05292018 business

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TUESDAY, MAY 29, 2018

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Budget demand for more web shop taxes as a fix

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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overnance reformers yesterday called for increased web shop taxes in tomorrow’s budget, coupled with five percent annual spending reductions through 2023, to avoid a fiscal crisis.

Robert Myers, pictured, the Organisation for Responsible Governance’s (ORG) principal, warned that imposing new and/ or increased taxes on the economy’s productive sectors and consumers would lead to “a disaster” and throw all hopes of increased Bahamian GDP growth “out the window”.

Yet he argued that web shop gaming was the one industry able to bear increased taxation due to its

* Sector ‘got away with murder’ on legalisation * Reformer urges 5% spending cuts through 2023 * Warns new/increased taxes will cause ‘disaster’

“exceptionally high margins”, accusing that sector of having “gotten away with murder” when the Christie administration proceeded to ignore the results of a referendum/opinion poll and legalise it anyway.

Mr Myers said the proceeds from increased web shop taxation should be used exclusively to finance education reforms, arguing

Bahamas firms 17% below Caribbean’s productivity average

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN companies are 17 percent less productive than the Caribbean average, with the InterAmerican Development Bank (IDB) warning that innovation is also below regional benchmarks.

The IDB, in its 2018-2022 country strategy for The Bahamas, is targeting “an enabling environment for

* NATION ALSO FAR BEHIND ON INNOVATION * IDB: BANKS FUND LESS THAN 25% OF EXPANSIONS * FEMALE BUSINESS LEADERSHIP ABOVE AVERAGE

SEE PAGE 6

CLICO medical policies an ‘albatross around the neck’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CALLS for CLICO (Bahamas) policyholders to still pay their premiums have become “an albatross around the neck” of 700 mostly-elderly clients whose medical policies will be cancelled by Friday.

Bishop Simeon Hall, the retired pastor who was himself a victim of the insolvent insurer’s collapse, told Tribune Business yesterday that many CLICO (Bahamas) medical policyholders have been calling him “in despair” over the

* CANCELLATION LEAVES 700 ‘IN DESPAIR’ * BISHOP: MANY UNLIKELY TO FIND NEW COVER * SLAMS LACK OF CHURCH ADVOCACY ON ISSUE impending loss of insurance coverage.

Many fear they will be unable to find replacement coverage due to their age,

SEE PAGE 8

that the “D-” grade average and poor public education system graduation rates were a key impediment to greater economic growth and productivity.

While urging the Minnis administration to focus on cutting its recurrent (fixed cost) spending, such as the $745m civil service wage bill, the ORG principal said this did not require “rash” or “dire action” such as an immediate 30 percent cut to the public sector workforce.

He directed the Government to strike a “balance” between economic growth and fiscal consolidation, as achieving the former would enable the private sector to absorb workers let go by

the public sector. But GDP expansion, Mr Myers reiterated, requires intensive focus on improvements to The Bahamas’ costs and ease of doing business.

The ORG chief’s comments came amid predictions of a “doom and gloom” austerity budget by the Government’s political opponents, who are forecasting that that the Minnis administration will be forced into a ValueAdded Tax (VAT) rate rise and numerous other tax increases to deliver on its election commitments and promises.

SEE PAGE 7

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Golf tournament’s return depends on ‘bang for our buck’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Tourism’s desire to “get the biggest bank for its buck” will determine whether a major golf tournament returns to The Bahamas for a seventh time.

Dionisio D’Aguilar, pictured, minister of tourism, told Tribune Business that his officials were locked in negotiations with organisers of the Pure Silk-Bahamas LPGA Classic in a bid to “make it fit into our budget” amid the constant pressure for marketing “value for money”.

Revealing that the Ministry of Tourism is investing $3-$4m annually to support the hosting of professional golf tournaments in The Bahamas, Mr D’Aguilar suggested this was consuming a significant share of its limited promotional budget at a time when the

* TOURISM IN TALKS WITH LPGA PURE SILK ORGANISERS * MINISTER TARGETS ‘OPTIMUM’ USE OF LIMITED FUNDS * WANTS TO ‘EXIT’ NEVER-ENDING EVENT SUPPORT Government’s fiscal crisis was demanding spending cuts.

While acknowledging that sporting events generated positive effects for The Bahamas, the Freetown MP questioned whether such marketing support was an “optimum” use of the Ministry’s scarce resources given that twothirds of this nation’s tourists book their vacations online.

SEE PAGE 4

Doctors targets expansion with $11.9m RBC financing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DOCTORS Hospital has obtained two Royal Bank of Canada (RBC) loan facilities worth a collective $11.858m to fund expansion plans in “a rebounding Bahamian economy”.

Joseph Krukowski, who is stepping down after 14 years as the healthcare provider’s chairman, told shareholders in its annual report that the loans have financed the

* Acquires East Bay St, Oakes Field properties * Plans ‘first-of-its-kind’ nursng, rehab facility * Blake Road changes to stem $1.045m loss acquisition of two properties located at East Bay Street and Oakes Field respectively.

The East Bay Street property, to be called Doctors Hospital Harbourside, will house a “first-of-its kind” nursing facility offering extended care and rehabilitation services. The Oakes

Field location has been acquired for “future development”, and to exploit continued growth at the nearby University of The Bahamas (UB).

“We have been hard at work analysing our business model and the environment to determine which service

lines and geographic locations are best positioned for development in a growing and rebounding Bahamian economy,” Mr Krukowski told shareholders.

“Based on the findings of the professional analysis, we

SEE PAGE 5

PAGE 2, Tuesday, May 29, 2018

THE TRIBUNE

BAHAMIAN GROUP IN NEW CHINESE DEALS

A BAHAMIAN group has signed two more Chinese agreements in a bid to promote agricultural development in this nation and the wider Caribbean.

Bahamaren, which unveiled a modular housing deal with another Chinese entity just two weeks ago, announced it has signed Memorandums of Understanding (MoUs) with Beijing Kingpeng International Agriculture Corporation and China Overseas Agricultural Development Alliance.

The company said its Chinese partnerships will improve agriculture efficiency and affordability in The Bahamas and wider Caribbean through increased use of innovative technology.

It added that the MoUs will facilitate the introduction of affordable greenhouse technology, artificial intelligence and machinery into this nation, and help develop solutions for greenhouse farming,

poultry farming, dairy farming, husbandry technology and AI technology.

Bahamaren said the focus on greenhouse technologies will boost agricultural productivity, helping to reduce The Bahamas’ food import bill and improving food security, while also leading into the development of agro-processing industries.

Kingpeng International is Chinese state-owned greenhouse company that exports this technology and horticultural equipment to more than 50 countries, including the US, Canada, Russia, the Ukraine, South Africa and Australia etc.

China Overseas Agricultural Development Alliance is a co-operative, founded by 19 Chinese agricultural enterprises. Its members are involved in agricultural production, including agricultural research, exploration planning, design, production, engineering construction, storage, logistics and finance.

FROM L: MIKE WANG, general manager and regional director at Beijing Kingpeng International Agriculture Corporation; Frank John, regional manager at Beijing Kingpeng International Agriculture Corporation; Latrae Rahming, managing director at Bahamaren; Jack Jung, representative from Kingpeng Husbandry; Lv Hua, deputy secretary-general at China Overseas Agricultural Development Alliance.

STUDENTS FIRST IN REGION TO VISIT MIT MEDIA LAB

A GROUP of ten local high-school student participants in the IDB’s Ideathon will be the first from the region to visit the Massachusetts Institute of Technology (MIT) Media Lab next month.

Those students, along with representatives from InterAmerican Development Bank (IDB) and Office of the Prime Minister will visit Boston from June 21-23.

During the one-day agenda at MIT Media Lab, students will tour the lab and experience some of the cutting-edge innovation, research and technology being developed as well as pitch their ideas to a team of judges.

The Ideathon was held in conjunction with the launch of the Sustainable Nassau

Action Plan, an initiative of the Office of The Prime Minister, supported through a technical co-operation grant from the IDB. Forty-one students in grades ten to twelve from ten high schools and the University of The Bahamas worked in mixed groups to brainstorm topics related to sustainability for the city of Nassau. Each working group was assigned one of the following topical areas: smart city, human mobility, water conservation, renewable energy and better use of the marine ecosystem. The working groups then presented to a panel of judges who provided feedback on how to develop their ideas and then scored their idea.

First, second and third place teams paid a courtesy

FROM L: Angel Rolle, CI Gibson – 1st place group, Shara Jervis, CC Sweeting – 1st place group, Gabriel Moultrie, St Andrew’s School – 3rd place group, Luke Browning, St.Andrew’s School – 2nd place group, Jayda Ritchie, Queen’s College – 3rd place group, Kiran Halkitis, St Augustine’s College – 2nd place group.

call on Education minister Jeffrey Lloyd last week.

Mr Lloyd congratulated the students and expressed pride in their critical thinking and problem-solving skills.

He noted their ideas were relevant for today’s Bahamas and could be implemented now; and encouraged the students not to limit their imagination, but to be

innovative and creative in solving problems through usable products and services for the betterment and advancement of humankind and The Bahamas.

SITTING from L: Tayliah Swain, CI Gibson – 2nd place group, Dr Nicola Virgill-Rolle, director, economic development and planning unit, Office of the Prime Minister, The Hon Jeffrey L Lloyd, minister of education, Mr Michael Nelson, chief of operations, IDB Country Office Bahamas, Lyric Lightbourne, CV Bethel – 1st place group

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THE TRIBUNE

Tuesday, May 29, 2018, PAGE 3

PRIVATE SECTOR WAITING ON BUDGET TAX DETAILS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE private sector is waiting to see “what is on the table” with taxes and incentives in tomorrow’s 2018-2019 budget, the Chamber of Commerce’s chief executive said yesterday.

Edison Sumner told Tribune Business: “The business community would always be interested in hearing about what’s on the table in relation to taxes; are there any plans to increase taxes, are there any kinds of tax relief, whether it is through incentives or exemptions.

“We know that the Overthe-Hill promotion and

EDISON SUMNER the economic zone planning the Prime Minister has announced will take a prominent place in this budget.

We have had meetings with the Deputy Prime Minister and minister of finance to discuss some aspects of what may be included in the budget.

“While the promotions of

Over-the-Hill, the economic zoning and redevelopment will have a direct impact on those communities, what will be the side effects on others already operating in those communities but might not meet some of the criteria that was established?” Mr Sumner continued.

“How are we going to see the communities working together? There is talk about, in some aspects, gentrification of certain communities, but I think it is going to be good thing. We can see some economic activity happening in the more depressed areas, but we also want to be assured that there are proper monitors and

measures in place to curb abuse.”

Mr Sumner said the private sector was also keen to get an overview of The Bahamas’ fiscal position.

“We are looking to see what incentives will be provided for the business community.

Business hasn’t been as easy as we would like,” he added.

“We are glad there have been some measures taken to improve the ‘ease of doing business’. We also want to see a level of fiscal management and prudence included as a part of the budget, and we know there have been some moves toward that end also with the introduction of the Fiscal Responsibility Bill and the fact there is going

to be a Fiscal Responsibility Council.”

Mr Sumner said that apart from putting Fiscal Responsibility legislation in place, there must also be a Freedom of Information Act. “This will give more strength and impetus to the

Bill being presented,” he said.

“We want to see a curtail on spending, more fiscal prudence in the way the country’s resources are being managed. We want to see a sustained effort to reduce the deficit.”

BAHAMAS URGED TO LOOK ‘BEYOND OUR FRONTIERS’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIAN businesses were yesterday urged to look “beyond the borders” and expand their footprint, a top private sector representative saying: “There are markets at our doorstep.”

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, told Tribune Business: “The Bahamas is a fantastic country. Notwithstanding our economic challenges and weaknesses, we are going very well compared to other countries in the region. When you travel around the region you get the sense that they still hold The Bahamas in very high regard.

“For anyone who wants to grow their business, while they may start out as a small business, their ambition might be to grow their business, seek other

opportunities, attract new products and new customers. The Bahamas is a good market but not the only market.

“Anyone who seeks to expand their business opportunities should seek to do so in the country first, but there should always be the impetus to seek other markets in order to grow their business, especially if you want to become large players. There are many markets right at our doorstep, right in the Caribbean and Latin America.”

Following last week’s four-day trade mission to Haiti, Mr Sumner said the Chamber was now looking to its Trade Seminar and Expo set for Wednesday at the Melia Nassau Beach Resort. The event will highlight trade and export topics, the logistics of trade and the Customs Electronic Single Window (ESW).

Over 40 Bahamian vendors/ producers are also expected to be present.

“We are not only creating

a space for those who may wish to showcase their goods and services, but we are also doing this in a way where we are providing a platform or facility for persons to actually come and learn more about what is going on in the world of trade, particularly for those looking to do cross border trade or looking at exporting themselves outside of the country,” Mr Sumner said.

“For that to happen we have invited in some experts who are trade facilitators and logistics experts, and who are going to be talking about how we can prepare ourselves to access some of the more lucrative markets in the world like Africa, Asia and other parts of the Caribbean.

“There are going to be some live workshops.

We’re going to have some demonstrations from the trade portal, which is going to be there to aid persons who are looking to access foreign markets and get

more exposure to their companies.”

Mr Sumner said the Chamber was already seeing results from its recent Haiti trip. “We saw a number of hand shakes and linkages being established, and we already seen some follow-up on the part of the Bahamian businesses who have an interest in doing any level of business in Haiti,” he added.

“Anything we are promoting we are doing it with a view to establish linkages with local companies here through joint ventures or other forms of partnerships. We believe one of the ways we can ensure sustainable growth through FDI is whether there are Bahamian components involved in those projects.

We are going to be seeking to create and promote more joint venture type arrangements in the country, and we hope to shed some light on those types of opportunities coming out of this symposium.”

PUBLIC NOTICE

AUDLEY INGRAHAM is no longer employed at Switcha Bahamas Ltd./F.S.G. Manufacturing Ltd. and is not permitted to conduct any business on behalf of the company.

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• Monitor and maintain ABMs/ATMs ensuring that adequate stationery and cash levels are maintained within the ATM/ABM. Balance all ABM/ATM entries.

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PAGE 4, Tuesday, May 29, 2018

THE TRIBUNE

Golf tournament’s return depends on ‘bang for our buck’ FROM PAGE ONE Mr D’Aguilar has been vocal in arguing that too much of his ministry’s marketing budget is locked-up in promoting sporting and other events, leaving little funding available to target social media and online travel booking/search engines, where returns on the Ministry’s

investment are easier to measure.

He told this newspaper that the Ministry wanted to “exit at some stage” its financial support for golf tournaments and other events, with these “standing on their own two feet” and finding their own sponsorship, rather than relying on never-ending taxpayer support.

The Pure Silk-Bahamas

LPGA Classic, which traditionally kicks-off the professional ladies’ calendar, has been held at the Ocean Club Golf Course for the past six years every January. It has traditionally been viewed as a major promotional boost for The Bahamas, given the TV coverage provided by the Golf Channel and other major networks, while helping to boost resort occupancies

after the Christmas/New Year period.

Well-placed sources had informed Tribune Business, though, that the tournament will not be returning in 2019 because the Ministry of Tourism had decided to cease its financial support. However, Mr D’Aguilar said no such decision had been taken amid ongoing talks between the two parties.

“We’re in negotiations, and haven’t finished negotiations,” he told Tribune Business. “I think we’re re-negotiating the contract, or in the process of re-negotiating the contract, to make it fit into our budget.

“The Ministry of Tourism is investing a considerable amount of money, or has in the past, probably $3-$4m in support of all these golf tournaments. All of them obviously have an economic benefit, but as a percentage of our annual budget it represents a significant amount; I won’t go into the exact amount.

“These events go three to four days a week, and if we spend 20-30 percent of our budget on these golf tournaments what’s the opportunity cost of that money? Where could we invest it and get a bigger bang for our buck?”

Mr D’Aguilar said that in terms of a golf tournament “pecking order”, the annual Tiger Woods Classic at Albany ranked as The Bahamas’ premier event, with the Pure Silk-Bahamas LPGA Classic next and two newer tournaments, held in Abaco and Exuma, at the bottom.

“There is no doubt that they all have a positive impact,” he conceded. “It’s just that when you deal with a limited budget there’s a vexing question when we look at these types of events. Yes, they have a

CHEYENNE WOODS, niece of Tiger Woods. positive economic impact, but is that the optimum impact of the dollars spent?

“This is what is constantly raised at the Ministry of Tourism. Is this the wisest use of the funds? We have to evaluate, research whether it’s in our best interests to continue with these relationships.”

Mr D’Aguilar said the Ministry ultimately wanted to graduate all events from needing its financial support.

“The Ministry of Tourism would like to be a part of these events, getting them off the ground and getting them going, but over time we’d prefer to exit them and move on to something new,” he explained.

“The event should be able to stand on its own two feet and get its own sponsorship...

If they can’t, maybe they ought to look at something new. Every time an event contract comes to an end, we will re-evaluate and make a decision.

“We don’t want to get into a position where, every single year for the life of your tournament, Ministry of Tourism funding is necessary to make it economically viable.”

Mr D’Aguilar said golf

tournaments and similar events “will always say that the advertising value is worth tens of millions of dollars” based on social media activity, but it was difficult to determine how this “translates into more people coming to The Bahamas”.

“It’s not like Expedia where people book a holiday,” they added. “These are things you can evaluate. These are the changes we have to make, and the fact 67 percent of people book their vacation online. It makes a compelling case for online marketing, and using resources where it’s easy to measure your investment.”

While golf was watched by the high-end audience that The Bahamas seeks to attract as visitors, Mr D’Aguilar said the critical issue was “the concrete returns you are receiving”.

He added: “With shrinking budgets and budget constraints, you are forced to make these tough decisions.

If you are getting less, how can you do more with less?

If we don’t have an unlimited budget, and have to make these choices, we have to see where our investment yields the best value for our buck.”

THE TRIBUNE

Tuesday, May 29, 2018, PAGE 5

Doctors targets expansion with $11.9m RBC financing FROM PAGE ONE moved to expand our footprint initially into eastern New Providence with the development of a new facility. Doctors Hospital Harbourside will house the first-of-its-kind in The Bahamas Skilled Nursing Facility, providing much needed Extended Care and Comprehensive Rehabilitation.

“This newly-renovated facility will also feature Medical Residences, where patients travelling to Nassau for out-patient services as well as the visiting family members of in-patients can secure affordable accommodation to be as close as possible to the provision of care or their loved ones.”

As for the BISX-listed provider’s other real estate acquisition, Mr Krukowski added: “This year we also acquired a property in the Oakes Field area in close proximity to the University of The Bahamas so that we are positioned, when the time is right, to support that rapidly expanding collegiate community.”

Both acquisitions were financed from one RBC loan facility, worth $4.235m. The second credit line, worth $7.623m, will finance the renovation and equipment acquisition for Doctors Hospital Harbourside, with this cost pegged at $5m.

“The balance will be drawn as needed for future software upgrades and renovations at the main facility,” Doctors Hospital’s annual report said, referring to the Collins Avenue hospital.

The BISX-listed healthcare provider’s focus on renewed expansion comes despite the continued drag presented by its Blake Road-based facility in western New Providence, which produced a $1.046m

net loss for the year to endJanuary 2018.

This represented a 12.9 percent reduction on the Bahamas Medical Centre’s $1.2m net loss, as Mr Krukowski unveiled restructuring plans for the facility - including a name change and the closure of one of its buildings - in an effort to stem the financial bleeding.

“Following a thorough audit of the business model and performance, we have made some changes that we are confident will have an immediate positive impact,” the outgoing chairman said. “We have closed the traditional gym as well as the Emergency Room/Urgent Care centre.

“The Hyperbaric Oxygen Therapy department is moving to the main hospital to better serve our inpatients and outpatients. Rehab Services will relocate to Building A. And will include appropriate gym equipment to complement the offerings.

This enables us to close Building C, which will reduce operating expenses. As we repurpose Building C we will consider all options...

“We also undertook a rebranding exercise to change the name from Bahamas Medical Centre to Doctors Hospital West. This deliberate change allows us to leverage the significant positive branding of our main hospital by letting the public know very clearly that the facility on Blake Road is a part of the Doctors Hospital Health System.”

Doctors Hospital’s main Collins Avenue facility continues to carry Blake Road, although its own profits slumped by 27.8 percent yearover-year - from $4.778m to $3.451m. As a result, the BISX-listed healthcare provider’s total profits for the year

to end-January 2018 fell by 32.8 percent - from $3.578m to $2.405m.

Capital spending for the current financial year is budgeted at $6m, an increase upon the prior year’s $4.87m, and will be financed through internal cash flow as Doctors Hospital seeks to upgrade equipment and facilities.

“For the year ended January 31, 2018 net patient revenue increased 2.4 percent or $1.248m,” Doctors Hospital said of its Collins Avenue facility. “Patient days increased by 1.5 percent from the previous year. The continued growth in patient days over the last three years is primarily in the intensive and intermediate care area.

“Total admissions to the facility were 4,041 in fiscal 2018 compared to 4,114 in the previous year. The continued flat admission numbers and increasing patient days are indicative of the trend toward a rising severity of illness.

The average daily census increased to 33.6 patients per day from 33 in the previous year. Outpatient services also grew by a net of 6 percent.”

The healthcare provider’s expenses increased by 5.6 percent or $2.71m, with 41 percent of the rise attributed to bad debt expense. The direct cost of increased sales accounted for a further 28 percent, with the remainder driven by increased costs of doing business.

“Bad debt expense, as a percentage of patient service revenues, increased to 4.6 percent for the year ended January 31, 2018, compared to 2.5 percent the previous year,” Doctors Hospital said. “This represented an increase of $1.154m or 84.6 percent. The previous year benefited from a writeback to bad debt expense of $878,363.

DOCTOR’S HOSPITAL, Collins Avenue.

“Days revenue in accounts receivable at year-end (AR Days) for fiscal 2018 stand at 55 compared with fiscal 2017 at 50 days, and net receivables as a percentage of net patient revenue increased to 14.9 percent from 14.1 percent. These increases are a result of a rise in self-pay inpatients and slower payments in the same category.”

PAGE 6, Tuesday, May 29, 2018

THE TRIBUNE

Bahamas firms 17% below Caribbean’s productivity average FROM PAGE ONE private sector competitiveness” as one of three key priorities for a project lending envelope estimated at $150m over the five-year period.

“Firm-level productivity in the Bahamas is on average 17 percent lower than

the average Caribbean firm,” the report revealed.

“Private sector growth is constrained by limited propension to innovate and access to finance.

“Private-sector-led growth will require innovation from both traditional and non-traditional sectors.

Approximately 22 percent of firms are innovative in

The Bahamas, four percent below the regional average of innovative firms.

“However, there is in general less innovative behaviour in the services sector than in manufacturing. The Bahamas has six percent more noninnovative firms than the Caribbean region, with 21 percent of firms not

attempting to carry out some innovative activity within the past three years.”

The IDB drew on the findings of a 2014 enterprise survey for its conclusions, noting that “approximately 36 percent of all innovators are in the food sector, with an additional ten percent in chemicals and ten percent in construction.

“However, even though few firms in the hotel, construction or retail sectors are innovative, many of them are potentially innovative, which means that they have attempted to innovate but have encountered insurmountable barriers,” The Bahamas’ country strategy said.

“In effect, 28 percent of firms in the hotel sector, 20 percent of firms in construction, and 18 percent of firms in retail are potentially innovative, while in the rest of the Caribbean the percentage of firms described as potentially innovative is 59 percent.”

Delving into the structural impediments to innovation by Bahamian companies, the IDB report identified access to financing as a critical obstacle for many. “Credit constraints as well as limited economic diversification and internal competition in important markets impede innovation, productivity and international competitiveness,” it said.

“Private sector credit has declined in the last ten years, while the lending rate has spiked since 2008, according to the Central Bank of The Bahamas... Less than one-fourth of companies undertaking investment projects in

The Bahamas have been funded by private banks, and access to credit is particularly harder for small and medium-sized enterprises (SMEs), which report rejection rates as high as 85 percent (higher than Barbados at 35 percent, Jamaica at 55 percent and Suriname at 27 percent).

“Additionally, womenowned businesses and firms with a large presence of women, are often smaller, relatively younger and have limited access to financing.”

The IDB strategy found that women played a much greater role in business leadership in The Bahamas compared to other countries in the Caribbean.

“Female leadership in the private sector is also above regional averages, as one in three firms is managed by a woman (versus one in five in Latin America

YOUR

and the Caribbean), and nearly 60 percent of firms have ownership structure that include women – three times the Latin America and the Caribbean regional average,” the report said.

“Unlocking private sector potential and innovation will require urgent business climate reforms that reduce the cost of doing business. The World Bank’s 2018 Doing Business Report identifies several areas of regulatory inefficiency – including lengthy procedures with financial costs, as well as cumbersome processes for regulatory compliance – that negatively affect the ease of doing business and dampen productivity in The Bahamas... Strong government-directed policies are needed to reduce these impediments to doing business.”

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THE TRIBUNE

Tuesday, May 29, 2018, PAGE 7

Budget demand for more web shop taxes as a fix FROM PAGE ONE Philip Davis, the Progressive Liberal Party (PLP) leader, also forecast the introduction of new taxes to enable the Government to finance capital works projects deferred from 2017-2018, plus a reduction in spending and sell-off of assets to cover any deficits.

“For a Government without a real growth agenda, this is a bleak outcome and a recession-inducing budget,” he argued of the upcoming 2018-2019 fiscal statement.

“However, it is unavoidable, and although the budget communication would include the usual soaring oratory flourishes, behind those words would be a grim picture - and it would grow grimmer as we traverse the fiscal path outlined by this Government.”

KP Turnquest, deputy prime minister and minister of finance, declined to take the bait dangled by Mr Davis and the PLP. “The budget will be presented on Wednesday and all answers will be given then,” Mr Turnquest told Tribune Business yesterday, not saying anything further.

However, highly-placed sources suggested that Mr Davis may be on to something with some of his budget forecasts. One, speaking on condition of anonymity, even suggested information may have been leaked from inside the Government to the Opposition.

“What’s very concerning is the content of some of his comments,” they said of the Opposition’s attempt to “steal the budget’s thunder”.

“It raises the question of security. It’s awfully, awfully suspicious.”

Mr Turnquest, himself, in an address to the Institute of Internal Auditors last week, pledged that there will be “no runaway spending” in a 2018-2019 budget that will make the “hard choices” to get a $300m-plus annual deficit and near-$8bn national debt under control.

Promising that the Budget will embrace the principles set out in the draft Fiscal Responsibility Bill currently undergoing public consultation, Mr Turnquest said: “In the national budget you will see us make hard choices to lower our debt levels.

“You will see us make responsible choices to arrive at a more sustainable fiscal balance. And you will see us embrace the idea of transparency and accountability in a way no other government has done before.”

Such language will likely be interpreted by some as a

bid to prepare the Bahamian public for a combination of new and/or increased taxes, and spending cuts, as the Government bids to both hit the Fiscal Responsibility Bill’s targets and put the public finances back on a sustainable footing.

While the Minnis administration will likely seek to deliver on its Overthe-Hill “tax free zones”; removal of VAT from “breadbasket” food items, utilities and healthcare; and “breadbasket” reforms, these are not the major pressures the Government is facing.

Rather, it is the extent of the “fiscal adjustment” required to meet the targets set in the Fiscal Responsibility Bill, which was pegged by the International Monetary Fund (IMF) as equivalent to 2.25 percent of GDP - some $240m.

The Fund, in its latest Article IV report, said this was required to hit a fiscal deficit equal to 0.5 percent of gross domestic product (GDP) by 2021 - the goal set by the Bill.

The Fiscal Responsibility Bill’s key targets require the Government to slash the fiscal deficit to 0.5 percent from 2020-2021 onwards, slashing it from a sum equivalent to 5.8 percent of GDP in the 2016-2017 budget year. This means reducing it from near $700m to around $54m.

The Bill’s “first schedule” sets out a “glide path” or “road map” for achieving this, acknowledging - as the IMF stated - that “significant fiscal adjustments” are needed over the next two budget years to hit this objective.

To enable the public sector and wider Bahamian economy “to achieve the fiscal objective in an orderly manner”, and avoid unnecessary shocks, the Bill calls for 2018-2019 and 20192020 deficits that “shall not exceed” 1.8 percent and one per cent of GDP, respectively.

With the 2017-2018 deficit thought to be close to the Government’s $323m target, achieving the 2018-2019 target set by the Bill - based on current real GDP numbers - would require that the “red ink” be cut to around $200m.

This, in turn, requires a significant $123m yearover-year deficit reduction that can only be achieved by revenue increases, spending cuts or a combination of both.

ORG’s Mr Myers, though, warned that new and/ or increased taxes would likely “destroy confidence”

among businesses and consumers unable to bear an increased burden - one industry excepted.

Suggesting that the Government would wave goodbye to any hopes of increased economic growth should it chart this course, Mr Myers told Tribune Business: “If you increase taxes now just as we’re trying to get the economy moving you’re going to slow it again, and that will be a disaster.

“People don’t have it to give you. You’re going to push them into the poverty line, and ruin consumer and investor confidence. It’s the wrong thing to do. The big thing is: Have they managed to cut recurrent spending and lower the deficit? From a Budget standpoint, if they’re talking about increased taxes something has come

off the rails somewhere.”

Mr Myers argued that the Government’s revenue-side efforts should be focused on enforcement, compliance and administrative efficiency, and the exploration of new income streams such as airplane “overflight” fees that did not burden the domestic economy.

“If the Government wants to raise more revenue, get off your backside and earn it,” he said. “Don’t tax us more because you can’t do your job. Go after those that are not paying, businesses that are not legal. Don’t come back to me for more money.

“You can be damn sure they’ll lose the election if they raise taxes. At that point, nobody will believe a word they say. Business and consumer confidence will go out the window.

They can’t keep taxing.”

Apart from the web shop industry. “If you want to tax the gaming industry more to get money for education that’s what you should be taxing,” Mr Myers told Tribune Business. “They’re operating in a super highmargin business, with nobody else anywhere near those kind of margins.

“They have exceptionally high margins, and got away with murder. The people said no, the then-government forced it to a yes, and they should be taxed more or we put in a National Lottery. Education has got to move. We need better education, and are not going to move GDP unless we educate people.”

Gaming house operators are currently required to pay 11 percent of their taxable revenue or 25 percent

of earnings before interest, taxes, depreciation and amortisation (EBITDA), depending on which one is greater. The sector has already argued against further taxation, asserting that it is paying its fair share.

Mr Myers, meanwhile, said the Government would achieve “a significant turnaround” if it targeted an annual five percent recurrent spending cut over the next five years and managed to combine this with GDP growth.

“We don’t have to fire 30 percent of the staff,” he told Tribune Business. “Once we start to grow the economy a little bit we can move those people [in the public sector] to the private sector and nobody gets hurt. It doesn’t have to be dire action. We don’t have to do anything rash.”

PAGE 8, Tuesday, May 29, 2018

THE TRIBUNE

CLICO medical policies an ‘albatross around the neck’ FROM PAGE ONE

and Bishop Hall said their “nightmare” showed why the National Health Insurance (NHI) scheme much-trumpeted by the former Christie administration was necessary.

“These are elderly people, and it’s difficult to get any new insurance anywhere else,” he said of the 700’s plight. “Former Prime Minister Hubert Ingraham encouraged them to keep on paying, and it went well initially. I supported the idea to keep on paying, and it’s become an albatross around the necks of these people because they have ultimately lost their insurance.”

Bishop Hall, who held an annuity with CLICO (Bahamas) when it was placed in court-supervised liquidation in February 2009, said that while he has recovered some of his money those with medical insurance stand to lose all.

Revealing that “95 percent” of medical insurance policyholders who have contacted him to-date are elderly, he told Tribune Business: “They’re despairing that they kept on paying on the advice of Prime Minister Hubert Ingraham and the thing has gone belly up.

“This necessitates why National Health Insurance (NHI) needs to be pushed forward. This could be the salvation for those waylaid.

They’re despairing and there are so few people to speak up for them.

“People are calling because they cannot afford health coverage, and that’s wrong in a progressive society. Gambling is a choice we make, but when you put money into insurance you expect coverage and coverage to reach maturity.”

MARKET REPORT MONDAY, 28 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,967.99 | CHG 4.99 | %CHG 0.25 | YTD -95.58 | YTD% -4.63 BISX LISTED & TRADED SECURITIES 52WK HI 4.40 19.17 7.50 3.76 1.64 0.19 4.05 8.90 6.60 5.30 11.50 2.71 1.61 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 2.15 4.16 2.00 178.69 157.58 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 1.02 0.18 3.35 8.89 6.12 4.10 10.05 2.61 1.61 7.65 6.10 10.60 6.44 3.95 12.51

CLOSE 4.40 17.43 9.09 3.35 1.01 0.18 3.35 8.89 6.12 4.10 10.05 2.61 1.61 7.64 6.10 11.00 6.44 3.95 12.51

CHANGE 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.40 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

108.26 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST SALE 100.00 100.00 108.26 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

19,700

1,000 500

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -0.973 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 24.0 16.0 25.6 4.9 N/M 5.4 16.2 10.6 13.5 23.0

YIELD 1.82% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.60% 3.59% 2.93% 6.17% 2.30% 3.11% 1.10% 5.25% 4.55% 3.11% 3.04% 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%

NAV 2.15 4.13 2.00 179.39 153.02 1.55 1.68 1.63 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 1.23% 4.12% -0.16% 5.10% 0.74% 2.38% 4.66% 3.89% -0.25% 4.57% 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 30-Apr-2018 30-Apr-2018 26-Apr-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

BISHOP SIMEON HALL

Bishop Hall also criticised the church community for a lack of advocacy on the CLICO (Bahamas) matter, saying: “We complain about the bar rooms and gambling outlets, but there’s a church on every corner in The Bahamas.

“There are 4,000 churches in The Bahamas, and we tend to be the last light rather than the head light of progress because we are too passive. Passivity is not always a virtue.”

Tribune Business understands that the remaining CLICO (Bahamas) medical policies have been progressively cancelled by liquidator, Craig A “Tony” Gomez, throughout May with the final terminations set for the Friday Labour Day holiday.

The Baker Tilly Gomez accountant and partner gave policyholders two months’ notice of his intentions via a series of newspaper advertisements, saying he “regrets... taking this course of action”.

There was no explanation for the move, but in effect the “writing has been on the wall for some time” given that CLICO (Bahamas) medical insurance claims payouts significantly exceed the annual premium income paid to Mr Gomez.

This has severely depleted the insolvent insurer’s dwindling cash pile and, given the company’s status under compulsory liquidation through the Supreme Court’s supervision, the liquidator has had no choice but to protect the

remaining funds.

Mr Gomez, in his last report to the Supreme Court, said the insurer, which was suffering a $55.817m solvency deficiency at end-June 2017, had at that date just over $7m in its accounts to pay ongoing expenses.

He was on the verge of cancelling all CLICO (Bahamas) medical insurance policies some two years earlier, only to relent after the former Christie administration stepped forward at the 11th hour with a “rescue plan” for the insolvent insurer.

The liquidator warned then that he had little choice because high claims payouts were eroding CLICO (Bahamas) cash reserves, undermining his duty to preserve and maintain the asset for the benefit of creditors.

Figures supplied to Mr Gomez by insurance actuaries, Morneau Shepell, showed that since CLICO (Bahamas) was placed into Supreme Court-supervised liquidation in February 2009, group medical claims payouts to policyholders exceeded premium payments by 40 percent up until end-2014.

Over that six-year period, Mr Gomez had ensured CLICO (Bahamas) paid out $4.191m in medical claims, yet only received $3m in premium, creating an unsustainable health claims ratio of 140 percent.

Mr Gomez is “gagged” from speaking publicly by the Supreme Court, but a source familiar with the situation said yesterday that only 700 policyholders were affected by this month’s cancellations. Another 300 had cancelled immediately on hearing of the liquidator’s intentions.

“It’s a drain on the estate,” the source said of the rationale, “and those policyholders received significant benefits. They may be the only policyholders in the country not to receive a premium increase in nine years. They have nothing to complain about.”

NOTICE

NOTICE is hereby given that NTHAWA BENNETT of Lumumba Lane, P.O.Box N-9668, 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 22nd 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 WILLY PAUL of #44D Taylor Street, 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 29th 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 ANTHON JOSAPHAT of Balfour Ave.,, 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 29th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.