06142018 business

business@tribunemedia.net

THURSDAY, JUNE 14, 2018

$4.75 Oil explorer targeting ‘window of opportunity’ * BPC’S JV TALKS ‘PROGRESS CONSTRUCTIVELY’ * AS FIVE YEARS OF REGULATORY DELAYS ‘ABATE’ * FEEL GOVT KEEN ON OIL AND GAS INDUSTRY By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN OIL explorer is aiming to seize “the current window of opportunity” to drill its first Bahamas well after five years of regulatory and oil price-related delays “abated”. Simon Potter, Bahamas Petroleum Company’s (BPC) chief executive, told shareholders that the company “had gained considerable momentum” in its efforts to both secure a joint venture partner and government approval for its first exploratory well in waters south-west of Andros. He added that talks with “a major international oil company”, with which BPC has signed a three-month exclusivity, were “progressing constructively” as it bids to tie-down a “farm in” partner to share the costs and technical risks associated with that first well. Tribune Business reported last month that the exclusive joint venture partner talks, as well as BPC’s request for the necessary government permits, brought oil

SEE PAGE 6

$4.82

$4.91

VAT ‘pales’ against $350m health leak

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE VAT hike’s impact on healthcare is “pennies” compared to the $350m that Bahamians spend in South Florida and other markets, a Cabinet Minister argued yesterday. Dr Duane Sands, pictured, minister of health, told Tribune Business that this - not the 60 percent VAT rate hike - was the real “800-pound gorilla in the room” he is

VAT hike puts further strain on cook-outs

* Tax hike ‘pennies’ against overseas spend * Minister: health costs won’t rise for 50-70% * Agrees reduced insurance ‘real concern’

targeting in a bid to ensure more of this “disproportionate” sum is spent in the Bahamian healthcare sector. Pointing out that this $350m was not subject to VAT on care costs, Dr Sands suggested between 50-70 percent of Bahamians would not feel any healthcare-related

impact from the tax increase because it is not levied in the public sector. He conceded, though, that this estimate did not result from any empirical study, and agreed that increasing the VAT rate to 12 percent was “not what I would have hoped for” solely from a

healthcare perspective. Dr Sands, though, argued that all Bahamians needed to “look at this thing in terms of the greater good and bigger picture”, given the need to end 45 years of deficit spending and finally set the

FAMILY Island businessmen yesterday urged the government to “tax the web shop industry to the hilt” because it has left many communities “in shambles”. Roderick Simms, chairman of the Chamber of Commerce’s Family Island division, told Tribune Business that Acklins did not want its previous web shop to re-open given the impact it allegedly had on the community’s health. Mr Simms said residents had informed him that “normal healthy eating habits” had returned to Acklins once the web shop closed, as many islanders had been forced on to a diet of Ramen noodles and soup due to their excessive spending on gaming. And Mario Cartwright, a Long Island Chamber of

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* INSURER CHIEF STRUGGLES TO ‘RECONCILE’ HEALTHCARE IMPACT * MEDICINE EXEMPTION AIDS JUST 6-14% OF HEALTH COSTS * MINISTER: 50-70% OF BAHAMIANS TO SEE NO IMPACT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Commerce director, estimated that between $150,000 to $200,000 per month was being sucked out of Long Island’s economy by the web shops - a sum he described as “huge” for a 3,000-strong

“COOK-OUT” targets will have to increase due to the VAT rate hike, a wellknown insurer yesterday warning that 85 per cent of healthcare costs will not benefit from planned tax exemptions. Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, told Tribune Business it was impossible “to reconcile” the 60 per cent VAT rate increase with the objective of making healthcare more

SEE PAGE 11

SEE PAGE 7

SEE PAGE 6

Family Islands urge: ‘tax web shops to the hilt’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.82

PAGE 2, Thursday, June 14, 2018

THE TRIBUNE

The art of giving a good critique C

RITICISM is not easy to take regardless of how it is served. It can be a giant pill to swallow, especially if delivered by a fellow designer. But constructive criticism is a part of the business that is bound to pop up sooner or later. A good designer must learn to accept feedback from their peers, clients and bosses to solve a particular design problem. Criticism also helps to broaden communications skills, as there is always an opportunity to articulate why you did what you did, or to better explain your idea to the viewer if they do not see it as clearly as you do. A good critique can involve both positive and negative feedback, making it tricky to navigate. Here are some quick tips on how to give, and receive, good design feedback. THE LOVE SANDWICH One of the best ways to approach critiquing someone else’s work is to sandwich the feedback with love. If you think of your critique as the sandwich, the bread would be what you “love” about the work and the middle. The filling would be what you did not like as much. Begin by telling your designer what aspects you like about the piece, whatever they may be. Be descriptive. Instead of just saying “I like it”, explain why you like it while using specific examples from the design whenever possible. Next, move on to the constructive criticism. If you think certain aspects of a design are not working, try to explain why or offer suggestions on how they can be improved. Asking the designer questions may help them to see problems

and ask for feedback, then they deserve both the good and the bad.

The Art of Graphix BY DEIDRE M BASTIAN

in the execution of the design that they may not have seen on their own. Qualify any criticism with alternative ideas. You cannot just say that you do not like things and you do not know why. Offering ideas is the number one thing you can do for a successful critique, because this is where the design begins to transform. Good ideas stand out as obvious, and can serve to turn around a wayward design quickly. Also, remember to use good design principles and terminology with your feedback. If there is a call to action, that is usually what the design is driving towards. You may also want to limit the use of personal pronouns, like “you”, to make sure your critique is about the design work and not about the designer. Designers have a possessive attachment to their work, so during a critique it is best to separate the person from the design. For example, you may want to say: “The way this line intersects with that line” instead of “The way you intersected this line with that line.” This will help reassure the designer that the criticism is about the work and not about them. You do not have to agree or like the decisions of the designer, but their work deserves an honest feedback. If they are brave enough to share their work

TAKE THE GOOD WITH THE BAD Hopefully, your fellow designer will follow the Love Sandwich concept to give a great, honest critique. During a critique, it is important that good and bad feedback are taken in stride. Design is not mathematics. There are no right and wrong answers; only subjective opinions that may differ from one designer to another. That being said, remember that a critique is about your work and making it the best it can be. It should not be about you - ever. If you disagree with specific feedback, explain your decisions thoughtfully but also listen to what is being said. Remember, those who are giving critiques generally do so because they want to help the overall project, so try not to get defensive or take their criticisms personally. Also, do not forget to repeat or elaborate on what you liked about the piece so that the critique ends on a positive note. This way, the designer knows the piece may need some reworking. Finally, being tough about a design is expected in a critique, and should not be isolated without being helpful. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. •NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, June 14, 2018, PAGE 3

BAHAMASAIR AIMS TO REDUCE STAFF BY 100 By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMASAIR is targeting $20m in top-line growth over the two years to end-2019, its managing director said yesterday, as it plans to shed 100 staff within 24 months. Tracy Cooper told the Caribbean Aviation Meet-up 2018 conference that, over the next 24 to 36 months, “due to anticipated expansion in the route network because of further new developments and increased diversity in the tourism product”, Bahamasair must add additional aircraft - possibly two more Boeing 737 jets and one ATR 72. “This expansion in the fleet will be required just to keep pace with what can only be described as a sustained, organic growth in our passenger numbers. This year alone we have moved over 825,000 passengers and project 900,000 next year if we remain on our current trajectory,” said Mr Cooper. Driving the increase in passenger numbers is the increase in The Bahamas’ hotel room inventory, and he added: “It is clear that the number of hotel rooms within the Bahamian market continues to grow, and so will the positive fortunes of the national flag carrier. “To put this in perspective, with the soft opening of the Baha Mar Resort & Casino in April 2017, Bahamasair was able to move 15,000 more passengers in the period October to

December 2017, as opposed to the same period in 2016. What was more intriguing is the fact that the growth was strictly over the airline’s existing Florida gateways, Miami, Orlando, Fort Lauderdale and West Palm Beach.” Mr Cooper continued: “This can be attributed in no small way to the new resort’s draw. Baha Mar represents a 2,400 room increase to the Bahamian tourism inventory, and now with the Rosewood’s opening only a few days ago, all the rooms are all now available. “On the horizon there are other hotels that are either expanding or coming on stream. This includes The Pointe development’s Margaritaville Resorts and Residences, with some 300 mixed use condo residence/ hotel rooms in downtown Nassau; the Gold Wynn in Cable Beach; the expansion of the Valentine’s Resort in Harbour Island, and others. “The increase in room inventory will be the driving force in growth over the next several years, especially when again reviewing the ability of Bahamasair to take advantage of its

current role as the market leader and the national flag carrier.” Mr Cooper said the rapid tourism growth is projected to lead to $20m revenue growth for Bahamasair during the two-year period from beginning 2017 to end-2019. “We have taken the approach to identify the root causes of problems within the airline, seeing what the corrective actions are and determining what are the industry’s latest solutions for addressing or assisting with the corrective actions. This has led to the implementation of several industry tools that allows for better management of the various and complex areas within the airline,” said Mr Cooper. He added that starting in September 2018, Bahamasair will begin installing the Automatic Flight Information Reporting System (AFIRS) for aircraft tracking and communications in all aircraft. At the same time, the airline will launch AirFi “Media on the Move” in-air entertainment, which allows for closed loop Wi-Fi access to a database of movies or other viewing/

Vacation rental VAT not in 18-19 budget By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE government’s plans to levy value-added tax (VAT) on vacation rentals will be introduced by legislation after the current budget cycle, the minister of tourism has revealed. Dionisio D’Aguilar told Tribune Business: “The government is considering legislation on the vacation home rental market to allow for the taxation of that market. In the past it hasn’t been taxed. Anyone who is engaged in the rental of vacation homes will be obligated to register and submit VAT to the government. “Obviously if you book online with Airbnb, they will collect it for the government and submit the tax to the government.” Mr D’Aguilar said the government was looking to “level the playing field” between the vacation rental market and traditional hotels/resorts. “Everywhere in the US charges some sort of sales tax. If you stay at a hotel in New York it’s in excess of 20

reading materials. The carrier also plans to become a cashless operation. “This is not new, as other airlines such as American Airlines have started this process at cash heavy airport locations. Bahamasair is working with local financial entities to facilitate electronic transacting at all of its major stations. Cashless operation is desirable for all of the known reasons,” said Mr Cooper. He revealed that Bahamasair currently employs 630 persons, 587 of whom are permanent alongside 43 temporary/contract personnel. “Last year, June 2017, we employed 682 persons. Year over year, this equates to a 7.6 percent reduction in staff and $1.9m in reduced cost,” Mr Cooper said. “This was made possible by the introduction

of additional electronic platforms that allows the airline to have less reliance on human resources. We expect this downward trend to continue until we level out at around 530 persons, which we believe will happen within the next 18 to 24 months, to support the nine aircraft we expect to operate within this period.” The airline currently operates operate a fleet of eight aircraft, soon to become nine, which is comprised of three Boeing 737-500 Series; three ATR 42-600 Series (50 seats); two ATR 72-600 Series (70 seats) and one Boeing 737700 Series to be added in December this year. Mr Cooper said the ATR turbo prop fleet is used mainly to support the 15 domestic routes in and around the Family Islands.

They are also used on international routes to Haiti, Turks & Caicos, West Palm Beach and, occasionally, to augment jet services to Miami, Fort Lauderdale and Orlando. The B737 jets are used mainly for Miami, Fort Lauderdale, Orlando, Havana and Houston. “The jets also provide charter services on a regular basis for the government, hotels, charter brokers, local sporting, religious and civil entities. On a standard day, each aircraft is expected to perform four roundtrip flights or eight cycles of operations. This allows for having an aggressive flight network with a limited amount of aircraft. The airline performs an average 400 flights per week with the present fleet of eight aircraft,” said Mr Cooper.

EAST BAY SHOPPING CENTRE BAY STREET 1,500 SQ.FT IDEAL SPACE FOR OFFICE, SERVICE OR RETAIL I EASY ACCESS FROM EAST OR WEST I BETWEEN THE PARADISE ISLAND BRIDGES I DUAL ENTRY & EXIT I NEARBY BUSINESS ARE OFFICES, MEDICAL, RETAIL AND SERVICES I CUSTOMER PARKING I CALL TODAY TO VIEW

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percent. We think the customer is quite used to paying some sort of tax,” he added. Mr D’Aguilar said the VAT plan for the vacation rental sector remains a “work in progress”, and will not come into effect this budget cycle. “It will come in through legislation,” he explained. “It’s a work in progress. Inland Revenue has determined that it’s due and payable. We just have to set up the mechanism in order to register and collect. “If you put your home on Airbnb they will build VAT into the pricing model, and

HIGGS & JOHNSON will be closed on FRIDAY 15 June, 2018 in observance of the firm’s Staff Appreciation Day We regret any inconvenience caused MANAGEMENT

when the person pays the 12 percent when they book the house or room, that portion - the VAT portion - will be captured by Airbnb to be forwarded to The Bahamas government. If a person is renting a place for $100 per night, then it would be $100 plus the 12 percent VAT.” Mr D’Aguilar said the government does not intend to make the process “overly bureaucratic”. “We want to make it easy to deal with. The last thing we want to do is make it too cumbersome,” he added.

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PAGE 4, Thursday, June 14, 2018

THE TRIBUNE

$10m oil waste treatment project to create 30 jobs A $10M joint venture will create 30 jobs and add value to Freeport’s maritime sector through the treatment and recycling of ships’ oil waste. Executives from Portugal-based Eco-Oil Ltd and Queensway Navigation arrived on Grand Bahama yesterday for the project’s unveiling today, with Ian Rolle, the Grand Bahama Port Authority’s (GBPA) president describing the investment as a “red letter day”. The official announcement and launch ceremony of the project commencement, alongside GBPA executives, is scheduled for this morning at Freeport Harbour. Francisco Quintela,

ECO-Oil Portugal facility.

of Eco-Oil, said all parties have worked hard to

bring the MARPOL Services project to fruition.

“It has been a long way to reach this point, and I am delighted to be here today,” he said. “Eco-Oil Bahamas will bring MARPOL SERVICES to Freeport and to The Bahamas, and this will have a positive impact in the harbour community

and the entire industrial cluster.” Ian Rolle, the GBPA’s president, said: “Eco-Oil Bahamas represents an initial investment of around $10m that will provide quality jobs for Bahamians in a new and exciting industry. “Additionally, as a result of this project, Grand Bahama can now offer an essential service to the vast number of vessels transiting our water ways. A service which will be provided in a manner consistent with global best practices for the protection of our precious marine and land resources.” The project will be split between a proposed shorebased facility and ship operations, supported by Queensway Navigation and Eco-Oil Ltd, respectively. It aims to treat 60,000 tons of oily ships’ waste per year, a volume equivalent to 500,000 barrels. Several thousand barrels of reusable oil will be recycled through

this process. Derek Newbold, the GBPA’s senior manager of business development and Invest Grand Bahama, said: “Today’s launch symbolises a commitment by all to the continued growth of Grand Bahama’s maritime and industrial sectors. “And, as a result of these efforts, our island will see the creation of 30-plus quality jobs for residents and the transfer of new trade skills to our labour pool. Moreover, Freeport is once again established as an industry leader, being the first port in the country - if not the Caribbean - to provide MARPOL services.” Mr Newbold added: “This branding will serve to not only further solidify our position as such, but also to advance our efforts to bring Freeport Harbour in alignment with other MARPOL compliant ports around the globe.”

Bahamas Bar Association 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, 29th day of June, 2018 at 3:00 p.m. The term of office for the following post of Council will expire in accordance with section 4 of the Act. Council Member(s) – One Year Nomination forms have been emailed. 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 15th, 2018 at 3:00 p.m. Proxy forms have been emailed and 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, 27th June, 2018. Dated the 12th day of June, 2018 Mrs. Joan Dilworth Honorary Secretary

THE TRIBUNE

Thursday, June 14, 2018, PAGE 5

Bahamas exposed to US travel agents

EMPLOYMENT OPPORTUNITY Comfort Suites Paradise Island is looking for an ambitious career-oriented individual for the following position:

SOUS CHEF

The role of the Sous Chef is to prepare culinary delights for our guest and execute the menu, ensuring a high level of performance, guest satisfaction and profitability. ESSENTIAL DUTIES AND RESPONSIBILITIES • Assist with the management of the day-to-day operation of the kitchen, coordinate food production schedules and ensure the highest level of food quality, taste and presentation. • Participate in actual food preparation, produce food of consistently high quality, taste and presentation. • Assist with the creation of new menus. • Control food cost by assisting in training kitchen staff on the proper methods of food preparation and handling. • Assist with the anticipation of trends, enacting approved profit-oriented and cost saving ideas/activities.

TRAVEL agents from Atlanta and New York familiarised themselves with The Bahamas’ tourism offerings on a trip that was part-sponsored by Delta Airlines. Their visit included Nassau as well as some of the Family Islands, such as the Exumas and the Abaco’s. “This was my first FAM (familiarisation) and my first trip to The Bahamas,” said Sonja Aller, an Atlanta-based travel agent. “To say the least I was blown away at the beauty of the island and the people. Everyone we came in contact with truly wanted to help, and to show us why their Bahamas was so special. After seeing it first-hand, I now understand the love for this Island.” Gabrielle Archer, the Bahamas’ Tourist Office’s

Atlanta area manager, and chief organiser of the trip, said: “The demand for The Bahamas has been growing exponentially, and therefore it is important that we keep our agents updated on our product. “Travel agent familiarisation trips allow for the agents to experience the product first-hand so that they can provide their clients with personal knowledge of Bahamian properties, activities and sights.” The group’s stay in Nassau was at the Warwick Hotel, Paradise Island. Other participating Bahamas vendors included Majestic Tours, which provided free daily transportation in Nassau; the Bahamas Out Island Promotion Board, which provided air fares to the Out Islands; Grand Isle

Resort in Exuma; Abaco Beach Resort and Boat Harbour Marina in Abaco; and Valentine’s Resort and Marina in Harbour Island. Sandals Royal Bahamian and Atlantis provided dinners and Franky Gone Bananas, Arawak Cay, provided a complimentary sampling of conch salad, conch fritters and daiquiris for the group. “The Fam was very helpful with understanding The Bahamas more than what I have learned in the past. It was so nice to see the history of the island and the Out Islands. The people are so friendly, sincere and welcoming. The food is amazing, too. I am looking forward to selling The Bahamas with the knowledge I have learned on this Fam,” said Ruby Stansfield, of “Ruby’s Travel”, New York.

LUMINA POINT, Georgetown, Exuma.

FRANKY Gone Bananas at arawak cay.

Position Requirements: • A minimum of three (3) years of Culinary and supervisory experience required. • An associate’s degree from a Culinary School of Arts or an equivalent is required. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to rmunroe@comfortsuitespi.com

Career Opportunity Job title: Junior Analyst Closing date: Tuesday, June 19th, 2018 A diversified financial services and management firm requires a Junior Analyst to become an integral member its Accounting & Finance Team. This individual will be responsible for: • Acquiring data from primary or secondary data sources and maintaining databases and other appropriate data files; • Developing and implementing data analyses, data collection systems and other strategies that optimize statistical efficiency and quality; • Analyze the company’s revenue and banking data to prevent revenue leakage and spot trends in cash collections and movements; • Working with management to prioritize business and information needs; • Providing advice and support to Management and Operations; and • Assisting with the maintenance of the Company’s financial accounting, monitoring, and reporting systems. Candidates should possess a Bachelor’s degree (or substantive progress toward a Bachelor’s degree) in Finance, Computer Science, Economics, Information Management, Accounting, Mathematics, or Statistics. A minimum one year of experience in an accounting, treasury, or finance environment is preferable but not required. Recent college graduates and current parttime students with superior Microsoft Excel and Access skills are encouraged to apply. Candidates must have good communication skills, be flexible and have a positive attitude. Candidates will be required to undergo a thorough background check and must provide suitable character and employment references. Please submit resumes to employed242@gmail.com.

PAGE 6, Thursday, June 14, 2018

THE TRIBUNE

VAT ‘pales’ against $350m health leak Oil explorer targeting ‘window of opportunity’ FROM PAGE ONE

FROM PAGE ONE exploration in Bahamian waters two steps closer following a period where Mr Potter conceded progress had been “disappointing”. “The outlook for the oil and gas industry in 2018 is more positive than it has been in any of the past five years, given the sustained recovery in the oil price and the pick-up in global exploration activity,” Mr Potter told BPC’s shareholders in commentary attached to the company’s 2017 annual results. “The strong fundamentals of our project remain unchanged - we have a world-class asset, with multibillion barrel potential. It is thus incumbent on us at the company to use the current window of opportunity, and during 2018, move forward to finalising an agreement sufficient to enable the commencement of the first exploration well on our licences.” Mr Potter said these factors had “added energy and urgency to our farm-out process, which has gained considerable momentum over the year... We are

currently in an exclusivity period with a major international oil company, and I am happy to report that discussions are progressing constructively”. The Bahamian-based oil explorer will entertain no other parties during the three-month exclusivity agreement, with Mr Potter previously telling Tribune Business that the oil major’s move represented a show of confidence in BPC’s project and its prospects of success. He declined to name BPC’s potential partner, citing confidentiality agreements, but it will pay the company $250,000 per month for the duration of the initial exclusivity - netting the company a total $750,000. The prospective “farm-in” partner also has an option to extend the exclusivity for a maximum further three months, again paying the same rate. BPC’s rate of progress had already heated up the previous week, with the company submitting its “Environmental Authorisation” application for the necessary permits in that area to the government. The search for a joint venture partner, who will

share the financial and technical burden of drilling the first exploratory well, is the second “parallel path” that BPC has been working on for several years, and it is now moving forward on both fronts. Mr Potter said BPC was now talking to the government about a further extension of its licence, which runs until June 2019, as well as the process for dealing with its “Environmental Authorisation” application. “The company is presently in ongoing discussions with the government in relation to the extent to which a further extension is warranted as a result of other events outside of the company’s control since 2015,” he added of BPC’s licence. “In compliance with requirements introduced under the newly-implemented environmental protection regulations, the company filed an application for Environmental Authorisation in April 2018, representing the mandated first step under the regulations to commencing offshore field activity.

SEE PAGE 10

government’s finances on a sustainable footing. “One issue that really has been the 800-pound gorillain-the-room, when we look at private healthcare services and spend on private care, is a disproportionate amount of private health spend takes place outside The Bahamas where VAT is not captured,” he told Tribune Business. “We estimate that as much as $350m of Bahamian premium dollars are spent in South Florida. None of that spend is subject to VAT. It’s a non-issue. The issue is that the premium dollars, or charge for the product [on consumers], is subject to VAT. “Ultimately we’ve got to have an even more holistic view of our healthcare approach. Where I’m headed with this is, in the longerterm, how we can optimise our healthcare system to repatriate that spend,” Dr Sands continued. “That’s the more important conversation. Whether there’s a 4.5 percentage point increase in the VAT on healthcare services, yes, it’s important, but it pales into comparison with the conversation about 50 percent of healthcare spend going outside the country, which makes

it impossible to develop the healthcare system. “When we look at the challenge in the country, we need to take a look in the mirror and ask: Are we more concerned about developing The Bahamas, or are we more concerned about developing South Florida?” Further illustrating his point, Dr Sands said the $70m in annual taxpayer-funded medical insurance premiums, and significant NIB industrial claims payouts, exceeded Doctors Hospital’s annual $54m in patient revenues and the “less than $12m” generated by the Public Hospitals Authority’s (PHA) private services. “We’re now starting to drill down on a much bigger fish that needs to be fried. We’re paying attention to pennies,” he added of VAT-related fears, “although I don’t mean to trivialise the concern for the average Bahamian. “But the tens of dollars, hundreds of dollars being spent elsewhere; that has absolutely no benefit in this economy. It’s a huge problem.” Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, yesterday warned that increased healthcare costs stemming from the VAT rate increase could further stretch an already overburdened public health system as medical insurance’s affordability was pushed beyond the reach of many Bahamians (see other article on Page 1B). Dr Sands acknowledged this was “a real concern”, but said the impact would likely be much less compared to when the health insurance industry feared for its very survival under the Christie administration’s National Health Insurance (NHI) plan. “That is certainly a real possibility. It’s a real concern, particularly given the fact the public health sector is so significantly challenged,” Dr Sands agreed of reduced private health insurance penetration. “But, if you recall 20152016, there was some concern whether that industry would continue to exist. Is the glass half empty or half full? It’s all a matter of perspective.” The Minister added that the VAT hike’s impact on healthcare costs would be mitigated by the fact most Bahamians access such services through the public - rather than private - system where the tax is not levied.

“That is true for some,” he said of rising healthcare costs, “but bear in mind a significant portion of healthcare is delivered in a VAT-free environment. If you look at access to healthcare services, the vast majority of Bahamians access it through the public sector. “I suspect a significant group - in excess of 50-60 percent, 70 percent - will see no increase in VAT, and possibly a reduction. That is a ‘back of the napkin’ calculation, and I can’t point to a specific study in relation to VAT and healthcare expenditure. “But based on the number of people accessing the public healthcare system, the clinics and hospitals, compared to the number of people seen by the private sector, I suspect for the majority of individuals the increase in VAT is not going to be much of an issue.” Dr Sands acknowledged that he had previously urged the removal of VAT from all healthcare products and services, but said yesterday that the government’s dire financial circumstances meant such a desire was no longer possible. “Certainly it is not what I would have hoped for looking at it through the prism of healthcare,” he told Tribune Business. “I am sure none of us is celebrating an increase in taxes. “However, we have to look at this thing in terms of the greater good and bigger picture... We’re all in this together. It’s a pity we’re here, but we’re here. When you’re served lemons, you have to make lemonade. “It is the lot we have been served, the hand we have been dealt, and how we deal with it will determine if we’re creative, forward looking and progressive in terms of what the end result is.” Dr Sands said The Bahamas had faced challenges before, such as the aftermath of the September 11 attacks and 2008-2009 recession, and had “made it through” both times. He suggested the country will do so again. The Minister said “all medicines”, including prescriptions and over-thecounter, were covered by the budget’s VAT “zero rating” treatment. He added that he would provide more details on the government’s catastrophic care plan when he makes his budget debate contribution today.

Cable Technician NEEDED Triple W Bahamas Ltd. is seeking applications for a Cable Technician.

Applicants should have a least five (5) years experience working with high voltage lines Applicants should contact manager at 242-601-8411

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

THE TRIBUNE

Thursday, June 14, 2018, PAGE 7

VAT hike puts further strain on cook-outs FROM PAGE ONE accessible and affordable for all Bahamians. Revealing that he was “personally” troubled by the tax hike’s implications, Mr Komolafe said it was likely to impose an increased burden on the public healthcare system as Bahamians either dropped or reduced private health insurance coverage due to the increased costs. While welcoming the government’ decision to “zero rate” medicines, the BIA chair said these typically accounted for no more than 6-14 percent of the Bahamian health insurance industry’s typical claims costs. As a result, Mr Komolafe suggested the Minnis administration’s efforts to minimise the 12 percent VAT’s impact on healthcare “don’t go far enough” - especially since the increase will raise costs ranging from a doctor’s visit/ check-up through to surgeries, imaging and diagnostics. Dr Duane Sands, minister of health, yesterday told Tribune Business that the VAT hike would likely have minimal impact on healthcare costs for 50-70 percent of Bahamians given that the tax was not levied on public system users (see other article on Page 1B). Yet Mr Komolafe questioned whether the government’s fiscal and tax policies were aligned with its healthcare objectives, and expressed doubts over whether the public sector would be able to cope with any significant shift of patients from the private sector - especially since the National Health Authority’s budget has been slashed by 50 percent to $20m. “This is something that is very concerning for me personally, increasing healthcare costs for The Bahamas,” he told Tribune Business, emphasising that the VAT increase’s implications went far beyond the health insurance sector. “What is, in fact, the plan for healthcare? Is it still the case that we’re trying to be the healthiest nation in the Caribbean by 2030? Are we trying to make sure more persons have access to healthcare in a timely

EMMANUEL KOMOLAFE manner that’s affordable?” Mr Komolafe asked. “I can’t reconcile that philosophy, that strategy, with the decision to increase the VAT rate by 60 percent. I can’t reconcile that with the decision to make it more expensive for persons not insured, and those who are insured, to access quality healthcare. “Health insurance provides financial protection, but it’s about being able to access quality healthcare when you need it. You have people with health insurance that will be impacted negatively by this move to increase the VAT rate on healthcare.” With insurance shown to be price sensitive, and the 12 percent VAT set to lower living standards across the board, Mr Komolafe said employers, households and individuals “on the margin” may either reduce or drop coverage entirely. While the government has sought to mitigate the impact by “zero rating” medicines, the BIA chair said this was not enough since they account for a minor proportion of overall healthcare costs. “I personally think it’s positive, it’s welcome, but it doesn’t go far enough,” he told Tribune Business. “When you look at the numbers, medicine accounts for between 6-14 percent of claims costs. “Everything else, which is not receiving any relief from a tax perspective, makes up the rest of the claims costs. People use cook-outs to raise funds for medical procedures which they are now levying increased taxes on. “It’s positive to ‘zero rate’ medicines, but you’re still putting an additional tax burden on persons who are seeking to access this very important, essential, good or service in the form of healthcare. That’s the challenge I have. I can’t shake it off.” Mr Komolafe added

IMMEDIATE POSITIONS AVAILABLE FOR

CUSTODIANS/SECURITY OFFICERS Applicants should be hardworking, reliable and able to work flexible hours. Copies of the first three pages of a valid Bahamian Passport and a current Police Record should be emailed to: jobs2018bah@gmail.com by June 21, 2018

that the VAT “exemption” for medicines would only benefit Bahamians at “the back end”, when they had already fallen sick, rather than contribute to wellness and preventative initiatives. However, the government may itself benefit through the National Prescription Drug Plan that is operated by the National Insurance Board (NIB). Some $13.589m in drug plan arrears will be paid this upcoming fiscal year as part of the $172m in unfunded bills that the government plans to tackle - a major factor in the VAT rate hike. “In the bigger scheme, this does not align with the objective of making healthcare more accessible and affordable to persons,” Mr Komolafe argued of the VAT rise. “What are the consequences if we have attrition on the health insurance side and people can’t afford it? “You’re putting them into the public healthcare system, which is already over-burdened and in need of an upgrade. It’s not that we have the capacity in the public sector to accommodate any fall-off in persons protect their health risk with insurance. The budget for NHI has been reduced year-on-year.” Mr Komolafe said the VAT increase appeared “to be at odds” with the position taken by Dr Sands in the 2072018 budget, who said then that he wanted to see the tax removed from healthcare. The BIA chair added that the insurance industry was seeking further clarity on the transition to a 12 percent VAT rate, given that its contracts with group and individual insureds were long-term with a 7.5 percent rate already locked-in. Thousands of clients paying by direct debit or salary deduction will now have to adjust this amount to account for VAT-increased premiums, and Mr Komolafe said: “It’s not like flipping a switch on July 1 and all these things will be fixed. “In some cases, we have to send out mail, and given the challenges with the mail some persons will not get it. It’s extremely important adequate time is provided for implementation.”

PAGE 10, Thursday, June 14, 2018

THE TRIBUNE

OIL EXPLORER TARGETING ‘WINDOW OF OPPORTUNITY’ FROM PAGE SIX “The company is presently in ongoing discussion with the government in relation to the process by which the application will be progressed in a timely manner.” Mr Potter blamed regulatory issues, as well as the “oil price collapse” between 2015-2017, for the protracted time it has taken to secure a joint venture partner and move its first exploratory well to the point of drilling. “Progress in this regard over the last few years has been disappointing, despite our best efforts,” he conceded. “Initiatives over this period were impeded by a variety of ‘above ground’ issues, in particular, the compound effect of two factors: The extensive

length of time taken for licence renewal and the implementation of updated petroleum regulations in The Bahamas - in aggregate, over five years, and the oil price collapse in the period 2015-2017.” Describing the “exclusive” negotiating partner as “a suitable candidate for partnership”, Mr Potter said should talks prove successful it will take an ownership interest in BPC’s licences “in return for paying all or a substantial part of the costs of an agreed drilling program (but at a minimum sufficient to see the first exploration well completed), and making a cash contribution towards the costs historically incurred by the company”. Bill Schrader, BPC’s chairman, told shareholders that the Minnis administration viewed development

of an oil and gas industry as a key component of The Bahamas’ economic future based on its embrace of the $5.5bn Oban Energies project. “The new government has made the development of a robust and successful local oil and gas industry a key plank of its vision and strategy for The Bahamas,” Mr Schrader wrote. “This has included, for example, the new government indicating its support for a $5.5bn oil and gas refinery development on Grand Bahama in February 2018. “Over the past six months, company management has engaged proactively and productively with the new government, and we look forward to working collaboratively as we continue to progress our project.”

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

Common Law and Equity Division

2017 CLE/GEN/0424

IN THE MATTER of an Indenture of Mortgage made the 6th day of October, A.D. 2006 between Danny G. Fowler and Sabrina S. Fowler and Finance Corporation of Bahamas Limited. AND IN THE MATTER of The Mortgages Act, Chapter 156 of the Revised Laws of the Commonwealth of The Bahamas BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED Plaintiff AND DANNY G. FOWLER First Defendant AND SABRINA S. FOWLER Second Defendant NOTICE OF ADJOURNED HEARING TAKE NOTICE that the hearing of the Originating Summons filed on the 31st day of March, A.D., 2017 which was scheduled to be heard on Wednesday, the 28th day of February, A.D., 2018 at 9:30 o’clock in the forenoon before the Honorable Madam Justice Guillimina Archer-Minns of the Supreme Court in Chambers which was adjourned and scheduled to be heard on Tuesday, the 24th day of April, A.D., 2018 at 9:30 o’clock in the forenoon has been adjourned and is now scheduled to be heard on Thursday the 21st day of June, A.D., 2018 at 9:30 o’clock in the forenoon before the Honorable Madam Justice Guillimina Archer-Minns of the Supreme Court, Judicial Complex Building, Bank Lane, Nassau, New Providence, Bahamas.

DATED the 9th day of May, A.D., 2018

HIGGS & JOHNSON Ocean Centre, Montagu Foreshore, East Bay Street, Nassau, Bahamas. Attorneys for the Plaintiff

Trump declares oil prices too high, blames OPEC By DAVID KOENIG Associated Press PRESIDENT Donald Trump blames OPEC for oil prices that he says are too high, and no doubt many Americans feel the same way. But it’s more complicated than that. Crude has more than doubled since bottoming out below $30 a barrel in early 2016, causing US motorists to face the highest gasoline prices since late 2014. On yesterday, the national average for a gallon of regular stood at $2.91, up 25 percent from a year ago, according to the AAA auto club. “Oil prices are too high, OPEC is at it again. Not good!” Trump tweeted yesterday morning. OPEC is the Organization of Petroleum Exporting Countries. Members of the cartel, led by Saudi Arabia,

and other big producers including Russia have played a role in reversing the plunge in crude prices that started in 2014. They have shown discipline in limiting production since the start of last year, helping push up the benchmark price of international crude. Prices, however, were already rising on growing demand and expectations that a sharp pullback in new investment by oil companies would reduce the oil supply. “Over time it would have happened anyway because of the cutbacks in (drilling) investment, but definitely OPEC’s cut in production helped speed the reduction of the oil glut,” said Phil Flynn, an oil analyst for The Price Futures Group. Some estimates put the post-crash reduction in investment by major oil companies such as Exxon Mobil, Chevron and BP at more than $1tn. Flynn compared that to eliminating the

fourth-largest oil producer in the world. Meanwhile, output from Venezuela — a major oil exporter to the US — has plunged as the country goes through a political and economic crisis. Most analysts expect production there to go even lower. While Venezuela is a member of OPEC, “the disaster in Venezuela, which has created a hole in the market, is not the fault of OPEC,” said Daniel Yergin, the vice chairman of research firm IHS Markit and author of several books on the energy industry. Then there is Iran, OPEC’s third-biggest producer. The country boosted production after the US lifted sanctions related to Iran’s nuclear programme in 2016, but analysts expect output to fall when the Trump administration’s decision to withdraw from the deal takes full effect later this year.

THE TRIBUNE

Thursday, June 14, 2018, PAGE 11

Family Islands urge: ‘tax web shops to the hilt’ FROM PAGE ONE community. Both men backed the government’s move to impose tax rate hikes of up to 355 percent on the sector due to its economic and social impact, especially in the Family Islands, and to rectify the redistribution of wealth from the many into the hands of a few. “From my point of view the taxation is warranted because the gaming industry has left the Family Islands in shambles,” Mr Simms told Tribune Business. “It has sucked money out of the economy that, one time ago, would have circulated in it. “It has left families in shambles. Mothers who are addicted are gambling the lot, and sending their children to school with little or no lunch and having to lean on others in the community to fill the void left by their gambling addiction. I’ve seen it on all the islands; every island, every single island. It’s widespread.” Mr Simms, a regular traveller around the Family Islands in his Chamber role, added: “I was in Acklins recently and they don’t want any web shop there. There was one there, and they’re not interested in it coming back. “One of the interesting conversations was, when the web shop was there, people were eating Ramen noodles and soup because they were gambling the lot. Now the web shop is not there, normal healthy eating habits have resumed. “They don’t want a web shop in Acklins. They’re not interested. It’s devastating communities.” Mr Simms welcomed the Bahamas Gaming Operators Association’s (BGOA) recently-launched education and anti-addiction initiatives, which are intended to supplement those of individual operators, but suggested this had come far too late for many Bahamians grappling with such problems. He added that many in Nassau were likely unaware of the web shop industry’s effects on the Family Islands, and said: “One time the money used to circulate in these economies, and now it’s leaving. It’s having a devastating impact

on these islands.” The Chamber executive added that, just like alcohol and smoking, gambling is considered a “sin” industry and is heavily taxed in almost every jurisdiction in the world. Given the burden its activities were imposing on the Public Treasury and the government’s social security budget, Mr Simms said the Minnis administration was justified in seeking such a jump in the web shops’ tax contribution. “Hopefully this helps to alleviate some of the burden the government has had to assume because of people’s gambling addictions,” he explained. “The burden has fallen on social security and the like. “The government has had to effectively pick up the tab because of the gaming industry. It is now moving the chairs around and saying: You’re leaving us with a bill, now you pick it up. It’s falling on us as taxpayers. “If you, the web shops, don’t want to address the chronic gambling issue we’ll step in and do it. You’ve had more than enough time.” Mr Simms said the web shop industry was sucking money away from other businesses and the productive sectors in what were alreadychallenged Family Island economies, producing what he described as a “ripple effect” that was depressing commerce and depopulating communities as persons headed to Nassau for work. “This is a first-hand account,” he told Tribune Business of the problems. “It’s not someone telling me a story. Everywhere I go people are speaking out against it. “Hopefully the government and web shop operators come to an amicable solution where all parties are happy, and we are able to address gambling addiction meaningfully and in earnest.” Mr Simms, though, argued that the government should have opted for a national lottery rather than legalise the web shops in 2014. “Neil, I can tell you this,” he said. “What was allowed to have happened should never have happened. “It should have been a National Lottery. Who allowed them [the web shops] to get away with

murder should never have happened. It should have been a national lottery.” Mr Cartwright, too, backed a national lottery as preferable to the current structure where “only a few benefit from the tremendous wealth” generated by the web shop industry. “I fully support higher taxes on the web shop industry,” he told Tribune Business. “Tax them to the hilt. No one knows the exact impact on Long Island. Some say $500,000 island every month, but I don’t think the economy is that large. “I think it’s probably $150,000 to $200,000, and that is still a lot of money for an island with a population of only 3,000 people. It’s not good for Long Island. Gambling is like being addicted to drugs. People pay it before they make allowances for the necessities in life, like food and clothing.” Mr Cartwright said the web shop industry’s rapid Family Island expansion had coincided with the closure of commercial bank branches - events he believed were connected. Royal Bank of Canada’s (RBC) closure this week leaves Long Island with just a Scotiabank facility that is open two days per week. “It’s horrible for Long Island,” he told Tribune Business. “It sends the wrong message to businesses and investors. It’s not healthy for our economy at all, and it’s very sad that in 2018 we’re going backwards in time it seems.” The present tax structure requires web shop operators to pay 11 percent on taxable revenue or 25 percent of EBITDA (earnings before interest, taxation, depreciation or amortisation), whichever is greater, plus a two percent contribution to community causes - equating to 13 percent of gross gaming revenues. However, under the government’s proposed new “sliding scale”, web shops will pay: • Up to $20m in revenue, a rate of 20 percent.

To advertise in The Tribune, contact 502-2394

• Between $20m and $40m, a rate of 25 percent. • Between $40m and $60m, a rate of 30 percent. • Between $60m and $80m, a rate of 35 percent. • Between $80m and $100

million, a rate of 40 percent. • Over $100m, a rate of 50 percent. And, in a nasty twist as far as web shop operators are concerned, the government has also imposed new

taxation on gamblers themselves rather than the sector. Patrons, from July 1, will have to pay a five percent stamp tax on both their web shop deposits and non-online games/digital sales.

THE ANGLICAN DIOCESE OF THE BAHAMAS AND THE TURKS AND CAICOS ISLANDS (Incorporated Trustees Of The Church Of England In The Bahamas)

FINANCIAL COMPTROLLER The Diocese of The Bahamas and The Turks and Caicos Islands is seeking a suitably qualified individual to fill the position of Financial Comptroller. This officer is the chief financial functionary for the Diocesan Office. Duties include, but are not limited, to: • Managing the efficient operation of the Accounts Departments of the Diocesan Office and the four schools of the Anglican Central Education Authority (ACEA), ensuring adherence to policies and procedures. • Having control of the finances of the Diocese and the keeping of proper records of financial transactions.

• Preparing monthly reports on the financial position of the Diocese to the Bishop, The Synod, The Diocesan Council, The Diocesan Finance Committee, The Anglican Central Education Authority, The Diocesan Pension Board and The Property Committee. • Preparing all financial statements for the Diocese in accordance with International Financial Reporting Standards. • Acting as a contact person and liaise with external auditors, bankers and government agencies. • Assisting with the preparation of the Diocesan budget. • Supervising the maintenance and repairs of non-parochial Diocesan buildings and grounds in New Providence, with the exception of the schools. • Traveling to Family Islands as required. • Performing other duties as requested by the Bishop, the Bishop-in- Council or Diocesan Administrator. The successful candidate should possess: • A Bachelor’s Degree in Accounting • CPA desired but not necessary • At least 10 years’ relevant experience • Up to date knowledge of accounting regulations. • A strong proficiency in Microsoft Office and Peachtree Programs. • Strong written and oral communication skills. • Excellent leadership and management skills, with hands on approach. • Good organizational skills and a commitment to timely and accurate reporting. Applications must contain a cover letter and CV and may be submitted via email to hr@bahamasanglican.org or dropped off at the Diocesan Office, Sands Road no later than Friday, June 15th, 2018 at 5p.m.

PAGE 12, Thursday, June 14, 2018

THE TRIBUNE

Worker protections seen at risk in Trump health care shift WASHINGTON Associated Press THE TRUMP administration’s latest move against “Obamacare” could jeopardize legal protections on pre-existing medical conditions for millions of people with employer coverage, particularly workers in small businesses, say law and insurance experts. At issue is Attorney General Jeff Sessions’ recent decision that the Justice Department will no longer defend key parts of the Obama-era Affordable Care Act in court. That includes the law’s unpopular requirement to carry health insurance, but also widely supported provisions that protect people with pre-existing medical conditions and limit what insurers can charge older, sicker customers. Two independent experts said yesterday that the administration appears to

be taking aim at provisions of the ACA that protect people in employer plans, not only the smaller pool of consumers who buy a policy directly from an insurer. The new Trump administration position was outlined last week in a legal brief filed by the Justice Department in a Texas case challenging the Obama health law. Workers “could face the prospect of insurance that doesn’t cover their preexisting conditions when they enroll in a plan with a new employer,” said Larry Levitt of the nonpartisan Kaiser Family Foundation. University of Michigan law professor Nicholas Bagley said the administration does not appear to have thought through all the consequences of moving against one provision of a health law that has many complicated interlocking parts. “The lack of care on the brief is jaw-dropping,”

NOTICE In the Estate of WILLIAM KEVIN SWEETING late of No. 7 Hamshire Street in the Western District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 19th day of July, 2018, after which date the Executor will proceed to distribute the assets having regard only to the claims of which he shall then have had notice. AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. HIGGS & JOHNSON Chambers Ocean Centre Montagu Foreshore East Bay Street P. O. Box N-3247 Nassau, Bahamas. Attorneys for the Estate of William Kevin Sweeting

said Bagley, who supports the Obama health law but considers himself a “free agent” critic of both sides. “There is no question that the Trump administration has to clarify what the scope of its injunction would be and grapple with the consequences of mowing down parts of the ACA. “For someone with a preexisting condition thinking about switching jobs, the answer to the question could make a life-changing difference,” added Bagley. Both Bagley and Levitt said their questions about the administration’s intentions arose from language in the Justice Department brief that specifically singles out sections of the health law that apply to employer plans. The ACA strengthened previous protections already in federal law that limited the circumstances and length of time under which an employer could exclude coverage for a worker’s pre-existing health problems. The Trump administration had no immediate rebuttal to the issues raised by the two experts.

BAHAMAS SHRUGS OFF REGIONAL TOURISM FALL By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas saw 18 percent growth in tourist arrivals during the 2018 first quarter, the Ministry of Tourism’s director-general yesterday saying this drove a 39 percent hotel room revenue rise. Joy Jibrilu, who addressed the Caribbean Aviation Meet-up 2018 conference, said: “In The Bahamas, 2017 was a fruitful year in terms of new tourism developments, and 2018 is looking up as well. “Improved airlift capacity to The Bahamas from key markets has assisted the overall increase of stopover arrivals to Nassau/ Paradise Island and the Family Islands since the passage of Hurricane Irma. Tourism on Grand Bahama remains depressed, but a master plan has been proposed for the revitalisation of tourism on the island as we seek to support the re-opening of the island’s largest hotel properties.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MONIQUE FARRAH STUART of #15 Emancipation Drive, Balao Loop, Freeport Grand Bahama, The Bahamas, mother of Philip Amari Curry intend to change my child’s name to AMARI MICAH CURRY . If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that MARKLUVIN ESTERLING of General Delivery, Queen’s Highway, Palmetto Point, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

JOY JIBRILU

Mrs Jibrilu added: “An overall increase in air arrivals to The Bahamas in the first quarter of this year was supported by improved airlift capacity and increased hotel room inventory on New Providence, as well as increased overall demand for Bahamas vacations over the Easter holidays. As such, room revenues at our hotels were up 39 percent in the first quarter.” She said international arrivals to the Caribbean region increased by 2.3 percent in 2017 despite the negative effects of the 2017 hurricane season. “This reflects increased arrivals

from all major source regions except South America,” Mrs Jibrilu added. “Arrivals from Canada and Europe performed particularly well, increasing 12 percent and 6.1 percent, respectively. When we look at this percentage increase and compare it to global growth we note that the Caribbean is lagging behind, even though we are the most room dependent region in the world. We should be even more concerned when we note that arrivals slowed somewhat in the first quarter of 2018, being down 6.2 percent across the Caribbean.”

NOTICE

NOTICE is hereby given that FELICIA NORELIS of Fox Hill Road, Nassau, 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 7th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Burnetta Morrison nicholls of #19 Young Street off East St., P.O. Box SP-62776, New Providence, The Bahamas, intend to change my name to ruth Burnetta Morrison . If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE ROMULUS ASSETS LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ROMULUS ASSETS LIMITED is in dissolution as of June 12th, 2018. EFS ASIA III LTD situated at Ground Floor, Coastal Building, Wickhams Cay II, PO Box 3169, Road Town, Tortola, British Virgin Islands, is the Liquidator. LIQUIDATOR ______________________

THE TRIBUNE

Thursday, June 14, 2018, PAGE 13

Fed raises key rate and sees possible acceleration in hikes

FEDERAL Reserve chairman Jerome Powell. WASHINGTON Associated Press THE Federal Reserve took note of a resilient US economy yesterday by raising its benchmark interest rate for the second time this year and signaling that it may step up its pace of rate increases. The Fed now foresees four rate hikes this year, up from the three it had previously forecast. The action means consumers and businesses will face higher loan rates over time. The central bank raised its key short-term rate by a modest quarter-point to a still-low range of 1.75 percent to two percent. With the economy now nine years into an expansion, the move reflects the steadiness of growth, the job market’s strength and inflation that’s finally reaching the Fed’s two percent target level. Economists said the Fed left little doubt that it’s prepared to increase the pace of its credit tightening to guard against high inflation later on. “The labor market is getting tighter, and price pressures are picking up,” said Greg McBride, chief financial analyst at Bankrate. com. “The Fed is prepared to be quicker about pushing rates higher.” It was the Fed’s seventh rate increase since 2015, and it followed an increase in March this year. The announcement helped resolved a debate in financial markets over whether the Fed under Jerome Powell, who succeeded Janet Yellen as chairman in February, might see a need to signal a possible acceleration in rate hikes. The statement the Fed issued yesterday after its latest policy meeting ended suggested that he does. Besides raising its projection for rate increases this year from three to four, the Fed removed a key sentence from the previous statement that had been viewed as foreseeing a need to keep rates low for an extended period. The Fed’s new projection for the pace of rate hikes shows four this year, three in 2019 and one in 2020. At a news conference, Powell sought to portray the Fed’s actions as evidence mainly that the economy is doing well and not that the central bank is eager to accelerate its rate increases. “The economy is in great shape,” Powell said. He acknowledged that the Fed is hearing concerns from some business executives about the Trump administration’s combative trade policies, including anecdotal cases in which companies have postponed hiring or major purchases. But Powell added, “For now, we don’t see that in the numbers at all.” Trump has slapped tariffs on steel and aluminum imports, has threatened additional tariffs on Chinese imports and has directed his administration to consider further duties on imported cars. Those moves have inflated steel and aluminum costs. Powell appeared at ease yesterday in fielding questions ranging from the intricacies of monetary policy to banking regulation and even to whether marijuana should be legalised. (He said that as Fed chairman, he had

no position on that.) And he announced that in the interest of public transparency, he will begin next year to hold a news conference after each of the Fed’s eight policy meetings each year, rather than only once a quarter. “This does not signal anything about the future pace of interest rates hikes,” the chairman cautioned. Since the Fed began holding quarterly news conferences in 2011, it has announced major policy moves only at the quarterly meetings, which have all been followed by a news conference by leader of the Fed. The central bank’s new median forecast projects the Fed’s benchmark rate at 3.1 percent by the end of 2019, up from 2.9 percent in the previous forecast. For 2020, the Fed foresees a median of 3.4 percent. That means that by then, it thinks its key rate will finally exceed the 2.9 percent it sees as neutral — as neither stimulating nor restraining growth. Should the Fed’s expectations prove accurate, its policy would then be intended to slow the economy. The Fed now envisions stronger growth this year — 2.8 percent, up from the 2.7 percent it predicted in March. Unemployment, now at an 18-year low of 3.8 percent, would drop to 3.6 percent by year’s end and to 3.5 percent in 2019 and 2020 — levels not seen in 49 years. Inflation by the Fed’s preferred gauge would hit its two percent target this year and edge up to 2.1 percent over the next two years. A gradual rise in inflation is coinciding with newfound economic strength. Consumer and business spending is powering the economy, in part a result of the tax cut President Donald Trump pushed through Congress late last year. With employers hiring at a solid pace month after month, unemployment has reached 3.8 percent. Not since 1969 has the jobless rate been lower. Beginning in 2008 in the midst of the financial crisis, the Fed had kept its key rate unchanged at a record low near zero for seven years. It then raised rates once in 2015, once in 2016, three times in 2017 and now twice this year. The Fed aims to achieve its mandates of maximising employment and stabilizing prices by lowering rates to spur growth during times of economic weakness and raising rates to slow growth if the economy threatens to overheat. When the Fed tightens credit, it aims to do so without derailing the economy. But if it miscalculates and overdoes the credit tightening, it can trigger a recession. At nine years, the economic expansion is now the second-longest in history. It will become the longest if it lasts past June 2019, at which point it would surpass the expansion that lasted from March 1991 to March 2001. The Fed’s pace of rate hikes for the rest of the year could end up reflecting a tug of war between a sturdy economy and the risks to growth, including from a potential trade war that could break out between the United States and such key trading partners as China, the European Union, Canada and Mexico.

PAGE 14, Thursday, June 14, 2018

THE TRIBUNE

Comcast challenges Disney with $65B bid for Fox

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NEW YORK Associated Press COMCAST made a $65bn bid yesterday for Fox’s entertainment businesses, setting up a battle with Disney to become the next mega-media company. The bid comes just a day after a federal judge cleared AT&T’s takeover of Time Warner and rejected the government’s argument that it would hurt competition in cable and satellite TV and jack up costs to consumers for streaming TV and movies. The ruling signaled that Comcast could win regulatory approval, too; its bid for Fox shares many similarities with the AT&TTime Warner deal. Comcast says its cash bid is 19 percent higher than the value of Disney offer as of yesterday. The Wall Street Journal and others reported earlier that Comcast had lined up $60bn in cash to challenge Disney for

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MARKET REPORT WEDNESDAY, 13 JUNE 2018

1/25/17 11:54 AM

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

BISX ALL SHARE INDEX: CLOSE 1,919.98 | CHG 11.29 | %CHG 0.59 | YTD -143.59 | YTD% -6.96 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 11.00 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 8.50 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 3.85 10.05 2.53 1.60 7.55 6.10 11.00 6.32 3.44 12.51

CLOSE 4.50 17.43 9.09 3.85 1.01 0.18 3.15 8.89 6.12 3.85 10.90 2.57 1.60 7.55 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 0.00 0.85 0.04 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 1.00

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

107.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.14 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

107.66 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

13,150 5,000

105,400

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 0.665

DIV$ 0.080 1.130 0.000 0.230 0.000 0.010 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 17.4 25.2 4.8 N/M 5.4 16.2 10.4 11.7 18.8

YIELD 1.78% 6.48% 0.00% 5.97% 0.00% 5.56% 0.00% 3.60% 3.59% 3.12% 5.69% 2.33% 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

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

media mogul Rupert Murdoch’s company. Disney’s offer was for $52.5bn when it was made in December, though the final value will depend on the stock price at the closing. “This is a golden offer that will put considerable pressure on (Disney CEO Bob Iger) and Disney to step up their game on another bid,” GBH Insights analyst Dan Ives said. “This is even higher than the Street thought, which speaks to Comcast really wanting these key assets.” The battle for TwentyFirst Century Fox comes as traditional entertainment companies try to amass more content to compete better with technology companies such as Amazon and Netflix for viewers’ attention — and dollars. If the Comcast bid succeeds, a major cable distributor would control even more channels on its lineup and those of its rivals. That could lead to higher cable bills or make it more difficult for online alternatives to emerge, though there is not yet evidence of either happening following other mergers. For Disney, a successful Comcast bid could make Disney’s planned streaming service less attractive, without the Fox video. Content is becoming more important as ways to deliver content proliferate. Cable companies like Comcast are no longer competing only with satellite alternatives such as DirecTV, but also stand-alone services such as Netflix and cable-like online bundles through Sony, AT&T and others. Disney already started its own sports streaming service and plans an entertainment-focused one late next year featuring movies and shows from its own studios, which include Marvel, Pixar and “Star Wars” creator Lucasfilm. With the Fox deal, Disney would get more content for those services — through the studios behind the Avatar movies, “The Simpsons” and “Modern Family”, along with National Geographic. Marvel would get back the characters previously licensed to Fox, reuniting X-Men with the Avengers. Comcast, meanwhile, has been leading the way in marrying pipes with the entertainment that flows through them. It bought NBCUniversal’s cable channels and movie studio in 2013 and added Dreamworks Animation in 2016. The Philadelphia company has been tinkering with the traditional cable bundle, offering standalone subscriptions for some types of video along with smaller bundles of cable channels delivered over the internet. Comcast has said it will add Netflix to some cable bundles. With Fox, Comcast would expand a portfolio that already includes US television rights to the Olympics and comedy offerings such as “Saturday Night Live”. Comcast already owns such cable channels as CNBC, Bravo and SyFy.

Whichever company prevails would also control Fox’s cable and international TV businesses. That’s key for Comcast, which currently doesn’t have an international presence. The Fox television network and some cable channels including Fox News and Fox Business Network would stay with Murdoch’s family under either deal, as with the newspaper and book businesses under a separate company, News Corp. Fox shareholders are set to vote on the Disney bid on July 10. Despite Comcast’s higher offer, it’s not immediately clear whether Fox’s board would entertain it. According to regulatory filings, an unnamed company, widely thought to be Comcast, previously made an offer for Fox. But Fox went with Disney because of concerns it would face more regulatory scrutiny with the other company. That was before US District Judge Richard Leon ruled in AT&T’s favor and rejected the government’s argument that its takeover of Time Warner would hurt competition in pay TV and cost consumers hundreds of millions of dollars more to stream TV and movies. The government worried that AT&T, as DirecTV’s owner, could charge Comcast and other rival distributors higher prices for Time Warner channels like CNN or HBO. In turn, that could drive up what consumers pay. AT&T and Time Warner argue they’re simply trying to stay afloat in the new streaming environment. Disney wouldn’t face the same issues because it isn’t a television distributor as the way Comcast and AT&T are. But if Disney gets Fox, the combined movie studios would account for 45 percent of worldwide box office revenue, according to BTIG analyst Richard Greenfield. That could raise regulatory objections. A larger studio could use its power to keep its movies in more theaters longer, dampening competition from rival studios. Disney and Comcast had already been at battle in the UK over Sky TV. Fox has a 39 percent stake in that company and has been trying to buy outright, with the intention of selling the full company to Disney as part of that deal. UK regulators have given the OK to that offer if Fox sells Sky News. Regulators there also have cleared Comcast’s $30.7bn offer for the 61 percent of Sky that Murdoch doesn’t own. In addition to the $35-per-share cash offer, Comcast agreed to pay a $2.5bn termination fee if the deal doesn’t pass regulatory muster. It also agreed to reimburse Fox for the $1.5bn-plus break-up fee it agreed to pay to Disney if their deal doesn’t go through. Disney and Fox did not immediately respond to a request for comment.

PAGE 16, Thursday, June 14, 2018

THE TRIBUNE

SENATORS SEEK TO SOOTHE RELATIONSHIP WITH CANADA WASHINGTON Associated Press SENATORS from both parties sought to mend a frayed relationship with Canada during a closed-door meeting on yesterday with Canadian Foreign Minister Chrystia Freeland. The meeting involving

members of the Senate Foreign Relations Committee followed President Donald Trump calling Canadian Prime Minister Justin Trudeau “dishonest” and “weak” after the Group of Seven summit in Quebec over the weekend. Sen Bob Corker, the Republican chairman of the committee, said senators

expressed concerns about the president’s use of a national security waiver to impose tariffs on steel and aluminum from Canada. Corker said he believes it’s an abuse of presidential authority. Corker has sponsored legislation that would require Congress to sign off on such tariffs, called Section 232 tariffs, but he has struggled

to get a vote. Many Republicans are reluctant to pick a fight with Trump over trade right now as he seeks better deals with China and a slew of US allies. Freeland said Canada values its relationship with the US. However, she called the administration’s use of Section 232 tariffs “frankly absurd”.

“The notion that Canadian steel and aluminum could pose a national security threat to the United States, I think Americans understand it’s simply not the case,” Freeland said. She added that the action is illegal under World Trade Organization rules and the North American Free Trade Agreement, “and we have raised cases in both tribunals”. She said the answer to the dispute was simple: “The US has to remove these unfair, illegal tariffs from Canada and from its allies.” Trump enraged US allies Canada, Mexico and the European Union two weeks ago by slapping tariffs on their steel and aluminum shipments to the United States; most other countries

have been paying the tariffs since March. Sen Bob Menendez, D-NJ, said he told Freeland that Democrats cherish the relationship with Canada and don’t agree with the Trump administration’s claim of a national security threat when it comes to Canadian steel and aluminum. He said he made clear to Freeland that Democrats have a “totally different view than President Trump” about Trudeau. “We applaud Prime Minister Trudeau’s effort in helping us in the world,” Menendez said he told the foreign minister. “We applaud Canada’s engagement in the world for peace and stability.”

CANADIAN Minister of Foreign Affairs Chrystia Freeland speaks with reporters after meeting with the US Senate Foreign Relations Committee at the Capitol in Washington on yesterday. Freeland’s visit comes after President Donald Trump insulted Canadian Prime Minister Justin Trudeau at the recent Group of Seven summit in Canada, calling him “dishonest” and “weak”, after the prime minister spoke against American tariffs on steel and aluminum. Photo: J Scott Applewhite/AP

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