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TUESDAY, JUNE 12, 2018
$4.75 Chamber chief backs govt: ‘something had to be done’ * BAHAMAS IN ‘VERY PRECARIOUS POSITION’ * ONLY DEBATE IF VAT HIKE BEST SOLUTION * WARNS: ‘NO GETTING AROUND PROBLEM’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
HARSH fiscal austerity measures in the 2018-2019 budget were inevitable, the Grand Bahama Chamber of Commerce’s president arguing yesterday: “Something had to be done.” Mick Holding, pictured, told Tribune Business that The Bahamas’ “very precarious position” meant the government had little choice but to act, although questions remained over whether there were better alternatives to its preferred solution - the “controversial” 60 percent VAT rate hike. Conceding that many in the private sector were blindsided by the proposed 12 percent VAT rate, Mr Holding said Grand Bahama residents would likely feel the impact more due to the island’s higher unemployment rate. He added that the Chamber was now developing a “consensus”, based on feedback from its members and the wider business community, on budget-related
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‘Huge’ home price out from vat restructuring By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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“HUGE” number of Bahamians will be priced out of home ownership by the budget, a prominent developer warned yesterday, revealing the cost of a popular housing model will rise $23,000. Franon Wilson, Arawak Homes president, told Tribune Business that the rate hike and changed real estate taxation structure will “have a bigger impact than VAT’s introduction” back in 2015. He disclosed that the price for Arawak Homes’ three-bedroom, two-bath “lot and home” package will rise from $192,000 to $213,000 as a result of the 2018-2019 budget’s austerity measures, with many Bahamians unable to afford the
* Top Arawak Homes model rising $23,000 * Hike, structure change ‘bigger than VAT arrival’ * Threarens to undermine govt ownership goal
FRANON WILSON “jump” given largely stagnant salary levels. While the 60 percent increase in the VAT rate will raise construction costs, the government’s decision to revert to the old
real estate transaction tax structure - going back to ten percent stamp duty from the current 7.5 percent/2.5 percent split between duty and VAT - threatens to spike developer costs that will be passed on to home buyers. Mr Wilson, a former Bahamas Real Estate Association (BREA) president, said he was “keeping my fingers crossed” that the prime minister will realise the proposed changes threaten to undermine the government’s much-touted goal to make home ownership more accessible and affordable for Bahamians. His warning comes just after the Senate passed
the Access to Affordable Homes Bill 2018, which aims to provide serviced lots for less than $30,000 to Bahamian home purchasers. Incentives, such as Customs duty and excise tax exemptions, will be provided for a two-year period to persons who move to construct their own homes on the property. Suggesting that the budget’s measures could void such ambitions, Mr Wilson told Tribune Business of the changes: “This will be a bigger impact than the introduction of VAT. “The reality is we have a
AN EX-CABINET minister yesterday said the government was “damned if you do, damned if you don’t” over the VAT hike, as he warned that increased exemptions are “a recipe for disaster”. Leslie Miller, the former Tall Pines MP, told Tribune Business he was hopeful the Minnis administration will “settle down” to a ten
LESLIE MILLER
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
Mr Miller backed warnings that the shift away from the present low-rate, broadbased VAT model would open up tax avoidance loopholes. He argued that the cost of living in The Bahamas
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* Miller hopes for 10% VAT * Fears ‘whammy all around’ * As middle class shrinks ‘every week’ percent VAT, as opposed to the proposed 12 percent, given the “all around whammy” this threatens to inflict on Bahamian consumers. Expressing concern that middle and lower income Bahamians have little more to give the Public Treasury,
Gov’t mulling amendments to fly fishing regulations
A CABINET minister yesterday finally confirmed that the government is considering changes to to the controversial fly fishing regulations. Renward Wells, pictured, minister of agriculture and marine resources, said the significance of the flats fishing industry is “fully appreciated” by the Minnis administration. Addressing the House of Assembly during his contribution to the 20182019 budget debate, Mr Wells said: “The Free National Movement, in its commitment to the Bahamian people, recognises that the stability of our economy depends on the strength of its middle class and small and medium class businesses. “We resolve to empower a new class of entrepreneurs that includes practitioners in the flats fishing industry. The Ministry is now considering amendments to the flats fishing regulations that will enhance conservation, broaden the entrepreneurial opportunities for Bahamians, and further enhance the economy of The Bahamas. “We will address the long-standing issue of foreign flats fishing motherships and aircraft that
Ex-minister: VAT exemptions are ‘disaster recipe’ all around By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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‘At least’ 25% of VAT hike not new monies By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS’ chief WTO negotiator yesterday warned that “at least” 25 percent of the extra VAT revenue is “replacement” income rather than new money. Raymond Winder, the Deloitte & Touche (Bahamas) managing partner, told Tribune Business that between $100m to $200m of the projected $400m in additional VAT income will ultimately be required to replace Customs tariffs lost when this nation becomes a full World Trade Organisation (WTO) member by end-2019. Acknowledging that “no tax would make the Bahamian people happy”, Mr Winder said: “This $400m they’re anticipating with VAT [at 12 percent], at least 25 percent of that is just a
* $100m - $200m to replace Customs tariffs * ‘No tax will make Bahamians happy’ * $400m extra revenue ‘challenging’ replacement of Customs duties in the future. “We’re not sure from our negotiations what that number will be in relation to tariff reductions. That number could vary from $100-$200m. The government is paving the way for the transition from Customs duties to VAT as we move towards the WTO accession. All of that is not new taxes.” Mr Winder’s comments indicate the VAT rate was always likely to increase at some point, given that rules-based trading regimes such as the WTO view Customs tariffs/border duties as “barriers to trade” and typically demand their removal. The government has
RAYMOND WINDER
engaged Deloitte’s UK affiliate to conduct a comprehensive review of the Bahamian tax structure, including the feasibility of introducing a corporate income tax, as part of the WTO accession process but also to achieve the twin
objectives of generating sufficient revenue and position the economy for sustained future growth. Mr Winder said The Bahamas would be able to phase-in the elimination and/or reduction of some tariff lines upon joining the WTO, usually over a four to five-year period, and he reiterated: “That’s coming. “The government is just preparing itself because they know at some point in time Customs duties have to be reduced or replaced,” he reiterated, “and a significant portion of the VAT increase is due to this replacement. “It’s not a new tax. People
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PAGE 2, Tuesday, June 12, 2018
THE TRIBUNE
TOURISM WINS MEDIA AWARDS FOR BAHAMAS THE MINISTRY of Tourism (BMOTA) was recognised in the Virtual Visitor Award category for Best Feature in an Online Publication at the annual Caribbean Tourism Industry Awards. The award was granted to the Ministry and Alexander Britell, editor-in-chief of the Caribbean Journal, for the article headlined, Following Dr Martin Luther King Jr. in Bimini. The Bahamas was recognised for editorial coverage with nominations in three other categories: • Up the Social Ladder: Best Social Media Marketing Campaign by a CTO member country: The Bahamas #NoFilter social influencer campaign • Me Too! I Rediscovered Home! Best Feature by a diasporan journalist in US or Caribbean Media:
MINISTRY of Tourism representatives accepting the award.
Essence, Four reasons to fall in love with this classic Bahamas resort all over again • No Anansi Story! Best feature by a Caribbean-based journalist that appeared in Caribbeanbased media: Welcome Bahamas, Families flock to Pirates Cove: Freeport welcomes first Bahamian theme park In addition to editorial accolades for The Bahamas, the Ministry of Tourism’s director-general, Joy Jibrilu, received the Allied Award. This is presented to an individual from the CTO who has contributed to the region’s sustainable development. “Being recognised across four diverse categories is a huge honour for the Ministry, and reflects the Ministry’s continued efforts to impact tourism and raise
the profile for the country, both here in the Caribbean and in the US,” said Dionisio D’Aguilar, minister of tourism. “We’ve seen strong growth in the online journalism and social influencer space in 2018, and continue to pursue efforts that push boundaries and innovate how we showcase all the adventures that await in The Bahamas.” The award ceremony honours the best editorial media coverage and social media campaigns executed by CTO member countries to promote tourism to the destination. Winners were selected by an expert panel of nine travel media and industry judges. Mr D’Aguilar, Mrs Jibrilu and representatives from the Ministry accepted the awards at Caribbean Week New York 2018.
‘Huge’ home price out from vat restructuring FROM PAGE ONE three-bed, two-bath house and lot package now at $192,000, brand new. With the changes, that same house will now be $215,000.” That represents a material 12 percent increase, and the Arawak Homes president added: “People’s salaries have not moved at anywhere near that pace. As a result, what is going to happen is newcomers will have to look at smaller houses. “At the end of the day, there are a lot of people that can’t afford that jump, and it will be quite a while before salaries increase back to that same level. That is the reason why there is such an impact. There are a lot of people trying to get in at $192,000.” Mr Wilson said the real estate-related VAT
changes, which are due to take effect from July 1, were especially poorlytimed for the commercial banking industry’s mortgage campaigns. He added that the three Canadian-owned banks, CIBC FirstCaribbean, FINCO (RBC) and Scotiabank, were all offering reduced interest rates once qualified buyers met certain downpayment and other criteria, as they bid to deploy more than $2bn in surplus assets for lending purposes. Describing the likely impact on efforts to revive the mortgage market as “sad”, Mr Wilson added: “We are trying to find people who own a lot, or want the package, to build now. Now is the time. “People are really doing it. We are seeing a change, with more people coming in and moving forward. Once these [budget] changes
happen, those people trying to make it will get cut off at the bottom. “There are a lot of people the banks are looking at, considering and moving forward with, but as a result of the changes they’re not going to be able to afford it. And whatever they can afford, they will have to cut back a lot.” The Arawak Homes chief suggested some may have to shrink their design plans, going from four-bed to a three or two-bed home, or drop design features such as walk-in closets. “There are a lot of changes people will have to make,” he told Tribune Business, “because what the bank will qualify you for will be cut down significantly. It’s a huge impact. A significant amount of people will have a really hard time.” Mr Wilson said Dr Hubert Minnis’ goal of
expanding affordable home ownership meant he was “keeping my fingers crossed” that the government would realise the potential negative impact of the proposed budget and reverse course. “We are sure the government’s intention is not to put people in that position not to own a home,” he added. “That is the key to what has to change. “It’s one where we listened to the prime minister with great interest when he spoke about home ownership, and went on record to say how hard it is for Bahamians to own their own home. “I’m hopeful, as the government reflects on this change and feedback comes in, if the goal is for more people to own their own home, the change will come.” Should no change occur, Mr Wilson warned that the
proposed reforms threaten to add to a government housing list that is already thousands of persons long. The proposed budget tax changes threaten a potential “double whammy” for home buyers. Apart from the increase in materials and construction services costs as a result of the higher 12 percent rate, VAT’s removal from the “transaction tax” structure effectively means developers are being treated as VAT “exempt”. This will have the likelyunintended consequence of increasing real estate costs for both Bahamian and international buyers, as developers such as Arawak Homes can no longer offset their “input” VAT. Developers currently “net off” the VAT they pay on construction materials, and the likes of contractor, engineer and architect bills, against the “output”
tax whenever a property is sold. The budget’s altered tax structure, by eliminating VAT, robs developers of the ability to claim back already-paid input tax, thus saddling them with a major increase in development costs that will likely be passed on to buyers. Mr Wilson yesterday backed calls for a phase-in or “transition” period for real estate projects already underway, given that the VAT increase’s magnitude was potentially significant enough to wipe out profit margins and force developers to sell remaining inventory at a loss. “I don’t know what percentage of the market that represents,” he told Tribune Business of Arawak Homes’ $192,000 price point, “but that means a whole lot of people in the Commonwealth of The Bahamas will not be able to afford a home.”
THE TRIBUNE
Tuesday, June 12, 2018, PAGE 3
CRAWFISH EXPORT LIMIT FACES 29% REDUCTION By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE government will reduce the annual crawfish export limit from seven million to five million pounds, a Cabinet Minister told Parliament yesterday. Renward Wells, minister of agriculture and marine resources Minister, said: “In consultation with primary stakeholders of the seafood processing and export sector, the amendment curtails the commercial annual export limit of seven million pounds of the resource to five million pounds. “This harvest control amendment became necessary based on a 2017 stock assessment, and ensures a sustainable fisheries for future generations. My ministry is very concerned about the future of our fisheries stock, which is at risk for overfishing by nonnationals.” This effectively represents a 28.6 percent drop in the export limit. Mr Wells, during his contribution to the 2018-2019
* ‘LAST OPPORTUNITY’ TO SAVE AGRICULTURE * BAHAMAS PRODUCES JUST 8% OF FOOD BILL * MINISTER WARNS ON CROWN LAND LEASES budget debate, described The Bahamas’ agricultural sector as being “in crisis”. He explained: “Over the years we have lost more than our gains in agriculture. This trend cannot continue. Successive governments have incentivised unsustained strategies with unsatisfactory yields over time. “We believe that now is the last real opportunity to salvage the sector, diversify our economy and minimise our risk of gaining access to food as a consequence of sudden global economic climates and/or political shocks.”
FROM PAGE ONE
RENWARD WELLS
Mr Wells said The Bahamas produces only eight percent of the food it consumes, and highlighted the issue of Crown Land abuse.
He stressed that the government will void any lease where it is determined that the land is being used for purposes other than farming. He noted that the Land
Unit has executed 52 Crown Land leases, with 20 on Andros covering 144 acres; 18 on Abaco for 356 acres; and 15 on New Providence for 25 acres.
MP calls for higher web shop taxation By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net WEB SHOPS should be taxed even higher than contemplated in the budget due to their impact on his constituency and other Out Islands, Long Island’s MP argued yesterday. Adrian Gibson, during his contribution to the 2018-2019 budget debate, said the “expansion and proliferation of web shops throughout The Bahamas has caused concern”. “Frankly, on islands such as Long Island, where we have 15 to 20 web shops, local communities have been negatively impacted in many cases. Frankly, I think that web shop taxes could be taxed even higher than they are currently pegged. When contrasted to the UK and elsewhere, these operations are being taxed on the lower end,” he argued. Mr Gibson added: “Greater regularisation is needed in the local gaming
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ADRIAN GIBSON
industry. What’s more, I do not yet know of mechanisms in place to assist persons who develop gambling addictions. Have the gaming houses established such centres? “That said, the creation of a national lottery would yield far greater returns than web shops, where the profits are concentrated in the hands of a few. The establishment of a national
Gov’t mulling amendments to fly fishing regulations
lottery would lessen the burden on taxpayers and assuage governmental budgetary constraints as it relates to road repairs, funds for schools and government buildings, constructing and upgrading of parks, increase the pay of government workers and so on, all while creating a handful of millionaires lucky enough to win a jackpot.”
The government has been accused of trying to seize control of the web shop industry through tax increases that will “decimate” all operators and 3,000 jobs in less than a year. The Bahamas Gaming Operators Association has warned the government it will take legal action over the “expropriatory, discriminatory, excessive and penal” tax rises of up to 355 percent unless it agrees to talks before the week ends. Mr Gibson also reiterated concerns over Royal Bank’s pull-out from Long Island. “Royal Bank will close its doors on Tuesday [today],” he added. “That means that the residents of Long Island will be without a bank. “We must do something to immediately address their concerns, particularly given the business houses and government agencies that handle a lot of cash.” Mr Gibson said Western
Union, as well as Cash N’ Go, have indicated they will be opening locations on the island, but many businesses and the elderly still prefer to deal with a traditional bank. Mr Gibson, meanwhile, said he was “overjoyed” to announce that the “long awaited and long overdue airport” for Long Island was included in the 2018-2019 budget. “We have long been in desperate need of an international airport. The terminal at Deadman’s Cay is am embarrassing chicken coop that we have been forced to endure for far too long,” he said. “The lack of airlift is killing Long Island. This has held Long Island back. Our economy is in the doldrums. It is time for Long Island to get its fair cut of The Bahamas’ economic pie. Long Island is one of the only major islands without a world class airport.”
have been a sore sticking point for all Bahamians engaged in the fly fishing industry.” The Fisheries Resources (Jurisdiction and Conservation) (Flats Fishing) Regulations 2017 have been the subject of much confusion over whether they had been suspended by the government, pending review and changes. Tribune Business has reported extensively as to how the regulations have effectively divided Bahamian guides and bonefish lodge owners/operators, who are both Bahamian and foreign, into two separate camps. The regulations, which came into effect last January, require anglers over the age of 12, and those who wish to fish in the flats, to apply for a personal angler’s licence and pay a set fee. Non-Bahamians have to pay $15 for a daily license; $20 for a weekly license; $30 for a monthly license; and $60 for an annual licence. They also require a foreign vessel wishing to fish in the Bahamian flats to obtain the usual sports fishing permit, with each person on the vessel also holding a personal licence. The regulations also ban commercial fishing in the flats, and anglers are only allowed to catch and release when catching bonefish, permit, snook, cobia and tarpon. One of the most contentious aspects of the regulations is the requirement of a ratio of one “certified guide” to every two anglers, if they are fishing from a boat. While there is no opposition to regulation, the Fisheries Resources (Jurisdiction and Conservation) (Flats Fishing) Regulations 2017 have proven difficult to implement in practice as there is no online portal or payment mechanism for foreign anglers to obtain and pay for licences.
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THE TRIBUNE
Ex-minister: VAT exemptions are ‘disaster recipe’ all around Chamber chief backs govt: FROM PAGE ONE was “incrementally increasing every six months” regardless of whether the VAT rate is increased, with rising global oil prices set to exacerbate this effect just as the government’s fiscal austerity measures take effect. “I’m hoping the government settles down and brings the VAT to ten percent,” Mr Miller told Tribune Business. “I think they threw 12 percent out just to see what the reaction was. I’m hopeful perhaps they will settle at ten percent, and that will ease a lot of the noise in the market. “It’s not the businesspeople that will be hit by VAT; it’s the regular consumer. My concern is for the poor people that cannot afford a VAT increase. The government says it will take VAT off breadbasket foods, but that’s not so easy to do. “It’s a hell of a situation to segment that market to such an extent that they actually assist those people who need it. He’s [the prime minister] between a rock and a hard place.” Several private sector representatives, including Bahamas Institute of Chartered Accountants (BICA) president, Gowon Bowe, have said an increase from the present 7.5 percent VAT to ten percent would be easier for businesses and consumers to swallow. The government, though, has shown no signs of backing down from plans to raise the VAT rate by 60 percent to 12 percent. It has argued that its internal analyses have shown only the latter rate will generate sufficient revenue to close a $400m “funding gap”, which is comprised largely of $172m in unfunded “arrears”; $79m to end so-called “underbudgeting”; and $89m in extra debt servicing (interest) costs.
The Minnis administration is, as Mr Miller said, between “a rock and a hard place” over its fiscal austerity measures, caught between the need to pay-off a total $360m in unfunded arrears and meeting Fiscal Responsibility Bill targets that require it to deliver a GFS deficit of 0.5 percent of GDP (around $50m) by 2020-2021. It sees the VAT increase as the quickest, and easiest, way to achieve both its 2018-2019 and other short-term objectives, but Mr Miller joined those warning that this budget’s various “zero ratings” and exemptions opened the doors to greater tax avoidance by Bahamians. “With people raising the hell they’re raising, a lot of individuals are going to duck it as much as they can,” the former Cabinet minister told Tribune Business. “This is a recipe for disaster, because people are going to go under the radar. “You’re opening the floodgates for people to do what they should not be doing, but to survive in this tough economy people will do what is necessary to pay the bills and move on with their lives. It’s a whammy all around. You’re damned if you do and damned if you don’t.” Multiple persons, including the likes of Sir Franklyn Wilson, have warned the government that a 60 percent VAT rate hike does not automatically translate into a 60 percent rise in revenues - the very thing its budget projections appear to be based upon. Other observers also fear the government will not realise the $400m revenue increase forecast, which could immediately throw-off its deficit reduction plans and other fiscal targets. “I think the consumers are going to get hit so hard,” Mr Miller reiterated of the
VAT increase. “The cost of living in The Bahamas is going up incrementally every six months, especially on food items, clothing. “Electricity bills are certainly going up. Oil prices are going up, meaning prices at the gas station pump are going up, but at the same time salaries have not changed one iota. How do you expect me to have this additional burden yet you are not helping me on my pay cheque? “It’s a hell of an uptick for those at the bottom of the ladder. They’re catching eternal hell. It’s not fair.” The Chamber of Commerce has warned that the VAT increase, and other austerity measures, are especially ill-timed given that the economy was showing signs of improvement amid an initial revival of business and investor confidence. The concern is that sucking an extra $400m out the economy via the VAT increase will rob The Bahamas of such momentum, and jeopardise the 2.5 percent GDP growth projected for 2018. Mr Miller, meanwhile, argued that it was also “unfair” to increase the web shop industry’s taxation burden by such magnitude, pointing to the sector’s warning that it will be forced to lay-off 2,000 workers and close 192 locations unless the government backs down. “We’ve got to see how this thing works out, and hope it doesn’t crush a middle class that is being depleted every week, and the country going into poverty,” he told Tribune Business. “We’ve got to grin and bear it, I guess, and hope the government considers it and makes some adjustments based on the feedback they get. All of is have to live with the consequences of their actions. Let’s see what happens.”
COMMONWEALTH OF THE BAHAMAS
2017
IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION
CLE/GEN/00791
IN THE MATTER of a mortgage dated the 24th November, 2006 inrespect of the property Lot Number 64 of East Park Estates situated in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas. AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statue Laws of the Commonwealth of The Bahamas. BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND ELIZABETH LIMA-LOPEZ
Plaintiff
Defendant
NOTICE TO: ELIZABETH LIMA-LOPEZ of College Gardens off Prince Charles, Nassau, The Bahamas TAKE NOTICE that by Writ of Summons filed on 27th June, 2017 in Action CLE/gen/00791 of 2017, FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED, as Plaintiff, commenced an action against you claiming breach of a demand loan agreement dated the 5th day of February, 2007, made between you as a Guarantor and FirstCaribbean International Bank (Bahamas) Limited as Lender and the Bank claims against you the sum of $27,971.54 as of the 26th day of May, 2017 along with contractual interest at the rate of 13.75% per annum and statutory interest pursuant to Section 2 of Civil Procedure (Award of Interest) Act, 1992 and costs. AND THAT it has been ordered by Mrs. Carol Misiewicz, Acting Registrar of the Supreme Court, on the 18th April, 2018 that service of the Writ of Summons in the said action on you be effected by this advertisement. AND FURTHER TAKE NOTICE that you must within Fourteen (14) days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the said Writ of Summons by completing a Memorandum of Appearance and filing the same in the Supreme Court Registry, situate at BAF Building on George and Marlborough Streets in the City of Nassau otherwise Judgment may be entered against you. DATED this 18th day of May, A.D., 2018 BAYCOURT CHAMBERS Cumberland House 15 Cumberland and Duke Streets Nassau, The Bahamas Attorneys for the Plaintiff
‘something had to be done’
FROM PAGE ONE concerns that it plans to take up with the government “possibly as early as this week”. Mr Holding said the narrow 30-day window provided to businesses to adjust their pricing, and software and point-of-sale systems, for the higher 12 percent VAT was “one of the specifics” the Chamber was examining. Yet he backed the Minnis administration’s tax grab on the basis it was better to “address the problem now”, rather than keep pushing the day of fiscal reckoning further out for future Bahamian generations to address when it will be “a lot worse”. The GB Chamber chief also credited the government for seeking to minimise the higher VAT rate’s impact on lower income Bahamians through “zero rating” breadbasket food items and treating Bahamas Power & Light (BPL) bills under $200 as “exempt”. “The increase in VAT has obviously been controversial, but I think one has to look at it in the total context of the state of the economy and the huge debt the country has,” Mr Holding told Tribune Business. “There is also the context of concessions that will benefit some of the less well off in our society with the breadbasket items and the utility bill concessions.” Mr Holding added that the budget’s contents, and likely impact, had generated a “mixed” reaction among the private sector, many of whom had been caught off-guard by both the VAT rate increase and its magnitude. “It caught many people by surprise; we didn’t expect it,” he conceded, “but the views are somewhat mixed on what it means for them as business people in terms of administration of the changes. That’s one issue for the business community, and they are also members of the wider community, so it affects them personally. “We are in discussions with our members to get a consensus on what the concerns are and, in turn, we will be speaking to the government about those issues and concerns very soon; possibly as early as this week.” Mr Holding said the July 1 deadline for the private sector to implement the new VAT rate, which is due to rise some 4.5 percentage points, was among the major concerns from both an administrative and compliance perspective. And he suggested that Grand Bahama, with a
higher unemployment rate than islands such as New Providence, will be affected more by the VAT hike given that it is a regressive, consumption-based tax that results in lower income Bahamians spending disproportionately more of their income on taxes. Yet the GB Chamber president backed the Minnis administration’s decision to implement its fiscal correction now, given that the pain from such measures will be even greater if The Bahamas further delays efforts to eliminate $300m-plus deficits and arrest the growth rate for its near-$8bn debt. “Something had to be done,” Mr Holding told Tribune Business. “I think that is understood. The country is in a very precarious position. Regrettably, from time to time, these decisions have to be taken. “I think it was right the problem is addressed now, and not leave it until later, because it only gets worse. If one looks at the debt and annual interest bill, if the solution gets delayed it only gets worse. “Is this the best solution? That’s what’s controversial at the moment, but something has to be done,” the Chamber chief continued. “There’s no way around the problem. There may be alternatives to the solution, but there’s no getting around the problem. “We are where we are as a country. We don’t want to end up in the same position as countries like Barbados. We’ve got to avoid that.” Mr Holding cited Greece as another country that sank under the weight of unsustainable debt and, as a result, lost control of its fiscal affairs. The International Monetary Fund (IMF) and European Union (EU) imposed harsh austerity measures on Greece in return for a bailout, which led to a deep recession, massive public and private sector lay-offs, and cuts to social benefits. Barbados, following its recent election, was forced to seek IMF assistance as its debt-to-GDP ratio spiralled to more than 170 percent, with foreign currency reserves standing at just $220m and likely to be drained further. Debt payments to external creditors have been suspended. While The Bahamas is some way from falling into the same trap, there are several factors/pressures that appear to have convinced the Minnis administration it has to act now in paying down $360m worth of unfunded arrears within the next three years. One is the need to meet the targets set out in the Fiscal Responsibility Bill, which require the
government to slash the fiscal deficit from $310m this fiscal year to a sum equal to 1.8 percent of GDP ($237m) in 2018-2019, and then to one percent in 2019-2020 before reaching 0.5 per cent (around $50m) in 2020-2021. This helps explain both the magnitude of the VAT hike, and the government’s bid to close its present $400m “funding gap” within three years - a timeline that many have questioned. The Bahamas’ impending World Trade Organisation (WTO) accession, and tax restructuring that will be driven by the elimination of Customs tariffs, will also enter the equation. The government will also want to “clean up” its finances, and eliminate the arrears, prior to moving the public sector to accrual-based accounting by 2022. It is also likely to be looking longer term, and targeting completion of its own fiscal clean-up first before tackling fundamental civil service pension and National Insurance Board (NIB) reform - the latter of which is likely to involve a major contribution rate increase. Mr Holding yesterday agreed that the government needed to look at both revenue increases and spending curbs, but warned that reducing the latter “has consequences” for the economy and consumer demand as civil servant lay-offs translate into an increase in social security outlays. He added that the projected $400m increase in VAT revenues will “not necessarily” cause the Bahamian economy to nosedive back into recession, and said: “Time will tell. Whatever, something has to be done. Something has to be done.”
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THE TRIBUNE
Tuesday, June 12, 2018, PAGE 5
‘At least’ 25% of VAT Trump, North Korea’s Kim come hike not new monies together for momentous summit FROM PAGE ONE should not assume that the entire 12 percent represents a new tax. Some of it represents a shift to VAT as a revenue stream.” Mr Winder, meanwhile, said he - like the majority of Bahamians - disliked the imposition of any new or increased taxes, no matter what form they took. He added that the Government’s projection of a $400m revenue increase from the 60 percent VAT rate hike was likely to be “challenged” by the level of exemptions it was granting, while agreeing that sucking such a huge sum out of the Bahamian economy was likely to slow economic growth. “I think the government is going to be challenged to increase it [revenue] by $400m considering all the other concessions and exemptions they’re giving,” Mr Winder told Tribune Business. “I don’t like new taxes; no one likes new taxes, and I agree that the net result of this tax increase will result in the slowing down of the economy. It’s my hope that, with Baha Mar coming on stream and growth in tourism, we will have reasonable growth in the economy that will offset these changes and revenue increases the government is putting through. “I don’t think we’d be happy with any kind of taxation. There’s no tax at this particular stage that will make the Bahamian people happy.” Mr Winder said the government would also have to “go slow” in reducing the size of the civil service, given that cutting too quickly and deeply would result in increased unemployment and a further economic slowing. “It cannot overnight reduce the public sector by a significant amount of employees as that will have
a greater impact on the economy than the taxes,” the Deloitte & Touche (Bahamas) managing partner said. Mr Winder added that the government’s desire to pay-off $360m in unfunded arrears over the next three fiscal year was motivated by a desire to clean up its balance sheet and financials in preparation for the introduction of accrual-based accounting in 2022, thereby ending The Bahamas’ “lag” behind international standards. “This is a one-time adjustment because the prior numbers are not in accordance with international accounting standards,” he explained. “The $360m that the deputy prime minister talks about relates to prior years, and should not be shown in the financial statements going forward.” The government’s current cash-based accounting does not reflect spending commitments when they are incurred, and Mr Winder added: “A big part of this adjustment is to realign the financial statements so that, on a go forward basis, we will have accurate financial statements in accordance with proper accounting standards and principles for governments, like other countries and regions that use the modified accrual basis. “For too long we have been lagging on a yearly basis to reflect the true level of revenue and expenditures that were incurred for that period... This all ties into the major project the government is doing in the Ministry of Finance to realign and bring up to date the whole quality of accounting in the government sector. That’s the key. “This should be a onetime deal to reflect, on a forward-looking basis, that we can more accurately rely on the details of revenue and expenditure.”
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NOTICE The Board of Directors of Benchmark (Bahamas) Ltd. at its May, 2018 board meeting unanimously elected to establish a policy for future dividend payments. Commencing June 2018, Benchmark (Bahamas) Ltd. will declare an annual dividend of one cent per share, thereafter, each year during the same period until the policy changes. Other special dividends can be paid at the discretion of the board based on business performance. For the year 2018, the board has declared a dividend of one cent per share to shareholders of record 20 June, 2018 payable on the 30 June, 2018. Brent Roberts Secretary
SINGAPORE Associated Press PRESIDENT Donald Trump and North Korea’s Kim Jong Un came together for a momentous summit today that could determine historic peace or raise the specter of a growing nuclear threat, with Trump pledging that “working together we will get it taken care of”. In a meeting that seemed unthinkable just months ago, the leaders met at a Singapore island resort, shaking hands warmly in front of a row of alternating US and North Korean flags. They then moved into a roughly 40-minute one-on-one meeting, joined only by their interpreters, before including their advisers. For all the upbeat talk, it remained to be seen what, if any, concrete results the sitdown would produce. “We are going to have a great discussion and I think tremendous success. We will be tremendously successful,” Trump said before their private session. Kim said through an interpreter: “It wasn’t easy for us to come here. There was a past that grabbed our ankles and wrong prejudices and practices that at times covered our eyes and ears. We overcame all that and we are here now.” Aware that the eyes of the world were on a moment that
many people never expected to ever see, Kim remarked that many of those watching “will think of this as a scene from a fantasy ... science fiction movie”. In the run-up to the meeting, Trump had predicted the two men might strike a nuclear deal or forge a formal end to the Korean War in the course of a single meeting or over several days. But on the eve of the summit, the White House unexpectedly announced Trump would depart Singapore by this evening, raising questions about whether his aspirations for an ambitious outcome had been scaled back. The meeting was the first between a sitting US president and a North Korean leader. Critics of the summit leapt at the handshake and the moonlight stroll Kim took last night along the glittering Singapore waterfront, saying it was further evidence that Trump was helping legitimise Kim on the world stage as an equal of the US president. Kim has been accused of horrific rights abuses against his people. During his stroll, crowds yelled out Kim’s name and jostled to take pictures, and the North Korean leader posed for a selfie with Singapore officials. Trump responded to that commentary today on Twitter, saying: “The fact that
I am having a meeting is a major loss for the US, say the haters & losers.” But he added “our hostages” are back home and testing, research and launches have stopped. Trump also tweeted: “Meetings between staffs and representatives are going well and quickly ... but in the end, that doesn’t matter. We will all know soon whether or not a real deal, unlike those of the past, can happen!” Addressing reporters on yesterday, US Secretary of State Mike Pompeo sought to keep expectations in check, saying: “We are hopeful this summit will have set the conditions for future successful talks.” The summit capped a dizzying few days of foreign policy activity for Trump, who shocked US allies over the weekend by using a meeting in Canada of the Group of Seven industrialised economies to alienate America’s closest friends in the West. Lashing out over trade practices, Trump lobbed insults at his G-7 host, Canadian Prime Minister Justin Trudeau. Trump left that summit early and, as he flew to Singapore, tweeted that he was yanking the US out of the group’s traditional closing statement. As for Singapore, the White House said Trump was leaving early because negotiations had moved “more
quickly than expected” but gave no details. On the eve of the meeting, weeks of preparation appeared to pick up in pace, with US and North Korean officials meeting throughout yesterday at a Singapore hotel. The president planned to stop in Guam and Hawaii on the way back to Washington. Trump spoke only briefly in public on yesterday, forecasting a “nice” outcome. Kim spent the day mostly out of view — until he embarked on the late-night sightseeing tour of Singapore, including the Flower Dome at Gardens by the Bay, billed as the world’s biggest glass greenhouse. Less than a year ago, Trump was threatening “fire and fury” against Kim, who in turn scorned the American president as a “mentally deranged US dotard”. As it happens, the North Korean and the American share a tendency to act unpredictably on the world stage. Beyond the impact on both leaders’ political fortunes, the summit could shape the fate of countless people — the citizens of impoverished North Korea, the tens of millions living in the shadow of the North’s nuclear threat, and millions more worldwide. Or, it could amount to little more than a much-photographed handshake.
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Highland Green Limited is in dissolution and the date of commencement of the dissolution is 28 May 2018. Lynn Kelly and Halson Ferguson LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas
PAGE 6, Tuesday, June 12, 2018
THE TRIBUNE
Don’t trust the tech giants? You likely rely on them anyway NEW YORK Associated Press IF TECHNOLOGY giants like Facebook, Google and Amazon face a common threat to their dominance, it probably lies in a single word: trust. In some respects, these companies are riding high. They have woven themselves into the fabric of our daily lives, making their services indispensable for daily tasks like keeping in touch with family and friends, watching TV and buying cat food. Revenues are up and profits are soaring. But they’ve also drawn the attention of regulators in Europe and the US thanks to carelessness with consumer data and other problems. Facebook’s leaky data controls, for instance, let Cambridge Analytica mine the profiles of up to 87 million people in an attempt to swing elections. The social network has also had to beef up manual oversight to clamp down on the
spread of fake news. Google’s YouTube has likewise been implicated in the spread of political conspiracy theories. Not long ago, Amazon’s alwayslistening Echo speaker inadvertently recorded a family’s conversation at home — and then sent the recording to someone else. Some of these issues are systemic; others may be little more than the growing pains of new technologies. What they all fuel, though, is a sense that technology may not always warrant the implicit faith we place in it. Companies have to realize “that trust isn’t digital”, says Gerd Leonhard, a futurist and author of “Technology vs Humanity”. “Trust is not something that you download. Trust is a feeling. It’s a perception.” Trust looms large in modern life. We still get on airplanes even though they sometimes come apart in flight. We go to hospitals even though medical errors sometimes kill patients. These services are too
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RECARDO MICHAEL JOSEPH of Sequoia Street off Buttonwood Street, Pinewood Gardens, intend to change my name to RICARDO MICHAEL RODGERS. 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.
GOOGLE search engine on a mobile phone.
important to live without, despite the occasional disastrous error. But those industries are also heavily regulated because of the risks involved. Technology companies, by comparison, are largely unconstrained. Trust issues could be especially acute for technology companies, since their services are effectively omnipresent yet largely inscrutable. You can’t audit Google’s algorithm to see why it’s giving you certain search results the way you can watch your bank balance. You just have to trust that the company is upholding its promises.
NOTICE
NOTICE is hereby given that DOROTHY SEJOUR of #46W Gladston Terrace, Freeport, Grand Bahama, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 5th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Yet so far, such concerns don’t loom large for most consumers. “That trust is eroded, but the uncomfortable thing is no one really cares,” says Scott Galloway, a New York University marketing professor. “As long as they trust that technology will improve their lives, they don’t appear to care about the other stuff.” A 2016 survey from the Pew Research Center, for instance, found that only nine percent of users were “very confident” that social media companies could protect their data. More than half had little or no confidence. Yet a January survey from Pew found that
NOTICE
NOTICE is hereby given that HOWARD ST. MICHAEL WILSON of Bailey Town, Bimini, 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 5th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
MARKET REPORT MONDAY, 11 JUNE 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,908.69 | CHG -23.81 | %CHG -1.23 | YTD -154.88 | YTD% -7.51 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 3.85 1.48 0.19 4.05 8.90 6.60 5.30 10.40 2.71 1.61 8.21 6.10 11.48 7.29 13.67 12.51
52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.10 8.40 6.00 3.15 9.00 2.30 1.40 7.25 6.00 8.78 5.67 3.25 12.50
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 178.69 157.58 1.55 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.49 1.62 1.58 1.07 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.50 17.43 9.09 3.85 1.01 0.18 3.15 8.89 6.12 4.10 10.05 2.54 1.60 7.58 6.10 11.00 6.30 3.25 12.51
CLOSE 4.50 17.43 9.09 3.85 1.01 0.18 3.15 8.89 6.12 3.85 10.05 2.53 1.60 7.57 6.10 11.00 6.32 3.44 12.51
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.25 0.00 -0.01 0.00 -0.01 0.00 0.00 0.02 0.19 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00
CLOSE 100.00
CHANGE 0.00
107.63 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.19 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
107.82 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
2,000
6,700 12,780
VOLUME
EPS$ 0.361 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.330 0.000 1.129 0.679 0.610 0.293 0.543
DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.620 0.060 0.050 0.084 0.320 0.500 0.200 0.120 0.580
P/E 12.5 18.7 N/M 13.6 N/M N/M -3.2 13.9 10.7 22.5 16.0 24.8 4.8 N/M 5.4 16.2 10.4 11.7 23.0
YIELD 1.78% 6.48% 0.00% 5.97% 0.00% 0.00% 0.00% 3.60% 3.59% 3.12% 6.17% 2.37% 3.13% 1.11% 5.25% 4.55% 3.16% 3.49% 4.64%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
NAV 2.15 4.13 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.15 8.14 6.41 11.26 11.68 10.24
YTD% 12 MTH% 1.23% 4.12% -0.16% 5.10% 0.74% 2.38% 4.66% 3.89% -0.25% 4.57% 1.29% 4.18% -0.61% 2.84% 1.02% 3.84% -0.87% 1.82% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 30-Apr-2018 30-Apr-2018 26-Apr-2018 31-Mar-2018 31-Mar-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
69 percent of US adults use social media, unchanged from 2016. Shaky consumer confidence can still limit the time people spend on Facebook or curb their enthusiasm for new boundary-pushing services. Amazon, for instance, now wants its delivery people to leave packages inside your home or car. That’s not going to fly if you’re worried about Amazon exploiting its access to your private spaces. But tech giants have fewer worries about consumers defecting to their rivals, in part because they each do their best to lock users into their array of complementary apps and services. That doesn’t stop them from sniping at one another, of course. Apple, for instance, has emphasized its privacy protections to highlight its differences with Facebook and Google. But it’s also reportedly seeking ways to expand its ad business, which would bring it into more direct competition with its two rivals.
History does offer a cautionary tale for tech companies that grow too complacent. Roughly a decade ago, Microsoft’s dominance in personal computers seemed impregnable, even after a bruising antitrust fight over its Windows monopoly. Then came the iPhone, which Microsoft ridiculed — at least until the mobile computing wave it unleashed swamped the Windows PC. Could a similar shift today tap into underlying consumer discontent and topple today’s tech giants? Perhaps, although it’s not clear exactly how. One possibility could involve blockchain, the technology that underlies bitcoin and similar cryptocurrencies. Some enthusiasts have begun to talk about blockchain-based social networks that could operate without central authorities such as Facebook, which in theory could also minimise privacy risks. But that could take years, if it comes to pass at all.
NOTICE
NOTICE is hereby given that LOUVENS LOUIS of East Street and Domingo Height, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 5th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas. LEGAL NOTICE
NOTICE ABLE PIONEER HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows:(a) ABLE PIONEER HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 7th June, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 12th day of June, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator LEGAL NOTICE
NOTICE SAVI ASSETS LIMITED N O T I C E IS HEREBY GIVEN as follows:(a) SAVI ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 11th June, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 12th day of June, A. D. 2018
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
_________________________________ Bukit Merah Limited Liquidator