01302019 BUSINESS

business@tribunemedia.net

WEDNESDAY, JANUARY 30, 2019

$3.99 $10m investor: We can defeat WTO ‘concerns’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A $10M POULTRY farming investor yesterday expressed confidence that The Bahamas could follow Jamaica’s self-sufficiency lead despite its “concerns” over WTO’s potential impact.

Dr Allen Albury, the Bahamas Striping Group’s managing director, told Tribune Business that antidumping protections would be as important as tariff safeguards to itself and other local producers in the World Trade Organisation’s (WTO) rules-based environment.

Confirming the group’s plans to develop poultry farms and processing facilities on Andros and Eleuthera, together with a New Providence distribution centre, Dr Albury said he and fellow principals had been left “stunned” and “shocked” by the quality of chicken being supplied to Bahamian consumers.

Disclosing that Bahamas Striping’s market research had revealed some chicken was being sold up to five years past its “kill date”, he added that the results had reinforced the group’s belief that it could persuade local consumers to “migrate” to the fresh, healthy product it was targeting.

Dr Albury said the 150 million pounds of chicken consumed annually by Bahamians meant there was ample room for local producers to claim their fair share of the market, once consumers were educated about the product’s merits and labour/energy cost challenges mitigated.

Poultry production, though, is one area that has already attracted attention from The Bahamas’ major trading partners in the WTO accession talks. Zhivargo Laing, this nation’s chief negotiator, revealed that The Bahamas was already being asked to reduce tariffs on poultry imports below the level submitted in its opening offer.

Asked why Bahamas Striping was targeting a market set to be impacted by tax and regulatory uncertainty, Dr Albury said tariffs were not the only means of protection that could help local producers as he called for a strong partnership between industry and the government.

“We have some concerns that exist, but we’ve looked at Jamaica,” he told Tribune Business. “It is a member of the WTO, and they have been successful to bring themselves to near 100 percent sustainability in terms of poultry production within the WTO framework.

“What it’s going to require is support from the government, in partnership with the growers and the poultry producers. The government has to partner with

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$4.05

$4.05

Bahamas ‘stagnates’ in war on corruption

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas is “stagnating” in the fight against corruption, Transparency International’s local representative warned yesterday, after this nation again slid in the global rankings.

Lemarque Campbell, of Citizens for a Better Bahamas, told Tribune Business that The Bahamas’ fall to its lowest-ever spot in Transparency International’s Corruption Perception Index reflected the Minnis administration’s failure to further deliver on promises that were a key feature of its 2017 election campaign.

While crediting the government for strengthening The Bahamas’ anti-money

• Hits lowest ever spot in Transparency index • Local rep urges National Anti-Corruption Plan • Govt failing to deliver on campaign pledges • But nation’s 29th spot far better than most laundering legislation, and initiating the electronic public sector procurement system, Mr Campbell said efforts in other areas had either stalled, are inadequate or incomplete. He called for this nation to follow the likes of Malaysia and create its own National Anti-Corruption Plan to fight the menace.

The failure to finalise the long-awaited Freedom of Information Act; the lack of protection for government “whistleblowers”; the absence of political campaign finance laws; the

failure to pass the Integrity Commission Bill; and uncertainties over the Public Disclosures Act were all cited by Mr Campbell as areas that combined to impact The Bahamas’ standing in the Index.

As a result, The Bahamas fell by one spot - from 28th to 29th place - and dropped further behind Barbados, which has replaced it as the Caribbean with the “least perceived corruption” in 25th spot. The Bahamas’ score of 65 in the 2018 Corruption Perceptions Index

THE government’s efforts to cap the redevelopment cost for Long Island’s Deadman’s Cay airport at $10m have raised concerns over whether it will comply with international standards.

Tender documents, seeking architectural and engineering contractors for the project, reveal that the redeveloped terminal and crash/fire rescue (CFR) buildings must not exceed $3m while “airside costs” involving runway upgrades and extensions have to be limited to a $7m price tag.

The request for proposal (RFP), which has been seen by Tribune Business,

CAPT RANDY BUTLER reveals: “The overall terminal and CFR buildings are not to collectively exceed $3m total costs, and a class

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

sources speaking to Tribune Business on condition of anonymity have questioned whether the imposition of a $10m cost “cap” will prevent the revamped Deadman’s Cay airport from meeting International Civil Aviation Organisation (ICAO) standards - as the RFP says it wants to.

One contact said bluntly: “That won’t happen. They cannot meet the ICAO standards with that.” They

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• Creates concern on meeting global standards • Deadman’s Cay to stay at existing location • Sky Bahamas chief’s ‘hub and spoke’ plan D estimate for the airside costs, including land excavation, is to not exceed $7m.”

Dionisio D’Aguilar, minister of tourism and aviation, could not be contacted for comment yesterday. Algernon Cargill, the former National Insurance Board (NIB) director who is now the newly-appointed director of aviation, and who is the principal RFP contact, did not return several messages left by Tribune Business before press time.

However, several

MP fears for 101 Princess Cays workers SOUTH Eleuthera’s MP, Stephen “Hank” Johnson, pictured, yesterday voiced concern over the fate of 101 Princess Cays employees if the fire-damaged private cruise port is unable to resume operations “in short order”.

Princess Cruises, which owns the 40-acre destination, said it was still assessing the impact Monday night’s fire will have on future ship calls after four buildings were destroyed. The Carnival Pride, a 2,680-passenger ship that was scheduled to arrive today on a sevenday cruise, is being diverted to Half Moon Cay. Other cruise ships, due to arrive at the weekend, are also likely to be diverted. Princess Cays is a major employer in South Eleuthera, and the negative economic fall-out could be substantial if the cruise port is not rapidly restored to normal.

Princess Cruises, in a statement sent to Tribune Business yesterday, said: “The fire encompassed several buildings on the south side of the island. It was fought by local firefighters and island staff for approximately one hour before it was extinguished.

“There were no guests at Princess Cays at the time, and no injuries have been reported. No guest-facing facilities were impacted except one of several public restrooms.The cause of the fire is currently unknown and

was flat against the prior year performance.

Mr Campbell, explaining that the index assessed impressions or beliefs about a country’s level of corruption, added that The Bahamas’ perceived failure to progress and deliver on past government promises “sends signals to investors” both Bahamian and foreign.

He acknowledged that The Bahamas’ 29th place ranking still places this nation among the world’s least corrupt states, and in a

Long Island airport revamp’s $10m ‘cap’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.05

Taxi drivers in new ‘showdown’ threat

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Taxicab Union’s (BTU) president yesterday warned drivers were ready for a “showdown” over “sanctions” being imposed by tourism officials at Prince George Wharf.

Wesley Ferguson said the industry’s latest dispute centred on the Ministry of Tourism’s decision to take disciplinary action against taxi drivers, a move he slammed as “unlawful”. But Dionisio D’Aguilar, minister of tourism, said ministry personnel were simply trying to protect The Bahamas’ brand and improve the overall visitor experience.

The union president

• Slam ‘sanctions’ imposed at cruise port • And frustrated at no meeting with PM • Minister: ‘No malice’ on tourism’s part

DIONISIO D’AGUILAR also expressed frustration that taxi drivers have yet to meet Prime Minister Dr Hubert Minnis despite his public pledge nearly two weeks ago to meet with

them following his return from meetings with the European Union (EU).

“We have yet to have any meetings with the prime minister, nothing,” Mr Ferguson said. “The environment at the dock has become extremely frustrating. We shut down services at the dock and decided to march to the Cabinet offices to see if he would come out and he never did.

“I was promised that someone would call me on Monday to set up a meeting. It’s been almost two weeks since the prime minister came back from

the EU meeting and we have had no meetings with him. The situation is just intensifying.”

Mr Ferguson continued: “They have new sanctions at the dock against taxi drivers and there has still been no meetings. The Ministry of Tourism has formed their own tribunal and are trying to manhandle taxi drivers, disrespect them, throw them off the dock, take their badges and send them home. I’m talking about seasoned taxi drivers who cannot make a living in peace.

“They are suspending

taxi drivers and putting them off the dock. According to the gazetted law of The Bahamas, the Road Traffic Department is responsible for disciplinary measures of all taxi drivers in The Bahamas.

“Taxi drivers are going to have a showdown all day Wednesday, all taxi drivers everywhere. We were trying to avoid this. I know that the prime minister met with tourism on Monday and now we have this happening. We are going to step up our efforts.”

Mr D’Aguilar told Tribune Business yesterday that while he understood the union’s position he did not believe there was any malice on the part of the Ministry of Tourism.

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THE TRIBUNE

Wednesday, January 30, 2019, PAGE 3

PM’s $580m Abaco project revelation triggers concern

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE prime minister’s revelation of a $580m South Abaco development yesterday triggered renewed environmental concerns and questions over whether it is an attempt to revive previously failed projects.

Dr Hubert Minnis, during his national address on Monday night, said the Tyrsoz Family has proposed “a $580m investment in South Abaco for the development of a fivestar residential resort and marina”. He added: “The project will involve the upgrade and expansion of the Sandy Point airstrip, the development of Sandy Point ferry dock as a cargo transshipment port and construction area, as well as the extension of Queen’s Highway in South Abaco.”

Dionisio D’Aguilar, minister of tourism and

PRIME MINISTER DR HUBERT MINNIS aviation, told Tribune Business yesterday he knew very little of the proposal as it currently rests with the Bahamas Investment Authority (BIA).

“Unfortunately investment projects do not rest with the respective minister; only the Bahamas Investment Authority,” he said. “They bring the project to the Bahamas Investment Authority, and when they have done all of the necessary work

it gets brought to the National Economic Council (NEC), of which I’m a member, and then I get sight of it.”

Acknowledging that there have been environmental concerns over proposed South Abaco developments in the past, Mr D’Aguilar said: “All of the concerns that residents would have as it relates to the use of public land, parks and the environment, the requirement for

any substantial dredging or use of wetlands usually gets referred to the BEST Commission for an opinion. I’m sure that if the government is mindful of the potential impact a project of this magnitude could have on the environment that would ensure that the necessary studies were undertaken.”

Ken Hutton, the Abaco Chamber of Commerce’s president, told Tribune Business that the prime minister’s address was the first time he had heard of the project.

“No one in the chamber heard anything,” he said. “The one we have heard of is the Kokona development, which has been in several iterations over the last five to ten years. I don’t know if it’s the same development. The only development we’ve heard of is the Kokona development and, if this is the same thing, we’ve seen this iteration before.

“There were issues

with it. The Kokona issue was the proximity to the national park.” The Kakona development proposed golf courses, artificial lagoons and marinas, as well as a luxury resort. An internet search for “Tyrsoz family” came up empty apart from Tyrsoz Family Holdings Ltd, a private company registered in Gibraltar.

Still, Mr Hutton said investment in South Abaco will be welcomed provided it clears all the regulatory and environmental hurdles. “We would then absolutely welcome it,” he added. “There may be some large environmental hurdles. As a chamber, economic activity is something that we encourage once it is done the right way.”

Lynn Gape, deputy executive director of the Bahamas National Trust (BNT), yesterday said the organisation would not comment on the proposed development until it has obtained

government approval.

“There are always environmental concerns with development,” she added.

“However, the BNT is not an anti-development organisation. The BNT, however, would be looking out for the park and the wildlife there. We would be trying to work with government and the developer to make sure that they do an environmentally responsible development.”

Dating back to 2007, properties east of the Abaco national park have been the subject of speculation regarding some form of high-end development.

Residents and conservation groups, however, have consistently pushed back against development of this area, since it is directly adjacent a protected forest as well as historically and culturally significant sites near Hole in the Wall and Lantern Head Point.

‘WE WON’T COUNT OUR EGGS’ OVER PM’S FDI PROMISES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIANS have learnt to “not count our proverbial eggs before they hatch” over the foreign direct investment (FDI) projects touted by the prime minister, his political opponents said yesterday.

Arinthia Komolafe, the Democratic National Alliance’s (DNA) deputy leader, described Dr Hubert Minnis’ national address on the economy and job creation as “flat” and something that Bahamians were all too familiar with under previous prime ministers.

“Regrettably, the speech fell flat as it failed to inspire hope among the Bahamian people or offer innovative ideas for the resurgence of an economy with stunted growth,” she argued, adding that he “spun” the recent national unemployment figures by focusing on the jobless declines in Grand Bahama and Abaco.

Mrs Komolafe, adding that the prime minister “glossed over” the increased unemployment rates for New Providence and the country as a whole despite improved tourism numbers, said Dr Minnis’ address repeated the oftused strategy of touting

DNA DEPUTY LEADER ARINTHIA KOMOLAFE

FDI projects that have yet to materialise.

“The prime minister spent a considerable portion of his address on listing several intended or proposed projects and investments,” she added. “The challenge here is that we’ve seen this script before with successive administrations outlining multiple projects across our archipelago of islands with a vast amount never coming to fruition for the foreseeable future.

“The simple response of the Bahamian people to these grandiose announcements is that the proof is in the pudding and we will not count our proverbial eggs before they hatch.”

Mrs Komolafe also argued that there was a “deafening” silence from Dr Minnis on the controversial Oban Energies project and the government’s bid for full membership in the World Trade Organisation (WTO), while no strategy was unveiled to improve The Bahamas’ credit rating - especially the “junk” rating from Standard & Poor’s (S&P).

“Has the government concluded that the WTO and Oban are not priority areas, and will not positively impact the Bahamian economy in the

manner that they’ve been touting?” the DNA deputy leader asked.

“The nation’s leader missed a rare chance to address the concerns of the Bahamian people.

While many had minimal expectations for the prime minister’s address to the nation, we are saddened that he proved them right and delivered yet another underwhelming speech.

“Commentaries on the Commercial Enterprises Act have become monotonous to the populace. We call on the government to provide the Bahamian people with a report on the economic impact of the Act including the capital injection or inflow to date, local and permanent jobs created, work permits issued, and government revenue derived from the

increase in economic activity following the enactment of the legislation.”

Mrs Komolafe also pointed to the absence of a growth strategy for financial services, and an update on the government’s fiscal performance, as key elements missing from the address.

She described Dr Minnis’s comments on the difficulty of opening bank accounts and the “blue economy” as “grandstanding”.

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MP FEARS FOR 101 PRINCESS CAYS WORKERS FROM PAGE ONE under investigation. The safety of our employees and guests is our number one priority.

Any impact to future Princess ship calls is currently being assessed.”

Stephen “Hank” Johnson, the MP for Central and South Eleuthera, yesterday expressed

serious concern that any prolonged shutdown of Princess Cay could adversely impact the South Eleuthera community and the 101 employees working at the private island.

“The damage was somewhat extensive,” he told Tribune Business. “They’ve lost an area that I call the operations area, where all of the maintenance is done; the generators, the RO

(reverse osmosis) plant and storage facilities. I call it the general maintenance area.

“There are 101 locals employed there. We are waiting on the managers to fly in and give us an update as to what their plans are going forward. The impact on South Eleuthera would be significant if they are not able to get back up and running in short order.”

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PAGE 4, Wednesday, January 30, 2019

THE TRIBUNE

Bahamas ‘stagnates’ in war on corruption FROM PAGE ONE far better place than “extreme cases” such as Venezuela and Guatemala when it comes to battling graft.

Yet Mr Campbell said corruption, together with crime and the economy, remained a major problem in the minds/perception of the Bahamian people based on how frequently the issue was raised in conversations and radio talk shows.

“This stagnation in the score we have reflects stagnation in delivering on campaign promises,” Mr Campbell told Tribune Business of The Bahamas’ ranking in the latest Corruption Perceptions Index.

“That’s all it shows. It’s one thing to enact laws, but one thing we always lack is the ability to enforce them.

That plays a significant role in how these results are gathered.

“What is most important is to look at the score.

That’s been the trend in the English-speaking Caribbean countries; they’ve scored exactly the same as last year, which shows complete stagnation.”

Mr Campbell pointed out that the Minnis administration was in good company, as the current governments in Jamaica and Barbados were also voted into office

on the back of campaign promises to tackle graft in all its forms.

“Despite bold anticorruption plans, this stagnation and scores shows there has been no substantial improvement in the anti-corruption regime,” he said of The Bahamas. “Fast forward almost two years from May 2017 and we’re still at the same score.”

The Citizens for a Better Bahamas advocate said the Government had not completely ignored the issue, praising it for upgrading the Proceeds of Crime and Financial Transactions Reporting Acts - albeit in response to international pressure - and for initiating the electronic public procurement system to foster greater transparency and value for money.

The latter, though, is still in its infancy, and Mr Campbell said: “Given that it’s almost been two years since this administration came to power, there’s still a lot weaknesses in the anticorruption regime, some of which we have been facing for some years.”

He cited the Freedom of Information Act and other legislative reforms where the Minnis administration has yet to deliver on its promises, and suggested The Bahamas follow the approach Malaysia’s

government has taken to combating corruption.

Having spent a recent two-week study visit with that country’s Anti-Corruption Commission, Mr Campbell said Malaysia’s current prime minister had targeted perceived graft within weeks of taking office.

“When he came to power last year, in a matter of weeks he had established the National Anti-Corruption Task Force,” he revealed. “One of its first tasks was to develop a National Anti-Corruption Plan, and they will be presenting that at the end of this week.

“I’m not aware of our anti-corruption plan.

There’s bits and pieces of legislation linked to it, but we need a major national anti-corruption plan. The government has made significant strides towards improving the ease of doing business and becoming more competitive, but in tandem with this we must ensure we’re reducing corruption.

“The public want to see some steps taken beyond prosecutions of alleged political corruption. There’s still no tangible action that we can see. We need an actual plan, a National Anti-Corruption Plan, and ensure the necessary

$10m investor: We can defeat WTO ‘concerns’ FROM PAGE ONE the growing community to ensure WTO does not have an adverse effect.

“We’re paying attention to what is being said, paying attention to the government’s posture, and will make adjustments to our posture as we go.”

Dr Albury then added that “the real issue” for Bahamian producers was exposed by Bahamas Striping’s market research over the past two years, which found imported chicken

“five years past its kill date” was being sold to consumers.

“It’s more a dumping ground for the large producers who are members of the WTO,” he said of how foreign supplier treated The Bahamas.

Anti-dumping legislation, and safeguards, are designed to protect local industries and consumers from foreign competitors who use their markets to “dump” inferior, unsafe and poor quality product that undercuts domestic producers on price.

NOTICE

Such protections are required in the WTO’s rules-based trading environment and, if properly legislated and enforced by the government, could help Bahamian producers better compete on the basis of quality and freshness.

“I can tell you that when we started researching the market, deployed our technicians in the market to start studying, what was shocking was the five-year date of chicken on our shelves,” Dr Albury told Tribune Business. “That was concerning, shocking

legislation is enacted and, most important, that there’s enforcement of this legislation. If we can just see some action.”

Mr Campbell said foreign investors are now “very stringent” in examining how individual nations enforce anti-corruption laws to ensure their investments and transactions are protected as much as possible before they part with their monies.

Pointing to constant criticisms of “opaque” public procurement processes in the US State Department’s investment climate reports on The Bahamas, he added: “This sends signals to foreign investors. They’re looking at: Are they going to be protected in their transaction? Are they going to bid in a fair process and not have to pay bribes to a foreign official?

“We have to have a strong anti-corruption regime to protect both local and foreign investors, and ensure we have a level playing field... The Bahamas is still trying to portray that image that we are open for business and, in doing so, it’s one thing to ensure the ease of doing business but we must have anti-corruption mechanisms in place.

“Those two go handin-hand,” Mr Campbell continued. “For us who rely

heavily on foreign direct investment, this is very important for us. Most of the economy is very reliant on it. Investors want to see some improvement, some delivery on promises made.

“This Corruption Perceptions Index is a perception based on business people and international experts.

They look at what the government is doing, and if it is improving the anticorruption regime across the board. They look at the promises made by the administration, and see if they have delivered.

“If we are trying to lure investors into the country they’re looking at what the Minnis administration is going to do in delivering on its anti-corruption promises. We have to decipher between the rhetoric and actual actions.”

Mr Campbell said delivering on its anti-corruption promises should be “the number one priority” for the government, adding: “It’s one thing to campaign and make promises to eradicate corruption. You’re never going to completely eradicate it, but you have to reach a point where it’s controlled.”

The Bahamian public’s perception of corruption levels, he added, suggested it was not under control.

“We still have reports of

corrupt activity in certain ministries,” Mr Campbell said. “Corruption is still talked about a lot by the public. It’s still a concern for the public.”

He added that Transparency International will also conduct a follow-up this year to 2018’s Global Corruption Barometer survey of The Bahamas as part of a wider Caribbean regional effort.

That survey found that despite “one in ten Bahamians” disclosing they had paid a bribe within the past year to obtain public services, few - just six percent - reported this corruption to law enforcement.

The findings, based on a survey of 1,000 Bahamians conducted in October 2017 by the Public Domain research firm, found that almost half were too scared of the consequences - such as potential retaliation and victimisation - to report allegations of “rent seeking” by public officials.

This was despite 52 per cent of respondents deeming it “socially acceptable” to report corruption to the authorities, with the findings suggesting “fear” was a major obstacle to stamping out a problem that the prime minister previously estimated costs the Bahamian economy some $200m per year.

to our shareholders. On a personal level I purchase only locally-grown chicken after discovering what we discovered.

“The turning point for us was when the surveyors came back, and samples were sent to the laboratories, as we purchased chicken from various wholesalers and retailers. We were absolutely stunned with some of the results that came back.

“Once our education campaign is up and running we will be able to utilise that data so people understand fresh, healthy chicken is the best choice. Part of our strategy is going to be educating the Bahamian people in terms of what they are consuming on one end and give them a more informed choice.”

Dr Albury said Bahamian consumers “may be prepared to pay five cents a pound more for steroid-free, antibioticfree, hormone-free fresh chicken” - a concept that will be central to Bahamas Striping’s strategy.

Suggesting that the consumption of poor quality chicken had added to The Bahamas’ considerable health woes, he added: “We want to make a dent in that, and educate people and give them the choice.

“We believe that once we scale it right, we can deliver fresh, healthy chicken at the same rates - or maybe at a slight difference, not a significant one - as those being produced on the market right now.

“Most consumers, when they get a healthier choice, will migrate. When people are informed, they will migrate to the better quality,” Dr Albury continued.

“Bahamians are consuming 150 pounds of poultry every year. The demand exists.

Our key, and I can’t stress this enough, Neil, is fresh Bahamian chicken that is free from antibiotics and steroids.”

He conceded that poultry production did not seem “a core business” for Bahamas Striping, founded under the last Ingraham administration with a $5,000 self-starter grant, and which has its roots in road, parking lot and airport striping.

The group has been trying to diversify over the past three years, and is targeting public-private partnership (PPP) contracts; property management and rentals; and the management contract for Junkanoo Beach as new business avenues.

Bahamas Striping also has some distance to travel

to bring its poultry ambitions to reality, with its “technical team” set to head Andros in early February to assess potential sites and kickstart Environmental Impact Assessment (EIA) studies.

Dr Albury said it preliminary research on the water tables and PH balance of the water has already been conducted, and added: “We’re just at the stage of commencing a full-blown EIA. Once that is completed, it will dictate the timelines moving forward.”

The Andros farming/processing facilities will come online at the same time as the New Providence distribution centre. The former will create 60 full-time jobs between labourers, machine and computer operators and technical staff, with 20 persons required at the Nassau site.

Eleuthera, which will “mirror” the Andros facilities, will be developed at a later date and also create 60 full-time jobs. Dr Albury said part-time workers would be hired during “peak season” when production “ramps up”, with Bahamas Striping keen on two separate islands for production as a means of hurricane insurance.

He added that Bahamas Striping also intended to learn the lessons from failed poultry operations, such as Gladstone Farms and Hatchet Bay Farms, which failed to “adjust” to changing market conditions that eroded their competitiveness.

Renewable energy is being eyed as part of the solution, and Dr Albury said: “This is not just a concern for producers and growers coming into this space. This is one of the biggest concerns for most businesses in this country.

The cost of energy is so high that we’re losing our competitive edge, and this is one that has to be fixed.”

NO T I C E

TILBURY DOS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) TILBURY DOS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 25th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 29th day of January, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator Legal Notice NOTICE WHITMORE ASSET MANAGEMENT LTD.

Devon Camamu Thirteen, Ltd. ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 5th day of December, 2018.

Delano Aranha Liquidator of Devon Camamu Thirteen, Ltd. NOTICE BIG CHAMP HOLDINGS LIMITED

NOTICE IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a)

WHITMORE ASSET MANAGEMENT LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) BIG CHAMP HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 29th January, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 30th day of January, A.D. 2019 Shareece E. Scott Liquidator

(b) The dissolution of the said company commenced on the 28th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 30th day of January, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator

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NOTICE MISSION LEADER LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) MISSION LEADER LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 28th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 30th day of January, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Wednesday, January 30, 2019, PAGE 5

Long Island airport revamp’s $10m ‘cap’ FROM PAGE ONE added that a $25m investment was required to achieve this goal, especially since the new airport is to be constructed at the same location as the present facility.

“The new Deadman’s Cay airport will be constructed at the existing terminal and runway locations, and must include a comprehensive plan that allows for the continued uninterrupted operations of the airport,” the RFP said.

“The scope is to provide Deadman’s Cay International Airport with a new airport terminal design, redeveloped and extended runway and apron design, and a Crash Fire Rescue building (CFR) that can provide limited but comprehensive services to the Long Island community.

“The Ministry of Tourism and Aviation is not eliminating the expansion of the existing terminal building from the scope, and the design should include the most cost effective and efficient use of space and capital.”

The RFP then added: “The design process must achieve a balance between the needs of the operational activities of the airport and must also fit the local environment, space constraints and estimated budgets that will likely be invested in this project.

“The design should include standardised Airport Rescue Fire Fighter (ARFF) facilities that must, as a minimum, meet all Bahamas Schedule 21 and ICAO guidelines.”

The tender documents suggested that the Deadman’s Cay airport design

could serve as a model for other Family Island airport upgrades, with the winning designer potentially in line to receive a maximum 50 percent of their fees should their work be used at other locations.

Long Island has demanded an upgraded airport, fit to receive international commercial flights, and associated infrastructure for years amid a widely-held belief that tourism and wider commerce were slowly being strangled by a lack of aviation access.

The Deadman’s Cay upgrade attempts to address this ahead of the purported Port St George project’s revival under Star Resort Group, which is pledging to create a 640-slip marina - the largest of its kind in The Bahamas. It also fits into the government’s wider overhaul of Family Island

airports, which is projected to cost a total of around $200m.

However, Captain Randy Butler, Sky Bahamas president and chief executive, also queried the government’s strategy for Deadman’s Cay and whether it was part of a wider national aviation plan.

He argued that flooding meant the airport needed to be moved, not redeveloped at its current location as required by the RFP, and also challenged the need for Family Islands to have multiple airports - especially ones that served an international market.

The Sky Bahamas chief suggested that The Bahamas could adopt a “hub and spoke” model for aviation/ tourism access to the Family Islands, with locations such as Exuma receiving international flights and passengers subsequently ferried on by

local carriers to destinations such as Long Island.

He added that this would save the government substantial investment and maintenance costs associated with keeping some 28 Family Island airports at sufficient standards to receive international flights.

“Based on where it’s located now the Government needs to move it,” Captain Butler told Tribune Business of Deadman’s Cay airport. “It gets flooded and is not the best location for it.

I don’t understand why the government does not buy the land next door.

“We’ve been doing this thing of putting three airports on the same island and it doesn’t make sense any more. When you look at Long Island, it doesn’t make sense to let Stella Maris and Deadman’s Cay continue.

“We need to take a look

at this seriously, and develop a national aviation plan for The Bahamas as a whole.

We need to see how these airports fit into it. There is no sense in building airports for the sake of it. They must be purposeful,” the Sky chief continued.

“Where’s the development going to happen?

Where’s the centre of the island? How does this come together to get the best product for the island and meet international standards? Let’s not do this in isolation. Let’s find the best fit for these islands.”

Captain Butler, though, backed the idea of a single “model” for Family Island airport terminal and layout design, adding that there was no need to “reinvent the wheel” once it met Bahamian and international regulatory standards.

Taxi drivers in new ‘showdown’ threat of Tourism sees it as its job to look out for the welfare of our foreign visitors and to ensure that their experience is what they expect it to be.

“They also what to ensure that those that interact with those foreign visitors do so in a friendly, courteous, polite way using the prescribed methodology established for taxi drivers to interact with the foreign visitors.”

Mr D’Aguilar continued: “I take the more practical approach that we are all in the business of tourism, and if one Bahamian who happens to be employed by the Ministry of Tourism is signalling for another Bahamian, who happens to be a taxi cab driver, that maybe there is a different way to approach or interact, I think we should absorb that push back and criticism

positively with the intention of improving the overall experience.

“I understand what they are saying but I don’t think there is any malicious intent here. I just think that the Ministry of Tourism guards its primary function, which is to provide a pleasant experience to our foreign visitors.

They very zealously undertake their jobs to ensure that we have that outcome.”

A VIEW of Prince George Wharf, Downtown Nassau.

FROM PAGE ONE “I’m aware that the new taxi union president is trying to put forth the

point of view that only traffic officers have remit to speak to the actions of a taxi driver,” he added. “I’m not aware of the specifics

that he is referring to, but if there have been words between taxi drivers and the Ministry of Tourism, I would say that the Ministry

Water Purification company is looking for a

Technical Supervisor

to manage and oversee its technical service department.

Experience: • Proven working experience as a Supervisor of Technical Department with a minimum of 5-7 years • Interpersonal skills to maintain and develop relationships with management and customers • Sales Experience General Responsibilities • Direct Supervision of hourly work force to maximize efficiency and reduce operating cost • Ensure proper training is given and recorded for all employees to reduce quality concerns • Maintain production to meet all schedules • Complete quality inspections and process audits as required and ensure corrective actions are implemented • Ensure personnel issues are dealt with in a timely matter, including disciplinary actions • Provide technical support to customers and support staff • Foster a positive team environment and assist coworkers as required • Comply with all company policies and procedures Instructions to applicants Please send resume via email to hr@purewaterbahamas.com Subject of email “Vacancy- Technical Supervisor” Only those applicants who are shortlisted for interview will be contacted Deadline for submission – 5pm, February 15th 2018.

Water Purification company is looking for a

Technician

to install and service water purification systems and softeners Experience: • Proven working experience as Technician • Interpersonal skills to maintain and develop relationships with management and customers • Sales Experience Instructions to applicants Please send resume via email to hr@purewaterbahamas.com Subject of email “Vacancy- Technician” Only those applicants who are shortlisted for interview will be contacted Deadline for submission – 5pm, Friday January 19th 2018.

PAGE 6, Wednesday, January 30, 2019

THE TRIBUNE

China-US row over tech giant Huawei overshadows trade talks BEIJING Associated Press US criminal charges against Chinese electronics giant Huawei have sparked a fresh round of

trans-Pacific recriminations, with Beijing demanding yesterday that Washington back off what it called an “unreasonable crackdown” on the maker of smartphones and telecom gear.

China’s foreign ministry said it would defend the “lawful rights and interests of Chinese companies” but gave no details.

Huawei is the number two smartphone maker and an

essential player in global communications networks.

A day earlier, US prosecutors criminally charged Huawei and several of its officials for allegedly stealing technology secrets and

MARKET REPORT TUESDAY, 29 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,096.00 | CHG 0.00 | %CHG 0.00 | YTD -13.45 | YTD% -0.64 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.39 1.60 0.56 3.68 10.20 6.60 4.85 12.50 2.74 1.78 8.21 6.30 13.20 6.99 4.47 13.50

52WK LOW 3.50 19.17 4.90 3.34 0.90 0.18 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.25 12.51

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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 Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson 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

52WK LOW 100.00

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 ##########

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) 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 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.30 10.20 6.16 4.40 11.00 2.54 1.78 8.66 6.30 12.85 6.98 3.62 13.01

CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.30 10.20 6.16 4.40 11.00 2.53 1.78 8.67 6.30 12.85 6.98 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.01 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 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 18

34

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 30.1 18.7 N/M 16.7 N/M N/M -4.4 14.6 12.8 28.6 17.5 24.8 8.5 N/M 13.1 16.9 12.1 13.1 20.6

YIELD 2.71% 7.23% 0.00% 4.45% 0.00% 3.57% 0.00% 6.96% 3.57% 2.73% 5.64% 2.37% 3.37% 0.97% 4.44% 3.89% 2.15% 3.59% 4.61%

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

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

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

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

INTEREST Prime + 1.75% 6.95% 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%

MATURITY 19-Oct-2022 ############### 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

MUTUAL FUNDS 52WK HI 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.62 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 7.43 8.57 6.57 10.37 11.68 10.32 9.92 8.69 11.79

YTD% 12 MTH% 3.57% 4.03% 1.65% 1.76% 2.18% 2.45% 2.08% 3.47% 3.35% 5.94% 4.30% 4.30% 2.60% 2.60% 3.40% 3.40% 1.46% 1.46% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

NAV Date 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Sep-2018 30-Sep-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

violating Iran sanctions.

That followed the detention in Canada of the Huawei founder’s daughter — a top company official who was named in one of the US indictments, and who is now awaiting possible extradition to the US Huawei has denied wrongdoing.

All that has further complicated US-China relations amid attempts to defuse a trade war instigated by President Donald Trump and clashes over alleged Chinese theft of trade secrets and other intellectual property from US firms. A new round of trade talks are planned for today in Washington.

The nearly two dozen charges unsealed on Monday by the Justice Department accuse Huawei of trying to spirit a robot arm and other technology out of a T-Mobile smartphone testing lab. They also allege that Huawei, two subsidiaries and a top executive misled banks about the company’s business and violating US sanctions.

The allegations mark a new phase in the dispute between the two countries over global technological dominance. The US has reportedly waged a campaign to discourage other nations from using Huawei telecommunications equipment for next-generation “5G” wireless networks, based on concerns that the Huawei gear might compromise national security.

US intelligence chiefs who briefed Congress on worldwide threats yesterday sounded the alarm about China’s efforts to gain an edge over the United States.

“China’s pursuit of intellectual property, sensitive research and development plans ... remain a significant threat to the United States government and the private sector,” Director of National Intelligence Daniel Coats told the Senate Intelligence Committee.

“While we were sleeping in the last decade and a half, China had a remarkable rise in capabilities that are stunning,” Coats said.

“A lot of that was achieved — a significant amount was achieved by stealing information from our companies.”

Yesterday, Australia’s TPG Telecom said it abandoned plans to build what would have been the country’s fourth mobile network because of a government ban on Huawei over security concerns. Last week Vodafone, one of the world’s biggest mobile phone companies, said it would stop using Huawei gear in its core networks.

US officials have long harboured suspicions that Huawei could be used by Beijing to eavesdrop on sensitive communications and questioned whether the privately-owned company has ties to China’s ruling communist party because its founder is a former military engineer.

Monday’s US charges did not allege that Huawei worked at the Chinese government’s direction.

A ten-count indictment in Seattle centers on a T-Mobile phone-testing robot dubbed “Tappy”. The robot, developed in 2006, helped spot problems in phones before they hit the market by mimicking how people actually use them.

Prosecutors say Huawei began a scheme to steal Tappy technology for its own phone-testing robot

after T-Mobile rejected its request to license the machine for broader use.

The indictment detailed efforts by Huawei engineers to sneak into the highly-restricted Tappy lab.

One engineer succeeded in taking unauthorised photos of the robot. Another managed to sneak it out of the lab to take measurements and photos to send back to China. He returned it after being questioned by T-Mobile, prosecutors said.

Huawei allegedly offered bonuses in 2013 to employees who stole information from other companies around the world, according to the Seattle indictment, citing emails obtained by the FBI. The bonuses were based on the value of information, which was sent to Huawei using an encrypted email address.

In the second indictment, Brooklyn prosecutors charge Huawei with using a Hong Kong front company, Skycom, to trade with Iran in violation of US sanctions. They allege Huawei’s chief financial officer, Meng Wanzhou, lied to banks about those dealings.

Meng, the daughter of Huawei founder Ren Zhengfei, was arrested Dec 1 in Vancouver, a development that set off a political firestorm between China and Canada.

China detained two Canadians shortly after Meng’s arrest in an apparent attempt to pressure Canada to free her. A Chinese court also sentenced a third Canadian to death in a sudden retrial of a drug case, overturning an earlier 15-year prison term.

Huawei overtook Sweden’s LM Ericsson in 2017 to become the number one global seller of network gear. The company says it supplies 45 of the top 50 global phone companies and has signed contracts with 30 carriers to test its next-generation technology. Its smartphone brand, launched in 2010, surpassed Apple Inc in two quarters of 2018 to become the world’s number two seller behind Samsung Electronics Ltd. White House spokeswoman Sarah Sanders denied that the criminal charges were part of a carrot-and-stick approach to the trade talks. “Those two things are not linked,” she said. “They are a totally separate process.”

Trump and his Chinese counterpart, Xi Jinping, agreed Dec 1 to put off further sanctions against each other’s exports while they negotiated a new trade pact. If they don’t reach an agreement by March 1, US tariffs on $200bn of Chinese products are set to rise from ten percent to 25 percent. That prospect has rattled financial markets for months.

The Trump administration has accused Beijing of deploying predatory trade tactics, ranging from requiring US and other foreign companies to hand over technology in return for access to the vast Chinese market to outright cyber-theft.

The number of economic espionage investigations the FBI is handling has doubled over the last three to four years, “and almost all of them lead back to China”, said FBI Director Christopher Wray.

THE TRIBUNE

Wednesday, January 30, 2019, PAGE 7

Billionaires hit Warren on proposed tax hike on top earners SEN ELIZABETH WARREN, D-Mass, speaks at the “Community Conversation about Puerto Rico and its Recovery” held at the Alejandro Tapia y Rivera Theater, in San Juan, Puerto Rico. Warren is dismissing criticism of her tax plan from two billionaires who are also considering presidential runs.

Photo: Carlos Giusti/AP WASHINGTON Associated Press SEN Elizabeth Warren seized on criticism yesterday from two potential presidential rivals who are billionaires to highlight her proposal to raise taxes on top earners.

Former New York City Mayor Michael Bloomberg blasted the Massachusetts Democrat’s “ultra-millionaire tax” as “probably unconstitutional”.

During a two-day visit to the early voting state of New Hampshire, Bloomberg said “we shouldn’t be embarrassed by our system” and warned against a slide toward Venezuela’s imploding socialist economy. His comments followed a jab from former Starbucks CEO Howard Schultz, who called Warren’s plan “ridiculous” in an NPR interview.

In an interview yesterday, Warren said the tax is necessary and dismissed the criticism from Bloomberg and Schultz, who are both considering using their wealth to fund a presidential campaign.

“Another billionaire who thinks that billionaires shouldn’t pay more in taxes,” she told The Associated Press. “No surprises — but that’s also not how we’re going to build a future for this country.”

Warren formed a presidential exploratory committee last month. She unveiled a proposal last week that would add a two percent tax to US households with net worth greater than $50m, increasing it to three percent for net worth greater than $1bn. Economists advising Warren project the new levy would hit less than the top 0.1 percent of households and that it would raise $2.75tn over ten years.

It comes as the early days of the Democratic primary are dominated by a debate over the risks of staking out positions that opponents could brand as too liberal.

Bloomberg, who is eyeing a White House run as a Democrat, has urged caution on policies related to taxes and health care. Schultz, who said this past weekend he’s considering running for president as an independent,

is also seeking to appeal to moderate voters.

Conservatives have lambasted Warren’s idea as a violation of constitutional prohibitions on “direct” property taxes that are not applied proportionally to specific states, a criticism that Bloomberg echoed on yesterday even as he allowed room to debate the current state of income tax rates.

“People earn money to pay their taxes, and then they don’t expect the government to come back and take some of it away,” he told reporters. “I think you can question whether or not we have the right tax rates.”

Bloomberg noted that he criticised the tax cuts President Donald Trump and the GOP passed in late 2017 as overly skewed toward the wealthy, even as he linked Warren’s proposal to the failings of socialism in South America.

“If you want to look at a system that is not capitalistic, just take a look at what was perhaps the wealthiest country in the world and today people are starving to death. It’s called Venezuela,” Bloomberg said.

But Bloomberg faces a steep climb in a Democratic party where more liberal candidates have captured early buzz, and Schultz is traveling an even harder road as Democrats fume that his candidacy could siphon votes from their nominee.

That makes their animosity politically beneficial to Warren, who will face stiff competition from California Sen Kamala Harris and her proposal for new middleclass tax credits as a means to boost economic equality.

Progressive Change Campaign Committee co-founder Adam Green, whose activist group backs Warren’s nascent presidential bid, underscored the upside for Warren in taking on two ambitious multi-billionaires over her tax plan. “Not since ‘Nevertheless, She Persisted’ has a bigger political gift been handed to Elizabeth Warren than out-of-touch billionaires attacking her for wanting to tax their wealth to open up health care and educational opportunities for millions of voting Americans,” Green said.