05042017 business

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thursday, may 4, 2017

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Govt puts Bahamas ‘at tremendous risk’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Deputy Leader of the FNM Peter Turnquest

The FNM’s deputy leader yesterday accused the Government of treating the Public Treasury as “a bottomless pit” through its pre-election spending commitments, warning that it had placed the Bahamas “at tremendous risk”.

K P Turnquest told Tribune Business he had already reconciled himself to facing “a total mess” should the FNM win next week’s election, given that the Government’s promises would

bind any incoming administration.

He argued that the Christie administration was making numerous commitments the Bahamas “can ill-afford” in a last-minute bid to shore up its support, and secure a win at the ballot box.

Mr Turnquest accused it of defying warnings from the International Monetary Fund (IMF), credit rating agencies and now the Central Bank of the Bahamas, which are all calling on the Government to curb its soaring expenditure if this nation is to narrow its $300 million-plus deficits in the short-term.

See pg b5

KP: Bahamas can ‘ill-afford’ spending commitments Says Treasury being treated like ‘bottomless pit’ Warns that next Govt’s hands are being tied

Bahamas ‘may need’ vacation rentals tax ‘Ball in Bahamas court’ over tax exchange pledges Minister: ‘We must keep

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net “The ball is in the Bahamas’ court” to meet its automatic tax information exchange commitments, a senior industry executive yesterday saying there is “no alarm” about this nation having to alter its approach.

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that the private sector acknowledged the Government may “have to consider a policy change” on how this nation implements the Common Reporting Standard (CRS).

She was speaking after Organisation for Economic Co-Operation and Development (OECD) representatives last week warned that the Bahamas must “take quick action” to avoid being ‘blacklisted’.

Monica Bhatia, who leads OECD’s Global Forum secretariat, said the Bahamas was perceived as “the last

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

‘No alarm’ if nation has to alter CRS policy approach BFSB chief acknowledges position may change Issue is can Bahamas close enough tax deals tax haven standing” and an “outlier” because it was the sole financial centre of any significance to persist with the bilateral approach to CRS implementation.

Emphasising that the Bahamian financial services industry’s priority was to avoid any ‘blacklisting’, Ms McCartney said this objective meant there was an acceptance the CRS implementation policy may need to change given the increasing pressure from the See pg b10

The Minister of Tourism yesterday said the Bahamas has to keep a “close eye” on the booming Airbnb vacation rental market, suggesting the Government may have to levy a room tax on it to maintain a ‘level’ playing field’ with the hotel industry.

Speaking with Tribune Business, Obie Wilchcombe said that the increasingly popular Airbnb and vacation rental segments are impacting Bahamian hotel occupancies, as many destinations struggle to get a handle on the trend.

“We are finding a mechanism to make sure we could monitor it better,”Mr Wilchcombe said. “We See pg b6

close eye’ on sector

Notes adverse impact on hotel occupancies

Minister of Tourism Obie WIlchcombe

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Freeport utilities regulation dispute ‘back at forefront’ URCA wants ‘clear position’ on its authority Feels Cable Bahamas breaching Comms Act Provider, GB Power hold to Hawksbill Creek

By NEIL HARTNELL Tribune Bu si ness Editor nhartnell@tribunemedia.net The long-running dispute over who has regulatory authority for Freeport’s utilities is “coming to the forefront” again, URCA’s chief executive yesterday hoping negotiation will resolve differences with Cable Bahamas and GB Power Company.

Stephen Bereaux told Tribune Business that both communications and energy providers, and the regulator itself, needed “a clear and consistent position across all sectors” as to whether URCA or the Grand Bahama Port Authority (GBPA) holds supervisory responsibility.

In the absence of any Supreme Court ruling on the issue, Mr Bereaux said the Utilities Regulation and Competition Authority “has to assume” the authority and responsibility is its own.

See pg b6

Revived provider targets ‘100-plus’ staff in next year

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A rejuvenated Bahamian communications provider yesterday said it plans to expand its workforce to 100-plus persons over the year, and invest $3 million in completing its network roll-out.

Michael Broome, IP Solutions International’s (IPSI) newly-appointed chief technology officer, told Tribune Business that the company’s network and products were currently in a 90-day testing phase prior to being formally launched.

He pledged that IPSI will offer “a better option” than rival communications providers, as it gradually ramps up its business to include Internet and IPTV (Internet Protocol TV) offerings.

“We’re probably going to be looking at bringing in 100-plus employees in the next year,” Mr Broome told this newspaper, adding that IPSI’s business plan called for a $3 million spend to complete the network infrastructure.

He said new hires would

IPSI to spend $3m on network completion Currently in 90-day testing period be trained in marketing, customer sales and technical support, and added: “More than anything else, what we’re trying to go after and accomplish in the Bahamas is to be more innovative than any of the other companies.

“Communications is moving every day and morning. There’s new ideas, innovations and migrations.

What we want to be able to do is step into the front line and be that company where a lot of the Bahamas and Bahamians say: ‘Wow, that company’s really a leader’.

We believe we can step up to achieve that.”

Little has been heard from IPSI for some twothree years, after the company decided not to enter the bidding process for the See pg b10

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THE TRIBUNE

How to combat IT’s ‘weapon of choice’ From viruses and worms to rootnets, trojans, bots and more, malware - short for ‘malicious software’ – has become the cybercriminal’s weapon of choice for subverting digital devices.

No device is immune.

Malware can infect anything that accepts electronic information, including such unconventional targets as cash registers, cameras and even cars. This

Deloitte’s Shavonne Smith warns that even the most innocuous actions can expose companies to cybercriminals increase may represent a significant vulnerability in environments where employees use smart phones, tablets, laptops and other mobile devices for both personal and business purposes.

A company with highly mature anti-malware will address the problem from both the user and technology sides. On the user front, a company should develop, communicate and enforce policies that limit the use of

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personally-owned devices for business purposes and vice versa. This can help prevent users from infecting corporate devices with malware prevalent on sites visited mainly for personal reasons, as well as reduce the risk that an infected personal device will contain sensitive corporate information.

Loose lips still sink ships

No one questions the need to protect information that a company designates as confidential. What many people do not realise, however, is that cybercriminals can also benefit from information that the company and others intentionally share.

Human resources may unknowingly put details in a job description – say, for an IT security position – that reveal the precise version of the enterprise resource-planning platform your company is running, and the security software you are using to protect it.

An employee posting to a social media site may mention in passing that he or she manages the company’s passwords, thereby telling cybercriminals exactly who they need to target - using phishing and other social engineering tactics - to gain access to your company’s network. Stringent policies should be written

into the company’s agreements with employees, suppliers and contractors.

Mature cyber threat risk management: Proactive and preemptive To conclude, we would like to note that the approach we have outlined in this series is not intended to be a substitute for a formal, rigorous IT security assessment performed by specialists.

Instead, we have endeavoured to give companies a head start towards understanding their own capacity and capabilities for managing and mitigating the ever-present risk that cyber threats pose today.

The insights a company may gain through these steps can help guide further inquiries that examine the issue in greater depth. This may include requesting a formal assessment on how a company can move its cyber threat risk management practices toward a more proactive, preemptive and mature approach.

In closing, we believe that exploring cyber threat risks with the executive team can yield dividends beyond helping a company to improve governance in this area of risk alone. It can also provide an opportunity to build a more productive dialogue with executives about IT risk management in general.

Shavonne Smith • NB: The information in this series is based on the Deloitte white paper, ‘Risk intelligent governance in the age of cyberthreats’.

For more information on Deloitte Bahamas Risk Advisory Services’ Cybersecurity offering, contact Lawrence Lewis, risk advisory services partner, at 1(242)302-4898 or llewis@ deloitte.com, or Shavonne Smith, senior risk advisory services consultant, at 1(242)302-4880 or shasmith@deloitte.com.

Ms Smith holds a Master of Science (MSc) degree from Capitol College in Baltimore, Maryland, and specialises in information assurance and network security. She also holds the CISA designation (Certified Information Systems Auditor), and several Microsoft certifications.

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Thursday, May 4, 2017, PAGE 3

URCA mandates 15-year renewable payback clarity

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Regulators have mandated that Bahamas Power & Light (BPL) alter its renewable energy interconnection agreement to give homeowners certainty of a 15-year payback, and make it clear that ‘fuel charge’ compensation is only temporary.

The Utilities Regulation and Competition Authority (URCA), in assessment of the energy monopoly’s small scale residential offering (SSRG), said the “variable” length of interconnection agreements was unsatisfactory for Bahamians seeking a return on their renewable energy investments.

The SSRG programme is designed to kick-start BPL grid tie-ins for residential solar and wind systems that are up to standard, and URCA said: “URCA notes

Puerto Rico turns to courts for debt protection SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor turned to the courts Wednesday to protect the U.S. territory from a crushing $73 billion debt in the largest effort ever made by a U.S. government to shield itself from creditors.

Gov. Ricardo Rossello made the announcement after negotiations with Puerto Rico’s bondholders failed.

Rossello said a federal control board overseeing the island’s finances agreed with his request to put certain debts before a federal bankruptcy court.

The outcome of the case could have implications for financially troubled U.S. cities or states.

“We’re going to protect our people,” the governor said hours after the territory was hit with multiple lawsuits from creditors seeking to recuperate the millions of dollars they invested in bonds issued by Puerto Rico’s government, which has declared several defaults amid a 10year recession.

Rossello said one of the lawsuits sought to claim all revenues generated by the island’s Treasury Department for bondholders.

“I’m not going to allow that to happen,” he said.

Rossello said the debts of some agencies will be restructured in court, while others will be resolved through negotiations with bondholders. He said he did not yet have details on the breakdown of those debts.

The island’s Electric Power Authority owes some $9 billion, the Aqueducts and Sewer Authority has roughly $5 billion in outstanding debt and the Highways and Transportation Authority owes around $7 billion.

BPL ‘unfair’ to wipe out credits after one year Requires utility to clean up compensation language that BPL’s proposed draft suggests that the term of the interconnection agreement would be variable, depending either on the length of BPL’s ‘pilot programme’ or other factors, which are not clearly set out.

“URCA considers that in order to properly secure customer-generator investments in renewable generation systems, the agreement must be of fixed length, which must be of sufficient duration to ensure recovery of the customer-generator’s investment. URCA has therefore inserted an

amendment to fix the term of the agreement at 15 years.”

BPL will pay renewable energy suppliers using a ‘net billing’ method as opposed to ‘net metering’, using meters capable of monitoring energy flows in both directions.

It will credit homeowners for energy supplied to the grid in excess of their own use based on “based on BPL’s applicable fuel charge prevailing during the month the energy is supplied”.

URCA, though, is requiring BPL to amend its interconnection agreement such that it acknowledges the method for calculating consumer compensation may be changed “from time to time”.

“URCA’s current position is that it should be set at the fuel charge for the time being, but will be revised by URCA during 2017 based on a cost assess-

ment to be conducted, and will be revised from time to time thereafter,” URCA added of BPL’s compensation method.

“URCA’s decision on the feed-in tariff is that the fuel charge will be used as an interim rate only until URCA has completed its net billing tariff study this year, at which time URCA will approve - and BPL will be required to implement - a new net billing rate based on the results of that study.”

BPL had also proposed that if the homeowner supplies more energy than they consume, a credit will be applied to their account and carried forward into the next month. Credits will roll forward until October of each year, when they will be reset to zero.

URCA, though, rejected this as “unfair”. It added: “BPL has advanced no justification for the proposal that customer-generators would not be fully com-

pensated for the electricity which they generate and supply to BPL. “URCA has amended the language to provide for payment by BPL to the customer-generator on an annual basis, where the customer’s account holds a credit balance after offset of payment for power taken from BPL.” URCA added that it had also modified the capacity limits on the amount of energy homeowners could supply to the grid, finding that BPL had not complied with the limits set in the regulator’s initial findings.

It also introduced a requirement that residential suppliers of renewable energy to the grid obtain general liability insurance, in the event BPL personnel or others suffer harm.

And URCA also found that BPL’s renewable energy policy statement “does not fully comply” with the Electricity Act 2015’s re-

Bahamas ‘one foot off the fiscal cliff’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A governance reform campaigner yesterday urged all political parties to be mindful of the Bahamas’ fiscal situation when making pre-election promises, arguing that none were “worth voting for” if they did not promise a Fiscal Responsibility Act. With the 2017 general elections just days away, Rob Myers, a principal with the Organisation for Responsible Governance (ORG), warned against election “pandering”.

He added that if there are no Budget allocations for pre-election promises, they are no more than election ploys.

“I think that is a concern that is shared by many people, and that is that you have got the tendency, particular-

ly of the incumbent government, to pander to the various groups with the hope that it will help them win an election,”Mr Myers said.

“My only concern is obviously whether it is being done with a clear consideration of our fiscal situation, where these things are actually budgeted in the 2017-2018 Budget. If they were not budgeted then it is clearly an election ploy.

“If they were budgeted then we have got to make sure that we can meet those expenditures and justify those expenditures, otherwise we are only pushing ourselves further off the fiscal cliff. With our GDP where it is at the moment there is reason for significant concern.”

Mr Myers added that ORG has repeatedly campaigned for a Fiscal Responsibility Act, saying: “Any government that does not do that is not worth voting for.

“We can’t do things willy nilly and expose this nation to serious fiscal peril.

If promises are made and things are budgeted, then fair enough, but if they are not then it’s political pandering and that’s irresponsible.”

Mr Myers added: “The point of the Fiscal Responsibility Act is that it would require the Government to put out a very specific budget and live within that budget, while showing how it is going to be fiscally responsible and deal with deficits and the debt.

“If they don’t do that then we, the people, are left exposed. If governments don’t exercise fiscal responsibility we are going to hit that fiscal cliff. My guess is that we’re probably one foot off the edge of that fiscal cliff.”

quirements.

“Section 25(3)(b) of the Act requires BPL’s renewable energy plan to have a policy statement giving preference to renewable energy resources in all procurement processes if there are no compelling reliability or cost considerations,” URCA said.

“This means the Act requires BPL to add renewable capacity if a renewable source is economically viable. That is, if the renewable energy source will reduce the overall cost of electricity, compared to existing generation sources and other alternatives.

“BPL’s policy statement does not clearly reflect the Act’s requirement to give preference to energy sources because the statement only mentions BPL ‘will give consideration to renewable energy sources’, which does not mean giving preference to renewable energy sources.”

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THE TRIBUNE L to R: Roberto Gonzalez Barrera (Mexico), newlyelected ACSDA president; Nerika Burrows, BCSD president; Melissa Campbell, BCSD assistant manager; and Bruce Butterill, executive director of ACSDA (Columbia) at the ACSDA General Assembly in Bolivia.

L to R: Marlon Yarde, the Barbados Stock Exchange’s managing director, and managing director of Barbados Central Securities Depository; Nerika Burrows, BCSD president; and Keith Davies, BISX chief executive, at the Jamaica Stock Exchange Investments and Capital Markets Conference.

Securities body gains regional recognition The Bahamas Central Securities Depository (BCSD) has joined the America’s Central Securities Depositories Association (ACSDA).

Membership gives the BCSD, the primary share registrar and transfer agent in the Bahamas, access to a network of information and experiences among depositories and clearing houses in the region.

ACSDA, headquar-

tered in Lima, Peru, will also support the BCSD in adopting securities market regulations, and facilitate constant communication with industry partners worldwide. ACSDA is a member of the World Forum of Central Securities Depositories (WFC).

The BCSD’s membership journey involved active participation at various conferences and workshops across the Caribbean, the US and South America.

Nerika Burrows, the BCSD’s president, said: “I am proud of the steps we’ve taken to achieve this level of international recognition, and expressed heartfelt thanks on behalf of BCSD when we were inducted at the ACSDA General Assembly meeting in Bolivia.”

The BCSD also successfully secured the next ACSDA annual General Assembly, which will be held in Nassau during April 2018.

L to R: Marlon Yarde, Barbados Central Securities Depository chief executive; Nerika Burrows, BCSD president, Trevor Blake, ACSDA executive committee member and chief executive of the Eastern Caribbean Central Securities Depository; and Melissa Campbell, BCSD assistant Manager.

BCSD president, Nerika Burrows, expressing thanks for BCSD’s induction into ACSDA at the latter’s general assembly meeting in Bolivia.

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THE TRIBUNE

Thursday, May 4, 2017, PAGE 5

Aliv teams with BTVI for $30,000 sponsorship The Bahamas’ new mobile operator yesterday partnered with the Bahamas Technical & Vocational Institute (BTVI) to provide a three-year, $30,000 sponsorship as its official telecommunications sponsor.

Damian Blackburn, Aliv’s top executive, said at the contract signing: “We believe in working with the community, and have created programmes and partnered with organisations directed at areas that will have the most sustainable and positive impact on the country.

“Undoubtedly, obtaining a quality education is important, and the company is dedicated to helping advance the educational pursuits for people of all ages.

“The importance of access to a high-quality education has become an everincreasing realisation with the evolving global environment, so we are furthering the ALIV commitment through extending opportunities for those following their scholastic pursuits at BTVI. “ Mr Blackburn added: “We hope that through our support, students of BTVI are driven to excel in their

academic interests and, following completion of their degrees or programmes, secure fulfilling careers and family-sustaining employment.”

Mr Blackburn also welcomed graduates to explore career opportunities at Aliv.

Aliv’s sponsorship includes financial support for the commencement exercises in New Providence and Grand Bahama. It also

Govt puts Bahamas ‘at tremendous risk’ From pg B1 “These guys, in the last few weeks, have put this country at tremendous risk with the nonsense they’ve done,” the FNM deputy leader blasted to Tribune Business.

“The Bahamian people ought to hold them accountable. It’s not responsible for the Government to have done the things they have done in the last five weeks.

It’s irresponsible.”

Mr Turnquest said he had personally heard more discussions about the risk of a Bahamian dollar devaluation, and of both local and foreign investors seeking to transfer assets, investments and funds away from this nation.

“People are now starting to talk about the ‘D’ word in a significant way,” he warned, “and are also talking about capital risk and flight.

“I’ve already decided, or

reconciled in myself, that we will be inheriting a total mess. This government seems intent on its successor being bogged down in all manner of issues. It’s going to be a very difficult year coming up. The Budget will be very difficult to manage, but we will have to be very responsible.’

The Government has effectively embarked on a spending spree leading up to the May 10 general election, without estimating the cost to Bahamian taxpayers or how it will be paid for.

Among the ‘treats’ handed out were the largest-ever promotions exercise at the Royal Bahamas Defence Force (RBDF), with 427 officers promoted this week.

This came one day after 851 Royal Bahamas Police Force (RBPF) officers were promoted, and less than a week after the Government pledged to pay long-promised overtime payments.

The newly-released Baha

involves the newly-instituted Aliv Graduate Award for an outstanding graduate from both New Providence and Grand Bahama.

Aliv will open stores on both BTVI campuses “in the near future”.

BTVI’s president, Dr Robert Robertson, said: “Investing in our young people is certainly one of the best investments any organisation can make.

“We believe the dividends reaped will be tremendous for this community, the business community and, ultimately the country, as we at BTVI are charged with closing the workforce skills gap.”.

BTVI has more than 20 corporate and civic partners that offer scholarship support to over 55 students.

Mar Heads of Agreement also commits the next administration to a massive, multi-million dollar energy and wastewater treatment infrastructure upgrade while relieving the project’s new owner, Chow Tai Fook Enterprises (CTFE), of any responsibility to help finance this.

The Christie administration is also ‘regularising’ 3,000 part-time public sector workers into full-time, pensionable civil servants a move that will further add to recurrent spending and a $1.5 billion public sector pension deficit.

This comes on the back of a 4,500 net increase in the civil service since it took office in 2012. Mr Turnquest said that while neither he, nor the FNM, begrudged any of these promotions or appointments, the cashstrapped state of the Public Treasury raised serious questions as to whether the Bahamas can afford all this.

“While we applaud these deserving officers’ promotions, we have to be responsible with the taxpayers’ dollars,” Mr Turnquest

told Tribune Business, “and recognise this is not a bottomless pit; this is not a piggybank to play with.

“These are people’s lives.

I’m very, very concerned about the commitments they’ve made. We have a recurrent debt that’s been increased by the salary obligations added to our payroll.

“I’m very concerned about the lump sum payments coming due, and how we meet those obligations we will find in place. It gives you very little room for manoeuvre going forward.”

The Christie administration has added more than $2 billion to the national debt, the highest sum ever incurred in Bahamian history during a single term in office.

This exceeds the $1.5 bil-

lion added to the now-$7 billion national debt by the former Ingraham administration, which was roundly criticised by the then-PLP Opposition for doing so.

The Christie administration’s debt has also been achieved despite the benefit of a $756 million net revenue increase since the January 1, 2015, introduction of Value-Added Tax (VAT).

Mr Turnquest said the Government was effectively ignoring the latest “admonition” by the Central Bank of the Bahamas’, which this week urged the Bahamas to implement “sustained expenditure controls” if it was to meet its medium-term fiscal consolidation targets.

Arguing that Baha Mar’s impact was likely to be “muted” and “delayed”, the FNM’s deputy leader add-

ed: “For them to achieve any kind of balance, they need to rein in expenditure.

They’ve increased expenditure by 11 per cent every year for the last five years.

“The IMF and the rating agencies have been saying for the last five years that expenditure controls are an important part in the fiscal consolidation plan, but every year we see these increases in expenditure and no real attempt to rein them in.”

Mr Turnquest accused the Government of hypocrisy, saying it had criticised its predecessor for signing contracts in the run-up to the 2012 election, only to now do exactly the same thing - along with temporary public sector hires.

PAGE 6, Thursday, May 4, 2017

Bahamas ‘may need’ vacation rentals tax From pg B1 began it last year when we asked all Airbnbs to register with the Ministry of Tourism, along with private home owners.

“The thrust is they pay no taxes. We have to monitor it and ensure that they are properly managing it, because the Government may have to consider securing something similar to a hotel room tax.”

Mr Wilchcombe added: “We have to pay attention to the Airbnb segment.

More and more travellers are seeking the Airbnb.

Many people are moving away from the hotels and are more into private rentals; that’s a trend globally.

“In one country they have already had to outlaw

it because it’s impacting the tourism industry. People are coming but hotel occupancies are dropping.

There are a large number of private homes in the Family Islands, and some in New Providence as well.”

Airbnb is an online marketplace and network that enables homeowners to list/rent short-term stays in their residential properties to tourists, with the cost set by the property owner.

Prominent Bahamian realtors, such as Mario Carey, have already urged the Government to get a better regulatory grip on the vacation rental market, warning that it is losing potentially valuable tax revenues.

And a recent study by Oxford Economics, on behalf of the Bahamas-based Or-

Freeport utilities regulation dispute ‘back at forefront’ From pg B1 He added that URCA was merely following the Communications Act, which mandated that it regulate the sector throughout the Bahamas - with no exemption or ‘carve out’ provided for Freeport.

URCA’s stance, though, conflicts with that of both Cable Bahamas and GB Power Company. They are arguing that Freeport’s founding treaty, the Hawksbill Creek Agreement, effectively usurps URCA’s statutes and makes the GBPA their primary regulator within the Port area.

Mr Bereaux was speaking after URCA’s 2016 financial statements revealed that more than 50 per cent of its $895,092 accounts receivables were fees it claims are owed by BISX-listed Cable Bahamas.

These are fees URCA believes should be levied on

the revenues generated by Cable Bahamas’ Freeport subsidiary, Cable Freeport, but the communications provider is disputing this.

Setting out their dispute, URCA’s financial statements state: “Included in account receivables is $448,245 due from Cable Bahamas for fees billed for the years 2009, 2010, 2011 and 2012.

“These fees have been calculated on revenue generated for Cable Bahamas’ operations in Freeport.

Cable Bahamas has maintained that based on provisions of the Hawksbill Creek Agreement, the Authority [URCA] does not have the legal basis to license its operations in the Freeport area.

“The Authority, however, believes that Cable Bahamas is in breach of Parts IV and XVI of the Communications Act, and as such has pursued regulatory meas-

THE TRIBUNE

ganisation for Responsible Governance (ORG), called for the Bahamas to exploit the growing second home and vacation rental market, suggesting the benefits could be “quite substantial” for government taxes, land values, construction and foreign currency inflows.

“According to the Airbnb data, there are currently 908 active Airbnb rentals in the Bahamas with an occupancy rate of 17 per cent,” the study said.

“This implies a total of 56,000 room days of rentals. We further assume an average of two people per Airbnb property, and a total of 6.7 nights per visitor to the Bahamas, for a total of 16,700 tourists to the Bahamas currently staying in Airbnb out of 1.5 million overnight visitors.

“With an average spending of $1,500 per overnight visitor to the Bahamas, this implies spending of $25

million by those staying in Airbnbs, including their spending on the Airbnbs themselves.”

The Oxford Economics study said an increase in visitors equivalent to 50 per cent of current Airbnb activity would add 8,350 tourists annually, and $13 million in visitor spending.

Excluding 50 per cent of that $13 million from its analysis, as that represented lease costs, the ORG study said: “The full economic impact - direct, indirect, and induced - of additional spending by these new tourists is estimated at $9.8 million of additional GDP and 225 new jobs.

“The sectors most affected are community, social and personal services, which receives 35 per cent of the GDP impact and 50 per cent of the jobs impact, and hotels and restaurants, which receive 23 per cent of the GDP and 18 per cent of

the jobs impact.”

Meanwhile, Mr Wilchcombe asserted yesterday that this nation’s tourism sector has enjoyed a ‘strong’ first quarter despite the Central Bank’s suggestion to the contrary.

The regulator, in its March 2017 economic report, said: “Indications are that tourism sector performance weakened in the first quarter of 2017. Data from the Nassau Airport Development Company (NAD) showed passenger traffic at Lynden Pindling International Airport contracted by 6.5 per cent - net of domestic departures - during the three months to March 2017, compared to a 4 per cent gain in the prior year.”

Describing the later Easter 2017 as “a factor”, the Central Bank said returning US passenger numbers fell by 7 per cent during the three months to end-March 2017, compared to a 5.5 per

cent improvement last year.

Other international departures were down 3.9 per cent, following a 3.4 per cent decline a year earlier.

LPIA’s second quarter departure traffic will provide a much clearer indication of the tourism industry’s performance, as it will include the peak Easter weekend.

Mr Wilchcombe told Tribune Business: “We have been strong; tourism has been doing extremely well this year. Our arrivals numbers are up.

“We have had a number of conferences and events that we didn’t have last year, and we are going to get a strong summer and winter season. There is growth around the islands. What you might see is the impact of the hurricane on Grand Bahama, which could be affecting overall numbers.

The opening of Baha Mar will also have a positive effect.”

ures against Cable Bahamas with the view to resolve this matter.”

Anthony Butler, Cable Bahamas’ president and chief executive, did not return Tribune Business phone calls seeking comment before press time last night.

When asked about the “regulatory measures” URCA is pursuing against Cable Bahamas, Mr Bereaux replied: “At this stage, we are in the preliminary determination phase.

“We have issued a preliminary determination, and will probably be issuing a further preliminary determination subject to further discussions.”

Mr Bereaux said URCA’s ‘preliminary determination’ dealt with the “non-payment of fees” on Cable Bahamas’ Freeport earnings, and acknowledged that the regulatory issue had vexed all sides for years.

“It’s been a difficult issue for all parties for years,” he told Tribune Business. “It is coming to the forefront, as URCA’s regulatory author-

ity in Freeport needs to be made clear.

“We are regulating Cable Bahamas in Freeport. We are doing it on a day-to-day basis, and the question of fairness to other operators has to be addressed. We also have to resolve the same issues with the electricity sector.

“We do need a clear and consistent position across all sectors. We are in discussions with Cable Bahamas, and all concerned, including the Government, to ensure there is a clear and consistent way forward,” Mr Bereaux continued.

“URCA’s role is not to force itself, but to ensure there is a clear and consistent position across the board.”

Cable Bahamas previously won a 2011 Supreme Court verdict against fees demanded by URCA’s predecessor, the Public Utilities Commission (PUC), on the grounds that the regulator had no jurisdiction to regulate the city’s communications industry.

Cable Bahamas (and Cable Freeport) won their case on the basis that the former Telecommunications Act permitted the then-PUC to levy fees only on its licensees. Cable Freeport, of course, did not fall into that category because it was a GBPA licensee.

However, then-Justice Hartman Longley declined to rule on the wider issues - whether the PUC, and by extension URCA, had

jurisdiction in Freeport, and whether Cable Freeport should be licensed by URCA. These are the issues all sides are grappling with now, and Mr Bereaux told Tribune Business: “URCA’s assumption has to be that it has the regulatory authority.

“Without a competent tribunal [the courts] making a clear decision, URCA cannot take the view that the Communications Act does not include Freeport. It says it applies to the whole Bahamas. Freeport is in the Bahamas.”

Mr Bereaux added: “Cable Bahamas has its arguments, but from URCA’s perspective we are completely bound by the Act. The Act says it’s the whole Bahamas, so that’s how it must be. There’s no discussion to be had.”

He suggested that Cable Bahamas needed to take the matter before the Supreme Court for legal determination if it felt strongly about it.

Whether a national utilities regulator should have primary responsibility for Freeport, rather than the GBPA, is another variation of a theme that has plagued the Government’s relationship with the city.

The issue strikes directly at the Hawksbill Creek Agreement, the GBPA fearing that giving up regulatory responsibility in Freeport would undermine the Act/ agreement that is the very basis for the city’s existence.

Justice Longley suggested in his ruling that the enactment of the Communications Act 2009 would open the door to further legal challenges by URCA, and this could still be the ultimate destination.

For GB Power Company has gone further than Cable Bahamas in adopting the same approach, initiating legal action last year to prevent URCA “from regulating, or seeking to exercise licensing and regulatory authority”, over it.

Its amended statement of claim, filed on July 7, 2016, wants the Supreme Court to declare that GB Power can carry on its business without requiring a public electricity supplier licence from URCA. GB Power’s action is founded on the basis that, as a GBPA licensee, it is licensed and regulated by the latter via the Hawksbill Creek Agreement - and not

by URCA and the Electricity Act 2015.

It is arguing that the Electricity Act’s sections 44-46, which give URCA the legal right to licence and oversee energy providers, “are inconsistent, and conflict with, the rights and privileges vested in [GB Power] and the Port Authority” by the Hawksbill Creek Agreement.

Mr Bereaux confirmed that URCA was still in talks with GB Power Company on the issue, and said: “The key takeaway is we are hopeful both matters can be brought to a satisfactory conclusion with discussions with all parties involved Cable Bahamas, GB Power, URCA, the GBPA and the Government.”

Implying that the Government and the GBPA were the key players, he added: “The question of URCA being the regulator for the utilities sector in Freeport, and how we do that in the context of the law, is what needs to be determined.

We’re trying to bring it to an end.”

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PAGE 10, Thursday, May 4, 2017

Revived provider targets ‘100-plus’ staff in next year From pg B1 second mobile license won

by Cable Bahamas (Aliv).

The company’s potential sale to Limitless Mobile was never completed, and Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, remains IPSI’s president and chief executive.

Mr Broome said IPSI was now effectively involved in a joint venture partnership with his company, Sun ISP (Bahamas), which is handling the network build-out and providing all necessary

technical support.

“We just went live actually today, and are kind of focusing right now on building the foundation of the network and the capabilities as far as redundancy,” he told Tribune Business.

“When we roll-out to the market here, we want to make sure customers, especially business customers, don’t have any issues when they go down. We can never, ever let them go down.”

Mr Broome explained that IPSI wanted to reduce dropped calls and network outages to an absolute minimum before it launched,

‘Ball in Bahamas court’ over tax exchange pledges From pg B1 OECD, European Union (EU) and their members.

“There is acknowledgement that the Government will have to consider whether we meet the requirements of the OECD, and also whether there needs to be a change in policy,” the BFSB chief executive told Tribune Business.

“I do not believe the laying on the table, so to speak, that we need to consider the Multilateral Convention on

Tax Matters, caused any alarm. No overwhelming alarm or concern was expressed by industry to the possibility of us having to take a new course.”

As revealed by Tribune Business, the Bahamas is now isolated, and under growing pressure, to bow to international demands that it automatically exchange tax information on a ‘multilateral’ basis, with the EU and its members refusing to accept this nation’s pre-

THE TRIBUNE

and was currently testing its infrastructure with 2,000 customer “guinea pigs”.

IPSI is initially targeting the corporate market, including small and large businesses, with fixed-line voice and Internet services, including the provision of PBX systems that can allow up to 1,000 users.

It will also offer various apps for data users. “One of the greatest things we have is our own app,” Mr Broome said. “If you fly to Miami we provide you with a SIM card that you can turn on.”

He added that this would eliminate roaming fees for Bahamian travellers, with IPSI planning to use these ‘building blocks’ as a

springboard to ultimately provide IPTV and communications services to residential customers.

“It’s better to have our foundation and move from there, so we can have a strong network and coverage,” Mr Broome said, adding that IPSI would effectively “migrate” to Sun ISP’s own network.

With Sun ISP already providing services for communications carriers to call into the Bahamas, Mr Broome said testing had already shown IPSI is able to offer carrier-to-carrier services within this nation.

“In another 90 days we will be done with the testing,” he told Tribune Business. “We will take a report

and review feedback from everyone; what worked, what didn’t, what customers didn’t like. It makes our job a lot easier.”

Mr Sumner, in a statement yesterday, acknowledged that IPSI had endured “growing pains” as he welcomed Mr Broome to the company.

“Michael brings more than 15 years of experience in designing and configuring voice and data communications,” said Mr Sumner.

“His exceptional skills bring value and expertise to our team, and we are excited to see the launch of our products and services under his leadership.”

Mr Broome added: “Reliable phone and Internet

services are vital for business and individuals living in the Bahamas. Today’s generation is dependent on secure, reliable Internet.

“Many people now work remotely and need a connection that does not go out on a regular basis. Families also are online using social media and keeping in touch with others around the world. And let’s not forget that many people shop online.

“Even with Skype and other technologies, people still rely on their telephones, smart phones and tablets.

We will include many free add-ons you would normally pay for with other providers, including three-way calling and voice mail.”

ferred approach.

The Bahamas previously agreed to implement the CRS, the OECD global standard for automatic tax information exchange, via a bilateral approach that involved negotiating agreements on an individual country-by country basis.

However, the OECD and its developed country members have been steadily increasing the pressure on the Bahamas to switch to the ‘multilateral’ approach, requiring this country to negotiate tax deals with allcomers at once.

The Bahamas has been left exposed by the decisions of Hong Kong, Panama and

the United Arab Emirates to switch from the bilateral to multilateral approach, which has left this nation as the last international financial centre (IFC) of significance that is sticking to the former.

Tribune Business sources present at last week’s seminar with the OECD said the body had cleverly modified its arguments, and objections, regarding the Bahamas’ choice of the bilateral implementation route.

Given that it had previously approved the ‘bilateral’ route as an option, the OECD knows it is open to charges of ‘hypocrisy’ and ‘goal-post moving’ if it simply demands the Bahamas goes multilateral.

Instead, its officials last week argued that the Bahamas had left it too late to use the bilateral approach to meet its automatic tax information exchange commitments by the September 2018 deadline.

The OECD’s presentation to the Bahamian financial services sector was described as “dripping with sarcasm” by one observer, who said it employed the theme: ‘Why are you always the last guys to comply?’

Its representatives employed the analogy of a highrise building to describe the Bahamas’ situation, saying that all other countries were taking the elevator to the top via the multilateral approach, and this country was the only one using the stairs.

Several financial industry sources, speaking on condition of anonymity, told Tribune Business that given the EU’s stance and the pressing compliance deadline, combined with this nation’s bilateral ‘isolation’, the Bahamas was unlikely to be able to “hold out”.

Hope Strachan, minister of financial services, appeared to subtly acknowledge this last week when she spoke to Tribune Business, her words effectively laying the ground for a policy shift by whoever is elected as the next government.

Tribune Business also understands that the Bahamian financial services industry, and its various working groups, have already been asked for feedback on the potential impact of switching to the ‘multilateral’ CRS implementation approach.

“My take away from it was this,” Ms McCartney told Tribune Business. “The ball is in the Bahamas’ court to demonstrate it can effectively implement the CRS. “We have to consider objectively the extent to which we can stand up to scrutiny.

If policymakers determine, despite our best efforts, that we are not where we need to be, a policy position will have to be taken.

“The question is: Can we close sufficient agreements in the timeframe we have?

Legitimate assessments have to be done by policymakers, and we have to do enough in the best interests

of the sector to avoid blacklisting and ensure we live up to our commitments. There is continued agitation for us to consider signing the Multilateral Convention.”

Ms McCartney said last week’s seminar had clarified issues surrounding the CRS’s implementation and provisions, and identified provisions of the Multilateral Convention where the Bahamas could seek to obtain “reservations”.

“Ultimately, whatever we do has to put us in a position to avoid adverse listings,” she told Tribune Business.

“There are two things the industry is concerned with.

We don’t want to be on any blacklist, and two, we are mindful clients are concerned with data protection and privacy.”

To allay the latter concern, Ms McCartney said the OECD was conducting assessments of all Global Forum members’ data protection regimes to ensure they are up to standard, and will publish a list of those countries that meet the requirements.

A ‘blacklisting’ along the lines of the 2000 listing by the Financial Action Task Force (FATF) would threaten the Bahamas’ reputation and integrity, causing a potential loss of business and impeding access to developed countries’ financial markets.

THE TRIBUNE

Thursday, May 4, 2017, PAGE 11

Stocks dip as media, health care companies fall; banks jump NEW YORK (AP) — U.S. stocks dipped Wednesday as media and health care companies took losses.

The Federal Reserve left interest rates unchanged, but bond yields and banks rose as investors felt rates will increase soon.

First-quarter results for most companies have been good, but stocks were lower all day as a few big-name companies disclosed shaky results. Media companies tumbled after Time Warner said its cable advertising revenue fell. Apple slipped after iPhone sales came in lower than investors expected, but the stock recovered nearly all of its losses.

The Federal Reserve left interest rates where they were, but also said it expects the economy to start growing at a faster pace. That could set the stage for the Fed to boost interest rates in June. Bond yields and interest rates rose after the Fed made its statement.

That sent bank stocks higher, which narrowed the market’s losses. The dollar also got a bit stronger.

Ryan Detrick, senior market strategist for LPL Financial, said he agrees that the economy will improve following a sluggish first quarter.

“Earnings have been strong across the board,” he said. “The economy isn’t quite as weak as that GDP (report) makes it look.”

The Standard & Poor’s 500 index slipped 3.04 points, or 0.1 percent, to 2,388.13. The Dow Jones industrial average added 8.01 points to 20,957.90.

The Nasdaq composite sank 22.82 points, or 0.4 percent, to 6,072.55. The Russell 2000 index, which tracks smaller companies, declined 8.44 points, or 0.6 percent, to 1,390.92.

The Federal Reserve said economic growth slowed

over the last six weeks as inflation stayed low and spending didn’t increase much. However it expects growth to pick up and said inflation should eventually reach its target of 2 percent.

Experts think it’s likely the central bank will raise rates in June, as it did last December and again in March.

Detrick said he thinks the Fed will raise interest rates two more times this year.

Media companies slumped after Time Warner, the owner of HBO and TBS, said revenue from cable advertising fell in the first quarter. Time Warner has agreed to be bought by AT&T, so its stock hardly budged, but its competitors slumped. Walt Disney shed $2.75, or 2.4 percent, to $111.62, for its biggest loss in almost a year. Viacom sank $3.20, or 7.5 percent, to $39.26 and CBS lost $2.20, or 3.4 percent, to $63.46. Twenty-First Century Fox gave up $1.55, or 5.1 percent, to $28.88.

iPhone sales Apple’s first-quarter iPhone sales and projections for the current quarter weren’t quite as good as analysts hoped. Apple stock struggled in late 2015 and for much of 2016 as iPhone sales slowed down and then fell for the first time.

But they’ve climbed 27 percent this year and the stock closed at an all-time high Tuesday. It fell as much as 2.2 percent early Wednesday, but finished down just 45 cents at $147.06.

Irish generic drug maker Perrigo said its offices were searched as part of a Justice Department investigation into pricing by generic drug companies. Perrigo dropped $3.88, or 5.1 percent, to $72.35. Several other companies have previously disclosed subpoenas

connected to that probe, including Mylan and Lannett.

Mylan fell 98 cents, or 2.6 percent, to $37.19. Lannett had a disappointing quarter as drug pricing remained weak, and its stock tumbled $5.05, or 18.6 percent, to $22.10.

Biotech drugmaker Gilead Sciences reported disappointing profit and revenue as sales of its hepatitis C drugs Sovaldi and Harvoni plunged in all major markets, and its stock gave up $1.38, or 2 percent, to $67.21.

Bond prices turned lower.

The yield on the 10-year Treasury note rose to 2.32 percent from 2.29 percent and banks climbed.

U.S. benchmark crude added 16 cents to $47.82 a barrel in New York. On Tuesday U.S. crude oil closed at its lowest price since mid-November. Brent crude, used to price international oils, rose 33 cents to $50.79 a barrel in London.

Wireless spectrum license company Straight Path Communications continued to soar. It said it’s received an all-stock offer worth $135.96 per share from an undisclosed buyer. AT&T had agreed to pay $95.63 per share. The company said it informed AT&T that the new offer is superior, and AT&T will have three days to decide if it wants to raise its offer.

Straight Path’s stock jumped $29.38, or 23.4 percent, to $155.20.

Vehicle parts maker Delphi Automotive surged after it said it will spin off its powertrain systems business into a separate publicly traded company. Investors often applaud such transactions, which are tax-free, because they can help fastgrowing businesses concentrate on expanding. Delphi’s stock added $8.56, or 10.9 percent, to $87.01.

St Andrew’s School, The International School of The Bahamas is authorised by the Council of International Schools (CIS), the New England Association of Schools and Colleges (NEASC) and was the first school in The Bahamas to offer the International Baccalaureate Organisation (IBO) Primary Years Programme (PYP) and Diploma (IBDP) Programmes.

The School invites applications from qualified and experienced Bahamian candidates and Permanent Residents for the following teaching vacancies with effect from August 2017.

Primary School Vacancies

Learning Support Assistant Teacher with the ability to teach Pre-school thru Grade 5 GENERAL INFORMATION Candidates must be qualified teachers (holding a minimum of a bachelor’s degree or equivalent) with at least two (2) years teaching experience. Previous experience of the PYP and/or the IBDP programmes would be an advantage. Applications from teachers with experience in an Independent and/or International school are particularly welcome.

APPLICATION PROCESS Interested candidates should apply to the School’s Business Office by letter, email or fax as soon as possible.

All applications MUST include the following: • Letter of Application • Curriculum Vitae – to include the contact details of at least three (3) referees • A recent photo Failure to provide all this information may result in your application not being considered.

Please note that only shortlisted candidates will be contacted. If you have not heard from us within four (4) weeks of making an application, please assume your application was unsuccessful.

The closing date for applications is Friday 19th May 2017. Short listed candidates will be invited to interview at the School in May 2017.

No applications will be considered after the closing date.

St Andrew’s School Business Office P.O. Box EE 17340 Nassau, The Bahamas Email: sandrews@st-andrews.com Fax: (1 242) 324 0816

A television screen on the floor of the New York Stock Exchange shows the rate decision of the Federal Reserve yesterday. The Federal Reserve is leaving interest rates unchanged, while signaling that it expects a resilient U.S. economy and solid job market to justify further rate hikes later this year. (AP Photo/Richard Drew)

PAGE 12, Thursday, May 4, 2017

Health bill teeters on the brink as House OK’s budget bill WASHINGTON (AP) — Their health care bill teetering on the brink, House Republican leaders and President Donald Trump intensified their already-fierce lobbying Wednesday to save the long-promised legislation, agreeing to changes that brought two pivotal Republicans back on board.

Democrats stood firmly united against the health bill, which could come up for a vote as early as Thursday. But they generally applauded a separate $1 trillion-plus spending measure to keep the government running, which passed the House on a bipartisan vote of 309-118.

On the health care

front, Reps. Fred Upton of Michigan and Billy Long of Missouri emerged from a White House meeting with Trump saying they could now support the bill, thanks to the addition of $8 billion over five years to help people with pre-existing conditions.

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dition that we brought to the president and sold him on in over an hour meeting in here with him, that we’re both yeses on the bill,” Long told reporters. The potential defections of Upton and Long over the previous 48 hours had emerged as a possible death knell for the bill, and with it seven years’ worth of GOP campaign promises to repeal and replace Democrat Barack Obama’s Affordable Care Act. “’We need you, we need you, we need you,’” Long described as the message from a president eager for a win after spending more than 100 days in office without a single substantive congressional accomplishment, save Senate confirmation of a Supreme Court justice.

Democratic Minority Leader Nancy Pelosi saw more of an acting job than a true change of heart.

Upton “has always been a yes,” she said. “People will say ‘I am a no and give me some fake reason to make it look like the bill is better.’”

The latest iteration of the GOP bill would let states escape a requirement under Obama’s law that insurers charge healthy and seriously ill customers the same rates. Overall, the legislation would cut the Medic-

THE TRIBUNE aid program for the poor, eliminate Obama’s fines for people who don’t buy insurance and provide generally skimpier subsidies. The American Medical Association, AARP and other consumer and medical groups are opposed. The AMA issued a statement saying Upton’s changes “tinker at the edges without remedying the fundamental failing of the bill - that millions of Americans will lose their health insurance as a direct result.”

If the GOP bill became law, congressional analysts estimate that 24 million more Americans would be uninsured by 2026, including 14 million by next year.

Even if the GOP secures a win in the House, the Senate is expected to change the bill.

Separately, on the spending bill to keep the government running, Trump and GOP leaders hailed it as a victory, citing increases in money for the military. But Trump himself has undermined that message by complaining over Twitter about the need for Democratic votes on the bill and suggesting that a “good ‘shutdown’” might be in order.

Some Republicans were not on-message either about the $1.1 trillion spending bill, the bipartisan result of weeks of negotiations in which top Democrats like Pelosi successfully blocked Trump’s most controversial proposals, including a down payment on his oft-promised Mexico border wall, cuts to popular domestic programs, and new punish-

ments for so-called sanctuary cities.

“From my point of view, we pretty well got our clock cleaned,” said Republican Sen. Lindsey Graham of South Carolina.

Democratic votes were needed to pass the measure even though Republicans control both the White House and Congress, which made Pelosi and Senate Minority Leader Chuck Schumer powerful participants in the talks. That resulted in bipartisan outcomes like $407 million to combat Western wildfires and a $2 billion increase for medical research at the National Institutes of Health.

Schumer has crowed over the outcome in a series of interviews, seemingly irking the White House.

Now that it’s passed the House, the mammoth, 1,665-page measure to fund the government through September heads to the Senate, which is also expected to approve it. Despite his complaints, Trump has promised to sign it.

The certain outcome for the spending bill stood in contrast to the suspense shrouding the health care legislation, as the House is to leave Washington for an 11-day recess on Thursday.

There was widespread expectation among lawmakers of both parties that it could come to a vote on Thursday, but if it does it will be without an updated analysis from the nonpartisan Congressional Budget Office about its cost and impacts, a point Democrats complained about bitterly.

Rep. Billy Long, R-Mo., second from right, speaks to reporters outside the White House yesterday following a meeting with President Donald Trump on health care reform. From left are, Rep. Michael Burgess, R-Texas, Rep. Fred Upton, R-Mich., and Rep. Greg Walden, R-Ore. (AP Photo/ Susan Walsh)

THE TRIBUNE

Thursday, May 4, 2017, PAGE 13

Dems shift financial debate to spotlight Trump’s empire WASHINGTON (AP) — The Republican drive to overhaul financial regulations on Wednesday turned into a contentious debate over Democratic efforts to cast a spotlight on President Donald Trump’s business empire and his refusal to release his tax returns.

House Republicans are working to undo much of the 2010 Dodd-Frank law that put the stiffest restrictions on banks and Wall Street since the 1930s Depression. Democrats don’t have the numbers to stop their efforts in the House, but they are intent on making them pay a price if any conflicts of interest emerge for Trump down the road.

A House panel spent much of the day Wednesday debating an amendment that would bar the GOP replacement for the law from going into effect until the Office of Government Ethics certifies that the changes in the bill would not directly benefit Trump or any of his appointees with influence over federal regulations.

“As members of Congress develop a public policy, you

have a responsibility to ensure this president is not benefiting,” said Rep. Maxine Waters, the top Democrat on the House Financial Services Committee. “Why hasn’t he shown his tax returns? That would help us understand whether or not he’s benefiting from any of our work.”

Republicans called the amendment as “partisan as it gets.”

“One thing after the next, I see my colleagues on the other side do everything in their power to undermine this president and it’s wrong,” said Rep. Lee Zeldin, R-N.Y. Presidents are not subject to the conflict-of-interest laws that their own appointees must follow, but until now they have followed them anyway to set an example. Trump is blazing a different trail by refusing to give up a financial interest in his company while turning over the reins to his adult sons and a senior executive.

Some ethics experts have called for Trump to sell off his assets and place his in-

vestments in a blind trust, an entity that his family would not control. That’s what previous presidents have done.

On the second day of its contentious, marathon session, the GOP-led Financial Services Committee also rebuffed Democratic attempts to protect the Consumer Financial Protection Bureau, the five-year-old agency which enforces consumer protection laws and scrutinizes the practices of virtually any business selling financial products and services. That ranges from credit card companies to mortgage servicers to auto lenders.

Democrats said that when they created DoddFrank, they wanted to make the consumer agency as independent from political influence as possible.

Republicans complained that Congress has too little say over how the bureau operates.

“It’s about checks and balances,” said Rep. Jeb Hensarling, R-Texas, the chairman of the Financial Services Committee. “This House Financial Services Committee member Rep. Stephen Lynch, D-Mass., center, flanked

by Rep. David Scott, D-Ga., left, and Rep. William Lacy Clay, D-Mo., speaks on Capitol Hill yesterday, during the committee’s hearing on overhauling the nation’s financial rules. (AP Photo/Manuel Balce Ceneta)

is part of what we do.”

Democrats also tried to preserve a new federal rule targeting consumers’ retirement investments and the advice they receive from financial professionals.

The Republican overhaul bill would repeal a Labor Department rule requiring brokers who recommend investments for retirement savers to meet the stricter standard that applies to registered advisers: They must

act as “fiduciaries” — trustees who are obliged to put their clients’ best interests above all.

Republicans on the panel said the rule, which hasn’t yet taken effect, would strip individual investors of choices for their retirement savings.

Another Democratic attempt would block a provision in the Republican bill that would tighten congressional oversight of the Fed-

eral Reserve and crimp its emergency lending authority. The central bank and its approach to interest-rate policy have long been a target of criticism by conservative Republicans.

Republicans are likely to pass the measure in the House. But the bill faces significant obstacles in the Senate, where leaders have emphasized their desire to find areas of agreement to enhance economic growth.

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•

providing financial advice and support to Executive Management and to Operations; producing accurate and timely financial reports; assisting with the management the Company’s financial accounting, monitoring, and reporting systems; and assisting with supervising and directing the activities of accounting & finance team members.

Candidates should possess a Bachelor’s degree in Accounting and a minimum of three (3) years’ experience in a similar position, preferably in a financial services institution or retail company. CPA/ACCA/CA designation or license with BICA is a plus. Reputable accounting firm experience with financial services and retail focus in audit or private company consulting is highly valued.

Candidates must have good communication skills, be flexible and have a positive attitude. Candidates will be required to undergo a thorough background check and must provide suitable character and employment references.

Please submit resumes to employed242@gmail.com.

Candidates submitting resumes must be prepared to begin their tenure with the Company within two weeks of employment offer.

GN-1880

Ministry Of Transport And Aviation Road Traffic Department

PAGE 14, Thursday, May 4, 2017

NOTICE

NOTICE is hereby given that ANGELO JOSEPH of

Golden Isles, Carmichael Rd., 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 27th 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 KARL CIUS of #86 Miami Street, P.O. Box GT-2053, 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 27th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KIMBERLY MICHELLE ROLLE of WaterFord, Eleuthera, Bahamas, intend to change my name to KIMBERLY MICHELLE GIBSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RICHMOND DEAN of Soldier Road West, Nassau, Bahamas intend to change my name to RICHMOND FOWLER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that LOUBAINS JEAN JACQUES of Ridgeland Park West, P.O.Box N-8747, 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 27th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that DOROTHY MARJORIE ROBINSON of Prince Drive, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

PRAISE ANGEL LTD.

GUREA BERRI INVESTMENTS LIMITED

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

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

(a) PRAISE ANGEL LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) GUREA BERRI 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 2nd May, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 27th April, 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.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 4th day of May, A. D. 2017

Dated this 4th day of May, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

MARKET REPORT WEDNESDAY, 3 MAY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,890.58 | CHG -10.01 | %CHG -0.53 | YTD -47.63 | YTD% -2.46 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 6.76 8.60 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 10.00 7.25 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.69 8.50 11.00 2.18 1.31 5.80 6.90 8.10 7.15 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 2.05 3.92 1.95 169.70 141.76 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 4.40 8.60 6.00 10.51 11.50 2.36 1.55 6.00 9.33 9.00 9.95 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 100.00 100.00 100.00 108.57 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.40 8.60 6.00 10.51 11.50 2.37 1.55 6.00 9.33 8.10 9.95 7.01 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 -0.90 0.00 0.11 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

108.74 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.17 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

1,000 2,900

VOLUME

NAV 2.05 3.92 1.95 168.44 141.76 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 -146.7 14.2 14.0 23.4 104.5 23.2 19.4 20.0 17.9 8.4 12.1 23.8 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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 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 28-Feb-2017 28-Feb-2017 24-Feb-2017 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% 2.05% 3.49% 3.67% 3.43% 4.26% 2.53% 3.87% 4.00% 4.29% 0.00% 3.32% 2.00% 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

THE TRIBUNE

THE TRIBUNE

Thursday, May 4, 2017, PAGE 15

House passes $1.1T government spending bill, sends to Senate WASHINGTON (AP) — The House easily passed a $1.1 trillion governmentwide spending bill on Wednesday, awarding wins to both Democrats and Republicans while putting off until later this year fights over President Donald Trump’s promised border wall with Mexico and massive military buildup.

The 309-118 vote sends the bill to the Senate in time for them to act to avert a government shutdown at midnight Friday. The White House has said Trump would sign the measure, which is the first major legislation to pass in Trump’s short, turbulent presidency.

House Speaker Paul Ryan praised the measure as bipartisan, and said the biggest gain for conservatives came as Democrats dropped longstanding demands to match Pentagon increases with equal hikes for nondefense programs.

“No longer will the needs of our military be held hos-

tage by the demands for more domestic spending,” Ryan said. “In my mind, that is what’s most important here.”

Democrats also backed the measure, which protects popular domestic programs such as education, medical research and grants to state and local governments from cuts sought by Trump — while dropping a host of GOP agenda items found in earlier versions.

“It’s imperative to note what this bill does not contain,” said Rep. Nita Lowey of New York, lead negotiator for Democrats. “Not one cent for President Trump’s border wall and no poison pill riders that would have prevented so-called sanctuary cities from receiving federal grants, defunded Planned Parenthood, undermined the Affordable Care Act.” The bill is the product of weeks of Capitol Hill negotiations in which top Democrats like House Minority Leader Nancy Pelosi suc-

The opinions of top party leaders were not shared by everyone in the rank and file, some of whom feel that GOP negotiators too easily gave up on conservative priorities, such as cutting funds for Planned Parenthood and punishing “sanctuary” cities that fail to cooperate with immigration authorities.

“I don’t think it was negotiated very well, and I’ll just leave it at that,” said Rep. Jeff Duncan, R-S.C. The long-overdue bill buys just five months of funding while Trump and his allies battle with congressional Democrats over spending cuts and funding for the wall, which Trump repeatedly promised during the campaign would be financed by Mexico. Mexican officials have rejected that notion.

Republicans were surprised by tweets from Trump on Tuesday that suggested he was initially unhappy with the measure and might provoke a govern-

House Speaker Paul Ryan of Wis., accompanied by Rep. Cathy McMorris Rodgers, R-Wash., speaks to reporters on Capitol Hill in Washington. A government-wide spending bill that President Donald Trump seemed to criticize Tuesday morning but now calls “a clear win for the American people” is headed for a House vote on Wednesday. (AP Photo/Cliff Owen) cessfully blocked Trump’s most provocative proposals — especially the Mexico wall and cuts to popular domestic programs like community development grants.

The White House won $15 billion in emergen-

cy funding to jumpstart Trump’s promise to rebuild the military and an extra $1.5 billion for border security — each short of Trump demands — leading the president on Tuesday to boast, “this is what winning looks like.”

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 65° F/18° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny and nice

Partly cloudy

Partly sunny and warm

An a.m. shower; otherwise, some sun

Partly sunny

Mostly sunny and pleasant

High: 87°

Low: 75°

High: 90° Low: 75°

High: 87° Low: 72°

High: 87° Low: 72°

High: 87° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

96° F

78° F

98°-80° F

94°-74° F

97°-73° F

92°-71° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 80° F/27° C Low: 75° F/24° C

7-14 knots

S

High: 85° F/29° C Low: 74° F/23° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 86° F/30° C Low: 76° F/24° C

E

W S

E

W

WEST PALM BEACH

N

High: 83° F/28° C Low: 75° F/24° C

MIAMI

High: 87° F/31° C Low: 76° F/24° C

7-14 knots

KEY WEST

High: 85° F/29° C Low: 77° F/25° C

NASSAU

Forecasts and graphics provided by AccuWeather, Inc. ©2017

High: 81° F/27° C Low: 75° F/24° C

N

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

3:27 a.m.

4:06 p.m.

2.7 2.5

9:58 a.m. 0.0 10:18 p.m. 0.2

Friday

4:28 a.m.

5:06 p.m.

2.6 2.5

10:54 a.m. 0.0 11:19 p.m. 0.2

Saturday

5:24 a.m.

5:58 p.m.

2.6 2.7

11:45 a.m. -0.1 ---------

Sunday

6:14 a.m.

6:44 p.m.

2.5 2.7

12:14 a.m. 0.1 12:30 p.m. -0.1

Monday

6:59 a.m.

7:26 p.m.

2.5 2.8

1:02 a.m. 0.0 1:11 p.m. -0.2

Tuesday

7:40 a.m.

8:05 p.m.

2.5 2.9

1:46 a.m. 0.0 1:49 p.m. -0.2

Wednesday 8:19 a.m.

8:42 p.m.

2.4 2.9

2:27 a.m. -0.1 2:25 p.m. -0.2

sun anD moon Sunrise Sunset

6:32 a.m.

7:42 p.m.

Moonrise Moonset

2:27 p.m.

2:45 a.m.

Full

Last

New

First

May 10

May 18

May 25

Jun. 1

CAT ISLAND

E

W

High: 81° F/27° C Low: 75° F/24° C

N

S

E

W S

6-12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 71° F/22° C Normal high ....................................... 83° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.74” Normal year to date ..................................... 6.29”

ELEUTHERA

High: 87° F/31° C Low: 75° F/24° C

4-8 knots

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 75° F/24° C

High: 81° F/27° C Low: 76° F/24° C

N

High: 83° F/28° C Low: 75° F/24° C

E

W S

LONG ISLAND

insurance management tracking map L

uV inDex toDay

TONIGHT

High: 89° F/32° C Low: 70° F/21° C

ment shutdown this fall in hopes of getting his way on the wall and other demands.

The measure is the product of a bipartisan culture among Congress’ appropriators, with money for foreign aid, grants to state and local governments and protection for the Environmental Protection Agency from cuts sought by tea party Republicans. The measure provides $2 billion in disaster aid money, $407 million to combat Western wildfires, additional grants for transit projects and a $2 billion increase for medical research at the National Institutes of Health.

The White House, Senate Majority Leader Mitch McConnell, R-Ky., and Sen. Joe Manchin, D-W.Va., won a $1.3 billion provision to preserve health benefits for more than 22,000 retired coal miners. Pelosi was the driving force behind an effort to give the cashstrapped government of Puerto Rico $295 million to ease its Medicaid burden.

High: 82° F/28° C Low: 76° F/24° C

7-14 knots

MAYAGUANA High: 81° F/27° C Low: 76° F/24° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 81° F/27° C Low: 76° F/24° C

H

High: 81° F/27° C Low: 76° F/24° C

GREAT INAGUA High: 84° F/29° C Low: 77° F/25° C

N E

W

N E

W

S

S

6-12 knots

6-12 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 7-14 Knots S at 8-16 Knots SE at 4-8 Knots SSW at 7-14 Knots ESE at 7-14 Knots SSE at 7-14 Knots E at 7-14 Knots ESE at 7-14 Knots SE at 7-14 Knots S at 7-14 Knots ESE at 7-14 Knots SSW at 10-20 Knots SE at 6-12 Knots S at 7-14 Knots NE at 6-12 Knots SE at 4-8 Knots ESE at 6-12 Knots SE at 6-12 Knots E at 8-16 Knots SE at 7-14 Knots SE at 4-8 Knots S at 6-12 Knots SE at 6-12 Knots SSE at 6-12 Knots SE at 7-14 Knots SSE at 7-14 Knots

WAVES 3-5 Feet 3-5 Feet 0-1 Feet 1-2 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet 2-4 Feet 0-1 Feet 1-2 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-3 Feet 3-6 Feet 3-6 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-2 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 8 Miles 8 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 8 Miles 8 Miles 8 Miles 10 Miles 8 Miles 8 Miles 10 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 74° F 74° F 80° F 80° F 76° F 76° F 78° F 78° F 75° F 75° F 79° F 79° F 78° F 78° F 80° F 80° F 79° F 79° F 78° F 78° F 76° F 76° F 79° F 79° F 77° F 77° F