business@tribunemedia.net
MONDAY, JUNE 12, 2017
$4.10
$4.15
$4.27
Miller ‘confounded’ by Budget’s duty slashes
GOV’T ‘VERY CONFIDENT’ OF RAISING FULL $722M
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
he Government is reviewing several proposed Budget duty cuts following lobbying by a “confounded” exCabinet minister, who fears they will undermine Bahamian manufacturing and small businesses.
Leslie Miller, himself a paint supplier via Sunburst Paints, told Tribune Business that the tariff reductions on imported paint and associated products, plus batteries, ran completely counter to the Free National Movement’s (FNM) ‘It’s the people’s time’ campaign slogan. By making imported rivals more competitive on
$4.15
* WARNS PAINT, BATTERY SUPPLIERS UNDERMINED * EX-MINISTER: ‘UNTENABLE’, ‘AGAINST THE GRAIN’ * GOV’T ADMITS CUTS AGAINST BUSINESS ‘THRUST’ price, Mr Miller, a former minister of trade and industry, warned that the Government’s actions threatened the survival
of existing manufacturers while also discouraging Bahamian entrepreneurs from entering the sector. He added that it also
worked against efforts to expand the Bahamian economy via import sub-
SEE PAGE 8
Ex-Robin Hood owner is ‘done’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE owner of the former Robin Hood retail chain says he is “done” and preparing to leave the Bahamas, after his latest format held a ‘liquidation sale’ at the weekend. Sandy Schaefer, upon being contacted by Tribune Business over the ‘final closing sale’ for Everything Must Go, said: “I just want to leave this place in peace. I’m done.” A depressed-sounding Mr Schaefer, who realised instantly why Tribune Business was calling, then disconnected the call and turned his cell phone off, preventing this newspaper from making further inquiries with him.
SEE PAGE 5
* SCHAEFER: ‘I WANT TO LEAVE IN PEACE’ * EVERYTHING MUST GO IN ‘LIQUIDATION SALE’
A BANNER touting the ‘liquidation sale’, with prices between 30 per cent to 80 per cent off, can be seen at the Prince Charles roadside and on the ex-Robin Hood outlet that houses Everything Must Go. Photo: Terrel W Carey/Tribune Staff
* ‘LIKELY TO TAP’ DOMESTIC, FOREIGN SOURCES * NO FEARS OF PRIVATE SECTOR ‘CROWD OUT’ * GOV’T TO SHOW MOODY’S IT’S ‘SERIOUS’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday said to be “very confident” it will raise the full $722 million borrowing target despite its ‘junk’ creditworthiness and the threat of more downgrades to come. K P Turnquest, minister of finance, told Tribune Business that the Minnis administration’s optimism stemmed from the fact investors were “taking another look” at the Bahamas, having recognised it was “correcting course” on its fiscal policies following the May 10 general election. Emphasising that the Government hoped not to draw down on the full $722 million it is seeking approval to borrow, Mr Turnquest said it would likely raise the money from a combination of domestic and interna-
SEE PAGE 7
Tax evasion rise from more VAT exemptions By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A well-known financial analyst has warned that tax evasion could “return to pre-VAT levels” should the Government increase exemptions, while emphasising that growth is “the only solution” to the Bahamas’ fiscal woes. Kenwood Kerr, Providence Advisors’ chief executive, told Tribune Business that VAT was a vital tool to preventing under-reporting when it came to Business License fee payments, as a firm’s turnovers for both
* ANALYST NOTES BUSINESS LICENSE TIE KEY * URGES BTC, ALIV AND APD PRIVATISATIONS * ENERGY REFORM VITAL TO ECONOMIC FIX had to tally. “On the revenue side, we can’t afford to remove VAT period,” he said in an e-mailed reply to this newspaper’s questions. “It minimises tax evasion, as the Business License annual
SEE PAGE 5
Gov’t to ‘hear out’ PLP’s preferred energy bid today By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government will today meet with the ‘preferred’ energy bidder selected by the former Christie administration to “hear them out” on their proposal, Tribune Business can reveal. Desmond Bannister, minister of works, told Tribune Business that the Minnis administration had reviewed documents supplied by New Fortress Energy on
* NEW FORTRESS OFFER DISCUSSED WITH BPL * ‘COMPLAINTS’ MADE OVER EX-GOVT’S PROCESS * MINISTER: BAHAMAS ‘LAGS WORLD’ ON ENERGY its offer to supply the Bahamas with liquefied natural gas (LNG) and enhance energy generation.
SEE PAGE 6
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PAGE 2, Monday, June 12, 2017
THE TRIBUNE
CIBC: No jobs losses from north Abaco consolidation By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net CIBC First Caribbean (Bahamas) managing director says no jobs were lost from the consolidation of its three north Abaco branches, with the bank hoping to increase its “alternate footprint”. Marie Rodland-Allen, in an e-mailed response to Tribune Business queries, confirmed that with effect from May 31, 2017, CIBC First Caribbean’s Green Turtle Cay, Hope Town and Man-O-War Cay agencies were closed and consolidated with its Marsh Harbour Branch. Those three locations had only operated one day a week. “No jobs were impacted and CIBC FirstCaribbean is committed to ensuring that this consolidation is completed with as little inconvenience to our valued customers as possible,” said Mrs Rodland-Allen. “We have also recently installed a new dual currency Instant Teller machine in the departure lounge at the Leonard M. Thompson International Airport in Marsh Harbour, and are hoping to increase our alternate banking footprint by installing another one at the Marsh Harbour Ferry terminal.” Businesses and residents in northern Abaco were said to be “extremely disappointed” over CIBC FirstCaribbean’s decision to close the three branches,
with community leaders warning the move will have a “devastating effect on commerce”. Matthew Lowe, Green Turtle Cay’s chief councillor, told Tribune Business: “It is very disappointing. We can only assume that they did this to cut back on expenses, but we don’t know; they didn’t say why other than that they were consolidating.” Mr Lowe said there were two resorts and several marinas on Green Turtle Cay, as well as several second home rentals that cater to a high volume of tourist throughout the year. In a letter to the Abaco Chamber of Commerce, he argued that not having a branch on Green Turtle Cay puts the future of several businesses, which have to secure large amounts of cash, at risk, with the nearest bank a 10-minute ferry ride, then a 30-minute drive to Mash Harbour. The move by CIBC FirstCaribbean comes on the heels of Royal Bank of Canada’s (RBC) decision to close branches in Spanish Wells, Bimini and Treasure Cay. The bank, back in March also unveiled its plans to close its its location at Lynden Pindling International Airport (LPIA) in Nassau. Scotiabank, too, has reduced its Family Island branch presence in recent years as the Canadianowned commercial banks seek to cut costs and drive customers to online and electronic banking channels.
CHAMBER CONCLAVE TARGETS BUSINESS EASE UPGRADES By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) expects to be able to present the Government with “workable” recommendations on improving the ease of doing business when it completes its twoday national conclave next week. The conclave is set for June 14-15 at the Grand Hyatt at Baha Mar, with Prime Minister Dr Hubert Minnis expected to open it Edison Sumner, the Chamber’s chief executive, said: “We are going to have a lot of discussions on the ease of doing business and other topics we have chosen to discuss.” He added that the conclave’s agenda is being driven by responses to a recent BCCEC survey. “We got just under 200 responses to our survey,
which was fantastic. They were able to tell us what are their pressing issues and areas of priority for discussion. That is what has driven the agenda for this conclave,” Mr Sumner said. “The results are going to be disclosed at the conclave, but it was very interesting to see people identify their areas of concern and what needs to be addressed urgently.” Mr Sumner added: “We are looking to attract at least 200 persons over the two days. We are also looking to establish working groups to work consistently to ensure that the objectives being put in place are being met, and being able to make workable recommendations to the Government and others on how we can improve the state of the economy. “We are looking at a very dynamic two days, and the end result we expect will be not just talking points but to put in place committees to ensure that these things come to pass.”
THE TRIBUNE
Monday, June 12, 2017, PAGE 3
Minister says residency process MINISTER: ‘OPEN UP’ more important than threshold IMMIGRATION DEBATE By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A Cabinet minister is more concerned over the process by which permanent residency is granted rather than the threshold that triggers it, adding that the Bahamas has to “rebrand and reposition” to shed the ‘tax haven’ label. Brent Symonette, minister of financial services, said: “I’m not as concerned about the threshold. I’m more concerned about the process. If someone of a high net worth applies for permanent residency it is important that that it is done in a timely manner. That’s far more important. Whatever that threshold is does not give that person an automatic right; it’s a fast tracked system. It doesn’t matter what the threshold is if the system is regulated and moves quick-
BRENT SYMONETTE, the minister of financial services. ly.” Mr Symonette was responding to Tribune Business queries on whether the Minnis administration planned
to look at the permanent residency qualification threshold, which the Christie administration had planned to double from $500,000 to $1 million. It was forced to reconsider after considerable push back from Bahamian realtors and developers. Mr Symonette said the Bahamas’ financial services sector has to re-brand and reposition, adding: “We have a very strong basis as a financial services industry. We do have very strong reporting requirements. That’s a positive. “As the industry changes, it moves away from tax havens and more to wealth management and other services. That’s where we are going to have to reposition ourselves. There’s going to have to be a certain amount of re-branding of the Bahamas as we move towards that. We have to look at new industries. Years ago, we lost the captive market. We have to look at that.”
Bahamas makes Landfall in the Canadian market THE Bahamas Financial Services Board (BFSB) hosted Landfall events on May 30-31 in Montreal and Toronto as part of its Canadian promotion drive. The Montreal Landfall event was co-hosted by BFSB and the law firm, DeGrandPre Chait. Stephen Solomon, one of its partners, spoke in January at BFSB’s International Business and Finance Summit in Grand Bahama, where he suggested there were opportunities for Bahamian providers in the Canadian market. Mr Solomon spoke of the Bahamas’ competitive advantages from the Canadian perspective, with the visit including a luncheon event at the Toronto Board of Trade. Canadian attorney Lorne
Saltman, of Gardner Roberts, gave insights into the Canadian legal and regulatory environment, and shared some views on what Bahamian financial services firms can do to attract business. Apart from the Landfall events, which took the format of a seminar, private meetings were held with Canadian service providers to outline the products and services offered - and the value added - by the Bahamas. Around 150 persons attended. Bahamian presenters at the Landfall events included: * Latonia SymonetteTinker, consultant – Ministry of Financial Services * Linda BeidlerD’Aguilar, Glinton Sweet-
ing O’Brien, who presented on family offices * Nick Damianos, Damianos Sotheby’s, who presented on the advantages of the Bahamas as a location * Michael Dean, Equity Bank & Trust Company, who provided an overview of the Bahamas’ investment funds offerings * Mike Unwin, RBC wealth management, who outlined the asset management services provided * Deidree Bain, SMP Partners (Bahamas), who examined the tools available to a family office * David Kosoy, Sterling Financial Group, who focused on private banking * Khrystle RutherfordFerguson of the Chamber of Commerce, who spoke on the business environment in the Bahamas
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
A Cabinet Minister says the Bahamas must “open up the Immigration debate”. Speaking on the sidelines of a recent Rotary Club of East Nassau meeting, Brent Symonette said: “We have to open up the Immigration debate, and debate and make it a hot button item because I think that, for far too long, we have sort of put it aside because a lot of people have strong views as to what should happen.” The Financial Services and Immigration Minister added: “There are a lot of people who were born here that may become
stateless or feel aggrieved that they don’t have citizenship. That’s an issue I think we have to face had on. Let’s bring it out and make it an item for discussion so we can all understand where we go from here.” Mr Symonette said there was a sensitivity over Immigration with regards to financial services, which is also in his portfolio. “We recognise that there are concerns by many Bahamians over either glass ceilings or the unavailability of jobs, but at some point there is a need to train and there is a need for direct foreign investors to have their top management with them, so it’s a balancing act. We hope to be able to do that balance,” Mr Symonette told Tribune Business.
PAGE 4, Monday, June 12, 2017
THE TRIBUNE
Business for sale Brief Description of Business Investment • A profitable retail store in a plaza • Same location for over 20 years
• Space for a Pharmacy/Prescription area • Loyal customer, near schools and government office
• Turn key operation, Great retail inventory
• Purchase contact with American Distributors
Owner asking only 75k Contact at 356-4860 for details
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
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
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%
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
THE TRIBUNE
Monday, June 12, 2017, PAGE 5
Tax evasion rise from more VAT exemptions FROM PAGE 1 returns must tie back to the sum of the monthly [and quarterly] VAT files. “Should we begin making items exempt, tax evasion will more than likely return to pre-VAT levels, which will have a negative impact on forward-looking [fiscal] projections.” Mr Kerr’s comments provide another angle to the argument that the Government should focus on maintaining the Bahamas’ low-rate, broad-based VAT model and not follow through with campaign promises to remove the 7.5 per cent levy on so-called ‘breadbasket’ items, education, health and utility (water and electricity) bills. Responding to Moody’s assertions that the Baha-
mas’ fiscal strength is “much weaker” than thought, due to the significantly increased $500 million deficit for 2016-2017, and projected $722 million borrowing, Mr Kerr said the rating agency’s report contained nothing new apart from its surprise. “This is against a backdrop of two consecutive years of negative GDP growth, and flat growth, along with consistent above normal [government] spending over the last three to four years,” he told Tribune Business “Moody’s (and perhaps other rating agencies) are essentially giving us a honeymoon period to get our fiscal act together. They want to see, from the current Budget exercise and over the near term, what the new government’s plans
and policies are for reviving the economy, curtailing spending and reducing historically high debt levels and creating employment. “The only solution of these serious problems is – growth, growth We need real, long-term, sustainable GDP growth in the vicinity of 5-7 per cent annually to meaningfully put a dent in unemployment.” Mr Kerr added: “The question for the new administration is what will they do to achieve this growth? How will they stimulate investor interest (domestic and foreign) to create meaningful, long term jobs, and how will it be different from others before them? “What kind of economic climate are they looking to usher in to transform the economy of the Bahamas, and improve the future for
Ex-Robin Hood owner is ‘done’ FROM PAGE 1 Banners touting the ‘liquidation sale’, with prices between 30 per cent to 80 per cent off, were placed at the Prince Charles roadside and on the ex-Robin Hood outlet that houses Everything Must Go. A Tribune Business reporter who visited the retail outlet on Saturday saw that numerous products, initially given discounts of between 30-35 per cent, had all been increased to ‘50 per cent off’ as the store sought to sell-off its last-remaining inventory. The shelves where home appliances and televisions were stocked were almost completely bare by late Saturday afternoon. Several sources had suggested Everything Must Go’s closure came after it ran into regulatory issues with the Government, but K P Turnquest, minister of finance, said he was unaware of any such problems when contacted by Tribune Business yesterday. Everything Must Go’s seeming closure, following its opening less than three years ago, marks another episode in the ‘ups and downs’ of Mr Schaefer’s time in the Bahamas. A colourful, Brooklynborn entrepreneur, Mr Schaefer brought the Robin Hood format to New Providence in the late 1990s via a discount model that aimed to undercut the prices offered by established Bahamian retailers. The retailer moved from its original location on Soldier Road to larger premises at the Summerwinds Plaza on Tonique Williams Highway, with Mr Schaefer becoming a tenant of exCabinet minister and MP, Leslie Miller. Robin Hood was sold to the now-defunct BISX-listed company, Freeport Concrete, only for Mr Schaefer to ultimately buy the business back and run it himself once again. The retailer expanded into food at the start of this decade, and grew to two stores in late 2010/early 2011 when Robin Hood opened on Prince Charles Drive in the home of the former Pepsi-Cola bottling plant. At that point, it employed several hundred Bahamians. However, the business became over-extended, and Mr Schaefer in early 2011 became embroiled in a personal row with then-prime minister, Hubert Ingraham, after he criticised the New Providence Road Improvement Project’s impact on his and other Prince Charlesbased businesses. Mr Ingraham, in an unusual move for a prime minister, said of Mr Schaefer: “It is most regrettable that
such a person has been allowed to have that type of business in the country. He is not a good person for the Bahamas.” Mr Schaefer described himself as “shocked and taken aback” by Mr Ingraham’s comments, which were also criticised by Opposition MPs. However, within days of the row Robin Hood was subjected to a Customs raid that took away office computer equipment, although no charges of wrong-doing were ever levelled publicly. The entrepreneur, though, was unable to save Robin Hood’s floundering business despite an increasingly desperate search for new capital and investors. He eventually alighted on the late ‘con man’, Hubert Pinder, who used a company supposedly capitalised by $83.345 million worth of “precious gem investments” to both buy into Bahamian retailer, Robin Hood, and then solicit investors to pump up to $20 million into the venture. Their arrangement broke down in acrimony and threats of litigation. Mr Schaefer, though, suddenly re-emerged two-anda-half years after Robin Hood’s 2012 demise with Everything Must Go - a concept he said would cut operating costs by 60-65 per cent. The format, which used only part of Robin Hood’s former Prince Charles store, was founded on being open just three days a week, thereby enabling Mr Schaefer to control key costs - labour and utilities - and minimise inventory shrinkage and theft. To create the ‘buy now’ impulse, the store, after opening on Thursdays, dropped its prices by 1015 per cent on Friday and then, on Saturday, dropped throughout the day until inventory was completely clear. Pledging between 10 per cent to 50 per cent price savings, via innovative sourcing and buying strategies, Mr Schaefer told Tribune Business in a late 2014 interview that Everything Must Go was being established as a ‘Value-Added Tax free zone’. Emphasising that this did not mean VAT evasion, Mr Schaefer said the goal was for his business to exploit its greater margins by absorbing the tax itself, rather than passing it on to consumers. Acknowledging that his return, and business strategy, might make “enemies” among rivals in the Bahamian wholesale and retail trade, Mr Schaefer said he had adopted a policy of “100 per cent transparency” with Customs to prove everything he did was legitimate.
“It’s an entirely new retail concept for the Bahamas and the world,” he told Tribune Business. “This is something that will be somewhat unprecedented. We can create an indoor mall experience that is only open three days a week. “The concept is opportunistic buying, taking advantage of all the connections I’ve established through 45 years of being in retail, buying product for next to nothing and taking advantage of short-batch items; items that have a limited shelf life.” The businessman, undeterred by Robin Hood’s closure, forecast that Everything Must Go would generate between $1.2-$1.4 million in top-line revenues per month - a target that was “not outrageous” and could be exceeded. Mr Schaefer explained that Everything Must Go, which relied on quick inventory turns and strong supply chain turnaround, was able to source top-quality product at bargain prices via product returns to the likes of ‘dot.com’ operators and UPS ‘undeliverables’.
all Bahamians and bring certainty to our lives?” Mr Kerr urged the Minnis administration to focus on privatisation opportunities, including going back to the former Ingraham government’s plan of selling off the 49 per cent equity stake in small tranches that the Bahamian capital markets can bear. The Christie administration cancelled plans to sell a 9 per cent BTC equity stake upon coming to office, instead preferring to ‘take back’ majority Bahamian ownership of the company via a ‘smoke and mirrors’ deal that allowed both itself and Cable & Wireless Communications (CWC) to achieve what they wanted. Had the 9 per cent stake’s sale proceeded, it would have been valued at around $36-$37 million based on
the price paid by CWC. However, BTC’s value is likely to have been eroded by the end of its lucrative mobile monopoly, which generates close to 75 per cent of its revenue, and entrance of competition via Aliv. As a result, its worth will be a lot less in any privatisation exercise. Mr Kerr said that apart from BTC, the Government’s equity stakes in Alive and Arawak Port Development Company (APD) could also be sold “to raise cash and reduce government’s footprint, expand the capital markets and significantly boost/expand Bahamian ownership of national assets”. Backing increased publicprivate partnerships (PPPs) to finance infrastructure development and build skills, he added that the Ba-
hamas needed to maximise Baha Mar’s potential benefits and reduce business and household costs via energy reform. “Lowering the cost and, in particular, improving the predictability of the cost of energy, along with reliability is critical to fixing the economy,” the Providence Advisors chief told Tribune Business. “Reduced energy costs can act as an economic stimulus. It creates cash flow at all levels to reduce outstanding debt, increases savings, increases investment, boosts domestic investment and attracts foreign direct investment and increased employment. Addressing the legacy debt will reduce 6-8 per cent of the national debt levels, and gives more breathing headroom.”
PAGE 6, Monday, June 12, 2017
THE TRIBUNE
Government to ‘hear out’ PLP’s preferred energy bid today FROM PAGE 1 “My understanding is that there has been no agreement put in place by the former administration,” Mr Bannister said. “There is a proposal from New Fortress which the former Government had considered. “We will meet with New Fortress on Monday [today], and want to hear them
out on what they are seeking to put forth.” Significantly, Mr Bannister said New Fortress’s proposal had also been discussed between the Government and Bahamas Power & Light (BPL). This, by extension, would include BPL’s manager, PowerSecure, and would mark a significant departure from the former gov-
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, NELSON BALFOUR of Matthew Town, Inagua, Bahamas, Nassau, Bahamas intend to change my name to NELSON EARL BURROWS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
ernment’s approach. For Tribune Business, in revealing the Christie administration’s secretive energy Request for Proposal (RFP) and talks with New Fortress, found out that both BPL and PowerSecure had been ‘kept in the dark’ on the discussions despite the direct impact on themselves as potential customers of the electricity generated. “We’ve reviewed the documents they’ve provided,” Mr Bannister added of New Fortress, “and discussed it with BPL, but in any process that goes forth under the FNM government, it is going to be done publicly before we put in place..... “We will look at everything and, at the end of the day, make a decision in the best interests of the Bahamian people.” Tribune Business sources had described the Christie administration’s energy RFP, which was run out of the Prime Minister’s Office, as “very weird” and lacking in transparency, with different bid terms and criteria for different groups. Indeed, the multi-billion dollar AES Corporation described the process as “non-transparent” and “not what we are used to” in other central American and Caribbean markets where it has competed on LNG supply and power generation deals. Mr Bannister acknowledged that there had been “some complaints” about the generation reform process initiated by the previous government, and pledged that the new administration would be fully transparent on energy sector reform so that the Bahamian people “feel comfort-
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
able” with the decisions it made. “There is tremendous interest in this sector, and whatever we do will be thoroughly researched and we will let the best proposal prosper,” the Minister said. “There have been some complaints [about the previous RFP], but whatever we do is going to be something that is transparent, and that the Bahamian people can look at and feel comfortable that a fair, open process has been followed in making a determination.” Mr Bannister declined to specify the nature of the “complaints”, and who had made them. Nor did he disclose the identities of “other proposals that have come forward” to the Minnis administration on energy reform. “I want to respect everybody who has spoken to me,” he said to explain why New Fortress’s potential rivals have not been disclosed. “The only thing I would say is that every single entity that comes forward will get a good look.” Members of the former Christie administration have urged the Government to act swiftly and move ahead with the New Fortress deal they left in place, arguing that it will deliver significant energy cost savings and economic benefits for the Bahamian people. Now-Opposition leader, Philip Davis, said the proposed 25-year power purchase agreement (PPA) with New Fortress would result in fuel cost savings via the switch from ‘Bunker C’ and heavy fuel oil to LNG, while also upgrading New Providence’s electricity generation capacity to avoid the now-frequent summer power outages. He added that New Fortress had offered to supply energy at 13.5 cents per kilowatt hour (kwh) from 120 Mega Watts (MW) of “supplemental”, or additional, generation units that would be installed at BPL’s existing Blue Hills power plant. And, looking longerterm, Mr Davis said the price of energy supplied from a new 260 MW power plant, also fuelled by liquefied natural gas (LNG) and constructed at Blue Hills, would be 10.35 cents per kwh. “This pricing strategy will accrue significant savings on electricity to the custom-
ers of BPL,” Mr Davis had asserted, but produced no comparison between BPL’s current prices and those involved in the New Fortress Energy deal. This was immediately picked up by numerous observers, including Phenton Neymour, a former Cabinet minister responsible for BPL’s predecessor, BPL, who called on the nowOpposition to state the cost savings - either in percentage form or actual figures from the deal for Bahamian households and businesses. Mr Neymour also questioned whether the costs referred to by Mr Davis were ‘all in’ costs, including both generation and fuel prices, or just one of these components. The draft ‘Heads of Terms’, meanwhile, include an ‘escalator’ clause that allows New Fortress to increase prices by 3 per cent per annum, beginning in 2022. Apart from power generation, the proposed deal involves New Fortress investing $10 million in a “smart grid power management system for the Bahamas” - a sum that will be paid back by BPL consumers. Mr Davis said the terms required New Fortress to construct new liquefied natural gas (LNG) storage and regasification terminals at Arawak Cay and in Freeport. It will also, if approved, “design, develop and construct an LNG bunkering and transshipment hub” near Freeport. Under an associated bunkering license, Mr Davis said New Fortress will pay “incremental licensing fees of up to $7.5 million annually”. Other requirements were said to involve New Fortress converting BPL’s existing oil-fuelled power generation facilities on Bimini, Abaco, Eleuthera and the Exumas to burn LNG. And, seemingly taking advantage of New Fortress’s parent, a $72 billion New York-based asset manager called Fortress Investment Group, the Christie administration also agreed that it could “lead and arrange” a $600 million rate reduction bond (RRB) to refinance BPL’s legacy debts and liabilities. Given the Minnis administration’s decision to cancel the landfill RFP, form and consistency would seem to
dictate that it will do similar with the New Fortress deal, and put the generation upgrade back out to tender via a public RFP. But with the Bahamian economy stuck in ‘low growth’ mode despite Baha Mar’s impending opening, and the Government’s latest borrowing binge set to potentially add $722 million to the $7 billion-plus national debt, energy sector reform is becoming increasingly vital to turning this nation’s prospects around. Reduced energy costs, and a more reliable supply, would improve the competitiveness and profitability of all Bahamian businesses and the wider economy, as well as stimulating increased consumer demand from greater disposable income. This is not lost on Mr Bannister, who conceded that the Bahamian energy sector has fallen behind “the rest of the world” and is causing suffering for consumers. “This is one of the major decisions we have to make,” he told Tribune Business of energy reform. “The energy sector is lagging behind the rest of the world. “It raises very serious concerns for me; how we deal with our summer loads, and how we move forward so that the Bahamian people can be treated in a fair manner with respect to how they are billed, and the energy provided to them is reliable and safe so we don’t have all the problems faced in recent times.” While New Fortress is backed by the ‘deep pockets’ of its immediate $72 billion parent, which was acquired by Japan’s Softbank earlier this year, it is a relatively new player in the energy sector. It is also more an LNG supplier, rather than power plant builder, owner and operator, which has led some to question its suitability for the Bahamas and the draft proposal struck with the previous administration. Energy industry sources have suggested that New Fortress’s deal with Jamaica Public Service Company (JPS) has failed to deliver the projected benefits, and forced that island’s utility to convert more of its generation capacity to LNG to ‘make the deal work’.
N O T I C E 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
Bahamas Bar Association Council NOTICE OF ANNUAL GENERAL MEETING Take Notice that pursuant to section 6 of the Legal Profession Act, the Annual General Meeting will be held at the Bahamas Bar Association Administrative Office Complex, Mackey Street & Claire Road, Nassau, Bahamas on Friday, 30th day of June, 2017 at 3 p.m. The term of office for the following posts of Council will expire in accordance with section 4 of the Act. Officers of Bar Council President Vice-President Honorary Treasurer Honorary Secretary Council Member(s) – One Year Nomination forms are available for collection at the Bahamas Bar Association Administration Office Complex located Mackey Street and Claire Road. Kindly ensure that persons nominated have given their consent. Members are reminded that in order to stand for election to Bar Council as a candidate the member must be financial and in good standing. Only financial members will be eligible to vote. Nomination forms should be completed and delivered to the Bahamas Bar Association Administrative Complex on or before Friday, June 16th, 2017 at 3:00 p.m. Proxy forms are available for collection at the BBA Office. Proxies must be delivered by hand to the BBA Office located on Mackey Street and Claire Road. For processing purposes, proxies should be received no later than 5 p.m. Wednesday, 28th June, 2017. Dated the 2nd day of June, 2017 Damara L. Dillett Honorary Secretary
THE TRIBUNE
Monday, June 12, 2017, PAGE 7
Government ‘very confident’ of raising full $722m FROM PAGE 1 tional sources. “We’re likely to tap both,” he replied, when asked whether the Government would look to the global capital markets as well as Bahamian debt sources, “but the actual borrowing has still not been fully set. It has still not been determined whether we will draw down on all that. “You have to bear in mind that the Budget is basically a carry over from the previous administration. While we hope to find significant savings, we have to be prudent.” Asked whether the Government had any concerns over its ability to raise the full $722 million, especially given its ‘junk’ status with Standard & Poor’s, Mr Turnquest answered: “We are very confident that we’ll be able to raise the necessary capital. “I think the reality is that investors are having another look at the Bahamas, recognising we are correcting course, and have indicated their interest.” The potential investors were not named. Concerns over whether the Bahamas’ creditworthiness will act as an obstacle to the Government’s ability to raise the $722 million were alluded to by Chester Cooper, the PLP MP for Exuma and Ragged Island, in his Budget debate presentation last week. Mr Cooper married this with Moody’s negative reaction to the 2017-2018 Budget to suggest that the new administration’s borrowing plans were “the wrong speech, at the wrong time, and the wrong place” given the fright caused to Bahamian and international investors. “I wonder whether this is the speech we will take with us when we go to defend the international rating of the Bahamas,” Mr Cooper, a
former Chamber of Commerce chairman, asked. “Is this the one that we will take to the debt market? You don’t tell me you broke, you busted, you unemployed and that the ‘cupboard is bare’, then ask me to borrow $722 million?” Besides covering next year’s projected $322 million deficit, the Government says it also requires an extra $400 million to cover a payments “backlog” and unfunded spending commitments left behind by the previous Christie administration. And, with deficits of $228 million and $106 million projected for the 2018-2019 and 2019-2020 fiscal years, respectively, the Minnis administration - if it stays true to forecasts - will end up adding $1.056 billion to the Bahamas’ national debt within its first three years in office. All this, combined with a $500 million deficit forecast for 2016-2017 and other radically revised projections, unnerved Moody’s, which warned last week that the Bahamas’ fiscal strength was “much weaker” than initially thought. It pointed to the “wider, serial” deficits that the Bahamas will now run, with the Government’s debt-toGDP ratio forecast to continue climbing for the next several years - in contrast to previous projections. Yet Moody’s has held off from following Standard & Poor’s(S&P) in downgrading the Bahamas’ sovereign creditworthiness to ‘junk’ for the moment, indicating it is seeking more data on this nation’s projected GDP growth and an explanation for the fiscal changes. Mr Turnquest, meanwhile, also expressed confidence that the Government’s borrowing demands would not ‘crowd out’ the private sector given that excess commercial banking system liquidity remains
EMployMEnt oppoRtunity A reputable Company is seeking a competent Secretary Applicants must possess the following skills: Main Duties & Responsibilities: • Organize meetings and schedule appointments • Record and distribute minutes of meetings • Research and prepare materials for presentations • Assist with preparation of reports • Manage all correspondences; receive and disburse incoming mails, etc. Qualifications/Requirements: • Associates Degree in Business Administration or related field • Minimum of four years’ experience as a Secretary • Must have strong typing and communication skills • Be proficient in Microsoft Office Suite programs • Must be able to work independently and be able to spearhead special projects Please submit resume and cover letter to P. O. Box N-7544 or by email to info@bleccu.com on or before June 19, 2017.
near an all-time high of $1.477 billion. “We don’t intend to take it [$722 million] all at once,” he told Tribune Business. “We’re going to try and realise real savings along the way, and hopefully don’t have to borrow it, or will borrow less of it.” Acknowledging Moody’s concerns about the “unexpected” higher deficits, Mr Turnquest said these mirrored the new Government’s own fiscal worries. “Their reaction is not a surprise,” he added. “What is important is that they, and the Bahamian people, realise this Government is serious about, one, our compliance tools are stronger so we collect the revenue available to us and, two, we are serious about reducing the level of expenditure in this current financial year and, going forward, we intend to get this situation under control.” Mr Turnquest pledged that if the Government’s spending assessments and review failed to yield the desired savings, it would “go back at it again”. “We’ve allowed this animal to get too big and too expensive,” he said of Government’s size. “We’ve got to get it lean again. “This isn’t an overnight correction. We don’t want to do anything that will shock the economy and cause harm. We have to take subtle actions where we can, and take drastic action where we find excess, and hopefully in the next two-three years turn the ship in a more positive direction. “It’s critical that we do it. To the extent we have to take uncomfortable decisions, we hope the Bahamian people give us patience
and confidence that we’re doing the right thing for the country.” Mr Turnquest reiterated that the 2017-2018 Budget forecasts represented a ‘floor’, or worse case sce-
nario, and that the Minnis administration hoped to perform better than projected through its savings and revenue enhancement initiatives. “It doesn’t take into ac-
count the the contribution from Baha Mar and those kinds of things,” he told Tribune Business. “I am anxiously awaiting the end of this particular debate, so we can get to work.”
PAGE 8, Monday, June 12, 2017
THE TRIBUNE
Miller ‘confounded’ by Budget’s duty slashes FROM PAGE 1 stitution, and suggested the tariff-cutting proposal had first been submitted to the former Christie administration by major importers. “I have fought for the last 30 years for Bahamian entrepreneurs to be involved in the local economy of our country, and to assist the Government in its diversification efforts to expand the economy,” Mr Miller told Tribune Business. “It’s really confounding to me that someone goes ahead and reduces the duty on one item to the detriment of local business people when the Prime Minister is insisting it’s the people’s time. “This is going against the grain and it’s untenable. I met with the Minister of Finance this morning, and he said he’s going to deal with it. He promised to make some of the necessary corrections he felt would assist us,” the former Minister
added. “At least put the duty back, if not increase it. All of us are catching hell because of the high cost of electricity and high cost of doing business in the Bahamas, and what about supporting other Bahamians coming up through the ranks to produce products used on a daily basis? Others are not going to get into business.” Mr Turnquest yesterday confirmed he had discussed the proposed paint, stains and varnishes, and batteries tariff cuts with Mr Miller, but said no decision had yet been taken on whether to reverse them. He acknowledged that the reductions had been inherited from the Christie administration, and conceded they ran counter to the Minnis administration’s pledged support for Bahamian manufacturers and small businesses. “Leslie Miller and I had a conversation, and he’s made representations,” Mr Turnquest told Tribune
Business. “We are certainly going to look at it. “We certainly don’t want to disadvantage local manufacturers. That has been a major thrust of our Government - to support local manufacturers and small businesses. “We have had a look at it. We have not reached a conclusion as to what we’ll do, but we’ll have another look at it to see if we can make a correction to the course we’re on.” The 2017-2018 Budget proposes to slash the tariff rate on imported paints by close to 50 per cent - from 45 per cent to 25 per cent. Mr Miller said the actual current rate on imported paint is 60 per cent, and added that similar cuts are lined up for associated products, such as stains and varnishes. The former minister said the Budget would impact other manufacturers besides himself, pointing to Bahamian battery suppliers, who will be faced with tariff cuts on imported pri-
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mary cell and lead acid accumulator batteries. The duties on both will fall from 45 per cent to 25 per cent, and 60/45 per cent to 35 per cent, respectively. Budget tariff cuts frequently trigger protests and push-back from manufacturers and producers, and trigger the long-standing debate of ‘protecting’ local businesses and ‘Buy Bahamian’ versus allowing consumers to obtain the best prices. Bahamian manufacturers, due to this nation’s high operating cost structure, are frequently unable to compete on price with foreign rivals who have greater economies of scale. This frequently raises the issue of whether Government policy should ensure the Bahamas maintains a manufacturing base, and the jobs associated with it, especially since tariffs may soon no longer be an effective tool as this nation enters into rules-based trading regimes. “It can’t be fair,” Mr Miller blasted of the proposed tariff cuts. “We [local manufacturers] control less than 10 per cent of the retail market. “The proposal [for the tariff cuts] was sent out by the major importers. They don’t buy from local manufacturers. The only person helping manufacturers is Rupert Roberts. “The major importers are trying to push all of us
out of business,” he argued. “The proposal submitted to the prior government took the duty down on paint and associated items, stains and varnishes. “The Government is going to lose $2-$3 million in badly-needed revenue when it runs a local industry out of business. Why not encourage the major importers to buy from local manufacturers? “I’ve tried for 30-plus years, but they’d rather go to Florida and buy from the Cubans and everyone else,” Mr Miller continued. “It’s disgraceful that someone put that in their [the Government’s] head. That can’t be right. “How do we encourage Bahamians to become manufacturers, entrepreneurs? How can we encourage import substitution products if we run them out of business? You are now encouraging all of us to close our business. “I am asking the Government on behalf of all local manufacturers not to do that. We need to keep money in this economy.” Mr Miller said he had fought this battle ever since founding the Bahamas Light Industries Council some 38 years ago, and argued that all businesses “in this country have an obligation to make a contribution” to the common good. Pointing out that both canning companies, P W Albury & Sons and Saw-
yer’s Food Products, had gone out of business in the past five years, the former minister told Tribune Business: “We have now put our family’s future at stake by heeding the Government’s call to produce import substitutes. “Is this what we want to do: To discourage Bahamians from becoming involved in our economy? I’m asking the Government directly: Don’t go down that road. Why is the Government going against local manufacturers when they are demanding import substitution? “I hope the Government sees fit to move away from things hampering local businesses in this country when we’re trying to keep our doors open.” Mr Miller emphasised that small businesses were “the backbone of an economy, not the Baha Mars”, and that the sector needed to be supported if the Bahamas was to achieve healthier, sustainable GDP growth. “I never dreamed we’d be cut off in this fashion,” he told Tribune Business of the proposed tariff cuts. “It’s really disheartening. Why would the Government want to lose revenues on items that are being imported? “I’m just asking for them to do the right thing for those of us struggling and producing products for the domestic market.”
PAGE 10, Monday, June 12, 2017
THE TRIBUNE