02072019 BUSINESS

business@tribunemedia.net

THURSDAY, FEBRUARY 7, 2019

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Used auto inspection ‘redundancy’ dispute

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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DVOCATES for the preinspection of Japanese auto exports yesterday leapt to the initiative’s defence after a veteran used car dealer branded the checks “redundant”.

Brent Fox, who plans to relaunch his Montague Motors venture this March, told Tribune Business that the Japanese system overseeing used car sales provided sufficient protection for Bahamian

• Veteran dealer: Jap import check ‘unnecessary’ • Says will ‘hurt grassroots consumers’ most • BMDA chief: ‘Price we have to pay for safety’ consumers without requiring the inspection regime the government recently signed up to.

The Minnis administration last month signed a contract with Yokohama-based EAA, which will conduct safety/ roadworthiness inspections on used Japanese vehicles before they are exported to The Bahamas, but Mr Fox argued that the move was “unnecessary” because it

Govt will ‘circle wagons’ to hit fiscal targets

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chief executive yesterday voiced confidence in the government’s ability to “circle the wagons” and hit its $237m full-year deficit target.

Jeffrey Beckles told Tribune Business that while a half-year deficit equivalent to almost 73.4 percent of the full-year target was sufficient cause for “concern”, he was optimistic the Minnis administration will “do all that is necessary” to meet its 20182019 goals.

He added that besides

meeting the legal mandate imposed by the Fiscal Responsibility Act, achieving these targets would both “breed confidence” in the government’s fiscal management and send a signal internationally - especially to investors and the credit rating agencies - that The Bahamas is serious about putting its public finances in order.

“I believe the Ministry of Finance is capable of circling the wagons to make sure they don’t go over it,” Mr Beckles said of the $237m full-year deficit target, which is equivalent to 1.8 percent of

SEE PAGE 6

DPM: ‘NO MORE RUNAWAY TRAINS’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE deputy prime minister yesterday pledged that the government’s finances will be placed “in check”, with “no more runaway trains” leading The Bahamas to the “fiscal brink”.

KP Turnquest, kickingoff the fiscal strategy report debate in Parliament, said: “We are going to restore order to the public finances, and strength to the Bahamian people, by putting the government in check and keeping the government in check.

“That means no more runaway trains leading the

K PETER TURNQUEST country to the fiscal brink.

All governments will have to plan ahead, as we are; they will have to be transparent, as we have demonstrated; and they will have to accountable to the people every step of the way.”

He added: “When we get our fiscal affairs in order, we create room for spending

SEE PAGE 4

duplicated inspections conducted before such autos can be sold.

He explained that Japan prevents used autos from being sold by individuals and dealers via private sales, instead requiring them to be disposed of at public auctions. Before any bidding/sale can take place, Mr Fox said all autos have to undergo a thorough inspection to ensure purchasers are

protected and receive what is advertised.

Bahamians also benefit from such measures that are designed to protect Japanese consumers, he added, arguing that the EAA contract effectively represented the addition of an extra layer of inspection bureaucracy and red tape.

Mr Fox, who said he has

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Uncertainty over $130m NHI cost DR DUANE SANDS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE National Health Insurance Authority’s (NHIA) defence of the scheme’s $130m price tag yesterday raised more questions than answers, with even a Cabinet minister admitting it needed “clarification”.

Dr Duane Sands, minister of health, told Tribune Business he had “the same question as you do” after NHI’s supervisory body seemingly revealed in a statement that the $130m would only cover the 160,000-170,000 persons not included the

“employer mandate”.

The NHI Authority’s statement, issued in response to fears voiced by Jeffrey Beckles, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, that the private sector will be forced to fill any funding gap if the scheme’s sums and cost estimates were wrong, made a clear distinction between those persons and working Bahamians.

The latter, some 206,000strong, will finance their annual $1,000 Standard Health Benefit (SHB) premium - NHI’s minimum level of care - through a combination of 1.5 percent of their annual gross salary and employer contributions.

This cost, yesterday’s NHI Authority release suggests,

SEE PAGE 10

THE TRIBUNE

Thursday, February 7, 2019, PAGE 3

GOVT DEAL INCREASES START-UP FUNDS TO $9M

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN entrepreneurs were yesterday urged to “think big” and target the export market, after the government signed a deal that increases their available funding pool to $9m.

KP Turnquest, deputy prime minister, said the direct capital funding available to micro, small and medium-sized businesses is set to increase by almost two-thirds compared to the original $5.5m thanks to the government’s agreement with the Access Accelerator Small Business Development Centre (SBDC) and several financial partners.

The other partners, who include Royal Bank of Canada (RBC), Scotiabank,

the Bahamas Development Bank (BDB) and the Bahamas Entrepreneurial Venture Fund, will participate in what was branded the largest ever single allocation of financing for Bahamian entrepreneurs.

Mr Turnquest said the agreement “made good on a promise” by the Minnis administration to provide direct funding access for Bahamian entrepreneurs. It had previously committed to investing $25m to help develop small and mediumsized enterprises over a five-year period.

“When I presented the government’s budget last June, we announced an allocation of $5.5m for micro, small and medium sized enterprises,” he added. “We promised that this money would go

directly to entrepreneurs.

We are making good on that promise and, thanks to the tremendous efforts of the SBDC and its partners, we are delivering even more.

“By bringing in additional funding from our partners, we leveraged the government’s $5.5m to secure up to $9m in capital financing for small businesses across The Bahamas. We expect that this initiative will create a fundamental shift in the way the banking sector sees small businesses in this country.”

Mr Turnquest, calling on other lenders not currently participating in the initiative to “take note”, said participation in the SBDC’s training and business advisory programmes was required for

entrepreneurs to get access to funding and ensure businesses - both start-ups and existing – have the necessary tools and support they need to be successful.

“We’re not just handing out money but ensuring that businesses have the necessary tools and support they need to be successful. This money is accessed through the SBDC’s structured training and business advisory programme, set up with an independent government structure, so that persons don’t have to come to any politician to get approval,” Mr Turnquest added.

Mr Turnquest explained that funding will be provided via various forms, including government guaranteed loans up to 75 percent of the total

amount borrowed, which will reduce the amount of collateral/security entrepreneurs must put up.

Grants, capped at $20,000, are targeted at “impoverished young Bahamians” - mainly Family Island entrepreneurs and those under the age of 40 who lack the means to obtain financing.

The final option is equity financing, where an investor becomes a minority partner in the business and they are bought out. The target amount for equity financing is between $20,000 to $50,000, but it can go up to $100,000.

“We want Bahamians to think big, dream big and think outside the traditional way we have done business, the traditional businesses here, and look to the export

market,” added Mr Turnquest. You have to look across the Caribbean where there are similar tastes, desires and circumstances, and see how to exploit those markets to create an even bigger platform for the provision of goods and services.”

Geoff Andrews, the SBDC’s chairman, said that close to 2,400 persons have signed up with the organisation to-date, including over 450 on Grand Bahama during its launch there last week.

Davinia Blair, the SBDC’s executive director, added that its programme was “not business as usual”, and reiterated that the only path to funding was through its training programme for start-ups or advisory initiative for existing businesses.

MORTON SALT UNION SAYS ‘NO SLOWDOWN’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE union representing Morton Salt Bahamas line-staff yesterday rejected suggestions it had instigated a worker “slowdown” after the company issued warning letters to three of its employees.

Letters seen by Tribune Business, dated February 5, 2019, and signed by Michael Nixon, the Inagua salt harvester’s general manager, warned two workers that the company had “sufficient evidence” to prove they were “refusing to work diligently towards the efficient and economic operation of the company during their shifts on February 4 and 5”.

Morton Salt asserted that their actions were in violation of the union’s industrial agreement, and warned that failure to comply with company policy going forward would result in disciplinary actions “up to and including termination”.

Jennifer Brown, the Bahamas Industrial, Manufacturers and Allied Workers Union (BIMAWU) president, told Tribune Business that a third employee had received a similar warning letter yesterday.

She acknowledged that she had seen social media reports suggesting that workers were engaged in a deliberate “slow down”, but strongly denied this claim. She told Tribune Business that workers have expressed safety concerns and any action was merely precautionary.

“Equipment needs to be fixed, trucks need to be fixed, the road to the crystalisers needs to be fixed, and the guys say they are

not going to work like that any more,” Ms Brown said.

“The employees are taking caution, and the company has an issue with that.

“We have two ships at the dock now, and the company is accusing them of deliberately slowing down. They gave some persons letters of warning. Persons have been putting stuff on social media about what’s going on, but I can say that there is no deliberate work stoppage or slowdown, not to my knowledge. That is not what’s happening.”

She added: “There are a lot of safety concerns and they know about it. They want the guys to go out in the trucks to deal with these boats but they know the concerns.”

Morton Salt, in a statement sent to Tribune Business yesterday, said: “At Morton, the safety and security of our employees is of the utmost importance.

Earlier this week, we were contacted by union representatives who provided our team with a list of facility and equipment repairs to address.

“Nearly all of the items shared were already being proactively addressed and resolved by our maintenance and health and safety teams as part of our standard operating procedures

and processes. We will continue to assess, address and resolve the remaining items in a timely manner to ensure we continue to safely meet our production goals.”

The union has in recent months gone public over its dispute with Morton Salt regarding a new industrial agreement. Ms Brown recently told this newspaper that the union, which represents some 100-line staff at Inagua’s largest employer, had been been “pushed” to take strike action after the company made no improvements to its purported counter-offer. The threat of industrial unrest has loomed over Morton Salt’s Inagua operations since late last year.

Morton Salt said yesterday: “For the past year, Morton Bahamas has met in good faith with union representatives in

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an effort to reach a new labour agreement. We’ve also worked together with a conciliator to help drive

toward resolution. Unfortunately, the parties have not yet reached an agreement.

Until then, we encourage

our employees to continue working safely and diligently during ongoing contract negotiations.”

PAGE 4, Thursday, February 7, 2019

THE TRIBUNE

LOCAL REALTOR MARKS ITS 70TH ANNIVERSARY BAHAMAS Realty is marking its 70th anniversary this year, celebrating $10bn in property sales over a history so long it predates the birth of its own chief executive.

“Our 70th anniversary marks a milestone in the rich history of Bahamas Realty, a company that has kept pace with the many legislative, policy and market changes and innovations that have transformed the industry,” said Donnie Martinborough,

THE ORIGINAL Bernard Sunley Building in downtown Nassau, home of Caribbean Management and Bert L Roberts Realty, the two companies that merged in 1978 to become what was later re-named Bahamas Realty.

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.

who became its top executive in 2018.

“We evolved from the early days of selling dreams of year-round sunshine and swaying palm trees to winter-weary tourists from England and Europe to satisfying a savvy residential and commercial market ranging from young professionals to large corporate entities, first-home buyers to second home owners and just about everything in between. We also operate within a very strict set of guidelines and rules, thanks to the Bahamas Real Estate Association (BREA), a legislated entity created by its members.”

Founded in 1949 as Bert L Roberts Ltd, Bahamas Realty’s early history was all about sales.

“Back then, the price of an average home was about $14,000,” said Larry Roberts, Bert’s son, who would go on to serve as Bahamas Realty’s chairman until his retirement late last year. He continues to act as consultant, maintaining an office at the company’s offices on East Bay Street near Montagu Bay. Today, Bahamas Realty handles sales, leasing, appraisals, property management and consulting.

Agents and brokers have carved out niche markets by geographical area or type of transaction, and the firm’s luxury sales record has seen it become affiliated with Luxury Real Estate Companies of the World

and Leading RE Luxury Portfolio.

Under its NAI franchise, the realtor manages nearly one million square feet of commercial space, including prime office, retail, dining and warehousing. “Bahamas Realty has grown up with the country. In many ways, our history mirrors that of The Bahamas,” said Mr Roberts.

“We have enjoyed prosperous times, survived challenging times, but like the country and the Bahamian people, we never stopped growing our capabilities, building relationships and deepening the trust we earned both locally and globally.”

Mergers and growth helped define Bahamas Realty. In 1978, Bert L Roberts merged with Robin Brownrigg and Gordon Wilde, who had earlier taken over Bernard Sunley & Sons, and were managing the company as Caribbean Management. Combining the companies, one with sales expertise and the other focused on appraisals and finance, created a one-stop shop known as Caribbean Management & Sales.

Three years later, with Mr Martinborough handling commercial sales and leasing, Bahamas Realty became the first in The Bahamas to offer a full range of services that included academicallytrained and board-certified appraisers and property managers, as well as sales and leasing agents and

brokers. In 2010, the company expanded again by adding new associates from Paradise Sales and Rentals.

Bahamas Realty’s president, Robin Brownrigg, said: “When you consider the conditions in the late 1940s, you appreciate how much we as a company - and how much The Bahamas as a market - have evolved, and what it took to succeed for seven decades.

“Larry’s father opened his office four years after World War II ended, the year NATO was created. The Bahamas seemed a romantic, remote place with a kind of mystique, but it was still a mystery and we in the industry - who were often the first point of contact had to overcome a natural scepticism by foreigners in a faraway land.”

Unlike marketeers luring prospective buyers to The Bahamas, 90 percent of the clients that agents and brokers interact with now start their search online. In the right location, 1949’s $14,000 home now could easily fetch $1m.

Mr Martinborough added: “Property values fluctuate in The Bahamas as they do elsewhere, but the difference in The Bahamas is that over time, they nearly always appreciate in value. Land is scarce and the islands of The Bahamas are among the most coveted places on earth to live, work and play.”

DPM: ‘NO MORE RUNAWAY TRAINS’

picked up by the Ministry of Finance.

“We acknowledge that our forecasting for expenditure patterns and our budgetary management should have allowed us to pick this up when we presented the budget in May,” he said. “The reality is that this poor forecasting is not a new phenomenon.

“When we examine the last five budget years of the previous administration, we

see the same exact pattern.”

Meanwhile, Dionisio D’Aguilar, minister of tourism and aviation, said the industry’s growth for the 11 months ending November 30, 2018, injected $300m in extra visitor spending into the Bahamian economy.

Stopover visitors, that portion of foreign visitors that spend the most, increased by over 205,000 persons or what the Minister termed “a mind blowing 17.1 percent”.

FROM PAGE ONE

to be used for capital needs, such as infrastructure, that creates jobs for individuals.”

Mr Turnquest then admitted that the government’s $95m deficit overrun for the 2017-2018 fiscal year, which resulted in $410m worth of “red ink”, should have been

THE TRIBUNE

Thursday, February 7, 2019, PAGE 5

EQUITY BANK TARGETING LOCAL PRIVATE BANKING EQUITY Bank And Trust (Bahamas) has become the latest “offshore” institution to target the local financial services market by offering private banking services to Bahamians.

The financial services provider, which said it has received approval from the Central Bank to act as an authorised Bahamian dollar agent, explained that the regulator’s recent exchange control liberalisation measures had made it more attractive to enter the domestic segment.

In a statement, Equity Bank and Trust said it will be able to give Bahamians greater access to

global financial markets through expertise and knowledge its staff has builtup working for international clients over the past 30 years.

“Until recently Bahamians have been limited to traditional local investment options, such as shares in local companies and government bonds,” said Equity’s chairman Ivylyn Cassar.

“The Central Bank’s liberalisation of exchange control recognises the desire

by Bahamians to participate in the buying and selling of shares beyond The Bahamas, and to access other international investment services.

“We believe our track record and experience in helping our international clients achieve financial success can be duplicated to assist Bahamians expand their investment options.”

Equity Bank and Trust’s move also coincides with regulatory reforms that break down the “wall” that previously separated the Bahamian financial services industry’s domestic and international/offshore sectors.

This move, designed to meet the European Union’s (EU) demands for an end to “ring fencing” - meaning the elimination of preferential tax benefits offered to

$1m start-up fund shortlists four bids A $1M FUND established by the Bahamas Striping Group of Companies will this week begin interviews with shortlisted entrepreneurs seeking to access its funding.

The Investment Group’s (TIG) second financing round has shown how difficult it is for budding business owners and start-ups to make the grade, with almost one-third of the 63 initial applicants rejected almost immediately due to flaws in their plans.

“I’ve been impressed by some of the ideas we have seen,” said Mick Holding, chairman of TIG’s board of directors. “They are outside of the box in terms of what people are looking to do. Not everyone will succeed but some of them have got huge potential if it comes off.”

The Investment Group aims to support entrepreneurship and employment by providing seed capital to fledgling companies, taking an equity stake in the enterprise in return.

It was established by Bahamas Striping in 2017 to nurture start-ups possessing the vision, drive and innovation to succeed, but lacking the necessary financing to drive business growth.

The venture recalls Bahamas Striping’s roots as the recipient of a $5,000 selfstarter grant from the last Ingraham administration, which was issued to founders Atario Mitchell and Dominic Sturrup.

The first three recipients receiving undisclosed sums in 2017 from TIG were United Data Technologies, KW Paving and Global Energy Solutions.

Applications for TIG’s

MIKE HOLDING second round of funding closed last September.

Although 63 persons applied with ideas ranging from catering to agriculture to tourism, 20 applications were immediately dismissed due to the lack of a business plan of any description.

“By far the biggest reason for not progressing to the next round was inadequate business plans and lack of financial projections,” said Mr Holding, a former president of Grand Bahama’s Chamber of Commerce.

“Some may have had an idea but not been able to connect that idea to paper and put it into a plan. Many did not include any financial projections, which is clearly something that is essential. If you go to a bank or any other financial institution, unless you’ve got financial models, you are not going to be entertained at all.”

After a first round of scrutiny by fellow board members Fredericka Sturrup, Bahamas Striping’s vice-president of human resources and training, and Yvette Ingraham, president of 360 Training and Consulting, they and Mr Holding emerged with a shortlist of seven candidates to be interviewed. The number was narrowed down further when only four

applicants progressed to stage three.

“The first step of stage three will take place this Friday. That is where we invite them back and start to ask them more detailed questions about their business plans,” Mr Holding explained.

“Following on from that we will go into more depth in three areas: Financial projections, which is obviously very important; commercial considerations, how well they know their market and competition; and the third area is the structure of the investment.”

Those discussions are expected to continue over the next few weeks, ending with at least two successful candidates emerging.

“We are looking for people with different ideas. It is innovation that catches our imagination, followed by the quality of the applicants themselves,” said Mr Holding. “It’s not just a good idea that we’re looking for and a sound plan; we are also looking to see if the individuals themselves, in our judgement, are able to deliver. You might have a great idea, but you may not be able to execute it.”

One of the finalists is in the agricultural sector, while another has export potential. TIG will invest between $50,000 and $150,000 into the winning ventures, although those numbers are not set.

“If someone came in with an excellent idea that required $175,000 or $40,000, we wouldn’t exclude them,” said Mr Holding. “Our objective is to try and help as many as possible with the funds that are available.”

the international sector but not its domestic counterpart - allows “offshore” institutions to enter the Bahamian dollar market once they have the necessary regulatory approvals.

Equity Bank and Trust’s plans follow those of rivals such as Corner Bank (Overseas), which recently launched its “Cornertrader” platform to enable Bahamians to directly invest in a wide ramge of

international securities.

Equity’s product offerings to Bahamians include custody, brokerage and asset management services; investment fund incorporation and administration services; trust and creditor protection services; estate administration and retirement planning; FinTech (financial technology) consultancy and corporate services offerings. It will also facilitate the Central Bank’s approval

process for exchange control requirements in relation to international investment opportunities.

“Our online banking and mobile responsive websites and terminals are testament to Equity’s forward thinking approach to digital banking.

We are poised for FinTech consultancy and solutions for the local market,” said head of business development and FinTech, Delphino Gilbert Cassar.

PAGE 6, Thursday, February 7, 2019

THE TRIBUNE

FESTIVAL STAYS ‘TRU’ TO CULTURAL ROOTS THE Bahamas Hotel and Tourism Association (BHTA) held its fourth annual Tru Tru Bahamian Festival at the weekend to highlight Bahamian culture and history.

Tourists and locals alike were able to sample Bahamian food, drink, music, displays of traditional games and pastimes, art and craft at John Watlings Distillery.

Vendors,

entertainers, food and drink suppliers showcased the best of what this nation has to offer.

Brightly-coloured clapboard facades and thatch were used to decorate event tents, which created a “village” ambiance. Partners included Dolphin Cay, Ardastra Gardens, the Bahamas National Trust, Bahamas Football Association, Creative Nassau, the

University of The Bahamas’ Art Department and the National Art Gallery of The Bahamas.

“The event has developed and expanded every year, both in scope and size,” said Carlton Russell, BHTA president. “It was incredible to see the number of tourists and locals come out, even though the weather presented challenges on Saturday.

PICTURED from left to right ASP Andrew Hunter, of the Royal Bahamas Police Force; Carlton Russell, president of the Bahamas Hotel and Tourism Association; and festival attendees.

“That in itself speaks to how much people love the festival, what it offers and what it represents. Our aim is to hold iterations of the Tru Tru Bahamian Festival more often in various islands and areas. With the support of our partners in both the public and private sector, we hope to make that happen.”

The Tru Tru Bahamian Festival’s private

and public sector sponsors include the Ministry of Tourism; REV; Nassau Paradise Island Promotion Board; Paradise Island Tourism Development Association; John Watlings Distillery; Bahamian Brewery; Commonwealth Brewery; Pirates Republic Brewing Company; The Bahamas Out Islands Promotion Board; Downtown Nassau Partnership; DHL;

Embrace Resort Exuma; The Pointe; Bahamas Waste; The Bahamas Hotel Restaurant and Employers’ Association; the Hotel Industry Management Pension Fund; Bahamas Musicians and Entertainers Union; Providence Advisors, the Royal Bahamas Police Force; the University of The Bahamas; and the Nassau Airport Development Company.

Govt will ‘circle wagons’ to hit fiscal targets FROM PAGE ONE projected GDP. “I have confidence they’ll do what is necessary to ensure they finish the year at their projected number and, if they have to go over it, it’ll be by a very small percentage. They understand they can’t go over it, and will do all that is necessary to do that as that breeds confidence.”

Underscoring why it is important for The Bahamas to hit its fiscal goals, Mr Beckles added that it would have a significant bearing on “business community confidence in how they manage the deficit”.

And he added: “It’s critical to our global reputation.

We can’t afford to go over it, we can’t afford to not be seen to be taking debt management seriously. I think they’ll manage it and finish strong and in a reasonably good position.

“I believe that if they see any negative trends after the first quarter of this year they will take steps to curb it, and I have confidence they will do just that. It’s that important.”

The government has used up almost three-quarters of its full-year deficit in the first six months of the year, and

JEFFREY BECKLES collected just 38.1 percent of its $2.651bn revenue target.

While it now has to collect more than $1.6bn in revenue during the second half of the 2018-2019 year to hit its full-year goal, but Mr Beckles said this number was still attainable due to the traditional “spurt” in taxes traditionally generated during the January to March period.

“The $1.6bn is a big number but the government still has a chance to collect it and I believe they will based on what I have seen so far from their initiatives,” he told Tribune Business.

“The first six months seems to be lagging behind, but there’s reason to be

optimistic based on some of the trends and some of the initiatives the government has put in place to collect revenue and rein in the expenditure side.

“The government is doing a better job of going after revenue, and revenue collection seems to be up. Some of the announcements made by government, and those intended to be made in the coming weeks, bode well for confidence.”

The government’s firsthalf revenue collection percentage goal is not wildly out of line with previous years. Research by Tribune Business, using official government data, shows that first half revenue collections equalled 39.3 percent and 40.9 percent of the full-year targets for 2016-2017 and 2017-2018, respectively. And it was ahead of the 36.7 percent at the half-way point for 2014-2015.

The bulk of the government’s revenues are traditionally earned during the second half of a fiscal year that coincides with the peak winter tourism season, business license fees, the bulk of real property tax payments, and commercial vehicle licensing month in March.

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Professional Architects Examination Schedule 2019 Registration 4th February 2019 – 22nd March 2019 Examination Briefing 6th April 2019 Case Study Due Date 20th May 2019 Written Examination 1st June 2019 Oral Examination 15th June 2019

THE TRIBUNE

Thursday, February 7, 2019, PAGE 7

Used auto inspection ‘redundancy’ dispute FROM PAGE ONE been to Japan multiple times to acquire vehicles and witness the inspection process, also alleged that the checks conducted by examination providers such as EAA were relatively rudimentary and often performed “at the dock”.

He argued that the $150 inspection fee, which will likely be passed on to Bahamian auto buyers in the vehicle price, would “hurt grassroots consumers” the most and suggested that the main beneficiaries from the contract will be EAA and new auto dealers.

Mr Fox also showed Tribune Business messages from his Japanese agent, who described such inspection processes as “worthless” and designed to make the testing companies “rich” by prevailing on foreign governments to hire them.

His assertions, though, were rejected by Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, who said the testing that will be conducted by EAA from April 1, 2019, will be far more thorough than a simple “dock side” check.

Mr Albury, who accompanied the Bahamas Bureau of Standards and Quality on its early January 2018 mission to assess the Japanese pre-inspection process, reiterated that the EAA contract will ensure local auto buyers get “value for money” from imported vehicles that are safe and more environmentally friendly.

Arguing that the $150 inspection fee was a small price to pay for better road safety and vehicle quality, the BMDA chief added that the process would enable himself and other purchasers of used vehicles to have “peace of mind at night” over what they had imported to The Bahamas.

Questioning why The Bahamas should continue to be treated as “a dumping ground” for unsafe, poor quality vehicles, Mr Albury said of the EAA deal: “It’s the price we have to pay to have good and safe transport on the road.”

This, though, was challenged by Mr Fox, who said he had personally witnesses the pre-auction sales process that all used Japanese vehicles are put through regardless of whether they are for the domestic market or exported to countries such as The Bahamas.

“My first couple of trips over there, I was curious and went into the inspection booths and yards,” he told Tribune Business. “I was impressed by how thorough they were; going into cars with high beam flash lights, which is way beyond what you get in the US. I was extremely impressed by the quality of the inspections.

“Japan requires that individuals cannot sell to other individuals; it has to first be inspected by a governmentsanctioned facility to avoid

any misrepresentation before it is sold at a co-operative auction. It’s a safeguard for the consumer that they’re going to get a good car according to what the inspection is. A car can’t be sold unless it goes through that process...

“Ninety-nine percent of the cars I brought in here were trouble free. If it was not like that, you would not have so many people buying off the internet. The assumption is that the cars are pretty good, and it’s a rarity that you find one with a problem.”

Mr Fox said the quality of such pre-sale inspections meant the services of companies such as EAA did “not serve any purpose” other than ultimately adding to the price paid by Bahamian used auto buyers, many of whom were already stretched when acquiring $5,000-$6,000 vehicles.

“It’s a very short inspection, and quite often it’s done at the dock,” Mr Fox argued of pre-import checks. “It’s unnecessary. It’s a redundant process, a redundant inspection. The cars have to be inspected at the auction house by law. They’re so meticulous. Why do we need another inspection? It’s only to add cost.

“It hurts the grassroots consumer, the poorest of the poor people here. The people buying these cars can’t buy from new car dealers anyway. At the end of the day it only puts a burden on the poor people. I’ve been to Japan and know what I’m talking about.

“I know the inspections they carry out. All the stuff is covered, and covered very well. That is why Bahamians are buying cars in droves from Japan because they trust the system and know they’re going to get a good car. This [the EAA contract] is not consumer friendly. Calmer heads need to prevail.”

Mr Fox, who is hoping to meet with Dion Foulkes, minister of labour, to make his case on the issue, showed Tribune Business text messages received from his Japanese agent, Mr Yamimori of Zenbei Auto, to back his argument.

Mr Yamimori, confirming that The Bahamas was set to issue new regulations, wrote: “There are many inspection companies that are now promoting to governments in many countries to have the inspections. They are getting rich; too bad.

“Actually, it is a very simple inspection and worthless. It just makes more money for the inspection companies. Japanese inspection companies are pushing your government.”

Such arguments, though, were yesterday disputed by Mr Albury. While acknowledging that the annual inspection process was “very tough”, the BMDA chief said Bahamian auto dealers and importers alike needed added protection from “unscrupulous exporters”

Notice Dr. Robert Ramsingh has retired as of January 2019 All patients of Dr. Robert Ramsingh or the late Dr. Mary P. Ritchie wishing to have their records may collect them from the office on 5th Terrace, Monday - Friday, 7:30am - 2pm

Tel: 326-6659/325-4695

who frequently performed tricks such as winding back the odometer to show a lower mileage and increase the vehicle’s value.

“I’m not saying all the vehicles and exporters are bad,” he told Tribune Business, “but 90 percent of those who contact me tend to ask two things. One is: What value you want on the vehicle?”

Mr Albury said this was code for falsifying an invoice by undervaluing a vehicle, thereby allowing the importer to evade Customs duties and VAT at the border.

The second question, he added, was: “What miles do you want on the odometer?”

Revealing that many exporters were non-Japanese, he added of the EAA checks: “The inspection process will give consumers confidence that if the odometer says 50,000 miles, it’s 50,000 miles.

“That the engine is in good working order, it has passed the emissions test, the struts, brakes and tyres - everything is in good working order.

There is nothing to stop people importing cars. It’s just to ensure consumers get what they’re told they’re getting, not something else.”

PAGE 10, Thursday, February 7, 2019

Uncertainty over $130m NHI cost FROM PAGE ONE is separate and on top of the $130m price tag its managing director quoted last week.

Graham Whitmarsh, besides unveiling that figure, also revealed that the “employer mandate” part of NHI was originally projected

THE TRIBUNE to cost $106m. He split this into $53m contributed by employers; a further $33m from employees; and a $20m balance from the government to cover civil servants and public sector workers currently privately insured.

While recent revisions were said to have reduced the burden on both employer and employee, and

increased the government’s contribution to $22m, yesterday’s NHI Authority release implies that the scheme’s true costs can be calculated by adding the “employer mandate” contribution to the $130m required to cover those outside this.

Taking the original $106m price tag for the employer mandate, and performing this calculation, seemingly takes NHI’s total cost to $236m well within the $200m-$300m range suggested by Mr Beckles and the chamber.

“Here are the facts about how much this programme will cost,” the NHI Authority statement said yesterday. “First, for businesses required to provide health insurance to their employees under the new employer mandate, the NHI programme will cost $1,000 per employee per year or about $84 per month. ‘“These businesses will be permitted to recoup up to 1.5 percent of an employee’s full wages (inclusive of gratuities, overtime and bonuses) to share in the cost of the premium. This means for an employee earning over $66,667, they will pay 100 percent of the premium.”

The statement then asserted that “this is not a tax” on the basis that the premium will be “paid to private insurers, not the government”, although many observers will likely disagree given the similarities to the payroll tax that finances National Insurance Board (NIB) contributions.

“In return, employees will receive private health insurance with minimum benefits prescribed by the Standard Health Benefit (SHB) under NHI. It is estimated that the employer mandate will cover approximately 206,000 people, a portion of which are already covered under some form of insurance by their employers,” the NHI Authority continued.

Then, turning to those Bahamians who are not working, the statement said: “Second, for everyone else not covered by the employer mandate, which includes senior citizens, children, indigent, unemployed or employees of exempted businesses (businesses with less than $250,000 in annual turnover), they will be able

to receive the SHB coverage from NHI at no cost.

“When launched on July 1, 2020, it is estimated this segment will consist of between 160,000 to 170,000 people. In order to provide these benefits for these individuals, we estimate it will cost approximately $130m for the fiscal year starting July 1, 2020.

This is completely separate from the employer mandate, which is covered by private insurers.”

Neither Dr Robin Roberts, the NHI Authority’s chairman, nor Mr Whitmarsh, returned Tribune Business’s phone calls and messages seeking an explanation before press time last night.

Dr Sands, when initially contacted, said he was only aware of the $130m cost estimate. “The greatest number I heard was the $130m,” he told this newspaper. “I’ve not seen this latest statement, but I’ve never seen a price tag of more than $130m.

“Based on the last discussion or presentation I would have gotten from them, and that was last week, I don’t recall as such. That would be news to me.” Contacted later after Tribune Business e-mailed him the NHI Authority’s statement, Dr Sands replied on the scheme’s total cost: “I have the same question as you do. It needs clarification.”

He declined to speak further as he was awaiting a response from Dr Roberts.

The NHI Authority statement, meanwhile, said the $130m cost for persons outside the “employer mandate” will be financed via “a diverse mix of revenue sources”, one of which is NHI’s “existing budget allocation” that stands at $20m.

That leaves a further $110m to be located, but the NHI Authority said it would come from VAT paid on private health insurance premiums; a “reallocation” of resources from the Public Hospitals Authority’s (PHA) existing $216m budget to cover services NHI will now provide; the $8-$10m that a “sugary drinks tax” may raise; and the scheme’s own “risk equalisation” method.

However, neither the “sugary drinks tax” or the reallocation of VAT on health insurance premiums has been legislated or

approved. And some 80-90 percent of the PHA’s budget goes on staff costs, with the Princess Margaret Hospital operator also consistently facing an annual $30-$40m funding shortfall.

Still, the NHI Authority rejected Mr Beckles and the chamber’s fear that NHI may cost as much as $200-$300m as “completely arbitrary and not based on evidence, analysis or facts”.

“Simply put, there is no basis for this number,” it added. “It is not a number that has ever been quoted by the NHIA as it relates to the policy proposal costs to employers, and there appears to be some confusion on the overall programme costs.”

Indeed.

For some employers and employees, especially those whose group medical plans already include the benefits covered by the SHB, there will be relatively little change under NHI. Those whose insurance does not include all the SHB’s benefits will have to adjust their coverage to ensure it does so, potentially increasing premium costs.

However, data unearthed by previous NHI-related research found that around 110,000-120,000 Bahamians are currently covered by private health insurance. Based on 206,000 persons being covered by the employer mandate, this suggests the employers of some 80,00090,000 working Bahamians will now have to part-finance health coverage on their behalf.

Mr Beckles yesterday reiterated his and the Chamber’s concerns that the private sector will be increasingly leaned upon to finance escalating NHI costs if the $1,000 SHB premium proves insufficient to fund the scheme.

He added that working Bahamians covered by the “employer mandate” will effectively have to pay twice for NHI, given that their taxes will also be financing those not included in this segment.

“I’m happy my comments caused them to come out and be more specific on the actual costs, which is a good thing,” Mr Beckles told Tribune Business. “Based on what they’re saying in this release, the figure [$200m-$300m] seems to be appropriate.”

THE TRIBUNE

Thursday, February 7, 2019, PAGE 11

IVANKA TRUMP UNVEILS WHITE HOUSE GLOBAL WOMEN INITIATIVE WASHINGTON Associated Press IVANKA Trump is unveiling an effort aimed at helping 50 million women in the developing world get ahead economically over the next six years.

Today, the White House will officially launch the Women’s Global Development and Prosperity Initiative, a governmentwide project led by the senior adviser and daughter to President Donald Trump.

The initiative will involve the State Department, the National Security Council and other agencies. It aims to co-ordinate current programmes and develop new ones to assist women in areas such as job training, financial support, and legal or regulatory reforms.

The president previewed the launch during his State of the Union address on Tuesday night, describing it as “part of our commitment to improving opportunity for women everywhere”. He will sign a national security

IVANKA TRUMP, left, and Lara Trump arrive to hear President Donald Trump deliver his State of the Union address to a joint session of Congress on Capitol Hill in Washington, on Tuesday.

Tiffany Trump is at bottom right.

Photo: Andrew Harnik/AP memorandum to officially launch the initiative today, framing it as a way to promote stability around the world.

Ivanka Trump, who will attend the Munich Security Conference next week to promote the project, stressed that she sees this as a national security priority. “We think women are arguably the most undertapped resource in the

developing world for accelerating economic growth and prosperity,” she told The Associated Press.

The effort will draw on public and private resources, with the US Agency for International Development initially setting up a $50m fund, using already-budgeted dollars. As part of the launch, USAID and Pepsi Co will announce a partnership

aimed at women in India, and USAID and UPS will sign an agreement designed to help female entrepreneurs export goods.

Trump has twice tried unsuccessfully to slash USAID’s budget by a third, and his “America first” foreign policy has sought to limit the United States’ role as an international leader.

But his daughter said this effort was in keeping with administration goals, arguing it was a strategic investment that promoted security.

“We’re proud of our legacy of being a generous nation, looking to uplift others around the world. But we want to do so in a fiscally responsible way,” she said, promising “rigorous” efforts to track progress. Among those she has consulted for the project is former Secretary of State Henry Kissinger.

The White House launch yesterday will feature a

roundtable discussion and presidential signing ceremony. Attendees were to include Secretary of State Mike Pompeo, national security adviser John Bolton, officials from USAID and UNICEF, elected officials and business leaders, as well as women who are the beneficiaries of this type of aid.

The initiative builds on previous White House efforts to help women internationally. The Obama administration established an Office of Global Women’s Issues at the State Department and established an ambassador-at-large for global women’s Issues. That position has been vacant since Trump took office — drawing criticism from some advocates — but the White House said it now has a candidate lined up for the job.

Since she joined the administration in early 2017, Ivanka Trump has focused on women’s economic

issues. She previously led an effort to launch a World Bank fund to help drive women’s entrepreneurship.

And she recently advocated for the Women’s Entrepreneurship and Economic Empowerment Act, which bolsters efforts focused on women by USAID. Ivanka Trump said her hope is that this effort has staying power beyond the current administration. Past global initiatives she has studied include the US President’s Emergency Plan for AIDS Relief, started under President George W Bush in 2003.

“This is not an initiative that we think should stop at the culmination of the administration,” she said. “We think it’s something that should sustain itself over time, and we’re going to work really hard to show that this is a great use of foreign development assistance.”

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2018 CLE/gen/00897

Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage dated the 24th day of May, 2001 and made between Lesley Joseph as Borrower and FirstCaribbean International Bank (Bahamas) Limited (formerly CIBC Bahamas Limited) as Lender AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statute Laws of the Commonwealth of The Bahamas.

BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED Plaintiff AND LESLEY JOSEPH

Defendant

To: Lesley Joseph.

Last known address of Sir Lynden Pindling Estates, New Providence.

ADVERTISEMENT OF SERVICE OF THE ORIGINATING SUMMONS TAKE NOTICE that an action has been commenced against you in the Supreme Court, Common Law and Equity Division, Action No. 2018/CLE/gen/00897 in which the Plaintiff, FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED, has issued an Originating Summons filed on the 3rd day of August, 2018 and the supporting Affidavit of Garth McDonald filed on the 3rd day of August, 2018 seeking the following orders: 1.

delivery up of possession of ALL THAT piece parcel or lot of land being Lot Number 2853 of Sir Lynden Pindling Estates Subdivision in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas; and

2.

judgment in the sum of $126,062.50 being combined principal and interest due as of the 17th July, 2018 with interest continuing to accrue at the contractual rate of 7.25% per annum.

TAKE FURTHER NOTICE that upon application by Mr. Christopher Francis of Counsel for the Plaintiff on the 29th day of January, 2019 it was ordered by Mrs. Carol Misiewicz, Deputy Registrar of the Supreme Court, that the service of the aforesaid Originating Summons (and the aforesaid Affidavit in support) in the said action be effected on you by way of this advertisement. The said Affidavit of Garth McDonald can be collected from the Chambers of the Plaintiff’s Attorneys as set out below.

AND TAKE FURTHER NOTICE that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance to this action, otherwise Judgment may be entered against you as the Court may think just.

DATED this 1st day of February, A.D., 2019 BAYCOURT CHAMBERS Cumberland House 15 Cumberland and Duke Streets Nassau, The Bahamas Attorneys for the Plaintiff

PAGE 12, Thursday, February 7, 2019

THE TRIBUNE

Financial watchdog to gut most of its payday lending rules NEW YORK Associated Press THE nation’s federal financial watchdog said yesterday that it plans to abolish

most of its critical consumer protections governing payday lenders.

The move is a major win for the payday lending industry, which argued the government’s regulations

could kill off a large chunk of its business. It’s also a big loss for consumer groups, who say payday lenders exploit the poor and disadvantaged with loans that

have annual interest rates as much as 400 percent.

The cornerstone of the regulations was a requirement that lenders make sure borrowers could afford to repay a payday loan without

being stuck in a cycle of debt, a standard known as “ability to repay”. This standard would be eliminated under the new rules.

Another part of the rules, which would have limited the number of payday loans a person could roll over, was also eliminated.

Critics of the payday lending industry have argued that without these underwriting standards, the CFPB’s new regulations are effectively toothless. The main criticism of the payday lending industry was that many borrowers would take months to repay a loan that was originally designed only to last a couple of weeks, renewing the loan over and over again.

“This proposal is not a tweak to the existing rule ... it’s a complete dismantling of the consumer protections (the bureau) finalised in 2017,” said Alex Horowitz, a researcher with Pew Charitable Trusts, a think tank whose research on the industry was relied on heavily by the bureau when the original rules were unveiled a year and a half ago.

The announcement was the first abolition of regulations under the Consumer Financial Protection Bureau’s new director, Kathy Kraninger, who took over the bureau late last year. Mick Mulvaney, who was appointed by President Donald Trump’s as acting director of the bureau in late 2017, announced a year ago that the bureau was intending to revisit the rules. As a Congressman from South Carolina, Mulvaney received tens of thousands of dollars in political donations from the payday lending industry, raising concerns he was too connected to the industry to appropriately regulate it.

The Community Financial Services Association of America, a payday lending group, is holding its annual conference in March at Trump’s Doral golf club in Miami. It held its conference there last year, too. Government watchdog groups have criticised the use of Trump hotels and resorts by businesses and lobbying groups as legal bribery, a way to

influence regulation and policy by giving money to the president.

The CFSA did not respond to an Associated Press request for comment on that criticism, but sent a statement saying it was “disappointed” with certain regulations left intact and that its members were looking forward to returning to the Doral this year.

“The venue is popular with our members and it meets our needs,” said CSFA CEO Dennis Shaul.

Under the Obama administration, the CFPB spent close to five years working on a process to finally nationalise the regulation of the payday lending industry, which is mostly regulated at the state level. The bureau started the process back in 2012 and its finalised rules were finished in late 2017. It was the last major pieces of regulation done under Richard Cordray, the bureau’s first permanent director, before he left the bureau.

“I think this is a bad development for consumers,” Cordray said. “We looked carefully at this industry and there was a common problem of borrowers getting trapped in long-term debt.

We had put together what I considered to be a modest proposal. The change is really disappointing and hasty.”

CFPB did propose keeping one part of the payday lending regulations: a ban on the industry from making multiple debits on a borrower’s bank account, which consumer advocates argued caused borrowers hardship through overdraft fees. In a statement, the CFSA felt the CFPB’s repeal did not go far enough, and would have wanted the regulations over debits eliminated as well.

The proposed new rules are subject to a 90-day comment period by the public.

The proposed changes are almost certain to face legal challenges, since the bureau is taking a radical departure from its previous position, which is not something federal regulators are typically allowed to do under law.

NOTICE Notice is hereby given that JEROME WAYNE NAPIER of Glendale Subdivision off Soldier Road, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 7th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

THE TRIBUNE

Thursday, February 7, 2019, PAGE 13

TRUMP NOW SAYS HE WANTS MORE LEGAL IMMIGRATION WASHINGTON Associated Press

PRESIDENT Donald Trump says he’s now in favour of more legal immigration because of economic gains on his watch.

Trump raised eyebrows in his State of the Union speech on Tuesday when he said he wanted people “to come into our country in the largest numbers ever, but they have to come in legally.” His policy

PRESIDENT DONALD TRUMP

positions to date do not reflect that wish.

Asked yesterday during a meeting with regional reporters whether the line represented a change in policy, Trump said it did.

That’s according to a transcript tweeted by a reporter from The Advocate newspaper in which Trump is quoted saying: “I need more people coming in because we need people to run the factories and plants and companies that are moving back in.”

But in his speech on Tuesday, Trump had argued that immigrants in the US illegally take jobs

away from middle-class Americans.

It’s difficult to know just how many jobs will be added by newly planned mills. Construction spending on factories has yet to take off significantly after having been in decline between 2016 and much of 2018.

Construction spending on factories has been flat in the past year, according to the Census Bureau.

Trump has proposed several policies that would severely restrict legal immigration, including limiting immigrants’ ability to sponsor family members

to join them. He has also slashed for the last two years the number of refugees the US will accept.

The Cato Institute, which favours more open immigration policies, estimated the immigration plan Trump has proposed would cut the number of legal immigrants by up to 44 percent, the largest cut to legal immigration since the 1920s.

The White House did not immediately respond to questions about how it might be translating Trump’s new thinking into its policy stances and proposals.

The Utilities Regulation & Competition Authority Town Hall Meeting & Pop-Up Office

Town Hall Meeting Wednesday 6 February 2019, 6:00pm ‘Pop-Up’ Office Thursday 7 February 2019, 9:00Am to 3:00PM Cancer Society, Palmetto Point, Eleuthera

• Join URCA’s team at the Town Hall Meeting for an update on URCAs work in the energy and electricity Sector.

• Meet with us at our first ‘Pop-Up’ Office to discuss matters concerning licensing, competition, billing or complaints concerning services in the regulated sectors.

Do you wish to provide internet services, start a radio or television station or have questions about renewable energy, do not miss this opportunity to speak one on one with the regulator.

Current Licensees are also invited to ‘pop in’. We are coming to hear your concerns and answer your questions. Refreshments will be served.

For more information contact URCA at info@urcabahamas.bs, 242.393.0234 in New Providence and 242.300.URCA(8722) from the Family Islands or on Facebook at www.facebook.com/URCA242

Job Fair McDonald’s Job Fair Saturday, February 16, 2019 • 12:00 noon – 4:00 p.m.

Market Street North (Opposite Government House)

Recruiting Customer Centric Individuals for the following positions: ✓ Restaurant Shift Managers ✓ Hostesses ✓ Line Staff Including Crew Persons, Maintenance and Trailer

Please bring along your resume and the following Documents: • Copy of valid Passport or valid Voter’s Card • Three Reference Letters • Copy of National Insurance Card • Two Passport Photos • Bank Account Information Dress Code: Business Attire For Further information call

325-4444

between the hours of 9:00 a.m. and 5:00 p.m.

Monday through Friday

PAGE 14, Thursday, February 7, 2019

THE TRIBUNE

Spotify takes a big jump into the podcasting game NEW YORK Associated Press SPOTIFY is making a bigger bet on podcasts as it looks to bring a Netflix-like model of original programmes to the audio world. The music-streaming pioneer gobbled up two podcasting companies, Gimlet and Anchor, yesterday.

Although streaming is becoming an increasingly popular way to listen to music, Spotify and other services such as Pandora have struggled to make money because of the royalties and other fees that they have to pay recording labels, songwriters and performers.

The acquisitions are about “expanding our mission from just being about music to being about all of audio and being the world’s leading audio platform,” CEO Daniel Ek said in an interview on CNBC yesterday.

The company didn’t disclose terms, but The Wall Street Journal cited people familiar with the transactions as saying Anchor, a podcast production and hosting platform, was valued at more than $150m and Gimlet at more than $200m. Gimlet produces high-end podcasts and was co-founded by Alex Blumberg, a veteran of the NPR radio show “This American Life”.

Spotify, which is based in Stockholm and went public in April 2018, charges $10 a month for its “premium” ad-free music service. It also offers a free ad-supported service.

Apple has become Spotify’s primary rival since the tech giant launched its own music streaming service in 2015. But although it has been outgunned financially, Spotify has been able to stay a step ahead of Apple

A GARMIN International employee shows the new Spotify app on his smartphone integrated with his Garmin fenix 5 Plus watch during a presentation in New York. in terms of subscribers. It counted 96 million subscribers in the fourth quarter, up 36 percent from a year ago.

Meanwhile, Apple’s music-streaming service has more than 50 million subscribers, according to CEO Tim Cook. Pandora, YouTube, IHeartRadio, Google, Amazon and others also offer music streaming and podcasts.

In a blog post yesterday, Ek said that Spotify has become the second-biggest podcasting platform in less than two years.

“The format is really evolving and while podcasting is still a relatively small business today, I see incredible growth potential for the space and for Spotify in particular,” he wrote.

There are many ways to listen to most podcasts — among them, streaming services, downloads and podcast-specific apps like Castbox and Stitcher for Podcasts. It wasn’t clear if Spotify will distribute its new podcasts exclusively, make them widely available, or choose some intermediate step such as allowing other services to distribute them following a window of Spotify exclusivity. Spotify did not return a request for comment.

Spotify is seeking ways to become sustainably profitable. The company reported a surprise fourth-quarter profit yesterday, boosted by a strong holiday season and a promotion with Google Home. But it forecast a loss for 2019 even as it continues to invest in original content.

Spotify has already produced some original podcasts, including one series with comedian Amy Schumer and another with rapper and broadcaster Joe Budden.

Ek said people who listen to podcasts through Spotify spend twice as much time on the service than other users.

Spotify is hoping to emulate Netflix, which has poured billions into developing original shows and movies. So far, that strategy has produced some hits such as the series “Stranger Things” and the thriller “Bird Box”.

The podcast industry is much smaller but growing. Podcasts broke into the mainstream with the success of “Serial”, a 2014 investigative journalism series about a murder that became a cultural phenomenon, yielding not just tens of millions of downloads, but eventually also a new trial for the convicted killer.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Side

2012 No. 01065

IN THE MATTER OF ALL THAT piece parcel or lot of land hereinafter referred to as the said parcel of land containing 119.34 acres forming part of two tracts of land totalling 133.64 acres being land previously claimed by the late John Sweeting and the late William Sweeting situate North-Eastwardly of Queens Highway (The Main Public Road) and South-Eastwardly on a road known as and referred to as Free Town Road in the settlement of Deep Creek in the Southern District of the Island of Eleuthera in the Commonwealth of the Bahamas AND IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER of the Petition of Rosilee Sweeting Wilkinson, Audrey Anderson, Conrad Sweeting, Mervin Sweeting and Lawrence Sweeting.

NOTICE Pursuant to an Order of the Supreme Court dated the 15th November, 2018. The Petition of Rosilee Sweeting-Wilkinson, Audrey Anderson, Conrad Sweeting, Mervin Sweeting and Lawrence Sweeting in respect of: ALL THAT piece parcel or lot of land hereinafter referred to as the said parcel of land containing 119.34 acres more particularly described and bounded as follows: North-Eastwardly partly by land said to be the property of the Thompsons now claimed by the Wallace Estate and partly by other land claimed by the Wallace Estate and running thereon for a total distance of One thousand six hundred and five and forty-five hundredths (1605.45) feet AND East by land claimed by the Wallace Estate and running thereon for a total distance of One thousand three hundred and eightynine and thirty hundredths (1389.30) feet AND South-Eastwardly partly by land claimed by the Wallace Estate partly by land claimed by various owners partly by the property of Percy Taylor partly by the property of Rosina Thompson partly by land said to be the property of Ethlyn Thompson and partly by land now or formerly the property of Viola Gardiner and running thereon for a total distance of Two thousand and eleven and twenty–seven hundredths (2011.27) feet AND South-Westwardly by land claimed by the Wallace Estate partly by the property of Percy Taylor partly by the property of Rosina Thompson partly by property of various owners partly by land said to be the property of Ethlyn Thompson partly by land said to be the property of Thomas Thompson partly by land said to be the property of Viola Gardiner partly by the previously mentioned Free Town Road partly by a proposed reservation for a road partly by the property of Myrty Taylor and partly by land said to be the property of James Gibson and running there on for a total distance of Two thousand and forty-five and eight-four hundredth’s (2045.84) feet AND North-Westwardly partly by land the property of Rosina Thompson partly by land said to be the property of various owners partly by a proposed reservation for a road and partly by land said to be property of James Gibson and running thereon for a total distance of Three thousand four hundred and four and sixty-three hundredths (3404.63) feet. The said piece parcel or lot of land has such position, shape, dimensions and boundary marks as are shown on a plan by D. F. Wilkinson dated April of 2009.

The Petitioners, Rosilee Sweeting-Wilkinson, Audrey Anderson, Conrad Sweeting, Mervin Sweeting and Lawrence Sweeting, claim to be the legal and beneficial owners in fee simple and possession of ALL THAT parcel of land hereinbefore described and the Petitioners have made application to the Supreme Court of the Commonwealth of the Bahamas under Section 3 of the Quieting Titles Act, 1959, to have their title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted in accordance with the provisions of the said Act. Copies of the filed plan may be inspected during normal working hours at: (a) The Registry of the Supreme Court, Judicial Complex (Ansbacher House), Bank Lane and East Street, Nassau, N.P., Bahamas; or (b) The Chambers of Martin, Martin and Co., Second Floor, Heritage Building/Vet CF Place, No.15 Eight Terrace East, Off Collins Avenue, Centerville, Nassau, N.P., Bahamas.

NOTICE IS HEREBY GIVEN that any person having a dower or right to dower or any adverse claim or claims not recognized in the Petition shall on or before expiration of Thirty (30) days after the final publication of these presents file in the Supreme Court and serve on the Petitioner or the undersigned a statement of his or her claim in the prescribed form verified by an affidavit to be filed therewith.

Failure of any such person to file and serve a statement of his or her claim on or before the expiration of Thirty (30) days after the final publication of these presents shall operate as a bar to such claim.

Dated the 11th day of January, A.D., 2019 MARTIN, MARTIN & CO. Vet CF Place (No.15), 8th Terrace East, Off Collins Ave., Centerville, N.P., Bahamas ATTORNEYS FOR THE PETITIONER

THE TRIBUNE

Thursday, February 7, 2019, PAGE 15

$15 MINIMUM WAGE APPROVED, BUT SPONSOR NOT RUSHING PROPOSAL SPRINGFIELD Associated Press A DEMOCRATICcontrolled Senate committee yesterday approved an increase in the state’s minimum wage to $15 an hour, but the sponsor hedged on calling for an immediate floor vote despite pressure from the new Democratic governor to send him legislation within two weeks.

The Executive Committee approved the six-year plan 13-6, setting it up for a vote on a Senate floor which Democrats control 40-19. But Majority Leader Kimberly Lightford said

she recognised concerns of Republicans about the costs not only to the private sector but to state government, which must cover wages for public workers at such places as universities and private facilities funded with Medicaid dollars.

Gov JB Pritzker, who campaigned on the $15 minimum wage, has said he wants to sign a bill into law before he lays out his budget plan Feb 20. Staff members attended the hearing to reassure lawmakers the administration understands the costs involved and the governor’s willingness to cover them.

“The questions and concerns that some members

may have is how the revenue will be generated and what are those sources and how soon will we realise those gains,” Lightford, a Maywood Democrat, said after the hearing. “The goal is to send a bill that has been completely negotiated and compromised across both chambers.”

That means the door is still open for a compromise proposed by the Illinois Retail Merchants Association in which a tiered scale would include different wages for varying costs of living across the state.

The legislation passed yesterday would increase Illinois’ minimum wage from the current $8.25 per

hour, where it has sat since 2010, to $9.25 on Jan 1, 2020. After a bump to $10 on July 1, 2020, the wage would increase $1 each Jan 1 until 2025.

Citing a study by the

Illinois Economic Policy Institute, a La Grange-based nonprofit, Michael Carringan, president of the Illinois AFL-CIO, said an increased minimum wage would benefit 1.4 million workers, or

nearly one-quarter of the state’s workforce. It would benefit Illinois’ economy to the tune of $19bn a year and produce $380m in new state tax revenue, the study contends.

PAGE 16, Thursday, February 7, 2019

THE TRIBUNE

Some workers still unpaid after shutdown, dread what’s next

To advertise in The Tribune, contact 502-2394

By MICHELLE R SMITH Associated Press

MARKET REPORT WEDNESDAY, 6 FEBRUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,0 | CHG -45.02 | %CHG -2.19 | YTD -98.93 | YTD% -4.69 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

1.00 103.00 100.00 100.00 105.00 103.00 100.00 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

SYMBOL LAST CLOSE AML 4.42 APD 17.43 BPF 7.00 BWL 5.39 BOB 1.60 BBL 0.56 CAB 2.29 CIB 9.50 CHL 6.16 CBL 4.35 CBB 10.99 CWCB 2.58 DHS 1.78 EMAB 8.62 FAM 6.30 FBB 12.98 FIN 6.98 FCL 3.62 JSJ 13.50 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) 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 2.20 4.24 2.03 184.51 158.55 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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 4.42 17.43 7.00 5.39 1.60 0.56 2.28 9.50 6.16 4.00 10.99 2.58 1.78 8.64 6.30 13.04 6.98 3.62 13.50

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 -0.35 0.00 0.00 0.00 0.02 0.00 0.06 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

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

VOLUME

1,000 1,000

28,101

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 13.6 12.8 26.0 17.5 25.3 8.5 N/M 13.1 17.1 12.1 13.1 21.4

YIELD 2.71% 7.23% 0.00% 4.45% 0.00% 3.57% 0.00% 7.47% 3.57% 3.00% 5.64% 2.33% 3.37% 0.97% 4.44% 3.83% 2.15% 3.59% 4.44%

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%

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.68 1.11 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 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

MATURITY 19-Oct-2022 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 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-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

NEARLY two weeks after the end of the longest government shutdown in US history, many federal workers still have not received their back pay or have only gotten a fraction of what they are owed as government agencies struggle with payroll glitches and other delays.

And even as they scramble to catch up on unpaid bills and to repay unemployment benefits, the prospect of another shutdown looms next week.

“President Trump stood in the Rose Garden at the end of the shutdown and said, ‘We will make sure that you guys are paid immediately.’ ... And here it is, it’s almost two weeks later,” said Michael Walter, who works for the US Department of Agriculture food safety inspection service in Johnstown, Pennsylvania, and only got his paycheck yesterday. He said two coworkers told him they still had received nothing.

The government has been short on details about how many people are still waiting to be paid.

Bradley Bishop, a spokesman for the Office of Management and Budget, said the Trump administration had taken “unprecedented steps to ensure federal employees impacted by the shutdown received back pay within a week”.

“Much opposite of ‘slow and chaotic,’ an overwhelming majority of employees received their pay by Jan 31,” he said, though he didn’t respond to questions about how many people still hadn’t been paid.

The USDA said in a statement that pay was its top priority, but also did not respond to questions about how many workers were still awaiting paychecks. Asked to confirm that some people hadn’t been paid, USDA spokeswoman Amanda Heitkamp replied, “I’m not sure.”

Donna Zelina’s husband works for the Bureau of Indian Affairs in South Dakota. He has received only a portion of his back pay, and does not expect to be fully paid until Feb 12.

The couple had to drain their savings shortly before the shutdown when both his parents died, leaving them in a precarious financial position.

Zelina said she called her creditors, but they wouldn’t work with her. Her husband’s car loan went into forbearance, causing them to rack up fees.

“I don’t think people really understand what people do in government and just assume that everybody ... makes millions of dollars,” she said.

A spokesman for the Department of Interior, which handles payroll for more than five dozen government offices, did not answer when asked how many workers were due back pay, but said a “small group of employees” had not received anything.

Spokesman Russell Newell said others received “interim payments of back pay” that would be made up in the next pay period.

The Census Bureau acknowledged yesterday that about 850 employees nationwide have yet to receive back pay or have only gotten a fraction of what they’re owed. A spokesman said they expected most of those workers to be paid by tomorrow.

Other affected agencies include the Federal Aviation Administration, where two unions representing FAA workers said their members had not yet received all of their back pay.

Doug Church of the National Air Traffic Controllers Association said members who worked during the shutdown had not gotten overtime, which he said was a violation of the Fair Labor Standards Act. They also had not received

the extra pay they were due for working nights and holidays, he said.

David Verardo, a union local president, said he was still owed $2,000 and estimated that the 1,000 workers his union represents at the National Science Foundation in Alexandria, Virginia, are each due between $1,200 and $3,000 for the two pay periods they missed.

“It’s good that we got back pay at all, but it seems to have been clumsily done.

When people ask questions, the answer they get is, ‘We’re doing the best we can,’” said Verardo of the American Federation of Government Employees Local 3403.

Making matters even more confusing, he said payments for things like supplemental health plans and court-ordered alimony and child support were not withheld from paychecks.

He said workers were told to pay them on their own, but many didn’t know how to do that and were concerned about possible legal implications.

In addition to the pay delays, workers are struggling with issues like navigating the bureaucracy of paying back unemployment benefits and the looming question of whether there would be another shutdown after Feb 15.

Trish Binkley, a tax examiner at the Internal Revenue Service in Kansas City, Missouri, is setting aside money, including her tax refund and an emergency loan she got from her credit union, in case of another shutdown.

She received two unemployment checks of $288 each during the shutdown before getting a letter informing her she was ineligible for the benefits — even though she had been told she qualified. Binkley has paid the money back, but worries about another shutdown.

She and others have grown increasingly frustrated at seeing social media posts that downplayed the impact of the shutdown.

“This was not a vacation.

Vacations are supposed to be fun and relaxing. You have money to go do fun things or whatever. This was one of the most stressful periods of my life,” Binkley said.

The shutdown motivated Cheryl Inzunza Blum to re-evaluate her career as a government contract lawyer representing immigrants in federal court in Tucson, Arizona. She has not been paid since before the shutdown began.

Blum realised she must diversify her solo law practice and plans to do more personal injury work. For the long term, she is making a bigger change. She enrolled in an online course in international relations at Harvard Extension School to educate herself on what drives migration, and hopes to work on solutions to the issues surrounding immigration.

“I did it because I don’t want to go through this again,” she said. “I want to carve out another career, I really do.”

Among the groups hardest hit by the shutdown are contract workers who were kept home and who are not entitled to back pay.

The shutdown affected some 2,000 people with disabilities who got their government contract jobs with help from the nonprofit SourceAmerica, according to John Kelly, its vice president of government affairs and public policy.

Nearly 60 percent still had not been called back to their jobs as of yesterday.

It’s been a difficult time for those workers, who often have a hard time finding a job in the first place, Kelly said. Their jobs include custodial and mailroom work at agencies like NASA, the Coast Guard and the Department of the Interior, he said.

The shutdown has also damaged some workers’ credit scores.

THE TRIBUNE

Thursday, February 7, 2019, PAGE 17

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