05302018 business

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WEDNESDAY, MAY 30, 2018

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Chamber chief warns Gov’t off business budget ‘bailout’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

P

RIVATE sector leaders yesterday warned the government against taking “the easy road” of a VAT rate increase and seeking a budget “bail out” from consumers and businesses.

Michael Maura, the Bahamas Chamber of Commerce’s chairman, told Tribune Business he was “very concerned” that the 2018-2019 budget will unveil VAT and other tax increases when it is presented to the House of Assembly this morning.

Describing this as “the wrong approach” should the Minnis administration choose to take it, Mr Maura said new and/or increased taxes would undermine still-fragile business confidence and prospects for

* Says: don’t take VAT rise ‘easy road’ * Chamber chief urges it to ‘look within’ * Tax rises will undermine growth, confidence

MICHAEL MAURA higher GDP growth just as signs of renewed economic optimism were beginning to emerge.

He added that such a move would be especially ill-timed given the multiple risks posed by rising oil prices, and uncertainty over The Bahamas’ impending World

Trade Organisation (WTO) accession and threats to its financial services industry.

Branding Bahamian energy prices “criminal”, the Chamber chairman said the size of government “must align with what the country needs and can afford” after doubling over the past decade.

Mr Maura argued that the government needed to follow struggling businesses by “looking within and fixing your house to remain viable and competitive”, rather than sucking more money out of the economy.

“We are very concerned that this budget might speak to an increase in taxes for both the consumer and

businesses,” he told Tribune Business.

“We feel that in light of the fact the central government has doubled in size in the last ten years, and the fiscal deficit has tripled as a percentage of GDP in the last ten years, and the fact VAT has added $700m in incremental revenue in a year, that consumers and businesses - which are essential to the economy - cannot be looked at for a bail-out.

“We feel that at a time when the government is too big and inefficient, and has all these projects on its desk to introduce e-government, and bring transparency we,

SEE PAGE 4

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Fishermen told to ‘take charge’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET Minister has urged Bahamian fishermen to “take charge” of their industry following a heated meeting that produced little agreement on the sector’s way forward.

Renward Wells, pictured, minister of agriculture and marine resources, lamented the many “diverging” views aired at Monday evening’s meeting, citing the lack of industry support and consensus for why he had been unable to secure an extension of the grouper season that was proposed last year.

The idea ran into strong opposition from environmentalists and conservationists, but Mr Wells said it was the fishing industry’s divisions that ultimately doomed the plan.

The grouper season

* MINISTER: DIVISIONS BLOCKED GROUPER EXTENSION * ATTENDEES ‘HEARTBROKEN’ OVER CRITICISM * COMPLAINTS OVER ‘LACK OF WORK ETHIC’ traditionally closes on December 1 for three months, reopening at the end of February. Mr Wells said last September that the Government had given consideration to extending the season to help fishermen recover from Hurricane Irma losses.

“I made the suggestion that we would extend the grouper season for fishermen, and what ended up happening was the minute I

SEE PAGE 5

URCA sides with Aliv Web shops blast ‘disparaging’ call for tax increases * Sector ‘pays more than fair share’ already on BTC billing dispute * Says true tax burden ‘in excess of 21%’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ALIV has hailed industry regulators for taking its side in a billing dispute with the Bahamas Telecommunications Company (BTC) that could have threatened customer connectivity.

Damian Blackburn, pictured, the mobile provider’s top executive, told Tribune Business that the Utilities Regulation and Competition Authority’s (URCA) ruling on termination rates for calls

* NEW MOBILE ENTRANT HAILS RULING ‘CLARITY’ * COULD HAVE THREATENED CUSTOMER ‘CONNECTIVITY’ to BTC’s fixed-line and VIBe numbers had provided “clarity” to the two rival providers.

“Billing disputes

SEE PAGE 6

Business Licence fee needs ‘real hard look’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chairman yesterday called for “a real hard look” at a Business Licence fee formula many in the private sector blame for plunging their businesses into loss.

Michael Maura told

* SWITCH TO GROSS PROFITS URGED * DPM AWARE OF NEED FOR TAX ‘CERTAINTY’ * CUSTOMS UPGRADE COMPLETION NEEDED SEE PAGE 5

THE web shop industry yesterday mounted an astonishing personal attack on the Organisation for Responsible Governance’s (ORG) principal for suggesting the sector face increased taxation.

The Bahamas Gaming Operators Association (BGOA), in a written statement, blasted Robert Myers’ comments to Tribune Business as “disparaging”, arguing that it “already pays more than its fair share” with a 21 percent tax burden.

“We consider the comments attributed to Mr Myers, principal of the

* Launch personal attack on ORG chief

Organisation for Responsible Governance (ORG), with respect to the domestic gaming industry, to be very disparaging,” the Association said, suggesting his call for increased taxes on their one sector alone was “discriminatory”.

“The domestic gaming industry already pays more than its fair share of taxes at 11 percent or 25 percent of EBITDA (earnings before interest, taxation, depreciation or amortisation),

whichever is greater, coupled with millions in fees for its locations, franchises, hiring of Bahamians and 7.5 percent in VAT on all its procurement of products and services, without being able to claim.

“As an aggregate percentage of taxes and fees, the domestic gaming industry pays in excess of 21 percent. Like any other industry, we welcome paying our fair share of any potential tax increases, provided other sectors are asked to

do likewise... We cannot be summarily singled out and other similar progressive sectors be left untouched,” the Association continued.

“We do welcome a broadbased, consultative dialogue on the current macro-economic model of The Bahamas in general, and the creation of a more fair and equitable tax policy, relative all business sectors, particularly the domestic gaming

SEE PAGE 4

PAGE 2, Wednesday, May 30, 2018

THE TRIBUNE

PORT TEAMS WITH GOV’T ON FREEPORT PROMOTION THE Grand Bahama Port Authority (GBPA) is working closely with the Government to promote Freeport as an attractive location for business and investment.

Port officials joined Brent Symonette, minister of financial services, trade and industry, and Immigration at the Opportunities in the Caribbean Region Trade Conference (OCRTC) earlier this week in Miami, Florida.

Describing Freeport as “the country’s industrial and commercial shipping hub”, Mr Symonette told attendees about the advantages of a major port and international business centre just 68 miles off Florida.

“Today, Freeport offers the discerning investor guaranteed long-term tax concessions and benefits for financial, commercial and industrial enterprises within this unique economic

FROM L: Derek Newbold, senior manager of business development for GBPA and Invest Grand Bahama; Brent Symonette, minister of financial services; Linda Mackey, Bahamas consul general; and Andy Ingraham, president and chief executive of NABHOOD and Horizons Marketing Group International. trade zone -that are superior to anywhere else in the region,” Minister Symonette continued.

The OCRTC event follows a trade mission to Washington DC in late

March, where the Government and GBPA also collaborated with the Bahamas Chamber of Commerce and Employers Confederation (BCCEC).

Derek Newbold, the

GBPA’s senior manager of business development, said: “Grand Bahama has significant competitive advantages. Its value proposition supports a wide range of economic

sectors, including ICT and tech-related industries, manufacturing and value addition, alternative healthcare services, and shipping and logistics.

“Grand Bahama’s infrastructure (both hard and soft), and proximity and cultural affinity to the US market, are complemented by a tax-friendly environment and excellent quality of life. When you combine these features with a skilled workforce, efficient processes and ease of doing business, one begins to see what key investors in Freeport have understood for decades.

“Joining forces with the Ministry of Financial Services and Immigration, and The Bahamas consulate team in Miami, to represent Grand Bahama at this event was a welcome opportunity for GBPA. We believe that co-operative initiatives such as this

help to position Freeport and Grand Bahama as relevant contenders across the competitive landscape regionally.”

“Public-private partnerships will be essential as we create a new narrative for Grand Bahama,” said Ian Rolle, the GBPA’s president. “Freeport’s success will have a positive impact on the entire country, and we are beginning to see positive traction in terms of investment interest in Freeport once again.

“The recent branding of Grand Bahama as the tech hub of The Bahamas will serve to strengthen our position as regional leaders within the digital space.

We applaud government’s efforts, and are keen to work even more closely with them to help shape an environment that supports this innovative approach to advancing Grand Bahama regionally and globally.”

SHERWIN WILLIAMS SHOW DRAWS STRONG TURNOUT MORE than 50 of its top customers attended Sherwin Williams’ annual Pro Show this month to gain deeper insight into its latest products and services.

Local contractors and service providers were treated to practical demonstrations at the retailer’s Prince Charles Drive location.

“We had an excellent turnout,” said Reto Giovanoli, general manager of Sherwin Williams Bahamas. “More than 50 of our top customers were here to see, hear and interact with our international specialists in the industry. They asked questions and learned how to make their businesses better, and that’s exciting.”

Sherwin Williams’ Caribbean sales manager, Jose Perez, added: “I feel this was the best event we have had in Nassau yet. It was informative, enlightening and interactive.”

SHERWIN Williams’ local and international sales teams and technicians. From L back row: Allan (H&C Concrete Coatings specialist); Aikman Butler (local Sherwin Williams Bahamas representative); Joel Garcia (Caribbean Store Manager).

FROM L middle row: Reto Giovanoli (general manager, Sherwin Williams Bahamas); Gina Sweeting (finance and human resources manager Sherwin Williams Bahamas); Jose Perez (Caribbean territory sales manager); Rene (KoolSeal Elastomeric Roof Coatings specialist); Vinny (Total Wall Stucco Wall Coatings specialist).

FROM L front row: Max (local Sherwin Williams Bahamas team member); Lonnie (H&C Concrete Coatings specialist); Fernanda Guerrero (Caribbean sales representative); Vandrea Babb (procurement and logistics manager, Sherwin Williams Bahamas); Kyle Chewlin (Caribbean Industrial and Marine Coatings representative).

Photo: Keen i Media Ltd

The company introduced the H&C Concrete Metallic Systems, a durable, dynamic metallic coating with different colour options for a wide range of flooring types. Also on show wa Harmony Paint, a new addition to the company’s product line-up.

Another focus of the 2018 Pro Show event was Sherwin Williams’ industrial floor coatings and range of elastomeric roof coverings by Kool Seal,

a 100 percent silicone roof coating.

“Our clients loved the show,” Mr Giovanoli said.

“They really appreciated the new forma, and felt comfortable asking questions and seeing how the products work for themselves. This was really the perfect fit for The Bahamas market.” He added that many clients stayed for up to three hours during the event.

THE TRIBUNE

Wednesday, May 30, 2018, PAGE 3

ZSR SPORTS RADIO APPEAL AGAINST URCA DISMISSED

By NICO SCAVELLA Tribune Staff Reporter nscavella@tribunemedia.net

THE Court of Appeal yesterday dismissed an appeal by the operator of ZSR Sports Radio against the Utilities Regulation and Competition Authority’s decision last year that it is not the true holder of the 103.5 FM radio licence.

Appellate Justice’s Stella Crane-Scott, Roy Jones, and Milton Evans (acting) dismissed Navette Broadcasting’s appeal of URCA’s June 2017 decision that ownership of the 103.5 licence lies with ZSR’s two founders.

However, the dismissal came after the court was informed that Navette - via a notice of discontinuance filed on April 17 by its attorneys - withdrew it’s own appeal against URCA’s decision.

On June 15 last year URCA found Olympic triple-jump medallist Frank

Rutherford and late sports broadcaster Phil Smith, the two of whom established ZSR Sports Radio, were the true holders of the 103.5 FM licence.

URCA further found that Navette only operated ZSR Sports Radio on Messrs Rutherford and Smith’s behalf, with the two men being the actual licencees.

Navette countered by claiming URCA ignored the fact the licence could not have existed without it following passage of the 2009 Communications Act, which required all broadcast licences to be held by incorporated companies.

ZSR’s licence, issued pre-2009, was in the names of Messrs Rutherford and Smith and thus non-compliant with the new Act. Navette sought to appeal URCA’s decision, but their attempts were rejected by both the Utilities Appeal Tribunal (UAT) and the Supreme Court.

Both judicial forums

declined to hear the matter on jurisdictional grounds.

The Supreme Court ruled the matter should be heard first by the UAT, but the UAT decided it must go to arbitration.

The “arbitration” remark is understood to refer to a clause in the contract between Navette and Messrs Rutherford and Smith about how disputes should be resolved.

Navette then sought relief from the Court of Appeal on the issue, and was only waiting for a date from the Court of Appeal to have its matter heard.

At the start of yesterday’s proceedings, Dianne Stuart, appearing along with Ashley Sands for URCA, indicated to the appellate judges that while she was not in receipt of a formal notice of discontinuation, she did receive an electronic notice concerning Navette’s desire to withdraw its appeal.

The notice of

discontinuance was filed

by Dulwich Chambers, on April 17.

As noted by Mrs Stuart, Maria Daxon, attorney for Navette’s principals Vann Ferguson and Cheryl Braynon, was absent during yesterday’s proceedings.

Justice Crane-Scott read aloud the contents of a letter, which indicated the attorney was unwell and thus unable to attend the proceedings.

Nonetheless, Roberta Quant, of Cedric Parker & Co, holding brief for Navette, as her law firm represents them in another matter, indicated she was there to ensure the matter came to a close, and submitted it should not be adjourned but discontinued.

Thus, the matter was ultimately dismissed, with costs to yesterday’s date awarded to URCA, to be taxed if not agreed.

Navette’s battle with URCA stems from the former’s opposition of Island

Luck chief Sebas Bastian’s radio joint venture, Paramount System’s majority takeover of ZSR Sport’s Radio’s FM licence.

Mr Bastian’s majorityowned Paramount Systems joint venture was supposed to use the 103.5 FM frequency formerly employed

by ZSR Sports Radio.

Mr Rutherford and Mr Smith’s widow are Mr Bastian’s minority partners in Paramount Systems, but they - and the 103.5 FM frequency - subsequently became embroiled in the legal challenge mounted by Navette Broadcasting.

Mr Ferguson and Ms Braynon had opposed the station’s majority takeover

by Mr Bastian on the basis they are the true holders of the 103.5 licence.

Due to Navette’s resistance to the “takeover”, and it previously continuing to use the 103.5 frequency despite URCA’s October 26, 2017 warning for Navette to “cease and

desist its unlawful activity”, Paramount Systems was broadcasting on 105.3 FM as it waited for the regulatory dispute to come to an end.

In April however, URCA confirmed it had advised Paramount Systems it could start using ZSR’s 103.5 FM frequency.

That ultimately resulted in a police-enforced shutdown of Navette’s operation and seizure of ZSR’s broadcasting equipment, computers and other relevant equipment.

URCA later confirmed that with the assistance of the Royal Bahamas Police Force (RBPF), it had “successfully executed a search and seizure warrant at the transmitter site”.

URCA added its actions were designed to stop Navette’s operation of a radio station without a licence and accused the company of ignoring its October 26, 2017 “cease and desist” warning.

UNION SLAMS MORTON SALT OVER DEAL TALKS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net MORTON Salt Bahamas was yesterday accused of failing to negotiate a new industrial agreement in good faith, with the offered pay increase branded insufficient to cover inflation.

Obie Ferguson, pictured, the Trade Union Congress (TUC) president, said the breakdown between the company and the Bahamas Industrial Manufacturers and Allied Workers Union (BIMAWU), which represents line-staff at the company’s Inagua operation, had resulted from “disrespect” of industrial agreements.

He pointed to the recent Court of Appeal ruling in

BIMAWU’s case against Morton Salt, in which acting Appeal Justice, Sir Michael Barnett, found that an industrial agreement is an employment contract. As a result, Sir Michael found that the Industrial Tribunal was “obliged” to apply common law principles relating to contracts when analysing industrial agreements, which the unions argue paves the way for employers to “unilaterally” change the terms and conditions of worker contracts without fear of sanction.

Morton Salt, a subsidiary of K+S, a German company, is Inagua’s largest employer.

Mr Ferguson said: “This is the kind of situation you have when employers are allowed to disrespect the industrial agreement. It is vexing but we will attempt to negotiate with them in good faith.

All is not well in the labour movement.”

The TUC president said he intends to appeal the Court of Appeal decision to the Privy Council. “This is a matter that necessitates government intervention in terms of underwriting the costs associated with having the matter properly heard and adjudicated with the Privy Council,” he said.

“We have moved the court to seek the appropriate leave to have this matter addressed.

This matter

will not only affect Morton Salt but a number of existing unions where you have industrial agreements.”

As for the industrial agreement talks, Jennifer Brown, BIMAWU president, said: “Up until April 10 we have been negotiating, and then we were told the negotiator found a better job so there have been no negotiations since then.

“During our negotiations the company’s offer was a 1.4 percent increase in 2018, 1.5 percent in 2019, and 1.6 percent in 2020. That doesn’t even cover inflation, which is 3-plus percent. We feel the company could do better.

Since the ruling the company’s attitude has changed.

Employees are being discriminated against. There is just a lot of stuff going on right now. We only want what

is fair and just for our members. They are not satisfied with the situation at Morton right now.”

Tribune Business was unable to get a response from Morton Salt up to press time yesterday.

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PAGE 4, Wednesday, May 30, 2018

Chamber chief warns Gov’t off business budget ‘bailout’ FROM PAGE ONE the taxpayer - the consumers and the businesses - should not be the ones to bail government out.

“The government should get itself restructured. Every dollar they take from the private sector... must be used for fertilizer, not sand for potholes. The size of government must align with what the economy needs and can afford.”

Mr Maura’s comments came amid growing speculation that the government may increase the 7.5 percent VAT rate, and/or other taxes, in this morning’s budget as it bids to dramatically slash a fiscal deficit projected to come in above $300m for 2017-2018.

Philip Davis, the Progressive Liberal Party (PLP) leader, made such a prediction at the weekend, suggesting the Minnis administration had little choice but to enact revenue-enhancing measures if it is to deliver on its pre-election promises.

And KP Turnquest, the deputy prime minister, last week appeared to prepare the Bahamian public for a combination of new and/or increased taxes, and spending cuts, when he told the Institute of Internal Auditors that the 2018-2019 budget will make the “hard choices” to get a near-$8bn national debt under control.

He added that the budget will embrace the principles

set out in the draft Fiscal Responsibility Bill, and implied expenditure controls and restraint by pledging “no runaway spending” in the upcoming fiscal year.

Rather than its campaign promises, the major pressure facing the Minnis administration is the extent of the “fiscal adjustment” required to meet the targets set in the Fiscal Responsibility Bill. The International Monetary Fund (IMF) estimated this 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 legislation sets out a “glide path” or “road map” for achieving this, calling for 2018-2019 and 2019-2020 deficits that “shall not exceed” 1.8 percent and one percent of GDP, respectively.

With the 2017-2018 deficit thought to be close to the government’s $323m goal, 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, will likely require a $120-$150m yearover-year deficit reduction that can only be achieved by revenue increases, spending cuts or a combination of both.

While he had “not been advised” of any VAT rate

NOTICE

Lubimaya Holdings Limited In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Lubimaya Holdings Limited is in dissolution as of May 28th, 2018.

EFS ASIA III LTD situated at Ground Floor, Coastal Building, Wickhams Cay II PO Box 3169, Road Town, Tortola, British Virgin Islands, is the Liquidator.

LIQUIDATOR ______________________

NOTICE

FOXTOM ASSETS INC. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FOXTOM ASSETS INC. is in dissolution as of May 23, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LONG TERM REAL ESTATE HOLDINGS INC. Company No. 1057232 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that LONG TERM REAL ESTATE HOLDINGS INC. is in voluntary liquidation. The voluntary liquidation commenced on 28th May, 2018 and ANGELA MÜLLER of Pfrundweidli 8a, 5643 Sins, Switzerland, has been appointed as the Sole Liquidator.

Dated this 28th day of May, 2018 Sgd. ANGELA MÜLLER Voluntary Liquidator

increase by the government, Mr Maura yesterday said such action remained his and the Chamber’s primary concern.

“The easy road is to increase VAT. That is not the right approach,” he told Tribune Business. “If you are a business, and find yourself needing to restructure because of inefficiencies and competitive pressures, you don’t have the luxury of raising prices because your customers can go some place else.

“You have to look within and fix your house to remain viable and competitive. The government has to do the same thing. It cannot look at the private sector and say: ‘We have to hit this metric’, and to do so we have to increase taxes’.

“Our economy stalled at the time VAT was introduced. If you increase taxes at the same time as we have this uncertainty with WTO, have this uncertainty with the financial services sector, you are cultivating an environment of uncertainty and people are going to back off,” Mr Maura continued.

“Right now, I think people are optimistic with the reports coming out of the IMF with predictions of GDP growth. But there is a very real problem if we see an increase in taxes with these other things, and we will see a slow down to some degree.”

Mr Maura praised the Minnis administration for recognising the issues with the government’s “size, inefficiency and cost of operations”, but emphasised that “more is needed”.

He warned that any tax increases would threaten to exacerbate the headwinds facing the Bahamian economy from rising oil prices, as well as the inability of many companies to access the near$2bn liquidity within the commercial banking system.

“Businesses and consumers have all these challenges in front of them, and have faced them for the last several years,” Mr Maura said.

“I say that to say we cannot afford to tax the private sector more. It cannot be the ‘go to’ for a bailout.

“In light of the WTO accession, in light of the EU ‘blacklisting’, there’s a tremendous amount of uncertainty in the investment community. I’ve personally

met Bahamian companies are unsure if they should be investing in their businesses because they don’t know what tomorrow will bring.

“When you have certainty, predictability, that’s when you invest and hire. That’s why we strongly caution the Government against any new taxes... I don’t have a silver bullet, and don’t have an easy answer for government,” the Chamber chairman continued.

“Using our taxes, increasing our taxes at a time when the government is inefficient and expensive... when the government is not taking a loan out; they’re taxing us and taking our money.

Once they increase the taxes, they’ve added a hurdle to economic growth by adding that tax.”

Mr Maura’s concerns were echoed by Rick Lowe, an executive with the Nassau Institute “think tank”, who said: “Speculation is that VAT is going to go up, and I don’t think that is the answer.

“We predicted that VAT would be ratcheted up, even though we were promised it would help the government eliminate the deficit and reduce the national debt.

They’ve only gotten worse.

It’s not revenue that’s the problem; it’s the spending.”

Mr Lowe referred to a quote by Dan Mitchell, a US “fiscal hawk”, who had likened the introduction of VAT to pouring gasoline on a fire. “It’s going to exacerbate rather than solve the problem, with government spending as they like,” he added.

“It hasn’t slowed government spending or reduced government spending. They haven’t shown us they’re able to control it. That’s the problem of government being the size it is. They’re not encouraging the private sector to grow by adding more taxes.

Don’t keep adding taxes on and destroying the economy we do have. History has shown taxes slow economic growth.”

Mr Lowe added that VAT, as a tax paid by the end consumer, has already “changed the buying habits” of many Bahamians such that companies had suffered a reduction in revenues and profits.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

HARLECH WORLDWIDE LTD.

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) HARLECH WORLDWIDE LTD., is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 25th May, 2018. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 2nd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

NOTICE

THE TRIBUNE

Web shops blast ‘disparaging’ call for tax increases FROM PAGE ONE industry.”

Mr Myers told Tribune Business on Tuesday that the web shop industry’s “exceptionally high margins” left it able to bear increased taxation in today’s 2018-2019 budget. He also accused the 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.

The ORG principal said the proceeds from increased web shop taxation should be used exclusively to finance education reforms, arguing that the “D-” grade average and poor public education system graduation rates were a key impediment to greater economic growth and productivity.

The Gaming Operators Association, while backing the notion of increased education investment, said it was already heavily donating to this area. And it questioned whether Mr Myers was aware that ORG, his own organisation, had spoken to its chief executive, Gershan Major, earlier this month to discuss such initiatives.

“Mr Myers touts educational advancement, which we support and continue to do so to the tone of hundreds of thousands of dollars, through the various licensees’ foundations and the industry’s corporate and social responsibility programmes, like the $500,000 endowment to the University of The Bahamas over the next 10 years, just to name one,” the Association added.

“It may be instructive for Mr Myers to establish his own foundation and actually follow our real investment model in supporting education in The Bahamas, and leave the posturing alone.”

Governments worldwide, though, frequently target activities such as gaming, and products such as alcohol and cigarettes, with heavy taxation. This is due to both their addictive nature, with persons prepared to pay no matter how prices go, and the desire to levy so-called “sin taxes” on industries seen as having a potential negative social impact.

The UK government, for instance, concerned about the proliferation of gaming houses and betting shops there, has launched a review of the sector’s regulatory framework. It is especially concerned about fixed odds

betting terminals (FOBT), which are seen as contributing to gambling addiction problems because of the high frequency with which bets are made.

Dionisio D’Aguilar, the minister of tourism responsible for gaming, has previously suggested that the web shop industry should be subjected to increased taxation - drawing a similar barbed response from the sector.

Meanwhile, the Bahamas Gaming Operators Association’s (BGOA) response did not confine itself to the substance of Mr Myers’ remarks. It introduced race into the debate, and sought to discredit the ORG chief by recalling his 2014 resignation as Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman.

Mr Myers stepped down over a valuation dispute with Customs over a vehicle he imported from the US, which resulted in him paying a small civil fine. The thenCustoms comptroller, Charles Turner, said at the time that the agency “had no quarrel” with Mr Myers, and many observers at the time felt he had been “set-up” by political operatives connected with the then-Christie government who were unhappy at his advocacy on the private sector’s behalf over VAT. He stepped down to ensure there was no distraction from this work.

However, referring to Mr Myers’ comments, the Association said it considered “getting away with murder” to be the “select few” that “have been part of the merchant class [and] have been price makers, and the masses of Bahamians have been the price takers”.

Besides attempting to conjure up images of the “Bay Street Boys”, the Association then described the call for increased taxes as “a colour tax on the industry”.

“It cannot continue to be a matter of economic profiling,” it said. “We cannot continue to experience punitive increase in taxes based on the same colonial paradigm that suggests young, black wealth should have a different standard than other colour forms of wealth in this country, especially when the current economic model suggests that there ought not to be such wealth even attempted, much less achieved. What is good for the goose must be good for the gander.”

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that, PENN PARTNERS LIMITED is in dissolution and that the date of commencement of the dissolution is the 15TH day of May A. D. 2018 ENERVO ADMINISTRATION LIMITED LIQUIDATOR East Bay Street P.O. Box N-3924 Nassau, The Bahamas NOTICE

HYON INVESTMENTS S.A.

Limestone River Inc.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, HYON INVESTMENTS S.A. is in dissolution as of May 28, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Limestone River Inc. is in dissolution as of May 24, 2018

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LIQUIDATOR ______________________

In Voluntary Liquidation

In Voluntary Liquidation

THE TRIBUNE

Wednesday, May 30, 2018, PAGE 5

Business Licence fee Fishermen told to ‘take charge’ needs ‘real hard look’ FROM PAGE ONE

FROM PAGE ONE Tribune Business this was one of many issues the government must address during its upcoming budget process, along with the completion of projects to boost efficiency within the public sector and cross-border trade.

“We would expect, and hope, there’s a real had look at the business licence fee formula,” he said of the 20182019 budget, which will be unveiled in Parliament today.

“It has been dependent on gross turnover, which has resulted in many businesses in various years paying taxes that have caused them to lose money.

“We would hope the government will consider a gross profit formula that takes into consideration the cost that businesses have incurred.”

The government has already hired the UK arm of the Deloitte & Touche accounting firm to review the business licence fee structure as part of a wider study of the Bahamian tax system, which will also focus on the implications of impending World Trade Organisation (WTO) membership and the pressures on the financial services industry.

KP Turnquest, deputy prime minister, told Tribune Business in a recent interview that the government is aware of the business licence fee’s “unfairness” - especially where high turnover, low margin businesses such as food stores and gas stations were concerned.

Emphasising that the Government remains committed to addressing this, Mr Turnquest also acknowledged the need for certainty and predictability with a Bahamian tax system that is frequently tinkered with in the annual budget.

“We’re very cognisant, if you will, of the unfairness of the tax,” he said of the Business Licence. “This is one of the reasons we are having the study done to see how we can make the tax more progressive.

“It is an important consideration for us. This was one of the things we promised in our campaign; to look at the fairness of the business licence fee, particularly as it relates to high turnover, low margin businesses.

“We believe, fundamentally, that no tax should be so burdensome that it creates a negative cash flow and puts businesses into a loss. Whatever changes we make have to be incremental and be well thought-out.”

Mr Turnquest declined to comment further, saying he did not want to “prejudge” Deloitte UK’s findings. He added that the accounting firm’s study would identify the various tax reform options available to The Bahamas, given the challenges and pressures it is facing, and the implications associated with implementing each one.

The business licence fee’s calculation on gross turnover is viewed as penalising high turnover, low margin businesses while favouring low turnover businesses that are more profitable. Tribune Business has received complaints from numerous companies that they pay more in annual business licence fees than they do in profits, and/or that the fees push them into losses.

Mr Turnquest, meanwhile, agreed that business and investor confidence will be boosted by a return to certainty and predictability with The Bahamas’ taxation system.

“We have come through a period of change with VAT’s introduction,” he told Tribune Business. “We have to constantly bear in mind and plan for WTO and what that may mean.

“We want any changes to be detailed and for the longterm. We certainly don’t want to be tinkering with the tax system on an annual basis.

We have to have certainty.”

Mr Maura, meanwhile, yesterday called for the government to ensure there was sufficient funding in the 20182019 budget to bring projects designed to improve Customs and public sector efficiency to fruition.

“We would be looking, and hoping, that the Government will continue to push for and work towards a more efficient, leaner government,” he told Tribune Business.

Critical to this, Mr Maura

added, was progress on a host of Inter-American Development Bank (IDB) funded projects, including reform of the public sector’s financial management and reporting process.

That is intended to improve the government’s budgeting, accounting and procurement processes, and the Chamber chairman added that moves to e-government were also essential to enhance public sector “efficiency and competitiveness”.

With the current taxpaying process “very time consuming, expensive and inefficient” for government and taxpayers alike, Mr Maura said: “We would be hoping to realise cross-agency connectivity to end the need to engage the government on so many fronts.”

He also urged the government to complete the Customs’ Electronic Single Window (ESW) project, which promises to boost efficiency - and reduce time and costs - associated with the movement of goods in and out of The Bahamas.

“It will be transformative in terms of the trading experience and clearing of cargo,” the Chamber chairman told Tribune Business. “It’s a 24/7 system. Whereas today a significant component of Bahamas Customs is electronic, the decision-making part of the system is a manual process.

“This means the Customs entries only get processed in a working week. In the future, this Electronic Single Window is an intuitive system, smart system built into it. People will be able to clear their cargo at midnight and pay for it.

“It will just take a few minutes. That’s the type of thing we have to make sure the budget identifies as priorities, and they dedicate or direct monies to ensure these projects are completed.”

Mr Maura also called for a focus on the Small Business Development Centre that the government has partnered with the University of The Bahamas (UB) and Chamber of Commerce on.

“We realise that it is an Immigration matter but there is a lot of conversation made the announcement about consultation with the the environmentalists and Department of Fisheries on conservationists made a issuing permits to foreigners statement saying it was a bad working in the industry,” he idea,” Mr Wells said. said.

“When I went to the “As the Fisheries Act fishing community I said stipulates, no foreigner is to I want to do this for you be employed on any Bahaall, and some of your lead- mian registered vessel in any ers said they didn’t agree capacity save for an Immiwith extending the grouper gration permit. Foreigners season. At the end of the have been engaged in this day I was left alone to try industry for 20-25 years, and and fight for you guys. Your have not bothered to make industry didn’t want it done. themselves a citizen of The You guys should have come Bahamas. to the Ministry en masse.

“That says they have no You guys can’t sit back intention of becoming a part and let other people deter- of the system we are trying mine what happens in your to correct or don’t care about industry.” what happens.” Mr LaRoda Mr Wells’ criticism over urged the Government to the lack of unity drew moans address its work permit from those in attendance, policy on foreigners workwith some fishermen ques- ing in the Bahamian fishing tioning “who” had opposed sector. the extension proposal. Mr Wells replied: “What Fisherman Wilton McPhee I have seen since becoming said: “We had the storm; minister is that I have group we got mashed own. I lost of fishermen who say we almost everything but I still don’t want foreigners on our had to put my shoulders to boats, don’t let this group or the wheel and go back at it. these guys have permits to There was a rumour the min- bring in anyone. ister was going to leave the “However, some of the grouper season open but it same guys who complain to didn’t happen. That really me want the illegal Haitian hurt.” and others working on the Another fisherman, Her- boat, and then I have a group bert Kelly, said he was saying the fishing industry “heartbroken” over Mr should be for Bahamians.

Wells’ remark that it was If you all are completely fishermen who had been opposed to all foreigners against the grouper exten- working on your boats, let sion proposal. “These people me know that is the decision can’t be fishermen,” he said. of your industry. As a gov“There are no fishermen ernment we respond to what making these laws. This you would like to see take season has been rough. That place. What is your desire? really broke my heart when The flip side is also the issue you said that the fishermen that those who complain were against it.” about the work ethic of our That, however, was own people.” not the only issue fisherThat point was highlighted man expressed concern by businessman BJ Moss, over. They complained about who argued that many Bahaforeigners being allowed to mian fishermen seek the work on Bahamian fishing majority of profits without vessels, with Mr Wells saying considering the costs boat the issue supported his owners incur. “I bleed aquapoint that there are many marine, gold and black, but I “divergent” views on mat- call a spade a spade,” he said. ters impacting the industry.

“I understand the issues Adrian LaRoda, of the with the Dominicans going Bahamas Commercial in and what they do. That Fishers Alliance (BCFA), said the organisation has been highlighting the issue.

is something we need to deal with. I also know, and speaking from first-hand experience, when I get Bahamian fishermen they say they are not going on the boat unless they are sharing equal with the boat. When I ask them about repairs and who is going to deal with that, they say that it’s my investment.”

Mr Moss added: “I now, as a businessman who has made an investment, have to make a decision. Do I sit here and be proud of my Bahamian people and their work ethic and lose money, or say I want to feed my family, let me do what I need to do and get someone one my boat who is going to work.

“Guys aren’t prepared to invest, but they want to take the lion share of the profits. I do not believe that the Bahamian investors ought to be hamstrung by guys who really could care less.”

Fishermen also expressed

serious concerns over depletion of the conch stocks, and the unsustainable harvesting practices of poachers and the use of compressors.

To advertise in The Tribune, contact 502-2394

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.

PAGE 6, Wednesday, May 30, 2018

THE TRIBUNE

URCA sides with Aliv on BTC billing dispute

FROM PAGE ONE

like this break out from time to time,” he said. “It’s complex business. We followed the process to the end, and are glad URCA have found what we said was correct all along. We’re glad it’s resolved and we all have clarity moving forward.”

URCA intervened in the dispute after finding that the mobile competitors were unlikely to resolve it themselves. While neither company reported any negative impact to-date on customers or competition, URCA ruled that it could “in the near future pose a threat to any-to-any connectivity” if left unresolved.

The regulator thus

initiated arbitration/dispute resolution-style proceedings for differences that erupted almost immediately following Aliv’s launch of commercial mobile services in November 2016.

“The dispute centred on the fixed termination rate to be paid to BTC by Aliv for calls originating on Aliv’s mobile network and terminating to BTC’s fixed

network,” URCA said. “As Aliv’s mobile phone numbers are non-geographic, the numbers cannot be used to identify the point of call origination from Aliv’s network.

“BTC contended that this makes it difficult for BTC to apply the regulated fixed termination rates for intra (same island) and inter-island traffic from Aliv’s network to BTC’s network.” Related issues included the termination rate Aliv should be paying on calls from its subscribers to BTC’s VIBe (Voice over Internet) consumers; if a fixed call transit charge should; and measurement of incoming traffic from Aliv to BTC’s fixed-line network.

The dispute erupted on February 1, 2017, when Aliv challenged “incorrect call termination rates” that BTC had alleged applied to calls made by its subscribers to BTC fixed-line numbers and VIBe customers.

The new mobile entrant argued that the call termination rates should be set at 0.75 cents and 2.01 cents per minute for calls to BTC’s fixed-line and VIBe network, respectively. Yet BTC had applied a 2.48 cents per charge to both.

BTC responded three weeks later, acknowledging the VIBe call termination rate was incorrect and would be changed. However, it disputed Aliv’s 0.75 cents per minute rate for calls terminating on its fixed-line network as it was unable to determine whether these were sameisland or inter-island calls.

BTC has traditionally charged a higher termination rate for calls made between persons on different Bahamian islands, and Aliv subsequently “proposed a blended termination rate” split between 95 percent of the “same island” rate and five percent of the “inter-island” rate.

The second mobile operator then filed a “Notice of Dispute”, with the two sides then trading termination rate offers. BTC countered with its own “blended rate”

MARKET REPORT TUESDAY, 29 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,961.05 | CHG -6.94 | %CHG -0.35 | YTD -102.52 | YTD% -4.97 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 1.01 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

CLOSE 4.40 17.43 9.09 3.35 1.01 0.18 3.35 8.89 6.12 4.10 10.05 2.60 1.60 7.60 6.10 11.00 6.43 3.80 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -0.01 -0.04 0.00 0.00 -0.01 -0.15 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

108.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.23 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

7,642

11,650

9,054 2,000

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 25.5 4.8 N/M 5.4 16.2 10.5 13.0 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% 2.31% 3.13% 1.11% 5.25% 4.55% 3.11% 3.16% 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

split 62/38 between same island/inter-island charges, adding that a 2.5 cents per minute fee was “fair and justifiable”.

With both sides sticking to their respective positions, Aliv finished the exchange with a September 11, 2017, letter that challenged BTC’s definition of “same island” and “inter island” calls. While BTC based this on the location of calling and receiving parties, its rival said “same island” calls “mean the same island as the point of interconnection” between their competing increases.

“Aliv contended that because it uses far-end handover technology, a call from an Aliv customer on Eleuthera, for example, to a BTC customer on Eleuthera would be interpreted as an off-island call because it has to go through a point of interconnection on New Providence,” URCA explained.

“Conversely, a call from the Aliv customer on Eleuthera to a BTC customer on New Providence would be considered an on-island call due to the location of the point of interconnection.”

Aliv also rejected BTC’s demands for a “transit charge” on calls between their networks, and argued that its 95/5 “blended” termination rate was justifiable because the majority of its customer base is located on New Providence. It stuck to its position that the termination rate for calls to BTC VIBe customer be pegged at 2.01 cents per minute.

BTC, in its submissions to URCA, accepted both the 2.01 cents per minute VIBe rate and that no transit fees were applicable. It also agreed to accept the regulator’s proposed remedies dealing with the issue

of “same island” and “inter island” call termination rates.

The regulator, in its determination, found that the “same island” rate applies when BTC’s fixedline customer and the point of interconnection with Aliv’s network are on the same island.

As a result, it ruled: “An Aliv mobile call to a New Providence-based fixed customer or Grand Bahama-based fixed customer shall be classified as an intra or “on-island” call, irrespective of where the originating mobile customer is based when making the call.

“All other mobileto-fixed calls would be classified as inter or offisland calls, irrespective of where the originating mobile customer is based when making the call. For the avoidance of doubt, an Aliv mobile call that is terminated on an island where there is no point of interconnection is an inter-island call.”

URCA thus set the call termination rates at 0.75 cents and 1.13 cents per minute, respectively, for same-island and inter-island calls - the same charges Aliv had urged in its first letter on the dispute.

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Kayla Hield of Sentinal Bay, Freeport, Grand Bahama, Bahamas intend to change my child’s name from KaliN MaKai Hield to KaliN MaKai FyNe. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, APRIL MESCHEL PENN of New Providence, Bahamas intend to change my name to APRIL MESCHEL DEAN. 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 In the Estate of NATASHA BELINDA MOREE, decd. late of No. 55 Twynam Heights Drive, Twynam Heights in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas NOTICE IS HEREBY GIVEN that all persons having any claim or demand against or any interest in the above Estate are required to send their names, addresses and particulars in writing of such claim demand or interest to the undersigned on or before the 15th day of June, A.D., 2018 after which date the Administrator will distribute the Estate among the persons entitled thereto having regard only to the claims demands and interests of which he shall then have had notice and will not, as respects the property so distributed, be liable to any person of whose claim demand or interest he shall not then have had notice AND NOTICE IS HEREBY GIVEN that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date WALLACE WHITFIELD & CO., Laurelhurst, East Bay Street, P.O. Box N-753, Nassau, Bahamas Attorneys for the Administrator

THE TRIBUNE

Wednesday, May 30, 2018, PAGE 7

Brazil union to truckers: end strike or risk losing gains

TRUCKS sit idle at the CEAGESP complex, the largest food market in Latin America, in Sao Paulo, Brazil. Brazilian truckers frustrated by rising fuel prices are striking for a ninth day in several states, though sporadic deliveries of gasoline and goods are starting to ease a shutdown that has led to widespread shortages and disturbances.

Photo: Andre Penner/AP RIO DE JANEIRO Associated Press

ONE of the main unions behind a crippling truckers’ strike in Latin America’s largest nation on yesterday called on its members to return to work, warning that failing to do so would erode hard-won gains.

The call by the National Confederation of Autonomous Transporters was a sign that the nine-day strike was starting to wind down despite sporadic blockages nationwide and widespread food and gasoline shortages. It was also a clear that strike leaders knew the disruptions were wearing on Brazilians, who have had to endure empty shelves, cancelled flights and shuttered schools as much of the country has come to a halt.

“Everything that has been achieved up until now, with a good image in the public view, runs the risk of being lost” if the shutdown continues, read the statement.

The statement also said some truckers were being “forced and threatened” to continue striking by groups that had other objectives.

Government officials who have been negotiating with transportation unions the last week have also repeatedly complained that groups were trying to hijack the movement to destabilise the country.

On yesterday, Minister Carlos Marun said seven people were arrested in the northeastern state of Maranhao for trying to keep truckers from returning to work.

While many truckers have stood down, other vowed to continue striking yesterday, meaning it could be weeks before Brazil gets back to normal.

Samuel Cavalin, a trucker striking in Rio de Janeiro, said the government’s promise to cut diesel prices for 60 days was not enough.

“What will it be like in two months?” he asked, adding that the stoppage should continue.

The strike began May 21 over rising diesel prices that are the result of increasing world oil prices and a weakening of the Brazilian real against the US dollar.

Truckers parked their rigs on hundreds of highways and roads, clogging traffic and refusing to deliver goods that ranged from gasoline to food. That forced several airports to cancel flights, schools to close because teachers couldn’t get to work and numerous stories to watch their shelves empty more each day.

The government of President Michel Temer, the most unpopular Brazilian president in a generation, has struggled to confront a strike that has included many independent workers and plenty of others who don’t necessarily take orders from their unions.

A deal announced last week between the government and some unions was ignored by a majority of truckers. Temer’s threats last week to send in the military to remove drivers by force if necessary caused hackles, not fear,

and truckers dug in.

Then late Sunday, Temer announced several measures aimed at getting truckers back to work. He said the government would subsidise a ten percent drop in diesel prices for 60 days, and also lower tolls and establish minimum freight rates, key trucker demands.

The military, making

clear it had no interest in using force, also stepped in to escort transports of gasoline to airports and supplies to hospitals.

Economists say it will take weeks for supply lines to get back to normal, as trucks are the main source of transport for the commodity-rich nation that is slightly larger than the continental United States.

The public may obtain a copy of the full set of audited financial statements from the Bank, 3rd Floor, Goodman’s Bay Corporate Centre, West Bay Street & Seaview Drive, Nassau, Bahamas.

PAGE 8, Wednesday, May 30, 2018

THE TRIBUNE

8,000 STARBUCKS STORES CLOSED FOR ANTI-BIAS TRAINING

By JOSEPH PISANI AND TERRY TANG Associated Press TURNING away customers looking for an afternoon jolt of caffeine, Starbucks shops across the US began closing up early on yesterday to hold training for employees on recognising hidden prejudices.

It was part of the coffee chain’s effort to deal with the outcry over the arrest of two black men last month for sitting in a Philadelphia Starbucks without buying anything.

After the incident, the company’s leaders apologised, met with the men and scheduled an afternoon of training for 175,000 employees at more than 8,000 US stores.

Self-described loyal Starbucks customer Darnell Metcalf, a 55-year-old black man from Miami, said he was dubious about how much a four-hour training session might accomplish for employees “raised to look at certain people a certain way and act a certain way”.

And he said the problem is not confined to Starbucks but exists at plenty of other retail chains where he has seen people profiled.

“It makes it look like they’re trying to, you know, quiet the storm,” Metcalf said outside a closed-fortraining Starbucks.

“They’re not solving nothing. They’re not going to fix this overnight. ... It’s not Starbucks the corporation.

It’s only certain employees who are like that.”

Starbucks has not said how much the training will cost the company or how much money it expects to lose from closing the stores during what is usually its least busy time of day.

“It’s quite expensive,” Chairman Howard Schultz said yesterday. “We’ve had certain shareholders call and say, ‘How much is this

A MAN tapes a sign to a door at the Starbucks Coffee shop location where the two black men were arrested.

Photo: Matt Slocum/AP

DEMONSTRATORS protest outside the Starbucks cafe in Philadelphia where two black men were arrested three days earlier in April for waiting inside without ordering anything. The company plans to close more than 8,000 stores nationwide to conduct anti-bias training, a move intended to show how serious the company is about living up to its now tarnished image as a neighbourhood hangout where all are welcome. going to cost and how do you justify this?’ My answer to them was simply: We don’t view it as an expense.

We view it as an investment in our people and the long-term cultural values of Starbucks.”

At the company’s famous Pike Place Market location in Seattle, commonly referred to as the original Starbucks, the store stopped letting people in at 1 pm.

Trina Mathis, who was visiting from Tampa, Florida, was frustrated that she couldn’t get in to take a photo but said the shutdown was necessary because what happened in Philadelphia was wrong.

“If they haven’t trained their employees to handle

situations like that, they need to shut it down and try to do all they can to make sure their employees don’t make that same mistake again,” said Mathis, who is black.

Others visiting the store questioned whether the training would make a difference or suggested it was overkill.

Anna Teets, who lives in Washington state, said the problem has been fixed and the company has dealt with the situation. “It’s been addressed,” she said.

Developed with help from the NAACP Legal Defense and Education Fund and other groups, the training was not mandatory, but Starbucks said it expected almost all of its

employees to participate.

It said they will be paid for the full four hours.

Training in unconscious, or implicit, bias is used by many corporations, police departments and other organisations. It is typically designed to get people to open up about prejudices and stereotypes — for example, the tendency among some white people to see black people as potential criminals.

Many retailers, including Walmart and Target, say they already offer some racial bias training. Nordstrom has said it plans to enhance its training after apologising to three black teenagers in Missouri who were falsely accused by employees of shoplifting.

In the Philadelphia incident, Rashon Nelson and Donte Robinson were asked to leave after one was denied access to the bathroom. They were arrested by police minutes after they sat down to await a business meeting.

The arrest was recorded by cellphone and triggered protests, boycott threats and debate over racial profiling, or what has been dubbed “retail racism”.

It proved a major embarrassment for Starbucks, which has long cast itself as a company with a social conscience.

Nelson and Robinson settled with Starbucks for an undisclosed sum and an offer of a free college education. They also reached a

deal with the city of Philadelphia for a symbolic $1 each and a promise from officials to establish a $200,000 program for young entrepreneurs.

Starbucks said the arrests never should have occurred. It has since announced anyone can use its restrooms, even people not buying anything.

Some black coffee shop owners in Philadelphia are suggesting black customers instead make a habit of patronising their businesses.

Amalgam Comics and Coffeehouse owner Ariell Johnson said she has called the police just once in the two years she has been open. She said that should happen only when there is a provocation or danger.

Calvin Lai, an assistant professor of psychological and brain sciences at Washington University in St Louis, said people should not place high expectations on this one day.

“We find that oftentimes diversity training has mixed effects, and in some cases it can even backfire and lead people who are kind of already reactive to these issues to become even more polarised,” Lai said.