07162018 BUSINESS

business@tribunemedia.net

MONDAY, JULY 16, 2018

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URCA stands fast with controversial radio sector proposals

BPL upgrades put back on $100m finance delay

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

COMMERCIAL radio stations remain locked on collision course with their regulator over plans that could force some to change their broadcast frequencies and threaten investment in their brand.

The Utilities Regulation and Competition Authority (URCA), in its revised consultation on ‘Technical Standards for FM Broadcasting in The Bahamas’, shows no indication of budging from its initial proposal that requires a “minimum” 800 kilohertz (kHz) of spectrum space between New Providence radio stations to minimise signal interference.

The proposal produced a fierce backlash when unveiled in the first ‘Technical Standards’ consultation, but URCA has done little to modify its position on this or the likelihood that it will force some radio stations to move broadcast frequencies if the regulatory framework is approved as is.

The regulator, in the latest consultation document issued on Friday, concedes that such “a requirement to migrate” would jeopardise the multimillion dollar investment some radio stations have made in developing their brand equity.

Yet it suggests that such concerns are outweighed by the need to bring order to the market and reduce “potential harmful interference” between the signals of different New Providence-based radio stations.

Arguing that broadcast frequency spacing was “less than optimal” in the nation’s capital, URCA said its plan was consistent with the Communications Actimposed mandate to ensure radio spectrum is managed and used efficiently.

Recalling the first, withdrawn proposal, which appears to have changed little, URCA said: “URCA signalled its intent to standardise channel spacing for The Bahamas as a whole, but was cognisant that, due to the number of existing radio broadcasters in New Providence, adjustments to FM band frequencies issued

by URCA to FM radio broadcasters in New Providence would be necessary.

“URCA stated that consequential to its technical

SEE PAGE 5

B

AHAMAS Power & Light (BPL) has been forced to push back key capital upgrades because of a near-six month delay in completing its $100m short-term financing raise.

Darnell Osborne, pictured, BPL’s chairman, confirmed to Tribune Business that the fund-raising - originally scheduled to close in January - was “literally closed last week”.

She explained that the delay meant BPL will now have to push maintenance and other capital improvements back past summer, when energy demand peaks, with some

* Fund-raising almost six months off-target * Chairman: Clifton Pier ‘in very bad state’ * Shell LNG plant MoU ‘signed in month of two’

BPL Headquarters. parts taking up to six-eight months from the time they are ordered to arrive in The Bahamas.

Mrs Osborne admitted that Clifton Pier, the main power plant supplying

New Providence, was “in a very bad state” due to lack of maintenance over multiple years as a result of BPL’s financial woes.

This, she added, was forcing the energy monopoly to

THE government must display “the fortitude” to resist unwarranted lobbying by industries and special interests that further undermines the VAT base, a top accountant has warned.

Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that this was now “showing up” following the Minnis administration’s decision to introduce multiple VAT exemptions and “zero ratings” in the 2018-2019 budget.

Mr Bowe, who

GOWON BOWE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

said it was “too early to tell” how smooth the transition to a 12 percent rate and numerous exemptions has been because many of the latter do not take effect until August.

The VAT filings/payments for that month are not required until September, and Mr Bowe said: “That’s where the measurement will come as it relates to how successful or smooth

SEE PAGE 6

SEE PAGE 4

increasingly rely on a Blue Hills power plant that runs off more expensive fuel, further increasing the electricity bills of Bahamian households and businesses at a time when global oil price are already rising.

BPL’s chairman also revealed that the utility monopoly hit its short-term financing target only by “topping up” the old $211m syndicated loan to its parent, the Bahamas Electricity Corporation (BEC), which was recently refinanced following Parliamentary approval.

“We got the exact amount

SEE PAGE 2

* Exemption lobbying warnings ‘coming true’ * BICA chief urges resolve on meritless calls * Seeks faster guidance notes roll-out headed the Chamber of Commerce’s Coalition for Responsible Taxation (CRT) in the final talks with government prior to VAT’s 2015 introduction, said such lobbying pressure was exactly what it had warned would happen should the original low-rate, broad based VAT - with minimal exemptions - be abandoned.

The latest budget represents a significant shift from The Bahamas’ original VAT model, and the BICA chief

‘Critical’ BPL refinance more likely next year BAHAMAS Power & Light’s (BPL) chairman has tempered her “very ambitious” target for completing its long-term financial restructuring, suggesting this may now occur in 2019.

Darnell Osborne told Tribune Business that while she was hoping to arrange and place BPL’s planned Rate Reduction Bond (RRB) issue by 2018 yearend, the six-month delay to closing the utility’s $100m in short-term financing (see other article on Page 1B) makes next year more realistic.

Pointing to all the changes made to the Electricity Act to enable the short-term fund raising, Mrs Osborne suggested a similar exercise may be needed with the Rate Reduction Bond Act to ensure any loopholes and uncertainties were addressed.

She added that while the special purpose vehicle (SPV) that will facilitate the RRB issue has already been formed, the government has yet to appoint its Board of Directors and perform other functions required before the bond which may seek funding up to $650m - is placed.

The BPL chairman, though, said the RRB process had already begun, and she was working with the utility’s Board finance chairman and chief financial officer, together with the newly-identified investment adviser, to prepare the issue.

“The company [SPV] was formed a while back,” Mrs Osborne told Tribune Business. “We’re waiting

Govt must show ‘fortitude’ on VAT break demands

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Social security reforms touched 27% of targets

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SOCIAL security reforms achieved “none of their planned outcomes”, with just 27 percent of targeted Bahamian households receiving cash grants under an IDB-financed initiative.

The Inter-American Development Bank (IDB), in an evaluation report on its Bahamas projects between 2010 and 2017, revealed that woeful project management and execution was the main

* IDB cancelled $3.4m, 43% of loan * Blamed woeful execution for failure * Less than half of 12,000 families enrolled reason for the failure of its $7.5m “Social Safety Net Reform Programme”.

Some $3.4m, or 43.3 percent, of the total loan amount was cancelled after it became clear that the project - designed to consolidate existing antipoverty efforts into a “Conditional Cash Transfer” (CCT) initiative - was doomed to failure. Less

than 50 percent of the targeted 12,000 families were enrolled in it.

“There is some evidence that the programme’s design was weak,” the IDB found. “Although the social protection operation had all the elements of the bank’s preferred technical thinking on CCTs, it lacked practical thinking about what was possible in The Bahamas

given the political economy issues surrounding the necessary challenging reforms.

“The Social Safety Net Reform Programme did not achieve any of its planned outcomes. The rotation of senior staff (including three permanent secretaries) and limited initial oversight by the Ministry of Finance further conspired against developing a deep

www.rubis-bahamas.com

institutional sense of ownership of the reforms and commitment to their execution.

“Insufficient expertise and slow decision-making led to significant procurement delays (of up to two years), the withdrawal of qualified candidates from multiple consultancies, and retendering.”

The IDB report, though, identified the sub-standard performance of the government’s Project Implementation Unit (PIU)

SEE PAGE 4

PAGE 2, Monday, July 16, 2018

THE TRIBUNE

REALTOR FEARS BUDGET’S DAMPENING IMPACTS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN realtor fears the budget’s tax changes will dampen interest in high-end real estate and have a lasting impact on the luxury second home market.

Monica Knowles, Bahamas Realty’s top producer in 2016, who less than two years ago saw what she called “an exciting and encouraging renewed confidence in the Bahamian housing market”, said she is now holding her breath while hoping that the government agrees to the Bahamas Real Estate Association’s (BREA) transition requests.

“The budget impacts the housing market in three ways,” she explained.

“First, there is the increase in value-added tax (VAT) from 7.5 percent to 12 percent on legal fees and real estate commissions, so that alone drives closing costs, which were already high, even higher.

“In the end, so long as contracts that are currently pending for closing are

MONICA KNOWLES

honoured at the rate initially signed for, the 7.5 percent, I think long-term the dust will settle and, while it will cost a bit more to purchase, and it may slow down the market a little bit, those who desire to own will find a way to do so and we may all have to be more patient as we hold hands with clients getting them through the process.”

While increased VAT on fees may slow the market initially, Ms Knowles said she is far more concerned about the other two elements of the budget that impact real estate – redefining owner-occupied to mean six months in residence, and elimination of a $50,000 cap on real property tax for those spending less than six months of the year in residence in The Bahamas.

“I understand the government’s desire to find additional sources of revenue. It may seem easy to sit back and think: ‘The rich have money, let them pay’, but the backlash was instant,” Ms Knowles added.

“The high net worth individual feels as though he is being targeted, and they believe that the sudden and

sometimes startling hikes and the demand for them to spend half the year here or face the consequences is unjust, unfair and untenable. I am just hoping there will not be a flood of luxury homes on the market as high net worth individuals decide the cost of a second or third home in The Bahamas is too high.”

The 2008-2009 recession, which saw the closure of several real estate agencies, was instructive, she added.

The government subsequently lowered stamp tax from 12 percent to ten percent, and introduced the annual property tax cap, which provided a huge relief to the sector.

Under the 20182019 budget, real property tax on non-owner occupied residences, meaning those lived in for six months or less, increases from one percent with a cap of $50,000 to two percent with no cap.

“Let’s say that someone owns a home that is valued at $10m, and he and the family are here for less than three months over a few holiday periods, so last year they paid $50,000 in real property tax,”

Ms Knowles said.

“This year, that same homeowner would face a tax bill of nearly $200,000. People with that kind of money do not want to be taken advantage of, and that is how some of my clients are feeling.”

She warned The Bahamas to remain aware of the long-term impact the changes could have upon the sector. Caribbean neighbours in Turks and Caicos and the Cayman Islands offer incentives such as no property taxes whatsoever, said Ms Knowles. “We want and need to remain competitive in the buyers’ eyes,” she added.

“The Bahamas is my home. I want the country to reduce the debt level - I understand that need - but the path to success lies in encouraging economic growth, not discouraging those who contribute to the economy and demand so little in services from the government. These people can get up and move tomorrow, and I just hope that is not the unintended consequence from a decision that was intended to produce the right results.”

BPL upgrades put back on $100m finance delay FROM PAGE ONE we had applied for. It’s not only a new loan,” Mrs Osborne told Tribune Business. “We topped up the $211m loan we had paid down.

“We were able to receive $75m for BPL, and then we were able to top up that $211m for BEC. We still have the two entities, and were able to get just over $100m. We just literally

closed the deal last week. It was to get some money for breathing room, for capital expenditures.”

But the near half-year delay in obtaining this financing means BPL will have to delay improvements it had hoped to effect prior to summer until later in 2018.

“We had hoped to have this money back in January,” Mrs Osborne said.

“We have to prioritise what capital items we purchase

at this stage. With some of it we have to wait until the summer is past and then take down.

“At least it gives us some breathing room to order parts, but sometimes the lead time [on those parts] is six to eight months. We’re being very careful in prioritising, and have to spend on the protection specialist on the ground and some other items we need.”

BPL moved to hire a foreign “protection specialist”

in May, in a bid to identify weaknesses and potential instabilities in its existing electrical grid, and ensure all systems are better able to withstand future weather-related events such as lightning strike.

“It’s an expensive undertaking,” Mrs Osborne added of the “specialist’s” work. “These people are few and far between, and so they come at a tremendous cost. We had to wait until they were available to

come on the ground. It’s not cheap; it’s quite pricey.”

The 270 megawatt (MW) liquefied natural gas (LNG) power plant, to be built and operated by Shell North America at Clifton Pier, is not scheduled to become operational until 2021.

While the Minnis Cabinet approved Shell’s selection as the preferred bidder, the terms of its agreement including pricing and other elements - with BPL are still being hammered out between the two sides.

Mrs Osborne described talks between the two parties as “going well” and “moving”, and suggested they would shortly be in a position to sign an agreement. “We’re in the process of still completing the Memorandum of Understanding (MoU),” she added. “We met recently and should be in a position to have that signed off in a month or two.”

With a three-year wait for Shell’s power plant to go live, the BPL chairman said the utility was focused on potential fuel ‘hedging’ strategies and other efficiency-related improvements to minimise energy costs in the interim.

“We are continually working to try and become more efficient to keep the cost down,” Mrs Osborne added. “I do know there are some tools we are looking at in terms of hedging, which the finance executives are looking at and working on.

“In the interim, we’ll

continue to look at these avenues to keep the cost down, and improve the efficiency at Clifton Pier power station which has the cheaper fuel to reduce reliance on Blue Hills. These are the things we are going to focus on.”

She acknowledged, though: “Right now, Clifton Pier is in a very bad state, so we’re running more on the Blue Hills station. It’s just had years of not being maintained properly in terms of lack of funds and ordering of parts. We’re just beginning to work on that now... The money was the big issue.”

Her concerns were echoed by Desmond Bannister, minister of works with responsibility for BPL, who said that the utility’s equipment is so old that, in some cases it is impossible to find replacement parts because the manufacturer no longer makes them.

“The equipment is so old and antiquated they cannot find replacement parts. It’s that bad,” the Minister told Tribune Business.

Mrs Osborne said such restrictions meant BPL had been unable to release all staff who had wanted to take the recent voluntary separation package (VSep), an exercise that was originally targeted at saving the utility between $1-$2m per month on its wage bill.

“Given the state of the plant and equipment, we need to make sure we have people in place to deal with it,” she explained.

THE TRIBUNE

Monday, July 16, 2018, PAGE 3

FISHERIES POACHING ‘BIG MONEY RACKET’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN fishermen are urging the government to “get serious” and enact “stiffer penalties” against poachers, with one describing the problem as a “big racket”.

Keith Carroll, vicepresident of the Bahamas Commercial Fishers Alliance (BCFA), told Tribune Business that government must take serious action to curb poaching, warning: “These guys are raping our country.”

His comments come after new agriculture and marine

resources minister, Michael Pintard, also called for stricter penalties for poachers. In an interview with this newspaper, Mr Pintard suggested that harsher fines, imprisonment and seizing poachers’ vessels could be implemented.

He said the final decision would be made at Cabinet level, not unilaterally by his ministry. Two weeks ago, 46 persons on board a 70-foot Dominican fishing vessel were apprehended by the Royal Bahamas Defence Force for poaching, and found in possession of a large quantity of illegal fisheries products.

“Successive governments have talked about this. We have been having this problem for years in this country.

It doesn’t seem as if any government is seriously trying to address this problem,” said Mr Carroll.

“They bought new vessels for the Defence Force, and they are doing a good job apprehending these poachers, but the fines these guys are getting is a joke. It’s a slap on the wist, really.

We need to hit these guys hard so that if any captain leaves Santo Domingo he’s going to be scared to come here. I’m not just talking about heavy fines but hard labour.”

Airport enjoys ‘busiest travel season’ in history

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Nassau Airport Development Company (NAD) is experiencing “the busiest travel season” in its history, with the biggest increase in business coming from the Canadian market.

Jan Knowles, vicepresident, marketing and communications, at NAD, told Tribune Business: “This is the busiest travel season have had at the airport in the history of NAD. I would say from December to now, every single month has been probably the best month-over-month, yearover-year comparison that we have had.

“In March of this year we had our busiest month ever in the history of LPIA. We’re projecting for this summer, July and August, which are typically our busiest months, to see our busiest July and August ever.”

Ms Knowles said there are a number of

LPIA AIRPORT.

factors contributing to this increased activity. “There are a number of factors which probably fed into why we’ve been so busy,” she added. “One of them is certainly the full opening of Baha Mar and the marketing of Baha Mar. “Certainly, Atlantis has had a very aggressive and active marketing programme that matches Baha Mar, and The Bahamas has always been a desired destination. People want to come here; they just need to be reminded, and so that marketing aspect is critical.

Ms Knowles added: “The Canadian flights and the

Canada destinations have been driving a lot of traffic.

I think that’s where we have seen our biggest uptick. It’s been a cold winter, and I think that cold war winter along the US east coast going up to Canada has been a big factor.

“The first half of the year has been successful, and from what we have heard from our airline partners, the second half of the year is looking good as well.

They are adding capacity into Nassau, which is good because they could see what the advanced bookings look like and that the demand is there.”

Mr Carroll added: “They fine these guys a few thousand dollars and they make that back in a day with profit. The guys the Defence Force recently caught had about $1m worth of seafood on their boat and there were five more boats that they didn’t capture. These guys are raping our country, and soon we will have no fish. Maybe that’s when we will see some action.”

Mr Pintard suggested that diplomacy could also be

a strategy used to combat the poaching problem, via discussions with the governments of the illegal fishermen. Former agriculture and marine resources minister under the Christie administration, V Alfred Gray, had previously led discussions with the Dominican Republic government over the issue.

Mr Carroll, though, suggested that such efforts would not bring positive results. “No government is

going to facilitate locking up their people. The Dominican government knows that they have no conch, crawfish or grouper in their waters, but their boats are coming in every week loaded with fish, conch and lobster and they know it’s from The Bahamas,” he said.

“Every day 10-12 Dominican boats are fishing in The Bahamas. This is a big money racket. Our fisheries is being served in their hotels.”

PAGE 4, Monday, July 16, 2018

THE TRIBUNE

SOCIAL SECURITY REFORMS TOUCHED 27% OF TARGETS

FROM PAGE ONE

as the main factor behind the demise of an initiative designed to overhaul The Bahamas’ welfare system by targeting resources to those most in need while also linking benefit payments to activities designed to help lift recipients out of poverty.

“Despite the Bank’s significant investment of money and time in loan supervision, project management support and consultant resources (including external procurement support), the

PIU’s (project implementation unit) performance remained low,” the IDB review blasted.

“In 2016, the Ministry of Finance assigned two people to oversee the project and help the PIU with planning and logistics. A new timeline was prepared with targets, but the PIU did not follow the plan. In August 2017, the balance of $3.4m in undisbursed loan financing was cancelled and the project was closed.”

Some $4.1m had already been spent.

The fate of the $7.5m Social Safety Net

N O T I C E

EXXONMOBIL U.A.E. OFFSHORE VENTURES LIMITED

________________________________________________

N O T I C E IS HEREBY GIVEN as follows: (a)

EXXONMOBIL U.A.E. OFFSHORE VENTURES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 11th day of July 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is T.A. Parmenter, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 16th

day of July, 2018

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Reform initiative had, following the 2017 general election, become a political sparring match between then-social services minister, Lanisha Rolle, and her predecessor, Melanie Griffin. The IDB report appears to back some of the former’s criticisms.

Yet it suggests that the initiative was not a total loss, revealing that it established systems and obtained data that could be used to underpin its revival - or a similar effort - in the future.

“The loan did achieve five of 12 output targets,” the IDB review said. “These

include the mobilisation of expert technical assistance to support the design and targeting of the CCT component; the implementation of a public information campaign to promote the new programme; (the introduction of a new payment system to enhance the flexibility of the CCT stipend; the completion of the household expenditure survey; and the design and installation of an MIS (Management Information System) to facilitate programme management.”

The report added: “According to the most

recent Project Monitoring Report (September 2017), just 81 of 300 planned households received cash grants under the programme, and 5,803 of 12,000 households were enrolled under the programme and incorporated in the Beneficiary Management Information System (MIS).

“While the sustainability of these programmes is unknown - and, indeed, could even be at risk since they are not grounded in legislation - the proxy means test, household survey data, and MIS system developed for the

loan remain important tools that can be used in the future to bring technology and improved efficiency to the management of social programmes.”

CCTs are welfare/benefit payments linked to their recipients meeting certain conditions in advance, such as ensuring their children regularly go to school and maintain healthy lifestyles.

Introducing such a system, together with improved benefit targeting and better plan administration/information, were among the key goals behind the failed IDB effort.

‘Critical’ BPL refinance more likely next year FROM PAGE ONE for the appointment of directors and some other amendments.

“What we have to also do is have a review and determine whether any amendments are needed to the RRB Act, as happened when we went through the short-term, interim financing. There were quite a number of amendments that needed to be made to the Electricity Act. We’ll take a look at the RRB Act, and have the professionals determine and make sure we’re in the best position to raise the money.”

Asked when BPL hoped to place the RRB, Mrs Osborne replied: “We’re hoping by the end of the year, which is very ambitious. Given the length of time the interim financing took, maybe the first quarter of next year.”

That is in line with the target outlined by the government to the International Monetary Fund (IMF) during the latter’s recent Article IV visit, with the RRB capital raise critical to restructuring BPL’s balance sheet and providing it with the financial breathing room necessary to upgrade its creaking network.

The Minnis administration initially seemed reluctant to adopt the long-term financial restructuring tool left behind by its Christie predecessor, but BPL’s Board views the RRB’s placing as critical to raising the nine-figure sum required to restructure its legacy debt.

It will add an additional charge to consumers’ electricity bills, representing monies that will be used

to pay interest to investors in the RRB, but Mrs Osborne has previously said she and the Board will make “the landing as soft as possible” when such a fee is introduced.

“It’s very critical,” she told Tribune Business of the refinancing on Friday.

“We’d like to position the company on a better financial footing. We have been able to reorganise the financing as it is now, and have some payments to make, but some of that [RRB] money must be used to pay off current loans on the books.”

Mrs Osborne said that while BPL would be able to launch the first phase of its automated meter initiative through its $100m in shortterm financing, the RRB’s proceeds were essential to “complete the process”.

She was backed by Desmond Bannister, minister of works who has responsibility for BPL, who described the RRB refinancing as “critical”. “You and I need to be able to have some assurance about power in this country, generation and transmission and distribution,” he told Tribune

Business. “It’s absolutely critical to do that, and in a way that does not become a burden to the finances of the government.”

The government will likely be wary of potential political fall-out from any additional charge that makes light bills more expensive for consumers, especially with global oil prices starting to rise and the potential drag this will cause for the private sector, economy and household disposable income. But the additional charge added to customer bills will likely be a small percentage of the overall amount.

Yet BPL’s dire financial position makes it imperative that a nine-figure restructuring of its balance sheet be implemented to refinance some $350m in bank and bond debt; a near$100m pension plan deficit, and deal with environmental damage and other legacy issues.

The former Christie administration’s plan involved issuing the RRB bonds, via a special purpose vehicle (SPV), to Bahamian and international capital markets investors. The

proceeds would take out BPL’s legacy debts while keeping the new financing off the utility’s and government’s balance sheets, enabling the former to raise new capital to invest in badly-needed network upgrades.

Mr Bannister, meanwhile, confirmed to Tribune Business that BPL’s vicechairman, Patrick Rollins, has been appointed as the utility’s executive director, taking over a post that was last held by Deepak Bhatnagar.

“We thought the new chief executive needed some assistance in certain areas, and guidance from somebody with the kind of expertise Mr Rollins has,” Mr Bannister explained.

“Mr Rollins is an engineer by training, and former fraud control manager at BTC. “He was the most appropriate person, and someone we have tremendous confidence in for critical control areas that are very important to BPL, particularly now.” Mr Rollins remains on the BPL Board as vice-chair.

NOTICE EXXONMOBIL U.A.E. OFFSHORE VENTURES LIMITED ________________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 13th day of August, A.D., 2018. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 16th day of July, A.D., 2018.

T.A. Parmenter Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

NOTICE FIRE LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Fire Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 4th day of July A.D., 2018.

Dated the 13th day of July A.D., 2018.

Roger Carpenter Liquidator

THE TRIBUNE

Monday, July 16, 2018, PAGE 5

URCA stands fast with controversial radio sector proposals FROM PAGE ONE investigations and field trials of the FM band, adjustments to FM band frequencies as issued by URCA to FM radio broadcasters in New Providence would require the migration of certain FM radio broadcast stations from the existing frequency from which they now broadcast/ transmit.”

The regulator’s latest consultation acknowledges “the potential harm” this would cause to well-established radio stations that have built up loyal listener followings who know precisely where to find them on the dial.

“Regarding potential harm to radio broadcast stations in New Providence, URCA was particularly mindful of critical issues specific to radio broadcast stations that would be consequential to a requirement to migrate,” the consultation paper says. “URCA is also cognisant that radio stations have expended significant resources on product branding, ‘goodwill’ and the general recognition by the public of the radio station.

“URCA is further aware that radio stations affected by a requirement to migrate would realise a cost to change trademarks, stationery, logos, business paraphernalia and other related material. The cost for radio stations to migrate to another frequency must therefore be considered against any resulting benefit consequential to the proposed migration.”

URCA’s latest effort admitted the “migration” proposal ran into heavy resistance from radio stations on the first

consultation, but said the opposition was based on self-interest and “the commercial interest of radio stations as opposed to technical reasons that would militate against the objective of achieving spectrum efficiency and the potential reduction of harmful interference in the FM radio band”.

Signalling its intent to press on with “standardised spacing” and forced movement of stations’ broadcast frequencies, the regulator added: “URCA believes that the preferred approach to the reduction of potential harmful interference between FM radio stations in New Providence may be achieved through compliance by radio broadcast stations to the proposed FM radio technical standards.”

The Tribune Media Group (TMG), the parent company of this newspaper and five FM radio stations - 100 Jamz, KISS FM, Joy FM, Y98.7 FM and Classical FM - previously warned it was ready to launch a Judicial Review challenge to URCA’s proposals in the Supreme Court should it proceed with the first consultation’s proposals.

In its initial response to URCA, Tribune Radio Ltd (TRL) argued that its stations - and those of other operators - were effectively being made to pay for URCA’s past mismanagement of the commercial radio industry through the issuance of an unsustainable number of licences.

Its research showed that The Bahamas has 47 radio station licences for a 377,374-strong population, translating into one broadcaster for every 8,029 inhabitants. Barbados, by contrast, with a 287,562strong population has just

five radio stations for a ratio of 57,512 inhabitants per broadcaster.

The population-to-broadcaster ratio for Trinidad and Jamaica was pegged at 38,074 and 79,853, respectively, with both nations having fewer radio stations than The Bahamas at 35 and 34. The TRL review found that, out of nine markets in the Caribbean, UK and US, The Bahamas was the only one that is “unsustainable” because it is oversaturated with radio stations.

“URCA has granted an excessive number of licences. It seems that the URCA wants to ‘fill every slot’ and force changes such that legacy operations are damaged, total interference is actually increased, and the safety of Bahamians is compromised, both by proximity to non-ionizing RF radiation from broadcast operations and a weakening of communications systems and signal strength necessary for good communication – particularly in time of emergency,” TRL’s response to the first consultation read.

“The proposed standards, and URCA’s past actions in proliferating licences, fail to address the proprietary rights of our broadcast frequencies and the millions that have been invested in the branding, good will and imaging of these frequencies, and the limits of the market/population size.”

TRL’s feedback continued: “Standardising future channel spacings may make sense. A retroactive reshuffling of stations to accommodate retroactive channel spacings does not make sense and fails to recognise a broadcaster’s established real property right in relation to its frequency.

“Stations develop millions of dollars on branding, goodwill and marketing, and instill upon listeners the various benefits of going to a particular place on the dial Listeners know where to go for music, news, severe weather reports and emergency communications.

Moving existing (legacy) stations could cost lives in an emergency when seconds count.”

Market oversaturation was a key factor behind the recent dispute involving the takeover of the former ZSR Sports Radio by Sebas Bastian’s Paramount Systems.

URCA, recognising there are too many players in the industry, had imposed a moratorium on issuing new licences, thereby forcing Paramount Systems to acquire an existing station.

URCA’s latest consultation, in coded, guarded language, effectively admits blame for issuing too many radio licences at a time when the sector’s regulatory framework was inadequate.

“URCA noted in the first consultation that the channel spacing of the frequencies in the FM band in The Bahamas has developed into what can best be described as an ad hoc manner,” the regulator admitted.

“This was due in large measure to the absence of established technical standards for FM radio broadcasting specific to The Bahamas at the time when URCA was given responsibility for the FM broadcasting industry, but was required to issue radio frequencies to FM radio broadcasters.”

URCA does not say who, or what, “required” it to issue so many licences.

“On the island of New Providence, with its

geographical dimensions of 21 miles long by seven miles wide, establishing distance separation for frequency assignments and transmission stations that were already in operation to coexist with new radio stations presented peculiar challenges,” the regulator said.

“URCA nevertheless endeavoured to issue such frequencies in a manner that would minimise harmful interference between FM radio broadcasters.”

TRL, in its first consultation, argued that instead of penalising successful operators URCA should free up spectrum by revoking the

licences of those who are insolvent or have not paid their Communications Act fees.

“The market is oversaturated and is now completely unsustainable,” TRL warned. “If URCA focused on the 20 or more licensees that we have been informed are technically insolvent; revoke licensees that have not paid all of their fees as per the Act; there would be less interference, loads of frequency spectrum would open up. The added benefit would be a large reduction in (substandard) broadcasting quality.”

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China’s economic growth cools amid trade tensions BEIJING Associated Press CHINA’S economic growth slowed in the quarter ending in June, adding to challenges for Beijing amid a mounting tariff battle with Washington.

The world’s second-largest economy expanded by 6.7 percent, down from the previous quarter’s 6.8 percent, the government reported today.

Even before the dispute with Washington erupted, forecasters expected growth to cool after Beijing started tightening controls on bank lending last year to rein in surging debt.

Economic activity is expected to decline further as global demand for Chinese exports weakens and lending controls weigh on construction and investment, major contributors to growth.

Beijing has responded to previous downturns by flooding the state-dominated economy with credit. But that has swelled debt so high that global rating agencies have cut China’s government credit rating.

Chinese leaders are in the midst of a marathon effort to encourage selfsustaining growth driven by domestic consumption and reduce reliance on

exports and investment.

Consumer spending is rising more slowly than planned, leaving economic growth dependent on debtsupported investment.

To advertise in The Tribune, contact 502-2394

NOTICE

NOTICE is hereby given that GUILENE CHARLES of Sir Lynden Estates,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 9th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

A Small Company is looking for a Manager to manage and oversee its operations and sales.

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5pm, Friday July 13th 2018.

PAGE 6, Monday, July 16, 2018

THE TRIBUNE

Govt must show ‘fortitude’ on VAT break demands FROM PAGE ONE the transition has been in terms of the level of errors, mistakes or outright

misrepresentations that the Department of Inland Revenue might find out of that.”

He pointed to the “initial challenges being

communicated” with respect to the budget’s VAT treatment changes, especially the “exempt” status for real estate that has

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provoked an outcry from developers no longer able to “net off” or reclaim the now-12 percent levy they must pay on their inputs.

KP Turnquest, deputy prime minister, hinted to Tribune Business last week that the government is likely to alter its stance on the issue to accommodate developers’ concerns following advocacy from the newly-formed Bahamas Developers Association.

Mr Bowe, though, said there were concerns as to whether the resolution would be “confined to a narrow group of developers” or “broad based” and apply to all.

“Some of the challenges we warned of when we start to introduce zero ratings and exemptions are showing up in the heated confrontations you’re seeing lately,” he told Tribune Business, “whether that be the hotel sector and elements that impact bookings now; the construction industry talking about contracts in progress; the motor dealers with inventory sitting on shelves; and obviously the property developers.

“Government’s decision in zero rating complicates the [VAT] administrative system, and leads to complexities as it relates to whether these decisions are best to enhance consumers or citizens, or are they listening to individual groups.”

Mr Bowe called on the government to show resolve, and “the fortitude to limit lobbying efforts” that have no merit, and warned it to “be very careful” when entertaining requests for VAT-related concessions and exemptions.

He added that it needed to distinguish between those that have merit and others which do not, otherwise it could undermine its VAT tax base and erode overall private sector confidence if it only listened to “better funded groups” that have more “savvy”.

“We must be careful there is not a process within a process taking place,” Mr Bowe

explained, adding that the business community would also suffer “a loss of confidence” if the government failed to deliver on any tax-related promises and commitments.

Mr Bowe is far from the first to express concern about potential erosion of the VAT base. Owen Arthur, former Barbados prime minister, during a visit to The Bahamas prior to the tax’s original implementation described the willingness of that nation’s government to grant industry requests for VAT exemptions as one of his biggest regrets.

He explained that this resulted in a much narrower tax base, with the burden shared by fewer economic sectors, resulting in a VAT rate that now stands at 17.5 percent.

The BICA president, meanwhile, called for a more rapid “roll-out” of the VAT guidance notes to enable the private sector to properly implement the new rate and associated requirements.

“The guidance notes are coming out slowly,” he told Tribune Business.

“There needs to be a more expedited roll-out of these guidance notes. They need to be read, understood and implemented, not a ‘get them on Wednesday and implement by Friday’. If oftentimes comes down to whether guidance notes’ treatment can be implemented in practice.”

Mr Bowe said there were also still several taxation-related “technical

issues” that required clarity, and dialogue between the Ministry of Finance and private sector to resolve.

Apart from the business licence “double taxation” in the construction industry, where main contractors and sub-contractors were paying on the same turnover, Mr Bowe said the issue of VAT on common area maintenance (CAM) fees charged to members of a property owners’ association also required resolution.

This, too, was causing “double counting” because such associations had already paid VAT on their light, water, security and other billings that underly the CAM charges. “It was agreed in principle that if property owners’ associations were not charging a mark-up or any fee, and only cost, it [CAM charges] should not be subject to VAT,” Mr Bowe added.

While anticipating a “knee jerk” reaction to the VAT increase from some consumers, the BICA president said it was “too early to tell” what impact the budget’s measures will have on consumption or if the government will hits its target of $400m in extra revenues - something it has still provided no empirical analysis for.

“Everyone is going to have to wait and see if the VAT changes have a significant dampening effect or less than significant dampening effect,” Mr Bowe told Tribune Business.

MARKET REPORT THURSDAY, 12 JULY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,982.05 | CHG 0.34 | %CHG 0.02 | YTD -81.52 | YTD% -3.95 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 9.12 6.60 5.30 11.00 2.71 1.77 8.21 6.21 11.50 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.00 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

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 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 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.10 6.14 4.13 10.90 2.73 1.70 7.84 6.10 11.50 6.32 3.65 12.51

CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.10 6.14 4.13 10.90 2.81 1.75 7.90 6.10 11.50 6.32 3.65 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.05 0.06 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

108.68 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-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

108.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

800 200 300 18,000 200

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 0.231 0.000 0.545 0.679 0.610 0.277 0.631

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 12.3 18.7 N/M 14.1 N/M N/M -3.0 14.3 10.7 24.2 17.4 27.5 7.6 N/M 11.2 16.9 10.4 13.2 19.8

YIELD 1.80% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.52% 3.58% 2.91% 5.69% 2.14% 4.00% 1.06% 5.25% 4.35% 3.16% 3.29% 4.64%

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.15 4.12 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 1.55% 4.09% -0.45% 4.34% 0.84% 2.31% 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-May-2018 31-May-2018 31-May-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 International Business Companies Act (No. 46 of 2000) Eden Mineral Resources Ltd. Registration Number: 165370 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Eden Mineral Resources Ltd., has been dissolved and has been struck off the Register of Companies with effect from the 30th day of May, 2018.

GSO Corporate Services Ltd. Liquidator

THE TRIBUNE

Monday, July 16, 2018, PAGE 7

HAITI’S PRIME MINISTER RESIGNS AMID FUEL PRICE HIKE FALLOUT PORT-AU-PRINCE Associated Press HAITIAN Prime Minister Jack Guy Lafontant resigned on Saturday amid calls for him to step down over his handling of a failed plan to raise fuel prices that set off a wave of deadly protests.

Lafontant told Haiti’s Chamber of Deputies that he sent President Jovenel Moise his resignation letter.

Moise confirmed via Twitter that he had accepted Lafontant’s resignation along with those of other Cabinet members.

The prime minister’s abrupt resignation came ahead of a vote on a motion of censure Lafontant, a first step toward asking that Moise name a new prime minister to form a Cabinet to handle the crisis. The prime minister is the second highest official in Haiti after

the president.

Lafontant was to answer questions about the July 6-8 riots that followed the government’s attempt to raise fuel prices by up to 51 percent as part of an agreement with the International Monetary Fund. At least seven people were killed and dozens of businesses were looted during the unrest.

Instead, Lafontant (LAFAH-TON) used the

opportunity to announce his resignation, while in various parts of Haiti’s small protests were held demanding the head of state step down.

As the session began, chamber president Gary Bodaeu wrote on his Twitter account that the legislature “is at a crossroads in history; it must

assume its responsibilities”.

He had earlier called the price hikes “untimely” and “inoperative”.

Lafontant (LA-FAHTON) suspended the fuel prices increases after protests erupted last week but the disturbances continued and calls for the prime minister to resign grew,

including from the opposition and some business groups.

Lafontant, a 57-year-old doctor who took office in March 2017, had said the price hikes of 38 percent to 51 percent for gasoline, diesel and kerosene were needed for Haiti to balance its budget.

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PAGE 8, Monday, July 16, 2018

THE TRIBUNE

May reveals Trump Brexit advice: Sue the EU, don’t negotiate LONDON Associated Press IN THE midst of a messy political crisis at home over

Britain’s impending exit from the European Union, Prime Minister Theresa May revealed yesterday that Donald Trump gave her this

piece of advice: Sue the EU, don’t negotiate.

A bemused May turned him down. But the exchange was the latest example of

the awkward dance between the US and Britain, with the two leaders attempting to put on a public show of friendliness despite clear strains over trade, the EU and their approaches to diplomacy.

Trump told reporters on Friday that he had given May advice about how to deal with the EU that she found too “brutal”. Asked in a BBC interview on yesterday what that was, May responded with an amused expression: “He told me I should sue the EU. Not go into negotiation, sue them.”

With a laugh, she added: “Actually, no. We’re going into negotiations with them.”

In the past few days, Trump’s first official visit to Britain has been steered wildly off course by a series of humiliating remarks he has made about May’s leadership — especially her handling of the tense Brexit negotiations.

In an explosive interview with The Sun newspaper published on Thursday — just as May was hosting Trump at a lavish black-tie dinner — Trump said the British leader’s approach likely “killed” chances of a free-trade deal with the United States. He said he had told May how to conduct Brexit negotiations, “but she didn’t listen to me”.

He also praised May’s rival, Boris Johnson, who quit last week as foreign secretary to protest May’s Brexit plans. Trump claimed Johnson would make a “great prime minister”.

The comments shocked many in Britain — even May’s opponents — and couldn’t have come at a worse time for the British prime minister, who is facing a crisis over Brexit from within her own ranks.

Her Conservative government is deeply split between supporters of a clean break with the EU and those who want to keep close ties with the bloc, Britain’s biggest trading partner.

The US president later apologised and sought to soften the blow, telling reporters at a joint news conference Friday that May is an “incredible woman” who is “doing a fantastic job” as prime minister.

Asked to rate US-UK relations, Trump called them the “highest level of special.” He added it was up to May how to handle

BRITISH Prime Minister Theresa May and US President Donald Trump hold a joint press conference at Chequers, in Buckinghamshire, England this past Friday.

Photo: Jack Taylor/AP Brexit, as long as the US “can trade and we don’t have any restrictions” on commerce with the United Kingdom.

On yesterday, May seemed to point to Trump’s inconsistent advice when she said that as well as telling her to “sue” the EU, he also suggested not walking away from the negotiations.

May didn’t elaborate, and it wasn’t clear what grounds Britain would have to sue the EU, how it would work or to what purpose.

But Trump has made clear his animosity toward the EU, aggressively criticizing his European NATO allies for taking advantage of the US on trade and defense spending. In a CBS interview Saturday, he called the EU a trade “foe”.

May’s government has just published its longawaited Brexit plans, which propose to keep Britain and the EU in a free market for goods, with a more distant relationship for services.

That has infuriated fervent Brexit supporters, who see it as a bad deal. Along with Johnson, the man who had

been leading the Brexit negotiations, David Davis, also quit in protest.

Ahead of a key week of Parliament votes on trade and customs policy, May warned party rebels on yesterday they should fall into line, saying wrecking her Brexit blueprint could result in disaster.

“We need to keep our eyes on the prize. If we don’t, we risk ending up with no Brexit at all,” she wrote in an article in the Mail in yesterday’s newspaper.

She acknowledged that some lawmakers had doubts about her plans to stick to a “common rule book” with the bloc for goods and agricultural products in return for free trade, without tariffs or border customs checks, but insisted she couldn’t see a viable alternative.

Her appeal didn’t convince prominent Conservative lawmaker Jacob Rees-Mogg, who accused May of only half-heartedly supporting Brexit.

May, he contended, was “a Remainer who remains a Remainer”.