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FRIDAY, MAY 18, 2018

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Near 50% of Bahamians ‘cannot make ends meet’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

early 50 per cent of Bahamians are struggling to “make ends meet”, the Central Bank revealed yesterday, with monthly earnings “usually insufficient” to cover their living costs. The regulator, unveiling an analysis of its Financial Literacy Survey 2018, exposed the extent of Bahamian society’s personal financial struggles, with many living “above their means”, too heavily indebted and struggling with reduced incomes in the post-recession environment. The survey, conducted on 1,000 Bahamian adults by the Public Domain research firm, found that while many Bahamian households knew

Bahamians facing ‘expensive summer’ over oil price surge By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Households ‘can’t execute’ self-sufficiency * 26% relying on NIB pension; ‘failing behind’ * Jusr one-third answer ‘complex concepts’

what to do for financial selfsufficiency they were finding it “challenging to execute their plans”. While the Central Bank concluded that The Bahamas was “not an outlier” on financial literacy when compared to other countries, the survey found that “only a third of respondents” were able to give answers to “more complex concepts” such as the compounding effect of interest rates and inflation’s impact on purchasing power and living standards. The regulator added that the survey’s findings showed Bahamian households’ awareness of financial products appeared “not

to extend far beyond” traditional savings and loan facilities, and electronic payment solutions were “not widely understood or used” - a major obstacle to coping with the commercial banking closures of Family Island branches. And the Central Bank said “most households were falling behind in their preparation for retirement”, with 26 per cent of respondents planning to rely on their National Insurance Board (NIB) pension despite projections that the social security scheme’s reserve fund will be exhausted come 2030 without fundamental reform. However, the financial

BAHAMIANS must brace for “a very expensive summer”, the Chamber of Commerce’s chief executive warned yesterday, as global oil prices surged to $80 per barrel. Edison Sumner, pictured, told Tribune Business that greater renewable energy penetration and usage “can’t come soon enough”, with no Bahamian or business able to escape the impact of energy costs that are forecast to soon exceed $100 per barrel. Virtually all companies and households will feel the impact in their Bahamas Power & Light (BPL) bills and at the gasoline pump, resulting in reduced profits and disposable incomes, respectively, and higher costs of living. Mr Sumner said there was little most Bahamians can do to mitigate the immediate impact, other than focus on energy conservation, as he renewed private sector calls for a regulatory framework that will better spur more rapid take-up of renewable energy technologies. The Chamber is itself moving to improve access to renewable energy financing, with Mr Sumner disclosing it will shortly unveil an initiative to help persons fund the installation of roof-top solar panels. In the meantime, he urged energy consumers to “use only what you have to”, reiterating that it could be “a long, hot summer” with The Bahamas totally at the mercy of oil-producing countries and global political developments.

struggles of many Bahamians will likely catch the attention of policymakers, given the social and family discord that will result from almost half of society struggling to meet their regular living costs. The Central Bank revealed: “Another notable result from the survey was the fact that when respondents were asked to reflect on the last 12 months, and indicate whether their income was generally sufficient to ‘make ends meet’ each month, 47 per cent stated that their earnings were usually insufficient to cover their living expenses.”

SEE PAGE 4

BPL ‘ambitious’ to beat gov’t refinancing target By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) chairman yesterday said it aims to beat the Government’s 2019 first quarter refinancing target, amid delays in accessing $100m in short-term credit. Darnell Osborne told Tribune Business the stateowned utility was now waiting on Parliament to pass the second Electricity Act (Amendment) Bill 2018 after more legal loopholes were discovered. The Bill, tabled and in the House of Assembly on Wednesday, permits BPL’s parent, the Bahamas Electricity Corporation (BEC),

* Chair targets Q4, not Q1 2019 * Separating adviser, placement roles * $100m release awaits legal changes

DARNELL OSBORNE to borrow and provide security for such liabilities so that its operating subsidiary can fulfill its obligations. Mrs Osborne revealed

that the legislation’s passage will unlock a $100m short-term financing facility put together by a Credit Suisse-led syndicate, with the funds critical to BPL’s “summer readiness” and Automatic Meter Reading (AMR) initiatives. The facility will provide BPL with the necessary “financial breathing room” until it is able to place the proposed Rate Reduction Bond (RRB), which will refinance long-term debts and liabilities

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currently estimated at $650m. While the Government told the International Monetary Fund (IMF) for its recent Article IV report that the RRB will be placed in the 2019 first quarter, Mrs Osborne said BPL’s Board was targeting a more “ambitious” timeline of the 2018 fourth quarter. She revealed that an investment adviser for the planned RRB could be

SEE PAGE 5

* RENEWABLE UPTAKE ‘CAN’T COME SOON ENOUGH’ * BPL HAS NO MEASURES TO LIMIT EXPOSURE * CHAMBER IN RENEWABLE FINANCING PLAN “I think we ought to be extremely concerned about it, especially given that all our energy sources currently are fuelled by oil,” Mr Sumner told Tribune Business, after Brent Crude - the major global price index - hit $80 per barrel yesterday. “This means the cost of purchasing oil is going to increase substantially for BPL,” he added. “As a result of that we are likely to see a significant increase in the fuel surcharge and energy bills.” Mr Sumner said the impact may not be felt immediately, as the timing depended on when the nationwide energy monopoly did its fuel purchases. He also questioned whether BPL employs any “fuel hedging” or “forward buying strategies” to mitigate the impact. Darnell Osborne, BPL’s chairman, yesterday confirmed that the state-owned utility currently has no “fuel hedging” or other strategies in place to minimise its exposure to rising global oil prices. Suggesting that the Board had been focused on other elements of BPL’s restructuring, Mrs Osborne told Tribune Business: “It’s something we have discussed. We’ve had

SEE PAGE 6

Chief WTO negotiator: business reform must ‘move a lot quicker’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS’ chief WTO negotiator yesterday backed calls for “ease of business” reforms to move “a lot quicker”, but reiterated this was no reason to delay the planned 2019 accession. Raymond Winder told Tribune Business that obtaining full World Trade Organisation (WTO) membership needed to work in “parallel” with improving The Bahamas’ business processes and systems, as

* ARGUES IMF NOT CALLING FOR ACCESSION DELAY * ‘EASE OF BUSINESS’ IS ‘PARALLEL’ PROCESS * REFORM ‘RELUCTANCE’ RAISES CHANGE PACE

THE BAHAMAS needs to rapidly improve “the quality of education” if is to reduce structural unemployment and improve its competitiveness, the IMF has warned. The International Monetary Fund (IMF), in its latest Article IV report, said progress in improving high school leaver grades “seems slow” despite having cut the proportion of “low skilled labour” in the country’s workforce by more than

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SEE PAGE 3

IMF WARNS OVER ‘EDUCATION QUALITY’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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SEE PAGE 4

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PAGE 2, Friday, May 18, 2018

THE TRIBUNE

VITAL PERFORMANCE TOOLS FOR EMPLOYEE EVALUATION

erformance appraisals are instruments used to evaluate an employee’s job performance in terms of quality, quantity, cost and time. There are many benefits to using these tools for pinpointing exactly where employees are in their level of functioning. Every organisation, despite its size, must be concerned with managing the performance of human capital, processes and systems within their operation. Here are three questions ever company should ask regarding the proper use of Performance Management tools: 1. WHY DO WE STILL USE THEM IN THE WORKPLACE? • They give employees feedback on their performance • They identify employee training needs • They validate selection techniques and human resource policies • They assist in documenting criteria used to allocate organisational rewards • They provide the

opportunity for organisational diagnosis and development • They facilitate communication between employee and administration • They assist in forming a basis for human resources decisions: Salary increases, promotions, disciplinary actions etc. 2. WHAT ARE THE BEST PRACTICES IN THE ADMINISTRATION OF THESE INSTRUMENTS? • There must be ongoing documentation of employee performance throughout the evaluation period. If this does not happen, the evaluator is more inclined to complete the evaluation based on the last few behaviours and actions of the employee. • The appraisal must be used as a tool of development. If employees view the instrument as a disciplinary action, or something that holds up the increment or bonus, then very little growth will take place. • The instrument must be done fairly and accurately. It amazes me how many appraisals do not reflect the truest depiction

IAN FERGUSON BY

of the employee being evaluated. We have constantly been accustomed to giving glorious reports for lacklustre and less-thanglorious performance. Truth and honesty must be the watch words when assessing performance if success and growth are to follow. • The performance appraisal should - and must be shared - with the

employee. It is a tragedy that employer, managers and leaders complete secret employee appraisals without even sharing all the details with the worker. This completely undermines the benefits of a performance management system. 3. WHAT ARE THE BENEFITS OF USING A CUSTOMISED APPRAISAL DOCUMENT?

• It fits the unique needs of your company and your performance appraisal system • It properly documents job-based understandings that develop between supervisor and employee • It provides easy-to-reference information to properly guide the future development of the employee • It is highly flexible • It focuses more on the future than on the past

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

Bahamian achieves aviation sector first

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division

2017 CLE/qui/000433

NOTICE

The Petition of CHARLENE MOXEY AND JANET PATRICIA FERGUSON (Personal Representative of the Estate of FLORENCE CAMBRIDGE and in her own capacity) in respect of: IN THE MATTER OF ALL THAT piece parcel of lot of land containing by measurement four thousand five hundred and sixty one square feet (4,561.00) and bounded in the NORTH by Cambridge Street and running thereon fifty three and ninety-three hundredths (53.93) feet EAST by property of FLORENCE CAMBRIDGE and running thereon eighty three and fifty-five hundredths (83.55) feet SOUTH by property now or formerly owned by KINGSLEY POITIER and running thereon fifty eight and seventy hundredths (58.70) feet WEST property now or formerly owned by DAVID SOLOMON and running thereon SEVENTY EIGHT AND SIXTYFIVE HUNDREDTHS (78.65) feet with such position marks shape boundaries and dimensions as are delineated on a plan prepared by SHURN HENRY and is thereon coloured PINK. The Petitioners CHARLENE MOXEY AND JANET PATRICIA FERGUSON (Personal Representative of the Estate of FLORENCE CAMBRIDGE and in her own capacity) claim to the legal and beneficial owners in fee simple in possession of ALL THAT parcel of land hereinbefore described and the Petitioner has made application to the Supreme Court of the Commonwealth of the Bahamas under Section 3 of the Quieting Titles Act, 1959, to have its title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the filed plan may be inspected during normal working hours at:a. The Registry of the Supreme Court, British American Building, Marlborough and George Streets, Nassau, N. P., Bahamas; or b. The Chambers of Bowleg McKenzie Associates, RowClem House, #67 Marathon Road, Marathon Estates, New Providence, The Bahamas. NOTICE IS HEREBY GIVEN that any person having dower or right to dower or any adverse claim or claim not recognized in the Petition shall on or before the expiry of the thirty (30) days after the final publication of these presents, file in the Registry of the Supreme Court and serve on the Petitioners or the undersigned a statement of such claim in the prescribed form and verified by an affidavit to be filed therewith. Failure of any such person to file and serve a statement of such claim on or before the expiry of the thirty (30) days after the final publication of these presents, will operate as a bar to such claim. BOWLEG MCKENZIE ASSOCIATES Chambers RowClem House # 67 Marathon Road Marathon Estates, N.P., The Bahamas Attorneys for the Petitioner

A THIRD-GENERATION member of an aviation-loving family says he has become the first Bahamian to obtain a Masters of Laws degree (LL.M.) in International Aviation. Keith Major Jr joined Maktoom Al Wahaibi, who was achieving a similar “first” for Oman, in receiving their degrees in Chicago, Illinois, at DePaul University’s 119th College of Law commencement service. Chicago is home to DePaul University’s International Aviation Law Institute, the first and only institute of its kind in the US. Chicago is also the place where the Convention on International Civil Aviation was signed in 1944. The Chicago Convention, as it is referred to, has been ratified by more than 190 countries and is administered by the International Civil Aviation Organisation (ICAO), a United Nations (UN) agency also established in 1944. Mr Major’s achievement marks the third generation of his family to align their careers with aviation. This tradition began with his grandfather, Etienne

KEITH Major Jr pictured with family and friends from The Bahamas, Jamaica and Chicago. Odell Major (deceased), who joined the Bahamas’ Civil Aviation Department in 1957 and retired in 1991 as its deputy director. Keith O Major Sr, Mr Major’s father, joined the Bahamas Civil Aviation Department in 1973, and Wendy Major (nee Gardiner), Mr Major’s mother, joined in 1975. Both of Mr Major’s parents are still employed in The Bahamas’s aviation sector. Mr Major Sr presently serves as manager of the Bahamas Air Navigation Services Department (BANSD), and Mrs Major serves as director

FROM L: Keith Major Jr; Stephen Rudolph, former executive director, DePaul’s International Aviation Law Institute; Maktoom Al Wahaibi. of the aviation policy unit in the Ministry of Tourism and Aviation.

THE TRIBUNE

Friday, May 18, 2018, PAGE 3

GOV’TS DRIVE TO MAKE UNIONS ‘MORE EFFICIENT’ By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

BAHAMIAN trade unions must avoid “procedural errors and missteps” that could lead to litigation, the Director of Labour yesterday disclosing: “We’re trying to make them more efficient.” Robert Farquharson was speaking as the Department of Labour’s Regulatory and Compliance Unit hosted a seminar on compliance and procedures that will assist the proper functioning of trade unions. “We are trying to help the trade unions to be more efficient,” he said. “This is the first time that we are doing this. We are looking at issues such as industrial agreements,

how to file a trade dispute, taking a strike vote, the recognition process and getting audited financial statements. Unions have to stay abreast of these thing in order to function properly.” Mr Farquharson added that the Department of Labour has been inundated with questions from many unions, especially firsttime executives, about the process and/or procedures they must follow. Sherry Benjamin, the Bahamas Communications and Public Officers Union’s (BCPOU) secretary-general, told Tribune Business: “It was a lot of information and timely information. The Department of Labour has established a compliance department, and a lot of unions are not aware of the

SEMINAR Attendees. FROM L: Althea Albury, senior deputy director of labour; Brensil Rolle, minister of the public service and National Insurance; and Robert Farquharson, director of labour. Photos: Derek Smith/BIS

processes you have to go through. “I think this was all very timely. Everyone felt it should be extended to all trade union executives and employers as well.

Chief WTO negotiator: business reform must ‘move a lot quicker’ FROM PAGE ONE use of sparked

technology, had this week’s

International Monetary Fund (IMF) call for “decisive action” to tackle structural obstacles holding

NOTICE PREMIER SPHERE LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) PREMIER SPHERE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 15th May, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 18th day of May, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

RAYMOND WINDER

back economic growth. But he rejected interpretations of the IMF’s advice as suggesting that The Bahamas should delay WTO accession until it had improved its “ease of doing business” and economic competitiveness, thereby better enabling domestic companies to match foreign rivals in a liberalised trading environment. “We’ve got to get both these things done, not one before the other,” Mr Winder, Deloitte & Touche (Bahamas) managing partner, said of the WTO and “ease of business”. “The Government recognises that this stuff needs to be done. That’s why the Government, in parallel, is working on the ‘ease of doing business’. It’s not going as fast as we’d like to see it go, but it’s on the agenda. That’s happening; it’s being worked on.” The Minnis administration has appointed

A lot of issues discussed would have been related to employers, and it’s vital for them understanding the changes in law that govern not only unions but employers as well.” an “Ease of Doing Business” Committee, headed by Lynn Holowesko, to examine all the Bahamas’ business processes and recommend reforms. Cabinet is reviewing their suggestions, and some changes are likely to be incorporated in the upcoming 2018-2019 Budget. The IMF, in its recent Article IV report, warned that The Bahamas will not “reap the full benefits” of WTO membership unless it takes “bold action” to eliminate structural obstacles to growth. It added that economic growth will remain “subdued” unless the Government moves decisively to address this nation’s “ease of doing business”, energy, labour and credit market inefficiencies. “Decisive structural reforms are needed to unlock growth, particularly as a gradual liberalisation of the economy advances,” the IMF said, acknowledging the Minnis administration’s efforts to

SEE PAGE 5

PAGE 4, Friday, May 18, 2018

THE TRIBUNE

NEAR 50% OF BAHAMIANS ‘CANNOT MAKE ENDS MEET’ FROM PAGE ONE Public Domain’s research showed 41 per cent of male, and 52 per cent of female, respondents fell into this category. Broken down by age, “about half” of all persons aged between 16 to 54 years-old, and 39 per cent of those aged 55 and over, were struggling to cover their living expenses. Those earnings less than $30,000 per year faced the most difficulty in meeting “all their financial demands”, with 44 per cent of households in the medium income bracket of $30,000-$60,000 also reporting similar struggles. Even 35 per cent of those earning greater than $60,000 reported trouble in ‘making ends meet’. “When income was insufficient to cover household expenses, 40 per cent of respondents saw reducing spending as the solution to covering their expenditures, followed by working a second/third job (17 per cent), and borrowing money from family and friends (ten per cent). Each of the other means of coping [including payday lenders and numbers winnings] garnered less than ten per

cent of responses,” the Central Bank said. The analysis highlighted significant differences in financial behaviour based on income and gender. “Men showed higher numeracy competence, women displayed more financial resilience, and households of higher income were disposed to more positive behaviours,” the Central Bank said. When it came to their ability to withstand financial shocks, the Central Bank survey found 13 per cent of respondents had “less than a month’s” worth of savings, while another 15 per cent had coverage for between one to three months. This means more than one in four Bahamians has less than 90 days’ worth of saving in an emergency. “In terms of the amount of savings they had stored for a ‘rainy day’, the largest percentage of persons who responded (48 per cent) stated that they would be able to cover costs for more than six months if they lost their main income,” the Central Bank said. “A smaller group (16 per cent) indicated that their savings would cover three to six months of expenses. For

15 per cent the coverage was one to three months, and 13 per cent of individuals had less than a month’s coverage. “Taking six months as a comfortable mark, men and women were evenly matched with this question. However, not surprisingly, a higher proportion of older respondents appeared to have greater financial security than younger ones (56 per cent versus 36 per cent), and those with higher incomes were better off than lower income earners (59 per cent versus 37 per cent).” The Central Bank said “it was not surprising” that the most common longterm financial goal among respondents, at 17 per cent, was debt consolidation “given the high level of arrears and non-performing loans in the banking system”. This was followed by home ownership, at 13 per cent, and college tuition at ten per cent. “With regards to pension funds, the findings suggest that most households questioned were falling behind in their preparation for retirement,” the Central Bank said. “Although 82 per cent had prior knowledge of pension funds, only 33 per cent actually contributed to one, and only 36 per cent were interested in learning more about them. “A smaller percentage of persons surveyed cited retirement as an important financial goal (seven per cent). Not surprisingly, the share of respondents aged 55 years and over who stated this as important was higher at 13 per cent. Instead, most respondents indicated that they planned to fund their retirement either via their National Insurance Board pension (26 per cent) or from a workplace pension plan (25 per cent).” The Central Bank survey found that 78 per cent of respondents thought about whether they could afford something before purchasing it, with 68 per cent “strongly agreeing” they paid their bills on time.

Some two-thirds, or 67 per cent of those surveyed, also disagreed with the statement that “I tend to live for today and let tomorrow take care of itself”. “It appears that sentiments toward the satisfaction derived from spending now as opposed to saving for the long-term were mixed, with some respondents indicating that they preferred to spend now, while others preferred to save for the long-term,” the Central Bank said. “By gender, 47 per cent of males reported that they are more satisfied when they save money as opposed to spending it, while 25 per cent indicated that they are more satisfied spending now than saving for the longterm. In terms of women, a higher 51 per cent preferred to save for the long-term than spend money now, whereas 21 per cent saw the reverse as more satisfying.” Assessing the findings, the regulator added: “It appears that The Bahamas is neither an outlier nor a leader when it comes to the level of financial literacy within the global population. Selective comparison against the 2017 G-20/OECD results places this jurisdiction between the extremes that emerge across OECD members. “That said, the promotion of increased literacy should remain a priority for The Bahamas. On literacy, skills involving numeracy and assessment against interest rates, and the effect of inflation on the cost of living, the results for The Bahamas rank below the best performing countries in the G-20. “Overwhelmingly, the survey found that knowledge of financial products and concepts has not translated into the same level of positive changes in personal behaviour.” Roughly one-third of Bahamians showed they understood compounding interest rates and the impact of inflation on purchasing power, while just 14 per cent were able to work out the interest rate charged based on the dollar sum paid.

IMF WARNS OVER ‘EDUCATION QUALITY’ FROM PAGE ONE progress in improving the quality of education seems slow,” the Fund concluded. “[For] the quality of education, when measured in terms of graduation rates or test scores for the high-school students, the Bahamian General Certificate of Secondary Examination (BGCSE), the improvement has been slow. “For example, according to the [Coalition for Education Reform] report, the average grade for high school students was ‘D-’, with only 18 per cent of public high school students having passed the Math exam and 45 per cent of students having passed the English language exam under BGCSE in 2006. “In 2016, the average grade moved up to ‘D’, and only 5.7 per cent of high school students scored a ‘C’ or above in Math, English and a science subject under the BGCSE, while the average score for math and English was ‘E’ and ‘D+’, respectively.” The IMF identified similar concerns with The Bahamas’ vocational and technical education. “The IDB found that in November 2015, out of 1798 enrolled students in the Bahamas Technology and Vocational Institute (BTVI), only 253 students graduated in school year 2014-15,” it added. “Data from the latest labour market report by the Department of Statistics

shows that in 2016-2017 school year, 187 students graduated from BTVI, with one third concentrated on office administration, and 12 or six per cent of the total earned degrees on information technology.” The IMF conceded there had been progress in other areas, though, adding: “The share of low-skilled labour (no schooling or only primary education) in the total labour force declined significantly from 11.6 per cent in 2006 to 4.3 per cent in 2017, and the share of labour with tertiary education increased from 25.1 to 28.6 per cent. Fifty-nine per cent of the labour force in 2017 had completed secondary education, up from 53.8 per cent in 2006.” It also credited the National Training Agency for graduating 4,500 Bahamians, without about half able to find jobs, while the “Labour on the Blocks” initiative had resulted in 900 hirings from 4,000 participants. “Improving the quality of general education should help sustain longterm employment,” the IMF said. “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.”

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NOTICE TRI-COLOR LIMITED ________________

NOTICE VARIETY INVESTMENTS LIMITED ________________

NOTICE EAGLE ONE ENTERPRISES LIMITED ________________

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of April, 2018.

Delano Aranha Liquidator of TRI-COLOR LIMITED

Delano Aranha Liquidator of VARIETY INVESTMENTS LIMITED

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NOTICE ZEE-TECK LIMITED ________________

NOTICE WALITECK SERVICES LIMITED ________________

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NOTICE SHEM’K OVERSEAS CORPORATION NOTICE IS HEREBY GIVEN as follows: (a) SHEM’K OVERSEAS CORPORATION is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 11th day of May, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Jose Inácio Cortellazzi Franco of Str. Ing. Giovanni Caccia, 16, Morcote, Switzerland. L & L CORPORATE & LEGAL SERVICES LTD. Registered Agent for the above-named Company

THE TRIBUNE

Chief WTO negotiator: business reform must ‘move a lot quicker’ FROM PAGE THREE deregulate through initiatives such as exchange control liberalisation, the Commercial Enterprises Act and the WTO accession process. Yet it warned that The Bahamas will fail to maximise the benefits from such reforms, and be unable to achieve higher GDP growth rates, without addressing long-standing structural weaknesses and bottlenecks within its economic make-up. “Staff stressed that these efforts should be complemented with bold action to put the public debt-toGDP ratio on a downward trajectory, and to alleviate

Friday, May 18, 2018, PAGE 5 structural impediments to reap the full benefits from greater integration with the global economy,” the IMF said. “A more competitive economy would also facilitate a further strengthening of foreign reserve buffers... Without bold action to tackle long-standing structural bottlenecks, medium-term growth would remain subdued.” Mr Winder, in response, told Tribune Business: “I do agree with the IMF that regardless of whether we’re a member of the WTO or not, our economy is not going to reap the kind of investment it can. “But nowhere does it say you must do this stuff before you join the WTO. The ‘ease of business’ is not a one-time thing. It’s a continual process of being innovative and creative to improve the efficiency of doing business. There’s not a point in time where you can say: ‘I’ve got it; I can now rest on my laurels’.”

NOTICE DESERT FLOWER TECHNOLOGY LIMITED ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of April, 2018. Delano Aranha Liquidator of DESERT FLOWER TECHNOLOGY LIMITED

NOTICE AKKURATE-TECK LIMITED ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of April, 2018. Delano Aranha Liquidator of AKKURATE-TECK LIMITED NOTICE OWZ SERVICES LIMITED ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of April, 2018. Delano Aranha Liquidator of OWZ SERVICES LIMITED NOTICE OMSPLENDOR LIMITED ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of April, 2018. Delano Aranha Liquidator of OMSPLENDOR LIMITED

Mr Winder said The Bahamas’ satisfaction with the “status quo” had allowed other nations to leapfrog it when it came to competitiveness and attracting investment, which was why this nation now had to enact far-reaching, swift reform that will prove uncomfortable for some. “The IMF’s point is that historically we’ve been so reluctant to move on these things, and do the structural reforms, that our economy has not grown because we’ve not done the ongoing work that helps the ease of business,” he told Tribune Business. “Because we’ve not been doing that, we need to take this bold action to catch up. The IMF does not say until you have completed this process, then join the WTO. That is incorrect. Structural reforms are an ongoing process. “Every country, every day of the week, should be looking at structural reforms to encourage innovation and creativity, so we can improve the overall quality of doing business.” Mr Winder thus rejected the position taken by Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, who earlier this week argued that the IMF’s report supported his calls to delay WTO until the “ease of business” was improved. The WTO chief negotiator, though, said he shared Mr Myers’ frustrations that reform was not taking place “fast enough”. “I agree with Robbie that it’s not been done fast enough, and we need to get on with things a lot quicker,” he told Tribune Business. “We have no disagreement on that. The Government recognises that, and has put together a first-class committee to identify those areas and make it happen.”

BPL ‘ambitious’ to beat gov’t refinancing target FROM PAGE ONE

appointed within the “next two weeks”, the Board having decided to separate this role from that of “placement agent” to ensure there were no “conflicts” and that it received completely independent advice. “We are actually hoping for the fourth quarter with the RRB,” Mrs Osborne told Tribune Business. “The Government says the first quarter of 2019. They’re being a bit conservative, we’re being a bit ambitious, thinking it can be done by the fourth quarter. “I’m an ambitious person, I take on these challenges, and we think it can be done in a shorter period of time. We’re thinking more the fourth quarter of this year some time.” The BPL chair said that “within two weeks” the Board was likely to have selected an investment adviser for the RRB, which will refinance the utility’s estimated $350m bond and bank debt; cover its estimated $100m pension deficit; and finance cleanup at Clifton Pier and other environmental liabilities. “We have a Request for Proposal (RFP) out, and we’re trying to tie down an investment adviser,” she confirmed. “We will be seeing their presentations, and making a decision. From there, once the investment adviser is chosen, we’ll go out for another RFP for the bond’s financial and placement agent. Explaining why BPL

had decided to split the two roles, Mrs Osborne said: “The Board felt it prudent to have an independent investment adviser, although that was not done with some of the other government placements. “Those who bid [on the investment adviser role] are not interested in the placement as placement agents. We wanted to make sure we got the best advice, independent advice, and no ulterior motives and conflicts.” Bidders on the investment advisory role number less than ten, and Mrs Osborne said the final value of the RRB has yet to be determined. She pledged that the bond would impose “a minimal amount” on BPL customers, in terms of a “cents per kilowatt hour charge”, that will be used to repay investors who purchase the RRB. Promising to keep this sum “as low as possible”, she told Tribune Business: “We’re trying to put BPL on a better footing. We have a huge legacy debt we have to deal with, and additional capital expenditure we have to deal with. “The Minister [Desmond Bannister] mentioned the AMR. We’re getting the short-term financing to get that started, and some of the RRB will be used to refinance both that debt and the legacy debt.” The former Christie administration’s plan involved issuing the RRB bonds, via a special purpose vehicle (SPV), to Bahamian and international capital

markets investors. The proceeds would take out BPL’s legacy debts while keeping the new financing off the utility’s and government’s balance sheets, enabling the former to raise new capital to invest in badly-needed network upgrades while reducing the latter’s liabilities and the national debt. The RRB bonds debt would be serviced by an additional charge added to customer bills, which will likely be a small percentage of the overall amount. The actual RRB placement is likely to follow the same strategy, albeit with a few tweaks. Mrs Osborne, meanwhile, said BPL had “just about” complied with all the conditions necessary to release the $100m shortterm financing provided by Credit Suisse. “One of the things that we were waiting on to release some of the funds were the latest amendments to the Electricity Act that were tabled on Wednesday, which allow BEC the ability to borrow,” she said. “In the review of the legislation, we realised some amendments were needed to close this deal. It needs quite a bit of tightening up. We caught some more that had to be done before the money was released. Some of the things in the Act were overlooked.” Parliament is expected to pass the amendments shortly.

NOTICE HYBRID INFO LIMITED ________________

NOTICE OMGRAND LIMITED ________________

Delano Aranha Liquidator of HYBRID INFO LIMITED

Delano Aranha Liquidator of OMGRAND LIMITED

PAGE 6, Friday, May 18, 2018

THE TRIBUNE

Bahamians facing ‘expensive summer’ over oil price surge FROM PAGE ONE

discussions with investment institutions on it, but it’s not been put in place at the moment. “Because there’s so much to do we haven’t got to finalising that yet. It is something we’re looking to do, even though we’re looking to move

to LNG”. The Government’s confirmation of Shell North America as BPL’s long-term generation partner will be of little use in the short-term, given that the new liquefied natural gas (LNG) power plant will not be completed until 2021. “We need to start thinking about hedging,” Mrs Osborne conceded, adding

that the proposed “tri-fuel generation” offered by the new plant will enable BPL and its partner to source whichever fuel was cheaper at a given moment. The BPL chairman pointed to the utility’s small-scale renewable generation programme, which allows consumers to sell excess power back to its grid, as one example of efforts to mitigate rising energy costs. Yet she acknowledged that “not everybody can afford it”. For New Providence, Mrs Osborne said BPL was working to complete “overhauls” and get its Clifton Pier plant fully operational, in a bid to reduce reliance on Blue Hills and its more expensive diesel fuel. Grand Bahama Power Company (GBPC) clients are better placed to weather the impact, as that island’s utility does employ fuel hedging strategies as part of a strategy intended to hold energy rates at their current level until 2021. But with BPL, in particular, automatically passing increased fuel costs on to its customers, Mr Sumner warned that “consumers will be the ones to bear the brunt” of

rising oil prices. Many analysts predicted that prices will continue to rise past $100 per barrel, driven by supply cuts from key Oil Producing and Exporting Countries (OPEC) members, particularly Saudi Arabia and Russia. Much of the world’s oil reserves are located in volatile and politically unstable regions, such as the Middle East and Venezuela, and Donald Trump’s decision to withdraw the US from the Iran nuclear deal has helped spark this week’s price surge amid fears of supply interruptions following the renewed imposition of sanctions. “It would appear, based on comments coming from the OPEC countries, that we should expect to see some increase in the [BPL] fuel charge over the coming months,” Mr Sumner said. “It’s not good for fuel consuming countries that need fuel to generate energy and fuel our vehicles.” “We’re likely to see a jump at the pump as well. Based on all the indications, it looks like The Bahamas can look forward to a very expensive summer.”

The global oil price increase is especially ill-timed given that it coincides with the summer season, when energy consumption by Bahamian businesses and households peaks as a result of increased air conditioning use. It also represents another so-called “downside” risk to Bahamian economic growth, which was projected to hit 2.5 per cent this year - its highest level for at least a decade. The impact on disposable incomes, and reduction in consumer demand, coupled with higher costs and reduced profits for business, could depress such GDP expansion. Bahamians may also see an across-the-board increase in import prices, as shipping and transportation companies compensate for increased fuel prices. Higher energy costs also represent a drain on the $1.4bn external reserves, as BPL will need more foreign exchange to pay for its imports. Mr Sumner acknowledged that the impact on economic growth was “a serious issue”, although it was impossible to predict the extent of such effects due to uncertainty around how high oil prices will actually go. “There are some things we are unable to control,” he told Tribune Business, “but we can plan to circumvent them in the future, and that will be to start seriously talking about the implementation

of renewable energy and alternative sources of energy in the country. “The issue of energy is one of the vexing issues that contributes to the high cost of business in the country... We’re going to have to exercise prudent measures, and the push on renewable and alternative energy can’t come fast enough for businesses and consumers. “When the business community feels it, the consumer will feel it, as they’ll ultimately be the ones to pay for it. The cost of living is tied directly to the cost of fuel, the cost of oil, and when that increases the cost of living increases as everyone is paying a higher price for energy,” Mr Sumner added. “I don’t think we can escape. It could be a long, hot summer, it could be expensive, and I would caution everyone to only consume what they have to.” Revealing that the Chamber was doing its part, Mr Sumner said: “We’re working on an initiative that gives people access to funding to put solar panels on their roof if they see that as an alternative energy source. “The Chamber is working on that and will be making an announcement very shortly.”

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NOTICE

NOTICE is hereby given that sandra perez labanino dorsett of Soldier Road West, P.O. Box GT-2298 New Providence , 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 11th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

MARKET REPORT THURSDAY, 17 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,941.40 | CHG 3.84 | %CHG 0.20 | YTD -122.17 | YTD% -5.92 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 3.85 10.05 2.62 1.60 7.70 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 0.03 0.00 0.00 0.00 -0.02 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

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

108.98 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.20 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 100.00 100.00 109.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

22,140

VOLUME

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 22.5 16.0 25.7 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% 3.12% 6.17% 2.29% 3.13% 1.09% 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

0.0 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 7.15 8.14 6.41 11.26 11.68 10.24

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

The Public is hereby advised that I, TRESCHKA TURNER of Marsh Harbour, Abaco, Bahamas, intend to change my child’s name from MUHAMMAD ISLAM ANJUM to JASON DAVID ANJUM. 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.

NOTICE

NOTICE is hereby given that manoucheka demelien of Abaco, 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 11th 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 LENNY OSCAR of Edward’s Avenue,P.O. Box N-3442, New Providence, 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 twentyeight days from the 18th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, JAMAINE BASDEN and KENYON BASDEN of Oasis Drive, P.O.Box N-8724, New Providence, Bahamas, intend to change our child’s name from KENYON ANDREW ALEXANDER BASDEN to MICAH KENYON ANDREW ALEXANDER BASDEN. 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.

NOTICE

NOTICE is hereby given that MERLINE DENIS of Highbury Park off Marathon Road, P.O.Box CB-12627, New Providence, 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 18th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, May 18, 2018, PAGE 7

WALMART BEATS ALL AROUND, WITH ONLINE SALES REBOUNDING NEW YORK As soc iated Pres s WALMART’S improving store experience and rebounding online sales helped to power first-quarter results. The world’s largest retailer reported on yesterday that both revenue and profits beat Wall Street estimates. Sales at stores opened at least a year rose a solid 2.1 percent. It’s an encouraging report from Walmart as it searches for solid footing in a rapidly changing environment that includes a dominant Amazon.com that is encroaching online and in some cases, just down the street. A mixed picture has emerged for retailers this quarter with economic indicators showing an economy that continues to gain momentum. Unemployment is at a 17-year low and wages are rising, even if stubbornly. Still, there are headwinds like higher gas prices and other inflationary pressures that could threaten wage growth, says Steve Barr, consumer markets leader at PwC. He also says that the most financially healthy retailers are able to invest in stores and online, while others with less cash can’t. “There is no question that consumers are consolidating to a few retailer players,” he added. Macy’s, citing the economic rebound and an aggressive push to revitalise its brand, put up its second consecutive quarter

of rising sales at established stores this week. But JC Penney, still scarred from a disastrous attempt at its own revival a few years ago, floundered. It cut its outlook for the year yesterday as it trims sending to offset declining revenue. Nordstrom reported betterthan-expected profits and total revenue for the first quarter. But its comparable sales were disappointing. Walmart, while spending more on its workers to improve the in-store experience, is building fewer big stores and expanding online. It wants to harmonise its growing portfolio of online services with its 4,700 US stores, which could be an advantage while taking on Amazon.com “Competition in retail remains acute on all fronts, and we believe Walmart is well-positioned to thrive against all competitors in this environment,” said Charlie O’Shea, lead retail analyst at Moody’s. Since buying Jet.com for more than $3bn nearly two years ago, Walmart has further buttressed its presence online, acquired brands like Bonobos and ModCloth. It has vastly increased the number of goods its sells outside of its stores. It’s also strengthening delivery to make shopping at Walmart even more attractive. In March, Walmart said it would expand same-day delivery to more than 40 percent of US households, or 100 metro areas by the end of the year. Walmart is reworking its website with a focus on

fashion and home furnishings. The new site also makes it easier for shoppers to see what services are available, such as the ability to order groceries online, and pick them up on the way home. It has also teamed up with Lord & Taylor to create dedicated space on its site, which will be launched in the next few weeks. Online sales rose 33 percent in the first quarter, a strong showing after a disappointing 23 percent increase in the final quarter of last year. Wall Street punished the company for the endof-year performance online, sending company shares plunging more than ten percent. It was the biggest single-day percentage drop for shares in 30 years. Marc Lore, CEO of Walmart’s US online business, told reporters on a call yesterday it’s seeing ten to 20 percent more growth going to online grocery business. Still, the pace was below Walmart’s expectations for a 40 percent growth in online sales this fiscal year. And its online business is still a distant second to Amazon. Amazon.com Inc. has leveraged its Prime membership programme into intense loyalty from customers. Amazon recently raised its annual fee for membership to $119, from $99. And after spending $14bn to acquire Whole Foods last summer, Amazon announced two-hour delivery from the grocery chain for its members.

Managing Editor The “People’s Paper” is looking for a unique, dynamic individual with a proven track record of leadership, teaching and the ability to excel in leading our editorial team. As the second-in-command (reporting to the Publisher) the Managing Editor is key leader of our team requiring an unrivalled range of professional and technical skills. LEADERSHIP BY EXAMPLE: • Creating a culture of creativity, invention and productivity by encouraging feedback and ongoing performance coaching using the candidate’s skills to teach Bahamian journalists how to excel in the demanding and fast moving world of news and information, in which we now live • Establish and ensure strict adherence to all editorial standards • Implement individual development opportunities for team members; develop newsroom strategies and day-to-day tactics for efficiently managing the workflow of the organisations • Coordinate with the News Editor for the assignments, duties, writing, editing and approval of all copy; create public affairs programmes as well as support our ongoing charity events EXPERIENCE & QUALIFICATIONS REQUIRED: • A Bachelor’s degree with previous top level managerial experience • 10+ years previous experience in a senior management post having successfully demonstrated the ability to handle the pressures of a deadline driven, breaking news-orientated company • Previous experience in managing a successful organisation - having built upon and grown its news content - while maintaining a detailed eye towards controlling costs in a highly competitive environment. • Experience in managing projects in a fast-paced news environment; while at the same time maintaining the ambitious deadlines to the daily news cycle • Ability to write headlines and compelling articles, while possessing the ability to adapt to change to embrace new opportunities, as an integrated member of our team THE SUCCESSFUL CANDIDATE MUST POSSESS: • Proficiency in WordPress, HTML5, MPEG, JPG, CSS & CCI/MySQL Databases and experience with PDF and online video creation and production • Proficiency with Photoshop, Adobe InDesign, Scribus or other publishing software • Knowledge of AP Stylebook, Google Analytics, and metric reporting as well as full proficiency with British grammar and laws of defamation • Capable of organising training opportunities for upcoming journalists; encourage each team member to pursue and develop their skills • Ability to travel/work nights, weekends and overtime with little or no notice • Must be “on call” 24 hours a day / 7 days a week to respond to breaking news or other unexpected events or hurricanes Please apply in writing to:

The Publisher c/o The Tribune P. O. Box N-3207 Nassau, N.P, The Bahamas

PAGE 8, Friday, May 18, 2018

THE TRIBUNE

US is running out of time on NAFTA while confronting China WASHINGTON Associated Press PRESIDENT Donald Trump’s team is running out of time to rewrite a trade pact with Canada and Mexico, and America’s top trade official says the countries are still far apart. The impasse over the North American Free Trade Agreement comes as the US is confronting China and sparring with its allies over US tariffs on imported steel and aluminum. “The NAFTA countries are nowhere near close to a deal,” US Trade Rep

PRESIDENT Donald Trump with Vice President Mike Pence (left).

Robert Lighthizer said yesterday. Lighthizer cited “gaping differences” on issues ranging from farm trade to labour standards to intellectual property protections. “We of course will continue to engage in negotiations, and I look forward to working with my counterparts to secure the best possible deal for American farmers, ranchers, workers, and businesses,” Lighthizer said. If negotiators can’t agree on a revamped the North American Free Trade Agreement soon — House Speaker Paul Ryan set an informal Thursday deadline — the talks could drag into 2019. Or Trump could carry out his threat to abandon the agreement he’s labeled a job-killing “disaster” and throw commerce among the three NAFTA countries into disarray. “The window is closing rapidly,” said Dan Ujczo, a trade lawyer at Dickinson Wright in Columbus, Ohio. NAFTA is hardly the only urgent item on the administration’s trade agenda. Trump was expected to meet yesterday with China’s vice premier Liu He to try to avert a trade war. Liu will also meet with a US team led by Treasury Secretary Steven Mnuchin. The US and China, locked in a conflict over Beijing’s demand that American companies turn over technology to gain access to the Chinese market, have threatened to slap tariffs on $50bn of each other’s goods. And Trump has asked Lighthizer to find an additional $100bn in Chinese products to tax. The prospect of a trade war between the world’s two biggest economies has unnerved global financial markets and alarmed major companies.

“The stakes are too high for these talks to fail,” said Christine McDaniel, a senior research fellow at George Mason University’s Mercatus Center. “The US economy, its firms, its workers, and its people all depend on being able to buy and sell with their counterparts at home and across the globe every day.” Talking to reporters yesterday, Trump downplayed the prospect of a successful negotiation with Beijing: “Will that be successful?” the president asked. “I tend to doubt it.” Trade sanctions could disrupt business between the countries and potentially threaten jobs. Consumers would be hurt by higher prices for imported products that are hit by tariffs. In the meantime, Japan, a staunch US ally, is threatening to go to the World Trade Organization to protest Trump’s tariffs on imported steel and aluminum. The president imposed the tariffs in March, arguing that reliance on imported metals posed a threat to America’s national security. He exempted the European Union, Canada, and Mexico — but not Japan — until June 1. The steel and aluminum tariffs have antagonised traditional American allies. Those counties want permanent exemptions from the tariffs. Or they want them withdrawn altogether. Donald Tusk, president of the European Council, tweeted Monday of the United States that “with friends like that who needs enemies”. NAFTA has long been a focus of Trump’s ire. But achieving a NAFTA do-over to the president’s satisfaction has always seemed a longshot. When it took effect in 1994, NAFTA ended most trade

barriers among the US, Canada and Mexico. Trade surged within the NAFTA bloc. American farmers who export corn and other products benefited from the deal. But many US manufacturers, notably automakers, moved production to Mexico to capitalise on low labor costs, and shipped their products back to the United States. The influx of imports swelled America’s trade deficit with Mexico, which amounted to $69bn last year. (The United States posted a nearly $3bn trade surplus with Canada in 2017). Trump is seeking to revamp NAFTA to try to return auto production to the United States and shrink America’s trade deficit. The United States is demanding that a percentage of a car’s content originate in a country — the United States or Canada — with average auto worker wages of around $15 an hour to qualify for NAFTA’s duty-free status. But companies have built complicated supply chains that straddle NAFTA borders. In doing so, they took advantage of each country’s strengths — cheap labor in Mexico, for example, and skilled workers and proximity to customers in the United States and Canada. Changing the rules, manufacturers warn, would disrupt their operations, raise their costs and put them at a competitive disadvantage with manufacturers in Asia and Europe. Ann Wilson, senior vice president of government affairs at the Motor & Equipment Manufacturers Association, which represents auto suppliers, argues that the US proposal could drive up the average of price of new cars, which already exceeds $35,000.