05022019 BUSINESS

business@tribunemedia.net

THURSDAY, MAY 2, 2019

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Bahamas First: No ‘abrupt change’ as profits drop 41%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS First’s top executive yesterday said there was “no reason to change” investment strategy after profits fell 41 percent in 2018 due to a negative $6.7m swing in portfolio values.

Patrick Ward, also the property and casualty insurer’s president, told Tribune Business there would be no “abrupt” shifts in its allocations even though last year’s outcome was “disappointingly lower” and depressed the effects of a strong underwriting performance.

Net underwriting profits, representing Bahamas First’s core business of insuring risk, rose by 1.3 percent year-over-year to $34.354m even though Mr Ward revealed that the carrier only achieved about 50 percent of the targeted premium rate increase for its Bahamian and Cayman property portfolios overall.

Speaking after AM Best, the international insurance rating agency, reaffirmed the high-level creditworthiness and claims-paying ability of Bahamas First’s Bahamian and Cayman underwriting subsidiaries, he added that the group was drawing significant encouragement from “the early signs of economic turnaround” in this nation.

Voicing optimism that

“the ground work has been laid for good things to happen”, Mr Ward said the anticipated economic growth should translate into further top-line premium income increases in 2019 following a year in which it rose 8.1 percent.

He added that Bahamas First was aiming to “repeat or even exceed” 2018’s net underwriting performance, although this - as for all property and casualty insurers - will be highly dependent on the 2019 Atlantic hurricane season.

Bahamas First’s 2018 annual report, released yesterday, revealed that total profits for the 12 months to end-December fell 41.1 percent year-overyear, dropping by $7m from $17.0689m in 2017 to $10.057m this time around.

The Cayman Islands accounted for more than 60 percent of Bahamas First’s 2018 bottom line, a reversal of the 2017 position, with its life and health portfolio generating more than half of group-wide profitability.

In contrast, the Bahamian property and casualty business produced one-third of group profits at $3.414m.

Mr Ward blamed the “unrealised” losses in Bahamas First’s investment portfolio for “90 percent” of the bottom line decline, with the $2.5m fall in the value of its Commonwealth

SEE PAGE 4

Govt missing ‘forest for trees’ on fiscal policy

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is in danger of “missing the forest for the trees” through its obsession with fiscal numbers and targets, a former finance minister warned yesterday.

James Smith, also a former Central Bank governor, told Tribune Business that while the Minnis administration’s efforts to eliminate the fiscal deficit and lower the $8bn-plus

Communications sector below $400m revenues - a first in five years

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COMMUNICATIONS sector revenues dipped below $400m for the first time in five years during 2018, with both fixed-line voice and pay TV subscribers falling year-over-year.

These declines, according to the Utilities Regulation and Competition Authority’s (URCA) 2018 annual

national debt were commendable it seemed to be ignoring the economic needs of its citizens.

He argued that the budget’s fiscal goals needed to be tied in to efforts to grow the Bahamian economy and “improve the lives of its people”, which “is the part I’m not seeing here”.

Describing the annual budget as “very much a guideline”, Mr Smith said the virtual certainty that the government will again miss

SEE PAGE 4 report, occurred as mobile penetration among Bahamian consumers continued to expand and subscriber numbers rose by 7.9 percent compared to 2017.

Mobile data penetration, though, declined by ten percent to 60.65 subscribers per 100 persons - a drop from 67.36 in 2017. Total broadband Internet subscribers, though, rose marginally to 87,067 nationwide by yearend 2019 with penetration rates standing at 22.51.

“In 2018, the electronic communications sector in The Bahamas generated approximately $378m in revenue, representing a decline from the previous year,” URCA said. The sector employed some 1,200

SEE PAGE 5

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Mid-May launch for $100m tax offensive

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Ministry of Finance’s top official yesterday said its Revenue Enhancement Unit (REU) could reclaim up to $100m per annum from tax dodgers once it begins operations in mid-May. Marlon Johnson, the acting financial secretary, told Tribune Business that the government’s long-awaited enforcement arm should be set up and ready to crack down on tax evaders within

• Revenue Enhancement Unit ready by mid-May • Top Finance official eyes ‘major opportunity’ • Says losses may be higher than forecasts

MARLON JOHNSON

a matter of weeks once recruitment is finalised.

Confirming that accountants were being hired to staff the REU, along with existing public sector employees from revenue-related agencies, Mr Johnson said the unit will focus on value-added tax (VAT), business licence fee, customs and excise duties and real property tax collections in a bid to

collect every cent due to the Public Treasury.

Voicing optimism that its work “will bear fruit in a reasonably short space of time”, and be felt throughout the upcoming 2019-2020 fiscal year, he added that while this year’s budget had suggested the REU could realise $80m per annum some forecasts had

SEE PAGE 6

Evasion loopholes hitting VAT target, fears ex-minister

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER finance minister yesterday urged the government to examine whether the VAT shortfall had resulted from the introduction of exemptions opening up fraud and tax evasion loopholes.

James Smith, also a former Central Bank governor, told Tribune Business that while the Minnis administration’s

JAMES SMITH

decision to implement multiple VAT exemptions with the 2018-2019 budget “sounded good” it really had the effect of undermining The Bahamas low-rate, broad-based model.

Pointing out that the private sector, as well as international experts, had warned the government against doing this, Mr Smith said the exemptions also made VAT more complex to administer, gave tax breaks to wealthy Bahamians and

others who did not need them, and opened it up to potential abuse by tax dodgers.

Suggesting this may be one factor behind VAT’s underperformance during the first nine months of the 2018-2019 fiscal year, the former finance minister told Tribune Business: “I’m still waiting to see if they will do some particular analysis of the exemptions.

SEE PAGE 5

PAGE 2, Thursday, May 2, 2019

THE TRIBUNE

BAHAMAS MIXES WELL WITH ‘ISLANDS’ TASTE’ BAHAMIAN food and drink proved extremely popular at the recent Taste of The Islands Experience in downtown Fort Lauderdale, with long lines attracted to this nation’s booth.

The Bahamas’ popular drink at the event, “The Tallest Mango Tree,” featured the Kalik Radler Mango refreshment, a version of a very popular Bahamian beer. Also offered was a non-alcoholic beverage, “The Sweetest Mango Tree”.

Mixologist Marv Cunningham, also known as, “Mr Mix”, delighted the crowd by preparing one of his drinks on the demonstration stage. The drink concocted, a “Smoked Tamarind Chocolate Vodka

Sour”, was a big hit. It used tamarind syrup, made from the tamarind fruit that is found on many Caribbean Islands.

The award-winning mixologist, who works for Atlantis in its Aura nightclub, and whose drinks have been described as “stratospheric”, was sponsored by the ministry of tourism

and aviation to represent The Bahamas at the event.

Mr Cunningham’s many achievements include being the gold medallist at The Taste of the Caribbean competition for two years in a row, 2015 and 2016. He was the Stolichnaya Regional Mix Master Champion for 2014 and 2015, and again in 2017. In 2015 he was named

the Caribbean Journal’s Travel Awards Bartender of the Year.

The Fort Lauderdale event was the third annual all-inclusive Caribbean culinary show to be put on in Florida by the organisation, Island Syndicate.

Besides food and drink tastings at the booths sponsored by various Caribbean

Islands, the event also featured a shopping village, massage studios, live bands and cultural performers.

The Bahamas Tourist Office’s Florida sales team shared information on the country with event attendees. They also conducted sign-ups for one entrant to win a trip to The Bahamas.

EX-MINISTER TAKES DEPUTY CHAIR ROLE WITH DEVELOPER A FORMER Cabinet minister has been named deputy chairman of Eleuthera Properties Ltd, the developer behind the Jack’s Bay Club project.

Tommy Turnquest’s appointment was approved by the company’s Board of Directors on April 26, 2019.

A banker by profession, he was first elected to Parliament in 1992. Over the next two decades he held various ministerial offices, including national security, tourism, public works and public service. He was also leader of the Opposition from 2002 and 2006.

FROM left: Doug Maslo; Thomas Sands; Jim Goodman; Tommy Turnquest; Sir Franklyn Wilson; Myrtle Potter; Dr Earl Cash; Erma Carey; Robert Moses Jr; Alfred Abiouness.

Mr Turnquest joined Eleuthera Properties’ Board in 2015, and currently serves as

policy adviser to both the company and Sunshine Holdings chairman, Sir Franklyn Wilson.

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Thursday, May 2, 2019, PAGE 3

Enforcement critical to new watersports laws

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net AN Exuma watersports operator yesterday urged the government to ensure tighter regulations on the sector are properly enforced with business “rebounding” after last year’s fatal tragedy.

Rebecca Lightbourne, of Exuma Watersports, a family owned and operated business since 1935, said she “absolutely” welcomed the legislation debated by the House of Assembly, and revealed that the sector was on the road to recovery following last year’s explosion and fire on board a Four C’s vessel that resulted in the death of an American tourist and injured ten others.

“I would say things have definitely rebounded back for us,” she added. “Our numbers year-over-year are definitely increasing. I would say that there is still the occasional mix-up, but it no longer seems to be on the forefront of anyone’s minds. There haven’t been people asking any safety questions or anything like that. It seems like it’s out of print, out of mind right now. Things seems to be definitely getting back to normal.”

The government had pledged a regulatory crackdown on the boating and water excursions sector following the Four C’s incident. Renward Wells, minister of transport and local government, during his contribution to the debate on the Commercial Recreational Watercraft (Amendment) Bill and Water Skiing and Motor Boat Control (Amendment) Bill said had been a number of major marine incidents in recent years.

This had not escaped the attention of the US, which issued a travel advisory earlier this year saying: “Activities involving commercial recreational watercraft, including water tours, are not consistently regulated.”

RENWARD WELLS The two Bills debated yesterday were brought to the House by Mr Wells predecessor as transport minister, Frankie Campbell, last July. “In addition it should be noted that near-identical legislative prescriptions were first laid here in December 2016 by the Member for Englerston, the former minister of transport [Glenys Hanna Martin],” Mr Wells said yesterday.

“I surmise, however, that having been laid just five months shy of general elections, time and the will of the people overtook their conclusion. Together, these instruments will modernise domestic maritime legislation, introduce safety provisions regarding the use of crafts on the sea, enhance the registration of crafts by making the process more efficient and effective, and introduce new offences to

criminalise certain undesirable activities in the sector.”

Mr Wells added: “It is perceived by some that the watersports industry is ‘lawless’. We will not allow this perception to persist; hence these amendments.”

Ms Lightbourne told Tribune Business: “I have seen the proposed amendments and changes, and have absolutely no problem with the proposed amendments and changes. I think that the issue comes down to enforcement, and as long as the Port Department is severely underfunded then nothing will actually change.

“Exuma has so many boats and boat companies, and it is such a major part of the economy here, that the Port Department deserves all the tools they need to do their job.”

Another watersports operator, who did

not wish to be identified, told Tribune Business: “I think it’s good that the government is getting serious and tightening up the regulations for this type of business.

“When we’re dealing with high volumes of foreign visitors annually we have to ensure that their are proper standards and regulations, and that they are adhered to. Our reputation as a country is on the line”.

Mr Wells, addressing the Commercial Recreational Watercraft (Amendment) Bill, said the

existing version - passed in 2006 - makes provision for the regulation, control and administration of all commercial recreational watersports in The Bahamas, and for the registration and control of any watercraft and the licensing of watercraft operators.

“Since its enactment, though, the Act has proven insufficient to provide for policing industry innovations, which includes new maritime crafts such as submersible craft, wing-inground (WIG) craft, as well as novelty craft. Clause 2 of the Bill seeks to repeal and replace, to amend and to introduce certain definitions to embrace these new innovations in the marine industry,” said Mr Wells.

“Clauses three and four of the Bill make provision for the registration of crafts and licensing of all operators, and require mandatory information on applicants to include their electronic contacts, which is necessary for effective communication in the modern era with watercraft operators and all persons concerned in the industry.”

Mr Wells said the reforms will also address cases where individuals build and operate watercraft without submitting a detailed engineering plan for that boat.

He added that The Water Skiing and Motor Boat Control (Amendment) Bill will help beef-up enforcement and ensure proper regulation of the maritime industry. He said that among the amendments are the ability for safety inspectors to inspect a motor boat or any of its machinery or equipment for structural integrity or compliance with the Act.

CRAWFISH SEASON CLOSE ‘ONE OF BEST IN 20 YEARS’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN fishermen yesterday described the recent crawfish season as “one of the best in a long time”, attributing this to the Defence Force stepping up its fight against poachers.

Keith Carroll, vicepresident of the Bahamas Commercial Fishers Alliance (BCFA), told Tribune Business: “I can tell you from the time Defence Force caught those boats we did pretty good. Towards the end of the season, in March, was probably the best we did in 20 years.

“We saw a lot of lobster spawning in March.

We never saw it like that before, and so whatever the Defence Force was doing was keeping poachers off the banks. I would say the season closed out strong.

For fishermen like myself, it was the best in a long, long time.

“A lot of guys don’t like to talk about how they did during the season, but based on what I know this was a pretty good season. I believe that if the Defence Force can keep the poachers off the banks we could see a really good season next year.”

The crawfish season ran from August 1, 2018, to March 31, 2019. During that time the Defence Force made several seizures and were also involved in a shoot-out last October that ended in the arrests of 124 Dominican crew members and seizure of three vessels.

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PAGE 4, Thursday, May 2, 2019

Bahamas First: No ‘abrupt change’ as profits drop 41% FROM PAGE ONE

Bank shareholding leading the way.

But, despite the $6.7m year-over-year “swing” from a $4.165m gain in 2017 to a $2.542m loss last year, the Bahamas First chief said there will be no major change in the group’s investment strategy.

“Long-term we’re happy with the allocation of our investments and the general direction they’ve been going, so there’s no reason for an abrupt change in investment strategy or allocation of investments,” he told Tribune Business.

Insurers tend to view income from their investment portfolio more as the icing on the cake, and never rely on this to generate profitability. They concentrate far more on generating returns from their core underwriting of insurance risks, and here the performance was much better for Bahamas First.

“From a group standpoint we were very much on track from an underwriting profitability standpoint with a very encouraging year,” Mr Ward said. “Had

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the investment income gone in the same direction or remained relatively flat we would have mirrored the results of 2017.

“We always aim to have a very healthy underwriting return because, at the end of the day, it’s the key driver of our results. It’s one of the elements of the business that we have under our control to some extent. We have a better ability to control the variables, and it’s a better measure of performance of the company over a given period of time.”

Mr Ward said the slight year-over-year improvement in net underwriting income to $34.4m, which he described as “a new record milestone for the company”, was achieved despite Bahamas First failing to fully achieve its desired increase in property insurance premiums in both The Bahamas and Cayman Islands.

“During the last quarter of 2017 and continuing into 2018, a mandate was given to both The Bahamas and Cayman underwriting teams to implement rate increases for property business with catastrophic exposures for most locations within each territory,” Bahamas First’s management wrote in the annual report.

“We did not achieve the full extent of the targeted rate increases, but we did have some level of success, particularly in The Cayman Islands, where the

percentage increases were more pronounced.”

Mr Ward told Tribune Business that Bahamas First achieved about 50 percent of the targeted increase, revealing: “Let’s just say we started the year with the intent of achieving an average premium increase across both territories of about ten percent.

“When you look at the combined impact, property margins in terms of premium year-over-year, it showed about a five percent increase.” Acknowledging the “unrelenting, intense competition” in the property and casualty insurance market in both territories, Bahamas First’s annual report said it had still managed to achieve gross and net written premium increases.

The former rose by 8.1 percent from $143.2m to $154.8m, while the latter increased by 3.5 percent to $65.2m from $63m. Gross property insurance premiums. combining both The Bahamas and Cayman Islands, increased from $65m to $69.2m year-over-year.

Turning to the future, Mr Ward said Bahamas First was eyeing improved top-line premium growth in 2019 as a result of the strengthening Bahamian and Cayman economies, and was seeking to match 2018’s underwriting performance weather permitting.

Bahamas First’s annual report said there was “a

growing sense that [The Bahamas] has turned the corner in terms of economic expansion”, a view that was shared with Tribune Business by Mr Ward yesterday.

“One thing I will say is we’re very encouraged by emerging signs of an economic turnaround in The Bahamas, and the robust growth we’re seeing in Cayman,” he said. “In terms of the economic environment in both jurisdictions, we think the ground work for good things to happen has been laid. As both economies grow, the portfolio will grow and broaden with that.

“2019 has the potential to be a better year in terms of top-line growth. Underwriting profitability depends on controlling cost factors we have control over, so to the extent we control those variables as we did in 2018, we have the opportunity to repeat our underwriting performance or exceed it.

“We’ve been working very hard to put a foundation in place that allows us to have consistency with results from an underwriting perspective, and we’re very confident that model is working for us on a consistent basis,” Mr Ward continued.

“We’re looking for a repeat of 2018 in terms of the underwriting aspects, and hopefully with a better investment result, but that’s outside our control.”

THE TRIBUNE

Govt missing ‘forest for trees’ on fiscal policy FROM PAGE ONE its revenue targets for 2018-2019 was “not much of a concern” as such goals could be overshot, missed or adjusted to any “gap” was eliminated.

He suggested, though, that the government was too focused on fiscal numbers and targets that had likely been designed “in conjunction with the IMF” and other international agencies at the expense of initiatives to grow the economy and reduce unemployment.

“They’re suggesting that if I’ve hit my target I’ve done well,” Mr Smith told this newspaper of the government’s approach.

“That’s not the purpose of a budget. It’s normally a statement of guideline for which direction the nation is going in.”

Such “statements”, he suggested, could involve austerity budgets if there was a sudden drop-off in tourism activity, or counter-cyclical policy where deficits were incurred as a means to keep Bahamians employed through investments in public works and infrastructure projects.

“It impacts the society,” Mr Smith explained.

“That’s being lost in the over-emphasis on ratios and targets. With this emphasis on the targets and numbers, and the deficit, you’re looking at the trees rather than the forest.

“When you allocate the resources of the state you have to impact the livelihoods of your citizens through policy, and I just

don’t see that. Even if you achieve your revenue targets, which is good, GDP may still be falling.

“You may get a shot in the arm with revenue, or reduce expenditure, but that does not mean the economy has grown anything. The budget is 20 percent of the economy, and you could have a balanced budget but widespread unemployment even with all your ratios in line.”

While backing the government’s decision to establish a Disaster Relief Fund given The Bahamas’ exposure to major hurricanes, Mr Smith said it needed to explain how it was using fiscal policy to “create an upliftment” in people’s lives as opposed to just publishing numbers every quarter.

“The deficit is under control, but the point is: To what end?” he told Tribune Business. “I think they’re trying very hard to get results to keep these indicators in line. The problem with that is how much of that is having a bigger policy impact in terms of economic activity? That part I don’t see.

“Economics is simply making choices given the unlimited wants of society and the government’s level of resources. How best can you make that happen?

It’s really a question of saying: OK, you’re getting these numbers in place, but please don’t take your eye off the bigger picture which is economic development.”

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THE TRIBUNE

Thursday, May 2, 2019, PAGE 5

Communications Evasion loopholes hitting VAT target, fears ex-minister sector below $400m revenues a first in five years FROM PAGE ONE

FROM PAGE ONE persons, of whom 55 percent were women.

No explanation was given for the industry’s revenue drop from around $400m in 2017, although it may be connected to the drop in mobile prices and yields as a result of the competition between the Bahamas Telecommunications Company (BTC) and Aliv.

“This vibrant competition continues to produce competitive prices and new offerings on voice and data packages for consumers, and is resulting in growth,” URCA acknowledged.

“The total number of mobile voice subscribers totalled 381,591 in 2018, when compared to 353,540 in 2017, representing a 7.9 percent increase. The mobile voice penetration rate increased in 2018 to 98.64 from 92.44 in 2017.”

It was a different story when it came to mobile data. “There was a decline in the number of mobile data subscribers in 2018,” URCA revealed. “The numbers reflect a reduction from 260,587 in 2017 to 234,654 subscribers in 2018.

Correspondingly, mobile

data penetration contracted by ten percent to 60.65 in 2018 from 67.36 in 20171.”

Elsewhere, the regulator added that the decline in fixed-line voice services continues. “There were 113,455 subscribers when compared to 113,852 in 2017,” URCA added. “The penetration rate was estimated at 29.77 in 2017, and dropped slightly to 29.33 in 2018.

“These declines are reflective of global trends as consumers move to more modern voice communication devices and methodologies. Fixed telephone voice penetration rate also declined from 29.77 in 2017 to 29.33 per 100 subscribers in 2018.”

Access to fixed-line or broadband Internet continued to grow, with subscriber numbers nationwide expanding by 0.2 percent to 87,067 from 86,868 the year before.

As for pay TV services, URCA said: “Despite the availability of two operators [Cable Bahamas and BTC] in the market there has been a net reduction in the number of subscribers. In 2018, there were 72,460 pay TV subscribers, a reduction from 76,278 in 2017.”

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“They were warned by the international agencies and some local experts that you don’t want to start doing that. It sound good; it’s a good feeling to say you’ve given away a VAT exemption on baby food and formula so that poor people don’t have to bother with it, but wealthy people have babies too.”

Besides hiking the rate to 12 percent, the government last July eliminated VAT on all so-called “breadbasket” items apart from sugar; medicines; residential property premiums; and monthly electricity and water bills that come in under $100 and $50, respectively.

Some of these, especially the breadbasket items and medicines, are zero-rated meaning that no VAT is payable throughout the supply chain. However, Mr Smith yesterday voiced concern that besides giving up significant revenue the government may have also opened the door to tax evasion and avoidance.

“Exemptions sound good,” he reiterated, “but sooner or later the buyers scam the system. Customs duties are never fully collected at the port because of what happens around the table, on the table and under the table. VAT is no different.

“The framers of VAT wanted to collect all payments due. The idea was to collect everything going in.

If you decide to make baby formula VAT free, there are those who will bring in different things under that basket in collaboration with service providers from outside the country and collaborators on the inside who make sure the books look OK. “One of the reasons advanced against exemptions was precisely that.

If you want to target groups for preferential

concessions, you do it by direct subsidy because once you do exemptions the benefits go to the non-poor,” Mr Smith added.

“I never understood that.

Once you open up that hole you are one step behind them on fraud. I think they need to look at that. They opened up the hole and introduced exemptions, and this is happening at a time when we’re getting increased imports from the rise in tourism.”

The government has acknowledged the VATrelated shortfall compared to 2018-2019 full-year budget estimates, but has largely attributed this to the transition period granted to the hotels and construction industries, plus the “adjustment” made by consumers to the higher rate.

It has made no mention of the exemptions, despite collecting just 55.6 percent of the 2018-2019 full-year VAT forecast during the first nine months or threequarters of the fiscal year.

The government’s ninemonth fiscal “snapshot” and budgetary performance report, released earlier this week, showed that VAT revenues for the period to end-March were up yearover-year by almost $100m - a 20.2 percent increase.

The rise, from $490m to $589m, is well short of matching the 60 percent hike in the VAT rate - something that is likely to be seized upon by the government’s political opponents. They have consistently argued that the magnitude of the rate increase will not be matched by a corresponding surge in VAT revenues.

The year-to-date figures are well short of the $1.062bn full-year projection with just three months of the 2018-2019 fiscal period left.

Assessing the impact on the bigger picture, the government’s report showed it had collected some $1.689.1bn or 63.7 percent of its full-year total revenue target during the first three-quarters of the 20182019 fiscal year, providing further confirmation it is highly unlikely to meet the $2.651bn goal by the endJune fiscal year close.

It would have to collect $962m between April and June to make up this gap, and trends for the fiscal year-to-date suggest it could come in as much as $300m below the fullyear goal - a level much higher than the $185m underperformance flagged

by KP Turnquest, deputy prime minister, during the mid-year budget in February.

The government

collected just 38.1 percent of the full-year revenue target during the first half of the 2018-2019 fiscal year, meaning that the “revenue rich” third quarter from January-March produced about 25.6 percent - or just over one-quarter - of the full amount.

This translates into $678.8m in revenue generated at the peak of the economic cycle - a sum almost $300m less than the “gap” between the nine-month collection and full-year objective.

Based on the first-half generating 38.1 percent of full-year revenues, a repeat of this performance in the 2018-2919 fourth quarter suggests it will generate between 19-20 percent of the full-year sum. This would bring government revenues to around 83-84 percent of target, or around $2.2bn, leaving them some $450m below budget projections.

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Director’s Office John F. Kennedy. Drive P. O. Box N-8156 Nassau, Bahamas Tel: 1 242 302-9527 or 302-9530 Deadline to submit Prequalification Documents June 13th, 2019 by 4:00pm Bahamas Local Time.

Further information can be obtained by email: PIUAIP@bahamas.gov.bs

1. Jacqueline Lorene Mckenzie 2. Bolinder Newbold – Munroe 3. Vernincha Louise Delcine Simmons 4. Lana Monique Williams-Smith 5. Haldane Alfred Stubbs AREA VICE PRESIDENTS: NORTHERN BAHAMAS: 1. Ann Marie Bullard 2. Eldecia Shaquincha Ethlyn Thompson GRAND BAHAMA: 1. Quintin Howard Laroda 2. George Austin Trevor Mills.

NEW PROVIDENCE: 1. Vernon Jemell Rodgers SOUTHERN BAHAMAS: 1. Ann Louise Strachan ASSISTANT TREASURER: 1. Catherine Knowles-Stubbs 2. Katress Wells SECRETARY – GENERAL: 1. Helena Cartwright 2. Dion Damien Johnson 3. Tiffany M. Delancy-Laing ASSISTANT SECRETARY – GENERAL: 1. Juanita T. Gaitor 2. Cedricka Rolle PRESIDENT: 1. Joan Knowles-Turnquest VICE PRESIDENT: 1. Tiffany Burrell-Roberts 2. Jason Haley From the desk of John Musgrove Secretary-General The Bahamas Union of Teachers.

PAGE 6, Thursday, May 2, 2019

Mid-May launch for $100m tax offensive FROM PAGE ONE projected this number could be even higher.

Suggesting it could reach to $100m, Mr Johnson told this newspaper there were “substantial opportunities” to improve the government’s revenue intake by targeting fraud, tax evasion and avoidance, plus monies that slipped through cracks in the system due to inefficiencies and poor administration.

In particular, he said the Ministry of Finance felt there was still significant “under-reporting” of VAT and customs and excise taxes. To counter the former, the REU will be charged with comparing VAT registrants’ returns with their annual business licence fee fillings, as gross revenues should be the same, and with returns submitted by similarly-sized peers in the same industry.

“It will be done during the month of May,” Mr Johnson told Tribune Business of the REU’s creation.

“We’re just finalising some matters. We’re hopeful to have it up by the middle of the month.

“From the intelligence we have, and as has been reported before, there’s substantial numbers we believe to enhance the revenue collection. I suspect, on an annualised basis, we have between $80m to $100m, as per the Budget target.

“We anticipate that once this units gets going and

focused on its activities it will substantially enhance collections and show some fruit in a reasonably short space of time.”

The failure to establish the Revenue Enhancement Unit, and make it operational in time for the 2018-2019 fiscal year, was one of the factors blamed by KP Turnquest, deputy prime minister, for the predicted $185m revenue shortfall faced by the government.

The unit was supposed to generate $80m of that figure, and its work has assumed extra importance following this week’s indication that the 2018-2019 revenue shortfall is likely to be even greater than the amount projected by Mr Turnquest in the mid-year budget.

Mr Johnson yesterday admitted that recruitment for the REU had “taken a little longer than we’d have liked”. He added: “We’re finalising the recruitment of collection agents on certain elements, and working with the Customs Department on matters related to that area...

“It’s a mix of new staff as well as persons from the public service there already.

Included in that is the recruitment of tax auditors.

We feel very excited about the kind of talent brought to the team, both from within the public service and outside.”

Mr Johnson said personnel sourced from outside the public service were mainly accountants needed to do VAT and other audit work, while Customs Department personnel with investigative skills will also be involved in the mix.

“When the audit team comes on stream, we believe there’s substantial under-reporting of VAT and opportunities to improve

THE TRIBUNE compliance there,” he told Tribune Business. “We’ll certainly be doing audits on business licences, and see how they compare to VAT submissions and peers from the same industry.

“We’ll be looking at the Family Islands. In some areas there’s been rapid development, so new and expanded businesses are popping up. We’ll be paying attention to those.

We have sufficient intelligence to suggest there’s substantial opportunities to improve customs and excise collection.

“Certainly, from the revenue standpoint the consistent narrative ongoing for decades is there’s substantial opportunity to increase collections in a number of areas,” Mr Johnson added.

“As mandated by the deputy prime minister and Cabinet, we’re compelled to push ahead on areas of concern, take a disciplined and structure approach.

“It’s an area of tremendous opportunity in a number of ways for the Ministry of Finance. We’re starting in May, and the benefits may be higher than what we’re projecting now.”

The Minnis administration has been heavily criticised by its political opposition for disbanding, and failing to continue, with the Revenue Enhancement Unit that its PLP predecessor set-up to target the same tax and revenue streams following Hurricane Matthew in October 2016.

Moody’s, the international credit rating agency, revealed in a mid-summer 2017 report that the Christie administration’s unit had yielded some $90m in revenues during its first six months in existence, putting it on target to generate $180m in extra annual income for

the Public Treasury.

Its successor, though, argued that the Christie administration had failed to provide the unit with any legal basis for its activities. It also argued that it was staffed by foreign accountants, with few to no Bahamians, and no training programme to enable them to take over.

“It’s here, starting in earnest, and we feel good about where we’re heading and where the process is,” Mr Johnson added. “Now the unit has the backing of law and a Cabinet mandate, we feel it will bear fruit once we start getting into it.”

Legal Notice

ESTATE OF EZRA HELME HALL TAKE NOTICE that anyone having a claim against the Estate of EZRA HELME HALL late of Rosebud Street off Farrington Road, Nassau, Bahamas, who died on 20th July, 2018, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 31st July, A.D., 2019.

HELP WANTED HARBOURSIDE MARINE

is seeking to find the following MAINTENANCE PERSON •

Must have a strong working knowledge of electricity and plumbing.

•

Must also be able to operate power tools.

INVENTORY CONTROL PERSONAL •

Must have knowledge of inventory controls

•

Must also be able to assist with ordering, receiving and uploading new supplies

•

Provide customer assistance as necessary Send all inquiries to: ian@hbsmarine.com

www.ub.edu.bs

CAREER OPPORTUNITY SENIOR ADMINISTRATION Suitably qualified candidates are invited to submit applications for the following position:

Executive Vice President who will serve as the chief operating officer of the University of The Bahamas system. Reporting to the President, the Executive Vice President has the primary responsibility of assisting the President in maximizing the institution’s operating performance and achievement of goals. The EVP’s duties include, but are not limited to, overseeing the implementation of the University’s Board-approved strategic plan across all areas of the University; initiating and managing strategic alliances; participating in the development of operating and capital budgets; and assuring effective guidelines and standard operating procedures for the management of the various units reporting to the President. The EVP will work collaboratively with the President’s Cabinet and staff and will provide the President and Board of Trustees with regular updates on the achievement status of academic milestones, admissions and retention initiatives and strategic planning initiatives. In the absence of the President, or during a vacancy in the Office of the President, the Executive Vice President shall be the most senior officer who shall, upon authorization of the Board, exercise and perform the functions and duties of the President. When requested, the EVP will also assist in fundraising and other development or alumni activities.

Essential Qualifications are: • Ten or more years of highly successful senior-level higher education administrative leadership experience or the equivalent as determined by the university; • Earned doctorate degree or other terminal degree; • Excellent oral and written communication skills are essential; • Must have collaborative leadership style and be comfortable in an egalitarian environment; • Excellent interpersonal skills are essential.

Applications should submit a Letter of Interest, Curriculum Vitae and contact information for three professional references to: Ms. Maelynn Seymour-Major Chief of Staff Email: maelynn.seymour-major@ub.edu.bs Office of the President University of The Bahamas University Drive P. O. Box N-4912 Nassau, The Bahamas Electronic applications are preferred. All applications must be submitted by 31st May, 2019. Late submission will not be considered. Employment is expected to begin July 2019. Official transcripts for all degrees and three current letters of recommendation are required prior to the commencement of employment.

The detailed position announcement is available at: http://www.ub.edu.bs/about-us/career-opportunities/administration/.

THE TRIBUNE

To advertise in The Tribune, contact 502-2394

Thursday, May 2, 2019, PAGE 7

Small businesses extend streak of erratic job creation NEW YORK Associated Press SMALL business hiring gained in April, extending a run of erratic job creation.

Payroll provider ADP’s monthly tally of small business hires released

yesterday showed companies added 77,000 jobs last month, a jump from an upwardly revised 20,000 in March and 30,000 in February. ADP’s numbers, which reflect hiring at its customers who employ up to 49 workers, have fluctuated since last summer.

Small business owners have been cautious in their hiring ever since the recession, choosing to wait until they have the revenue to justify the risk and expense of new employees.

They’ve also struggled in recent years to find skilled workers.

PAGE 10, Thursday, May 2, 2019

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

THE TRIBUNE

Thursday, May 2, 2019, PAGE 11

Budget office: Caveats to government-run health system

DEMOCRATIC presidential candidate Sen Bernie Sanders, I-Vt, Bernie Sanders speaks during a rally at Discovery Green yesterday in Houston.

WASHINGTON Associated Press CONGRESSIONAL budget experts said yesterday that moving to a government-run health care system like “Medicare for All” could be complicated and potentially disruptive for Americans.

The report from the nonpartisan Congressional Budget Office was a highlevel look at the pros and cons of changing the current mix of public and private health care financing to a system paid for entirely by the government. It did not include cost estimates of Sen Bernie Sanders’ Medicare for All legislation or its House counterpart, but raised dozens of issues lawmakers would confront.

“The transition toward a single-payer system could be complicated, challenging and potentially disruptive,” the report said.

“Policymakers would need to consider how quickly people with private insurance would switch their coverage to a new public plan, what would happen to workers in the health insurance industry if private insurance was banned or its role was limited, and how quickly provider payment rates under the single-payer system would be phased in from current levels.”

One unintended consequence could be increased wait times and reduced access to care if there are not enough medical providers to meet an expected increased demand for services as some 29 million currently uninsured people get coverage and as deductibles and copayments are reduced or eliminated for everyone else.

“An expansion of insurance coverage under a single-payer system would increase the demand for care and put pressure on the available supply of care,” the report said.

Sanders, I-Vt, pushed back, telling reporters that what’s really disruptive is that millions of Americans remain uninsured while others can’t afford high copays and drug prices. “That is disruptive,” said Sanders.

“What is not disruptive is expanding Medicare, which is a very popular and costeffective programme to guarantee health care for every man, woman and child.”

The Democratic presidential candidate’s single-payer proposal is coloring the nomination fight and is likely to be a significant theme in the 2020 elections. President Donald Trump derides it as “socialism”.

Employers now cover more than 160 million people, roughly half the US population. Medicare covers seniors and disabled people. Medicaid covers low-income people and many nursing home residents. Other government programmes serve children or military veterans.

Proponents of Medicare for All say the complexity of the US system wastes billions in administrative costs and enables hospitals and drugmakers to charge much higher prices than providers get in other economically advanced countries. Critics acknowledge the US has a serious cost problem, but they point out that patients don’t usually have to wait for treatment and that new drugs are generally available much more rapidly than in other countries.

While a government-run system could improve the overall health profile of the US, pressure on providers to curb costs could reduce the quality of care by “by causing providers to supply less care to patients covered by the public plan”.

Other potentially difficult choices flagged in the report included: • Coverage for people living in the country without legal permission, which CBO called “a key design issue”. Sanders’ bill and its House counterpart would cover all US residents, leaving it to a future administration to define that term.

• Payment for longterm care services, which CBO said could substantially increase government costs. Sanders and House counterparts would cover long-term care.

• Use of a governmentset “global budget” to

control cost, a strategy CBO said is “barely used” in the US Programs like Medicare and Medicaid rely on other approaches.

Private payments from employers and individuals currently cover close to half of the nation’s annual $3.5tn health care bill. A government-run system would entail new taxes, including income taxes, payroll taxes, or consumption taxes, said CBO. Or lawmakers could borrow, adding to the overhang of national debt.

Several independent studies of Sanders’ plan have estimated it would dramatically increase government spending, from $25tn to $35tn or more over ten years. But supporters say the expense could be much lower if expected savings are factored in.

Single-payer health care doesn’t have a path to advance in Congress for now.

It has zero chances in the Republican-led Senate. In the Democratic-controlled House, key committees that would put such legislation together have not scheduled hearings.

They’re instead crafting bills to lower prescription drug costs and stabilise and expand coverage under the Affordable Care Act. The CBO report was prepared for the House Budget Committee, which is expected to hold hearings but does not write health care legislation.

Within the health care industry, groups including hospitals, insurers, drugmakers and doctors have formed a coalition to battle a government-run system.

Major employers are likely allies.

Polls show that Americans are open to single-payer, but it’s far from a clamor. Support is concentrated mostly among Democrats.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, May 2, 2019, PAGE 13

UK DEFENSE CHIEF FIRED OVER HUAWEI LEAKS, DENIES INVOLVEMENT

BRITAIN’s Defence Minister Gavin Williamson stands in the main chamber during a gathering of NATO defence ministers at NATO headquarters in Brussels. British Defense Secretary Gavin Williamson has been fired yesterday after an investigation into leaks from a secret government meeting about Chinese telecoms firm Huawei. Prime Minister Theresa May’s office says May has “lost confidence” in Williamson.

Photo: Francisco Seco/AP LONDON Associated Press BRITISH Prime Minister Theresa May summarily fired Defense Secretary Gavin Williamson yesterday after an investigation into leaks from a secret government meeting about the Chinese telecommunications giant Huawei.

He denied any involvement in the leak.

An investigation was launched last week after newspapers reported that Britain’s National Security Council, which meets in private, had agreed to let Huawei participate in some aspects of Britain’s new 5G wireless communications network.

The United States has been lobbying allies including Britain to exclude Huawei from all 5G networks, noting that the Chinese government can force the company to give it backdoor access to data on its networks.

The Conservative government insists that no decision has been made yet about Huawei.

The security council includes senior ministers, who receive briefings from top military and intelligence officials, and its meetings are considered highly sensitive.

In a letter to Williamson, May said she “can no longer have full confidence” in him in the wake of the investigation.

In the letter released by her Downing St office, May told Williamson that there was “compelling evidence” suggesting his “responsibility for the

BRITISH PRIME MINISTER THERESA MAY unauthorised disclosure” from the National Security Council.

“No other, credible version of events to explain this leak has been identified,” she said.

Williamson, 42, insisted he was not the source of the leak. In a letter to May, he said “I strenuously deny that I was in any way involved,” adding that he was confident a formal and thorough inquiry would have vindicated him.

He said May had offered him the chance to resign rather than be fired. But he said “to resign would have been to accept that I, my civil servants, my military advisers or my staff were responsible: this was not the case.”

Penny Mordaunt, the international development secretary, was appointed to replace Williamson. She becomes the first woman to hold Britain’s top defense post.

The leak at the security council comes amid a Brexit-fueled breakdown in government discipline.

With May weakened by her failure so far to take Britain out of the European

Union, multiple ministers are positioning themselves to try to replace her, partly by cultivating positive press coverage.

The Daily Telegraph said last week it had obtained details of security council meetings about Huawei.

It said several ministers, including Williamson, had opposed letting Huawei work on Britain’s 5G network.

Opposition politicians called for a criminal inquiry into the leak.

“Clearly, there’s been a complete breakdown in discipline and Theresa May needs to take absolutely firm action, and quite frankly I think she needs to call in the police and have a full investigation,” said Labour Party defense spokeswoman Nia Griffith.

London’s Metropolitan Police force said it was not currently investigating, but “if at any stage we receive any information that would suggest criminal offences have been committed, then we will look into that”.

To advertise in The Tribune, contact 502-2394

PAGE 14, Thursday, May 2, 2019

COMMONWEALTH OF THE BAHAMAS

THE TRIBUNE

2007/CLE/qui/01041

IN THE SUPREME COURT Common Law and Equity Side

NOTICE

Trump, GOP states ask appeals court to kill ‘Obamacare’ NEW ORLEANS Associated Press TAKING a harder line on health care, the Trump administration joined a coalition of Republican-led states yesterday in asking a federal appeals court to entirely overturn former President Barack Obama’s signature health care law — a decision that could leave millions uninsured.

Congress rendered the Affordable Care Act completely unconstitutional in 2017 by eliminating an unpopular tax penalty for not having insurance, the administration and GOP states told the court.

The “Obamacare” opponents hope to persuade the 5th US Circuit Court of Appeals in New Orleans to uphold US District Court Judge Reed O’Connor’s ruling late last year striking down the law.

If the ruling is allowed to stand, more than 20 million Americans would be at risk of losing their health insurance, re-igniting a winning political issue for Democrats heading into the 2020 elections. President Donald Trump, who never produced a health insurance plan to replace “Obamacare”, is now promising one after the elections.

The Trump administration acknowledged it had changed positions in the case. Early on, the administration argued that only certain key parts of the ACA, such as protections for people with pre-existing medical conditions, should be invalidated. But it said other important provisions such as Medicaid expansion, subsidies for premiums and health insurance markets could continue to stand.

Yesterday, the administration said it had reconsidered in light of O’Connor’s ruling. “The

The Petition of Samuel Basden in respect of: -

ALL THOSE Two (2) tracts of land totaling 1.09 acres situate on Basden Alley East of Jim Carey Road on the Northern side of Step Street in the Eastern District of the Island of New Providence.

SAMUEL BASDEN claims to be the owner of the fee simple estate in possession of the said land and has applied to the Supreme Court of The Bahamas under S.3 of the Quieting Title Act, 19591 ‘in the above action to have its title to the said land investigated the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with provisions of the said Act. Copies of the said plan may be inspected during normal office hours at the Registry of the Supreme Court, Anasbacher Building Bank Lane, in the City of Nassau, and at the Chambers of Turnquest & Co., No. 94 Nassau Street, Nassau, The Bahamas.

NOTICE IS HEREBY GIVEN that any person having dower or a right to dower or any adverse claim not recognized in the Petition shall before the 30th day of May, A.D., 2019 file in the said Registry of The Supreme Court and serve the Petitioner or the above Turnquest & Co a statement of such claim in the prescribed form verified by an Affidavit to be filed herewith. Failure of any such person to file and serve a statement of such claim by the above time will operate as a bar to such claim.

TURNQUEST & CO. Chambers Turnquest House Nassau Street Nassau, New Providence The Bahamas

DONALD TRUMP remaining provisions of the ACA should not be allowed to remain in effect — again, even if the government might support some individual positions as a policy matter,” the administration wrote in its court filing.

The Justice Department’s legal brief also seemed to be trying to carve out some exceptions. For example, the administration said the ACA’s anti-fraud provisions should remain in effect.

The now-repealed fines enforce the law’s insurance requirement, and without them the rest of the law cannot pass constitutional muster, the administration wrote.

O’Connor’s ruling last December came in a case filed by Texas and a coalition of Republican-led states. He said that without

MARKET REPORT WEDNESDAY, 1 MAY 2019

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

BISX ALL SHARE INDEX: CLOSE 2,153.08 | CHG -0.70 | %CHG -0.03 | YTD 43.63 | YTD% 2.07 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.50 1.98 3.35 10.60 6.16 4.64 12.50 2.74 1.96 9.02 6.63 15.60 7.25 4.25 14.00

52WK LOW 3.50 19.17 4.90 3.50 1.00 0.19 2.05 8.80 6.11 3.54 10.05 2.30 1.50 7.25 6.10 10.10 6.20 3.01 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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 ##########

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

SYMBOL LAST CLOSE AML 3.83 APD 17.43 BPF 6.00 BWL 5.39 BOB 2.47 BBL 1.98 CAB 2.10 CIB 10.50 CHL 6.16 CBL 4.47 CBB 10.64 CWCB 2.53 DHS 1.79 EMAB 9.32 FAM 6.60 FBB 15.57 FIN 7.25 FCL 3.50 JSJ 14.00 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 3.87 17.43 6.00 5.39 2.47 1.98 2.05 10.50 6.16 4.47 10.64 2.58 1.79 9.29 6.60 15.57 7.25 3.50 14.00

CHANGE 0.04 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 0.00 0.00 0.00 0.05 0.00 -0.03 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME 2,000 14,500 9,845

31,717

VOLUME

EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.636 0.834 0.950 0.205 0.631

DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.068 0.060 0.328 0.240 0.500 0.200 0.090 0.600

P/E 23.2 18.7 N/M 16.7 N/M N/M -4.8 14.8 12.8 29.0 17.0 25.3 8.6 N/M 10.4 18.7 7.6 17.1 22.2

YIELD 3.36% 7.23% 0.00% 4.45% 0.00% 1.01% 0.00% 6.76% 3.57% 2.68% 5.83% 2.64% 3.35% 3.53% 3.64% 3.21% 2.76% 2.57% 4.29%

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

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

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

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

############### 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% 0.58% 3.94% -0.39% 1.53% 0.43% 2.52% 3.26% 3.26% -3.65% -3.65% 1.15% 4.41% 0.59% 4.31% 0.92% 4.16% 2.79% 4.80% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

NAV Date 28-Feb-2019 28-Feb-2019 22-Feb-2019 31-Dec-2018 31-Dec-2018 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Sep-2018 30-Sep-2018 30-Sep-2018

MUTUAL FUNDS 52WK HI 2.20 4.24 2.04 184.51 158.55 1.61 1.75 1.70 1.14 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.55 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.22 4.22 2.04 184.51 147.81 1.61 1.75 1.70 1.14 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79

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a tax penalty, the law’s requirement that most Americans have insurance is unconstitutional. Democratic attorneys general, led by California’s Xavier Becerra, and the US House of Representatives have appealed.

Legal battles aside, the Obama health law has remained remarkably stable. Even with the repeal of the law’s tax penalty, 11.4 million people signed up for coverage this year, just a slight dip from 2018. The law’s Medicaid expansion continues to insure about 12 million low-income people.

And several million young adults are on their parents’ health insurance as a result of the ACA. The appeals court is expected to hold oral arguments in July. Meanwhile, the effects of the lower court ruling have been on hold pending appeals.

The last word on any decision to strike down the health care law almost certainly will come from the Supreme Court, which has twice sustained the 2010 health law. Chief Justice John Roberts and four

more liberal justices who voted in favour of the law remain on the court. A court victory would fulfill Trump’s goal of undoing the law, but it could be politically costly for the GOP by ending popular provisions such as protection for pre-existing conditions and coverage for young adults on their parents’ health plans.

The states took the same position as the administration.

“At issue is not what health-insurance system is optimal, but ‘only whether Congress has the power under the Constitution’ to command the people as the ACA does,” the states wrote in their brief.

In their appeal, Becerra and his coalition argued that zeroing out the penalty does not make the individual mandate unconstitutional — noting that the framework for the tax remains in place.

Becerra was defiant yesterday. “Our legal coalition will vigorously defend the law and the Americans President Trump has abandoned,” he said in a statement.

Even if the individual mandate were unconstitutional, the law’s defenders argued in briefs earlier this year that the rest of the law remains legally viable.

They said that when Congress repealed the tax penalty for those remaining uninsured, it was more like a tweak than a blow designed to bring down the entire 974-page statute. The health law also rewrote federal laws on a broad range of topics, from fighting fraud to promoting public health.

After the fines were repealed, Republican lawmakers in Congress explained their votes as an attempt to correct the law’s most unpopular provision, not bring down the entire law.

Democrats also argue that if the law is to be repealed and replaced, that’s the job of Congress and the president under the Constitution, not the courts.

NOTICE NOTICE is hereby given that CAMILLE ETIENNE of, P.O. BOX General Delivery Rock Sound Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that NELLY BICHE of #298 Eastern Road Estate, P.O. BOX SP-61367 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 2nd day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KEYCHA PIERRE of Minnie Street, Balfour Avenue, 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 25th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Thursday, May 2, 2019, PAGE 15

Trump’s GOP allies press for action on disaster aid bill WASHINGTON Associated Press THE White House is displaying new flexibility on giving disaster aid to hurricane-ravaged Puerto Rico as President Donald Trump’s GOP allies increasingly lose patience with a weekslong standoff over the widely backed bill.

A new Senate GOP offer is aimed at breaking the logjam in delivering already-appropriated funding to Puerto Rico. Trump has feuded with Democratic officials on the US territory and has sharply criticised Puerto Rico’s handling of the disaster.

But the latest offer, relayed on Monday in a meeting of the chairman and top Democrat of the Senate Appropriations Committee, hasn’t won over Democrats, according to party aides. They are reviewing the latest plan but are looking for changes to make sure the money for Puerto Rico doesn’t get hung up by bureaucratic snags. The administration has been slow to dispense money that’s been already approved.

“We think it could be more palatable to them ... to the Democrats,” Senate Appropriations Committee Chairman Richard Shelby, R-Ala, told reporters after a meeting yesterday with GOP senators from Georgia and Florida.

“We thought we made a pretty good offer and the vibes maybe are better than they were. Nothing’s crystalised.”

Senate Republicans are optimistic that Trump would sign the latest offer and it appears as though he’s ready to move on from the Puerto Rico spat. He also has a rally in Panama City Beach in the heart of the hurricane-slammed Florida panhandle next Wednesday, and there’s considerable pressure to have a breakthrough by then.

A summary of the offer relayed by a GOP aide says Puerto Rico would stand to gain an additional $304m from a new pot of $431m for 2017 storms, but Republicans rejected a Democratic demand for Environmental Protection Agency water and wastewater projects.

Patience is running out among a group of Senate Republicans from states hit hard by hurricanes last fall, including Trump allies like David Perdue of Georgia and Rick Scott of Florida, because the legislation includes aid to the mainland US as well.

A meeting with Trump almost three weeks ago was supposed to jump-start negotiations, but no progress was made during a two-week recess, top aides said.

“We’re talking about a disastrous failure of the government of the United States of America to respond to the needs of the people,” said Sen Johnny

YOUR

BUILDINGS with their roofs damaged by the winds of Hurricane Maria are shown still exposed to weather conditions, in San Juan, Puerto Rico. Puerto Rico’s government said on Tuesday that it plans to demolish 16,000 structures that were heavily damaged by Hurricane Maria nearly two years ago.

Isakson, R-Ga. “I don’t want to leave this Friday without us having done something.”

Trump himself raised the issue in a meeting with Democrats on Monday.

“He did express a concern that that needed to be passed,” said House Majority Leader Steny Hoyer, D-Md, though the conversation was brief and didn’t touch on Puerto Rico. An aide to another lawmaker present said Trump told the group, “I’ll stay out of it, just get it done.” The aide spoke on condition of anonymity to discuss a private meeting.

At issue is a $14bn — and growing — disaster aid measure that was blocked by Senate Democrats earlier this month in the standoff over Puerto Rico.

Democrats are demanding additional funding to help repair Puerto Rico’s water systems and to give the cash-poor island disaster aid on more generous terms. Trump has already agreed to $600m in food aid to restore cuts to the island’s food stamp benefits.

Democrats are also upset that the Department of Housing and Urban Development, which dispenses block grants for rebuilding projects, has been slow to award the funding that lawmakers have already approved.

“Congress appropriated $19.9bn in Community Development Block Grant funding over a year ago for the victims of two devastating hurricanes that struck the American citizens of Puerto Rico,” said Jay Tilton, a spokesman for ranking Appropriations Democrat Patrick Leahy of Vermont. “In that time, HUD has denied the island access to all but seven percent of that funding. If the Republican proposal provides new funding to Puerto Rico, we need to make

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sure the island will actually receive it.”

The legislation also combines aid to Southern farmers, California communities devastated by last summer’s wildfire, and hurricane-hit states such as Florida, Georgia and North Carolina. Hurricanedamaged military bases in Florida and North Carolina would receive rebuilding funds, as would Alaskans recovering from last year’s earthquake.

The House passed the measure in January and has scheduled a vote next week on an expanded bill with $3bn for Midwestern states such as Iowa and Nebraska that were recently hit by spring flooding. Senate Republicans, however, want to move more quickly and pass the bill through their chamber that the Democratic-controlled House would simply OK and send straight to Trump.