01312019 BUSINESS

business@tribunemedia.net

THURSDAY, JANUARY 31, 2019

$3.99 Private sector fears ‘filling gap’ on NHI

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chairman yesterday voiced fears that the already-strained private sector will have to “fill the gap” if National Health Insurance (NHI) gets its sums wrong.

Michael Maura told Tribune Business that the business community remains worried it will be subject to ever-increasing taxation if the scheme’s annual $1,000 Standard Health Benefit (SHB) premium proves inadequate to cover its costs, resulting in a significant funding shortfall.

Reiterating that the private sector cannot be viewed as a lifebelt, or bailout option of last resort, if NHI falters, Mr Maura said the insurance and healthcare industries must be allowed to assess how the government determined the $1,000 SHB premium was sufficient to cover the scheme’s benefits package.

The NHI Authority, which oversees the scheme, has revealed that it is proposing to expand NHI’s medical services/benefits to include pediatric cancers without any increase in premium to cover the resulting rise in costs. This has already concerned observers, who yesterday argued the move needs further explanation to ensure the

SEE PAGE 6

Govt uses up 73% of full-year deficit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE government was last night said to be confident there will be “no deviation” from its $237m full-year deficit target despite incurring almost three-quarters of this sum in the first six months.

Marlon Johnson, the Ministry of Finance’s financial secretary, told Tribune Business that the Minnis administration “feels comfortable” it will hit its

THE government injected $45.4m into the Grand Lucayan resort, including $13m to cover its operational costs, during the six months to year-end 2018, it was revealed last night.

The Minnis administration’s six-month “fiscal snapshot”, covering the first half of the 2018-2019 fiscal year, exposes the scale of the potential drain on Bahamian taxpayers if the government is unable to realise its goal of selling Freeport’s “anchor property” by the second quarter.

Analysing the government’s financing transactions and investments during the six months to end-December, the report said: “On the equity side, developments continued to be dominated by the government’s investment in the special purpose vehicle, Lucayan Renewal Holdings, formed to acquire the Our Lucaya properties in Grand Bahama during the first quarter of the fiscal year.

“For the first half of fiscal year 2018-2019 these investments totaled $45.4m—reflective of the original $32.4m in equity contribution alongside an

$4.05

MARLON JOHNSON

• Just $63m below 12-month target at half-year • Top official confident ‘no deviation’ from goals • $25m revenue loss on web shop battle 2018-2019 goals despite racking up $174.2m in “red ink” during the six months to end-December.

With the bulk of the government’s revenues traditionally earned during the second half of a fiscal year that coincides with the peak winter tourism season, business license fees and the bulk of real property tax

payments, Mr Johnson said it “remains confident” that the 12-month deficit target - mandated by the Fiscal Responsibility Act - will be hit.

“We feel comfortable,” the Ministry of Finance’s top official said. “We’ve done some revenue analysis and expenditure projections.

Based on our forecasts we

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN workers earning more than $35,000 per year will have to pay the majority of their National Health Insurance (NHI) premiums from their own salary, it was revealed yesterday.

The NHI Authority, in a late afternoon briefing for the medical industry and private sector, unveiled a revised tax/contribution schedule that - at the top level - requires high-end management executives

remain confident that the target budget deficit of $237m is still very much attainable, and we don’t anticipate any deviation from that.”

Reiterating that the fiscal year’s first half was historically the weakest part of the government’s revenue cycle,

additional $13m, for operational expenses.”

Elsewhere, the six-month “snapshot” noted that the public sector wage bill fell by 7.4 percent of $27.6m compared to the 20172018 first half, dropping to $345.8m. “At 89.1 percent of the total, wages and salaries were below the year-earlier spend by $19.9m at $153.7m, primarily explained by the timing of the execution of planned and budgeted recruitment exercises,” the report said.

“Allowances were reduced by $7.1m to $22.2m, partly due to timing-related factors in overtime payments to the security forces.

Consistent with the tempered employment trends, the employer’s NIB contribution declined by $0.5m to $15.4m.

“Outlays on goods and services amounted to $222.2m, up $44.5m from the comparable period a year earlier, and were 36.9 percent of the budget.

The largest component, special financing transactions, increased by $39.6m to $52.1m, and included nearly $42m in arrears payments.”

Turning to the government’s debt, the six-month “snapshot” added: “Public debt interest payments rose

SEE PAGE 4

MICHAEL MAURA

PM DR HUBERT MINNIS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

involve abandoning NHI’s initially-planned staggered launch.

The scheme’s policy document, launched last year to kick-start public consultations, called for a January 2020 launch of contributions for companies with 100 employees or more. That was to be followed by an

THE Bahamas “must make government work for the people”, the prime minister said yesterday, warning that it cannot survive at 118th place in the World Bank’s ease of doing business index.

Dr Hubert Minnis, in his contribution to the House of Assembly debate on a resolution to borrow $30m for the government’s digital transformation, said: “We must make government work for the people instead of people working for the government. Our services must become more efficient, easier to access, transparent and faster; not just for business but for every Bahamian.”

He asserted that successive administrations have paid lip service to a transformed civil service, adding: “It is this administration that will concretely and systematically address that transformation, and hence

SEE PAGE 5

SEE PAGE 7

SEE PAGE 4

• $66,667 high-flyers to pay 100% • Now one-shot launch in July 2020 • Authority chief: ‘Train has left station’ earning more than $66,667 to pay 100 percent of the annual $1,000 Standard Health Benefit (SHB) premium.

The more progressive contribution structure, which will see higher-earning Bahamians contribute more than their lower income counterparts to the scheme’s financing, was among several proposed adjustments that also

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PM: Govt must work for people

$35k plus income earners to pay bulk of NHI premium

Govt spends $13m to cover Lucayan operational costs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.05

PAGE 2, Thursday, January 31, 2019

THE TRIBUNE

Striking the right internet images OPTIMISING images for the Internet is a tricky business, and the right balance between file size and picture quality is critical. If you look closely at any web page, you will see most of their load time is delayed by images.

But they do not have to be if you decrease image size.

The hiring of expensive graphics editors to compress

the sizes of your images is unnecessary, as there are plenty of free utilities and shareware that will do the job online. If you want to provide a minimalist design, which is fast-loading and functional but still nice, it is very easy. Much can be achieved by very little. Many people forget that the best way to optimise their pages

is to eliminate needless graphics.

Which Format?

One of the more common mistakes that leads to bloated image sizes is the use of wrong file formats.

The simple rule to follow is: GIFs should be used for simple line drawings, shapes, small icons and nothing too complex. You will not lose any detail because GIFs are “loss-less”.

Dropping the palette to cut a GIF down to size, and increasing the dithering, is helpful. Dithering will increase the file size, so ensure you are accurate with the balance between colours and dithering.

If your image will be large despite what you do, save the GIF as interlaced. This serves as a blurry version of the graphic first, and gradually paints over with the finished image. It increases the file size a bit, and also creates a perception of a faster download.

Never use bitmaps for anything The best way to choose a format for a graphic, especially if you are indecisive, is to experiment. Save both, then compare sizes and image quality.

Chop and Replace Some images on your site can be easily dumped without much trouble, such as fancy animations that add

nothing and serve only as distractions. Replace them with text links.

Now we come to one of the worst crimes in images: GIF text. You may not have a particular font, which prevents you reading the words as intended. This is bad.

Never put text in GIFs (or do it as little as possible).

A fancy font can often be replaced by a more common font and, if you prefer text as opposed to an image, set the graphic as a table background and place the text in the table.

Palette size A small sacrifice can often lead to big gains and, by decreasing the colours used in GIFs and increasing the dithering, it makes up for anything missing.

Creating your own images instead of borrowing others is really a good idea, as you can place the rest of your files on a server. Try not to link to other people’s images, as the other person’s server might be slower.

Resolution Remember to check which resolution you are creating your images at. The normal resolution should be 72 ppi (pixels per inch), so if you have gone higher than this (which happens regularly with scanned images) try decreasing it and observe the results.

Crop out the junk

Entrepreneur obstacles highlighted by survey RAISING start-up capital, government bureaucracy and the cost of doing business are the three greatest obstacles facing Bahamian entrepreneurs, a survey has revealed.

The OWN Bahamas Foundation, which plans to further expand its support for aspiring Bahamian entrepreneurs in 2019, yesterday said an online survey of 1,500 participants at its motivational speakers’ event had confirmed many of the suspected challenges facing business start-ups.

The 494 responses from entrepreneurs and aspiring entrepreneurs covered all but four constituencies, with those already operating having been in business for between one to three years.

The five most popular industries for these entrepreneurs, according to the OWN Bahamas Foundation, were general retail; food and beverage; hair; nails and cosmetics; culture; and manufacturing - all of which are

relatively crowded by competing businesses.

Once the three greatest obstacles were overcome, the OWN Bahamas Foundation said survey results highlighted the top four challenges to business growth as being the cost of expansion; finding new customers; the ongoing cost of doing business in The Bahamas (licence fees, taxes, energy costs); and finding quality employees, respectively.

Marketing topped the list of professional services most needed by these businesses, the survey found, with 72 percent of participants acknowledging the need for - and 54 percent stating that the majority of their professional services spending goes to - marketing. Accounting was next highest in demand, with 51 percent of participants admitting to needing the service.

The OWN Bahamas Foundation added that survey respondents were highly motivated to start a

Using the crop tool to cut away unnecessary junk reserves more space, while another trick is to use a thumbnail image to link to the main one, which makes a smaller (in physical size and file size) image.

Height and Width Always include both the height and width attributes in your graphics so that the browser recognises the anticipated size of the image to avoid unnecessary delay and increase speed.

If you desire a smaller image resize it using a graphic program, as a smaller-looking image will not be any smaller in file size. Save as many graphics as possible as interlaced, since this will download rough versions first and add detail later. This option is more useful for large graphics.

Cache A browser’s cache is an area on the hard drive (a part of the RAM) that stores frequently-used images. If you visit a new page and your browser recognises the identical image file being called on, it can pop it back up from the cache, skipping the download process altogether.

This means super-quick loading, which is why using the same images is great for speed.

Finally, if you shave 40 percent off the file size of every optimised image, you will

have cut almost 40 percent off the combined size of an entire page. This produces extra speed and makes your site load much faster.

Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game!

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/ marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

business by the goal of building a better life for their families, with some 64 percent indicating this was a driving ambition.

When asked what they would do differently if they could start their business again, some 35 percent of survey respondents said they would have started sooner, while 24 percent would have raised more start-up capital.

A lack of personal savings was the most common reason for not starting a business among 52 percent of participants who remain budding entrepreneurs. Around 58 percent of respondents felt sales and marketing were key for aspiring entrepreneurs to learn before starting a business, while 56 percent chose business management and 50 percent chose business plan writing.

The OWN Bahamas Foundation said it is transitioning to an autonomous, board-governed non-profit organisation as it moves to expand its initiatives to the Family Islands and launch the first ever OWN Teach— new training programmes designed to fill the entrepreneurial skills gap in the area of technology.

OWN Bahamas also plans to expand its digital footprint through the more consistent streaming of content. This will include an online forum, newsletter, digital library, increased social feed, self-help endeavours, and its first-ever trade show.

“Our main goal is to assist Bahamians with financial support, mentorship, skills and business know-how, while advocating for the removal of barriers that may prevent small start-up businesses from succeeding,” said Sebastian Bastian, Island Luck’s chief executive whose personal experience in starting and building a business was a catalyst for initiative.

“The OWN Bahamas Foundation was created to be the bridge between an entrepreneur’s dreams and realising those dreams. This year we intend to focus on recalibrating the foundation so we can do an even better job of being that bridge.”

Since its inception, OWN Bahamas has given more than $750,000 to 38 grant recipients and provided access to business training courses at the University of The Bahamas.

The Art of Graphix

BY DEIDRE M BASTIAN

THE TRIBUNE

Thursday, January 31, 2019, PAGE 3

MORTON SALT READY FOR INDUSTRIAL ACTION

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

LATEST WORKER OFFER ‘FAIR’ AND ‘PRESERVES JOBS’

MORTON Salt yesterday branded its latest industrial offer to line-staff as “fair” and one that would “preserve jobs”, adding that it was prepared for any work stoppages at its Inagua plant.

The salt harvester, in a statement sent to Tribune Business, said it had been meeting with union representatives for almost a year in an effort to reach a new industrial agreement. It added that its latest offer “serves both operational and employee needs in order to preserve good jobs”.

“We’ve also worked together with a conciliator

to help drive toward resolution. Unfortunately, the parties have not yet reached an agreement,” Morton Salt said.

“At Morton Bahamas, we’re committed to building productive working relationships with our employees and partners. We’ve put forth an offer that is fair and serves both operational and employee needs in order to preserve good jobs in Inagua.

“The Morton Bahamas offer, including its offers from the past week, provided for wage increases in each year of the proposed agreement as well as updates to the company’s healthcare

benefits. In addition, we’re offering a larger production incentive that represents a substantial increase compared with the previous bonus structure when the site reaches agreed upon production targets.”

Jennifer Brown, the Bahamas Industrial, Manufacturers and Allied Workers Union (BIMAWU) president, recently expressed disappointment with the company’s latest offer, which she described as no improvement over the previous submission.

She added that the union, which represents around 100 line staff, was being pushed to take strike action. Ms Brown recently alleged that workers at Morton Bahamas were being

“discriminated against, with wages at other plants highly exceeding that of Inagua employees”.

To this, Morton Salt responded: “While pay varies across sites in our network, one of the most important things Morton Bahamas can do for its employees is to ensure that they have access to affordable and high-quality healthcare.

“Currently, we cover more than 90 percent of our employee healthcare costs, which is significantly more than what most other employees in the Bahamas - and in our broader network - receive in terms of coverage.”

As to the threat of a work stoppage or other forms of

industrial action, Morton Salt added: “No one likes a work stoppage, but as the trusted authority on salt in North America with one of the largest production and distribution networks in the industry, Morton has the footprint and flexibility to continue delivering highquality products to our customers and consumers.

“We have very solid supply plans in place that leverage the broader Morton network, giving us the flexibility to adjust our production and distribution processes as appropriate. Across all of the company’s facilities, we have well-defined contingency plans in place to sustain our operations in the event of a work stoppage.”

DPM QUERIES CORRUPTION PERCEPTION INDEX SLIDE

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE deputy prime minister yesterday queried why The Bahamas had slipped in Transparency International’s Corruption Perception index when it has the “most transparent and accountable government” in its history.

KP Turnquest, pictured, told Tribune Business he was unaware of any issues arising over the past year that would have caused The Bahamas to fall one spot to 29th in the Index, falling further behind Barbados, which has replaced it as the Caribbean nation with the “least perceived corruption” in 25th spot.

The Bahamas’ score of 65 in the 2018 Corruption Perceptions Index was flat against the prior year performance, and Mr Turnquest said: “I don’t know what the criteria is on that because, as far as I’m aware, there are no issues that have arisen in the last year to cause a slip in our rating.

“Again I don’t know what the criteria is. It’s clear that we have been as transparent and accountable, certainly more so than any other government in the past. If there are concerns I would certainly be interested to see what they are.

“There very well may be some concerns, or some countries may have done some things that would have significantly improved their rating, but I would be interested in understanding what that is about.”

Lemarque Campbell, of Citizens for a Better Bahamas, Transparency International’s local representative, told Tribune Business earlier this week 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 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.

Political opponents also pointed to the slippage as a “lack of true commitment” by the Minnis administration towards

transparent and accountable governance.

“Even though the current administration had campaigned on transparency and accountability in governance on the 2017 campaign trail, their governance to-date has been marred by scandals, conflicts of interest and inaction, proving that they are no different from their predecessors in government,” said Geoffrey Deleveaux, the DNA’s

spokesman for good governance.

Pointing to the Oban deal and other incidents, Mr Deleveaux said the CPI ranking “comes as no surprise”.

“The government should be aware that its actions are being monitored by both domestic and international observers,” he added. “They should go beyond the political rhetoric and wage war on corruption and the perception of corruption in our nation.

“On behalf of the Bahamian people, we demand the full implementation of the Freedom of Information Act and the Integrity Commission Act. We encourage the government to fully embrace the DNA’s platform for good governance by enacting and enforcing Whistleblower and Campaign Finance legislation among others without delay.”

Looking over your life and wondering what you could have done differently does not help the situation.

But what you could do is change your attitude, pointing it in a more positive direction.

~Betty Taylor ~

Original Author

For more original and inspirational quotes, please get a copy of the book “Hold On To Life and Love”at Logos Bookstore, located in the Harbour Bay Shopping Centre.

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PAGE 4, Thursday, January 31, 2019

THE TRIBUNE

Govt uses up 73% of full-year deficit FROM PAGE ONE Mr Johnson added: “We’re managing expenditure growth quite judiciously.

We remain confident Budget targets will be met.”

The Government’s sixmonth “fiscal snapshot”, released late last night, focused more on the 31.4 percent year-over-year reduction in the deficit compared to the 2017-2018 performance than the fact that it was equivalent to 73.3 percent - almost three-quarters - of full-year projections.

This means the Government has just $63m of deficit “wiggle room” during the six months to end-June 30 if it is to achieve its target of both meeting the Fiscal Responsibility Act’s mandate and achieving a substantial

reduction in the prior year’s $410m deficit.

The 2018-2019 half-year deficit, though, would likely have dropped to $149.2m - some 62.9 percent of the full-year target - had it been able to realise some $25m in expected revenues from the new and increased web shop taxation.

This sum, split into $10m generated by the five percent Stamp Duty levy on patrons, with the $15m balance coming from the “sliding scale” imposed on operators, has not been realised due to the web shop industry’s Supreme Court challenge to the new tax structure.

The sector has since been involved in long-running talks with the Government, led by Carl Bethel QC, the attorney general, to resolve the matter without resorting

to litigation, but it still remains unclear when the Public Treasury will receive any revenue and how much.

Mr Johnson, though, said the Ministry of Finance remains confident that a major portion of the expected web shop revenue increase will still be realised.

“Some $25m in total has not been collected as yet,” he confirmed to Tribune Business.

“Obviously there’s concern, but from what we understand there’s progress in discussions with the gaming industry, and that progress is substantial, so we remain confident a substantial part of that will be collected.”

“Gaming taxes, at $9.8m, remained below the yearearlier intake of $14.6m,” the Government’s six-month

“fiscal snapshot” conceded.

“The ongoing delay in the implementation of the new schedule of taxes on gaming houses contributed to a $15m shortfall in budgeted receipts, and placed receipts at only 14 percent of the $70m anticipated annual yield.

“General stamp taxes increased to $5.9m from $1.8m a year ago, although attaining only 20.9 percent of the budget. This outcome was primarily explained by an estimated revenue loss of $10m due to the delayed introduction of the new 5 percent stamp tax on gaming patrons.”

Still, the Government’s half-year revenues increased year-over-year by 14.7 percent or $129.5m to hit $1.01bn even though the full impact of the VAT rate increase to 12 percent had yet to be felt because of the transition periods afforded to the hotel/tourism and construction industries.

VAT revenues rose by $81.2m or 25.5 percent to $399.5m for the six months to year-end December 2018, representing just 38 percent of the full-year target. That is likely to be seized upon by the Government’s political opponents, who have repeatedly argued that the 60 percent VAT rate increase will not produce an equivalent 60 percent revenue expansion - as suggested in May’s budget - because consumers have cut back on consumption.

The “fiscal snapshot”, though, dismisses such concerns thus: “At 38 percent of the budget target, this outturn included only one quarterly VAT filing (October 2019) at the 12 percent rate, which became

effective July 1, 2018, and was also tempered by the Government’s accommodation to hotels and resorts and development projects to honour business booked/ secured prior to September 30, 2018, at the old rate.”

Summarising the Minnis administration’s half-year performance, it added: “Revenue increased by $129.5m in the first six months of fiscal year 2018-2019, representing a 14.7 percent year-on-year improvement when compared to the first half budget performance in 2017-2018.

“Overall expenditure increased by $49.9m, accounted for by a $93.9m increase in recurrent expenditure and a $44.1m decrease in capital expenditure. The settlement of payment arrears contributed $65.1m of the recurrent expenditure increase.

“In 2017-2018, the capital expenditure was inflated due to the extraordinary booking of $55.2m for the $100m Bahamas Resolve promissory note to the Bank of The Bahamas.”

Mr Johnson last night told Tribune Business that the payment of previously unfunded arrears accounted for much of the 9.3 percent year-over-year increase in the Government’s total first half recurrent spending, which goes on its fixed costs such as salaries, benefits and rents.

Despite the increase from $1.004bn to $1.098bn, he added: “A significant portion of that, $65m, of expenditure growth is paying down on arrears. If you take that out you will see the expenditure growth is modest.”

Leading the arrears payments was some $11m paid

to CTF Holdings, the owner of Baha Mar, with a further $8.2m settling bills owed to the Public Hospitals Authority’s (PHA) medical suppliers and $5.4m allocated to garbage collection vendors.

Another $6m was used to pay down the arrears owed to the Water & Sewerage Corporation’s major supplier, Consolidated Water, while the University of the West Indies received $5.4m and the cruise lines, Carnival and Norwegian, gaining $6m and $1m, respectively.

“Employee compensation was lowered by $27.6m, primarily due to the timing of the execution of planned recruitment exercises,” the Government’s “fiscal snapshot” added. “In addition to the settlement of budgeted arrears, higher payments were recorded under goods and services for utilities and communications (up $3.7m), operational and other expenses (up $1.9m), and services (up $6.7m). Rent expenses also increased in the year-over-year comparison (up $11.8m) due to the Government’s enhanced efforts to keep current with its obligations.”

Mr Johnson told Tribune Business that the Government’s capital spending was expected to “ramp up” during the six months to end-June 2019 as major public works projects are initiated.

“We expect to see a bump up in capital expenditure in the second half as a lot of projects get into stride,” he said. “We expect the level of capital expenditure to go up materially in the second half, and we’ve accounted for that.”

GOVT SPENDS $13M TO COVER LUCAYAN OPERATIONAL COSTS FROM PAGE ONE by $19.2m (13.6 percent) to $160.9m to position at 46.4 percent of budget. Of the total, $72.8m was on foreign currency obligations and the remaining $88.1m was for Bahamian dollar debt.

“Subsidies, constituting transfers to government-owned and/or controlled units which provide commercial goods and services to the public, aggregated $168.8m—an increase of $28.1m (20 percent) from the same period in the prior fiscal year.”

Identifying the prime causes, the report added: “Transfers to public non-financial corporations, at $151.6m, exceeded last year’s spend by $28.1m.

Approximately $110.6m or

73 percent of the total was directed to the Public Hospitals Authority - an increase of $27.2m over the comparative fiscal period.

“Some offsets were provided by timing-related reductions in support to the Water & Sewerage Corporation ($5.5m) and [Bahamasair] ($2.9m). Transfers to private non-financial enterprises were significantly higher at $16.8m from $4.2m in the corresponding review period. This outcome was boosted by arrears payments to cruise line operators and payments to a hotel property [Baha Mar] in the context of a Heads of Agreement.”

Focusing on other expenditures, the fiscal “snapshot” said: “Social assistance benefits, which could be in cash or in kind (medical services)

totalled $23m - a gain of $5.3m from last year and approximately 46.4 percent of the budget.

Continuing the observation in the first quarter, this outcome was primarily attributed to higher payments under the National Drug Plan Programme, of $6.3m to $10m.

“Pension and gratuity payments amounted to $64.9m, compared with $59.5m a year earlier, and approached 48 percent of the budget allocation. Spending on pensionable officers who either have reached normal or early retirement age, opted for early exit from the service or died while in the service, was $49.8m for a gain of $4.2m.

Gratuity payments increased by $2m to $14.2m, which equated to 43 percent of the budget.

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THE TRIBUNE

Thursday, January 31, 2019, PAGE 5

$35k plus income earners to pay bulk of NHI premium FROM PAGE ONE expanded roll-out to include all businesses with an annual turnover of $100,000 a year or more in January 2021.

However, Michael Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, confirmed to Tribune Business that the NHI Authority is now proposing that there be one, single launch for all in July 2020.

Mr Maura, who attended yesterday’s meeting, also confirmed that the exemption threshold for small Bahamian businesses - below which they will not have to purchase the SHB, NHI’s minimum level of coverage, for employees has more than doubled from $100,000 to $250,000.

He added that the NHI Authority received “little push back” in yesterday’s meeting, which was attended by between 50-70 representatives from the medical industry and private sector, as most present acknowledged the need for Bahamians and legal residents to have access to affordable healthcare when they needed it.

Dr Robin Roberts, the NHI Authority’s chairman, was also said to have gently reminded attendees that “the train has already left the station” through NHI’s April 2017 launch under the former Christie administration prior to the general election.

Some 50,000 Bahamians are already using NHI’s services, but Mr Maura said Dr Roberts and Graham Whitmarsh, NHI’s managing director, assured healthcare industry and private sector representatives present that they have “not closed the door” on constructive suggestions that could improve the scheme despite the consultation period ending.

“They did make material adjustments to the plan as previously articulated,” the chamber chairman said of yesterday’s meeting and presentation. “They had initially anticipated having a launch on January 1, 2020, for those companies with a minimum of

100 employees, and having a January 1, 2021, roll-out for small businesses that now have revenues in excess of $250,000.

“They have moved away from that. July 1, 2020, is now the mandatory roll-out for all businesses with over $250,000 in annual revenues.”

Mr Maura confirmed that the NHI Authority has also shifted the tax/contribution burden as “previously articulated” by this newspaper. The proposed employee contribution, which was initially set at two percent of gross wages, has now been dropped to a 1.5 percent rate.

However, the previous “cap” that limited employee contributions to a maximum of $500 per annum, has now been removed to make way for a more progressive structure that will see higherearning Bahamians - rather than their employers - contribute the bulk of their NHI premiums.

“The way the formula now works is you contribute 1.5 percent of your gross wages up to a maximum of $1,000,” Mr Maura explained. “The way this is structured, if you happen to be earning $66,667 annually you are going to carry 100 percent of the SHB’s $1,000 premium cost and the employer will pay zero.

“If you’re on the other extreme, the employee that earns a maximum of $5,000 per annum will pay $6.25 per month and their employer $77.08 per month. As your income increases your share of the premium also increases.

The initial NHI contribution structure, complete with the employee cap of $500 per annum, would have seen

workers earning $25,000 and up paying 50 percent of their monthly premium - a figure of $41.67 per month, which would have been matched by their employer.

The revised structure, which will be presented to Cabinet for its approval, tears that plan up. Employees earning $35,000 annually will now have to pay $43.75, or 52.5 percent, of their monthly SHB premium with the employer contributing the minority balance.

Workers earning $45,000, $55,000 and $65,000 annually will have to pay 67.5 percent, 82.5 percent and 97.5 percent of their NHI health insurance costs, respectively. In contrast, employers will have to pay 92.5 percent of the premium cost for workers earning less than $5,000 per annum.

Employer contributions will also increase for workers earning $10,000, $15,000, $20,000 and $25,000 per annum when set against the initially proposed fee schedule. For these income categories, companies will be contributing between 85 percent and 62.5 percent of the premium cost.

The revised NHI contribution structure is thus effectively a rebalancing of the payroll tax burden, shifting it away from lower and middle income employees towards their higher-earning counterparts and the employer - especially larger companies and those where the workforce falls into the lower/middle income category.

In seeking to make the structure more progressive, and link contributions to ability to pay, the NHI Authority

has also lifted the contribution burden from more small businesses and start-ups by increasing the exemption threshold from $100,000 to $250,000.

Mr Maura told Tribune Business that “there remains some concern” over the ability of minimum wage workers to afford NHI contributions, but added that there was a general acknowledgement at the meeting that Bahamians without private health insurance needed greater access to affordable healthcare.

“We can see how, if you are an individual in need of medical coverage, this is obviously a very positive step in that you’ll be able to get the appropriate care,” he said.

“The meeting went very well from their [the NHI Authority’s] perspective with no push back in the meeting itself.

“Generally, everybody appreciated that Bahamians and legal residents should be given the ability to get health when needed.”

Mr Maura added that there will be “a common

enrollment” period for NHI between March to April every year when companies will have the ability to choose, and switch, between their insurance provider. Employers will also be able to add and remove workers from the scheme.

The chamber chairman added that “with every programme there are winners and losers”, although the unemployed, retirees and persons to young to work will be covered by the government under NHI.

Water Purification company is looking for a

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PAGE 6, Thursday, January 31, 2019

THE TRIBUNE

Private sector fears ‘filling gap’ on NHI FROM PAGE ONE scheme does not become an unsustainable burden.

Mr Maura, meanwhile, said the newly-raised $250,000 annual revenue exemption threshold below which companies do not have to purchase SHB insurance for their employees - was still “too low” for the private sector’s liking.

He added that companies impacted by the “sugary drinks tax” proposal, which the government believes could raise up to $8-$10m annually to finance NHI, were still fiercely opposed to the idea.

Speaking after the NHI Authority yesterday gave a presentation on proposed adjustments to the scheme, the chamber chairman said it had pledged to develop key performance indicators

(KPIs) to measure its success and whether it was hitting its targets.

Mr Maura added that he had suggested to Graham Whitmarsh, the NHI Authority’s managing director, that it also issue an annual questionnaire to around 50 companies to measure whether one of the scheme’s purported benefits - improved productivity from better employee health and reduced

sick days - was actually materialising.

“We as a private sector remain extremely concerned that we will be the ones to fill the gap if this does not pan out the way they hope,” he told Tribune Business. “The government has said it will cover retirees, the unemployed and persons too young to work. The question is: Are we going to find that ends up presenting itself in additional taxes some place?

“We remain concerned that we don’t know, and they don’t know, what the consequences and end result of this programme will be to business. We don’t know that. They don’t know what portion of staff are going to decline the more substantial health coverage employers offer today and move to the SHB that offers a $1,000 a year premium.

“We don’t know what the risk profile will look like, and what the resulting insurance premium will be.

We remain concerned.....

Everything seems to be lining up where business is going to be carrying, or at least absorbing, the greater

share of the cost to meet this objective.”

Mr Maura said yesterday’s meeting with the NHI Authority focused largely on the scheme’s design, rather than its cost and price estimates, and whether these were accurate enough to ensure the scheme does not become an unsustainable burden on the backs of businesses and Bahamian taxpayers alike.

“What we have not done, and I’m not privy to, is it would be interesting to bring the insurance industry and medical professionals together to report on the financial analysis,” he added. “That needs to happen as a second step.

Show us how you came up with your numbers.”

Mr Maura, while expressing “confidence and faith” in the NHI Authority’s intentions and its work todate, said the proposed scheme was still effectively a state-owned enterprise (SOE) that successive governments have shown a repeated inability to manage efficiently.

“The fact is this is another version of a stateowned enterprise that

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the government has not, does not, and never had a very good track record of managing value-oriented businesses efficiently,” he told Tribune Business. “This is why we were so insistent that KPIs be developed and included in their annual report so they hold themselves accountable, celebrate wins and correct deficiencies.”

While more small businesses will be exempt from making NHI contributions, due to the threshold’s increase from $100,000 to $250,000, Mr Maura said the adjustment - while welcome - still meant that micro enterprises and startups face being caught in the net.

“A business earning only $250,000 a year in turnover is an extremely small business,” he explained. “I believe it’s still too low. It’s hard enough for those businesses to make it. It would have been better, notwithstanding the fact they did listen, that they accepted our recommendation and start at $500,000 and work from there.

“There’s a concern that $250,000 is too low still, and the burden too great potentially for those small businesses.”

China factory measure improves but activity still sluggish BEIJING Associated Press AN OFFICIAL measure of China’s manufacturing improved in January but forecasters say economic activity is sluggish as Chinese leaders try to resolve a tariff battle with Washington.

The purchasing managers’ index issued Thursday by the government statistics agency and an industry group rose 0.1 points on a 100-point scale but stayed below a level that shows activity expanding.

Measures for employment and domestic demand weakened.

China’s economic growth sank to a three-decade low in 2018 after activity decelerated in the final quarter of the year.

Citigroup economists said in a report, “we see economic growth remaining sluggish” through the first half of 2019.

Chinese and US negotiators began talks Wednesday in Washington aimed at resolving the fight over US complaints about Beijing’s technology ambitions.

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BAHAMAS AIR NAVIGATION SERVICES DIVISION

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The Bahamas Air Navigation Services Division (BANSD) was established on October 3, 2016 as the service provider of the aviation sector, independently operating with the responsibility for air traffic services, aeronautical information services, communications, navigation and surveillance, and advisory services. In order to continue the efficient and effective operation of BANSD, we are recruiting motivated and interested persons to join the team as Air Traffic Controllers.

AIR TRAFFIC CONTROL TRAINEES Trainees will complete the Air Traffic Controller Training Program based on the International Civil Aviation Organization Standards. All Trainees are required to complete a Class III Medical and a security vetting. Successful Trainees will perform as a Flight Service Officer after certification.

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THE TRIBUNE

Thursday, January 31, 2019, PAGE 7

PM: Govt must work for people FROM PAGE ONE the creation of the modernisation unit within the Office of the Prime Minister and the urgent need to borrow the $30m to assist in the digital transformation.

The urgency requires the weight of my office.”

Dr Minnis added that the modernisation unit has organised its work around four focal points - citizen engagement; digitisation: innovations and employee empowerment.

“Currently, we have an online presence of 400 services, that is, forms that may be obtained on-line,” he added. “These forms must be printed, completed and then physically delivered to the relevant government ministry or department.

Of that 400, 14 are actually online services, but may require the user to visit more than one site.

“The 14 online services are in the Department of Inland Revenue, which has value-added tax, real property tax and business licence; the Registrar General’s Department that allows the incorporation of a regular company, incorporation of an international company, filing of company documents, payment of annual fees (for international business companies and regular Bahamian companies), reserving of a company name, marriage registration, and death registration; the Public Treasury Department that permits vendor enquiry; the Department of Labour that allows employee

placement; the Office of the Attorney General that has the Notary Public Licence; and the Ministry of Financial Services, Trade and Industry and Immigration which has a Trade Information Portal. I am certain, however, that in its work, the unit will discover that The Bahamas offers far more than 400 services.”

Dr Minnis said that while government ministries, departments and corporations have been making strides in the use of information and communication technologies (ICT), this has not translated into ease of doing business with the government “as the systems do not interface”.

“The World Bank’s ease of doing business index 2018 ranks The Bahamas as 118th of 190 countries. This

ranking does not augur well for encouraging Bahamian businesses or the promotion of foreign direct investment,” the prime minister argued.

“In addition, it does not translate into customer satisfaction of Bahamians who must use these services every day. The Bahamas cannot remain at this level and survive.”

Dr Minnis said the goal of the $30m Inter-American Development Bank (IDB) loan is to foster the competitiveness of The Bahamas by reducing the costs of conducting business with the government.

“In addition, there are costs to Bahamians in accessing everyday services,

like obtaining a passport, driver’s licence, health records and birth certificates. Bear in mind that cost includes cost in money and in time,” he added.

Breaking down the costs attached to various initiatives through the loan, Dr Minnis said $13.8m will be allocated to simplifying and digitising government procedures; strengthening institutional capacity at a cost of $9.9m; enhancing transparency and integrity in government for $3m; and project management, monitoring, evaluation, audit and contingencies in the amount of $3.3m.

“Digitisation will not be an easy task as we are so far behind, but we must be

strategic in our approach.

It is anticipated that we will need approximately five years to complete,” said Dr Minnis.

To advertise in The Tribune, contact 502-2394

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (B $000) The Board of Directors of FOCOL Holdings Limited (FOCOL) are pleased to present the audited results for the year-ended July 31, 2018. Net income for the year-ended July 31, 2018 was $25 million compared to $30 million the previous year.

There was a significant increase in the price of petroleum products in fiscal 2018. Despite a slight increase in sales volumes, competitive pressures related to higher petroleum prices resulted in decreased earnings in fiscal 2018.

During fiscal 2018, Management installed a new industry specific software, that will improve the Company’s operational efficiency and customer service.

The Board of Directors wishes to thank our loyal customers, dedicated staff and shareholders for their continued confidence in FOCOL Holdings Limited.

Sir Franklyn Wilson, KCMG Chairman.

Copies of a full set of the audited financial statements can be obtained from Barbara Pinder (bpinder@sunoilbahamas.com), FOCOL Holdings Limited, P.O. Box F-42458, Freeport, Grand Bahama, Bahamas.

PAGE 10, Thursday, January 31, 2019

THE TRIBUNE

FED SEES LOW RATES WELL INTO FUTURE AND EXCITES WALL STREET WASHINGTON Associated Press THE Federal Reserve held its benchmark interest rate steady yesterday and sent its strongest signal to date that it sees no need to raise rates anytime soon. Its message ignited a rally on Wall Street, which cheered the prospect of continued modest borrowing rates for the near future.

The Fed and its chairman, Jerome Powell, pointed to global economic pressures and consistently mild inflation as reasons to keep rates steady. The policymakers also said they’re prepared to slow the reduction of their bond holdings if needed to help the economy.

In a statement after its latest policy meeting, the Fed said it would be “patient” about future rate hikes. Its benchmark shortterm rate will remain in a range of 2.25 percent to 2.5 percent after having been raised four times last year.

The Fed’s key rate influences many loan rates for businesses and consumers, including mortgages.

The picture sketched by Powell and the Fed was of

FEDERAL Reserve Chairman Jerome Powell a US economy that remains on firm footing with low inflation but that faces risks from a global slowdown and a US trade war with China.

“The situation calls for patience,” Powell said at a news conference afterward.

“We have the luxury to be patient.”

Before raising rates again, Powell said, he would need to see rising inflation. The Fed’s preferred inflation gauge has risen 1.8 percent in the past 12 months, below its two percent annual target.

“I would want to see a need for further rate increases, and for me a big part of that would be

inflation,” the chairman said.

Pleased by the Fed’s benign outlook, investors sent the Dow Jones Industrial Average up nearly 435 points and back above the 25,000 level.

The central bank said in its statement that it’s ready to use all its tools — including an adjustment to its bond portfolio — if it decided the economy needed more support. Since late 2017, the Fed has been gradually reducing its bond portfolio, a move that has likely contributed to higher borrowing rates. But at some point, to avoid weakening the economy, it could slow that process or end it sooner than envisioned.

Doing so would help keep a lid on loan rates and help support the economy.

The Fed’s note of patience about rate hikes marks a reversal from a theme that Powell had sounded at a news conference after the Fed’s previous policy meeting in December. Powell had appeared then to leave open the prospect of further increases soon. This message had sparked fears in financial markets that the Fed might tighten credit too aggressively this year,

and the Dow sank over 350 points that day.

“I think he got an education by the markets and got burned,” said Kathy Bostjancic, chief US financial market economist at Oxford Economics. “Now, they’re bending over backward to show they’re sensitive” to the market.

Bostjancic suggested that Powell wants to convey that he is mindful of the economic risks that are worrying investors, including weakening global growth, the US trade war with China and Britain’s struggles to achieve a smooth exit from the European Union. If he didn’t, she said, markets might tumble further and borrowing costs could rise, thereby threatening the Fed’s goals of maximising employment and stabilising prices.

Now, in light of such global pressures, the Powell Fed is now signaling that it’s in no hurry to resume raising rates. And with inflation remaining tame, the rationale to tighten credit has become less compelling.

Still, the Fed is having to maintain a delicate balancing act because some gauges of the economy look healthy. The job market, for

example, remains robust, with solid and steady hiring.

And corporate earnings have so far been holding up in the face of the global slowdown and trade conflicts. Of the companies in the Standard & Poor’s 500 that have reported results for the final three months of 2018, 77 percent have delivered earnings growth that topped Wall Street’s forecasts. Some, though, are lowering expectations for 2019.

Since the Fed’s December meeting, Powell and others on the Fed’s policy committee have been clear in suggesting that they’re in no rush to raise rates again after having done so nine times over the past three years. Besides invoking the word “patient” to describe the Fed’s approach to future hikes, Powell has stressed that the Fed will tailor its rate policy to the latest economic data.

In its statement yesterday, the Fed said, “In light of global economic and financial developments and muted inflation pressures, the committee will be patient in determining what future adjustments” to the

Fed’s interest-rate policy will be appropriate.

The Fed’s decision was approved on a ten to zero vote.

The assurances from the central bank have helped allay fears that higher borrowing costs might depress corporate earnings and economic growth. They have also helped spur a stock market rally. With the turnaround, stocks are on pace for their best month since March 2016.

In recent weeks, though, the Fed has been hamstrung in its effort to assess the health of the economy.

That’s because the partial shutdown of the government that ended late last week — at least until midFebruary — essentially closed the Commerce and Treasury departments, among other agencies. So economic data that those departments normally issue — involving retail sales, home construction and factory orders, among others — wasn’t available to the Fed. Beginning today, though, the government will start gradually distributing the delayed economic reports.

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THE TRIBUNE

Thursday, January 31, 2019, PAGE 11

Saudi prince’s anti-corruption sweep ends with $106B netted

To advertise in The Tribune, contact 502-2394

SAUDI Arabia’s Crown Prince Mohammed bin Salman RIYADH Associated Press SAUDI Arabia’s unprecedented anti-corruption sweep that saw top princes, businessmen, military officers and officials detained at the Ritz-Carlton hotel has concluded after netting the government around $106.6bn, the Royal Court said yesterday.

The Royal Court said the work of an anti-corruption committee formed to oversee the sweep headed by Crown Prince Mohammed bin Salman had concluded its work after summoning or questioning 381 people.

The recovered assets from settlements with 87 people include cash, real estate, businesses and securities, according to the Royal Court announcement carried on Saudi state TV. It said 56 individuals continue to be investigated and that the attorney general refused to settle with them due to other criminal charges they face. Another eight refused to settle and stand accused of corruption.

The sweep, which began the evening of Nov 4 2017, helped cement the crown prince’s powerful status.

Analysts and critics said it was also a way for the prince to sideline potential rivals and consolidate power as he prepares to inherit the throne from his father, King Salman.

Among those held was billionaire Prince Alwaleed bin Talal, who was detained for more than 80 days at the Ritz-Carlton in Riyadh before his release. Also, held were the sons of the late King Abdullah, including Prince Miteb who’d

commanded the National Guard and was once seen as a contender for the throne.

There were also current and former ministers rounded up and billionaire businessmen like Bakr Binladin, chairman of the kingdom’s pre-eminent contractor the Saudi Binladin Group that had secured a near-monopoly on mega-expansion projects in Islam’s two holiest sites, Mecca and Medina, throughout the reigns of successive Saudi monarchs.

Guards were positioned outside the detainees’ hotel rooms, where some had access to room service and satellite TV. Others were reportedly abused, and many were placed under travel bans after their release.

It’s unclear who exactly

is still being held or where they are being held. The Ritz-Carlton opened to the public again in mid-February and it’s believed those still detained were moved to prisons or guesthouses.

Altogether, those rounded up by the crown prince symbolised the elite structure encircling the ruling Al Saud family and its vast patronage networks.

The government never officially disclosed the names of those ensnared in the campaign, but statelinked media distributed lists with names of some of those detained.

The government also did not disclose details on the allegations the detainees faced or how they were being prosecuted, leading to concerns about transparency and due process.

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Qualified applicants should submit Resumes on or before, February 4, 2019 electronically to the following email address: careers@bealiv.com with subject: Aliv General Manager, South Central Bahamas.

PAGE 12, Thursday, January 31, 2019

THE TRIBUNE

TESLA POSTS SMALL 4Q PROFIT BUT MISSES WALL STREET ESTIMATES

Legal Notice NOTICE

LONG CAY CAPTIVE MANAGEMENT, LTD Company No. 196129

NOTICE IS HEREBY GIVEN as follows: (a) Long Cay Captive Management, Ltd. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The dissolution of the said Company commenced on the 18th 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.

Shareece E. Scott Liquidator

DETROIT Associated Press TESLA eked out a small fourth-quarter profit to close 2018, but fell short of Wall Street estimates. Now it faces the difficult task of sustaining profits while facing a major debt payment amid slowing demand for pricier versions of its electric vehicles.

Palo Alto, Californiabased Tesla posted net income of $139.48m, or 78 cents per share, from October through December. It reported two straight quarterly net profits for the first time since going public in 2010.

Excluding one-time items including stock-based compensation, Tesla made $1.93 per share, but analysts polled

is looking for

Experienced Travel Agents to Join Its team

Experience: • Knowledgeable with the Sabre Application • Interpersonal skills to maintain and develop relationships with management and customers • Sales Experience • Existing Customer Base would be a plus General Responsibilities • Communicate with Customer to obtain travel request • Maneuvering through the Sabre system to fulfil Customer request • Provide 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@premiertravel-bahamas.com Subject of email “Vacancy- Travel Agency” Only those applicants who are shortlisted for interview will be contacted Deadline for submission – 5pm, February 15th, 2019 COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW & EQUITY SIDE BETWEEN

2010 CLE/qui/00521

IN THE MATTER OF THE QUIETING TITLES ACT 1958 AND IN THE MATTER of the Petition of JOHN AND GINA NIXON, both of the Island of Mars Bay, Andros, one of the Islands of the Commonwealth of The Bahamas.

AND IN THE MATTER OF ALL THAT: piece parcel or lot of land being 1.217 acres of land in the settlement of Mars Bay in the Island of Andros one of the Islands of the Commonwealth of The Bahamas, which said piece parcel or lot of land is more particularly described on the Plan filed in this action and thereon coloured Pink.

NOTICE TAKE NOTICE THAT: JOHN NIXON AND GINA NIXON, claims to be the owners in fee simple in possession of the piece parcels or lots of land hereinbefore described and have made application to the supreme Court of the Commonwealth of the Bahamas Under Section 3 of the Quieting Title Act, 1959 to have their title to the said the piece parcels or lots of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: i. Registry of the Supreme Court, British American Building, Malborough and George Streets in the City of Nassau, New Providence The Bahamas; ii. The office of the Administrator, in The Bluff, Andros; iii. Lojay Law Chambers, Dennings Manor, Alice Street, Nassau, New Providence, the Bahamas, Attorney for the Petitioners.

NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an adverse claim not recognized in the Petition shall on or before the 31st, day of March, A.D., 2019 file in the said Registry of the Supreme Court and serve on the Petitioner or the undersigned, a statement of such claim. Failure of any such to file and serve a statement of claim by the above time will operate as a bar to such claim.

Dated this 215t, day of December 2018 LOJAY LAW CHAMBERS. Dennings Manor, Alice Street Nassau, Bahamas Attorney for the Petitioner

by FactSet expected $2.20.

For the full year, the company lost $976.09m, or $5.72 per share. Without one-time items, the loss was $1.33 per share, better than estimates of $1.24.

Fourth-quarter revenue more than doubled from a year ago to $7.23m, beating estimates of $7.12bn. The company’s cash position improved by $753m at the end of the year to $4.28m, despite repaying $230m in convertible notes. It had $9.4bn in debt at the end of the year, a slight improvement over 2017.

The quarterly profit was less than half of the $311.5m the company earned in the third quarter.

Tesla wrote in a letter to investors yesterday that it expects to deliver 360,000 to 400,000 vehicles this year, a growth rate of 45 percent to 65 percent compared with 2018. It expects profits in each quarter of 2019.

Shares of Tesla, which rose nearly four percent yesterday, fell nearly two percent in after-hours trading to $303.01.

The difficulty of making and selling large numbers of cars at a profit is now real for Tesla, which earlier this month cut seven percent of its workforce in an effort to make the mass-market

Model 3 more affordable.

In addition, on Jan 2, Tesla cut its prices by $2,000 per vehicle, acknowledging that the pending expiration of a $7,500 federal tax credit for its electric cars will hurt sales. The credit is gradually being phased out for Tesla by the end of the year.

“The $2,000 price cut and talk about having to lower cost further as federal tax incentives subside confirms our view that the bulk of demand is at a lower price point that Tesla can’t access yet profitably,” RBC Capital Markets analyst Joseph Spak wrote in a recent note to investors.

Analysts suspect that Tesla will swing between profits and losses in the future as it tries to bring Model 3 costs under control. The company expects to sell more cars in Europe and China, which should help the bottom line.

“Things really aren’t going to get any better for Tesla in the US than they did at the end of 2018,” Jessica Caldwell, executive director of industry analysis for the Edmunds.com car pricing site, wrote in an email.

“Tesla’s product lineup is starting to get stale, and now thanks to the elimination of the federal tax credit, buying one has never been more expensive.”

Edmunds provides content, including automotive tips and reviews, for distribution by The Associated Press.

In addition to fighting costs, $920m in Tesla notes come due on March 1. Half the debt could be converted to stock, but the share price would have to rise more than 15 percent for that to happen. So Tesla either has to pay in cash or refinance the notes.

“We have sufficient cash on hand to comfortably settle in cash our convertible bond that will mature in March 2019,” the company’s statement said.

Tesla expects its restructuring actions to cut costs by $400m per year, but said its first-quarter earnings would have a one-time restructuring cost. A gap between production and deliveries will create a “temporary but predictable” dip in revenues and earnings for the first quarter, it said.

Michael Ramsey, an analyst with Gartner, said even if Tesla isn’t successful cutting costs and selling more Model 3s, its reckoning is a ways into the future. The company, he said, has strong brand value and a unique ability to tap markets and big investors for money.

BAHAMAS AIR NAVIGATION SERVICES DIVISION JOB VACANCY NOTICE The Bahamas Air Navigation Services Division (BANSD) is the service provider of the aviation sector of The Bahamas responsible for air traffic services, aviation advisory/alerting services and aeronautical information services. We are recruiting a self-motivated professional to perform the job function of an Electronic Technician (Marsh Harbour, Abaco).

Position Summary The Electronic Technician is responsible for the daily functions of the department; inclusive of the maintenance and installations of radar, communication systems, and navigation equipment at the Leonard M. Thompson International Airport, Marsh Harbour.

Duties 1.

Maintain the electronic equipment at the control tower facility in Marsh Harbour - Aeronautical VHF transmitters and receivers, an air-traffic audio recording system, a Voice Control Communication Switch (VCCS)VOR/ DME navigation aid equipment and auxiliary equipment.

2.

Operate hand and small power tools and understand their use and function; 3.

Equipment preventive maintenance and visit all remote sites to report any abnormality in equipment status; 4.

Test to ensure proper operation per established test criteria; 5.

Respond to requests from departments utilizing the equipment; and 6.

Effectively perform other relevant duties that may be assigned.

Minimum requirements: • Successfully passed five (5) BGCSE with ‘C’ or above; • A degree in electronics or computer science, from an accredited institution

or similar related field would be a plus; • A minimum of one (1) year of relevant work experience; and • Must be prepared to work on a shift basis.

Resumes should be submitted via email to the attention of the HR Manager at hrbansd@gmail.com on or before Wednesday February 8, 2019.

THE TRIBUNE

Thursday, January 31, 2019, PAGE 13

Trump Organization to use E-Verify for worker status checks NEW YORK Associated Press THE Trump Organization, responding to claims that some of its workers were in the US illegally, said yesterday that it will use the E-Verify electronic system at all of its properties to check employees’ documentation.

A lawyer for a dozen immigrant workers at the Trump National Golf Club in New York’s Westchester County said recently that they were fired on Jan 18.

He said many had worked there for a dozen or more years. Workers at another Trump club in Bedminster, New Jersey, came forward last month to allege managers there had hired them knowing they were in the country illegally.

“We are actively engaged in uniforming this process across our properties and will institute E-verify at any property not currently utilizing this system,” Eric Trump, executive vice president of the Trump Organization, said in a statement provided to The Associated Press. “As a company we take this obligation very seriously and when faced with a situation in which an employee has presented false and fraudulent documentation, we will take appropriate action.”

“I must say, for me personally, this whole thing is truly heartbreaking,” he added. “Our employees are like family but when presented with fake documents, an employer has little choice.”

Launched in 1996, the E-Verify system allows employers to check documentation submitted by job applicants with records at the Department of Homeland Security and the Social

Security Administration to see whether they are authorised to work.

During his presidential campaign, Republican Donald Trump called for all employers to use the federal government online E-Verify system. He told MSNBC in 2016 that he uses it at his properties, and that there should be a “huge financial penalty” for companies that hire workers who are in the country illegally.

Several of those workers from Trump’s properties paid visits to Congressional offices this week in hopes of raising support for their fight against possible deportation. One Democrat, New Jersey Rep Bonnie Watson Coleman, confirmed yesterday that she had invited a maid who had cleaned President Trump’s rooms at Bedminster as her guest at his State of the Union speech.

The maid, Victorina

Morales, was featured in a New York Times story last month titled “Making President Trump’s Bed: A Housekeeper Without Papers”. She has said that managers there knew she was living in the country illegally, helped her obtain false documentation and that she was physically abused by a supervisor.

Morales’ lawyer, Anibal Romero, said that Morales had accepted the invitation.

The Trump Organization has said it does not tolerate employing workers who are living in the US without legal permission, and any problems with hiring is not unique to the company.

“It demonstrates that our immigration system is severely broken and needs to be fixed immediately,” Eric Trump said in his statement. “It is my greatest hope that our ‘lawmakers’ return to work and actually do their jobs.”

Are you highly adaptable? Competitive? Energetic? Flexible?

Fidelity is looking for a passionate, sales-driven, networking professional to fill the role of:

Personal Banking Representative (Loan Officer) If you have what it takes, we want you!

Job Summary: The ideal Candidate will be a proven business development and sales leader who is target-driven and possesses excellent communication and interpersonal skills. This role is primarily responsible for business development with a focus on Fidelity’s credit products and services, while providing effective and ongoing relationship management for loan clients.

In addition to a fixed salary, this position also earns substantial performance-based incentives and referral fees.

Main Duties and Responsibilities: • Business development and solicitation of new business • Sale of loans, credit cards and other credit products • Meet with current and prospective clients regarding loan and credit card applications and other credit matters • Prepare credit applications (loans, overdrafts, credit cards) and credit facility renewals • Financial coaching (setting goals, preparing a budget and a financial action plan) • Perform collection of overdue loan/credit card payments • Serve as a backup and relief for other Loan Officers as required

Requirements/Qualifications: • • • • • • • •

High school Diploma Minimum of 3 years’ experience in the Financial Services Industry Must have excellent communication and interpersonal skills (verbal and written) Must be energetic, competitive and goal-oriented Strong integrity and work ethics Proficient at Microsoft Office Suite programs Ability to work in a self-motivated environment with little supervision Ability to manage the administration of multiple tasks at one time

PLEASE SUBMIT BEFORE January 31st, 2019 to:

HUMAN RESOURCES Re: Personal Banking Representative (Loan Officer) 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

To advertise in The Tribune, contact 502-2394

PAGE 14, Thursday, January 31, 2019

THE TRIBUNE

MARKET REPORT WEDNESDAY, 30 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,095.91 | CHG -0.09 | %CHG 0.00 | YTD -13.54 | YTD% -0.64

Facebook reports robust profit, revenue gains; stock rises

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 LAST CLOSE AML 4.43 APD 17.43 BPF 7.00 BWL 5.39 BOB 1.60 BBL 0.56 CAB 2.30 CIB 10.20 CHL 6.16 CBL 4.40 CBB 11.00 CWCB 2.53 DHS 1.78 EMAB 8.67 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 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)

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 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

CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.29 10.20 6.16 4.40 11.00 2.56 1.78 8.75 6.30 12.85 6.98 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.03 0.00 0.08 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

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

VOLUME 56 50

1,288 65 23

500

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 25.1 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% 2.34% 3.37% 0.96% 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

NEW YORK Associated Press FACEBOOK reported robust earnings and revenue that handily surpassed Wall Street expectations for the final quarter of 2018 despite heavy spending on safety and security.

Facebook said yesterday that it earned $6.9bn, or $2.38 per share, in the October-December period.

That’s up 61 percent from $4.3bn, or $1.44 per share, a year earlier. Analysts polled

by FactSet had expected $2.18 per share.

Revenue increased 30 percent to $16.9bn, beating expectations of $16.4bn.

Facebook’s stock almost 12 percent in after hours trading to roughly $168.

The social network has been plagued by privacy scandals and the threat of regulation, but those haven’t appreciably slowed its expansion. Its user base, for instance, also grew to 2.32 billion monthly users, up nine percent from a year earlier — also higher than analyst expectations.

Last year was replete with major challenges for Facebook, starting with its biggest privacy scandal when Cambridge Analytica, a political data-mining that worked for the 2016 Trump campaign, accessed the private information of up to 87 million users.

That plus continuing fallout from fake news and Russian election meddling on Facebook led to congressional hearings; then came privacy bugs and even a

hack. So far, this year hasn’t been much better when it comes to scrutiny from critics and lawmakers. Yesterday, Facebook faced charges of deceiving users, including teens, it paid to download an app that extensively tracked their phone and internet use.

But the company’s business appears to be weathering the storm.

That’s a big change from last July, when Facebook warned of slowing revenue growth that caused its shares to plunge a whopping 19 percent. It was the worst drop not just for Facebook but, based on the dollar amount, in stock market history. The stock still hasn’t recovered from that drop.

Yesterday, Facebook’s stock closed up six percent at $150.42 and added 12 percent to $162.82 after hours. That’s still far from the record high of $217.50 that it hit in late July, the day before the historic plunge.

In a brief telephone interview with The Associated Press, Facebook chief operating officer Sheryl Sandberg echoed past official statements, emphasising that company expenses are up because of “major investments in privacy, safety and security”.

Likewise, she said Facebook is “very supportive” of regulation and touted the company’s public database of Facebook political ads as an instance of “not even waiting for regulation” to improve transparency.

THE TRIBUNE

Thursday, January 31, 2019, PAGE 15

As demand soars, Boeing contemplates new plane DALLAS Associated Press BOEING, flying high on strong demand for airliners and military planes, faces a difficult decision over whether to develop a new plane to fill in a gap in its lineup.

Boeing CEO Dennis Muilenburg says the plane could replace less fuel-efficient bigger planes and let airlines launch new midrange routes. It would be bigger than Boeing’s workhorse 737 but smaller than the 787, the company’s newest airliner, which first landed in airline fleets in 2011.

Muilenburg said yesterday there is demand for the plane, but Boeing needs to make sure of “the business case” for the jet before making a multi-billion-dollar commitment to build it.

On another subject, Muilenburg said Boeing’s short-term prospects in China are uncertain, partly because of the US trade dispute with China. Boeing remains bullish on the long-term potential for the Chinese market, he said.

The comments came as Boeing reported that its 2018 revenue topped $100bn — a first for the century-old aircraft maker. The company posted fourthquarter earnings and sales above Wall Street expectations and offered an upbeat forecast for 2019.

Boeing shares soared 6.3 percent higher, closing up $22.86 at $387.77.

A BOEING 737 MAX 7, the newest version of Boeing’s fastestselling airplane, is displayed during a debut for employees and media of the new jet in Renton, Wash.

Boeing executives said they expect to decide this year whether a new, midsized airliner would make business sense, then conduct another round of discussions with airline customers before making a final launch decision next year. Airlines would get the plane starting around 2025.

“It’s clear that there is a market need, but we are working through the details of the business case,” the CEO told analysts and reporters.

Cost is an obvious concern; analysts say the new plane could top $15bn to develop. It could give Boeing an answer if Airbus pushes ahead with a longer version of its A321 jetliner, but it could also undercut sales of Boeing’s own 787, called the Dreamliner.

Richard Aboulafia, an aviation analyst with Teal Group, expects Boeing to build the plane — being called the 797 — after difficult deliberations.

“They need the 797 to have twin-aisle capabilities

NOTICE VAALS INVEST LTD. NOTICE is hereby given as follows: (a) Vaals Invest Ltd. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 31st day of January, 2019.

Beatus Limited Liquidator NOTICE ORADONA INVEST LTD. NOTICE is hereby given as follows: (a) Oradona Invest Ltd. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 31st day of January, 2019.

Beatus Limited Liquidator NOTICE PORTRUSH INVEST LTD. NOTICE is hereby given as follows: (a) Portrush Invest Ltd. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 31st day of January, 2019.

Beatus Limited Liquidator

with single-aisle economics, which is a very hard proposition,” Aboulafia said. If the plane competes primarily with bigger, twin-aisle planes, he said, it could cannibalise sales from Boeing’s own 787.

Jonathan Root, an analyst for Moody’s Investors Service, said Boeing’s financial performance and deep backlog of more than 5,800 airliners on order will generate cash needed to develop the plane. Market expectations for a launch of the programme, he said, “are high”.

Meanwhile, US and Chinese negotiators started two days of high-level talks yesterday aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy.

The Trump administration has imposed tariffs on $250bn in Chinese imports in retaliation for China’s alleged theft and forced sharing of technology from American companies.

PAGE 16, Thursday, January 31, 2019

THE TRIBUNE

FOR US-CHINA TRADE TALKS, HOPES ARE HIGH, EXPECTATIONS LOW WASHINGTON Associated Press

US and Chinese negotiators are holding high-level talks aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy.

Yet the odds seem stacked against any substantive resolution this week to the standoff between the world’s two biggest economies. Perhaps the best that might be hoped for, analysts say, is for the two sides to agree to keep talking.

As the US and Chinese delegations met yesterday for the start of two days of talks, US Trade Representative Robert Lighthizer welcomed a Chinese team led by Vice Premier Liu He. Lighthizer bantered lightheartedly about last year’s dinner meeting between Presidents Donald Trump and Xi Jinping in Buenos

US Trade Representative Robert Lighthizer, right, accompanied

by Trump Administration officials, meets with Chinese Vice Premier Liu He, left, and other Chinese officials as they begin USChina Trade Talks in the Diplomatic Room of the Eisenhower Executive Office Building on the White House Complex yesterday in Washington.

Photo: Andrew Harnik/AP Aires, Argentina.

The differences between Beijing and Washington are vast. The United States is essentially demanding that China downsize its economic aspiration to become a supreme world leader in such fields as robotics and electric cars.

“A comprehensive deal that fundamentally changes their system — I don’t think that’s possible,” said Christopher Adams, a former US

trade official specialising in China and now a senior adviser at the law firm Covington.

Earlier negotiations flamed out. And this time President Donald Trump might be inclined to drive an especially hard bargain after being forced to cave in a dispute with congressional Democrats that partially shut the federal government for 35 days.

Moreover, a new

complication injected itself into US-China relations on the eve of the talks when the Justice Department brought criminal charges on Monday against the Chinese tech giant Huawei, accusing it of stealing technology secrets and violating sanctions against Iran. Beijing shot back by demanding that the Trump administration pull back from what it called an “unreasonable crackdown” on the Chinese maker of smartphones and telecom gear.

“We are anticipating no big outcomes this week,” said Erin Ennis, senior vice president at the US-China Business Council.

A deadline looms. On March 2, the Trump administration is scheduled to escalate its tariffs on $200bn worth of Chinese imports from ten percent to 25 percent.

The American delegation to this week’s talks is led by Lighthizer, a longtime critic

of aggressive Chinese trade practices and of US policies that failed to blunt them.

The core of the US allegations against China is that Beijing systematically steals trade secrets, forces foreign companies to hand over technology as the price of access to the Chinese market and subsidises its own tech companies.

But compelling China to reform its trade policies and treatment of foreign companies will be difficult.

“The idea of just grabbing (technology) however they can is kind of ingrained at this point,” said Amanda DeBusk, chair of the international trade practice at Dechert LLP and a former Commerce Department official. “You can’t just flip a switch” and expect China to drop long-established practices.

The administration has imposed tariffs on $250bn in Chinese imports; Beijing has retaliated with import taxes

on $110bn in US goods.

President Donald Trump has threatened to extend the tariffs to an additional $267bn in Chinese goods. If he did, Trump’s import taxes would cover virtually everything China ships to the United States.

Last spring, it looked as if the two sides might avoid a full-blown conflict.

Treasury Secretary Steven Mnuchin declared the trade war “on hold” after China had agreed to step up its purchases of US goods, especially in agriculture and energy, and narrow America’s huge trade deficit with China. The cease-fire didn’t last. Critics dismissed Beijing’s commitments as vague, and Trump backed away from Mnuchin’s deal and decided to proceed with tariffs.

The trade war has magnified uncertainties for businesses, raised priced in some sectors and unsettled investors.