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TUESDAY, JUNE 27, 2017
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Galleria downsizes with JFK’s closure By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
Hit by tight economy, delivery changes
GALLERIA Cinemas yesterday confirmed it will close its JFK Drive location permanently this Thursday, suggesting the move - driven by economic and industry conditions - would impact five jobs at most. Chris Mortimer, Galleria’s president, told Tribune Business that the moribund Bahamian economy and a shift in how consumers watched movies meant there was insufficient demand to support the location. He added that the company will focus on “retooling” its main Mall at Marathon site. Mr Mortimer said: “We will be closing on June 29. We have a very small core of permanent staff there;
Cinema operator: Job losses minimal Focuses on ‘retooling’ Mall location just the general manager and a couple of other persons who are permanent. I think it’s five persons at most. Everyone else is a contractual worker or someone we usually engage during the summer period. “There are a number of reasons for See PG B2
DNA DEP. LEADER CHRIS MORTIMER
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GOVT EYES ‘ALL OPTIONS’ FOR TAX COMPLIANCE CERTIFICATE EFFICIENCY By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday promised the Government is “looking at all options” to improve the Tax Compliance Certificate (TCC) process given continuing private sector concerns. K P Turnquest confirmed to Tribune Business that the Minnis administration had received submissions from the business community on the TCCs, which many companies view as a costly and time-consuming obstacle to consuming business. While a reduced TCCproduction frequency is among the options being
Open to reducing production frequency Issue remains on Chamber’s agenda Better Govt communication key considered, Mr Turnquest said any changes needed to be balanced with the Government’s need to ensure tax compliance. “We have had representations in that regard from the business community,” the Minister of Finance See PG B5
BAHAMAS ‘CANNOT AFFORD’ Matthew shows VAT SPORTS TOURISM IS ‘PLAN MORE RATING DOWNGRADES ‘inappropriate’ tax B’ FOR THE GRAND LUCAYAN for insurance sector Bahamas First chief By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMAS First’s top executive yesterday warned that this nation “can’t afford to have more sovereign downgrades” due to the negative impact on private sector credit ratings. Patrick Ward, its president and chief executive, said ratings for the insurer and other Bahamas-based companies could be threatened by increased ‘country risk’ stemming from this nation’s reduced creditworthiness. “I don’t think the Bahamas can afford to have more sovereign downgrades,” Mr Ward said, “looking at it from the point of view of entities like Bahamas First that have ratings which are in some way linked to the sovereign rating of the country. “Future downgrades could start to challenge the ratings Bahamas First and other companies have.” The negative consequences for Bahamasbased companies as a result of this nation’s eightyear sovereign downgrade trend were recently highlighted by the Nassau Airport Development Company’s (NAD) downgrade. The move by the Fitch rating agency was directly linked to the Government’s deteriorating creditworthiness, with Dionisio D’Aguilar, minister of tourism, saying it had a di-
fears private sector impact
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Country risk’ rising for Bahamian companies
BAHAMAS First executives yesterday urged the Government to reduce the insurance tax burden, revealing they were mulling innovative ways to combat client under-insurance.
Warns of ‘increased capital costs’ impact rect impact on NAD’s debt servicing costs. “Their [NAD’s] debt got downgraded because Fitch said there’s additional sovereign risk,” the Minister previously confirmed to Tribune Business. “They went to downgrade NAD one rating below investment grade, and one effect of that was they needed to increase the bond reserve fund from $19 million to $38 million.” This, Mr D’Aguilar added, had forced NAD to increase passenger and other user fees at Lynden Pindling International Airport (LPIA) in a bid to meet the increased debt costs. NAD’s situation shows Mr Ward’s concerns are not without merit, with the Bahamas First chief pointing out that the Bahamas was not alone on the issue. He added that all Caribbean nations, apart from Trinidad & Tobago, which is barely clinging on, had lost their ‘investment See PG B4
Keith Rolle, its senior underwriting vice-president, said the insurer was examining whether it could help clients with property valuations to illustrate why they were not fully covered for catastrophic losses. He added that previous efforts to educate Bahamian homeowners and businesses about the perils of under-insurance appeared to have made little inroads
Govt ‘owes substantial sum’ in refunds Urged to make insurance ‘affordable’ Appraisals mulled to fight under-insuring into the problem based on Hurricane Matthew’s aftermath. Bahamas First incurred $83 million in gross losses from just over 2,800 claims, and Keith Rolle said: “Every event it seems like this is an issue. See PG B4
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
MARKETING Freeport as a sports tourism destination is a ‘Plan B’ strategy if the Grand Lucayan fails to re-open, a Cabinet Minister yesterday admitting the city needs “something transformational”. Dionisio D’Aguilar, minister of tourism, told Tribune Business that reopening Freeport’s ‘anchor’ resort property - either under existing or new ownership - was “the quickest” way to revive the city’s tourism industry. But, should a sale or reopening fail to materialise, Mr D’Aguilar said Ministry of Tourism officials believed they could exploit Grand Bahama’s proxim-
Marketing strategy kicks-in if no deal Minister: Freeport needs ‘transformation’
59% room inventory loss ‘killing’ promotion ity to the US to position the island as a destination for sporting tournaments, health and wellness, and training camps. He added that the Minnis administration was moving “with enormous energy and enormous haste” to See PG B4
PAGE 2, Tuesday, June 27, 2017
THE TRIBUNE
Productive year for Banks Association THE Association of International Banks and Trust Companies (AIBT) recalled a productive year during its June 22 annual general meeting (AGM). Bruno Roberts, its cochairman, highlighted professional development efforts that included the 11th annual Nassau Conference, which achieved record attendance in 2016. Other initiatives included the Financial Services Bootcamp’s launch, and the third annual AIBT Regulators Forum earlier this month. The AIBT also continued to build on partnerships with other industry bodies. It partnered with the Bahamas Financial Services Board (BFSB) on the International Business & Finance Summit in January 2017; collaborated with BFSB and others on delivering the first Financial Services Bootcamp; and was involved in the hiring of Deloitte & Touche to study the Bahamas’ tax system.
AIBT also announced that it has made nearly $60,000 in sponsorships and contributions to various industry initiatives, including the Common Reporting Standard (CRS) legislation drafting; Spanish language Immersion scholarships; the 2017 International Business & Finance Summit; the 2017 STEP Caribbean Conference; Toward a Bilingual Bahamas programme; the BFSB Awards to Student of the Year and the tax study. AIBT executives also held regular meetings with government and regulators, including the Central Bank of the Bahamas’ governor; the Inspector of Banks and Trust Companies; the Central Bank of the Bahamas; Securities Commission of the Bahamas; the Ministry of Financial Services, Trade & Industry and Immigration; the Ministry of Finance; the Ministry of Labour; the Financial Intelligence Unit and Attorney General’s Office.
Brent Symonette, minister of financial services, trade and industry, and immigration delivered remarks during the AGM. Mr Roberts, of The Private Trust Corporation, and Ivan Hooper, Winterbotham Trust Company, will continue as cochairmen of the Board. Other directors include Jan Mezulanik, Pictet Bank & Trust, as deputy chairman; Jean-Marc Fellay, Julius Baer Bank & Trust (Bahamas), as treasurer; and Anastacia Johnson, executive administrator of AIBT, continues as Board secretary. Directors ratified to serve during the 2017-2019 term include: David Thain, Amber Bank; Amando Martin, Andbank (Bahamas); Christine Russell, Corner Bank (Overseas); Antoinette Russell, Credit Suisse Trust; Ian Comins, EFG Bank & Trust (Bahamas); Shira Newbold, Intertrust (Bahamas); Daniel-Marc Brunner, Syz Bank & Trust; and Bernard Sechaud, UBS (Bahamas).
L TO R: Bruno Roberts, AIBT co-chairman; Kethera Thompson, AIBT student intern; Brent Symonette, minister of financial services, trade and industry and immigration; Ivan Hooper, AIBT co-chairman; Noelicia Turnquest, AIBT student intern; Jewelle Paul, AIBT student intern; Jan Mezulanik, AIBT deputy chairman.
L TO R: Latonya Tinker, Ministry of Financial Services; Christina Rolle, executive director, Securities Commission of the Bahamas; Antoinette Russell, AIBT director; Bruno Roberts, AIBT cochairman; Brent Symonette, Minister of Financial Services, Trade and Industry and Immigration; Ivan Hooper, AIBT co-chairman; Tanya McCartney, Bahamas Financial Services Board (BFSB) chief executive and executive director; Jan Mezulanik, AIBT deputy chairman; and Tanya Murray, Ministry of Financial Services.
SEATED from L to R: Jean-Marc Fellay, AIBT Treasurer, Ivan Hooper, AIBT co-chairman; Bruno Roberts, AIBT co-chairman; and Jan Mezulanik, AIBT deputy chairman. Behind them are other AIBT directors and members.
Galleria downsizes with JFK’s closure
From pg B1 the closure,” he added. “For one, 2008 changed the game for the world and the Bahamas economically. Over the past five years we have had an economy with effectively zero growth. You can’t think of these things in a sentimental nature. You have to make sound business decisions in the long-term interest of the company. The closure of that location is just us making a decision in the best interest of the company.” Mr Mortimer said the cinema industry globally was under increasing pressure, due to the expansion of movie delivery channels that targeted consumers in the comfort of their own homes. He added that the Bahamas was no different, meaning that Galleria was facing the same competitive challenges. “Over the past few years the industry has been shrinking and, more importantly, over the course of the next few years the real focus is going to be on direct delivery to customers,” he explained. “The android boxes, Netflix, Amazon Fire TV Stick, and Facebook is looking to get into film. There are a number of online entities which will change the landscape of entertainment delivery.” Mr Mortimer, though, said Galleria still believes there is a market for the cinema experience. “While we still believe that there is a market for people who want to go out and enjoy a movie on the big screen, we have decided to retool our Mall at Marathon location where we are going to invest in digital 3D, recliner seating and reduce the cost of tickets very soon, so that persons will have an opportunity to enjoy that experience as a part of the Mall at Marathon, which is the best singular consumer location in the country,” he added. The Galleria president also acknowledged the
development of an IMAX cinema off Gladstone Road, but did not indicate it was a factor in the JFK Drive location closure. “I have been aware of it since 2010. They have been at it for a while,” he said of the IMAX developers. “The whole IMAX format was something Galleria looked at a long time ago, but it wasn’t something that we were interested in or looked to implement. We say kudos to those attempting to bring something different to the Bahamian consumer. There is no ill will and we hope that they have all of the success as similar entrepreneurs. We hope that they are able to have success with the level of sacrifice, time, money and effort that they put into making it a reality.” The JFK Drive cinema opened in 1999 under RND Holdings. Galleria acquired its cinema operations in 2004 after its competitor ran into financial difficulties created by multi-million dollar losses and an excessive debt burden. RND Holdings retained ownership of the cinema’s real estate, but Jerome Fitzgerald, former minister of education, ultimately sold his majority ownership to the A.F. Holdings (Colina) group. The cinema is now owned by Colina Real Estate Fund, with Galleria as its tenant. Ken Donathan, its president, did not return Tribune Business’s calls yesterday seeking comment on the impact of Galleria’s pull-out. The JFK Drive Plaza is Colina Real Estate Fund’s major asset, accounting for $8.5 million or 64 per cent of its $13.22 million investment property assets in 2015. And Galleria, together with the CIBC FirstCaribbean International Bank (Bahamas) branch, one of its anchor tenants. It is understood that a church group is likely to lease the space being vacated by Galleria.
THE TRIBUNE
Tuesday, June 27, 2017, PAGE 3
MINISTER TARGETS ONE-MONTH GB INVESTMENT PROCESSING By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
THE Minnis administration is “well on its way” to creating an investment unit dedicated to Grand Bahama, a Cabinet minister said yesterday. Kwasi Thomson. During his Senate contribution on the 2017-2018 Budget, Kwasi Thompson said concerns over ‘the ease of doing business’ - particularly the time taken to process investment applications applied equally to Grand Bahama. “A significant part of our vision includes the creation of an investment unit or BIA (Bahamas Investment Authority) department in Grand Bahama,” the minister of state for Grand Bahama said. “ We have reports upon reports, and it has been clearly recommended that because of the Hawksbill Creek Agreement a onestop shop for investment applications be created. While I am not opposed to this concept, and we will get there in some form, I believe some simple basic actions are also needed for Grand Bahama. “Applications for Grand Bahama investments should be made in Grand Bahama instead of the Bahamas Investment Authority in Nassau. These applications can be processed by trained staff in Grand Bahama, who will do exactly what Nassau does,” Mr Thompson added. “Project officers in Grand Bahama will contact other government agencies. We believe that it is possible for investment projects that are processed in Grand Bahama to be ready to present to the National Economic Council within a month of receipt. This is the goal we will be working towards. If we can achieve this on a consistent basis, investors will be even more encouraged to come to Grand Bahama which means jobs, jobs. I am happy to say we are well on our way to creating this investment unit in Grand Bahama.” Mr Thompson reaffirmed that the Minnis administration would re-
peal and replace the “job killing” Grand Bahama Investment Incentives Act. “This process from day one was flawed,” he argued. “The committee was appointed too late, the Government was unable to fulfill all of the recommendations its own committee recommended and, finally, after it consulted with the Grand Bahama Port Authority they failed to accept the warning from the private sector and the Port on this Act. Some concerns included ambiguity regarding Bahamian citizens who own more than five acres of undeveloped land, and whether the new Act would apply to those persons.” Mr Thompson added: “The requirements of the Act seemed to impose an extra burden on Bahamian licensees of the GBPA, which other Bahamians are not required to meet. This is contrary to the Hawksbill Creek Agreement, which prohibits the enactment of legislation and the imposition of regulations or conditions by the Government affecting the Port Area which discriminate against the Port Area, or any business, within the Port Area when compared to the rest of the Bahamas. Litigation as a result of this Act was sure to follow. “Further still, it was expressed that the Incentives Act would bring about a tedious process for new businesses. After first applying for a GBPA license, a new licensee would then have to apply through the Government as an existing licensee for concessions. It will become a circular process with duplication of time and effort. Not only would the process be repetitive for new business, but there is no guarantee that all licensees who apply would be granted the concessions. “There were no specific criteria which, once met, will give certainty to investors regarding the grant of the concessions. Without this certainty, potential investors are sure to be discouraged from doing business in Grand Bahama due to the difficulty and risk of wasted time.”
NO PLANS PROVIDED BY GRAND LUCAYAN BUYER By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A CABINET minister yesterday said that while the Christie administration reached an agreement for the Grand Lucayan’s sale, the potential buyer had not presented plans for the hotel and casino operations. Kwasi Thompson, minister of state for Grand Bahama, pledged that the resort’s redevelopment and reopening was a “national priority”, adding that the Minnis administration had made “progress” on the sale. “It is vital that we bring back economic activity to that strip, including the Port Lucaya Marketplace,” Mr Thompson said. “The first priority of our vision plan is to bring life back to the Lucayan strip. “The former government announced just prior to the election that a deal was made for the purchase of the three-hotel strip. As it turns out, there was an agreement for the sale of the property. However, the potential buyer had not presented specific plans on management and operation of the hotels and casino.” Mr Thompson did not identify the potential purchaser, although he was likely referring to Torontobased developer, the Wynn Group. “The redevelopment and reopening of the Lucayan strip is a major priority, not just for my office in Grand Bahama, but I believe it is a national priority,” said Mr Thompson. Tribune Business recently reported suggestions that up to 95 per cent of Port Lucaya Marketplace tenants may not survive another two months, unless the Grand Lucayan’s owner, Hutchison Whampoa’s newly spun-off property division, either sells the resort or re-opens it. Data on Grand Bahama’s hotel industry performance for 2016 shows the impact of both Hurricane Matthew and the resort closures, plus the effect of the Canadian dollar’s decline against its US counterpart - something that affected pre-closure demand from Memories’ predominantly Canadian customers. Room revenue for the
Senator: Govt ‘making progress’ on deal Bazaar, Royal Oasis, Xanadu need revival full-year, January to December 2016, was down year-over-year by $7.87 million, or 28.55 per cent, at $19.67 million compared to $27.57 million in 2015. All other key indicators were off, with room nights sold down 25.52 per cent or 106,781 at 311,697. Grand Bahama hotels’ average occupancy rate was off by 13.62 percentage points year-over-year, standing at 51.81 per cent compared to 65.43 per cent. Rooms available for the full-year dropped from 639,588 to 601,579 - a decline of 38,009 or 5.94 per cent. And average daily room rates (ADRs) fell by $2.68 or 4.07 per cent, hitting $63.20 compared to $65.88. The 409-acre Grand Lucayan Resort property consists of three hotels, with a combined total room capacity of 1,271. Two of the hotels are closed due to extensive damage caused
by Hurricane Matthew last October. An unsettled insurance claim continues to delay restoration of the 500-room Breaker’s Cay Hotel, and the 522-room Memories Beach Resort that was previously leased to Sunwing, which pulled out in February over failed negotiations with Hutchison Whampoa regarding hurricane restoration. During an April election rally on Grand Bahama, former Prime Minister, Perry Christie, revealed that a Letter of iIntent for the sale and reopening of the Grand Lucayan had been signed. Mr Thompson said yesterday: “The Government is doing all it can to complete the redevelopment. Although a sale was announced, the details of the sale and development were not completed prior to election. It is important that the hotel strip is not just sold but redeveloped and reopened for the benefit of the island. This is what this government is working diligently to ensure, that is, arriving at the best redevelopment deal.” He added: “The Government is treating this matter with urgency while it proceeds through the usual processes prior to approv-
al. This Government has made progress on this deal. We are communicating with those involved almost on a daily basis to ensure that the Government does all it can to redevelop and re-open the hotel strip in the shortest period of time. “The Government is very aware of the plight of the Port Lucaya tenants. We must deal with the situation that was left in place and that is exactly what we are doing. The tenants should be assured that we were elected to bring relief and will not rest until this is done.” Mr Thompson told the Senate that the Minnis adminsirtalton’s vision for Grand Bahama includes “tackling the difficulties with the International Bazaar, the Royal Oasis and Xanadu. We will be working closely with the present owners. These properties should be sold to appropriate persons who have the vision and capital to develop these properties. “We must be proactive in our approach even if it requires providing incentives and tax concessions,” he added. “These are iconic locations in Grand Bahama, and until we see movement we have not fully recovered.”
PAGE 4, Tuesday, June 27, 2017
Bahamas ‘cannot afford’ more rating downgrades From pg B1 grade’ creditworthiness with one or both of Standard & Poor’s (S&P) and Moody’s. Mr Ward said the impact had already been felt by the region’s insurance industry, with Barbados-based Sagicor - a multi-jurisdiction giant - having been placed on ‘credit watch with negative implications’ due to fiscal weaknesses in its home country. Bahamas First and several competitors, including RoyalStar Assurance, Summit Insurance Company and Security & General, are also all rated an-
nually by A. M. Best, the insurance industry rating agency, for their financial strength and creditworthiness. Apart from focusing on each company, A. M. Best’s analyses also factors in country risks such as the Government’s fiscal position, state of the economy and condition of the insurance market. Further downgrades by either Moody’s or Standard & Poor’s (S&P) would threaten to impact A. M. Best’s ratings of Bahamian insurance underwriters, and the former has already indicated its alarm
THE TRIBUNE over the 2017-2018 Budget. Moody’s, as revealed by Tribune Business, warned the global capital markets that the Bahamas’ fiscal condition is “significantly worse” than expected due to the new government’s planned $722 million borrowing - intended in part to cover the expanded $500 million deficit for 20162017. With rating agency trust in the Government’s fiscal projections seemingly undermined, the Bahamas’ sovereign credit rating will rely heavily on the Minnis administration’s ability to provide a convincing explanation for the increased borrowing and deficits to remain at its current level. Mr Ward yesterday said “there’s a direct cost of capital imposed” on pri-
vate companies by sovereign rating downgrades, explaining: “You have got to provide more capital to sustain a level of rating that would not have resulted if our sovereign rating was in good shape.” The Bahamas First chief also alluded to the “longterm impact if the Government’s debt is written down”, given that insurance and bank balance sheets are loaded with bonds and other debt for asset-liability matching purposes. “I hope they’re going to take a measured approach,” Mr Ward added of the rating agencies, “and give this new administration an opportunity, but who knows.” Mr Ward said further exchange control liberalisation was key to Bahamas First’s ability to both ex-
resolve the Grand Lucayan situation but, indicating that no resolution has been reached, described the property’s fate as “a work in progress”. With 59 per cent of Grand Bahama’s hotel room inventory still offlimits almost nine months after Hurricane Matthew’s passage, Mr D’Aguilar said the island’s accommodation supply shortages were preventing the Ministry of Tourism from executing on its marketing strategy. “The problem with Grand Bahama is that we don’t have any rooms,” he told Tribune Business. “In excess of 50 per cent of the rooms are out of commission. It’s very hard to grow Freeport without supply. “The issue in Freeport right now is supply. We need to get supply up. That requires a deal; that a deal is completed for someone to take over the Grand Lucayan, bring in recognised operating brands and get airlift in there. “We haven’t got to the issue of marketing yet. While we can market Freeport as a destination, you’re operating with less than 50 per cent of your current room inventory, and that’s killing you.” Mr D’Aguilar said the Government was seeking a Grand Lucayan purchaser with the ability to attract recognised hotel and casino brand operators, and the
necessary airlift to fill its room inventory. “It’s critical to get a deal as quickly as possible from someone who wants to own and operate it,” he acknowledged to Tribune Business. “Someone needs to purchase it, get operators to operate it, and get airlift in there to fill the hotel. “The Government would like a deal where all these issues are addressed. One, someone to buy it, then flag it with operators who are experienced in hotel and casino operations, and are well known, and get airlift in there. That’s the quickest way to get people employed and the destination moving.” Hutchison Whampoa’s property arm, Cheung Kong Property Holdings, into which the Grand Lucayan was spun, initiated a formal process to sell the resort prior to Hurricane Matthew. Tribune Business exclusively revealed earlier this year that the Torontobased developer, the Wynn Group, emerged from that process as the front-runner to acquire the resort. Its plans included branding an expanded casino under the Hard Rock label; the construction of two new condo hotel towers; and a potential tie-up with former Memories operator, Sunwing. Perry Christie announced before the May 10 general election that a
Matthew shows VAT ‘inappropriate’ tax for insurance sector From pg B1 Hurricane Matthew was no exception.... “We’re toying with the idea of how we can further assist our clients, looking at ways to go out and assist valuations of property for the client.... It’s a work in progress.” Keith Rolle provided few details given that the proposal was in the initial development stages, and acknowledged that assessments by qualified appraisers typically cost around $500. His concerns were ech-
oed by Warren Rolle, NUA Insurance Agents & Brokers’ managing director, who added: “Even though a number of people know their homes are under-insured, because of economic conditions they’re not prepared to increase the value and pay an increased premium.” Under-insurance frequently occurs when homeowners and businesses make improvements to their premises, but continue to pay the same premium even though the property’s value - and the sum insured
IN THE ESTATE OF ABNER PINDER, deceased, late of the Settlement of Spanish Wells, St. George’s Cay in the Commonwealth of The Bahamas. Notice is hereby given that all persons having any claims or demands against the above-named Estate are requested to send the same duly certified to the undersigned on or before the 19 July, 2017 and notice is hereby also given that at the expiration of the time above mentioned the assets of the deceased will be distributed among the persons entitled thereto having regard only to the claims of which the Administrator shall then have had notice. Roberts, Isaacs & Ward, Attorneys-at-Law, Chambers, Unit 2, Cable Beach Court Professional Centre, West Bay Street, Nassau, Bahamas.
as an obstacle to Bahamian companies expanding into other Caribbean nations. Mr Ward said it placed local firms at a competitive disadvantage to Caribbean rivals, some of whom - enjoying liberalised capital markets - were moving into this nation. He argued that further exchange control liberalisation would also enable Bahamas First to diversify its investment portfolio and earn potentially greater returns, while reducing geographical risk associated with the current restrictions to this nation. Mr Ward said investments abroad by Bahamian companies would ultimately benefit this nation by bringing foreign exchange earnings back to these shores. “We’re going to have to make some investments in that regard, but we have to have a Plan B and other ideas bouncing around.” He explained that Ministry of Tourism officials felt they could capitalise on the Bahamas’ US proximity to attract sporting events and teams to the island, although this would require existing facilities to be upgraded. “The quickest shot is Plan A,” the Minister reiterated of the Grand Lucayan, “but if that doesn’t work, what happens next? The Ministry of Tourism officials feel Freeport can be a sports tourism centre, and we’re going to start moving in that direction. “Freeport is in urgent need of help. The PLP left it in an appalling state. We’re 40 days in. The Ministry of Tourism, in the absence of a large deal and a financially-constrained government, feel this is the best route to take. I don’t disagree with it.” Mr D’Aguilar warned that Freeport’s recovery would not take place overnight, and acknowledged: “The people down there are hurting bad, bad, bad. “We hear the hue and cry. Freeport is an essential but difficult nut to crack, and we need to do something transformative to get that place going down there. “Everything about Freeport is in a bloody mess. We have a tourism sector in enormous pain following the hurricane, and Hutchison Whampoa is seemingly not interested in resuscitating that property.” the Government is going to end up being on the hook for.” The Bahamas is one of very few nations to levy VAT on property and casualty premiums, given that it is difficult to determine exactly where the ‘value has been added’ in the production chain. Mr Ward said yesterday: “We’ve raised this with the new administration, and they’ve promised to look at it quickly and come to some resolve.” Keith Rolle, meanwhile, said Bahamas First would in future “be more careful in insuring” properties in coastal areas that were prone to flooding and storm surges. “Those are on our referral list,” he added, “to see what the elevations are, and how far from the water they are. It’s [Matthew] shown is the southern New Providence coast can be a real potential for disaster.”
Letter of Intent (LOI) had been signed between Wynn and CK Property Holdings for the Grand Lucayan’s sale, but little concrete progress towards closing a deal appears to have been made since then. Bradley Roberts, the Progressive Liberal Party’s (PLP) chairman, accused the Government of “being eerily silent” on the Grand Lucayan situation. He said in a late Sunday evening statement: “With all the hurting and suffering going on in Grand Bahama, conventional wisdom dictates that the expeditious completion of this agreement and getting these hotels open and operational should be a top priority for the Minnis government but, alas, their silence is deafening. “That sales agreement is in the final stages of negotiations with the Canadian investment group headed by Steve Wynn, where an agreement has been signed and a deposit made. Is Min-
nis seeking to dishonestly shaft the Wynn Group and, under the cloak of darkness - and in an underhanded and devious manner - double cross the Wynn Group and steer that Freeport hotel deal into the waiting arms of Sarkis Izmirlian as an election payback?” Several sources had suggested to Tribune Business that Mr Izmirlian had been asked by the Government to look at the Grand Lucayan hotel. However, contacts close to the original developer dismissed such assertions, and his weekend press release indicates he is firmly focused on Baha Mar. However, other Tribune Business sources confirmed that Wynn has been seeking other investors and joint venture partners to help share the financial risk/ burden, raising questions as to whether it has the necessary financing in place to complete a purchase and execute on its plans. High-level Minnis ad-
ministration contacts have also confirmed to this newspaper that the Government is talking to at least two other parties besides Wynn in relation to the Grand Lucayan. “The Government is moving with enormous energy and enormous haste to close a deal,” Mr D’Aguilar reassured yesterday. “That’s our primary focus, but a deal is always a work in progress. “There are persons interested and at the table, but it’s difficult. We are expending a lot of energy to try and get something done because we understand the urgency of the situation.” Mr D’Aguilar declined to provide specifics on the Grand Lucayan sale’s progress, referring this newspaper to Kwasi Thompson, minister of state for Grand Bahama. Mr Thompson last week also failed to provide details, although he like his fellow Cabinet minister - underscored that the Government understood the need for urgency given the continued deterioration of Freeport’s economy and society. The Minister of Tourism, meanwhile, disclosed that the Freeport element of the Government’s ‘threepronged’ tourism marketing strategy was a ‘Plan B’ or fall-back strategy should the Grand Lucayan remain closed. “That’s the quickest and fastest way to do it. A deal would be ideal,” Mr D’Aguilar said. “If not, we’re trying to create downtown Freeport as a mecca for training camps, soccer tournaments.
- has increased as a result. Should an insurance policy claim be made, the failure to fully insure will result in them being paid a relative portion - not the full value - of the claim. The Insurance Commission of the Bahamas, the industry regulator, has even developed a form where sector clients can show they “understand the effects of underinsurance”, but this - and ongoing educational efforts - have made little impact. Despite “the most competitive season ever in the insurance industry in terms of pricing”, Bahamas First executives said there had been “minimal” to zero take-up in terms of clients increasing sums insured or paying the necessary premium sum despite the lessons from Hurricane Matthew. Patrick Ward, Bahamas First’s president and chief executive, said underinsurance was “clearly an
affordability issue”, which was why the insurance industry had urged the former Christie administration not to impose Value-Added Tax (VAT) on property and casualty premiums. The 7.5 per cent levy was imposed on top of the existing 3 per cent premium tax, and Mr Ward added: “In an environment where we are prone to catastrophic losses on an annual basis, we’ve argued that VAT is not an appropriate tax on insurance. “We should be incentivising people to buy insurance, and take the burden off government with respect to it. It’s better to have insurers funding expenditure on any claims rather than burdening the Government with the loss.” Mr Ward added that “the insurance industry is more effective on getting money into the hands of consumers than the Government is” following a Matthewtype event, with the burden
on Bahamian taxpayers to finance disaster recovery substantially reduced. Warren Rolle confirmed previous Tribune Business reports that the Government now “owes the industry a substantial sum in VAT refunds” on Matthewrelated claims, an issue creating cash flow issues for both the insurance sector and Public Treasury. Based on the $800 million in gross industry losses previously disclosed to this newspaper by Anton Saunders, RoyalStar’s managing director, the sector’s total refund bill could be $50 million-plus. “That is the law they passed,” Mr Saunders said of the Government, “and they passed that with the reservations of the insurance companies. We told them not to do it. That’s the facts. “Whatever the gross number ends up being, a percentage of that is what
Sports tourism is ‘Plan B’ for the Grand Lucayan From pg B1
pand into other countries and diversify its investment returns. “It’s central to our focus in terms of expanding our footprint,” he explained. “It makes the whole proposition to expand our footprint easier.” Glen Ritchie, Bahamas First’s group vice-president and chief financial officer, recalled how the company had waited two months to obtain Central Bank approval to increase its equity stake in its Cayman affiliate, Cayman First. He emphasised that had Bahamas First been competing with rivals to make such an investment, the wait for exchange control approval could have cost it the deal. The exchange control regime has long been viewed
DIONISIO D’AGUILAR
NOTICE Notice is hereby given that BGRS Certificate No. 50343 in the amount of $10,000.00 is lost and due to mature 2017. If this certificate is found, please write to P.O. Box N-7502 Nassau, Bahamas.
THE TRIBUNE
Tuesday, June 27, 2017, PAGE 5
Govt eyes ‘all options’ for Tax Compliance Certificate efficiency From pg B1 told Tribune Business, with TCCs described as “a disincentive in terms of the ease of doing business”. Mr Turnquest added: “We are committed to looking at that process to see if we can make any adjustments, and make it more convenient for businesses to do business. I would say that we are looking at all options.” TCCs became particularly hated and despised under the former Christie administration, due to the bureaucracy and ‘red tape’ encountered in trying to obtain them. The reasoning behind their creation appeared sound from a fiscal perspective, with the Government and its agencies requiring their production by companies to prove they are up-to-date with all tax payments before receiving due compensation for goods and services supplied. But the difficulties in obtaining TCCs in a timely manner frustrated numerous Bahamian businesses, with the certificates often valid for just a few days once received. The delays also impeded business cash flows, and profitability, with firms unable to collect government payments without a TCC. Numerous private sector executives have argued that the need to produce TCCs on a monthly basis is ‘overkill’, and that this should be required on a quarterly basis at most - even biannually
or annually. “Certainly that is not off the table,” Mr Turnquest told Tribune Business of a reduced TCC frequency, “but it’s a little early for us to commit one way or the other. “We are committed to improving the ‘ease of doing business’, and we recognise this is one of the issues that the business community has raised or complained about, and we want to address it to make it fairer, but at the same time improve tax compliance levels.” Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, said the TCC process had become less onerous after the former Christie administration enabled companies to obtain TCCs that were valid for three months instead of one. “It’s been met with open arms by the business community,” he told Tribune Business, “although there’s still a sentiment that the process of acquiring TCCs is a bit much. “This is a matter that continues to be on the Chamber’s agenda, and it will be taken up. It’s part of the Chamber’s agenda when we look at the ease of doing business and elements in that process.” Mr Sumner said improved communication between the Department of Inland Revenue (DIR) and other government agencies, such as the National Insur-
ance Board (NIB), was key to further “streamlining” of the TCC process. He acknowledged that the Government would want to retain the effectiveness of TCCs as a tax compliance tool, and emphasised that the private sector’s main interest was to eliminate the delays in obtaining them. “If it takes one or two days to get a TCC, and they’re issued in a more timely fashion, the business community will not be as concerned,” Mr Sumner told Tribune Business. “We’ve seen some improvements in that area.” He added that concerns arose when delays occurred, and a TCC was set “to expire almost immediately” upon receipt rather than be valid for one or three months. The TCC’s legal basis is in changes made to Part IIB, Section 19I of the Financial Administration and Audit Act in July 2015. These mandate that a business/entrepreneur must provide a TCC both to win an initial government tender and obtain payment on that contract, provided the value is greater than $10,000. The taxes they must be in full compliance with are Business Licences and real property taxes, Immigration (work permit) fees, all Customs-related taxes, Value-Added Tax (VAT), NIB contributions and motor vehicle licensing fees. With the Public Treasury desperate for every cent of revenue it can earn, given the Bahamas’ strained fiscal position, the TCC-related changes are designed to further tightening the enforcement circle and eliminating tax compliance gaps and loopholes.
A MAN walks in front of an electronic stock board of a securities firm in Tokyo yesterday. Asian markets rose Monday after Wall Street rebounded from losses to end the week higher on stronger oil and natural gas prices. (AP Photo/Koji Sasahara)
German economic strength gives European markets a lift By THE ASSOCIATED PRESS LONDON (AP) — Stock markets around the world have started the new week strongly with sentiment in Europe buoyed further by a strong German economic survey that reinforced hopes that the region’s recovery is gaining momentum. KEEPING SCORE: In Europe, France’s CAC-40 rose 1.1 percent to 5,323 while the FTSE 100 in London gained 0.6 percent to 7,467. Germany’s DAX was 0.8 percent higher at 12,840. Wall Street was poised for a solid opening with Dow futures and the broader S&P 500 futures 0.3 percent higher. GERMANY BUOYANT: Sentiment in European markets was already upbeat following Wall Street’s recovery on Friday, which carried through into Asian markets on Monday, when Germany’s IFO Institute published its latest monthly survey of business confidence. Its monthly confidence index rose to a record 115.1 in June from the previous month’s previ-
ous all-time high of 114.6. The German economy, Europe’s biggest grew by a quarterly rate of 0.6 percent in the first three months of the year. IFO’s survey suggests a further pick-up in the second quarter. ANALYST TAKE: “This is just the latest in a long line of encouraging economic indicators, with the eurozone seemingly emerging from years of decline,” said Joshua Mahony, market analyst at IG. ASIA’S DAY: The Shanghai Composite Index rose 0.9 percent to 3,185.44 and Hong Kong’s Hang Seng added 0.7 percent to 25,862.49. Tokyo’s Nikkei 225 advanced 0.1 percent to 20,153.35 and Seoul’s Kospi gained 0.4 percent to 2,388.66. Sydney’s S&PASX 200 rose 0.1 percent to 5,720.20 and benchmarks in New Zealand, Taiwan and Bangkok also gained. TAKATA BANKRUPTCY: Japanese air bag maker Takata Corp. filed for protection from its creditors in Tokyo and the United States on Monday, overwhelmed by lawsuits and recall costs related to
its production of defective air bag inflators linked to 16 deaths. Takata confirmed most of its assets will be bought by rival Key Safety Systems for about $1.6 billion (175 billion yen). Takata’s inflators can explode with too much force when they fill up an air bag, spewing out shrapnel. So far 100 million inflators have been recalled worldwide. The recalls, which are being handled by 19 automakers, will continue. Experts say the companies must pay for a significant portion of the recalls because Takata’s assets are inadequate. OIL: Oil prices last week hit their lowest point since August before rebounding but still are about 15 percent below where they were a year ago on expectations supplies exceed demand. They were steady Monday with the benchmark New York rate up 11 cents at $43.12 a barrel. Brent, the international standard, was 7 cents higher at $45.61 a barrel. CURRENCIES: The euro was down 0.1 percent at $1.1187 while the dollar rose 0.4 percent to 111.69 yen.
PAGE 6, Tuesday, June 27, 2017
THE TRIBUNE
COLLEGE BORROWERS PROMISED LOAN FORGIVENESS ARE LEFT TO WAIT By COLLIN BINKLEY Associated Press BOSTON (AP) — Danielle Ramos’ student-debt nightmare was supposed to be over. Like thousands of others who studied at failed for-profit colleges, she was promised by the U.S. Education Department under President Barack Obama that her federal loans would be forgiven by now. But as the weeks tick by with no reprieve, the 30-year-old college student fears the financial burden will force and her 4-yearold son to move back with her parents. “I’m a single mom, so that’s really scary,” said Ramos, of Framingham, near Boston. “It’s just a lot of uncertainty. I’m prob-
ably going to have to rely on family to help me, and it doesn’t feel fair.” Borrower advocates say the pipeline to loan forgiveness appears to have slowed since President Donald Trump took office, stirring concern that some students may be left in the lurch, and that the department is veering from its predecessor’s work to rein in fraudulent for-profit colleges. Education Department officials dispute that claim, saying they’re working quickly to clear a backlog that was inherited from the previous administration. When Obama left office, 16,453 borrowers were waiting for loan cancellations that had already been approved, and more than 64,000 others had filed new
applications. For months, advocates say, it appeared few or none of those cases were being processed. Democrats in the Senate requested an update from the Education Department in May but say they received no response. On Monday, the department released data to The Associated Press showing 7,085 of the 16,453 previously approved claims have been discharged, amounting to $92 million in loans. Another 7,300 are in the final stages of the process and are to be discharged shortly, while the remaining 2,000 are currently being processed by the department. Still, the wait has left some borrowers paying for loans that were promised to be wiped clean by now.
Some have lost wages and tax returns to debt collectors. Ramos ran up $15,000 in debt to attend the American Career Institute, a chain of for-profit colleges that abruptly closed in 2013 after she received nine months of training as a medical assistant. Now enrolled at MassBay Community College and working toward a certificate in surgical technology, Ramos says she hasn’t heard any update on her debt cancellation and worries she’ll still have to pay it back. “Because of the education I got at MassBay, I’m going to be able to get good-paying job. But it’s not fair that I’m going to have to use that money to pay back something that didn’t deliver,” she said.
DANIELLE RAMOS, 30, plays with her 4-year-old son, Kymoni, at MassBay Community College in Wellesley, Mass., where she pursued her education after being defrauded by a for-profit college. Thousands of students who were defrauded by forprofit colleges were told by the Obama administration that their student loans would be forgiven, but the Trump administration has yet to keep that promise. (AP Photo/Elise Amendola)
Coal on the rise in China, US, India after major 2016 drop By MATTHEW BROWN AND KATY DAIGLE Associated Press BEIJING (AP) — The world’s biggest coal users — China, the United States and India — have boosted coal mining in 2017, in an abrupt departure from last
year’s record global decline for the heavily polluting fuel and a setback to efforts to rein in climate change emissions. Mining data reviewed by The Associated Press show that production through May is up by at least 121 million tons, or 6 percent,
for the three countries compared to the same period last year. The change is most dramatic in the U.S., where coal mining rose 19 percent in the first five months of the year, according to U.S. Department of Energy data. Coal’s fortunes had ap-
peared to hit a new low less than two weeks ago, when British energy company BP reported that tonnage mined worldwide fell 6.5 percent in 2016, the largest drop on record. China and the U.S. accounted for almost all the decline, while India showed a slight increase. The reasons for this year’s turnaround include policy shifts in China, changes in U.S. energy markets and India’s continued push to provide electricity to more of its poor, industry experts said. President Donald Trump’s role as coal’s booster-in-chief in the U.S. has played at most a minor role, they said. The fuel’s popularity waned over the past several years as renewable power and natural gas made gains and China moved to curb dangerous levels of urban smog from burning coal. Whether coal’s comeback proves lasting has significant implications for long-term emission reduction targets, and for environmentalists’ hopes that China and India could emerge as leaders in
battling climate change. While the U.S. reversal is expected to prove temporary, analysts agree that India’s use of coal will continue to grow. They’re divided on the forecast for China over the next decade. Industry representatives say the mining resurgence underscores coal’s continued importance in power generation, though analysts caution its long-term growth prospects remain bleak. The U.S., China and India combined produce about two-thirds of the coal mined worldwide, and the latter two nations also import coal to meet demand. India’s production expanded even during coal’s global downturn. “If you look at those three countries, everyone else is irrelevant in the scheme of things,” said Tim Buckley, energy finance director for the Institute for Energy Economics and Financial Analysis. Burning coal for power, manufacturing and heat is a primary source of the carbon dioxide emissions
that scientists say is driving climate change. Reducing such emissions was a critical piece of the 2015 Paris climate accord that Trump announced this month he wants to exit. Almost every other nation continues to support the deal, including China and India. China, India and the U.S. produce almost half of global greenhouse gas emissions. Coal accounts for almost half of greenhouse emissions from burning fossil fuels, according to the Global Carbon Project. China is by far the world’s largest coal user, consuming half the global supply. China has committed to capping its greenhouse gas emissions by 2030, and some have suggested it might accomplish that up to a decade earlier. Xizhou Zhou, a senior energy analyst with IHS Markit based in Beijing, said the recent uptick in coal production that the AP identified raises doubts about such optimism, but he added that China is still expected to meet its 2030 deadline.
INDIAN women use bare hands to pick reusable pieces from heaps of used coal discarded by a carbon factory in Gauhati, India. The world’s biggest coal users - China, the United States and India - have boosted coal mining in 2017, in an abrupt departure from last year’s record global decline for the heavily polluting fuel and a setback to efforts to rein in climate change emissions. (AP Photo/ Anupam Nath, File)
THE TRIBUNE
Tuesday, June 27, 2017, PAGE 7
BUDGET OFFICE: SENATE HEALTH BILL ADDS 22 MILLION UNINSURED
By ALAN FRAM Associated Press
SENATE Majority Leader Mitch McConnell of Ky. walks from his office on Capitol Hill yesterday. Senate Republicans unveil a revised health care bill in hopes of securing support from wavering GOP lawmakers, including one who calls the drive to whip his party’s bill through the Senate this week “a little offensive.” (AP Photo/Carolyn Kaster) er Chuck Schumer, D-N.Y. Of the 22 million without coverage by 2026 under the Senate plan, 15 million would be without it next year, the budget office said. That could be a particular concern to moderate Sen. Dean Heller, R-Nev., who faces perhaps the tough-
est 2018 re-election race of any Senate Republican and has said he can’t support the measure if huge numbers of people lose coverage. The budget office report said coverage losses would especially affect people between ages 50 and 64, shy of when they qualify for
Medicare, and with incomes below 200 percent of the poverty level, or around $30,300 for an individual. Moderate Sen. Susan Collins, R-Maine, said she would vote against a GOP procedural motion, expected Wednesday, to begin formally debating the legis-
lation. She tweeted that she favors a bipartisan effort to fix Obama’s 2010 statute but added, “CBO analysis shows Senate bill won’t do it.” In addition, conservative Sen. Rand Paul, R-Ky., said he would oppose that motion unless the bill was changed. And fellow conservative Ron Johnson, RWis., said he had “a hard time believing” he’d have enough information to back that motion this week. Those two — plus fellow conservatives Mike Lee of Utah and Ted Cruz of Texas — have said the current measure doesn’t do enough to erase Obama’s law and reduce premiums. All four said last week they’d oppose the bill without changes, as did Heller. Most of the disgruntled senators have left the door open to backing the measure if it’s changed, and McConnell plans to seek revisions aimed at winning more votes. But taking steps to mollify moderates could alienate conservatives.
UK’s May makes deal she needs to govern, but critics abound
Ian Blackford, a leader of the Scottish National Party, said his party would do everything possible to make sure Scotland gets “its fair share” under a formula that prescribes how UK government funds are shared by England, Scotland, Wales and Northern Ireland. “After weeks of secret backroom negotiations, the Tories have now signed a grubby deal with the DUP,” Blackford said. “For years, the Tories have been cutting budgets and services, but suddenly they have found a magic money tree to help them stay in power.”
Welsh First Minister Carwyn Jones tweeted that the deal “flies in the face of the commitment to build a more united country.” The prime minister had enjoyed a clear majority in Parliament until she called a snap election in a bid to secure more Conservative seats. Instead, many voters turned to the Labour Party, costing May her majority and forcing her to seek a partner. She downplayed policy differences between her party and the more socially conservative DUP, which opposes abortion and same-sex marriage but the complicated process of
removing Britain from the European Union. May said the two parties “share many values” and have many commitments in common. “We also share the desire to ensure a strong government, able to put through its program and provide for issues like the Brexit negotiations, but also national security issues,” May said. “So the agreement we have come to is a very, very good one.” Democratic Unionist Party leader Arlene Foster said the agreement would “address the unique circumstances” of Northern Ireland.
WASHINGTON (AP) — The Senate Republican health care bill would leave 22 million more Americans uninsured in 2026 than under President Barack Obama’s health care law, the Congressional Budget Office estimated Monday, complicating GOP leaders’ hopes of pushing the plan through the chamber this week. Minutes after the report’s released, three GOP senators threatened to oppose a pivotal vote on the proposal this week, enough to sink it unless Senate Majority Leader Mitch McConnell, R-Ky., can win them over. The bill will fail if just three of the 52 Republican senators oppose it, an event that would deal a humiliating blow to President Donald Trump and Senate leaders. The 22 million additional people without coverage is just a hair better than the 23 million who’d be left without insurance under the meas-
By DANICA KIRKA AND GREGORY KATZ Associated Press LONDON (AP) — Prime Minister Theresa May forged a deal with a Northern Ireland party Monday that should give her struggling minority government enough votes to get her agenda endorsed, but at a high cost: more than 1 billion pounds in new funds for Northern Ireland and
ure the House approved last month, the budget office has estimated. Trump has called the House version approved last month “mean” and told Senate Republicans to approve legislation with more “heart.” In good news for the GOP, the budget office said the Senate bill would cut the deficit by $202 billion more over the coming decade than the House version. Senate leaders could use some of those savings to attract moderate support by making Medicaid and other provisions in their measure more generous, though conservatives would prefer using that money to reduce federal deficits. The White House lambasted the nonpartisan budget office in a statement, saying it has a “history of inaccuracy” projecting coverage. But Democrats said the report confirmed their own analysis of the GOP measure. “This bill is every bit as mean as the House bill,” said Senate Minority Lead-
resentment from Britain’s other regions. The deal May struck with the Democratic Unionist Party was needed because of her Conservative Party’s dismal performance in a June 8 election. The massive injection of funds her government pledged in exchange angered the leaders of Scotland and Wales, as well as Northern Ireland’s other parties. The package includes 1
billion pounds ($1.27 billion) of new funding and 500 million pounds ($638 million) of previously announced funds to help Northern Ireland develop its infrastructure, health services and schools. It should allow May to win backing in coming days for the Brexit-dominated agenda announced in the Queen’s Speech that marked the opening of a new Parliament last week.
NOTICE
NOTICE is hereby given that ACELIA PLACIDE FERTIL of Marsh Harbour, Abaco, 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 20th Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that CARMELITA CAROLINE ADDERLEY nee HEWITT of #17 St. Michael Rd.,Grants Town, 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 20th Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
MARKET REPORT MONDAY, 26 JUNE 2017
BRITAIN’s Prime Minister Theresa May welcomes Democratic Unionist Party (DUP) leader Arlene Foster, right, outside 10 Downing Street in London yesterday. The leader of a Northern Ireland-based party is in London to finalize an agreement with Prime Minister Theresa May’s Conservative-led government. (Dominic Lipinski/PA via AP)
N O T I C E EXXONMOBIL PNG LNG SERVICES LIMITED _____________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL PNG LNG SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 23rd day of June 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is S.C. Darling, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 27th day of June, 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
NOTICE EXXONMOBIL PNG LNG SERVICES LIMITED ____________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 21st day of July, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,866.21 | CHG 0.00 | %CHG 0.00 | YTD -72.00 | YTD% -3.71 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.56 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00
52WK LOW 3.62 17.43 8.19 3.50 1.48 0.12 3.80 8.35 5.83 10.05 10.02 2.18 1.31 5.80 7.55 8.56 7.82 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
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 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 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.27 15.85 9.09 3.60 1.48 0.12 4.05 8.60 6.00 10.50 10.02 2.43 1.56 6.00 9.75 9.00 9.75 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.17 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.27 15.85 9.09 3.60 1.48 0.12 4.05 8.60 6.00 10.50 10.02 2.43 1.56 6.00 9.75 9.00 9.75 6.90 12.50 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.19 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
3,400
1,200
VOLUME
NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.190 0.540 0.570 0.102 0.197 0.753 0.763 0.330 0.830 0.600 0.697 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000
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 9.6 17.0 N/M 9.4 N/M N/M -10.0 14.7 31.6 19.4 17.6 23.8 7.9 8.0 12.8 27.3 11.7 11.5 17.9 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
S.C. Darling, Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.
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
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% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 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 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
MARKET TERMS
Dated the 27th day of June, A.D., 2017.
YIELD 1.87% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 5.69% 2.47% 3.85% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 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
THE TRIBUNE
Tuesday, June 27, 2017, PAGE 9
B O DY A N D M I N D
Weight Watchers takes on the Bahamas By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net
T
he Weight Watchers brand is making great strides in the Bahamas, having recently launched its “Healthy Weight Movement” initiative here in Nassau. Held at the New Providence Community Church last Saturday, the launch event saw scores of Bahamians come out learn more about what the organisation has to offer. Highlights included presentations by Weight Watchers Bahamas President Lydia Ferguson and Dr Francis Williams; a success panel by seven members who have lost over 350 lbs while on Weight Watchers; a Q&A; blood pressure and glucose testing by the Walk-in-Clinic; a cooking demonstration and food tasting by Chef Teddi Production, and more. “The event was hosted to give hope to thousands
of overweight persons who dream of losing weight. To get persons to join the Weight Watchers and experience our scientificallybased food, fitness, support and change of mindset approaches which lead to long-term weight loss and healthy lifestyle,” Ms Ferguson told Tribune Health. Growing up as a frustrated overweight child in Ghana, West Africa, Ms Ferguson took the opportunity to lose weight while studying law in England. She joined the Weight Watchers programme in 1977, and since then the topic of weight loss has played a pivotal role in
her life. “I met my husband Arnold Ferguson in college, and when I moved to the Bahamas in 1980 I realised we had a national problem with obesity. The idea to bring Weight Watchers to the Bahamas came when I was working as one of the lawyers at the Attorney General’s Office in 1988. Nine months after having my second child my weight forced me to go to court in a maternity dress when I was not pregnant. That became the last straw that broke the camel back. I saw the need for me to help myself and help a lot of overweight
people in the Bahamas lose weight by bringing Weight Watchers to the Bahamas,” said Ms Ferguson. Having operated as the only black Weight Watchers franchise owner over the years, Ms Ferguson is responsible for conducting the necessary research and provision of information to include Bahamian dishes on the Weight Watchers international food list. “I feel responsible to help to make a difference toward the National Health Insurance by helping more people lose weight and reduce the cost of dealing with non-communicable illnesses such as high blood pressure, diabetes, heart disease and even some form of cancers. A healthier Bahamas will certainly be a wealthier Bahamas for all of us,” said Ms Ferguson. Going forward, it is the group’s hope to encourage overweight persons to seek help via Weight Watchers Bahamas in an effort to accomplish long- term weight loss, put a stop to dieting and encourage a pursuit of healthy lifestyles.
THOSE interested in losing weight and those who have lost considerable amounts of weight came together for Weight Watchers’ launch event last Saturday. Photos/SHAWN HANNA
Summer’s biggest losers are crowned By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net DUE to popular demand, Platinum Weight Loss Solutions for the first time ever decided to host not one, but two Summer Biggest Loser & Fitness Challenges for 2017, and is now planning to add a third instalment by Fall. As advocates against obesity and founders of a local weight loss company, the husband and wife duo of Reginald and Santoya Edgecombe saw it fitting to once again team up with the Bahamas Medical Centre (BMC) for the second challenge of year. On Saturday, a special finale event was held to award the top three winners of the challenge. Placing first was Wesley Neely, who won the grand prize of $1,000, a FitBit fitness watch and a free month of fitness training. Wesley lost 22 pounds, six per cent of his body fat, 19 inches off his body and was the male gold medallist for being the most improved in his fitness amongst his counterparts. Chiffon Lockhart, who place second, was the recipient of $500, a FitBit watch and a free month of fitness training. She lost 29 pounds and 12.4 per cent of her body fat. She was also the female gold medallist for both weight loss and
PARTICIPANTS celebrate their weight loss at a special finale event. fat loss and took home the overall trophy award for both categories as well. Third place went to Monique Bastian, who won $250 and a free month of fitness training. She lost 20 pounds, three per cent of her body fat, 12 inches off her body and was the female gold medallist for fitness. Monique also received the overall fitness category award and a bronze medal for weight loss amongst her female counterparts. While the recent challenge marked the fifth annual contest hosted by the company, it was only the second time it was held in collaboration with Doctors
Hospital’s Bahamas Medical Fitness Centre. There were 50 persons who participated in the challenge which lasted for six weeks. “The challenge’s focus was not just centered on weight loss, which was only 25 per cent of an overall score, but also included three other categories that they would be judged on. These other categories were fat loss for 30 per cent of the score); inches for 20 per cent, and finally, fitness for 25 per cent to round off the total of 100 per cent,” said Mrs Edgecombe. “The participants were each given a before and after body assessment, which
included being weighed, measured and photographed, as well as a before and after fitness assessment. The improved difference in their results were used to determine their final score. The top three winners were then selected based upon the three highest scores.” The company usually only hosts one challenge per year, however, requests from those who previously participated were enough for the company to host a second one this year. “The persons who participated in the previous one experienced such tremendous results that their friends and family asked
them to insist we run another one just so that they could also join and experience the same,” said Mrs Edgecombe. “While our main service is the sale of our all natural weight loss products – the Platinum, Platinum Maximum Strength and Diamond, both locally and abroad – from our experience over the last five years, we are trying to break the dependency on ‘just taking a pill’. We feel like we are doing just that by using these challenges as an avenue to get Bahamians both moving and focused on their overall health. In this way, their chances of experiencing more lasting and steady results are greatly increased.” Mrs Edgecombe said based on the response from participants they are already planning to host a final challenge this year that will begin in October. She said they are finding that more and more people are willing to participate in the challenges because they get the results they want. “They like it even more when they can see those results happening to someone else first. What I mean is that most people don’t like to go blindly into something unless it’s been proven to work first. And beyond that, Bahamians in general are becoming more health conscious and tired
of looking into the mirror and not being happy with the reflection staring back at them,” she said. “The reality is that by combining our products with fitness training four days a week, our challenges have definitely giving its partakers the results they signed up for. That being said, we have another reality – these challenges are a very expensive venture and getting people to sponsor us has proven to be a challenge within itself, so we cannot continue to host them just to provide the results that people need. So, as a direct answer to this we have since implemented weight loss programmes for both kids ages 13-16 and adults. These monthly programmes can be joined at any time and are structured exactly the same way as our challenges to include weight loss and detox products for the adults, as well as fitness training for four days a week. Right now BMC is the only gym available for the programme, however Platinum Weight Loss Solutions is currently looking to add other gym facilities so that people can have an option of where they would like to go when they sign up.”
PAGE 10, Tuesday, June 27, 2017
THE TRIBUNE
Biodegradable bags ARE biodegradable bags really biodegradable? Do they really biodegrade away to nothing? Are they the solution to our plastic pollution problem? Green and appealing biodegradable bags are quickly taking over the white lightweight plastic bags. Stores such as Solomon’s Fresh Market are at the forefront with many other businesses following, including Super Value that has just recently made the switch to biodegradable bags. The import duty rate for biodegradable bags is now five per cent as opposed to 60 per cent for regular plastic bags, so it makes sense for businesses to become environmentally friendly by switching, which also allows consumer to be more guilt-free when using the stores’ bags. Biodegradable is perceived to be a silver bullet solution: you buy a product and when you throw it away it will disappear. But Is this really the case? Let’s break it down:
As New Providence continues to feel the effects of the recurring fires at the landfill, as well as a general increase in litter throughout the island, columnists Laura Paine and Julia Tomlinson will take turns in hopefully inspiring readers to do their part in reducing the country’s waste. This week, Laura takes a look at biodegradable bags.
Good To Know
Laura Paine
1. The definition of “biodegradable”
Merriam-Webster defines “biodegradable” as capable of being broken down especially into innocuous products by the action of living things (such as microorganisms). To be truly biodegradable, a material should break down into carbon dioxide (a nutrient for plants), water and naturally occurring minerals that do not cause harm to the ecosystem. Every resource made by nature eventually biodegrades and returns to nature. Even raw crude oil will degrade when exposed to water, air and the necessary salts. The problem arises when our natural resources are altered by industry in such a way that they
are unrecognisable to the natural microorganisms. So, for example, once crude oil is turned into plastic, it will eventually (after approximately one thousand years) degrade into a sludge of toxic chemicals becoming an unsustainable pollution problem.
2. How long does it take for each material to break down?
Different materials biodegrade at different rates. Any material will ultimately biodegrade, even if it takes centuries. An orange peel takes approximately six months to biodegrade, while a glass bottle will take a million years.
3. Types of biodegradable bags.
There are two types: bio-based and petrochemical-based. Bio-based bags are produced from natural origins (for example corn, grains and vegetable oils) and renewable resources and are therefore mostly biodegradable by nature. These plastics are also compostable, breaking down 60 per cent or more, within 180 days or less. Compostable plastic doesn’t just break down: as it decomposes, it will create humus, which adds valuable nutrients to the soil. Petrochemical-based plastics instead are produced from nonrenewable (petrochemical-based) resources. This is the case of Solomon’s Fresh Market and Super Value’s bags, which are made of plastic #2. Most of these bags are manufactured with an additive that results in more rapid fragmentation. Different additives create different conditions for biodegradability such as: • Thermal plastic requires extremely high temperatures to break down. • Oxo-biodegradable plastic requires oxygen to break down. • Hydro-biodegradable plastic requires high humidity to break
JUST how degradable are so-called biodegradable plastic bags? down. Many traditional petrochemical-based biodegradable plastics leave behind toxic metals and traces which can contribute to soil and water pollution.
4. Conditions for biodegradability
Biodegradation of plastics depends on the environment in which they are placed. For a bag to biodegrade, oxygen, light and heat are required, which means that the conditions in a properly managed landfill (such as the one in Freeport) are extremely hostile to the biodegrading process. Nothing is actually meant to decompose there: air, moisture and sunlight – the three factors most necessary to decomposition – are purposely kept out of landfills in order to reduce greenhouse gas emissions. In a dump site like the one in Nassau bags won’t biodegrade either, they just burn from
time to time during the dump fires, thus releasing toxins in the air. Lastly, in the oceans bags degrade very slowly as the water reduces UV and oxygen exposure. Even the bio-based bags won’t decompose easily unless they are discarded in industrial composting systems. So it would seem that biodegradable bags are not the solution after all unless they are 100 per cent bio-plastic, and even then promoting biodegradable plastics will most likely increase our nation’s plastic consumption as people who currently litter may litter more, and those who brought their own bags to the stores may be less strict about doing so if they believe that the store bags will degrade. Ultimately, the real solution goes back to our behaviour and the three famous ‘Rs’ (reduce, reuse, and recycle), which are still the most important ways we can protect the health of our planet. Reducing the amount of plastic we use and throw away whether biodegradable or otherwise is the most impactful choice we can make. Choosing long-lasting products instead of disposable ones helps keep plastic out of our environment. Bringing your own reusable bags to the supermarket will save an average of 30 to 50 plastic bags a week (whether biodegradable or not) from being produced and then released into the environment – approximately 3,000 bags a year. That’s a big difference that requires minimal effort on the part of the consumer.
CONSIDERING THE IMPACT OF SERIOUS AND DEEPENING INEQUALITY WE seem to be defining the way our society works through a series of inequalities that mean that people, especially young people, are totally excluded from the possibility of success. This kind of social exclusion and inequality is built around class, gender, sexual preference and ethnicity. Ironically, it is deeply embedded around class and gender, as the poorest in our society are caught in a bind where their gender is used to confine them to roles in society and so determine their success. Young men, for example are defined by their ability to wield power which often goes with sexual prowess and bling, which is the same for young, working-class women. However, young men caught in this dilemma will often use sexual violence to assert their otherwise ignored, overlooked or ‘marginalised’ masculinity. As a society, we have so segregated ourselves that it seems almost impossible to move beyond this social exclusion that is causing huge societal violence and unrest. Though distinct from the kind we see in big cities, the potential for that same kind of violence is growing steadily because we have chosen to ignore the real and serious inequalities we are encouraging to exist. When we refuse to educate people based on their socio-economic class and their ethnicity, we are creating a deeper social rift. The last few weeks have revealed serious social problems in major places. London, for example, has experienced a devastating demonstration of violence against democracy and civility. The city also witnessed deadly inequality that some are calling corporate murder or manslaughter through negligence and greed. This brings back memories of the riots that took London by storm a number of years ago when poor or working class youth were reported to have caused great unrest. The 2011 riots were said to have been sparked by ‘policing’, what we could refer to as the state’s criminalising of the poor. A specific sub-group received the brunt of the focus – young, black youth. They were the focus of much of the disturbance and blame was heaped on their
Dr Ian Bethell-Bennett antisocial behaviour. The state came out punching, and these youth were the worst thing ever since the beginning of time. However, when such violence erupts, we must remember that it has been caused by something. The violence was in part a result of the cutting of all resources to the youth, especially the working class youth who were the brunt of this blame. At the same time, in Nassau, the politicians were decrying the destructive behaviour of the youth, the same group being criminalised in England. This was underscored in an article in The Guardian back then, the irony of a black country claiming that black, working class youth were destabalising the nation. Yes, most youth are black, but that successive administrations, and especially prime ministers, could use the language of the (former) colonial power to describe their own citizens was and remains alarming. One note often missing from most of the debate is the violence shown to young, working class males. It is also important to underscore that when in England, the complexion of the threat changes markedly, and has a huge historical debt. In the 1980s, as a young person walking around some areas of London could be risky because of ‘Paki bashing’, a pastime with young working class white thugs who sought out young non-white youth to beat up on. Today, this reality has not changed, we just no longer call it the same thing. What is obviously missing from the discussion again is the violence the state visits on these ‘uncivilised’ youth. They are ‘uncivilised’ for a reason. We have so-
cially excluded ‘them’ from mainstream society either through intent or negligence, often times both. We seem to forget that they are actually us. We live within close proximity to one another on an island 21 by 7. The idea of a ‘native quarter’ and another more civilised area has also once again arisen. We have pulled all the resources from the ‘native quarter’. (Let’s hope that Travis Robinson in his new role as politician can bring some change to his constituency). When pushed into the margins of society, youth conform to the behaviour expected of them, especially when they respond to their social exclusion through violence and rejection. Sadly, in rejection the same uncivilised behaviour is exhibited. Linking London and the Bahamas in 2017 As the fire in Kensington shows, the poor, or better put, the working classes who can also be called the working broke, are usually the scapegoats of society and they are also often those who can least afford to escape the violence visited on them by the structural violence they experience. Close to 80 people died in a fire that was easily avoidable, had resources been distributed in a more equitable manner. When people wish to hide away what they see as the refuse, nothing good comes from this. Much like we hide people in the middle of the island or in low-lying areas that are seen as high crime ‘ghettos’, then send the young men to Fox Hill for any minor infraction, call it what you may, it’s a prison that is often worse than a dungeon complete with slop buckets, though ironically ‘cleaned up’. ‘Corrections’ do not happen in prisons like this. When shanty towns burn, some people sit back and gloat about the loss of eyesores and the personal suffering of those who ‘illegally’ inhabit these places. The paradox is that many shanty town ‘dwellers’ are there paying rent to private persons who are benefiting from their misfortune. Further, they are not all illegal immigrants, nor are they all Haitian, as we as a state are want to believe. Many are ac-
tually Bahamians cast out by social exclusion and a rapidly and uncontrolled rising price of living. Similar to the residents who inhabited the destroyed tower in Kensington, these are people many wish to exploit but not to see. ‘Invisibilising’ the problem does not make it go away. In fact, refusing to see the problem adds fuel to the fires of inequality, anger, frustration and reaction and makes everyone suffer more. The response to the blaze in London has been swift and thoughtful, except by the government. Much like the former governing party that often responded in lukewarm terms to any matter that really did not concern them but deeply impacted those who lived on the edge of society. Those who are working, fully employed, earning minimal wage and paying their taxes, but cannot make ends meet, are more rapidly being pushed further into the abyss by social policies (or the lack thereof) and cronyism, spiralling youth unemployment, insane youth under-employability and unemployability. We are reaping the benefits of a poorly organised educational system that has closed it eyes to the working class, unless they demonstrate some incredible talent which would warrant them being picked up by a ‘talent scout’ and manicured into ‘someone’ through the private system. Our bias is often too obvious and it is utterly blinding. The responses to youth violence and crime in Nassau have been about policing similar to the situation in London in 2010/11, and worsening today. Poorly thought through plans and even more poorly implemented and incredibly under-funded social programmes to restore our inner cities fail because the money is sucked out of them or they never really get implemented in a structural way that could lead to success. Focusing on local social change We often boast that teenage pregnancy is down, but what does that really mean? How possible is it to succeed if one is born into the working class Bahamas in the 21st century? Is it less than or
better than it was in the early or mid 20th century? In a country, where masculinity is linked to class and working class masculinity is linked to material manifestations of success, babies, bling, cash, alcohol, women and ‘power’ the trappings of this are the road to hell. We know this well, yet we encourage youth to follow this road because we point them down it without another option. We tell them that they are failures and so they become the words we use to define them. Much the same can be said for femininity, or working class femininity, where success is confined to reproduction and to having a man. The kind of man that will usually beat, rape, humiliate, and impregnate then leave, is often the most attractive kind of man for many young women who have grown up in homes where this is the norm. Cycles cannot be broken without an absolute change of direction. At the same time, as a nation we choose to ignore all the transactional sex that allows young, working-class highschool girls to have hair, nails, and everything else, from their older daddies, we actually make it grow. The Immigration Act as recently amended 2013/2014/2015 seeks to empower government to exclude migrant groups and those born in the Bahamas to non-Bahamian parents, particularly if they are Haitian, from education and healthcare, we are ostensibly saving the country money today by creating deeper social chaos and more spending later on. The power to exclude and to create deepening inequalities and increased violence, inter-personal as much as cultural, will cost the nation dearly in the longer term. The lack of functional education already causes huge and crippling inequalities and threatens social stability. However, we choose to ignore this. The invisible or ignored problems will soon lead to a similar kind of situation as witnessed in London, the full impact of which has not yet been seen. Can this current government work to bring back some social equality or will it continue to use the same policies to exclude? • bethellbennett@gmail.com
NEMA ADDRESSES PSYCHOLOGICAL TRAUMA DUE TO MAJOR DISASTERS RECOGNISING the challenges when faced with the psychological trauma experienced within communities after a major disaster, the National Emergency Management Agency (NEMA) recently teamed up with the Pan American Health Organisation/World Health Organisation (PAHO/WHO) to host a psychological first aid “Train-The-Trainer” workshop.
Held at the Bahamas Red Cross Society hall on John F Kennedy Drive, the workshop addressed the fact that while many of those affected by disaster will manage to recover on their own depending on the circumstances, some persons will need attention, care and treatment. To this end, NEMA, with its local, regional and international partners, is seeking best practices to
be considered for implementation in various communities throughout the Bahamas. Participants at the recent workshop were nurses, counsellors and representatives of related fields. The facilitators were Dr Eugenia Combie, medical chief of staff at Sandilands Rehabilitation Centre, and Dr Claudina Cayetano, mental health regional advisor for PAHO/WHO.
NEMA, in collaboration with the PAHO/WHO, held a psychological first aid “Train-The-Trainer” workshop at the Bahamas Red Cross Society hall Pictured among the participants are Dr Eugenia Combie, medical chief of staff at Sandilands Rehabilitation Centre, and Dr Claudina Cayetano, mental health regional advisor of PAHO/WHO (centre right and centre left respectively). (BIS Photo/Lindsay Thompson)
THE TRIBUNE
Tuesday, June 27, 2017, PAGE 11
Is the fear of failure stopping you? IN more ways than you can imagine almost everyone is held hostage by their fears. Whether it is the fear of rejection, humiliation, or the infamous fear of failure. Fear is our most primal emotion. Left unaddressed it becomes the traffic signal of our lives; directing the degree to which we really go green, live cautiously or literally stop living and just settle in the safe parking lot of mediocrity. Despite all of this, we are not born fearful beings. We are truly born fearless. However, we cannot access our fearlessness without first facing our fears. The going mantra for success is ‘feel the fear but do it anyway’. Fear being our most primal emotion means that we are more emotionally afraid than we are physically or mentally incapable. As a result, people do not do that one big thing that they are literally born to do, not because they cannot do it, but more because they are too afraid of failing at it. The irony here is that without failure there would be no success. The very fact that failure exists tells us that the success is on the other side of the coin. One cannot exist with-
Michelle Miller Motivationals
Michelle M Miller out the other. The big elephant in the room is the following question: what are you so afraid of failing at that you are not even willing to try? The thing that you must understand about failure is that it is not an ending but rather a beginning. Everything that ever becomes successful began in the laboratory of failure. Before we talk about some of popular success stories of how people we know conquered fear,
let’s look at babies. Remember, we are all born small and fragile. Initially, unable to walk, talk. One small failure after another and we learn to walk, talk, grow. Despite our smallness, we keep trying without regard until we master basic human functions. Consider that Henry Ford and Walt Disney began their success in the laboratory of failure. Henry Ford had only a sixth grade education. While Walt Disney’s dream to build the Disney World theme park was initially turned down by numerous financial institutions. Today, we may celebrate the success of the Ford and Disney brands. However, it was not an overnight process. This quality of success results from a willingness to look fear square in the eye and choose to do it anyway. What great thin, idea, opportunity is waiting for you on the other side of fear? Fear is like a massive brick wall that keeps many a prisoner. Brick walls, however, exists for one reason; they indicate how badly you really want that thing; how badly you want to succeed. When you want badly enough, you activate that motivating power within you
to pick up a sledgehammer and knock that wall out of your way. If you think the fear of failure produces some strong emotions, you should try on the emotions of success. They are much more freeing, influential and empowering. This reminds me of the time I felt impelled to leave my job in the public service and go into banking. Everything that I knew told me that I wasn’t good enough to work in the bank and I would fail miserably. The fear of failing literally kept me stuck on the shores of uncertainty, even too afraid to submit my resume. Then something hit me like Mack truck– what if it was all untrue; what if I was actually good enough to get the job? Then by not sending out my resume I wasn’t only cementing my fear of failure. but more importantly, I was hindering my chance at success. In that deciding moment I opted to feel the fear but do it anyway. In the end, I successfully got the job. By knocking down that first brick wall of fear I got a taste of personal success. This gave me the courage to knock down wall after wall as I moved through my bank-
ing career and transitioned into coaching/counselling. The bottom line is this: the only real failure in life is the failure to consistently face your fears and win your success. As the great writer William Shakespeare put it, “Our doubts are traitors, and make us lose the good we oft might win by fearing to attempt.” Indeed, Shakespeare offers some valuable insight in regards to how fear limits our unleashing of great ideas. Leader to leader, don’t let the fear of failure hold you a prisoner. Find your fearlessness and knock down that brick wall. By facing your fears, you liberate yourself to lead a life that is fulfilling and fearless. These are the qualities for 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. • 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.
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 86° F/30° C Low: 72° F/22° C
TAMPA
TONIGHT
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY
Clouds and sun, a t‑storm in spots
Partly cloudy, a t‑storm in spots
Clouds and sun, a t‑storm in spots
Clouds and sun, a t‑storm in spots
Partly sunny with a shower in spots
Partly sunny with a shower in spots
High: 92°
Low: 78°
High: 91° Low: 78°
High: 92° Low: 81°
High: 92° Low: 81°
High: 91° Low: 81°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
106° F
90° F
109°-89° F
103°-87° F
102°-88° F
102°-87° F
High: 89° F/32° C Low: 76° F/24° C
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
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ABACO
S
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High: 84° F/29° C Low: 79° F/26° C
4‑8 knots
S
WEST PALM BEACH High: 89° F/32° C Low: 76° F/24° C
4‑8 knots
FT. LAUDERDALE E
W
FREEPORT
High: 88° F/31° C Low: 77° F/25° C
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S
E
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High: 87° F/31° C Low: 78° F/26° C
MIAMI
High: 90° F/32° C Low: 78° F/26° C
3‑6 knots
Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 91° F/33° C Low .................................................... 82° F/28° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 78° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 5.72” Normal year to date ................................... 12.88”
ELEUTHERA
NASSAU
High: 92° F/33° C Low: 78° F/26° C
Forecasts and graphics provided by AccuWeather, Inc. ©2017
High: 86° F/30° C Low: 80° F/27° C
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KEY WEST
High: 88° F/31° C Low: 81° F/27° C
High: 86° F/30° C Low: 80° F/27° C
N
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4‑8 knots
S
6‑12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
L
tiDes For nassau High Today
Ht.(ft.)
Low
Ht.(ft.)
11:15 a.m. 11:39 p.m.
2.8 3.3
5:16 a.m. ‑0.5 5:22 p.m. ‑0.3
Wednesday 12:12 p.m. ‑‑‑‑‑
2.8 ‑‑‑‑‑
6:09 a.m. ‑0.3 6:19 p.m. 0.0
Thursday
12:33 a.m. 1:10 p.m.
3.1 2.7
7:02 a.m. ‑0.2 7:19 p.m. 0.3
Friday
1:27 a.m. 2:09 p.m.
2.9 2.7
7:56 a.m. 8:20 p.m.
0.0 0.5
Saturday
2:23 a.m. 3:07 p.m.
2.6 2.6
8:49 a.m. 9:22 p.m.
0.2 0.6
Sunday
3:18 a.m. 4:03 p.m.
2.5 2.6
9:40 a.m. 0.2 10:22 p.m. 0.7
Monday
4:13 a.m. 4:55 p.m.
2.3 2.7
10:30 a.m. 0.3 11:17 p.m. 0.7
sun anD moon Sunrise Sunset
6:22 a.m. 8:04 p.m.
Moonrise Moonset
10:07 a.m. 11:21 p.m.
First
Full
Last
New
Jun. 30
Jul. 8
Jul. 16
Jul. 23
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 86° F/30° C Low: 80° F/27° C
High: 84° F/29° C Low: 80° F/27° C
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High: 87° F/31° C Low: 78° F/26° C
E
W S
LONG ISLAND
insurance management tracking map H
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
CAT ISLAND
E
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uV inDex toDay
High: 87° F/31° C Low: 80° F/27° C
6‑12 knots
MAYAGUANA High: 86° F/30° C Low: 80° F/27° C
Shown is today’s weather. Temperatures are today’s highs and
CROOKED ISLAND / ACKLINS
tonight’s lows.
RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C
High: 85° F/29° C Low: 80° F/27° C
GREAT INAGUA High: 88° F/31° C Low: 81° F/27° C
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E
W
E
W
N
S
S
6‑12 knots
6‑12 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday:
WINDS S at 4‑8 Knots E at 4‑8 Knots SE at 4‑8 Knots SE at 4‑8 Knots SE at 7‑14 Knots SE at 4‑8 Knots SE at 8‑16 Knots ESE at 7‑14 Knots SE at 6‑12 Knots SE at 4‑8 Knots SSE at 4‑8 Knots ENE at 6‑12 Knots SE at 6‑12 Knots SE at 4‑8 Knots SE at 6‑12 Knots E at 7‑14 Knots SE at 7‑14 Knots ESE at 7‑14 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots SE at 4‑8 Knots SE at 3‑6 Knots SE at 6‑12 Knots ESE at 7‑14 Knots SE at 6‑12 Knots SE at 4‑8 Knots
WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet
VISIBILITY 5 Miles 5 Miles 5 Miles 5 Miles 8 Miles 8 Miles 8 Miles 10 Miles 8 Miles 5 Miles 5 Miles 5 Miles 8 Miles 8 Miles 8 Miles 10 Miles 8 Miles 8 Miles 8 Miles 10 Miles 5 Miles 5 Miles 8 Miles 8 Miles 8 Miles 8 Miles
WATER TEMPS. 82° F 83° F 84° F 84° F 82° F 82° F 83° F 83° F 82° F 82° F 83° F 84° F 84° F 84° F 83° F 83° F 84° F 84° F 87° F 87° F 83° F 83° F 83° F 83° F 83° F 83° F
SECTION B
TUESDAY, JUNE 27, 2017
WOMEN GET ‘ACTIVATED’ AT RELAXING RETREAT By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
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NOTHER year, another successful retreat for motivational speaker and success coach Sharell Carroll, who continued to help women let their guard down while they recharged and refocused on their personal goals. During the recent ‘Activate Retreat’ at Sandyport, participants were given strategies on developing a winning mindset, succeeding in their personal and professional life, managing time to achieve maximised results, overcoming selfsabotage and rejection, as well as transforming pain into fuel for one’s purpose. Dr Lorneka Joseph was a special guest speaker during the retreat. Held every June, the aim of the retreat is to help rejuvenate, refresh and activate participants. “We spent a weekend looking at and developing a winning mindset, things to avoid, what things to release from our past. We also spent time looking at how to succeed in our personal and professional life really balancing both and doing the activities and things that will lead to the goals we want to accomplish in life,” Sharell told Tribune Weekend. ‘Activate’ was designed by Sharell to be a retreat where women can let down their guard, take off their make-up, be transparent and be healed at the same time. “I decided to host the event because I realise that women are very busy and oftentimes we don’t take an opportunity to refill and refuel on a daily basis. In addition to that I wanted them to be able to see themselves in a new light – which is where the renewed mind comes into play – and they are able
SUCCESS COACH AN D AUTH SHARELL CARROLL OR
WOMEN enjoy a relaxed atmosphere during the ‘Activate Retreat’ hosted by Sharell Carroll.
“I wanted them to be able to see themselves in a new light – which is where the renewed mind comes into play – and they are able to understand how deeply loved they are by our Father.”
to understand how deeply loved they are by our Father,” she said. “They also learned business tips, ways to start their business and to maximise their time. Dr Lorneka Joseph was our international speaker and coach along with myself. She led another session related to overcoming selfsabotage and rejection, and that dug deep into some things in the past. So the ladies received a goal activation kit, one-on-one coaching in an intimate setting. We had a session by the pool along with lunch and a gift bag.” What stood out most, Sharell said, was the way the women were accepting of her coaching and experience. As a result, they were also inspired to share their own stories. “A lot of people said the winning mindset and overcoming rejection were two things that stood out most to them. They also particularly enjoyed the outdoor devotions that we had on the Sunday morning. And you know it was just something different. Women are tired of the conference style, super formal setting, but this one offered them an opportunity to let their hair down and see themselves in a different light,” she said. One of the most important things for Sharell when it comes to hosting the retreat is supplying participants with tools that they can apply to their lives. “They received action items, so at the end of the day it wasn’t just a feel-good session. I asked them to write down three things that they will start doing that will help them to meet their goals, three things they would stop doing immediately, and things that they can incorporate so that they can be much more successful,” she said.
ZONTA TRAINING FOR UNEMPLOYED WOMEN GETS UNPRECEDENTED INTEREST THE Zonta Club of New Providence (ZCNP) has gotten an unprecedented amount of applications for its fourth annual workforce readiness programme dedicated to unemployed women, receiving nearly 100 submissions for the threeweek job training initiative. Starting yesterday, the ZCNP’s skills-based workshop at the Bahamas Technical and Vocational Institute (BTVI) commenced with officials from the Ministry of Social Services and Community Development addressing the event hosted by the women’s service organisation. The launch was the start of a structured programme for the selected 30 participants that will culminate with two BTVI scholarships being awarded. “Every year we try to improve on our programme to give women who may have had setbacks in life important tools to empower and to improve their lives and the lives of their families,” said Zonta President Clau-
Nearly 100 applicants for the 30-person three-week workforce readiness programme dine Farquharson. “We host various sessions in this programme targeted towards equipping women with specific skills for each aspect of their lives that can help positively influence their economic status. “This year we saw the largest amount of applicants try for this year’s programme, so that shows us that women are not complacent with a lack of job opportunities and they believe that our programme is a good start for them changing the trajectory of their lives.” Last year’s job training workshop ended with three scholarships granted to individuals, two for BTVI and one for nursing school. This year, the ZCNP is able to continue this benefit through the generosity of many partners, including the Island Luck Cares Foundation, Bahamas First,
Baptists Health Hospital, Sunshine Group of Companies, Caribbean Bottling, and RBC Bahamas, as well as with the help of contributions stemming from purchases at Zonta’s signature Rose Day and Wine Dinner events. The participants in this year’s workforce readiness programme will be exposed to a blended style of learning that will include practical and on-the-job training as well as formal presentations by industry experts. Nightly presentations will range from Rev Angela Palacious’ “Empowering Journey” to the Crisis Centre’s “Stress and Addiction” and John Bull’s “Makeover for a More Empowered You”. Some of the topics that will be covered during the programme are spirituality, leadership, work ethic and protocols, customer service
ZONTA Club of New Providence members pose with the 2017 workforce readiness programme participants and executives from BTVI. training, conflict resolution, communication styles, resume writing, interviewing skills, dressing for success, office etiquette and decorum, social graces, legal issues (knowing your rights), and financial planning. In addition to the professional development training, the participants will be given an opportunity to be introduced to a two-week training in Microsoft Office Suite, facilitated by the professionals at BTVI.
At the end of the workshop, the successful candidates will receive a certificate of completion from BTVI during the closing ceremonies. Additionally, scholarships will be given to the outstanding students to pursue tertiary studies. The Zonta Club is the nation’s leading organisation dedicated to improving the legal, political, economic, educational, health and professional status of
women through service and advocacy. Zonta was founded in 1919 and is an international global organisation of executives and professionals working together to advance the status of women worldwide. Zontians all over the world volunteer their time, talents and support to local and international service projects, as well as scholarship programmes aimed at fulfilling Zonta’s mission and objectives.