05172018 business

business@tribunemedia.net

THURSDAY, MAY 17, 2018

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enjoys Fiscal responsibility: ‘more Atlantis ‘strongest Q1 teeth’ needed to stop breach in many years’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Fiscal Responsibility Bill needs “more teeth” against governments that consistently breach its targets, an anti-corruption watchdog argued yesterday.

Lemarque Campbell, of Citizens for a Better Bahamas, the local Transparency International representative, told Tribune Business that it was examining whether greater enforcement powers and tougher sanctions should be incorporated into the legislation.

He suggested that the five-member Fiscal Responsibility Council, which currently has just an oversight and advisory role,

* Watchdog: PAC not up to task * Warns against ‘putting Bill on shelf’ * ‘Onus on public’ to hold Gov’t accountable could play a greater role in enforcing the Government’s compliance with the Bill’s targets - as opposed to the “inadequately resourced” Public Accounts Committee (PAC).

Praising the Bill as a “proactive step forward” in releasing information to the Bahamian people, Mr Campbell said The Bahamas could not afford for the legislation to suffer the same fate as the Public Disclosures Act and other anti-corruption laws.

He warned that Fiscal Responsibility’s effectiveness depended on the Bill’s

full implementation, otherwise it would become yet another law “placed on the shelf and gathering dust, with nothing becoming of it”.

And Mr Campbell stressed that, once passed into law, “the onus is on us, the people” to use the Fiscal Responsibility Act as a tool to hold current and future administrations accountable.

He said the Bill and its objectives will fail without such public participation, adding that its “most significant principal” was the realisation that future Bahamian generations will be

burdened by fiscal mismanagement that occurs today.

While all civil society groups are still reviewing the Bill, Mr Campbell told Tribune Business: “One aspect we’ll be looking at is to see where there can be more teeth in the Bill.”

The present draft merely requires the Minister of Finance to appear before Parliament’s Public Accounts Committee and “explain the cause” of any breach of fiscal targets, responsibility objectives and adjustment plans.

SEE PAGE 5

BANNISTER: NO ‘FORCED’ TERMINATIONS TO HAPPEN THROUGH BPL AGREEMENT

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THERE will be no forced terminations in Bahamas Power & Light’s (BPL) upcoming right-sizing exercise after a deal was reached with its two trade unions, it was revealed yesterday.

* UTILITY IN DEAL WITH TWO UNIONS * UNION CHIEF VERY CONCILIATORY

Desmond Bannister, minister of works, said the unions representing both BPL’s managerial and line-staff have signed an

Bahamas to ‘harmonise’ IBCs, domestic entities

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE DEPUTY Prime Minister yesterday expressed “100 per cent” confidence that The Bahamas will meet Europe’s year-end target, as it prepares to “harmonise” IBCs and domestic companies.

K P Turnquest, pictured, told Tribune Business that “work is still ongoing” on how The Bahamas will achieve this, with “co-ordinating legislation” planned to amend the International Business Companies (IBCs) Act

* DPM ‘100% CONFIDENT ON EU DEMANDS * ACKNOWLEDGES IBC ‘GRANDFATHER’ CONCERN * ‘AGGRESSIVE SCHEDULE’ FOR COMPLIANCE and Companies Act to the 28-nation European Union’s (EU) satisfaction.

Providing no details, Mr Turnquest said the “harmonisation” was necessary to address the EU’s demands for an end to so-called “ring fencing”.

SEE PAGE 3

IMF: worker notice below world average

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union leader yesterday hailed the IMF for confirming that the two-week notice period for terminated Bahamian workers is below international standards.

Obie Ferguson, the Trades Union Congress’s (TUC) president, told Tribune Business that the International Monetary Fund’s (IMF) Article IV report had vindicated the labour movement’s arguments on the issue.

Data contained in the

* UNION CHIEF HAILS REPORT AS VINDICATION * BUT BAHAMAS ‘NO OUTLIER’ ON TOTAL BENEFITS * YOUTH UNEMPLOYMENT THREE TIMES HIGHER report reveals that The Bahamas’ two-week notice period was shorter than all comparatives. It compared to an average 4.14 week “severance notice”

SEE PAGE 4

agreement to facilitate voluntary separations from the energy monopoly. He emphasised: “No one is going to be forced to leave.”

Mr Bannister told Parliament yesterday that the agreement was signed between BPL and the Bahamas Electrical Workers Union (BEWU), which represents line-staff, and

the Bahamas Electrical Utility Managerial Union (BEUMU) on Tuesday.

“I want to thank those unions’ presidents, their members and officers, who saw the importance of this and gave their members the opportunity to be able to

SEE PAGE 6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATLANTIS has enjoyed “one of the strongest first quarters in many years”, its top executive revealing that business is “well ahead” of 2017 numbers.

Audrey Oswell, pictured, the Paradise Island resort’s president and managing director, told Tribune Business: “Business is well ahead of last year’s numbers, and even 2016 numbers. We are very pleased with how business is going.

“We have had one of the strongest first quarters that we have had in many years, and our business going forward through the rest of the year is also well ahead of last year” Speaking with this newspaper at the official opening of Atlantis’s latest restaurant, the seafoodthemed Fish by acclaimed Spanish-American chef, José Andrés, at the Cove, Ms Oswell said the resort is preparing for several renovations.

“We’re getting ready to start a renovation of the Reef tower. That will begin in September,” she disclosed. “At the same time, a bit later in the month, we

* RESORT ‘WELL AHEAD’ OF LAST TWO YEARS * PREPARING FOR MORE TOWER RENOVATIONS * ADDS TO RESTAURANT MENU AT THE COVE will start the renovation of the Royal Towers.

“We will start at the East Tower and work our way to the West Tower. The renovations in the Coral Towers will be finished in June of this year, so we have been opening a tower and bringing it back online a little bit at a time. By the end of next year or early 2020, all of our rooms would have been renovated.”

Atlantis relaunched the Cove property last fall and, according to Ms Oswell, the market response has been exceptional. “The Cove is a truly luxury collection property,” she said. “The customers are really enjoying the changes we have made there. It has really been well received. Our business has not been this strong in many years at the Cove. We are very pleased with how things are going.”

SEE PAGE 6

PAGE 2, Thursday, May 17, 2018

THE TRIBUNE

ALIV ASSISTS ELECTRONIC DATA PROTECTION TALKS ALIV YESTERDAY detailed ways Bahamians can protect their electronic data as it participated in a roundtable discussion hosted by the Data Protection Commissioner’s office.

Dwayne Davis, Aliv’s chief solutions architect, presented on topics including information governance framework; key steps to compliance; the advantages and disadvantages of geo positioning on social networks; and personal data protection on the mobile provider’s network.

“One of the key things that I’d like to note and share with you is the many ways in which you can protect your data, and one of them many of you are concerned about is via telecommunications,” he said.

“I can say without a doubt that one of the most secure methods to protect your data is via a secure cellphone network because it’s totally encrypted from end to end.”

Mr Davis stressed the realities of device hacking, and the major role human error plays. “IOT is a major topic nowadays, and what this means is taking cellphone technology and allowing you to use WIFI,” he said. “Once you are

using the LTE network we can guarantee with a 99 per cent surety that your data transmission is protected.

“Now when it comes to apps, believe it or not the apps are not the devil; it’s what the user does with it. Facebook knows where you are much better than Aliv because when you ‘check-in’ that’s geo positioning; they know exactly

where you are. Our towers can only render an approximate area. The police can find out more about you logging into your Facebook or WhatsApp.” Mr Davis also explained the role the Interception of Communications Bill plays as it relates to Aliv’s network, adding that call logs and data generated

are protected the same way banks hold account information and balances.

“There is nothing in The Bahamas that permits a member of the Royal Bahamas Police Force (RBPF) to walk in our office and say give me so and so’s data; it doesn’t work like that,” he said.

“It has to be from the

send it to our legal department and then I can render whatever report they need.

That’s very important to note.”

Mr Davis warned attendees to avoid simple passwords, leaving devices open and connecting their devices to unsecure networks when protecting their data.

Other speakers at Wednesday morning’s toundtable included Deputy Prime Minister, K Peter Turnquest, and Data Protection Commissioner, Michael Wright.

“I think having an information session at this DWAYNE DAVIS, time proves to Aliv’s chief solutions be worthwhile architect simply because of what’s taking place even outside of our jurisdiction,” Mr Wright said. “It is important that we continue to raise the awareness and enhance the education. The more we are aware of the challenges Comthat we face with data promissioner of tection, the better we are Police himself, via the in protecting our own percourt. The court will then sonal information.”

HILTON EXECUTIVE GOES TO BARBADOS THE BRITISH Colonial Hilton yesterday announced the temporary assignment of a senior executive as interim general manager for its sister property, Hilton Barbados Resort.

Lynne OP Johnson will be is overseeing the Barbados resort’s operation for a three-month period.

She currently serves as the British Colonial Hilton’s director of operations and has more than 20 years’ hospitality industry experience.

“The entire team at British Colonial Hilton Nassau is proud of Lynne and her accomplishments,” said Leroy Browne, general manager, British Colonial Hilton. “I am confident Lynne’s wealth of industry knowledge will complement Hilton Barbados Resort’s exceptional team.”

LYNNE JOHNSON, Hilton Nassau Director of Operations.

THE TRIBUNE

Thursday, May 17, 2018, PAGE 3

Bahamas to ‘harmonise’ IBCs, domestic entities FROM PAGE ONE “That’s all in reference to the concern that the EU has with respect to the treatment, or taxation, that Bahamian companies are subjected to but which international companies are exempt from by virtue of not being allowed to do business in The Bahamas,” the Deputy Prime Minister said of reforms that are expected to be finalised by this July.

“Ring fencing” involves preferential tax regimes that offer exemptions/benefits for non-resident entities, and foreign investors, which are not enjoyed by companies doing business in the domestic economy.

Non-resident, or “offshore”, Bahamian entities currently enjoy Stamp Tax exemptions, lower Business Licence fees and other tax breaks not granted to domestic companies. These now have to be “equalised” to meet the EU’s anti-tax avoidance demands by December 31, 2018, and avoid another threatened “blacklisting”.

Mr Turnquest yesterday confirmed that the Government was assessing how to “grandfather” existing IBCs into this new regime, given that their beneficial owners had legitimate expectations of enjoying the 20-year exemptions provided under the current Act when they incorporated.

Business strategies will also have been based on this understanding, and the Deputy Prime Minister told Tribune Business: “We recognise there are concerns with respect to existing IBCs and rights they may have, being licensed and incorporated under existing legislation.

That is part of what we are considering in determining how we’re going to proceed.”

Chester Cooper, the Opposition’s finance spokesman, yesterday raised the “grandfathering” of existing IBCs as a concern during his contribution to the Multinational Entities Financial Reporting Bill debate in the House of Assembly.

Describing the EU’s “ring fencing” elimination

CHESTER COOPER demands as “an attack on IBCs”, Mr Cooper urged the Government to outline its compliance strategy and how this will affect both domestic and non-resident companies.

“It is critical that as we address this issue we do not adversely impact the local sector in our attempt to harmonise with the demands of giant international bodies,” the Exuma and Ragged Island MP warned.

Attorneys and financial services industry executives have also expressed concerns privately to Tribune Business that the elimination of “ring fencing”, in effect, means an end to the advantages which attracted international clients to use IBCs and made them the “designer vehicle of choice” in corporate structures.

Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, previously told Tribune Business that this nation needed to carefully “examine how we approach” the elimination of “ring fencing” given the loss of business that could result if it got this wrong.

“Do you equalise treatment? That’s one way of doing it. Or do you close off those benefits to non-resident entities and have a phase-out period? While you do that phase-out period, you have to figure out how to equalise the benefits on both sides.

You can’t have a difference between non-resident and resident entities,” he said.

Revealing that his personal preference was for the “phase-out” period and setting of a date when “ring fencing” would be eliminated, he added: “You could equalise now or close off and provide some time to come up with equal treatment.

“That’s probably the

preferred way to do it. You have a clear “run off” period, grandfather and close off the existing, so you know the regime is closing on a certain date. “That gives you enough time time to figure out how to change the exemptions; how you approach it for everybody going forward on Stamp Tax, Business Licence fees.”

The Bahamas, and all other nations, have until year-end 2018 to pass and implement measures that will satisfy the EU’s anti-tax avoidance demands. This nation currently sits on the 28-nation bloc’s “blacklist”, and is awaiting a May 27 meeting of EU finance ministers to formally ratify its recommended removal.

Mr Turnquest yesterday told the House of Assembly that the current “blacklisting” had resulted from an “inconsistent” approach on the EU’s side, but he conceded that The Bahamas had not been “engaged” to the extent it was seeking.

The Deputy Prime Minister said the Government had moved to address those concerns, and was now in frequent contact with the EU, telling it “what we’re doing today, what we’re doing tomorrow” in a bid to avoid further mishaps.

“We are engaged,” he told Tribune Business. “We are communicating fully with the [EU] Code of Conduct Group. We expect that communications will continue, and if any issues arise we will be notified promptly and we will address them promptly, as we have been doing.”

Mr Turnquest also tabled the Government’s plans and implementation timetable for addressing the EU’s concerns, confirming that “further legislation” beyond the Multinational Entities Financial Reporting Bill will be required.

Besides “ring fencing”, the EU’s other major demand is that companies conduct “real business” and have a physical presence in The Bahamas, meaning this nation will have to develop “minimum economic substance” requirements for all industries.

The EU believes that multinational companies can exploit loopholes, and differences in tax regimes and rates between countries, to artificially shift profits, revenues and assets to low-tax jurisdictions such as The Bahamas despite having no physical presence - and conducting no real business - in this jurisdiction.

Given the absence of corporate tax, the 28-nation bloc sees The Bahamas as a location that multinationals can exploit to avoid due taxation in their states and elsewhere - especially in the absence of rules mandating “economic substance”, “physical presence”, and the conduct of actual business here.

The Government’s timetable shows that June 2018 will be devoted to devising “reasonable economic substance” reforms, which will include regulatory changes; new tax and reporting requirements; and the development of enforcement mechanisms and penalties to ensure compliance.

This work will then be shared with the financial services industry and other stakeholders for consultation in July, along with the IBC/domestic company “harmonisation” plan. Cabinet approval for all these changes will be sought on July 31, 2018.

The Government then intends to debate and pass the resulting legislation through Parliament in September 2018, ahead of the EU’s December 31 deadline, while all the while keeping the latter’s “Code of Conduct” group informed.

Mr Turnquest yesterday admitted to Tribune Business it was “an aggressive schedule”, with both government and industry compliance officers needing to be trained on the new regime’s requirements prior to implementation.

His opposite number, Mr Cooper, yesterday called on The Bahamas to “leverage” the EU’s “economic substance” demands to attract companies to establish operations and offices in this nation, thereby boosting economic activity and creating jobs.

He questioned, though, what The Bahamas’ financial services “value proposition” and business model will be going forward, and how it will place the sector on a viable, sustainable footing.

“In my view, we must use an economic substance argument to make The Bahamas more attractive, and to demonstrate to the self-appointed financial services police of the world that there is purpose in doing business in The Bahamas other than just dodging higher taxes elsewhere,” Mr Cooper said.

“We have emphasised to the world that we are not a haven for crooks or money launderers. We have demonstrated it by our actions and the myriad of laws we have passed in this place. Now we need these self-serving agencies to cut us some slack.

“The requirement for substance in The Bahamas might be leveraged to our advantage. This approach, used strategically, would

attract new business to The Bahamas. However, we must be competitive and we must ease bureaucracy and make it easier to do business here.”

Attacking the EU’s tactics, Mr Cooper added: “I am often offended by what I call the ‘gun boat diplomacy’ of these international agencies, who want us to get along but who want us to do it their way.

“Whilst we recognise some realities of small countries, we must realise we are being strong-armed and develop a better strategy, a proactive strategy, hopefully a bi-partisan strategy for when the next threat of blacklisting comes.

“And I assure you, Mr Speaker, as sure as the sun will set today, no matter what we pass in this House, more threats of blacklisting will come as they intentionally and consistently move the goal post.”

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PAGE 4, Thursday, May 17, 2018

THE TRIBUNE

IMF: worker notice below world average FROM PAGE ONE in rival Caribbean tourism economies; a 4.78 week average for the whole Caribbean; 5.26 weeks for non-Caribbean emerging and developing economies; and 6.24 weeks for “advanced economies”.

Seizing on the findings, Mr

Ferguson told Tribune Business: “When I saw that, my first reaction was: ‘At least the international community is consistent with our thinking’ that the notice period, in my humble opinion, was never adequate.

“That is the view of the unions in our country. One of the major problems we have with it was that if you worked

for an employer for 12 years, the notice and severance pay would be the same as if you worked for an employer for 35 years.

“On the face of it, that must be unfair. At least the international community is thinking along the lines of trade union movement in The Bahamas.”

However, the IMF’s study of the Bahamian labour market found that the “severance notice” period was the only area where this nation “lags” when it comes to the benefits provided to terminated workers.

The “two-week” severance pay provided to Bahamian line staff who have only been working for one year is higher than that offered in Caribbean tourism economies and the region as a whole, at 0.89 weeks and 1.22 weeks’ pay, respectively, plus the 1.53 in advanced economies. Severance pay was only higher for other emerging economies, at 3.31 weeks.

It was the same for Bahamian workers employed for five- and ten-years, respectively, as the ten and 20 weeks’ pay offered again exceeded Caribbean and developed world averages. Only other emerging markets, excluding the Caribbean, were more generous when it came to terminated employees.

The IMF report appeared not to account for the fact that severance pay under the Employment Act is “capped” at 12 years, but it said: “The Bahamas has a shorter period of notice but higher average severance payment. Disputes over dismissals are solved by the Industrial Tribunal, but the process can be lengthy as the law does not stipulate time limits.”

The Fund also found that The Bahamas’ minimum wage, at $5.25 per hour, was not out of line with regional or global standards.

www.ub.edu.bs

CAREER OPPORTUNITY SENIOR MANAGEMENT

Suitably qualified candidates are invited to submit applications for the following position available at University of The Bahamas:General Counsel, who will serve as the chief legal officer of the University of The Bahamas’ system, and provide legal guidance and counsel in executive and policy decision-making to the Board of Trustees and senior leadership. Among the duties and responsibilities are: • Managing the University’s legal representation in all litigation and administrative proceedings; • Providing counsel and advice concerning compliance with laws of The Commonwealth of The Bahamas and all UB Act statutes and regulations affecting tertiary education, including preventative legal services and legal representation in monitoring and resolving disputes that may lead to litigation; • Subject to direction of the Board of Trustees and President, resolving all legal claims and initiating and appealing all lawsuits and administrative proceedings; • Managing outside counsel budgets, issuing contracts for legal services and retaining outside counsel on behalf of all University units; • Providing administrative leadership to the Board of Trustees in litigation reviews; • Serving as attorney to the Board of Trustees in legal matters and communicating legal issues and concerns to the attention of the Trustees, President, and senior leaders; • Reviewing all Board resolutions and policies for form and legality.

Among the essential qualifications are at least 10 years of experience as a practicing attorney in a sophisticated environment such as a large law firm, government agency, university, non-profit organization or corporation and a J.D. LLB and /or LLM degree from an accredited law school. Proven success in providing legal guidance in the context of complex organizations and a deeply held commitment to, and belief in, the value of collaborative decision-making are also essential.

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

Applicants should electronically submit via hrapply@ub.edu.bs, to the attention of the Vice President, Human Resources the following documents

by Thursday, 31st May, 2018: • A completed University of The Bahamas Application for Employment (available at (www.ub.edu.bs/wp-content/uploads/2017/01/Applicationfor-Employment-Staff.pdf); • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; and • The names and contact information of three professional references

OBIE FERGUSON Comparing it as a percentage of per capita GDP, the report found The Bahamas’ minimum wage was below that of Jamaica, Antigua, St Vincent and St Kitts and Nevis, but higher than in Mexico and the Dominican Republic.

“Compared with its peers in the Caribbean region, both minimum wage and the ratio of PPP-adjusted minimum wage to GDP per capita in The Bahamas do not stand out as outliers in the region,” the IMF concluded.

The Fund noted, though, that The Bahamas’ unemployment rate “has been persistently high” for the last three decades, averaging 11.3 per cent annually since 1991, with young Bahamians bearing the brunt of such structural weaknesses.

Unemployment peaked at 16 per cent in 2011, and the IMF said: “The youth unemployment rate is particularly high, hovering around 20 per cent from 2005 to 2017 “As of November 2017, the youth unemployment rate of 22 per cent was

almost three times higher than the unemployment rate for the rest of the population of eight per cent.”

The Fund’s report suggested “low-quality” and insufficient skills, especially among high school leavers, and “poor matching” of available workers with jobs were the primary reasons for The Bahamas’ high jobless rate rather than labour market regulations.

“Labour market regulations do not appear to be a major determinant of high unemployment,” it suggested. “The high structural unemployment appears to be driven mainly by insufficient and low-quality skill-sets of the young, coupled with difficulties in the matching process between employers and job seekers, poor skill matches and limited labour market information.

“The labour market regulations do not seem to be a major constraint to labour market flexibility, though continued improvement and modernisation of regulations would ensure improved

efficiency and flexibility.”

As for solutions, the IMF said: “Improving the quality of general education should help sustain longterm employment. Research shows that while vocational training could smooth entry of the young into the labour market, developing strong cognitive skills through general education could help sustain long-term employment.

“Boosting the quality of high school education, including on math and English skills, is a critical step in this direction... More generally, advancing structural reforms to improve competitiveness would foster investment and job creation. While, to some extent, diversifying the economy and broadening its base is feasible, the geography of The Bahamas implies that tourism will continue to play a major role in the economy.

Therefore, actions to reduce structural bottlenecks would help spur investment and job creation.”

THE TRIBUNE

Thursday, May 17, 2018, PAGE 5

Fiscal responsibility: ‘more teeth’ needed to stop breach FROM PAGE ONE If the Committee is dissatisfied with the Minister’s explanation, and proposed corrective action, it can only “recommend that Parliament consider a resolution” requiring either that “action” be taken to improve the situation or additional progress reports.

The Committee can recommend to the Minister of Finance that “a financial or other penalty” be levied against public officials who breach the Fiscal Responsibility Act, but given the fiscal profligacy of successive administrations, many are likely to agree that the enforcement powers need to be ‘beefed up”.

Mr Campbell yesterday suggested the Fiscal Responsibility Council, featuring persons nominated by the Bahamas Bar Association; Bahamas Institute of Chartered Accountants (BICA); Chamber of Commerce; Financial Analysts’ Society; and University of The Bahamas, be given an enhanced enforcement role.

The Bill currently limits the Council to an advisory/ oversight role, and Mr Campbell said: “We’re still looking at different avenues when it comes to enforcement recommendations, and we want to see if this independent body [the Council] can have more teeth, and initiate some proceedings against governments that do not comply.

“Instead of having Government rely on themselves to police their compliance, maybe the Fiscal Responsibility Council can have more say in that.” He added that “inadequate resources” meant the Public Accounts Committee was struggling to fill its existing mandate when it came to scrutinising the Government’s finances, raising doubts over whether it can fulfill its extra responsibilities.

And, while describing the Bill as “a good step in building trust between the Government and citizens”, Mr Campbell warned: “That’s only if the Act is enforced and implemented to the full extent.

“Some aspects of anticorruption laws, like the Public Disclosures Act, are not enforced or implemented to the full extent.

This [Bill], as a means to

promote accountability and transparency, can only work if implemented and enforced to the fullest extent.

“It’s one thing to write laws, but they can be placed on the shelf and gather dust, and nothing becomes of them. If we can get this enforced, that will definitely be to our advantage. Everyone will win.”

Mr Campbell agreed with the International Monetary Fund’s (IMF) assessment that the Fiscal Responsibility Bill will not solve The Bahamas’ fiscal woes by itself.

The Fund, in its recent Article IV report, warned that the Bill needed to be accompanied by improved public financial management practices - something the Government is aiming to enhance through an InterAmerican Development Bank-funded initiative - and cross-party political will that continues when administrations change.

“Rules-based frameworks put a premium on the availability of timely, exhaustive and accurate fiscal information to efficiently guide policies,” the IMF said. “In addition, strong expenditure controls and credible budgets are essential, as policy makers need to have a tight handle over fiscal outcomes to ensure compliance with the rule.

“Frequent and large expost revisions of budget plans and outcomes could put the credibility of the fiscal rule framework in jeopardy.

Finally, a strong technical forecasting capacity is also required to credibly inform policy planning.”

It added: “The proposed rules would fill an important gap in The Bahamas’ policy framework. The lack of an effective fiscal anchor and framework has, in part, allowed rapid increases in spending and in public debt.

The proposed framework, if implemented effectively, should help anchor fiscal policy. However, political will remains a critical ingredient in ensuring sustainable public finances.”

Mr Campbell yesterday said the active involvement of Bahamians was another such “critical ingredient”. He explained: “It’s one thing for them to be transparent, but the onus is on us, the public, to be responsible citizens and hold them accountable.

“This Bill is just the tool.

It’s up to us now to hold them accountable going forward.”

With a near-$8bn debt that is still growing, and annual deficits that exceed $300m, the Government’s accumulated “red ink” threatens to burden future generations of Bahamians for decades to come.

Mr Campbell said he drew great encouragement from the Bill’s recognition of this, adding: “The most significant principal that stands out to me in the Bill is that the Government’s management of fiscal policy should take into account the impact on the welfare of not only the current population, but also future generations.

“The Government should not be given carte blanche control over public funds, without any accountability, as this affects both present and future tax payers. We all suffer as public debt increases coupled with higher borrowing costs.

“On this basis, the preelection provision in the Bill is key, as it’s a detrimental effect on our economy for the government to use public funds to issue padded contracts to party supporters or increase the civil service for votes – these are all forms of bribery. This is evident in our recent corruption barometer survey, where 41 per cent of Bahamians felt that voters are always bribed during elections.”

Mr Campbell told Tribune Business that as-yet unborn Bahamians will be “footing the bill” if the Government’s present profligacy continued for another ten to 15 years, turning this nation into another Greece or Puerto Rico.

“It we can mitigate or contain this now with greater transparency and accountability through this Fiscal Responsibility Bill, we can see some positive impacts and future generations will not have to bear the brunt,” he told Tribune Business.

“What’s important is that every spending initiative they [the Government] propose has to be qualified so that it fits with the purpose, the spirit of the Bill... This is important because we cannot have the Government operating under a veil of secrecy, as it has been in the past.

“Once we have more transparency, that leads into accountability. These words have been used, but we are seeing some action

towards that with this Bill and accountability.

Government would have to so that it’s not just political “This Bill essen- develop and report on a fiscal rhetoric. Governments can’t tially provides some strategy, based on prudent have a free rein on spend- comfort in knowing that the objectives and principles.” ing. Governments can be irresponsible in the way they spend the people’s money.”

Acknowledging the Government’s “aggresRetail company seeking persons to issue flyers sive timeline” as it bids to implement the Fiscal and direct customers into the store. Must be well Responsibility Bill this groomed, punctual and willing to work and grow fiscal year, Mr Campbell with the company. added: “For too long Bahamians have questioned how and where tax dolSend resume and photo to 242-815-5808 or lars have been spent by the tresorrarebahamas@gmail.com.

Government, prompting for No calls. Salary plus commission. calls for more transparency

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PAGE 6, Thursday, May 17, 2018

BANNISTER: NO ‘FORCED’ TERMINATIONS TO HAPPEN THROUGH BPL AGREEMENT FROM PAGE ONE select to leave the corporation on very favourable terms.

This is an entirely voluntary initiative. No one is going to be forced to leave BPL,” the Minister reiterated.

BPL’s deputy chairman, Patrick Rollins, revealed last month that the utility planned to initiate a ‘right-sizing’ exercise. That announcement prompted a fierce backlash from the unions, but BEWU president, Paul Maynard, took a more conciliatory tone when contacted yesterday.

“We are in agreement with them. We are comfortable,” he said. “We are just working out the details. With people going we can’t have a brain drain. We have to work this

out. Everyone can’t go home.

We’re just trying to narrow done timelines,” said Mr Maynard.

He declined to reveal the extent to which BPL wants to reduce its employee count, with the utility said to currently employ 1,050 persons.

“They did give us numbers but I don’t want to discuss that,” said Mr Maynard.

BPL’s former management company, PowerSecure, stated in its business plan, which was released last year, that it wanted an approximate “30 per cent reduction in staff by year three of the plan”.

That figure would have represented 315 BPL workers, and was projected to reduce “the cost of service to customers by an estimated $0.013 per kilowatt hour as a result” the business plan further said.

The Minnis administration severed ties with PowerSecure in September 2017.

BEUMU president Anthony Christie did not return calls up to press time yesterday.

It is understood that BPL’s current Board and management team are looking

THE TRIBUNE for a workforce reduction similar to that outlined by PowerSecure. The voluntary separation scheme will likely run in a similar manner to that used by the Bahamas Telecommunications Company (BTC) post-privatisation, and a significant number of BPL workers - especially those nearing retirement age - will likely be tempted if the terms are right.

Mr Bannister, pictured, yesterday said BPL is moving ahead with the introduction of an automated meter system.

“Some people have not had electricity in their home for years,” he explained. “This automated meter system will allow people to prepay on their meters.

“BPL is going to offer some concessions to be able to ensure that Bahamians who have had their power disconnected for some time are going to able to benefit from this opportunity. I want to ensure that other people don’t seek to take advantage of this who can afford it.”

Atlantis enjoys ‘strongest Q1 in many years’

ATLANTIS Paradise Island

FROM PAGE ONE Atlantis last year sought to enhance the “authentic Bahamian” experience if offered, and provide more economic benefits to Bahamian businesses. It brought the likes of iconic Harbour Island restaurant, Sip Sip, to the Cove as well as other Bahamian restaurants.

“Last year we made a conscious decision to embrace the Bahamian culture, and to ensure that our

customers were getting a truly authentic Bahamian experience here at the resort,” Ms Oswell said.

“They certainly could leave the resort and experience more of The Bahamas if they would like to, but if they choose not to, we want to ensure that they could understand and experience a lot of the culture, and that is through the cuisine, the art, the music and, certainly, the warmth and hospitality that Bahamians have to offer.

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“We have embarked on our ‘Bahamas At Heart’ initiative as not so much a campaign but a part of who we are, how we operate and what we truly believe in. All of our employees share in that. It’s been really well received. People love our newer offerings like Frankie Gone Bananas, Pirates Republic and Sip Sip.” Ms Oswell said even Chef Andrés’ restaurant pays homage to traditional Bahamian cuisine. Chef Andrés added that he had intentionally included invasive lion fish on the menu, as a way to support sustainability in the Bahamian fisheries sector.

A portion of the cost of the restaurant’s signature lion fish dish will go directly to the Blue Project Foundation, The Cove’s non-profit organisation dedicated to saving marine species and their habitats throughout The Bahamas.

PAGE 10, Thursday, May 17, 2018

THE TRIBUNE

BANKS TOLD: ‘BE SYMPATHETIC’ OVER EXPIRED WORK PERMITS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

A CABINET Minister yesterday urged banks to be more “sympathetic” and continue transacting business with persons whose work permits have expired.

Brent Symonette, minister of financial services, trade and industry

and Immigration, during his contribution to the debate on the Multinational Entities Financial Reporting Bill, said: “It appears that some banks, when a person’s work permit has expired, are refusing to deal with them as clients.

“I don’t see anything in the law that allows them to shut down a person from doing business just because

his work permit or residency permit has expired. Please be more sympathetic, be more sensitive. A person hasn’t died because his work permit isn’t there.

We all know the Immigration Department is doing as best a job as it can. It can do better. Give us some time to renew permits.”

Mr Symonette said similar incidents were occurring

at schools. “Similarly, the schools that are not allowing children to enter to get an education simply because their parent’s work permit is not in place, please stop that, too. We need to educate the young children in this country irrespective of whether or not their parent’s work permits are up-to-date,” he added.

K Peter Turnquest, Deputy

Prime Minister and minister of finance, who led debate on the Bill yesterday, said recommendations to remove The Bahamas from the European Union’s (EU) “blacklist” will be put before the 28-nation bloc’s finance ministers when they next meet formally on May 27.

“We are confident that we have done all that is required of us, and remain hopeful that we will be formally removed from that list at that next meeting,” he said. Mr Turnquest added that the Multinational Entities Financial Reporting Bill is

a close “mirror image” of the OECD model legislation for country-by-country reporting.

“It is anticipated that this Bill, when implemented, the Competent Authority of The Bahamas will be able to receive country-bycountry reports and provide the tax authority with all the relevant information of multinational entities operating in The Bahamas, and will enable the Competent Authority to meet the obligations of Action 13 of the BEPS minimum standards,” said Mr Turnquest.

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NOTICE

WILLAMINA INTERNATIONAL LIMITED Registration Number 113539 B (Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 17th day of May, 2018. The Liquidator is DARTLEY SECURITIES LIMITED, Equity House, Caves Village Plaza, West Bay Street & Blake Road, P. O. Box CB-11838, Nassau, The Bahamas.

DARTLEY SECURITIES LIMITED Liquidator

THE TRIBUNE

Thursday, May 17, 2018, PAGE 11

CHAMBER TO HOST TRADE SEMINAR

Trump Indonesia project gets Chinese government partner

THE CHAMBER of Commerce will host its inaugural Trade Seminar and Expo event at the Melia Nassau Beach Resort on Wednesday, May 30.

The event will offer advice, information, education and instructions to Bahamian manufacturers, producers and exporters, as well as provide an opportunity for Bahamian businesses start-ups and experienced, small and large - to showcase their products and services at exhibition booths.

They will also be able to establish first contacts with potential buyers, and learn how to take full advantage of the benefits of trade agreements.

Attendees will be able to see live demonstrations of the Ministry of Financial Services and Chamber’s joint Online Trade Portal, and register themselves on the Portal to commence the export process.

A CHINESE government-owned company has signed on to build a theme park in a vast development in Indonesia that also features a Trump hotel and condos, a deal that stands to benefit President Donald Trump’s company just as top Chinese envoys head to Washington for trade talks.

In a move that has alarmed Trump critics, an Indonesian company confirmed this week that it hired the subsidiary of the stateowned Metallurgical Corp of China to build a theme park in its Lido City development outside Jakarta. The property owner three years earlier struck a deal for the development to include a Trumpbranded hotel, 400 luxury villas and condos, and an 18-hole championship golf course.

Even though Trump’s involvement in the project predated his election, ethics experts say it’s still trouble for the president, possibly putting him in violation of the emoluments clause of the Constitution, which bans gifts from foreign governments.

“This clearly benefits the Trump Organization, and therefore its owner Donald Trump,” said Harvard Law professor Laurence

NEW YORK Associated Press

Tribe, who is advising on several lawsuits against the president. He added that it is irrelevant if the benefit came “indirectly” from China through the Indonesian company.

MNC Land, the Indonesian company that is developing the park, is owned by billionaire Hary Tanoesoedibjo, who attended Trump’s inauguration last year. In a statement, MNC Land said the Trump Organization has “no relationship” with the theme park that the Chinese company is building. It also said that news reports that a Chinese government-backed $500m loan for the project had been signed were false.

White House officials steered clear of talk of Chinese backing for the project, dismissing the belief that it could violate the emoluments clause or the Trump Organization’s pledge to refrain from new foreign business while the president was in office.

Staffers pointed to an answer Monday from White House deputy press secretary Raj Shah, who referred all questions to the president’s business.

The Trump Organization declined to comment.

The deal also raised questions about possible links between the investment and the president’s seemingly out-of-the-blue tweet Sunday in which he called for Chinese telecommunications company ZTE to “get back into business, fast” because “too many jobs in China” had been lost, a call to help that seemed a stark departure from Trump’s “America First” foreign policy.

Just last month, the Trump administration ordered a sevenyear halt in American shipments of computer microchips and software that are at the heart of most of ZTE’s telecommunications gear. The Commerce Department accused ZTE of violating American

sanctions by selling to Iran and North Korea. ZTE phones had also been banned from US military bases earlier this year over fears they could pose a security threat.

White House officials denied any connection between the company and the Indonesia project. Instead, they framed the tweet as a call to protect American jobs — many of the ZTE components are made in the United States — and placed it in the context of ongoing negotiations about trade between the two countries certain to accelerate when senior Chinese officials arrive in Washington later this week.

The overture could also reduce tension with Beijing as Trump leans on China for help in the weeks before his summit with North Korea leader Kim Jong Un in Singapore.

PAGE 12, Thursday, May 17, 2018

THE TRIBUNE

Emergency 911 technology struggles to keep up with the times of today ROSWELL, GEORGIA Associated Press HIGH SCHOOL students hiding from the gunman in Parkland, Florida, were forced to whisper in calls to 911 for fear of tipping off their location.

Others texted friends and family who then relayed information to emergency dispatchers over the phone.

A few months later, a woman in Michigan was able to send off short text messages to 911 dispatchers as her homicidal husband held their daughter hostage. She was able to convey enough information to help officers get to the scene and formulate a plan to stop the man without the family being harmed.

The two cases show how that in this era of active shooters, police shootings and global terrorism, a patchwork of technology around the country can make the experience of calling 911 vastly different depending on where you live. More cities have begun to accept text messages recently, but the system that Americans rely on during their most vulnerable moments still hinges largely on landline telephones, exposing a weak link that jeopardises the ability of law enforcement to respond in an emergency.

“Most of the technology that’s in the nation’s 911 centers today is technology of last century. It’s voice-centric communications,” said Brian Fontes,

A DISPATCHER in Roswell, Ga, works with a variety of screens while handling a 911 call. The Roswell call center is one of the few in the United States that accepts text messages. This year is the 50th anniversary of the first 911 call placed in the United States and authorities say it is in desperate need to have its technology modernised.

Photo: Lisa Marie Pane/AP chief executive officer of the National Emergency Number Association.

Nearly 80 percent of the nation’s 911 calls come from cellphones. Yet the dispatchers on the other end are hampered by outdated technology that in most cases doesn’t allow them to accept text messages, receive a live-streaming video or sometimes even easily detect where the caller is. It’s a striking contrast at a time when text messaging is ubiquitous, video chats with friends and family on the other side of the world are common, and Uber and Lyft drivers can

pinpoint precise locations of riders.

The issue received new attention this week after the results of a police investigation in Cincinnati revealed numerous breakdowns in the response to a teenager who got trapped under the backseat of his minivan and died despite voice-dialing 911.

Experts worry that the nation isn’t focused enough on improving the system and it is causing delays in getting emergency responders to the scene as fast as possible.

One obstacle is that there’s no federal mandate

or standards for call centers, with each one managed by state and local governments. That means there’s a wide range of standards, equipment and training.

And a recent report by the Federal Communications Commission found that a surcharge paid by phone customers that is supposed to be directed to 911 is diverted by some states to other needs, to the tune of about $128m.

It would cost considerably more than that to upgrade every call center in the United States. But David Turetsky, former chief of the public safety and

homeland security bureau at the FCC, said there could be ways to reduce those costs by ensuring the system is more interconnected and working together, rather than separately.

“This underinvestment is a choice and it costs lives and health and the thing about the 911 system is that none of us should be too confident that it might not be our own life or that of a loved one or a friend,” he said.

Rep Anna Eshoo, a Democrat who represents California’s Silicon Valley, has been on a mission to modernise call centers since seeing one up close during an earthquake when she was on the San Mateo County Board of Supervisors. Her worries only grew after the 9/11 attacks.

She’s visited all the call centers in her district and, she said, “the smaller ones, especially rural areas, you walk in and it looks like 1952 because they’re not funded the way they should be. They need to be upgraded.”

In December, she submitted legislation that would direct federal funds to state and local governments to allow them to upgrade their systems to “Next Generation 911”.

It was Feb 16, 1968, when the very first 911 call was placed — a test call made by a state senator in Alabama — and the system was born. It is now embedded in Americans at a young age to dial those three digits

in an emergency. An estimated 270 million such calls are made each year in the United States.

Until recent years, dispatch centers might receive a handful of calls at most during an emergency. A witness to a car accident, for example, would have to get to a landline to alert authorities. And each landline phone is tied to a specific address, giving 911 operators instant access to their location.

But now in emergencies — whether it’s a routine traffic accident or a fastmoving crisis like a mass shooting — 911 operators get inundated with dozens of calls. If the person is using a cellphone to call from inside a building, the location may not be immediately known. And if they’re inside a high-rise, it’s even more of a guessing game.

“That call could be on the 90th floor, it could be on the 40th floor, it could be on the second floor,” said Rick Myers, executive director of the Major Cities Chiefs Association. “That’s pretty damned important information for the responding officers to know.”

There are scores of stories offering warning signs about the system’s lapses — such as a man who died last year after getting lost just seven miles from Bethel, Alaska, after rescuers weren’t unable to find him because his cell signal wouldn’t pinpoint his location.

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THE TRIBUNE

Thursday, May 17, 2018, PAGE 13

TRUMP: US HASN’T BEEN NOTIFIED ABOUT THREAT TO CANCEL SUMMIT WASHINGTON Associated Press

AMID FRESH uncertainty over his planned summit with North Korean leader Kim Jong Un, President Donald Trump said yesterday that he is committed to pressing for the country to abandon its nuclear programme as part of any meeting.

North Korea threatened earlier in the day to scrap the historic summit between Trump and Kim, saying it has no interest in a “one-sided” affair meant to pressure the North to abandon its nuclear weapons.

But Trump appeared to shrug off the warning saying the US hadn’t been notified.

“We haven’t seen anything, we haven’t heard anything,” Trump said as he welcomed the president of Uzbekistan to the White House. “We will see what happens.”

The warning from North Korea’s first vice foreign minister came after the country abruptly cancelled a high-level meeting with South Korea to protest US-South Korean military exercises that the North has long claimed are an invasion rehearsal.

Behind the scenes, White House aides tried to soothe South Korean frustrations over the cancelled meeting with the North as they continue to plan for the summit, set for June 12 in Singapore, as if nothing had changed.

US officials compared the threat to Trump’s own warning that he might walk away from the summit if he determines Kim is not serious about abandoning his nuclear programme.

The direction from the Oval Office to White House aides and other US national security agencies yesterday was to downplay the North Korean threats and not “take the bait” by overreacting to the provocation, said a senior US official. The official wasn’t authorised to discuss internal conversation publicly and requested anonymity.

National security adviser John Bolton told Fox News Radio on yesterday that “we are trying to be both optimistic and realistic at the same time”.

Bolton, who was called out by name by the North for saying that the US is seeking an outcome similar to Libya’s unilateral nuclear disarmament, said the personal attack raised the question of “whether this really is a sign that that they’re not taking our objective of denuclearisation seriously”.

North Korean first vice foreign minister Kim Kye Gwan said in a statement carried by state media that “we are no longer interested

in a negotiation that will be all about driving us into a corner and making a onesided demand for us to give up our nukes and this would force us to reconsider whether we would accept the North Korea-US summit meeting.”

In its commentaries published through the state-run news agency, North Korea steered clear of criticising Trump himself and secretary of state Mike Pompeo, who last week met with North Korean leader Kim Jong Un for the second time in little more than one month and brought home three American prisoners.

That suggested it still wants the summit to go ahead.

But it also took the opportunity to air its own negotiating position and take aim at Bolton, who has suggested that negotiations in 2004 that led to the shipping of nuclear components to the US from Libya under Moammar Gadhafi would be a good model for North Korea as well — although Gadhafi was deposed seven years later following a NATO-led military campaign. The North on yesterday described that proposal as a “sinister move” to bring about its own collapse.

North Korea may have also been responding to aims for the summit aired

by Bolton and Pompeo in Sunday morning talk shows last weekend.

Bolton told ABC that denuclearisation means getting rid of all the North’s nuclear weapons, dismantling them and taking them to Oakridge, Tennessee, where the US developed its atomic bomb during World War II and retains a nuclear and high-technology research laboratory. Bolton added that North Korea would have to get rid of its uranium enrichment and plutonium reprocessing facilities, reveal their weapons sites and allow open inspections.

The toughest of North Korea’s statements was issued in the name of Kim Kye Gwan, who was a leading negotiator of an aid-for-disarmament deal that collapsed under the GW Bush administration at a time when Bolton was serving as undersecretary of state for arms control and North Korea was suspected of secretly seeking to enrich uranium.

The State Department emphasised that North Korea’s leader had previously indicated he understood the need and purpose of the US continuing its long-planned exercises with South Korea.

State Department spokeswoman Heather Nauert said the US had not heard anything directly from North

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or South Korea that would change that.

“We will continue to go ahead and plan the meeting between President Trump and Kim

Jong Un,” Nauert said.

Press secretary Sarah Huckabee Sanders said earlier yesterday that preparations for the summit were ongoing despite the

cancellation threat and that Trump is hopeful the meeting will still take place.

“If it doesn’t, we’ll continue the maximum pressure campaign that’s been

ongoing,” she told Fox & Friends.

Oregon Democratic Sen Ron Wyden said he is concerned that talks are “really being oversimplified”.

PAGE 14, Thursday, May 17, 2018

THE TRIBUNE

SHORTER DRUG TREATMENT OK FOR MANY BREAST CANCER PATIENTS Associated Press

MANY women with a common and aggressive form of breast cancer that is treated with Herceptin can get by with six months

of the drug instead of the usual 12, greatly reducing the risk of heart damage it sometimes can cause, a study suggests.

It’s good news, but it comes nearly two decades

after the drug first went on the market and many patients have suffered that side effect.

The study was done in the United Kingdom and funded by UK government

grants.

Results were released on yesterday by the American Society of Clinical Oncology and will be presented at the group’s meeting next month.

Herceptin transformed

MARKET REPORT WEDNESDAY, 16 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,937.56 | CHG 2.30 | %CHG 0.12 | YTD -126.01 | YTD% -6.11 BISX LISTED & TRADED SECURITIES 52WK HI 4.40 19.17 7.50 3.76 1.64 0.19 4.50 8.90 6.60 5.30 11.50 2.71 1.60 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 8.89 6.10 3.82 10.05 2.62 1.60 7.72 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 8.89 6.12 3.82 10.05 2.65 1.60 7.76 6.10 10.60 6.43 4.20 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.03 0.00 0.04 0.00 0.16 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

109.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.43 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 100.00 100.00 108.75 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

3,893

5,000

VOLUME

500

NAV 2.14 4.13 2.00 179.39 135.02 1.55 1.68 1.63 1.09 7.15 8.14 6.41 11.26 11.68 10.24

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 0.171 0.627 0.102 0.330 0.000 1.129 0.679 0.610 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 0.320 0.500 0.200 0.120 0.580

P/E 12.2 18.7 N/M 11.9 N/M N/M -2.3 13.9 10.7 22.3 16.0 26.0 4.8 N/M 5.4 15.6 10.5 14.3 23.0

YIELD 1.82% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.60% 3.59% 3.14% 6.17% 2.26% 3.13% 1.08% 5.25% 4.72% 3.11% 2.86% 4.64%

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% 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 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-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

care of a dreaded disease when it was approved in 1998 for women with advanced breast cancers whose growth is aided by a faulty HER2 gene, as 15 percent to 20 percent of cases are. It was later approved for treatment of those cancers in earlier stages, too, based on studies that had tested it in patients for 12 months. That guess, that the drug should be taken for a year, became the standard of care.

But the drug can hurt the heart’s ability to pump. That often eases if treatment is stopped but the damage can be permanent and lead to heart failure.

Some studies tested shorter use, but results conflicted. The new study is the largest so far, and involved more than 4,000 women with early-stage cancers who were given usual chemotherapy plus Herceptin for either six or 12 months.

After four years, about 90 percent of both groups were alive without signs of the disease. Only four percent on the shorter treatment dropped out due to heart problems versus eight percent of those treated for a year.

“It’s great news” for patients, said the study leader, Dr Helena Earl of the University of Cambridge in England. Earl has consulted for Herceptin’s maker, Roche. The company had no role in the study.

“There’s no reason to not immediately change practice.

The findings are persuasive,” said Dr Richard Schilsky, chief medical officer for the oncology society. Most of Herceptin’s cancer-fighting benefit seems to come in the early months of use, he said.

Others said that because so few women have died or relapsed after being treated with the drug, longer followup may be needed to make sure the findings hold up before guidelines should be changed. Doctors also want to see results published, and to study them to see if certain groups of women need longer treatment.

Herceptin is given through an IV every three weeks; a year of it costs $34,000 to $40,000 in England and about $70,000 in the US. In December, a copycat competitor known as a biosimilar was approved in

the US and already is used in some other countries.

Dr Harold Burstein, a breast cancer expert at Dana-Farber Cancer Institute in Boston, said shorter treatment may increase access to the drug in countries where many women can’t afford it now, but that in the US, “my guess is that people will continue to aim for a year of treatment” because of lingering concerns that longer use is better, as a smaller, previous study suggested.

Dr Jennifer Litton, a breast specialist at MD Anderson Cancer Center in Houston, said Herceptin was a true breakthrough, but scaling back treatment whenever possible is just as important to patients.

She said the results show how important it can be to study drugs already on the market, and that drug companies alone should not be relied on to do studies like this.

“It’s really important that we continue to have public funding for trials so we can continue to ask all of these questions for our patients,” she said.

Herceptin’s developer, Genentech, now part of Roche, said in a statement that the new study must be viewed along with several smaller previous ones that found one year to be best.

The goal of treatment “is to provide people with the best chance for a cure”, so women need to talk with their doctors about how best to reach that goal, the statement says.

Earlier this year, the American Heart Association issued its first statement on the heart effects of cancer drugs, saying women should consider carefully the risks and benefits of any therapies that may hurt hearts.

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DARON DARVIN ROLLE of the Settlement of the Forest District on the Island of Exuma, Bahamas, intend to change my name to DARON DARVIN MORRIS. 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, COLIN LEON SCAVELLA SR. of Pinedale, Eight Mile Rock, Freeport, Bahamas, intend to change my child’s name from DEANDRA CRYSTAL DUNCOMBE to DEANDRA CRYSTAL SCAVELLA. 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 F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that AUNSHANIQUE MARIE GILSAINT of Sunset Park, 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 10th 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 CONSTANTINO DELGADO SANCHEZ of #10 Madison’s Addition, 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 10th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, May 17, 2018, PAGE 15

MACY’S SEES ROBUST MOBILE, ONLINE SALES AS PROFITS SOAR

NEW YORK Associated Press WITH shoppers in a mood to spend, particularly on clothing, Macy’s surpassed profit and revenue expectations for the first quarter of the year and raised its outlook.

The company reported

its second straight quarter of higher sales at existing stores after a three-year funk. Its shares surged nearly 11 percent yesterday, and the stocks of other department store chains rose as well. The rosy performance bodes well for JC Penney and Nordstrom, both set to report their

quarterly results today. All are working to appeal to shoppers who are spending more online rather than at department stores.

Macy’s, the first of the group to release its results, has been expanding its store label brands, adding more of the off-price Backstage stores, and upgrading

its checkout technology to make it faster and easier for shoppers. It’s also testing more curated merchandise displays and localised marketing. It also recently bought the concept store called Story, which rotates themes and what it sells every few months, and brought Story’s founder

Rachel Shechtman aboard to create better shopping experiences at Macy’s.

Chairman and CEO Jeff Gennette said the company saw strength across its Bloomingdale’s, Bluemercury and Macy’s brands. He said results are improving at its stores, coupled with robust online and mobile

growth. Macy’s also said business got a lift from an increase in spending from international tourists, the first time since 2014.

“While we have more work to do, the continuing improvement in our stores is encouraging,” Gennette said in a statement.