04072017 business

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FRIDAY, APRIL 7, 2017

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More VAT exemptions call is ‘fool’s argument’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Chamber’s chairman yesterday described calls for increased Value-Added Tax (VAT) exemptions as “a fool’s argument”, warning it would not reduce the taxation burden for poor Bahamians as intended.

Gowon Bowe told Tribune Business that the Chamber, its Coalition for Responsible Taxation (CRT) and all private sector representatives involved with VAT’s implementation would be “very concerned” if election campaign rhetoric on VAT became reality.

He explained that while ‘exempting’ electricity bills, health and education from VAT sounded good, such policy ac-

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas’ ValueAdded Tax (VAT) model has not been given enough credit for preventing any “recessionary impact” when it was implemented, the Chamber of Commerce’s president said yesterday.

Gowon Bowe told Tribune Business that while VAT’s introduction inevitably affected business sales and GDP growth rates, it did not push the Bahamian economy into recession as many had predicted.

Distinguishing between slower growth and negative growth, Mr Bowe said an IMF paper describing the Bahamas as having “the most productive” and efficient VAT regime in the Caribbean had effectively “endorsed” the ‘low rate, broad base’ model urged by the private sector.

The Christie administration had initially proposed a 15 per cent VAT rate with

tion would not reduce taxation costs for low income Bahamians.

For industries whose products are treated as VAT ‘exempt’ are unable to recover the 7.5 per cent levy paid on their ‘input’ (factors of production) costs, since they cannot charge

multiple exemptions, but a concerted campaign by the Chamber’s Coalition for Responsible Taxation (CRT) and other business organisations forced it to reconsider this approach.

Suggesting that the International Monetary Fund (IMF) paper had recognised the Bahamian private sector’s “common sense approach” to VAT and tax reform, Mr Bowe told Tribune Business: “That certainly is a confirmation of the confidence we had in the recommendations we made.

“It [the IMF paper] is a positive endorsement. I believe that ultimately we can feel proud we have an See pg b6

NHI ‘simply doesn’t have enough doctors’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Doctors yesterday suggested National Health Insurance (NHI) was being “watered down” in the rush to implement it before the upcoming election, adding that less than 10 per cent of registered private physicians had signed-up to the scheme.

The NHI Secretariat on Wednesday said that 60 private sector doctors had registered to provide services under the $100 million primary care phase, with this number supplemented by public sector providers.

However, Dr Duane Sands, the FNM’s candidate for Elizabeth, told Tribune Business that the figure quoted by the NHI Secretariat represented less than 10 per cent of doctors on the medical register.

And, given the Bahamas’ 375,000-strong population, Dr Sands questioned how “patients wanting to participate in NHI can”, given that the draft contracts with doctors limit their patient populations to a maximum 2,000.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

IMF, Chamber warn against Minnis promises

Backs ‘common sense approach’ to reform

Physicians: Just 10% of private practitioners sign Query if numbers suffice given 2,000-patient limit

Dr. Duane Sands He implied that it was impossible to hit this ratio with just 60 private sector doctors signed up for the NHI primary care phase, and said: “We have almost 1,000 doctors on the medical register, and with that number and as many as See pg b7

BTC: Agreement done. Aliv: We’re checking terms

Competitors also differ on fee, MVNO claims

Private sector ‘concern’ if election talk becomes real

IMF paper ‘endorsement’ of private sector stance

BTC, Aliv dispute co-location ‘deal’ New operator blasts wait ‘since summer ‘16’ for offer

Chamber chief: Won’t reduce tax burden on poor

VAT model not given credit for recession avoid

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Dr. Hubert Minnis

Gowon Bowe

the tax to their consumers.

As a result, ‘exempt’ businesses are left to ‘absorb’ the VAT, increasing their costs, which are inevitably passed on to consumers in the form of higher prices.

Mr Bowe said “individuals in great need” would thus end up

paying VAT either way, either as a 7.5 per cent levy added to their bill, or embedded in increased prices for goods and services.

The Chamber chairman’s comments came before last night’s Free National See pg b5

Date ‘hoopla’ to boost Carnival, says chairman

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net The Bahamas National Festival Commission’s (BNFC) chairman yesterday said the Carnival postponement controversy would inflict no long-term damage, arguing that “all of the hoopla” had given the event “a new presence” locally and internationally.

Paul Major told Tribune Business: “We think everything will go fine. Fortuitously, I think that all of the hoopla has really given the whole Bahamas Junkanoo Carnival a new presence, both locally and internationally. I don’t think there will be any long-term repercussions.

“I think the word will get out faster and wider, no question about it. We will put on a grand show, and we’re moving closer and closer towards privatisation, so that the Government invests less

Major: No long-term damage from controversy Says event now has ‘new presence’ Promises ‘grand show’, progress on privatisation and less in it, and hopefully, we can franchise it out to somebody.”

The BNFC, the organiser of the Carnival that is now in its third year, announced on Tuesday it had made the “difficult decision” to postpone the Nassau leg to May 18-20, pushing it back two weeks from the original May 4-6 date.

The potential conflict with general election rallies was cited as the reason, with the Grand See pg b3

Aliv and the Bahamas Telecommunications Company (BTC) were locked in a new battle yesterday, after the latter’s assertion they had reached agreement on a 100-site infrastructure sharing deal was disputed by its new mobile competitor.

The two rivals were at odds after BTC issued a press release stating they had “signed an agreement” giving Aliv access to its mobile network sites under a co-location arrangement.

Aliv, in a subsequent statement, said it had only received BTC’s “final co-location terms” on Wednesday afternoon, implying that no agreement had been reached as it was still checking the offer to determine if it met its requirements.

Aliv, which has broken BTC’s 16-year mobile monopoly, also disputed other material facts and statements in the incumbent’s initial release, especially the assertion that it is delivering its services via BTC’s own network.

Damian Blackburn, Aliv’s top executive, refuted comments attributed to his BTC counterpart, Leon Williams, that the new mobile operator will be delivering services via a Mobile Virtual Network (MVNO) arrangement.

And, comparing the two releases, it appears that Aliv is also disputing BTC’s characterisation of the co-location fee it will pay to the latter as “nominal”. Aliv’s statement instead said it would be paying “a market rate”.

Johnny Ingle, Aliv’s ‘chief champion’ (chief marketing officer), did not comment much beyond Aliv’s response when contacted on the matter by Tribune Business last night.

He repeated the company’s statement, which said Aliv had been waiting some seven to nine months to receive BTC’s co-location See pg b4

PAGE 2, Friday, April 7, 2017

THE TRIBUNE

Uncovering the hidden talents of your workers In large organisations and government agencies, we often run into the challenge of viewing team members as a number or ‘fish’ swimming in a large ocean.

Sometimes our companies become so large and impersonal that people - and their talents and gifts - get lost in the fray. I understand this all too well, as I have in many cases felt undervalued in various companies I have served, both socially and corporately.

There is grave danger in failing to recognise, utilise and laud the extraordinary talent in each employee. An employee often remains in employment search-mode, and never really settles to deliver the kind of contribution they are capable of making. In extremely repressive work environments, the team member is so emotionally beaten that they begin to believe that they are mundane and average, and the boundless potential and talent they possess comes to naught.

Sometimes, there is a ‘more sinister plot’ afoot in turning a blind eye to the gifted employee. I have heard leaders declare publicly that too much praise leads to haughty and highminded behaviour. I have also witnessed the silent evidence of insecurity by managers who, feeling threatened, keep gifted employees engaged in as many menial tasks as possible to ensure the ‘glory spotlight’ constantly stays on them the inept overlord.

For the purposes of this article, we make the assumption that most of the failure to know - and celebrate - the worth of each team member is as a result of not personalising the engagement with each worker.

Imagine a table of senior executives planning, in isolation, a memorial service for a deceased member of staff, and contracting the services of musicians, sound and light technicians, and a chapel. They do this not knowing the janitor is

Tourism beats winter chill in Boston shows The Bahamas beat the winter chill to attract numerous US travel agents to its trade shows in the Massachusetts cities of Burlington and Quincy.

Temperatures in the Boston area recently dipped into the low teens as Spring got off to a cool start, but that did not dampen enthusiasm for the travel agent events, held under the theme, ‘More Bahamas’.

They were hosted by the Bahamas’ New York tourism team, who gave updates on new hotel developments, such as Baha

a local pastor with a beautiful church building that could easily accommodate the service; a junior administrative assistant is a gifted musician and choir director; and the maintenance guy facilitates sound and lighting contracts for gospel concerts.

While this example takes us out of the corporate realm, such situations are quite common, as senior leaders frequently form opinions (often without true and objective assessment) about members of their team.

Here, then, is the question every senior executive must ask: How do I know and value the worth of every member of my team? * Have them update their resume for you using a template that you design, so as to capture all the information you desire to know.

The resume tells a story about where the employee has been and what they have been exposed to. Every few years this should be

Mar, which will have its soft opening on April 21.

Representatives from the Nassau/Paradise Island Promotion Board and the Out Island Promotion Board also provided briefings on their Islands, along with representatives from particular hotels.

Travel agents were given information on air access, including one-stop connections on Delta via Atlanta; Jet Blue; American Airlines in Miami and other seasonal flights.

The events were part of the Bahamas’ ‘PR and Sales Missionn’ to the area, and were led by New York area manager, Mikala Moss. She was assisted by Chrystal Bethel and Valery Brown-Alce, senior director of US sales, based in New York.

Assisting the New York team were Dupree Smith, district manager from Houston; Nicholas Wisdom, Atlanta; and Jeannie Gibson, manager of global communications in Plantation, Florida.

redone, as employees will be constantly upgrading their skills and talents.

I recently encouraged my entire staff to enroll in a project management certificate course. Everyone completing this programme, and earning the certificate, has a new line to place on the resume, giving them new opportunities to use these project management skills.

* Use the performance appraisal to develop the team member’s documenting and assessment of their skills. In a professional setting, the assessment document must be used to leverage the acquired skills of each employee, and provide the main forum of conversation between the leader and the employee.

* Talk often to your staff, casually, about their jobs and personal lives.

Sometimes we limit our understanding of employees to what they do in the workplace, discounting as irrelevant what they are called to do in their homes and community.

Many of these skills are transferable and must be counted for something. A housewife of 14 years, and mother of seven healthy children, has amassed great undocumented skills in the execution of her home duties.

* Delegate responsibility, and allow team members to stretch. Perhaps the best possible way to know and understand the true value of each team member is to give them an opportunity to deliver the goods. Have the conversation, empower them with the resources, and give them the reins to manage the process.

You might be pleasantly surprised that you have a treasure of gifting in your organisation still unharnessed.

The final word of admonition is simple…DO

Ian ferguson NOT assume you know the measure of the man based on what you have seen or heard. Engage them deliberately, and be intentional in knowing what resources you have at your company’s disposal.

• 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.

Pelican Bay executive named Cacique finalist Pelican Bay’s operations manager, Della Bridgewater, is one of two finalists who will be recognised in the Human Resource Development category at this year’s Cacique Awards.

A Florida International University graduate, Mrs Bridgewater joined the Grand Bahama-based resort in 2006 as a trainee, and rapidly moved through the ranks, serving in posts such as human resources assistant, accounts receivable clerk, and front office manager.

“Della started at Pelican Bay as a trainee, but quickly displayed an attitude and ability for taking on bigger and bigger roles,” said general manager, Magnus Alnebeck.

“She exemplifies what a manager in a modern hotel must be. Multi-tasking, streamlined, focused on what matters, keeping up with technology, and passionate about what she

Della Bridgewater has been with the Pelican Bay Hotel since 2006, joining as a trainee and holding multiple positions at the property. She currently serves as operations manager. does, every day, 24/7.”

“I have always been passionate about the hospitality industry,” Mrs Bridgewater explained. “I’ve found that one of the most rewarding things you can do is be a part of creating an

amazing travel experience for someone, whether it be a family, a couple or someone travelling for business.

“I’m especially happy that I’ve been able to work at a property here at home that is truly committed to that ideal.”

She added: “To even be counted among this year’s amazing group of nominees is already a blessing. There are so many hardworking professionals in the industry, and it feels wonderful to be recognised for the work that we all continue to do to meet and exceed the expectations of our guests and visitors.”

Named in recognition of the first Bahamians, the Lucayans, the Cacique Awards pay homage to their generous and hospitable nature, and reflect the tradition of hospitality that Bahamians continue to display.

This year’s awards will be broadcast live at the Baha Mar Convention Centre on April 8, 2017.

THE TRIBUNE

Friday, April 7, 2017, PAGE 3

Crawfish season was ‘one of best in years’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Revellers march and dance in a previous Road Fever parade.

Carnival cruise promoter: ‘Things are back on track’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Bahamas Carnival Cruise promoter yesterday said his company had “more than tripled” its visitor bookings for this year’s festival year compared to 2016.

Stephan Rolle, owner of the Bahamas Carnival Cruise and Blue Monkey, said his company would have lost $25,000 had the festival’s two-week postponement been upheld.

“We have more than 100 persons booked now. With all of the potential investments that we would have made and ancillary expenses, we anticipated losing close to $25,000 if Carnival didn’t happen on the original date. We would have to reimburse some passengers and do some other things,” Mr Rolle told Tribune Business.

“Initially when the news first broke, we were a bit proactive. We let our people know that there were rumors and then, when the decision was formally made, we let them know what was going on. We asked them to be as patient as they could.

“We know that it was scary for them, and it was scary for us as well. There was a lot of anxiety in that

regard, but we were proactive. We asked people to be patient with us and, luckily for us, they were,” Mr Rolle said.

“They did express their frustrations, and they did share their desire to cancel their trips and they were demanding refunds. Since the statement by the Minister of Tourism, we have sent out communications letting people know that we are back on and everything is good to go with the original dates. They are excited to come and experience the Bahamas. For a lot of them they have never been to the Bahamas before.”

The Ministry of Tourism, in a statement on Wednesday night, explained that the festival will take place on the original dates of May 4-6 and April 28-29.

This came after Obie Wilchcombe, minister of tourism, intervened in the matter after consultation with Prime Minister Perry Christie. The statement indicated that the Ministry of Tourism plans to work with the Bahamas National Festival Commission (BNFC) as it ramps up marketing and promotion in New Providence and Grand Bahama.

“I think a lot of people are questioning what is going on. They don’t like the

Date ‘hoopla’ to boost Carnival, says chairman From pg B1 Bahama leg of Junkanoo Carnival also scrapped.

The announcement, though, triggered a major backlash from the local and international community.

It was this, and the potential fall-out for the Bahamas at it relates to its international reputation among travellers and tourists, that appears to have caused an abrupt re-think and reversal on Junkanoo Carnival.

Visitors coming to this nation specifically for Junkanoo Carnival would have had to cancel, costing them thousands of dollars in hotel and air fares, with the Bahamas having to endure angry social media reviews and postings read by persons across the globe.

The two-week postponement to May 18-20 also threatened to cost Carnival bands, those affiliated with them and service providers “millions” in lost sales and cancellations.

This, in turn, would have undermined a key Government rationale for holding Carnival and subsidising it to the tune of almost $20 million over its first two years - creating jobs and small business entrepreneurial opportunities, and unleashing the ‘cultural

economy’.

Now, the constant ‘back and forth’ over the Junkanoo Carnival dates threatens to exacerbate and deepen a self-inflicted debacle, with the uncertainty threatening to further damage the event’s brand and that of the wider Bahamas.

The Ministry of Tourism, in a statement on Wednesday night, explained that the festival will take place on the original dates of May 4-6 and April 28-29.

This came after Obie Wilchcombe, minister of tourism, intervened in the matter after consultation with Prime Minister Perry Christie. The statement indicated that the Ministry of Tourism plans to work with the Bahamas National Festival Commission (BNFC) as it ramps up marketing and promotion in New Providence and Grand Bahama.

“The Minister of Tourism said whilst he understands the thinking that led to the decision made by the Carnival Commission that resulted in the change of dates for the annual event,” the statement read, “the Minister is satisfied that after full consideration of all matters pertaining to this year’s carnival an intervention was necessary.”

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notion that something can be cancelled on a whim,” Mr Rolle said.

“A lot of these people live in the US, Canada and Europe, and have an expectation of how certain things should be run. It’s worrisome for them that something can be advertised a year in advance and postponed at a moment’s notice.

People are continuing to complete their registrations and send us queries about activities in Nassau. For the most part, we are back on track and things are as normal as can be in light of the announcement that everything is back on track.”

Mr Rolle added that bookings with his company more than tripled compared to last year. “Last year we had a little over 50 persons. It wasn’t advertised as strongly,” he said.

“We were still testing the waters and trying to figure out some minor details.

This year we have more than tripled our bookings since last year. I can attribute that to some of the partnerships we have with the Carnival band owners.

They are using their reach on social media, and the partnerships that we have developed with them is also assisting our business to grow.

“We are assisting them with putting more persons on the road, and they are assisting us by putting more people on to our travel packages. We hope to get a few more bookings. People are continuing to express interest and we hope to maximise that.”

Fishermen have described the 2016-2017 crawfish season as “one of the best in years”, attributing this partly to an increased Royal Bahamas Defence Force (RBDF) presence that has deterred foreign poachers.

Keith Carroll, the Bahamas Commercial Fishers Alliance’s (BCFA) vicepresident, told Tribune Business that the season, which ended March 31, had gone extremely well.

“It was a good season.

This was one of the best seasons in the last several years in my opinion; the best one in a good many years,” said Mr Carroll, the owner of

Fisherman praises Defence Force protection But says Dominicans now ‘using another tactic’ Points to Bahamian ‘marriages of convenience’ two fishing vessels.

“We as fishermen are very thankful to the acting Commodore, Tellis Bethel, and the Defense Force, and hope they keep it up.”

Mr Caroll applauded the Defence Force for its ef-

forts to help curb poaching.

The BCFA has long voiced concerns over poaching by foreign fishermen, primarily Dominicans, and particularly during the closed period.

Mr Carroll said, however, that despite such success, other issues affecting the industry persist. “We have problems with Dominicans coming here and getting married for convenience,” he said.

“The Defense Force is helping to keep the Dominicans off the bank. They;re doing a great job, but what they are doing now is coming in and marrying for convenience and getting spousal permits to go out on Bahamian boats. They are being stopped on one end but they are using another tactic and it’s terrible.”.

PAGE 4, Friday, April 7, 2017

BTC, Aliv dispute co-location ‘deal’ From pg B1 offer, having first requested terms following its license award in summer 2016.

“ALIV received from BTC final co-location terms on Wednesday afternoon, April 5, 2017, which we are currently in the process of checking,” the new mobile operator said.

“We have been waiting for these final terms since summer 2016, when we first and proactively requested co-location from BTC. We welcome BTC’s recent decision to provide co-location to ALIV, despite the length of time that this has taken.

We now look forward to BTC fully co-operating with ALIV so that the customers of the Family Islands can now enjoy a true LTE experience, as quickly as possible in 2017, with ALIV.” Mr Ingle added: “We have literally only received these terms after months and months and months.

The bottom line is that we began the process in summer 2016, and have only now - on Wednesday afternoon - received from them the terms for co-location.”

The co-location delay is likely to be interpreted by some observers as standard

behaviour by communications operators the world over, who have little incentive to co-operate with liberalisation and allow new entrants to simply swoop in and steal market share and consumers.

BTC’s statement, which studiously avoided mentioning its new rival by name, painted a very different picture by suggesting that the two rivals had actually signed a co-location agreement.

“BTC today made it official, signing an agreement enabling the country’s second mobile provider access to over 100 mobile sites on its network,” the BTC release stated.

It then quoted Mr Williams, its chief executive, as saying: “The agreement for co-location, or tower sharing, now enables the second mobile provider, who previously had no infrastructure in the Family Islands, to offer mobile services.

“This is, of course, through the use of BTC’s bigger, better network. The agreement provides for the use of sites ranging from Paradise Island to Inagua.”

BTC said it had received Aliv co-location requests

for more than 20 sites in Andros, and more than 10 sites in Grand Bahama and Long Island. Sites in Abaco, Acklins, the Berry Islands, Cat Island, Crooked Island, Eleuthera, Exuma, Ragged Island, San Salvador, Rum Cay and New Providence were also included.

Co-location, which is a standard practice in the global communications industry, involves BTC and Aliv sharing the same mobile tower sites and other network facilities, particularly on the Family Islands.

When agreement is reached, Aliv will be able to locate its own equipment on BTC’s sites, enabling the two operators to deliver services to Bahamians via their own, separate networks.

Co-location is also a policy mandated by the Utilities Regulation and Competition Authority (URCA), which requires that it occur where technically and economically feasible. It is designed to both minimise network build-out costs and environmental impact.

BTC yesterday said it would be paid “a nominal fee” by Aliv for use of its sites, something the latter then appeared to dispute by saying it would pay its rival “a market rate”.

“In line with URCA regulations, the rate that BTC will charge ALIV is the same rate offered to other such third parties currently using BTC sites in a similar fashion,” Aliv said.

“This form of infrastructure sharing will mean that ALIV operates its own super-fast, video capable, next

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NOTICE HERO STEED HOLDING LIMITED (In Voluntary Liquidation)

generation LTE network from BTC tower locations.”

Mr Williams was then quoted as saying that Aliv will deliver services via a MVNO arrangement, where it uses BTC’s network infrastructure - rather than its own - to reach Bahamian consumers.

He implied that this was not “fair” towards BTC, and did not represent “competition in its true essence”.

“Essentially, the second mobile provider will be offering services as a mobile virtual network operator (MVNO), where they do not own the wireless infrastructure that they use to provide services,” Mr Williams said.

“Although BTC would receive some level of compensation, it pales in comparison to the investment that we have made over the many years that we have provided services to the people of the Bahamas.

“In order for one to truly have ‘competition’, the playing field should be fair and balanced. What we see happening here is not competition in its true essence.

“Although we have signed the agreement in principle, we have to ensure that this request for infrastructure sharing will not compromise the quality and reliability of our network.

After all, it is the customer that is most important in this scenario. What’s worthwhile for customers to note, though, is that through this MVNO set-up, they will still be using BTC’s network for mobile services.”

This drew an immediate rebuttal from Mr Blackburn, who said: “As a founding management team member of Virgin Mobile, the world’s first Mobile Virtual Network Opera-

NOTICE LUAN INTERNATIONAL HOLDINGS LIMITED (In Voluntary Liquidation)

THE TRIBUNE tor (MVNO), I would like to assure the people of the Bahamas that this is not an MVNO agreement where the MVNO leases the network from a mobile operator.

“Instead, this agreement will enable ALIV to deploy its world-class LTE network on every island, rock and cay of the Bahamas, and BTC will earn the industry standard market rate in return for use of its towers.”

Mr Blackburn, in a previous interview, identified colocation and Aliv’s ability to ‘roam’ on BTC’s network as two separate and distinct issues that had to be agreed.

URCA last July ruled that Aliv should be allowed to use BTC’s network to deliver its services, especially in the Family Islands, for a period of 24 months until its own infrastructure is builtout. The two operators now also have to agree commercial terms for this to take place.

Should BTC’s terms prove unsatisfactory, and further delays be incurred, Aliv is likely to make good on Mr Blackburn’s previous promise to execute a ‘Plan A’ and build on 100 mobile network site options it has already taken.

Hinting at Aliv’s frustration in his interview with Tribune Business, Mr Blackburn said then: We are dependent on co-location. While we lost a bit of patience trying to agree colocation between last July and early this year, we went out and acquired sites to build, and filed for permission to build with URCA. “BTC indicated that we’d co-locate. If we’re slowed down in the process, we will revert to Plan A, which is to build. URCA has been giving us approvals where

there is no co-location opportunity.”

He added that co-location was “a complex engineering process”, where both Aliv and BTC’s personnel needed to work closely together to ensure their electronic radio equipment did not interfere with the other’s network.

“We would expect that within a few months of signing a co-location agreement, provided BTC co-operates, that we will have a network operating on sites that are co-located,” Mr Blackburn said.

Aliv said yesterday that it has submitted its Family Islands roll-out plans to URCA, with the BTC terms “the final piece of the jigsaw” that will determine if it builds new towers, or uses BTC’s “old towers” under this agreement.

Mr Williams, meanwhile, touted the merits of BTC’s infrastructure, saying: “As a significant market power over the years, BTC has invested in a world class, top notch, mobile network, now offering the latest in 4GLTE mobile technology to an archipelagic nation.

“Many new entrants in mobile markets tend to take this approach (co-location) rather than build out a network as it is viewed as not being economically feasible. This route also makes it easier for the provider to cease operations at any time as it has no tangible ties.

“In the Caribbean, BTC is lauded as having one of the most advanced networks.

We definitely view this as an endorsement by the second mobile provider; they are obviously confident in our ability to provide a top notch experience to their potential customers.”

NOTICE FAVORITE PARTNER HOLDING LIMITED (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 4th day of April, 2017. The Liquidator is Windermere Corporate Management Limited,East Bay Street, P.O. Box CR-56766, Suite 1000, Nassau, Bahamas.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 4th day of April, 2017. The Liquidator is Windermere Corporate Management Limited, East Bay Street, P.O. Box CR-56766, Suite 1000, Nassau, Bahamas.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commencedon the 4th day of April, 2017. The Liquidator is Windermere Corporate Management Limited, East Bay Street, P.O. Box CR-56766, Suite 1000, Nassau, Bahamas.

WINDERMERE CORPORATE MANAGEMENT LIMITED Liquidator

WINDERMERE CORPORATE MANAGEMENT LIMITED Liquidator

WINDERMERE CORPORATE MANAGEMENT LIMITED Liquidator

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) ANESTELLE FOUNDATION is in dissolution under the provisions of the Foundations Act 2004. (b) The Dissolution of said Foundation commenced on April 5, 2017 when its Resolution of the Foundation Council were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Foundation are required on or before May 5, 2017 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 of any distribution made before such debts are proved.

April 5, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

THE TRIBUNE

Friday, April 7, 2017, PAGE 5

More VAT exemptions call is ‘fool’s argument’ From pg B1 Movement (FNM) rally, at which the party’s leader, Dr Hubert Minnis, again repeated his pledge to eliminate VAT on key services and products.

Those targeted for VAT ‘exempt’ status by Dr Minnis include so-called ‘breadbasket’ items, likely meaning food products that are already price controlled.

The FNM leader is also promising to exempt electricity and water bills; education; and health from VAT, despite warnings from the likes of the International Monetary Fund (IMF) - as well as the Bahamian private sector - not to do so.

Addressing last night’s FNM rally at Christie Park, Dr Minnis said: “An uncaring PLP put VAT on breadbasket items, making things worse for poor people. The FNM will remove VAT on breadbasket items. “ It is unconscionable that the PLP put VAT on health care. When you or your children, or your parents, get sick, the last thing you need is VAT on your health bill. This is especially so considering the hundreds of millions of VAT money and other revenue the PLP wasted.”

Dr Minnis’s position is contrary to the latest IMF report, which describes the Bahamas as having the “most productive” and efficient VAT in the Caribbean - and one that is also betterperforming than the average for OECD, European and Asian countries.

The Fund said the Bahamas’ performance stemmed directly from its ‘low-rate, broad-based’ model that contained few exemptions,

with this nation’s VAT structure held up as something for the rest of the Caribbean to emulate.

Warning against the exact same policies being promoted by Dr Minnis, an IMF paper on tax administration reforms in the Caribbean, said: “Initially, Caribbean countries intended to introduce VATs with very broad bases, limited schedules for exemptions, and zero ratings.

“However, the scopes of these schedules were expanded at the time, or since the passage of the VAT legislations in several countries, thereby reducing VAT potential.”

Mr Bowe acknowledged that Bahamians had “already heard” talk of increased VAT exemptions “on the campaign trail”.

While the Chamber and private sector “are less concerned right now because it is all political talk”, they would become “very concerned if [politicians] actually seek to implement it”.

Mr Bowe said the Chamber and private sector had “offered to sit down and explain the merits of a simple” VAT system to Opposition politicians and others, but not say whether there had been any takers.

Taking education, Mr Bowe said “it sounds good not to have VAT” on the sector. While tuition fees are already treated as ‘exempt’, the Chamber chairman urged Bahamians to consider the impact if schools and colleges were unable to recover the VAT paid on electricity, maintenance and other services.

“If they’re unable to charge VAT on their auxiliary fees [to consumers] to offset that, those auxiliary fees will have to go up,” Mr Bowe explained.

He added that it would be the same with medical fees, if the likes of doctors and hospitals had to absorb VAT on their inputs, thereby increasing their costs.

“You’ll pay VAT either way; either upfront or embedded in the price,” Mr Bowe told Tribune Business.

“Creating exemptions from VAT is only a shifting of the cost, and individuals in great need will pay it in some form or fashion. In a blunt way, it’s a fool’s argument effectively.”

The Chamber chairman said the Bahamas should instead focus on ensuring its VAT system remains relatively simple, and retaining the ‘low rate, broad base’ model.

To achieve this, Mr Bowe said administrative efficiency needed to be maximised, as this would keep public

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sector costs low when overseeing VAT collections and filings.

He also called for social assistance programmes to mitigate VAT’s impact on lower income Bahamians in “a more effective way”, urging that they: “Teach a man to fish, give a man a fish.”

Dr Minnis’s policy promises, while likely striking a populist chord with some Bahamians, could be especially problematic for food stores as they would increase the proportion of inventory treated as VAT ‘exempt’.

For example, if 60 per cent of a food store’s inventory was VAT-able, and 40 per cent ‘exempt’, that business would be unable to reclaim 40 per cent of the VAT paid on its ‘input’ costs - such as rent and utilities.

This, in turn, increases that business’s operating costs, forcing it to increase prices to compensate.

These price increases might encompass a broader base of goods, and greater rises, than if all goods had been VAT-able.

Backing Mr Bowe’s arguments, the latest IMF paper advised the whole Caribbean: “Simplifying the system

and broadening the tax base are among the main directions to take.

“Initially intended to be a broad-based, single rate tax, the VAT’s legislation has deviated from these objectives. Zero-rating of domestic supplies, generous exemptions, lower rating of

tourism activities, and low registration thresholds have affected its performance negatively and compromised administrative efforts.

“This paper argues that, instead of eliminating the VAT, the objective should be to strengthen it.”

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PAGE 6, Friday, April 7, 2017

VAT model not given credit for recession avoid From pg B1 efficient system in the sense we took a common sense approach that most tax systems don’t take.

“While it was intended to increase revenues, how do you make it as least onerous as possible? The way to do that was with the least exemptions.”

Mr Bowe said the Bahamas’ 7.5 per cent VAT rate, with minimal zero-rated or exempt products and services, had made the tax relatively simple for both the Government and the 6,700 registrants responsible for collecting and remitting the tax on a quarterly or monthly basis.

While increasing the Government’s net revenues by $756 million over its first

two years, Mr Bowe said VAT’s introduction had not created a new cadre of Bahamian professionals - tax advisers.

Pointing to the US, where a tax advisory industry has grown up alongside a taxation system becoming ever-more complex, the Chamber chairman said Bahamian businesses - in contrast - did not need “high powered attorneys or accountants” to help them understand and administer VAT. Mr Bowe said Bahamian accountants instead have to play a “value-added” role, helping registrants to improve efficiency in administering it, and assisting them in dealing with disputes over VAT rulings.

“I believe we’ve received positive marks from the observers; not just the IMF but the rating agencies,” he told Tribune Business.

“The one element that was not promoted enough was it [VAT] came in without a recessionary effect.

I’m not saying it hasn’t slowed growth; all taxes do, but it didn’t put us in a tailspin as some of the procrastinators were saying.

“It’s now embedded in the system to the extent it’s an afterthought, as most people have adjusted their spending, and it did not result in an ‘off the cliff’ effect on sales and growth.”

An IMF ‘working paper’ on tax administration reforms in the Caribbean found the Bahamas has the most productive VAT regime in the Caribbean, holding out the ‘low rate, broad base’ structure as a model for the entire region.

NOTICE

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, DEVON LEMONT DEAN of Nassau, Bahamas intend to change my name to DEVON LEMONT SMITH. If there are any objections to this change of name

by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.

The paper’s author, Stephane Schlotterbeck, also found that the Bahamas’ VAT productivity/efficiency even exceeded the average across OECD member states, plus European and Asian nations.

Measuring ‘productivity’ as the ratio of actual VAT revenues collected to potential collection if all domestic consumption was taxed at the same rate, the paper found that the Caribbean average was “slightly below” international standards.

“It ranges from 0.36 in St. Lucia to 0.79 in the Bahamas, with an average of 0.54 in the region compared to 0.55 in OECD countries, 0.59 in Europe, and 0.64 in Asia and Pacific,” Mr Schlotterbeck wrote.

“A low productivity ratio indicates erosion of the tax base, exemptions, excessive zero-rating, concessional

NOTICE is hereby given that JEAN LUC RICHE of P.O.Box General Delivery, Marsh Harbour, Abaco, 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 31st day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Coronet Advisory Ltd. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Coronet Advisory Ltd. is in dissolution as of April 5th, 2017.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CLERIM INVESTMENTS LTD. is in dissolution as of April 5th, 2017.

INKA FARHANA BINTE JEFFERY situated at Blk 145 Tampines Street 12 #09-346 Singapore 521145, is the Liquidator.

INFID MANAGEMENT ANSTALT situated at Aeulestrasse 5, 9490 Vaduz, FL, is the Liquidator.

LIQUIDATOR ______________________

LIQUIDATOR ______________________

rates, evasion, and weak enforcement.”

The IMF paper also set out a ‘road map’ for the Bahamas on what not to do with its VAT regime, detailing many of the challenges the Government and Department of Inland Revenue will likely face, and how this nation can learn from the experience of other Caribbean nations.

Mr Bowe told Tribune Business: “We’ve known the greatest challenge was not implementation. The greatest challenge is twofold: To control the desire to increase exemptions, and use it to increase revenue, meaning increasing the VAT rates accompanied by a decrease in inefficient taxes.”

Explaining the latter point, Mr Bowe said that while the Bahamas could use efficient taxes, such as VAT, “to rid ourselves

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

BISX ALL SHARE INDEX: CLOSE 1,894.56 | CHG -0.01 | %CHG 0.00 | YTD -43.65 | YTD% -2.25

NOTICE is hereby given that DANE G. WILLIAMS of P.O.Box SB-50922 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 31st day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that SAMENDA AUGUSTE of Soldier Road, P.O.Box N-433, 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 twentyeight days from the 7th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice NOTICE HIOLAIR HOLDINGS LTD. NOTICE IS HEREBY GIVEN as follows: (a)

Hiolair Holdings Ltd., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 5th April, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 5.83 10.00 11.00 9.30 6.90 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.79 8.56 7.08 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.31 1.55 5.83 9.75 9.00 9.25 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 105.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.30 1.55 5.83 9.75 9.00 9.25 6.90 12.01 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 0.00 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 1.01

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

105.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

VOLUME

500

480

VOLUME

NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000

P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 107.8 22.5 19.4 19.4 18.8 9.4 11.3 23.5 19.7 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 0.0

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%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 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 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.13% 2.61% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00%

INTEREST 7.00% 6.00% Prime + 1.75%

YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

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

advertise today! call the tribune today @ 502-2394

NOTICE

MARKET REPORT THURSDAY, 6 APRIL 2017

of inefficient taxes”, this should not be done simply via a ‘revenue grab’ from increasing the 7.5 per cent rate.

An increased VAT rate, he added, could result in reduced productivity and economic growth and, as a result, less revenues being collected by the Government.

“We should look at keeping the rate as low as possible to allow the base to expand as quickly as possible, thereby allowing revenues to grow by volume, not by price,” Mr Bowe told Tribune Business. “It [VAT] has to be used as a lever for activity in the economy.”

NOTICE

NOTICE CLERIM INVESTMENTS LTD. In Voluntary Liquidation

NOTICE

THE TRIBUNE

Shareece E. Scott Liquidator Legal Notice NOTICE MILSTREAM ENTERPRISES LTD. NOTICE IS HEREBY GIVEN as follows: (a)

Milstream Enterprises Ltd., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 5th April, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator

THE TRIBUNE

Friday, April 7, 2017, PAGE 7

NHI ‘simply doesn’t have enough doctors’ From pg B1 600 working in the private sector, my arithmetic’s not good but that’s 10 per cent.

“They simply don’t have enough doctors. Perhaps they’ll go back to the negotiating table. I would not be overjoyed if I were the Minister.”

Another private doctor, speaking on condition of anonymity, said of NHI’s first phase registration: “That’s very poor. You have about 800 physicians thereabouts in the specialist areas they require. You take that 60 out of that group; that’s a very small number.”

Tribune Business sources in the healthcare industry, speaking on condition of anonymity, said doctors who have signed on to NHI have yet to sign a full agreement to provide services.

This newspaper was informed that they have only signed a ‘Letter of Intent’, or agreement in principle’, to-date. And, in the meantime, some of those featured in NHI advertisements have enjoyed a substantial increase in patient volume and business at their practices via the free promotion.

The names of the 60 doctors who have signed up to provide services under NHI were not revealed, although the Secretariat said they included general practitioners, family doctors, internists, obstetricians, gynaecologists and paediatricians.

“We are pleased with the positive response from the provider community during the first round of Primary Care Provider registration for NHI Bahamas, and are looking forward to starting enrolment soon, so Bahamians can start selecting their preferred doctor,” said Peter Deveaux-Isaacs, the NHI Secretariat’s permanent secretary.

With the pace of implementation accelerating ahead of next month’s general election, the NHI Secretariat yesterday issued another release confirming that the NHI Act had come into force this Wednesday.

This, the NHI Secretariat said, will allow Prime Minister Perry Christie, who has taken ministerial responsibility for the scheme, to establish the NHI Authority that will oversee and govern the scheme.

It added that the Prime Minister will also now be able to hire staff for the Au-

thority, plus start agreeing contracts with doctors and care providers.

However, as previously pointed out by Tribune Business, the NHI Authority (NHIA)- which is supposed to be created from a merger of the Public Hospitals Authority (PHA) and Department of Public Health - will have no legal basis for its existence.

This is because the Bill for its creation, which has been circulated for healthcare industry feedback, has yet to be brought to Parliament. And, with Parliament set to be dissolved next week, the chances of this happening before the next general election are virtually non-existent.

The Government has also yet to establish the public insurer for NHI, Bahama Care, and announce the identity of its private sector manager, while no agreements have been reached with Bahamian private health insurers to act as Regulated Health Administrators (RHAs) - as the scheme demands.

Thus NHI appears set to launch without key elements of its governance structure, doctor contracts and a mechanism to compensate them for services rendered, in place.

“The establishment of the NHIA highlights the continued commitment to the Bahamian people to make modern, affordable and accessible health care services a reality. Moreover, the legal establishment of the body that will usher in the provision of NHI Bahamas will move our country closer to achieving Universal Health Coverage,” said Dr Delon Brennen, NHI’s project manager.

The NHIA will now be making job offers for posts such as customer service representatives, finance officers, information technology staff, facilities management, benefits management and quality management following a “robust recruitment process”.

“The Act being brought into force marks another significant milestone for the continued implementation of NHI Bahamas,” said Mr Deveaux-Isaacs.

“We know the Bahamian people are eager to enrol, and we, too, are excited to launch phase two of enrolment this month. More details of when and how to enrol will come in short order.”

Web page for US public lands agency showcases coal mine WASHINGTON (AP) — In a clear message about its policy priorities, the Trump administration has updated the home page for the federal agency that oversees public lands to showcase a large photo of an open-pit coal mine in Wyoming.

The photo was stripped across the Bureau of Land Management site after Interior Secretary Ryan Zinke announced approval Wednesday of a $22 million lease of more than 6,000 acres in Utah to a coal-mining company. In the past, the web page has more typically featured photos of fields of wildflowers, green forests and snowcapped mountains.

The coal mining photo replaced the image of a man and young boy with camping gear watching a scenic sunset.

The change came after President Donald Trump last month lifted a freeze imposed in the waning days of the Obama administration on leases of public lands for coal mining.

Trump, who has pledged to revive the struggling U.S. coal industry, also issued an executive order rolling back federal regulations on planet-warming carbon emissions.

The Interior Department did not respond to a request for comment Thursday, but in a statement with the announcement of the coal lease Zinke described the bureau as being “in the energy business.”

The bureau manages more than 245 million acres of public land in a dozen Western states.

Much of that acreage has for decades been leased for mining and drilling, but the use of public lands for coal mining has come under increasing scrutiny due to climate change.

Coal is the dirtiest of fossil fuels, accounting for more than three-quarters of carbon emissions from U.S. power plants despite generating less than 40 percent of the nation’s electricity. Several of the country’s largest coal companies have recently sought bankruptcy protection as utilities have switched to cheaper, cleaner-burning natural gas.

The land bureau’s photo swap garnered significant attention on social media Thursday, especially among environmentalists.

“What more evidence do you need that the Trump administration wants to pave paradise to put up a coal mine?” said Michael Brune, the executive director of the Sierra Club.

“They are literally trading a photo of families enjoying our most cherished landscapes for a pile of coal.

This is one of the most obvious signs yet that they are putting the profits of corporate polluters before the public."

PAGE 8, Friday, April 7, 2017

THE TRIBUNE

Stocks end higher as retailers and smaller companies rise NEW YORK (AP) — U.S. stocks inched higher Thursday as smaller retailers and banks traded higher and energy companies rose with fuel prices. Once again, the market was unable to hang on to more substantial gains from earlier in the day.

Strong reports from companies including L Brands, the parent of Victoria’s Secret, and Bed Bath & Beyond helped retailers. Energy companies rose with the prices of oil and natural

gas, and banks recovered some of the sharp losses they took a day ago.

The Dow Jones industrial average rose as much as 98 points early in the afternoon. However highdividend stocks like phone companies and utilities skidded and technology companies also fell.

Terry Sandven, chief equity strategist for U.S. Bank Wealth Management, said investors are feeling uncertain, and that may hold true for at least a few weeks. Af-

ter a weak auto sales report on Monday, he said investors are wondering how fast the economy is growing and what that will mean for company earnings.

“We expect volatility to be higher than what we experienced in the first quarter,” he said.

It was the second day in a row that stocks slumped during afternoon trading, although the slip Thursday was far less dramatic than the one the day before.

That slide started after the

Federal Reserve said it may stop buying new bonds later this year and said its policymakers were grappling with whether it would be safe to let inflation rise faster.

The Standard & Poor’s 500 index added 4.54 points, or 0.2 percent, to 2,357.49.

The Dow Jones industrial average rose 14.80 points, or 0.1 percent, to 20,662.95.

The Nasdaq composite gained 14.47 points, or 0.2 percent, to 5,878.95. The Russell 2000 index of smallcompany stocks performed far better. It climbed 12.28 points, or 0.9 percent, to 1,364.43.

About three-fourths of the stocks on the New York Stock Exchange rose Thursday, but stocks are mostly down this week. The Russell 2000 has fallen 1.6 percent.

Investors will get an updated picture of the economy in the coming weeks, including the government’s March report on employment Friday. Next week the Commerce Department will give a report on retailer

sales and companies including JPMorgan Chase, Delta Air Lines and Netflix will report their earnings.

L Brands jumped $4.75, or 11 percent, to $47.85 after it reported strong March sales. Bed Bath & Beyond surpassed analysts’ earnings estimates and climbed $1.28, or 3.4 percent, to $39.08. Department stores and mall-based retailers like Kohl’s, Nordstrom and Gap traded higher. Discount retailers Fred’s and Five Below made hefty gains after Fred’s announced its own quarterly results.

Retail stocks have been hit hard for months as shoppers spend more money online and less at stores, especially ones based in malls.

Bond prices recovered from an early decline. The yield on the 10-year Treasury note stayed at 2.34 percent. Companies that pay big dividends, like phone companies and utilities, traded lower. Investors often sell those stocks when bond yields rise, as they did earlier in the day.

U.S. crude oil added 55 cents, or 1.1 percent, to $51.70 a barrel in New York while Brent crude, the international standard, rose 53 cents, or 1 percent, to $54.89 a barrel in London.

Wine, liquor and beer maker Constellation Brands jumped after it reported a larger profit and better sales than analysts expected. The company said its beer business, which includes Corona and Modelo, had a strong quarter, and it raised its profit forecast for the year. Its stock gained $10.37, or 6.4 percent, to $171.77.

Sunoco climbed after it agreed to sell most of its convenience stores to 7-Eleven. Sunoco will get $3.3 billion and 7-Eleven will acquire 1,100 stores, mostly in the East Coast and Texas. Sunoco also struck a fuel supply deal with a 7-Eleven subsidiary and it plans to sell 200 more convenience stores in a separate deal. Shares of Sunoco jumped $4.83, or 20.2 percent, to $28.69.

traders work on the Mizuho Americas trading floor in New York. Yesterday global stocks traded in narrow ranges, as investors nervously awaited the first meeting between President Donald Trump and his Chinese counterpart, Xi Jinping, a day after minutes to the last meeting of the U.S. Federal Reserve showed policymakers discussing how to unwind crisis-era policy measures. (AP Photo)

Top economist: Puerto Rico could fall into deeper depression SAN JUAN, Puerto Rico (AP) — Nobel economics laureate Joseph Stiglitz criticized Puerto Rico’s new fiscal plan on Thursday, saying that its “draconian” austerity measures are the worst he has ever seen and could plunge the U.S. territory into an even deeper depression.

The former chief economist and senior vice president of the World Bank spoke to a gathering of more than 1,000 people in San Juan.

Stiglitz said the 10-year fiscal plan approved last month by a federal control board created by U.S. Congress is based on the wrong principles and erroneously puts creditors first.

“The policies that have been put forward I believe will in fact lead to another lost decade for Puerto Rico,” he said. “It will cause enormous amounts of distress.”

Puerto Rico is preparing to implement austerity measures that include cutting millions of dollars in government spending and to restructure some $70 billion in public debt. On Thursday, Gov. Ricardo Rossello announced he had reached a tentative deal with bondholders to restructure $9 billion of the debt held by the island’s public power company, a significant step in helping turn around a decadelong economic crisis.

The deal replaces one the previous administration

reached with bondholders after nearly three years of negotiations. While the board has not yet approved the new deal, government officials call it a success.

“The transaction represents the first step in the comprehensive restructuring of Puerto Rico’s debt,” said Gerardo Portela, executive director of the island’s Fiscal Agency and Financial Advisory Authority.

The deal in part will help reduce Puerto Rico’s average household power bill by $90 a year over the next five years. A bondholders’ group said the overall agreement represented a fair solution for everyone and would help Puerto Rico regain access to capital markets.