07262017 business by tribune242

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WEDNESDAY, JULY 26, 2017

$4.15 QC DEMANDS DPM RETRACT FREEPORT AS ‘SMUGGLING GATEWAY’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC yesterday demanded that the Deputy Prime Minister retract his assertion that Freeport is “a smuggling gateway”, arguing that it had “tarred every business with the same brush”. Fred Smith, the Callenders & Co attorney and partner, told Tribune Business that he had been “shocked” by K P Turnquest’s comments that Freeport was being used by unscrupulous businesses and individuals on other islands to evade due taxes. “I am shocked that my representative, the Deputy Prime Minister, who I voted for should say these things,” Mr Smith told Trib-

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

KP: ‘We know it happens’; gives ‘subtle warning’

ATLANTIS’S top executive yesterday admitted he fears ‘market cannibalisation’ as a result of Baha Mar’s opening, warning that pricing “into the Christmas season” has already been impacted. Howard Karawan, the Paradise Island resort’s president and managing director, told Tribune Business that he predicted pricing by “new developments” would suck business away from Atlantis and other existing properties. Speaking after he led Prime Minister Dr Hu-

But no Govt figures for how much revenue lost une Business. “I don’t want my community to be known as the smuggling gateway of the Bahamas. “If someone is smuggling, investigate and prosecute to the fullest extent of the law, but you can’t negatively paint my entire community. See PG B4

EMPLOYER concerns over an increase in redundancy pay were yesterday branded as “overblown”, a senior trade union leader suggesting the current ‘cap’ should be doubled. Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that raising the Employment Act’s statutory limits on redundancy pay did not impose an immediate or automatic cost increase on Bahamian companies. He suggested that doubling the existing ‘cap’ to one year’s pay for line staff, and two years for managerial workers, would be a “reasonable” increase - a rise higher than the two-thirds increase proposed by the former Christie administration before it was ultimately abandoned. See PG B6

Union leader wants limits doubled Rise would be higher than Christie Govt’s Believes ‘happy medium’ can be reached

OBIE FERGUSON

Chamber chief backs nationalising Grand Lucayan ‘if all fails’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Bahama Chamber of Commerce’s president yesterday backed a Government takeover of the Grand Lucayan “if all else fails”, arguing that the Bahamas must do “whatever it takes” to secure its imminent re-opening. Mick Holding told Tribune Business that given the resort’s importance to the survival of Freeport and Grand Bahama’s economy, the Minnis administration could not permit efforts to secure a new owner to carry on indefinitely. He suggested that even if a sale was closed in the next few weeks, hurricane repairs and upgrades meant the

Do ‘whatever it takes’ to secure re-open, sale Fears winter season miss even if deal imminent But Govt takeover must be stopgap bridge Grand Lucayan and its 1,000 rooms were unlikely to reopen before 2018. This means 59 per cent of Grand Bahama’s hotel inventory could miss the first half (Thanksgiving and See PG B5

$4.06

$4.02

Atlantis chief admits Baha Mar ‘cannibalisation’ fear

Smith: All licensees ‘tarred with same brush’

EMPLOYER REDUNDANCY CAP FEARS ‘OVERBLOWN’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.05

Pricing ‘into Xmas season’ already impacted ‘Big push’ required to grow Bahamas’ market ‘20% discounts not going to bode well’ bert Minnis and Cabinet ministers on a tour of the property, Mr Karawan said there needs to be a “big push” to grow the Bahamas’ tourism market. Yet he warned that success “does

ENTRANCE of ATLANTIS Resort, Paradise Island not happen overnight”. “When we developed the first phase, the second and third phase, we spent years growing the market,” he said in reference to At-

lantis. “It doesn’t happen overnight. Would I like to see new developments doing more? Yes, I would. “I do fear that there is See PG B4

Atlantis targeting $130m investment by end-2018 By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net ATLANTIS’S top executive yesterday revealed that the Paradise Island destination resort is likely to invest a further $130 million to upgrade its amenities by 2018 year-end. Howard Karawan, its president and managing director, said “north of $80 million” would be spent to enhance the property this year, with another $50 million likely injected in 2018.

He told Tribune Business in an interview: “This year, we would have spent north of about $80 million. You do have to maintain your physical plant. You have to keep your rooms fresh. By the end of next year, every single room in Atlantis would have been redone. “We are also adding new restaurants, such as Sip Sip at the Cove. We are about to announce a Bahamian-inspired seafood restaurant in conjunction with a celebrity chef and some local chefs over at the Cove.” See PG B6

‘Very strong summer’; occupancy ‘north’ of 90% Bahamian authenticity, partnerships ‘win-win’ Frankie Goes Bananas, Pirate Republic additions

PAGE 2, Wednesday, July 26, 2017

THE TRIBUNE

Commonwealth to help modernise Govt debt THE Central Bank has signed an agreement with the Commonwealth Secretariat to help modernise the legal framework for managing the Government’s multi-billion dollar debt. The Memorandum of Understanding (MOU) provides for the joint funding of technical assistance (TA), and is the first jointly funded donor-recipient TA arrangement that the Commonwealth Secretariat has sponsored. The Secretariat will arrange technical assistance to develop a consolidated draft law for Government Debt Management in the Bahamas, with the project’s implementation set to

begin in September 2017. The TA is part of an ongoing collaboration between the Central Bank, the Ministry of Finance and the Public Treasury to improve the pricing model for issued government debt; strengthen debt management services provided by the Central Bank; and boost secondary market trading in Government debt. The modernisation strategy will provide for the dematerialisation of bond certificates, meaning that holders of government debt will no longer have to rely on manual certificates to prove ownership. This will instead be recorded by an electronic securities depos-

itory for all issued bonds. The total number of outstanding government debt tranches will also be consolidated to aid secondary market activity. Earlier TA from the Commonwealth Secretariat provided a “road map” to reach this point. Patricia Scotland, the Commonwealth’s secretary-general, met with John Rolle, governor of the Central Bank, on July 19 while in Nassau to attend the Commonwealth Youth Games. They agreed to continue to partner and share information in areas such as exchange control liberalisation, trade, technology and financial inclusion.

GOVERNOR John Rolle and Baroness Patricia Scotland

Attorneys enjoy privilege of contributing to book A HIGGS & Johnson partner led a team of five local attorneys in contributing to Attorney-Client privilege in the Americas: Professional Secrecy of Lawyers, which examines the Bahamas and 31 other jurisdictions. The book, published by Cambridge University Press, explores differences in the rules on attorneyclient privilege within jurisdictions in North, Central and South America and the Caribbean. Vann P. Gaitor, a Higgs & Johnson partner, led a team including two of the firm’s associates, LaShay Thompson and Felix Beneby, in writing a chapter discussing the history, scope and limitations of the Bahamas’ common law doctrine. “The privilege is the client’s, not the attorney’s or legal advisor’s,” says Mr

Gaitor. “It may, therefore, be waived by the client but not by the attorney.” Mr Gaitor said the doctrine of attorney-client privilege extends to communications between the two, and to communications made by the attorney as well as by the client. This is conditional on the communication being made for the purpose of giving or receiving legal advice, and that it was not for the purpose of enabling or committing a crime or fraud. Attorney/client privilege, which protects the accused and binds the attorney, does not extend to any other profession. In most Commonwealth countries, it cannot be overridden by any supposed greater public interest. “In England, if a particular communication or document is subject to

HIGGS & Johnson partner, Vann P. Gaitor (second from left), led a team of five attorneys, including two of the firm’s associates, LaShay Thompson (second from right) and Felix Beneby (right), in writing the Bahamas’ chapter of Attorney-Client Privilege in the Americas: Professional Secrecy of Lawyers. Pictured left is John Pethick, overseas sales manager at Wildy & Sons Ltd, one of the world’s leading booksellers of texts for the legal profession. attorney-client privilege, the privilege cannot be set aside on the ground that some higher public interest requires that to be done,” says Mr Gaitor. “In the Bahamas, we are not bound by decisions of the House of Lords, but such decisions are highly persuasive and the Bahamian courts are not

likely to rule differently on the issue of privilege as addressed in the case of Three Rivers District Council and Others v Governor and Company of the Bank of England [2005] 1 A.C. 610 HL, which affirmed that if a communication qualifies for attorney-client privilege, the privilege is absolute.”

He added: “Statutes here in the Bahamas and elsewhere in the Commonwealth of Nations may have made inroads on the doctrine of attorney-client privilege but, generally, the doctrine remains firmly ensconced in Bahamian law as a matter of public policy.” The book was featured at

the Caribbean Association of Law Librarians Conference hosted in Nassau this month. Also contributing to the Bahamas chapter were attorneys Andrea Moultrie and Camryn Cartwright. Its intent, according to editors James Silkenat and Dirk Van Gerven, is to establish “a common definition” than can be adopted by “all countries and international institutions” in an increasingly globalised world where rules on attorney-client privilege can differ significantly from country to country. Adapting the concept to meet the realities of people crossing borders with increasing frequency, while at the same time safeguarding the rights of citizens is, they argue, “one of the major challenges facing the legal profession”.

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Wednesday, July 26, 2017, PAGE 3

Redundancy pay cap revisit ‘not great idea’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chief executive yesterday said it was “not a great idea” for the Government to be talking about increasing the redundancy pay cap “so soon” after its predecessor abandoned similar plans. Edison Sumner told Tribune Business that the private sector, workers and government needed to focus on ‘bedding in’ the recently passed changes to the Employment and Industrial Relations Acts, rather than revisit proposals that did not become law. He warned that the Minnis administration’s oftrepeated intention to reopen the redundancy ‘cap’ discussion threatened to “cause a stir”, and any such move would be “resisted” by the private sector due to fears of a “devastating” impact on businesses and the economy. “We cannot see where we will consider changing our position any time soon to consider lifting the cap on redundancy pay,” Mr Sumner told Tribune Business. “We maintain that position today. “If the Government sees a need to have it reviewed again, which we don’t think is a great idea, as we just finished discussing the same situation a couple of months ago, it has to come back to the National Tripartite Council for further discussion.” Mr Sumner was responding after Dion Foulkes, minister of labour, this week reiterated that the Government wanted to restart talks with employers and the trade unions over the 12-month ‘cap’. He indicated that it was seeking to find a ‘happy

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Chamber chief: Private sector will ‘resist’ Move ‘so soon’ after Christie Govt backed off Fears of ‘devastating’ business impact remain medium’ acceptable to all parties, having made similar comments during his Labour Day address and Senate Budget debate contribution. Mr Foulkes’ remarks indicate that the Minnis administration intends to effectively pick up where the Christie government left off in terms of labour policy, the Minister having outlined an agenda that is strikingly similar. It is now seeking to reopen issues dealt with just a couple of months prior to the May 10 general election, when private sector opposition forced the Christie government to drop union and labour-friendly plans to increase the redundan-

cy pay ‘cap’ by two-thirds from its present level. Mr Sumner yesterday conceded there was nothing to stop the Government, private sector or trade unions from picking up ‘old’ issues and bringing them back before the Tripartite Council for further discussion. He suggested, though, that it would be unwise for the Minnis administration to revisit the redundancy pay ‘cap’ so soon after it was “taken off the table” by its predecessor. Asked about the potential impact for individual businesses and the wider Bahamian economy if the Government forged ahead, Mr Sumner told Tribune Business: “I don’t even want to get to that stage. “If it comes up now, there’s going to be some resistance to it. The impact could be devastating, especially for those involved in the hospitality industry, those engaged in shift workers and employers across the board - whether they’re the biggest in the hospitality and retail space, right down to the smallest company. “It could have an impact on the welfare of companies, and have spin-off effects on the economy

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generally,” he added. “We would have raised these concerns before.” Mr Sumner said the Chamber’s advocacy, aided by feedback from its members, specific industries and international bodies, ultimately proved persuasive enough for the Christie government to abandon any plans to lift the redundancy ‘cap’. “This is why we say that to come back with this just after passing the Employment and Industrial Relations Act amendments is a bit soon,” the Chamber chief executive added, “and could cause a bit of a stir again.” Mr Sumner said the previous administration had eventually conceded that to lift the ‘cap’ “was not the right timing”, but Mr Foulkes’ comments showed it must be “pressing on the Government’s mind”. At present, line staff remain entitled to a maximum 24 weeks or six months’ redundancy pay, gaining two weeks for each year they have been employed up to the 12-year ‘cap’. Managers remain at a maximum of 48 weeks, or one month for every year worked up to 12 years. The Christie government’s proposals had called

for the ‘cap’ to be increased to 32 weeks (16 years) for line staff immediately upon enactment of the reforms. Ultimately, the ‘cap’ for line staff redundancy pay was to be increased to 40 weeks some two years after the amendments were passed. As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum was to be immediately increased to 64 weeks. It was ultimately to be lifted to 80 weeks after two years. The former administration backed off in the face of stiff private sector resistance. Peter Goudie, one of the Chamber’s representatives on the Tripartite Council, yesterday confirmed the issue had yet to be discussed by the body or placed on the agenda ahead of its next meeting on August 3. “It hasn’t changed at all, I can assure you of that,” Mr Goudie replied, when asked about the private sector’s position. The Chamber previously branded the proposed redundancy pay ‘cap’ increase in the Employment Act as “economically untenable”, since they threatened to further deter job-creating investment

EDISON SUMNER and business expansion in a climate were the private sector is already bedevilled by uncertainty. It wrote: “An increase in redundancy pay will result in significant cost increases for an employer. In this present uncertain economic climate, an employer cannot shoulder any additional financial burden. Moreover, the costs associated with the increase are not quantifiable. “A business which remains open is one where employees remain employed. However, this recommendation threatens to cripple and/or bankrupt most businesses, especially small businesses, in the Bahamas, resulting in lay-offs and business closures.”

PAGE 4, Wednesday, July 26, 2017

Atlantis chief admits Baha Mar ‘cannibalisation’ fear From pg B1 going to be cannabilisation. I see it in pricing; not just now but even into the Christmas season. I see pricing of new developments taking away business from existing properties, not only here.” Acknowledging the concerns as to whether Baha Mar and Atlantis can co-exist, Mr Karawan told Tribune Business: “I sit as

chairman of the Promotion Board. I think there needs to be a big push to grow the market, and if Baha Mar does what they said they were going to do, bringing in the Asian market and expanding to new areas, I think that is fine. “If they do so by creating integrity in their pricing, then I think we will be OK, but 20 per cent discounts

QC demands DPM retract Freeport as ‘smuggling gateway’ From pg B1 If the Government prosecutes a particular person for smuggling, so be it, but stop tarrring every licensee with this prejudicial brush.” Mr Smith hit out after Mr Turnquest, at last week’s Chamber luncheon, warned that Freeport’s ‘bonded’ privileges were being abused by businesses

and individuals who imported product ‘duty free’ before shipping it to other Bahamian islands without paying the necessary taxes. “We must not allow Freeport to continue to be used as a smuggling gateway to the rest of the Bahamas to avoid tax responsibility, and to avoid detection of illegal activity,” the Deputy

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THE TRIBUNE to our pricing.... that is not going to bode well for the Bahamas.” Fears that Baha Mar may split, rather than grow, the market for high-end visitors with Atlantis have been present ever since the $4.2 billion Cable Beach development was conceived in 2003-2005. Paul O’Neill, Atlantis’s former top executive, publicly voiced such concerns during that period at a Bahamas Chamber of Commerce luncheon. Should these fears come to pass, it would create downward pressure on

room rates at both New Providence’s mega resorts and, potentially other hotel properties, with none generating the profits they need to keep Bahamians employed and maintain a sustainable business model. Dionisio D’Aguilar, the minister of tourism, told Tribune Business earlier this year that his priority was to avoid any “devastating cannibalisation” impact from Baha Mar’s full opening on other New Providence resorts. He said this was a greater concern than generating the

extra 314,000 airline seats per annum that are needed to fill Baha Mar’s net 2,300room increase. “I don’t want them [Baha Mar] to increase occupancies at the expense of another property’s deteriorating occupancy. It’s very important that the marketing programme increase overall visitors to the country. We don’t want the same number to be here and going to different properties. That doesn’t help the country,” Mr D’Aguilar said. “I’m very mindful that a co-operative marketing

programme is put in place to help the occupancies at Baha Mar and all other hotels. There will be some cannibalisation, but it can’t be totally devastating.” “We don’t want one property to benefit at the expense of another. We are putting programmes in place to ensure that does not happen. We want to make sure everyone has the particular segment of the market they are targeting, and they attract new, additional visitors to the destination to ensure the country as a whole benefits.”

Prime Minister had said. Mr Turnquest, when contacted yesterday, told Tribune Business he had not been implying that all 3,500 Grand Bahama Port Authority (GBPA) licensees were involved in such activity. While conceding that neither he nor the Government knew how much revenue was being lost, the Deputy Prime Minister confirmed that he had indeed been referring to tax evasion stemming from goods imported via Freeport where duty, VAT and other taxes were not paid. Describing his comments as a ‘polite warning’, Mr Turnquest told Tribune Business: “I’m sure it is no surprise to most people what has been happening out of Freeport for years, with people bringing in

stuff on bond and transferring it to other islands, including New Providence. “The scope and scale of it, I couldn’t tell you. But we know it happens. It was just a subtle warning: Get your house in order. “We want to track down every abuse and ensure the Government collects what is rightfully due. We intend to pursue a level playing field where no one is able to scam the system to the disadvantage of another.” Mr Turnquest said he was not targeting businesses who used Freeport’s ‘bonded’ status legitimately, bringing in inventory on ‘bond’ and only taking it out - and paying due taxes - when a sales order was received. Such practices boost a company’s cash flow, and the Deputy Prime Minister said the Government “encouraged” and had “no problem” with such a use of Freeport. But he added: “I think everybody is aware of our fiscal situation, and we recognise we all have to pay our fair share. It’s vitally important that the Government’s revenue streams are protected, and that’s what we intend to do.

“We’re not imposing any new or increased taxes; just seeking to enforce compliance as best we can.” Mr Smith, though, argued that just because dutyexempt goods were taken out of Freeport’s Port area did not automatically mean they were being smuggled to another island in the Bahamas. “I take great offense to the continual perception by successive governments that because one licensee in Freeport may have broken the law, every other licensee is engaged in the same exercise,” he told Tribune Business. “The challenge that Freeport licensees have faced for decades is that the Government throws out the baby with the bath water. Instead of conducting forensic investigations and catching smugglers breaking the law, what they do is hammer all licensees with the heavy hand of government and disrupt the economy, mess up commerce and subject everyone to regulatory strictures, instead of doing their jobs, identifying individual smuggling abuses and prosecuting him or her.” Mr Smith continued: “The behaviour of every administration so far, and I do hope this new FNM administration shows me to be wrong, is they treat everyone in Freeport as guilty instead of giving them them

constitutional presumption of innocence. “Just because of one licensee in Freeport does not mean we’re all smugglers. I have absolutely no difficulty with Customs enforcing the laws, but don’t paint me and every licensee as some kind of smuggler just because a few are doing it. “This is what infuriates me as a 40-year licensee; that a continual picture is painted of Freeport licensees as law breakers, acting illegally, taking advantage of and abusing the system, and behaving unethically. It is very disturbing.” Mr Smith added that there appeared to be “a fundamental failure” by every single administration to realise that “there is no such thing as a bonded area in Freeport”. He explained that goods imported duty-free into Freeport via a licensee were not restricted to the Port area, provided they were used in the conduct of that company’s business. This was how Grand Bahama Power Company is able to use its vehicles and equipment elsewhere in Grand Bahama. Mr Smith, though, warned that companies would be abusing their bonded privileges - and expose themselves to fines and tax penalties - if dutyexempt products were sold on or not used in the conduct of their business.

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RBC Royal Bank (Bahamas) Limited is presently considering applications for:

Finance Control Officer What is the opportunity? Our Finance Unit is looking for a highly motivated individual who is analytical and accounting focused to provide strong support to the Finance Management team. What will you do? • Prepare and submit regulatory reports and respond to queries in a timely manner. • Assist with monthly, quarterly, and annual analysis and explain variances. • Assist in preparing financial statements and reports for management. • Assist with internal and external audits. • Provide strong support to Northern Caribbean Finance management team. What do you need to succeed? • Minimum – Undergraduate degree in Accounting • Five years banking experience in a similar role • Strong interpersonal and communications skills • Strong analytical, problem solving, and organizational skills • Ability to work well under pressure • Proficiency in Microsoft Office suite of products (Outlook, Word, and Excel) Nice to have Eligibility for or a professional designation, CPA, CA, ACCA or eligibility What’s in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual. • A comprehensive Total Rewards Program of flexible benefits, and pension options • World-class training programs and career development opportunities • The advantage of working with a dynamic, collaborative, and high-performing team where initiative and hard work are recognized and rewarded • A flexible work/life balance options • Opportunities to do challenging work Interested persons should apply by July 31, 2017 and forward your resume to:tt-ec-bbrecruitmentjobpostings@rbc.com

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NOTICE QUESAR UNIVERSAL INC. Company No. 1580737 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that QUESAR UNIVERSAL INC. is in voluntary liquidation. The voluntary liquidation commenced on 18th July, 2017 and Querube C. De Nuñez of MMG Tower, Ave. Paseo del Mar, Costa del Este, Panama City, Panama, has been appointed as the Sole Liquidator. Dated this 19th day of July, 2017 Sgd. Querube C. De Nuñez Voluntary Liquidator

THE TRIBUNE

Wednesday, July 26, 2017, PAGE 5

Chamber chief backs nationalising Grand Lucayan ‘if all fails’ From pg B1 Christmas) of the peak winter 2017-2018 season, and Mr Holding said Port Lucaya Marketplace and others reliant on the Grand Lucayan for business and jobs urgently needed to be given “hope to hang on to”. Emphasising that a government acquisition of the Grand Lucayan could only be a temporary, stop-gap measure, he added that he had interpreted comments by the Deputy Prime Minister at last week’s Chamber luncheon as a sign the Minnis administration was considering this option. “The fact that the Government are presently considering it, that would be welcome if ‘Plan A’ fails,” Mr Holding told Tribune Business. “Rather than let things carry on and carry on, if they can’t find a commercial buyer now, for the Government to take it over - it would ultimately have to be sold-on - but it would least be some progress. “It is essential the hotel opens as soon as possible, and whatever it takes to do so should be considered. If it’s good for the economy of Grand Bahama, how could anyone be opposed to it?” K P Turnquest did not rule out the Government ‘nationalising’ the Grand Lucayan, telling Tribune Business on Monday that it was looking at “all options” for the property’s re-opening and/ or sale. The Deputy Prime Minister, when asked whether it would be prepared to acquire the resort in a ‘worst case’ scenario, replied: “We’re looking at all options in that regard. We have not ruled out any contingencies. “It is critical to our restor-

ing the economy of Grand Bahama, everyone recognises that, and it’s in everybody’s interests to get that property open and back in operation as quickly as possible. “All parties at the table are cognisant of that, and are being as diligent and aggressive as we can to effect that.” Mr Holding yesterday said he had interpreted Mr Turnquest’s “back stop plan” comment at last week’s Chamber luncheon as implying that the Government would be prepared to take over the Grand Lucayan as ‘a last resort’ option, “or something of that nature”. “I said only the other day that it’s going to take, and I hate to use the word ‘miracle’, but even if a deal is signed in the next few weeks we’ll be unlikely to see anything open before 2018,” the GB Chamber president told Tribune Business. “I thought a really hard push could make Thanksgiving, but having sustained damage from Hurricane Matthew and being left dormant for almost 10 months, it’s not something where you can open the door, turn the vacuum cleaner on and let people in. It will be much more than that. But if it happens quickly, Thanksgiving could be a target date.” Mr Holding said some progress towards the Grand Lucayan’s re-opening and/or sale was vital to restore faith in the future among Port Lucaya Marketplace tenants, tourism industry operators and employees, and suppliers to the hotel industry. “It would give the supporting industries around the hotel, those businesses that rely on the tourists from it, some hope to hang on that things will pick up

in December, January and February,” he told Tribune Business. “At the moment they can’t see that. There are thousands of people in supporting businesses - taxi drivers, tour operators, bars, restaurants, souvenir shops - all sorts of people desperately hanging on this hotel.” Mr Holding emphasised that whatever happened, “the ultimate goal must be to find a hotel/tourism operator to own and run that business. That’s what we need. We need a brand name to attract the tourists’ back”. Carey Leonard, the former Grand Bahama Port Authority (GBPA) in-house counsel, on Tuesday suggested that the Government use its ‘compulsory acquisition’ powers to takeover the Grand Lucayan if its present owner does not offer acceptable terms and price. However, doing this would be fraught with difficulty given the owner’s considerable investment and

other assets on Grand Bahama. The Grand Lucayan is owned by Cheung Kong Property Holdings, the real estate arm of Hutchison Whampoa, which also has majority interests and/or management control at the Freeport Container Port, Freeport Harbour Company, Grand Bahama Development Company (DevCo) and Grand Bahama International Airport. Thus any Government move on the Grand Lucayan could have negative repercussions for other key economic and infrastructure assets on Grand Bahama, not to mention the employment of many Bahamians. Reaction to any potential Grand Lucayan nationalisation was mixed yesterday, with some observers suggesting it was a necessary short-term measure to save Grand Bahama’s economy, while others argued it represented “a slippery slope” towards more government control over the economy.

Any purchase funded by the Bahamian taxpayer will likely add to the huge fiscal strain already imposed on the Public Treasury by a $7 billion-plus national debt and $300 million-plus annual deficits. And, given the Grand Lucayan’s recurring annual losses, subsidies to cover this ‘red ink’ would also have to be included in every Budget. Such a purchase would also represent an expansion of government at a time when the Bahamas needs to shrink it - something the Minnis administration said it would seek to do. Talk of ‘nationalisation’ will also bring back unhappy memories for many Bahamians of the Hotel Corporation’s ‘heyday’, when the Pindling administration took control over much of the Bahamas’ hotel plant. Another downside is the negative messages that will be sent to other foreign investors by the use of ‘compulsory acquisition’, which

could cost the Bahamas the FDI inflows it desperately needs to grow GDP and reduce unemployment. Tribune Business earlier this year revealed that the Canadian-based real estate developer, the Wynn Group, had emerged as the frontrunner to acquire the Grand Lucayan. Wynn signed a Letter of Intent (LOI) for the purchase in late April, and paid a deposit to prove its intent. However, this newspaper’s sources yesterday said little progress was being made towards closing a deal, despite social media reports that an agreement was close. Among those also said to have looked at the Grand Lucayan are former Baha Mar developer, Sarkis Izmirlian, and ex-South Ocean investor, Roger Stein. Other parties said to be interested are Warwick Hotels and Resorts, the owner/operator of the former Holiday Inn on Paradise Island, and a New York-based group.

N O T I C E

EXXONMOBIL LIBYA (CONTRACT AREA TWENTY) LIMITED

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N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL LIBYA (CONTRACT AREA TWENTY) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 24th day of July, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 26th day of July, 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before the 23rd day of August, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 26th day of July, A.D., 2017. R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

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Applicants must possess the following qualifications:-

• Master’s Degree in Management or equivalent with seven (7) years supervisory experience preferably in procurement and supplies management of health commodities; • Post Graduate Diploma in Supplies Management; OR • Bachelor’s Degree in Management or equivalent qualification; • Pharmacy experience will be an asset; • Ten (10) years’ post qualification experience at the supervisory level preferably in procurement and supplies management of health commodities; • Knowledge of procurement planningand supply chain management of health commodities; • Sound knowledge of monitoring and evaluation techniques; • Excellent communication skills (oral and written); • Excellent computer skills;

• Master’s Degree in Business Administration/Health Services Administration or equivalent qualification; • Pharmacy Degree would be an asset; • Ten (10) years’ experience at top management preferably in a procurement and supplies management setting; • Strong strategic planning skills; • Working knowledge of the public health sector and the local pharmaceutical industry; • Policy document writing skills; • Excellent communication skills (oral and written); • Excellent computer skills;

The Director, Procurement Planning & Quality, Supplies Management Agency, reports to the General Manager. JOB SUMMARY The Director, Procurement Planning & Quality, Supplies Management Agency, is responsible for monitoring and evaluating the supply chain, overseeing the tendering processes, health commodity procurement planning inclusive of national forecasting and quantification, quality control mechanisms and supplies management training. To ensure the provision of an efficient and effective medical and health commodities supply system for the Public Health Service thereby ensuring that the health care needs of the nation are facilitated in a cost-effective manner and with the highest standard of customer service. DUTIES: MANAGES WORKLOAD AND RESOURCES TO ACHIEVE DESIRED RESULTS BY: • Developing an operational plan for the Procurement Planning & Quality Division of the SMA; • Collecting information, conducting analyses and making strategic recommendations; • Managing a mechanism for ongoing monitoring and evaluation of all levels of the health commodities supply chain; • Developing and managing the information requirements for supply chain decision making; • Monitoring quality control mechanisms; • Coordinating supplies management training; PROVIDES CRITICAL INFORMATION AND RAPPORT BY: • Providing technical assistance to PHA/MOH; • Preparing an annual report of services and accomplishments; • Maintaining relationships with Customs and Excise authorities;

The General Manager, Supplies Management Agency, reports to the Managing Director. JOB SUMMARY The General Manager, Supplies Management Agency is responsible for providing medical supplies to the Public Healthcare Sector by planning, administering, managing and directing the Supplies Management Agency’s system for the procurement, warehousing, distribution and inventory control of pharmaceuticals, medical sundries and other related medical and general supplies. To ensure the provision of an efficient and effective medical and health commodities supply system for the Public Health Service, thereby ensuring that the healthcare needs of the nation are facilitated in a cost-effective manner and with the highest standard of customer service. DUTIES: MANAGES WORKLOAD AND RESOURCES TO ACHIEVE DESIRED RESULTS BY: • Developing a strategic plan for the procurement of medical and health supplies of the best quality and at the best price to satisfy the needs of the nation’s public health sector, within the limits of the budgetary allocation for the Supplies Management Agency; • Overseeing the management of the Tendering process; • Overseeing the development and management of an efficient system for warehousing, distribution and inventory control; • Implementing production, productivity, quality assurance and service strategies; PROVIDES CRITICAL INFORMATION AND RAPPORT BY: • Ensuring that routine and special reports are prepared in accordance with stipulated timeframes; • Preparing an annual report of services and accomplishments; • Providing technical assistance to PHA/MOH

ENSURES QUALITY OF WORK BY: • Planning, monitoring, appraising and reviewing accomplishment of job results; • Implementing systems to track and control costs;

ENSURES QUALITY OF WORK BY: • Establishing and enforcing policies, procedures, protocols and standards as well as critical service and performance measurements; • Planning, monitoring, appraising and reviewing accomplishment of job results;

Letters of application and curricula vitae should be submitted to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville or P.O. Box N-8200, Nassau, The Bahamas no later than 9th August, 2017.

PAGE 6, Wednesday, July 26, 2017

THE TRIBUNE

Employer redundancy cap fears ‘overblown’ From pg B1 Arguing that employers would always react negatively to the proposed expansion of social safety nets, Mr Ferguson expressed optimism that unions and employers could reach “a happy medium” over increasing redundancy pay. “I commend the Min-

ister of Labour for doing what he is suggesting; that is the proper thing to do,” he said, in response to Dion Foulkes’ remarks that the Minnis administration wants to ‘revisit’ the 12-month ‘cap’ (see other article on Page 3B). “When you look at the Caribbean, there is a level of redundancy pay that is essential on islands like

the Bahamas, where there seems to be a level of uncertainty particularly with respect to redundancy and job security.” Implying that the Employment Act’s redundancy provisions were inadequate compared to other Caribbean nations, Mr Ferguson pointed to the 33-week statutory ‘cap’ in Barbados. “Some of the other Caribbean nations are far more than we have,” he added. At present, line staff remain entitled to a maximum 24 weeks or six

months’ redundancy pay, gaining two weeks for each year they have been employed up to the 12-year ‘cap’. Managers remain at a maximum of 48 weeks, or one month for every year worked up to 12 years. The Christie administration had proposed increasing these ‘caps’, or limits, which are intended to provide a statutory floor or minimum by twothirds. The former government’s proposals called for the ‘cap’ to be increased to 32 weeks (16 years) for

line staff immediately, and then to 40 weeks some two years later. As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum was to be immediately increased to 64 weeks, then to 80 weeks after two years. However, the proposals foundered amid strong employer resistance and were never made law, but the Minnis administration now wants to re-open discussions. Mr Ferguson, though, suggested that a ‘doubling’ of the existing ‘caps’ to one year (48 weeks) for line staff, and two years (96 weeks) for managerial workers, would bring the Bahamas more into line with the Caribbean average. “I would say for managers that it should be at least 24 months, and for line workers it should be at least a year,” he told Tribune Business. “I don’t think that is unreasonable, because Barbados is 33 months. I would like the Government and Minister to consider that as being reasonable.” The TUC president acknowledged the almostguaranteed negative reaction of employers to any redundancy cost increases, but suggested that such opposition was exaggerated. “It’s certainly overblown,” Mr Ferguson told Tribune Business. “There’s no need for them to react

in the manner in which they’re reacting, because it’s not an immediate cost to the company. “It’s not like a 10 per cent pay increase. Redundancy is not a cost to the employer. It’s only a cost when employees are made redundant, and most companies do not operate with a view to doing that. “It’s not a cost at the moment; it’s a cost at the end, and most companies budget for that [redundancy] and make allowances in the budgetary process. It’s a cost, but only a potential cost sometime in the future.” Mr Ferguson said it was almost the expected function of employers to resist an increase in statutory redundancy pay, and added: “I agree that the employers are going to react, but I don’t think there has ever been an increase proposed that has not been reacted to by employers. “Their function is to get maximum productivity at the lowest possible cost. Trade unions have to think of the employee and economy. In the interests of the economy it’s important we do things and have regard for the social partners. Everyone is involved. “If we approach we approach it with the level of respect and knowledge required to make a contribution, I think we will find a happy medium that benefits both the workers and the employers.”

Atlantis targeting $130m investment by end-2018 From pg B1

MARKET REPORT MONDAY, 24 JULY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,866.49 | CHG 0.01 | %CHG 0.00 | YTD -71.72 | YTD% -3.70 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 2.41 0.13 6.50 8.60 6.00 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 4.01 17.43 8.19 3.50 1.47 0.12 3.80 8.40 5.83 10.05 10.00 2.18 1.50 5.80 8.75 8.56 8.00 6.35 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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

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

52WK LOW 100.00 100.00 100.00

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

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

SYMBOL FBB17 FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.07 3.95 1.96 170.77 146.34 1.49 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.26 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.45 10.01 2.58 1.55 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 100.00 100.00 100.00 108.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.45 10.01 2.54 1.55 6.00 9.75 8.10 9.75 6.90 12.50 10.00

CHANGE 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 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

108.64 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.12 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 1,995

26,000 1,000 22,100 8,383

4,199

VOLUME

NAV 2.07 3.95 1.96 170.77 146.34 1.49 1.64 1.58 1.07 6.92 8.03 6.15 10.52 11.46 10.01

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

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

P/E 9.6 18.7 N/M 9.4 N/M N/M -5.3 14.7 31.6 19.4 17.6 24.9 3.4 8.0 12.8 24.5 11.7 11.5 17.9 0.0

YIELD 1.87% 5.74% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.67% 3.44% 5.69% 2.36% 3.87% 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

0.0 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% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

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

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

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

Mr Karawan said he expects $130 million to be spent over the next two years improving the property, adding: “Next year I foresee us spending another $50 million or so to keep the product fresh and updated, but we don’t need to spend $1 billion right now. I would rather take that money and invest in our associates and local businesses to create the experience.” Mr Karawan told Tribune Business that the resort has experienced a “very strong” summer season, with average July occupancies “well north of 90 per cent”. “I would say that summer has been very good for us. July has been well north of 90 per cent occupancy, so business is very strong,” he said. Mr Karawan yesterday said Atlantis’s ‘phase four’ will involve creating more authentic Bahamian experiences for guests, via a combination of cultural and culinary attractions designed to establish “a connection” with this destination in the minds of visitors. It is also likely intended to give the destination resort some differentiation from the $4.2 billion Baha Mar project at Cable Beach. Mr Karawan said Atlantis was seeking to enhance the indigenous experience and provide more economic benefits to Bahamian businesses, revealing it had partnered with 20-30 local companies in what he described as a “win-win for all”. “You can’t just keep building new buildings and new pools,” he told Tribune Business. “The market sometimes can’t handle that. Tourism has changed. People don’t just want pretty new hotel rooms; they want real, indigenous, fla-

vourful and soulful experiences.” Mr Karawan said Atlantis has teamed with the likes of Arawak Caybased restaurant, Frankie Gone Bananas; Harbour Island’s Sip Sip restaurant; and Pirate Republic Bahamas, the downtown Nassau craft brewer, to enhance its guest experience via outlets at the resort and its Marina Village. Ice cream operator, Sun & Ice, is already present, and Tribune Business understands that McKenzie’s, the Potter’s Cay conch vendor, is also being considered for a location. “I think that as business people we owe it to our local communities to engage and have a shared purpose, because if we are truly going to be successful so will the local community. Fortunately, Atlantis and the local community that we give back to have a common cause, which is a shared mission of really creating a flourishing Bahamian future. What that means is partnering at a variety of levels,” said Mr Karawan. He added: “We partnered with, I think, 20-30 local Bahamian businesses - from the company providing the sea sponges in the rooms we are using now, Frankie Gone Bananas, Pirate Republic and Sip Sip. “Our guests can go anywhere and get Häagen-Daz. There is only one place they can get things like bennie cake and guava duff. To me, it’s rewarding, because we are making a difference in the country by supporting these local businesses, and it is also great benefit to our guests, so it’s a win-win for everybody.” Atlantis executives yesterday led Prime Minister Hubert Minnis, Cabinet ministers and FNM MPs and Senators on a tour of the hotel property.

NOTICE

NOTICE is hereby given that IMMACULEZE AVELUS LOUIS of Fifth Street, Coconut Grove, The Bahamas, P.O. Box N-7060, 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 26th Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

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 322-1986 and share your story.

THE TRIBUNE

Wednesday, July 26, 2017, PAGE 7

THE TRIBUNE

Wednesday, July 26, 2017, PAGE 9

REPUBLICANS MOVING TO REPEAL FINANCIAL RULE OPPOSED BY BANKS By KEVIN FREKING Associated Press

Assistant Financial Controller Are you a people person? Join a team where people come first. About Us – A leading regional player in the retail insurance sector, Colonial Group International, with over 300 employees and offices in Bermuda, the Bahamas, the British Virgin Islands, the Cayman Islands and the Turks & Caicos Islands, offers a complete range of premier financial and insurance services to our individual and corporate clients. We know that our products make a real difference to our clients and their families. The Role – Reporting to the Financial Controller, you will be required to prepare monthly financial statements, reconcile all underlying account balances and totals, identify problems and manage the required corrective action, assist with the implementation and control of underlying processing procedures, prepare ad hoc management reports including regulatory filings, participate in the annual budgeting process as well as the annual external audit. Excellent and innovative customer service delivery is important to us, critical to our strategic objective of business retention and growth and applies to all roles across the Group. The Person – A professional accounting designation (CA, CPA, ACCA) with 2 years’ post-qualification experience as well as a solid working knowledge of Microsoft Office products is required, along with strong organizational and communication skills. Knowledge of Great Plains ad insurance accounting would be an asset. The Benefits – We offer an attractive compensation package. To Apply – Please send your résumé/cv by no later than August 2, 2017, to our VicePresident, Human Resources at hr_manager_bm@colonial.bm.

SECURITY & GENERAL INSURANCE COMPANY LIMITED Atlantic House, 2nd Terrace & Collins Avenue, P.O. Box SS-5915, Nassau, The Bahamas tel. 326 7100 www.cgigroup.com A member of Colonial Group International Ltd. Insurance, Health, Pensions, Life Security & General Insurance is rated A- (Excellent) by AM Best

WASHINGTON (AP) – Targeting government regulations, the Republican-led House on Tuesday voted to nullify a rule that would let consumers join together to sue their banks or credit card companies rather than use an arbitrator to resolve a dispute. The repeal resolution passed by a vote of 231-190. The Consumer Financial Protection Bureau finalized the rule just two weeks ago. It bans most type of mandatory arbitration clauses, which are often found in the fine print of contracts governing the terms of millions of credit card and checking accounts. Republican lawmakers, cheered on by the banking sector and other leading business groups, wasted no time seeking to undo the rule before it goes into effect next year. They’ll succeed if they can get a simple majority of both chambers of Congress to approve the legislation and President Donald Trump to sign it. The numbers are likely on their side, just as they were earlier this year when Republicans led efforts to upend 14 Obama-era rules. GOP lawmakers described the rule as a bad deal for consumers but a big win for trial lawyers. They said the average payout for participants in a class-action lawsuit was just $32 in the financial disputes the consumer bureau studied. “How is that pro-consumer?” asked Rep. Keith Rothfus, R-Pa., the resolution’s sponsor. Meanwhile, Rothfus said the average payout for the attorneys in the class-action cases amounted to nearly $1 million. Democratic lawmakers fought to keep the rule. They said they’re not opposed to arbitration. It just shouldn’t be the only option consumers have. They said the point of participating in a class-action lawsuit is generally to pursue relief from small financial injuries â€” the kind that would not be worth the time and expense for someone to take to an arbitrator. Sen. Elizabeth Warren, D-Mass., said that when a whole lot of people get hurt in the same way, they should have a chance to join together to seek redress. “If you’re going to cheat people, there’s going to be some accountability,” Warren said during a news conference with Democratic leaders in the House. “That’s what this provision is all about.” Democratic lawmakers framed the debate as Republicans sticking up for powerful financial companies at the expense of consumers who often are outgunned and outmanned in their disputes with banks and other creditors. Minority Leader Nancy Pelosi, D-Calif., said during the debate that across the Capitol, Republican lawmakers were voting to begin debate on health care legislation that she said would shatter the health care of millions of Americans without regard for the consequences. “Every chance they get, they stack the deck against America’s working families,” Pelosi said of the Republican lawmakers. Republicans described arbitration as a superior option for consumers and said that the Consumer Financial Protection Bureau’s action could force banks to hold greater reserves to prepare for future litigation. That money would be better spent being lent to small businesses and families, they said. They also described the rule as a gift for trial lawyers rather than consumers. To show that arbitration works, they highlighted how the average payout in the arbitration cases the bureau studied was about $5,300. The consumer protection bureau found that consumers tended to seek relief through arbitration when they believed they were out thousands of dollars. The agency found only a couple dozen cases a year when consumers filed arbitration claims against financial services companies to pursue an amount of $1,000 or less.

PAGE 10, Wednesday, July 26, 2017

THE TRIBUNE

REPUBLICANS MOVE TO REPEAL FINANCIAL RULE OPPOSED BY BANKS By KEVIN FREKING Associated Press

WASHINGTON (AP) — Targeting government regulations, the Republican-led House on Tuesday voted to nullify a rule that would let consumers join together to sue their banks or credit card companies rather than use an arbitrator to resolve a dispute. The repeal resolution passed by a vote of 231190, almost entirely along party lines. The Consumer Financial Protection Bureau finalized the rule just two weeks ago. It bans most type of mandatory arbitration clauses, which are often found in the fine print of contracts governing the terms of

millions of credit card and checking accounts. Republican lawmakers, cheered on by the banking sector and other leading business groups, wasted no time seeking to undo the rule before it goes into effect next year. They’ll succeed if they can get a simple majority of both chambers of Congress to approve the legislation and President Donald Trump to sign it. The numbers are likely on their side, just as they were earlier this year when Republicans led efforts to upend 14 Obama-era rules. GOP lawmakers described the rule as a bad deal for consumers but a big win for trial lawyers. They said the average payout for participants in a classaction lawsuit was just $32

in the financial disputes the consumer bureau studied. “How is that pro-consumer?” asked Rep. Keith Rothfus, R-Pa., the resolution’s sponsor. Meanwhile, Rothfus said the average payout for the attorneys in the classaction cases amounted to nearly $1 million. Democratic lawmakers fought to keep the rule. They said they’re not opposed to arbitration. It just shouldn’t be the only option consumers have. They said the point of participating in a class-action lawsuit is generally to pursue relief from small financial injuries — the kind that would not be worth the time and expense for someone to take to an arbitrator. Sen. Elizabeth Warren, D-Mass., said that

when a whole lot of people get hurt in the same way, they should have a chance to join together to seek redress. “If you’re going to cheat people, there’s going to be some accountability,” Warren said during a news conference with Democratic leaders in the House. “That’s what this provision is all about.” Democratic lawmakers framed the debate as Republicans sticking up for powerful financial companies at the expense of consumers who often are outgunned and outmanned in their disputes with banks and other creditors. Minority Leader Nancy Pelosi, D-Calif., said during the debate that across the Capitol, Republican lawmakers

were voting to begin debate on health care legislation that she said would shatter the health care of millions of Americans without regard for the consequences. “Every chance they get, they stack the deck against America’s working families,” Pelosi said of the Republican lawmakers. Republicans described arbitration as a superior option for consumers and said that the Consumer Financial Protection Bureau’s action could force banks to hold greater reserves to prepare for future litigation. That money would be better spent being loaned to small businesses and families, they said. To show that arbitration works, they highlighted how the average payout in

the arbitration cases the bureau studied was more than $5,300. The consumer protection bureau found that consumers tended to seek relief through arbitration when they believed they were out thousands of dollars. The agency found only a couple dozen cases a year when consumers filed arbitration claims against financial services companies to pursue an amount of $1,000 or less. The consumer protection agency also estimated that the cost of complying with the new rule would be less than $500 million annually for banks. Meanwhile, the agency also said that banks generated more than $171 billion in profits in 2016.

SENATE OPENS ‘OBAMACARE’ DEBATE AT LAST BUT OUTCOME IN DOUBT By ERICA WERNER Associated Press WASHINGTON (AP) — Prodded by President Donald Trump, a bitterly divided Senate voted at last Tuesday to move forward with the Republicans’ long-promised legislation to repeal and replace “Obamacare.” There was high drama as Sen. John McCain returned to the Capitol for the first time after being diagnosed with brain cancer to cast a decisive “yes” vote. The final tally was 51-50, with Vice President Mike Pence breaking the tie after two Republicans joined all 48 Democrats in voting “no.” With all senators in their seats and protesters agitating outside and briefly inside the chamber, the vote was held open at length before McCain, 80, entered the chamber. Greeted by cheers, he smiled and dispensed hugs — but with the scars from recent surgery starkly visible on the left

side of his face. Despite voting “yes,” he took a lecturing tone afterward and hardly saw success assured for the legislation after weeks of misfires, even after Tuesday’s victory for Trump and Republican leader Mitch McConnell. “If this process ends in failure, which seems likely, then let’s return to regular order,” McCain said as he chided Republican leaders for devising the legislation in secret along with the administration and “springing it on skeptical members.” “Stop listening to the bombastic loudmouths on the radio, TV and internet. To hell with them!” McCain said, raising his voice as he urged senators to reach for the comity of earlier times. At the White House, though, Trump wasted no time in declaring a win and slamming the Democrats anew. “I’m very happy to announce that, with zero of the Democrats’ votes, the motion to proceed on

health care has just passed. And now we move forward toward truly great health care for the American people,” Trump said. “This was a big step. I want to thank Senator John McCain — very brave man.” At its most basic, the Republican legislation is aimed at undoing Obamacare’s unpopular mandates for most people to carry insurance and businesses to offer it. The GOP would repeal Obamacare taxes and unwind an expansion of the Medicaid program for the poor, the disabled and nursing home residents The result would be 20 million to 30 million people losing insurance over a decade, depending on the version of the bill. The GOP legislation has polled abysmally, while Obamacare itself has grown steadily more popular. Yet most Republicans argue that failing to deliver on their promises to pass repeal-and-replace legislation would be worse than

IN this image from video provided by C-SPAN2, Sen. John McCain, R-Ariz. speaks the floor of the Senate on Capitol Hill yesterday. McCain returned to Congress for the first time since being diagnosed with brain cancer. (C-SPAN2 via AP) passing an unpopular bill, because it would expose the GOP as unable to govern despite controlling majorities in the House, Senate and White House. Tuesday’s vote amounted to a procedural hurdle for legislation whose final form is impossible to predict under the Senate’s byzantine amendment process, which will unfold over the next several days. Indeed senators had no

clear idea of what they would ultimately be voting on, and in an indication of the uncertainty ahead, McConnell said the Senate will “let the voting take us where it will.” The expectation is that he will bring up a series of amendments, including a straight-up repeal and fuller replacement legislation, to see where consensus may lie. Yet after seven years of empty promises, and weeks

of hand-wringing and false starts on Capitol Hill, it was the Senate’s first concrete step toward delivering on innumerable pledges to undo former President Barack Obama’s law. It came after several near-death experiences for earlier versions of the legislation, and only after Trump summoned senators to the White House last week to order them to try again after McConnell had essentially conceded defeat.