03022018 business

business@tribunemedia.net

FRIDAY, MARCH 2, 2018

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$4.63

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DPM: More ‘pain’ to stop debt ‘collapse’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Government’s finances “will collapse in on themselves” unless the national debt’s increase is halted, the Deputy Prime Minister yesterday warning Bahamians “more pain will be involved”.

K P Turnquest, also minister of finance, told Tribune Business that there was “no way” for a ‘quick fix’ to the Bahamas’ fiscal woes, arguing that the predicament

* Warns ‘no way’ for quick fiscal fix * Christie spend overhang to last for ‘medium term’ * Hopes to regain ‘ground’ on capital projects in 18-19 was “just that significant”.

He revealed that the spending ‘overhang’ inherited from the former Christie administration would not be completely dealt with this year, as some commitments were “multi-year” and set to last for the medium-term.

A “significant amount of expenditure” had to be

BAHAMAS PUSHES CARIBBEAN $20-$30M TOURISM FUND-RAISE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas is leading a $20-$30 million fund-raising drive to counter negative hurricane publicity and market the ‘Caribbean’ brand, the Minister of Tourism revealed yesterday.

Dionisio D’Aguilar told Tribune Business that the Bahamas, as the lead country on tourism in the region, made the proposal at this week’s CARICOM Heads of Government conference amid fears that the region faces a gradual loss of market share.

* WOULD FINANCE STORM PUBLICITY COUNTER-MEASURES * D’AGUILAR: NATIONS LACK ‘SCALE’ TO FIGHT ON OWN * ALSO CALLS FOR MARKETING CARIBBEAN ‘BRAND’ Despite the Bahamas and wider region’s economic dependence on tourism, the Minister said urgent intervention was required as

SEE PAGE 6

APPEAL COURT DISMISSES UNION’S MORTON SALT CASE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN trade union’s industrial grievances against Morton Salt have been dismissed as “not tenable” by the Court of Appeal.

The Bahamas Industrial, Manufacturing and Allied Workers Union initially took the Inagua-based salt harvester and manufacturer to the Industrial Tribunal, and the appellate court in a unanimous verdict upheld the latter’s ruling that the company had no

taken from the 2017-2018 Budget to “fill” these obligations, Mr Turnquest said, adding that they were “not easy to untangle”.

With every administration since independence having contributed to the $7.5 billion national debt, he urged Bahamians to DPM K. Peter Turnquest

SEE PAGE 7

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CCA demands arbitration for Sarkis’s claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s main contractor yesterday urged the New York courts to seal its terms for restarting construction, as it IZMIRLIAN bids to push Sarkis Izmirlian’s $2.25 billion fraud lawsuit into arbitration.

China Construction America (CCA) and its affiliates revealed in legal filings that they plan to issue a motion “to compel mediation and arbitration, and to stay” the litigation

* CALLS FOR ‘SEALING’ OF $600M CONTRACT * DISCLOSURE ‘COMPETITIVELY HARMFUL’ * WANTS $2.25BN BAHA MAR ACTION ‘STAY’ launched against them by Baha Mar’s original developer on Boxing Day 2017.

To support its case, CCA will produce a document referred to as ‘Amendment 9’, which allegedly sets out

SEE PAGE 4

App links Asue with blockchain

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A MOBILE application connecting Asue, one of the Bahamas’ oldest saving methods, with the emerging Blockchain technology is now being marketed locally.

Simone Smith-Bain, a Bermuda-based Bahamian attorney, told Tribune Business that a mobile app called ChamaPesa, which means ‘group money’ in East Africa - where it was first developed and tested - will provide extra accountability and security to the traditional Asue savings method.

“People get nervous sometimes putting money into savings schemes, and we know of some of the issues that can occur with Asues. We need to

save, however, and this is a way of connecting one of the oldest savings schemes with the newest technology,” said Mrs Smith-Bain.

“This app supports that kind of person-to-person engagement. It provides accountability, security and KYC, with the system itself serving as the treasurer.”

Mrs Smith-Bain added that the app also includes a rating system, identification process and penalty for failing to contribute.

ChamaPesa is intended to support both traditional rotating savings groups as well as small investment clubs that provide loans to members. The app will use a utility token, called ChamaCoin, to collect transaction fees and distribute them as rewards back to the users. ChamaCoin will also be used as a form of collateral for loans and

other applications in the app that require trust.

Solidus Ltd, a Bermuda company, has begun the pre-sale of these ChamaCoin cryptotokens to sophisticated investors, as they seek to bring ChamaPesa to market.

The token sale is being managed Mrs Smith-Bean and fellow attorney, Marvin Hanna. Mrs Smith-Bean, a Nassau native, and her husband, Marc Bean, a former telecommunications minister and leader of the Progressive Labour Party in Bermuda, acquired a major stake in the project.

Mrs Smith-Bean serves as a director of the company and her husband is its chairman.

Solidus currently has a prototype of the ChamaPesa app in testing and development, with plans to release it publicly

in the 2018 fourth quarter.

The technical lead for the project is financial cryptographer Ian Grigg, whose recent experience includes consulting as a co-architect of R3’s Corda, the blockchain for banks, as well as a blockchain operating system called ‘EOS’.

“We have been marketing international, and people have caught on to it very quickly, seeing it as a decentralised way of saving.

This is the first time we are marketing it locally. We’re in an ICO stage. Right now we are in the process of doing private placement with a select few investors, persons in the space and knowledgeable about the technology. The presale is open until March and will only be extended if oversubscribed,” said

SEE PAGE 5

* SIR MICHAEL BRANDS GRIEVANCES ‘UNTENABLE’ * SOUGHT ‘DOUBLE TIME’ PAY FOR WEEKENDS case to answer. Acting appeal justice, Sir Michael Barnett, in a written February 28, 2018, ruling said the union pounced on two issues relating to the 20022005 industrial agreement between the two parties.

It challenged Morton Salt’s adjustment of the

SEE PAGE 5

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PAGE 2, Friday, March 2, 2018

THE TRIBUNE

Reaping the benefits from employee health MOST would agree that employee wellness is a topic that receives far too little attention in the standard work environment. We spend most of our waking hours at work, and do not always take into account the impact that those hours have on our psychological and physiological wellbeing. Human resources professionals try to stress

that ‘self-care’ is good for both the employee and the bottom-line. The company’s goal must be to foster healthy minds, bodies and spirits within each team member. Here are 12 useful suggestions for making this possible: 1. Publish a workplace wellness newsletter highlighting the best fitness, nutrition and educational

content from around the Internet. The more people know, the greater the likelihood they will make wise and healthy choices.

2. Offer high quality snacks and provide plenty of water in the building. Put the right choices in front of employees. Give options such as natural sugar and almond milk for tea and coffee.

3. Hold a workplace ‘healthy chef’ competition, where recipes are shared and departments get excited about eating and preparing healthy foods.

You may also wish to bring

a health-focused chef to facilitate this. This can also be tied to programmes such as ‘the biggest loser challenge’.

4. Hold an office health fair, with free screening and testing. Bring in the health professionals, and allow each team member to get medical advice at no cost to them.

5. Assess Your Ergonomics. Ergonomics is the science of designing work tasks (and work spaces) in a way that limits stress on the human body. For office workers, this means things such as keyboards designed

to minimise the risk of repetitive motion injuries like carpal tunnel, screens that minimise eye strain, and chairs that minimise back pain.

6. Remind people to get flu shots. Post a list of locations near your office offering flu shots on the company bulletin board. In fact, it might be easier to simply bring in the team to give the flu shots.

7. Convince your staff to form a sporting league, and encourage as many as possible to become engaged and active. Golf, bowling, swimming, softball, basketball - all will keep the bones agile and the body fit.

8. Participate as an organisation in every marathon, ‘fun run’ or walk advertised. It helps to strengthen ties with the community, fulfills corporate social responsibility and keeps staff fit all at once.

9. Encourage people to take the stairs rather than the elevator.

10. Encourage employees to take their vacation leave, and to remain at home if they are ill for the full duration of their recovery.

IAN FERGUSON BY

11. Encourage employees to use the Employee Assistance Programme if they are feeling overwhelmed and need to talk to the professionals.

Human resources should also develop a reputation for confidentiality and care for the team, so employees feel encouraged to address their concerns with the human resources friends.

12. Provide training for managers on how to create and maintain a healthy and safe workspace for employees.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com

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Friday, March 2, 2018, PAGE 3

Opposition finance chief warns on over-regulation

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas must avoid “shooting itself in the foot” by over-regulating its financial services sector, the Opposition’s finance spokesman warned yesterday.

Chester Cooper, during his contribution to the debate on the Financial Transaction Reporting Bill and Proceeds of Crime Bill, pledged his support but expressed concern that over-regulation could further jeopardise the financial services sector’s competitiveness.

Mr Cooper, the Exuma and Ragged Island MP, warned against making it more difficult to do business in the Bahamas, and said: “I believe that the Bill would result in the strengthening of anti-money laundering protocols, but I have some concerns. We must not over regulate this sector as we arguably did in 2000.

“We must take care not to over-regulate and put up unnecessary barriers for businesses to do business in

the Bahamas. It’s already hard enough. We put up barriers to commerce that prohibit the smooth functioning of business. For example, why do I need an NIB card to license a motor vehicle? Why do I need to pay real property tax for individual directors serving on Boards to get a tax compliance certificate?

“Just two examples of government overreach that should be discontinued. These are the kinds of things that I call vexing business issues.

With regard to Clause 6 of the bill, regarding customer due diligence by financial institutions, we must not over-regulate the financial services sector, especially when it comes to low-risk accounts.”

Mr Cooper added: “We must balance the need for regulation and the need for more ease of doing business to remain a vibrant, competitive jurisdiction.

Domestic banks are already applying a sledgehammer in some cases where a fly swat will do. We must strike a balance. We must not fold our tent. We must not just have legislation thrust upon us.

CHESTER COOPER “We must respect that we live in a global village with interconnected systems.

However, we must assert our understanding of local context and the realities with respect to the bigger global picture. If we react too harshly, we run the risk of starving to death an already diminished financial services sector.”

Mr Cooper said continued attacks on the Bahamas’ sovereignty are to be expected, adding that the Government must be prepared to speak up and defend this nation.

He also expressed concern over the penalties for certain infractions under under the

DPM pledges to reform ‘inefficient’ government

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas is still operating an “inefficient” 1973 model of government, the Deputy Prime Minister yesterday pledging: “We have to do something about that.”

K P Turnquest, addressing a half-day Blockchain Technology seminar hosted by the Central Bank, said: “Blockchain is one of the things we are talking about in terms of the Parliament, how we do Cabinet papers and the rest of it.

“We are still operating on a 1973 model, quite frankly, with respect to how we do government business and that can’t work. It is just too slow, it’s inefficient, and we have to do something about that.”

Mr Turnquest has previously said blockchain technology can “revolutionise the way we do business in the Bahamas”, and propel this nation from where it is presently to

become “true leaders in terms of technology and the way we do business”.

He yesterday said the Bahamas must “make the leap” with respect to issues such as efficient government services, the ease of doing business and digital currency.

Referring to the latter, Central Bank Governor,

John Rolle, said the regulator is seeking to introduce a digital version of the Bahamian dollar.

Mr Rolle told the seminar that while physical cash transactions still dominate the payment space, a shift towards electronic modes - with the increased use of credit and debit cards - is occurring.

NOTICE

proposed legislation, which he argued appear to be quite high. “For example, if a financial institution opens up one single account without KYC, it is subject to a fine of up to $1 million,” Mr Cooper added.

“An individual can be fined up to $500,000 for a similar offence, and have the unintended consequence of potentially shuttering a financial institution. I’m not so sure potential insolvency should be the remedy for a possible violation of this legislation. The fines under the existing legislation are high but not unreasonable.

Perhaps these should be maintained.”

Mr Cooper also expressed concern that the definition of a politically exposed person (PEP) appears “extremely broad”.

He said: “The Bill should clarify whether directors of state-owned corporations qualify as PEPs. The definitions on page nine of ‘senior management’ of state-owned corporations, as PEPs, seem to suggest this is so.

“It is my view that every individual serving on a Government Board will be

a PEP under this legislation. I am certain that they didn’t sign on for that and you will see some resignations effective immediately on implementation of this Bill. These directors would populate an already small pool of people serving in this capacity.”

Mr Cooper added: “The Government must take care not to reduce the pool of persons willing to serve in these positions.

The Government should also address the very tribal nature of such appointments, keeping in mind that all Bahamians, PLPs, FNMs and everything in between, must be utilised to move the nation forward.

“I would in fact recommend that when a new Government comes in that they consider leaving a few of the competent directors of the previous Boards in place for continuity, especially in highly technical businesses like BPL and Bank of the Bahamas, for example. The pool of suitable directors is decidedly small and we must use the best and brightest in our country to advance our institutions. The political cleansing that we see after

a change in Government is not fitting of a modern, progressive society, and I call for more political maturity in this regard.”

With regards to the Proceeds of Crime Bill, Mr Cooper said Section V speaks to the seizure of assets without a conviction.

“There is a provision where a confiscation order may be had if a person is charged,” he added.

“I implore the Government to seriously look into whether this section can stand up to constitutional scrutiny. The threshold for charging someone is not very high, We should not, in our haste, be so quick to leave behind the basic tenet of law that a person is presumed innocent until guilt is proven.

“The provisions in this section could potentially backfire, cause significant hardship if we get it wrong, and lead to costly lawsuits against the Government, for which the Bahamian people will have to ultimately foot the bill. We must take care that this and other provisions of the Bill do not infringe on the constitutional rights of Bahamians.”

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PAGE 4, Friday, March 2, 2018

THE TRIBUNE

Tourism executives meet police on security issues THE Bahamas Hotel and Tourism Association (BHTA) and the Downtown Nassau Partnership (DNP) met with officers at downtown’s Tourism Police Station to discuss security issues.

Representatives from the two organisations met with Superintendent Anthony Rolle and his officers to discuss further collaboration.

“The Bahamas Hotel and Tourism Association considers safety and security a key focus of our

organisation” said Suzanne Pattusch, the executive vice-president of the BHTA. “Our collective ability to deliver an environment that is safe and secure is integral to the sustained success of the destination; to our own quality of life”.

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Ed Fields, the DNP’s managing director, gave an insight into various projects scheduled to begin in the short and mid-term as part of the Downtown Revitalization Initiative.

Mr Fields acknowledged the importance of the tourism police and their efforts to enforce the law in dealing with issues such as vagrancy; illegal peddling; and parking and petty crimes.

CCA

FROM PAGE 1

the terms it agreed with Baha Mar’s financier, the China Export-Import Bank, and the latter’s Perfect Luck vehicle, to restart construction work at Baha Mar and progress the project to completion.

The Chinese state-owned contractor is urging the New York State Supreme Court to seal this, and keep its contents ‘confidential’, on the grounds that their public release would “competitively harm” CCA. Disclosing its strategy to counter Mr Izmirlian’s allegations that it perpetrated “one of the largest construction-based frauds in this hemisphere”, CCA’s filings state: “Defendants are prepared to file a motion to compel mediation and arbitration and to stay this action.

“Plaintiff BML Properties Ltd [Mr Izmirlian’s company] is required to mediate and arbitrate this dispute because its claims are based on, and relate to, a contract requiring the mediation and arbitration of disputes. In support of the defendants’ forthcoming motion, defendants will submit one confidential document, Amendment No. 9, the disclosure of which would competitively harm defendants.”

Explaining this ‘harm’, CCA added: “Amendment number nine, among other things, set conditions for the recommencement of CCA Bahamas’ work on the project and amended the terms for completion, including terms related to price and scope. “Amendment number nine also established new dispute resolution requirements, mandating first mediation and then arbitration of any disputes.”

This was backed by an affidavit sworn by Pengfei Yu, CCA (Bahamas) commercial manager, which

PICTURED from L to R: Leroy Browne, general manager of the British Colonial Hilton; Ed Fields, managing director, Downtown Nassau Partnership (DNP); Superintendent Anthony Rolle, Tourism Police; Suzanne Pattusch, executive vice-president, Bahamas Hotel and Tourism Association alleged that the agreement for construction work worth $600-$700 million to complete Baha Mar - contained “extremely valuable and sensitive” information that would benefit the contractor’s competitors.

Mr Yu, revealing that ‘Amendment 9’ was executed between CCA and Perfect Luck on August 30, 2016, alleged: “Amendment 9 contains competitively sensitive and confidential financial and business information, including the competitive pricing of CCA Bahamas’ services and other matters relating to CCA Bahamas’ processes in performing its services under the master construction contract (MCC).

“Amendment 9 contains information that is extremely sensitive and valuable to competitors of CCA Bahamas and its affiliates in the construction sector, and the disclosure of this confidential financial and business information would cause CCA Bahamas and its affiliates competitive harm.”

To strengthen its case, CCA suggested that ‘Amendment 9’ was among the documents sealed by the Bahamian Supreme Court when it approved the transfer of Baha Mar’s real estate and other assets from the Deloitte & Touche receivers to the China Export-Import Bank’s Perfect Luck vehicle.

This was the first stage in Baha Mar’s ultimate sale to present owner, Chow Tai Fook Enterprises (CTFE), but Mr Yu admitted in his affidavit that he did “not know for certain” whether ‘Amendment 9’ was one of the documents designated as confidential by Justice Ian Winder.

And CCA’s legal filings also conceded that Justice Winder’s rationale for ‘sealing’ all details of the Perfect Luck transfer was to ‘preserve the integrity of the sales process, which remains a commercially live issue’.

That ‘process’ has long

since passed with the sale to CTFE. “The court sealed information and documents because even though the matters at issue in that [Bahamas] case were important to the general public, ‘it is nonetheless a commercial transaction of a largely private nature’,” CCA’s New York filings admitted.

“Defendants cannot represent with certainty whether ‘Amendment 9’ is one of the particular documents sealed by the Bahamian Supreme Court.

However, ‘Amendment 9’ was only executed as part of the court’s approval of the asset sale and transfer.

“Therefore, the Bahamian Supreme Court’s decision to seal information relating to this transaction further supports the defendants’ request to seal Amendment 9 in the present action.”

CCA is arguing that Mr Izmirlian’s lawsuit should be sent to arbitration, rather than heard by the New York court, on the basis that his BML Properties vehicle inherited obligations from Baha Mar’s construction contract requiring that all disputes be dealt with in this manner.

It accused Mr Izmirlian of attempting to “circumvent unambiguous and mandatory mediation and arbitration requirements that apply to the construction contract at the heart of” his damages claim.

“Plaintiff is subject to those mediation and arbitration requirements because it alleges, among other things, that it is a third-party beneficiary of two agreements that form inseparable parts of that construction contract: a May 2013 memorandum of understanding (MOU) and signed minutes of a November 2014 meeting,” CCA claimed.

“Defendants deny that plaintiff has any rights as a third-party beneficiary. But because plaintiff alleges that it is a third-party beneficiary, the doctrine of judicial

estoppel binds plaintiff to that assertion, and plaintiff thus has subjected itself to the arbitration provisions, which are found in ‘Amendment 9’ to the construction contract. Those provisions require mediation and then arbitration under the rules of the International Chamber of Commerce (ICC) of any unresolved disputes.

“Because the construction contract dispute resolution clause mandates mediation and arbitration, defendants are prepared to file a motion to compel mediation and arbitration and to stay this action.”

Mr Izmirlian’s lawsuit alleges that CCA and its subsidiaries perpetrated a “massive” scheme of “cover up”, “deceit”, “outright sabotage” and lies to both conceal its failures and “extort more money than it earned”.

The action, filed in the name of the developer’s BML Properties vehicle, claims that the Chinese state-owned construction firm deliberately concealed its intention to use Baha Mar as “a massive training exercise” that ultimately doomed the project to failure.

Besides alleging that CCA’s “real intent” was never to complete Baha Mar “on time and on budget”, Mr Izmirlian and BML Properties also claim that it falsified and misrepresented reports on the mega resort’s construction progress and the size of its workforce.

The claim, for breach of contract and fraud, alleges that the Chinese contractor earned “tens of millions, if not hundreds of millions” more than it should as a result of uncorrected defects plus inflated and “sham” billings.

And the lawsuit also details numerous alleged construction defects that, if not caught, would have compromised the health and safety of thousands of tourists, hotel guests and Baha Mar staff.

THE TRIBUNE

Friday, March 2, 2018, PAGE 5

Second entrepreneur group graduates Gov’t programme A second group of 15 potential entrepreneurs last week graduated from the Grand Bahama Micro and Small Business Economic, Empowerment and Incentive Programme.

The initiative is likely to be extended to a third, and fourth, group as the minister of state for Grand Bahama, Kwasi Thompson, said: “Small businesses will be a big part of the economic turnaround for Grand Bahama.”

Apart from the 15 new self-starter businesses, eight existing companies also received financial grants and certification to help their already-established enterprises. The businesses represented a cross-section of industries, including

restaurants; pastry and bakeries; nails and cosmetics; bone fishing; sign making; perfume making and landscaping.

“I want to encourage you to take advantage of the opportunities that are coming,” Mr Thompson told the 15 latest graduates.

He outlined some of the potential developments in the pipeline for Grand Bahama, including the sale and re-opening of the Grand Lucayan resort; a re-start of the former Ginn project in West End; the Oban Energies refinery; two small projects in West End - the Sea Wood Fishing Village and the Blue Marlin Cove marina; and two light manufacturing companies. “I don’t outline

these projects or bring them up to suggest that Grand Bahama has turned any corner, or that Grand Bahama is doing well, but I bring them up and talk about them because we all need to know that there are positive things happening in Grand Bahama,” added Mr Thompson.

“We also need to know what opportunities there are for us here in Grand Bahama. Think out of the box. Don’t limit yourself to the old ways of doing business. The good thing is that we have the access where your entire market does not have to be only people in Freeport, Grand Bahama, or even just in the Bahamas. The entire world now can become your market.”

Mr Thompson said the time has come for Bahamians to begin to think globally, and assess how to export their talents and their goods and services.

“You have the talent, you have the skills to be able to compete with anyone, anywhere in the world,” Mr Thompson told the graduates. “In fact, you are the best in the world at what you do because nobody could be Bahamian better than you, and nobody can produce Bahamian better than you.”

Michael Pintard, minister of youth, sports and culture, added: “You have to be prepared to wake up early, pray up, show up, stay late if necessary, in order to build your empire. Not

APPEAL COURT DISMISSES UNION’S MORTON SALT CASE FROM PAGE 1 work schedule for 29 maintenance technicians in July 2002, on the grounds this represented a “unilateral variation” of these workers’ employment contracts and was “therefore unenforceable”.

And, in 2008, the union queried overtime payments earned by its members when the industrial agreement was in force. It alleged that Morton Salt staff should be paid ‘double time’, or twice the rate of pay, if they were required to work on either Saturday or Sunday.

“The union was in a trade dispute with Morton over a number of issues,” Sir Michael recalled. “However, the union and Morton agreed to submit only two issues to the Tribunal for determination, namely the payment of overtime and the ability of Morton to unilaterally change the schedule of workers.”

The Tribunal ruled in favour of the company on both matters, finding against the union that is the recognised bargaining agent for Morton Salt’s line staff.

The union, in its appeal, argued that the

Employment Act’s section 10 a), which stipulates that employees be paid twice their regular rate for working on public holidays or days off, meant Morton Salt staff were entitled to this compensation if required to work at the weekend.

“It was the position of the union that where employees are scheduled to work on a five-day work week, Monday through Friday, they are entitled to overtime pay equivalent to twice the rate of pay for any time that they were required to work on either the Saturday or Sunday,” Sir Michael noted.

The Industrial Tribunal, though, found that the ‘double’ wage rate only applied to the 24 hours of consecutive rest identified as a ‘day off’ in the Employment Act’s section 9, a ruling the Court of Appeal agreed with.

“Under section 10 of the Employment Act, double time is only required to be paid where an employee is required to work on a public holiday or his statutory day off under section 9,” Sir Michael wrote.

“If an employee is otherwise required to work over the standard hours, that employee is only entitled to be paid at the rate

of one and a half times his rate of pay.” He added that this had also been cleared up in the Court of Appeal’s recent ruling on a case brought by multiple Freeport Container Port employees, who had also argued that they were entitled to ‘double time’ if they worked at any time during their 48 hours of rest.

Sir Michael said the Morton Salt union also sought to rely on the industrial agreement, which called for ‘day and shift workers’ to be paid ‘double time’ for working on Sunday. This, though, meant they were not entitled to such compensation for Saturday.

As for the ‘unilateral’ schedule change, Sir Michael said this was provided for in the industrial agreement. “This is not tenable,” he added of the union’s arguments.

“This provision expressly gives Morton the right to alter or extend existing shift arrangements. All Morton was required to do was to consult with the union prior to implementing such a change. The Tribunal has found that Morton did consult with the union, and that finding by the Tribunal has not been challenged on this appeal.

“It is our view that Article 32.3 [in the industrial agreement] clearly reserves to Morton this right to unilaterally ‘alter or extend existing shift working arrangements’. Article 4.8 does not in any way modify this contractual right given to Morton.

“In any event, there is no evidence that existing terms were better than the altered terms. The fact that they may be altered or modified does not without more make them less favourable than the terms that existed before alteration. For those reasons ground two is also rejected.”

The Court of Appeal also rejected the union’s claim that ministerial intervention was required before Morton Salt could change the standard hours of work from eight to 12.

“An industrial agreement is a contract. It is an employment contract,” Sir Michael wrote.

“The Tribunal is entitled, nay obliged, to construe it in accordance with common law principles of contract law.

“The fact that it is given force by statute does not affect the way that the Tribunal must construe it. It is still an agreement. It is still a contract.”

App links Asue with blockchain FROM PAGE 1 Mrs-Smith-Bean. It is expected that ChamaPesa will make savings clubs easier to manage and more

reliable for members, encouraging persons to save and invest locally. Mrs Smith-Bean said the establishment of an international cryptocurrency association is in the works to provide education to Bahamians on the technology.

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everyone is an entrepreneur, so you are a unique group among hundreds of thousands in the Bahamas.

“But if our economy in Grand Bahama is to recover, and if the Bahamas, is to grow at the rate which we believe it has the potential to grow, much of that success is going to come as a result of the efforts by people such as yourselves. So we are happy to be working in conjunction with you.”

Mr Pintard said the Government and the private sector are discussing how businesses can obtain the workforces necessary to sustain them. He added that himself and Mr Thompson had decided to focus on businesses that “have an

opportunity to make it with the present population size we have” when structuring the incentive programme.

“So, you are uniquely positioned because although it would benefit you to have in excess of thousands more consumers in which to market your products and services, you have the capacity to do a volume of business that would be beneficial to you, your family and this community right now,” Mr Pintard said. “We wanted to identify businesses that would be in the creative arts, businesses that would affect tourism, or that would deal with personal consumption…and all of you represent these kinds of businesses.”

NOTICE

YARA PROPERTIES LIMITED (in Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on 2nd day of March, 2018. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Lynden D. Maycock, P. O. Box EE-15953, Nassau, Bahamas.

All person having claims against the abovenamed Company are required on or before 2nd April, 2018 to send their names and addresses and particulars of their debts or claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 2nd day of March, 2018

Lynden Maycock Liquidator

NOTICE DNARTREB INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, DNARTREB INC. is in dissolution as of February 28th, 2018.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

PAGE 6, Friday, March 2, 2018

THE TRIBUNE

Bahamas pushes Caribbean $20-$30m tourism fund-raise FROM PAGE 1 the Caribbean’s global market share was projected to slip from 2.4 per cent now to 1.7 per cent by 2030.

Pointing to the success of national tourism marketing campaigns in the US, Canada and Australia, which all emphasised the brand, Mr D’Aguilar said the Bahamas had called for a collective initiative to finance a similar promotional effort for the Caribbean.

Such a fund, he added, would also be employed to counter the “negative publicity” from hurricanes striking the Caribbean.

Many watching the Weather Channel’s coverage of Irma and Maria thought that the entire region had been impacted, which deterred travellers from visiting the Bahamas and other countries which were unscathed by the mega storms.

Acknowledging that the Bahamas and other

CARICOM members had yet to determine how the funds will be raised, Mr D’Aguilar told Tribune Business: “We made a presentation to try and put forth the idea of raising funds to promote the brand ‘Caribbean’.

“Where the funds are coming from is still being worked out, but we’re looking to raise $20-$30 million.... We may not get everybody on board, but we’re going to try and get it going as best as possible with as many countries as possible. It’s always hard to get consensus from a body of 14 members.”

Mr D’Aguilar said two previous regional marketing efforts promoting the Caribbean as ‘a whole’ had “significantly increased the number of visitors to the Bahamas” and wider region in 1992, following Hurricane Andrew, and again in the early 2000s.

Both were isolated events, and the Minister

added: “We put funds into marketing the Caribbean, and it significantly impacted the number of visitors coming to the Caribbean from the US. This works. The problem is we’ve only done it as a oneoff. We have shown we can do it, then stop it.”

He suggested this went against the region’s dependency on tourism as its primary economic growth engine, and called for a further collective drive to counter the fall-out from major hurricanes hitting the region.

Mr D’Aguilar argued that international media coverage frequently gave “the geographically challenged” the impression that the entire region had been damaged, even though only a small number of countries were actually affected, thereby deterring travel to those islands that escaped.

This was the Bahamas’ fate in 2017, when its major tourism destinations were

largely left unscathed by hurricanes Irma and Maria, and Mr D’Aguilar told Tribune Business: “There’s no doubt that we are the most tourism-dependent region on the planet, so when we have a hurricane the effects of that hurricane are magnified by the dependence of our economies on tourism.

“In many instances, the population of the planet are geographically challenged when it comes to the Caribbean.

“When there is a hurricane in the region, they’re confused as to where it’s having an effect.

“In the case of Irma and Maria, 70 per cent of the Caribbean was unscathed by that hurricane, but we had enormous or significant cancellations because of this geographic ignorance. People thought it hit the whole Caribbean,” Mr D’Aguilar continued.

“What we learned was there was no entity to get

NOTICE

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Island International Holdings Ltd. is in dissolution and the date of commencement of the dissolution is the 23rd day of February, 2018.

Lynn Kelly and Halson Ferguson LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, The Bahamas

NOTICE

NOTICE

NOTICE is hereby given that Rolando osbouRne levy of P.o. box ab-20270, Marsh Harbour, abaco, The bahamas, 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 2nd day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

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

BISX ALL SHARE INDEX: CLOSE 2,050.92 | CHG 0.02 | %CHG 0.00 | YTD -12.65 | YTD% -0.61

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 1.54 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 1.48 1.62 1.57 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 3.60 8.70 6.10 4.74 9.87 2.59 1.50 8.09 6.10 10.10 6.30 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.87 2.62 1.50 8.08 6.10 10.10 6.30 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 0.03 0.00 -0.01 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

109.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 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

109.46 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

400,100

1,125

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 1.54 1.69 1.62 1.09 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 0.668 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 0.320 0.220 0.120 0.690 0.060 0.050 0.141 0.300 0.500 0.150 0.120 0.570 0.000

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.7 15.6 25.7 4.5 12.1 5.4 13.9 13.0 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.53% 6.99% 2.29% 3.33% 1.75% 4.92% 4.95% 2.38% 2.68% 4.56% 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% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -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-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 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

NOTICE is hereby given that OGE PHILOGENE of #55 Pinedale, P.O.Box GT2557, 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 2nd day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

BISX LISTED & TRADED SECURITIES 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

NOTICE

NOTICE is hereby given that GARRY GUERRIER of Prince Charles Drive, 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 2nd day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

MONDAY, 26 FEBRUARY 2018

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 7.75 5.83 8.78 5.67 3.35 12.01 10.00

the hurricanes will not be as great as they were.”

Mr D’Aguilar did not say how much each country would contribute to the fund.

He added that the impact of ‘negative coverage’ surrounding the 2017 hurricane season was “hard to quantify”, but said he was convinced it did have an effect on tourist arrivals and bookings.

Warning that the 2018 season’s start would immediately revive memories of last year, the Minister said the Caribbean’s status as the “most tourism-dependent region on the planet” made counter-measures essential.

He pointed out that 13 of the world’s 16 most tourism-dependent nations are located in the Caribbean, with the industry contributing more than 35 per cent of annual gross domestic product (GDP) for 10 out of the 14 CARICOM members.

NOTICE is hereby given that ROSENA JEAN-JACQUES of #98 Churchill Avenue, P.O.Box SB-52742, 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 1st day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

MARKET REPORT 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.87 2.59 1.56 9.70 6.10 10.55 10.90 4.50 12.51 11.00

the message out on what effects a storm or catastrophe like this is having on our region.”

Mr D’Aguilar said the Bahamas and other CARICOM members lacked the “scale” to counter this by themselves, which required that they pool resources on an initiative that was in all their interests.

“What the Bahamas proposed was to create an entity that would raise funds to market the brand ‘Caribbean’, and to fill the void and not let other people fill that void with the negative message they they did,” he further explained.

“What we realised was that as individual islands we simply don’t have the scale to raise the funds to counter the negative message, but collectively we do. If we put forth a proposal to market the Caribbean, and keep the brand front and centre with the travelling public, maybe the effect of

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

NOTICE is hereby given that EMMANUEL HENRIZIER of Key West Street, P.O. Box N7050, 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 23rd day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that ELIOS CHRISTIAN of East Street, 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 2nd day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that LUSIANA SANIA of Fortune Bay, Freeport, Grand Bahama 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 22nd day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that MERLONIS SYLVESTRE of Wilson Track, 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 2nd day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that CARLESA JENNY MATHIEU of Silver Coin Lane, South Bahamia, Freeport, Grand Bahama, 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 2nd day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

THE TRIBUNE

Friday, March 2, 2018, PAGE 7

DPM: More ‘pain’ to stop debt ‘collapse’ FROM PAGE 1 “exercise the necessary patience” and stick with the fiscal consolidation plan given the rewards it was ultimately designed to produce.

Mr Turnquest said it was “fair enough” to say that the Government was having difficulty bringing its fixed costs under control, with the near-32 per cent reduction in its 2017-2017 first-half deficit stemming entirely from cuts to the Budget’s capital spending side. He conceded that this was not ideal, given that capital projects are designed to upgrade vital infrastructure and deliver long-term value for the Bahamian people, but pledged that the Minnis administration would “make up ground” in this area when it unveils the 2018-2019 Budget in May. “The reality is there are commitments, past commitments, that were engaged in or commitments previously given that have to be settled,” Mr Turnquest told Tribune Business. “We’ve had to take a significant amount of current expenditure to fill this expenditure.

“Even after allowing for all the overhang in the last Budget year, we’re finding additional liabilities that have to be funded from the current year. These have all had [an impact] on cash flow and cash-based expenditure for this year.

“You’ll see a lot of that this year, and ongoing commitments that are no easily untangled, so we have to let them run their course.”

Mr Turnquest, in his mid-year Budget address, blamed recently-discovered spending commitments inherited from the Christie administration for the Government’s non-debt recurrent spending exceeding that of its predecessor.

Stripping out debt principal repayments, Mr Turnquest said fixed-cost spending for the six months to end-December 2017

was slightly ahead of the prior year’s $994 million, coming in at $1.003 billion despite highly-publicised measures such as a public sector hiring freeze and 10 per cent across-theboard spending cut in the public sector. “The outturn this year was negatively impacted by the overhang commitments of the previous administration that have had to be met during the current fiscal year,” Mr Turnquest told the House of Assembly last week.

“To date, Mr Speaker, we have had to make provisions to settle more than $30 million in verified payment arrears over and above what was known during the Budget exercise last May. There are tens of millions of dollars in remaining commitments from prior years.”

While there was a $92.3 million year-over-year reduction in the first-half GFS deficit to $198 million, the Deputy Prime Minister conceded that this “largely reflected” the 50 per cent slash in capital spending.

This fell from $152.2 million in the same period in 2016-2017 to $75.8 million for the six months to endDecember, representing a $76.4 million reduction.

While capital spending is easier to cut and control, hence the Government’s focus in this area, Mr Turnquest said it was conscious that long-needed infrastructure upgrades could not be starved of capital for long.

While the Government is looking to private sector capital to finance much of this through private-public partnerships (PPPs), Mr Turnquest said it was aiming to reclaim lost ground on capital projects during the upcoming 20182019 Budget year.

“I think that you will continue to find through the end of the [fiscal year] that we will still be conservative in our projects, but coming into the new year we will look to make up ground and complete or initiate projects that bring value to

the Bahamian people,” he told Tribune Business.

Asked whether the spending commitment ‘overhang’ created by the former administration will be cleared by the time this fiscal year ends, the Deputy Prime Minister added: “Some of it, unfortunately, is certainly medium term.

“Some of it we will, or have already, retired, and some commitments go to multiple years. These ones we will have to contend with a for a few years yet. I wish I could say that that’s not the case.

“We obviously want to reduce our level of borrowing as much as we can, fit our payments and recurrent expenditure within the Budget, and works as judiciously as we can to reduce overall expenditure.”

Mr Turnquest expressed hope that the Government had managed to get its wage bill “under control” despite the $15 million year-overyear first half increase, and said it remained “very optimistic” of hitting its $323 million full-year deficit target.

This was despite Moody’s estimating that the deficit

will instead exceed the $350 million run up the prior year on a cash basis, given that the half-year figure of $198 million is some 61 per cent of the 12-month goal.

The Government traditionally earns the bulk of its revenues in the second half, when Business License fees, real property taxes and commercial motor vehicle licenses all become due. This helps to narrow deficits, but Mr Turnquest said of Moody’s: “I understand their caution.

“The truth of the matter is that for the last five years they’ve been told one story after another, only for the estimates to be overshot.

I’m not interested in the talk. The proof is in the pudding. We have to show it.”

Warning that correcting the Bahamas’ public finances is “not an easy task”, the Deputy Prime Minister then warned: “There will be pain involved. Hopefully, at the end of the day, we will have a plan consistent with our philosophy and one that spurs growth in the economy. “We have to change the trajectory of our debt,

otherwise we will find the system will collapse in on itself. We have to get borrowing costs down, get interest rates and repayments down, so we can invest in things that really produce and provide benefits and tangible results.

“We didn’t get here overnight, and there is no way we’re going to be able to correct it overnight.

The situation is just that significant.

“If we continue to be faithful to the plan and exercise the patience necessary to change and correct the course we’re on, we will all be rewarded in terms of competitiveness, a better credit rating, flexibility and freeing the economy from the burden of public debt and rating scrutiny.”

N O T I C E HALCROW BAHAMAS LIMITED (In Voluntary Liquidation) ____________________________________ Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P. O. Box SS-19084, on or before the 16th day of March, 2018. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 2nd day of March, 2018.

Delano Aranha LIQUIDATOR of HALCROW BAHAMAS LIMITED

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Hereford Holdings Limited is in dissolution and the date of commencement of the dissolution is 2nd March 2018.

Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas