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Taxation ‘veil piercing’ endangers businesses By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

rivate sector representatives yesterday warned that the Government’s ‘piercing of the corporate veil’ to force tax compliance could “place businesses in jeopardy”. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, confirmed to Tribune Business there had been complaints from businesses over the Government’s tactic of withholding essential permits/approvals until their shareholders settled tax

* Companies held liable for owners’ personal tax debts * Unable to obtain TCCs, NIB letters other permits * Chamber to ‘take up matter’; ‘not appropriate’ liabilities owed in a personal capacity. Mr Sumner said this was not a practice the Chamber “necessarily agrees with”, and it would “have to take up” the matter with the Minnis administration during talks scheduled to take place over the next several weeks. He was backed by the Chamber’s chairman, Michael Maura, who questioned whether it was

“appropriate” for different government agencies to act as “tax policemen” for their counterparts when there was nothing in law empowering them to do so. He warned that holding a business ‘hostage’ until an individual shareholder settled their personal tax liabilities could “jeopardise” the company’s future, and that of its employees, by denying it the permits it needs to conduct normal

commerce. The Chamber duo spoke out after Tribune Business was contacted by Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, who revealed that his firm had been unable to obtain exchange control approvals and Tax Compliance Certificates (TCCs) because of alleged personal real property tax liabilities associated with

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GOV’T WARNED: ‘DON’T TIE YOURSELF TOO TIGHT’ OVER SPENDING CUTS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government must not cut spending so deeply that it chokes off essential infrastructure investment, the Chamber’s chairman warned yesterday, as its deficit fell by over one-third. Michael Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, welcomed the reduced deficit and recurrent spending slashes but cautioned against shrinking government too far because of the negative impact on consumer demand. He was speaking after the Central Bank’s December economic developments report revealed that the Government’s fiscal deficit for the five months to end-November 2017 had

* SLASHES MUST NOT CHOKE INFRASTRUCTURE SPEND * DEFICIT FALLS 34% TO $168M AS NO MATTHEW * CHRISTIE GOV’T LACKED ‘FIRM HAND’ ON CONTROLS dropped by 33.8 per cent or $85.8 million year-overyear, falling to $168.1 million. The decline is largely due to the fact that this period in 2017-2018 is up against Hurricane Matthew comparatives from the prior fiscal year, when the

SEE PAGE 5

$250M HURRICANE HOLE PROJECT TO ‘GO VERTICAL’ BY JANUARY 2019 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN developer yesterday said it plans to “go vertical” on its $250 million Hurricane Hole redevelopment within 12 months, after completing the property’s purchase from Atlantis’s owner. Bill Green, president of Sterling Global Financial’s development arm, told Tribune Business that between 80-85 per cent of the “large scale mixed-use” project will be devoted to owner-occupied residential units. Estimating that the 13-acre site could feature up to 200 such units at full build-out, Mr Green

* Kosoy’s Sterling closes deal with Atlantis owner * 80-85% of mixed use project to be residential * Will provide badly-needed new inventory

HURRICANE Hole Marina Photo: Roland Rose said the new owner was seeking to create a development that would leave residents and visitors “optimistic about the future

of the world” through its embrace of technology and Bahamian architecture. The remainder of the project will feature retail,

restaurant and office space, but the Sterling Global Development chief emphasised that the former would feature stores specially selected to ensure they did not compete directly with Paradise Island and Atlantis’s existing offerings. Mr Green also said Hurricane Hole’s existing 90-slip marina will be upgraded, through repairs to sea walls and docks, and used to provide the developer with cash flow and time while it masterplans

the main development. He added that the project, which will be built out over a five-year period, would help to attract additional visitors to the Bahamas in addition to providing hundreds of construction and full-time jobs. Tribune Business exclusively revealed Sterling Global Financial’s planned Hurricane Hole acquisition two months ago, and the acquisitive real estate financier and developer, based on East Bay Street, yesterday confirmed

the deal closed last week. “We are starting to masterplan immediately,” Mr Green told Tribune Business. “The intention is to have a large-scale, mixed-use project which incorporates commercial, retail and residential. “Our retail is intended to be complementary to what is already on Paradise Island as opposed to competitive, and will be aimed more at the local market as opposed to the destination

SEE PAGE 4

MORTGAGE APPROVAL RATE DROPS TO 43% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MORTGAGE loan approval rates have been slashed in half to 42.6 per cent in just two-and-a-half years, highlighting the commercial bank retreat from the vital Bahamian housing market. Data produced by the Central Bank of the Bahamas’ research department shows that less than one out of every two mortgage loan applications is being approved, amid lender reluctance to take on greater exposure to the sector.

* HIGHLIGHTS BANKING SECTOR’S RETREAT * CENTRAL BANK EYES $1.8BN LIQUIDITY ‘SOFT LANDING’ * EXTERNAL RESERVES JUMP $500M ON GOV’T BOND The data, accompanying the Central Bank’s December 2017 economic developments report, revealed that mortgage loan approval rates were around

SEE PAGE 5

PM PROMISES REFORMS FOR BUSINESS LICENCE By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Prime Minister yesterday said the Government will allow companies to pay and renew Business Licence fees when their financial year ends, rather than the current end-March deadline. Dr Hubert Minnis, addressing a Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC), suggested the change would be introduced by year-end in a bid to alleviate the current end-January rush to submit

Business Licence filings and certifications. He also indicated that the administration was working to better define the ‘turnover’ upon which Business Licence fees are calculated, in a bid to address another concern of the private sector and their accountants. Dr Minnis’s comments came as the Government was urged to undertake a review of the tax incentives it grants to ensure these lead to economic prosperity for all Bahamians, not just isolated special

SEE PAGE 4

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PAGE 2, Friday, February 2, 2018

THE TRIBUNE

Labour specialists key to workplace harmony MAINTAINING a strong relationship between employer and employee can be key to a company’s ultimate success. If such a relationship is in place, employees will be more productive, loyal, efficient and create less conflict. Yet for many years, even before the creation of trade unions, corporate Bahamas has been struggling to find equilibrium in employee/employer relations. Many managers shudder when they think of unions organising their business, and adopt an antagonistic approach to any organised labour involvement. One of the great feats in human resource management is getting a labour relationship specialist to the bargaining table in good faith with the trade union representative, and

adopting a mindset fixed on amicably resolving workplace matters. Labour relations specialists are vital in preparing information for management to use during the collective bargaining process. Using their vast knowledge of economics, wage data, labour law and collective bargaining trends, these people interpret and administer employees’ contracts with respect to grievances, wages or salaries, employee welfare, healthcare benefits, pensions, union practices and other stipulations. Labour relations managers often implement industrial labour relations programmes to oversee compliance with the union’s negotiated contract. Since more companies are seeking to avoid litigation or strikes, these specialists are

essential for serving as a liaison in resolving disputes between employees and management. In the daily work of labour relations specialists, they are typically responsible for developing labour policies; overseeing the management of industrial relations; negotiating collective bargaining agreements with the union; managing grievance procedures to handle complaints from unionised employees; advising the human resources staff to ensure compliance with the contract; consulting with executive management to get input into aspects of personnel policies; developing new or revised union contracts; compiling information on statistics; and maintaining records of wage and salary surveys or correspondence.

With that somewhat extensive overview of their role and responsibilities, here are a few reasons why companies should not exist without labour relationship specialists and, more importantly, why there must be a strong commitment to working in harmony with unions. Employee Productivity When unions and labour specialists work together, and agree that high employee productivity and efficiency is the goal, the company thrives and employees perform at a higher level. Lower Turnover Costs Every time an employee leaves, a company incurs costs relating to their separation and replacement. Unions working with labour specialists help reduce

employee turnover because of greater managementemployee communication, and because workers can affect their environment in ways other than leaving their job. Product and Service Quality When employees have greater input into the production process for a good or service, the quality increases, as there is greater commitment on the part of those making or delivering the end-product. Workplace Health and Safety Worker health and safety has historically been a major goal for unions, and if labour specialists can agree on their companies to meet the required standards for safe work zones, success occurs. A safer

IAN FERGUSON workplace benefits a company as it reduces worker compensation costs, absenteeism, health insurance costs and productivity. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com

Bahamas ‘a dinosaur in space travel age’ BAHAMASLocal.com’s top executive yesterday likened this nation to “a dinosaur in a space travel age” through the Government’s continued reliance on paper-based systems. Jason McDowall, head of a company now seeking to export the model it has pioneered in the Bahamas, backed recentlyannounced initiatives by the Minnis administration to lift the Bahamas out of “an antiquated, paper-based” business platform and into the 21st century. “In an age when the largest retailer in the world is an online business, Amazon, official business in the Bahamas is still being conducted by paper transactions,” said Mr McDowall. “That’s like

choosing to use a rotary dial phone in a smart device era.” His comments came after Prime Minister Dr Hubert Minnis admitted the Bahamas must step up its game, citing its consistent decline - and current rankings - in the World Bank’s ‘Ease of Doing Business’ benchmarking. “The Bahamas should be in a leading position as a great place to do business, both for locals and for foreign investors, but over the years we slipped further down the scale of places friendly to business,” said Mr McDowall. He is keeping an especially close eye on regional rankings as he gets closer to launching CaribbeanLocal, expanding the concept that has

made BahamasLocal.com the ‘Google of the Caribbean’. “The Bahamas has everything going for it. Geographically we are the closest country to the largest markets, US and Canada. We have an English-speaking population, our currency is on par with the US dollar, we have a highly skilled and professional labour pool,” Mr McDowall said. “Despite all that we are falling behind. Jamaica, Dominican Republic, St Lucia, Cayman are all ranked higher - and moving higher - as we continue to slide. We have to ask ourselves why.” The answer, Mr McDowall said, is “right before our eyes in nearly every government office where there are piles of paper and

people moving the paper around. We are a dinosaur in a space travel age”. The cry for reform has intensified in recent months as the ‘letter of good standing’ backlog at the National Insurance Board (NIB) has increasingly held up Business License renewals, Customs bonds and other matters related to conducting what should be routine business affairs. The Prime Minister acknowledged the roadblocks shortly after coming to office. “The age of advanced computer algorithms and Smart Technology, waiting weeks or even months for the processing of certain documents or approvals, must be a thing of the past,” Dr Minnis said.

“The Business Licence process takes too long and must be shortened. The inertia in the process must be removed.” Earlier this month, he revealed initiatives to lessen those roadblocks, including Business License approvals within seven days. “We live in an electronic world,” said Mr McDowall. “Our BahamasLocal.com ad banners are shown over 400 million times per month, our business listings are clicked on more than 1.5 million times per month, and our pages are viewed over four million times per month. “But at NIB it still takes more than a dozen people, I am told, to

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THE TRIBUNE

Friday, February 2, 2018, PAGE 3

Sustainable Nassau targets $450m spend By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE ‘Sustainable Nassau Action Plan’ calls for $450 million to be invested in 10 projects across two decades, it was revealed yesterday, as communities were urged to play a greater role in solving their problems. Frankie Campbell, minister of transport and local government, said residents must take greater ownership even as legislation is being drafted to create an agency tasked with development of Nassau’s ‘Over-the-Hill’ communities.

Mr Campbell, while speaking at the Plan’s launch, said: “The communities most impacted must have the greatest say and ownership of the prescribed solutions to their problems. The only way to make this happen is through new and more localised government models. “We are already seeing this form of government take shape with legislation being drafted to create an agency tasked with managing the development of the Over-the-Hill community of Nassau.” Mr Campbell said the Minnis administration is committed to moving the

concept of local government in New Providence “from plans to reality within the next two-and-a-half years. “To this end, the Department of Local Government is working closely with the Office of the PM to move this initiative forward,” he added. Gilberto Chona, the Inter-American Development Bank’s (IDB) lead specialist, said the Plan calls for the development of 10 specific projects amounting to $450 million, which can be spent over 20 years. She stressed that people must be ‘engaged’ and at the centre of the initiative. “It gives you a clear map to get to

sustainability, tackling issues such as sanitation, mobility, urban regeneration measures and investment. The main objectives are to foster the development of Nassau that is reliant and sustainable, revitalised, inclusive, competitive, smart and transparent urban government and focuses on people,” Mr Chona said. He added that open spaces in Nassau provide significant opportunity for community integration. “We have to introduce technology that is sustainable. We have to look at where and when we can introduce solarisation,” said Mr Chona.

Insurance Commission names Conduct chief By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Insurance Commission of the Bahamas has named Tamika S. Dean as manager of intermediaries and its Market Conduct unit. Mrs Dean has more than 15 years in combined insurance industry and regulatory experience, having previously served as analyst/relationship manager in the supervision department since joining the Commission in July 2011. Her new responsibilities will include oversight over the conduct of insurance intermediaries within the market, and ensuring full compliance with prudential,

regulatory and legislative requirements. Mrs Dean holds a Bachelor’s Degree in Banking and Finance - Private Trust from the University of the Bahamas, a Diploma in Insurance from the Chartered Insurance Institute, London, and is an associate of the Bahamas Institute of Financial Services (BIFS). She serves as a member of the Commission’s consumer education committee, and the planning committee for the Bahamas Insurance Association’s (BIA) Insurance Month activities. She has also worked on numerous projects including the recent creation and implementation of the Commission’s electronic quarterly online reporting application.

IMAX ‘Superplex’ eyes April 20 open By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net

* MOVES TO 24-HOUR CONSTRUCTION SHIFTS

CONSTRUCTION on the $42 million IMAX-centred Fusion Superplex will today “ramp up” to 24 hour shifts, with the all-Bahamian investor group behind the project eyeing an April 20 opening. Dominic Richards, the Atavus Group’s chief operating officer, said the 24 hour shifts will ensure the project meets the target opening, adding that several issues have had to be overcome during build-out. “The perception is that we are a movie theatre when we are a family entertainment facility. We want to make sure we create environments where

families can come, feel safe and have something to do,” Mr Richards told the Rotary Club of West Nassau. The 100,000 square foot complex, which is currently being built at the junction of Gladstone Road and JFK Drive, is expected to create 350 jobs according to Mr Richards. “People may look and say that’s a big number, but if you want to do the job right you have to have people you need. We don’t want to have people standing around waiting for service. We believe the best

way to maintain longevity is to build the relationship and show people that you respect their time,” said Mr Richards, adding that the recruitment drive was now winding down. Mr Richards said the Fusion Superplex will house nine theatres with IMAX Laser and 4DX technology, as well as VIP areas and businesses such as Starbucks, the SubZero ice cream franchise, a soft play children’s playground, arcade, restaurant and multiple event venues. The Atavus Group has been working to bring the

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concept to realty since 2005. At full capacity the facility can hold 3,000 people at once. Mr Richards said the group has already obtained government approval to expand northern Gladstone Road from two lanes to four, given the need to improve traffic flow in the area. This, he said, will come at a cost of $1.7 million. Mr Richards added the group intends to use the facilities for educational purposes, pointing out that IMAX threatres educate as well as entertain.

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THE TRIBUNE

$250m Hurricane Hole project to ‘go vertical’ by January 2019 FROM PAGE 1 market. “It’s a tremendous location, and with Atlantis next door, that has worldwide brand recognition. Then there are the number of people who live here and work here.” Disclosing that Sterling is “targeting a very aggressive timeline” with the project, Mr Green said it would spend the remainder of 2018 on completing its masterplan, obtaining the necessary planning and construction permits, and releasing designs to potential real estate buyers and tenants so it can begin its pre-sales campaign. The developer wants construction activity to start “as soon as possible”, and Mr Green added: “We will start with repairs and improvements to the existing marina. Small things like the sea wall, some of the docks can be improved. “We’ll do that, and the rest will be all new construction. It’s clear we can benefit by investing in the marina, expanding the business, which will give us the time to plan for real estate and go into the ground on vertical product for January 2019.

“One of the things we really like about the place is the existing marina, which has a long history and good brand recognition in the marketplace. It will provide cash flow as we go into the planning phase. The land will not have to sit unproductive as we prepare for the next phase.” The 13-acre Hurricane Hole site is one of the few remaining Paradise Island land parcels available for commercial real estate development, and its strategic location - on the Nassau harbourfront next to the ‘off’ bridge - will have been a further attraction to Sterling Global Financial and its principal, David Kosoy. The developer will also be starting with a ‘blank canvas’ given that the former shops and restaurants that occupied the site were demolished by former Atlantis owner, Kerzner International, when it harboured redevelopment ambitions similar to Sterling’s. This means the latter will not incur any demolition and site clearance-related costs. Mr Green said Hurricane Hole’s real estate options will be targeted at owneroccupier purchasers rather than the tourism market.

“The majority of the project, and it will probably be about 80-85 per cent of the total, will be issued to residential,” he told Tribune Business. “We have the capacity to do over 200 units. We’ve done our pro forma. “We did that a while ago. It’s about $250 million in sales.” Mr Green said Hurricane Hole would provide badlyneeded new inventory for the Bahamian real estate market, providing potential investors with fresh product and options that will generate increased business for this nation. “I tend to think these developments are accretive to Nassau and the Bahamas as a whole,” he explained. “The real estate market on a worldwide basis does not have a fixed allocation that comes to the Bahamas. “The market is so vast relative to the Bahamas that the more business going on in the Bahamas, the greater the share of world traffic it can garner.” Mr Green declined to identify the real estate ‘price points’ that Sterling will offer, although “there’s opportunity at all ends of the market” - from the luxury to very lowest.

As for Hurricane Hole’s target office tenants, he added that Sterling was seeking “a combination” of established professionals, small businesses and entrepreneurs who would be willing to share administrative facilities. Particular emphasis will be placed on technologyrelated businesses, and Mr Green said: “We want energy and the place to be fun. Just to be at the forefront of technology - what can be done technologically with the project - everything from electric vehicles, green energy and having technology run an office space.” Acknowledging that it “sounds wildly idealistic”, Mr Green said Sterling wanted persons who lived and worked at, and visited, the revamped Hurricane Hole to “be very optimistic about the future of the world” as a result of the developer’s efforts. He added that this was energising and motivating the group’s enthusiasm for the project. While declining to provide specifics on the number of construction jobs that will be created, the Sterling Global Development president said “an average

residential unit” generated work for 60 different companies - including suppliers, infrastructure contractors and tradesmen. He added that the Hurricane Hole revitalisation will “pay homage to the history of the Bahamas” and local architecture, while combining with modern design elements that sophisticated world travellers are accustomed to. Declining to reveal the purchase price paid to Brookfield Asset Management, the Atlantis owner, Mr Green added: “What I can say is that we had a savvy seller in Atlantis Brookfield, and savvy buyer in Sterling, and we reached a position of equilibrium and were able to conclude a deal on that basis. “It’s going to be fun. We’re looking forward to a great year Mr Kosoy, the near-$10 billion asset manager’s chairman, said in a statement: “This is a landmark day for Sterling Global Financial. “We have a great vision for development of the entire site with mixeduse residential, office space, a financial centre, retail and dining. We will also be rejuvenating the

marina, injecting it with greatly-improved amenities to create a world-class luxury yachting and charter boat experience. Once underway, the project will provide hundreds of construction and professional service jobs over a five-year period.” Mr Kosoy suggested the deal would be a ‘win-win’ for Atlantis, adding: “Residents and marina guests will be new business for Atlantis, with all its excellent dining options and amenities, and the world-famous resort will be a draw for our guests. We look forward to a mutually beneficial and enjoyable relationship.” Sterling Global Financial has financed Bahamas-based projects such as THIRTY SIX on Paradise Island, Beach House Villas, Courtyard by Marriott and Ocean Terraces. It is also considering major Family Island developments on Matt Lowe’s Cay, Abaco, and at Sky Beach, Eleuthera. It has funded projects in Ireland and London, and recently funded a share of the land acquisition for a major redevelopment of an iconic neighbourhood in South Boston.

PM PROMISES REFORMS FOR BUSINESS LICENCE FROM PAGE 1 interests. Michael Maura, the Chamber’s chairman, said: “As a Bahamian I am 110 per in favour of any industry that allows

our economy to grow. The concern that I have is that for far too long we have handed out concessions to the foreign investor, as well as established concessions to local investors, without any analysis that it does in fact lead to economic growth.”

Mr Maura said these incentives effectively amount to a tax shared by all Bahamians and residents, and added: “I would hope that the Government would undertake a review of all concessions to ensure they do lead to prosperity to all of us, and are not

isolated to a special interest group.” Dr Minnis said that while he supports Bahamianisation, local products must be of a certain quality and standard. “That’s why we have a Bureau of Standards. The Government will do all to ensure Bahamian

MARKET REPORT THURSDAY, 1 FEBRUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,039.78 | CHG -0.10 | %CHG 0.00 | YTD -23.79 | YTD% -1.15 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.93 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 8.76 5.82 8.78 5.67 3.35 12.01 10.00

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 Premier Real Estate

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

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

52WK LOW 100.00 100.00

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

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

SYMBOL FBB18 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.47 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.70 9.01 2.68 1.50 9.04 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.70 9.01 2.64 1.50 8.96 6.00 10.45 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 -0.08 0.00 0.00 0.00 0.00 0.00 0.00

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

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 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.27 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

110.57 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 2.670 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.565 0.290 0.500 0.150 0.120 0.580 0.000

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.5 14.3 25.9 4.5 3.4 5.3 14.3 12.9 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.55% 7.66% 2.27% 3.33% 6.31% 4.83% 4.78% 2.40% 2.68% 4.64% 0.00%

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

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

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

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 4.34% 4.34% 1.83% 1.83% 3.30% 3.30% 4.03% 4.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

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

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

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

manufacturers are protected,” he added. Mr Maura said the Bahamian economy remains in a “perilous state”, and that while the opening of Baha Mar has provided obvious economic benefit “it is simply not enough”. “The Government’s stated reforms must move at light speed,” Mr Maura urged. He added that the private sector is asking that there

be no increase in taxes without meaningful reductions in the cost of essential goods and services. “Please consider revenue enhancement strategies driven by tax reductions, such as the elimination of import duty on apparel and shoes. This tax disproportionally affects the most vulnerable, while discouraging our over six million visitors from buying clothing in the Bahamas,” said Mr Maura.

LEGAL NOTICE International Business Companies Act (No. 45 of 2000)

FHSP Investment Fund Ltd. (the “Company”)

In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), FHSP Investment Fund Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 31st day of January, 2018. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 28th day of February, 2018. NOTICE In the Estate of CHARLES CALEB SANDS, late of St. John’s Lane in the Settlement of Rock Sound, Eleuthera, The Bahamas, deceased NOTICE is hereby given that all persons having any claim or demand against the above Estate are requested to send their names, addresses and particulars of the same certified in writing to the undersigned on or before the 9th day of March, A.D., 2018 and if required, to prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executors shall have had Notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the 9th day of March, A.D., 2018. Dated the 25th day of January, A.D., 2018 MUNROE & ASSOCIATES Chambers, #83 East Bay Street Nassau, The Bahamas. Attorneys for the Executors

THE TRIBUNE

Friday, February 2, 2018, PAGE 5

Gov’t warned: ‘Don’t tie yourself too tight’ over spending cuts FROM PAGE 1

JASON MCDOWALL, BahamasLocal.com’s president and chief executive, welcomes initiatives to ease doing business, and says current paper-driven methods make the Bahamas ‘a dinosaur’ in an age when the biggest retail business in the world, Amazon, is an online entity welcomes initiatives to ease doing business, offers technology assistance and says current methods of piles of paper make The Bahamas a dinosaur in an age when the biggest retail business in the world, Amazon, is an online entity.

Bahamas ‘a dinosaur in space travel age’ FROM PAGE 2 handle a single request for a ‘letter of good standing’ that should be automatic and instantaneous upon online

request with a check that the account is up-to-date. “I am thrilled to hear that the Prime Minister and others, including the Ministers of Tourism and Financial Services, Trade and Industry, are on board and understand

what our antiquated way of doing business is doing to our international reputation and to local frustration. I offer my technology services to the Government and will be happy to assist in any way I can.”

MORTGAGE APPROVAL RATE DROPS TO 43% FROM PAGE 1 the 80-90 per cent mark as recently as the 2015 second quarter - meaning applicants enjoyed the same success ratio as counterparts applying for consumer and commercial loans. Approval rates for these categories stood at 88.9 per cent and 90.7 per cent, respectively, for the 2017 fourth quarter. And consumer loans, as they have done for every quarter since early 2015, account for 90-95 per cent of all loan applications. The Central Bank data underscores the warning voiced by Tim Rider, Royal Bank of Canada’s (RBC) Caribbean vicepresident of sales, who told this week’s RoyalFidelity Business Outlook conference that inadequate market infrastructure that had resulted in the bank’s “diminished appetite” to lend to middle and lower income mortgage borrowers. “The current mortgage lending infrastructure has substantially diminished RBC’s appetite for mortgages to the average Bahamian, and forced our focus up-market to those borrowers who are more affluent and have proven ability to repay their debt,” Mr Rider told the RoyalFidelity Economic Outlook conference. “The mortgage lending infrastructure, and lending infrastructure in general in this country, needs to improve so that we can actually open the lending books.” Such a “diminished appetite” - by both RBC and other commercial banks - is painfully highlighted by the Central Bank data, even though many may not wish to process Mr Rider’s comments. Elsewhere, the Central Bank revealed that it will “investigate policies to promote a soft landing in terms of easing system liquidity”, which hit near-$1.8 billion at 2017 year-end - a rise of $351.2 million for the full 12 months, which was almost triple the growth seen in 2016. The significant increase is due to the Government’s $750 million foreign currency bond borrowing, the proceeds of which have worked their way through the system and increased commercial bank surplus liquidity. The $1.8 billion in surplus assets represents assets that banks wish to lend, but for which they can find no qualifying borrowers, resulting in depressed deposit rates and punished savers. The Central Bank data said the $750 million bond issue produced $250 million in new funds, and was the primary factor behind the $506.2 million increase

in the foreign currency reserves, which hit $1.408 billion at year-end. “At end-December, reserves were equivalent to an estimated 5.3 months of total merchandise imports, compared to 3.8 months a year earlier, and the three months benchmark,” the Central Bank said. “External reserves represented 95.2 per cent of Central Bank’s demand liabilities, compared to 68.5 per cent at end-December 2016.” Proceeds from the Government’s foreign borrowings were also used to repay Bahamian dollar debts, helping to reduce domestic credit by $328 million. “Refinancing operations in the public sector and the sale of private sector debt influenced the outcomes,” the Central Bank said. “Net claims on the Government fell by $159.6 million, a turnaround from the $357.6 million rise in 2016. “Credit to public corporations weakened by $7.1 million, after a $29.3 million increase in the prior period. Private sector credit contracted by $161.3 million, compared to a $92.4 million decline in 2016, dominated by sales of non-performing mortgages.” Mortgage and consumer credit contracted by $78.8 million and $49.9 million, respectively, with commercial loans also down by $32.6 million.

On the fiscal side, the Central Bank said selling the Government’s state-owned enterprises (SOEs) had “the potential to promote long-term fiscal sustainability”. “Based on current estimates, Government transfers to SOEs will total $109.2 million in fiscal year 2017-2018 (4 per cent of total spending),” it added. Turning to foreign direct investment (FDI) projects, the Central Bank said the $55 million redevelopment of Harbour Island Marina and surrounding buildings into a boutique 34-room hotel and 10 villas was among the new developments coming to the fore. That project, accompanied by 4M Harbour Island Ltd, is accompanied by High Heat Real Estate’s $40 million, 50-unit condo development at Love Beach in New Providence. And Vanquish Developments is moving on a $37 million “motor sport, tourism and commercial development” in Grand Bahama. This will be constructed on 30 acres of beachfront property, and feature “a 70-room hotel, 300 room villas, karting track with educational facilities”. Tourism data showed that air arrivals to New Providence were down by 4.1 per cent for the six month period to end-October 2017, falling to 550,944 compared to 574,187 in 2016.

And Nassau Airport Development Company (NAD) data showed that the uptick in passenger arrivals towards the end of 2018 was not enough to cancel out the declines seen earlier in the year. “Total departing visitor traffic, net of domestic departures, firmed by 5.1 per cent, extending the 4.1 per cent expansion registered a year earlier,” the Central Bank said. “Underlying this outcome, non-US international departures strengthened by 14.5 per cent, a reversal from a 4.2 per cent decline in December 2016. In addition, departures to the main United States market firmed by an additional 3.4 per cent, after the 5.7 per cent increase registered in the prior period.” Yet it added: “An analysis of longer-term trends for the year revealed that despite periods of growth during the fourth quarter, declines during earlier months contributed to a 0.8 per cent softening in the number of international departures from the Nassau airport in 2017, relative to a gain of 1 per cent in the prior year. “In particular, the high volume US component decreased by 0.6 per cent, a reversal from a 1.9 per cent uptick in the previous period, while non-US international departures fell by an additional 1.8 per cent after a 4.1 per cent contraction in 2016.”

PUBLIC NOTICE

EMPLOYMENT OPPORTUNITY

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TERRELL JESSICA BUTLER of Yamacraw Close, P.O. Box N-9120, New Providence, Bahamas, mother of GEORGIA TREASURE ARTHUR intend to change my child’s name to GEORGIA TREASURE BUTLER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

Legal Notice NOTICE MOBUS INVESTMENT LIMITED NOTICE IS HEREBY GIVEN as follows: (a) MOBUS INVESTMENT 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 31st January, 2018 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 2nd day of February, A.D. 2018 Shareece E. Scott Liquidator

then-Christie administration had to undertake an unplanned $150 million emergency borrowing and increase spending to repair essential infrastructure, public assets and homes damaged by the storm. The damage inflicted by Hurricane Irma last year, estimated at $135 million, had much less of an impact on the first five months of the Minnis administration’s Budgetary performance. However, the Central Bank figures mean the $7.5 billion national debt continues to increase, albeit it at a slower rate, with the $168 million deficit placing the Government close to the track necessary to achieve its $323 million full-year target. Mr Maura said it was “paramount” that the Government put its ‘fiscal house’ in order to boost economic growth and private sector confidence, but added that it should not focus on cutting costs alone. “That speaks to discipline, that speaks to investment in our future, and it speaks to delivering on commitments to the Bahamian people,” the Chamber chairman added of fiscal reform. “That was one of the biggest issues we had under the former administration; we felt they didn’t have a firm hand on the financial controls of government.” He added that while recurrent spending needed to be kept in check, the Government must still look for infrastructure investment opportunities that will generate positive returns by supporting private sector expansion. “We can’t just have a government cutting costs,” he told Tribune Business, “as you will shock yourself out of business.” Mr Maura explained that the Government had “to balance the necessary cost reduction effects against economic growth effects”. He added: “Where does the Government have to invest? We have to be careful that we don’t tie ourselves off too tight to where we’re hurting ourselves economically because the Government is still the biggest business in the country.” Mr Maura said there were several infrastructure improvement opportunities that “don’t necessarily cost the Government money”, pointing to energy reform. He added that the Bahamas Power & Light (BPL) tenders on fuel supply and short-term generation were examples where the required capital investment will be made by the winning private sector, not the taxpayer. Outlining the Government’s fiscal performance for the five months to end-November 2017, the Central Bank report said: “Data on the Government’s budgetary operations for the first five months of fiscal year 20172018 showed that the deficit narrowed by $85.8 million (33.8 per cent) to $168.1 million. “Underpinning this development was a $28.9 million (4.1 per cent) increase in total [revenue] receipts to $738 million, and a $56.9 million (5.9 per cent) reduction in total expenditure to $906.1 million.” The data made clear that much of the decrease resulted from the absence of Hurricane Matthew-related revenues losses and extra spending, which impacted the year-before period. “The reduction in expenditure was solely attributed to a halving in capital outlays by $61 million to $59.7 million,” the Central Bank said. “The ratcheting down of hurricane-related spending decreased infrastructure expenditure by $48.1 million (48.8 per cent), while asset acquisitions declined by $13 million (58.3 per cent). “In contrast, current expenditure edged-up by $4.3 million (0.5 per cent) to $846.4 million, driven by a $40 million (9.4 per cent) increase in consumption outlays. Specifically, spending for wages and salaries grew by $22.7 million (7.9 per cent), and purchases of goods and services advanced by $17.2 million (12.4 per cent), mainly on account of a $23.1 million increase in ‘other’ contractual services. In contrast, transfer payments declined by $35.8 million (8.6 per cent), underpinned by a reduction in health-related subsidy payments” for National Health Insurance (NHI). On the revenue side, Value-Added Tax (VAT) receipts increased by $15.7 million or 6 per cent year-over-year, supporting a $27.2 million or 4.3 per cent increase in tax revenues to $659.2 million. “Broad-based gains also occurred for most of the remaining categories, with receipts from taxes on international trade firming by $7.7 million (3.7 per cent) due mainly to higher excise taxes,” the Central Bank found. “In addition, business and professional fees rose by $6 million (46.2 per cent) on account of gains in general Business License fees, while higher gaming tax revenue was responsible for the $1.5 million (15.5 per cent) advance in selective taxes on services. “Further, ‘other’ miscellaneous taxes were virtually unchanged, as the $7.4 million (42.6 per cent) fall-off in unclassified stamp taxes negated gains in motor vehicle and property taxes. In addition, non-tax receipts firmed by $1.7 million (2.3 per cent) to $78.7 million, buttressed by an expansion in proceeds from fines, forfeits and administrative fees, which eclipsed decreased income from other sources.”

We, Helvetic Management Services Ltd. are a midsize Corporate Service Provider in Nassau and are looking to enforce our team by giving a young individual the opportunity to pursue a career in the corporate & financial world: The duties are:

- General administration / filing / day to day work with IBCs. - Other tasks / work arising from the business of our Company - Basic accounting work (Quick-Books) -

The successful candidate should bring: A very solid high school / college education Some basic knowledge in company / financial laws Basic knowledge in simple accounting Computer literate in programs used (MS Office, QuickBooks)

The successful candidate should be: - A team player in a small team of professionals - Able to work diligently on tasks on his/her own. - A person of high integrity and also willing to learn We offer a highly professional environment, competitive compensation, education and training giving you the possibility to expand and grow into other areas and fields of this profession.

Please fax your resume to: H.R : Fax: 326 2151 Or e-mail to HR@leadingservices.net

PAGE 6, Friday, February 2, 2018

28 25

THE TRIBUNE 26

FOR YOUR CHANCE TO WIN £100 CASH read down th letters in the highlighted squares to reveal the mystery28wo 27

tO eNter: call 0904 161 1603FOR YOUR CHANCE TO WIN £100 C and leave your answer and details to 84010. calls cost £1.50 plus your company’s network letterstelephone in the highlighted squares to reve at midnight tonight. or send yourtOgrid containing the answer in the eNter: call 0904 161 1603 and leave yo to 84010. calls cost £1.50 plus your telephone 12578, sutton coldfield B73 9Bt. Entries must be postmarked by sep at midnight tonight. or send your grid containi call helpline number. ● The winner will be the first random correc 12578, sutton coldfield B73 9Bt. Entries must b call helpline number. ● The winner be the NEED HELP? call 0904 161 1609 for 5 extra clues! callswill cost £1. CARPE DIEM NEED HELP? call 0904 161 1609 for 5 extr

JUDGE PARKER

nAmE

aCr 14 Ac 25 Noi PostcoDE 4 Abrid 16 Adh THE DAILY EXPRESS 30-SEC ADDrEss

ADDrEss PostcoDE

Today’s answers: Beginner = 84; interme

THE DAILY EXPRESS 30-SECOND CHALL MARVIN

CrossdoU

Today’s answers: Beginner = 84; intermediate = 78; advanced =

Can you make two common five-letter words from the nine letters given, using each letter only once? you can – but only if one letter features in both words in the squares on the right. Can you make two common five-letter There’s at least one way to do it, and words from the nine letters given, you have to have the right letter at the using each letter only once? you can– but which one is it? crossover see if can find the answer within – but only if one letter features inyou both our target time. if you need help, ring words in the squares on the right. our clue-line below to find out the There’s at least one way to do it, andletter. solution tomorrow. crossover

BLONDIE

CrossdoUBT

you have to have the right letter attimes: the Average: Target a C i K 18 mins Good: 14 mins crossover – but which one is it? stucK? call FOr a cl see if you can find the answerExcellent: within 10 mins 0901 322 560 Friday’s solution: HAGAR THE HORRIBLE Halve your target time our target time. if you need help, ringdriLL aroMa, *Calls cost 75p plu our clue-line below to find out (across the or down) netwo crossover letter. solution tomorrow.

TIGER

a CTarGeT i K r r s TH T

Target times: Average: 18 mins Good: 14 mins cAn yo sOlutION stucK? call FOr a clue the target Alphabe Excellent: 10 mins uses number words in 0901 322 5601 0901 322 Friday’s solution: – or 56 bla the today’s main words Both in a Halve your target time! Alphapu aroMa, driLL body of the alph *Calls cost 75p plus your telephone chamberscompany’s you hav (across or down) network access charge. grid too

u i TarGeT r

CALVIN & HOBBES

r f n E uTHe t aLP 21st century Dictionary (1999 edition)

HOW many words of four letters

u r f i n E r u t

DENNIS THE MENACE

letters below t grid is ‘ symme words, you tur down. s

or more can youyou make from the cAn crack the the target A letters shown here? in making a saturd Alphabeater? Each uses word, each letter may be used grid Black B number represents a letter12, 15, must contain the words once in only. Each 29, 32 C – or black square. As in centre letter and there must be at the main least one nine-letter word. no letter ofacros Alphapuzzle, every D ending in “s”.But Close, body ofplurals or verb the forms alphabet is used. Favou E chambers you have to complete the Waspis Today’s TarGeT Rekind gridgood too!27; useexcellent the given 21st Good 18; very F letters and tomorrow. black squares Forty. 35 (or more). solution century down: G below the grid to start. theLodge Dictionary saTUrday’s Asked gridsoLUTion is ‘rotationally H aVeraGeLy eagerly Staunc (1999 argyle arylsymmetrical’ – in other Used, early elegy every gayer gravely I edition) it looks theleery same if gravy graywords, grey gyre layer

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Extr

Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday

Kakuro Answer

saTUrday’s soLUTion argyle aryl aVeraGeLy eagerly early elegy every gayer gravely gravy gray grey gyre layer leery levy lyre relay rely vagary vary very year

CRYPTIC PUZZLE 1 French men who couldn’t adapt to new regimes? (7)

1 Excellent, if not fast, way to surpass others (5)

5 Where the retired gardener may be found working? (2,3)

2 Scottish name in a new form (3)

8 Study fashion design that’s delivered (9) 9 Extreme advice? (3) 10 Still, it might be a subject for the artist (4) 12 There’s profit from this form of seed crop (8) 14 The way to loop cord (6) 15 Had a picnic? (3,3) 17 Watchman who sticks to the rules? (8)

*Calls 7cost 80p per minute plus your telephone company’s network access charge. 6

12 13

15 16

5 Show I can edit afresh (8)

6 The richer for not getting on? (6,3)

7 Security is lifted in the store (7)

11 A marksman will find use for this sort of gift horse (9)

13 Coming into play (8)

21 It is engaged in making a machine work (3)

16 Want to disguise hatred (6) 19 Put back in more settled weather (5)

24 Being agile, he lit out! (5)

20 It may be shot for security reasons (4)

25 In great haste after testing the bath water? (7)

23 Nigerian tribesman reflecting native charm (3)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 By the way, 5 Amid, 9 Sprat, 10 Prisons, 11 Poor relation, 13 Outlaw, 14 Sprout, 17 Paving stones, 20 Silence, 21 Inane, 22 Deal, 23 Staggers.

Across: 1 Symbolic, 5 Limb, 9 Musty, 10 Lanolin, 11 Keep one’s cool, 13 Adduce, 14 Adrift, 17 Overabundant, 20 Hothead, 21 Ember, 22 Sham, 23 Brussels. Down: 1 Same, 2 Misdeed, 3 Olympic Games, 4 Inland, 6 Igloo, 7 Banality, 8 Onesidedness, 12 Galoshes, 15 Ignoble, 16 Murder, 18 Extra, 19 Arms.

Extra letter clues

0907 181 2560 (Deduct three minutes for each extra clue letter heard)

full solution

0907 181 2558

T U V W X Y Z

*Calls cost 80p per minute 21 plus your telephone company’s network access charge.

●A

*SP: Spoke – Helpline 0333 202 3390

4 Various indications it’s not raining (6)

14 In this way a colt is controlled (7)

Down: 1 Best, 2 Turn out, 3 Entertaining, 4 Apples, 6 Maori, 7 Disunite, 8 Disapproving, 12 Composed, 15 Operate, 16 Assert, 18 Villa, 19 Sews.

3 Never-ending trouble for a bird (4)

18 At some distance away from a return of service (4)

22 Costa Rican doing without a form of drugs (9)

Down

EASY PUZZLE

Across

call 0907 181 2585 for today’s target solution

Lodge, Sag, Downsized, Asked, Tuba, Laid, Visit, Staunchly, Two, Eject, Used, Boom.

Across 1 To trade (7) 5 Thicket of small trees (5) 8 Doctor of medicine (9) 9 Stupid person (3) 10 Fervour (4) 12 Contrive cleverly (8) 14 Slightly mad (6) 15 Struggle (6) 17 Playful (8) 18 Greek god of love (4) 21 A certain (3) 22 Dress designer (9) 24 Deadly (5) 25 Best (7)

Down 1 A gemstone (5) 2 No matter which (3) 3 Fencing sword (4) 4 Customer (6) 5 Go on (8) 6 Senior university teacher (9) 7 Ensure observance of (7) 11 Designer of buildings (9) 13 Expressed in verse (8) 14 Discarded (4-3) 16 Prefix meaning false (6) 19 A durable cotton fabric (5) 20 Rudely brief (4) 23 Doctrine (3)

PLay More Cros

THE TRIBUNE

Friday, February 2, 2018, PAGE 7

Taxation ‘veil piercing’ endangers businesses FROM PAGE 1 land he does not own. “They’re withholding a TCC because they say I owe property tax for some property which I don’t own,” Mr Lightbourn told this newspaper. “I’m not the only one; loads of people have that issue. “I also can’t get exchange control approval because they say I owe property tax. It doesn’t have a damn thing to do with exchange control. I’m not able to get exchange control clearance, and I can’t get a Tax Compliance Certificate for a property I’m selling because I owe property tax elsewhere supposedly, so the sale can’t close. It’s all over the place.” The ‘cross-referencing’ between government departments is part of a strategy to enhance enforcement/compliance, and crack down on tax cheats and avoiders, by denying essential permits

such as TCCs, National Insurance Board (NIB) ‘letters of good standing’, and exchange control permission. Without such permits, the business interests of tax defaulters will grind to a halt through an inability to renew Business Licences and other certificates essential to the smooth conduct of commerce. It is unclear, though, whether there is any basis in law for the Government to intermingle company and personal tax liabilities by ‘piercing the corporate veil’ to enforce payment. And holding a business ‘hostage’ until its owners settle their personal tax debts could endanger its survival, increasing unemployment at the very moment the Government is desperate for increased GDP growth. “We have heard these complaints,” Mr Sumner told Tribune Business, “and I think it has something to do with the fact

that if you are a shareholder of some significance in a company, and you owe taxes in your personal capacity, that is considered a liability against the company. “They [the Government] will then withhold a certificate or licence from that company if a significant shareholder has a tax liability with the Government. It’s not a policy we necessarily agree with. The Government has put it in place to ensure all companies and individuals are responsible to pay taxes to the Government.” Mr Sumner agreed that this amounted to “piercing the veil” of corporate ownership, as the Government made the issuance of TCCs and such like contingent on shareholders paying their due taxes to ensure there is “no adverse effect on the company”. “If you are in business, as we understand it, and you owe the Government for any taxes outstanding to

them, whether personal tax or corporate tax, they have a right to withhold licences to you until those taxes are satisfied,” he added. “It’s a policy we have to look at. There’s been mixed reaction to it. It is a matter that has come up, and we are hoping we can raise it in future meetings and discussions with the Government in the course of the next several weeks. This is something we will have to take up as part of those discussions.” Mr Maura confirmed he had heard similar private sector complaints, revealing: “We have had members that have shared that, as part of the process or where you are trying to get ‘certificates of good standing’, TCCs, the Government seems to have gone out and looked at every contract and interest a person has to make sure that person is compliant, and they’ve gone past the veil of the business. “It becomes a concern

to the private sector as it seems every other department has become a police agent for every other department. “We don’t believe that to be appropriate.” The Chamber chairman pointed out that many companies had multiple shareholders, sometimes numbering in the hundreds and even thousands, making it unfair to penalise a firm for the ‘sins’ of just one person. “You’re basically placing the business in jeopardy,” Mr Maura told Tribune Business. “You could have a business that has 20 shareholders, 100 shareholders. Is it right? Is it in the country’s best interests? “You jeopardise the income and future earning potential of labour as a result of going past that corporate veil with a particular shareholder who may be one person out of 10. It doesn’t seem to be appropriate.”

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 76° F/24° C Low: 53° F/12° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Partly sunny with a shower in spots

Patchy clouds and breezy

Clouds and sun, a shower; breezy

Partly sunny

Clouds and sun with a stray shower

Partly sunny

High: 81°

Low: 72°

High: 80° Low: 73°

High: 81° Low: 71°

High: 81° Low: 72°

AccuWeather RealFeel

90° F

68° F

80°-70° F

87°-77° F

94°-75° F

88°-75° F

High: 74° F/23° C Low: 54° F/12° C

almanac

ABACO

High: 75° F/24° C Low: 68° F/20° C

6-12 knots

WEST PALM BEACH High: 76° F/24° C Low: 64° F/18° C

4-8 knots

FT. LAUDERDALE E

FREEPORT

High: 78° F/26° C Low: 65° F/18° C

High: 75° F/24° C Low: 66° F/19° C

MIAMI

High: 80° F/27° C Low: 66° F/19° C

7-14 knots

KEY WEST

High: 72° F/22° C Low: 67° F/19° C

High: 81° F/27° C Low: 72° F/22° C

High: 77° F/25° C Low: 71° F/22° C

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

9:01 a.m. 9:27 p.m.

3.3 2.9

2:45 a.m. -1.0 3:26 p.m. -0.9

Saturday

9:51 a.m. 10:19 p.m.

3.2 2.8

3:38 a.m. -0.8 4:14 p.m. -0.8

Sunday

10:40 a.m. 11:12 p.m.

2.9 2.7

4:31 a.m. -0.5 5:03 p.m. -0.6

Monday

11:29 a.m. -----

2.6 -----

5:25 a.m. -0.2 5:51 p.m. -0.4

Tuesday

12:06 a.m. 12:21 p.m.

2.6 2.4

6:22 a.m. 0.0 6:41 p.m. -0.2

Wednesday 1:01 a.m. 1:15 p.m.

2.5 2.1

7:21 a.m. 7:33 p.m.

0.3 0.0

Thursday

2.4 2.0

8:22 a.m. 8:27 p.m.

0.4 0.1

1:59 a.m. 2:12 p.m.

sun anD moon Sunrise Sunset

6:52 a.m. 5:55 p.m.

Moonrise Moonset

8:26 p.m. 8:31 a.m.

Last

New

First

Full

Feb. 7

Feb. 15

Feb. 23

Mar. 1

CAT ISLAND

High: 78° F/26° C Low: 72° F/22° C

6-12 knots

7-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 59° F/15° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 78° F/26° C Last year’s low ................................... 62° F/17° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 5.69” Normal year to date ..................................... 1.41”

ELEUTHERA

NASSAU

uV inDex toDay

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

Mr Maura also revealed that “there has been a practice” where companies had had to pay disputed Value-Added Tax (VAT) systems to the Department of Inland Revenue before they are granted an appeal hearing, which he described as “just unacceptable”. He added, though, that the Government was moving to address these concerns by having timely dispute hearings. “What we’ve been hearing the last few months is that the Department of Inland Revenue, the Ministry of Finance, have heard the cry and are committed to working with businesses and help. That will allow everyone to get on the same page,” Mr Maura said. K P Turnquest, deputy prime minister and minister of finance, and Marlon Johnson, acting financial secretary, could not be reached for comment before press time.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 72° F/22° C

High: 78° F/26° C Low: 73° F/23° C

High: 79° F/26° C Low: 72° F/22° C

W S

LONG ISLAND

insurance management tracking map

High: 79° F/26° C Low: 73° F/23° C

7-14 knots

MAYAGUANA High: 79° F/26° C Low: 74° F/23° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 74° F/23° C

High: 78° F/26° C Low: 73° F/23° C

GREAT INAGUA High: 82° F/28° C Low: 74° F/23° C

10-20 knots

8-16 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS N at 4-8 Knots NE at 15-25 Knots NE at 6-12 Knots ENE at 8-16 Knots ENE at 7-14 Knots ENE at 8-16 Knots E at 8-16 Knots NE at 8-16 Knots ENE at 6-12 Knots NE at 8-16 Knots ENE at 6-12 Knots ENE at 15-25 Knots E at 7-14 Knots ENE at 10-20 Knots E at 8-16 Knots NE at 8-16 Knots ENE at 10-20 Knots NE at 10-20 Knots E at 8-16 Knots NE at 8-16 Knots NE at 4-8 Knots ENE at 8-16 Knots NE at 10-20 Knots ENE at 12-25 Knots E at 7-14 Knots NE at 8-16 Knots

WAVES 2-4 Feet 4-8 Feet 1-2 Feet 1-3 Feet 3-6 Feet 3-5 Feet 3-6 Feet 3-5 Feet 2-4 Feet 2-4 Feet 1-3 Feet 4-7 Feet 3-5 Feet 4-7 Feet 5-9 Feet 5-9 Feet 5-9 Feet 5-9 Feet 4-7 Feet 4-7 Feet 2-4 Feet 3-6 Feet 6-10 Feet 6-10 Feet 2-4 Feet 3-6 Feet

VISIBILITY 10 Miles 7 Miles 8 Miles 8 Miles 8 Miles 7 Miles 7 Miles 8 Miles 8 Miles 8 Miles 10 Miles 8 Miles 7 Miles 7 Miles 7 Miles 8 Miles 7 Miles 7 Miles 7 Miles 8 Miles 8 Miles 8 Miles 7 Miles 7 Miles 8 Miles 7 Miles

WATER TEMPS. 73° F 73° F 76° F 76° F 78° F 78° F 80° F 80° F 76° F 76° F 73° F 73° F 77° F 77° F 81° F 81° F 80° F 80° F 80° F 80° F 75° F 75° F 79° F 79° F 79° F 79° F

PAGE 8, Friday, February 2, 2018

THE TRIBUNE