02122018 business

business@tribunemedia.net

MONDAY, FEBRUARY 12, 2018

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‘Deathly afraid’ for local ownership under WTO

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

rawak Homes’ chairman is “deathly afraid” that WTO membership will undermine Bahamian economic ownership because many locally-owned firms cannot compete internationally.

Sir Franklyn Wilson told Tribune Business that “a high percentage” of Bahamian businesspeople “don’t have a clue” what joining the World Trade Organisation (WTO) will mean for the country or their companies.

With the Minnis administration, by its own admission, targeting a “very aggressive” 2019 deadline for the Bahamas to complete accession to full WTO membership, Sir Franklyn said he was praying this “doesn’t represent as radical a change” as he fears.

* Sir Franklyn: ‘Most don’t have a clue’ * ‘Prays’ impact ‘not as radical as feared’ * Hopes size, low growth deter foreign rivals The well-known businessman suggested many Bahamian companies would be unable to compete head-on with multinational rivals that enjoy greater economies of scale and access to cheaper financing, thereby placing local entrepreneurs at a significant disadvantage.

Suggesting that the Bahamas was being forced to adopt rules that did not favour small, vulnerable economies such as its own, Sir Franklyn said one potential ‘saving grace’ was this nation’s relatively small size, which may prove unattractive to major foreign companies.

“I am deathly afraid of it, deathly afraid,” he told

SIR FRANKLYN WILSON Tribune Business of the Bahamas’ potential WTO membership. “I may be wrong, but I think a very high percentage of people in business in this country,

they don’t have a clue what WTO is or what it brings.

“When I say deathly afraid, my prayer is that somehow, some way, it [the WTO] just doesn’t represent as radical a change as we hear about. If it does represent the change people fear, what businesses in this country are ready to compete? Who can compete?

“When I say deathly afraid I’m not fearful the country is going to come to an end; I’m not saying that.

When I say deathly afraid, it’s more about empowering Bahamian ownership of the economy and being competitive internationally. It’s

SEE PAGE 4

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Unhealthy eating to ‘destroy’ economy if left unchecked

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DISEASES linked to unhealthy eating will “destroy” the Bahamian economy if left unchecked, a Cabinet Minister has warned, admitting that planned ‘breadbasket’ food reforms may be viewed as “blasphemy”.

Dr Duane Sands, minister of health, told Tribune Business that the proposed changes were designed to “dramatically alter the trajectory” of lost productivity, worker absenteeism and increased healthcare costs that result from poor Bahamian dietary habits.

He added that this was “a significant part” of the explanation for why the Bahamian people were getting “terrible results” and poor value for money from the $800 million this nation spent annually on healthcare, with the country ranked between 120th-130th in the world for

* MINISTER: GROWTH WON’T PAY FOR CHRONIC DISEASE COST * IDB ESTIMATES ‘ECONOMIC IMPACT’ AT 8% OF GDP * WHY BAHAMAS GETTING ‘TERRIBLE’ TREATMENT SCORE care outcomes. Disclosing that the total overhaul of the breadbasket food item line-up, proposed for the 2018-2019 Budget year, will form a key part of National Health Insurance (NHI) or whatever healthcare model the Bahamas chooses, Dr Sands said the economic implications were “ominous” if this nation failed to change its habits. “We’ll put them on,” he told Tribune

SEE PAGE 5

Unions warned: Put house in order or face ‘strike off’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TRADE unions were yesterday warned to put their finances in order or face being ‘struck off’ if they fail to file their annual returns by June 1.

The Department of Labour, in a statement, served notice of its intention to enforce the Industrial Relations Act’s requirements, and warned the “many” trade unions not currently in compliance and making “no efforts” to do so - they have less then four months to reform their ways.

“Many of the existing trade unions are also not in

* Labour Dept to enforce annual return filing * ‘Comply with law or get out of the game’ * Industrial deal vetting removed from Tribunal compliance with Section 30 of the Industrial Relations Act, which requires them to submit annual returns to the Registrar of Trade Unions by June 1 annually,” the Department said.

“A current list of compliant trade unions will be published annually, shortly after the annual June 1 deadline passes.

The Department will also provide a Certificate of Compliance that will be valid for one calendar year.

This will certify the Union’s

status with the Department of Labour pursuant to the Industrial Relations Act.” And the Department warned: “The Registrar of Trade Unions has compiled a list of trade unions to be struck from the register, which will include unions that are not in compliance and those that are not making efforts to rectify their position.

“The Regulatory and Compliance Unit of the Department of Labour looks forward to the

support and full compliance of all trade unions, and hopes that these processes provide for greater transparency and accountability in the trade union community.”

The Department of Labour is thus moving to enforce long-standing laws that have seemingly been applied consistently, or not at all, in the past.

Dion Foulkes, minister of labour, said he was “happy” to see Robert Farquharson, director of labour, moving

on the issue, but said he was unable to speak in detail on the matter so as not to prejudice the appeals process open to aggrieved trade unions.

He explained that, as minister, he was the first ‘point of appeal’ for the unions, but nevertheless “congratulated” Mr Farquharson and a special assistant seconded to the Department from the Attorney General’s Office, Yolanda Yallup, for their work on the issue. “There really is no explanation as to why this was not done before,” Mr Foulkes told Tribune Business.

“The laws were recently amended, so that may have something to do with it.”

The Department’s move was yesterday also backed by the Chamber of Commerce’s chief executive, with the private sector organisation having called for the Government to enforce the Industrial Relations Act provisions mandating the annual filing of union returns last year.

The Chamber’s call, made at the height of the controversy surrounding the Christie administration’s proposed labour law reforms, provoked a furious response from trade unions.

However, Edison Sumner yesterday said those unions that filed to file their annual returns needed to either

SEE PAGE 8

BAHAMASAIR DISCOUNTS UNDERMINE LOCAL RETAIL

BE ‘EVEN HANDED’, UNIONS TELL GOV’T ON ENFORCING LAW

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

BAHAMASAIR has been accused of undermining local retailers through its ‘shop in Florida’ specials, with Customs facing an “almost impossible” task to prevent tax evasion and smuggling.

The Bahamas Federation of Retailers (BFR), in again calling for the Government to make local apparel, shoes and fashion retailers price competitive through duty elimination,

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* CUSTOMS’ ‘IMPOSSIBLE TASK’ TO HALT SMUGGLING * BANKS ALSO REINFORCE ‘ABROAD BETTER MENTALITY’ * FEDERATION AGAIN URGES DUTY ELIMINATION argued that other corporate elements - especially the banks - were reinforcing the “entrenched cultural mentality” that shopping abroad is better.

“The Bahamas faces a unique predicament in retail based on its proximity to the US,” the Federation said in a recent statement. “Unlike other Caribbean islands and destinations with more challenging logistics, the

US is a mere 30-minute flight away, and shipping from online or a Florida based store is relatively cheap for the individual end consumer.

“Additionally, smuggling is rampant whether via a cargo vessel, private yacht, commercial or private airplane, or corrupt freight forwarders, as has been the case in recent

SEE PAGE 7

A UNION leader last night demanded that the Government be “even handed” and enforce the law requiring employers to meet and negotiate with recognised bargaining agents within 45 days.

Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that the labour movement had “no problem” complying with the legal requirement for all unions to file their annual

* URGE ACTION ON 45DAY EMPLOYER MEETING * DEMAND REGISTRAR USE ‘SAME POWER, WILL’ * BUT AGREE NEED FOR UNION RETURN FILING

OBIE FERGUSON financial returns by June 1. Disputing a Department

of Labour press statement, which said “many” unions were non-compliant with this provision in the Industrial Relations Act, Mr Ferguson said the TUC was working with “one or two” affiliates that may be

SEE PAGE 7

PAGE 2, Monday, February 12, 2018

THE TRIBUNE

Four Ernst & Young staff pass CPA qualification ERNST & Young (EY) has announced that four Bahamians in its Nassau office – Terae Sweeting, Rena Mortimer, Jamaal Russell and Austin Smith – have passed their exams and qualified as Certified Public Accountants (CPAs).

“Passing a CPA exam is a huge accomplishment for these four professionals as they begin their careers,” Michele Thompson, EY Bahamas’ managing partner, said.

“We are confident that they will play a big role in bringing value to our clients as we focus on our mission of building a better working world.”

Terae Sweeting joined EY in August 2015. She graduated from St Augustine’s College in 2010, and also received a Bachelor’s degree in accounting from Benedict College in South Carolina in 2014.

She passed her CPA exams in March 2017, and currently serves as a senior tax accountant.

Rena Mortimer graduated from King’s College at the University of Western Ontario in 2016 with

SHOWN (l-r): Jamaal Russell, Rena Mortimer, Michele Thompson, EY Bahamas managing partner, Terae Sweetin, and Austin Smith. a Bachelor’s degree in accounting and Spanish.

She also received a Master’s degree in accounting from the University of Michigan. She successfully completed her CPA exams

Insurance Brokers reveal new Board THE Bahamas Insurance Brokers Association (BIBA) has announced the appointment of its new Board members for 2018.

Pictured from left to right are: Tamara BoydProsa, assistant secretary (Star General Insurance); Michael Cooper, immediate past president (Insurance Management); Simone Henfield, secretary

(Advantage Insurance); Gregory Ritchie, president (Advantage Insurance); Keisha Davis-Curry, treasurer (NUA Insurance); and Stephen Johnson, vice-president (Woodside Insurance Brokerage).

BIBA was established in 2001 to promote its members, and encourage the highest standards of professional service.

in December 2017, and currently serves on the audit staff at EY Bahamas.

Jamaal Russell is an alumnus of Queen’s College High School, and also attended the College

of the Bahamas (COB).

He later received his Bachelor’s degree in business administration from Acadia University in Nova Scotia, Canada. He joined EY in September 2017 and

successfully completed his CPA exams in December.

Austin Smith graduated from the University of the Bahamas in 2015 with a Bachelor’s degree in business administration,

with a concentration in accounting.

Smith joined Ernst & Young in September 2017 and passed his Certified Public Accountants exams in December 2017.

THE TRIBUNE

Monday, February 12, 2018, PAGE 3

DPM: Opposition finance chief slamming own party

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister last night said the Opposition’s finance spokesman was effectively indicting his own party by describing a $25 million project as “a slush fund”.

K P Turnquest told Tribune Business that Chester Cooper’s criticism of the Government’s resolution to borrow $90 million from the Inter-American Development (IDB) was “a teachable moment” for the Exuma and Ragged Island MP. Mr Cooper had described the resolution, tabled in the House of Assembly last week amid the high political drama, as “fuzzy maths” given that the Government said it would not add to its 2017-2018 borrowing despite not being included in the Budget’s financing provisions.

He also slammed one of the three-IDB financed projects, the $25 million investment in creating ‘Skills for current and future jobs in the Bahamas’, as “a catchy name for a government slush fund to facilitate political hires” given that this country already has the National Training Agency (NTA).

Mr Turnquest, in response, questioned whether his PLP ‘shadow’ was really indicting the former Christie administration with his ‘slush fund’ comment, given that the skills training programme and other two initiatives to be funded by the $90 million borrowing were all conceived and developed under the previous government.

“This entire loan was first introduced by the former administration,” the Deputy Prime Minister told

* $90M IDB BORROW PLANNED BY FORMER GOV’T * ‘HELD BACK’ AS TERMS, PROJECTS ASSESSED Tribune Business. “He’s really critcising his own party.”

Tribune Business first reported on all three projects, and IDB documents related to them, when the Christie administration was in office - including the $35 million loan for airport infrastructure upgrades in the Family Islands, which was developed by Mr Cooper’s parliamentary colleague, Englerston MP, Glenys Hanna Martin.

“We held them back,” Mr Turnquest said of the three projects and $90 million loan, “because we needed to have a look and see what we’re signing up to, making sure the terms and the projects were viable and that we understood what we were taking on.”

The third project, a $35 million initiative to upgrade coastal management and infrastructure in New Providence, Grand Bahama, Andros and Long Island, was also challenged

by Mr Cooper who queried whether similar seawall improvements would be made throughout the Family Islands.

The Opposition’s finance spokesman, while expressing gratitude for the fact some of the airport infrastructure funds would find their way to Exuma, queried why the Government had yet to “submit a plan for the Government building, police station and clinic on Ragged Island” in the wake of Hurricane Irma.

He also suggested that the Government “seriously consider a private public partnership (PPP) model for a package of Family Island airports”, which

KP TURNQUEST would operate similar to the Nassau Airport Development Company (NAD) and the Arawak Port Development Company (APD), even though the IDB project calls for exactly that.

As for the borrowing resolution itself, Mr Turnquest said the Government was merely seeking Parliamentary approval and permission to enter into the respective loan agreements with the IDB. He explained that the $90 million funding would not be ‘drawn down’ until the next Budget year, meaning that the borrowing will be incorporated into the Government’s 2018-2019 financing operations - not 2017-2018 - thereby explaining why it is not included in the current fiscal numbers.

“This is one of those teachable moments where Mr Cooper should the time to understand government finances first off, and this deal in particular,” Mr Turnquest explained.

“This does not affect the

2017-2018 borrowing. It is a resolution that has to be debated and passed, and protocols signed for the drawdown. I would only say he first needs to get an understanding before commenting.

“What is particularly interesting is this loan is intended to provide a new airport terminal for Exuma as well as fire fighting equipment for Exuma, which he complained about not too long ago. The needs to be asked about Mr Cooper: Is he against the interests of his constituents?”

Mr Cooper, in his statement, charged: “The Government tabled a resolution to borrow an additional $90 million from the Inter-American Development Bank. Yet, somehow, the Ministry of Finance claims that this will not add to government borrowing as the money in question has already been factored into the Government’s existing borrowing plan.

“This, frankly, is ‘Fuzzy Math’, and the public needs an explanation. If the Government is going back to Parliament to borrow money, then the Government is adding to government borrowing.

Period. It is disingenuous to say otherwise.

“If there were already a resolution passed to borrow this money, then the Government would only need to draw down on the existing facility without further resolution. Clearly, that facility does not exist at this point. If it did, it would be in the 2017/2018 Budget. I assure the Government it is not.”

FOR SALE

Large Multi Family lot for sale on Midshipman Rd, near Taino Beach, Grand Bahama. Includes sketches for 12 one bedrooms units, ideal for short term rentals. $75,000.00 439-7867

PUBLIC AUCTION NOTICE

Nassau Airport Development Company Ltd. CAREER OPPORTUNITY:

Manager, Marketing and Promotions The Nassau Airport Development Company Ltd. (NAD) is seeking candidates for the position of Manager, Marketing and Promotions at Lynden Pindling International Airport Position Summary: This role is responsible for the planning, development and execution of a comprehensive marketing and communications strategy and program for LPIA, including working closely with airport stakeholders, brands and partners to drive aeronautical and non-aeronautical revenue.

M/V “DIXIE ROSE”

To be sold by Public Auction pursuant to the Order of the Honourable Madam Justice Indra Charles, Justice of the Supreme Court of the Commonwealth of The Bahamas, dated the 20th July, 2017 in Supreme Court Action number CLE/gen/01475 of 2015.

The Motor Vessel, Dixie Rose, is presently docked at the Hurricane Hole Charter Dock, Paradise Island (under the old Bridge), on the Island of New Providence and has the following particulars:Description:- LUHRS 380 Sportfishing Convertible Length:- 40 feet Engine:- 2 Detroit Diesel 671 Northern Lights Generator -6 ½ KW (Details without guarantee) The above particulars and any further particulars that may be given with regard to the motors vessel are and will be given in good faith, but no responsibility and/or liability will be accepted for their accuracy. Purchasers must make their own independent enquires.

The position uses multiple media platforms (print, social media, web, email, video, etc.), to drive increased concession sales, passenger/community engagement and brand awareness.

The Manager of Marketing and Promotions is responsible for the development and implementation of all promotional events, campaigns and related activities to drive revenue.

Interested persons may view the vessel on Thursday, the 15th day of February, A.D., 2018 between the hours of 9:00 a.m. and 4:00 p.m.

Experience and Background: 1. University degree in marketing or other relevant field 2. 5-10 years professional experience in a marketing role with a track record of successful, revenue generating projects.

The winning bidder must present Twenty-five (25%) of the purchase price/ deposit at the time of the winning auction. The balance is to be paid within Twenty-one (21) days thereafter. All deposits are non- refundable.

Abilities and Qualities: 1. Demonstrated business acumen coupled with strategic, analytical and creative skills 2. Strong Communication and Interpersonal Skills 3. Excellent Project Management Skills 4. Strong Writing and Presentation Development Ability Visit www.nassaulpia.com/careers for more details If you are qualified and interested please submit your resume

by February 26, 2018 to: Director of Human Resources Nassau Airport Development Company Ltd. P.O. Box AP 59229 Nassau, Bahamas Email: people@nas.bs

The Auction will be held on Friday, the 16th day of February, A.D., 2018 at 10:00 a.m. to 2:00 p.m. Place: Hurricane Hole Charter Dock, Paradise Island (under the old Bridge).

The Provost Marshall reserves the right to reject any and all bids.

PAGE 4, Monday, February 12, 2018

THE TRIBUNE

‘Deathly afraid’ for local ownership under WTO The Board of Directors of FamGuard Corporation Limited is pleased to advise that the fourth quarterly dividend for 2017 of 6 cents per share has been declared to be paid on February 27, 2018 to Shareholders of record as at February 20, 2018 FAMGUARD CORPORATION LIMITED The parent holding company of Family Guardian Insurance Company Limited FG Insurance Agents & Brokers Limited FG Capital Markets Limited FG Financial Limited

FROM PAGE 1 in these areas that I think it’s going to be very difficult.” Suggesting that public education on WTO, and other rules-based trading regimes, has to-date been lacking, Sir Franklyn said it typically “takes years to get people to really understand it”.

The Bahamas’ accession is the longest such process in WTO history, with this nation having first served notice in 2001 - through then-trade and industry minister, Zhivargo Laing - of its intention to become a full member, and Sir Franklyn implied that the education effort should have been ongoing and consistent ever since.

Recalling the “effort” made in 2007-2008 when the Bahamas signed on to the Economic Partnership Agreement (EPA) with the European Union (EU),

the first rules-based trade agreement in its history, the well-known businessman said many in the private sector then were “scratching their heads and trying to understand that”.

“I just don’t remember it becoming a topic of conversation,” Sir Franklyn said, implying that the intricacies and complexities of rulesbased trading agreements did not remain at the forefront of Bahamian private sector thinking for long.

His words, though, will strike a chord with the reservations many Bahamians hold about becoming a full WTO member, notwithstanding the Government’s eagerness to rapidly complete the accession process.

The Minnis administration sees WTO membership as a key element of its strategy to reposition the Bahamian economy through liberalisation and deregulation, thereby ending its ‘isolation’ from the world’s open, rulesbased trading regime.

Advocates of this strategy have argued that it will open up new export-led opportunities for Bahamas-based companies and industries, enabling them to sell services and manufactured goods abroad under the protection of WTO rules.

Presently, all Bahamian exports are exposed to be the imposition of trade barriers - such as tariffs, quotas and subsidies - by other countries wishing to deny them market access and protect their own industries. As a WTO member, the Bahamas would be able to challenge such actions by invoking trade dispute procedures.

Sir Franklyn’s comments, though, reflect fears that WTO membership will require the Bahamas to open up many industries to foreign competitors, who will then use their deeper pockets and access to cheaper capital to squeeze out locally-owned companies.

However, much will depend on the skills of the Bahamas’ negotiating team, headed by Deloitte & Touche (Bahamas) managing partner, Raymond Winder, to reserve key industries for Bahamian ownership only in talks with the Working Group of nations it will have to determine accession terms with.

Sir Franklyn, meanwhile, suggested that FOCOL Holdings’ 2006 acquisition of Shell’s Bahamian operations could not happen now because “the rules have changed” regarding how such deals play out.

While Shell decided to sell off its operations on a ‘country-by-country’ basis, its rivals - Esso and Texaco - exited by placing their entire Latin American and Caribbean networks for sale. The latter two structures, Sir Franklyn argued, made it difficult for Bahamian groups to participate because of the sheer scale and capital required.

Suggesting this was an indication of what might be to come under WTO, the Arawak Homes chairman said: “FOCOL buying Shell was the last time [such a deal] could have happened.

“By the time Esso and Texaco came along, if you committed to buy them you had to buy multiple countries in Latin America and the Caribbean. How many businesses in the Bahamas can really do that?

“That’s a really clear indication. Now you’re talking about WTO, it means you’re really out there.

Look at the numbers. I’m not just being theoretical about it. Bahamians were able to buy Shell because certain realities existed at that point, but by the time Texaco and Esso came along, the rules had changed. No Bahamian came close; no Bahamian was ever mentioned.”

Sir Franklyn said a similar situation now existed with CIBC FirstCaribbean, which was exploring a New York Stock Exchange (NYSE) listing as an avenue that would allow its Canadian parent to exit after failing to find a buyer for the region-wide business.

Hinting that scale was again a barrier to Bahamian ownership and participation, he added: “Where’s the Bahamian capital to come and say: ‘Let one investor buy a dominant position’. The numbers guys may have the cash, but there aren’t many investors in this country able to deals of that magnitude.”

Sir Franklyn, though, said the Bahamian economy’s relatively small size and lack of growth since the 2008-2009 recession could act as a deterrent to

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the influx of foreign corporate competition feared by many.

“One consequence of the general lack of growth the country has experienced over time is that, more and more, the country is not likely to be of interest to the deep-pocketed global investor,” he told Tribune Business.

“That is a factor that may be relevant. I spoke the other day to the chairman of a company that has a relatively big presence here in the Bahamas, and he was saying that if activity in a country doesn’t have the potential to move his stock price on any exchange he’s listed on in the world - it doesn’t have the potential to move his stock price one penny - what’s the point?

“If you’re a really large company, and to move your stock price you need ninefigure profit levels, you don’t have many opportunities in this country,” Sir Franklyn added.

“One side to WTO accession is the smallness of the country may not attract many players big players from the global arena. There are not many industries in our country for global companies to buy into, and that to some extent is a mitigating factor.

“Our relative smallness may not be enough to attract big players. It [WTO] may not have the consequences some fear.”

He pointed to the oil and insurance industries as examples of sectors where foreign owners had exited after selling their interests to Bahamians.

Still, Sir Franklyn argued that WTO was another example where, in common with the international financial services regulatory regime, the Bahamas was being forced to adopt rules and laws to its disadvantage.

“A real big takeaway is the large countries of the world are finding every possible way, in my opinion, to be unfair and unkind to small countries,” he told Tribune Business. “They’re finding every possible way to be unfair. The biggest tax havens in the world are in the US. “They’re putting hell on us to open bank accounts.

I did a transaction the other day, and there was provision to create a bank account. Even though the venture was under Bahamian law, the process of opening a bank account in the Bahamas was such that we had to agree to open it in Florida.

“The rules are all changing, and the rules are very much in favour of large, settled economies and multinationals. These rules are not geared towards the smaller economies. I don’t know what we can do about it. It’s just the way it is.”

THE TRIBUNE

Monday, February 12, 2018, PAGE 5

Unhealthy eating to ‘destroy’ economy if left unchecked FROM PAGE 1 Business of healthier foods, “with the hope this allows the diffusion of the belief that’s too expensive to eat healthy. “We spend $800 million a year on healthcare which means the Bahamas is in the top 30 on expenditure per capita, yet on healthcare outcomes it’s between 120-130th in terms of results.

“We’re spending huge amounts of money and getting terrible results, and a significant part of that is what we put in our bodies.”

Tribune Business revealed last week that the Government is proposing a total transformation of the so-called ‘breadbasket’ food list, which is comprised of price-controlled products whose costs are kept artificially low by state regulation.

Dr Sands conceded that, through these subsidies, successive administrations have effectively incentivised Bahamians to ‘poison themselves’ by purchasing low-cost unhealthy foods that contribute to the high level of chronic noncommunicable diseases (NCDs) in this nation.

By reforming the contents of the ‘breadbasket’, the Minnis administration is thus attempting to align tax and economic policies with the Bahamas’ dietary health needs for the first time since the 1970s.

“This is more than an academic exercise,” Dr Sands reiterated to Tribune Business. “This is intended to dramatically alter the trajectory we’re on.

“Look at the communique from the 2007 CARICOM meeting in Trinidad. They made it very clear that NCDs will destroy most of the economies of CARICOM if the trend continues. No economy would be robust enough to accommodate the increased cost of the NCDs.

“In 2007, it was predicted that between 2007 and 2027 that the CARICOM countries would see a 300 per cent increase in deaths from cardiovascular diseases. That’s just deaths, it doesn’t include complaints, morbidity.”

Describing the findings as “ominous”, Dr Sands said the spread of NCDs in the Bahamas had proceeded “at such a clip that no matter how robust your economic growth, you could never have enough surplus to pay for what you were creating with the rise in NCDs”.

The Minister’s warning of spiralling healthcare, economic and social costs if the increase in NCDs is not arrested was backed by a recently-released InterAmerican Development Bank (IDB) report, which found that such illnesses typically impose an “economic impact” of up to 8 per cent of gross domestic product (GDP) on Caribbean countries.

In the Bahamian context, that could mean NCDs are costing this country between $640 million to $880 million per year, depending on whether $8 billion or the new $11 billion GDP - as measured by the Department of Statistics - is used as the calculation base.

“The Bahamas currently faces critical challenges due to an increase in chronic diseases (CD),” the IDB report warned. “Epidemiological figures illustrate the magnitude of the problem.

The prevalence of overweight and obesity is high in all age groups: 13 per cent of school children; 45 per cent and 21 per cent of adolescents; 72 per cent and 43 per cent of women; and 66 per cent and 27 per cent of men, respectively.

“Several factors contribute to this epidemic, including poor dietary practices constituted by irregular feeding patterns and high caloric intake due to the consumption of food

with high caloric density and low nutritional value, which is widely available and more expensive in comparison with local food.

Furthermore, sedentary behaviour is generalised, with 72 per cent of adults aged 24 to 64 reporting that they do not engage in physical activity.”

The IDB report, titled ‘Associated factors of healthy lifestyle in the Bahamas’, added that NCDs account for 45 per cent of all deaths in this country. It added that the economic and demographic consequences represented “a complex problem for the Government”.

“The top three leading causes of years of life lost (YLL) due to premature deaths - ischaemic heart disease, cerebrovascular disease, and diabetes - are related to NCDs, and these three causes of YLL have been steadily growing over the past 20 years,” the IDB report said.

“Though life expectancy has been consistently increasing, if the prevalence of NCDs continues to rise, it will reduce these gains in the short run. The probability of dying from an NCD between the ages of 30 and 70 is 18 per cent in non-Latin Caribbean countries, the highest in the Americas.”

Dr Sands and his Ministry of Health team will meet this Wednesday with their counterparts from the Ministry of Labour and Price Control Commission to further develop the proposed ‘breadbasket’ list reforms prior to seeking Cabinet approval and issuing them for further public consultation.

Dion Foulkes, minister of labour, confirmed that he and his officials were strong supporters of the initiative led by Dr Sands. “One of the main concerns we have is the majority of the items on the price-controlled list are, generally speaking, foods not as healthy as

PUBLIC AUCTION M/V “TENDER TOO”

NOTICE To be sold by Public Auction pursuant to the Order of the Honourable Madam Justice Indra Charles, Justice of the Supreme Court of the Commonwealth of The Bahamas, dated the 20th July, 2017 in Supreme Court Action number CLE/gen/01476 of 2015.

The Motor Vessel, Tender Too, is presently docked at the Hurricane Hole Charter Dock, Paradise Island (under the old Bridge), on the Island of New Providence and has the following particulars:Description:- LUHRS Length:- 32 feet Engine:- Caterpillar 300 HP (Details without guarantee) The above particulars and any further particulars that may be given with regard to the motors vessel are and will be given in good faith, but no responsibility and/or liability will be accepted for their accuracy. Purchasers must make their own independent enquires.

Interested persons may view the vessel on Thursday, the 15th day of February, A.D., 2018 between the hours of 9:00 a.m. and 4:00 p.m.

The Auction will be held on Friday, the 16th day of February, A.D., 2018 at 10:00 a.m. to 2:00 p.m. Place: Hurricane Hole Charter Dock, Paradise Island (under the old Bridge).

The winning bidder must present Twenty-five (25%) of the purchase price/ deposit at the time of the winning auction. The balance is to be paid within Twenty-one (21) days thereafter. All deposits are non- refundable.

The Provost Marshall reserves the right to reject any and all bids.

they can be, such as fruits and vegetables, which are not on the list,” he said.

“We’re in the preliminary stages. Everything is subject to Cabinet approval.

The main thing is he and I [Dr Sands] are very serious about it. The chair of the Price Control Commission, Syndia Dorsett, this is something she feels very strongly about and is agitating for it.”

Mr Foulkes said the recommended reforms, if adopted, would have “multiple effects” including a healthier, better life for many Bahamians which would allow them to be more productive in the workforce. There would also be a reduced burden and cost for the healthcare system.

“The main thing is for Bahamians to live a healthier life and enjoy life,” he told Tribune Business.

“There are a lot of social and economic benefits.”

Dr Sands, meanwhile, told Tribune Business that the proposed ‘breadbasket’ food reforms will be critical to the Government’s preventative medicine strategy and whatever form of healthcare is adopted by this nation.

“Whatever model we adopt for healthcare, an integral and essential part of it is prevention, prevention, prevention,” he added.

“We believe we have to start with what we have, look at it critically, blow it up and start over.

“If we take the approach that the breadbasket is an evidence-based basket that looks at nutrition, looks at health rather than just providing a meal, perhaps we can start to turn the tide.”

Dr Sands identified some of the foods proposed for inclusion in the new ‘breadbasket’ line-up as fruits, whole wheat bread, “certain healthy grains”, fish in water “as opposed to fish in oil”, and beans.

“I’m sure one of the criticisms will be ‘My favourite food is not on the list’ or

‘I’m allergic to what’s on the list’,” the Minister added. “We’ll accept that.

“The concept is that the ‘breadbasket’, at least the one we’re recommending, according to the evidence as we understand it will be beneficial in terms of health as opposed to harmful.

When you look at a number of the items people consider staples, it’s little wonder we have the challenges we do.”

Among the so-called ‘staples’ likely to be ditched from the ‘breadbasket’ list

are the likes of corn beef and sugar, which Dr Sands acknowledged was “almost like blasphemy”.

“You can tell a Bahamian that corn beef is not good for you,” he told Tribune Business. “That’s an easy intelligent discussion, but from an emotional point of view that’s like saying ‘there’s no apple pie’.

“We’re not saying you can’t eat it. We’re saying we’re not going to be in the business of subsidising the cost.”

TEMPLE CHRISTIAN HIGH SCHOOL

ENTRANCE EXAMINATION 2018-2019 Temple Christian High School will hold its Entrance Examination on Saturday, February 24, 2018 at the school on Shirley Street from 9:00 a.m. to 12:00 p.m. for students wishing to enter grades 7, 8, 9 and 10.

Application forms are available at the High School Office. The application fee is twentyfive dollars ($25). Application forms should be completed and returned to the school by Friday, February 23, 2018.

For further information, please call telephone number: 394-4481/394-4484.

PAGE 6, Monday, February 12, 2018

THE TRIBUNE

NOTICE

NOTICE is hereby given that FELIX REYES HENRY of #10 Madison Addition, P.O. Box CR-55733, 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 and signed statement of the facts within twenty-eight days from the 12th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that HECTOR CUELLARANTUNEZ of Bay & Bay & Deveaux Streets, P.O. Box NP8803, 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 and signed statement of the facts within twenty-eight days from the 12th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that WILFRIDO SEGURA PEREZ of #10 Madison Addition, P.O. Box CR-55733, 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 and signed statement of the facts within twenty-eight days from the 12th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RAMON ANTONIO GALVAN KING of #10 Madison Addition, P.O. Box CR55733, 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 and signed statement of the facts within twenty-eight days from the 12th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, STEPHANIE KNOWLES of #31 Hospital Lane, P.O. Box N-7374, mother and legal guardian of PEYTON SERITA KNOWLES, intend to change my child’s name to PEYTON SERITA BODIE. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

MARKET REPORT FRIDAY, 9 FEBRUARY 2018

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

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

52WK LOW 100.00 100.00

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

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

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.80 9.01 2.50 1.50 8.32 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.80 9.01 2.51 1.50 8.41 6.00 10.45 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.09 0.00 0.00 0.00 0.00 0.00 0.00

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

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-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 0.00

110.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

55

20

VOLUME

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

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

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

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 28.1 14.3 24.6 4.5 3.1 5.3 14.3 12.9 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.50% 7.66% 2.39% 3.33% 6.72% 4.83% 4.78% 2.40% 2.68% 4.64% 0.00%

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

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

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

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

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

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

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

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

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

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 and signed statement of the facts within twenty-eight days from the 12th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, SHAMIKA DORESTAN of Central District of New Providence, The Bahamas, mother and legal guardian of SHANIA GLADYS PIERRE, a minor, intend to change my child’s name to SHANIA GLADYS SYMONETTE. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

OFFICE ADMINISTRATOR Needed for small company Responsibilities include:

-Quick Books data entry/Accounts Receivable -Inventory checking/Stock taking -Assisting w/cashing when necessary -Creating invoices in Quick Books -Ordering Materials -Filing -Post cash book & Ledger balance/Journal -Entries & Paying bills -Proficiency in Quick Books is a MUST Please send resumes to: newjobapplicant2018@gmail.com

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BISX ALL SHARE INDEX: CLOSE 2,052.22 | CHG 0.08 | %CHG 0.00 | YTD -11.35 | YTD% -0.55 52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 8.32 5.82 8.78 5.67 3.35 12.01 10.00

NOTICE is hereby given that HECTOR CUELLARANTUNEZ of Bay & Bay & Deveaux Streets, P.O. Box NP8803, Bahamas is applying to the Minister responsible for

Call for further information

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.93 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

NOTICE

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

Contact Mr. Lowe at 467-1194

THE TRIBUNE

Monday, February 12, 2018, PAGE 7

Bahamasair discounts undermine local retail FROM PAGE 1 times. Bahamasair, our national airline that uses millions of our tax dollars yearly, advertises ‘shop in Florida’ specials with discounted rates on the number of bags Bahamians can bring back.

“When those purchases in those bags are apparel, fashion accessories, shoes or other small and easily portable gift items, much of what is brought in from these ‘shop in Florida’ trips are claimed as ‘personal effects’ at the border and, understandably, it is almost

impossible for Customs to police. In addition to the airline, Bahamian-based banks regularly advertise loans and credit cards for ‘shopping abroad’. That is how entrenched this mentality is in our culture.”

The Federation argued that the Bahamas’ ‘archaic’ duty structure made it “impossible” for Bahamian apparel and fashion merchants to price at competitive levels, resulting in lost commerce and government taxes as Bahamians increasingly shopped online or abroad.

“In most cases, the Government then fails to

collect the duty and VAT that otherwise would have been collected if they had shopped locally with Bahamian-owned and operated businesses that employ people locally and pay their taxes,” the Federation added.

It argued that eliminating import duties for apparel, shoes and fashion accessories in the Bahamas “will not only improve the competitive ability of local Bahamian wholesalers and retailers, but will also have the long-term benefit of boosting domestic consumption, thus improving private sector employment

Be ‘even handed’, unions tell Gov’t on enforcing law FROM PAGE 1 lagging to bring them into line. Yet he also urged the Government to apply “the same power and will” when it came to requiring employers to negotiate in ‘good faith’ with unions who had attained ‘recognised’ bargaining agent status with their employees.

“What we also want the Registrar [of Trade Unions] to do is to use the same power and will to require employers to come to the Conciliation Board and meet, when they’re required to meet, and honour the recognition status of a union and meet with them within 45 days,” Mr Ferguson told Tribune Business.

“There’s a legal requirement statutorily imposed on an employer, where a union is recognised, to meet and negotiate in good faith.

The Registrar is legally required to enforce that provision as well. We’d like him to reinforce that provision as well as enforce the provision with regard to union financial returns.

“We’re also saying the Registrar has the jurisdiction and the power to do precisely what he’s doing with respect to annual returns. We’re asking him to be even-handed and do the same thing.”

Mr Ferguson, though, acknowledged the importance of unions filing annual returns given that they were handling - and spending dues paid by thousands of Bahamian workers.

“When you involve worker funds, worker dues and are expending those funds for the purpose of running and administering the union, you are mandated to give a proper accounting of those funds,” Mr Ferguson told Tribune Business.

“We don’t have a difficulty with the unions complying with the law.

Each union is required by law to have its audited financial statements

prepared and submitted to the Registrar. I suspect one or two of them are not up-to-date.

“What we have been doing in the TUC is assiduously working to make sure all unions affiliated with the TUC are complying with the Act and make sure they become regularised.”

The Department of Labour, in a statement yesterday, warned trade unions to put their finances in order or face being ‘struck off’ if they fail to file their annual returns by June 1.

It served notice of its intention to enforce the Industrial Relations Act’s requirements, and warned the “many” trade unions not currently in compliance - and making “no efforts” to do so - they have less then four months to reform their ways.

“Many of the existing trade unions are also not in compliance with Section 30 of the Industrial Relations Act, which requires them to submit annual returns to the Registrar of Trade

Unions by June 1 annually,” the Department said.

“A current list of compliant trade unions will be published annually, shortly after the annual June 1 deadline passes.

The Department will also provide a Certificate of Compliance that will be valid for one calendar year.

This will certify the Union’s status with the Department of Labour pursuant to the Industrial Relations Act.” And the Department warned: “The Registrar of Trade Unions has compiled a list of trade unions to be struck from the register, which will include unions that are not in compliance and those that are not making efforts to rectify their position.

“The Regulatory and Compliance Unit of the Department of Labour looks forward to the support and full compliance of all trade unions, and hopes that these processes provide for greater transparency and accountability in the trade union community.”

as well as VAT revenue to the Government”.

“The more money spent in the Bahamas on retail goods, the more money to go around in our economy, the more jobs created, more taxes generated, less government spending on social services, and the greater our GDP growth,” the Federation said.

The BFR estimated that the Bahamian economy loses roughly $2 billion worth of business to online shopping and/or Florida, and a significant percentage of that amount goes completely untaxed by the Government due to smuggling by Bahamians and expatriate residents alike.

“The country is bleeding not just domestic business

and the employment that business generates, but millions upon millions in tax revenue as well,” the Federation warned. “The stark reality is that our archaic duty structure pushes local shelf prices beyond consumers’ expected online and/or Florida prices, which can be accessed and compared at the push of a button on any smartphone.

“The problems facing the global retail sector are only exacerbated in the Bahamas where the high cost of doing business and high import duties further disadvantage local retailers. High Customs duties put undue pressure on the pricing structure, which burdens consumers with unnecessarily high prices.

“Additionally, the high import duties are extremely prohibitive to the retail sector’s ability to bring in sufficient assortments without taking huge inventory risks. This again pushes people to shop abroad as they complain that choice is limited locally. Without these high import duties, local apparel and shoe retailers could charge a regular margin and thus mark-down and turn over inventory on the standard fashion cycle bringing in greater updated assortments.

“However, the current import duty rates make it impossible to price at competitive levels or carry a sufficient selection of merchandise.”

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

2014 CLE/GEN/1497

IN THE MATTER of an Indenture of Mortgage made the 11th day of July A.D., 2007 between Clayton J. Clarke and Cedricka Michelle Elizabeth JohnsonClarke and Finance Corporation of Bahamas Limited AND IN THE MATTER of an Indenture of Mortgage made the 8th day of September A.D., 2009 between Cedricka M. E. Johnson-Clarke and Finance Corporation of Bahamas Limited AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN

FINANCE CORPORATION OF BAHAMAS LIMITED AND CLAYTON J. CLARKE

Plaintiff

First Defendant AND CEDRICKA MICHELLE ELIZABETH JOHNSON-CLARKE Second Defendant To:

Cedricka Michelle Elizabeth Johnson-Clarke

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Bahamas by Finance Corporation of Bahamas Limited, Carmichael Branch situate at RBC Financial Centre, Carmichael Road, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 24th day of September A.D., 2014 seeking an Order to direct you to deliver up possession of the Mortgaged Property situate in the Western District of the Island of New Providence aforesaid being Lot Numbered Fifty-four (54) in the Victoria Gardens Subdivision and Lot Numbered Two Hundred and Twenty-one (221) in the Subdivision called and known as Flamingo Gardens situate in the Adelaide Constituency in the Western District of the Island of New Providence aforesaid to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order, and Judgment for the sums outstanding under the Indenture of Mortgage dated the 11th day of July A.D., 2007 and the Indenture of Mortgage dated the 8th day of September A.D., 2009.

And that it has been ordered that the publication of a notice of the entry of the Notice of Appointment to Hear the Originating Summons filed on the 10th day of June A.D., 2016 in the Nassau Guardian newspaper and The Tribune newspaper shall be deemed to be good and sufficient service of the said document on you.

The Originating Summons will be heard before the Honourable Mr. Justice G. Gregory Hilton of the Supreme Court at the Supreme Court, Saffrey Square Annex, Bank Lane, Nassau, New Providence, Bahamas, on Wednesday the 14th day of March A.D., 2018 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just.

A copy of the said Notice of Appointment to Hear the Originating Summons may be obtained from the Supreme Court Registry, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or from the Attorneys for the Plaintiff below mentioned.

Dated the 18th day of January A.D., 2018.

HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas.

Attorneys for the Plaintiff.

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PAGE 8, Monday, February 12, 2018

THE TRIBUNE

Unions warned: Put house in order or face ‘strike off’ FROM PAGE 1

“comply or get out of the game”. “We wrote or put that into our position, and made it very clear in our submission when we were having the review of the labour laws, the Employment Act and Industrial Relations Act,” Mr Sumner recalled.

“Unions have to comply with the rules the same way the rest of us do. The Chamber, even though it’s a non-profit, non-government organisation, there are certain requirements the Chamber has to fulfill, filing annual statements with the Registrar General’s Office.

“If you’re going to operate in this country... you ought to comply. If you say you want to represent workers in this country you have to comply and, if not, let due process take its course. I know the criticism the Chamber had for it, but it’s a simple thing.

You either comply with the rule of law, or get out of the game.”

The Chamber, in a December 20, 2016, letter to Mr Farquharson, had urged: “Section 39 of the Industrial Relations Act be amended to make it unlawful for trade unions who fail and/or refuse to file their annual returns to continue to exist.

“These annual returns should be audited by a licensed member of the Bahamas Institute of Chartered Accountants (BICA).

It is proposed that trade unions be fined for this failure.”

The Chamber then added: “Moreover, the Act should be amended to make provisions for trade unions who are insolvent to have their registration cancelled immediately or incur some other penalty.”

Labour leaders responded by demanding that employers be held to the “same standard”. Bernard Evans, the National Congress of Trade Unions (NCTUB) president, told Tribune Business then that should such measures be

ROBERT FARQUHARSON imposed on trade unions then employers should suffer the same fate for failing to pay taxes and National Insurance Board (NIB) contributions.

And Zane Lightbourne, a prominent Bahamas Union of Teachers (BUT) officer, wrote that the Chamber’s

proposals represented unwarranted interference in internal union affairs, and would further expose Bahamian workers to illtreatment by employers.

Yet Mr Sumner reiterated yesterday: “The Chamber, being the employer’s representative, has gone through

an extensive vetting process, updating documents and corporate information to ensure we comply with the law. “If we’re required to do it, being a private sector organisation and the employer’s representative in the country, then the unions purporting to represent workers in the country ought to comply with the law when it comes to filing returns to the Government.”

The Department of Labour’s release also served notice of its intent to implement a 2012 Industrial Relations Act amendment that makes Mr Farquharson, in his dual capacity as registrar of trade unions, responsible for vetting and registering all industrial agreements.

“Prior to the enactment of the 2012 amendment to the Industrial Relations Act, the Industrial Tribunal was responsible for vetting and registration of all industrial agreements in the country,” the Department said. “The Registrar

of Trade Unions would witness the agreement prior to it being sent to the Industrial Tribunal.

“However, since the amendment to the Act, the Registrar of Trade Unions has been statutorily mandated to vet and register all industrial agreements, and therefore no longer witness agreements being signed.

“As a result, the Department is now responsible for ensuring that all trade unions submitting agreements adhere to the requirements that will involve completion of an Industrial Agreement submission form with attestation of all parties, specific submission requirements for industrial agreement drafts and requisite notarization.”

Explaining the move, Mr Farquharson said: “The process has been put in place to ensure compliance by all trade unions, and to safeguard against any deficiencies with regard to the Industrial Relations Act.”