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MONDAY, FEBRUARY 11, 2019

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‘Myth debunked’: Nassau told: ‘Don’t fear’ Web shops no Freeport’s cruise ports illicit finance risk

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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ASSAU has “nothing to be afraid of” from Freeport’s two mega cruise ports, the Minister of Tourism is arguing, while admitting both projects have added “fresh” urgency to the capital’s revival.

Dionisio D’Aguilar, rejecting fears that the major cruise lines will have little reason to call on Nassau if their Freeport projects come to fruition, told Tribune Business that the industry’s rapid growth meant The Bahamas needed to make “more of our country available to them”.

With 90 cruise ships under construction, and worldwide demand for cruise vacations growing rapidly, he said The Bahamas needed to maintain its competitiveness by providing new destinations that exploit this nation’s proximity to the industry’s largest home ports.

• Dionisio: ‘We can’t remain static’ • But ‘fresh urgency’ to Nassau revival • Freeport won’t influence Nassau award DIONISIO D’AGUILAR

Warning that The Bahamas cannot afford to “remain static” in an important element of its tourism product, Mr D’Aguilar nevertheless conceded that the proposed Freeport ports had further exposed why it was “so critical” to upgrade Nassau - both the port and downtown area - as a destination.

He also rejected suggestions that the Freeport cruise port proposals, and

NHI in ‘severe’ solvency threat to local insurers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PRIVATE health insurers yesterday warned that National Health Insurance’s (NHI) current structure threatens to “severely” undermine their solvency, with the mid-July 2020 launch date likely “unachievable”.

Tina Cambridge, Generali’s Bahamas-based regional director, told Tribune Business that the industry was especially concerned about the effect the scheme’s Risk Equalisation Fund (REF) may have on

the sector’s financial viability - especially if the NHI Authority gets its sums and risk modelling wrong.

The REF is designed to compensate insurers who agree to cover more high-risk clients, meaning persons who have a greater chance of falling ill. To finance the fund, the NHI Authority is proposing that 50 percent of the annual $1,000 Standard Health Benefit (SHB) premium - NHI’s minimum level of care - be allocated to the REF. Ms Cambridge, though,

SEE PAGE 7

Bahamas hopes Kravitz ad rocks tourism growth

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Tourism is hoping The Bahamas’ new Lenny Kravitz-inspired advertising campaign will help drive stopover visitor growth “in the teens or low double digit” percentages for 2019.

Dionisio D’Aguilar told Tribune Business that the promotional campaign, formally launched in New York late on Thursday night, would have an “exceptional” impact in raising “brand awareness of The Bahamas” in its core US

markets and beyond.

Disclosing that the roll-out is being financed from the ministry’s 2018-2019 budget allocation, Mr D’Aguilar said it had already received “rave reviews” from the advertising industry upon its launch.

Acknowledging that it will be “very challenging” for The Bahamas to this year maintain the momentum of a 17.1 percent stopover visitor increase for the first 11 months of 2018, the minister added that he would be “very happy” with a further

SEE PAGE 8

respective involvement of Carnival and Royal Caribbean in them, would have any influence on the government’s decision over who is chosen to manage/operate Nassau’s cruise port.

Both cruise lines and the Mexican port developer, ITM Group, which is partnering with Royal Caribbean to acquire the Grand Lucayan and develop a proposed water-based, adventure-type theme park

at both the resort and Freeport Harbour, are involved in the same bid to take over Prince George Wharf.

Several tourism industry sources are arguing that the Freeport plans give their Nassau offer extra leverage, since they will have sufficient options to bypass the Bahamian capital completely should they so choose. Selecting their bid as the winner may be the only way to ensure the cruise lines keep calling at Prince George Wharf with the current frequency and passenger volumes, it has been suggested.

Mr D’Aguilar, though, dismissed such fears and asserted that the Nassau cruise port decision will “be made in the best interests of the country”. He also downplayed the “bypass”

SEE PAGE 6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Gaming Board says its one-month study has “debunked the myth” that web shops are vulnerable to financial crime and pose a significant risk to The Bahamas’ integrity.

Crystal Knowles, the gaming regulator’s chief counsel, said research showed that the average patron transaction of $60 and account balance of just $5 - were “far too small” to suggest the sector was being exploited for illicit financial activities.

Writing in The Bahamas’ first-ever anti-money laundering and counter terror financing annual report, which has just been released, Ms Knowles said long-standing fears that the domestic gaming industry could be open to such abuses was “unfounded”.

“Prior to regularisation, it was feared that the then-unregulated ‘web shops’ were conduits for money laundering

and terrorist financing,” she wrote. “Despite the promulgation of the new legislation and the strides that have been made over the past three-and-a-half years to enforce the same, discussions in both domestic and international circles still focus on those previous fears.

“However, these discussions have proven to be largely unfounded, particularly following a study that was recently conducted by the board. The main focus of the study was to examine the financial data of the board’s licensees, over a one-month period, in order to determine the range of patron account balances and the volume of transactions that flow through the said patron accounts.

“The findings do not support any assertion that gaming houses are conduits for material money laundering. The average patron account balance was $5 and the average transaction amount was $60. These

SEE PAGE 4

PAGE 2, Monday, February 11, 2019

THE TRIBUNE

DOWNTOWN TURNAROUND ‘KEY CATALYST’ FOR GROWTH

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government’s renewed focus on reviving downtown Nassau will be “a

key catalyst” for economic growth, a prominent investment banker has predicted.

Michael Anderson, Royal Fidelity Merchant Bank & Trust’s president, said the redevelopment of Nassau’s

cruise port and harbourfront will create significant investment opportunities for Bahamians once these projects come to fruition.

He told Tribune Business: “I think that there are lots of

opportunities with the new downtown cruise ship port and the associated change along the harbourfront.

“The downtown redevelopment has been on hold for many years. For the first

time there is a lot of activity around it that would seem to indicate that would be the next major change to take place. I think that becomes the new area of innovation.”

He added: “With the government’s decision on the port, and setting up height restrictions, [it] creates a brand new opportunity for a load of different investors.

I see that as being a key catalyst to the growth in the economy growing forward.”

RoyalFidelity is the local financing partner for Cruise Ports International, the Bahamian investor group that has partnered with four cruise lines - including the two major players, Carnival and Royal Caribbean - to submit a bid to take over the management and operation of Prince George Wharf. They face competition from two rival bids.

The investment bank, meanwhile, is set to host its 2019 Bahamas Economic Outlook on February 26.

“We have what we think are topical issues globally, and the most relevant issues we can bring to the awareness of Bahamians here such as nationalism, which is driving a lot of change in Europe, immigration issues as well as Trump and the whole idea of America first,” Mr Anderson added.

MICHAEL ANDERSON “We are looking at some of the innovations in biogenetics, and also the potential implications for humanity as we go forward. We are also looking at the world economy. There are a lot of new threats that can derail the global economy. There are challenges, threats and opportunities.”

Noreena Hertz, economist and author, will be the conference’s main speaker.

Her presentation, The five forces of disruption and how to navigate them, will focus on the key geopolitical, economic, societal, demographic and technological forces that are transforming the world.

Other speakers include biotechnology futurist Jamie Metzel; University of Oxford professor, Ian Goldin; digital revolution journalist, Andreas Elkstrom; and Mark Matthews, professional surfer, Red Bull athlete and motivational speaker.

THE TRIBUNE

Monday, February 11, 2019, PAGE 3

AVOID NEW ‘DRIFTWOOD DISASTER’ ON LUCAYAN

By NATARIO MCKENZIE

offering diversity to our tourism product.”

ITM Group is currently proposing a $130m investment in redeveloping Freeport Harbour and the Grand Lucayan into a water-based, adventure-style theme park destination that will create 2,500 direct - and 18,000 indirect - jobs.

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government was yesterday urged to “take its time” and find the right buyer for the Grand Lucayan, an ex-Cabinet minister warning the nation can ill-afford another “driftwood disaster”.

Obie Wilchcombe, former tourism minister under the Christie administration, told Tribune Business that the government must not rush to find a purchaser for the hotel as this will only cause “more damage than good”.

“What’s imperative is that the government has to look for a brand or a company that can attract a brand,” he said. “The government must ensure that the company has the money. They must have the leverage for marketing.

The brand has to be right, and they have to have the money to carry out what they are planning.

“If they don’t do that or have the capacity then it’s much ado about nothing. Grand Bahama has to ensure that its tourism offering is an attractive one which provides an

OBIE WILCHCOMBE alternative to Nassau. We have to create a product that offers diversity to our tourism.”

Tribune Business last week exclusively revealed that the Mexican cruise port developer, ITM Group, is proposing a second Freeport-based port destination that will also include the acquisition of the Grand Lucayan resort.

The government initially set a six-month timeline from September 2018 to offload the hotel, with a second quarter 2019 timeline still envisaged.

“What they need to do is work toward getting something completed before the end of April/May if they

THE GRAND LUCAYAN RESORT - GRAND BAHAMA intend to have an opening of at least one of the hotels by the end of the year. If you’re looking to develop a destination that is going to be mind-blowing, it’s going to take a couple of years to do it. In realistic terms I believe it will be a year before we see a top brand and top development take place,” said Mr Wilchcombe.

“I don’t think the government should be seeking to rush. They should do it the proper way. A rushed process will only cause more damage than good. We saw this before with Driftwood.”

Mr Wilchcombe, recalling Driftwood’s ill-fated purchase of the Royal Oasis

in 2000, said: “They should have never been in our country. They were a disaster, and that’s what caused the downturn that we experienced. We don’t need that again; take the time to get it right.

“You’re not going to do any further damage. Sure, the government has to carry the bills but that’s the responsibility it took on.

We can’t think short-term; we have to think longterm. We don’t want any more boom/bust scenarios.

We have had too many of them. We have to find that group that is going to help us create and sustain a tourism plant that will be an alterative to the capital,

BANKS ‘NO LONGER IN TOUCH’ WITH BAHAMIAN HOME NEED

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net MANY Bahamians are unable to qualify for home construction mortgages because lending institutions are “no longer in touch” with the economy, a top contractor is arguing.

Michael Pratt, the Bahamian Contractors Association (BCA) president, said in a statement that the industry “overwhelmingly” supports clients financing home construction from their own means - as recently advocated by minister of state for legal affairs, Elsworth Johnson.

Michael Pratt, the BCA president, in a statement said whether Bahamians can build their homes without bank funding was the topic of discussion at the organisation’s monthly meeting last week. He added that an “overwhelming yes” was the consensus response.

“The times have changed today,” he added. “However, one thing remains the same in that access to capital is limited through the banks. Therefore, since we the contractors depend on our clients to provide work, the question remains: Do we stand and wait for the banks?

“The banks have disappeared, by and large, from

our shores so we recognise that we have to assist in adjusting the mentality of our clients. We have to shift due to our new financial and economic reality.”

Mr Pratt continued: “The millennial generation is in a totally different era, and must adjust to the reality of these times. Some of them are entrepreneurs, or under-employed, and are not attractive to banks for funding.

“Therefore, for a home they have to be creative.

The reality is a vast majority of the population cannot qualify for a mortgage by the bank’s standards. This does not mean they cannot build their home.”

Mr Johnson last month suggested in the House of Assembly that Bahamians should “build out of your pockets” instead of going to a bank for a home construction loan or mortgage.

However, the major obstacle to doing so is that few Bahamians have sufficient financial resources of their own to afford their own home, thereby making them reliant on debt financing.

Mr Pratt said the main advantage of obtaining a mortgage loan is that the home will be completed within a shorter time - albeit with debt that will have to be repaid, usually over a period lasting 15 to 35 years.

“Without bank financing it may take five years to complete your home, and with a lot of sacrifice. However, there will be no 30-year mortgage payments, which is normally the rest of your working life,” added Mr Pratt.

“This economy is unforgiving and we are burdened with lending institutions that are no longer in touch with the Bahamian economy, as decisions are now

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Many Bahamians continue to build their homes now without banks.

“It can be done with sacrifice, self-help, bartering. Fostering and developing beneficial relationships, and secure asue financing, can allow them one day to walk into their dream home. Therefore, we as contractors have to adjust our construction model to meet the needs of a large amount of our clients.”

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PAGE 4, Monday, February 11, 2019

THE TRIBUNE

Aliv teams with DHL ‘Myth debunked’: for courier expansion web shops no ALIV has partnered with DHL Express to enable customers to use its stores to ship items via the courier company.

The mobile operator’s New Providence general manager, Patrice Thompson, said the partnership would provide DHL Express with extra outlets while offering the mobile operator’s 139,000strong subscriber base extra convenience.

“Offering this service through our store fronts in partnership with the world’s global market leader in the logistics industry speaks volumes to what we at Aliv are capable of. Here at Aliv we are more than just a telecommunications company and, with every innovative initiative, we prove that,” she said.

“DHL aims to provide its customers with the latest and most efficient means of shipping and tracking.

Aliv likewise aims to provide its subscribers with the latest in technology and the best customer service experience in every area.

This partnership will aim to provide all of this and more. We look forward to it and can’t wait for our subscribers to experience the partnerships as well.”

DHL Express’s country manager, Loukishia Cooper, said the

illicit finance risk FROM PAGE ONE

DHL Express Country Manager Loukishia Cooper, left, is pictured with ALIV New Providence General Manager Patrice Thompson. partnership will demon- a mother in Abaco is now strate exceptional customer able to ship a birthday gift service for both DHL and to her son in France while Aliv consumers. she tops-up her mobile “Staying true to our repu- phone. We are happy about tation for speed, passion, this partnership as we are teamwork and a can-do working together to proattitude, DHL Express has vide solutions to make life grown its retail footprint in The Bahamas by stra- easier yet simpler for our tegically partnering with customers.”

Any individual wishing Be Aliv, now allowing our customers to send interna- to ship items can now take tional and local shipments those products into any alongside their usual offer- Aliv flagship store (excludings at any Aliv store,” she ing Harbour Bay), and have said. their items weighed, pack“Our retail customers no aged, priced and paid for longer have to sit in traf- right at the Aliv counter. fic to send a document or DHL representatives parcel, but can literally will pick up the packages find a DHL service point from the Aliv store and right around the corner.

For example, an entrepre- ship them as normal. The neur in Nassau can send same service is also availa sample to a client in the able at Aliv stores in Grand US from the same place Bahama and throughout he purchases a cell phone; the Family Islands.

sums are far too small to support any pattern of substantial money laundering.”

The Gaming Board’s findings are likely to be seized upon by web shop operators as a vindication of their arguments that the industry is among the most heavily regulated sectors in Bahamian financial services.

They will also likely use it to reinforce their calls for the web shop sector to be treated as a “mainstream” part of the Bahamian economy, no longer treated or viewed as if it does not belong.

However, some observers - especially those long opposed to domestic gaming and its operators - are likely to question whether the Gaming Board can draw such conclusions on the basis of just a one-month study that only focused on transaction volumes and account balances.

One of the major drivers for the web shop industry’s legalisation, regulation and taxation by the Christie administration in 2014 was the need to bring the multi-million dollar sums it generates - estimated to be $500m annually by Dionisio D’Aguilar, minister of tourism and aviation - out of the informal economy

and into the banking system to ensure it did not attract further international regulatory scrutiny of The Bahamas.

Previously, web shop bosses had invested their profits into sectors such as real estate and construction. However, the efforts to integrate web shop money into the formal banking system have so far met with limited success because only Bank of The Bahamas, which is more than 80 percent government-owned, has agreed to accept web shop deposits. The Canadian-owned banks have all said their global policies prevent them from doing so.

Ms Knowles acknowledged that “the gaming sector’s risk profile helped fuel the pressures placed on international correspondent banking relationships”. But she added that the Gaming Board’s work to protect the web shop industry from financial abuse was not done.

The regulator is now moving to ensure only the beneficial/registered owner of patron accounts can conduct transactions, following behind existing regulations that ban the use of anonymous patron accounts and fictitious names.

“The board is actively taking additional measures to ensure compliance with

the new legislation,” she wrote. “Of particular note, such additional measures will include, but not be limited to the development of enhanced protocols that effectively prohibit operators from allowing any person other than the registered patron from conducting transactions on that registered patron’s account.”

Ms Knowles added that the Gaming Board has “been more than equal to the task of imposing riskbased oversight procedures via its physical presence in the gaming houses, and via its remote access to the interactive gaming systems of its licensees”.

She said: “A good deal of the board’s oversight efforts to-date have involved the integrity of the player account and the ‘Know Your Customer’ requirements applicable to licensees. Such licensees have likewise spent considerable resources to guide Bahamian players through the new patron account requirements, notably those limiting them to one account and prohibiting anonymous accounts or the use of fictitious names.

“It is important to note that gaming houses cannot be used to facilitate international transfers. There are no funds flowing from outside The Bahamas into patron accounts, neither are there any funds flowing from patron accounts outside The Bahamas.”

Ms Knowles wrote that the Gaming Board had recently conducted a risk assessment on its gaming house operators, and is working to develop “a comprehensive anti-money laundering audit programme” for the web shop sector.

THE TRIBUNE

Monday, February 11, 2019, PAGE 5

Bahamian architects in first overseas work A FIRM of Bahamian architects has just finished work on its first overseas project - the headquarters building of Bahamas First’s Cayman affiliate.

The 28,000 square foot office building for Cayman First Insurance, designed by Arcop Architects, is intended to be fully operational during a major hurricane, such as Ivan, which devastated George Town in 2004. The office areas and emergency generator are raised 10 feet above ground to be fully operational even if the site is flooded. The undercroft is used for parking.

For sustainability, and to reduce electricity costs, the building generates about 50 percent of its energy consumption from solar panels mounted on the car park canopies.

The design respects the scale of George Town, and interprets the architecture of the Cayman Islands in a modern and contemporary way.

Doug Smith, of Arcop, said: “We provided the full service from inception - through design, construction documents and contract administration.

It was interesting working under a different regulatory regime, and especially as the Cayman authorities had just adopted the International Building Code.

Arcop was associated with Malcolm Stephenson, the Cayman-based architect of Rrcord. The MEP engineering services were provided by Nassau-based EDSL, and the interior design was by Jacqui Derbyshire of Inner Space Design.

Arcop has won many

CAYMAN First Building in Grand Cayman. Photos: Wil Bignal Photography

Governor General’s Awards for Excellence in Architecture, including most recently for a beach

house in Abaco, and the conversion of the Hansard building on Parliament Square to courts.

PAGE 6, Monday, February 11, 2019

THE TRIBUNE

NASSAU TOLD: ‘DON’T FEAR’ FREEPORT’S CRUISE PORTS FROM PAGE ONE concerns, stating: “Nassau will always stand on its own.”

He told Tribune Business: “I disagree with the view that, because Royal Caribbean and Carnival are building ports in Freeport, that will have a negative impact on Nassau. There are 90 ships in construction, and demand is growing significantly for cruise vacations.

“It’s wise to allow for additional options for the cruise lines as they are

growing the number of ships every year and, as passengers demand more cruise vacations, it behooves us to make more of our country available to them.

“We are wonderfully positioned next to the three largest cruise ports in the world: Miami, Fort Lauderdale and Canaveral.

We’re a natural stopping off point for anyone in the cruise business. I don’t think there is anything for anyone to be afraid of. Nassau will continue to be in demand, which is why it is so critical and important that we

upgrade that port.”

Besides Carnival’s $100m port, which is billed as its largest wholly-owned facility in the world, Tribune Business this week exclusively revealed that the Mexican cruise port developer, ITM Group, is proposing a second Freeport-based destination that will also include the acquisition of the Grand Lucayan resort.

ITM Group is understood to have partnered with Royal Caribbean to develop four new cruise berths in Freeport Harbour,

doubling its current capacity, and both proposals have sparked tourism industry concern over whether the cruise lines will continue using Nassau as a “port of call” - especially since they rank it as one of their least attractive Caribbean destinations.

While refuting such fears, Mr D’Aguilar conceded: “This adds additional reasons to upgrade Nassau, the fact all these new ports are being developed - not only in The Bahamas but the Caribbean. There are five cruise ports under construction, being renewed and refreshed.

“To remain competitive we must invest in Nassau - reinvigorate, refresh and upgrade that port - just because of what the competition is doing with Freeport and the private islands.

What’s happening in Freeport gives fresh and added impetus to this.

“You’ve got 90 boats under construction, every vessel is leaving port 100 percent full. We can’t remain static. We have to increase our competitiveness, not only in Freeport but Nassau.”

Mr D’Aguilar said ITM Group was proposing two additional cruise ship berths for Freeport, suggesting that the expansion of available docking space in Grand Bahama was not as significant as initially thought.

He also downplayed

suggestions that the cruise lines’ Freeport interests would give them an advantage in the bidding for the Nassau cruise port management contract, in which they face competition from Global Ports Holding, the Turkish-headquartered port operator, and the consortium headed by Providence Advisors, the Bahamian investment houses headed

by Kenwood Kerr.

“The fact they’re opening up these ports all over the place won’t affect our decision on who runs that port,” Mr D’Aguilar told Tribune Business. “They’re all in that mix, but we’re not minded to make that decision based on what’s happening in Freeport.

We’ll make that decision in the best interests of the country.”

Several tourism industry sources suggested their respective Freeport plans could give ITM and the cruise lines’ Nassau bid, in which they have partnered with the Bahamian group, Cruise Ports International, extra leverage given the possibility that they may avoid - or at least downgrade - the Bahamian capital as a port of call unless they are selected as the winner.

ITM Group, which began life as a construction and development group, is the “independent operator” for Nassau’s cruise port in the Port of Nassau

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Partnership bid. This is an alliance between Cruise Ports International, a Bahamian investor group headed by former Family Guardian president, Gerald Strachan, and the Cruise Lines Group.

The latter’s membership features Carnival, Royal Caribbean, Disney and Norwegian Cruise Line. Tribune Business understands that ITM Group has no equity stake in the consortium’s bid, and will merely have a management role in Nassau if the group is successful.

One source, familiar with developments, agreed that the Freeport proposals had strengthened the Port of Nassau Partnership’s hand in the bidding process since its selection as the winner was the only way to guarantee the cruise lines continued to call in Nassau at the same volume.

“The implications for Nassau are quite simple,” they said. “If the other guys win the Nassau port, Carnival and Royal Caribbean have elsewhere to go.

They have enough interests elsewhere in The Bahamas.

Carnival and Royal Caribbean have to come to The Bahamas; they don’t have to come to Nassau.

“We think Nassau is the port, Nassau is The Bahamas. The cruise ships have developed these other destinations in The Bahamas.

They’re still selling The Bahamas, the government will continue to get what it gets. The losers will be the established businesses downtown that are set up for that industry.”

If ITM Group’s Freeport proposal is given the goahead by the government, together with Carnival’s facility it will likely result in a redistribution of cruise passengers and their spending from Nassau to Grand Bahama.

There is little doubt that Freeport’s economy needs such a boost, but the two mega ports may well effect a wealth transfer from Nassau merchants reliant on the cruise industry to their Grand Bahama counterparts. And that, in turn, would have consequences for the long-running efforts to revive Bay Street and downtown Nassau.

THE TRIBUNE

NHI in ‘severe’ solvency threat to local insurers FROM PAGE ONE

expressed particular concern that the REF fund’s distributions to insurers will be based on premium rather than the claims experience and payouts to fund medical services for sick clients.

Should the available $500 portion of the SHB premium prove insufficient to cover the annual costs of NHI care, she warned that there was “no way” for insurers to claim the difference from the REF - thus exposing them to potentially significant financial losses.

“What they’re proposing will severely impact the solvency position of the insurance companies,” Ms Cambridge told Tribune Business. “A lot of people are stuck on that $1,000 premium. It’s not $1,000 a year.

Only $500 is at risk. Five hundred dollars goes into the benefits that they are putting in their package, and $500 goes into the REF. “What’s going to happen is the NHI Authority is going to end up with the largest share of that, as they will have to cover the elderly, the indigent; those components of the population that are high-risk.

“The details of how they’re going to apportion those [REF] funds to smooth out the risk element have not been released,” she continued. “In our world we look at how claims are driven and the experience on the claims side.

“They’re looking at equalising on the basis of premium. That causes a higher level of concern. If they don’t get that [the SHB premium] right, there’s no equalising on the back end.

If an insurer ends up paying $5,000 for someone’s benefit, having collected $500, there’s no way of getting that back from the fund as it’s a claims expense.”

The NHI Authority, in its initial policy proposal last year, said the Risk Equalisation Fund (REF) was designed “to keep premiums affordable and maintain the insurance industry’s focus on innovation and delivering effective models of care”.

“Since premium prices for the SHB will be regulated to support health insurance affordability and accessibility, reimbursements to insurers are necessary to incentivise coverage of high risk individuals,” it said.

“The risk equalisation model will rely on the development of risk adjusters and equalisation formulae for each beneficiary, which will be used to calculate incentive payments to insurance providers who take on high risk individuals.”

The NHI Authority confirmed that $500, or 50 percent, of the annual SHB premium paid on behalf of workers via a mix of

employee/employer contributions would be deployed into the REF “pool” and subsequently used to compensate insurers according to how “risky” their insured populations are.

It added that an independent “third party” will be hired to calculate payments and determine the “equalisation formulae”, and said: “An insurer’s risk profile is the average level of ‘health risk’ their beneficiaries have.

“For example, an insurer that mostly covers individuals aged 45 and up will have a higher risk profile than an insurer whose beneficiaries are mostly between the ages of 18 to 30, as older individuals are statistically more likely to have adverse health conditions. The higher an insurer’s risk profile, the greater the payment they receive from the risk pool.”

The NHI Authority last week confirmed it would receive the largest REF payout, given that the 160,000-170,000 persons it will cover will include elderly people, children, the indigent and unemployed - some of who will have an extremely high demand for medical care.

But the Bahamas Insurance Association (BIA), in a statement issued yesterday, warned that finalising how such “a vital component” as REF will work was “essential” to determining the impact on premiums and scheme beneficiaries.

“The NHI Authority has indicated that this fund only seeks to equalise premiums and not health claims. The BIA fears that should the assumptions of the NHI Authority fail to hold, the solvency position of private health insurers could be severely negatively impacted,” the BIA added, backing Ms Cambridge.

“The private sector remains concerned about the adequacy of the annual premium of $1,000 in the absence of proper actuarial analysis and a significantly discounted proposed national fee schedule for healthcare providers.

“This concern is further exacerbated by the NHI Authority’s proposal that 50 percent of the SHB annual premium should go into the risk equalisation fund maintained by the NHI Authority. This leaves only $500 available to private insurers for the payment of health claims in relation to the myriad conditions covered under the SHB.” Ms Cambridge yesterday suggested that the NHI Authority on one side, and the Bahamian healthcare industry and insurance providers on the other, were in “different worlds” in terms of their approach to the government’s scheme.

She added that the Authority appeared to

Monday, February 11, 2019, PAGE 7 have performed its work in reverse order compared to established industry practice, having determined the $1,000 annual SHB premium and the 50 percent allocation to the REF without first determining how much NHI will cost.

The government has yet to agree the NHI fee schedule with doctors and healthcare facilities, despite asking them to take significant price cuts, even though these are the major drivers of medical costs and premium pricing. And the benefits package, too, has yet to be finally determined.

“In our world you do that first before doing any costing,” Ms Cambridge confirmed. “In their [the NHI Authority’s] world, they’re making some assumptions and coming up with a premium, and we’re not able to say it is or isn’t enough - whether it’s enough to fund the components they’re expecting it to.

“In our world you have to know what these costs are, and how you’re going to pay for it before coming up with the premium. At the moment we’re unable to do that because there are just so many details of what they’re proposing that

are still missing. There are often-times when we ask this question, but the details are not worked out yet, so it’s difficult to have faith in the assumptions being made.”

As a result, Ms Cambridge said it was “very unlikely” that the private health insurance industry would be ready for NHI’s revised July 1, 2020, launch date. To stand any chance, it would need to possess all necessary information on the scheme’s structure and processes by “another month or two”, especially since the sector’s new product development cycle is typically 12-16 months.

Apart from the NHI “national fee schedule”, benefits package and care pathways, the Generali chief added that pricing and other elements would also have to be known by end-April at latest. Legal and regulatory changes also needed to be discussed with industry and passed in good time - something she said made mid-2020 readiness near-impossible.

“It is our view that the revised timeline, which seeks to harmonise the implementation date for the employer mandate,

may be unachievable,” the BIA said yesterday.

“We submit that unless the NHI Authority is able to complete the empowering legislation and regulations, consult stakeholders on the legislative framework, finalise the national provider fee schedule and provider negotiations, complete the benefit design details, conclude the risk equalisation mechanism and address its resource requirements in a timely manner, the set date will be impossible to attain.”

The BIA also expressed concern over the uncertainty surrounding NHI’s true costs, as the $100m-$130m price tag frequently quoted by the government only applies to its own exposure - the 160,000 to 170,000 not covered by the employer mandate.

Employers and employee contributions were initially pegged at $53m and $33m, respectively, and when these are thrown in it appears that NHI’s true cost lies somewhere in the region of $200m.

“The objectives of the NHI Authority must be aligned with national goals and our fiscal consolidation plan,” the BIA added. “The Minister of Finance was

quoted as stating that there will be ‘no more runaway trains leading the country to the fiscal brink’. This is a prudent approach to governance which we support...

“We implore the NHI Authority to revisit its funding projections to ensure that they are realistic. As an illustration, the anticipated revenue from reallocated value added tax (VAT) on health insurance premiums must account for the ability of VAT registrants to claim input tax credits and the implications for government revenue.

“Furthermore, any reallocation of VAT will require the government to replace the lost revenue and implement a framework that separates certain VAT receipts from or within the consolidated fund,” it continued.

“The revised proposal maintains a mechanism that covers registrants regardless of their ability to pay or afford their own health plan. Consideration should be given to a means test that requires financial contributions from those who can afford it, and ensures that the NHI Authority truly focuses on the less privileged in our society.”

PAGE 8, Monday, February 11, 2019

THE TRIBUNE

Bahamas hopes Kravitz ad rocks tourism growth FROM PAGE ONE “double digit” rise for the full 2019 - something it is on pace to achieve for the first quarter.

“Obviously I think it’s going to be exceptional,” Mr D’Aguilar said of a campaign that features the American-Bahamian rock icon, and is set to the lyrics of his Fly Away hit song. “Lenny Kravitz is a world-renowned celebrity and his song, Fly Away, was conceived of and written in The Bahamas.

“He has an enormous following, over 40m on social media, and all the additional work he has done for The Bahamas in relation to this ad really conveys a certain level of passion on his behalf for the destination.

He has a residence in Gregory Town, Eleuthera, so he’s able to convey a certain level of authenticity about the destination.

Born to a mother with Bahamian roots, Mr Kravitz has also created a Junkanoo version of Fly Away with the help of an Eleuthera group.

Mr D’Aguilar said The Bahamas’ promotion also tied into other ads filmed in The Bahamas using Mr Kravitz, while there were links to his daughter, Zoe, who the minister described

BAHAMAS Minister of Tourism Dionisio D’Aguilar, Lenny Kravitz, Joy Jibrilu and Deputy Director General Tommy Thompson arrive at The Bahamas x Lenny Kravitz Fly Away Campaign Launch on February 7, 2019 in New York City. P hoto: Bennett Raglin/Getty Images as a “star unto herself”.

Given their combined celebrity status and social media followings, Mr D’Aguilar added: “We think it will have an incredibly positive effect on raising brand

awareness of The Bahamas.

Certainly in New York it received rave reviews from the marketing and advertising professionals.

“We’re going to have literally taken over a major

subway station at a major intersection in New York City, and have been up on digital billboards in the city for a couple of weeks during that extremely cold snap. We know when you develop an

ad you have to put resources behind it, and sustain a heavy roll-out, and we’re doing as much as our resources allow.

“The Ministry of Tourism has an annual budget of $50m, some $30m of which

YOUR

goes on salaries, and $20m is left for everything else.

Embedded in that is $10m for this type of marketing, and this will be accounted for by that budget. We’ll stay within the confines of our budget.”

The New York sales teams for Atlantis and Baha Mar were also present for the unveiling, along with Nassau Paradise Island Promotion Board representatives.

With 76 percent of The Bahamas’ tourism base generated by the US, Mr D’Aguilar said the campaign’s focus will primarily be there and its core eastern seaboard markets, although Europe, Latin America and Asia will all see a glimpse.

“Last year we had an incredible year,” he told Tribune Business. “Visitors were up 7.5 percent for the first 11 months, and stopover visitors were up 17.5 percent. It’s going to be very challenging to sustain that, so anything in the teens or double digits I’d be very happy with coming off 2017.

“For January we expected a bump of 15 percent, February to be up 12 percent, March to be flat, and for April we’re expecting a bump of 12-13 percent. We’ll take it a quarter at a time.”

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES, ACT 2000 NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:a) UNIVERSAL HORIZON LLC is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 31st January 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited, Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Streets, P.O. Box N-4865, Nassau, Bahamas.

AMICORP BAHAMAS MANAGEMENT LIMITED Bahamas Financial Centre, 3rd Floor Shirley & Charlotte Streets P.O. Box N-4865 Nassau, Bahamas

THE TRIBUNE

Monday, February 11, 2019, PAGE 9

FOR AMAZON, IT’S BUSINESS AS USUAL DESPITE CEO DRAMA NEW YORK Associated Press

FIRST it was a heartwrenching tweet that he and his wife were getting a divorce after 25 years. Then a tabloid revealed that he’d been having an affair, releasing texts and photos of him and his mistress.

As if either of those weren’t distracting enough, now Jeff Bezos — the world’s richest man and CEO of Amazon — is accusing The National Enquirer in a blog post of trying to blackmail him by threatening to release more intimate photos of him unless he calls off an investigation into how that information was obtained in the first place.

But despite the all-consuming personal drama, analysts and experts don’t expect it to make much difference to Amazon itself, the company Bezos has steered from an online bookstore

AMAZON FOUNDER AND CEO JEFF BEZOS two decades ago to a worldwide juggernaut.

Michael Pachter, an analyst at Wedbush Securities, estimates the impact on the company to be “0.000 percent”.

“I’m certain investors won’t care,” he said.

Others point out that Bezos has been able to balance his responsibilities at the helm of the world’s largest online retailer while also juggling his other pursuits: running a space exploration

company and owning the Washington Post, one of the nation’s most influential newspapers.

“He’s extraordinarily driven,” says Chris McCabe, who used to work at Amazon and now runs ecommerceChris, a consultancy for Amazon sellers. “He knows how to delegate.”

Amazon has a steady line of longtime executives who are running each of its businesses, likely keeping investors calm.

Jeffrey Wilke, oversees the retail business, and Andrew Jassy runs the company’s fast-growing cloud computing business Amazon Web Services. Both of them have been at the company since the 1990s. And unlike other CEOs, Bezos doesn’t speak at conference calls with analysts and investors after the company releases its financial reports, leaving that to Chief Financial Officer Brian Olsavsky, who has been at the company since 2002.

Still, that hasn’t stopped the Enquirer from casting doubts over whether Bezos can effectively oversee his company.

“All of these (text) messages raise serious questions about Bezos’ judgment as the CEO of the most valuable company in the world,” the tabloid said in a Jan 24 article.

Seattle-based Amazon. com Inc declined to comment on Bezos. The company’s stock did not take a big hit, slipping 1.6 percent at Friday’s close.

Meanwhile, the Enquirer’s publisher, American Media Inc, is disputing Bezos’ claims that it used extortion and blackmail in reporting its story, saying that it “acted lawfully”.

In his blog post on Thursday, Bezos defended his ability to lead Amazon: “I founded Amazon in my garage 24 years ago, and drove all the packages to the post office myself. Today, Amazon employs more than 600,000 people, just finished its most profitable year ever, even while investing heavily in new initiatives, and it’s usually somewhere between the #1 and #5 most valuable company in the world. I will

let those results speak for themselves.”

He also said he wants to focus on work, noting that the person he hired to handle the investigation into how his texts were leaked to the Enquirer will also be tasked with “protecting” his time.

“I have other things I prefer to work on,” Bezos wrote.

Bezos’ indiscretions are seen more as a personal matter rather than one to do with the company, unlike Tesla’s CEO Elon Musk, for example, whose behaviour has caused the electric automaker’s stock to rise and fall. Musk was recently stripped of his chairman title and forced to pay a $20m penalty to the Securities and Exchange Commission for allegedly duping investors with tweets about a plan to take the company private.

IN THE SUPREME COURT PROBATE DIVISION 2018/PRO/npr/00638 In the Estate of VERONICA AGNES DeGREGORY late of 161 Explorer’s Way & East Atlantic Drive situated in the City of Freeport in the Island of Grand Bahama one of the Islands in the Commonwealth of The Bahamas, deceased NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 4th day of March A.D., 2019 after which date the assets of the late VERONICA AGNES DeGREGORY will be distributed among the persons entitled thereto having regard only to the claims which the Personal Representative of the Estate shall then have had notice.

AND NOTICE is also hereby given that all persons indebted to the Estate are requested to make full settlement or arrangements for full settlement with the Personal Representative on or before the above-mentioned date.

ADDERLEY, THOMPSON & ASSOCIATES Attorneys for the Personal Representative P. O. Box N-4 Oakbridge House Annex 13 West Hill Street Nassau, Bahamas

PAGE 10, Monday, February 11, 2019

THE TRIBUNE

WHITMER, GOP LAWMAKERS CLASH OVER ENVIRONMENTAL ORDER

To advertise in The Tribune, contact 502-2394

LANSING, MICHIGAN Associated Press

MARKET REPORT THURSDAY, 7 FEBRUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,010.45 | CHG -0.07 | %CHG 0.00 | YTD -99.00 | 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 2.28 CIB 9.50 CHL 6.16 CBL 4.00 CBB 10.99 CWCB 2.58 DHS 1.78 EMAB 8.64 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 2.59 1.78 8.54 6.30 13.04 6.98 3.62 13.50

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -0.10 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

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 25.4 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% 2.32% 3.37% 0.98% 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

THE first tussle between Democratic Gov Gretchen Whitmer and the Republican-led Legislature isn’t over how to fix roads, overhaul school funding or tackle high car insurance premiums.

Instead, they’re clashing over the environment — specifically how Michigan adopts regulations and permit requirements for businesses and citizens. It’s also a fight over executive vs legislative powers, with both sides justly pointing to the law to back them up.

Whitmer, in an order to reshape the state Department of Environmental Quality, abolished three panels enacted by GOP lawmakers and her predecessor. One oversees environmental rule-making and another can approve, modify or reverse permit decisions that have been challenged by companies or other parties.

Whitmer, who thinks the commissions violate federal law, is empowered by the state constitution to change the organisation of the executive branch.

Former Republican Gov John Engler, for example, eliminated 18 legislatively created natural resources panels in 1991 as part of a sweeping restructuring.

“These are not essential,” Whitmer said of the new commissions that were created last year. “In fact, these are one more layer that keeps us from actually cleaning up drinking water and having real accountability and making sure that decisions are made by scientists who are looking out for our public health, not their own special interests.”

Republicans disagree and may be on the verge of negating her order, which is a rarely used option under the constitution. The House rejected it on Wednesday, while the Senate is holding hearings. The last time both chambers turned down an executive order was more than 40 years ago, though a deal could be reached before the faceoff escalates further.

“This is clearly a bridge too far and something that we should push back on,” said GOP Rep James Lower of Cedar Lake. He said the boards give the public and those who must abide by environmental regulations more input in the process. He also downplayed the panels’ powers, saying the Whitmer administration still has the final say.

That’s true for the rules review committee — whose makeup includes six industry officials, two people representing the general public, a public health expert and a representative each for environmental and conservation groups, drawing criticism that it’s overly stacked with “polluters”.

GOV GRETCHEN WHITMER But the permit review commission that’s comprised of 15 engineers, scientists and other experts has more power.

James Clift, policy director for the Michigan Environmental Council, said it is “crystal clear” that in cases where DEQ decisions on water, air and other permits are contested, the permit commission’s opinion is final — unless there’s a court appeal.

“I’m concerned that final decisions by the executive branch aren’t made by a person who’s directly accountable to the voters of the state of Michigan,” he said. Inserting an extra layer into rule-making above the governor’s department director, he said, will slow what already is a yearslong process of setting environmental regulations to safeguard public health.

Whitmer made environmental protection and water cleanup a campaign priority following Flint’s crisis and the discovery of chemical compounds in at least 40 locations across the state. Other parts of her order, such as renaming the department and creating new public advocacy offices to investigate complaints about water quality and help ensure fair consideration of low-income and minority community interests, aren’t opposed by Republicans or their allies in the business community.

“This action is a huge setback. I’m not going to, you know, perfume it,” she said while accusing the House GOP of voting “against clean drinking water”.

Republicans aren’t taking kindly to the criticism.

Former Sen Tom Capserson of Escanaba, who sponsored one of the business-backed laws that Whitmer is seeking to neuter, returned to Lansing to defend it in a Senate committee hearing Thursday. The impetus for the measures, he said, was to give citizens an “equal footing” to fight regulators’ arbitrary and unfair actions.

“I was accused of wanting to poison water,” he said. “I can tell you people that know me, my family, know that that would be the last thing on the planet that I would ever want to do. I take offense to it.”

NOTICE Notice is hereby given that JEANNE RONISE BRISSON of Balfour Ave., West 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 4th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that FRESNOL CHARLES of Kisskadee Drive, Tropical Gardens, P.O. Box N-10584, 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 4th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

THE TRIBUNE

Monday, February 11, 2019, PAGE 11

UK SCRAPS BREXIT FERRY DEAL WITH FIRM THAT HAS NO SHIPS

other steps to protect themselves against the worst effects of Brexit.

Seaborne had been contracted to provide services between Ramsgate in southeast England and the Belgian port of Ostend to ease pressure on the busiest cross-Channel route between Dover, England, and Calais, France.

Criticism of the deal increased when it was

LONDON Associated Press THE British government has cancelled a contract to ship goods to the country after it leaves the European Union with a company that turned out to have no boats and no experience running a ferry service.

Authorities had been criticised for the 13.8 million pound ($18m) deal with Seaborne Freight, part of plans to keep trade flowing if Britain leaves the EU without a divorce deal.

The UK Department for Transport said on Saturday that it had ended the contract because an Irish firm that was backing Seaborne Freight, Arklow Shipping, had withdrawn its support.

The department said no taxpayer money had been transferred to the company.

It said the government was “in advanced talks with a number of companies to secure additional freight

discovered that part of Seaborne’s website appeared to have been copied from a food delivery firm.

UK opposition Labour Party leader Jeremy Corbyn said May’s Conservative government claimed to have “looked very carefully’ at Seaborne Freight before giving the company the contract, but apparently not carefully enough

to notice that it didn’t have any ships”.

Labour transport spokesman Andy McDonald accused Transport Secretary Chris Grayling of “heaping humiliation after humiliation on our country” and said he should resign. Grayling has also been in charge as British commuters have howled about deficiencies in the country’s train services.

BRITISH PRIME MINISTER THERESA MAY capacity” if there is a nodeal Brexit.

Britain is due to leave the EU on March 29 but British lawmakers have not yet agreed upon a divorce deal outlining departure rules and future trade terms.

A withdrawal agreement between British Prime Minister Theresa May’s Conservative government and the EU was rejected last month by Britain’s Parliament, and EU officials are resisting UK attempts to renegotiate it.

British businesses fear a

no-deal Brexit will cause gridlock at ports by ripping up the trade rulebook and imposing tariffs, customs checks and other barriers between the UK and the EU, its biggest trading partner.

Guy Verhofstadt, the European Parliament’s chief Brexit official, said this week that a no-deal Brexit would be “a disaster on both sides of the Channel”. The 27 other EU nations, as well as Britain, have started hiring more customs officials and taking

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.

Career Opportunity Scotia Wealth Management is seeking the services of a

Relationship Officer, Private Banking Position Summary: The Relationship Officer, Private Banking is responsible for the development of client and prospect relationships, through marketing, and the delivery of the highest standard of personal service while contributing to the overall success of the Centre.

This position contributes to maintaining high standards of client service, quality control and operational excellence.

Accountabilities: • Assist in the effective management of client relationships while providing the highest quality of client service; • Develop and maintain a thorough knowledge of each relationship, including the nature of the account, its financial strength, banking requirements and future goal and direction; • Participate in the growth of the Private Banking Unit portfolio and profitability; • Participate in credit management of the units portfolio and manage a designated portfolio of less complex credits; • Assist in the design of profitable effective and competitive banking proposals for existing and prospective clients; • Assist in maintaining effective operation of the Private Banking Unit; • Maintain a high level of professionalism and competence in every client interaction; • Meet Regulatory Compliance, Anti-Money Laundering/Anti-Terrorist Financing and Bank Policies and procedures for Customer transactions.

Educational/Competency Requirements: • Thorough knowledge of day-to-day banking, retail investment, bank products and services and retail lending processes and administration; • Possess a good understanding of credit skills, general knowledge of retail investment vehicles and knowledge of local tax and monetary regulations; • Excellent communication skills both verbally and written that enable the incumbent to interact with a wide range of clients with varying substantial means; • Advanced organizational and time management skills, including the ability to handle multiple tasks simultaneously in a competent and professional manner; • Self-directed and self-motivated individual with excellent interpersonal skills with the ability to contribute positively and collaboratively in a team-oriented environment; • Full comprehension of client privacy and confidentiality; • Associate’s degree or equivalent experience preferred; • Minimum of three years, experience in financial services field.

Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before February 15, 2019.

Please note that only those individuals short-listed for an interview will be contacted.

™Trademark of The Bank of Nova Scotia, used under licence (where applicable).

PAGE 16, Monday, February 11, 2019

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THE TRIBUNE

At Dubai summit, Pakistan premier warns of ‘painful’ reforms PAKISTAN’s Prime Minister Imran Khan gestures while speaking during the World Government Summit in Dubai, United Arab Emirates, yesterday. Khan yesterday met with the head of the International Monetary Fund and later told a crowd that Pakistan needed “painful” fiscal reforms in order to deal with its soaring debt.

Photos: Jon Gambrell/AP

INTERNATIONAL Monetary Fund Managing Director Christine Lagarde. Lagarde yesterday warned that the British exit from the European Union means Britain “will never be as good as it is now” in terms of its economy.

DUBAI Associated Press PAKISTAN’S Prime Minister Imran Khan said yesterday his nation needed “painful” economic reforms to cut back on its massive debt, just after meeting the head of the International Monetary Fund, signaling the former cricketer may be willing to slash government spending for a bailout.

Khan made the comments at the World Government Summit in

Dubai, which also saw Lebanese Prime Minister Saad Hariri make his own investment pitch for his small country, now struggling through a major economic crisis as one of the world’s most-indebted nations.

Khan made a point in a sometimes-rambling address to repeatedly hit on the need for economic reforms as IMF chief Christine Lagarde looked on from the audience.

“I repeat the reforms are painful. . It’s like a surgery.

When you conduct surgery for a while the patient suffers but that improves,” Khan said. “The worst thing that can happen for society is that you keep postponing reforms because of the fear that you would have opposition, the vested interests stand up and you don’t do reforms.”

That Khan is in the Gulf is not surprising, as he’s gone to Saudi Arabia and the United Arab Emirates for financial support.

He also repeatedly praised China in his speech, another source of funding.

Before taking the stage, Khan met with Lagarde.

Pakistan has been seeking an $8bn bailout from the IMF. Pakistan has around $100bn in external debts and liabilities, according to the State Bank of Pakistan.

A statement from Lagarde called the meeting “good and constructive”.

“I reiterated that the IMF stands ready to support Pakistan,” Lagarde said. “I also highlighted that decisive policies and a strong package of economic reforms would enable Pakistan to restore the resilience of its economy and lay the foundations for stronger and more inclusive growth.”

The annual World Government Summit sees global leaders and sheikhs cross paths at a luxury hotel near Dubai’s iconic, sailshaped Burj al-Arab hotel.

While typically an upbeat celebration of business buzzwords and self-help talks, this year’s summit comes amid a worldwide turn toward populism and anti-elitism.

Lagarde in her public remarks at the summit didn’t hesitate to criticise Britain’s upcoming departure from the EU, known as “Brexit”. Britain is due to leave the European Union on March 29. UK businesses fear a possible “no-deal” Brexit with the EU will cause economic chaos by imposing tariffs,

customs and other barriers between Britain and mainland Europe.

“I’m certain of one thing, is that it’s not going to be as good as if they had not been Brexit, that is for sure,” Lagarde said. “Whether it ends well, whether there is a smooth exit given by customs unions as predicated by some, or whether it’s as a result of a brutal exit on March 29 without extension of notice, it’s not going to be as good as it is now.”

She urged all parties to “get ready for it” as it will upend how trade is now conducted with Britain.

For his part, Hariri sought to attract investment from Gulf Arab states, which long have been a major benefactor of Lebanon. His nation now faces soaring public debt of $84bn, or 150 percent of the gross domestic product, making it one of the most-indebted nations in the world. Lebanese unemployment is believed to be around 36 percent.

Political paralysis has exacerbated the crisis. Lebanon formed a government last week after nine months of deadlock.

“We took the decision to bring together all the political powers because is this is the only way to save Lebanon,” Hariri said. “Today in Lebanon, we don’t have the time or the luxury of politics because our economy could completely collapse unless we surgically remove (politics) quickly, seriously and collectively.”

Gulf nations like Saudi Arabia are increasingly suspicious of Lebanon’ government because of the influence of Hezbollah, the Iranian-backed Shiite political party and militant group. Hezbollah has three ministers in the new government.

A moderator gave Hariri a $100 bill and said he could keep it if he pitched him on investing in the country. After his pitch, Hariri returned the bill and said that he wished he had $115 to offer back.

Making a surprise visit to the summit was US Energy Secretary Rick Perry, who took the stage to announce a robotics competition would be held in the United Arab Emirates later this year. Perry, a former governor of Texas who twice ran for president unsuccessfully, has tended to avoid the spotlight in President Donald Trump’s administration.