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THURSDAY, JUNE 21, 2018
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Tax change threat to Out Islands’ ‘survival’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
FAMILY Island realtors are warning that Real Property Tax Act changes will be such “a breaking point” for many second homeowners that it threatens their economies’ very “basis of survival”. James Rees, a broker with Abaco Island Properties (Bahamas), told Tribune Business that the tax hikes introduced by the changed definition of “owner-occupied property” would likely exacerbate the damage caused by last year’s “crazy” jump in property tax valuations for many on the island. Describing the “owneroccupied property” change as “huge”, Mr Rees said it would affect many of Abaco’s Canadian second homeowners because they have to spend at more than six months in their home
* PROPERTY ACT ALTERATION A ‘BREAKING POINT’ * INVESTORS UNNERVED BY ‘CONSTANT CHANGE’ * BUDGET HIKES ‘TOO MUCH IN ONE SWOOP’ country as a condition of being able to access public healthcare services. The Real Property Tax Amendment Bill, which accompanied the 2018-2019 budget, requires “owneroccupiers” to reside in their homes for six months or more per year. This is a marked change from the current Act, which defines “owner-occupiers” as persons who reside in their homes “on a permanent or seasonal basis”. This allows The Bahamas’ second homeowner
SEE PAGE 4
Insurance covered just 13% of Joaquin damage By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PRIVATE insurance covered just 13.5 percent of the $105m in damages and losses inflicted by Hurricane Joaquin in the southern Bahamas, a newly-released study has revealed. The report found that just $14m of the devastation inflicted on several Family Islands in early October 2015 had adequate catastrophe protection, highlighting the drain imposed on an already-strained public treasury by the low level of insurance penetration in less-populated regions well away from Nassau. “The level of insurance penetration decreases as one moves south along the chain of islands in The Bahamas,” said the joint study by the Inter-American Development Bank (IDB) and Economic Commission for Latin America and the Caribbean (ECLAC).
* STUDY: AROUND $91M UNPROTECTED * BLAMES HIGH COST FOR LOW PENETRATION * AND POINTS TO LACK OF SECTOR COMPETITION “A preliminary assessment by the Bahamas Insurance Association (BIA), with available data up to 1 December 2015, which is enhanced by information from the Insurance Commission of the Bahamas (ICB), suggests that gross losses to the insurance industry caused by Hurricane Joaquin is approximately $14m; that is 13.4 percent of the total estimated damage.” The data will likely be seized on by the BIA and its members as further evidence to support their argument that all property and casualty
SEE PAGE 10
Govt to ‘accommodate’ Back to School retailers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government yesterday promised to “try and accommodate” Bahamian retailers seeking to access tax breaks for the Back to School season ahead of the August 1 implementation. Marlon Johnson, pictured, the Ministry of Finance’s acting financial secretary, told Tribune Business that the launch of customs duty exemptions for footwear and clothing imports had been pushed back a month to ensure there were no problems with the “application process” licensed retailers must follow to access these benefits. “The plan was to bring them into effect on August 1,” Mr Johnson confirmed. “It gives us time to get the application process sorted out. It’s always been the plan to give us time to get
* WILL GIVE TAX BREAK ACCESS PRE-AUGUST 1 * DELAY TO ‘SORT OUT APPLICATION PROCESS’ * OFFICIALS EXPECT ‘SIGNIFICANT’ INTEREST
the application process up so that we understand what we’re doing.” Only retailers and merchants possessing a business license allowing them to sell clothes and shoes will have access to the duty
SEE PAGE 7
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Loretta: budget ‘slap in face’ for the poor By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE prime minister’s former FNM leadership nemesis yesterday accused him of delivering “a slap in the face” to the poor Bahamians he purports “to stand for” via the 12 percent VAT hike. Loretta Butler-Turner, pictured, who led the illfated “coup” that removed Dr Hubert Minnis as opposition leader prior to the 2017 general election, told Tribune Business she had “no doubt” that the budget will fall “immensely” short
* Ex-MP: shows why I rebelled * Fears ‘immense’ revenue miss * As ‘grey market’ already growing
of its projected revenue increases. Arguing that there was “not much light at the end of the tunnel” for the Bahamian economy, Mrs ButlerTurner echoed the warnings of many observers that the magnitude of
the VAT increase will drive many consumers to the “grey market” or “underground economy” where the tax is not levied. Turning to the budget’s political aspects, Mrs Butler-Turner said the manner in which the budget’s tax increases were
handled highlighted just why she had led the rebellion against Dr Minnis’s leadership. She blasted the government for failing to properly communicate the reasons for the 60 percent VAT rate hike and other revenueraising measures to the Bahamian people, so that they can better understand why they are being called upon to make sacrifices in the form of less disposable income and living standards. And the former Cabinet Minister and MP argued that it had failed to live up
SEE PAGE 5
Tobacco tax increase fear ‘premature’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FEARS of a further hike in the 220 percent tobacco tax rate were yesterday branded premature, a Cabinet Minister revealing legislative reforms are “not yet ready for prime time”. Dr Duane Sands, minister of health, told Tribune Business that the draft Tobacco Control Bill was “awfully draconian” and needs further work, with “absolutely no decision” taken over any taxation increase.
* Cigar industry fears ‘kill off’ from bill * Minister: Law ‘not ready for prime time’ * Admits current draft ‘awfully draconian’
DR DUANE SANDS
He was responding after an e-mail, sent by an organisation called itself the Bahamas Premium Cigar Association (BPCA), hit out over what it described as the government’s efforts to impose an additional “sin tax” on high-end, premium cigars through the bill. Michael Maragh, the Association’s president
and e-mail sender, did not respond to Tribune Business’ reply requesting comment. He argued, though, that there was no need for heavy-handed regulation or extra taxation on cigars as studies had shown they carried “nowhere near the same level of risk” to
SEE PAGE 6
PAGE 2, Thursday, June 21, 2018
THE TRIBUNE
BAHAMAS TARGETS PUBLICITY BOOST FROM MAGAZINE VISIT NEARLY 50 journalists and guests of US-based AFAR magazine were immersed in Bahamian culture during a recent familiarisation trip to this nation. The Ministry of Tourism and Aviation (BMOTA) said the trip was especially valuable because each of the publication’s founders, editors and content providers will write about their Bahamian experiences in articles and blogs that will reach over two million of the magazine’s subscribers. AFAR content writers will also use social media and e-mails to promote The Bahamas. The group was able to see, taste and feel Bahamian culture through experiences such as a welcome reception at Educulture; a courtesy call to Governor General Dame Marguerite Pindling at Government House; a Royal Bahamas Police Band “beat retreat” performance; lunch and a
tour at Graycliff Resort; a People-to-People cooking experience; a reception at the National Art Gallery of The Bahamas; painting on the beach with Antonius Roberts; a sailing experience and a beach party at the Maillis residence. Many of the 50 visitors extended their stays to visit other islands. Dionisio D’Aguilar, minister of tourism and aviation, said: “This is the type of traveller that we want to attract. We want to tell them about how wonderful it is to come and visit The Bahamas, how amazing it is, how welcoming and warm the average Bahamian is. “And now that they have experienced that in Nassau, they will experience that in other islands and I have no doubt that they will be blown away. Many destinations have great beaches. What we want to get out is the people and soul of The Bahamas. This is what makes
The next Silicon Valley? Bahamas in talks on blockchain PM HUBERT MINNIS
The Bahamas special.” Joy Jibrilu, the Ministry of Tourism’s director-general, added: “What this results in is scores of stories. The magazine will feature The Bahamas heavily in the year to come, and it’s the type of publicity and the type of stories that we like to share,” she said. “The beauty of having an experience like this is that they really learn about the true, true culture of The Bahamas. They also learn that The Bahamas is a multiplicity of islands. They have such a great experience here and they are saying: ‘Now, which is the next island I should visit?’ They have reached out to friends, they are already planning to come back. So we have achieved the goal that we wanted.” AFAR co-founders, Greg Sullivan and Joseph Diaz, were among the group, and said The Bahamas was easy to promote because of its people and rich culture. “There are so many
FROM left: Greg Sullivan, co-founder/AFAR; Barry Brown, exec director of Latin America and the Caribbean/AFAR; Mia Lange, senior director of global communications/MoTAv; Dionisio D’Aguilar, minister of tourism and aviation; Ellen Asmodeo, exec vice president and chief revenue officer/AFAR; and Joseph Diaz, co-founder/AFAR.
stories here,” Mr Diaz said. “When people think about The Bahamas, they think about the amazing beautiful waters and the beaches. But I think that there is just a lot underneath the surface. It’s such an amazing opportunity for us to be able to peel back some of those layers and share that with the rest of the world. “This country is rich in history, culture and culinary. So we are really trying to get off the proverbial tour bus and get to the kitchen table, and in people’s homes and businesses. I think that there are so many other great things to discover.” “Our travellers travel every day,” said Mr Sullivan. “They are always looking to explore and see what’s interesting, and I
of The Bahamas have been so gracious, so welcoming and so true to the heritage. We’ve learned more about people and that is something that you think cannot find our audianywhere ence is going else.” to love seeing Eric Lichtwhat is below the TOURISM mess, a visitor surface here in The DIRECTOR Gener- who travelled al Joy Jibrilu with to The BahaBahamas.” Ellen Asmodeo, Ellen Asmodeo. mas for the AFAR’s executive first time, vice-president and chief added: “I think revenue officer, said: “The every moment has been Bahamas has exceeded our remarkable. I’ve been to expectations. The topog- a lot of Caribbean islands, raphy in The Bahamas is but the energy here is difunmatched. ferent. We got to connect “Even if you take a half with locals and going to an hour swim – it’s a dif- their homes has really ferent place. The people made the difference.”
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE first 2018 Bahamas Blockchain and Cryptocurrency Conference is underway in Freeport, Grand Bahama. The conference is being held at the Grand Lucayan Convention Centre and is sponsored by ALIV. Following the opening ceremony yesterday morning, chief ALIV commercial officer Gravette Brown was a panelist during the “How Can I Get Funded?” session. She said: “We consider ourselves to be at the forefront in helping to support
FROM left: Gravette Brown, chief Aliv commerical officer; Kenneth Goodwin Jr, president, Jeanensis Capital Markets; Edison Sumner, chief executive, BCCEC; Matthew Arnett, Po8 chief executive; and Ryan Pinder, partner Graham Thompson & Company. all efforts to deepen eco- companies focused on blocknomic development of this chain, cryptocurrency and important island and to our fintech solutions. We will nation. It is one of the rea- closely follow discussions sons why we’ve welcomed and the recommendations this opportunity to dialogue following this conference as a telecoms infrastructure and implement other recompartner in the necessary dis- mendations,” he said. “As cussion around continuing we embark on a new era the advancement of tech- and establish this new pillar nology and other forms of of the national economy, economic development not my government believes it only here in Grand Bahama is fitting that we base our but throughout the greater technology hub in Grand Bahamas,” she said. Bahama and I also want “So why blockchain and to encourage Bahamian cryptocurrency? Last year, professionals and aspiring we joined the Bahamas entrepreneurs to establish Financial Services Board as yourselves and your business the exclusive telecommu- at home.” nications partner of their Grand Bahama Chamfintech (financial technol- ber of Commerce President ogy) working group. It is Mick Holding said blockthrough our participation chain technology is just as in this body we hope to revolutionary as a period in continue to work with the the 1980s when technology foremost minds in financial was introduced to the finanservices and law to help the cial sector. country to prepare for the He said: “At the Grand blockchain and cryptocur- Bahama Tech Summit held rency technologies.” in November of last year, Prime Minister Dr Hubert Senator Kwasi ThompMinnis said that Grand son Minister of State for Bahama is on the road Grand Bahama stated that to becoming the “Silicon his vision was to establish Valley” of The Bahamas. Grand Bahama as a Silicon “We welcome the local Valley of the Caribbean. and global community and This conference over the are pleased to be the meet- next three days is a major ing place of investors and step along that road.
“I will freely admit I am far from an expert on blockchain technology and, I know very little. But I did look at a definition by the authors of the blockchain revolution and they said the blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually anything of value. Blockchain continues to grow in important areas and professions around the world and I hope this conference is both informative and stimulating.” The three-day conference focuses on attracting local and international investors, entrepreneurs and service providers interested in building relationships with blockchain technology companies to The Bahamas. It also aims to promote The Bahamas as a jurisdiction with established legislative framework, provide introductions for investors to seed stage and early stage companies focused on blockchain, cryptocurrency, fintech solutions and to present Freeport, Grand Bahama, as the ideal location to establish offices and global headquarters. Other keynote speakers, presenters and panelists included Minister of State for Grand Bahama Office of The Prime Minister Kwasi Thompson, Grand Bahama Tech Hub Steering Committee chairman Donovan Moxey, Blockchain Foundry Inc chief executive officer Dan Wasyluk, Cryptocurrency Newsfeed president Aaron Wise, Bahamas Chamber of Commerce and Employers Confederation chief executive Edison Sumner, and Coral Inc founder Kristie Powell among others.
THE TRIBUNE
Thursday, June 21, 2018, PAGE 3
WORK SPACE PROVIDER GIVES START-UP BOOST
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A BAHAMIAN shared work space company is aiming to help entrepreneurs and start-ups “get going” by reducing overhead costs, its co-founder saying: “The response has been really good.”
William Bastian, cofounder of Incudesk, told Tribune Business that most of the company’s office space has already been filled, despite having only marketed the service via social media over the past several weeks. “We’re still working towards our grand opening. We kicked off our
advertising campaign a few weeks ago, mainly on social media,” he said. “So far, most of our office spaces have been filled. Every day we’re getting more and more interest in our membership plan. “The response has been really good. A lot of people see the value in it. We are looking at different ways
to really get the word out there.” Incudesk says its offering of co-working spaces is “about more than just a desk and a chair”, with customisable environments for a business’s brand. “We see this as a way to fill the gap. There are a lot of small businesses, start-ups and entrepreneurs trying to get
going, and this offers them a way to get started,” said Mr Bastian. “We offer all-inclusive office spaces and membership plans with benefits, like the flexible office and a car sharing service at half the rate of a regular rental.” Mr Bastian added: “We also have a few corporate partners, which will give
members access to certain services, such as business card printing and business plans at a discounted rate. “When you become a member you also get access to our community page, something like a mini-Facebook where meets can sign on, create profiles and get to promote their business within the community.”
CONTRACTOR CHIEF HAILS GOVT’S CAPITAL BUDGET By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Bahamian Contractors Association’s (BCA) president yesterday said the government’s capital works budget for 2018-2019 was “extremely encouraging” for the construction industry. Leonard Sands, pictured, told Tribune Business: “I have been doing a thorough review of the budget, and I can say that we should be very encouraged in the construction sector given the amount of money that the government has
budgeted for improvements of government facilities, infrastructure and new developments. That is extremely encouraging.” He added: “I can say definitively that the industry stands to benefit; it stands to get a boost in a positive way. It will have
a positive impact because you’re talking about engaging a lot of contractors to do a lot of infrastructural and improvement work, which absolutely helps thousands of men and women who work in construction. It’s welcome news in the construction sector.” The government has allocated just over $299m to capital expenditure in the upcoming fiscal year, with the Ministry of Works receiving the largest share at $120.672m or 40 percent, Desmond Bannister, minister of works, has suggested, though, that is insufficient to cover the vast amount of
public infrastructure that needs upgrading. The prime minister, during his wrap-up of the budget debate, said: “In support of the government’s focus on public infrastructure, the budget allocates an additional $66m to the capital expenditure budget in 2018-2019.” The level of capital expenditure projected in 2017-2018 was $230m, but this increased slightly as a result of the changed accounting treatment for the Bank of The Bahamas’ bail-out bonds. Dr Minnis added that foreign capital investment in The
Bahamas, from May 2017 until the present date, is estimated at $767m. “This capital investment is projected to generate 6,004
construction jobs for Bahamian contractors, and 8,040 operational positions within the next five years,” he added.
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BTC names new chief executive THE Bahamas Telecommunications Company’s (BTC) controlling shareholder has appointed Garfield (Garry) Sinclair as its chief executive with effect from August 1. The announcement was made by Inge Smidts, Cable & Wireless Communications (C&W) chief executive. Mr Sinclair, who previously headed Cable & Wireless’ Caribbean and Jamaican operation, has more than 20 years’ experience in developing growth opportunities and company transformations across the region.
Prior to BTC, he served as president of Cable & Wireless’ Caribbean business with responsibility for 15 markets. Prior to that, Mr Sinclair led Cable & Wireless Jamaica for seven years. In the last post, he grew the company’s mobile subscriber base from 200,000 to one million subscribers. He also led 800 employees during the integration of the Columbus and Cable & Wireless businesses. Mr Sinclair developed his reputation as president and chief operating officer of investment bank, Dehring, Bunting &
GARFIELD SINCLAIR
Golding (DB&G), where he turned a start-up business into a key player in the Caribbean financial services industry. Dexter Cartwright, BTC’s interim chief executive, is stepping aside for Mr Sinclair after being appointed vice-president of finance for C&W’s B2B business. Ms Smidts said: “C&W will continue to work closely with the people and government of The Bahamas to ensure that we provide them with the best customer experience, as well as contribute to the growth of The Bahamas.”
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PAGE 4, Thursday, June 21, 2018
TAX CHANGE THREAT TO OUT ISLANDS’ ‘SURVIVAL’
FROM PAGE ONE community, many of whom are in this nation for just a few months per year, to be taxed at the “owner-occupier rate” that was reduced in 2016. They currently pay a rate of five-eighths of one percent on their home’s value between $250,000 and
THE TRIBUNE $500,000, with the portion above $500,000 taxed at one percent. The total sum they pay is also capped at $50,000 per annum. The Bill, though, proposes to eliminate the term “seasonal basis”, meaning homeowners will now have to reside in their Bahamas properties for a minimum of six months per
year to retain “owner-occupied” status. Should they fail to meet this benchmark, their properties face being reclassified as “residential property” or “other property”. Since nonBahamians cannot qualify for the former, foreign second homeowners will fall into the “other property” category where the tax rates are much steeper. Real estate classified as “other property” is taxed at a rate of three-quarter of one percent on its first $500,000, with a two pecent rate applied to its value above this threshold. And the 50 percent “cap” does not apply, meaning the the tax rate is effectively doubling. “That’s going to be huge,” Mr Rees told Tribune Business of the tax increase’s likely impact. “I think it’s a bad move for The Bahamas. We’ve just come out of a real estate recession, so to speak, and it’s been longer than in the US. “The last two years have seen an improvement, it’s been steady, and for something like this to come into play is going to affect the Out Islands more than Nassau.” While some have been dismissive about the likely effects, arguing that foreign investors should be taxed just as heavily as Bahamians following the 60 percent VAT rate hike to 12 percent, the second home market is often the key driver for real estate and other activities in Family Island economies such as Abaco. Mr Rees pointed out that second homeowners “support the entire spectrum of services” in Abaco, hiring maids, gardeners, caretakers, handymen and the likes of air conditioning repairmen. This, he argued, had a wider “trickle down” impact for the economy than hotels, who usually performed such services “in-house”. “It is the basis of survival in Abaco, the second homeowner, and you’re driving them away,” Mr Rees warned of the bill’s reforms. “You’ve done damage with the tax last year. I think it will probably be a breaking point. “There’s a lot of wealthy people here that it will not affect, but a lot of people that come here for five months in a year, if you
remove that [owner-occupied status] then a lot of them are going to say it’s too much; this is it, and we just have to sell and get out. “Once you get a lot of real estate coming on to the market the volumes fall, they sell for less and the tax revenues go down as the values are less. Who’s going to come in and suck up these properties? They’re not going to do it. All the middle class people who worked all their lives, and want a place to go to in winter, they’re not going to do that.” Mr Rees was backed by Abaco-based attorney, Frederik Gottlieb, who yesterday told Tribune Business that the “constant changes in law and policy” related to real estate and taxation were starting to unnerve foreign investors. “I’ve looked at it,” he said of the Real Property Tax Act changes, “and have a preliminary impression it’s not going to be good for Abaco and the second homeowner market, and I think it will have a negative impact.” Mr Gottlieb said he had yet to consider all the implications, but added: “My only comment at this time is why amend or change something that doesn’t need amending. It’s been quite well the way it’s set up. “For a lot of foreign investors, certainly the ones I’ve spoken to, they’re becoming a little concerned by the constant change in policy and laws. It creates a degree of uncertainty that is never very good to attracting foreign direct investment.” Mr Gottlieb described Abaco’s economy as “really based” on the second home market, and recalled previous occasions when he had urged the government not to tinker with it given the economic activity and employment it generated. “I recommended they leave it well alone, and it was left well alone,” he said. “Abaco continued to grow, expand and provide tremendous revenues for the government. I don’t know why they want to tamper with something that’s working so well. “I do fully understand the present administration finds itself in a tough situation as regards the fiscal affairs and economy of the country, but at times it’s best to
consult a bit more because raising taxes does not necessarily translate into more revenue.” Mr Gottlieb said he was referring to real property tax, rather than the VAT increase, with the latter statement, especially given that The Bahamas was seeking to attract increased foreign direct investment (FDI). “I would tread very carefully not to disturb that,” the former FNM MP said. “I understand the government has to do what it has to do to arrest the bad situation it inherited, and I do support the government in all its policy decisions.” Concerns over the Real Property Tax Act change are not confined to Abaco. Pedro Rolle, the Exuma Chamber of Commerce’s president and a realtor by profession, said the “owneroccupied” amendment - combined with the VAT increase - was “too much to digest in one fell swoop”. “It’s going to be significant,” he added of the change. “That puts the majority of the second homeowners out of the ‘owner-occupied’ category and straight into the ‘investment’ category where those homes are going to be considered investments or income-producing. “I don’t know what the full impact is, but we can surmise it’s going to be significant... I think we’re going to see a lot of these properties undoubtedly going on the market and, because so many are going on the market, it’s going to impact the values. Human nature says that’s going to happen.” Mr Rolle said much of Exuma’s economic revival had been driven by real estate and the second home market, and he added: “If real estate is depressed for any reason that trickle down goes out of Exuma’s economy. “We’ll have less properties being purchased, less buildings being built, and every sector of our economy being impacted. I’m not very optimistic about the impact of this budget on Exuma, either from a VAT point of view or how it impacts on foreign investment. When you combine these negatives it’s too much in one fell swoop.”
THE TRIBUNE
Thursday, June 21, 2018, PAGE 5
LORETTA: BUDGET ‘SLAP IN FACE’ FOR THE POOR FROM PAGE ONE to pre-election promises, especially on transparency and accountability, by its failure to consult the private sector and Bahamian society on the tax reforms’ impact something even the former Christie administration had done prior to VAT’s original implementation in 2015. But Mrs Butler-Turner reserved her greatest scorn for Dr Minnis’s pre-election pledges to support poor Bahamians, saying the 12 percent VAT rate will do exactly the opposite given that it is a regressive consumption-based tax that will see lower income Bahamians pay a greater share of their income in taxes. “How do you come to power on the promise of ‘The People’s Time’, talking about your hardship as a child in over-the-hill, an impoverished area, and telling the people from there that you’re for them?” she queried yesterday. “The first budget, you said it wasn’t yours because it is so close to an election, and we will see the footprint of what you want to achieve in the second. We’re seeing a slap in the face to the very poor people you claimed to be standing up for. What has happened between 2016 and 2018, when you felt these poor people needed help?” The government will likely retort that it is doing much to deliver on its pre-election pledges to help lower income Bahamians, given that $5m has been allocated in the 2018-2019 fiscal year for over-the-hill’s revitalisation and creation of Economic Empowerment Zones. It will also argue that it has done much to minimise the 12 percent VAT’s likely impact on such persons through the “zero rating” treatment for breadbasket foods and medicines, and the tax exemptions for electricity and water bills that are below $200 and $100 per month, respectively. These measures, some fully and others partially, also deliver on campaign promises. Still, Mrs Butler-Turner said yesterday: “My position has always been that the leadership of Minnis would make for this type of government.
I’ve been very clear in the past with the flip flopping of the leader, now the prime minister, and there’s very little surprise to me in anything he does. “From my perspective I’ve seen first hand how he operates; he’s ill-prepared and he lacks conviction in his positions. There’s no follow through as leader. He’s not a man of conviction. He’s sitting over a cabinet of people that obviously see they can do as they see fit.” The government’s decision to raise VAT has been contrasted with the positions and statements taken by Dr Minnis and his deputy, KP Turnquest, when they voted against VAT’s implementation in 2015 while in opposition on the grounds that it would cause too much hardship for low income Bahamians. Mrs Butler-Turner said many Bahamians had been “waiting with bated breath” for Dr Minnis’s closing budget debate address on Monday, hoping there would be “some reprieve” from a 12 percent VAT and that the government may settle for ten percent to reduce the burden on Bahamians. She added that the prime minister disappointed on all counts, even failing to properly justify the increased VAT and why it was necessary, and relate this to the Bahamian people. “What I find reprehensible is that when they say they’re going to be a government of transparency and accountability, you have to communicate more effectively with the people,” Mrs Butler-Turner told Tribune Business. “Tell us exactly what you found, what money was missing. Tell us why it’s important to escalate VAT to this point of 12 percent when you won’t let us know what happened to the monies you borrowed and the VAT collected since you came to office. “The government has been very poor in communicating what they’re trying to achieve, and been very poor on consultation and determining how best to achieve a larger revenue stream.” Mrs Butler-Turner suggested this was why there
is so little “buy-in” to the government’s fiscal consolidation plan, and contrasted the government’s seeming lack of consultation over the tax hike with the Christie administration’s extensive dealings with the private sector - including hiring of foreign consultants - prior to the 2015 implementation. “What did you do?” she asked of the Minnis administration. “What conversations did you have before you presented this in Parliament. Your whole election philosophy, in my opinion, is farcical at best. You’ve been disingenuous, and you’ve really misled the Bahamian people. “Now the shoes are on your feet, you’re not having these conversations with them. In opposition we were having conversations up and down with business people, asking what they felt, even though it would not amount to a hill of beans what we said. “Now, in power, why not have these conversations? You were elected to be for the people, elected to be transparent and accountable. The bottom line goes to what the seven of us [former MPs] said about this man [Dr Minnis]; he does not consult, he flip flops and lacks conviction. I did not want to give this interview, but at the end of the day the Bahamian people were warned.” The government will respond by saying that positions change according to circumstances and facts, and that the growing fiscal crisis it inherited required drastic action to arrest the decline before it spiralled out of control and forced The Bahamas to seek even more painful remedies from the likes of the International Monetary Fund (IMF). It has consistently argued that a 12 percent VAT was the only option left open to it given the $400m funding “gap”, and the need to rapidly pay off $360m in arrears to meet a combination of Fiscal Responsibility Bill targets; tax system restructuring prior to joining the World Trade Organisation (WTO); and paving the way for further painful adjustments that include civil service pension
reform and rescuing the National Insurance Board (NIB). Mr Turnquest, as deputy prime minister and minister of finance, has also pointed out that protocol demands budget measures be kept confidential until their unveiling to prevent persons exploiting this information for “arbitrage” and to avoid the impact of increased taxation. This, though, did not placate Mrs Butler-Turner, who argued that the VAT increase will impose “a huge lifestyle change on Bahamians” and that the country “finds itself in a really sad state”. She questioned how Bahamians will be able to afford overseas shopping trips with the budget’s tax hikes, and take advantage of the increased duty exemption. “How are you going to go away and shop if you don’t have a job,” the former MP asked Tribune Business. “The first thing that happens is if people have to spend more on essentials they start to cut back on non-essentials. It has a negative effect. It’s not going to expand the economy. Whenever the economy starts to shrink, the natural domino effect is jobs begin to shrink as well. If companies are unable to maintain a healthy bottom line, they start to lay people off.” Mrs Butler-Turner also questioned the government’s shift from a low-rate, broadbased VAT model to one with multiple exemptions, given the increased compliance and administrative costs this will likely impose on the 6,000plus private sector registrants who collect the tax on its behalf. “I don’t know who advised this lot on the cost of VAT, but they’re totally out-of-whack,” she added. “It’s not as simple as going from 7.5 percent to 12 percent.” Given the government’s history of missing revenue projections, Mrs Butler-Turner also expressed scepticism that the Minnis administration will hit its $1.062bn gross VAT revenue target for 2018-2019 - an increase equivalent to the magnitude of the 60 percent rate hike.
“I have no doubt this budget will fall short immensely, and create an underground grey market,” she told Tribune Business. “People are using social media rather than the food stores; everything you could buy in supermarket from food to cleaning products. “Are they paying VAT? No sir. Before the increase in VAT you are seeing an expansion of the grey market. I don’t know if the government can put a handle on that. People are trying to stretch their limited resources.
People are hurting, and they haven’t just started hurting.” Mrs Butler-Turner said the Minnis administration could take little credit for the growth in tourism, arguing this was driven by Baha Mar’s opening and external forces such as the US economy and hurricane damage elsewhere in the Caribbean.” “I’m not very hopeful,” she added. “I’m praying it gets better. I pray for the best, but am not very hopeful. I’m not seeing much light at the end of the tunnel.”
PAGE 6, Thursday, June 21, 2018
THE TRIBUNE
Tobacco tax increase fear ‘premature’ FROM PAGE ONE health as other tobacco products.
Describing the existing 220 percent taxation rate as “stifling” for a niche that is popular with high-end
tourists, Mr Maragh added that “this already oppressed retail industry would effectively be killed off” should
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
2017 CLE/GEN/425
BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED Plaintiff AND BYRON ELLINGTON PRATT First Defendant and PETULA NICOLE PRATT Second Defendant To: Byron Ellington Pratt and Petula Nicole Pratt TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Bahamas by Finance Corporation of Bahamas Limited, Palmdale Branch, situate at Palmdale Shopping Plaza, Madeira Street, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Writ of Summons filed in this action on the 3rd day of April A.D., 2017 seeking an Order for leave to enter Judgment against you for the sums outstanding under the Indenture of Mortgage dated the 1st day of November A.D., 2004 in connection with the mortgaged property being Lot Numbered 12 situate at Workers Bank Road off Harold Road in the Southern District of the Island of New Providence, Bahamas. And that it has been ordered that the publication of a notice of the entry of the Summons filed on the 7th day of November A.D., 2017 and the Affidavit filed on the 6th day of December A.D., 2017 in the Nassau Guardian newspaper and The Tribune newspaper shall be deemed to be good and sufficient service of the said documents on you. The said Summons will be heard before the Deputy Registrar of the Supreme Court, Mrs. Camille Darville-Gomez, at the Supreme Court Registry, Ansbacher House, East Street, Nassau, New Providence, Bahamas, on Tuesday the 3rd day of July A.D., 2018 at 10:00 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Summons and Affidavit may be obtained from the Supreme Court Registry, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 21st day of June A.D., 2018. HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas. Attorneys for the Plaintiff.
the government seek to extract further revenue. Suggesting that The Bahamas was out of line with other countries that have created special “exemptions” for cigars, he said: “In addition to retailers, there are at least two Bahamian producers of premium cigars, one which has achieved international fame for its products. These enterprises would also have to close their doors in response to a “sin tax” and the heavy operating restrictions being considered, terminating dozens more jobs in the process. “At the time of the earlier tax hikes, a plan was afoot by several members of this association to found a local tobacco farm and premium cigar factory on a Family Island, which would have employed 100 rollers and at least as many farmers, creating an overnight cultural attraction and introducing new, lucrative and internationally soughtafter skills to the country.” Mr Maragh continued: “Sadly, that project came to nothing due to the highhandedness of a previous government. The plan has recently been revived, with Grand Bahama as the intended location, and we urge this FNM government not to take any steps that would destroy this significant economic opportunity. “The BPCA is hereby requesting that the government exempt premium, high-end cigars from any sin tax to be imposed on other tobacco products and reduce the current 220 percent tax on premium cigars.” Dr Sands yesterday confirmed to Tribune Business that his Ministry had begun consultations over the draft bill, which has been in the planning stages for at least three years as part of The Bahamas’ efforts to meet its World Health Organisation (WHO) obligations. His predecessor, Dr Perry Gomez, referred to the Tobacco Control Bill during the 2015 mid-year budget communication, and Dr Sands yesterday revealed that the deadline The Bahamas had given for passing this legislation was now “fast approaching”. Emphasising that key policy decisions in relation to the bill have yet to be taken, Dr Sands suggested the Association’s fears were premature and an effort “to piggyback on some of the public opinion about gaming” and so-called “sin taxes”. He urged it to address its concerns
to the government. “The Bahamas is a signatory to the WHO Convention on Tobacco Control,” Dr Sands said, explaining the motivation behind the bill. “A number of years ago we would have given an undertaking that we agreed with the principles of reduced access to tobacco, to make tobacco products more expensive, minimise advertising targeted at children and a number of other things. “As is often the case, the deadline we agreed is fast approaching. There is now being circulated for consultation a Tobacco Control Bill. It’s very easy to make these commitments, but now we’ve got to act on it.” Moving to soothe the Association’s concerns, Dr Sands said the bill was in no condition to be presented to Cabinet or Parliament. “When I look at the legislation it’s not really ready for prime time,” he added. “It’s awfully draconian. The people that processed the legislation wanted it to be really aggressive and, as far as they were concerned, nobody in the world should be smoking. The legislation speaks to the elimination of all indoor smoking, the elimination of tobacco images on any advertising; any paraphernalia becomes illegal to have that. “It speaks to tax levies on tobacco products being increased to make them less attractive, the creation of a Tobacco Control Board to look at control and on and on.” The Minister of Health added that health and safety concerns needed to be weighed alongside the “economic reality”, and said: “As a country, since we have very weak tobacco control laws, we have to decide how far we want to go with this.” He pointed to the fact Baha Mar’s new casino, the largest in the Caribbean, was built without any laws relating to tobacco controls. Forcing the Cable Beach mega resort, and its Atlantis rival, to deploy “air scavenging devices”, deploy segregated areas or eliminate indoor smoking “raises the question of violating their existing Heads of Agreement”. The Bahamas Premium Cigar Association (BPCA), in its statement yesterday, called for its products - which it said generated income for “hundreds of Bahamians” - to be exempted from the bill’s “more onerous provisions”.
It listed these as including as including regulations that will “effectively end cigar smoking on golf courses, in luxury airport lounges and on casino floors”. The Association said this caused a “sharp decline in casino revenues” when tried in Las Vegas. It also cited advertising restrictions, which it alleged would prevent Bahamian luxury cigar producers from promoting their products via their own social media pages, or advising the public about rolling events and showcasing their skills at cultural festivals. The Association also warned against prohibitions on purchasing and selling cigar-branded lighters, cigar ashtrays, cutters, cases or humidors, and called for at least two tobacco industry members to be appointed to the Tobacco Control Board. “The BPCA encourages The Bahamas government once again to embrace this huge economic opportunity for Bahamians, and allow it to flourish to the benefit of local employers, workers, the tourism industry and the country’s economy generally,” the statement concluded. Dr Sands yesterday conceded that different stakeholders had different views, and said: “All of this has to be grappled with, and we have to come up with a position that makes sense for The Bahamas. “We have made absolutely no definitive decisions on the wording of the final legislation. We have made no decision on taxation, if any, and at what level. A lot of these policy decisions have to be made but have not yet been made. “It’s an active matter. We have to deal with it. We are actively dealing with it. Opinions are coming in, and we have begun the process of engaging the various business houses and stakeholders. We’d like to know what they think, and the implications for their business and so forth. Whether there’s a distinction between cigars and cigarettes, that’s a decision for a different day.”
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Thursday, June 21, 2018, PAGE 7
Govt to ‘accommodate’ Back to School retailers FROM PAGE ONE exemptions, which are intended to make them more price competitive with online and south Florida rivals by eliminating the 25 percent import tariff. However, the Bahamas Chamber of Commerce has warned that the August 1 start date will do little for retailers looking to exploit the exemptions in time for back-to-school, the second busiest shopping season of the year for many, given that they will have had to import inventory before this date. Acknowledging this, Mr Johnson said the government was trying to pull the implementation date forward as much as possible, and added that it would look to meet the needs of backto-school merchants ahead of time. “We’re trying to push it for earlier than that,” he told Tribune Business of the August 1 implementation. “As the Chamber indicated, merchants and sellers of footwear and clothing want to take advantage of that. “We are trying to push that further ahead than
August 1, and will try and make accommodations for retailers selling back-toschool items. We want to ensure we have a robust system for timely applications. We expect a significant number of applications from day one, so we want to make sure we deal with them appropriately.” Mr Johnson also confirmed that the VAT “zero rating” for food breadbasket items and medicines will not take effect until August 1 to give retailers and pharmacists time to adjust their information technology (IT) systems. Edison Sumner, the Bahamas Chamber of Commerce’s chief executive, previously told Tribune Business that the date change was critical to enable uniform and footwear suppliers to enjoy the planned customs duty exemptions on footwear and clothing imports prior to the back-to-school season’s start. “We’re now coming upon the summer holidays, and people will be preparing for school even though it is two months away,” Mr Sumner told Tribune Business. “Those merchants in the
To advertise in The Tribune, contact 502-2394
business of selling school supplies, particularly those selling uniforms, we want to be sure they are in position to take advantage of the customs reduction in clothing and shoes to bring in supplies entirely duty-free.” The tax waiver, announced by the deputy prime minister in the budget communication, was initially hailed for helping to preserve Bahamian businesses and jobs in a retail sector that has been hit hard by online and USbased rivals. “We are providing for the waiver of duty on clothing and shoe imports upon application by importers and retailers of same,” KP Turnquest said. “This will be extended to any merchant, large or small, who has a business license for the sale of clothes or shoes. “We are, at the same time, putting in place procedures to ensure that the savings are passed on to consumers. This will be a benefit to all Bahamians, but particularly to those who do not have the means to travel abroad to shop for their clothes like others are sometimes able to do.”
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. 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
PAGE 10, Thursday, June 21, 2018
THE TRIBUNE
Insurance covered just 13% of Joaquin damage
GRAND Bahama after hurricane Irma. FROM PAGE ONE insurance products should be “zero rated” for VAT purposes, given that this would help to reduce already-high premium costs and make coverage more affordable and accessible. The Joaquin report’s findings that almost 90 percent of damages and loss was uninsured, or underinsured, further illustrates the burden of post-disaster recovery financing that is continually heaped on the government and its struggling Public Treasury - a situation that is unsustainable. Still, the IDB/ECLAC study blamed a lack of insurance industry competition as well as high costs for the lack of coverage penetration in the southern Bahamas and Family Islands in general. “From all indications, the insurance cover ratio in the affected Family Islands was low,” the report said. “This is partly due to the high cost of insurance coverage, which is a function of weak competition in the sector and the location of The Bahamas in the Atlantic hurricane belt. “There is therefore a need to incentivise citizens and businesses that can afford it to insure their properties and assets. As far as possible, citizens should be encouraged to take out full coverage for their properties but, realistically, it is expected that high costs mean that many would continue to underinsure. “Further opening up the
insurance market to attract more players could also boost competition and drive down the costs of premiums. This would make insurance more affordable to a wider cross section of the population.” The IDB/ECLAC assessment continued: “The likelihood of events such as Hurricane Joaquin, and the development of settlements in risk areas, underscore the pertinence of household insurance. This is particularly relevant considering that the government of The Bahamas has undertaken the task of reconstructing private homes, which exerts pressure in the country’s budget. “Besides public financial measures to minimise the risk faced by these assets, it is imperative to raise awareness among the population and inform them about the risks faced by their communities. The recurrence of these types of events should encourage the widespread use of insurance, especially if the government is subsidising the reconstruction process. Therefore, a key component in a disaster risk management plan should be education and awareness regarding the critical need for private insurance.” The study, though, acknowledged that private insurance “is not expected to be adequate given the significant losses that could result” in major hurricanes, meaning The Bahamas needs to put in place other disaster recovery financing mechanisms.
LEGAL NOTICE
NOTICE LITTLE SWALLOW LIMITED N O T I C E IS HEREBY GIVEN as follows:(a) LITTLE SWALLOW 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 19th 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 21st day of June, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator
NOTICE RELASSINA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) RELASSINA 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 20th June, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 21st day of June, A. D. 2018 _________________________________ Leeward Nominees Limited Liquidator
THE TRIBUNE
Thursday, June 21, 2018, PAGE 11
The Mouse chases the Fox: Disney makes $71B counteroffer NEW YORK Associated Press THE mouse is chasing the fox. Disney is offering more than $71bn for Fox’s entertainment businesses in a counterbid to Comcast’s nearly $66bn offer . The battle for Twenty-First Century Fox reflects a new imperative among entertainment and telecommunications firms. They are amassing ever more programming to better compete with technology companies such as Amazon and Netflix for viewers’ attention — and dollars. The bidding war comes after AT&T bought Time Warner for $81bn. Disney’s move had been expected since Comcast made its bid last week. Disney said it’s raising its offer because Fox’s value increased due to “tax reform and operating improvements”. “After six months of integration planning we’re even more enthusiastic and confident in the strategic fit,” CEO Bob Iger said in a statement. If Disney prevails, “Avatar” and other movies from Fox’s studios would help beef up Disney’s upcoming streaming service. Disney, which already owns Marvel, would get back the characters previously licensed to Fox, setting the stage for X-Men and the Avengers to appear together. If Comcast wins, it would get a larger portfolio of cable channels including FX and National Geographic.
In a call with analysts, Iger said he believes Disney’s bid is superior to Comcast’s from a regulatory perspective. He said that six months of dealing with regulators both in the US and internationally has given Disney a “meaningful head start”. Comcast, based in Philadelphia, did not immediately respond to a request for comment. Fox previously rejected a bid from an unnamed company, widely believed to be Comcast, because of fears it would face regulatory objections. But a federal judge’s approval of AT&T’s bid for Time Warner signals that the government might have difficulties mounting antitrust challenges. Just how high can the bidding war go? GBH Insights analyst Dan Ives said he thinks the “line in the sand” is $75bn to $80bn. “Above $80bn would be a tough pill to swallow for Disney shareholders given the steep price,” he said. “That said, this poker game appears to be just getting started.” Disney’s original all-stock offer in December was for $28 per Fox share. That offer is now valued at $52.6bn based on the latest number of outstanding shares provided by Fox. Comcast countered last week with a $35-per-share allcash offer, valued at $65.7bn based on the same number of shares. Disney’s new offer of $38 per share, or $71.3bn, is half cash and half stock.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHENA VICTOR of the Spruce Avenue off Charles W. Saunders Highway in the Eastern District of the Island of New Providence, Bahamas, intend to change my name to SHENA EVENETTE VICTOR. 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.
PAGE 12, Thursday, June 21, 2018
THE TRIBUNE
Canada PM can’t imagine Trump damaging US with auto tariffs OTTAWA Associated Press
CANADIAN Prime Minister Justin Trudeau said yesterday he can’t imagine President Donald Trump
will make good on his threat to impose new tariffs on Canadian autos entering the United States because
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
2017 CLE/GEN/430
BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED Plaintiff AND ADINA DIANA ESTHER LOUISE MUNROE Defendant To: Adina Diana Esther Louise Munroe TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Bahamas by Finance Corporation of Bahamas Limited, RBC FINCo Mortgage Centre, situate at RBC Financial Centre, Carmichael Road, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Writ of Summons filed in this action on the 3rd day of April A.D., 2017 seeking an Order for leave to enter Judgment against you for the sums outstanding under the Indenture of Mortgage dated the 12th day of August A.D., 2005 and the Indenture of Mortgage dated the 11th day of January A.D., 2008 in connection with the mortgaged property being Unit Numbered 5 High Vista Condominium situate at High Vista Phase II Subdivision in the Eastern District of the Island of New Providence, Bahamas.
it would amount to a selfinflicted wound on the US economy. Trudeau was forced to confront that possibility at his end-of-Parliament session news conference because the US Commerce Department is investigating whether to put a 25 percent tariff on cars and light trucks entering the US Trump is considering using the same controversial national security clause that he used last month to impose tariffs on steel and aluminum imports from Canada and other major American allies. Trump may pride himself on his unpredictability, Trudeau said, but that can’t possibly include doing damage to American workers and its auto industry,
And that it has been ordered that the publication of a notice of the entry of the Summons filed on the 7th day of November A.D., 2017 and the Affidavit filed on the 6th day of December A.D., 2017 in the Nassau Guardian newspaper and The Tribune newspaper shall be deemed to be good and sufficient service of the said documents on you. The said Summons will be heard before the Deputy Registrar of the Supreme Court, Mrs. Camille Darville-Gomez, at the Supreme Court Registry, Ansbacher House, East Street, Nassau, New Providence, Bahamas, on Tuesday the 3rd day of July A.D., 2018 at 10:00 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Summons and Affidavit may be obtained from the Supreme Court Registry, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 21st day of June A.D., 2018. HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas. Attorneys for the Plaintiff.
The Winterbotham Trust Company Limited Winterbotham Place – P.O. Box N-3026 – Marlborough & Queen Streets Nassau – The Bahamas Tel: (1-242) 356-5454 – Fax: (1-242) 356-9432 E-mail: nassau@winterbotham.com – Website: www.winterbotham.com
JOB OPPORTUNITY JOB OPPORTUNITY
The Winterbotham Trust Company Limited is looking to fill the position of a Client Accounting Unit Manager Winterbotham Trust Company Limited is looking to fill the position of a Client Accounting Unit nager Main Function: Specializing in both trust and corporate accounting and preparation of financial statements. Review transactions recorded in the books and FS to be sent n Function: Specializing in both trust and corporate accounting and preparation of financial statements. to clients. Verify that supporting documents of the transactions are duly filed.
ew transactions recorded in the books and FS to be sent to clients. Verify that supporting documents of ransactions are duly filed.
In this challenging position you will be responsible for but not limited to the
is challenging position following tasks:you will be responsible for but not limited to the following tasks:
Fully responsible for the accounting for a portfolio of trusts and companies in multiple jurisdictions; • Fully responsible for the accounting for a portfolio of trusts and companies in multiple jurisdictions; • Responsible for providing excellent and flexible service support to local • Responsible for providing excellent and flexible service support to local and international clients; and international clients; • Responsible for supervision and review of work of junior accountants in Nassau office, leading the team • Responsible for supervision and review of work of junior accountants in and providing support for prioritization of tasks. Nassau the team and providing support for prioritization of • Able to review work office, of Hongleading Kong Accounting Manager if required • Responsibletasks. for/able to perform full suite of accounting services such as preparation of payments, journal entries, management accounts; • Able to review work of Hong Kong Accounting Manager if required • Full responsibility for drafting annual financial statements and related disclosures in accordance to • Responsible for/able to perform full suite of accounting services such as appropriate reporting standards and co-ordination with auditors; preparation of payments, journal entries, management accounts; • Filing of annual financial statements and liaising with the relevant authorities when required. • Full responsibility for drafting annual financial statements and related disclosures in accordance to appropriate reporting standards and coordination with auditors; • Filing of annual financial statements and liaising with the relevant successful applicant must have the following qualifications: authorities when required.
• • • • •
•
Experienced in corporate and trust accounting; ideally also experienced in private equity and real estate; Qualified CPA or equivalent (eg ACA, ACCA); The successful applicant must have the following qualifications: Fluent in spoken and written English; Team ability to achieve several objectives in a dynamic environment • work-focused, Experienced in corporate and trust accounting; ideally also experienced in Minimum ofprivate equity and real estate; 5 years’ relevant work experience.
• • •
•
Qualified CPA or equivalent (eg ACA, ACCA); Fluent in spoken and written English; Team work-focused, ability to achieve several objectives in a dynamic Applications/resume should be sent by e-mail to pgoudie@winterbotham.com & environment vmachado@winterbotham.com Minimum of 5 years’ relevant work experience. Under reference “Client Accounting Unit Manager,” ABSOLUTELY NO TELEPHONE INQUIRIES WILL BE ACCEPTED
Persons not meeting the above requirements need not apply Deadline for applications Wednesday, June 27, 2018 Applications/resume should be sent by e-mail to pgoudie@winterbotham.com & vmachado@winterbotham.com Under reference “Client Accounting Unit Manager,” ABSOLUTELY NO TELEPHONE INQUIRIES WILL BE ACCEPTED Persons not meeting the above requirements need not apply
Deadline for applications Wednesday, June 27, 2018
US PRESIDENT Donald Trump meets with Canadian Prime Minister Justin Trudeau at the G-7 summit in Charlevoix, Canada earlier this month. which is so enmeshed with “I have a hard time Canada’s. accepting that any leader “I have to con- might do the kind of damage tinue to believe that to his own auto industry that leaders will function in the would happen if he were interests of their own coun- to bring in such a tariff on try,” Trudeau said. Canadian auto manufacturers, given the integration of the parts supply chains or the auto supply chains through the Canada-US border.” Trudeau said he has no interest in addressing recent personal attacks by Trump and his top economic advisers. Trump called Trudeau weak and dishonest in tweets, and one Trump adviser said there would be Job Description: a “special place in hell” for Broadcast Engineers are responsiTrudeau. Trump was furious ble for ensuring that radio broadcasts after Trudeau said at the end remain crystal clear while they are on of a contentious economic summit in Quebec that he the air. These individuals prevent white wouldn’t let Canada be noise from occurring by adjusting the pushed around in trade relabroadcast signals. Broadcast Engineers tions with the United States. will also need to be able to repair the Trudeau said he hasn’t system and update the software as spoken to Trump directly necessary. since the G-7 summit but his advisers have spoken to Duties include: Trump’s advisers. “I’m not going to react Performing activities in the radio studio to personal comments,” and control room to ensure technical Trudeau said. quality of audio for programs originating Trudeau said his govin the studio, from remote pickup points. ernment will stay focused To set up and ensure technical quality on continuing to advance for remote broadcasts. Works with the argument that current operations on remote field productions and future tariffs are bad - setting up, ensuring technical quality, for the work forces in both countries. breaking down and troubleshooting Earlier yesterday, Canacables and switchers. dian Foreign Affairs Minister Chrystia Freeland said she was heartened by email: the remarks of Trump’s point person on tariffs.
JOB VACANCY
Board Operator / Remote Technician
radiojob2016@gmail.com
THE TRIBUNE
Thursday, June 21, 2018, PAGE 13
House struggles to unite behind bills to stem border crisis WASHINGTON Associated Press SPEAKER Paul Ryan is pushing ahead with votes on rival House GOP immigration bills, but neither appears to have enough support for passage, prompting President Donald Trump to take executive action yesterday to stem the crisis of family separations at the border. Trump has said he’s “1,000 percent” behind both GOP bills, but restive House Republicans have all but begged GOP leaders for more clarity about what the president would actually sign. Public outcry is mounting over the family separations, but so far, there’s no clear roadmap for today’s voting on the emotional issue dividing Republicans. With the immigration bills teetering in the House, the White House launched an eleventh-hour push to try to bring Republicans onboard. Ryan took a group of wavering lawmakers to the White House to meet with Trump in hopes he could persuade them. Back on Capitol Hill, Attorney General Jeff Sessions and Homeland Security Secretary Kirstjen Nielsen also met with House Republicans. The results were mixed, with some lawmakers newly announcing their support for a compromise bill, but others digging in against it. With congressional outcome uncertain — and facing condemnation of the family separations from across the political spectrum — the White House took action. Trump on yesterday signed an executive order that directs Nielsen’s department to keep families together after they are detained crossing the border illegally. “We’re going to have strong, very strong borders, but we’re going to keep the families together,” said Trump, who added he didn’t like the “sight” or “feeling” of children separated from their parents. More than 2,300 children were separated from
PRESIDENT DONALD TRUMP their families at the border from May 5 through June 9, according to DHS. Under the administration’s policy, all unlawful crossings are referred for prosecution — a process that moves adults to the custody of the US Marshals Service and sends many children to facilities run by
the Department of Health and Human Services. Under the Obama administration, such families were usually referred for civil deportation proceedings, not requiring separation. But on Capitol Hill, executive action is not the same as a legislative fix. Senate Republicans introduced their own bill to halt the family separations by allowing families to be held indefinitely in custody. Senators worried Trump’s fix would not stand up in court and were eager to go on record in opposition to the practice of separating families. Meanwhile, House Republicans were pushing forward with votes today on their broader immigration overhaul. Ryan told reporters he prefers to see parents and
NOTICE
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 17th day of July, 2018, after which date the Estate Trustee With A Will 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. DELANEY PARTNERS
Attorneys for the Estate Trustee With A Will Chambers P. O. Box CB-13007 Lyford Manor (West Bldg) Western Road Lyford Cay Nassau, The Bahamas.
2016 CLE/GEN/00561
IN THE MATTER of an Indenture of Mortgage made the 19th day of May, A. D., 2009, between Terrell E. McKenzie, Theodora Walkine, Evelyn McKenzie (as Surety(s)) and Finance Corporation of Bahamas Limited AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND TERRELL E. McKENZIE
Plaintiff
Defendant
TO: TERRELL E. MCKENZIE TAKE NOTICE that: 1. A Notice of Appointment to Hear Originating Summons filed herein on the 7th day of March, A.D., 2017, has been issued against you in the Supreme Court of The Bahamas being Action No. 2016/CLE/gen/00561 by Finance Corporation of Bahamas Limited the Plaintiff herein. 2. The hearing date of the Notice of Appointment to Hear Originating Summons which was scheduled to be heard on Thursday, December 7th, A.D., 2017 at 9:30 o’clock in the forenoon before Honourable Mrs. Justice Guillimina Archer-Minns whose chambers is located in the Judicial Complex, Bank Lane, Nassau, New Providence, Bahamas which was last scheduled to be heard on Thursday, February 8th, 2018 at 9:30 o’clock in the forenoon will now be heard on Thursday the 28th day of June, A.D., 2018 at 9:30 o’clock in the forenoon. 3. You must attend the above-mentioned hearing otherwise an Order may be granted in your absence. HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
remembered in US history. Rep Luis Gutierrez, D-Ill, said Americans were “standing up for children, standing up for those who are in need”. As Gutierrez spoke, his microphone was cut off because the gathering in the chamber was considered a breach of decorum. Presiding Rep Liz Cheney, R-Wyo, gaveled the House to order. GOP lawmakers, increasingly fearful of voter backlash in November, want to move away from the immigration issue, but passage of any bill today remains uncertain. Many Republicans in the
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division
House have sought more clarity from Trump before giving their backing to the broader immigration bills, which also offer different remedies for other provisions on protecting “Dreamer” immigrants from deportation and funding for Trump’s border wall. “Some of the members wanted to make sure the president is very visible in his support for both bills,” said Rep Mark Walker, R-NC, the chairman of the conservative Republican Study Committee, which makes up more than half the GOP majority.
2017 CLE/qui/000433
NOTICE
The Petition of CHARLENE MOXEY AND JANET PATRICIA FERGUSON (Personal Representative of the Estate of FLORENCE CAMBRIDGE and in her own capacity) in respect of:
IN THE ESTATE OF SHIRLEY BERNICE DIVOK late of the City of St. Catharines in the Regional Municipality of Niagara in the Province of Ontario, Canada, deceased.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
children detained together in custody, as the GOP bills would codify into law. “We do not want children taken away from their parents,” he said. As Republicans met privately yesterday to discuss their legislation, House Democrats brought about two dozen immigrant children to the chamber floor in an unusual morning protest that defied House rules as they condemned the separation of families at the border. Democrats said the images of children being held in cages in border facilities, some crying for their parents, would be a moment
IN THE MATTER OF ALL THAT piece parcel of lot of land containing by measurement four thousand five hundred and sixty one square feet (4,561.00) and bounded in the NORTH by Cambridge Street and running thereon fifty three and ninety-three hundredths (53.93) feet EAST by property of FLORENCE CAMBRIDGE and running thereon eighty three and fifty-five hundredths (83.55) feet SOUTH by property now or formerly owned by KINGSLEY POITIER and running thereon fifty eight and seventy hundredths (58.70) feet WEST property now or formerly owned by DAVID SOLOMON and running thereon SEVENTY EIGHT AND SIXTYFIVE HUNDREDTHS (78.65) feet with such position marks shape boundaries and dimensions as are delineated on a plan prepared by SHURN HENRY and is thereon coloured PINK. The Petitioners CHARLENE MOXEY AND JANET PATRICIA FERGUSON (Personal Representative of the Estate of FLORENCE CAMBRIDGE and in her own capacity) claim to the legal and beneficial owners in fee simple in possession of ALL THAT parcel of land hereinbefore described and the Petitioner has made application to the Supreme Court of the Commonwealth of the Bahamas under Section 3 of the Quieting Titles Act, 1959, to have its title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the filed plan may be inspected during normal working hours at:a. The Registry of the Supreme Court, British American Building, Marlborough and George Streets, Nassau, N. P., Bahamas; or b. The Chambers of Bowleg McKenzie Associates, RowClem House, #67 Marathon Road, Marathon Estates, New Providence, The Bahamas. NOTICE IS HEREBY GIVEN that any person having dower or right to dower or any adverse claim or claim not recognized in the Petition shall on or before the expiry of the thirty (30) days after the final publication of these presents, file in the Registry of the Supreme Court and serve on the Petitioners or the undersigned a statement of such claim in the prescribed form and verified by an affidavit to be filed therewith. Failure of any such person to file and serve a statement of such claim on or before the expiry of the thirty (30) days after the final publication of these presents, will operate as a bar to such claim. BOWLEG MCKENZIE ASSOCIATES Chambers RowClem House # 67 Marathon Road Marathon Estates, N.P., The Bahamas Attorneys for the Petitioner
PAGE 14, Thursday, June 21, 2018
THE TRIBUNE
AIRLINES ASK US NOT TO PUT MIGRANT CHILDREN ON FLIGHTS DALLAS Associated Press
AMERICAN Airlines and United Airlines said yesterday that they asked the
Trump administration not to use their flights to carry migrant children who were separated from their parents by immigration authorities. Facing growing opposition to his administration’s recent
policy of separating migrant families, President Donald Trump signed an order later in the day to keep families together at the nation’s southern border. The issue had galvanised
flight attendants, some of whom took to social media to post accounts of seeing young passengers whom they believed to be migrants separated from their parents. “We have no desire to be
associated with separating families, or worse, to profit from it,” American said in a statement. United then issued a statement in which CEO Oscar Munoz said the company’s purpose is to connect people. “This policy and its impact on thousands of children is in deep conflict with that mission and we want no part of it,” he said. Southwest, Frontier and Alaska also criticised the policy and asked not to be involved in transporting separated children. A spokesman for the Homeland Security Department criticised the airlines in strong terms, accusing them of no longer wanting to help the agency protect the traveling public and reunite unaccompanied illegal immigrant children with their families. “Despite being provided facts on this issue, these airlines clearly do not understand our immigration laws,” the spokesman, Tyler Houlton, said in a statement. He accused the airlines of “buckling to a false media narrative”. Things shifted again when Trump signed an executive order to keep families together at the southern border, saying at the White House that he doesn’t like the sight of children being separated from their families. But he added that the “zero tolerance” policy will continue.
Delta Air Lines, which had been notably silent most of the day, then issued a brief statement calling reports of families being separated “disheartening”, and praising Trump’s executive order. The White House announced its zero-tolerance policy toward undocumented migrants in early May. Since then, more than 2,300 children have been taken from their parents at the southwestern border, leading to a spike in the number of young children under government care. However, most of the unaccompanied minors in the custody of US authorities arrived at the border without their parents. Both American and United said they do not know whether any migrant children separated from their parents have been placed on their flights. In recent days several flight attendants have gone on social media to report seeing groups of children on their flights whom they believed to be children separated from their migrant families. “These flight attendants were well aware of what was going on, so how can these airlines claim they didn’t know? I don’t believe that,” said Michael Avenatti, a lawyer better known for representing a porn actress in a legal fight against Trump, but who said he also represents more than 50 migrant families who have been separated from their children.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KAVIN LAVELL WILSON SR. of the Southern District of the Island of New Providence, Bahamas, father of KAVIN LAWELL STUART, a minor, intend to change his name to KAVIN LAWELL WILSON JR. 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
MARKET REPORT WEDNESDAY, 20 JUNE 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,919.42 | CHG 0.31 | %CHG 0.02 | YTD -144.15 | YTD% -6.99 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 8.90 6.60 5.30 11.00 2.71 1.70 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 9.50 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 2.14 4.16 2.00 179.39 157.58 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 4.40 17.43 9.09 3.85 1.01 0.18 3.10 8.89 6.12 3.85 10.90 2.59 1.70 7.58 6.10 11.00 6.32 3.44 12.51
CLOSE 4.40 17.43 9.09 4.00 1.01 0.18 3.10 8.89 6.12 3.85 10.90 2.59 1.70 7.63 6.10 11.00 6.32 3.44 12.51
CHANGE 0.00 0.00 0.00 0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 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
106.57 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.45 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
107.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
1,000 1,076
2,050
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 0.070 0.084 0.320 0.500 0.200 0.120 0.580
P/E 12.2 18.7 N/M 14.1 N/M N/M -3.1 13.9 10.7 22.5 17.4 25.4 5.2 N/M 5.4 16.2 10.4 11.7 18.8
YIELD 1.82% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.60% 3.59% 3.12% 5.69% 2.32% 4.12% 1.10% 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 2.14 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% 0.93% 4.18% -0.07% 5.20% 0.56% 2.38% 0.39% 5.05% -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 31-Mar-2018 31-Mar-2018 30-Mar-2018 31-Mar-2018 31-Mar-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 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
NOTICE is hereby given that JULIE SAINTILUS of #62 Sunset Subdivision, Passion Flower, 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 twenty-eight days from the 21st 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, NICAL LORETT DEMOSTHENE of Sandy Point, San Salvador, The Bahamas, intend to change my name to NICAL LORETT MILLER. 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.
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
THE TRIBUNE
Thursday, June 21, 2018, PAGE 15
Kim leaves China as South Korea urges ‘concrete’ plan on nukes
BEIJING Associa ted Press SOUTH Korea urged North Korea on yesterday to present a plan with concrete steps toward denuclearisation, raising the pressure on its leader Kim Jong Un as he met with Chinese President Xi Jinping in a visit designed to convey the countries’ growing closeness. Kim and Xi held a second day of talks at the Diaoyutai State Guesthouse, whose grounds China’s official Xinhua News Agency described in unusually lyrical terms as being full of “verdant greenery and splendid flowers”, adding to what the propaganda outlet said was the “close and friendly atmosphere” of the talks. The pomp and circumstance looked geared toward showing off the major improvement in relations between the communist neighbours, along with China’s important role in keeping North Korea on track. But it cast no new light on the main question that hangs over the previously reclusive North
Korean leader’s surge in diplomatic activity in recent months: What next steps, if any, will Kim take to dismantle his country’s nuclear programme? At his summit with US President Donald Trump last week in Singapore, Kim pledged to work toward denuclearisation in exchange for US security guarantees. The US and South Korea also suspended a major joint military exercise that was planned for August in what was seen as a major victory for North Korea and its chief allies, China and Russia. Chinese state media quoted Xi as hailing the warming friendship with Kim but included no mention of any specific discussions on making progress on the denuclearisation of the Korean Peninsula. Xi said China is pleased that “the momentum for dialogue and easing of situation on the Korean Peninsula has been effectively strengthened”, according to Xinhua. In Seoul, South Korean President Moon Jae-in urged North Korea to present actionable plans on how it will scrap its nuclear
© 2016 ConAgra Foods Inc. All rights reserved.
NORTH Korean leader Kim Jong Un, left, toasts with Chinese President Xi Jinping, at the Great Hall of the People in Beijing, China on Tuesday. programme, and for the United States to swiftly take unspecified corresponding measures. “It’s necessary for North Korea to present far more concrete denuclearisation plans, and I think it’s necessary for the United States to swiftly reciprocate by coming up with comprehensive measures,” Moon said. Moon’s office said he made the remarks to Russian media ahead of his trip to Moscow later this week.
Moon, who has met with Kim twice in recent months, said the North Korean leader is willing to give up his nuclear programme and focus on economic development if he’s provided with a reliable security guarantee. Moon described Kim as “forthright”, ‘’careful” and “polite”. China backs the North’s call for a “phased and synchronous” approach to denuclearisation, as opposed to Washington’s
demand for an instant, total and irreversible end to the North’s nuclear programmes. Accompanied by an elaborate escort of motorcycles and black sedans, Kim left for Pyongyang later in the day, ending his third visit to China this year. State television showed Kim visiting an agricultural technology park and rail traffic control center in Beijing, accompanied by Beijing’s top official, Cai Qi. Kim’s motorcade had
earlier been seen leaving the North Korean Embassy on yesterday afternoon as police closed off major roads and intersections in central Beijing. Gawking pedestrians watched the passing motorcade that included Kim’s limousine — a black Mercedes-Benz Maybach with gold emblems on the rear doors. A report by North Korea’s official Korean Central News Agency said Kim told Xi at a welcoming banquet on Tuesday that North Korea-China ties are developing into “unprecedentedly special relations”. China has touted the prospects of more trade and investment if North Korea makes progress in talks on abandoning its nuclear weapons and long-range missile programmes. That could allow the lifting of UN Security Council economic sanctions that have hamstrung North Korea’s foreign trade, although the US insists those measures can only be eased after the North shows it has ended its nuclear programs. The US says China is in agreement on that point, although Chinese officials say sanctions should not be an end in themselves.