07152016 business

FRIDAY, JULY 15, 2016

business@tribunemedia.net

IMF: Deficit will be $100m above forecast

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Tells Govt: ‘You’re too optimistic’ on fiscal figures

THE International Monetary Fund (IMF) has warned the Government that its fiscal consolidation projections are “too optimistic”, and that the deficit for the just-closed 2015-2016 year will be around $100 million higher than forecast.

The Fund, in its full Article IV report on the Bahamas that was released this week, warned that “weaker than expected” economic growth meant the Christie administration was likely to achieve its fiscal objectives at “a more gradual pace” than it is forecasting.

In particular, it suggested that the GFS fiscal deficit for 20152016 will be some 1.3 percentage points of GDP higher than Prime Minister Perry Christie

Says debt yet to peak, countering PM’s projection

IMF urges Govt: ‘Stand firm’ against such proposals

But debt profile ‘low to moderate on heat map’

FNM chief’s idea would lose 10% of VAT monies

forecast in his recent Budget address.

Mr Christie expressed confidence that the deficit for the fiscal year that ended on June 30, 2016, would come in at $150 million or 1.7 per cent of GDP, slightly higher than the original $141 million projection.

However, given that 1 per cent of Bahamian GDP is roughly equivalent to $80 million, the IMF’s 3 per cent deficit forecast suggests the 2015-2016 GFS def-

icit will come in around $240$250 million.

“Authorities expect that strong VAT collection, together with reforms to enhance revenue administration raising additional revenue of up to 2.5 per cent of GDP, will contribute to significant consolidation in the near-term,” the IMF’s Article IV report said.

“However, with weaker than expected growth weighing on See PG B4

Govt’s $2.2bn pension liabilities represent ‘major’ fiscal risk

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

IMF warns public sector, NIB reforms ‘inevitable’

THE Government’s unfunded $2.2 billion pension liabilities are “a significant fiscal risk” that could undermine efforts to get the public finances back on a sustainable footing, the International Monetary Fund (IMF) is warning.

The Fund, in its just-released full Article IV report on the Bahamas, said it was “inevitable” that the Government would have to reform both public sector pensions and the National Insurance Board (NIB) to defuse a potential social timebomb.

It warned that unless corrective action was taken, both schemes would become an unsustainable burden on the Bahamian taxpayer and society, with ageing populations and a reduced workforce exacerbating the problem.

“Fiscal risks emanating from public entities and the public pension system are significant, and could further exacerbate the debt path if they materialise,” the IMF warned of the potential impact on the Government’s fiscal consolidation efforts.

Says NIB’s ‘implicit debt’ at 49% of GDP Public corporations subsidies total $117m “The unfunded pension liabilities of the public pension system, amounts to around $2.2 billion (about 26.2 percent of GDP), and in addition to the implicit debt of the social security system [NIB], estimated at about 50 per cent of GDP in 2015, are projected to grow further in the next decades due to population aging.”

Neither issue is new, and successive governments have been warned repeatedly by Bahamian financial services professionals of the devastating consequences if nothing is done, However, both PLP and FNM administrations have, to-date, both preferred to ‘kick the can down the See PG B5

Bar to ‘determine once and for all’ liberalise stance

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bar Association will “determine once and for all” its position on the free mo vement o f labo ur, its president pledged yesterday, after a gro up o f attorneys bro ught legal ‘liberalisation’ to the fore again.

Elsworth Jo hnson ackno wledged that the pro fession was split on whether to allo w specialist foreign attorneys and law firms to practice in the Bahamas, in a bid to attract more financial services business to this nation.

While no t directly expressing his opinion, Mr Jo hnson indicated he was against such an opening up, telling Tribune Business that “something has to be fundamentally wrong and flawed with the system o f legal education in the Bahamas” if this nation was unable to pro duce eno ugh attorneys to meet the demands o f its ‘second economic pillar’.

Suggesting that such ‘liberalisation’ co uld also undermine Bahamian o wnership in the legal pro fession, the Bar president said he had told go vernment ministers that the issue was one for them to decide via Immigration law and policy.

Mr Jo hnson was speaking after a gro up o f Bahamian attorneys, specialising in financial services-related legal work, recently raised the issue o f legal pro fession ‘liberalisation’ again.

The Financial Services

Minnis’ VAT exemption plan to cost Govt $60m

Financial services attorneys raise issue again Approach Council to survey all members Gro up, which is a Bar Association committee, wro te to the Bar Co uncil on June 20, 2016, proposing a survey be conducted o f all member attorneys to determine their views on whether the sector sho uld be opened to ‘ free mo vement’ o f specialist foreign attorneys.

See PG B5

$4.05 $4.06 $4.06

$4.06

Govt has ‘substantial room’ to raise more revenue

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

PERRY Christie’s projections have now been challenged by the IMF.

Bahamian economy performing $200m below potential

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian economy is performing $200 million below potential, the IMF has warned, and is not expected to close this gap until 2019 at earliest.

The Fund, in its just-released full Article IV consultation report on the Bahamas, also warned that this nation’s economic competitiveness was “is weaker than suggested by fundamentals and desirable policy settings”.

In particular, it said that all measurements and economic models showed the Bahamas faced “lower potential growth and a still sizeable output gap” for at least the next three years.

The IMF said the Bahamas’ ‘output gap’, which measures how far short its current economic performance is short of its true potential, was equiva-

IMF: Output gap won’t be closed until 2019 Capital, labour impacts falling since 2000 Potential growth fall earlier, larger than Caribbean lent to 2.5 per cent of gross domestic product (GDP).

Given that Bahamian GDP is around $8 billion in total, this implies that the country is some $200 million short of fulfilling its true economic potential.

“Potential growth has declined significantly over the See PG B6

THE International Monetary Fund (IMF) has again shredded plans by Opposition leader, Dr Hubert Minnis, to introduce numerous Value-Added Tax (VAT) exemptions if elected to office, warning these could cost the Government some $60 million in revenues.

The Fund, in its full 2016 Article IV report on the Bahamas, which was released quietly earlier this DR HUBERT week, warned that MINNIS Dr Minnis’s proposals would undermine the integrity of the broad-based VAT model and its “efficiency”.

“Staff called for standing firm against pressures to weaken the VAT’s efficiency through introducing exemptions to items such as food, medical and insurance services, which could amount to an estimated three-quarter per cent of GDP in revenue losses,” the Article IV report said.

“Social concerns should instead be addressed by targeted adjustments to the safety net.”

This amounts to a comprehensive rejection of Dr Minnis’s proposal, repeated again as he launched his bid to retain leadership of the Free National Movement (FNM), to introduce a wave of VAT ‘exemptions’ if elected to office.

Given that Bahamian gross domestic product (GDP) is estimated to be around $8 billion, the revenue lost from Dr Minnis’s plan would be around $60 million - a sum around 10 per cent of the Government’s annual VAT revenue.

See PG B4

PAGE 2, Friday, July 15, 2016

THE TRIBUNE

Channelling emotion for business benefits WIKIPEDIA defines ‘Emotional Intelligence’ as the capacity of individuals to recognise their own, and other people’s, emotions, and to discriminate between different feelings and label them appropriately. It also involves the use of emotional information to guide thinking and behaviour.

Daniel Goleman, a forward thinker on the topic of emotional intelligence, presents five categories on the topic. He indicates that when sourcing individuals who will succeed in your workplace, they must be able to handle these five pillars: 1. Self-awareness: If a person has a healthy sense of self-awareness, he un-

derstands his own strengths and weaknesses, as well as how his actions affect others. A person who is selfaware is usually better able to handle and learn from constructive criticism than one who is not.

2. Self-regulation: A person with a high emotional intelligence score can maturely reveal her emotions and exercise restraint when needed. Instead of squelching her feelings, she expresses them with restraint and control.

3. Motivation: Emotionally intelligent people are self-motivated. They are not motivated simply by money or a title. They are usually resilient and optimistic when they encounter disappointment, and driven by an

inner ambition.

4. Empathy: A person who has empathy has compassion, and an understanding of human nature that allows him to connect with other people on an emotional level. The ability to empathise allows a person to provide great service and respond genuinely to others’ concerns.

5. People skills: People who are emotionally intelligent are able to build rapport and trust quickly with others on their teams. They avoid power struggles and backstabbing. They usually enjoy other people and have the respect of others around them.

Employees, managers and senior executives must

all have a good working knowledge of emotional intelligence if staff are to benefit from the company.

Emotional intelligence involves a close look at leadership, teamwork, management skills and partnership when it comes to improving the success of a company.

Businesses who have staff with emotional intelligence skills feature workers who are: * Motivated, productive, efficient and aligned with the business. * Effective, confident, likable, happy and rewarded.

The development of Emotional intelligence in the workplace involves leaders beginning to steer employees towards each of these

important areas of focus.

1. The ability to reduce negative emotions 2. The ability to stay cool and manage stress 3. The ability to be assertive and express difficult emotions when necessary 4. The ability to stay proactive, not reactive, in the face of a difficult person 5. The ability to bounce back from adversity 6. The ability to express intimate emotions in close, personal relationships • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally

IAN FERGUSON and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Doctors gains new top quality rating DOCTORS Hospital has again been accredited by the Joint Commission International (JCI) following a week of onsite scrutiny and examination, a quality indicator that is vital to its medical tourism programmes.

The BISX-listed heathcare provider was the first acute care hospital to be awarded JCI’s gold seal of approval in 2010, and has maintained the standards and levels of care required to consistently pass re-examination every three years.

JCI is the international arm of the US-based Joint Commission on the Accreditation of Healthcare Organisations (JCAHO), the same body that certifies more than 21,000 hospitals in the US. Fewer than 850 hospitals

outside the US have earned the accreditation, and Doctors Hospital remains one of only two acute care hospitals in the Caribbean region to be recognised for its consistent attainment of international quality standards.

A team of JCI surveyors spent four days last month interviewing staff, physicians and hospital management on policies and procedures, while also examining the physical structure and reviewing patient records to ensure that, in every instance, Doctors Hospital is providing quality healthcare to each patient at the standard set out by JCI. “I’m extremely proud of our team here at Doctors Hospital following our successful review and accreditation award,” says chief

executive Charles Sealy.

“Without their consistent hard work and adherence to the standards set by JCI every day with every patients, we would not be able to join this exclusive grouping of hospitals around the world.”

JCI’s methodology ensures that Doctors Hospital

is providing each patient with the very highest level of healthcare possible.

“It is important for Bahamians to realise that they have access to the very highest levels of healthcare without having to leave the country,” Mr Sealy added.

“JCI accreditation also reassures visitors who, due to accident or illness, end up seeking medical care that the quality they get at Doctors Hospital in the Bahamas is as good as, or better, than what they would have received at home.”

To constantly push accredited hospitals to even higher standards of patient care, JCI issues new and up-

THE TEAM of Joint Commission International surveyors and members of Doctors Hospital’s executive management team.

Back row from left: Dr Roy Smoot, surveyor, JCI; Courtney Cosby, RN - surveyor, JCI; Charles Sealy, Doctors chief executive; Dr Charles Diggiss, chief medical officer; Chadwick Williamson, vice-president, management information system.

Front row from left: Dorcena Nixon, vice-president of patient care; Penelope Ott, surveyor, JCI; Joanne Lowe, chief financial officer; Michaela Sumner-Budhi, legal counsel; Dr Sheena Antonio-Collie; vice-president of medical affairs; Marsha Sands, vice-president of quality and patient safety graded standards that Doctors Hospital is required to embrace.

Marsha Sands, Doctors Hospital’s vice-president of quality and patient safety, oversees the hospital’s adoption of new standards, consistent adherence to those standards and prepa-

ration for the triennial review process.

“We do not seek JCI approval because we have to,” she explained. “We do it because we see it as another tool to help us provide the highest quality of care that our patients expect and deserve.”

Project:

Request for Proposals and Qualifications Hotel Renovations

CORAL TOWERS ATLANTIS PARADISE ISLAND, BAHAMAS dck Bahamas Inc. is hereby soliciting contractors interested in providing qualifications and proposals for renovation work for the above referenced project.

Project Description

the project consists of refurbishing and renovations to Guestrooms and corridors, ocean tower, Lagoon tower, and coral towers Main Lobby. the Guestroom work includes demolition, millwork, electrical, HVAc, paint and tile. the Lobby will be refinished with new materials. this is a phased project and will be turned over to the owner progressively. All locations will be worked on at the same time.

Proposal Request

this project may require that the contractor provide a Performance and Payment Bond or Surety Letter of credit for the value of the work. the owner and construction Manager reserves the right to accept a proposal that is in the best interest of the owner. the Atlantis is a World class Facility and has expectations of the highest quality of work.

Interested parties should send an email to the address noted

SMO-AtlantisBahamasRenovation@dckww.com

by July 15, 2016.

THE TRIBUNE

Friday, July 15, 2016, PAGE 3

EmploymEnt opportunity Retail & Dealer Channel Manager - (Roll Out & Operations)

A $50,000 cheque presentation by BTC chief executive, Leon Williams, to COB president, Dr Rodney Smith.

BTC teams with COB on Innovation Centre THE Bahamas Telecommunications Company (BTC) has signed a $50,000 Memorandum of Understanding (MoU) with the College of The Bahamas (COB) to develop an Innovation Laboratory.

BTC’s chief executive, Leon Williams, said: “We believe that it is of absolute importance that we continue to invest in the future of this country. This new innovation lab will serve as a centre of excellence.

“As the College is on the cusp of university status, it is imperative that it has a state-of-the-art, modern facility enabling the new generation of learners to thrive.

Earlier this year, we hosted a Hackathon and we were encouraged by the level of coding talent displayed.”

The innovation laboratory is expected to harness

students’ technological talents. It will also provide tools and incentives for students to create software applications that will be used in different organisational settings.

As a part of its agreement with the College, BTC will install the latest programming software, gaming technology, Promethean Interactive Whiteboard Systems and videoconferencing equipment in the laboratory.

BTC will also provide wireless Internet access throughout the Oakes Field campus and host an annual Hackathon at COB. “BTC’s longstanding history of philanthropy continues to strengthen and enhance the soon-to-be University of the Bahamas,” said COB president, Dr Rodney Smith.

“The signing of today’s MoU for the creation of the Innovation Lab is a major step towards providing students with access to the technology needed to become change agents in the Bahamas and internationally. We are very grateful for our continued partnership with BTC, and for their commitment to education and national development.”

BTC has a longstanding relationship with COB. In 2015, it opened a franchise store at Chapter One, the college’s bookstore. BTC also has a four-year scholarship programme at COB that provides funding for 10 students to pursue Bachelor degrees.

BTC contributes to the college’s Endowment Fund,and works with it for its New Student Orientation Week.

PICTURED (L-R) are Julian Francis, chairman, Providence Advisors; Kenwood Kerr, Providence Advisors chief executive; Michael Halkitis, minister of state for finance; Robert D. L. Sands, chairman of the Hotel Management Pension Fund and senior trustee for the Allied Pension Fund; Simon Wilson, acting financial secretary, Ministry of Finance.

Financial provider meets with Minister PROVIDENCE Advisors paid a courtesy call on Michael Halkitis, minister of state for finance, to commemorate its first decade in existence.

After 10 years of largely serving institutional clients and managing the tourism industry’s pension funds, Providence Advisors recently announced plans to expand its product offerings into the wider retail market.

Since 2006, the company has seen assets under administration increase by around 170 per cent, following its creation after S.G. Hambros exited the domestic financial services market.

The wholly Bahamianowned financial services provider is led by Kenwood Kerr, who said: “Ten years later, we are a real example of Bahamian fortitude and purpose. We are stronger than ever, committed and focused on the future.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award.

If so, call us on 3221986 and share your story.

NOTICE In the Estate of CORESE DEVEAUX late of Munnings Drive Southern Heights, in the Southern District of the Island of New Providence, The Bahamas. deceased.

NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send same duly certified in writing to the undersigned on or before the 16th day of August A.D. 2016 after which date the Administrator will proceed to distribute the assets of the estate having regard only to the claims, demands or interest of which he shall then have had notice AND all persons indebted to the said Estate are asked to settle such debts at the chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 14th day of July. A.D. 2016

Mangra & Co. Suite 12 Bayparl Building Parliament Street Nassau, The Bahamas

the retail & Dealer Channel manager has the responsibility to lead, direct and promote best practice customer experience and retail excellence standards within newCo retail and dealer partner channels ensuring that sales targets and customer net promoter scores (npS) are achieved. the primary duties include, the identification and preparation and roll out of the retail & Dealer Sales Channels for successful launch of newCo telecommunications operations throughout new providence, Grand Bahama and the Family islands. this position has the responsibility for the day to day management of both retail & Dealer Sales Channels, planning, reporting, setting and delivering of targets, management of sales process optimization, sales training, sales program implementation and recruiting of selection of sales force talent. the retail & Dealer Channel manager is responsible for the overall productivity and effectiveness of the retail and Dealer Sales Channel. reporting to the Vice president of Sales.

Core Responsibilities Roll-out phase – • Manage the design, planning and overall implementation to meet planned timelines and cost targets relating to: o newCo branded stores and store-in-store sales outlets capable of selling all of newCo’s products and services in each Bahamian island that it launches; o Selection of third party dealer partners capable of selling newCo’s range of devices, Sim cards and accessories; o negotiate terms of trading between newCo and Dealer partners and ensure that Dealer contracts are in place prelaunch. o recruiting, training and building a retail sales team; o Specify all necessary “Best practice” customer experience and retail excellence process specifications, policies and procedures and provide mobile network operator retail expertise and advice to senior management colleagues.

• Retail and Dealer sales team commission structures; • SMART phone and other wireless device range selection; • Product and promotional merchandising and mobile retail category management; Launch and Operational phase – • Implementation and sales forecasting, planning, and budgeting processes. Establishes high levels of quality, accuracy, and process consistency in planning, forecasting, and budgeting approaches used by the sales organization. Ensures planning, forecasting and budgeting efforts are appropriately integrated with other planning processes employed within the retail organization • Manage and develop robust working relationships with key dealer principles and partners whilst facilitating the successful implementation of new Sales and customer focused programs through the Dealer sales channel by ensuring a well-defined, efficient sales process and execution plans are in place for launch and post launch.

Fosters an organization of professionalism, integrity and ongoing continuous process improvement.

• Works closely with sales leadership to define the optimal performance Kpi’s and performance management programs required to ensure retail & Dealer channels success. Aligns reporting, training, and incentive programs with these performance management priorities.

• Working closely with sales leadership and Human Resources, establishes a retail and Dealer Channel training plan focused on developing and reinforcing critical sales competencies. prioritizes training objectives for “Best practice” retail sales programs, customer experience, effective sales management, and sales support roles. .

Academic Qualifications & Experience • A degree in Business, Marketing, Sales & Branding, telecommunications or technology, • A Successful track record with at least five (5) years’ experience at manger level or Sales lead role • Highly responsible, self-motivated, and able to thrive in an energetic environment • Strong track record of delivering against Corporate and Consumer sales targets • Telco experience preferred • Media Relations experience required • Strong business acumen with demonstrated leadership successes • Strong networker - ability to develop and manage a network of influence • Strong empathy for customers and passion for revenue and growth • Analytical and process-oriented mindset • Demonstrated desire for continuous learning and improvement • Enthusiastic and creative leader with the ability to inspire others • Excellent communicator with superior verbal, written, interpersonal, technical and presentation skills • Ability to think critically and problem solve in a fast- paced, entrepreneurial environment Qualified applicants should submit resumes on or before, July 19, 2016 electronically to the following email address: Humanresources@cablebahamas.com with Subject: Retail & Dealer Channel Manager.

PAGE 4, Friday, July 15, 2016

IMF: Deficit will be $100m above forecast From pg B1 revenue collection, the authorities’ plan that seeks to reduce the 2015-2016 fiscal deficit to 1.5 per cent of GDP, and to achieve a near balanced budget by 20172018, appears too optimistic.

“Staff projections suggest a still significant, but more realistic and growthfriendly pace of consolidation, with the fiscal deficit projected to narrow to 3 per cent in 2015-2016,” the Fund continued.

“The fiscal deficit is expected to decline further in 2016-2017, albeit at a slower pace, with debt stabilising at around the same time.

“Credible reforms to ensure fiscal responsibility, including decisive steps towards a medium-term Budget framework, would allow fiscal policy to better balance the need for contin-

ued consolidation and support for the recovery in the near-term.”

The Christie administration will be able to draw some encouragement from the IMF’s confirmation that it is ‘on the right path’ towards fiscal consolidation and achieving its deficit elimination goals, albeit at a much slower pace than envisaged.

However, the timing of the Article IV report’s publication, and affirmation that the fiscal projections are over-optimistic, will be viewed as less helpful by the Government in the context of the threatened downgrade to ‘junk’ status

by Moody’s.

For the IMF is touching on several of the criteria that the New York-based rating agency will assess during its two-month review of, and visit to, the Bahamas, the latter of which is

Minnis’ VAT exemption plan to cost Govt $60m From pg B1 The IMF’s specific reference to food, medical and insurance products is especially interesting, given that these are exactly the same products Dr Minnis has targeted for his VAT ‘exemptions’.

The Opposition leader told Tribune Business earlier this year that he stood by his proposal, as Bahamians “need relief” from the tax burden created by VAT’s imposition.

As for the revenue foregone by removing the 7.5 per cent levy from prod-

ucts such as food, baby items, healthcare and other ‘breadbasket’ goods, Dr Minnis said tax adjustments elsewhere would compensate.

He promised that, if elected to office, the FNM would conduct “a comprehensive review of the entire Bahamian tax structure”, in a bid to eliminate wastage and find efficiencies.

However, ‘exempting’ products from the 7.5 per cent VAT levy has knockon consequences for both businesses and consumers.

Companies are unable to

FALKOR MARKETING LTD.

THE TRIBUNE

set to take place in the next few weeks.

And the Article IV report, in common with Moody’s, also disagrees with the Christie administration’s projection that the Government’s direct debtto-GDP ratio peaked during the last fiscal year.

The IMF is forecasting that the direct debt-to-GDP ratio will increase from 65.9 per cent of GDP in 2016 to 67 per cent next year, before stabilising at 66.8 per cent in 2018 - achieving “a higher level than previously expected”.

This contrasts sharply with the Prime Minister’s Budget statement, in which he said: “The ongoing rise of the Government debt burden will be arrested and the ratio of debt to GDP will decline to 64.1 per cent in 2016-2017, down from the peak of 64.6 per cent in 2015/16. It will fall steadily, thereafter, to stand in the area of 59 per cent in 20182019.”

The Article IV report thus reiterated: “The pace

of fiscal consolidation has been more gradual than previously envisaged owing to both weaker than expected growth and recent revisions in the fiscal accounts.”

Then, in tones that will encourage the Government, it added: “Looking forward, and despite the more gradual pace of consolidation, the primary fiscal balance is expected to return to a surplus over the next two years.

“As a result, the central government debt-to-GDP ratio is expected to stabilize at 67 per cent of GDP by 2016-2017 and begin to decline gradually thereafter.”

It is projected to drop to 64.4 per cent in the medium term.

However, the IMF then repeated its annual call for the Government to extend public sector reforms to the likes of Bahamasair and the Water& Sewerage Corporation, given the annual $50 million drain they represent on the Bahamian taxpayer and Public Treasury.

“Fiscal vulnerabilities

extend beyond the central government,” the Article IV report added. “Stateowned entities (SOEs) debt amounted to an additional 17.4 percent of GDP in December 2015. Staff urged the authorities to advance state-owned enterprise reforms to reduce their drain on the Budget.”

Of that latter sum, the IMF said the Government has guaranteed an amount equivalent to 8.2 per cent of GDP, taking the total national debt to around 74.1 per cent of GDP - a figure above the 70 per cent threshold where countries are in danger of falling into a ‘debt spiral’ and losing control of their financial affairs.

Despite its woes, the IMF said the Bahamas is aided in its fiscal battle by the high level of debt held by local investors, which “eases” the rollover of bond issues.

“Ample liquidity in the domestic banking system and a captive investor base will continue to ease rollover concerns,” the Article

IV report said.

“Despite continued increases in debt, its composition remains favourable.

A large proportion, 72 per cent of total debt, is held in local currency. Short-term debt is only 12.7 per cent of total debt and is denominated in local currency.

The weighted average time to maturity for the government’s domestic and external bonds are 9.6 and 16 years, respectively.

“Overall, the heat map continues to point to low to moderate risks to debt sustainability.

Nevertheless, largely reflecting the still sizable current account deficit, the external financing requirement, which surpasses the benchmark for emerging market comparators, remains a significant risk to the debt profile.”

The IMF added that the Bahamas’ external debt, meaning obligations owed to foreign investors, was “relatively low” at 24.2 per cent of the total, and forecast to stabilise at 22.3 per cent by 2021.

recover the VAT they pay on their ‘inputs’ when products they sell are exempt, meaning that Dr Minnis’s proposal will merely increase their costs.

A broadening of VAT ‘exemptions’ would likely also prompt businesses to increase prices on non-exempt items to compensate for their higher costs, hurting the consumer - the very person Dr Minnis wants to help.

The Government would also have to ‘make up’ the VAT revenue foregone by increasing ‘exemptions’ elsewhere in its tax structure.

And, perhaps, most importantly, widespread exemptions would undermine

the very philosophy of the Bahamas’ VAT model, which is to have as broad a tax base as possible. In doing so, this ensures the tax rate is kept low.

Increasing exemptions will thus put pressure on the Government to increase the current 7.5 per cent VAT rate, in order to maintain revenues.

The Bahamas was also warned against such a ‘trap’ by former Barbadian prime minister Owen Arthur, who on a visit to Nassau revealed that the southern Caribbean nation, by giving into industry and special interest requests for ‘exemptions’, had been forced to raise its own VAT ‘rate’ into the high double digits.

The Christie administration appears to have taken both Mr Arthur’s and the IMF’s advice to heart, based on its response to the Fund and its Article IV team.

“To mitigate the potential impact of the VAT on low-income earners, the authorities have already raised the minimum wage and increased social spending,” the Article IV report said.

“They continue to review social assistance benefits, and would prefer to increase them further instead of introducing exemptions that would reduce revenues and compromise the integrity of the VAT regime.”

The Fund’s Article IV report suggested there were “some concerns” with the accuracy of the Government’s VAT registration database, which includes around 6,500 monthly and quarterly filers.

“Reports suggest a relatively smooth implementation and an efficient VAT regime,” the report added.

“While there are some concerns about the accuracy of the registration database, registration, filing and compliance rates appear to have been broadly comparable to regional standards. “VAT revenue over the first 12 months, at $536 million

(about 6 per cent of GDP), has exceeded expectations.”

The IMF also urged the Government to simplify “non-business friendly” taxes, pointing to the Business Licence fee in particular.

And, in an assessment that may send chills down the spine of both the private sector and Bahamian consumer, the Fund concluded there was “substantial room” for the Government to raise more revenues from consumption based-taxes to offset losses elsewhere.

“The authorities should further simplify domestic taxes (such as the Business License fee regime) that are not business–friendly,” the Article IV report said.

“While VAT introduction has increased tax utilisation capacity, there is substantial room to raise more revenue through non-distortionary consumption taxes to compensate for revenue losses elsewhere.”

The Government had “also recognised the benefits” of reviewing the numerous tax exemptions and investment incentives that it grants, especially in the tourism industry, with the IMF urging it to “consider eliminating low revenue yielding fees and duties”.

Company No. 539500 (In Voluntary Liquidation)

Ram Global Services Ltd. Company No. 1817584 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that FALKOR MARKETING LTD. is in voluntary liquidation. The voluntary liquidation commenced on 12th July, 2016 and Vasilios Paraskevas of and 9 Kafkasou Street, Treppides Tower, 4th floor, office/ flat 401, 2112 Aglantzia, Nicosia, Cyprus has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that Ram Global Services Ltd. is in voluntary liquidation.

The voluntary liquidation commenced on 12th July, 2016 and Dr. Peter Marxer Jun. of Kirchstrasse 1, 9490 Vaduz, Principality of Liechtenstein has been appointed as the Sole Liquidator.

Share your news

Dated this 12th day of July, 2016 Sgd. Vasilios Paraskevas Voluntary Liquidator

Dated this 12th day of July, 2016 Sgd. Dr. Peter Marxer Jun. Voluntary Liquidator

The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

NOTICE MASSENA HOLDINGS LIMITED In Voluntary Liquidation

NOTICE BASKETVINE HOLDINGS LIMITED In Voluntary Liquidation

NOTICE WINDWHISTLE MOUNTAIN LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MASSENA HOLDINGS LIMITED is in dissolution as of July 12, 2016

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BASKETVINE HOLDINGS LIMITED is in dissolution as of July 4, 2016

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE JADE STONE LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, JADE STONE LIMITED is in dissolution as of July 8, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, WINDWHISTLE MOUNTAIN LTD. is in dissolution as of July 12, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LIQUIDATOR ______________________

NOTICE MEKONG INCORPORATION LTD. In Voluntary Liquidation

NOTICE IFIELD LIMITED In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MEKONG INCORPORATION LTD. is in dissolution as of July 4, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, IFIELD LIMITED is in dissolution as of July 4, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

THE TRIBUNE

Friday, July 15, 2016, PAGE 5

Govt’s $2.2bn pension liabilities represent ‘major’ fiscal risk From pg B1 road’ on both public sector pensions and meaningful, sustainable reforms at NIB. In response to the latest Article IV review, the Christie administration was said to consider pension reform, and the creation of a defined contribution scheme, “an important objective”, and acknowledged the need to soon begin public consultation on the issue.

A defined contribution scheme would ensure that civil servants, together with police and Defence Force officers, contributed a portion of their income towards funding their retirement.

Currently, most public sector pension schemes are of the defined benefit variety, which means that these are 100 per cent funded by the

corporation or Bahamian taxpayer.

“Government pensioners (15 per cent of the public work force) receive pension payments from the Budget that, on average, stood at 1 per cent of GDP and 7.3 per cent of tax revenue per year in 1994–2014,” the IMF’s Article IV report said.

“The accrued pension liabilities [will total] $1.5 billion in 20121 (17.9 per cent of GDP). Pension payments and liabilities are projected to reach $230 million (1.5 per cent of GDP) and $3.7 billion (24 per cent of GDP), respectively, by 2030.”

The payments to civil service pensioners come directly out of the Government’s annual Budget, as no specific scheme has been set aside for them. This

Bar to ‘determine once and for all’ liberalise stance From pg B1 The letter, which has been seen by Tribune Business, requests a meeting with the Council to discuss the Financial Services Group’s initiatives “related to the proposed liberalisation of the Bahamas Bar”.

“You may be aware that the Financial Services Group has formed a working group for the purpose of analysing the issue of liberalisation and benchmarking experiences, challenges and opportunities in jurisdictions that are similar to ours, which have a ‘liberal’ Bar,” the letter said.

The Financial Services Group added that ‘liberalisation’ was “a matter of significant professional concern”, and argued that the survey would produce “a road map to constructive reform of the legal fraternity”.

It attached for the Council’s benefit a copy of the proposed survey that it wanted to send to Bar Association members, adding that this was “imperative” to resolving the issue.

The Financial Services Group letter argued that the survey, which would be conducted by former Central Bank economist, Gabriella Fraser, principal of The Vivian Group, would also allow the Bar Association to better respond to its members’ needs and craft “a unified, qualified and constructive response” to the Government on the issue.

The letter, signed by Dwana Davis-Imhoff, Anastasia Campbell, Andrew Rolle, Simone JohnsonLongley, Elton Gibson and Thea Paul, asked the Council to reply by August 8, 2016, as to whether it would finance the survey’s costs.

thus represents the “material risk” referenced by the IMF with respect to fiscal consolidation, should these liabilities crystallise.

As for the public corporations, the IMF said they were estimated to spend a collective $12 million annually on funding their employee pension schemes.

This, it added, exacerbated the $116.8 million in government subsidies granted to state-owned entities during the 2014-2015 Budget year, a sum equivalent to 1.4 per cent of Bahamian GDP. “Their combined pension shortfall - unfunded component of future pensions - amounted to $0.7 billion (8.3 per cent of GDP),” the IMF report said.

“Pension costs, reportedly a drain on most entities’ cash flow, also impacts their viability, due to limited resources left for productive capital spending.

Entities such as the Water and Sewerage Corporation (WSC), Bahamasair, and Bahamas Electricity Cor-

poration (BEC) continue to record financial losses as a result of their public service mandates, operational inefficiencies and inadequate regulatory framework.

“Reflecting aged facilities and generous employment policies, their operating cost are noted to be particularly high while tariffs remain low, necessitating continued budget support,” the Article IV report added.

“Moreover, the pace of public entities reform is lagging, and could hamper efforts towards alleviating infrastructure bottlenecks, enhancing medium-term growth and stemming their drag on public finances.”

Turning to NIB, the IMF said its $1.6 billion reserve fund was equivalent to around 20 per cent of GDP, a sum that could cover 7.6 years of benefit payments without further revenue infusions.

“Compared with Caribbean peers, excluding Jamaica, the Bahamas’ NIB

appears to lag behind in contribution rate, asset accumulation and administration cost,” the Article IV report added.

“However, as a result of low growth, high unemployment, relatively low contribution rate, and compliance issues, the income from contributions (2.7 per cent of GDP) can no longer finance total expenditure (3.3 per cent of GDP). Beyond 2033, the scheme is projected to run operational deficits as it matures.”

Old age pension benefits paid out to pensioners matched 2 per cent of GDP in 2013, with these persons equivalent to 23.4 per cent of the workforce. However, the IMF said “unfavourable” demographic trends would further increase NIB’s liabilities.

With life expectancy projected to rise to 79 per cent in 2030, the Article IV report said the “old age dependency ratio will increase four-fold from 9.4 per cent in 2010 to 38 per cent in

2075.

“Thus, under the current benefit rules, pension liabilities would become fiscally unsustainable in the next two decades, as a significant number of employees retire,” the IMF warned.

“Pension reform is inevitable. Staff analysis indicates that a parametric reform that raises the contribution rate by 1 per cent, freezes pension benefits for two years, and raises the retirement age from 65 to 67 years, if implemented together, will nearly wipe out the NI[B] implicit debt, estimated at 49 per cent in 2015, and put the pension scheme on a sound financial footing.

“The authorities should begin to take steps to implement policies that would contain increases in pension costs, and over the medium, term, gradually phase in more far-reaching reforms.”

The survey document itself, which has also been seen by Tribune Business, sets out the rationale for the assessment.

“Financial services has long been the second pillar of the Bahamian economy and has provided many opportunities for Bahamian attorneys. However, we have been criticised for the dearth of attorneys who currently practice in the area,” the survey document added.

“The number of experienced practitioners in these specialty areas has attracted comments from international partners and local practitioners regarding the need to reform local requirements for admission to practice law in the Bahamas through the amendment of the Legal Profession Act (LPA) in order to permit non-Bahamian specialists to be called to the Bahamas Bar (other than via the special admission and registered associate provisions).

“It has been suggested by persons within and out-

side of the Bahamas that to permit non-Bahamians to practice law in the Bahamas would provide an opportunity for specialists to train local attorneys and facilitate (through partnership, training and other participation) the expansion of the pool of professionals who are able to offer services and enhance the product offering provided by this industry.”

This message was reinforced by The Vivian Group’s proposal, which added: “The legal profession in the Bahamas faces ongoing criticism and concern regarding its capacity to meet financial services sector needs.

“Specifically, that the rate of deepening and expansion in expertise in specialised financial services needs areas have not kept pace with that industry’s advances and technical service needs. “[That is] a critical issue for that industry, which broadly considers this shortfall in legal services

capacity to be a threat to the jurisdiction’s competitiveness. These capacity concerns have also given way to broader questions of reform in the legal sector, including liberalisation of the Bahamas Bar.” Prime Minister Perry Christie, and his current and former financial services ministers, Hope Strachan and Ryan Pinder, have all made similar arguments in recent years.

Each has said that the inability of foreign, specialist financial services attorneys to practice in this nation is costing the Bahamas busi-

ness, as the legal profession lacks the base of expertise and necessary contacts to attract it.

Senior attorneys, such as Brian Moree QC and Bryan Glinton, have also called for a similar opening up, but with requirements for ‘knowledge transfer’ and that certain practice areas, such as family and criminal law, be reserved for Bahamians only.

Others, though, such as Gregory Moss, Paul Moss and Harvey Tynes QC, have been opposed to any such ‘liberalisation’.

British pound surges after Bank of England opts against cut LONDON (AP) — The British pound surged Thursday while the country's main stock index faltered after the Bank of England held off from cutting interest rates. Elsewhere in Europe, stocks retained their recent positive tone, which has been partly due to the swift appointment of Theresa May as Britain's new prime minister.

KEEPING SCORE: Germany's DAX was up 1.1 percent at 10,036 while the CAC-40 in France rose 0.8

percent to 4,371. The FTSE 100 index of leading British shares was only 0.1 percent firmer at 6,800. U.S. stocks were poised for solid gains at the open with both Dow futures and the broader S&P 500 futures up 0.8 percent.

BRITISH FOCUS: The reason why the FTSE 100 in London was underperforming its peers in Europe was the Bank of England's surprise decision not to reduce its main interest rate from the current record low

of 0.5 percent despite clear evidence that the British economy has faltered in the wake of the country's vote to leave the European Union. The decision was somewhat a surprise — most economists had expected the central bank to cut its main interest rate. However, the bank signaled its intention to stimulate the British economy at its next meeting in three weeks when policymakers will be armed with fresh economic forecasts.

POUND

BUOYED:

GERACE RESEARCH CENTRE FACILITY MANAGER JOB VACANCY Applications are invited from suitably qualified candidates for the following position: The Facility Manager is responsible for directing the overall operations of the physical plant. This position is physically demanding and requires working long hours with almost no days off during the busiest weeks, including weekends. The position of Facility Manager is required to perform a variety of tasks including but not limited to the following: Directing the overall operations of the physical plant including maintaining the vehicles and boats, buildings, guest rooms, fresh and salt water plumbing, food preparatory equipment, and sustaining and upgrading the aging electrical system; Supervising the physical plant staff and conducting performance reviews (currently a staff of two); Managing and administering minor construction/renovation projects around the Centre; Establishing a preventative, predictive and replacement program for the Centre’s vital equipment; Coordinating the setup of rooms and laboratory spaces for use by various college and university groups; Assisting faculty with equipment for research and educational needs and maintaining research and laboratory equipment; Coordinating with the Executive Director the purchasing and transportation of parts and supplies for the station; Maintaining a small dive shop and dive compressor.

QUALIFICATIONS: • A minimum of an associate’s degree in an engineering related field or equivalent; • A minimum of 5 years experience directly related to physical plant management or an equivalent combination of considerable education, training, and experience with the aspects of physical plant management, personnel management, automotive expertise, and safety and budgetary practices; • Previous experience managing personnel; • The ability to begin this position no later than November 1, 2016 For a complete job description, visit www.cob.edu.bs/hrapply. Interested persons should submit a completed COB application form; letter of interest highlighting work experience and accomplishments relevant to the position; a current resume or curriculum vitae and supporting documents/qualifications on or before August 15th to: Associate Vice President, Human Resources The College of The Bahamas P.O. Box N-4912 OR Email: hrapply@cob.edu.bs Nassau, Bahamas

Though stocks in London came back off session highs after the Bank's decision not to act, the pound had one of its best days since the vote. In the immediate aftermath of the bank's announcement, the pound was up 1.9 percent at $1.3367 and 1.5 percent firmer at 1.20 euros.

NOTICE AKAI INVESTMENT LIMITED (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 8th, day of July 2016. The Liquidator is Dillon Dean of Nassau Bahamas.

Dillon Dean (Liquidator)

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

2015 CLE/gen/No. 01490

IN THE MATTER of an Indenture of Mortgage made on the 30th day of September, A.D. 2003 between Crystal Tanya Neymour-Evans of the first part and FirstCaribbean International Bank (Bahamas) Limited (Harbour Bay Branch) of the second part and now of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 8786 at pages 29 to 39.

AND IN THE MATTER of The Mortgages Act, Chapter 156 of the Revised Laws of The Commonwealth of The Bahamas BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND

Plaintiff

CRYSTAL TANYA NEYMOUR-EVANS Defendant TO: Crystal Tanya Neymour-Evans TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Commonwealth of The Bahamas by FirstCaribbean International Bank (Bahamas) Limited, Harbour Bay Branch in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 21st day of September, A.D. 2015 seeking an Order to direct you to deliver up possession of Mortgaged Property Unit No. Eight (8) of “FLOVECO CONDOMINIUM PHASE 2” situate on the Eastern side of St. Alban’s Drive in the Western District of New Providence, Bahamas to FirstCaribbean International Bank (Bahamas) Limited within Twenty-Eight (28) of the order and judgment for the sums outstanding under the Indenture of Mortgage dated the 30th September, A.D. 2003 AND THAT it has been ordered that service of all further process issued herein including the Notice of Hearing filed on the 28th January, A.D. 2016 and Affidavit in Support of the Originating Summons filed on the 21st September, A.D. 2015 be effected on you by way of this advertisement.

The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton, Judge of the Supreme Court, at Swift Justice Building, East Street & Bank Lane, Nassau, Bahamas on Wednesday, 27th July, A.D. 2016 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the court thinks just.

A copy of the said Notice of Appointment to Hear the Originating Summons, Affidavit in Support and Order of the Court may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys of the Plaintiff below mentioned.

Dated the 1st July, A.D. 2016 McKAY, CULMER & ASSOCIATES 36A Sears Road Nassau, Bahamas Attorneys for the Plaintiff

PAGE 6, Friday, July 15, 2016

Bahamian economy performing $200m below potential From pg B1 last 15 years,” the IMF said of the Bahamas. “The decline started already in the late 1990s, with potential growth hitting a low point in the immediate aftermath of the global financial crisis (GFC).”

The Fund added that all three models and methods it had employed showed “a sizable negative output gap that has yet to be closed”.

“Actual real GDP contracted by more than 6 per cent in cumulative terms in 2008 and 2009, and as a result, the output gap turned sharply negative,” it contin-

ued.

“Estimates suggest that the output gap is still negative, with an average of -2.5 per cent across the three methods, and is not expected to close before 2019.”

The IMF said the falloff in the Bahamas’ potential economic growth had been “driven mostly” by a decline in total factor productivity (TFP), which measures how efficiently and intensely factors of production, such as capital and labour, are used.

“All factor inputs have contributed to the decline in potential growth. How-

ever, the deterioration in growth prospects has been driven mostly by more negative TFP growth, which has been about -1 per cent of GDP on average since 2000,” the IMF said of the Bahamas.

Pointing out that some economists believed the Bahamas has been suffering from negative TFP since the early 1980s, the Article IV report added: “The large positive contribution of capital has been declining over time, despite the temporary effects of large investment projects (for example, Baha Mar-related investments boosted the capital contribution between 2011 and 2014).

“The contribution of labour also declined in the early 2000s, but has been improving modestly since then, in spite of consider-

able slack in the labour market.”

Comparing the Bahamas to the Caribbean, the IMF said this nation’s potential growth decline started earlier - and was larger - in this nation than elsewhere.

“Applying the same approaches to Barbados and Jamaica suggests that potential growth has declined also in these countries,” the Fund added.

“However, the pre-crisis decline in potential growth started earlier and was larger in the Bahamas. Over the last few years, estimates suggest that potential growth has been recovering somewhat faster in Jamaica.

All three countries are also still struggling to close the output gap, amid both relatively low actual and potential growth.”

THE TRIBUNE While the Bahamas’ current account deficit is forecast to drop to around 7 per cent of GDP in the medium-term, the IMF said its economic competitiveness remained weakness.

“Despite significant uncertainties, the external sector assessment points to an external position that is weaker than suggested by fundamentals and desirable policy settings,” the Fund added.

“Other indicators, such as relatively high energy costs and indicators of the business environment, show the Bahamas falling further behind its peers, and the declining share of tourism among Caribbean countries that focus on a relatively expensive, higher-end tourism experience point to persistent structural weaknesses.”

The IMF said that while the $981 million of foreign exchange reserves were below the traditional ‘three months worth of imports’ benchmark at the end of March 2016, they exceeded this when foreign direct investment-related imports were excluded.

However, when the vulnerability of small island states (SIDS) to natural disasters and external shocks was used as the benchmark, the Bahamas has just 45 per cent of the recommended foreign currency reserve levels.

“Reserves appear broadly adequate according to standard metrics, but fall short when taking into account small island specific factors, such as exposure to external shocks and natural disasters,” the IMF said.

EU widens antitrust probe to include Google ad, shopping biz BRUSSELS (AP) — The European Union has opened a new front in its battle with Google, accusing the technology giant of abusing its dominant position in the online search market to benefit its own comparison shopping and advertising business.

The EU’s executive branch is already investigating whether Google gives preferential treatment to its own products in its Android operating system.

“Google has come up with many innovative products that have made a dif-

ference to our lives,” EU Antitrust Commissioner Margrethe Vestager said Thursday. “But that doesn’t give Google the right to deny other companies the chance to compete and innovate.”

Vestager said Commission’s preliminary probe has revealed that Google has “unduly favored its own comparison shopping service in its general search result pages.”

This, she added, means that “consumers may not see the most relevant results to their search queries.”

NOTICE

Separately, Vestager said the Commission has expressed concern that Google is hindering rivals by limiting their ability to place search adverts on third-party websites.

She asked Google and its parent company Alphabet to respond to the findings within 10 weeks.

“But if our investigations conclude that Google has broken EU antitrust rules, the Commission has a duty to act to protect European consumers and fair competition on European markets,” she said.

EU Antitrust Commissioner Margrethe Vestager addresses the media at EU Commission headquarters in Brussels, Belgium, yesterday. The European Union opened a new front Thursday in its battle with Google, accusing the technology giant of abusing its dominant position in the online search market to benefit its own comparison shopping and advertising business. (AP Photo)

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

NOTICE is hereby given that NEKAYLA SHERRELL AISHA The Public is hereby advised that I, TENNEAL PRATT of Celery Drive, Yellow Elder, P.O.Box N-9328, New SHANTEL MOULTRIE intend to change my name Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization to TENNEAL SHANTEL ROBERTS. If there as a citizen of The Bahamas, and that any person who knows are any objections to this change of name by any reason why registration/naturalization should not be Deed Poll, you may write such objections to the granted, should send a written and signed statement of the Chief Passport Officer,P. O. Box N-742,Nassau th facts within twenty-eight days from the 15 day of July, 2016 Bahamas no later than Thirty (30)days after the to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas. date of publication of this notice.

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

BISX ALL SHARE INDEX: CLOSE 1,955.69 | CHG -1.09 | %CHG -0.06 | YTD 131.74 | YTD% 7.22 BISX LISTED & TRADED SECURITIES 52WK HI 3.62 17.43 9.09 3.50 4.70 0.18 8.34 8.35 6.10 10.60 15.50 2.72 1.60 5.80 8.50 11.00 7.90 6.90 12.25 11.00

52WK LOW 2.21 17.43 9.09 3.14 4.70 0.12 5.85 7.25 5.50 6.85 14.48 2.25 1.27 5.51 6.00 9.85 6.01 5.55 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

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

LAST CLOSE 3.62 15.85 9.09 3.50 5.22 0.12 6.56 8.35 5.84 10.58 14.49 2.72 1.41 5.80 8.50 10.31 7.90 6.36 11.93 10.00

CLOSE 3.62 15.85 9.09 3.50 5.22 0.12 6.50 8.35 5.84 10.58 14.49 2.70 1.41 5.80 8.50 10.31 7.90 6.36 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 0.00 0.00 0.00 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

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

114.71 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

114.66 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-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

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

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

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

NOTICE is hereby given that HENRY FRANCIS of Balfour Ave., 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 15th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

MARKET REPORT THURSDAY, 14 JULY 2016

NOTICE

VOLUME

3,300 30,000 1,000

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 11.9 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.6 27.4 28.7 8.5 11.4 13.9 10.7 12.2 9.0 15.8 0.0

YIELD 2.49% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.11% 3.42% 3.40% 4.21% 2.22% 2.84% 4.14% 3.24% 0.00% 3.54% 1.89% 5.36% 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%

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

NOTICE is hereby given that WISLENE BRAVEST MARTIN of Cowpen Rd.,P.O.Box N-356, 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 8th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice NOTICE CANTERBURY INVESTMENT HOLDINGS LIMITED NOTICE IS HEREBY GIVEN as follows: (a) Canterbury Investment Holdings Limited is in dissolution under the provisions of the International Business Companies Act 2000 (b) The dissolution of the said Company commenced on the 23rd June, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator Legal Notice NOTICE

MUTUAL FUNDS 52WK HI 1.97 3.82 1.91 160.64 138.35 1.44 1.67 1.55 1.06 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.53 1.47 1.03 6.11 6.93 5.55 10.37 8.65

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 Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund

NAV 1.97 3.83 1.91 164.74 133.64 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 1.35% 4.06% 1.43% 6.57% 0.70% 3.23% 1.67% 5.13% 0.66% -3.41% 1.89% 3.91% 2.32% 8.70% 1.68% 5.28% 2.77% 1.26% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Apr-2016 30-Apr-2016 29-Apr-2016 31-Mar-2015 30-Sep-2015 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-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

PONDICHERRY INVESTMENTS LTD. NOTICE IS HEREBY GIVEN as follows: (a) Pondicherry Investments Ltd. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The dissolution of the said Company commenced on the 6th July, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator

THE TRIBUNE

Friday, July 15, 2016, PAGE 9

DEMOCRATIC presidential candidate Sen. Bernie Sanders, I-Vt. heads to the Senate chamber on Capitol Hill in Washington. It’s a food fight in Congress over genetically modified foods. The Senate is moving ahead on bipartisan legislation that would for the first time require food packages to carry labels listing genetically modified ingredients. Vermont’s, Sanders and Patrick Leahy, argue that the measure falls short, especially compared to the tougher labeling in their state that kicked in last Friday, July 1, 2016. (AP Photo)

Congress OKs bill requiring first GMO food labels WASHINGTON (AP) — Consumers wanting to know if their foods contain genetically modified ingredients will be able to find out for the first time.

Congress sent legislation to President Barack Obama on Thursday that would require most food packages to carry a text label, a symbol or an electronic code readable by smartphone that indicates whether the food contains genetically modified ingredients, or GMOs. The Agriculture Department would have two years to write the rules.

The White House says Obama will sign the bill, which would pre-empt a Vermont law that kicked in earlier this month. The House passed the legislation 306-117 on Thursday.

Senate approval came last week over the strong objections of Vermont’s congressional delegation. Sens.

Bernie Sanders and Patrick Leahy and Rep. Peter Welch argued that the measure falls short, especially compared with the tougher labeling requirements in their state. While the bill gives companies the three options for labeling, the Vermont law would require items be labeled “produced with genetic engineering.”

“If there is an acknowledgement about the right of a consumer to have access to information, why not give them the information in plain and simple English?”

asked Welch on the House floor.

Advocates for labeling and the food industry, which has fought mandatory labeling, have wanted to find a national solution to avoid a state-by-state patchwork of laws. The food industry supports the legislation, which was the result of bipartisan Senate negotiations. But many advocates do not, arguing that many consumers won’t be able to read electronic labels and that there aren’t enough penalties for companies that don’t comply.

While there is little scientific concern about the safety of those GMOs on the market, advocates for labeling argue that not enough is known about their risks and people want to know what’s in their food. Among supporters of labeling are many organic companies that are barred by law from using modified ingredients in their foods.

The food industry says GMOs are safe and the labels could mislead people into thinking they aren’t. But several companies started to label their foods anyway as Vermont’s law went into effect.

Vermont’s Democratic Gov. Peter Shumlin bemoaned the congressional action.

“It’s a shame that Congress chose to replace our standard with a weaker one that provides multiple ways

for the food industry to avoid transparent labeling,” he said in a statement.

Republicans and lawmakers from rural states overwhelmingly supported the legislation. Agriculture groups have backed it, hoping it will bring more certainty to farmers who grow genetically modified corn and soybeans.

“The clock has run out, my producers need certainty and an interstate commerce nightmare will shortly ensure if we don’t pass this bill,” said Rep. Rodney Davis, R-Ill. Genetically modified foods are plants or animals that have had genes copied from other plants or animals inserted into their DNA. While farmers have been selectively breeding plants for centuries, this manipulation is done in a lab, speeding up the process by transferring a gene from one plant or animal to another. The engineering is done to create certain traits, like resistance to herbicides.

The bulk of the nation’s genetically engineered crops are corn and soybeans that are eaten by livestock or made into popular processed food ingredients such as cornstarch, soybean oil or high-fructose corn syrup.

Only a handful of genetically engineered fruits and vegetables are available in the produce aisle, including Hawaiian papaya, some zucchini and squash and some sweet corn.

THIS TUESDAY, May 24, 2016, photo shows a house for sale in North Andover, Mass. Yesterday, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo)

Average US mortgage rates move little; near historic lows WASHINGTON (AP) — Long-term U.S. mortgage rates moved little this week, remaining near historically low levels in the wake of financial disarray in Europe.

Mortgage giant Freddie Mac said Thursday the average for the benchmark 30-year fixed-rate mortgage ticked up to 3.42 percent from 3.41 percent last week, staying close to its all-time low of 3.31 percent in November 2012. The average rate is down sharply from 4.09 percent a year ago.

The 15-year mortgage rate slipped to 2.72 percent

from 2.74 percent last week.

After Britain’s recent vote to leave the European Union, investors fled to the safety of U.S. Treasury bonds, driving up their prices and lowering their yields. Long-term mortgage rates tend to track the yield on 10-year Treasury notes, which jumped to 1.47 percent Wednesday from 1.37 percent a week earlier. It rose further to 1.52 percent Thursday morning — still far below its 1.75 percent before the British vote.

To calculate average mortgage rates, Freddie Mac surveys lenders across

the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

One point equals 1 percent of the loan amount.

The average fee for a 30year mortgage remained at 0.5 point this week. The fee for a 15-year loan rose to 0.5 point from 0.4 point last week.

Rates on adjustable fiveyear mortgages averaged 2.76 percent, up from 2.68 percent last week. The fee declined to 0.4 point from 0.5 point.

PAGE 10, Friday, July 15, 2016

US stocks rise for a 5th day on solid earnings reports

THE TRIBUNE

Calling All High

SCHOOL STUDENTS

Every year in August THE TRIBUNE publishes a popular Back to School supplement as a guide to the following academic year.

In the supplement we feature the profiles of high school students across the Bahamas and Family Islands.

We want profiles from as many schools and students as possible to make this guide essential and informative.

Profiles must include 1. Name 2. Age 3. School 4. Grade 5. Parent name or names 6. Goals and aspirations, prizes won and honours awarded

7. Name of college they will be attending (if attending) Plus a suitable photograph in .jpeg format (graduation or any other image).

How to submit profiles Email to back2school@ tribunemedia.net with ‘Back To School’ in the subject field and photos in .jpeg format.

By post to Back To School, The Tribune, Shirley Street & Deveaux Streets, PO Box N-3207, Nassau.

By hand to The Tribune office The deadline for the profiles is July 29, 2016 and there is no cost involved. For any questions please contact Tribune Features at 5022373 or 502-2387 or 502-2411.

TRADERS work on the floor of the New York Stock Exchange, yesterday. Stocks are rising to new highs in afternoon trading Thursday after solid earnings reports from several companies. Banks and industrial companies gained the most. (AP Photo) NEW YORK (AP) — Solid earnings reports Thursday drove the stock market to another record high.

Stocks rose from the start of trading after JPMorgan Chase released results that were better than analysts expected. Companies are expected to report earnings dropped again in the AprilJune period, but a few big ones that have released numbers so far have beaten low expectations, encouraging investors.

The gains were broad, with nine of the 10 industry sectors of the Standard and Poor’s 500 index showing gains. Banks rose the most, 0.9 percent.

“It’s really early in earn-

ings season, but so far so good,” said Brad Sorensen, director of the Schwab Center for Financial Research. He added, “Optimism is starting to creep into the market.”

Investors pulled money out of conservative assets like gold and Treasury bonds, sending yields on the bonds sharply higher.

They also sold stocks of utility companies, considered a haven because of their safe and steady dividends.

The Dow Jones industrial average rose 134.29 points, or 0.7 percent, to 18,506.41.

The S&P 500 gained 11.32 points, or 0.5 percent, to 2,163.75. The Nasdaq composite increased 28.33 points, or 0.6 percent, to 5,034.06.

The Dow and S&P 500 remain at record highs, but the Nasdaq is barely positive for the year.

The U.S. gains followed rallies in Germany, France and Japan, with stock indexes in each of those countries rising more than 1 percent.

British stocks initially rose, then gave up the gains after the Bank of England surprised investors by holding off on cutting interest rates despite the hit to the British economy from last month’s vote to leave the European Union. The British pound soared on the news.

U.S. stocks have been on a rocky ride since the start of the year. They fell sharply in January and early February on fears that a slowdown in Chinese economic growth would drag the rest of the world into recession, then rose again, the fell after the shock of Britain’s vote.

But a strong U.S. jobs report last Friday, hopes that Japan’s ruling party will flood its market with even more money and signs of political stability in Britain as its new prime minister takes over have lifted investor spirits.

Brad McMillan, chief investment officer at the Commonwealth Financial Network, said the recent scares may have flushed out sellers, setting up the market for even bigger gains.

“Anyone inclined to sell did so” earlier, he said, “and now the market is dominated by buyers.”

Still, McMillan is worried that prices may have gotten ahead of fundamentals.

Corporate earnings are the biggest driver of stock prices, and they’re look-

ing weak overall, notwithstanding Thursday’s batch of solid reports. Per share earnings in the S&P 500 are expected to fall 5.5 percent from the year earlier period, the fourth quarter in a row of drops, according to S&P Global Market Intelligence.

Among companies making big moves on Thursday, Japanese messaging app Line surged 27 percent on its first day of trading, a gain of $8.74 to $41.58. Line has more users than Facebook or Twitter in Japan.

KFC owner Yum Brands climbed $2.53, or 3 percent, to $88.27 after reporting better-than-expected profit late Wednesday.

Delta Air Lines rose $1.42, or 3.6 percent, to $40.98 after also reporting second-quarter profits that beat expectations. Lower fuel prices have helped airlines post big profits.

JPMorgan Chase rose 96 cents, or 1.5 percent to $64.12. In addition to topping profit forecasts, investors were encouraged by strong trading revenue for the quarter. Citigroup and Wells Fargo report results on Friday.

In Europe, Germany’s DAX was up 1.4 percent and the CAC-40 in France rose 1.2 percent. Britain’s FTSE 100 slipped 0.2 percent.

In Japan, the Nikkei closed nearly 1 percent higher as the yen weakened against the dollar. Hong Kong’s Hang Seng index rose 1.1 percent.

Prices of U.S. government fell, pushing the yield on the 10-year Treasury note to 1.53 percent from 1.48 percent.

The British pound rose to $1.3330 from $1.3160 a day earlier. The euro rose to $1.1123 from $1.1114 and the dollar rose to 105.43 yen from 104.33 yen.

Benchmark U.S. crude rose 93 cents to close at $45.68 a barrel in New York. Brent crude, a standard for international oil prices, rose $1.11 to close at $47.37 a barrel in London.

In other energy trading in New York, wholesale gasoline rose 4 cents to $1.41 a gallon, heating oil rose 3 cents to $1.41 a gallon and natural gas slipped a penny to $2.73 per 1,000 cubic feet.

Precious and industrial metals prices were mixed.

Gold fell $11.40 to $1,332.20 an ounce, silver lost 9 cents to $20.32 an ounce and copper was flat at $2.24 a pound.