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TUESDAY, JULY 11, 2017

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Christie Govt ‘hid true extent’ of fiscal crisis

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Former Govt blamed for Moody’s ‘junk’ review

THE Minister of Finance has blamed the Christie administration’s efforts “to hide the true extent” of the Bahamas’ fiscal crisis for Moody’s threat to downgrade this nation to ‘junk’ status.

K P Turnquest told Tribune Business he had no regrets about his frank 2017-2018 Budget statement, which revealed that the newly-elected Minnis administration was seeking to borrow $722 million - the majority of which is to cover the $500 million deficit it inherited from the previous fiscal year.

Moody’s last week cited these revelations, together with poorer fiscal

Bahamas faces 2nd ‘investment grade’ loss Borrowing costs would rise, but no ‘hedging call’ consolidation prospects, as the key factors behind its decision to place the Bahamas’ sovereign creditworthiness on review for another potential downgrade (see other article on Page 1B).

See PG B5

MOODY’S CHALLENGES GOVT’S FISCAL FORECAST

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MOODY’S has warned the Government it will be “difficult” to slash the fiscal deficit to 1.1 per cent of GDP by 2019-2020, unless it achieves faster economic growth or alters policy.

The rating agency, unveiling its rationale for placing the Bahamas’ sovereign creditworthiness under a ‘downgrade review’, suggested that the fiscal consolidation estimates unveiled by the Minnis administration in the 2017-2018 Budget are “optimistic” and may be hard to achieve.

Its July 7 ‘credit opinion’ confirmed that the review, which could lead to a second ‘junk’ downgrade for the Bahamas within eight months if Moody’s follows through, was sparked by the dramatically revised fiscal projections unveiled by the new government.

Apart from the Minnis administration’s $722 million borrowing forecast, Moody’s said also focused on the $500 million deficit projected for 2016-2017 a figure that represented a $150 million increase on the estimate given by the Christie government’s mid-year Budget just two months prior.

“The decision to place the ratings on review was prompted by official statements that the Bahamas’ fiscal position was weaker

Says ‘difficult’ to hit 1.1% deficit for 20192020 Unless faster growth or policy adjustments Backs tax cut delay; warns on NHI spend than previously estimated, and that the Government’s debt ratios will continue to worsen over the coming years,” Moody’s said.

“This diverged from our previous expectation that the Government’s debt ratios would stabilise in fiscal 2017, which had supported the Bahamas’ ‘Baa3’ rating and its previously stable outlook.”

Moody’s statement made clear that the Minnis administration has its work cut out to regain trust and credibility in the accuracy of the Government’s Budgetary and fiscal projections.

“The Budget indicated the Bahamas’ fiscal outlook is significantly worse than what we had previously incorporated into our projections,” the rating agency said, acknowledging the impact from Hurricane Matthew. “However, the FNM has also considered revenue underperformance and expenditure slippage under See PG B8

DEPUTY PM KP TURNQUEST

Doctors chief says NHI expansion ‘inexplicable’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Medical Association of the Bahamas (MAB) president says it is “inexplicable” that the Government is planning to expand National Health Insurance (NHI) at a time when it claims ‘the cupboard is bare’.

Dr Sy Pierre, in a statement to Tribune Business, said it was vital that the Minnis administration determine how NHI “can best provide value for the Bahamian people” - especially if the scheme is ultimately financed by taxation.

Confirming that the MAB’s executive council had met with Dr Duane Sands, minister of health, to discuss the scheme, Dr Pierre said that while the new government was trying to move NHI in the right di-

MAB president urges value focus Govt must explain: Were’s the beef?

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ACCOUNTING REFORM KEY TO RESTORE GOVT ‘CREDIBILITY AND TRUST’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government must urgently move to an accrual-based accounting system to regain “credibility and trust” in its Budget projections, a governance reformer said yesterday.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that it will be impossible to get a true grip on the Government’s financial position if it continues to operate a cash-based accounting system.

Speaking after Moody’s threatened to downgrade the Bahamas’ creditworthiness to ‘junk’ status, Mr Myers said this nation needed to properly execute on a fiscal consolidation plan rather than simply keep talking about it.

And he warned that it would be “downright irresponsible” for the Minnis

Offer benefits that must be paid for

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

rection it was not there yet.

He added that the model left by the former Christie administration was not fiscally sustainable, and warned that if NHI was not handled correctly it “has the potential of becoming a veritable money pit that will thrust the Bahamas into even greater poverty”.

Dr Pierre also contrasted the Government’s criticisms of the NHI scheme while in Opposition with its plans to See PG B6

FREEPORT residents are “incredulous” that the Royal Oasis’s owner has been permitted “to do nothing” with the property for 10 years, the island’s Chamber of Commerce chief says.

Mick Holding backed the move by Kwasi Thompson, minister of state for Grand Bahama, to engage Harcourt Developments over its plans for a property that many believe initiated Freeport’s demise when the previous owner walked away

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Harcourt told: ‘Status quo’ can’t remain Chamber chief agrees on sell or invest Development would be huge for confidence almost 13 years ago.

Mr Thompson, in a statement following his meeting See PG B4

PAGE 2, Tuesday, July 11, 2017

THE TRIBUNE

Chamber issues advisory on Labour Dept concerns

By NEIL HARTNELL Tribune Business Editor and NATARIO McKENZIE Tribune Business Reporter DEPARTMENT of Labour inspections have generated “sufficient concern” for the Bahamas Chamber

of Commerce to warn its members about the need for full compliance with the Industrial Relations Act. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive, told Tribune Business: “We got some

indications back from the Labour Department about a number of reports that were being filed, either by employees who felt that they were having some major grievances with employers, or that there were some companies in certain areas who were committing infractions.

“This was particularly with regard to the kind of personnel that they have hired, how the business is being conducted, whether it is licensed or unlicensed, and also the kind of environment people were working in.”

Mr Sumner said that as a result of its meeting with the Department of Labour last week, the Chamber felt it necessary to issue the advisory as “a precaution”.

“They highlighted a couple of instances that we felt warranted putting out an advisory to the business community to ensure they do not do anything that

brings undue attention to themselves,” he added.

“There were some issues that came to our attention, and the advisory was sent out as a precaution to ensure the business community remains fully compliant with the law.”

The Chamber advisory said “a number of complaints” had been made to the Department of Labour for “various labour and employment infractions” by businesses.

It urged companies to be “in full compliance” with the Industrial Relations Act “at all times” to avoid penalties and prosecution, and emphasised that labour Inspectors can make random, unannounced inspections and “demand labour and employment records for up to three years”.

“Employers who are non-compliant could find themselves facing serious consequences, which would only result in significant inconvenience and loss of

time and financial resources,” the Chamber added.

“The BCCEC strongly encourages its members and private sector businesses and employers to always operate in full compliance with relevant laws and to always provide fair and equitable treatment to their staff and employees.”

Mr Sumner said issues uncovered during Department of Labour inspections, and which were brought to the Chamber’s attention, “gave us sufficient concern to put this advisory out”.

“This does not refer to the majority of businesses,” he explained. “It was a very small percentage of businesses that we were told had some kind of infraction; the majority were compliant.

“We want to be sure that the employers in the country are made aware they can be inspected at any time, and are not doing anything that could be avoid-

ed.... One of the issues was record-keeping. Labour inspectors are able to ask for records going back three years - labour records, employment records, or anything else that’s relevant.”

Mr Sumner said some businesses were unable to produce these records when requested, and identified other issues as the proper display of Business Licenses and tax certificates.

“These are simple things, but they could warrant fines and penalties,” he added.

“There were a couple of issues raised of a more serious nature, but these are being dealt with at the Department of Labour level.

“We want to make sure that all businesses, particularly those who are members of the Chamber are operating their establishments in a way that is fair and equitable to their staff, and not violating any rules as it relates to how the business is being operated.”

Ministers meet GB businesses, unions THE Minister of Labour met with several major businesses and trade union leaders last week during his first official visit to Grand Bahama.

Dion Foulkes said he held discussions with the Grand Bahama Port Authority, Freeport Container Port, Bahama Rock and Grand Bahama Shipyard.

A meeting with Pineyard Steel was set for the weekend to discuss its training programme.

The Senator said he also planned to meet with

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the Bahamas General Workers Union, headed

by Thomas Basden, which represents the workers at Bahama Rock; the Grand Bahama Port Authority Workers Union, headed by Mervin Wright; and Commonwealth and Hotel Services, headed by Michelle Dorsett.

“From a government point of view, the Prime Minister has mandated all ministers who have responsibility for sections, departments or businesses here in Grand Bahama to focus on Grand Bahama to ensure that the Cabinet and Cabinet Ministers do whatever is necessary to ensure that Grand Bahama is revitalised and that job opportunity in Grand Bahama is maximised,” said Mr Foulkes.

“That is my mandate, that is Minister (Kwasi) Thompson’s mandate, that

is the mandate to the Cabinet. Grand Bahama is a primary focus of the Government, as the Prime Minister has said repeatedly, and we are very pleased with the meetings we’ve had so far.”

Mr Foulkes said the business community seems to be “very encouraged and very excited about the future of Grand Bahama.

There are a lot of discussions going on in terms of new businesses that I am not at liberty to announce.

Minister Thompson and the Deputy Prime Minister (K. Peter Turnquest) will update the press on those developments, but we are very optimistic about the possibility of new employment in Grand Bahama.”

Mr Foulkes acknowledged Grand Bahama’s economic challenges, but said Bahama Rock has recently added has recently added nine workers to in-

crease its staff by 10 per cent to 90 employees.

Mr Thompson: “I am glad and encouraged by some of the meetings we had, which discussed a number of labour issues, a number of environmental issues.

“What I am also encouraged by is the discussion of the potential expansion of some of these businesses, which will mean added employment... We will not rest until Grand Bahama has been fully revitalised.”

Accompanying Mr Foulkes were: Morgan Graham, assistant director of labour; Ricardo Deveaux, first assistant secretary, Ministry of Labour; Tasha Hamilton, conciliation officer, Ministry of Labour; and Sarah Rahming, executive officer, Ministry of Labour.

THE TRIBUNE

Tuesday, July 11, 2017, PAGE 3

GALLERIA: ‘NO INTENTION OF QUITTING FREEPORT’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

GALLERIA Cinemas has “no intention of leaving Freeport”, its attorney asserted to Tribune Business, adding that this week “or shortly thereafter” it expected to resolve the temporary closure of its East Mall Drive location.

Greg Moss, the former Marco City MP, said the issues facing the cinema operator were of an “economic dimension”. While not elaborating further, he acknowledged that Galleria had to take decisions

Will ‘shortly’ resolve temporary closure Attorney cites ‘economic’ challenges Says company reorganising on reorganisation due to the sluggish Grand Bahama economy.

“It would be of no surprise to anyone that the economy of Grand Bahama has been very challenged for the last 12 years, and even more so for the last

few years,” Mr Moss told Tribune Business. “That has had a significant economic impact on the company.

“The company has had to make some decisions in terms of reorganisation.

Those decisions impacted the Freeport operation, so much so that we had to close down, but we fully anticipate that those issues that present themselves right now will be resolved one way or the other during the course of the next week or shortly thereafter.”

Mr Moss added: “Those issues are of an economic dimension, and they arose as a result of the economy of Grand Bahama and the

decision the company had to make for the good of the larger grouping of the company.

“Galleria has no intention, as I understand it, of leaving Freeport, and is doing all it can to ensure that it remains on the island of Grand Bahama notwithstanding the very challenging economic situation in Gand Bahama.”

Galleria’s Freeport cinema employs 15 persons.

Last week, a sign posted on its cinema door indicated that it would be closed until further notice, prompting fears that the island would lose its sole movie theatre.

Tribune Business reported that late last month

Galleria Cinemas closed its JFK Drive location in Nassau permanently.

Its president, Chris Mortimer, told this newspaper that decision was driven by economic and industry conditions, and would impact five jobs at most. He added that the company would focus on “retooling” its main Mall at Marathon site.

He said that apart from the weak Bahamian economy, the cinema operator also faced increasingly stiff competition from home movie delivery channels, such as android boxes, Netflix, Amazon Fire TV Stick, and Facebook.

The Galleria president

BAHAMIAN REALTOR PARTNERS WITH TOP GLOBAL BROKERAGE

BTC’s $7.3m investment targets faster Net speeds THE Bahamas Telecommunications Company (BTC) says its new Fiber-to-Home service will deliver Internet speeds 20 to 100 times’ faster than the current cable modem or DSL service that many customers use.

It added that once completed, its $7.3 million investment in new scalable technology will ensure the company has the required bandwidth to offer services including FLOW TV and smart home technology.

BTC’s Grand Bahama technical teams participated in the construction training programme.

“This training programme means that our service team members are being given an overview of the proper way to install this particular application as it relates to the Fiber-to-the-Home technology,” said BTC’s northern project manager, Sean Bowe.

The first in a series of training sessions took place in the Freeport, Park Royal area, and included the BTC technical team, field engineers and company partners: CommScope, Anixter and Cable & Wireless Communications (CWC). The training teams will be on-island for three days.

“Within the next six weeks we hope to have our first customers active and on the network, which means higher speeds and higher bandwidth,” explained CWC representative, Morris Reid. “The Park Royal Community will be the first of BTC’s Grand Bahama customers to have access to the new service, which is expected to go live after August 2017.”

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.

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 in to the A.F. Holdings (Colina) group.

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

MEMBERS of BTC’s technical teams hit the streets for onsite training sessions to construct a $7.3 million Fiber-to-Home network on Grand Bahama.

LOCAL technical teams are joined by field engineers, CommScope and CWC officials for the first in a series of training sessions to facilitate the Fiber-to-the-Home network. Photos/Courtesy of BTC for BAREFOOT MARKETING

A BAHAMIAN real estate brokerage is aiming to tap into the global network of one of the world’s leading high-end firms.

Engel & Völkers recently announced its expansion to the Bahamas through its partnership with Bahamas Waterfront Properties. Engel & Völkers Bahamas marks the European-headquartered firm’s third tie-up in the Caribbean.

Colin Lightbourn, of Bahamas Waterfront Properties, and now-licensee of Engel & Völkers Bahamas, told Tribune Business the union was a natural choice given his partner’s worldwide brand recognition and extensive global network.

“Many of the big real estate firms in the Bahamas today are in some form of partnership with an international firm. That is something to consider because real estate is a global business. Wherever you are in the world you can attract buyers, and that is certainly a huge part of our business here given our second home market and vacation rentals, for instance,” said Mr Lightbourn.

“Bahamas Waterfront Properties, which we trade as, did not have an affiliation. Engel & Völkers sent us a package and we had the opportunity to learn more about it and how they operate. The quality of their work, the brand across the board, even their letterhead, everything is at a consistently high standard.

“Their referral network is huge, and they are really big in Europe, which is where the brand is coming from. These aren’t new people in the business. I would say that consistency was the final thing that helped me make my decision. They have have the resources, the relationships and a huge international network,” added Mr Lightbourn.

Engel & Völkers boasts a global network of more than 9,000 real estate advisors in 33 countries.

PAGE 4, Tuesday, July 11, 2017

THE TRIBUNE

Residents ‘incredulous’ on 10-year Royal Oasis wait From pg B1 with Harcourt, said he expressed the Government’s “dissatisfaction” with the lack of investment activity at the Royal Oasis property.

He added that he “made it clear that the status quo cannot” continue, and expressed the Minnis administration’s desire for Harcourt to either make an “injection of capital” into the property or sell it.

Supporting the Minister’s stance, Mr Holding said many Freeport and Grand Bahama residents had “almost forgotten” about the Royal Oasis - due both to

the length of its closure and being overtaken by new concerns surrounding the Grand Lucayan’s fate.

“It’s staggering in many ways that things have been allowed to run as long as they have,” he told Tribune Business of the Royal Oasis. “There are a lot of people in Grand Bahama that find it incredulous that they’ve [Harcourt] been allowed to do nothing for so long.

“I’m very pleased to hear that the Minister of State for Grand Bahama has opened discussions with Harcourt again, and I wish him the best of luck. If they’re not

prepared to do anything, pressure should be brought on them to sell. They can’t sit there and do nothing.”

Mr Thompson said Harcourt, which had already invested in Freeport via the Suffolk Court project prior to its Royal Oasis acquisition, had “expressed their commitment” to the city and “a desire” for the Royal Oasis property to move forward.

The Irish headquartered property developer acquired the resort for $33 million just prior to the 2007 general election.

It could have sealed the purchase from Driftwood (Freeport) and its financier, Lehman Brothers’ private equity arm, a year earlier if the then-Christie government had not decided to

embrace another suitor who ultimately failed to deliver.

That wasted year may have proved fatal to the Royal Oasis’s redevelopment, for Harcourt and the property/resort development industry were hit within months of the purchase by the worldwide ‘credit crunch’ and subsequent 2008-2009 recession.

The developer was forced to place the resort in ‘cold storage’, where it has been ever since. Harcourt was also hit when the Jersey courts threw out its £100 million damages claim for ‘breach of contract’, after it lost a deal to build Jersey’s finance district.

However, news coverage from the UK and Ireland suggests that Harcourt is becoming more active in its home market, with the £28 million Titanic Hotel in Belfast set to open this September. This suggests that Mr Thompson’s decision to engage the property developer, which also owns the Carlisle Bay hotel in Antigua, may be well-timed.

However, Harcourt’s

website gives little clue that it has any development plans for the Royal Oasis, describing the 425acre property and its 1,400 rooms as “currently closed”.

Mr Holding, meanwhile, suggested that redeveloping the Royal Oasis property although it will take years - was just as important to Freeport’s economy and its future as a tourist destination as re-opening the Grand Lucayan.

“Perhaps because it’s been going on for so long, the Royal Oasis complex has almost been forgotten,” he told Tribune Business.

“Not totally forgotten, but it’s not foremost in people’s minds.

“The complex is in a sorry state, no doubt about it. I drove around there at Christmas, the first time since it closed, but the buildings are crumbling.

I’m no engineer, but I would not be surprised if nothing can be done apart from demolishing it.

“It’s been 13 years since Hurricane Frances came through, and apart from

boarding it up, nothing’s been done. Even if a deal was signed tomorrow, it would be years before anything happened. It’s not an easy one, particularly the length of time it’s been sitting there.”

Mr Holding emphasised that the International Bazaar and other tourist-related businesses in the vicinity had suffered accordingly from the Royal Oasis’s closure, and added that “a big injection of capital” would be necessary to restore the area.

He added, though, that “a second tourist hub would be great for the overall economy of the island and to inject some life into that area”.

Recalling the Royal Oasis closure’s impact, and the loss of 1,200 jobs, the Grand Bahama Chamber of Commerce president said it would be unfair to blame the resort for all the island’s woes over the past 13 years.

Yet he added that the property’s redevelopment, even if it took years, would provide a major boost to consumer and business confidence in Freeport.

“I don’t think we can put all the woes of Grand Bahama on to this particular issue,” Mr Holding told Tribune Business. “Yet this was the beginning of the problems we currently face, and some would argue we’ve never really recovered from the 2004 hurricanes and the closure of the Royal Oasis.

“It would be a huge boost to people’s expectations for the future if some activity could be done. Even if it’s five years before it opens, the fact people can see work carried out would be a huge boost to economic confidence.”

Mr Holding urged the Government to tackle the Grand Lucayan and Royal Oasis in parallel, acknowledging that the former would in theory take months to open, compared to years for the latter.

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THE TRIBUNE

Tuesday, July 11, 2017, PAGE 5

Christie Govt ‘hid true extent’ of fiscal crisis From pg B1 The move comes as little surprise, given that the rating agency had indicated in a previous June 5 statement that it had been spooked by the Budget’s nine-figure revisions to estimates made just two months earlier.

Should Moody’s act, the Bahamas will have lost its ‘investment grade’ credit rating - and been downgraded to ‘junk’ status’ - by both major rating agencies within a seven to eightmonth period. It would also be the fourth downgrade suffered at Moody’s hands within the past five years, the previous ones having occurred in 2012, 2014 and 2016.

Mr Turnquest sought to blame the latest potential rating reversal on the former Christie administration, arguing that the Bahamas had been left exposed by its spending and failure to be fully transparent on the Government’s finances.

“Part of the reason we are where we are is that the previous government tried to hide, if that’s the right word, the true situation,” he told Tribune Business.

“The truth of the matter is that the previous administration has consistently over-sold their plan, and didn’t show the discipline to make it happen.

“We certainly have some reputational positions to recover; that we are who we say we are; that our word means something, and we can be relied upon to deliver the results we say we are going to deliver.”

Mr Turnquest’s comments are likely to reignite the ‘finger-pointing’ and political ‘blame game’ over the Bahamas’ fiscal crisis.

The Minnis administration said its predecessor engaged in a hiring and contract signing binge prior to the May 10 general election, with Central Bank fingers suggesting this resulted in $234 million of second quarter deficit spending.

The Opposition, led by its finance spokesman, Chester Cooper, attacked the Minister of Finance’s Budget presentation for sending the wrong message to investors and the rating agencies with talk of $722 million in new borrowing.

Neither Mr Cooper, nor Philip Davis, the Opposition’s House leader, responded to Tribune Business e-mails and phone calls seeking comment yesterday. They, though, are likely to argue that, through the 2017-2018 Budget, the Min-

nis administration brought this potential downgrade upon itself.

But Mr Turnquest, when asked by Tribune Business whether he now regretted his 2017-2018 Budget presentation, replied: “Not at all.”

He explained: “We want to be real with the Bahamian people and investors, and transparent with our international partners. We recognise there are challenges. However, we are committed to addressing these challenges upfront and in forthright manner, and believe the measures we will take will right the ship.”

The Bahamas’ prospects for avoiding a second ‘junk’ downgrade now rest almost entirely on Moody’s visit to Nassau later this month, and whether the Minnis administration is able to convince it - based on the strength of empirical data, and its policies - that it has a credible fiscal turnaround and recovery plan that should be given more time to bear fruit.

“I obviously can’t handicap that,” replied Mr Turnquest, when asked how confident the Government is in its ability to persuade Moody’s against a downgrade, “but I am hopeful we will be able to present a comprehensive plan that we are on the road to recovery.

“As long as we are forthright, and have a plan to recover, the agencies may not particularly like it, but they will see we are being transparent, frank and have a plan.”

The loss of ‘investment grade’ status with a second rating agency would potentially be highly damaging for the Bahamas and its reputation for economic stability, as it signals to the international capital markets that this nation’s creditworthiness (the Government’s ability to pay its debts) is slipping into dangerous territory.

The Government will likely have to pay more for

current and future debt issues, raising its debt servicing (interest) costs.

Moody’s, should it follow through, thus threatens to trigger an increase in the annual Budget sums that the Government must allocate to pay interest and principal redemptions on its debt/ The added debt servicing costs would suck money away from areas such as national security (Police and Defence Force), social security, education and health, impacting the quality of life for the ‘average’ Bahamian.

And the ‘junk’ downgrade may also deter investors assessing the Bahamas as a place to invest, as it raises questions about the Government’s economic management.

Mr Turnquest acknowledged to Tribune Business that the Government’s borrowing, and debt servicing, costs would likely rise should Moody’s follow through on its threatened downgrade.

But he said the Government would still have access to the necessary funding for its $722 million borrowing, and did not appear to be on the ‘wrong side’ of a hedging transaction - as happened when Standard & Poor’s (S&P) downgraded the Bahamas to ‘junk’.

“It will potentially gave an effect of increasing borrowing costs,” he conceded.

“That’s a reality. But in terms of being able to access borrowing, all indications are that we will still have access to the funding we require.

“We are obviously very sensitive to that, and we’ll be doing what we can in order to give the agencies every assurance that our fiscal plan is a workable plan, and that we are committed to it and will be disciplined about it.”

The S&P downgrade triggered an immediate demand for $150 million in extra collateral from the Government, with lenders ultimately requiring it to provide “a minimum of $70 million” via a derivatives transaction the two sides entered into.

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Mr Turnquest told Tribune Business this was unlikely to happen if Moody’s took similar action, saying: “That is something we are still looking at, but we don’t expect any calls.”

Outlining elements of the consolidation plan that the Government will present to Moody’s, the Minister of Finance said a draft Fiscal Responsibility Act had already been written.

He added that one of the multilateral agencies had committed to assisting the Government with that Act, and “to make sure the legislation is appropriate, the implementation is workable and to assist with our think-

ing”.

Mr Turnquest said the Government was also working on a Revenue Administration Bill “to improve our compliance rates, and give the Government the penalties it needs to collect the revenue on its books”.

This Bill is designed to modernise, and standardise, enforcement and sanctions tools across all revenue streams, bringing them into line with the compliance mechanisms contained in the Value-Added Tax (VAT) legislation.

To rein in spending, Mr Turnquest confirmed the Minnis administration is relying on the expenditure

reviews announced in the 2017-2018 Budget.

“We’re looking at expenditure to make sure the programmes we are operating today are still viable and necessary,” he told Tribune Business, “and for those we deem to be of continued relevance today, that the costs are controlled and appropriate.

“We are doing a thorough review of government expenditure up and down to ensure we get value for every dollar we spend, and weeding out the wastage that has been allowed to creep into the Government’s expenditure.”

PAGE 6, Tuesday, July 11, 2017

THE TRIBUNE

Doctors chief says NHI expansion ‘inexplicable’ From pg B1 now expand it to secondary and tertiary care, despite the Bahamas’ strained fiscal circumstances - which now include the threat of a second downgrade to ‘junk’ creditworthiness by Moody’s.

“When in Opposition, the present Government bombarded the media constantly, pointing out the inadequacies of the proposed NHI programme - poorly planned, inadequately funded, ill-suited for our health care needs, etc,” the MAB president wrote.

“Bahamians may be forgiven for believing that, once elected, the new Government would take steps to retrench and rethink its approach to health care. It seems inexplicable that now that they are no longer in the Opposition, members of

this Government not only want to continue with an NHI-funded primary care programme but also expand the programme to include specialty care. This at a time when, by its own admission, ‘the cupboard is bare’.”

Dr Sands previously told Tribune Business that the Minnis administration had to identify funding for NHI, after the former government failed to sequester - or allocate - the $100 million for the scheme’s primary care phase and $24 million for catastrophic care.

NHI’s launch, prior to the general election, was being financed from the Consolidated Fund into which VAT and all other taxes are paid.

Dr Sands subsequently said NHI’s budget for the 20172018 fiscal year was being cut to $40 million, with $15 million each for primary and catastrophic care, and

$10 million to finance the NHI Authority’s creation.

This prompted Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, to query how the Government planned to make NHI work with reduced funding and to brand the NHI Authority’s needs as “quite excessive”.

Dr Pierre, meanwhile, likened the former administration’s NHI scheme to the Wendy’s TV commercial where three elderly ladies are served a hamburger only to find a very small burger in the middle.

Implying that NHI had very little on the inside despite the glossy marketing, the MAB president said the key question was: ‘Where’s the beef?’ or ‘Where’s the value?’

Emphasising that Bahamian physicians were committed to delivering quality healthcare, Dr Pierre wrote: “We welcome any fiscally sustainable plan that will achieve this, but the current plan does not meet that cri-

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

GEN/eq/292

EQUITY SIDE ALL THAT piece parcel or tract of land containing One Hundred (100) acres originally granted by the Crown to Joseph Roberts on the 21st day of August A.D., 1871 and recorded in the Department of Lands at High Bank Bay on the Island of Abaco, one of the Islands of the Commonwealth of The Bahamas. Bounded on the North by land surveyed to John B. Moore at N102º -31’-25” North one hundred and two degrees thirty one minutes twenty-five seconds for a distance of (2604.49’) two thousand, six hundred and four and forty-nine hundreds of a foot, and bounded on the East by a sandy beach the high-water mark of the Atlantic Ocean at N171º -00’00” one hundred and seventy-one degrees zero minutes zero second for a distance of (1797.87’) one thousand, seven hundred and ninety-seven hundreds of a foot and bounded on the South by a road 20 feet wide separating it from land surveyed to Messrs. Sawyer and Menendez N282º -31’-25’ two hundred and eighty-two degrees thirty-one minutes, twenty-five seconds for a distance of (2604.49’) two thousand, six hundred and four and forty-nine hundreds of a foot and bounded on the West by the Ernest Dean Highway at 351º-00’-00” three hundred and fifty-one degrees zero minutes zero seconds for a distance of (1797.87’) one thousand, seven hundred and ninety-seven and eight-seven hundreds of a foot.

AND IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER of the Petition of The Grand Children of James Henry Roberts Holdings Company Ltd. NOTICE ALL THAT piece parcel or tract of land containing One Hundred (100) acres originally granted by the Crown to Joseph Roberts on the 21st day of August A.D., 1871 and recorded in the Department of Lands at High Bank Bay on the Island of Abaco, one of the Islands of the Commonwealth of The Bahamas. Bounded on the North by land surveyed to John B. Moore at N102º -31’-25” North one hundred and two degrees thirty one minutes twenty-five seconds for a distance of (2604.49’) two thousand, six hundred and four and forty-nine hundreds of a foot, and bounded on the East by a sandy beach the high-water mark of the Atlantic Ocean at N171º -00’00” one hundred and seventy-one degrees zero minutes zero second for a distance of (1797.87’) one thousand, seven hundred and ninety-seven hundreds of a foot and bounded on the South by a road 20 feet wide separating it from land surveyed to Messrs. Sawyer and Menendez N282º -31’-25’ two hundred and eighty-two degrees thirty-one minutes, twenty-five seconds for a distance of (2604.49’) two thousand, six hundred and four and forty-nine hundreds of a foot and bounded on the West by the Ernest Dean Highway at 351º-00’-00” three hundred and fifty-one degrees zero minutes zero seconds for a distance of (1797.87’) one thousand, seven hundred and ninety-seven and eight-seven hundreds of a foot.

The Grand Children of James Henry Roberts Holdings Company Ltd. claims to be the owners of the unencumbered fee simple estate in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have its title of the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and the Plans of the said land may be inspected during normal office hours in the following places: 1.

2.

3.

The Registry of the Supreme Court, George Street in the City of Nassau, Bahamas; The Chambers of R. A. Farquharson & Co., Salem House, #14 Parliament Street Nassau, Bahamas.

The office of the Commissioner/ Administrator at Marsh Harbour and Sandy Point, Abaco, Bahamas.

NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the 31st day of July, A.D., 2017 file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verified by an Affidavit to be filed therewith.

Failure or any such person to filed and serve a Statement of his Claim on or before the 31st day of July, A.D., 2017 will operate as a bar to such claim.

Dated the 19th day of May, A.D., 2017 R. A. FARQUHARSON & Co. CHAMBERS SALEM HOUSE #14PARLIAMENT STREET NASSAU, BAHAMAS Attorneys for the Petitioner

teria.

“However, since the Government seems determined to move forward with an NHI scheme in some form – along with the inevitable increases in taxation that this will bring to bear – the important question to address is: How can NHI best provide value for the Bahamian people?”

Pointing out that virtually all Bahamians enjoyed access to healthcare preNHI, Dr Pierre said Bahamians had to acknowledge that “the NHI scheme in its present form provides absolutely nothing not presently available in the public health sector.

“Yes, it is true that our public healthcare system is beset by management issues, excessive red tape and misuse of resources.

However, upwards of 90 per cent of the health care needs of Bahamians are accessible – right now - through the public healthcare system,” he explained.

“The proposed NHI

scheme will not add a single service, test, screening or care opportunity that is not presently available to the Bahamian public. So why add millions of dollars of additional debt, new layers of bureaucracy and opportunities for mismanagement for a service that presently exists?”

Dr Pierre said the notion that NHI could provide similar amenities to those offered by private health insurance had been “debunked” by global experiences.

As a result, he argued that NHI should be focused on providing medical supplies and services that patients have to pay for in the public healthcare system.

“NHI would fund such things as vascular grafts for patients on dialysis, comprehensive cancer care, pacemakers, pediatric heart surgery, extended care including rehabilitation for stroke victims, etc,” Dr Pierre suggested.

“NHI for services not

presently available in the public sector will enhance our healthcare service, fully utilise our present infrastructure, add minimal debt, remove the need for cookouts to fund medical care and would receive buyin from all stakeholders, especially physicians.”

He continued: “The value is in providing medical services that are urgently needed but not presently available. If we must move forward with this concept, let it be in a way that truly benefits Bahamians and adds value to our standard of living.

“Hopefully, this government will listen to and execute the plans of our exceptional professionals, and not go searching the globe for foreign consultants. Or worse, attempt to implement some ill-conceived, hare-brained scheme meant to gain political traction but instead causes incalculable suffering for the Bahamian people.”

THE TRIBUNE

Tuesday, July 11, 2017, PAGE 7

Accounting reform key to restore Govt ‘credibility and trust’ From pg B1 Government resolved its deepening fiscal crisis.

“We’ve got to restore the credibility of the Government and public service,” Mr Myers told Tribune Business. “Again, that goes to the continuing position I have: A trustworthy Budget and a trustworthy accrualbased accounting system that better allows the Government and the public to understand what the fiscal situation is.

“That’s what’s wrong with cash-based accounting.

No responsible accountant would ever tell you that you should run off a cash-based accounting system. Not in a modern world, with credit and complex lending structures. You can’t do it.”

The Government currently operates a cashbased accounting system, which only recognises revenues when they come in and expenditures when they become due for payment.

It fails to capture spending commitments that the Government may have entered into, but which have yet to fall due, meaning that the current public sector accounting system does not reveal the full extent of its liabilities.

Chief among these liabilities are unfunded civil service pensions, which are currently funded via a ‘payas-you-go’ type of arrangement in the annual Budget. The KPMG accounting firm previously disclosed that these liabilities, which it currently estimates at around $1.5 billion, are set to increase to $2.5 billion by 2022, and $4.1 billion by 2032, unless essential reforms are enacted.

These liabilities would push the national debt towards $8.5 billion if included in the calculation, a figure almost equivalent to total annual Bahamian economic output or a 100 per cent debt-to-GDP ratio.

Mr Myers, meanwhile,

said the need for accrualbased accounting had also been reinforced by revelations that the former Christie administration had engaged in $234 million worth of deficit spending during the May 10 general election quarter.

Tribune Business derived this figure from the Minnis administration’s $500 million 2016-2017 full-year deficit estimate, and by the Central Bank pegging the deficit for the first nine months at $266 million.

Mr Myers said some of that $234 million figure “could have been accrued and come due”, meaning spending commitments that had been entered into by the Government months before, but which required payment prior to the general election.

“It seems to me that what happened is that they [the Christie administration] added a major increase in spending in that last quarter,” he said of the $234 million figure.

“It does emphasise the necessity, the ongoing necessity, for an accrual-based form of accounting, a Fiscal Responsibility Act, a Freedom of Information Act and a Whistleblowers Act. “It’s high time all of this stuff changes, and we get accountability and responsibility put in place. If we can’t get them [the political elite] to understand that, and do it, and do it immediately, and with the utmost vigour, we are doomed.”

Mr Myers described the $234 million deficit seemingly incurred in the three months to end-June 2017 as “a disgusting, obscene number”, and he questioned the “deafening silence” from senior civil servants over the former government’s pre-election spending binge.

Suggesting that they “have a fiduciary responsibility” to the Bahamian people as managers of government ministries, departments and agencies, the ORG principal said he was “infuriated” that top officials appeared to simply have gone along with the pre-election spending.

“We’ve got to create credibility and accountability in the public service or we will

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fail,” Mr Myers told Tribune Business. “The writing on the wall has just got larger, and if we don’t get it we will deserve what we get.”

Turning to the Moody’s review, he added: “What we’ve got to start doing is looking at the Bahamas as if it is a business, and one in need of reform.

“It’s like going into a bad business. You’ve got to start running cash flow analyses, start making projections and be realistic about how to deal with these things; cutting costs and increasing revenue. I don’t see any kind of dynamic modelling to get us out of our current situation.”

Mr Myers again reiterated that the Government should place social programmes, such as NHI, on hold until either the fiscal situation improved or it showed that the country

could still afford them within the context of a consolidation plan.

“You can’t start putting on more social benefits when the country is going under,” he argued. “It’s irresponsible. I understand that there’s a lot of people who do not want to hear that, but all these benefits don’t work unless you get your house in order.

“If you’re a business or family, you can’t buy health insurance if you can’t buy groceries. We’ve got to become more practical and sensible about our approach, and more businesslike.

“Until we’ve worked our way out of this crisis, don’t lick you finger, stick it in the air and say we need NHI. If you haven’t done the modelling, that’s downright irresponsible.”

Mr Myers said the Gov-

ernment also needed to include its plans for addressing loss-making corporations, such as Bank of the Bahamas, ZNS and Bahamasair, in its fiscal modelling.

“What we know in business, and as businessmen, is that talk is cheap,” he added. “When the rating agencies start to see we’re getting serious, we’re likely to see a more favourable rating.

“We can’t talk about it; we’ve got to do it. That’s what they’re looking for.

They’ve heard the talk, but are looking for the walk.

“It [the Moody’s review] emphasises the fact that we have serious work to do, and other people are taking it very seriously, as we should. Reality is not pleasant, and we have to get on with it, roll up our sleeves and get our heads down.”

PAGE 8, Tuesday, July 11, 2017

Moody’s challenges Govt’s fiscal forecast From pg B1 the PLP administration.

“Consequently, the new government now expects the deficit in fiscal 2017 to reach $500 million (5.5 per cent of GDP). This contrasts with the PLP’s midyear performance report, presented in March, which estimated a deficit of $350 million (3.8 per cent of GDP), and an estimated

deficit of $100 million (1.1 per cent of GDP) in the original fiscal 2017 Budget.”

Tribune Business reported on the “wild, huge” swings between the two administrations’ projections when the 2017-2018 Budget was presented, noting that the nine-figure gap between them threatened to undermine business, investor and consumer confidence unless the differenc-

es were properly explained.

As an example, the new government revealed that the 2017-2018 deficit is projected to be $323 million - an almost $300 million increase from the $28 million in ‘red ink’ that was forecast by the Christie administration just 12 months before.

Moody’s, not surprisingly, also picked up on this.

“The FNM government’s Budget statement also envisions a somewhat optimistic deficit reduction path through fiscal 2020 without material changes to current policy, particularly in a still weak economic environment,” it added.

“The new government forecasts a deficit of $322 million (3.4 per cent of GDP) in fiscal 2018, and deficits of around 2.3 per cent of GDP in fiscal 2019 and 1.1 per cent of GDP in fiscal 2020. This compares with previous official estimates of a small deficit of $28 million (0.3 per cent of GDP) in fiscal 2018, and surpluses beginning in fiscal 2019.

“Given the economy’s still weak state, we consider that these estimates may be optimistic. While the introduction of a Value-Added

Tax has contributed significantly to bolstering the government’s revenue base, important challenges remain to rein in expenditures. The Bahamas’ susceptibility to climate-related events such as hurricanes, as was the case in 2015 and 2016, also increases the risks of fiscal slippage.”

Moody’s, though, described the Minnis administration’s decision to “delay the implementation” of promised tax breaks as “a positive note”. Apart from exempting so-called ‘breadbasket’ food items, electricity, water, healthcare and education from VAT, the FNM had also promised ‘tax-free zones’ to revive Over-the-Hill and innercity members.

While the Government had promised a fiscal consolidation plan within three months, Moody’s suggested that both revenue and spending pressures would create headwinds pushing back against it.

“The weakness of the economy is likely to weigh on revenue growth over the coming years,” the rating agency said. “The FNM has also stated it will likely focus on reducing spend-

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by July 15th, 2017

MARKET REPORT FRIDAY, 7 JULY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,864.22 | CHG 0.49 | %CHG 0.03 | YTD -73.99 | YTD% -3.82 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.50 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 1.47 0.12 3.80 8.35 5.83 10.05 10.00 2.18 1.31 5.80 8.75 8.56 7.90 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

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

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

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

SYMBOL FBB17 FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.07 3.95 1.96 169.70 141.76 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 1.47 0.12 4.00 8.60 6.00 10.47 10.00 2.46 1.56 6.00 9.75 8.10 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 100.00 100.00 100.00 108.60 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.48 10.00 2.53 1.56 6.00 9.75 8.10 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 0.01 0.00 0.07 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

108.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.05 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

2,750 1,489 200

1,000

VOLUME

NAV 2.07 3.95 1.96 168.44 141.76 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 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 0.753 0.763 0.330 0.830 0.600 0.697 0.000

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

P/E 9.6 17.0 N/M 9.4 N/M N/M -5.3 14.7 31.6 19.4 17.5 24.8 3.4 8.0 12.8 24.5 11.7 11.5 17.9 0.0

YIELD 1.87% 6.31% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.67% 3.44% 5.70% 2.37% 3.85% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 0.00%

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

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

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

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

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 1.92% 4.53% 0.82% 2.80% 0.95% 2.49% 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 31-May-2017 31-May-2017 31-May-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 BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

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

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

ing. However, there will be some sources of upward pressure on spending as well, such as the ongoing introduction of a National Health Insurance scheme and contingent liabilities/ additional spending stemming from state owned enterprises.”

K P Turnquest, minister of finance, said state-owned enterprises (SOEs) will eat up a collective $429 million in subsidies in the 20172018 fiscal year. Almost half this sum will go to the Public Hospitals Authority (PHA), with other perennial loss-makers such as Bahamasair, ZNS and the Water & Sewerage Corporation also eating up multimillion dollar subventions.

Moody’s indicated that the Government’s plans to address the SOEs, and the drain they impose on the Public Treasury, will be a key factor in its downgrade review. Around $450-$500 million of debt owed by these entities, equivalent to 9 per cent of GDP, is guaranteed by the taxpayer.

“Moody’s will assess measures to address the rising sovereign risk posed by contingent liabilities stemming from the broader nonfinancial public sector, with a stock of debt representing over 17 per cent of GDP, of which about half carries an explicit government guarantee,” the rating agency said.

With the Bahamas clinging to its ‘investment grade’ rating by one notch, Moody’s said it had also been alarmed by the new government’s forecast that the debt-to-GDP ratio will continue to increase.

“The review will focus on assessing the likelihood of stabilisation of the Government’s debt ratios over the coming years,” it added. “According to updated fiscal estimates presented by the newly inaugurated administration in the 20172018 Budget, due to costs associated with Hurricane

THE TRIBUNE

Matthew and additional fiscal slippage during the election year, the Government’s fiscal position has worsened further.

“The Bahamas’ government debt-to-GDP ratio has risen to an estimated 72 per cent of GDP in 20162017, from 55 per cent in 2012-2013. This is higher than Moody’s previous expectation that the debt ratio would stabilise below 70 per cent of GDP, given a recovering, albeit still weak, economy. This anticipated stabilisation supported the stable outlook on the Bahamas’ ‘Baa3 rating, placed in August 2016.”

Underscoring how the Bahamas’ economic and fiscal strength has deteriorated, Moody’s said this nation’s economy contracted by an average of -0.2 per cent between 2013 and 2017. Out of countries with a similar credit rating, only Trinidad & Tobago has performed as poorly.

With the Bahamas’ direct government debt-to-GDP ratio at 71.8 per cent, and guaranteed debt taking this above 80 per cent, Moody’s said this nation’s fiscal indicators were much weaker than other ‘Baa3’ rated countries.

“In terms of the interestto-revenue ratio, the Bahamas at 15.2 per cent is almost double the Baa median (7.9 per cent) and that of Baa3-Ba2 peers (8 per cent),” Moody’s added.

The rating agency indicated that the Bahamas could retain its ‘investment grade’ rating if it could show “economic trends and the Government’s policy response support a stabilisation of the debt trend”.

If not, ‘junk’ status will follow.

Just as Standard & Poor’s (S&P) gave the Bahamas such an unwelcome 2016 Christmas present , Moody’s announcement is akin to an ill-timed Independence Day ‘gift’ from this nation’s perspective.

CALL 502-2394 TO ADVERTISE TODAY! NOTICE

NOTICE is hereby given that CHRISTOPHER HUMES of Peadale Street, New Providence, 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 11th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Ernest Stubbs of Grand Cay, P.O.Box SP-61722, Abaco, Bahamas father of BRANAE JANEAR RUSSELL intend to change my child’s name to BRANAE JANEAR RUSSELL-STUBBS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer,P. O. Box N – 742, Nassau, Bahamas no later than Thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that NATASHA VERONICA THOMPSON of 12 Rum Cay Drive, South Bahama, P.O.Box F-44796, Freeport, Grand Bahama, 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 3rd day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that WAYNE DEXTER ANTHONY THOMPSON SR. of 12 Rum Cay Drive, South Bahama, P.O.Box F-44796, Freeport, Grand Bahama, 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 3rd day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SHARON FRANCOIS of Carmichael Rd., New Providence, 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 4th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Tuesday, July 11, 2017, PAGE 9

B O DY A N D M I N D

Love and fitness

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

H

ELPING couples build healthier bodies while also strengthening the bond that keeps them together is the goal of the third season of the popular ‘Fit For Marriage’ contest.

The competition kicks off this September and seeks the participation of 10 engaged couples who want to work in tandem to create a healthier, more robust life.

‘Fit for Marriage’ is the brainchild of the husband and wife duo Phil and Anishka Culmer, who are also the creative directors behind the relationship management brand ‘The Marriage Bed’.

With ‘The Marriage Bed’, the couple hope to restore and sustain the beauty of marriage by promoting good, healthy relationships in the home, and by extension in the community at large.

This is also the idea behind the launch of the ‘Fit for Marriage - Engaged Edition’ – an eight-week couples’ weight loss challenge.

The group will meet once per week for a workout and relationship management session, which will deal with topics that challenge marriages today.

Professional therapists, motivational speakers and topic-related professionals will be brought in to flesh out the weekly topics and the group will be interactively engaged in practical ways to deal with frequent issues that married couples face.

The couples will then be given weekly challenges, both health and relationship focused, on which they will be judged each week.

They will be exposed to health and fitness professionals, support-based group chats, and will be offered access to various facilities to assist them in meeting their targets

Weight-loss competition challenges engaged couples

COUPLES get healthy and build stronger relationships during the ‘Fit for Marriage’ competition. and transforming their lifestyles. At the end of the eight weeks the couple that loses the most weight and meets their relationship management quotas wins the competition. They will be dubbed the ‘Fit for Marriage’ champions and will take home the grand prize: attire for the bride and groom. Other prizes include round-trip tickets for romantic getaways, dinners for two, and more. “ ‘The Marriage Bed’ is known for our creative spin on relationship management; we package therapy differently. We are always creating shows and events that make therapy practical for persons to better develop themselves and their relationship,” said Phil.

“As relationship managers, we ourselves either face or have faced issues and challenges that we teach and promote to others. One issue that many relationships are faced with is that of physical health, as well as (achieving) a wellbalanced, healthy relationship. So we decided to make a hybrid programme of these two pillars of life: health and relationship management, and created the first of its kind – a couples’ weight loss competition that focuses on living healthy as well as building your relationship.”

‘Fit For Marriage’ was initially designed for married couples, how-

ever, those who are unwed began feeling left out.

“We have gotten requests by singles and engaged couples to do something that they can participate in. We had always intended to expand the programme to other relationship statuses, so the Engaged Edition is next,” said Phil.

“In our line of work it has become more and more evident that persons are getting married illequipped to deal with the challenges that lie ahead.

To this end, we wish to better equip persons who are engaged, or in long-term relationships, to better understand what happens after the ‘I do’, the wedding cake and the honeymoon.

We also want to expose couples to the importance of truly knowing your spouse in terms of personality, life goals, and overall perception on areas that you will face after the wedding day is done. We also wish to expose couples to the importance of personal development and getting to know the man/woman in the mirror before you jump the broom.”

The Engaged Edition is also going to take a different format as relates to the fitness training.

The ‘Fit For Marriage’ team has partnered with various professionals who will adopt one couple and

How much juice should kids drink?

(BPT) - Selecting beverages for your children can be tricky. What should they be drinking and how much should they drink? Dr. Lisa Thornton, paediatrician and mother, breaks down new juice guidelines from the American Academy of Paediatrics (AAP) and answers questions about 100 per cent juice in the diet.

Q: My kids like to drink juice, but I don’t know how much to serve them. Do you have any suggestions?

A: Like the whole fruit it is squeezed from, 100 per cent juice is both delicious and nutritious.

It is filled with important vitamins and minerals like potassium, folate and vitamin C, which make it a great beverage to serve your children. A serving of 100

per cent juice is also a good option to help children meet their daily fruit serving recommendations.

In regards to portion size, follow the guidelines from the

American Academy of Paediatrics (AAP). Children ages one to three can have up to four ounces of juice a day, kids ages four to six can drink up to six ounces a day, and children seven and older can have up to eight ounces per day. These new guidelines were put into place to help parents manage their children’s intake.

Q: Should I be worried about juice and weight gain?

A: Balance is the key to good health for people of all ages, from age one to 100. Guidelines and recommendations are put into place by experts at the American Academy of Paediatrics and the United States Department of Agriculture (USDA) to help guide you to make the best decisions about the foods and bever-

ages you serve to your family.

Scientific studies that analysed the juice consumption of children and adults found that when juice is consumed in appropriate amounts, there is no association between drinking juice and obesity. If you are worried about the impact of individual foods on your child’s weight, consult with a professional, such as a nutritionist or paediatrician.

Q: Does drinking juice impact fruit consumption? I’m concerned that if I serve my children juice, they will be less likely to eat fruit.

A: Actually, nutrition research shows just the opposite. Children who drink juice tend to have overall better quality diets than those who do not drink juice.

SHINING A LIGHT ON SARCOMA, ‘THE FORGOTTEN CANCER’ (BPT) - After a summer of healthy eating and exercise, Janice Nicewanner was on the road to better health when she noticed a small lump in her lower left abdomen. She assumed it was scar tissue from a past surgery, but decided to see her doctor six months later after it had grown to the size of a baseball. Shortly after undergoing surgery to remove what her doctors thought was a hernia, Janice found out she had cancer. Specifically, it was a malignant solitary fibrous tumor, a form of soft tissue sarcoma. Janice was 39 years old when she was diagnosed.

“I had never heard of sarcoma before that day,” said

Janice. “The word ‘cancer’ never came up as a possibility in any of my initial conversations with my doctors until I received the diagnosis. I was completely blindsided.”

Sarcoma remains an unknown cancer to many.

In fact, it is often known as “the forgotten cancer”.

However, July is unofficially recognised as Sarcoma Awareness Month by the thousands of patients and their families impacted by the disease.

What is sarcoma?

Soft tissue sarcoma (STS) is among the most distinct and complex types of cancer. It has more than 50 histologic subtypes that arise

from connective tissues of the body, including muscle, tendons, fat, lymph vessels, blood vessels, nerves and tissue around joints. The tumours form most often in the arms, legs, chest or abdomen, though they can be found anywhere in the body.

Sarcoma is considered a rare disease; it comprises approximately one per cent of all adult cancers diagnosed. An estimated 12,390 new cases of STS will be diagnosed in the US in 2017, and nearly 5,000 people are expected to die of STS this year.

The challenge of diagnosis Given the rarity and complexity of this cancer,

diagnosis can be especially challenging. Sometimes a patient will need to visit several different doctors before the cancer is properly diagnosed. Patients are encouraged to see a sarcoma specialist at a sarcomaspecific treatment center to get care from a team of interdisciplinary specialists.

Treatment options Based on where the cancer formed, different types of STS may be treated differently. Therapeutic advancements have been challenging, and the five-year survival rates for STS have not changed much for many years. Treatments include traditional methods like surgery, radiation, chemo-

become their personal team sponsor.

“We feel that this dimension is going to be an amazing experience for the couples, as they will have a more focused training experience, as well as this allows for us to showcase a bigger variety of Bahamian fitness professionals,” Phil explained.

Both Phil and Anishka believe that couples will benefit from the programme in a major way.

“Even though weight loss is the focus for many, we had a few couples that entered the programme not to lose weight, but to work on their marriages. These couples had a blast. We had couples that started the competition in a rough emotional state, but found so much support and fulfilment in the programme that by the end they felt a lot closer to each other and could now pinpoint the problems in their marriage, as well as the tools required to make things better,” said Phil.

“The dedication and structure that the programme promotes in being healthy physically rolls over into the dedication, structure and determination required to deal with issues in marriage as well.

If they give their best effort, couples will leave the competition with a greater appreciation for each other and the value of living a healthy and nutritious life, and by extension they would have built a stronger relationship with their spouse.”

Ultimately, at the end of this programme, the couples should have the reassurance that they are truly “fit for marriage”, he added.

‘Fit For Marriage’ is also being filmed as a reality TV show. For more information, call 359-0101, e-mail themarriagebedbahamas@gmail.com, or visit the ‘Fit for Marriage’ Facebook page.

This means they eat more whole fruit, less saturated fats and have less added sugar in their diet.

Drinking juice shouldn’t replace eating whole fruit in the diet; it should complement it. According to the US Dietary Guidelines, 100 per cent juice is part of the fruit group, which consists of all forms of fruit – fresh, frozen, canned, dried and 100 per cent juice. More than 75 per cent of Americans do not eat the recommended amount of fruit; one serving of fruit juice can help to supplement your family’s intake.

Making decisions about what to feed your family shouldn’t be stressful or difficult. Consult with your physician, paediatrician or nutritionist if you are confused about what foods and beverages you should be serving your loved ones. For more information about 100 per cent juice and how it fits into an overall balanced diet, visit Juice Central.

therapy and most recently, targeted therapy.

Due to her specific subtype of sarcoma, Janice’s doctors recommended radiation. After seven weeks of treatment and months of recovery, Janice has been in remission since May 2015.

Advocating for change “Because sarcoma is so rare and has many subtypes, there is a real gap in statistics and information.

It is crucial to be your own medical advocate and seek the best care based on your needs,” she explained.

Janice is now an advocate for sarcoma patients, survivors, caregivers and family members.

“It is my mission to use my experience to educate others about sarcoma and help those impacted by the disease. My positivity car-

ried me through my disease journey, and I am dedicated to helping others find that perspective as well.”

Raising awareness of sarcoma symptoms can help lead to earlier diagnosis and better treatment and support for sarcoma patients and their caregivers. A total of 100,000 signatures are needed to officially designate July as Sarcoma Awareness Month. To show your support for sarcoma patients and survivors like Janice, sign the petition by July 28, 2017.

To learn more about STS, and for resources on the disease, visit the Sarcoma Foundation of America (CureSarcoma.org).

The petition is available online at: https://petitions. whitehouse.gov/petition/ officially-designate-julysarcoma-awareness-month.

PAGE 10, Tuesday, July 11, 2017

THE TRIBUNE

The dark side of plastics OUR toxic love of plastic might be sending us to an early grave.

Prostate and breast cancer rates have risen exponentially over the past couple of decades, fertility rates in men and women have dropped dramatically, young girls have entered early puberty, young boys have become increasingly hyperactive, and children have become obese.

All of these conditions result from multiple factors, but the effects of plastic cannot be ignored.

We are surrounded by plastic; it is in our houses, walls, plumbing pipes, rugs, dental fillings, cosmetics, appliances, cars, garden mulch, and even in our food.

We’ve all heard advice about not microwaving our food in plastic. But what about other plastic products that come in direct contact with our food like takeaway containers, Tupperware, milk cartons, cling wrap, water bottles and many others? Does it mean that all plastics are toxic, and if so, do they leach toxins in our food?

In recent years there have been numerous studies and research papers on plastic toxicity and its effects on peoples’ health and the environment. And some show real cause for concern. However, general toxicity is not the only problem associated with the use of plastic. Something more sinister has appeared to be an even bigger health issue than previously thought – endocrine disruptors.

Endocrine disruptors are synthetic chemicals found in almost all plastic products that can mimic hormones and interfere or even disrupt the delicate work of our endocrine system.

You might remember from the biology class that our endocrine system plays an incredibly important role in all phases of development, metabolism and behaviour.

Our endocrine system is particularly vulnerable to these endocrine disruptors during the phases of accelerated development – in utero and early childhood development.

“We have very tight windows of when, say, our brain and liver are made,” explains Kristi Pullen Fedinick, a staff scientist at the Natural Resources Defence Council (NRDC) in New York.

“When a hormone-disrupting chemical gets in the way during these windows, it can change the ways these processes happen. The change is often irreversible.”

One example of endocrine disruptors is the main chemical used to produce plastics, Bisphenol A, or BPA. The substance is widely used in the plastic coatings inside aluminium food and beverage cans and it is also present in plas-

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, Julia explains how to avoid the more harmful types of plastic.

Good to know

Julia Tomlinson tic straws, many plastic toys and the coatings of paper till receipts.

Heat, repeated washing, acidity, and alkalinity all cause the BPA in plastics to leach into our food and beverages. Last week, the European Chemicals Agency (ECHA) finally classified Bisphenol A (BPA) as an endocrine disruptor due to its “probable serious effects to human health, which give rise to an equivalent level of concern to carcinogenic, mutagenic, toxic to reproduction substances”.

BPA can also contaminate our groundwater by leaching from all the plastic sitting in landfills. And of course we ingest BPA from all the fish we eat that has previously ingested all that plastic floating around in the ocean.

In one study, the Centres for Disease Control found 95 percent of urine samples contained some amount of BPA. It’s in our blood, our amniotic fluid, and our breast milk. Many of the adverse effects of BPA, such as reproductive cancers, obesity, type-2 diabetes and even autism, have been observed to be increasing in the human population in the past 50 years,

mirroring the rise of plastic consumption.

Several countries have banned the presence of BPA in baby bottles. Unfortunately, the common substitute is often Bisphenol S (BPS), which is also an endocrine disruptor and seems to cause many of the same problems as BPA. It is interesting to note that the US Food and Drug Administration (FDA) maintains its position and states that the “allowed” levels of BPA are safe.

So how do we identify plastics with BPA for example? Many of us know that plastics come in all kinds of colours, shapes and sizes, but not many know that there is a way to identify the type of plastic in many everyday products, especially food storage containers and packaging.

Most, but not all plastic products have a number surrounded by chasing arrows symbol which is moulded, formed or imprinted in or on the container, often on the bottom. This number is known as the resin identification number.

The word resin is simply a code or number for the type of the plastic polymer used in manufac-

turing of that particular product.

Generally, only #1 to #6 plastic types are clearly identified. Code #7 is a combination of every other type of plastic and is the one that most likely to contain BPA. Bioplastics, nylon, acrylic glass and polycarbonate are also identified by this code. Please refer to the table inserted for more detailed information on plastic resin identification codes.

Although it is just about impossible to entirely avoid plastics, it is best to practice the precautionary principle and look for alternatives that are safer for your family and the environment.

Here are some steps you can take: • Carry your own glass, steel, or ceramic water bottle filled with filtered tap water.

• Reduce how much canned food or beverages you consume.

Those cans are likely lined with BPA to keep them from corroding. (Even cans labelled BPA-free may use a similar chemical that has not been proved any safer, according to a study in the journal Environmental Health Perspectives) Choosing fresh, frozen, or dried foods (like beans) that

aren’t packaged in cans is a smart preventive measure.

• Avoid handling “shiny” cash register receipts. They are covered in BPA. • Don’t cook food in plastic containers or use roasting/steaming bags; the plastic residues may leach into food when heated in a regular or regular or microwave oven.

• Use glass, porcelain, enamelcovered metal, or stainless steel pots, pans, and containers for food and beverages (available at Kelly’s Home Centre) whenever possible, especially if the food or drink is hot.

• If you do keep plastic containers, don’t use them to store fatty foods, and never microwave them.

• Use paper take away containers (available at Darville Packaging). They are also better for the environment and our landfill!

In short, any time you’re in the market for something plastic, research whether safer alternatives exist. And most importantly, please do talk to your retailers and ask them to provide safer alternatives and make them available in their stores.

NEW WEBSITE TO SERVE AS ‘ONE STOP SHOP’ FOR HIV/AIDS RESOURCES CARICOM’s Deputy Secretary General, Dr Manorma Soeknandan, on Friday officially launched a new website designed to be a ‘one stop shop’ for information and data on HIV and AIDS in the Caribbean.

The Pan Caribbean Partnership Against HIV and AIDS (PANCAP) celebrated the launch of its new website at the CARICOM Secretariat in Georgetown, Guyana.

The new site will offer improved functionality, interactive features and aims to intensify the level of knowledge sharing, capacity building and networking among the PANCAP partners including civil society organisations, national AIDS programme managers, clinicians, technical experts in HIV, key populations (and youth within key populations), faith leaders, parliamentarians and regional and development partners.

“Anyone seeking current epidemiological data and information on the response to HIV and AIDS in our region should find the new PANCAP website a very useful resource tool,” said Dr Soeknandan of the Republic of Suriname, “I am pleased to say, that the PANCAP K4Health Team has delivered beyond expectations on a website that strategically caters to the variety of audiences seeking information on HIV and AIDS in our region. As you know, the PANCAP Coordinating Unit, the engine of PANCAP, has developed into a dynamic unit within the CARICOM Secretariat.

Having reviewed the new website, I am pleased to say that it has the most up-todate functionality. It is available in four languages, enabling PANCAP to further serve the English, French,

Dutch and Spanish-speaking Caribbean.”

Dr Soeknandan said this is the kind of dynamic platform that enables PANCAP to disseminate strategic information to meet the expressed needs of all partners.

“The CARICOM Secretariat has been a strong advocate for increasing literacy of the people of the region to access information communication technology with the ultimate outcome of innovative, ICT-enabled economies and societies across the Caribbean region. The CARICOM Secretariat’s efforts are geared toward connecting the Secretariat to the people whom it serves,” she said.

“My vision for the new PANCAP online platform is the same. The PANCAP website will serve as the allimportant repository for people living with HIV and AIDS, clinicians, technical experts in HIV and AIDS, civil society organisations, key populations, youth, parliamentarians, faith leaders, private sector and all stakeholders to fill the information gap and update partners on new developments in the HIV and AIDS arena.”

Dr Soeknandan said networking, capacity-building and knowledge sharing are key strategies for ending AIDS by 2030.

“The newly designed website can now help PANCAP to successfully implement these strategies among our members, partners and stakeholders,” she said.

“I encourage everyone to make full use of this new digital tool and to utilise the information and resources to inform programming for eliminating HIV transmission and sustaining people living with the disease.”

DR Manorma Soeknandan (left), Deputy Secretary-General of CARICOM, meeting with PANCAP Director Nicolette Henry as Dereck Springer looks on during the launch of the new PANCAP website.

FDA approves first new drug in 20 years for sickle cell

By THE ASSOCIATED PRESS THE US Food and Drug Administration has approved the first drug in nearly 20 years for sickle cell, an inherited disease in which abnor-

mally shaped red blood cells can’t properly carry oxygen throughout the body, which can cause severe pain and organ damage.

About 100,000 people in the US, mostly blacks, have the disorder

and about 275,000 babies are born with it each year worldwide.

In a study, the new drug, Endari, cut the number of pain crises and dangerous chest complications, and reduced hospitalisations and the need for transfusions.

It is made by a California company, Emmaus Medical Inc, and approved for adults and children five and older.

THE TRIBUNE

Eliminating genderbased discrimination OVER the last few years, the Bahamas has encountered a number of international challenges with regard to discrimination, and especially to discrimination against women and girls.

The state under the leadership of the last government organised a referendum to address the long-standing discrimination enshrined in law against women, but this only served to solidify the status quo and to demonstrate how unfortunate our leadership and public education programmes are.

Given the international encouragement to eradicate discrimination against women and girls in the country, it was interesting the way this encouragement has been interpreted to mean that the Bahamas is being forced to do things it does not wish to do nor has ever wanted to do. In reality, the state agreed to and has legally bound itself to these basic forms of legal equality and equity, but later did nothing to achieve these goals.

Currently, we understand that women cannot pass on their citizenship to their children the same way men can, and that women cannot pass on their citizenship to their legal partners the same way men can, but this was obfuscated by special interest groups that chose to change the face of the debate from being about allowing women the same access to rights as their male counterparts.

Dame Joan Sawyer pointed out at the time that government could achieve the same or similar results by amending other legislation without having to create a full-scale legal referendum to address the legal inequality enshrined in the constitution. Has the new government entertained this possibility? This serves as background to the renewed dis-

Bernique Percentie says it with a song From pg B12 all my secrets of how I do everyone else. I sent my eldest brother for the basket and my youngest brother to bring her inside the (beauty) salon where my aunt awaited her arrival. At the time we were having a family crisis where a family member had been out all day and was nowhere to be found in the United States. God forgive us all, but we used this as the perfect excuse to call her in the salon where they began to tell her we had some bad news. While they were talking to her I was hiding in the restroom, getting ready to make the grand entrance to show her how much we all appreciate her and love her so much that Valentine’s Day and every day,” said Bernique.

“As soon as she was deep in conversation, worried about that particular missing relative, who was safe by the way, I came out and began her favourite song, ‘I Look to You’ by Whitney Houston. I am usually the strong one, being able to comfort others, but this time as

Dr Ian Bethell-Bennett cussion about eliminating discrimination against women and girls that took place recently on the international level.

The Human Rights Council of the United Nations organised a working group to address the issue of discrimination against women and girls. The group produced and submitted a report in April 2017. In June 2017, a meeting of the organisation was held and matters relating to the report were discussed in an effort to eliminate discrimination against women and girls. The working meeting went from June 6-23 and led into the Convention on the Elimination of All Forms of Discrimination against Women meetings that will follow from July 3-23.

A great deal of work by civil society organisations and governmental groups was underway to ensure that the declaration was adopted by the General Assembly. By coming together to work virtually on such declaration, to recommend and to encourage government groups to support these declarations, many hands may not have made light work, but they encouraged success. The hope is to achieve consensus on a soon as I saw the tears flow from her face I couldn’t sing another note. Keep in mind this was being filmed for hundreds, which quickly grew to thousands views via social media.”

Since launching her mobile company, Bernique and her team have travelled across the country, sometimes on a weekly basis, to deliver singagrams. With each delivery, the company offers customers a personalised gift card, as well as a video along with photos of the moment.

Additional services include edible fruit baskets by Christina Kemp of Fruit Haven, and stuffed balloons by Shaquille Percentie of Looney Tunez.

“Ninety-nine per cent of the time there is always a positive feedback from Bahamians. Spreading love among people and homes is always looked at in a positive and accepting light. Bahamians, as we all know, can be a difficult set of individuals to please, but being blessed and highly favoured by God has given me the opportunity to use my gift and be loved and accepted by the majority of people.

My overall goal is to bring happiness into as much lives as I possibly can. I see this passion of mine becoming global,” said Bernique.

For more information about Bernique’s singagrams, visit her Facebook page or contact her at 554-6847.

declaration to eliminate discrimination against women and serves to empower women and girls. The Bahamas participates in these meetings and has people involved in CEDAW and other levels of UN work. The irony of the situation is that the Bahamian government has agreed to these international agreements.

What does equality really mean for us?

The declaration offers a number of points that seek to improve the status of women in the country. This piece will only focus on a very few of them because the general idea and spirit of the debate is communicated through these points. The Bahamas could be seen as engendering the point noted directly below: • Expressing profound concern about the backlash against the progress made by civil society, including women’s and community-based organisations, feminist groups, women human rights defenders and girls’ and youth-led organisations, to fulfil women’s human rights, Perhaps this point explains the result of last year’s referendum. Be that as it may, we can educate the public to promote public awareness and a better understanding of what equal access to legal rights means for women and girls. We can also create an understanding of how damaging gender-based discrimination is to national development, which is a part of the Sustainable Development Goals. This government can take up this mantle. Also, most important is the basic principle of legal equality without discrimination.

• Recognising the need for

States to accelerate the implementation of strategies that respect, protect and fulfil women’s right to enjoyment of civil, political, economic, cultural and social rights without discrimination by adopting good practices, and affirming that realising their human rights requires the full, effective and meaningful participation and contribution of women and girls in all aspects of public, political, economic, cultural, social and family life, on an equal footing with men and boys, • Recognising that legal provisions related to gender equality create the framework from which women’s rights can most comprehensively be promoted, protected and fulfilled and constitute an essential mechanism for women’s and girls’ full and equal enjoyment of all human rights, and recognising that laws alone are insufficient to eliminate discrimination against women and girls and must be accompanied by supportive and sustainable environments in all sectors of society in which they can be meaningfully implemented, • Recognising also that discrimination against women and girls is inherently linked to deeprooted gender stereotypes, that discriminatory attitudes, behaviours, norms, perceptions, customs and harmful practices have direct negative implications for the status and treatment of women and girls and that genderbiased environments impede the implementation of legislative and normative frameworks that guarantee gender equality and prohibit discrimination against women and girls, As an essential part of informa-

Tuesday, July 11, 2017, PAGE 11

tion that allows accurate reporting and permits good quality research and solid studies to be produced by local participants is the call on governments to continue to develop and enhance standards and methodologies at the national and international levels to improve the collection, analysis and dissemination of gender statistics and sex- and age-disaggregated data by strengthening national statistical capacity, including by enhancing the mobilisation, from all sources, of financial and technical assistance for enabling developing countries to systematically design, collect and ensure access to highquality, reliable and timely data disaggregated by sex, age, income and other characteristics relevant in national contexts.

This government has an opportunity to move forward on solid grounding with adequate and reliable reporting that promotes gender equality based on nondiscrimination. The idea behind this article has been to promote understanding that there is ongoing work to remove legal discrimination against women and girls.

By creating more equal access to legal rights and equal employment opportunities, for example, women can be fully performing citizens. If the state participates in these international debates and in crafting agreements, why is it so remiss in implementing the changes to which we have made legally binding commitments?

Can we have a better system of public education that promotes clarity and awareness without creating impassioned alarm because of red herrings and apparently ‘logical’ fallacies?

• For questions and comments, email bethellbennett@gmail.com.

BRITTANY “Bernique” Percentie likes to use her musical talent to make people happy.

SECTION B

TUESDAY, JULY 11, 2017

Young girls encouraged to find their purpose

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

I

T was an uplifting and inspiring occasion for the young members of a local girls organisation who were honoured during a special awards ceremony which promoted living with purpose.

The Purpose Driven Young Ladies Club (PDYLC) recently held its annual programme under the theme “Pursuing your Purpose with Perseverance” at the Sybil Strachan Primary School. The girls were encouraged to live a life of purpose by guest speaker Clothie Lockhart.

During the award ceremony each girl received a gold, silver or bronze medal, which corresponded with the amount of sessions completed.

The night ended with the highly anticipated fatherdaughter dance. Guests described the occasion as a “sentimental and very touching” moment for all in attendance.

PDYLC was started

by Florence Paul, a local playwright, poet, motivator and educator. She started her career in the field of education in 2005 after completing her Bachelor’s degree in Primary Education at the then College of the Bahamas.

In January 2005, she was posted to Carmichael Primary School, now Sybil Strachan Primary, the home of the Mighty Warriors. Ms Paul has spent 12 years dedicating herself to her students and the overall success of her school.

On December 21, she was

PDYLC members at the Sybil Strachan Primary School.

FLORENCE PAUL, founder of the Purpose Driven Young Ladies Club

PDYLC girls collect canned goods to donate to local charities.

“The aim of the club is to equip young ladies with the skills that will enable them to live a life of purpose, to empower young girls to develop an awareness of self-worth, provide practical experiences that will help young girls understand and function in their purpose, impact the wider community through donations and volunteer work, and prepare young girls for an ever-changing world.”

chosen as Sybil Strachan’s Primary Teacher of the Year 2017-2019.

The PDYLC was started on March 4, 2009 to address the needs of at-risk girls. During that time, Ms Paul was assisted by Dianne Williams, Crystal Wilson and Endiecia Newbold. The membership consisted of about 20 girls.

PDYLC aims to prepare young ladies to reach their fullest potential by teaching them practical life-long skills. Some of the skills taught are food handling, cooking, baking, ironing, washing, budgeting, conflict resolution, etiquette and hygiene.

Additionally, the members are encouraged to be civicminded, hence for the past two years they have made tangible contributions to Unity House, the Children’s Emergency Hostel, and most recently, Great Commission Ministries.

Today, PDYLC strives to

annually inspire, motivate and train about 40 girls from the grade six level.

“The aim of the club is to equip young ladies with the skills that will enable them to live a life of purpose, to empower young girls to develop an awareness of self-worth, provide practical experiences that will help young girls understand and function in their purpose, impact the wider community through donations and volunteer work and prepare young girls for an ever-changing world,” said Ms Paul.

She said the various activities that the young ladies engage in help them to recognise their innate abilities and talents. Moreover, they instil a sense of self-worth.

“For instance, during the session on budgeting the girls had to budget $1,500, which initially seemed like a lot of money. However, after I enlightened

them about the average rental fees, insurance fees and utility fees, the task seemed almost unattainable. This activity was an eye-opener for many of them as they were shocked to see how much money had to be allotted to monthly bills. In fact, a number of them found themselves cutting back on nonessential areas so as to achieve a saving goal of at least $300. This club is cultivating financially prudent young ladies. It starts now,” she said.

Ms Paul said she hopes that the club will be able to offer more practical skills, field trips and exposure to guest speakers with an array of expertise in future.

“In fact, I would like to see the club develop into a national girls club. However, to achieve this goal the involvement of corporate Bahamas is vital,” she said.

BERNIQUE PERCENTIE SAYS IT WITH A SONG

By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net

A NEW trend is catching among Bahamians who are looking to do something unique for their loved ones on special occasions.

Instead of the traditional bouquet of flowers or chocolates, people are choosing to have their family members and friends serenaded by a singagram.

And someone who is hitting the high notes in this unusual industry is Brittany “Bernique” Percentie, who is prepared to overcome any obstacle, including climbing a fence, to deliver

a singing telegram.

Whether it is for birthdays, anniversaries or Valentine’s Day, the element of surprise is important to Bernique.

“Let me tell y’all this again, if you send for me you better believe I am coming by any means necessary. There are no boundaries for me, so don’t think you will ever see me coming,” she said.

Bernique said it is a joy to be able to use her musical talent to provide this service to Bahamians. She got started in the business after a video of her singing at a birthday function went viral. Since then, her mobile company, Singa-

grams by Bernique Percentie, has garnered 17,000 social media followers.

“My mom, Bronell Percentie, being the businesswoman she was, instructed that I jump on this quickly as it was unique and it gave me the opportunity to spread love that eventually broke through of my fear of public singing,” she told Tribune Woman.

“My motivation came from the facial expression my mom would have every time I opened my mouth to sing and the tears of joy that flowed from the eyes of my now customers with whom I began sharing so many different situations with. To know that with

the sound of my voice was I able to make another person smile became my greatest motivation. For that I am grateful.”

But her most memorable singagram remains the one she delivered to her mother just months before her death last August.

Her mother was usually the person behind the production of the singagrams, but on Valentine’s Day last year Bernique made preparations with her brothers and her aunt to surprise her mom with her very own personalised singagram.

“I knew she never thought I would be able to catch her since she knew See PG B11

BRITTANY “Bernique” Percentie with her late mother, Bronell Percentie.