiar with database management What’s in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver outstanding financial results. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual: • A comprehensive Total Rewards Program including competitive compensation, bonuses, and flexible benefits • Continued opportunities for career advancement • World-class sales training, coaching, and development opportunities • Support from a dynamic, collaborative, progressive, and high performing team, as well as world-class tools and training • Opportunity to achieve great success and grow your career with RBC Interested persons should apply by May 1, 2017 and forward your resume to:tt-ec-bbrecruitmentjobpostings@rbc.com
www.rbcroyalbank.com/caribbean
® / ™ Trademarks of Royal Bank of Canada. Used under licence.
Due from banks
THE TRIBUNE - Demand and call
3,309,559 3,309,559
157,623 157,623
–
$
15,594,923 287,804,016
1,744,784 1,744,784
272,209,093 20,806,889 293,015,982
$
3,840,269
–
–
–
3,840,269
– –
– –
– –
271,675,031
$
271,675,031 108,377 275,623,677
–
–
–
275,623,677
$
12,180,339
3,309,559
157,623
1,744,784
17,392,305
$
Loans and advances
LIABILITIES Due to banks - Demand Due to customers - Demand - Time
Liquidity gap
272,209,093
–
–
Tuesday, April 25, 2017, PAGE 11
108,377
15. Derivative financial instruments The Bank enters into forward currency contracts solely as part of its client-related trading
PRIVATE INVESTMENT BANK LIMITED activities. Forward currency contracts are contracts to purchase and sell foreign currencies at
Notes to Consolidated Financial specific rates of exchange on Statement specific dates in the future. Risk arises from the potential inability of counterparties to perform under the terms of the contracts (credit risk) and from fluctuations Yearinended December 31, 2016 the foreign exchange rates (market risk). The Bank manages the market risks of client-related (Expressed inby United States dollars) positions taking offsetting positions with the Parent Company, resulting in minimal market exposure. The credit risk of the client-related positions is managed by applying uniform credit standards maintained for all activities with credit risk. Collateral held generally includes cash, cash equivalents and marketable securities. 15. Derivative financial instruments (continued) The Bank had contractual commitments under 22 open forward currency contracts as follows: 2016
2015
Commitments to purchase forward currency contracts
140,359,974
169,100,048
Commitments to sell forward currency contracts
140,446,960
169,119,167
The contract amounts of these instruments reflect the extent of the Bank’s involvement in forward currency contracts and do not represent the Bank’s risk of loss due to counterparty non-performance. The credit risk is limited to those contracts with a positive fair value. 16. Fair value of financial instruments Fair value estimates are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore, cannot be determined with precision. Nevertheless, fair values can be determined within a reasonable range of estimates. The non-derivative financial instruments utilised by the Bank are either short-term in nature or have interest rates that automatically reset to market on a periodic basis. Accordingly, their estimated fair values are not significantly different from their carrying values. IFRS 7 specifies the hierarchy of valuation techniques based on whether inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources; unobservable inputs reflect the Bank’s market assumptions. These two types of inputs have created the following fair value hierarchy: The table below shows the fair value hierarchy levels for financial assets and liabilities. As of December 31, 2016
Level 1 USD
Level 2 USD
Level 3 USD
Total USD
– – –
12,073,993 1,696,119 13,770,112
– – –
12,073,987 1,609,133 13,683,120
Financial assets designated 23 at fair value Due from banks – - Precious metal currency accounts $ 12,311,950 Derivative financial instruments – Total assets at fair value $ 12,311,950
Level 2 USD
Level 3 USD
Total USD
– 1,448,909 1,448,909
– – –
12,311,950 1,448,909 13,760,859
Financial liabilities designated at fair value Due to customers – - Precious metal currency accounts $ 12,311,950 Derivative financial instruments – Total liabilities at fair value $ 12,311,950
– 1,429,790 1,429,790
– – –
12,311,950 1,429,790 13,741,740
Financial assets designated at fair value Due from banks – - Precious metal currency accounts $ 12,073,993 – Derivative financial instruments – 1,696,119 Total assets at fair value $ 12,073,993 1,696,119 PRIVATE INVESTMENT BANK LIMITED Financial liabilities designated Notes at tofair Consolidated Financial Statement value Due to customers – Year ended December 31, 2016 - Precious metal currency accounts – (Expressed in United States dollars)$ 12,073,987 Derivative financial instruments – 1,609,133 Total liabilities at fair value $ 12,073,987 1,609,133
16. Fair value of financial instruments (continued) As of December 31, 2015
Level 1 USD
17. Assets under management The Bank provides custody, trustee, investment management and advisory services to individuals, corporations, trusts and other institutions, whereby it holds and manages assets or invests funds received in various financial instruments at the direction of the customer. The Bank receives fee income for providing these services. Assets under management are not assets of the Bank and are not recognised in the consolidated statement of financial position. The Bank is not exposed to any credit risk relating to such placements, as it does not guarantee these investments. At the reporting date, the Bank had assets under management amounting to $1.5 billion (2015: $1.7 billion), of which $11 million (2015: $14 million) was held in a fiduciary capacity. 18. Capital management The Bank’s objectives when managing capital, which is a broader concept than ‘equity’ on the face of the consolidated statement of financial position, are: To comply with the capital requirements set by the Central Bank of The Bahamas (“the Central Bank”); • To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and • To maintain a strong capital base to support the development of its business. PRIVATE INVESTMENT BANK LIMITED Notes to Consolidated Financial Statement Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, •
employing techniques designed to ensure compliance with guidelines established by the YearCentral ended Bank. December 2016 information is filed with the Central Bank on a quarterly basis. The 31, required (Expressed in United States dollars) The Central Bank requires the Bank to: (a) have regulatory capital of at least $5,000,000 and (b) maintain a ratio of total regulatory capital to risk-weighted assets at or above a minimum 15% (2015: 15%). (continued) 18. of Capital management The table below summarises the composition of regulatory capital and shows the capital 24 date. During 2016 and 2015, the Bank has adequacy ratio of the Bank as of the reporting complied with all of the externally imposed capital requirements to which it was subject. Tier 1 capital Share capital Retained earnings Tier 2 capital General legal reserve Property revaluation reserve Total
2016
2015
7,000,000 14,000,756
7,000,000 10,735,300
$
340,000 1,664,917 23,005,673
340,000 1,723,748 19,799,048
$
77,491,000
77,775,000
29%
25%
$
Risk-weighted assets Capital adequacy ratio
Publish your
CARD OF THANKS or
IN LOVING MEMORY in The Tribune’s
OBITUARY SECTION EVERY THURSDAY
Call: 502-2350 25
an American flag hangs on the front of the New York Stock Exchange. European stocks declined while most Asian markets rose Friday, April 21, 2017, ahead of the first round of voting in France’s closely watched presidential election. (AP Photo/Peter Morgan)
Asian stocks mixed as investors mull French election outcome TOKYO (AP) — Asian stocks were mixed Monday as investors weighed the results of the first round of the French presidential election. KEEPING SCORE: Japan’s benchmark Nikkei 225 rose 1.2 percent to 18,843.98. Australia’s S&P/ASX 200 gained 0.1 percent to 5,857.00. South Korea’s Kospi added 0.2 percent to 2,169.96. Hong Kong’s Hang Seng lost 0.1 percent to 24,016.23, while the Shanghai Composite fell 1.6 percent to 3,123.80. FRENCH ELECTION: After the weekend vote, centrist Emmanuel Macron and far-right populist Marine Le Pen are advanc-
ing to a runoff in France’s presidential election. The outcome could lead to a reshaping of the country’s political landscape and set up a showdown over France’s participation in the European Union. WALL STREET: The Standard & Poor’s 500 index lost 0.3 percent to end the week at 2,348.69. The Dow Jones industrial average dipped 0.2 percent to 20,547.76. The Nasdaq composite fell 0.1 percent to 5,910.52. THE QUOTE: “It seems like a ‘relief rebound’ following the result of the French election just a few hours ago, which shows that Macron and Le Pen
will go head-to-head in the final round. The first round election result was very much in line with earlier poll results,” Margaret Yang Yan, market analyst at CMC Markets Singapore, said in a commentary. ENERGY: Benchmark U.S. crude rose 25 cents to $49.87 a barrel in New York. It shed $1.09, or 2.1 percent, to $49.62 a barrel Friday. Brent crude, used to price international oils, rose 28 cents to $52.24 a barrel in London. The CURRENCIES: dollar recovered to 110.04 yen from 109.09 yen late last week in Asia. The euro rose to $1.0847 from $1.0701.
PAGE 12, Tuesday, April 25, 2017
THE TRIBUNE
b o dy a n d m i n d
Father will walk 100 miles to save hearts
E
very parent would journey to the ends of the earth to give their child a fighting chance at survival. For Ernie Blues, this has become a literal quest. On June 26, Ernie will embark on a challenging 100-mile, seven-day journey on foot across the vast West Highland Way in the Scottish Highlands. The ultimate goal for this courageous dad is to help young heart patients in the Bahamas receive timely, critical care and the surgical procedures that make the difference between life and death. In thankfulness for his own daughter’s survival of a viral heart attack at the age of six, Ernie aims to raise awareness and much needed funds for the Victor Sassoon (Bahamas) Heart Foundation. The Foundation assists less fortunate children in receiving critical care, pace makers, and surgery to treat heart related issues and infirmities. Working in tandem with the Charity Of Hope Foundation, the philanthropy
arm of Furniture Plus, where Ernie is employed, the management team and staff have rallied behind Ernie to support his heartinspired quest by being the first to provide sponsorship. “We are so proud of Ernie, and the efforts being made to further the work of the Victor Sassoon Heart Foundation in the country,” said Krystynia Lee d’Arville, vice-president of sales, marketing and organisational development at Furniture Plus. “Every child deserves a healthy heart and the chance to live a full and meaningful life. This opportunity to support the life-saving work of the Heart Foundation, and the courageous step Ernie is taking reminds us of what is possible when we collaborate and take action to make a difference.” It was in January of 2010, after attending a children’s party, that Renee Blues and her parents fell ill. In Renee’s case the vomiting was so severe that her parents rushed her to the Princess Margaret Hos-
Happy times with Renee Blues and dad, Ernie Blues. pital. What started out as a stomach bug quickly escalated to critical status when Renee inadvertently breathed in vomit and the virus began to attack her heart, a condition known as viral myocarditis. Renee’s heart began fluctuating wildly from 25 to 180 beats per minute indicating heart
failure, and her parents were faced with the heart breaking news that Renee was dying. Fortunately, Dr Jerome Lightbourne, one of the country’s pre-eminent paediatric cardiologists, was the resident doctor on the Children’s Ward that week. He was able to prescribe
the correct treatment to stabilise Renee and take the immense strain off her heart. After four days, Renee’s heart began to slow down moving toward a more normal beating pattern, and thus began her long, but hopeful road to recovery. Seven and a half years
later, Dr Lightbourne still calls Renee his “miracle child.” She is now a teenager and has recovered to full health. She is even able to play soccer for her school team providing she maintains her annual check-ups to ensure her recovery continues. “The reality in the Bahamas is that others are not so fortunate, in that they have a heart condition that requires surgery and their families do not have the financial means or health insurance to be able to afford life-saving treatment,” said Ernie. “I intend to use this walk as a platform to raise awareness but also funds that will ensure that other children can get the gift of a second chance at life like my daughter did.” The public and corporate Bahamas is invited to sponsor Ernie’s Highland walk. Funds will be collected at Furniture Plus in the Town Centre Mall, at the cashier’s counter. Cheques can be made payable to Furniture Plus, Re: COHF: Heart Foundation/Ernie Blues Walk.
Wellness retreat to provide a healthy escape By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net SOMETHING as simple as taking time out to focus on oneself can boost physical and emotional wellness. But so many people in today’s world are overwhelmed by the their hectic lives and as a result they rarely take the opportunity to engage in meaningful activities that can make a positive impact on their body, mind and soul. However, an upcoming wellness retreat by Studio Ohana wants to change all that by offering a healthy escape to Green Turtle, Abaco, from May 4 - May 7. The retreat will feature three daily yoga classes (all different types ranging from yin yoga to power yoga), vegan food and interactive vegan cooking lessons during lunch, as well as group coaching and discussions around topics that relate to everyday life. There is a long break each afternoon where participants can rest, relax, snorkel, or explore the island.
According to Alexis Bethel, owner and founder of Studio Ohana, the retreat is another way for the community-based studio to promote wellness through yoga and alternative forms of fitness. “The purpose of the retreat is to give people a time and space where they can focus fully on themselves and their well-being, away from distractions. Participants will have the opportunity to deepen their yoga practice, explore eating an animal product-free diet, connect with like-minded individuals and have free time and space to self-reflect or just to enjoy the beautiful island and have fun,” she said. Alexis said she is aware that many people do not see the importance in taking a timeout from the day-to-day hustle and bustle and really focusing on their well-being, but hopes the retreat will help them see the value in doing so as often as they can. “The retreat is going to offer participants a time and space to really delve deeper into
themselves. It’s for people who are craving a space to tune out distractions and just focus on themselves and their full wellbeing in order to re-centre, renew and show up more fully in their everyday lives,” she said. “Each day will be centered around a theme that will tie together the yoga classes and group discussion. Daily themes include self-love/self-care, surrender versus control, and ahimsa (which means nonharming in Sanskrit).” Vegan cooking demonstrations will also be part of the retreat so participants can learn how to cook easy, delicious vegan meals and take the recipes home with them. “The retreat will be hugely beneficial. It’s an opportunity to shut off fully for three days, to explore a healthy animalfree diet, to deepen your yoga practice, to connect with likeminded people and foster relationships. Participants will come back feeling refreshed, more centered and more deeply connected to themselves,” she said.
Studio Ohana is hosting a wellness retreat in Abaco to help people relax, engage in daily yoga classes and learn all about vegan cooking.
Your pillow may be preventing a restful sleep Do you find yourself unable to get to sleep despite trying various techniques? Have you been counting sheep, tossing and turning all night only to hear the alarm clock buzz all to early? Most of us have experienced sleepless nights. But when this becomes a regular occurrence, the reason may not be obvious. Most people assume that if they aren’t sleeping well it must be due to stress or mild depression. Others put it down to medication, excessive alcohol or other substances such as caffeine. Some people snore or suffer with sleep apnea, causing disturbed sleep they are unaware of. Apart from those possibilities, another likely culprit is a mattress providing inadequate support. Yet few of us consider that the state of our pillow, or whether we are using the wrong one, could be the problem. The right cushioning and positioning for your upper body is important to achieve a deep and rejuvenating sleep. How many times have you awoken to reposition your pillow because it’s uncomfortable? Getting the right height and softness for you to rest your tired head on is a very comforting feeling. Using the correct pillow can also help to align your spine during sleep. In turn this can alleviate or prevent common back and neck
Bettyjoe Cooper conditions. Experts believe that it is not only the elevation (known as the ‘loft’ in pillow talk) and the firmness, but also the type of pillow to match your sleeping style. Back sleepers should use a pillow with a low loft which puts the spine in mid-line. For the 75 per cent of us that are side sleepers, the width is as important as the loft. This is because the cushioning falls into the gap between your shoulder and neck. If you suffer from hip pain or are pregnant as well as being a side sleeper, a long pillow to rest one leg and one arm on may be the best option. People underestimate just how much of a difference having the right pillow makes, not only to the
The wrong pillow can cause neck, shoulder, back and hip pain. quality of their sleep but also to how they feel throughout the day,” says physiotherapist Sammy Margo. “I have seen so many patients throughout my 26-year career suffering from neck, shoulder, back and hip pain, not to mention pins and needles in their arms and postural problems, simply because of how they sleep. We give a lot of thought to how we sit and stand these days but very little thought to how we lie down at night.” Margo spent years researching sleeping habits and in 2008 published ‘The Good Sleep Guide’. “We spend a third of our lives asleep which is a lot of time. Not all of us sleep in the same way or in the same position” she explains. Millions of adults suffer from sleep problems at some stage in their lives of which insomnia is the most
common. Pillows have evolved and it should be possible to buy the perfect one for you,” she said. We have discussed the pillow size, loft and firmness. But there are also considerations such as the materials used. There are many more options than traditional down or the more modern polyester filled pillows. The variety of materials available offers a wide range of different experiences. More advanced pillows such as the Malouf Carbon Cool + Omniphase also regulates the temperate for ideal sleep comfort. The manufacturer claims: “The greatest scientific advancement in the industry since memory foam, phase change material (PCM) offers continual temperature regulation for ideal sleep comfort. Our proprietary applica-
tion of OmniPhase microencapsulated phase change material has created a new category in memory foam comfort. PCM continually adjusts to body and environmental temperature to maintain the optimum sleep temperature range. Supportive memory foam is infused with graphite – known for its excellent thermal conductivity properties – to remove heat. Tiny graphite molecules in the pillow create pathways that use conduction to channel heat away from the head, face and neck. A Tencel mesh cover creates a soft, smooth surface that helps to control humidity while allowing for maximum exposure to the Omniphase coating. We maximised the most advanced pillow-cooling technology available to create ideal comfort.” It is true that a good pillow can cost as much as a cheap mattress, but what price can you put on a restful sleep? So, it might be worth looking at what’s under your head the next time you find yourself counting sheep in the early hours. • Bettyjoe Cooper is a self-published author and the founder of Brand New Mattress Co, a retailer of bedding products located in the Hummingbird Plaza, Coral Harbour Road, Nassau, Call 698 4609 for more information.
THE TRIBUNE
Tuesday, April 25, 2017, PAGE 13
Chef Khepra Anu of Washington’s Khepra’s Raw Food Juice Bar
Akosua Akoto of ASA! Kelenya
Raphy of the Girl on Pole Dance Studio
It’s time to ‘Eat, Move n’ Groove’
C
ombining tasty, healthy food with fitness, fun, plus education, is the goal of the upcoming ‘Eat, Move n’ Groove’ wellness extravaganza. Presented by SEEDlings’ Place and NaturaLife, it all goes down at the National Art Gallery of the Bahamas this Sunday from 12noon to 7.30pm. The event will include vegan cooking classes and a fitness dance party featuring both local and international experts. Among the five presenters are two chefs, one of them the author and master raw food chef Khepra Anu from Washington, DC. There will also be three fitness interactive demonstration classes on pole dancing, belly dancing and African dancing. The latter of which will be taught by
Akosua Akoto from Baltimore, the CEO, founder and lead choreographer of the popular dance workshop ASA! Kelenya. Patrons can also enjoy products and get information from various wellness and eco-friendly vendors “Since we know you’re interested in healthy plantbased food choices, learning how to make them, fitness through dance in various forms, wellness products, growing in your wellness, getting fit in a fun way, meeting new people on the same path, just having a good time with friends, we know this is the event for you,” said the organisers. Interested persons can register at Eventbrite.com for $49.99 per person; admission it $60 at the door. Call 376-1213 or e-mail Seedlingsplace2007@gmail for more information.
Schedule of events • 12noon - 12.30pm – Meet n’ Greet • 12.30pm - 1pm – Pole dancing demonstration by Girl on Pole Dance Studio • 1.15pm - 1.45pm – Belly dance interactive demo by Bellydancing Bahamas • 2pm - 3.45pm – Vegan cooking classes by Chef Aisha Nesut Ani of Hungry Heaven • 4pm – Live food cooking class and lecture by Chef Khepra Anu of Khepra’s Raw Food Juice Bar
(l-r) Rhonda Wright, director of SEEDlings Place, is partnering with Chef Aisha Nesut Ani of Hungry Heaven.
• 7pm – African dance interactive demo by Akosua Akoto of ASA! Kelenya
Nutrition 101 and fitness If you want to see the best results from your training programme, proper nutrition is critical. This means the proper intake of calories, the proper ratio of macro nutrients – protein, carbohydrates and fats – and the proper timing of these macro nutrients. This also means understanding and maintaining a positive nitrogen balance. Many bodybuilders, beginners and others, do not understand the basics of good nutrition from a bodybuilding standpoint. The nutrients in food are broken down into the three types of macro-nutrients mentioned above. Macro-nutrients, mean nutrients, we need in large amounts. Micronutrients are vitamins and minerals – micro meaning we need these in small amounts. Each type of nutrient performs specific functions in the body, but interacts with other nutrients to carry out those functions.
Protein Your body, after water, is largely made up of protein. Protein is used by the body to build, repair and maintain muscle tissue. Protein consists of amino acids, usually referred to as the “building blocks of protein”. There are approximately 20 amino acids, nine of which are considered essential because the body cannot make them; they must be supplied by the diet. Protein is essential for growth and the building of new tissue as well as the repair of broken down tissue – like what happens when you work out. When you hear the term “positive nitrogen balance”, it refers to being in a state of having enough protein available for the needs of the body and the needs of building muscle. Our bodies constantly assemble, break down and use proteins (in the form of amino acids, which are the building blocks of protein). Good food choices for protein are: • Chicken • Turkey • Fish • Low fat dairy
Carbohydrates Carbohydrates are the pre-
Ray Ferguson Personal trainer Club One ferred fuel source for your body’s and your brain’s energy needs. It’s carb energy that fuels your workouts. There are two key components to carbohydrates that people need to understand. There are two types of carbohydrates: sugary or simple carbohydrates, and complex, slower burning carbohydrates. The other thing people need to understand about carbohydrates is that too many calories of any type can lead to fat gain. With carbohydrates, people eat too many sugary carb foods, which also contain fat. And while it’s true that you need carbohydrates for energy, you only need so much. If you overload your energy needs and are not active enough to burn the excess calories, they will be stored as fat. Most people are not that active and they also eat too many calories of all types. This is why obesity is the problem it is today. The production of energy is measured in calories. The calorie content of a food is determined by measuring the amount of heat produced by that food in a laboratory device called a calorimeter. Somewhere along the way, food became a matter of taste – the higher the fat and sugar content, the better. The basic function of food was forgotten. Most persons should be concerned about their calorie needs and types, and should at least an idea – and at best be keeping a diet log – of what they eat every day in terms of types of calories and total calories. As long as your carbohydrate
intake doesn’t overwhelm your energy needs, you do not have to worry about fat gains from carbohydrate intake. Good food choices for carbohydrates are: • Whole grains • Oatmeal • Brown rice • Sweet potatoes • Grits
Fats Fats are composed of building blocks called fatty acids, which fall into three main categories: • Saturated Found mainly in animal and dairy products such as whole milk, cheese, beef, veal, lamb, pork and ham. Also, you will find this type of fat in some oils, such as coconut, palm kernel and vegetable shortening. Saturated fat is used by the liver to make cholesterol, which is involved in the production of hormones such as testosterone. This is important – you need some fat in your diet to keep your body’s hormone production where it should be. • Polyunsaturated Found in things like corn, soybeans, safflower and sunflower oils. Some fish oils are also high in polyunsaturated fats. This type of fat may help lower total cholesterol. Since this includes good cholesterol, intake of this type of fat should be limited. • Monounsaturated Found in vegetable and nut oils, such as olive, peanut and canola. They can help lower LDL, or bad cholesterol without lowering HDL, or good cholesterol. Most foods are a combination of all three fatty acid types. One is
typically the dominant type which therefore dictates it’s classification.
• Fats to avoid are processed vegetable oils; fats to limit are butter and saturated fats
• Trans fats These occur when polyunsaturated oils are altered through hydrogenation, a process used to harden liquid vegetable oils into solid foods like margarine and shortening. Trans fat intake should be kept low. In fact, many athletes find that fat is naturally kept at low levels by simple eating “clean” - lean meat and dairy sources of protein, complex carbohydrates as listed below. Some bodybuilders add an omega-3 fatty acid supplement to their diet to insure a source of healthy fats. Food choices for fats are flaxseed, sunflower seeds, canola and olive oil.
What we have here is just a basic summary of nutrition and the effect certain macro nutrients have on our body, and how the increase or decrease of the consumption of certain macro nutrients ultimately aids in our fitness goals, whether it be weight loss, muscle gain or just eating healthy. • Ray Ferguson is an ACE certified personal trainer, ISSA certified strength and conditioning specialist, and Tabata training, Ashtanga Vinyasa Yoga and TRX certified. Visit Mr Ferguson’s Facebook or e-mail him at fergusonray0@ gmail.com.
PAGE 14, Tuesday, April 25, 2017
THE TRIBUNE
Pretty Brown Girl Club hosts fourth annual Mother-Daughter Conference
H
ave you ever wondered how to help your daughter unlock her hidden potential? Or how you can reach your full potential as a woman? The Pretty Brown Girl Club (PBG) #14 is ready to help mothers and daughters answer these questions with its fourth annual Mother-Daughter Conference. It all takes place under the theme “Unlocking Your Hidden Potential!” on Saturday, May 6, from 9am - 1pm at the British Colonial Hilton. This year’s conference is expected to be bigger and better than ever with a life-changing “moms only” workshop for mothers who dream of achieving their goals. There will also be age-
appropriate breakout sessions for girls ages six to 16, encouraging them to dream big and pursue their goals. This year, the PBG Nassau club is excited to announce that it will also have a special guest appearance by Sheri Crawley, founder of the Pretty Brown Girl movement and the Pretty Brown Girl Foundation, both based in Detroit, Michigan. “This year’s conference will be interactive and full of amazing surprises,” said Anita Bain, co-leader of PBG Club #14. “We can’t wait for our mothers and daughters to bond, laugh and have fun together! All I can say is that both mothers and daughters can expect to move around and have fun.” Pretty Brown Girl #14 promises that the confer-
The fourth annual PGB Mother-Daughter Conference will offer empowerment sessions for girls ages six to 16.
Are thinking before you choose? Thinking before you choose is akin to looking before you leap. While we are cautioned to think first and act second, many have the tendency of acting without much consideration to their thoughts. As empowering as it may be to make choices, the real power comes from your ability to think about and address the inherent consequences that come with each choice. Needless to say, thinking in advance is where the road gets slippery for many. Although they are excited about the buffet of choices before them, they often ignore glaring consequences that can be detrimental. Even so, to think before you choose – or look before you leap – is still a choice. This may be a valuable habit to practice, but it is not etched in stone. You certainly are free to choose first and think later if you are so inclined. Whether you think first or not, the consequences are still yours. The point to ponder is the need to address the underlying consequences finely woven into the fabric of all choices.
Michelle Miller Motivationals
Michelle M Miller Ironically, not choosing is still a choice that carries a consequence. Indeed, the habit of thinking before you choose is really a gift that you give to yourself. After all, you are a thinking being and the primary beneficial owner of your life. If this is not the case for you, there is much inner work to be done to clarify your situation. However, as the primary benefi-
cial owner, it is your responsibility to come to terms with the way in which you are running your life. When it comes to your choices/decisions are you asking ‘who, what, when, where, why’, as well as the ‘how? Posing these questions in advance makes you a responsible owner of your life. That’s right, you can own your life responsibly or irresponsibly. The choice is yours. Be mindful that to think before you choose is not about employing some surface based thinking process. It’s about critical thinking and accounting for the shades of grey that often remain unaddressed. Critical thinking is a crucial life skill to add to your life toolbox. It enables you to thoroughly consider in advance decision that directly or indirectly influence your well-being or that of others. This is part and parcel of being a responsible owner. No doubt, failing to think before you choose can lead you down that path of overwhelming negative consequences. What I love about being the
Never a right time I don’t like losing anything. So you can guess how I feel about saying goodbye to those that mean something to me. I tried that whole not caring thing. Question: Never love and never get hurt, right? Answer: Wrong! The fact that we are consciously moving into relationships with a mindset to hold back a great portion of our affection only shows how damaged we truly are. Or we’re not moving at all because we are so broken we don’t truly trust anyone to love us. I haven’t been able to trust anyone to love me fully, until recently. I honestly have never felt that anyone would love me and
ShaKeisha Johnson stick around. Not until now has God brought me to a place where
I can begin to feel worthy of love, let alone allowing someone to love me. There was always this fear in me that someday I would trust someone to love me and they would realise how unworthy of love I truly was. I spent years breaking my own heart and taking men I called boyfriends along for the ride. God changed my heart. Sometimes God will have to bring you to the end of yourself for you to get to the beginning of your breakthrough. I was broken, so broken, that I could not even trust God fully because true love was a concept I just could not grasp. My experience taught me of love that
ence will also include prizes, conference bags and one-of-a-kind vendor shopping. The lineup of presenters and panelists include: Katherine Beneby II, Nikki Carter, Yolanda Darville and her daughter Maya, and Nyisha Tilus, Miss University of the Bahamas, as well as mothers-turnedentrepreneurs who are making an impact in their communities while managing their families. Panelists include the following entrepreneurs: Daphne Bethel, Kathleen Cooper, Dameeka Roberts and Shervonne Johnson. Tonette Minnis will act as the moderator for this session. The founders of Pretty Brown Girl Club #14 aim to make this conference available and affordable for
mothers and daughters of all backgrounds. Through the support of sponsors – including lead sponsor BAF Financial – and donors, organisers said, they have been able to keep the entry fee at $10. Tickets are available at Cash N Go locations on Rosetta Street and Prince Charles Drive. They are also available by calling 376-0850 or 525-9643, or by e-mailing prettybrowngirlbahamas14@gmail.com. Pretty Brown Girl (www. prettybrowngirl.com) is an international organisation that aims to fulfil its mission of “celebrating the beautiful shades of brown all over the world”, while inspiring positive selfesteem and confidence in girls and young women.
primary beneficial owner is that it places each of us in the position of authority over ourselves. As a result, at any time anyone can free themselves from the haphazard habit of leaping/choosing without forethought. Even so, let’s understand that not everyone wants to be free; because freedom comes with responsibility. Quite frankly, you may be surprised at the number of folks who would quickly surrender their freedom because they are not prepared to take responsibility. Making responsible choices is the path of the brave-hearted. Faint-hearted folks are too afraid to step up and own their lives. They comfortably follow the herd and live on the treadmill of going along just to get along. Essentially, these folks gladly stand for nothing and happily fall for anything; blindly following the loudness speech or the most distracting dance. No real insight or foresight. The end result of this demotivated attitude is that it amounts to living in a state of ‘whatever buck up goes’. Such a depressing state is at best unproductive and uninspiring. It downgrades you to living fearful and powerless, as opposed to living your deeper truth, which
is what makes you fearless and powerful. The power, of course, lies within. Leader to leader, muster the audacity to think before you choose. Allow your life to be lived in a liberated, responsible and meaningful way. Disregarding your power to think critically about your choices may lead to situations that dim your inner light. At the same time, thinking critically about your choices is still your decision. It is my hope that you are encouraged to live an empowered life by willingly taking personal responsibility. In so doing, you own your position of authority over your life. You give yourself permission to set the course, steer the ship and skillfully navigate the winds. Owning the position of authority over your choices is a colossal step towards living an empowered life. Yes, you definitely can do it! What do you think? Please send your comments to coaching242@ yahoo.com or 429-6770.
was limited and conditional, love that was spoken, but never practiced, so I had to learn what love was. Jesus is the best teacher you can ever ask for. My soul leaps with joy when I think of how much He loves me, how special I truly am. My eyes opened when I learned the truth about me. After you’ve experienced this kind of love, the half-hearted sometimes kinda love that you had been accustomed to accepting now feels like an insult. There are people that simply cannot love you the way you need to be loved, and I’m not talking just romantically either. There are family members and friends that will incessantly hurt you while showering you with praises and claims of love, all because just like you are were or are broken. You have to learn to let go and
distance yourself from these people, because hurt people in turn hurt those around them. Don’t put it off. Don’t keep them around on the off chance that they will change because you are waiting on the right time. There’s never a right time to say goodbye. Today’s challenge: say goodbye. There is a name that was placed on your heart; there is some person, some connection, hindering your healing, your growth, your progress. Release them, today. There may even be more than one in your life. Just do it! Trust God, not your dysfunction. Live a little, love a lot and be a blessing!
• Michelle M Miller is a certified life coach, communication and leadership expert. Visit www. talktomichellemiller.com or call 1-888-620-7894; mail can be sent to PO Box CB-13060
• ShaKeisha C.Johnson is a singles and relationship coach. For questions and comments e-mail coachkeish@hotmail.com.
Valicia Rolle pens script for new Bahamian film From pg B16
The poster for “Liar’s Dice”, which premieres tonight
directing and writing because it breaks down the stereotypes. Women are good for more than just romance, comedy and ‘the black woman’s struggle’. The best form of empowerment a woman can contribute to this industry is by getting behind the camera and showing life as it is, without the imposition of gender or stereotypes.” Ms Rolle is no stranger to filmmaking. A film that she co-wrote, “The Dream”, was shown at the Bahamas Film Festival in 2013. Her next film is a personal project called “Girl’s Night Out”. “It’s going to look at the darker side of a ladies’ night and it should definitely change your perspective as to why girls get together. I’m really excited about this project of mine and I am looking to shoot within the summer,” said Ms Rolle. Until then, viewers can enjoy the heart-pounding ride promised by “Liar’s Dice”. Directed by Jeffery Mackey and assisted by Durontee Beneby, the film touts an all-Bahamian cast including Deangelo Brown, LeChante Wright, Thomas Robinson and Tametryo Brown – all seasoned actors with experience in filmmaking both locally and abroad. Filmed throughout New Providence, “Liar’s Dice” movie aims
Writer Valicia Rolle to take viewers on a heart-pounding ride, as Alexander, Jude and Aaron face several obstacles, trials and tests. For the team, filmmaking from a uniquely Bahamian viewpoint is an art and passion. “Filmmaking here in the Bahamas is indeed growing at a rapid pace and gaining much respect on the international scene,” said Jeffery Mackey , Director. “We decided to follow our dreams a create film making opportunities to showcase the exceptional
talent that lies right here in our country. ‘Liar’s Dice’ brought together a talented, all Bahamian cast and crew. We are very proud of the work produced.” Join the cast at 7.30pm tonight for a mix and mingle and the screening of the film at 8.30pm. The event is free for the general public. “Liar’s Dice” is for adult audiences. For more information about the film, visit Facebook @ liarsdicemovie or call 433-1080 or 456-6791.
THE TRIBUNE
Tuesday, April 25, 2017, PAGE 15
SECTION b
tuesday, april 25, 2017
Designs by Wildflowers Events & Occasions
Meet Natalie Appleyard,
the Bahamian Martha Stewart By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
W
itnessing special events at the White House in her youth and throwing elaborate parties for friends and family is what sowed the seeds for Natalie Appleyard’s extremely successful event planning business. As founder and creative director of Wildflowers Events & Occasions – one of the most sought-after event production companies in the Bahamas – Natalie has not only found professional success, but also her life’s passion. Natalie’s career in event planning began almost 40 years ago when she was just a teenager looking to throw the best parties for relatives. “My father was an ambassador in Washington and I lived with him for a few years. I did all of his parties over there. I would go with him to the White House and saw what they did and I wanted to do better than that,” she said. In order to put her talent to work for her, she began planning events for anyone who would let her. This was a win-win scenario for her, since friends and family members were always im-
Natalie Appleyard is the founder of Wildflowers Events & Occasions pressed with what she put together and Natalie got an opportunity to put her design skills to the test. “I always designed my friends’ birthdays. When I did birthday parties for children, the parents would say, ‘That’s a birthday party for a child?’ Then friends wanted me to do their dinners parties. My friends would call me Martha Stewart from the Bahamas because I love to cook and decorate. “Then someone asked me to do the décor for their wedding and I did. My girl-
friend gave me the funds I needed money to buy flowers and decorations because my company was not started at the time,” she said. The word began spreading about Natalie’s talents, which led to the Atlantis resort engaging her services. Today, her company, which offers a myriad of décor and accessories, helps produce weddings and events for properties such as Lyford Cay, Albany and Ocean Club. “I was (doing elopements) for free because I
wanted to do it. Then I had another lady who asked me to design her wedding and I did. Then finally Atlantis saw what I did they said, ‘Would you like to do weddings for us?’, and I said ‘Yes’,” she said. At the same time, Natalie was taking steps to officially establish Wildflowers, a business endeavor that now caters to more than 300 hundred events annually. “This business started in my garage. The first time I had bought candles I thought I had hit the jackpot. I kept the candles in my garage and every Sunday I would go in there and count them. I just had shelves of candles which I thought was the greatest accomplishment. So those shelves were my inventory. Then I moved my inventory to a 20x20 warehouse on Blake Road. I had a couple more things and I thought I was in heaven. Then it moved to another warehouse and then another warehouse. Finally, last year we built our own 20,000 square feet warehouse,” she told Tribune Woman. Natalie also credits her son with the success and growth of the company. She said he is the one who handles the business aspect of Wildflowers, while she
tackles the creative side of things. “We are a one-stop shop. If you are a bride we can organise your entire wedding day, coordinate the décor, flowers, your DJ, band, limousines, videography, and catering. All you need to do is just show up on the day,” she said. With such vast inventory, Wildflowers can service everything from very large events to the most intimate of occasions. “We have tents that can accommodate up to 3,000 people, fully air-conditioned with our own generators to provide power to them. We have glass walls, about 8,000 chairs, from Chiavari to dark wood. We have farm tables, long tables, sofas and portable bathrooms. Our warehouse looks like Home Depot,” she said. Natalie said she is very appreciative of her success and feels blessed to have a company that continues to flourish. But one of the most satisfying feelings that makes it all worth it, she added, is when a client sees the final package and is left awestruck. “One of the things I tell my clients is that they have to trust me. I say to them, ‘You came to me for a reason, so tell me what
you like, tell me what your colour is and I can take it from here.’ The best feeling in the world to me is when they walk into their tent or room and their first reaction is, ‘Oh my God, this is so beautiful; this is beyond what I expected’,” she said. “I am not ringing my own my bell, but I get that a lot. I had a bride who walked into her reception and she burst out crying. I said, ‘Don’t cry. You are going to mess up your makeup’, and she said, ‘I do not care about my makeup. You did all of this for me?’ And if I have a real connection with the bride, I treat them as though they are my daughter.” The road to a successful 17-year old business has been a combination of trial and error, overcoming challenges, learning and keeping on the cutting edge of event trends. Natalie’s sense of pride in her talents goes hand-inhand with the humility she exudes. She reminds herself that even as a veteran event professional and a successful business owner, she should always savour the moment and genuinely appreciate what she has built, because one day it may come to an end.
Valicia Rolle pens script for new Bahamian film Valicia Rolle is the writer behind a new Bahamian film set to premiere tonight at the Bistro Underground Bahamas. The movie is called “Liar’s Dice” and tells the story of Alexander Glinton, a young
business executive working hard from 9 to 5 who grows increasingly frustrated to make the money he thinks it needs to “make it happen”. At his wits’ end, Alexander decides to risk it all for a shot at success by breaking into his
millionaire boss’s home for a slice of the pie. As life would have it, an easy job becomes a major challenge when people and other problems are added to the mix. “ ‘Liar’s Dice’ was a concept created by Jeffery Mackey, the
director. I automatically fell in love with the concept and added the words and creative twist to it,” Ms Rolle told Tribune Woman. “I believe that women should more involved in See pg b14
“I believe that women should more involved in directing and writing because it breaks down the stereotypes. Women are good for more than just romance, comedy and ‘the black woman’s struggle’.”