06012017 business

business@tribunemedia.net

THURSDAY, JUNE 1, 2017

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‘DAYS OF LARGESSE ARE OVER’: GOVT TO BORROW $722M

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Finance said yesterday’s Budget will drive home to Bahamians that “the days of largesse are over”, with the Government having to borrow a collective $722 million to cover two years’ worth of fiscal deficits.

K P Turnquest told Tribune Business that he hoped the public will now realise “there’s no free lunch to be had” given the gravity of the Bahamas’ fiscal situation, with the 2016-2017 deficit having soared five-fold above the initial $100 million projection to around $500 million.

When asked why yesterday’s deficit estimates were so different from the former Christie government, Mr Turnquest suggested it was a combination of the latter’s over-optimism and the Minnis administration’s more realistic approach to the Budget.

The Government’s $323 million deficit projection for See PG B7

$400m ‘emergency funding’ sought To cover ex-Govt’s $320m ‘backlog’ $27m added to wage bill pre-election

THE private sector yesterday expressed hope that the 25 basis point reduction in the Business License fee rate marked the start of broader talks on the “best form of taxation” in the Bahamas.

Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, said the slash to 1.25 per cent was “not comprehensive enough” as the Business License fee’s structure still meant companies could be “taxed into a loss”.

“No matter what the fee

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$500m deficit ‘threat to fiscal credibility’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government most move quickly to restore trust in its fiscal credibility, a governance reformer urged yesterday, pointing to the “vast, wild” differences between the new administration’s forecasts and those of its predecessor.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the nine-figure gap between the Minnis administration’s projections and those of the prior government threatened to undermine business, investor and

$300m change on 2017-2018 deficit forecast Target misses hurt investor, consumer faith ORG chief: ‘Trust but verify’ Govt forecasts ROBERT MYERS consumer confidence - not to mention that of the credit rating agencies - unless the differences were properly explained.

He was speaking after the Government, in unveil-

ing the 2017-2018 Budget, revealed that the upcoming year’s deficit is projected to be $323 million - an almost $300 million increase from the $28 million in ‘red ink’ that was forecast by the

Christie administration just 12 months ago.

Raising further questions about the former government’s fiscal forecasting, K P Turnquest, the minister of finance, said the deficit for the current 2016-2017 fiscal year was now estimated to be $500 million - a five-fold increase upon the $100 million that was forecast last May, and $150 million more than the mid-year Budget estimate.

While Hurricane Matthew’s role in the deficit growing 400 per cent beyond projections, Mr Turnquest said the former government had exacerbated the storm’s impact by entering See PG B6

MINISTER ‘CONCERNED’ ON RATING AGENCY REACTION DEPUTY Prime Minister Peter Turnquest presents the Budget to the house. Photos: Terrel W. Carey/Tribune Staff

Tax ‘Task Force’ eyed as Business License fees slashed 25% pts

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Finance yesterday conceded he was concerned about how the credit rating agencies will react to a five-fold increase in the projected 2016-2017 deficit, plus $722 million in new government borrowing.

Hopes can ‘make case’ for no downgrade K P Turnquest told Tribune Business that he hoped the new administration’s greater fiscal transparency would help to convince

Moody’s and Standard & Poor’s (S&P) that it can “turn this thing around”, and ensure the Bahamas avoids a further downgrade of its sovereign creditworthiness - which is already at ‘junk’ status with the latter.

Both rating agencies are due to visit Nassau for their annual visits this summer, and will likely be seeking

an explanation for why the Bahamas is missing its previous fiscal projections by hundreds of millions of dollars.

“Obviously we are concerned about how they may view this thing,” Mr Turnquest said of Moody’s and Standard & Poor’s.

“We give due regard to their See PG B10

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Atlantis gets preferential tax rate is, it’s being paid on gross revenue,” he explained. “A business on the borderline of profit or loss could be taxed into losses or further losses.

“It’s still not a tenable situation, particularly for the See PG B11

Timeline urged for Fiscal Responsibility legislation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to provide timelines and details on its “fantastic” promises to reform loss-making government enterprises and introduce a Fiscal Responsibility Act. Robert Myers, the Organisation for Responsible Governance’s principal, said quick action by the Minnis administration on these pledges was vital to restoring private sector and consumer confidence that the Government will get the Bahamas’ public finances under control.

‘Fantastic’ pledge can halt ‘reckless’ spend $429m taxpayer subsidy eaters face reform ‘Zero tolerance’ approach to tax dodgers “We’re very pleased to hear legislation will be introduced, but when?” he told Tribune Business on the Fiscal Responsibility See PG B13

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THE ‘VEX-ING’ PROBLEM OF DIGITAL ART FORMS VEXEL art requires an in-depth assessment, especially on how to create it and why it is not vector art.

There are many misconceptions about vexel art, which is due to it being relatively new in its definition in comparison to other digital art forms. Due to these misconceptions, the idea has evolved that vexel art is a detailed representation of a photograph in vector. Well, this is incorrect. But to first understand what vexel art is, you need to know about raster and vector art.

What is Raster?

When we talk about raster art, we are talking about art which is based in pixels.

A pixel is a ‘single square’ that can make up a larger, raster-based image. Our screens are made up of pixels, and different colours make up what we view on our monitors.

Moreover, increasing the size of raster images will result in the image being blurry and often pixelated (this refers to an image looking blocky).

What is Vector?

Vector is made up of points. These points conL to R: Ken Hutton, Chamber director; Shara, Aliv representative; Greta Pintard, Chamber director; and Vado Bootle Senior, president of the Abaco Chamber.

nect to each other to create a line (or a path, as it is often referred to), and a group of points will create a shape or object.

Consider this: When you resize a vector image, you are telling your vector program that you want to increase the distance between the points. There is no loss in quality.

is recreating gradient meshes. This would be more of an airbrushed effect, and is not the layering of raster shapes.

Notably, the key thing to remember is that vexel is the layering of raster shapes. It is not vector; it just looks like it, as I have explained.

So, What is Vexel Art?

Many people were creating vexel art under the impression they were creating vector art. For example, they used layered shapes using the Pen Tool or Lasso selection, and then the fill tool on raster layers in raster-based programs, such as Paint shop Pro, and thought they were creating vector art. After all, it looked very similar.

Since there was much debate about what exactly vector art was, people began to realise they were not creating the art they thought they were. Being under the impression that you are working to create one thing, only to be told you are not, led to the need to label the digital art that was being made.

Some of the misconceptions resulted when young

Vexel art is the layering of shapes and lines that are raster based. It is often confused with vector art because it takes on the appearance of the common look of layered shapes.

Nonetheless, if you resize vexel art, due to it being created on raster layers it is not scalable, and therefore loses its quality and blurs/ pixelates.

As it takes on the look of vector art, you can do it in vexel if it is possible in vector. For instance, creating line art using strokes rather than creating shapes. Using gradients is another, and using seamless patterns which contain shape. This is not to be confused with using a seamless texture.

However, the only thing which is not viewed as vexel

How Vexel Art Originated

artists used stock images without adding additional elements in their pieces.

They effectively posturised the image and then traced the shapes, creating duplicated, stylised versions of the stock image. As this art was associated with the term vexel, the misconception began.

What Vexel Art is Not

‘Vexelling’ is the layering of raster shapes. Based on this, we can confidently say that vexel is not vector. It may look like vector, but it is not made of vector.

There is also a misconception that vexel art is combining a vector graphic with a raster overlay element, such as a texture.

This would not be correct, as it would more likely be referred to as mixed media.

Many Photoshop users tend to think they create vexel art when they use the pen tool, but this is not correct either, so let me explain this further...

It is fair to say that when you use the Pen Tool in Illustrator (a vector program) you are producing a vector shape.... rasterised shapes!

So here is the million dollar question: Why create

Vexel when you can create Vector? Why would you choose to create something which looks like vector, but is not? Well, there are a number of reasons. Some may prefer to use the Pen Tool in Photoshop, yet as they many vector shapes they will need to rasterize all of them.

This would mean the shapes in the source file (PSD, in this case) would be raster, making it vexel art. Another reason could be that the artist may be familiar with using an older program that automatically creates raster shapes from the Pen Tool, such as Paint shop Pro. To this end, with a better understanding of what raster and vector are, you can gain a better understanding of what vexel art is. So, why is vexel art not vector? Because it is raster based.

For those who have skipped their way to the conclusion, vexel art is simply the layering of raster shapes, which mimics the appearance of vector art.

Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

THE TRIBUNE

The Art of Graphix

BY DEIDRE M BASTIAN

• NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained Graphic Designer/Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

Aliv unveils three-year Abaco Chamber tie-up THE Bahamas’ new mobile operator has signed on to become the official telecommunications partner for the Abaco Chamber of Commerce over the next three years.

“We are excited and pleased to be able to work with Aliv for the benefit of the Abaco Chamber of Commerce and its membership,” said Chamber president, Vado Bootle.

“During the three-year agreement, we will be working with Aliv to introduce new programmes and benefits specifically for Chamber members, with a view to making their businesses more competitive and costeffective as it relates to their communications needs.”

Aliv’s chief officer, Damian Blackburn, expressed hope that the partnership will create more corporate relationships - not only on Abaco but throughout the country.

“Aliv is happy that the Abaco Chamber of Commerce is committed to de-

livering value for the Bahamian business community, as we are fully committed to corporate diversity,” Mr Blackburn said. “This will also allow us to offer the Chamber’s members the latest technology as well as providing support for businesses in Abaco.”

The Abaco Chamber of Commerce will be announcing the new benefits at a special ‘Aliv Chamber Mix n’ Mingle’, which will be held on June 16 from 3pm to 7pm in front of the Aliv office in the Abaco Shopping Centre.

CALL 502-2394 TO ADVERTISE TODAY!

THE TRIBUNE

Thursday, June 1, 2017, PAGE 3

Govt ‘will do better’ than GDP forecasts

FISCAL WOES DELAY VAT’S ‘BREADBASKET’ REMOVAL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Minister of Finance yesterday admitted that the Government has been forced to delay removing Value-Added Tax (VAT) from ‘breadbasket’ items and certain services, as the country’s fiscal woes required a more conservative approach.

Following delivery of the 2017-2018 Budget communication, K P Turnquest said: “That’s not going to happen immediately. That’s one of the trade-offs that we have to make because we recognised that, for instance, the Ministry of Works overspent by $75 million in this last year.

“We immediately, literally two days ago, had to say wait a minute; let’s be conservative before we go out and give concessions.

Let’s make sure that we have the house covered.”

He added: “We’re already borrowing $323

THE Minister of Finance yesterday pledged that the Government “will do better” than the Bahamian GDP growth rates projected by the IMF, acknowledging that this nation’s economy had “not performed to the levels required”.

K P Turnquest, slamming the former Christie administration for four consecutive years of negative or no growth between 2013-2016, said the Bahamian economy had not grown fast

enough to provide sufficient jobs for an expanding population.

The International Monetary Fund (IMF) is forecasting that the Bahamas’ GDP will grow by 1.3 per cent this year, and by 2.2 per cent in 2018, as a result of Baha Mar’s opening.

But, addressing the House of Assembly during the 2017-2018 Budget debate, Mr Turnquest said: “Going forward, real growth of the economy is expected to be restrained by the ongoing influence of structural impediments, such as the ease of doing business and skill

mismatches, with the rate of growth receding to around 1.3 per cent per year at the start of the next decade.

“It is precisely these types of unacceptable and inadequate economic growth trends that are of critical concern to our Government.... We can do better than the growth rates projected by the IMF, we must do better and we will do better.”

Pointing out that total GDP output had declined or been stagnant for every year since 2012, Mr Turnquest said there were clear signs that the construction

industry was struggling.

“The softness of the construction sector, as a whole, was reflected in total mortgage disbursements for new construction and repairs, which declined by almost 7 per cent, following a gain of 24 per cent in 2015,” the Minister said of the industry’s 2016 performance.

“As for the two main components of the sector, the residential element contracted by 3 per cent last year, while the commercial segment decreased sharply by 51 per cent, and this on the heels of a 35 per cent See PG B5

‘CONSIDERABLE’ FOOD PRICE FALLS FROM DUTY REDUCTIONS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

CONSUMERS should see the cost of various food and beverage items “go down considerably” after the Government yesterday outlined numerous duty reductions in the 2017-2018 Budget.

Super Value’s owner, Rupert Roberts, though, expressed concern that the proposed 20 percentage point duty reduction on bathroom tissue would make it “difficult” for the supermarket chain’s own brand to compete.

As part of its Budget measures, the Government moved to make milk, mixtures of fruits and nuts, yoghurt, salmon fillet, shrimp and prawns, pastas, canned and/or preserved vegetables, juices, jams, fruit jellies and marmalades duty-free.

Duty on ice cream is bring reduced from 30 per cent to 20 per cent, along with the duty on bread, cakes, pastries and chips. Toilet tissue

RUPERT ROBERTS is going from 45 to 25 per cent.

Mr Roberts told Tribune Business: “All of this going to be a big part in reducing the cost of living. That’s what we are trying to do.

We are trying to put food on the table at a best possible price. and shelf prices are going to go down considerably with these reductions.”

He added: “Some people will be affected by the duty reductions on juice, as we are going to be with the toilet paper. The duty had

been set at the current rate to protect the local industry.

The duty drop on the toilet paper is certainly going to make it difficult for us to compete because we produce our own brand.”

Mr Roberts said 14 workers are employed at Super Value’s bathroom tissue/ towel manufacturing facility.

“We may have to go back at them and see if we can fix that,” he added of the Government. “We have to check that out. If the idea is to reduce the cost of living, they should have also looked at eggs because we don’t produce enough locally and the consumer is being penalised with the duty on eggs.”

Mr Roberts urged the Government to move towards lowering the duty on more healthy food options.

“It seems as though we are moving towards lowering the prices on unhealthy food, and it’s certainly going to create a problem for Dr Sands and what they want to do with NHI,” he said.

“We should reduce the duty on healthy stuff and put the high tariff on the un-

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healthy stuff. We’re doing it the other way around and it has to be corrected some day. I guess we can’t get everything right all at once, but as time goes on we’ll see what happens.”

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

million. We don’t want to give an unrealistic expectation and have to come back in the mid-year or sometime during the year to borrow more. Again, I ask the Bahamian people to bear with us as we try to get the fiscal house in order.”

Mr Turnquest also foreshadowed “some restructuring” at the Ministry of Finance. “One of the things we are going to have to do at the Ministry of Finance is engage in some restructuring,” he said.

“It is unusual that there isn’t one agency that can tell you what all of the commitments are. We are getting information from all over the place, and that just cannot work for effective fiscal management.”

Before the election, the FNM promised it would remove VAT on breadbasket items, education, water and light bills, medicine, healthcare and insurance.

PAGE 4, Thursday, June 1, 2017

GOVT ‘UNHAPPY’ AT $323M BORROWING A DIVISION OF SWISS AMERICA SECURITIES, LTD

JOB VACANCY Sales Associate

Duties include but are not limited to: • Presenting and selling company products and services to current and

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• Preparing action plans and schedules to identify specific targets.

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THE TRIBUNE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Minister of Finance yesterday said the Government was “not happy” at having to borrow $323 million to cover the deficit for the 2017-2018 fiscal year, and urged Bahamians to “be patient a little longer” as it seeks to “get the fiscal house in order”.

Speaking with reporters after delivering the 2017-2018 Budget Communication, K P Turnquest said: “To cover the fiscal overhang for 2016-2017 we need to borrow $400 million. What that means is we have bills outstanding today that we need to borrow in order to meet, because of the fact that there was no provision made for those expenditures in the previous Budget.

“In order to ensure that we can pay salaries and all of the existing commitments that we know about, as well as those still coming in, we need to provide the Treasurer with the funding

in order to do that.”

He added: “In the last couple weeks there have been numerous complaints from various institutions that they have not been getting their salary deductions forwarded [from the Government], for instance. All of this is a part of the reason why we need this borrowing to make sure that we meet our commitments to our vendors, as well as our employees throughout the civil service who are due these payments.”

Mr Turnquest said the Government is also projecting it will have borrow $323 million to cover the deficit for 2017-2018. “The $400 million is to cover the expenditure for the past year, expenditure we inherited, and then there is $323 million in order to cover the expenditure that we see going forward for the next year,” he added.

“Obviously we are not happy about that, but included in that $323 millions are a lot of commitments that you can’t sever just like that.”

Mr Turnquest said that

within the next few months the Government intends to undertake a detailed project to identify those expenditures, and ensure the costs are legitimate and necessary.

“The fact of the matter is that the cost of running government and providing services is outstripping our revenue, and that is unacceptable,” he said. We cannot continue on that path.

Our national debt is going to grow by these two borrowings by almost $700 million. That is unacceptable, and personally I am not happy about having to borrow $323 million to fullfill this upcoming year’s requirements.

“We are going to be doing our best to cut back in all sectors without harming the economy, or any diminution in quality or level of service we provide to the public. I am asking the Bahamian people to the patient with us, certainly for the next year, as we try to get our fiscal house in order.”

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The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the investment funds, securities and capital markets, in or from The Bahamas, as well as the supervision of Financial and Corporate Service Providers, invites applications from qualified individuals for the following position:

ASSISTANT MANAGER – MARKET SURVEILLANCE The Assistant Manager is to report to the Manager and is responsible for: Assisting in the oversight and monitoring of activities of market participants (registered firms, investment fund administrators, public issuers and financial and corporate service providers).

• Supporting the Manager by overseeing the Market Surveillance Officers

(MSOs) ensuring that: deadlines are met and MSOs are effectively monitoring their portfolios and providing timely updates to weekly and monthly reports.

• Supporting the Manager regarding the development of policies, rules, and guidelines, as necessary, for observance of international best practices and standards. This also includes assisting in the development of proper risk management systems to assess market participants on an ongoing basis for compliance with solvency and other prudential standards.

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Principal Responsibilities • Develop guidelines to facilitate regulatory compliance • Assist in the design and implement of the risk management frameworks to assess registrants’ risk, controls and financial position • Implement and maintain programs designed to monitor and evaluate risk and compliance for market participants • Design and develop reports to identify market developments and trends through collection of statistical data from market participants (i.e. surveys, questionnaires, etc.)

• Oversee the review and analysis of interim and audited financial statements and annual reports for compliance with regulatory capital requirements • Review and verify reports of material change notification for compliance with laws, regulations, guidelines and best practice • Provide guidance on the identification and assessment of issues related to market participants and products and make appropriate recommendations • Identify issues and gaps in legislation stemming from surveillance activities • Provide support to onsite surveillance in focusing their work program on areas of high risk and weaknesses • Assist in the promotion and fostering of an environment of open dialogue amongst colleagues • Ability to assist in the orientation, training and coaching of subordinates • Assist onsite surveillance in focusing their work program on areas of high risk and weaknesses • Provide guidance on the proper application and interpretation of laws, rules, regulations and policies • Assist in creation of programs that train subordinates and industry regarding compliance with securities laws • Assist in the development of systems designed to monitor and detect breaches of securities laws • Regular/routine contact with market participants through courtesy call meetings • Advise industry on regulatory developments and policies of the Commission • Monitor developments in the international securities and capital markets to assess the degree of impact and implications • Ability to interpret laws, rules, regulations and policies and make independent decisions • Ability to assign and instruct officers in the preparation of reports and papers Knowledge/Skills The candidate must possess strong communication, analytical, organizational skills, time management and decision making skills. The candidate must also be proficient in the Microsoft office suite and be able to work independently. Additionally, the successful candidate should demonstrate: • Strong technical knowledge of the industry and products; including accounting and risk management frameworks • Knowledge of financial services legislation (e.g. Securities Industry Act, 2011

and Investment Funds Act, 2003) Qualifications/Experience • Bachelor’s/Master’s Degree – Finance, Accounting, Economics, Business

Administration, or equivalent • Chartered Financial Analyst (Level 1) would be an asset • Strong knowledge of capital markets, products, legislation and regulatory environment • 5-7 years industry and management experience Compensation and Benefits • Competitive salaries and benefits offered Contact Information:

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THE TRIBUNE

Thursday, June 1, 2017, PAGE 5

OPPOSITION DISMISSES CLAIM OF FISCAL ‘MISMANAGEMENT’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Opposition’s leader yesterday dismissed suggestions that the former Christie administration’s failure to hit its deficit targets was as a result of fiscal “mismanagement”.

Responding to the 20172018 Budget Communication, Philip Davis said Hurricane Matthew had resulted in some $200 million in lost revenue, resulting in the for-

mer government overshooting its $100 million full-year deficit target.

“It is not mismanagement at all,” added Mr Davis, noting that he combination of increased spending to fix public infrastructure and repair homes, as well as lost taxes, caused the Christie administration to miss its GFS deficit target.

Finance Minister, K Peter Turnquest, yesterday said the GFS deficit for 2016-2017 is projected at $500 million, up from the $100 million forecast by the Christie administration.

NOTICE

NOTICE is hereby given that JOANEL THEOPHILE of Life Bouy St., New Providence, 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 1stday of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JERVIS TYLER DELANCY of P.O. Box F-40670, Jones Town, Eight Mile Rock,Grand Bahama, 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 25th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Mr Davis, meanwhile, said the Opposition also took exception to suggestions that contracts issued just before the 2017 general election were “deals”.

Suggesting that many contracts would have been “in train” up to two years, Mr Davis asserted that the Free National Movement (FNM) had made wild promises based on a lack of understanding of the economy

and now had to “face reality”.

“The FNM is seeking to provide a false narrative to provide a cover for the fact that they cannot live up to what they promised in the general election. We again urge them to be extremely careful how they talk down this economy so that they do not make the last state worse than the first. The fact is the Government is the largest spender in this economy. If

Govt ‘will do better’ than GDP forecasts From pg B3 downturn in 2015.”

Mr Turnquest added that the minister of tourism, Dionisio D’Aguilar, “has some work to do” after 2016 air arrivals rose by just 0.1 per cent to 1.4 million. This compared to a 2.5 per cent increase in overall arrivals, driven by cruise passengers, to 6.3 million.

“The data unfortunately show that the level of stayover visitors has essentially remained stagnant over the past 20 years, at or around the level recorded last year,” he said. “Such lacklustre performance is quite

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simply unacceptable and pales in comparison to the significant gains recorded in other major tourist destinations in the region.

“More troubling still, from both an economic and a social perspective, is the fact that our economy has not been able to generate sufficient new job opportunities for the youth of our nation. Our Government will address the scourge of youth unemployment, in collaboration with stakeholders, through specialised programmes focused on building essential jobrelated skills to enhance employability.”

the Government contracts its spending, then the economy of this country gets into deep trouble. We again say to the Government; be very careful,” said Mr Davis.

He also expressed disappointment that the Minnis administration was rolling back the Grand Bahama (Port Area) Investment Incentives Act. “We also heard nothing for Grand Bahama except to repeal the present Act, which provides

incentives to the businesses in Grand Bahama. Grand Bahama is in urgent need of an economic infusion and not talk of repeal,” Mr Davis said.

“When you look dispassionately at the Budget statement, you will discover that the statement reveals - and is an admission - that the fundamentals of our economy were prudently managed and a solid foundation laid for growth.”

Mr Turnquest then blasted the former Christie administration for adding $2.2 billion to the national debt during its five years in office, taking the direct government debt to $6.5 billion or 71.5 per cent of GDP despite a $756 million net revenue windfall from VAT since 2015.

“That represents a fiveyear increase of 23.5 percentage points, arguably the single largest run-up in public debt in the history of our nation,” Mr Turnquest said.

“The administration that we now replace may well have surpassed itself in the level of incompetence displayed in any of their previous mandates, as they managed to generate either zero or negative growth in the

Bahamian economy over four straight years after the 2012 election.

“Quite astonishingly, it is estimated that the economy will still be smaller in 2017 than it was in 2012, and this despite five years of steady population and labour force growth. That is a dubious achievement indeed that may arguably be unsurpassed in the history of our nation,” he added.

“In addition, their lax management of the nation’s public finances, in large part through questionable and excessive expenditure, led directly to miss fiscal targets, sharp increases in the level of public debt and credit rating downgrades to ‘junk’ status.”

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PAGE 6, Thursday, June 1, 2017

$500m deficit ‘threat to fiscal credibility’ From pg B1 into unfunded spending commitments that had created a $300 million government payables

“backlog”.

As a result, the Government yesterday tabled two resolutions seeking Parliamentary authority to borrow a collective $722 mil-

THE TRIBUNE lion, some $400 million of which is “emergency funding” to cover 2016-2017’s fiscal holes. The balance is to fill the 2017-2018 deficit.

Mr Myers said the persistent overshooting of key fiscal targets by such massive amounts threatened to undermine the public’s faith in the Government’s financial

management, and negatively impact economic growth by deterring local and foreign investment.

He added that consumers and the private sector were being pushed towards a “trust but verify” approach when it came to the annual fiscal forecasts, with yesterday’s developments further highlighting the need for a Fiscal Responsibility Act and Freedom of Information Act. “Based on the previous government’s lack of control we, civil society and the public, don’t know what to trust any more,” Mr Myers told Tribune Business. “The previous government was saying they could get the deficit down to $28 million [for 2017-2018], and we’re now back up to $323 million.

“How could you go from one administration to the next and be so wildly wrong? Who’s cooking the books? Isn’t it the same public servants doing this Budget? Where are the public servants providing this Budget and the numbers?

Why don’t they speak up? If the Christie administration

was that wildly wrong, isn’t the Government reflecting what the public servants are doing?

Mr Myers also pointed to the different GFS deficit elimination projections given earlier this year by Simon Wilson, the Ministry of Finance’s acting financial secretary, and former prime minister, Perry Christie.

Mr Wilson, addressing a Chamber of Commerce conference in mid-February, said a fiscal “balance” could be achieved within the next four years, pushing this out to 2020-2021. Yet Mr Christie, in the mid-year Budget presentation in late March, stated that the Government was forecasting a ‘break even’ GFS deficit by 2018-2019 - some two years earlier.

Warning that this only served to sow confusion and uncertainty among the private sector, Mr Myers added: “If you have two people in the same government saying something so abundantly different, who is the public supposed to trust?

“We’ve got to make this whole process transparent,

EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the investment funds, securities and capital markets, in or from The Bahamas, as well as the supervision of Financial and Corporate Service Providers, invites applications from qualified individuals for the following position: OFFICER – AUTHORISATIONS DEPARTMENT The Officer is to report to the Manager and is responsible for: • Supporting the operations of the Authorisations Department, carrying out activities/work plans related to the goals and objectives of the department.

• Performing delegated supervisory tasks related to officers within the department.

• Participating in special projects.

Principal Responsibilities • Process applications (performing due diligence, assessing fitness and propriety, etc. in line with department procedures and best practices)

pursuant to the Securities Industry Act, Investment Funds Act and Financial

and Corporate Service Providers Act • Conduct research and analysis on industry developments and policy matters • Identify legislative gaps that require amendment or change • Assist in review and analysis of department policies and procedures and make recommendations for improvements • Assist with fulfillment of internal audit requirements • Prepare and provide statistical data and analysis on industry developments and licensing trends • Prepare and maintain department periodic reports • Maintain current and accurate registrant/licensee information and licensing fees • Manage relationship with Unrestricted Investment Fund Administrators

(UIFA) • Review Licensed by Administrator filings submitted by UIFAs • Maintain custody and tracking of investment fund licenses (as assigned) • Address internal and external queries from industry stakeholders (e.g. market participants, regulators) in an accurate and timely manner in line with department procedures • Facilitate applicant and registrant meetings • Assist in preparation of industry presentations and focus group meetings • Maintain good relationships with domestic and international regulators • Demonstrate ongoing knowledge and ensure compliance with local and

International developments and initiatives (e.g. IOSCO Principles) • Review work of officers assigned to work with or back up • Support the department with any other technical or administrative assignments Knowledge/Skills The candidate must possess strong communication, analytical, organizational skills, time management and decision making skills. The candidate must also be proficient in the Microsoft office suite and be able to work independently. Additionally, the successful candidate should demonstrate: • Strong technical knowledge of the industry and products; including accounting and risk management frameworks • Knowledge of financial services legislation (e.g. Securities Industry Act, 2011

and Investment Funds Act, 2003) Qualifications/Experience • Bachelor’s/Master’s Degree – Finance, Accounting, Economics, Business

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• Knowledge of capital markets, products, legislation and regulatory environment.

• 2-3 years’ industry experience Compensation and Benefits • Competitive salaries and benefits offered Contact Information: Manager, Human Resources Department Securities Commission of The Bahamas Tel: (242) 397-4100 Fax: (242) 326-4802 E-mail: hrm@scb.gov.bs Deadline for applications: 2 June 2017

so we can understand things.

Foreign investors can understand things, businesses can understand things, and consumers can understand things. If this is not done, consumer and investor confidence will be harmed.”

He argued that there should be “complete cohesion” between government ministers and officials when it came to critical fiscal issues, otherwise the Bahamas was “in deep trouble”.

Mr Myers also urged top Ministry of Finance officials to publicly stand behind the Budget, “so we really do trust they’re going to be able to reduce the deficit in the time they suggest”.

“It’s prudent for the Bahamian people to trust but verify,” the ORG principal told Tribune Business.

The new government’s projections show that achieving fiscal consolidation, and the GFS deficit’s elimination, will be much harder - and take a lot longer - than the prior administration was forecasting.

The Christie administration was forecasting that the Government would eliminate the annual deficit by 2018-2019, and actually be running a $68 million surplus. However, the Minnis administration yesterday predicted it will still be incurring $228 million worth of ‘red ink’ for that fiscal year - a $296 million difference.

That is 54.4 per cent less than the $500 million deficit projected for the current fiscal year, and the Government forecast that the ‘red ink’ would halve again to $106 million in 2019-2020.

The latter figure, though, is higher than the Christie administration’s initial projected deficit for 2016-2017, and indicates that Mr Wilson’s timeline for its elimination is more accurate.

“It’s unfortunate for the current administration that the previous administration was so irresponsible, as it puts a bad light on - and causes distrust - in whichever administration follows,” Mr Myers told Tribune Business.

“It doesn’t help that we have had these wild swings in what the Government is projecting.”

Career Opportunity Scotiabank (Bahamas) Limited, Freeport Grand Bahama is seeking the services of a

Business Banking Officer Position Summary: The Business Banking Officer is a member of the Small Business Team and is responsible for contributing to the profitable growth of the Small Business portfolio. He/she is responsible for meeting negotiated goals, which include business development, retention and referral goals as well as other objectives related to customer service, operational effectiveness and personal development. He/ she is required to identify, and satisfy customers’ needs by leveraging appropriate sales tools and products.

Key Accountabilities for this role: • Management and oversight of the portfolio of Small Business Owner Relationships to ensure the retention and growth of a assigned client portfolio in keeping with the Bank’s Service Standards; • Assisting the Business Banking Manager with portfolio management while developing and maintaining knowledge of customers’ nature of their business, financial position, and business plans; • Providing business/financial advice and responding to requests for service, to ensure customer satisfaction while consistently delivering the desired customer experience during every customer interaction; • Assisting the Business Banking Manager by taking over management of newly acquired Small Business relationships, identifying prospects and developing new customer opportunities through referrals from existing, satisfied clients and other sources; • Managing, overseeing and monitoring the requirements and the reporting/compliance obligations of the assigned portfolio; in addition to completing relationship/ account reviews in a timely and detailed manner and in accordance with Bank Standards; • Developing an understanding of the branch financial and non-financial goals and negotiating aggressive yet achievable financial and non-financial goals; • Adhering strictly to Bank and Branch security procedures and assigned authorities and responsibilities, and reporting any unusual occurrences or fraudulent activity; • Applying the Know Your Customer (KYC) requirements including verifying and documenting Customer identity, source(s) of funds and the nature of the activity that is to be undertaken.

Educational Requirements: • Three to five years of related experience within the finance industry, in a Lending capacity; • Undergraduate Degree in Banking, Business or Economics.

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Qualified candidates should submit C.V. via email to: The Human Resources Dept., Scotiabank: hrbahamas@scotiabank.com on or before June 9, 2017.

Please note: Only candidates short-listed will be contacted.

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THE TRIBUNE

Thursday, June 1, 2017, PAGE 7

‘Days of largesse are over’: Govt to borrow $722m From pg B1 the upcoming 2017-2018 fiscal year is almost $300 million more than the estimate provided by the Christie administration 12 months before, with Mr Turnquest emphasising that it planned to perform better than what he admitted were “conservative” fiscal forecasts.

“The reality is that we want to be real with the Bahamian public in terms of where we’re headed, so they understand there’s no free lunch to be had; that there’s no free party,” Mr Turnquest told Tribune Business. “We have to be serious and committed to bringing this back under control.

“The days of largesse are over. We are, at this stage, continuing to provide a conservative Budget and conservative forecast. Hopefully, we will do better. We have to do better.”

The Government used yesterday’s Budget to reinforce its election campaign message of fiscal discipline and prudence, coupled with enhanced transparency and accountability, which are intended to provide a combined solution for deficit elimination and improved governance.

The Opposition yesterday slammed the Budget presentation for failing to provide Bahamians with hope, especially the poor, but Mr Turnquest said a sober communication was critical to tempering public expectations of what the new government can deliver.

“We wanted to make sure we presented a picture of stability while we try to work on the back end to scrub the accounts, for want of a better expression,” he added, “while we ensure the expenditures we do incur are necessary and provide benefits.”

The 2017-2018 Budget unveiled by Mr Turnquest yesterday sought to avoid creating any economic shocks, avoiding new or increased taxes, while “holding the line” on spending and fulfilling the commitments entered into by the Government’s predecessor administration.

The Minister of Finance disclosed that the GFS deficit for the 2016-2017 fiscal year, which ends on June 30, is now projected to come in some $150 million higher than the Christie administration’s last estimate at $500 million.

While agreeing that Hurricane Matthew had caused a significant part of the overshoot, Mr Turnquest noted that recurrent spending on fixed costs such as wages and salaries was set to come in some $137 million above projections.

This was now estimated to total $2.458 billion, as opposed to the original $2.321 billion projection, with increases in debt servicing (Interest) and debt principal redemption costs of $27 million and $21 million, respectively, driving the increase.

Mr Turnquest said this, combined with Matthew’s impact and unfunded spending commitments by the previous government, had contributed to a $320 million backlog of payment commitments that the new administration now needed to cover with $400 million in “emergency funding”.

‘The combination of revenue shortfalls and accelerated spending has contributed to a greater than usual backlog of payments and commitments as we ap-

proach the end of the fiscal year,” he explained.

“The latest information has this backlog in excess of $300 million, and it is possible that this number could increase before the end of the year as we get a greater understanding of the many deals of the former administration.

“We don’t have the final number. Every day we are discovering new commitments and new bills. This high level of outstanding payables is directly responsible for the Government seeking emergency funding to meet the obligations of the 2016-2017 Budget, as vendors are clamouring for payments.”

Mr Turnquest promised that the Government would meet the payments backlog in the current fiscal year, in a bid to “minimise, to the greatest extent possible, any carryovers into the 20172018 fiscal year”.

When asked by Tribune Business to break down the ‘blank cheques’ left behind by the Christie administration, Mr Turnquest said: “There’s a number of areas. Most of it is just out there with commitments made that have not been funded.

“The previous government engaged in any number of contracts, hirings and other spending that were not part of the Budget.

These things are just coming home to roost.”

Tribune Business has repeatedly been informed by private sector sources that the Government has been experiencing cash flow problems, with payments delayed and seemingly awaiting the receipt of VAT monies before they are issued.

The “backlog” identified

by Mr Turnquest appears to confirm this, and he told this newspaper yesterday: “All I would say is that we have to borrow $400 million. You wouldn’t borrow $400 million just because.”

As for delays in the Government providing salary deductions for civil service loan payments, he added: “We anticipate that problem will be resolved.”

Mr Turnquest identified several areas of wastage and questionable spending in his Budget presentation, including $30 million spent on roadside clean-up contracts through the Public Parks and Beaches Authority in the 2016-2017 fiscal year.

The Minister of Finance said this sum represented a 10-fold increase on the original $3 million allocation, and he also flagged the $10 million in consultants’ fees paid for the “incomplete” National Health Insurance (NHI) programme.

Among the unfunded spending commitments that did “come over” into 20172018 are numerous increases for the Ministry of Public Service and National Insurance. These include $35 million for medical insurance premiums; $16 million for pensions; $6 million for gratuities; and $10.6 million for government office rents.

Mr Turnquest also revealed a $27 million increase to the Government’s wages bill for 2017-2018 as a result of people hired by the Christie administration over the past fiscal year, together with an extra $8 million in increments and $7.5 million to meet commitments contained in new industrial agreements with the public sector unions.

When asked by Tribune

Business whether this provided evidence that the former government had been engaged on a pre-election hiring and spending spree to shore up its support, Mr Turnquest replied: “Absolutely. It’s clear. The facts speak for themselves.”

He had earlier told the House of Assembly: “Let me be quite blunt: The fiscal situation in the current fiscal year is far bleaker than we could ever have imagined.

Our predecessors have literally left us with a cupboard that is bare.

“The very grave condition of our country’s public finances mandates that we give the utmost priority to getting our fiscal house in order. That is critical to any success that we hope to achieve on the growth and jobs front. Ignoring the state of our finances would have deleterious consequences for the viability of our agenda and future prospects for the Bahamian society and economy.”

Together with $40 million to finance the National Health Insurance (NHI) Authority, Mr Turnquest said the recurrent spending increases for 2017-2018 - aside from a $125 million rise in debt principal redemption - amounted to $155 million.

“It may be seen that, in reality, we have held the line on expenditure and are accommodating only the highest priority obligations,” Mr Turnquest said.

With recurrent spending projected at $2.6786 billion for 2017-2018, Mr Turnquest said revenues were set to return to trend post-Matthew and benefit from the projected pick-up in GDP growth.

“Recurrent revenue is forecast at $2.15 billion in the coming fiscal year, up $190 million from the previous, depressed year,” he added.

“On the basis of these projected fiscal developments, the GFS deficit in 2017-2018 is targeted at $323 million, or 3.5 per cent of GDP. While that is a marked improvement from the estimated $500 million deficit recorded this year, it is still higher than the $310 million deficit posted in 2015-2016.”

PAGE 10, Thursday, June 1, 2017

THE TRIBUNE

Minister ‘concerned’ on rating agency reaction From pg B1

$100 million projection, and some $150 million higher than the revised post-Matthew projection given by the Christie administration.

Mr Turnquest yesterday blamed the overshoot on a combination of Matthew, recurrent spending exceeding estimates by $137 million, and a $320 million “backlog” of unfunded spending commitments entered into by the former government.

The Minnis administration also forecast that the 2017-2018 fiscal deficit will

considerations.

“On the other side, I believe with our being transparent, forthright and honest, they will gain comfort we will turn this thing around, and provide positive economic growth rates and fiscal management.

“The situation is what it is. These things are not necessarily in our control.”

The Government’s 20162017 fiscal deficit was yesterday projected to come in at $500 million, five times’ higher than the original

be $323 million, almost $300 million higher than the former government’s $28 million estimate just 12 months ago. And, rather than achieving a GFS surplus from 2018-2019 onwards, the new government is forecasting that it will incur deficits of $228 million and $109 million over the following two fiscal years.

The Government also predicted that direct government debt would hit $6.797 billion at the 20172018 fiscal year-end, a sum equivalent to 72.7 per cent of Bahamian GDP or total economic output. When the $500 million of contingent liabilities are added in, equivalent to around 9 per

Fidelity Bank (Bahamas) Limited

(Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 31 March 2017 (Expressed in Bahamian dollars)

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets Investments in joint ventures Property, plant and equipment

2017 $

2016 $

97,357,491 77,127,071 382,450,243 4,059,505 11,637,009 10,718,494

75,219,924 77,129,401 386,803,562 3,161,364 10,937,162 10,957,537

Total assets

583,349,813

564,208,950

LIABILITIES Deposits from customers Accrued expenses and other liabilities Debt securities

443,615,075 847,593 49,697,769

430,883,092 870,908 48,892,530

Total liabilities

494,160,437

480,646,530

EQUITY Capital – ordinary shares Capital – preference shares Revaluation reserve Reserve for credit losses Retained earnings

20,333,243 15,000,000 385,530 3,813,125 49,657,478

20,333,243 15,000,000 392,251 3,855,116 43,981,810

Total equity

89,189,376

83,562,420

583,349,813

564,208,950

2017 $

2016 $

14,010,533 829,324

12,903,771 723,133

14,839,857

13,626,904

Interest expense

(3,706,377)

(3,506,592 )

Net interest income

11,133,480

10,120,312

713,739 20,156 171,537

592,191 20,156 170,532

12,038,912

10,903,191

2,491,865 2,215,077 2,010,947 393,915

2,231,644 2,299,435 1,800,117 391,937

7,111,804

6,723,133

4,927,108

4,180,058

699,848

581,111

5,626,956

4,761,169

-

-

5,626,956

4,761,169

28,787,849

28,754,349

0.19

0.16

Total liabilities and equity

Fidelity Bank (Bahamas) Limited Consolidated Statement of Comprehensive Income (Unaudited) For the Three Months Ended 31 March 2017 (Expressed in Bahamian dollars)

INCOME Interest income Bank deposits, loans and advances Investment securities

Fees and commissions Rental income Other income EXPENSES General and administrative Salaries and employee benefits Provision for loan losses Depreciation and amortisation

Operating profit Share of profits of joint ventures Net income OTHER COMPREHENSIVE INCOME Items not reclassified to net income Property, plant and equipment revaluation Total comprehensive income

Weighted average number of ordinary shares outstanding Earnings per share Fidelity Bank (Bahamas) Limited Consolidated Statement of Changes in Equity (Unaudited) For the Three Months Ended 31 March 2017 (Expressed in Bahamian dollars) Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Reserve for Credit Losses $

Retained Earnings $

Total $

20,333,243

15,000,000

392,251

3,855,116

43,981,810

83,562,420

Net income

-

-

-

-

5,626,956

5,626,956

Total comprehensive income

-

-

-

-

5,626,956

5,626,956

Depreciation transfer

-

-

Appropriation for credit losses

-

-

Total transfers

-

-

As of 31 March 2017

20,333,243

15,000,000

Dividends per share

-

-

As of 1 January 2017 Comprehensive income

Transfers (6,721 ) (6,721 )

6,721

-

(41,991 )

-

41,991

-

(41,991 )

48,712

-

385,530

3,813,125

49,657,478

89,189,376

Fidelity Bank (Bahamas) Limited Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2016 (Expressed in Bahamian dollars) Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Reserve for Credit Losses $

Retained Earnings $

Total $

20,241,119

15,000,000

875,780

3,647,593

34,998,204

74,762,696

-

-

-

-

21,687,965

21,687,965

Property, plant and equipment revaluation

-

-

(456,645 )

-

-

Total comprehensive income

-

-

(456,645 )

-

21,687,965

21,231,320

Depreciation transfer

-

-

(26,884 )

Appropriation for credit losses

-

-

Total transfers

-

-

92,124

-

-

-

-

-

-

-

(1,052,877 )

(1,052,877 )

As of 1 January 2016 Comprehensive income Net income Other comprehensive income

(456,645 )

Transfers

(26,884 )

26,884

-

207,523

-

(207,523 )

-

207,523

(180,639 )

-

Transactions with owners Issuance of ordinary shares Dividends – preference shares Dividends – ordinary shares Total transactions with owners As of 31 December 2016 Dividends per share

75,826

167,950

-

-

-

-

(11,546,669 )

(11,546,669 )

92,124

-

-

-

(12,523,720 )

(12,431,596 )

20,333,243

15,000,000

392,251

3,855,116

43,981,810

83,562,420

0.40

0.70

cent of GDP, the Bahamas total debt-to-GDP ratio is set to remain at above 80 per cent through the 2019-2020 fiscal year, although coming down slightly because of improved GDP growth.

All of which is likely to make the credit rating agencies nervous, notwithstanding Baha Mar’s opening - the property’s fate having been a major factor in previous downgrades. While Moody’s and S&P both have stable outlooks on the Bahamas, indicating no further downgrades are likely imminent, the pace of the latest fiscal deterioration could cause them to reassess this position.

“We fundamentally believe, on the information coming in over the last few weeks, that we will be able to cause growth in the economy and get the fiscal situation under control,” Mr Turnquest told Tribune Business.

“Once they [the rating agencies] come here, hopefully we will be able to lay out our case for their support.”

Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, acknowledged that the visits of the rating agencies were “not far away”.

“I wouldn’t go to the point of a downgrade,” he said of their likely reaction, adding that the key was for the new

government to demonstrate its credibility by producing a concrete, data-based plan to show how the Bahamas will escape its fiscal and low-growth woes.

However, Robert Myers, a principal with the Organisation for Responsible Governance (ORG), yesterday agreed that the Bahamas will be “lucky to avoid a downgrade” based on the new fiscal numbers.

He added that the new government had to follow through on its promises regarding transparency and accountability, which would help “restore some of the trust these guys [the rating agencies] need that we’re turning the corner”.

For the 2016-2017 fiscal year, revenues were some $216 million below projections at $1.96 million, while capital spending exceeded estimates by $68 million - both developments largely being due to Hurricane Matthew. Zero GDP growth also impacted the revenue figures.

Mr Turnquest yesterday told the House of Assembly that the fiscal estimates for the next three years represented a ‘floor’, or base case scenario, where the Government planned to beat projections - starting with the $31 million primary deficit forecast for 2017-2018.

“In the multi-year scenario, recurrent expenditure is projected lower by

some $200 million in each of 2018-2019 and 20192020, to levels in the area of $2.45 billion,” Mr Turnquest said. “This is largely due to significantly lower debt redemption payments each year.

“Capital expenditure is projected to remain around 2.3 per cent to 2.4 per cent of GDP in the outer years, with annual levels on the order of $230 million, essentially unchanged from 2017-2018.

“For its part, recurrent revenue is assumed to remain at 23 per cent of GDP going forward, implying levels on the order of $2.2 billion and $2.3 billion in 2018-2019 and 2019-2020, respectively.”

He added: “As a result, the GFS deficit may be expected to decline steadily to levels of $228 million in 2018-2019, and $106 million in 2019-2020. That would represent 2.3 per and 1.1 per cent of GDP, respectively.

With these developments, the level of Government debt would still continue to rise, reaching $7.1 billion at the end of the projection horizon. However, with the smaller annual deficits that are projected, the ratio of Government debt-to-GDP would begin to decline in 2018-2019, from the peak of 72.7 per cent in 2017-2018, and would reach 70.8 per cent of GDP in 2019-2020.”

THE TRIBUNE

Tax ‘Task Force’ eyed as Business License fees slashed 25% pts From pg B1 long-term. Hopefully this is the start of a productive debate on the numbers.”

Edison Sumner, the Chamber’s chief executive, told Tribune Business that Business License fees needed to be examined more “holistically” than just a rate cut, and assessed as part of the Bahamas’ overall taxation.

While welcoming the rate cut from 1.5 per cent, he disclosed that a ‘Task Force’ will likely soon be created to assess “the best form of taxation for businesses in this country and the environment in which they operate”.

Disclosing that the Chamber met the Government at the weekend to go through its 2017-2018 Budget plans and provide feedback, Mr Sumner said of the cut: “It’s an initiative that’s going in the right direction.

“The reduction, even though it’s a small reduction, is a reduction nonetheless, and it helps to reduce the cost of operations for businesses. We’d like to see some reform of the entire Business License regime,

where the Business License fee is eliminated or the fees capped.”

Mr Sumner conceded, though, that eliminating Business License fees would require the Bahamas to replace a revenue source that is projected to generate $150 million for the Government in 2017-2018 - an increase of $3 million over the prior year.

He also acknowledged that the impact of a 0.25 percentage point rate cut was unlikely to be much felt by small and medium-sized enterprises (SMEs), given that the savings involved were likely to be relatively low because turnover - also on the low side - is the basis upon which Business Licenses are calculated.

“It’s going to have a greater impact on those larger companies whose turnovers are well into the tens of millions and hundreds of millions of dollars,” the Chamber’s chief executive told Tribune Business.

“A small percentage decrease in the Business License could be very significant for these very large companies. It may not be

Thursday, June 1, 2017, PAGE 11 felt as much for the smaller companies, but for the larger companies they’re going to see an appreciable decrease in Business License fees. Those who have much larger turnovers will benefit the most as they’re dealing with much larger sums.”

Mr Sumner said other incentives were required to improve the ease, and reduce the cost, of doing business for SMEs, “opening the doors to allow them to become more profitable”.

He added: “The general sentiment is that we’d like to review this on a continual basis, review the Business License infrastructure, what the model will be going forward.

“We believe the Government made the right decision to reduce the Business License fee, but we have to look at this holistically and see what is the best form of taxation for business in the country and the environment in which they operate.

“We’ve got to look at the entire tax base and infrastructure further to determine what’s the best form of taxation,” Mr Sumner continued, “and what’s most conducive to the business environment going forward.

“You’ll probably see a Task Force established going forward to look at those points.”

Mr Sumner said such a

Bahamas Property Fund Limited

(Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 31 March 2017 (Expressed in Bahamian dollars)

body would include representatives from the Chamber, private sector and government in a public-private partnership (PPP) type arrangement, with the organisation ultimately submitting recommendations to the Government on the best options for comprehensive tax reform.

The private sector has long argued that Business License fees represent one of the most inequitable and regressive forms of Bahamian taxation, given that they are calculated as a percentage of gross turnover rather than profits.

This has resulted in many companies paying more in Business Licence fees than they earn in annual profits.

And it has resulted in high

turnover, low profit margin businesses such as food stores and gas stations, plus those impacted by price controls, like auto dealers, paying considerably more than low volume, high profit margin companies.

Other amendments to the Business License Act that were unveiled as part of yesterday’s Budget debate were designed to bring it into line with VAT, with business groups now set to have fees levied on their combined - rather than individual - turnover.

The reforms also strengthen revenue collection by requiring that all VAT be paid before a Business License is granted, and allowing the Financial Secretary to “suspend, re-

voke, amend and cancel” a Business License where a company has breached an agreement to pay outstanding taxes.

The Government, meanwhile, moved to fulfill a deal agreed between the former Christie administration and Atlantis’s owner, Brookfield, that reduces the Business License rate for hotels with a $400 million per annum turnover from 1.25 per cent to 1 per cent an incentive also likely to be ultimately granted to Baha Mar. A further reduction is to be given to the Paradise Island hotel next year.

The deal with Atlantis has also seen import tariffs on shrimp and salmon, of 10 per cent and 35 per cent, respectively, eliminated.

CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:

SECURITY OFFICER

Prime Responsibilities and Duties are:

Assist with any investigations involving guests and employees, prepare accurate reports and follow up action plans.

Ensure that any criminal activity does not hamper the smooth functioning of the hotel.

Assist with and ensure the accuracy of all industrial accident reports.

Take the lead on all incidents and emergencies.

Assist with the monitoring of camera system and scheduled patrolling of grounds.

Assist with the smooth and efficient running of the organization.

Qualifications & Experience Required: 31 March 2017 $

31 December 2016 $

40,042,000

40,042,000

3,796,665 821,358 724,079

3,552,467 1,030,098 370,218

5,342,102

4,952,783

45,384,102

44,994,783

359,995

352,378

359,995

352,378

1,233,618 33,750 11,246,022

1,118,721 11,389,180

12,513,390

12,507,901

Total liabilities

12,873,385

12,860,279

EQUITY Capital – ordinary shares Retained earnings

12,035,000 20,475,717

12,035,000 20,099,504

Total equity

32,510,717

32,134,504

Total liabilities and equity

45,384,102

44,994,783

ASSETS Non-current assets Investment property Current assets Cash at banks Trade receivables Other assets

Total assets LIABILITIES Non-current liabilities Security deposits from tenants

Current liabilities Accrued expenses and other liabilities Unearned rental income Borrowings

Two or more years in the security or military (RBDF & RBPF) field.

Excellent leadership and communication skills.

The ability and interpersonal skills to relate with internal and external customers.

Ability to work as part of a team, as well as independently.

Must be computer literate with strong administrative skills.

Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resumes via e-mail to:

recruitment.humanresources@outlook.com

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

2013/CLE/qui/No.1332

IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER of ALL THAT piece parcel or lot of land being Lot Number 1300 in the Subdivision called and known as Golden Gate Estates Section Two Addition bounded Northwestwardly by Mulatto Place and running thereon Sixty (60.00) feet Northeastwardly by Lot Number 1299 of the said Subdivision and running thereon One hundred (100.00) feet Southeastwardly

by Lot Number 1303 of the said Subdivision and running thereon Sixty (60.00) feet and Southwestwardly by Lot Number 1301 of the said Subdivision and running thereon One hundred (100.00) feet.

AND IN THE MATTER of the Petition of VERLENE BULLARD

Bahamas Property Fund Limited Consolidated Statement of Comprehensive Income (Unaudited) For the Three Months Ended 31 March 2017 (Expressed in Bahamian dollars)

N O T I C E 2017 $

2016 $

942,456 -

937,111 -

942,456

937,111

208,572 74,826 44,692 27,605 10,991 5,000 52,135

341,875 39,500 44,119 46,603 22,900 5,000 33,531

423,821

533,528

518,635

403,583

(142,422 )

4,870 (156,817 )

376,213

251,636

2,407,000

2,407,000

0.16

0.10

Capital – Ordinary Shares $

Retained Earnings $

Total $

12,035,000

20,099,504

32,134,504

-

376,213

376,213

12,035,000

20,475,717

32,510,717

21,315,847

33,350,847

(1,216,343 )

(1,216,343)

20,099,504

32,134,504

INCOME Rental and parking revenue Net fair value loss on investment property

EXPENSES Maintenance cost of vacant rental space Parking maintenance Management fee Business licence fees Professional fees Directors’ fees Other

Operating profit Interest income Interest expense and related charges Net income and total comprehensive income

Weighted average number of ordinary shares outstanding Earnings per share

Bahamas Property Fund Limited Consolidated Statement of Changes in Equity (Unaudited) For the Three Months Ended 31 March 2017 (Expressed in Bahamian dollars)

As of 1 January 2017 Total comprehensive income As of 31 March 2017 Dividends per share

-

As of 1 January 2016

12,035,000

Total comprehensive loss

-

As of 31 December 2016

12,035,000

Dividends per share

-

THE PETITION OF VERLENE BULLARD in respect of: ALL THAT piece parcel or lot of land being Lot Number 1300 in the Subdivision called and known as Golden Gate Estates Section Two Addition bounded Northwestwardly by Mulatto Place and running thereon Sixty (60.00) feet Northeastwardly by Lot Number 1299 of the said Subdivision and running thereon One hundred (100.00) feet Southeastwardly by Lot Number 1303 of the said Subdivision and running thereon Sixty (60.00) feet and Southwestwardly

by Lot Number 1301 of the said Subdivision and running thereon One hundred (100.00) feet.

VERLENE BULLARD claims to be the owner of the unencumbered fee simple estate in possession of the said parcel of land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and Plan of the said land may be inspected during normal office hours in the following places: 1.

The Registry of the Supreme Court, 1st Floor, BAF Building, Marlborough Street in the City of Nassau, Bahamas; and 2.

The Chambers of Lockhart & Co, No.35 Buen Retiro Road, off Shirley Street, Nassau, Bahamas.

NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of thirty (30) days after the final publication of these presents file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a Statement of his Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of thirty (30) days after the final publication of these presents shall operate as a bar to such claims.

LOCKHART & CO. CHAMBERS 35 BUEN RETIRO ROAD OFF SHIRLEY STREET Nassau, Bahamas Attorneys for the Petitioner

PAGE 12, Thursday, June 1, 2017

NYC BECOMES LATEST CITY TO CUT BACK ON TIES WITH WELLS FARGO

By KEN SWEET Associated Press NEW YORK (AP) — New York City is cutting back its ties with Wells Fargo, making it the latest major city or state government to suspend its business rela-

tionship with the bank following its sales practices scandal.

Mayor Bill de Blasio and Comptroller Scott Stringer said Wednesday they will vote as members of the city’s Banking Commission to bar city agencies from renewing or expanding existing contracts with the bank.

Wells currently holds $227 million in city deposits.

“I encourage Wells Fargo to quickly clean up its act and do right by the millions of customers who trust the bank with their savings. Until then, we will not be entering new contracts with the

bank,” de Blasio said in a statement.

More importantly, the two said they will vote to end Wells Fargo’s role as senior book runner for the city’s general obligation bond sales as well as book runner for the New York City Transitional Finance Authority, a city agency

THE TRIBUNE used to finance major capital improvements. Being a lead bookrunner allows banks like Wells to be the main bank when a city agency needs to issue fresh debt.

New York City is one of the largest bond issuers in in the country, issuing more than $7.1 billion in bonds for general obligations as well as Transitional Finance Authority bonds in 2016 alone. The ban will be effective for one year.

GOVERNMENT NOTICE

GN-1897

MINISTRY OF PUBLIC SERVICE VACANCY FOR EDUCATION OFFICER, SCALE SED6 (BUSINESS STUDIES) (DEPARTMENT OF EDUCATION) MINISTRY OF EDUCATION, EDUCATION SCIENCE & TECHNOLOGY Letters of interest are invited from suitably qualified Bahamians to fill the position of Education Officer, Scale SED6, (Business Studies), Department of Education, Ministry of Education, Science and Technology for the beginning of the 2016/2017 academic year.

Specific duties of the posts include: • Designing, developing and implementing instructional programmes and resource materials to improve the quality of education in the subject area; • Monitoring and evaluating the effectiveness of instructional programmes and teacher performance;

Requirements for the post are:

• Liaising with tertiary institutions, other technical officers, Government and non-¬Government Agencies on school-related matters and professional development activities;

• A Bachelor’s Degree and professional teaching qualifications from approved institutions;

• Giving professional advice and guidance on education projects, programmes and initiatives;

• A minimum of seven (7) years teaching experience, two (2) of which must be at the level of Administrator, Head of Department, Grade Level Head or Team Leader; and

• Keeping informed regarding current research in the field of education;

• Curriculum/Examinations Development experience at the District/National Level.

• Facilitating procurement and distribution of tuition supplies.

• Organizing and facilitating upgrading and retraining programmes for teachers; and

The successful candidate will:

The salary of the post is in Scale SED6 $35,400.00 x 700 - $45,900.00 (July 2016 Salary Scales) per annum.

• Have initiated and co-ordinated activities in curriculum development, assessment procedures and materials production in the specific discipline/subject area;

Serving officers should apply through their Heads of Department.

• Possess evidence of leadership ability; • Possess excellent organizational, inter-personal and communication skills; • Be knowledgeable and capable of utilizing current trends and techniques which promote professional and academic development of teachers; • Be capable of making a substantial contribution to the continued operation and growth of the education system; and

Interested persons must submit letters of interest indicating the specific post and scale for which they wish to be considered. Applicants are advised that it is their responsibility to attach relevant proof of academic and professional qualifications, experience, positions held and a recommendation from their Principal.

Failure to provide same may result in their disqualification from the exercise.

Applicants must submit letters of interest and supporting documents through their Head of Department so that they reach the Secretary, Public Service Commission, Poinciana Hill Complex, Meeting and Augusta Streets, not later than 12 June 2017.

• Be able to demonstrate high standards of professional conduct Specific duties of the posts include: • Designing, developing and implementing instructional programmes and resource materials to improve the quality of education in the subject area; • Monitoring and evaluating the effectiveness of instructional programmes and teacher performance; • Liaising with tertiary institutions, other technical officers, Government and non-¬Government Agencies on school-related matters and professional development activities;

Permanent Secretary

VACANCY FOR EDUCATION OFFICER, SCALE SED6 (PERFORMING ARTS) (DEPARTMENT OF EDUCATION) MINISTRY OF EDUCATION, EDUCATION SCIENCE & TECHNOLOGY Letters of interest are invited from suitably qualified Bahamians to fill the position of Education Officer, Scale SED6, (Performing Arts), Department of Education, Ministry of Education, Science and Technology for the beginning of the 2016/2017 academic year.

Requirements for the post are:

• Giving professional advice and guidance on education projects, programmes and initiatives;

• A Bachelor’s Degree and professional teaching qualifications from approved institutions;

• Keeping informed regarding current research in the field of education;

• A minimum of seven (7) years teaching experience, two (2) of which must be at the level of Administrator, Head of Department, Grade Level Head or Team Leader; and

• Organizing and facilitating upgrading and retraining programmes for teachers; and • Facilitating procurement and distribution of tuition supplies.

The salary of the post is in Scale SED6 $35,400.00 x 700 - $45,900.00 (July 2016 Salary Scales) per annum.

Serving officers should apply through their Heads of Department.

Interested persons must submit letters of interest indicating the specific post and scale for which they wish to be considered. Applicants are advised that it is their responsibility to attach relevant proof of academic and professional qualifications, experience, positions held and a recommendation from their Principal.

Failure to provide same may result in their disqualification from the exercise.

Applicants must submit letters of interest and supporting documents through their Head of Department so that they reach the Secretary, Public Service Commission, Poinciana Hill Complex, Meeting and Augusta Streets, not later than 12 June 2017 Permanent Secretary

VACANCY FOR EDUCATION OFFICER, SCALE SED6 (AGRICULTURAL SCIENCE) (DEPARTMENT OF EDUCATION) MINISTRY OF EDUCATION, EDUCATION SCIENCE & TECHNOLOGY Letters of interest are invited from suitably qualified Bahamians to fill the position of Education Officer, Scale SED6, (Agricultural Science), Department of Education, Ministry of Education, Science and Technology for the beginning of the 2016/2017 academic year.

• Curriculum/Examinations Development experience at the District/National Level.

The successful candidate will: • Have initiated and co-ordinated activities in curriculum development, assessment procedures and materials production in the specific discipline/subject area; • Possess evidence of leadership ability; • Possess excellent organizational, inter-personal and communication skills; • Be knowledgeable and capable of utilizing current trends and techniques which promote professional and academic development of teachers; • Be capable of making a substantial contribution to the continued operation and growth of the education system; and • Be able to demonstrate high standards of professional conduct Specific duties of the posts include: • Designing, developing and implementing instructional programmes and resource materials to improve the quality of education in the subject area; • Monitoring and evaluating the effectiveness of instructional programmes and teacher performance;

Requirements for the post are:

• Liaising with tertiary institutions, other technical officers, Government and non-¬Government Agencies on school-related matters and professional development activities;

• A Bachelor’s Degree and professional teaching qualifications from approved institutions;

• Giving professional advice and guidance on education projects, programmes and initiatives;

• A minimum of seven (7) years teaching experience, two (2) of which must be at the level of Administrator, Head of Department, Grade Level Head or Team Leader; and

• Keeping informed regarding current research in the field of education;

• Curriculum/Examinations Development experience at the District/National Level.

• Facilitating procurement and distribution of tuition supplies

• Organizing and facilitating upgrading and retraining programmes for teachers; and

The successful candidate will:

The salary of the post is in Scale SED6 $35,400.00 x 700 - $45,900.00 (July 2016 Salary Scales) per annum.

• Have initiated and co-ordinated activities in curriculum development, assessment procedures and materials production in the specific discipline/subject area;

Serving officers should apply through their Heads of Department.

• Possess evidence of leadership ability; • Possess excellent organizational, inter-personal and communication skills; • Be knowledgeable and capable of utilizing current trends and techniques which promote professional and academic development of teachers; • Be capable of making a substantial contribution to the continued operation and growth of the education system; and • Be able to demonstrate high standards of professional conduct

Interested persons must submit letters of interest indicating the specific post and scale for which they wish to be considered. Applicants are advised that it is their responsibility to attach relevant proof of academic and professional qualifications, experience, positions held and a recommendation from their Principal.

Failure to provide same may result in their disqualification from the exercise.

Applicants must submit letters of interest and supporting documents through their Head of Department so that they reach the Secretary, Public Service Commission, Poinciana Hill Complex, Meeting and Augusta Streets, not later than 12 June 2017.

Permanent Secretary

THE TRIBUNE

Thursday, June 1, 2017, PAGE 13

Timeline urged for Fiscal Responsibility legislation From pg B1 Act. “How quickly can they do that so that consumer, investor and business confidence can return, as we will then know there’s a framework in place to prevent the reckless and irresponsible spending of government.”

A Fiscal Responsibility Act has been a recurring them raised by many in the private sector, who view such legislation as providing a check on uncontrolled spending by the Government. It would also impose greater accountability and transparency over the public finances, forcing an administration to return to Parliament to explain - and gain permission for - any spending in excess of Budget estimates.

The former Christie administration failed to deliver on promises of consultation on a Fiscal Responsibility Act, and the issue’s omission from last week’s ‘Speech from the Throne’ meant yesterday’s Budget presentation was keenly watched to see whether this was an oversight.

K P Turnquest, the minister of finance, avoided the mistake of his predecessor by pledging: “We will introduce Fiscal Responsibility legislation that would make it difficult for future administrations to incur deficits unabated.

“This law would also prevent Ministries and Departments from introducing new spending initiatives in-year without identifying the requisite financing from within their Budget allocations.”

While welcoming the Government’s legislative pledge, Mr Myers urged it to set timelines for when a Fiscal Responsibility Act will be introduced, and outline whether it planned to involve the private sector, civil society and other stakeholders in its crafting.

“It’s all very well saying this, but when?” he queried to Tribune Business. “You need to start informing the public as to what the timelines are, and what they intend to do with regard to the inclusion of the private sector, civil society in arriving at that position.

“I think what we’d like to hear more about is what is the timeline and process for achieving that [Fiscal Responsibility Act]. Will they include all the stakeholders? Still, I think it’s positive. Clearly, the Government recognises that we have to get the public finances under control.”

GOP HEALTH PLAN COULD BE COSTLY FOR THOSE WITH COVERAGE GAPS

By SHEILA BURKE AND DAVID EGGERT Associated Press

NASHVILLE, Tenn.

(AP) — As a thyroid cancer survivor battling nerve damage and other complications, Lisa Dammert was in such dire financial straits in 2014 that she and her husband did the unthinkable: They let their health insurance lapse for a while.

If the Dammerts and some of the millions of other Americans like them do that under the Republican health care plan now making its way through Congress, they could end up paying a heavy price.

Under the bill, people who go without insurance for even just a couple of months — whether because of a job loss, a divorce, a serious illness that leaves them unable to work, or some other reason — could face sharply higher premiums if they try to sign up again for coverage, especially if they have a preexisting condition. Some might find themselves priced out of the market.

Dammert, who lives in the Nashville suburb of Franklin, said her husband has since gotten a job that provides health insurance for the family, but she knows hard times could come again. She is watching the fate of the Republican bill.

“It scares me to death,” she said.

Mr Turnquest yesterday declined to give a definitive timeline for when the Government would seek to bring a Fiscal Responsibility Bill to Parliament, but emphasised it was a “priority item”.

“I don’t want to give a timeline at the moment, but it is a priority item,” he told Tribune Business. “As soon as we get it on the agenda, we will certainly be doing that.”

Addressing the House of Assembly yesterday on measures to get the Government’s finances in order, Mr Turnquest said it would examine privatising, outsourcing or reforming lossmaking public enterprises that are now consuming almost $500 million in annual taxpayer subsidies.

“This Budget includes funding in the amount of

$429 million for 25 stateowned enterprises,” the Deputy Prime Minister said. “This is $79 million more than last year, primarily because of the introduction of National Health Insurance.

“As this is clearly unsustainable, this administration will develop concrete action plans to transform these enterprises either into viable, efficient and selfsufficient entities, or transfer them to the private sector and use any gains from these transactions to retire debt.”

Among the loss-makers that continue to bleed Bahamian taxpayers are Bahamasair, with its $14.85 million subsidy for 2017-2018, plus the $30 million allocated to the Water & Sewerage Corporation. The Broadcasting Corporation of the Bahamas (BCB) is also in line to receive $8.863 million, with the likes of Nassau Flight Services and the Hotel Corporation gaining $2 million and $1 million,

respectively.

A “zero tolerance” approach to tax dodgers will also be taken, with Mr Turnquest flagging planned legislation to strengthen the Government’s revenue enforcement and collection powers, and formally give the Department of Inland Revenue (DIR) a legal underpinning.

“Individuals and businesses should be alerted that, in this new era of accountability and transparency, this Government will adopt a zero tolerance approach to those who do not pay their taxes,” he added. “We will be fair and transparent in our enforcement efforts but we will also be decisive.”

Mr Turnquest also promised to seek “value for money” savings from the Government’s spending programmes, adding: “We will undertake a judicious and in-depth review of Government expenditure programmes to determine where and how value for

money can be enhanced, how effectiveness and efficiency of service can be improved, and where savings and reallocations can be secured to both finance the Government’s policy priorities and facilitate a more expeditious reduction and elimination of the GFS Deficit.”

New public procurement regulations will also be introduced, the Minister of Finance explaining: “These amendments will make it mandatory for the Government to use transparent bidding procedures when it acquires goods or services from the private sector.

“It will also mandate a certain percentage of Government procurement being available for small and medium-sized businesses.”

Finally, Mr Turnquest pledged to lower to “an irreducible minimum” the amount of tax breaks and incentives granted to foreign developers.

“To bring transpar-

ency and accountability to the Government’s fiscal operations, we intend to table in Parliament a full list of financial subsidies provided to developers so the Bahamian public can see not only where the VAT money has gone but where all of the tax money has gone,” he said.

“We will also seek to reduce these subsidies to an irreducible minimum, and apply a very rigid test on future requests for financial subsidies, to ensure that more money is available to finance the operations of the Government.”

Many observers have argued that the Bahamas is, to some extent, running a welfare system for major foreign developers by failing to graduate, or wean them off, extensive investment incentives.

“The Bahamian people will be very interested to know the level of subsidies granted to foreign developers in this country,” Mr Turnquest said.

GN-1900

GOVERNMENT NOTICE MINISTRY OF NATIONAL SECURITY, PARLIAMENTARY REGISTRATION DEPARTMENT

PAGE 16, Thursday, June 1, 2017

THE TRIBUNE

NOTICE

NOTICE

PUBLIC NOTICE

NOTICE is hereby given that MISSOULE BLANC JOSEPH of Joan’s Drive, South Beach, P.O.Box SP-61625, New Providence, 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 26th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that PHILIPPE SIFFRARD of East Street, New Providence, 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 1stday of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

INTENT TO CHANGE NAME BY DEED POLL

NOTICE

NOTICE

NOTICE

TUCAPEL INVEST LTD.

BLUE SEQUOIA LIMITED PARTNERSHIP

ISIDORO SANBORJI LIMITED

NOTICE is hereby given as follows:

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) Tucapel Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 30th day of May, 2017 Beatus Limited Liquidator

a) BLUE SEQUOIA LIMITED PARTNERSHIP is in voluntary dissolution under the provisions of Section 15 (1) of the Exempted Limited Partnership Regulations, 1995.

a) ISIDORO SANBORJI LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

b) The dissolution of the said Partnership commenced on the 30th May 2017 when the Written Resolution was submitted to and registered by the Registrar General.

b) The dissolution of the said company commenced on the 30th May, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

c) The General Partner of the said Partnership is White Sequoia Ltd., The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 01st day of June, A. D. 2017 _________________________________ White Sequoia Ltd. General Partner

Dated this 01st day of June, A. D. 2017 _________________________________ Octagon Management Limited Liquidator

NOTICE

NOTICE

PAINTBRUSH INVESTMENT HOLDINGS LTD.

STARFISH INTERNATIONAL HOLDINGS LTD.

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

(a) Paintbrush Investment Holdings Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Starfish International Holdings Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 30th day of May, 2017

Dated this 30th day of May, 2017

Beatus Limited Liquidator

Beatus Limited Liquidator

MARKET REPORT WEDNESDAY, 31 MAY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,875.02 | CHG 0.01 | %CHG 0.00 | YTD -63.19 | YTD% -3.26 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.76 8.60 6.10 10.60 14.50 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.40 17.43 8.19 3.50 1.64 0.12 3.80 8.35 5.70 9.00 10.50 2.18 1.31 5.80 7.55 8.56 7.30 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate 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 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

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

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

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

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.52 10.50 2.35 1.55 6.00 9.75 9.00 9.75 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.52 10.50 2.35 1.55 6.00 9.75 9.00 9.75 6.90 12.50 10.00

CHANGE 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 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

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 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 0.00

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

500 3,100

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000

P/E 145.5 15.8 N/M 21.2 N/M N/M -135.0 14.2 14.0 23.4 95.5 23.0 19.4 20.0 18.8 9.4 11.9 23.5 20.5 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 0.0

YIELD 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.42% 4.67% 2.55% 3.87% 4.00% 4.10% 0.00% 3.38% 2.03% 5.12% 0.00% 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 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 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%

20-Nov-2029 15-Dec-2017 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

YTD% 12 MTH% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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

The public is hereby advised that we, VELINA WILLIAMS CULMER (mother) and LEWIS ALEXANDER THOMPSON (father) of Nassau Village & Southern Shores/Marshall Road respectively, P.O. Box 4620, Nassau, Bahamas intend to change our child’s name from ALAIR VLENCIA CULMER to ALAIR VALENCIA THOMPSON. If there are any objections to the 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 the publication of this notice.

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

NOTICE

NOTICE is hereby given that SAINTINOR GUERLINE of Dundas Town, Abaco, 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 25th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JOHNSON ROCK of Marshalle Road, P.O.Box SB-51252, New Providence, 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 26th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JEROME GREGORY DARVILLE of Yellow Elder, P.O.Box GT-2552, New Providence, 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 26th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CASSANDRA JOSEPH of East Street, P.O.Box N-1992, New Providence, 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 25th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE TO: LESTER EDGAR BURROWS & TONIA LATISKA BURROWS MITRE COURT LAW FIRM Suite 227, Island Lane Building, Olde Towne, Sandyport Nassau, The Bahamas 242-327-4150 Contact: Atty C. Hepburn

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

THE TRIBUNE

Thursday, June 1, 2017, PAGE 17

ALL THE PERKS OF COMFORT SUITES

ALL THE PLAY OF ATLANTIS

A STATUE of George Washington stands near The New York Stock Exchange, in background. U.S. stock indexes are falling for the second day in a row yesterday, as energy companies tumble with the price of oil. Banks also slipped following a drop in bond yields and interest rates the day before. Technology companies continued to surge. Chipmaker Analog Devices is up after its quarterly results were better than Wall Street had expected. (AP Photo/Mark Lennihan, File)

US STOCKS SLIDE FURTHER AS BANKS AND ENERGY COMPANIES SINK

By MARLEY JAY Associated Press NEW YORK (AP) — U.S. stocks are slipping for the second day in a row Wednesday, led by a slump in banks as investors worry how their trading businesses are doing this quarter. Energy companies are falling with the price of oil. Big technology companies and small-company stocks are also down. Those declines are canceling out gains for drug companies and household products makers.

KEEPING SCORE: The Standard & Poor’s 500 index lost 4 points, or 0.2 percent, to 2,408 as of 2:45 p.m. Eastern time. The Dow Jones industrial average dropped 34 points, or 0.2 percent, to 20,995. The Nasdaq composite fell 19 points, or 0.3 percent, to 6,184. The Russell 2000 index of smallcompany stocks again did worse than the other major indexes. It retreated 5 points, or 0.4 percent, to 1,365.

The S&P 500 is on track to finish May with a 1 percent gain. After a three-month losing streak last summer it has risen six out of the last seven months.

BANKS: Banks fell as

investors worried that their revenue from trading stocks, bonds and currencies is going to weaken in the second quarter. Executives from JPMorgan Chase and Bank of America both spoke about that issue at industry events on Wednesday. Bank of America CEO Brian Moynihan said trading revenue will fall 10 percent compared to a year ago.

The banking industry had an outstanding first quarter, and trading was a key reason for that. JPMorgan Chase fell $1.87, or 2.2 percent, to $82.03 and Capital One slumped $1.63, or 2.1 percent, to $76.65.

Goldman Sachs, which had an unusually bad quarter as its trading business struggled, gave up $7.28, or 3.3 percent, to $211.14.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.20 percent from 2.21 percent. That also hurt banks, as lower bond yields force interest rates lower on loans, reducing banks’ profits from lending.

ENERGY: Benchmark U.S. crude lost $1.34, or 2.7 percent, to $48.32 a barrel in New York. Brent crude, the standard for international oil prices, fell $1.53, or 3 percent, to $50.31 a barrel in

London. Energy stocks continued to decline. Chevron sank 61 cents to $103.45 and Hess declined $1.04, or 2.2 percent, to $45.63.

FEELING BETTER: Pfizer rose 58 cents, or 1.8 percent, to $32.71 and Irish drugmaker Perrigo climbed $3.71, or 5.5 percent, to $71.63 after its first-quarter report was better than expected. Health care products maker Johnson & Johnson advanced $1.45, or 1.1 percent, to $128.56.

Household products companies also rose. Clorox gained $1.31, or 1 percent, to $136.24 and KimberlyClark, which makes Huggies diapers and Kleenex tissue, picked up $1.98, or 1.5 percent, to $130.95. Procter & Gamble, which makes Tide detergent and Charmin toilet paper, advanced 77 cents to $88.17.

KORS GETS CORED: Michael Kors Holdings hit a five-year low after it said it will close up to 125 stores as its sales have remained weak. The luxury retailer said sales at older stores dropped in its latest quarter and investors were disappointed with its projections for the current quarter. The stock tumbled $3.51, or 9.7 percent, to $32.76.

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PAGE 18, Thursday, June 1, 2017

THE TRIBUNE

EU OFFICIAL: EU, CHINA TO REAFFIRM SUPPORT FOR CLIMATE PACT

By LORNE COOK Associated Press

BRUSSELS (AP) — The European Union and China will reaffirm their commitment to the Paris climate change accord this week regardless of whether the U.S. pulls out of the pact, a senior EU official said Wednesday.

The official told reporters that the EU and China will also “spell out” how they plan to meet their commitments to the landmark international accord to fight global warming at talks in Brussels on Friday.

The official is involved in preparing the meeting between EU Council President Donald Tusk, European Commission President Jean-Claude Juncker and Chinese Premier Li Keqiang, but can’t speak on the record because their meeting statement wasn’t finalized. Li and a major Chinese delegation are due to arrive in Brussels late Thursday following talks in Berlin.

“The EU and China are joining forces to forge ahead on the implementation of the Paris Agreement and accelerate the global transition to clean energy,” EU climate commissioner Miguel Arias Canete said about the upcoming EU-China summit, stressing they remain committed to Paris.

GERMAN Chancellor Angela Merkel and China’s Premier Li Keqiang joke prior to a meeting at the chancellery in Berlin yesterday. (AP Photo/Ferdinand Ostrop, pool)

President Donald Trump is expected to pull the U.S. from the pact, a White House official said Wednesday, though there could be “caveats in the language” announcing a withdrawal, leaving open the possibility that his decision isn’t final.

That possibility was met with derisive howls from EU lawmakers when a session of the Euro-

pean Parliament was informed about it.

“Climate change is not a fairy tale. It is a tough reality which affects peoples’ daily lives,” European Parliament President Antonio Tajani said in a statement.

“People die or are obliged to leave their homes because of desertification, lack of water, exposure to disease, extreme weather

conditions. If we don’t act swiftly and boldly, the huge human and economic cost will continue to increase.”

Tajani suggested that Washington’s withdrawal should be a signal for Europe to step up its efforts — and reap the benefits.

“Our climate action strategy represents an opportunity to attract investment, innovation and

develop new green technologies,” he said. “We have got the talent and the will to make this possible in all sectors.”

Tajani said earlier he would confer with Tusk and Juncker about “joint initiatives to be adopted together as a European Union” to offset the decision.

The EU official involved in organizing the EU-China meeting said it would will “send important signals for the multinational system,” as Trump moves to unpick some of the international trade agreements the U.S. has signed up to.

In Madrid, the leaders of India and Spain expressed their commitment to fighting climate change and reiterated their support for implanting the Kyoto and Paris accords.

In a joint statement issued following talks in the Spanish capital between Indian Prime Minister Narendra Modi and Spanish counterpart Mariano Rajoy, the two countries said taking action on climatic change was a priority for both nations.

On Tuesday, Modi said in Berlin that it would be a “crime” to spoil the environment for future generations as the world awaits a decision on U.S. climate policy.

Rajoy and Modi agreed to boost bilateral cooperation in the field of combating climate change.

TRUMP EXPECTED TO LEAVE CLIMATE DEAL, BUT WITH ‘CAVEATS’

By JULIE PACE AND CATHERINE LUCEY Associated Press WASHINGTON (AP) — President Donald Trump is expected to withdraw the United States from a landmark global climate agreement, a White House official said Wednesday, though Trump and aides were looking for “caveats in the language” related to the exit and had not made a final decision.

Leaving the deal would fulfill a central campaign pledge, but would anger international allies who spent years in difficult negotiations that produced an accord to reduce carbon emissions.

Trump faced considerable pressure to hold to the deal during visits with European leaders and Pope Francis on his recent trip abroad. The official, who insisted on anonymity to discuss the decision before the official announcement, said the president and his aides were finalizing the details of a pullout.

Trump himself tweeted that “I will be announcing my decision on the Paris Accord over the next few days.”

While Trump currently favors an exit, he has been known to change his thinking on major decisions and tends to seek counsel from a range of inside and outside advisers, many with differ-

PRESIDENT Donald Trump speaks in the East Room of the White House in Washington. A White House official says President Donald Trump is expected to withdraw the United States from the Paris climate accord. (AP Photo/ Susan Walsh, File)

ing agendas, until the last minute.

A second White House official, who was not authorized to discuss private conversations and also insisted on anonymity, said Trump had not made a final decision on how to proceed.

Trump’s top aides have been divided on the accord.

He was to meet later Wednesday with Secretary of State Rex Tillerson, who has favored remaining in the agreement. Chief strategist Steve Bannon supports an exit, as does Environmental Protection Agency administrator Scott Pruitt.

Senior adviser Jared Kushner generally thinks the deal is bad but would like to find a way to see if U.S.

emissions targets can be changed.

Trump’s influential daughter Ivanka Trump’s preference is to stay, but she made it a priority to establish a review process so her father heard from all sides, said one of the officials.

Nearly 200 nations, including the United States under President Barack Obama’s administration, agreed in 2015 to voluntarily reduce their greenhouse gas emissions in an effort to combat climate change.

Withdrawing would leave the United States aligned only with Russia among the world’s industrialized economies.

A senior European Union official said the EU and

China would reaffirm their commitment to the pact regardless of what Trump did, and would spell out, during talks Friday in Brussels, how they would meet their obligations. The official, who is involved in preparing the meeting between EU officials and China’s premier, was not authorized to speak publicly and discussed the matter on condition of anonymity because the meeting statement was not finalized.

News of Trump’s expected decision drew swift reaction from the United Nations. The organization’s main Twitter page quoted Secretary-General Antonio Guterres as saying, “Climate change is undeniable.

Climate change is unstoppable. Climate solutions provide opportunities that are unmatchable.”