04102017 business

business@tribunemedia.net

MONDAY, APRIL 10, 2017

$4.10 ‘Iconic’ Exuma resort’s sale awaits Govt nod

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The sale of Exuma’s “iconic” Club Peace & Plenty Resort is now awaiting government approval, a Cabinet Minister has confirmed, with the property’s overhaul a key component in Georgetown’s revival.

Khaalis Rolle, minister of state for investments, told Tribune Business that the Government had received an application for National Economic Council (NEC) and Investments Board approval from a purchaser whom he declined to identify.

“There is an application before us for the purchase,” he said. “That’s [Club Peace & Plenty] been on the market for quite some time, and obviously there is now a purchaser in place and a deal in place.”

See pg b5

Minister: Peace & Plenty ‘application before us’ Describes Georgetown property as ‘world renowned’

Khaalis Rolle

Realtor targets retiree village ‘game changer’ for Freeport economy

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian realtor is planning to target retirement village developers with his first-ever property conference, viewing such investments as “a game changer” for Freeport’s struggling economy.

Arlington (Ali) Capron, principal of RE/MAX Luxury Properties Bahamas, said the conference, scheduled for November 18-19 in Freeport, aimed to “expose the island that has the greatest potential” for real estate development.

He argued that the Bahamas, and especially Grand Bahama, was “not taking advantage” of its proximity to Florida, where the retirement home and village market has expanded rapidly in recent years.

Suggesting that this mar-

Plans November 18-19 conference to ‘expose’ GB Island, Bahamas failing to target Baby Boomers

$4.14

The FNM’s deputy leader fears Junkanoo Carnival’s privatisation value may have been undermined by last week’s opening date reversal, and warned that the likelihood of taxpayers seeing a return on their investment was “next to zero”.

K P Turnquest told Tribune Business that, as the event’s principal financier, the Government has “a responsibility to protect the brand” and ensure Carnival retains its value should private sector entities take over its running.

He expressed concern that the rapid ‘u-turn’ on this year’s Carnival dates, with the event postponed and then returned to its See pg b6

$4.16

Minnis’s tax breaks plan will ‘bankrupt Bahamas’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Jokey’ tax breaks won’t aid inner-city

Sir Franklyn: Strategy ‘lunacy’, ‘reckless’, ‘crazy’

Dr Hubert Minnis’s plans to offer wide-ranging tax breaks “will lead the Bahamas into bankruptcy” if ever enacted, a well-known businessman has warned.

Sir Franklyn Wilson told Tribune Business that the FNM leader’s strategy for reducing the cost of living and reviving inner-city areas (see other article, Page 1B), coupled with the provision of free tertiary education, would expand the fiscal deficit and undermine consolidation plans.

The Sunshine Holdings chairman added that Dr Minnis appeared to be defying “the reality” of the Bahamas’ fiscal predicament, and warned that this nation’s sovereign credit rating could further decline should the FNM leader become prime minister and deliver on his pledges.

“If Dr Minnis does any significant proportion of what he says, he would lead the country into bankruptcy,” Sir Franklyn told this newspaper.

He acknowledged that politicians typically made promises during election campaigns, conceding that “a legitimate criticism of the PLP last time was that they over-promised”.

But, turning quickly to the present, Sir Franklyn added: “The best you can say for Minnis is that he’s doing it on steroids.

“It’s crazy. You’re going to drastically reduce revenues with all these tax breaks, and subsequently increase expenditure. What are you going to do to the deficit? This is reckless, this is crazy. How do you do this? This is lunacy.”

Dr Minnis has made tax exemp-

Says FNM leader’s pledge not attuned to ‘reality’ Fears deficit, credit rating fall-out if plan enacted

Probate woes causing abandoned, vacant property

tions a central theme of his, and the FNM’s, election campaign, promising to remove Value-Added Tax (VAT) from key products, utilities Sir Franklyn and services, while also introducing a Wilson menu of concessions for businesses and residents in inner-city areas.

The VAT-related ‘exemptions’ are billed as reducing living costs for middle and lower inDr Hubert come Bahamians, Minnis with Dr Minnis describing the latter set of tax breaks as key to his strategy of revitalising ‘Over-the-Hill’ areas.

Sir Franklyn, though, argued that the FNM plan ran counter to the strategy begun pre-2000 by Sir William Allen, and carried on by successive finance ministers and their ministers of state, of applying more discipline to managing the See pg b5

Sir Franklyn urges housing initiative for revival Must be ‘more scientific’ on dealing with poverty

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government should seize abandoned Over-The-Hill properties for its low income housing programme, a well-known businessman is arguing, rather than employ the “jokey ideas” of Dr Hubert Minnis.

Sir Franklyn Wilson, the Sunshine Holdings chairman, told Tribune Business that dealing with abandoned, vacant properties in such fashion would be a far more effective way of revitalising inner-city communities than the tax breaks proposed by the FNM leader.

He explained that many buildings had fallen into disrepair because of inheritance and estate planning See pg b4

And ‘not taking advantage’ of attributes ket’s expansion to Grand Bahama would be a natural development, Mr Capron said the island had “no competition in the Caribbean”, as rivals were unable to match its available land, infrastructure and 20 miles of canal-front.

He added that the conference, to be called the Bahamas Property See pg b7

Redefine mortgage.

Worried now ‘contaminated’ by dates u-turn Taxpayer subsidy recovery prospects ‘next to zero’

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FNM deputy fears Carnival privatise value undermined

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Monday, April 10, 2017

THE TRIBUNE

BPL can pass license fee on to consumers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Utilities Regulation and Competition Authority (URCA) has rejected Bahamas Power & Light’s (BPL) argument that fuel

costs not be included in the calculation of its annual license fee.

The regulator, in unveiling the results of its consultation on electricity regulatory fees, did, though, give permission for BPL to pass the license fee on to con-

sumers via their bills.

With BPL’s URCA license fee calculated at 0.4238 per cent of its annual turnover, the sum does not seem excessive. But, based on then-BEC’s $571.281 million in annual revenues for 2014, that still repre-

sents a $2.421 million additional cost for consumers.

“BPL suggested that URCA’s annual fee should be based on BPL’s revenue net of fuel, as BPL’s fuel revenues are offset in whole by its fuel costs,” URCA’s statement of results said.

“If URCA is unable to base the annual fee on our revenue net of fuel, we request that permission be granted for the annual fee and any non-penalty related to be recoverable through the fuel rates to the consumers.”

URCA said the Electricity Act prevented it from granting BPL’s request, as the law defined turnover as ‘gross receipts’ - which include fuel charges.

“URCA is unable to base the annual fee on BPL’s revenue net of fuel,” the regulator said. “This is because URCA’s annual fee is based

URCA grants permission, but not in fuel charge Utility wanted fuel costs omitted from fee calculation on the licensee’s relevant turnover as is required by Section 54 (2), and defined by the Electricity Act. “Relevant turnover is defined in the Electricity Act as ‘gross receipts in money See pg b4

BTC boosts its data offerings

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Telecommunications Company (BTC) is designing more offerings to meet everincreasing Bahamian demands for data.

Carlyle Roberts, BTC’s vice-president of enterprise and strategic solutions, told Tribune Business that with the communications moving further away from the fixed-line voice segment to data usage via social media and Whatsapp, the company is refining its package offerings.

“The demand for data is consistently increasing. We reflect that in our plans, and so our newer plans now increase the amount of data,” said Mr Roberts.

He added that BTC was looking at improving its offerings for business customers, and said: “We know that we have been a partner to businesses for a long time, but what we have seen is our customers are evolving and the way they require the use of technology, and we want to continue to evolve to meet their need.

“What that means today is that customers need more data. We have gone back and created plans that will give them more data.

We are now in the throes of what we call our limitless plan. We want to give our customers value and more ways to connect with us as well as more services.”

BTC is currently offering a ‘Roam like you’re home’ package to its business customers, according to Mr Roberts.

“We have heard them say when they travel the roaming bill tends to be high. We are right now offering them the ability to roam and pay the same cost as when they are home, and so incoming calls are free and their outgoing calls are at a reduced rate,” he explained.

“Initially it’s a promotion, meaning it will be limited to the US, Canada and some Caribbean countries. We just want to get it started off in the month of April, and then we will put it into full production by May and then go to our new plans. It’s going to be big for business.”

Mr Roberts said there has been a shift, not just in the business segment but among consumers in general, moving away from the traditional fixed-line voice segment.

“People’s lifestyle and the way they communicate has been moving from fixed-line,” he said.

THE TRIBUNE

Monday, April 10, 2017, PAGE 3

Wholesaler researches lobster exports by air

By NATARIO McKENZIE

nmckenzie@tribunemedia.net

Tropic growing own crawfish

The Bahamas must maximse the economic returns from its key industries, the Prime Minister emphasised, revealing that one food processor is working on growing lobsters.

Mr Christie, who was speaking at the launch of the Trade Information Services Portal, said the Bahamas could earn more from its fisheries and marine resources industries, one of this nation’s few exporters.

He added that the Baha-

mas exports between $55$80 million worth of lobster annually, and said: “When you examine that industry you see the challenges that are now developing, which place that industry in a very challenging position.

“We are exporting to the United States of America, we are exporting to Europe and we are researching exporting to the Far East.”

Mr Christie added: “Tropic Seafood is engaged

Tribune Business Reporter

in major research in our country where they are trying to grow lobsters, and they are experimenting on exporting by air lobsters to see how many survive because they know that the world is changing rapidly, and that if we are going to compete we have to be ready for it.”

Mr Christie reiterated that the Bahamas “must protect our waters”, and “we can get much more from them”. He added that the acquisition of new Defence Force vessels has been credited with bringing about a very good 2016/2017

Portal to aid EU trade deal usage

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The roll-out of the Bahamas’ Trade Information Portal will enable local businesses to fully exploit the Economic Partnership Agreement (EPA) with the European Union (EU), a Cabinet Minister believes.

Hope Strachan, minister of financial services, described the Portal as a “toolkit” that will enable Bahamian companies to improve their competitiveness.

While addressing the Portal’s recent launch, Mrs Strachan said: “The rollout of this portal lends itself to enabling Bahamian businesses to take advantage of the benefits negotiated by the Government under the EPA, and providing vital information on how the EPA can work for them.”

The Portal is an online platform that provides market information to Bahamian businesses, as well as tools and guidance on how to access new export markets. It was developed through a collaboration between the Ministry of Financial Services and the Bahamas Chamber of Commerce and Employers

Hope Strachan Confederation (BCCEC), and was funded by the European Union (EU).

“The Bureau of Standards will ensure that Bahamian businesses are equipped to meet global standards,” Mrs Strachan said.

“While the Bahamas Trade Information Portal cannot provide a solution to all of the challenges of globalisation, it certainly will provide a wide array of tools for them to expand their horizon, improve their competitiveness and gain the requisite knowledge and skills to grow.

“There is no doubt that the Portal will provide a wealth of information. We cannot gain a competitive

edge in a competitive global environment by simply having access to information.”

Mrs Strachan added: “Through this online trade information service, Bahamian entrepreneurs will have access to an array of dynamic tools. The portal contains valuable market intelligence tools that can provide guidance for Bahamian businesses seeking to identify new export markets.

“Customised reports on key sectors will provide valuable insight into market trends and emerging markets with impressive growth and untapped potential.”

Bahamian exporters will be allowed to market their company through individualised mini-web pages featuring their products and services.

Small and medium-sized enterprises (SMEs) can also connect to international buyers through a Google search-optimised exporter directory.

Mrs Strachan said that through the portal, businesses can connect to the International Trade Centre’s small and mediumsized enterprise academy and take advantage of free e-learning courses.

crawfish season.

Speaking to the tourism sector, Mr Christie said: “In tourism we have not maximised on our proximity to the United States of America, [yet] we are the closest country to the United States.

“We have to understand

that tourism is an industry that we can get much more out of, and we have to find ways to do so. We have to find a way to get our revenue connected to the people who are here to help the country earn more revenue from it.”

Mr Christie stressed the

need for economic diversification, noting that the financial services sector is “under threat”.

“Financial services is under threat, under siege. We know there is a problem with it and growing in intensity as a challenge to our country,” said Mr Christie.

PAGE 4, Monday, April 10, 2017

BPL can pass license fee on to consumers From pg B2 or money’s worth of the licensee’, which includes fuel charges.”

URCA added that while BPL could pass on the cost of its annual license fee to consumers, it could not do so via the fuel charge on their bills. Instead, it has to be included in the base

tariff.

“URCA allows for the annual fee to be included in BPL’s overall cost base, and therefore it can be passed on to customers as part of the electricity service tariff,” the regulator ruled.

“However, URCA’s decision is that this cost shall not be included in the fuel

‘Jokey’ tax breaks won’t aid inner-city From pg B1 issues, with families failing to properly complete the probate process.

Sir Franklyn argued that the Government should fill the vacuum created by building new homes and buildings on these properties, noting that their sale to new owners would enable the Public Treasury to have sufficient funds to pay families who eventually probated their estate.

He added that Government would also benefit fi-

nancially from not having to put in infrastructure and utilities because, unlike its new housing subdivisions, these were already in place.

Sir Franklyn was speaking after Dr Minnis last week unveiled more details on his plans to revitalise Over-the-Hill and other inner-city communities through a comprehensive set of tax breaks and concessions.

“We will institute a programme of far-reaching targeted tax initiatives to

rate charge to customers, nor as a separate ‘passthrough’ line item.”

URCA’s consultation drew only two responsesfrom BPL and from the regulator’s former in-house help stimulate business Over-the-Hill and in inner city communities,” he told the FNM campaign rally at Christie Park.

“We will help the people in the inner-city to invest in their own communities by using the tax code to spur jobs, economic activity and investment.”

The tax breaks an FNM government would implement would include the duty-free importation of construction materials for residential and commercial properties; no Business License fees or real property taxes; no taxes on household furniture; no taxes on capital goods and business

THE TRIBUNE

attorney, Vincent WallaceWhitfield. No response was received from Grand Bahama Power Company (GBPC), even though the document said URCA’s annual license fee applies to it, because that utility is challenging the regulator’s authority to license and regulate it under the Hawksbill Creek Agreement.

Elsewhere, URCA clarified that it could only impose “fee for services” on its electricity licensees to recover costs it had not

budgeted for.

Mr Wallace-Whitfield questioned whether URCA had fulfilled its mandate to show how it had arrived at a proposed regulatory action, and whether it had done sufficient analysis.

Rejecting his concerns, URCA replied: “Regarding the licensees who are required to pay the fee, URCA uses an equation that takes into account all public electricity suppliers.

“Public electricity suppliers are authorised to

generate, transmit, distribute, and supply electricity (GTDS functions). This means that all licensees who carry out these functions are required to pay the annual fee.

“For 2017, the fee is only based on BPL and GBPC because those are the only two authorised public electricity suppliers. The calculation of the annual fee will include other public electricity suppliers when these are authorized by URCA to carry out GTDS functions.”

equipment “after proper vetting”; and lower import duties on business vehicles.

Dr Minnis’s strategy appears to have been borrowed from the late US president, Ronald Reagan, who employed tax-free areas, known as Economic Enterprise Zones (EEZs), in a bid to attract businesses to revitalise depressed American inner-cities in the 1980s.

However, monitoring these ‘tax breaks’ to prevent fraud and evasion by those not entitled to them is likely to present difficulties for the Customs Department and other relevant agencies.

Family members living outside the ‘inner city’ may seek to evade due taxes by importing furniture

through relatives who do live there, for example, with businesses also seeking to employ similar tricks.

Apart from the problems of ‘policing’, further issues relate to who will be eligible to receive such tax breaks, as not all ‘innercity’ residents are poor or low income. And then there is the question of how to define ‘inner-city’ areas.

“In terms of Over-theHill communities, that sounds populist,” Sir Franklyn said of Dr Minnis’s tax plans. “The fact of the matter is there are pockets of poverty in pretty much every community you can point to in this country.

“It may sound strange, but the late George Damianos was giving me a ride down Eastern Road, and

was pointing out poverty in terms of housing on Eastern Road.

“When you talk about assisting poor people, that’s not limited to a geographical area. You’ve got to be scientific about it,” he continued.

“You can’t say all people in Ross Corner are poor, and can’t say all the poor people in the Bahamas live Over-the-Hill. You can’t say these things. Public policy needs to be more thoughtful, in my view.”

Sir Franklyn then recommended housing initiatives as an alternative to Dr Minnis’s tax breaks, suggesting they would have a bigger impact by repopulating and bringing life back to innercity communities, as well as improving the environment.

“If you want to do something for Over-the-Hill areas, if you want to revitalise Over-the-Hill, I recommend any Government of the Bahamas to this as policy,” he told Tribune Business.

“There are a lot of properties that are vacant. They are vacant because of problems of inheritance. Houses are in disrepair because estates have not been probated properly. It’s a result of abandoned properties because of the lack of probate.”

Sir Franklyn said there were “hundreds, if not thousands” of inner-city homes and lots afflicted by these problems. As a result, he suggested that the Government build new homes on these properties.

“If the people owning the land ever probate the estate, the Government can pay them for the land,” he told Tribune Business.

“And if they ever do come forward, the money will be in the Treasury to pay them.

“You could build a large number of houses without having to spend a fortune on infrastructure because the infrastructure already exists. That will revitalise Over-the-Hill far more than these jokey ideas of Minnis to give free furniture.”

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THE TRIBUNE

Monday, April 10, 2017, PAGE 5

Minnis’s tax breaks plan will ‘bankrupt Bahamas’ From pg B1 Government’s finances.

“He will undermine all the progress made in terms of bringing discipline to the public finances,” he told Tribune Business. “Minnis throws all of that out of the window. I hope no one takes him seriously, just like they did when he said he would sell Baha Mar. “As this campaign unfolds, Minnis is going down a line that is reckless, crazy.

I endorse much of what Gowon [Bowe] says; it’s a fool’s argument.”

Mr Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, had last week likened the FNM

leader’s VAT ‘exemptions’ plan to a “fool’s argument” on the grounds that it would not achieve the stated objectives.

Dr Minnis has repeatedly stated that, if elected, the FNM will ‘exempt’ socalled ‘breadbasket’ food items; light and water bills; education; and health from the 7.5 per cent VAT levy.

His argument is that this will reduce the taxation, and ‘cost of living’, burden for low income Bahamians, but Mr Bowe warned that this strategy would be unlikely to achieve those results.

For industries whose products are treated as VAT ‘exempt’ are unable to

‘Iconic’ Exuma resort’s sale awaits Govt nod From pg B1 Tribune Business sources suggested that the resort was being sold by its longstanding owners, the Benjamin family, to a group of American investors with existing ties to Exuma.

Mr Rolle did not comment on the purchaser’s identity, other than to say: “The buyer maybe a mixture of Americans and Bahamians, if I remember correctly.”

The 32-room Club Peace & Plenty sits at Georgetown’s heart, right next to the dock, making it critical to the area’s success and long-planned redevelopment.

“It’s an iconic property and world-renowned, and has an impeccable reputation,” Mr Rolle told Trib-

une Business.

“There’s been an increase in activity all over Exuma. The heart of Exuma has been Georgetown.

We did not factor that [the sale] into the equation immediately. We knew the property was on the market for quite a while, and we’re pleased some activity is taking place with it. Hopefully, work will start on it in short order.”

Club Peace & Plenty has formally been for sale for at least two years, having been placed on the market in February 2015.

The sales price was around $6 million with its realtor, Colin Lightbourn, president of Bahamas Waterfront Properties, then confirming that the figure was “close”.

recover the 7.5 per cent levy paid on their ‘input’ (factors of production) costs, since they cannot charge 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.

Many FNM supporters, and others, will likely argue that Sir Franklyn’s comments on the country’s fiscal management could equally apply to the Christie administration, which in 2012 massively over-promised what it could achieve, then failed substantially to deliver.

However, after echoing Mr Bowe’s assessment, Sir Franklyn added: “When I was in Business School, a professor of mine said that if you had a financial scheme you wanted to sell,

and it was marginal or maybe even worse, the first category of persons you should look to is doctors.

“Doctors make a lot of money, but managing money is not their expertise.

I’m not saying all doctors are unwise with managing money, but Dr Minnis is showing himself to be the exact type of doctor my professor was talking about with all this foolishness.”

Questioning how Dr Minnis planned to replace the revenue foregone through all his proposed tax breaks, Sir Franklyn suggested that Standard & Poor’s (S&P) and Moody’s, the international credit rating agencies, were also likely to frown upon the FNM leader’s plans.

He added: “The country’s credit rating is already where it is. You go out there and say that despite the re-

ality of where we are, I am going to drastically reduce revenues through these tax breaks and substantially increase expenditure with students paying no more money to study at the University of the Bahamas.

How do you not bankrupt the country?”

Recalling when he chaired the then-College of the Bahamas council, Sir Franklyn said there “was always this debate” on whether tertiary education should be made free, or if this should only be done on the basis of merit and need (student incomes).

He argued that tertiary education should only be free for students from low income families unable to afford fees, or “on the basis of excellence” and outstanding achievement.

“Beyond that, why are you doing it? Sir Franklyn

queried. “When you make that free, there’s a whole lot of people that don’t need it, don’t want it. It’s a policy that, when you analyse it down, it sound populist but is unwise.”

He also warned that making tertiary education free could undermine the University of the Bahamas’ standing and reputation, as “people tend to look at it a little differently”, along with academic standards.

“There are a lot of people that can’t get in anyhow,” Sir Franklyn added.

“It’s better public policy to increase the number of people that can get into the institution without lowering the standard.

“If 500 people can qualify today, spending the money to make it 1,000 is an unwise policy.’

Tribune Business reported at the time that the Benjamin family and its patriarch, Stan Benjamin, who acquired Club Peace & Plenty in the early 1970s, had been mulling whether to sell the resort for some time before placing it with a realtor.

The family had already been downsizing and selling its Exuma assets for some time, in what appears to be an estate planning move.

The former Peace & Plenty Beach Inn is now Augusta Bay, while Venezuelan buyers purchased its bonefish lodge that is now known as Turquoise Cay. When news of the Club Peace & Plenty Resort sale broke, Pedro Rolle, president of the Exuma Chamber of Commerce, called on Bahamians to purchase the property.

“Peace & Plenty is an institution in Georgetown, Exuma,” Mr Rolle told

Tribune Business in 2015.

“It seems as if it’s always been there, a piece of us.

It will be missing if it’s no longer there.”

He expressed hope that any new owners would become a part of the Exuma and Georgetown community, “and live among us as the Benjamins have”.

The Club Peace & Plenty was opened by Lawrence Lewis, heir to the Henry Flagler railroad fortune, on January 14, 1958. The main building was originally a sponge warehouse and the bar a cookhouse dating back several hundred years to the Loyalist cotton plantation days.

Lewis sold the resort to the trio of Paul Swetland, Armand Angelone and

Charlie Pflueger in 1969.

That same year, Stan Benjamin, a Cleveland industrialist, first vacationed on Exuma and bought the Club Peace & Plenty several years later.

The resort lists its famous visitors as including Jimmy Buffet; Prince Phillip of England; actors Robert Mitchum, Sam Elliott,

Gene Hackman, Johnny Depp; Hume Cronyn and wife Jessica Tandy; Ester Rolle; Al Roker; Jackie Kennedy Onassis; baseball greats Mickey Mantle, Dusty Baker and Davey Johnson; golfers Jack Nicklaus, Ray Floyd, Greg Norman and Tom Weiskof; footballer Joe Namath and coach Don Shula.

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PAGE 6, Monday, April 10, 2017

FNM deputy fears Carnival privatise value undermined From pg B1

original schedule within days, had “contaminated” the Festival’s value.

“It does send a negative message out to the market on our ability to host these events and plan such a Festival,” Mr Turnquest told Tribune Business.

“No matter what one may feel about Carnival as an event, there are individual entrepreneurs who believed in the product, invested in it, and stand to lose, having invested the money the way they had.

“We have at least a responsibility to protect the brand, so whoever takes it over, takes over a product worth selling,” he added.

“From that point of view, these entrepreneurs who have invested have a right to expect a product that is not contaminated by the indecision seen over the last couple of days.”

All three major political parties - the governing PLP, FNM and DNA - have indicated that they would seek to privatise Junkanoo Carnival’s ownership and oper-

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ations, although they have given little detail on how or when this would occur.

Dario Tirelli, president of the Bahamas Carnival Band Owners Association, has previously suggested his members would be interested in taking over Carnival’s running.

However, last week’s dates reversal, and the cancellation, then reinstatement, of Junkanoo Carnival’s Grand Bahama event, could not have occurred at a worse time for both the privatisation concept and the event itself.

For there are indications that Junkanoo Carnival, now in its third year, had slowly been starting to establish itself in the international market, especially among regular carnival-goers who attend similar events such as the one in Trinidad & Tobago.

That rising interest is likely to have suffered a blow as a result of last week’s events, with the

Government reinstating the original dates for fear that the Bahamas’ reputation would take a battering on social media.

“I think that Carnival has not been very successful to-date in bringing visitors to the country, certainly not to the level promised, so I don’t know how much we will suffer from that,” Mr Turnquest told Tribune Business.

“I’m more concerned with the damage that happened to the various Carnival groups and their ability to actually acquire goodwill for the future of Carnival, if they decide the way to go forward is to privatise the function.”

The Government’s subsidy to Junkanoo Carnival for the inaugural two years has been almost $20 million, with $11.3 million and $8.1 million spent in 2015 and 2016, respectively.

A further $5 million subsidy has been agreed for this year’s event, but Mr

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VP -BANKING

The role of the VP-Banking is multi-faceted. The VP- Banking is responsible for the overall leadership, operation and financial goals of the banking Department they manage. The VP of the Banking Department must be sales oriented and familiar with all product lines that the bank offers.

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Responsible for monitoring all financial transactions as it relates to the Banking Department Responsible for overseeing the efficient day to day operations, and ensuring the department is in Compliance with Regulatory and Operational Policies and Procedures.

Will oversee the professional development of the department Responsible for the preparation of Board Required Reports, as well as ensuring The Central Bank of The Bahamas and Securities Commission of The Bahamas Guidelines are adhered to, and the distribution of reports are done on a timely basis. .

The VP will also be responsible for ensuring IT requirements are being met, and that there is proper training and guidance to ensure the Department’s use of systems is following best practices.

The VP will be responsible for the management of all banking product lines, including, that the marketing and sales of products offered are being done in accordance with best practices.

The VP will also assist with the management of client relations and the facilitation of client related requests.

The VP is Responsible for the risk management framework of the Banking Department, focusing on a risk based approach to client building and operations management.

Ensuring the banking Department is in compliance with operational and security measures to ensure client confidentiality and Data Protection.

Skills 1. Outstanding Interpersonal skills 2. Excellent management skills 3. Effective communication skills 4. Be dependable and truthful 5. Have initiative and ingenuity 6. Brilliant business acumen 7. Good Leadership skills 8. Diverse departmental skills in marketing, sales, accounting, finance 9. Extensive Knowledge of the local, national and internal economy 10. Multilingual – more than one language inclusive of the English language 11. Proficient time, project and team management skills 12. Networking, negotiating, and problem solving skills

Education •

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Business or finance degrees. CPA, CFA and or the successful completion of the Series 7 Examination preferred 7- 10 years’ experience in banking/asset management with ongoing training.

Multilingual and have excellent information and communication skills.

Salary and benefits will commensurate with qualifications and experience.

Suitable candidates should submit resumes to: c/o The Tribune P.O. Box N-3207 DA# 113774 Nassau, Bahamas

Turnquest expressed considerable doubt that Bahamian taxpayers will ever obtain a return on this investment even if the event is privatised.

“The chances of getting a return on your taxpayer dollars were next to zero before this debacle,” the FNM deputy leader told Tribune Business. “Certainly, this has not helped.”

Suggesting that Bahamian taxpayers had been “left holding the bag”, Mr Turnquest added: “I believe this should be a private event.

In as much as we committed taxpayer dollars to it this year, they ought to ensure that the product is presented in the best possible light.”

The Christie administration has sought to distance itself from the ‘dates’ fiasco, instead blaming it on organiser, the Bahamas National Festival Commission. However, given that the Government’s $5 million subsidy made it Car-

ANAHELENA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

ANAHELENA LIMITED 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 23rd March, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 10th day of April, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

THE TRIBUNE nival’s top financier, this is difficult to do.

Mr Turnquest questioned why neither the Government nor the Festival Commission saw fit to change the dates months in advance, knowing that it was increasingly likely the general election would be held in early May, thus bringing the two events into conflict.

This failure, he added, was then compounded by the late decision to postpone Carnival for two weeks - a move reversed just days later by intervention from the Government and minister of tourism, Obie Wilchcombe.

“Once again a lack of leadership and a lack of planning and forethought,” Mr Turnquest said. “It was unfortunate that they did not take advice months ago to reschedule the date given that the election was likely to be held during this period.

“Having not made the decision, it was ill-advised at this late date to change it... It’s once again tangible evidence of a confused government.”

Bahamas Junkanoo Carnival is now back to its original dates. The Nassau leg is once again scheduled for May 4-6, and the Grand Bahama leg, which had been scrapped, is back on for April 28-29.

Mr Turnquest, the east Grand Bahama MP, said the initial decision to cancel Junkanoo Carnival on his island was especially devastating to people who were “suffering economically”.

Had the cancellation not been reversed, the FNM deputy leader said it would have amounted to “pulling the rug out from under vendors at the last minute”.

THE TRIBUNE

Monday, April 10, 2017, PAGE 7

Realtor targets retiree village ‘game changer’ for Freeport economy From pg B1 Show, would exploit his agency’s Re/MAX franchise connection to attract international realtors, second home buyers and developers, plus any Bahamian realtors and their clients who want to attend.

“Baby Boomers are retiring at the rate of 10,000 a day, and we in the Bahamas are not marketing to them,” Mr Capron told Tribune Business.

“We’re not doing it. We’re not targeting those people who have disposable income, had money saved up all their lives, and are looking to retire in a place that is tropical, warm, has 20 miles of canal front and miles and miles of unspoilt beaches.

“We’re specifically trying to find investors or groups with an investment interest in retirement villages in Freeport,” he continued.

“That’s a game changer: A

200-acre retirement village.

Think of the jobs that it will create; it’s a real domino effect. We’re looking at large investors to purchase and develop retirement homes.”

Mr Capron said such retirement villages offered amenities such as food stores, movie theatres and bowling alleys for residents, in addition to providing employment for nursing staff and caregivers.

He suggested that Freeport, and Grand Bahama, could provide an alternative location for persons seeking to retire in a destination other than Florida.

“A retirement village is ongoing. The investment would be here permanently,” Mr Capron told Tribune Business. “We have no competition in the region because of our proximity and infrastructure.

“No island has the medical facilities and infrastruc-

ture like Freeport. An air ambulance will take 1520 minutes to West Palm Beach. Grand Bahama is like a suburb of Florida, and we’re not taking advantage of it. There’s so much potential for the economy. All we need is one [retirement village], and the rest will follow.”

Besides providing numerous spin-off jobs and economic activity for the healthcare industry and other sectors, Mr Capron argued that marketing Freeport as a retirement and second home destination would also help to provide much-needed diversification for the city and Grand Bahama’s economy.

“Freeport has the most potential of all the islands in the Bahamas, especially because of the infrastructure, and not only the infrastructure - the land,” he added.

“It’s under-utilised, just sitting there.

“We want to expose it.

Properties up to 200 acres can be targeted in Freeport We will be using it to introduce Freeport to the world, and saying this is not only a place to come and buy second homes, but for large-

Jarol Investments Limited is seeking to fill the following position:

SaleS & Marketing Manager naSSaU • •

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Achieve growth and hit sales targets.

Design and implement a strategic business plan that expands company’s customer base and ensure its strong presence Oversee creation and delivery of press releases, advertisements, and other marketing materials.

Design print ads and publications Engage consumers on social media.

Deepen relationships with all media to ensure the most effective messaging and positioning of the organization.

Lead all areas of content generation and production across all media platforms.

Build and promote strong, long-lasting customer relationship.

Develop and lead a marketing team that will develop and execute new concepts, business models, channels and partners to position business as innovator and leader.

Perform other related duties as assigned by management.

Interested person mail their resume to P.O. Box F-40886 or email to careers@chancesgames.com

scale investments.”

Mr Capron said New Providence could not cater to the retirement market because it lacked the necessary available land, with a Freeport beachfront home likely available for $2 million - a price 67-75 per cent below typical Nassau comparatives.

The RE/MAX Bahamas principal acknowledged the uncertainties facing Freeport’s real estate market, especially the new investment incentives regime that potentially exposes foreign developers and homeowners to the imposition of real property taxes.

He pledged that prior to the November 18-19 conference, which will be held at the Grand Lucayan, all necessary information would be obtained from the Grand Bahama Port Authority (GBPA) and relevant government agencies so “they

are aware of what they are getting involved with”.

Despite the conference’s focus on Freeport and retirement homes, Mr Capron said it will also cater to the needs of second home buyers interested in markets such as Nassau, Abaco and Exuma.

He added that the first show was targeting between 150-250 attendees, and explained: “We want the first show to be manageable. We don’t want a situation where it’s too much for us to handle, and the quality of service is diminished.

“I’ve spoken to the Minister of Tourism, and he’s verbally committed to supporting the event. We’re also going to be reaching out to other players in the market, including the GBPA.” Mr Capron emphasised that November’s conference is not targeted exclusively at RE/MAX agents or their

clients, although its worldwide network will be used to promote the event to an international audience.

He added that the conference was also open to Bahamian realtors and their clients wishing to attend, plus other foreign agents and potential purchasers.

“Although I think we may want to get it to a maximum of 500,” Mr Capron said of his ambitions for the conference, “we will start with 150-250 persons.

“Freeport needs it enormously. Anything we can do to bring a couple hundred of people to Freeport and staying the in the hotel, taking tours around the island and going to restaurants, will be a plus. That’s why Freeport was selected for this conference; not only for its potential but the current economic situation.”

PAGE 8, Monday, April 10, 2017

THE TRIBUNE

Trump, Xi showdown fails to materialize at Mar-a-Lago PALM BEACH, Fla. (AP) — What was billed as a showdown between the leaders of the United States and China over trade and North Korea ended with little sign of confrontation Friday — or of concrete pro-

gress in resolving their differences.

President Donald Trump had predicted a “very difficult” meeting with Chinese President Xi Jinping. After their first face-to-face at the Mar-a-Lago resort, he trum-

peted they had developed an “outstanding” relationship.

U.S. officials said the two sides agreed to increase cooperation on trying to get North Korea’s to abandon its nuclear weapons program, and China acknowledged

the need for more balanced trade with the U.S. But the two days of meetings appeared heavier on optics than substance. The most powerful message for the Chinese leader may have been Trump’s decision to

launch U.S. missile strikes at Syria.

Those strikes added weight to Trump’s threat last week to act unilaterally against North Korea’s weapons program — although a much heavier risk would be required to take military action against the nuclear-armed North, which has its artillery and missiles trained on a key U.S. ally, South Korea.

The U.S. administration’s first recourse is very likely to be economic — pushing China to crack down on Chinese banks and companies said to provide North Korea access to the international financial system.

In a possible harbinger of the kind of punishments Washington could inflict, a leading Chinese telecoms company, ZTE, was fined nearly $900 million in March for shipping sensitive U.S.made technology to Iran in violation of U.S. sanctions.

“They recognize that shows our clear determination to crack down on this

sort of activity,” Commerce Secretary Wilbur Ross told reporters.

Secretary of State Rex Tillerson said the U.S. and China “agreed to increase cooperation and work with the international community to convince the DPRK to peacefully resolve the issue and abandon its illicit weapons programs.” DPRK stands for North Korea’s official name, the Democratic People’s Republic of Korea.

Tillerson said Trump and Xi noted the urgency of the threat of North Korea’s weapons program and that they reaffirmed their commitment to a denuclearization of the divided Korean Peninsula.

On trade issues, Trump called for China to “level the playing field” for American workers, stressing the need for reciprocal market access. He also noted the importance of protecting human rights, and asked China to adhere to international norms in the seas of East Asia, Tillerson said.

President Donald Trump and Chinese President Xi Jinping shake hands during a dinner at Mar-a-Lago, Thursday, April 6, 2017, in Palm Beach, Fla. (AP Photo)

NOTICE

MORI INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows:

MARKET REPORT FRIDAY, 7 APRIL 2017

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

BISX ALL SHARE INDEX: CLOSE 1,894.56 | CHG 0.00 | %CHG 0.00 | YTD -43.65 | YTD% -2.25 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 7.11 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 2.30 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 0.00 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

105.19 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.07 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 115

2,000

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%

INTEREST 7.00% 6.00% Prime + 1.75%

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

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%

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%

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

(a)

MORI INVESTMENTS LIMITED 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 23rd March, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 10th day of April, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

NOTICE

NOTICE is hereby given that JACINTH HERMINA BURCH of Murphyville Rd., P.O.Box CR-56864, Nassau, 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 3rd day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that VINCENT MERILIEN of #4 Gibbs Corner, Nassau, 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 3rd day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JUNIOR PIERRE of 6140 S.W. 42ND Court, Davie, Florida 33314 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 10th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DEION ABIKE NICHOLS of #22 Sarah Robinson Rd., Chippingham 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 10th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Trump and taxes: Back to drawing board, seeks GOP consensus

WASHINGTON (AP) — President Donald Trump has scrapped the tax plan he campaigned on and is going back to the drawing board in a search for Republican consensus behind legislation to overhaul the U.S. tax system.

The administration’s first attempt to write legislation is in its early stages and the White House has kept much of it under wraps. But it has already sprouted the consideration of a series of unorthodox proposals including a drastic cut to the payroll tax, aimed at appealing to Democrats.

Some view the search for new options as a result of Trump’s refusal to set clear parameters for his plan and his exceedingly challenging endgame: reducing tax rates enough to spur faster growth without blowing up the budget deficit.

Administration officials say it’s now unlikely that a tax overhaul will meet the August deadline set by Treasury Secretary Steve Mnuchin. But the ambitious pace to figure out a plan reflects Trump’s haste to move quickly past a bruising failure to broker a compromise within his own party on how to replace the health insurance law enacted under President Barack Obama.

The White House is trying to learn the lessons from health care. Rather than accepting a bill written by the lawmakers, White House officials are taking a more active role.

Administration officials have signaled that they want to pass tax legislation with only Republican votes, yet they’ve also held listening sessions with House Democrats.

White House aides say the goal is to cut tax rates sharply enough to improve the economic picture in depressed rural and industrial pockets of the country where many Trump voters live. But the administration so far has swatted down alternative ways for raising revenues, such as a carbon tax, to offset lower rates.

Trump, who brands himself as a deal-maker, has

President Donald Trump speaks with reporters on Air Force One while in flight from Andrews Air Force Base, Md., to Palm Beach International Airport, Fla. Trump has scrapped the tax plan he campaigned on and is going back to the drawing board in a search for Republican consensus behind legislation to overhaul the U.S. tax code. The effort, the administration’s first attempt to write legislation, is in its early stages and the White House has kept much of it under wraps. But it has already sprouted the consideration of a series of unorthodox proposals including a drastic cut to the payroll tax, aimed at appealing to Democrats. (AP Photo)

not said which trade-offs he might accept and he has remained noncommittal on the leading blueprint, from Rep. Kevin Brady, chairman of the Ways and Means Committee.

Brady, R-Texas, has proposed a border adjustment system, which would eliminate corporate deductions on imports, to raise $1 trillion over 10 years that could fund lower corporate tax rates.

But that possibility has rankled retailers who say it would lead to higher prices and threaten millions of jobs, while some lawmakers have worried that the system would violate World Trade Organization rules.

Brady has said he intends to amend the blueprint but has not spelled out how he would do so.

Other options are being shopped on Capitol Hill.

One circulating this past week would change the House Republican plan to eliminate much of the payroll tax and cut corporate tax rates. This would require a new dedicated funding source for Social Security.

The change, proposed by a GOP lobbyist with close ties to the Trump administration, would transform

Brady’s plan on imports into something closer to a value-added tax by also eliminating the deduction of labor expenses. This would bring it in line with WTO rules and generate an additional $12 trillion over 10 years, according to budget estimates. Those additional revenues could then enable the end of the 12.4 percent payroll tax, split evenly between employers and employees, that funds Social Security, while keeping the health insurance payroll tax in place.

This approach would give a worker earning $60,000 a year an additional $3,720 in take-home pay, a possible win that lawmakers could highlight back in their districts even though it would involve changing the funding mechanism for Social Security, according to the lobbyist, who asked for anonymity to discuss the proposal without disrupting early negotiations.

Although some billed this as a bipartisan solution, and President Barack Obama did temporarily cut the payroll tax after the Great Recession, others note it probably would run into firm opposition from Democrats who loathe to

be seen as undermining Social Security.

The White House would not comment on the plan, but said a value-added tax based on consumption is not under consideration “as of now,” according to a White House statement.

The lack of detail about how to significantly rewrite tax laws for the first time in 30 years may provide Trump some time to build consensus among Republicans. But without Trump laying down his hand, lawmakers appear reluctant to back a plan that will likely stir controversy.

“Because there are trade-offs, congressmen need cover from the president to withstand the lobbyists and constituents who are going to complain,” said Bill Gale, an economist at the Brookings Institution who worked at the White House Council of Economic Advisers during President George H.W. Bush’s administration.

The Trump administration appears to have shut out the economists who helped assemble one of his campaign’s tax overhaul plans, which independent analyses show would have increased the budget deficit.

“It’s a little frustrating that they feel they have to write a new tax plan when they have a tax plan,” said Steven Moore, an economist at the conservative Heritage Foundation who helped formulate tax policy for the Trump campaign.

Sen. Rob Portman, ROhio, a member of the Senate Finance Committee, said that all of the trial balloons surfacing in public don’t represent the work that’s being done behind the scenes.

Monday, April 10, 2017, PAGE 9 NOTICE

REFLEX HOLDINGS, INC. NOTICE IS HEREBY GIVEN as follows:

(a) (b)

(c)

REFLEX HOLDINGS, INC. is in dissolution under the provisions of the International Business Companies Act 2000.

The dissolution of the said Company commenced on the 6th day of April, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

Dated the 6th day of April A.D., 2017.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company