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FRIDAY, JUNE 23, 2017

$4.15 GOVT URGED: ‘PUT CASH ON GROUND’ IN GRAND BAHAMA

By NATARIO McKENZIE Tribune Business Reporter and NEIL HARTNELL Tribune Business Editor THE Government was yesterday urged to immediately “put some cash on the ground” in Grand Bahama, an Opposition Senator describing the island’s economy as having “hit rock bottom”.

Fred Mitchell, former foreign affairs minister, warned that “serious problems will ensue” unless Grand Bahama’s hotel plant - the former Memories resort and the majority of the Grand Lucayan - were quickly reopened.

Speaking at a press con-

Mitchell: Island has hit ‘rock bottom’ Fears ‘serious problems’ if hotels not open

Nassau investors told: 40% price fall means Freeport ‘time to buy’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

continued demand and attractive prices.

He added that transaction volumes were up 10-20 per cent for the 2017 first See PG B4

MICK HOLDING

CAREY LEONARD

Top realtor: Income properties attractive ‘Bullish’, but Grand Lucayan open ‘vital’

Private sector backs six-month extension over GB tax breaks

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PRIVATE sector leaders yesterday praised the six-month ‘tax breaks renewal’ extension granted to Freeport businesses, as it will give the Government time to make a “proper decision” on their replacement.

Mick Holding, the Grand Bahama Chamber of Commerce’s president, told Tribune Business that the extension to January 4,

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SIR FRANKLYN WILSON

‘Buys time’ to craft proper replacement Move ‘mirrors’ GB Chamber advice 2018, would enable all parties to have “a proper consultation” on what should replace the Grand Bahama (Port Area) Investment Incentives Act 2016.

The six-month extension See PG B5

ARAWAK Homes yesterday revealed its 100-acre tract opposite St Andrew’s School could become eastern New Providence’s version of Albany or Lyford Cay, as it intensifies efforts to execute on “remarkable options”.

Sir Franklyn Wilson, its chairman, told Tribune

Business that “nine-figure money” would be required to realise the site’s full potential, with the developer aiming to “let the market tell us what it wants”.

Luxury Homes (Bahamas), the Arawak Homes affiliate that owns the land, has just placed a billboard on Yamacraw Road in a bid to attract retail interest in the site’s proposed shopping complex.

See PG B4

Arawak affiliate seeks retailer interest 100-acre tract can be Palm Cay/ Port NP cross ‘Nine-figure money’ need for full build-out

Contractor Lien Bill ‘essential’ to closing protective circle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Sales volume up 1020% in buyer market

NASSAU-based investors were yesterday told it is “a great time to buy in Freeport”, with the city’s real estate market having “reached bottom” following a 40 per cent price decline.

James Sarles, a broker at Coldwell Banker James Sarles Realty, told Tribune Business that incomeproducing rental properties should prove attractive to Bahamian buyers given

$4.27

Plans accelerate for ‘Albany of the east’

GB hotels’ room revenue down 29% in ‘16 ference during which the Opposition hit back at accusations of cronyism and wasteful spending in how it awarded contracts, Mr Mitchell said the issue See PG B5

$4.27

$4.20

STEPHEN WRINKLE

THE proposed Contractors Lien Bill will “level the playing field” and ensure all parties to a construction contract enjoy equal protection, Tribune Business was told yesterday.

Stephen Wrinkle, the former Bahamian Contractors

Association’s (BCA) president, told Tribune Business that such legislation would ‘complete the circle’ by safeguarding contractors, sub-contractors and building materials suppliers against non-payment.

While the recentlypassed, but not enacted, Construction Contractors Bill is intended to protect See PG B3

Will ‘level playing field’ for all parties Contractor, subs non-payment ‘equal woe’ Ex-BCA chief: Court redress inadequate

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PAGE 2, Friday, June 23, 2017

THE TRIBUNE

COMPANIES BENEFIT FROM STRENGTHENING FATHERS DURING this past Sunday we paused to reflect on the important role men play in the lives of their children and, by extension, society. Research indicates that this is true even when a child’s mother is actively and positively - involved in the life of the child.

A father’s participation exerts a distinct and independent influence on a child’s success in school and life. The benefits from fathers being engaged in the lives of their children are immeasurable, and businesses must join forces with society in promoting the presence of fathers.

We know that when fathers are involved in their children’s lives, they tend to: * Learn more. * Perform better in school. * Exhibit healthier behaviour. * Have fewer disciplinary problems. * Be more likely to participate in extra-curricular activities.

• Enjoy school more.

Businesses, then, must employ a variety of strategies in promoting healthy Father-son/daughter relationships. Here are a few suggestions for companies to keep fathers engaged: 1. Offer paid paternity leave for fathers. Most men in this environment find themselves needing to take vacation or casual unpaid leave time when their wives or significant others are having their children.

Most men want to be in place and enjoy this major milestone in their lives, but find it cost prohibitive to do so. In some cases, when

women have to undergo surgery during the birthing process and are unable to care of themselves for extended periods of time, fathers should be allowed to time to care for their wives.

2. Educate dads on the importance of their involvement in the lives of their children. Men are often not aware of how crucial their role is in the life of their children. When they are absent, children suffer and are left vulnerable.

Fathers must make the connection between their absence and the rate of crime, teenage pregnancy, suicide and HIV contraction. Male employee empowerment seminars assist in sending these life-changing messages to men.

3. Reward fathers for their active involvement in the lives of their children.

Positive reinforcement helps. When dads are celebrated for their attendance at PTA meetings, and taking an active role in the academic and personal lives of their children, they have a tendency to do more of it.

4. Offer fathers family medical insurance that includes their wives and children. Men want to be able to shoulder their responsibilities. Companies who provide this benefit to their employees help to strengthen and improve family relations.

5. Improve the economic stability of fathers. Helping fathers improve their economic status by providing activities such as job training, employment services and career-advancing education only strengthens their ability to provide care and support to their fami-

IAN FERGUSON lies. This, in turn, allows men to be more validated and productive at work.

6. Provide Health and Wellness programmes for fathers, including Employee Assistance Programmes.

Men are typically the last to visit the doctor, dentist and psychologist, or to seek any form of medical or mediation services. Companies that make it easier for men to access these services find great benefit in doing so: It benefits the men, their children and the company at large.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

AS part of Bahamas Waste’s involvement in the IAAF World Relays, garbage technicians ensure the timely collection of trash from the National Stadium Photos/ BVS BAHAMAS FOR BAREFOOT MARKETING

TECHNICIANS fuel up using biodiesel before heading out on their daily pick-up route.

Bahamas Waste puts garbage technicians in public spotlight BAHAMAS Waste has launched a month-long social media campaign in a bid to place the spotlight on its hard-working garbage technicians.

Using the US idea of ‘National Garbage Man Day’, which is held annually on June 17, the competition allows community members to vote for their favourite technician by posting a picture of them, or with them, with the #MyGarabageTech.

“We’ve really tried to provide our customers with the best possible services,” said Francisco DeCardenas, Bahamas Waste’s managing director. “We’ve

become known recently for our specialty trucks, which help raise awareness about the many charitable organisations we’ve partnered with, but none of that would be possible without the commitment of our techs.”

“In the waste management business there’s a saying: ‘It’s a dirty job, but somebody has to do it!’,” added Mr DeCardenas.

“That’s been our mantra for the past many years, and that somebody has been our garbage technicians, who are not afraid to get their hands dirty so that our communities can stay clean, which is so important to our tourist-based economy.”

All entries must be submitted before July 12, and are limited to one per person.

“What we hope is that this competition will give our customers a chance to get to know their drivers and techs,” said Ethelyn Davies, operations manager.

“We often hear from customers when they need our help, or have additional pick up requirements. It will be interesting to see which of our techs have made an impression. I am pleased we are choosing to recognise the work which our garbage men do every day”.

THE TRIBUNE

Davis seeks to justify insurance rejection

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net EX-DEPUTY prime minister, Philip Davis, yesterday said the Opposition welcomed probes into the allegations of wasteful spending by the Christie administration, but warned against wasting resources on a “political witch hunt”.

Mr Davis, speaking at an Opposition press conference, agreed to “let the chips fall where they may”, asserting that the Minnis administration should “stop whining and complaining and get on with the business of governance”.

He sought to provide further insight into the former administration’s decision to cease paying the annual $900,000 premium to the Caribbean Catastrophe Risk Insurance Facility (CCRIF) . Dr Hubert Minnis told Parliament on Tuesday that the former administration’s action had

THE PLP held a press conference in the minority room of the House of Assembly yesterday to respond the budget contribution by the Prime Minister Dr. Hubert Minnis. Leader of the Opposition Philip ‘Brave’ Davis (seated centre) addresses the media. Photos: Terrel W. Carey/Tribune Staff resulted in the Bahamas losing out on a $32 million insurance payout, money that was much-needed in Hurricane Matthew’s aftermath.

Mr Davis, though, said CCRIF had rejected the Bahamas’ damages claim over Hurricane Joaquin in 2015, as the

Contractor Lien Bill ‘essential’ to closing protective circle From pg B1 consumers from ‘cowboy contractors’ and shoddy workmanship, the Lien Bill - discussed by the Minister of Works earlier this week - will do the reverse.

Desmond Bannister said: “Over the next fiscal period, my Ministry will continue work on the Construction Contractors Lien Bill, which will, among other things, protect professionals from the risk of not being paid for services rendered.

“Too often, particularly sub-contractors, are left with no avenue to claim against a property after supplying labour or materials for work on that property. This legislative proposal provides a remedy.”

Mr Wrinkle said the proposed protection was badly needed, given that the nonpayment of contractors and sub-contractors happened as frequently as contractors failing to finish the job.

“It is an essential component of the legislation for the industry,” the exBCA president told Tribune Business. “The Construction Contractors Act makes substantial provisions for clients, customers and homeowners, but on its own it does not provide adequate protection for the contractor or sub-contractor or supplies.

“Lien laws are standard in the construction industry around the world. No job takes place in the US without it. Every time a payment is made by the customer to the contractor, the contractor must

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provide a release of lien, certifying that payment has been made to sub-contractors.

“The burden is on the contractor to provide this information to the client and the lending institution so they have comfort the funds are going where they are supposed to.”

Sub-contractor complaints about not being paid, or being compensated either late or partially, frequently surface in the Bahamian construction sector.

Apart from providing protection against the main contractor’s failure to pay his hired subs, Mr Wrinkle said the Lien Bill would also give contractors immediate recourse against clients who default.

“If a customer fails to pay a bill that’s due and payable, for the contractor there’s currently no protection,” he told Tribune Business. “If the Lien Bill was in effect, then the contractor would have the right to place a lien on the custom-

ferocity of that storm and wind speed Category - had not met the mandated speed to trigger a payout. The fact that the damage sustained was due to flooding, and not windrelated, was another factor cited.

Former state minister for finance, Michael Halkitis, er’s assets or the project at hand to collect the money due to them. No everyone has the protection they’re supposed to have in hand.”

Mr Wrinkle said problems had often occurred when banks and other Bahamian lending institutions released financing for newbuilds to their client, the mortgage borrower, who then failed to fully compensate the contractor.

“It’s just as liable to happen as the contractor not finishing the job,” he told Tribune Business. “There’s no protection on either side of the fence. It’s an equal problem.

“Many, many times the contractor gets to 90 per cent completion, and the homeowner gets the occupancy certificate and does not pay the contractor the balance.

“The industry is fraught with crevices, holes and ambiguities. Both the customer and the contractor currently have no reasonable protection other than the courts and judicial system, which is absolutely horrible and a long, arduous process,” Mr Wrinkle continued.

“This will clean that up, level the playing field, and ensure all interested par-

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 LYFORD GLOBAL FOCUS EQUITY MASTER LIMITED (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that in accordance with Section 138 (8) of the International Business Companies Act 2000, as amended, LYFORD GLOBAL FOCUS EQUITY MASTER LIMITED. has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 1st day of June, 2017.

Francis Jon Baranko Liquidator NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 LYFORD GLOBAL FOCUS EQUITY FUND (OFFSHORE) LIMITED (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that in accordance with Section 138 (8) of the International Business Companies Act 2000, as amended, LYFORD GLOBAL FOCUS EQUITY FUND (OFFSHORE) LIMITED. has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 1st day of June, 2017.

Francis Jon Baranko Liquidator

said following Hurricane Matthew’s passage last year that the then-government had ceased the annual premium payments because the Bahamas would only have received compensation in the event of a Category Five hurricane.

Mr Davis yesterday confirmed that, acting on the advice of a technical committee, the Christie administration had decided to discontinue payments into the fund.

“Up to that time, the Bahamas had been paying premiums in the tens of millions of dollars and had not been able to unlock anything,” he said. “The Government agreed that self-insurance would be the best route.”

Mr Davis added that following Hurricane Matthew, CCRIF had written to the Government suggesting it may have qualified for a payout. However, the technical team advising the Government held the view that the Bahamas would not have qualified. ties have an equal footing.

“The Lien Act needs to be passed. We have discussed and pushed for this for many years. It will mean additional security, paperwork and protocols, but it is nothing that the construction industry is not using around the world. It needs to be addressed right now while all this is on the table.”

The legislation closer to being enacted, the Construction Contractors Act, promises to yield significant benefits for the industry, consumers and the wider Bahamian economy if it functions as intended.

For the Act, when implemented, will introduce a system of licensing and self-regulation, where Bahamian contractors are certified according to their qualifications and scale/ scope of work they are capable of undertaking.

This would place them on a ‘level playing field’ with foreign contractors, enabling them to better compete for multi-million dollar contracts on foreign

Friday, June 23, 2017, PAGE 3

Chamber chairman urges progress by collaboration THE Chamber of Commerce’s newly-elected chairman yesterday said labour and business must pursue positive dialogue, adding that the path to a better Bahamas was wide enough for both sides.

Mike Maura, who is also the Arawak Port Development Company’s (APD) chief executive, said: “Labour and business must pursue positive social dialogue. By working together there is little doubt in my mind that bridges can be built where none existed, and innovation will come from all sides.”

Speaking at the opening of a workshop hosted by the Chamber in collaboration with the Caribbean Employer’s Confederation (CEC) and the International Labour Organisation (ILO), Mr Maura added: “This collaborative approach can also serve to assist government in policy reform and development,

and expediting our national recovery.

“Government has historically been slow to enact progressive labour or business policies for fear of retribution. We can only imagine the degree of national progress if labour and business jointly assisted policy makers.”

Althea Albury, senior deputy director at the Department of Labour, said: “Social dialogue is a useful tool that allows governments, employers and workers to manage, change and achieve economic goals.”

She added that the Government affirmed its commitment to continue working with its social partners as they move to improve the standard of living and quality of life for working Bahamians.

As defined by the ILO, social dialogue, includes “all types of negotiation, consultation or simply exchange of information between, or among, representatives of governments, employers and workers, on issues of common interest relating to economic and social policy”.

direct investment (FDI) projects that come to the Bahamas because their capabilities are certified.

The Act also includes provisions giving Bahamian consumers means of redress, and protection, against shoddy workmanship by so-called ‘cowboy contractors’ - something that has been a frequent complaint among residents.

The construction indus-

try is the last professional trade in the Bahamas to be regulated by statute law, and efforts to finally achieve this are now into their fourth administration. The Act is similar to those regulating the engineering and architect professions, in that it will selfregulate contractors via a Board comprised of members from both the private and public sectors.

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

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PAGE 4, Friday, June 23, 2017

Nassau investors told: 40% price fall means Freeport ‘time to buy’ From pg B1 half and second quarter todate, due to Freeport being a ‘buyer’s market’.

“Fortunately or unfortunately, prices are way down in the real estate market,” Mr Sarles told Tribune Business of Freeport.

“Transactions are increasing, mainly because there are good deals and people see the opportunity.

“Sellers are taking a big hit if they’re wiling to let go, and new buyers are coming in to get good deals.

People are saying this is the only place in the Caribbean where there are deals, the only island not overpriced.”

Mr Sarles, though, said he remained “bullish” on Freeport’s real estate market, and suggested its fortunes could quickly revive if the Minnis administra-

tion delivered on all its ‘Speech from the Throne’ and Budget promises.

“I think it’s a great time to buy in Freeport,” he told Tribune Business. “If Freeport is ever going to succeed, now is the time. If the Government does what they say they’re going to do, the Port Authority starts marketing the place, I think the opportunity is here.

“In terms of transactions, for the first half of the year, the second quarter, prices were so low that they were up 10 per cent, 15 per cent and 20 per cent. There are still buyers out there now with the funds. There’s a bit of looking at the new government, and the optimism that maybe’s now the time.”

Mr Sarles said Freeport’s market fundamentals were such that commercial and residential rental properties

Plans accelerate for ‘Albany of the east’ From pg B1 Disclosing that “the phone is ringing” already, Sir Franklyn said development plans could also ultimately involve an office complex, two different residential “campuses”, a marina, and an “out east” version of the ONE Cable Beach condominium project under construction just down the road from Baha Mar. He added that the site could become a mini-Albany or Lyford Cay, both of which had initially been developed as high-end residential communities that eventually attracted financial services, law and accounting firms, plus retail merchants, to service their homeowners.

“We have roughly 100 acres and 1,820 feet of shoreline,” Sir Franklyn told Tribune Business of the Yamacraw property.

“Palm Cay is only 69 acres.

We’re almost one-and-ahalf times the size of Palm Cay in terms of what we have.

“We believe we have an

opportunity to literally duplicate Palm Cay, if that’s what we want to do, plus add the retail. We could do two residential campuses; there’s enough land to pitch to two market segments, plus we could do a marina.

We could even do an ‘out east’ version of One Cable Beach.

“We have remarkable options. It’s zoned R5 under the Planning and Subdivisions Act, which means that density is not an issue, high rise is not an issue.

This is a very unique piece of property. We could do a combination of Palm Cay and Port New Providence; a marina and canals. We have enough land to do both.”

The 100-acre tract, which is located opposite St Andrew’s School, and between Treasure Cove and the new AML Foods store, is one of the last sizeable, waterfront pieces of eastern New Providence real estate that remains available for development.

Luxury Homes (Bahamas) placement of the billboard, seeking potential

HOW THE SENATE HEALTH BILL COMPARES TO HOUSE, ‘OBAMACARE’

THE TRIBUNE should prove attractive for Nassau-based buyers, especially since foreign workers in the industrial sector still provide a residential customer base.

“We have a lot of commercial properties, guest and income producing properties that should make people from Nassau look our way,” he told Tribune Business.

“Sales are not strong, but the rental market is holding, and there’s a good opportunity for people from Nassau that come and pick up these buildings that need a bit of TLC (tender loving care) for 40 cents on the dollar.”

Mr Sarles said the Minnis administration’s post-election focus on Freeport and Grand Bahama had created optimism among the private sector and consumers.

However, he warned that this was unlikely to last long, especially if there was no opening and reemployment at the Grand Lucayan’s Memories and Breaker’s Cay properties.

Their continued closures have taken more than 1,000

rooms, or 59 per cent of Grand Bahama’s inventory, off-line, and resulted in the loss of hundreds of jobs both direct and indirect.

Port Lucaya Marketplace tenants have been left fighting for survival, and desperately trying to avoid the fate that befell the International Bazaar with the Royal Oasis’s 2004 closure, with the overall effect being a dramatic downturn in Freeport’s tourism industry and wider economy.

The new government this week promised it “will not rest” until the Grand Lucayan is fully open, describing this as a major priority, but there has been little sign of progress in efforts to encourage Hutchison Whampoa and its property arm, Cheung Kong Property Holdings, to sell the city’s ‘anchor property’.

“I think the Grand Lucayan hotel is a critical component to the rebuilding of Freeport,” Mr Sarles told Tribune Business. “There’s a bit of hope here right now.

Everybody I speak to - from a Rotary meeting to the

street - they truly believe in the opportunity.

“It creates a positive mood, and certainly the hotel is an integral first step in moving things forward.

Everyone’s patient right now, but that’s a critical first step. That’s going to be a catalyst. It doesn’t take much to move the needle.”

Mr Sarles added that any sale of the Grand Lucayan needed to be closed quickly, given that the construction of new amenities and accommodation would take a buyer one to two years to complete.

The Minnis administration has identified Freeport and Grand Bahama as central to its economic revival plans, announcing plans to market the island to three distinct tourism niches, and to promote the destination to financial services and the TV/film industry.

“What excited me when I heard the Speech from the Throne is is that for the first time I truly believe this government is going to focus on Grand Bahama,” Mr Sarles said.

He added that the election of five FNM MPs, with one as deputy prime minister, had given him further confidence. “KP [Turnquest] knows what we’ve all been through here,” said the realtor.

Urging the Government to “hold the Grand Bahama Port Authority’s feet to the fire” when it came to Freeport’s marketing and promotion, he urged both entities - along with local government - to work together to “get rid of these derelict buildings”.

Mr Sarles said property owners needed to be held accountable for their buildings’ upkeep, and added: “That’s what we need. We need everybody in Freeport; every business, every owner, every citizen and resident, to do their part.

“The Port Authority should show some teeth and knock those buildings down, forcing owners to pick things up. Every inch of Grand Bahama, everyone has to do their part, especially the city manager, the Port Authority.”

retailer interest, indicates that its parent’s development plans are stepping up into a higher gear - something that was confirmed by Sir Franklyn.

“We have been fielding calls from a number of retailers wanting to acquire space in a complex that they believe will be built along with that [AML] supermarket,” he confirmed to Tribune Business.

“We put that sign up there attempting to see to what extent there was a market for space among retailers at that site. What that says is: We’re going to build a shopping complex there; is it going to be 30,000 square feet, 50,000 square feet, 100,000 square feet? What size; how big are we going to make it; and how will the space be broken out?

“We wanted the market to give us a clue. We’ve put up a website where people can register their interest.

We put that sign up there, and the website up, so that the sign would drive people to the website and they would respond to the website, telling us what to build.

“We believe we’re letting the market drive us. We are telling the market: Tell us what to do and when to do it.”

Asked whether the promotional effort was succeeding, Sir Franklyn replied: “I can tell you that the phone is ringing, and we are getting some pleasant surprises.”

He said Luxury Homes (Bahamas), which is 81 per cent majority-owned by Arawak Homes, would first develop the retail complex and possible office space an option that was also generating interest.

Sir Franklyn added that the development was effectively ‘piggybacking’ off both Palm Cay’s build-out and AML Foods’ new Yamacraw store, which is being built on four acres acquired from Luxury Homes (Bahamas).

“Palm Cay has essentially turned into another version of Albany without the golf course,” he told this newspaper. “The people at Palm Cay have done a wonderful job..... We’ve been patient; we waited for Palm Cay to mature.”

With Palm Cay’s marina virtually sold-out in terms of space, Sir Franklyn said: “We can start building the viability of our marina from the overflow traffic at Palm Cay. From that site, it’s only one-and-a-half hours before you’re having lunch in

the Exumas.”

He added that the “sophisticated”, in-depth research conducted by AML Foods to determine the viability of its Solomon’s Yamacraw store “led us to think that if demand is that strong for their supermarket, maybe there’s an opportunity to do a modern retail complex along with it”.

Sir Franklyn said Solomon’s Yamacraw’s planned opening in November 2017, “and the degree of success we think they’re going to have”, would likely make demand for Luxury Homes’ retail complex even stronger.

He revealed that Arawak Homes’ affiliate was also in talks with joint venture partners to develop the site’s residential options, explaining: “We wouldn’t want to do the whole thing ourselves.

“We’re looking for people interested in the retail space and the office space, and are having meaningful discussions with deeppocketed investors wanting an opportunity to partner with us on the retail side.

“The residential piece is not chicken-feed. It’s nine-figure money. It’s not a small undertaking.

That’s why we want to partner with people with deep pockets, and want to do it right.”

Sir Franklyn declined to reveal who Arawak Homes/ Luxury Homes was talking to, but said the developer had the ability to build-out the property in phases according to demand since it owned the land.

It wanted to have a “favourable and important influence” on how eastern New Providence develops, providing the privacy and gated community options that had previously been lacking and driven many residents to the west.

Sir Franklyn noted that there were relatively few restaurant/dining options in the area, and there had been little new retail development also.

He added that the only other sizeable piece of undeveloped real estate left in the east was a 25-acre tract owned by Brian Wong, owner of Bookworld on Mackey Street.

The remaining 19 per cent equity stake in Luxury Homes (Bahamas) is held

by RoyalStar Assurance, the property and casualty underwriter, which is another Sunshine Holdings/ Arawak Homes affiliate.

By RICARDO ALONSOZALDIVAR Associated Press

sonal health care costs would be uneven: Premiums would likely go down for younger people, but older people would pay more.

Out-of-pocket costs to cover insurance deductibles and co-payments would go up.

For those who believe the government is too involved in health care, the Senate bill stands as an overdue course correction. But those who believe health care is a right will see it as a step back.

How the Senate bill com-

pares to the House bill and to the Affordable Care Act that Democrat Barack Obama signed into law seven years ago:

House GOP bill: Reduces the generous federal match for expanded Medicaid to the same rate states get for other beneficiaries, starting in 2020. (The basic Medicaid match rate now averages 57 percent nationally.)

More significantly, ends Medicaid’s longtime status as an open-ended entitlement, with Washington paying a share of what each state spends. Places a per-person limit on future federal contributions, starting in 2020.

Senate GOP bill: Stretches phase-out of Medicaid expansion financing. Higher payments would be provided through 2023. Exempts spending on special-needs children from cap on federal Medicaid matching contribution. Uses a less generous inflation adjustment than House bill.

WASHINGTON (AP) — The Senate Republican health care bill would guarantee immediate assistance for insurance markets that are struggling in many states. Yet overall it would do the same thing as its House counterpart: less federal money for health insurance and a greater likelihood that more Americans will be uninsured.

The bill’s impact on per-

MEDICAID Obama law: States have the option to expand Medicaid to cover more lowincome adults. Feds pick up a generous share of the cost, no less than 90 percent. Medicaid covers some 70 million people, from newborns to elderly nursing home residents.

PRE-EXISTING CONDITIONS Obama law: People cannot be denied coverage because of pre-existing medical problems, nor can they be charged more because of poor health.

House GOP bill: To be protected, consumers must avoid a break in coverage of more than 63 days. Those who let their coverage lapse pay a 30 percent premium penalty for a year. States can seek waivers that would allow insurers to charge higher premiums based on health status under certain circumstances.

Senate GOP bill: Similar requirement to avoid a break in coverage, but penalty is a six-month wait for policy to take effect. States cannot seek waivers that would allow insurers to charge more based on health.

SUBSIDIES FOR PRIVATE INSURANCE Obama law: Provides two kinds of subsidies for people who don’t have access to coverage on the job.

Income-based subsidies help with premiums and with out-of-pocket costs such as deductibles and copayments. Premium subsidies keyed to the cost of a midlevel “silver” plan.

THE TRIBUNE

Friday, June 23, 2017, PAGE 5

Private sector backs six-month extension over GB tax breaks From pg B1 from July 4, 2017, was unveiled last weekend by the Prime Minister, and Mr Holding said it “mirrored” advice given when the Chamber met Kwasi Thompson, minister of state for Grand Bahama.

“Excellent,” he responded, when informed of the decision by Tribune Business. “That mirrors the conversation we, the Chamber, had with the minister for Grand Bahama a few weeks ago.

“We recommended an extension from July 4 to allow that consultation process to take place. I think it’s very sensible for the Government to buy time to do the job properly.

“I’m very pleased they’ve made this sensible extension to enable consultation to take place, make the proper decision themselves, and put new legislation in place.”

Mr Holding said he was especially happy that the deadline had been extended through the 2017 yearend - a position backed by former Grand Bahama Port Authority (GBPA) counsel, Carey Leonard.

Mr Leonard, now an attorney with Callenders & Co, said of the extension: “It definitely helps the private sector. Yes, it buys more time, but it gives the private sector space to say: ‘This is our recommendation to you.

Govt urged: ‘Put cash on ground’ in Grand Bahama From pg B1 was nothing more than a “smokescreen” to hide the Minnis administration’s lack

of policies and plans.

“Why don’t they just get to work and govern?” he asked, adding: “They need to put some cash on the ground in

“It gives you the time, and the Government the time, to look at and make some sensible decisions.

They’ve made it clear to to the business community, and in their manifesto, that the first thing they wanted to do was repeal and replace, so that’s very positive.”

Dr Hubert Minnis, in making the announcement, said: “My government has begun the process of replacing portions of the Grand Bahama Investments Incentives Act to ensure fairness.

“We intend to bring to an end the additional red tape and uncertainty, which is a road block to further investment in Grand Bahama. We will extend the need to submit applications for a period of six months, during which time this office will conduct consultations prior to implementing the final replacement.”

The Government, though, has yet to release

details on the proposed replacement, how this will work and the potential impact for Freeport-based businesses.

The repeal of the Grand Bahama (Port Area) Investment Incentives Act 2016 was promised by the Minnis administration in the recent ‘Speech from the Throne’, with K P Turnquest, the deputy prime minister, previously branding the legislation passed by the Christie government as “a job killer”.

The Act’s introduction meant that the Grand Bahama Port Authority’s (GBPA) 3,500 licensees had to apply to Nassau for the renewal of tax breaks they previously enjoyed by right under the Hawksbill Creek Agreement (HCA).

The lingering concerns with the Act and associated application process involve uncertainty over the length of time for which the tax breaks will be renewed, and the fact this appears left

entirely to the discretion of the Investments Board and responsible minister.

There is also the fear that GBPA licensees not planning to expand their business are effectively ‘locked in’ to maintaining their existing employment levels for five years in return for the renewal of their real property tax, capital gains and income tax exemptions.

The application form attached to the Grand Bahama (Port Area) Investment Incentives Act 2016’s regulations divides GBPA licensees into two categories: Those planning a business expansion within the next 12 months, and those who “expect to operate as a going concern and maintain current staffing levels for at least the next five years”.

The latter category appears innocuous, but when the application form is read with the Act, it effectively “locks in” GBPA licensees to maintaining employment

levels for a five-year period regardless of whether there are further market or economic downturns outside their control.

Should a licensee be forced to downsize in those five years to survive, the Act’s section six, ‘Failure to fulfil obligations’, would appear to come into play.

This allows the minister responsible for investments to strip Freeport businesses, partially or in full, of their tax breaks, and even enables them to demand payment of taxes that should have been paid if no concessions were granted.

The Act enables the Minister to “reduce or revoke in full” the tax breaks granted, and even “demand payment in respect of any money that would have been payable had no concessions under the Act been conferred”. In effect, it demands retroactive or ‘back’ taxes.

Grand Bahama. The economy in Grand Bahama is down to rock bottom.

“We were desperately trying to get the hotel plant up and going, get construction going and, unless some money is put on the ground in Grand Bahama, serious problems will ensue.”

Tribune Business reported earlier this week suggestions that up to 95 per cent of Port

Lucaya Marketplace tenants may not survive another two months, unless the Grand Lucayan’s owner, Hutchison Whampoa’s newly spun-off property division, either sells the resort or re-opens it.

Data on Grand Bahama’s hotel industry performance for 2016 shows the impact of both Hurricane Matthew and the resort closures, plus the effect of the Canadian

dollar’s decline against its US counterpart - something that affected pre-closure demand from Memories’ predominantly Canadian customers.

Room revenue for the fullyear, January to December 2016, was down year-overyear by $7.87 million, or 28.55 per cent, at $19.67 million compared to $27.57 million in 2015.

All other key indicators were off, with room nights sold down 25.52 per cent or 106,781 at 311,697. Grand Bahama hotels’ average occupancy rate was off by 13.62 percentage points year-overyear, standing at 51.81 per cent compared to 65.43 per cent.

Rooms available for the full-year dropped from 639,588 to 601,579 - a decline of 38,009 or 5.94 per cent.

And average daily room rates (ADRs) fell by $2.68 or 4.07 per cent, hitting $63.20 compared to $65.88.

Senator Kwasi Thompson, minister of state for Grand Bahama, recently told Tribune Business that the Minnis administration was “painfully aware” of the devastating economic and social consequences resulting from the loss of more than 1,000 hotel rooms on Grand Bahama.

He said the Government was doing “all it can” to get the Grand Lucayan resort and associated amenities open as rapidly as possible, adding that it had inherited the situation from the former Christie administration. He confirmed that the Grand Lucayan’s proposed sale to Canadian-based real estate developer, the Wynn Group, had not closed prior

to the May 10 general election despite the ‘Letter of Intent’ that was much-touted by the former government.

“The redevelopment and reopening of the Lucayan Strip is a major priority - not just for my office in Grand Bahama, but I believe it is a national priority,” Mr Thompson told Tribune Business.

“It is vital that we bring back economic activity to that strip, including the Port Lucaya Marketplace. Grand Bahama needs this hotel to be open, and it needs our people to be employed without question.”

He added: “The closure has had a major effect on our tourism product in Grand Bahama. We have a sense of urgency because we knew before we came to office that Grand Bahamians were suffering. They elected us for this reason.

“The Government is painfully aware of the situation. I live here and see the effects every day. It is what motivates us to work without ceasing to bring relief.”

The Minnis administration has placed Grand Bahama and Freeport at the centre of its plans to revive the Bahamian economy, unveiling plans to target specific tourism niches, the film/ TV industry and financial services as growth opportunities for the island.

However, these initiatives are all longer term, and there are signs that the new government’s ‘honeymoon period’ may already be wearing off in Freeport unless it can rapidly resolve the Grand Lucayan’s closure and associated problems.

NOTICE

NOTICE

International Business Companies Act No.45 of 2000

International Business Companies Act No.45 of 2000

BOVS Investment Fund Ltd. (the “Company”)

CAA INVESTMENT FUND LTD. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of BOVS Investment Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the dissolution was the 12th day of May, 2017.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of CAA INVESTMENT FUND LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 3rd day of May 2017.

Luciane Ribeiro Moreno Liquidator

Luciane Ribeiro Moreno Liquidator

MARKET REPORT THURSDAY, 22 JUNE 2017

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

BISX ALL SHARE INDEX: CLOSE 1,868.98 | CHG -0.01 | %CHG 0.00 | YTD -69.23 | YTD% -3.57 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.56 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.40 17.43 8.19 3.50 1.48 0.12 3.80 8.35 5.83 10.05 10.02 2.18 1.31 5.80 7.55 8.56 7.50 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

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

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

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

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

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.22 15.85 9.09 3.60 1.48 0.12 4.05 8.60 6.00 10.50 10.02 2.42 1.56 6.00 9.75 9.00 9.93 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.15 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.48 0.12 4.05 8.60 6.00 10.50 10.02 2.41 1.56 6.00 9.75 9.00 9.93 6.90 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.13 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

430 250 353 100

16,000

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.190 0.540 0.570 0.102 0.197 0.753 0.763 0.330 0.830 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 9.5 17.0 N/M 9.4 N/M N/M -10.0 14.7 31.6 19.4 17.6 23.6 7.9 8.0 12.8 27.3 12.0 11.5 17.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

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

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 5.69% 2.49% 3.85% 4.83% 4.62% 0.00% 3.42% 2.03% 4.96% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I,LEON CONEL RENéJOHNSON of #3 Raymond Road, New Providence, Bahamas intend to change my name to LEON CONEL RENé . 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 the publication of this notice.

NOTICE

NOTICE is hereby given that SHEILA NESTOR of Oleander Ave., P.O. Box N-10519, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JUNIOR PETIT-HOMME of Pride Estates III, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MONETTE LUBIN of McKinney Drive, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, June 23, 2017, PAGE 7

BREXIT: MAY OFFERS HOPE FOR EU CITIZENS, WINS GUARDED PRAISE

By RAF CASERT AND LORNE COOK Associated Press BRUSSELS (AP) — British Prime Minister Theresa May promised Thursday that EU citizens will not be immediately kicked out of Britain when it leaves the union and says their fate will be a top priority in Brexit negotiations — prompting guarded praise from other EU leaders at a tense time for the continent.

May’s proposals at an EU summit were a carefully timed gesture days after talks began on Britain’s departure. German Chancellor Angela Merkel called them “a good start.”

May laid out benchmarks for the rights of 3 million EU citizens living legally in Britain and how they should be shielded from excessive harm because of the divorce. She made it clear that Britain wants reciprocal measures for the 1.5 million British citizens living in the EU. The issue of citizens’ rights is especially sensitive in the Brexit talks.

Under May’s proposal, EU cit-

izens with legal residence in the UK will not be asked to leave and will be offered a chance to regularize their situation after Brexit, a senior British official said. May also promised to cut the burdensome bureaucracy such paperwork can involve, the official said.

“No one will face a cliff edge,” the official said, speaking on condition of anonymity since May made the proposal at a closeddoor EU summit dinner.

Merkel welcomed May’s promises, but insisted that “there are, of course, many, many other issues.” She mentioned the bill that Britain will have to pay to leave and questions about how to deal with the border between Northern Ireland and EU member Ireland.

“It means we have lots left to do,” Merkel said.

Austrian Chancellor Christian Kern said May’s proposals are “a first step” but warned there are still many European citizens in Britain who would not be covered by the proposals. “We are now at the start of all this and we don’t know whether it will be

GERMAN Chancellor Angela Merkel, center, speaks with British Prime Minister Theresa May, right, and French President Emmanuel Macron, second left, during a round table meeting at an EU summit in Brussels yesterday. European Union leaders are gathering for a two day summit to weigh measures in which to tackle terrorism and migration and to create closer defense ties. (AP Photo/ Geert Vanden Wijngaert) a sprint or a marathon,” he said.

The Dutch prime minister, Mark Rutte, said there are “thousands of questions to ask” about May’s proposals, and questioned why the British leader was laying them out with EU leaders

instead of with the Brexit negotiators.

Britain’s departure in 2019 will cause the EU to lose one of its biggest members and a global player, but the other EU nations were already looking at some of

the spoils of the divorce. They will decide in November where the EU agencies currently based in Britain will move to on the continent, EU chief Donald Tusk announced.

The bloc’s medicines and banking agencies are now in London, and almost every EU nation wants one of the two agencies. On Thursday, the EU leaders agreed on procedures for a fair pick.

Discord over whether Britain’s exit process could still be reversed surfaced at the summit.

Tusk said when British friends asked him if he could imagine a way for Britain to remain part of the bloc, he told them: “The EU was built on dreams that seemed impossible to achieve. So who knows?”

“You may say I am a dreamer but I’m not the only one,” Tusk added, quoting a lyric from the late John Lennon’s “Imagine.”

Belgian Prime Minister Charles Michel, however, said the will of the British people who voted in a June 2016 referendum to leave the EU had to be respected.

THE WEATHER REPORT

5-Day Forecast

TODAY

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Partly sunny

Partly cloudy

Partly sunny with a shower in spots

Partly sunny with a shower in spots

Partly sunny with a shower in spots

Partly sunny, a t‑storm in spots

High: 92°

Low: 80°

High: 92° Low: 80°

High: 92° Low: 81°

High: 91° Low: 81°

High: 92° Low: 81°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

101° F

87° F

102°-87° F

102°-86° F

103°-85° F

104°-89° F

ORLANDO

High: 89° F/32° C Low: 73° F/23° C

TAMPA

High: 92° F/33° C Low: 78° F/26° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 84° F/29° C Low: 80° F/27° C

7‑14 knots

S

WEST PALM BEACH High: 89° F/32° C Low: 78° F/26° C

7‑14 knots

FT. LAUDERDALE E

W

FREEPORT

High: 88° F/31° C Low: 80° F/27° C

N

S

E

W

High: 88° F/31° C Low: 77° F/25° C

MIAMI

High: 90° F/32° C Low: 80° F/27° C

7‑14 knots

KEY WEST

High: 88° F/31° C Low: 81° F/27° C

ELEUTHERA

NASSAU

High: 92° F/33° C Low: 80° F/27° C

Forecasts and graphics provided by AccuWeather, Inc. ©2017

High: 86° F/30° C Low: 81° F/27° C

N

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:33 a.m.

8:08 p.m.

2.8 3.7

1:42 a.m. ‑0.4 1:43 p.m. ‑0.8

Saturday

8:29 a.m.

9:01 p.m.

2.9 3.7

2:37 a.m. ‑0.6 2:37 p.m. ‑0.9

Sunday

9:24 a.m.

9:54 p.m.

2.9 3.7

3:30 a.m. ‑0.6 3:32 p.m. ‑0.8

Monday

10:19 a.m.

10:46 p.m.

2.9 3.5

4:23 a.m. ‑0.6 4:26 p.m. ‑0.6

Tuesday

11:15 a.m.

11:39 p.m.

2.8 3.3

5:16 a.m. ‑0.5 5:22 p.m. ‑0.3

Wednesday 12:12 p.m. ‑‑‑‑‑

2.8 ‑‑‑‑‑

6:09 a.m. ‑0.3 6:19 p.m. 0.0

Thursday

3.1 2.7

7:02 a.m. ‑0.2 7:19 p.m. 0.3

12:33 a.m.

1:10 p.m.

sun anD moon Sunrise Sunset

6:21 a.m.

8:03 p.m.

Moonrise Moonset

5:55 a.m.

7:42 p.m.

New

First

Full

Last

Jun. 23

Jun. 30

Jul. 8

Jul. 16

CAT ISLAND

E

W

High: 86° F/30° C Low: 80° F/27° C

N

S

E

W

7‑14 knots

S

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 90° F/32° C Low .................................................... 77° F/25° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.02” Year to date ................................................. 5.45” Normal year to date ................................... 12.21”

uV inDex toDay

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 80° F/27° C

High: 85° F/29° C Low: 80° F/27° C

N

High: 88° F/31° C Low: 80° F/27° C

E

W S

LONG ISLAND

insurance management tracking map

High: 87° F/31° C Low: 81° F/27° C

8‑16 knots

MAYAGUANA High: 86° F/30° C Low: 80° F/27° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C

High: 86° F/30° C Low: 78° F/26° C

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marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

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PAGE 8, Friday, June 23, 2017

THE TRIBUNE

Senate GOP unveils ‘Obamacare’ overhaul, but not all aboard

By ALAN FRAM AND RICARDO ALONSOZALDIVAR Associated Press WASHINGTON (AP) — Senate Republicans launched their plan for shriveling Barack Obama’s health care law Thursday, edging a step closer to their dream of repeal with a bill that would slice and reshape Medicaid for the poor, relax rules on insurers and end tax increases on higher earners that have helped finance expanded coverage for millions.

Four conservative GOP senators quickly announced initial opposition to the measure and others were evasive, raising the specter of a jarring rejection by the Republican-controlled body. But Senate Majority Leader Mitch McConnell, R-Ky., indicated he was open to discussion and seemed determined to muscle the measure through his chamber next week.

Release of the 142-page proposal ended the long wait for one of the most closely guarded bills in years. McConnell stitched it together behind closed doors, potentially moving President Donald Trump

SENATE Majority leader Mitch McConnell smiles as he leaves the chamber after announcing the release of the Republicans’ healthcare bill which represents the party’s long-awaited attempt to scuttle much of President Barack Obama’s Affordable Care Act, at the Capitol yesterday. The measure represents the Senate GOP’s effort to achieve a top tier priority for President Donald Trump and virtually all Republican members of Congress. (AP Photo/J. Scott Applewhite) and the GOP toward achieving perhaps their fondest goal — repealing former President Obama’s 2010 statute, his proudest domestic legacy.

On Twitter, Trump said he was “very supportive” of the bill. On Facebook, Obama said at the heart of the bill was “fundamental

meanness.”

The bill would end Obama’s tax penalties on people who don’t buy insurance — effectively ending the so-called individual mandate — and on larger companies that don’t offer coverage to their workers.

It would offer less generous subsidies for people than

Obama’s law but provide billions to states and insurance companies to buttress markets that in some areas have been abandoned by insurers.

McConnell must navigate a narrow route in which defections by just three of the 52 Republican senators would doom the legisla-

tion. He and others said the measure would make health insurance more affordable and eliminate Obama coverage requirements that some people find onerous.

“We have to act,” McConnell said. “Because Obamacare is a direct attack on the middle class, and American families deserve better than its failing status quo.”

Democrats said the measure would result in skimpier policies and higher out-ofpocket costs for many and erode gains made under Obama that saw roughly 20 million additional Americans gain coverage.

“We live in the wealthiest country on earth. Surely we can do better than what the Republican health care bill promises,” said Senate Minority Leader Chuck Schumer, D-N.Y. Four conservative senators expressed opposition but openness to talks: Ted Cruz of Texas, Kentucky’s Rand Paul, Mike Lee of Utah and Ron Johnson from Wisconsin. They said the measure falls short, missing “the most important promise that we made to Americans: to repeal Obamacare and lower their health care costs.”

On the other hand, Sens.

Dean Heller of Nevada, facing a competitive 2018 re-election battle, Ohio’s Rob Portman and Shelley Moore Capito of West Virginia expressed concerns about the bill’s cuts to Medicaid and drug addiction efforts. And Susan Collins of Maine reiterated her opposition to language blocking federal money for Planned Parenthood, which many Republicans oppose because it provides abortions.

Late Thursday, Trump tweeted, “I am very supportive of the Senate #HealthcareBill. Look forward to making it really special! Remember, ObamaCare is dead.”

Obama was more than skeptical.

“If there’s a chance you might get sick, get old or start a family, this bill will do you harm,” he wrote. He said “small tweaks” during the upcoming debate “cannot change the fundamental meanness at the core of this legislation.”

The House approved its version of the bill last month. Though Trump lauded its passage in a Rose Garden ceremony, he called the House measure “mean” last week.

Fed: Biggest US banks strong enough to withstand recession

By MARCY GORDON Associated Press WASHINGTON (AP) — All of the 34 largest U.S. banks are fortified enough to withstand a severe U.S. and global recession and continue lending, the Federal Reserve said Thursday.

The first round of the central bank’s annual “stress tests” showed that as a group, the 34 big banks have gained strength thanks to a steadily recovering economy. The banks undergoing the seventh annual check-up included JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo and Co. — the four biggest U.S. banks by assets.

The banks were tested to determine if they have large enough capital buffers to keep lending, even if hit with billions of dollars in losses brought on by a financial crisis and severe economic downturn. Capital is the cushion a bank holds against losses.

“This year’s results show that, even during a severe recession, our large banks would remain well capitalized,” Fed Gov. Jerome Powell said in a statement.

“This would allow them to lend throughout the economic cycle, and support households and businesses when times are tough.”

The tests were mandated

by Congress in the wake of the crisis that plunged the

COMMUTERS walk by a Wells Fargo ATM location at New York’s Penn Station. On Thursday, June 22, 2017, the Federal Reserve said all of the 34 largest U.S. banks are fortified enough to withstand a severe U.S. and global recession and continue lending.

The banks undergoing the seventh annual check-up included JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo and Co., which are the four biggest U.S. banks by assets. (AP Photo/Swayne B. Hall, File)

U.S. into the worst economic downturn since the Great Depression of the 1930s. They were designed to restore badly shaken confidence in the U.S. financial system. During the crisis, the government created a $700 billion bailout fund to stabilize hundreds of banks, large and small, across the U.S. Nearly nine years on, banking industry profits have been steadily rising and banks have been lending more freely.

The most critical tests for the industry come next week. That’s when the Fed will announce whether it has approved banks’ requests to increase dividends or buy back shares. Those results

will be based on how each bank would fare in a severe recession if it took those dividend or stock actions.

In the first round, under the tests’ hypothetical “severely adverse” scenario, the U.S. would endure a catastrophic recession in which unemployment — now at 4.3 percent — reached at least 10 percent, home prices dropped 25 percent, the stock market plunged about 40 percent and market volatility rose sharply. The tests compare the losses projected for each bank with its capital.

The Fed said Thursday that under that scenario, the 34 banks would suffer combined loan losses of $383 billion.