01252017 business

WEDNESDAY, JANUARY 25, 2017

business@tribunemedia.net

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Family Island airports require $106m by 2022

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Family Island airports need an immediate investment of $87 million to make them all compliant with international safety and regulatory standards, and help reverse economic stagnation and depopulation.

A study submitted to the Government and Inter-American Development Bank (IDB) in June 2016 said that besides bringing the 28 airports into

compliance with International Civil Aviation Organisation (ICAO) requirements, a further $54 million in capital investments are required between 2017 and 2041.

The report by ALG Transportation Infrastructure and Logistics, which has been obtained by Tribune Business, reveals that a total $141 million investment is required for the Bahamas to upgrade key Family Island tourism and commercial infrastructure to world standards.

Out of that, the $54 million is needed to enable the Family Island airports to expand and meet anticipated increases in passenger traffic over the next 25 years.

And with some $19 million in capital expenditure required immediately, the study said $106 million needed to be found over the next five years between 2017-2022, once the $87 million required for ICAO compliance was factored in.

ALG said the $106 million See pg b5

$87m needed now for global regulatory compliance Study: Investment down 43% from first estimate Out Islands to stagnate, depopulate with no action

Bran: $500m NHI Baha Mar plans revive impact is ‘peanuts’ ‘elephant in the room’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

National Health Insurance’s (NHI) near-$500 million impact on Bahamian GDP in 2040 was yesterday branded “peanuts” by the Democratic National Alliance’s (DNA) leader, who described the projections as “pure speculation”.

Branville McCartney, responding to the KPMG accounting firm’s projections on the economic impact from implementing NHI’s $100 million primary care phase now, said much would need to go right for the forecast to become reality. “$500 million in 2040 will be no money; it will be peanuts. It will be like $20 million today,” Mr McCartney told Tribune Business. “In order to get there, there are so many things that have to go right.

“If they’re saying NHI will make the economy $500 million bigger, I would See pg b5

Says KPMG study’s estimates ‘pure speculation’ DNA leader adds much has to go right to hit forecast Claims Govt yet to answer key scheme questions

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Opposition politicians yesterday expressed concern that Baha Mar’s revised marketing approach had revived “the elephant in the room” over whether it will end up splitting the high-end tourist market with Atlantis.

K P Turnquest, the FNM’s deputy leader, told Tribune Business that the strategy outlined by Baha Mar’s new owner, Chow Tai Fook Enterprises (CTFE), appeared to be targeting a similar - if not the same customer base as its Paradise Island rival.

He agreed that this would “absolutely” revive concerns, first raised

FNM deputy ‘absolutely’ has Atlantis split concerns Fears for rates, jobs if ‘narrow spot’ not hit Bran: New owner trying to put rival ‘out of business’ in 2004-2005 when Baha Mar was conceived under original developer, Sarkis Izmirlian, on whether it could successfully collaborate with Atlantis to grow the high-end visitor market as opposed to splitting it.

See pg b4

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Govt got ‘strong message’ on Out Island airports three years ago Consultants: Can’t go on ‘in present state’ IDB teaming with Govt on $53.8m enhancements

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government was warned almost three years ago that most Family Island airports could not continue operating as they were, and that “significant attention” was needed to address multiple deficiencies.

A report by the consultancy group, Stantec, says it delivered “a strong message” to the Government and key aviation industry stakeholders on April 30, 2014, when it presented its initial technical assessments on some of the 28 airport facilities.

“The preliminary aerodrome technical assessments were presented to the Government’s aviation officials and key stakeholders on April 30, 2014, with the following strong message,” Stantec wrote in its report.

“The existing operating environment cannot continue in its present state. The airports require significant attention and resources (human and capital) to close the gap to an acceptable operating state.”

Stantec’s blunt warning, and report, were among a batch of documents released by the Inter-American Development Bank (IDB) to accompany its planned $53.8 million joint venture with the Government to upgrade the four main Family Island airports.

The facilities at Marsh Harbour/Treasure See pg b6

Branville McCartney

Health insurance ‘pro-poor’ in NHI

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Medical insurance will become “pro-poor” once the Government launches National Health Insurance’s (NHI) $100 million primary care phase, the scheme’s consultants have forecast.

The KPMG accounting firm said the switch to NHI would result in reduced insurance costs for all participating Bahamians and legal residents, implying that existing premium rates were too high and unaffordable for many middle class and low income persons.

Explaining how payments would work, its 20-page study of NHI’s economic benefits said: “NHI benefits will be administered by competing private insurers and the introduction of a public insurer, to be called BahamaCare.

“BahamaCare will be publicly owned, but the operations will be outsourced to a private manager with the requisite expertise. The

KPMG: Scheme to make insurance ‘more competitive’ Govt to ‘manage’ $100m primary care budget Will be financed 60% from ‘new expenditure’ combination of public and private insurers will make the payer environment in the country significantly more competitive and propoor.”

Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, yesterday said he and other industry representatives were still studying the KPMG report, but would ultimately provide a response. Dr Sy Pierre, the Medical Association of the Bahamas See pg b6

URCA BITS

Q: I did not receive a bill. What should I do?

Utilities Regulation & Competition Authority Frederick House, Frederick Street Nassau, Bahamas Main: 242-393-0234 Family Islands: 242-300-8722 (Toll Free)

A: You are entitled to one free copy of your bill, listing all charges for the billing cycle. Check your bill carefully each month for accuracy, then pay your bills on time and ensure that the provider has your current and correct contact information. If you don’t pay on time your provider can restrict or disconnect your service, and or charger late fee.

PAGE 2, Wednesday, January 25, 2017

THE TRIBUNE

Sky is the limit on light savings Does your home have dark spaces that you wish were brighter? Are you tired of turning on lights during the day? Would you like to add more light to your office while reducing your electricity bill?

One solution for this in the past has been skylights – wide, square holes cut in the roof to allow light in. Like any solution, it has benefits and disadvantages. Traditional skylights can look beautiful, and the natural light they provide is healthy. However, in our tropical Bahamian climate, the heat they allow into the living space can be intense.

This, in turn, can cause electricity bills to soar, especially when the air conditioner fights against our summer sun.

Traditional skylights are not effective solutions for buildings with multiple sto-

reys. It is not reasonable to cut an opening to the roof above every room on every storey. For Bahamian homes or businesses where a traditional skylight is very difficult to incorporate into the structure, whether single-storey or multi-storey, a practical solution is a solar skylight.

The more technical term for a solar skylight is a solar-powered natural lighting fixture. This solution looks like a skylight to anybody else, but the advantage is this: It does not need a big hole in the roof to give you light. How does it work? It is as easy as 1-2-3: Step 1: Starting out on the roof, a simplyinstalled solar panel collects the sun’s energy, even on cloudy days, and

Marinas Association has new executive director

Bob Bower

Basil H. Smith

The Association of Bahamas Marinas (ABM) yesterday named veteran tourism consultant, Basil H. Smith, as its new executive director.

He replaces marketing consultant, Bob Bower, who has served as executive director for the past two years.

Formerly known as the Marina Operators of the Bahamas (MOB), the association was recently renamed and rebranded as the ABM. “The ABM is extremely fortunate to acquire Basil, who brings a rare level of acumen and experience as we expand our influence and the importance of the boating, sport fishing and marina sector to the Bahamas tourist industry,” the ABM said.

Mr Smith has been acting as a consultant to the ABM, and working with interim See pg b3

converts it into safe, lowvoltage DC power.

Step 2: The power is then transferred down through your attic using durable interconnect cabling. A small hole, one-quarter inch in diameter, is all that is needed in the roof.

This means there is no opening for leaks or to let the sun radiate heat into your home or business, thereby saving you money on air conditioning.

Step 3: The solar powered natural light fixture is installed just like any other light fixture, and in any location. It provides simulated natural sunlight into your home or office, completely powered by the sun.

High quality solar sky-

lights, such as the Solaro Day, do not give off just any light. They provide simulated natural, healthy sunlight. For homes, that creates bright, happy spaces with the same full spectrum as sunlight. Would you like to brighten up your kitchen, bedroom or hallway while keeping the electricity bill down? This system even filters out harmful sun wavelengths that could otherwise damage your furniture.

For stores, solar skylights can improve the appearance of your products by clearly displaying the true nature of colours. You will want to seek out solar skylights that offer higher colour rendering, brighter output and longer life spans than basic LEDs. In offices, this can make you and your workforce feel more alert and focused, while helping to reduce your light bills.

With a beautiful appearance and strong warranty, solar skylights are a great addition to any home or business. You even get to experience the sun up, sun down, and cloud movement inside - the same as with a traditional skylight.

With the Utilities Regulation and Competition Authority (URCA) poised to make Bahamas Power & Light (BPL) give us a financial credit for grid-tied solar systems (according to their December plan), your solar skylights can work well with your larger solar system to save you money.

Did you ever want an oldstyle skylight, but thought it might not be for you?

Are you tired of turning on lights during the day? Then pick a truly green product that is 100 per cent free to operate. Let a solar skylight

Joshua key SuperGreen Solutions

brighten your life while saving you money.

• NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.

BHTA develops its 2017 tourism plans The Bahamas Hotel and Tourism Association’s (BHTA) executive committee, headed by president, Carlton Russell, held a strategic planning retreat to set targets and priorities for 2017.

The BHTA will this year build on, and forge, new partnerships and alliances in the both the public and private sectors, as it seeks to represent the tourism industry on numerous issues impacting it.

These include the proposed National Health Insurance (NHI) scheme and Universal Health Coverage; proposed amendments to legislation such as the Employment Act; the National Development Plan; and the vacation home tental business in the Bahamas.

With Baha Mar set to open, the BHTA will also focus on training, customer service, succession planning and workforce development programmes, working with

Pictured from L to R; Jeremy Mutton, vice-president, Out Islands; Nina Maynard, chairperson, Small Hotels; Rui Domingues, vice-president, Nassau/Paradise Island; Suzanne Pattusch, executive vice-president; Carlton Russell, BHTA president; Vernice Walkine, vice-president, allied members; Beverly Saunders, chairperson, workforce development; Jamal Glover, treasurer; Stuart Bowe, immediate past president of the BHTA. (Not shown: Dean Spychalla, senior vice-president) industry partners such as the University of the Bahamasin a bid to develop a National Service Awareness Programme.

Sandals Emerald Bay has launched an initiative dubbed the ‘Sandals Em-

erald Bay Weekend Work Programme’, which allows Grade 12 Students from the local high school to work at the resort on weekends and school holidays.

This allows graduating students to earn ‘real life’

work experience while earning a stipend. The programme provides invaluable exposure to the work environment, which will help guide the student’s decision-making See pg b6

THE TRIBUNE

Wednesday, January 25, 2017, PAGE 3

Bahamas moving to close renewable gap

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet minister yesterday admitted that while the Bahamas may have been “slow out of the gate” on renewable energy, it was now moving aggressively to close the gap.

Kenred Dorsett, minister of the environment, highlighted request for proposals (RFP) for several ‘utility scale’ renewable energy projects when speaking ona panel at the fifth Caribbean Sustainable Energy Forum (CSEF).

He stressed that the recently-revived Residential Energy Self-Generation programme would be used to help small-scale Bahamian renewable providers.

“I know the outside world wants to come in and invest

Minister admits: ‘We were slow out the gate’ Wanted to ensure Bahamians not left on outside Project to reduce National Stadium’s $30k bill in renewables, but as a government we have tried to carve out the RESG programme to develop Bahamian business and Bahamian enterprises, so that Bahamians don’t find themselves looking through the glass of opportunity and not be able to install these

photovoltaic (PV) systems on homes and businesses.

We have to carve that out for our people,” said Mr Dorsett.

He added that in the next few days, the RESG programme will be launched, allowing consumers to connect to the grid and receive a credit for the excess energy they sell to Bahamas Power & Light (BPL).

Mr Dorsett said: “Utility scale, we will put it out for open bid, but for the smaller ones we have to save something for Bahamians. I say that unashamedly.

“We will be moving for RFPs for the national stadium as well as the University of The Bahamas campus. The electricity bill for our National Stadium is $25,000-$30,000 per month. That gets paid out of the public purse. The

Nassau Airport Development Company (NAD) will also be going out to tender later in the year for a utility-scale solar facility there.”

Mr Dorsett said that within the next few months, a pilot project for a commercial-scale solar set-up would be launched at the Anatol Rodgers High School, a project made possible via a $667,000 grant from the Italian government “as part of its commitment to assist with renewable energy deployment in CARICOM members states”.

Mr Dorsett said: “After that we will see RFPs in the public domain for the remaining 176 schools.”

He added that the Bahamas intends to implement emissions regulations in 2019, and will look to explore biomass on Andros, Abaco and Grand Bahama.

Bahamas ‘surely needs’ its Small Business Act

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas “surely needs” a Small Business Act to address the needs of local entrepreneurs, a local artisan and Cacique award winner believes.

Miralee Rose, owner of Miragee Arts and a former Cacique Award winner for handicraft, said such legislation should address issues including the availability of capital, incentives and technical assistance.

Ms Rose, who was a presenter at the 26th annual Bahamas Business Outlook, said: “When I look back at all the issues and challenges in business, I can say we surely need a Small Business Act. “An Act that will address the needs of entrepreneurs; address setting up business incubators and cooperatives in strategic locations, as well as address the capital and ongoing technical assistance for entrepreneurs.

“Many times persons start out with their business

Marinas Association has new executive director From pg B2 executive director, Mr Bower, since August. The latter will continue to work closely with the Association on marketing projects and the Bahamas Cruising Map, published annually in every fall.

A former executive vicepresident of the then-Bahamas Hotel Association (BHA), Mr Smith has also served in various capacities in the Ministry of Tourism in, most recently as senior director of communications, worldwide.

He was also senior vicepresident of The Counsellors Ltd, where he functioned as editor-in-chief of the Bahamas News Bureau.

In Jamaica he was director of tourism and consulted in various capacities in the sector.

The ABM’s executive

committee said the Association had “known for a long time that our yachting and marinas sector is a huge contributor to the Bahamas’ tourist economy, bringing in hundreds of millions of dollars and supporting many thousands of jobs throughout the country.

“We are concerned that the importance of our sector has not been fully appreciated,” it added. “Foremost in Mr Smith’s mandate, therefore, is a charge to raise that level of awareness to enable the sector achieve its fullest potential.

“We are grateful to Bob Bower for his supportive role in helping the current and past executive teams to develop our association.

We’ve launched our social media programme and will soon launch our website.

“ABM now offers more tangible membership value

and find that they have to do mostly everything themselves. Record keeping, for instance, gets pushed under the carpet, but if they have some technical assistance and assistance with marketing, that could really help them on their way.”

The calls by Ms Rose for small business legislation echo those of well-known consultant, Mark Turnquest, who has long called for the creation of such legislation.

An eight-member private sector committee to drive the Small and Me-

dium-Sized Enterprises Development Bill was appointed in 2012, but the legislation has not yet been brought to Parliament.

Ms Rose said that while the Ministry of Tourism and the Bahamas Agriculture and Industrial Corporation (BAIC) have helped small businesses, more that needed to be done.

She added that a Small Business Act should address the availability of capital and incentives for persons operating in cottage industries.

and marketing power, and we expect a significant rise in our total membership— both among marinas and the allied members that depend on our marinas and resorts to bring them business. We have much more to offer members going forward.

Our new membership categories are more flexible and productive.”

The ABM executive committee continued: “Now that we’ve rebranded our name and identity, and have expanded our fundraising capabilities, the scope of responsibilities of the executive directorship has grown and requires more of a fulltime position.

“During Bob’s two-year term, we forged relationships with industry partners in the public and private sectors, and we’ve started to raise our profile. We are now ready to move to an increased level of activity with concerted local and overseas PR and marketing activity.”

The ABM’s initial 2017

meeting is schdeduled for February 9, when it will outline its PR and marketing strategy, and introduce new research findings that demonstrate the huge economic impact and importance of the marina and yachting sector to the Bahamas.

NOTICE

NOTICE is hereby given that MIRLANDE PAUL ALPHONSE of Sixth Terrace, Nassau, The 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 twentyeight days from the 25th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 4, Wednesday, January 25, 2017

Baha Mar plans revive ‘elephant in the room’ From pg B1 The FNM deputy leader suggested there was “a very narrow spot” within which both mega destination resorts could both thrive, but said there was no room for error when it came to execution.

Mr Turnquest said it was “going to be difficult not to have the market split”, warning that this would result in a ‘race to the bottom’ on room rates as Atlantis and Baha Mar competed for the same visitors.

This, in turn, could undermine both resorts’ profitability and, ultimately, the employment of their combined 14,000-strong Bahamian workforce - a number projected to be achieved once Baha Mar is at full capacity.

“That’s always been the concern from the initial development of this project,” Mr Turnquest told Tribune Business of Baha Mar and the ‘market split’ concerns.

“While everyone got distracted by the whole Chapter 11 bankruptcy issue, that elephant was still in the room. The fundamentals of the business was our concern in terms of what was going to be the market for this project.

“Initially, they were saying the gaming side of the business was going to drive the market, supported by going after Europe and Asia,” he added of Mr Izmirlian’s plans.

“The question is: Do we have the market size to absorb this product, and do we have the capacity, the airlift

YUME ART MASTERS COLLECTION LTD Company No. 1030635 (in voluntary liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that YUME ART MASTERS COLLECTION LTD is in voluntary liquidation. The voluntary liquidation commenced on the 9th January, 2017 and BETTINA DORETHA VOGT at Elgagass 17, 9496 Balzers, Principality of Liechtenstein has been appointed as Sole Liquidator.

Dated this 9th day of January 2017 Bettina Doretha Vogt Voluntary Liquidator NOTICE BOURRACHE JAUNE LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BOURRACHE JAUNE LTD. is in dissolution as of January 19, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

NOTICE OLYMPUS EXPRESS INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, OLYMPUS EXPRESS INC. is in dissolution as of January 20, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

capacity, to feed it?

“The fear is we end up with two properties going after the same market, driving down the price and ending up with diminished properties at both.”

Graeme Davis, CTFE (Bahamas) president, told Tribune Business on Tuesday that the Hong Kongbased conglomerate felt that Baha Mar’s original marketing approach had been too “narrow focused” under Mr Izmirlian, through its concentration on a casinooriented customer base.

He confirmed that CTFE intended to broaden Baha Mar’s appeal to one that was also “family friendly”, distinguishing this from Atlantis’s “family focused” positioning.

“We feel that there is a broader base of business that can be attracted to the property, and that’s in the luxury, upscale market globally. We’re focusing on a more sophisticated experience that’s family friendly, not family focused. That’s a broad niche for us,” Mr Davis had told this newspaper.

Speaking at the Bahamas Business Outlook conference, Mr Davis said that among Baha Mar’s targets would be households earning more than $150,000 in annual income; adults in the 35-54 years old demographic; ‘Baby Boomers’; multi-generational families; millennials; ‘Generation X’ families and groups.

A source close to Mr Izmirlian yesterday said the former Baha Mar developer had been determined to avoid “cannibalising” Atlantis’s business, and had sought to differentiate the Cable Beach-based project from its Paradise Island rival.

“His plan was adult friendly, gaming focused,” the source said, speaking on condition of anonym-

ity. “Everything revolved around the casino. They had the property built in such a fashion so that it would not compete with Atlantis.”

Mr Davis, though, said he had already met his Atlantis counterpart, Howard Karawan, to discuss how the Bahamas’ two largest destination resorts could collaborate on areas of mutual interest, such as marketing initiatives designed to grow the customer base and drive increased traffic to both resorts.

“We certainly don’t want to,” Mr Davis responded, when Tribune Business raised the ‘market split with Atlantis’ issue. “There will be a little bit of crossover [cannibalisation]” at the start.

“We both understand, Howard Karawan and I, that’s in everyone’s best interest to grow the product together, grow the volumes together, to grow into new markets and grow the market together, driving more interest to the Bahamas than in the past. That’s our expectation and our strategy. We’ll collaborate together.”

However, Mr Turnquest told Tribune Business: “I believe there is a spot, a narrow spot, for both properties to co-exist, but that’s going to take a tremendous amount of marketing and promotion to bring additional visitors to the destination and the airlift to do that.

“If we don’t have that commitment and broad expansion, it’s going to be very difficult not to have that market split. It has to be managed very carefully, as we’d hate to see a reduction in yield for either property.”

Mr Turnquest agreed that Mr Davis’s Business Outlook presentation suggested Baha Mar was going after “a very similar market” to

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Atlantis, which has traditionally focused on families living in Florida and the US north-east coast corridor.

“If they’re looking at the same US eastern seaboard, it’s going to have an inevitable diminishing of the yield for the two properties, which does not bode well for the employment prospects for our people,” he added.

Mr Davis on Tuesday said CTFE would target Brazil and Latin America as a potential source of Baha Mar visitors, as well as Europe, Asia and North America.

He added that discussions with the airlines to provide the additional 400,000 seats per annum to fill Baha Mar’s new 2,300 rooms were ongoing, aided by the Ministry of Tourism and Nassau/ Paradise Island Promotion Board.

Concerns as whether Baha Mar would end up ‘splitting’ the high-end market with Atlantis were first raised by the latter’s former owner, Kerzner International, at a Chamber of Commerce luncheon in 2004. Mr Izmirlian’s camp responded by issuing a study purporting to show the two properties would grow, rather than split, the market.

Uncertainties over Baha Mar’s potential impact persisted, and affected Kerzner’s debt restructuring negotiations with its lenders, a sage that ended with Brookfield Asset Management taking possession of Atlantis via a debt-for-equity swap.

Some yesterday attached more sinister motives to Baha Mar’s broader tourism market focus. Branville McCartney, the Democratic National Alliance’s (DNA) leader, told Tribune Business: “Baha Mar seems to be aiming at putting Atlantis out of business.”

He expressed particular concern that a ‘water park’

was among the possible future uses for the 15 acres currently occupied by the former Wyndham/Crystal Palace properties, noting that Atlantis was already based on such a theme.

Mr McCartney took the same position as Mr Turnquest, arguing that one or both mega destination resorts would lose out if they went after the same market, with the ultimate result being worker “lay-offs”.

“I think they will certainly split the market with Atlantis, and that there will be a loss of jobs,” Mr McCartney told Tribune Business.

“There’s no doubt about it. If they go after the same market they’ll be battling over room rates.”

The DNA leader also implied that a CTFE-owned Baha Mar could collaborate with the British Colonial Hilton and The Pointe, both of which are owned by China Construction America (CCA), to collectively lower room rates in a bid to squeeze Atlantis, given the size of their market position.

CTFE, though, is privately-owned by the Cheng family, while CCA is controlled by the Chinese state. There is no evidence to suggest they would collaborate on such a strategy.

However, Dionisio D’Aguilar, a key Izmirlian ally, and former deputy prime minister, Brent Symonette, have both previously made similar suggestions to Mr McCartney’s.

And the Cheng family has close ties to the Beijing power structure, a Forbes magazine article saying they were one of the first Hong Kong business owners to invest in mainland China following the Tiananmen Square massacre.

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NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

GLEEN HELEN CORPORATION

SOLA INTERNATIONAL LIMITED

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), GLEEN HELEN CORPORATION has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 30th day of December, 2016.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), SOLA INTERNATIONAL LIMITED is in Dissolution.

Marco Lourenco Muller Rua Jacob Pilger Nᵃ 243, Centro, Nova Hartz, RS, Brasil Liquidator

Russell Homer Rue Muzy 10 1207 Geneva Switzerland Liquidator

NOTICE Kunming Ltd. In Voluntary Liquidation

SOFGEN S.A. ___________

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Kunming Ltd. is in dissolution as of January 20, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

In Voluntary liquidation

The date of commencement of dissolution is the 23rd day of January, 2017.

N O T I C E IS HEREBY GIVEN as follows: (a) SOFGEN S. A. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 23rd day of January, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Narendra Soni of A-3, Pearl Palladium, S No. 5/6 Siddharth Nagar Rahtani, Pune, Maharashtra – 411017, India Dated the 25th day of January, 2017

LIQUIDATOR ______________________

LIQUIDATOR ______________________

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

AKEM MANAGEMENT INC. Company No. 1484736 (in voluntary liquidation)

NOTICE GBC International Ltd. In Voluntary Liquidation

NOTICE

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that AKEM MANAGEMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 29.12.2016 (date) and MICHAEL KUHN at Bellerivestrasse 42, 8008 Zürich, Switzerland has been appointed as Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GBC International Ltd. is in dissolution as of January 20, 2017

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 6th day of March, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

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

Dated the 25th day of January, A.D., 2017.

Dated this 30th day of December 2016 MICHAEL KUHN Voluntary Liquidator

LIQUIDATOR ______________________

SOFGEN S.A. ________________________

Narendra Soni Liquidator A-3, Pearl Palladium, S No. 5/6, Siddharth Nagar Rahtani, Pune, Maharashtra – 411017, India

THE TRIBUNE

Wednesday, January 25, 2017, PAGE 5

Bran: $500m NHI impact is ‘peanuts’ From pg B1 hope the economy is much better than that [by 2040].

That seems to be very vague and very long-term.”

The DNA chief said the KPMG study itself conceded that any NHI economic benefits would “take a generation” to fully materialise, and would not be realised - especially by Bahamians currently aged 50 or over in the short-term.

He expressed doubts that the Christie administration had the ability to properly execute NHI’s primary care phase, something that was essential to realising KPMG’s projections.

And Mr McCartney said that despite initially conceiving NHI in 2002, at the start of its first term in office, the Christie administration was still unable to answer key questions regarding the scheme some 15 years later.

He listed these as how NHI will operate, how much it will cost, and who

will pay for it.

“For them to say something like that, it plays into this PLP election campaign propaganda,” Mr McCartney told Tribune Business of the KPMG study. “And this is if we get it right. With this PLP government, we’re not going to get it right.

“We don’t know how much it’s going to cost, as so many different figures have been thrown out there. It’s going to take hundreds of millions of dollars to get the [public healthcare] facilities alone up to standard.

“Ensuring that we have supplies of the necessary drugs and equipment is further hundreds of millions of dollars, and determining how that is paid for is still a question the Government cannot tell us or answer.”

The Government and KPMG, its latest consultants/advisers on NHI, have repeatedly stated that the NHI primary care phase is equipped with a $100 million budget.

Family Island airports require $106m by 2022 From pg B1 figure represented a 43 per cent decline on the $187 million estimate produced two years previously by another consultancy firm, Stantec.

It explained that the reduced estimate had been produced because the new San Salvador airport terminal was already under construction at a cost of $13.5 million.

ALG added that a further $37 million in construction costs would be saved via its proposal to relocate the North Eleuthera airport terminal rather than build a new runway, while that building - and the new terminal planned for Exuma - would be less grandiose, saving some $5.5 million and $8.5 million, respectively.

But, while disagreeing on cost estimates, both the ALG and Stantec reports were united in warning of the dire consequences for Bahamian and Family Island tourism, and their economies, if this nation failed to act on the needed infrastructure upgrades.

Explaining the consequences of not investing in Family Island airports, Stantec said: “Tourism growth has been stagnant for the past 12 years and this could actually see a decline of the product, and that includes the Family Islands airports, if [they’re] not invested in to provide the aviation community with a safe and well managed airport environment.

“Additionally, it only

takes one incident to create an international reaction and impose tremendous liability on the Bahamas as well as reputational damage.”

The reports are part of a $53.8 million joint venture by the Government and IDB that aims to bring the main Family Island airports - Marsh Harbour, Exuma and North Eleuthera - into compliance with ICAO standards, and enable them to cope with increased visitor volumes.

“The conditions of the Family Island main entry ports are limitations for the regional and global integration of the Bahamas,” an IDB document obtained

by Tribune Business concludes.

“The main ports of entry for the Family Islands - Exuma, North Eleuthera and Marsh Harbour/Treasure Cay - are in need of investment and require a wide range of aviation and infrastructure upgrades.

“Security deficiencies like visual aids, lighting and marking, mobile equipment, the layout of the runaway, apron and taxiways, impose a risk to the operation and compromises new traffic demand.”

As an example of these deficiencies, the IDB paper said North Eleuthera’s airport had a “separation” between the aircraft parking area and runway, which forced planes to park “within 75 metres” of the centre of the runway.

“Other improvements would be adequate visual aids and improved condi-

Tribune Business understands that the Government is targeting late April/ early May 2017 for the NHI launch, helpfully coinciding with when the general election is likely to be called.

This newspaper was also told last week, when it met with KPMG representatives and officials from the NHI Secretariat, that the accounting firm has a much narrower Terms of Reference (TOR) than the scheme’s original consultants, Sanigest Internacional.

KPMG has only been charged with developing the primary care phase, and Tribune Business was given the impression that the Government will move more slowly on a full NHI roll-out than when Sanigest was involved, only adding services and benefits when the healthcare system and economy could bear it.

The Government has also ruled out new and/or increased taxes to pay for the primary care phase, with the KPMG report stating that $40 million of the primary care phase funding would come from reallocating existing spending at the Department of Public Health

and Bahamas National Prescription Drug Plan.

KPMG admitted that the remaining $60 million would be “new government expenditure”, but Mr McCartney said yesterday it was impossible to definitively say whether that sum was drawn from the Government’s Value-Added Tax (VAT) revenues.

Although answers have been provided to his questions, the DNA leader continued: “How is it going to be paid for? NHI has been floating around since 2002, and Christie still can’t give us a final answer on how it will work.

“This government spoke about NHI in 2002, and in 2017 it cannot tell us how it’s going to operate, they can’t tell us how much it’s going to cost, and who’s going to pay for it.

“The only thing they can do is get this accounting firm to say $500 million. I find it amazing that they could even come out with those financial projections.

The estimates are pure speculation.”

Dr Duane Sands, the FNM candidate for Elizabeth in the upcoming gen-

eral election, said it was “significant” that KPMG acknowledged the $500 million ‘bigger economy’ return from the primary care investment would take a “generation” to materialise.

He added that there were “many caveats and disclaimers” in the study, and accused the Government of “cherry-picking” the parts that best support its case.

The KPMG study is predicting that implementing NHI’s primary care phase now will make the Bahamian economy almost $500 million bigger in 2040, with the larger GDP output coming from a healthier, more productive workforce that contained more workers.

The report said NHI’s primary care phase would drive an extra 5.1 per cent increase in household consumption by 2040, due to the larger economy and improved productivity.

And it forecast that Bahamas-based companies would experience a 1 per cent productivity increase by 2024, along with a reduction in insurance premiums and improvement in worker mobility.

The KPMG study added

that NHI primary care implementation would in 2030 make the Bahamian economy $248 million, or 2.7 per cent, larger than it would otherwise be if the scheme was not implemented.

And it estimated that NHI would make Bahamian GDP, or economic output, some $358 million or 3.7 per cent greater in 2035 than if the scheme was not executed. These figures rose to $485 million, or 4.8 per cent, by 2040.

Finally, it also estimated that based on current taxation rates, NHI’s primary care introduction would generate $110 million in extra per annum taxes for the Government by 2035 as a result of the greater GDP growth Mr McCartney and his party are among those backing the concept of universal health coverage (UHC) for the Bahamas, but not the Government’s implementation method or the NHI financing mechanism.

“We believe persons should have access to the best medical care possible, not just the rich but the poor and the middle class,” he added.

tions of the runway,” the IDB document added.

“The airports face challenges to meet the International Civil Aviation Organisation (ICAO) safety and security standards, and to respond to events related to climate change. The required investment to meet ICAO standards focuses on the non-compliance related to airfield physical characteristics, maintenance and firefighting and security.

“Such events require action in order to maintain certification by the Bahamian Civil Aviation Authority, to guarantee safety for passengers and crew, and keep the operation of this transport mode. Delayed implementation of these measures could also have an adverse impact on future traffic flows, and the economy.

“For the country, to have a strong market presence in the competitive Caribbean tourism industry, it is crucial that the island gateway airports offer the highest possible level of safety and quality of aviation infrastructure and services.”

The aviation industry, and the airports, are essential to Family Island tourism and their wider economies, and their commercial integration with the wider world. Deficiencies in airport safety, operating standards and opening hours thus present a major impediment to a better distribution of economic benefits.

The IDB added: “Increased capital expenditures to bring the airports up to ICAO standards, improve the operating procedures, safety management system, emergency response plans, and inter-

nal capabilities in the Bahamian Airports Authority are recommended.

“Enhancing of local capacities within the Ministry of Transport and Aviation and the Airports Authority will be needed to put in place a management framework to ensure the sustainability of the upgraded assets, and a proper airport operation. “ The IDB paper suggested that the Bahamas adopt

the ‘NAD model’, and outsource the management - and some of the risk - associated with Family Island airport upgrades to the private sector via a publicprivate partnership (PPP).

ALG estimated that the 28 Family Island airports would require a further $65 million investment between 2023-2028, and another $82 million in the period 20292041.

Much of that sum, some

$111 million, will be needed for maintenance, ALG added, taking the total spend between now and 2041 to $254 million.

Still, stripping out the maintenance expenditure, ALG said its long-term projections (ICAO compliance) and airport expansion were some 38 per cent lower than Stantec’s estimates of two years previously, standing at $141 million compared to $227 million.

PAGE 6, Wednesday, January 25, 2017

Govt got ‘strong message’ on Out Island airports three years ago From pg B1 Cay in Abaco, Exuma and North Eleuthera will be upgraded to both bring them into line with global safety and regulatory standards, and ensure they can meet forecast increases in passenger volumes, in a project where the Government will contribute $18.8 million in financing.

Explaining why the project was focusing on these airports, an IDB report obtained by Tribune Business said: “These airports represent a significant port of entry for the Family Islands with economic opportunity to be operationally sustainable.

“The airports have both international and national

destinations, summing in 2015 up to 187,100 passengers in Exuma; 120,000 passengers in North Eleuthera; and 328,400 passengers in Marsh Harbour/Treasure Cay, accounting for 57 per cent of the Family Islands traffic.

“The total traffic for the four analysed airports is expected to grow at an annual ratio of 2.9 per cent, reaching 1.45 million passengers by 2042. North Eleuthera and Exuma Airports are currently at capacity, while Marsh Harbour Airport joint with Treasure Cay is expected to reach saturation level in the mid-term (2020-2030).”

The IDB report said airlift was restricted by runway size at these airports,

Health insurance ‘pro-poor’ in NHI From pg B1 (MAB) president, said the same thing.

The Government’s political opponents, and those in the healthcare industry, yesterday predictably queued up to attack the KPMG report and its estimates, one doctor arguing that the study was “biased” because

of the accounting firm’s role as an NHI adviser.

Speaking on condition of anonymity, they said the report itself admitted to lacking much of the necessary data upon which to base its assumptions and estimates, a point that was also conceded by KPMG (Bahamas) partner, Simon Townend, at

BHTA develops its 2017 tourism plans From pg B2 as they prepare to enter the workforce.

Mr Russell said: “BHTA recognises the value of community, and through fellowship and partnership we help each other. We have always said ‘it takes a village’. The BHTA serves as a liaison between members, industry partners in both the public and private sector for the betterment of the industry we are all so reliant on”.

The BHTA will also wok on expanding tourism’s benefits through initiatives such as The Tru Tru Bahamian Movement, which incorporates local culture, customs and heritage into the product.

The initiative includes the Tru Tru Bahamian Festival, which showcases Bahamian art, dance, music, craft, food and drink. The Festival will be held at the John Watling’s Distillery on Saturday, February 11, 2017.

forcing carriers to rely heavily on aircraft with capacity “inferior” to 35 seats, thereby impeding tourist access and passengers volumes.

“Marsh Harbour airport, the highest traffic level in the Family Islands, has seven international regular destinations, all of them in North America,” the IDB said.

“Almost 50 per cent of the scheduled commercial flights are operated by aircrafts with less than 35 seats, and only 20 per cent of the flights are operated with medium-large aircraft.”

It added: “Exuma and North Eleuthera airports, the second and third respectively highest traffic level in the Family Islands, have four international regular destinations and two domestic connections.

‘Sixty per cent of commercial flights are also used by aircrafts with a capac-

ity inferior to 35 seats, and only 4 per cent with medium-large aircraft.”

The Christie administration has been aware of the need to enhance the Family Island airports for some time, with Glenys Hanna Martin, minister of transport and aviation, previously referencing Stantec’s $160 million investment estimate for upgrading all 28 facilities.

It has already moved to enhance the airports at San Salvador and Bimini to accommodate multi-million dollar foreign investment projects such as Club Med and Resorts World.

However, progress on other facilities to-date has been slower, largely due to the fiscal and Budgetary constraints the Government is labouring under, which have forced it to explore how it can attract private capital and management expertise to share the burden.

Stantec’s report said: “The 28 Family Islands airports have been lacking in investment and operational attention recently, and it is an opportunity to provide an improved aviation environment for the Bahamas and its Family Islands.

“This will also create a new tourism partner and ‘front door’ for the islands and each region’s unique blend of tropical paradise, away from the large resort style packages.

“The airports require a substantial level of effort in maintenance and improvements in operating conditions, but also require more attention to the protection of the airside and its operating protection zones.”

Family Island airports are vital to unlocking the Bahamas’ full tourism potential, especially given market trends where tourists are seeking the experiences offered by niche, boutique resorts that are closer

to local communities and culture.

“The overall investment in the Family Islands airports is a very positive one for the Government,” Stantec concluded.

“Studies of tourism economic impacts in the Bahamas have yielded GDP multipliers ranging from 0.87 to 1.25. Applying these multipliers to the direct tourist expenditures figure ($339.366 million for 2011) yields total economic impacts (direct, indirect and induced) accounted for by the Family Islands airports ranging from $634.615 million to $763.574 million.

This translates to average per tourist economic impacts ranging from $3,272 to $3,937.”

The consulting firm warned, though, that the Family Island airports would require an annual $4.6 million maintenance spend to keep them in top condition.

Monday’s Bahamas Business Outlook conference.

“Because of the limited data available to forecast all the different effects [of NHI], a simpler ‘pragmatic’ framework was developed to calculate the main effects of the primary care phase of NHI,” KPMG said.

“This reduces the number of economic levers from 15 to around seven where we were able to find reliable current and projected data for the Bahamas.”

However, the accounting

firm said this likely resulted in its model and estimates being more “conservative” than was necessary, adding: “It is likely that this pragmatic model underestimates the potential benefits of NHI.” The KPMG report also confirmed the Government’s control over NHI, stating: “There will be no contributions or co-payments required to receive primary health care during the initial rollout of services under NHI Bahamas.

“For the primary care stage of NHI Bahamas, the Government will manage finances so as to compensate providers through a National Health Insurance Fund (NHI Fund) financed by the Government’s consolidated fund.”

Explaining where the money will come from, the study added: “No new taxation is envisioned to fund this initial phase, and as a result funding will consist of a combination of new government expenditure

(approximately $60 million) and a re-allocation of the existing national health budget from various sources, including the Ministry of Health and the National Prescription Drug Plan (approximately $40 million).

“The current sources receiving this B$40 million are not expected to lose out as part of this reallocation; rather the money is likely to be paid through a different mechanism and potentially exceed the current levels for some.”

NOTICE

NOTICE is hereby given that LESLIE SMITH of Palm Beach St., Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) MERIDIAN INVESTMENT FUND LTD. In Voluntary Liquidation (the “Company”) Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, (No. 45 of 2000), the Dissolution of MERIDIAN INVESTMENT FUND LTD. (IBC №. 149932 B) has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was December 28, 2016.

Adriano Jose Negreiros Vaz Netto Liquidator

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RANDY RONDLPH KELLY of Kennedy Plaza,P.O.Box GT-2243, Nassau, Bahamas intend to change my name to RANDY RANDLPH KELLY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE

NOTICE is hereby given that BERNISE ORDAIN of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FEDELINE MELIDOR of Alley, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LEGAL NOTICE

NOTICE is hereby given that RAMEASH PARAGUE of Sea Breeze Lane, P.O.Box EE-17641, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

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