05092018 business

business@tribunemedia.net

WEDNESDAY, MAY 9, 2018

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BTC profits slump 75% amid 2-year owner wait

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE BAHAMAS Telecommunications Company’s (BTC) 2017 profits plunged by around 75 per cent amid its owner’s continuing two-year wait for the Government to approve its takeover.

Corporate filings by Cable & Wireless Communications (CWC), BTC’s immediate parent, show that Aliv’s entry into the Bahamian mobile market sent BTC’s profits tumbling by at least $30m during its rival’s first year of operation.

The precise impact is difficult to glean from CWC’s filings, because the yearbefore comparative figures only include nine months of 2016, but if anything they hide the true impact of BTC’s mobile monopoly loss.

* Gov’t still to approve Liberty takeover * No dividend from squeezed carrier in 2017 * ‘Lowest’ customer fall since Aliv launch in Q1

BTC’s 2017 full-year net earnings were down 71.3 per cent at $11.4m, compared to the $39.7m profit it enjoyed for the last nine months of 2016 - the last period in which it enjoyed a mobile monopoly prior to Aliv’s launch in November 2016.

This suggests that BTC’s full year-over-year profits comparison could have been down by as much as 80 per cent, given that the telecommunications carrier was likely on track for a near-$50m “bottom line” in 2016 based on its ninemonth performance.

The figures revealed by CWC also show that the Government and “BTC

Bahamas ‘nation of choice’ through Arbitration Centre

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GOVERNMENT will “table shortly” international arbitration centre legislation aimed at helping The Bahamas become the investor’s “jurisdiction of choice”.

Brent Symonette, minister of financial services, trade and industry and Immigration, told a Miami conference on “Business Opportunities in the Caribbean” that the Minnis administration plans to move ahead with an initiative that

* MINISTER: BILL TO BE ‘TABLED SHORTLY’ * SAYS WILL BUILD INVESTOR CONFIDENCE * BILL TO ‘CODIFY’ FDI APPROVAL PROCESS has been talked about for 10-15 years.

He said the International Commercial Arbitration Bill 2018 will facilitate commercial dispute resolution hearings in The Bahamas

SEE PAGE 4

COURT BARS HOTEL UNION ELECTIONS

By NEIL HARTNELL and NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

HOTEL union executives yesterday served notice they plan to challenge a Supreme Court injunction that has - temporarily at least blocked leadership elections set for this month.

The injunction, granted

* INJUNCTION OBTAINED

BY CANDIDATE TEAM * UNION SERVES NOTICE OF CHALLENGE

on May 4, 2018, by acting chief justice Stephen Isaacs, barred the nomination of

SEE PAGE 6

Foundation”, as non-controlling BTC shareholders, received no dividend in 2017 compared to the $12.6m payout they collectively enjoyed in 2016.

BTC’s profits slump is unlikely to be surprising to close observers of The Bahamian telecommunications industry, given that it had become increasingly reliant on its mobile monopoly to sustain the business - the segment accounting for up to 75 per cent of total revenues at one point.

Yet the data, and extent of the plunge, is likely to be at least partly behind BTC’s latest voluntary separation package (VSep) offering.

This attracted close to 100

employees, including some 20 managers and 75 line staff, as the former incumbent seeks to further right-size its workforce and cut costs to better align itself with increased competition.

Bernard Evans, the Bahamas Communications and Public Officers Union’s (BCPOU) president, could not be reached for comment yesterday, but previously said Aliv’s entrance was anticipated to impact BTC’s financials through its seizure of 20-30 per cent market share.

He also declined to attribute all BTC’s issues to Aliv, saying: “What was

SEE PAGE 5

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Credit growth less than 3% through 2021

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE DEPUTY Prime Minister yesterday conceded the Government’s economic and fiscal plans are “ambitious”, amid forecast of subdued credit growth of “less than three per cent” through 2021.

K P Turnquest, pictured, responding to the Caribbean Development Bank’s (CDB) assessment of the Government’s GDP growth and consolidation targets, told Tribune Business that the goals were high out of necessity.

“It is ambitious, and we certainly hope everything goes our way in terms of what we plan and the growth to come,” he said.

“Anything can happen, hurricanes that derail us, but

* DPM CONCEDES GOV’T PLANS ‘AMBITIOUS’ * ‘SOONER THE BETTER’ TO CONTROL DEBT we intend to do our level best to achieve that growth plan. Barring anything unforeseen we intend to come in at Budget projections and correct the downward trend.”

Mr Turnquest’s assessment came as the Central Bank of The Bahamas suggested credit expansion would remain tepid for the next three years, with banks and other lenders still relatively risk averse following the hit sustained a decade ago from the 2008-2009 recession.

The regulator, responding to questions posed by

SEE PAGE 4

BAHAMAS ‘LATE IN ARBITRATION GAME’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS can still realise its international arbitration centre ambitions despite being “late to the game” after 10-15 years of mere “talk”, a well-known QC argued yesterday.

Brian Moree QC, pictured, senior partner at McKinney, Bancroft & Hughes, told Tribune Business that The Bahamas still had “a window of opportunity” to develop a sector that would create major “synergies and economies of scale” with the financial services and maritime industries.

* QC: Chance still there despite decade of talk * ‘Liberal immigration policy’ key to success * Dispute solving business ‘won’t just come’

With the Government set to table the International Commercial Arbitration Bill 2018 in Parliament “shortly” (see other article on Page 1B), Mr Moree

said passing such legislation was likely “the easiest part of the exercise” given the significant investment in human and physical infrastructure such an industry would require.

Warning that “we can’t just open it and the business will come”, he said the proposed legislation must be accompanied by “a fairly liberal Immigration policy” that would allow feuding parties, their foreign attorneys and experts to enter

The Bahamas for arbitration hearings.

A fully-functional information technology (IT) platform; experienced administrative staff who are multilingual and could provide case management oversight; and translation services, as well as physical premises, were also identified as essential to turning The Bahamas’ arbitration centre vision into reality.

SEE PAGE 5

PAGE 2, Wednesday, May 9, 2018

THE TRIBUNE

PORT BIDS TO MAKE FREEPORT ‘SHINE’ THE GRAND Bahama Port Authority (GBPA) is continuing to rid the island of abandoned, derelict and structurally-unsound properties as it completes demolition of a former business plaza.

“The beautification and maintenance of the city of Freeport is always of paramount importance to GBPA. While there are inevitable constraints, mostly legal, we are committed to that responsibility and to our customers,” said Rupert Hayward, a GBPA director.

“Since returning home I, too, have seen the dilapidated buildings that are littering our city scape. I’m excited to take on the challenge, and my hope is that we are able to restore the city of Freeport to a place that more closely resembles the vision that Freeport’s founders had for it.”

The GBPA’s Building and Development Services Department took the first steps towards

RUPERT HAYWARD, the GBPA’s director, discusses the clean-up plans for the Pioneers Plaza with Troy McIntosh, GBPA manager of building and development.

Photo: Barefoot Marketing making this vision a reality in early March, when it bulldozed the downtown Professional Plaza on Pioneer’s Way. The building, which had once been home to

countless businesses, sustained serious damage from recent hurricanes and had been left in a state of dilapidation. The remaining debris from the demolition is being cleared and taken

to the island’s dumpsite.

“It will take us another month to finish this process of sanitisation,” said Troy McIntosh, the GBPA’s manager of building and development. “The entire

process will cost the GBPA close to $100,000 to complete, but it represents the company’s commitment to ridding the island of a significant and potentially dangerous eyesore.”

The Pioneers Plaza is the first of several planned demolition projects, with Mr McIntosh’s department already targeting another abandoned property. Over the last three years the GBPA has demolished around 18 buildings.

“While we are eager to rid the city of these derelict and unsightly buildings, demolition is always our last resort. We utilize every effort to work with the owners to repair where necessary, and only demolish in severe cases,” explained Mr McIntosh.

The success of this project requires more than action by the GBPA - it needs the support of all relevant stakeholders on Grand Bahama.

“We need persons to

be conscious of the negative impact these buildings, homes and dumping have on our environment. It creates a negative impression for visiting tourists, and can have a terrible impact on the health of our children,” said Mr McIntosh.

To encourage community collaboration, the GBPA has engaged teams from the Ministry of Grand Bahama and other government agencies - including the Ministry of Tourism, MPs and GBPA licensees to clean up Freeport.

“We encourage everyone to join us in this process,” said Mr McIntosh, who has been recording all the issues via the company’s new Freeport Report app.

“We are looking to clean up the Pioneers Way, Queen’s Highway and then all tourist areas next.

I would encourage those who know they have issues to sort them out so that we can make Freeport shine again.”

BAHAMIAN PRODUCTION HOUSE IN CARNIVAL FIRST A BAHAMIANOWNED production company is praising Carnival organisers for allowing a local company to set-up the Main Stage for the first time.

Maecal Electronics provided the audio, visual, lighting and staging for Bahamas Carnival Experience, replacing the foreign companies hired in past years to put on the Main Stage show.

Henry “Juice” Outten, Maecal Electronics’ owner, said: “Kudos to the promoters for giving the entire weekend to a fully-owned Bahamian company. Nothing was imported; all staff and equipment are owned by Bahamians.”

MAIN stage view at Bahamas Carnival 2018.

Maecal Electronics used two 16-foot LED walls, four LED towers and a backdrop screen for visuals. Three digital mixing consoles, 20 custom-built line array cabinets, and 12 double 21-foot subs provided the sound, while the

stage featured more than 100 lighting fixtures and movers.

“It’s been said that this was the best Carnival experience ever, and we would like to thank partners and staff for making the event a reality,” Mr Outten added.

THE TRIBUNE

Wednesday, May 9, 2018, PAGE 3

BPL CUSTOMERS ‘AT MERCY OF WEATHER’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A BAHAMAS Power & Light (BPL) union boss yesterday said customers will remain “at the mercy of the weather”, with no system protection audit conducted “in nearly 20 years”.

Paul Maynard, pictured, the Bahamas Electrical Workers Union (BEWU) president, said the state-owned power provider will remain vulnerable to lightning strikes until the necessary voltage and surge protections are installed.

Following an island-wide power outage on New Providence over the weekend, BPL’s chief executive, Whitney Heastie, said the utility has to bring in an electrical engineer who specialises in system instabilities.

Mr Maynard told Tribune Business that BPL was “doing the right thing”, and added: “I have never threatened the country; I simply said what was going to happen. Look at what happened on Sunday from a lightning strike. It went straight back to the engines, and the engines shut themselves down, and that’s what they’re supposed to do. We have not had a protection audit in this country since 1990.”

BPL Head Office

* UNION CHIEF: NO PROTECTION AUDIT FOR 20 YEARS * SUGGEST $15M REQUIRED TO FIX PROBLEMS Mr Maynard continued: “They’re doing the right

thing. They need to do a protection audit. It will cost them $1.5m to do that, and then it will cost at least $15m to fix the problem. We need to upgrade the system.

“The engines are old, but if we don’t have a proper protection system we are at the mercy of the weather until we get it fixed. We have to move with haste

to get this problem solved.

BEC needs to change the equipment and fuel, and update the transmission and distribution system, and it would be fine.”

Mr Maynard warned of BPL’s issues: “This isn’t something that can be fixed overnight. This is something we have to live with until we can get it solved. The new

power plant is at least four years away.

People just have to roll with it until we get this thing fixed. The price of oil is going up and that’s another thing. That is something that is beyond our control.”

Shell North America LNG has been recom-

mended as the preferred bidder by BPL’s Board and management and will now seek to meet New Providence’s long-term energy needs by constructing a liquefied natural gas (LNG) fuelled power plant at Clifton by 2021.

UNION BACKS WATER CORP’S $45M DEBT COLLECTION DRIVE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

A TRADE union leader yesterday backed the Water & Sewerage Corporation’s to pursue the $45m owed by delinquent customers, as it seeks to “iron out” its own issues.

Dwayne Woods, the Bahamas Utilities Service and Allied Workers Union (BUSAWU) head, said the issue of privatisation did not arise during recent discussions between himself and chairman Adrian Gibson, although there was mention of plans to “aggressively” pursue deadbeat customers.

“What he did mention is

* HAS OWN ISSUES TO ‘IRON OUT’ * WANTS STAFF MORALE TO IMPROVE * 70 TO LEAVE BY ATTRITION BY 2021 that he is set to go after some $45m in debt owed to the Corporation, and I applaud him,” Mr Woods said. “The union has no problem if the chairman chooses to go behind those outstanding accounts. There’s nothing negative we can say about that. It’s safe to say that we will work along with the chairman to accomplish that goal.”

With the Corporation having undergone a shakeup in the past several months, highlighted by the firing of its former general manager, Glen Laville, in the wake of the Ernst & Young (EY) audit findings, Mr Woods said the union was looking to work with the Corporation to increase employee morale.

“We are looking for morale to increase based on the relationship between the union and the Corporation. I will pledge from the union’s standpoint to work with the Corporation and the Board in any vein to increase the morale,” said Mr Woods.

“As it stands there are some issues we have to iron

out, and we want to do that internally rather than in the press. We have some issues that the chairman, the Board and the union have to iron out, some things I chose not to speak on publicly.”

According to Mr Woods, the union’s membership currently stands at 340. “We have about 70 more persons leaving through natural attrition in the next three years,” he added.

NOTICE Annual General Meeting to be held May 29, 2018 at the office of Project Read Bahamas Located: Village Rd. South of Queen’s College entrance at 6pm.

PAGE 4, Wednesday, May 9, 2018

THE TRIBUNE

BAHAMAS ‘NATION OF CHOICE’ THROUGH ARBITRATION FROM PAGE ONE

by incorporating United Nations model law known as UNCITRAL into its provisions - something he had promised at January’s RoyalFidelity Economic Outlook conference.

Mr Symonette, pictured, added that the Ministry of Financial Services also planned to conduct a survey of international arbitration users and practitioners to determine whether there would be sufficient demand for The Bahamas if it positioned itself as a dispute resolution hub.

“The International Commercial Arbitration Bill 2018 will be tabled shortly, and seeks to make provision for the procedure for the conduct of international commercial arbitration hearings in The Bahamas, incorporating the provisions of the International Commercial Arbitration Model Law of the United Nations Commission on International Trade Law (the UNCITRAL Model Law),” Mr Symonette.

“The Ministry of Financial Services will shortly be conducting a survey.... to obtain feedback from the users of international arbitration services and practitioners to determine how companies and their clients decide on which international

arbitration services to use; and whether consideration might be given to using The Bahamas as a seat for international commercial arbitration matters.”

Besides generating work for Bahamian attorneys and trained arbitration professionals, Mr Symonette said the Government’s ambitions would also complement and enhance other key industries - financial services, the maritime sector and Bahamian shipping registry, foreign direct investment (FDI) and other international businessrelated initiatives.

“It will also help to build investor confidence in The Bahamas as a jurisdiction of choice, which can rapidly and affordably resolve disputes,” the Minister added.

The ability to resolve commercial disputes in a timely, cost-effective manner is a key factor in determining where mobile international businesses and capital decide to locate. Establishing a properly-functioning international arbitration centre

in The Bahamas would thus enhance this nation’s competitiveness and attraction, given that investors would have an efficient, private resolution mechanism that avoids going through the courts.

Companies throughout the world are increasingly inserting arbitration/alternative dispute resolution (ADR) clauses in commercial contracts in a bid to resolve disputes without resorting to expensive, time-consuming legislation.

The Bahamas’ international arbitration centre proposal thus seeks to capitalise on such trends, although the country is making its move relatively late - the idea having first surfaced some 10-15 years ago. The last Ingraham administration, of which Mr Symonette was a member, updated the Arbitration Act in 2009, but successive governments have to-date failed to build on this.

Serving notice of the Government’s ambitions, the Minister said: “It is our intent to establish The Bahamas as a modern and sophisticated international commercial arbitration centre.

“We believe that given our developed financial services sector and large ship registry, there are opportunities which can allow such matters

to be arbitrated in The Bahamas, creating the potential for long-term employment opportunities for Bahamian professionals with trickle down effects for the economy at large.”

Mr Symonette added that The Bahamas also plans to codify the FDI approval process by introducing a Foreign Investment Bill, a move that is linked to the Government’s plans for this nation to become a full World Trade Organisation (WTO) member by end-2019.

“We will next move to bring greater transparency to the process involved in the approval of foreign direct investments by codifying the process through the Foreign Investment Bill,” he confirmed.

Rules-based trading regimes such as the WTO require member states to set out “the rules of the game” in statute law, rather than policy, to ensure they cannot be changed arbitrarily and that all parties understand what is expected of them.

Much of The Bahamas’ investment-related rules are currently set out in policy, which will have to be upgraded to statute law before the WTO accession. Mr Symonette, outlining the Government’s rationale for seeking full WTO membership, said it

would boost this nation’s ability to attract FDI and foreign capital.

“As international investors, many of you will look at a country’s membership in the rules-based system of the WTO to evaluate the risk of doing business with and in those countries,” he told the Miami conference.

“Membership in the WTO will give you, as investors, the guarantees that your investments will be protected by the rules that govern international trade. We believe that membership can only strengthen The Bahamas’ competitiveness for international capital.”

Mr Symonette acknowledged that WTO membership will pose both “opportunities and challenges”, but said research showed it was in The Bahamas’ “medium and long-term interest”. He added that the country could no longer afford to “remain on the outside looking in” when decisions affecting its economic growth and development were being made.

“The Government also believes that membership will improve our global competitiveness, as we apply ourselves to global standards of trade, and aggressively pursue international partnerships that work to increase innovation and

development,” the Minister said.

“Moreover, membership will better protect our trade by seizing upon the protections and safeguards of the rules-based system that the WTO offers, while improving our access to global markets for Bahamian products and services through progressive bilateral arrangements within the WTO.” Mr Symonette said regulations to give effect to the 2015 intellectual property legislation were now being “finalised”, and added: “The enactment of Intellectual Property legislation gives foreign direct investors the confidence to know that their investment in their intellectual property rights will be protected according to the highest international standards.

“Moreover, we believe that the creation of an environment to support innovation is more likely to exist in an environment of sound intellectual property rights protection.

“The Bahamas’ membership in the WTO would not only encourage the development of our own intellectual property rights regulation, but would also strengthen confidence in our country as a jurisdiction for pursuing innovation.”

Credit growth less than 3% through 2021 FROM PAGE ONE potential Credit Bureau bidders, said: “Credit growth is expected to remain at less than three per cent per annum over the next three years.

“According to the Central Bank’s Lending Conditions survey, on an annual basis new credit applications have averaged 45,800 per year since 2015.

The rate of applications is expected to track the total growth in bank credit accounts.”

With 247,871 loan accounts in the Bahamian commercial banking system at end-2017, and around 90 per cent of employed persons using some kind of credit facility, the Central Bank added that loan accounts had grown by a paltry 1,564 over the past five years.

While an unsustainable boom will benefit no one, the Central Bank’s data suggests that the economic growth rates could

still be held back by a lack of available credit, given that it is the “juice” that fuels job-creating expansion for most businesses - especially those operating in the domestic economy.

Mr Turnquest, meanwhile, agreed that The Bahamas’ growing debt burden - set to soon reach $8bn - was “ultimately unsustainable”. He added that debt financing costs (interest payments) would soon catch up with, if they had not already overtaken, the annual sums the Government spends on “society’s most significant needs” - education, health and national security.

“The only way to address that is to get the debt burden under control, and the only way to do that is cut spending or increase revenues and collect the revenues that already exist,” Mr Turnquest told Tribune Business.

“It is critical we get this situation under control, and we’re planning to do that.

I think any government

would be concerned about that because at some point the weight of the financing costs collapses in on itself, and we don’t want to get there.”

Mr Turnquest, though, said time was “not necessarily” running out for The Bahamas to address its fiscal woes as the Government was still able to meet all its financial commitments and sovereign debt was “trading fairly well”.

“We don’t have any urgencies, but the sooner we get the issue under control the better for us,” he told Tribune Business.

The CDB, in its recentlyreleased economic assessment of The Bahamas, warned that this nation faced an “unsustainable” debt burden as a result of borrowing levels that exceed economic growth rates.

“The debt level in The Bahamas is currently unsustainable,” the CDB said.

“The Government has continued to increase its debt at a rate that exceeds the

NOTICE GT & Sons Advisory Ltd. In Voluntary Liquidation

NOTICE Global Research Advisory Ltd. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GT & Sons Advisory Ltd. is in dissolution as of May 7th, 2018.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Global Research Advisory Ltd. is in dissolution as of May 7th, 2018.

Lighthouse Corporate Services Ltd. of Old Fort, Building 4, Suite 303, Lyford Cay Nassau, Bahamas, is the Liquidator.

Lighthouse Corporate Services Ltd. of Old Fort, Building 4, Suite 303, Lyford Cay Nassau, Bahamas, is the Liquidator.

LIQUIDATOR ______________________

LIQUIDATOR ______________________

LEGAL NOTICE MADISON INVESTMENT HOLDINGS LTD. (In Voluntary Liquidation) Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Shareholder of the above-named company by Resolution passed on the 7th day of May 2018 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 9th day of June 2018, after which date the books will be closed and the assets of the company distributed.

Dated the 7th day of May 2018.

Bennet R. Atkinson Liquidator

ESTATE OF

VERNITA BEATRICE JOHNSON TAKE NOTICE that anyone having a claim against the Estate of VERNITA BEATRICE JOHNSON late of Bay Cedar Close, Sea Breeze Estates, Nassau, Bahamas, who died on 1st August, 2017, 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 6th September, A.D., 2018.

growth of the economy, causing debt payments to absorb an increasingly higher proportion of GDP. “The Government of The Bahamas’ fiscal plan to stem this tide is very ambitious. While a higherthan-anticipated growth outcome may help the Government to meet its fiscal projections for the medium term, a slightly slower pace of fiscal consolidation is projected in this outlook.

“In 2018, the primary and overall balances are

YOUR

projected to improve to -0.6 per cent and -3.7 per cent [deficits] respectively.

This will not be enough to reduce the central government’s debt-to-GDP ratio, which is projected to increase to 73.7 per cent of GDP in 2018.”

To advertise in The Tribune, contact 502-2394

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ROBIN AUSPHIA YOUNG of #86 Cottonwood St., Pinewood Gardens, P.O.Box SB55289, New Providence, Bahamas, intend to change my name to ROBYN AUSPASCIA YOUNG. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE

Wednesday, May 9, 2018, PAGE 5

BAHAMAS ‘LATE IN ARBITRATION GAME’

FROM PAGE ONE

Besides putting in the necessary supporting platform, Mr Moree said The Bahamas needed to form strategic alliances, joint ventures and partnerships with international arbitration organisations and rival centres to establish its “credibility”, and thus be able to attract sufficient business volumes to support its ambitions.

He added that it also needed to demonstrate, and promote, its dispute resolution capabilities such that international businesses included clauses in contractual agreements mandating that any commercial fights be resolved through arbitration in The Bahamas.

“I think we are late to the game,” Mr Moree told Tribune Business. “The issue of establishing The Bahamas as an international arbitration centre has been discussed many times over the past ten to 15 years.

“While, in my view, it has always been a very good idea, we have not in the past been able to move to the implementation stage, although we did pass an updated Arbitration Act some years ago.

“But, if the passage of the legislation that the Minister foreshadowed is accompanied by the political will to provide these support services and infrastructure, and

link it properly through networking with international organisations and agencies, and connecting it with major international trade organisations in terms of writing-in Bahamas arbitration clauses to contracts, it seems to me there is a window of opportunity here.”

Mr Moree was speaking after Brent Symonette, minister of financial services, trade and industry and Immigration, revealed that an International Commercial Arbitration Bill 2018 “will be tabled shortly” in Parliament.

Mr Symonette, speaking on Monday at a Miami conference on “Business Opportunities in the Caribbean”, said the planned legislation will facilitate commercial arbitration hearings in The Bahamas while adopting United Nations “model law” known as UNCITRAL. He revealed that the Ministry of Financial Services planned to survey arbitration services users, and practitioners, to gauge potential demand for using The Bahamas as an alternative dispute resolution (ADR) seat.

Mr Symonette added that establishing an arbitration centre in The Bahamas will boost investor confidence in this nation, given that they will have access to efficient, cost-effective dispute resolution that does not have to go

through the already-clogged court system.

The Government also views its creation as a natural complement to The Bahamas’ sizeable legal profession, and cadre of existing, trained arbitrators, as well as a “value added” service for the financial services and maritime industries - especially the latter’s ship registry.

Mr Moree yesterday praised the Government’s arbitration proposal as “a commendable objective”, adding that admiralty and maritime contracts, in particular, represented a potentially rich source of arbitration business if The Bahamas was named as the resolution “seat”.

The Bahamas’ shipping registry, the world’s sixth largest, could thus provide a significant block of business, but Mr Moree warned: “It has to be done very carefully. We can’t just pass the legislation and expect it to happen.

“I’m very supportive of the concept of developing The Bahamas as an international arbitration centre because it is an adjunct to our existing financial services industry and, given our geographic location between North and South America, we could be an attractive jurisdiction.

“It does seem to me that, at minimal cost, we could expand our business

model by bolting on to our current international financial centre an arbitration centre.... There is a window of opportunity provided we are prepared to address the infrastructure which will be necessary to support the arbitration centre.”

Pointing out that “a lot of time has elapsed in talking about this subject”, Mr Moree said rival international financial centres (IFCs) had either bypassed or made considerable progress in establishing themselves as arbitration hubs, identifying the likes of Singapore, Hong Kong and Mauritius.

Citing what The Bahamas requires, the well-known QC said: “First of all, we have to address our Immigration policy. If we’re going to have an international arbitration centre, parties are going to need to be able to come into the country for the purpose of conducting arbitration without having to wait weeks and months, and going through a lot of bureaucracy.

“It has to be done in a way that allows people to come in and conduct these hearings with a minimum of red tape and delay. They will want to bring their own lawyers to conduct arbitration. While these lawyers will have to right to appear before our courts, we’d have to have a fairly liberal immigration policy to facilitate

the conduct of hearings where all parties are allowed to bring in their own attorneys and experts.

“That is going to be critical if we expect the international community to choose The Bahamas as a forum for resolving disputes.” Mr Moree added that The Bahamas would also have to permit foreigners to serve as arbitrators in these hearings, given that commercial contracts often permitted warring parties to each nominate their own arbitrators or have them selected by the likes of the International Chamber of Commerce (ICC).

The Government’s arbitration centre plans, together with the Commercial Enterprises Act, highlight why Immigration has been combined with financial services and trade and industry in Mr Symonette’s portfolio. It also suggests that Immigration is a key element of its strategy to restructure and reposition the economy.

Besides Immigration reform, Mr Moree said trained administrative and legal services support staff, plus the necessary physical and IT infrastructure, were critical to establishing The Bahamas’ credibility.

Also central to this, he added, was the forging of alliances with the likes of the London Court of International Arbitration (LCIA),

the Permanent Court of Arbitration in the Hague, and other competitors and arbitration organisations as a means to set this nation’s “currency” and prove it is a “player” in the industry.

Should The Bahamas succeed, Mr Moree said an arbitration centre would generate significant job creation “spin-offs”, not just for the legal industry and trained Bahamian arbitration professionals, but also for the hotel sector and related businesses.

“We have to understand this is a competitive business,” he told Tribune Business. “It’s one thing to establish your arbitration centre, but another to attract business where the international community starts to use it in significant volumes to make it viable.

“It will be good for our country and expands our base, which we absolutely have to do in the current environment. I commend the objective. It requires very robust and sustained political will at the highest level to do what is necessary to make it work.

“If that was done, and it was set up properly, it seems to me to be an opportunity to develop an alternative revenue stream for The Bahamas and provide additional services that have many synergies and economies of scale with our present business model.”

BTC profits slump 75% amid 2-year owner wait FROM PAGE ONE not anticipated was what we saw over the last four or five years with the advancement of data and bandwidth, the new apps coming out like WhatsApp and the ability to communicate via other mediums instead of incurring roaming charges.

“There was a fall-off on toll charges and roaming charges. Text messaging and all those things that used to be revenue streams have all fallen off due to the advancement of technology. BTC was experiencing losses for a while. Even inter-island calls fell off because people aren’t using landlines. All these variables played a role in BTC losing revenue.”

CWC yesterday sought to suggest BTC was arresting its decline, with its affiliate having enjoyed the smallest quarterly fall-off in subscribers - a drop of just 3,800 - since Aliv launched.

“Our loss this quarter was driven by Jamaica and The Bahamas,” CWC said of its 20,000 total mobile subscriber fall, “although the quarterly loss at BTC was the lowest since a new competitor entered the market in 2016’s fourth quarter.

“Residential mobile revenue declined three per cent compared to the prioryear period. The decrease in mobile subscription revenue was primarily attributable to the net effect of lower revenue in The Bahamas, associated with a decrease in the average number of subscribers and lower ARPU (average revenue per unit), primarily driven by the commercial launch of mobile services by a competitor during the fourth quarter of 2016.”

CWC’s statement indicates that besides the loss of subscribers and market share, BTC’s pricing and margins are also being

squeezed by Aliv’s arrival, hence the drop in ARPU. BTC’s total mobile subscriber base stood at 251,100 at the end of the 2018 first quarter, with pre-paid customers having fallen by 3,400 to 224,700 since the start of the year. Post-paid subscribers were down by 400 to 26,400.

Excluding its mobile business, BTC’s customer numbers (revenue generating numbers) were said to have grown by 1,200 during the first quarter, with video (TVB) subscribers up by 800 and Internet increasing by 500.

Fixed-line phone customers fell by 100, but the data shows BTC is finding it tough going to make inroads into a TV and Internet market dominated by Cable Bahamas, Aliv’s controlling and managing shareholder.

BTC’s travails come as its utimate parent, Liberty Latin America, is still

Vacancy Announcement The Residence of the United States of America in Nassau is presently considering applications for the following position: RESIDENTIAL CHEF The position is responsible for: - Planning, preparing, and executing formal dining events using the highest standards of food safety.

- Coordinating, ordering, and purchasing supplies related to household operations for private and official events.

- Ensuring the proper accounting of funds for food and beverage purchases.

- Maintaining accurate and separate inventories of official and private food, beverages, flatware, dishware, cookware, appliances, and crockery.

- Planning, preparing, and presenting on a weekly basis daily meal plans for the household.

The successful candidate for this position will possess/demonstrate the following knowledge, skills, attributes, certifications, and/or qualifications: - A high school diploma is required.

- Must have completed training & certification in culinary arts or equivalent.

- Must have current Public Health Certificate for food handling.

- Must have three years’ experience as a residential or commercial Chef.

- Basic computer skills (for drafting and emailing menus).

- Time management skills with the ability to work under pressure to ensure deadlines are met.

- Workplace management skills i.e. ability to maintain a sterile environment.

- Flexibility, adaptability, dependability, decorum, and discretion.

- Willingness to perform duties in multiple residential, recreational, and/or commercial locations as directed.

- Willingness to work a highly irregular schedule including variety of shifts and many weekends and holidays.

- An ability to collaboratively work with a diverse workforce.

- Valid driver’s license.

- Must have own transportation suitable for the transport of food items.

- Language: Excellent working knowledge of spoken and written English (Level IV).

Applicants must be a Bahamian citizen or foreign resident who is otherwise eligible for employment in the Bahamas.

Please submit resume and three references via e-mail to Nassauhr@state.gov addressed to the Human Resources Office no later than May 11, 2018.

Telephone calls will not be accepted in reference to this advertisement.

awaiting final government approval of an acquisition that occurred almost two years ago on May 16, 2016.

Liberty is now CWC’s owner, and the latter’s filings said: “The Liberty Global transaction triggered regulatory approval requirements in certain jurisdictions in which we operate.

“The regulatory authorities in certain of these jurisdictions, including The Bahamas, Trinidad & Tobago and the Seychelles, have not completed their review of the acquisition or granted their approval.

“While we expect to receive all outstanding approvals, such approvals may include binding conditions or requirements that

could have an adverse impact on our operations and financial condition.”

The Government’s failure to approve the acquisition

by Liberty, its new partner, is unlikely to have held BTC back, with several sources suggesting the approval had fallen “through the cracks”.

K P Turnquest, Deputy Prime Minister, expressed surprise over CWC’s filings and said of the approval: “I don’t know what the status of that is. I thought it had been done.”

He added that the Prime Minister was responsible for relations with BTC, and suggested that Tribune Business contact the Attorney General. Carl Bethel QC did not return this newspaper’s calls

before press time.

Khaalis Rolle, minister of state for investments under the former Christie administration, told Tribune Business last February that he was waiting for the Attorney General’s Office to complete its review of Liberty Global’s BTC purchase before “re-submitting” it for approval.

He described as “standard procedure in a transaction of this magnitude”, and said: “I think it’s just a standard review. That is still being reviewed by, I think, the Attorney General’s Office prior to it coming back to me to re-present to the National Economic Council (NEC).”

PAGE 6, Wednesday, May 9, 2018

THE TRIBUNE

COURT BARS HOTEL UNION ELECTIONS FROM PAGE ONE

candidates for various union executive posts that

was scheduled to take place yesterday.

“An injunction is granted against [the Bahamas Hotel, Catering and Allied

Workers Union] to arrest the nomination process scheduled for Tuesday, May 8, for the nomination of officers and members to

the [union] until this matter is disposed of or until further Order,” a copy of the injunction, seen by Tribune Business, states.

MARKET REPORT TUESDAY, 8 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,934.01 | CHG -5.16 | %CHG -0.27 | YTD -129.56 | YTD% -6.28 BISX LISTED & TRADED SECURITIES 52WK HI 4.40 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.60 5.30 11.50 2.71 1.56 8.21 6.10 11.48 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.30 1.40 7.25 6.00 8.78 5.67 3.35 12.01

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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 100.00 100.00

52WK LOW 100.00 100.00

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

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

SYMBOL FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.13 4.14 1.99 178.69 153.40 1.55 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 3.89 10.05 2.53 1.50 7.80 6.10 10.44 6.43 4.20 12.51

CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 3.85 10.05 2.67 1.50 7.71 6.10 10.44 6.43 4.20 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.14 0.00 -0.09 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.76 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST SALE 100.00 100.00 109.76 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

1,000 6,686 596

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.293 0.543

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.620 0.060 0.050 0.084 0.300 0.500 0.200 0.120 0.570

P/E 12.2 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.6 22.5 15.9 26.2 4.5 N/M 5.4 14.1 7.7 14.3 23.0

YIELD 1.82% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.64% 3.61% 3.12% 6.17% 2.25% 3.33% 1.09% 4.92% 4.79% 3.11% 2.86% 4.56%

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

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

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

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

INTEREST 6.00% Prime + 1.75% 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%

NAV 2.14 4.13 2.00 179.39 135.02 1.55 1.68 1.63 1.09 7.16 8.22 6.39 11.30 11.67 10.19

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 1.04% 4.26% -1.06% 2.15% 0.58% 3.61% -0.48% 4.84% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

MATURITY 31-May-2018 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Mar-2018 31-Mar-2018 30-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018

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 - 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 injunction was obtained by veteran trade unionist Dave Beckford, who has been a frequent leadership candidate, and his ‘Team Destiny’ slate of nominees. “We are aware that there are many rumours and allegations about why the hotel union’s nomination day and election have been postponed,” Team Destiny said in a subsequent statement signed

by Mr Beckford.

“It is because the matter is still before the courts.

We choose not to make any further comments at this time until the matter is decided.” Mr Beckford declined to comment further when contacted by Tribune Business.

This newspaper understands that “the matter” Team Destiny’s statement refers to is Mr Beckford’s legal challenge to his expulsion from the hotel union in 2015. A prominent critic of the union’s present leadership, Tribune Business understands Mr Beckford’s expulsion is related to another case where he challenged the Minister of Labour and Registrar of Trade Unions over whether the hotel union is validly registered.

Darren Woods, the Bahamas Hotel Catering and Allied Workers Union’s (BHCAWU) secretary-general, yesterday told Tribune Business that the union planned to seek the injunction’s removal at a court hearing later this week.

He said Mr Beckford and Team Destiny obtained the injunction at a hearing where neither the union nor its attorneys were present, and branded the situation as “not a big concern”.

“There isn’t much I can say on that,” he told this newspaper. “They got an ex-parte injunction. I wasn’t there and our attorneys weren’t there at the time, but we should know what will happen with that this Friday.

“We will all hear it together. It’s not a big concern. At the end of the day the court will make its decision and we will move on. It’s not as if we don’t want to have elections. All members of the union are able to nominate.

“My team, Team Phoenix, has asked me to assume the leadership. I am vying for the presidency this year.

Whenever the nominations are held we will nominate

DAVE BECKFORD and move from there.”

Following yesterday’s now-suspended nominations, union elections were supposed to be held on May 23, 2018. Mr Woods, in a message to union members, said “new dates will be provided at a later date”.

He confirmed that the nomination of union officers and executive council members had “been suspended as per acting chief justice Isaacs’ Order dated May 4”.

Tribune Business was told that current union president, Nicole Martin, who has held the post for nine years is not offering for the leadership post this year. Her reign has come under fire from Mr Beckford, especially over the failure to negotiate a new industrial agreement when the last one expired in early 2013.

Union executives failed to submit a proposal for a new industrial agreement with hotel employers by the required October 2012 deadline, as the contract between the two parties mandated that the employee representative make an offer 90 days before the existing agreement expired.

Mr Beckford has argued that this failure has left the union’s members without the protection of a binding industrial agreement, and the ability to file trade disputes/take action against employers that violated it.

He also said that hotel industry workers were unable to obtain improved salary and benefit terms at a time when the cost of living continues to increase, especially after the introduction of Value-Added Tax (VAT) in early 2015.

Both the Bahamas Hotel and Restaurant Employers Association and the union have previously confirmed they are behaving as if the terms of the industrial agreement that expired in January 2013 are still in effect.

NOTICE

NOTICE is hereby given that PATRICK JEUNE of Peter Street near Blue Hill Road, 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, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DODNA PIERRELOUIS of Bailou Hill Road South, 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, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I, ndubuisi akazie of #66 Glencoe Drive, South Bahamia, Freeport, Grand Bahama, The 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 9th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SAVANNAH KAY PIERRELOUIS of Bailou Hill Road South, 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, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Wednesday, May 9, 2018, PAGE 7

More Americans expect to work until 70; there are benefits

By SARAH SKIDMORE SELL security division.

Associated Press As such, Vernon and his colleagues analysed nearly WHEN it comes to retire- 300 different retirement ment, later may be better. income methods and found Americans long viewed that the best approach for 65 as the age to stop work- middle-income retirees to ing. It was considered full have a reliable source of retirement age by Social income through retirement Security for many, Medi- is to wait until age 70 to care benefits kick in then claim Social Security, which and historical practice had is when benefits peak. They established it as the goal. should also use the required Now some experts are minimum distribution calsuggesting people set their culation to determine how sights a bit higher — on 70. much to draw from perThe reason? Working a sonal savings, such as a few more years or drawing 401(k) or IRA. your Social Security benThe RMD is the minimum efits later can significantly amount that the IRS says boost income. That’s par- you must draw from retireticularly important as fewer ment accounts each year workers receive pensions. once you reach age 70 ½.

Americans largely have This approach, dubbed taken on the responsibility the “Spend Safely in Retirefor saving for their retire- ment Strategy”, in effect ment — often failing to do “pensionises” common so adequately. retirement accounts like a “We keep adding years 401(k) or IRA. It will not of life and it all got tacked compensate for inadequate on to the retirement period savings but it will help and it never changed the squeeze as much income retirement age,” said Steve as possible from existing Vernon, a research scholar sources. at the Stanford Center on To make it work, some Longevity in its financial retirees may have to

significantly lower their living expenses.

Vernon said it’s a straightforward way for middle-income workers with between $100,000 and $1m in savings to generate a stream of lifetime income. He estimates this group represents as many as half of all workers age 55 and older. And workers need some help as most will not consult a financial planner and few calculate how much they’ll need.

“You can’t just tumble into retirement, you have to be thoughtful about it,” he said.

Americans typically retire at age 63 and start collecting Social Security between age 62 to 64, according to research from The New School.

But waiting pays off.

Stanford researchers estimate that Social Security benefits represent up to two-thirds of a middleincome retiree’s retirement income if they start drawing them at age 65. If they wait until 70, it represents up to 85 percent, according to the

International Financial Institution is looking for a

Relationship Manager for Private Banking Core Responsibilities Expand the client base through the identification and acquisition of new clients. Promote the jurisdiction and the institution and its services in developing markets, possess a book of clients and reports to the Head Private Banking.

The position is open to candidates who match the following profile: • Bachelor’s Degree in Business or Finance • Minimum 7-10 years advanced experience in, and excellent knowledge of private banking • Has established networks with existing portfolios • Willing to travel • Ability to work under pressure • Flexibility in office hours and hands-on approach when required • Goal oriented, self-motivated, positive attitude and outlook • Excellent oral and written communication, public presentation and client relationship management skills • Proficiency in Microsoft Office • Fluent in English, Spanish, French and Italian Interested persons should submit their curriculum vitae along with a cover letter by May 15th, 2018.

Private & Confidential Relationship Manager c/o The Tribune Box DA No. 109193 P.O. Box N-3207 Nassau, The Bahamas

Stanford research.

While working that long sounds onerous to some, it doesn’t have to be at full tilt.

Some workers will need to work “just enough” — either in their existing field or another — to pay for living expenses until age 70 in order to put off claiming Social Security benefits. It works best if a retiree waits until age 70 as that is when benefits peak, but still has advantages for those that retire in their late 60s.

“In essence, 70 is the new 65,” Vernon’s report says.

Popular personal finance celebrity expert Suze Orman recently wrote that people should wait until 70

to retire, not “one month sooner”. Other experts say a later retirement is a good idea for some workers, when it makes sense for their situation.

“Anyone who is a little behind in their savings, even just one year of delay can make a big difference,” said Dan Keady, chief financial planning strategist at TIAA. “I hate to put a number to it, but the concept of working a little bit longer is an important one.”

The original idea of retirement was a few years of dignity before you died when you were unable to work, according to Vernon.

The concept of retirement as your golden years didn’t

take hold until the last half of the 20th century.

When America began introducing private pensions and federal programs, many used 65 as the retirement age. So when Social Security came along in 1935, they looked at common practices and decided 65 seemed reasonable as well.

The problem is, it stuck.

Meanwhile, people began living longer, pensions became less common and Americans had to manage their own retirement savings with more years to pay for.

As a result, some Americans are trying to work longer.

PAGE 8, Wednesday, May 9, 2018

Trump declares US leaving ‘horrible’ Iran nuclear accord WASHINGTON Associated Press

PRESIDENT Donald Trump withdrew the US from the landmark nuclear accord with Iran on yesterday, abruptly restoring harsh sanctions in the most consequential foreign policy action of his presidency. He declared he was making the world safer, but he also deepened his isolation on the world stage and revived doubts about American credibility.

The 2015 agreement, which was negotiated by the Obama administration and included Germany, France and Britain, had lifted most US and international economic sanctions against Iran. In exchange, Iran agreed to restrictions on its nuclear program, making it impossible to produce a bomb and establishing rigorous inspections.

But Trump, a severe critic of the deal dating back to his presidential campaign, said in a televised address from the White House that it was “defective at its core”.

US allies in Europe had tried to keep him in and lamented his move to abandon it. Iran’s leader ominously warned his country might “start enriching uranium more than before”.

The sanctions seek to punish Iran for its nuclear program by limiting its ability to sell oil or do business overseas, affecting a wide range of Iranian economic sectors and individuals.

Major companies in the US and Europe could be hurt, too. Treasury Secretary Steven Mnuchin said that licenses held by Boeing and its European competitor Airbus to sell billions of dollars in commercial jetliners to Iran will be revoked.

Certain exemptions are to be negotiated, but Mnuchin refused to discuss what products might qualify.

He said the sanctions will

PRESIDENT Donald Trump shows a signed Presidential Memorandum after delivering a statement on the Iran nuclear deal from the Diplomatic Reception Room of the White House yesterday in Washington.

Photo: Evan Vucci/AP sharply curtail sales of oil

by Iran, which is currently the world’s fifth largest oil producer. Mnuchin said he didn’t expect oil prices to rise sharply, forecasting that other producers will step up production.

Iran’s government must now decide whether to follow the US and withdraw or try to salvage what’s left with the Europeans.

Iranian President Hassan Rouhani said he was sending his foreign minister to the remaining countries but warned there was only a short time to negotiate with them.

Laying out his case, Trump contended, “If we do nothing, we know exactly what will happen. In just a short period of time, the world’s leading state sponsor of terror will be on the cusp of acquiring the world’s most dangerous weapons.”

The administration said it would re-impose sanctions on Iran immediately but allow grace periods for businesses to wind down activity.

Companies and banks doing business with Iran will have

to scramble to extricate themselves or run afoul of the US government.

Meanwhile, for nations contemplating striking their own sensitive deals with Trump, such as North Korea, the withdrawal will increase suspicions that they cannot expect lasting US fidelity to international agreements it signs.

Former President Barack Obama, whose administration negotiated the deal, called Trump’s action “misguided” and said, “The consistent flouting of agreements that our country is a party to risks eroding America’s credibility and puts us at odds with the world’s major powers.”

Yet nations like Israel and Saudi Arabia that loathed the deal saw the action as a sign the United States is returning to a more skeptical, less trusting approach to dealing with adversaries.

Israeli Prime Minister Benjamin Netanyahu welcomed Trump’s announcement as a “historic move”.

Trump, who repeatedly criticised the accord during

his presidential campaign, said yesterday that documents recently released by Netanyahu showed Iran had attempted to develop a nuclear bomb in the previous decade, especially before 2003. Although Trump gave no explicit evidence that Iran violated the deal, he said Iran had clearly lied in the past and could not be trusted.

Iran has denied ever pursuing nuclear arms.

There was a predictably mixed reaction from Congress. Senate majority leader Mitch McConnell, a Kentucky republican, said the Iran deal “was flawed from the beginning”, and he looked forward to working with Trump on next steps.

House minority leader Nancy Pelosi, a California democrat, slammed Trump in a statement, saying this “rash decision isolates America, not Iran”.

In a burst of last-minute diplomacy, punctuated by a visit by Britain’s top diplomat, the deal’s European members had given ground on many of Trump’s demands

for reworking the accord, according to officials, diplomats and others briefed on the negotiations. Yet the Europeans realised he was unpersuaded.

Trump spoke with French President Macron and Chinese leader Xi Jinping about his decision yesterday. Hours before the announcement, European countries met in Brussels with Iran’s deputy foreign minister for political affairs, Abbas Araghchi.

In Iran, many are deeply concerned about how Trump’s decision could affect the already struggling economy. In Tehran, Rouhani sought to calm nerves, smiling as he appeared at a petroleum expo. He didn’t name Trump directly, but emphasised that Iran continued to seek “engagement with the world”.

The first 15 months of Trump’s presidency have been filled with many “last chances” for the Iran deal in which he’s punted the decision for another few months, and then another.

As he left his announcement yesterday, he predicted that Iranians would someday “want to make a new and lasting deal” and that “when they do, I am ready, willing and able”.

Even Trump’s secretary of state and the UN agency that monitors nuclear compliance agree that Iran, so far, has lived up to its side of the deal. But the deal’s critics, such as Israel, the Gulf Arab states and many Republicans, say it’s a giveaway to Tehran that ultimately would pave the way to a nuclear-armed Iran.

For the Europeans, Trump’s withdrawal constitutes dispiriting proof that trying to appease him is futile.

THE TRIBUNE

URANIUM ENRICHMENT MAY RESUME IF DEAL FAILS - SAYS IRAN PRESIDENT TEHRAN, IRAN Associated Press

PRESIDENT Hassan Rouhani warned yesterday that Iran could restart enriching uranium “without any limitations” within weeks, after President Donald Trump pulled America out of the nuclear deal, though he said world powers still in the accord could potentially save the pact.

Rouhani’s speech, broadcast live on state television within minutes of Trump’s announcement, marked a doubling-down for the cleric who has seen his signature foreign policy achievement threatened by Trump for years. Trump’s announcement from the White House marked potentially the worstcase scenario for the relative moderate, as the country’s economy continues to reel despite the deal and may further worsen.

Stressing that the accord remained a “multilateral” one, and not just with the US, Rouhani said he’d be sending Iranian foreign minister Mohammad Javad Zarif to the countries still in the deal — China, France, Germany, Russia and the United Kingdom.

Iran hopes the European Union will pass laws to protect European firms from any potential US sanctions.

EU officials have suggested they’ll do what they can to salvage the agreement.

Still, Rouhani made a point of stressing that Iran, at any time, could resume its nuclear program.

“So if necessary, we can begin our industrial enrichment without any limitations,” the Iranian leader said. “Until implementation of this decision, we will wait for some weeks and will talk with our friends and allies and other signatories of the nuclear deal, who signed it and who will remain loyal to it. Everything depends on our national interests.”