07172017 business

business@tribunemedia.net

MONDAY, JULY 17, 2017

$4.15 JUDGE WARNS CCA: BAHA MAR CHAIRS INJUNCTION ‘RARE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s contractor has been warned by a Florida judge that it is “rare” to obtain the injunction it views as vital to hitting the $4.2 billion project’s October 15 completion date.

China Construction America (CCA) Bahamas, in new legal filings on Friday, piled on the rationale for why it, Baha Mar and the Bahamas will suffer “irreparable harm” if it fails to get its hands on 1,420 lounge chairs intended for the project.

The Chinese state-owned contractor this time cited Baha Mar’s forecast economic impact, and the project’s importance to the Bahamas’ sovereign creditworthiness, as additional reasons - along with damage to its own reputation - as to why Florida-based Source Outdoor should be compelled to hand over the chairs.

Tough to establish ‘irreparable harm’ Contractor cites economic impact And Govt bond rating to make case CCA Bahamas sought to buttress its case after the judge hearing the matter suggested it was difficult for the contractor to obtain the injunction it is seeking on the basis of “irreparable harm”.

“During the telephonic hearing on July 12, 2017, the magistrate judge suggested to the parties that injunctive relief is a contract dispute was a somewhat ‘rare’ occurrence,” CCA and its US attorneys conceded.

“That is, the irreparable harm requirement for See PG B6

JUST 10 per cent of Grand Bahama Port Authority (GBPA) licensees applied for renewal of key tax breaks via the Christie administration’s Grand Bahama (Port Area) Investment Incentives Act 2016, Tribune Business can reveal.

The relatively low figure of 300 applications was revealed last week at a series of meetings between Freeport’s private sector and Kwasi Thompson, minister of state for Grand Bahama in the Prime Minister’s Office.

It was disclosed to Tribune Business by contacts present at the meeting, and confirmed by Mick Holding, the Grand Bahama

Just 300 submit under Christie’s Act

$4.02

$4.02

$11m in clinics for six patients per day

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Health yesterday pledged to “maximise value for the Bahamian public” after revealing the former administration’s planned $11 million investment in new Cat Island clinics would benefit just six patients per day.

Dr Duane Sands told Tribune Business that the “soundness” of such a multi-million dollar outlay

Minister queries ‘soundness’ of Cat Island spend Pledges to ‘maximise value for Bahamian public’ was called into question by healthcare usage rates in the Family Islands.

“We have entered into tens of millions of commitments under the premise

these new clinics would modernise the infrastructure for NHI,” he said.

“The question is whether or not they are predicated on sound principles.

“It is challenging when you look at the buildings proposed for Cat Island. We are spending so much money in Cat Island.

Based on the utilisation studies for the last three years, if we were to build those clinics in Cat Island, on average they would see six patients per day.”

See PG B5

DR. DUANE SANDS, Minister of Health

Minister warns of ‘casualties’ from fiscal right-sizing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Only 10% of firms applied for Freeport tax breaks renewal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.19

DIONISIO D’AGUILAR

A CABINET minister has warned there will be “some casualties”, and that Bahamians will suffer “some pain before there’s gain”, as the Minnis administration tries to combat the growing fiscal crisis.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business

that the Government had no choice but to “right size the ship” following the Christie administration’s “orgy of spending” prior to the May 10 general election.

He argued that there was irrefutable evidence of uncontrolled expenditure by the former administration, adding that the new government had “only scratched the surface” with what it had revealed to-date.

See PG B5

Bahamians urged: Brace for pain before gain Dionisio blasts PLP’s ‘orgy of spending’ Claims Treasury used as ‘piggy bank’

Govt seeks feedback on replacement Chamber of Commerce’s president.

“That was said,” Mr Holding replied, when the 300 figure was put to him by this newspaper. “I think that was the number up to probably the May 4th extension, but certainly the July 4th extension.

“They did say that 300 applications had been received to-date, but I would have guessed that was prior to the July 4 deadline.”

Given that the GBPA has around 3,500 licensees, See PG B6

Minister: NHI legality concerns ‘dead on’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Health yesterday conceded that the Bahamas Insurance Association (BIA) was “dead on” over its assertion that much of National Health Insurance’s (NHI) roll-out and enrollment had no basis in law.

Dr Duane Sands pledged to “clean up the mess” left behind by the former Christie administration, telling Tribune Business that “a series of accounting and legal remedies” to address the scheme’s flaws would be underway a month from now.

Sands pledges to ‘clean up the mess’ Insurers: Scheme roll-out ‘ultra vires’ Christie Govt violated two Acts The Minister was responding after the insurance industry, via the BIA, issued a statement expressing concern that the NHI Authority’s first Board “will be placed in See PG B4

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PAGE 2, Monday, July 17, 2017

NEW ICE CREAM BAHAMAS-WIDE IN TWO MONTHS

THE TRIBUNE

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net FUN Foods, the local frozen dessert distributor, is targeting Bahamas-wide distribution of its ‘Unca Lou’ ice cream brand with-

in two months by leveraging existing relationships to boost market penetration.

Llewellyn Burrows, vicepresident and managing director of Fun Foods Wholesale and Lickety Split, told Tribune Business that he last week launched the Unca Lou’s Premium Ice

cream brand at Super Value’s Mackey Street branch after two years of market research and ‘trial and error’.

Mr Burrows said he was confident the brand, which will offer flavours popular with Bahamian consumers, will become a household name.

“We expect in the next two months to have this product throughout the Bahamas,” he added. “I’m very confident that it will be successful. There is a lot more that we can do with it but we believe that this is a huge start for this brand, and we want the Uncle Lou name to become a household name.

“I always wanted to make my own ice cream, but it was so cost prohibitive with setting up a factory and all of that. There’s this phobia in local manufacturing because a lot of Bahamian manufacturers have a hard time getting into the market and getting people to buy into what is Bahamian. We have been distributing for 16 years and we know the market well. We hear the constant cries from Bahamians that they can’t get flavours they really love.”

Mr Burrows added: “I went on a venture two years ago to see if we could bring something to market through our own means.

We did some research and surveys on what flavours Bahamians would like to get. I started to look around for a factory that would assist us in doing the production, and we pinpointed a well-known and experienced factory in Florida, and started working with them on different recipes.

That was quite a challenge and it took months. It took a lot of trial and error.”

Mr Burros said he currently offers six flavours; Rum Raisin, Coconut and Pineapple, Toffee Caramel, Cookies and Cream, Butter Pecan and Vanilla. “We went with six flavours that we know Bahamians love, and which we consider to be top sellers in the Bahamas,” he added.

“It was a long and tedious task, but we are happy to be finally launching after much trial and error. We already have the customer base that we need to do a proper launch throughout Nassau and the islands.

“We are using Super Value as our launch pad simply because they are our biggest customer, and Mr Rupert Roberts loves Bahamian things and had open arms to us when we brought this idea forward.

We have the Budget food chain, we should be in Solomon’s soon, I hope, and we have customers throughout the Family Islands.”

OFFICIAL launch of Unca Lou’s Bahamian ice cream

THE TRIBUNE

Monday, July 17, 2017, PAGE 3

COLUMBUS ISLE’S UNTAPPED POTENTIAL FOR MORE DISCOVERY Overview

tion employed by either the Government or the Club Med Columbus Isle resort.

While this dynamic has instilled a degree of job security in the community, some believe it has hindered competition and growth.

The lack of meaningful competition in most tourism and service industries is arguably one of the greatest impediments to San Salvador’s growth. For decades, the Club Med Columbus Isle resort has dominated San Salvador’s tourism sector, offering guests an attractive all-inclusive package. While Club Med, the island’s largest private employer, has proved an invaluable driver of the local economy in the past, there exist growing concerns that the all-inclusive business model has stifled growth in other branches of the tourism industry.

Aside from Club Med, there exists only a handful of smaller hotels and lodgings, such as the Riding Rock Inn Resort and Marina, which has long served as the only viable marina for yachters. For a bit of context, the island currently only has five accommodations and a mere two restaurants listed on travel site, Tripadvisor, despite the fact that San Salvador had experienced steady visitor growth in recent years (with the notable exception of the 2015-2016 season after Hurricane

Unlike neighbouring islands, San Salvador’s greatest assets lie beneath the surface of its waters, offering world-class sports fishing and scuba diving opportunities. However, greater competition is needed to energise the local economy and help this island reach its full potential.

Strengths

Sports fishing While many Family Islands offer deep-sea fishing opportunities and excursions, San Salvador distinguishes itself through unrivalled wahoo fishing, backed up by exceptional billfish and tuna fishing.

Although San Salvador’s fishing industry is not as well-known or commercially developed as those of Family Islands such as Bimini or Abaco, the island has long attracted avid sports fishermen throughout the Bahamas and the US with the promise of secluded waters and wahoo exceeding 100 pounds (lbs).

As such, San Salvador is ripe with potential for young Bahamian fishermen interested in providing charter services for visitors to the island.

However, San Salvador’s fishing industry depends on more than just charter fishing entrepreneurs to reach its full potential. The island currently has only a single commercial marina available to yachters outside of Club Med, despite the quality of San Salvador’s deep-sea fishing, making this a key investment opportunity for those interested in constructing and managing a marina.

Diving

In addition to its stunning deep-sea fishing potential, San Salvador also

InsightS

By RODERICK A. SIMMS II

Joaquin) and features an international airport - something that many other Family Islands crave. Excursions and activities beyond those offered at Club Med are similarly limited.

Conclusion

San Salvador currently occupies a unique position among developing Family Islands. It has a small but dedicated visitor base that returns to San Salvador largely due to the strength of the island’s diving industry and the international brand appeal of Club Med, with clear room for growth.

Yet there are critically few small businesses to support the existing number of annual visitors, while the island’s service sector remains underdeveloped. New small boutique hotels could attract new and returning visitors, while also creating demand for new restaurants and excursions.

NOTICE The Honourary Consulate of Jamaica wishes to advise the public that it has come to their attention that a certain group or groups are misleading the public that they have the Honourary Consulate’s endorsement to host the annual Jamaican Independence, “August Monday Celebrations” in Nassau, New Providence and to solicit sponsorship for same.

Cultural Tourism

San Salvador has long been renowned as the site where Christopher Columbus first made landfall in the Americas, yet the island has not capitalised on its unique historical significance.

Today, a simple cross marks the reported spot of Columbus’ arrival in the New World, with few resources available to interested visitors or local history buffs.

Specialised tours, and perhaps a cultural heritage village, would complement San Salvador’s existing tourism businesses and provide fresh and worthwhile excursions for those visitors looking for authentic Bahamian experiences beyond the familiar appeal of an all-inclusive resort.

San Salvador is also home to several well-preserved plantations, including the Bahamas’ only preserved records of daily life on a Bahamian plantation.The Dixon Hill Lighthouse is one of the few remaining manually-operated lighthouses still in operation in the world, and one of only three of its kind in the Bahamas. Yet these historical sites remain chronically undeveloped. Greater local buy-in, and government commitment to refurbish San Salvador’s historical sites, particularly the site of Columbus’ arrival, could re-brand San Salvador as a historical treasure.

ISLAND

Please be advised that “The Jamaican Hummingbird Association” is the only group that is recognized by this office to plan and host this event.

Proceeds from this event are used primarily to assist charities here and in Jamaica. boasts world-renowned wall diving within extremely close range of its coast, featuring rare marine wildlife that includes a range of shark species highly sought by divers. Resting in its own carbonate platform, San Salvador offers divers an unrivalled wall diving experience that has led to the island being previously ranked within the top three dive spots in the world by publications such as Dive Magazine and Scuba Maga-

zine. And though the island has long attracted divers from across the world through its current dive excursion options, there is always room for expansion, be it through new dive companies or smaller villa accommodations for visitors.

Challenges

San Salvador has a modest yet sustained population of roughly 1,200, with the bulk of the working popula-

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PAGE 4, Monday, July 17, 2017

Minister: NHI legality concerns ‘dead on’ From pg B1 a difficult position” by potentially having to ratify illegal acts under the former government.

Dr Sands, in a subsequent interview with Tribune Business, agreed that the concerns raised by the BIA were “a technically touchy issue” because much of NHI’s governance structure - including the key bodies responsible for overseeing the scheme - did not exist when the scheme was launched in April 2017.

The BIA also pointed out that key aspects of the NHI Act had not been ‘gazzetted’ and brought into law by the time the scheme was launched. Among the sections omitted were those giving authority to enroll persons in NHI; the criteria setting out who was eligible

to enrol; and the framework detailing the functions of health care providers and insurers.

While agreeing that he “cannot fault” any aspect of the BIA’s concerns, Dr Sands effectively responded that there was a ‘real world’ and an ‘ideal world’. He suggested that remedying NHI’s faults, rather than folding the scheme and starting again, was the better choice given the latter’s likely negative impact for the 25,000 who have already enrolled.

Still, arguing that the Bahamas “now has an opportunity to make right the structure of Universal Health Coverage (UHC)”, the BIA challenged “the legality of action” taken by the Christie administration in its haste to launch NHI as an election ‘vote-getting’ tool.

THE TRIBUNE Its statement pointed out that the Christie administration enforced just Parts 1, II and section 45 of the NHI Act on April 5. These provided for the NHI Authority’s creation and powers, the creation of the NHI Fund and other financial infrastructure.

The BIA, though, argued that what was not brought into lawful effect was arguably of more importance.

“All other aspects of the NHI Act have not yet been given the force of law, including the parts that establish the NHI plan, outline the eligibility for NHI, provide for enrolment for NHI and establish the framework - as well as functions - of regulated health administrators (or health insurers) and health care providers,” the BIA said.

“The fact that NHI was implemented without key elements of the relevant Act enacted brings into question the actions that were under-

taken prior to the general election. We were advised by the NHI Secretariat that the Minister responsible for National Health Insurance had delegated specific authorities to the Permanent Secretary (PS) for NHI [Peter Deveaux-Isaacs]. It was stated that the PS, under the aforesaid delegation, could cause the National Health Insurance Authority to enter into contracts with medical providers, begin enrollment for NHI and perform other functions.

“We have examined this and find it to be questionable, and potentially lacking in legal basis under the empowering legislation. As far as we understand, the Board of the NHI Authority,which pursuant to Section 4(3) of the NHI Act is the governing body of the NHI Authority, has not been appointed. Further, Section 8 of the NHI Act empowers the Board to appoint the managing Director,” the BIA added.

“Hence, in the absence of a Board, the recruitment process for the appointment of a managing director could not have commenced.

This calls into question all acts taken in the name of the NHI Authority in an effort to implement the scheme, as they may have been carried out ultra vires of the law.”

Dr Sands backed the BIA’s conclusion yesterday, saying: “This has been a technically touchy issue because until the Board is appointed and empaneled, technically you don’t have a managing director and the NHI Authority doesn’t exist.

“However, there have been contracts already entered into, which may or may not be valid. I raised

this point in the House of Assembly that we may have to revisit these contracts as they’re predicated on financial assumptions that may turn out to be questionable.”

The BIA, meanwhile, added that regulated health administrators (RHAs) namely the public health insurer, BahamaCare, and private health insurers - were supposed to manage and administer NHI’s benefit payouts.

It pointed out that the NHI Act required all RHAs to be licensed under the Insurance Act, but no such service provider was contracted to perform this service under the Christie administration.

Instead, the BIA said the NHI Secretariat and the Government appeared to be fulfilling this role, which it argued violated both the NHI Act and the Insurance Act. “It should be of much concern to all Bahamians that actions to enroll persons, enter into contracts with medical providers and compensate them for their services may have been done in contravention of the law,” the insurance body said.

“We believe that the NHI Authority Board, when formally constituted, will be placed in a difficult position considering what has transpired with the NHI scheme to date. The dilemma that will be faced by the Board will require in-depth analysis and legal consideration to ensure that the rule of law is upheld. Specifically, the NHI Authority Board may be called upon to ratify past and ongoing actions that were potentially done in contravention of the law.

“This will presumably

NOTICE

NOTICE is hereby given that JADIER ADDLY of Calabash Bay, Andros, 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 17th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

include executed contracts which may be null and void or voidable. The Government will also be under much pressure to ensure that a dangerous precedent is not set vis-à-vis disregard for applicable legislation while proceeding with the expansion of UHC in the Bahamas. In this regard, the Minister of Health and Attorney General may wish to investigate this matter in the interest of the Bahamian people.”

While not disputing anything the BIA said, Dr Sands said the Minnis administration was faced with “a chicken and egg scenario” given that NHI had already launched and enrolled 25,000 beneficiaries.

He questioned whether the scheme’s administration and benefit payouts should be halted, and “we close up the office and shut everything down until the Board is in place and empaneled”, given the effect on existing beneficiaries.

“Part of the clean up work is to regularise this whole thing,” Dr Sands told Tribune Business. “We can go and spend a whole inordinate amount of money on the legal wrangling, or acknowledge that this thing was in-artfully rolled-out and seek to clean it up.

“Virtually everything we have met in place creates a similar challenge.... Yes, it’s a mess, but we have to clean it up and I suspect one month from now we’ll be going through a series of accounting and legal remedies to make right what ought not to have been done in the first place.”

Dr Sands expressed hope that the NHI Authority Board would be named and ‘Gazzetted’ this week so it could begin work, pulling persons from the Prime Minister’s Office, Ministry of Health and NHI Secretariat together into the newly-created body.

“I have no issue with the observations of the BIA: I think they’re dead on,” he told this newspaper.

“There’s no reason for me to say anything other than I concur.”

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THE TRIBUNE

Monday, July 17, 2017, PAGE 5

$11m in clinics for six patients per day From pg B1 Dr Sands had criticised the Cat Island clinics contracts during his 2017-2018 Budget presentation, but his revelation of the likely patient usage rates explains why he - and the Minnis administration - fear the investment will not provide taxpayers with value for money at a time of fiscal crisis.

The Christie government had awarded three clinic construction contracts preelection that were valued at $2.349 million for Old Bight; $2.1 million for Orange Creek Clinic; and $6.6

million for Smith’s Bay. But Dr Sands argued that, beyond the construction contract’s worth, the Government would also have to staff and equip all three clinics, plus pay for the likes of janitorial and security services, to serve a patient population numbering in the single digits daily.

“The average number of patients seen in the Family Islands, the number of visits to healthcare facilities, is around three visits per patient per year,” the Minister of Health told Tribune Business.

Minister warns of ‘casualties’ from fiscal right-sizing From pg B1 Mr D’Aguilar accused the prior government of paying out “outrageous sums” and using the Public Treasury “as their own piggy bank”, describing payments to consultants as a particular weak point for the Government’s financial controls.

“There will be some tough decisions to be made, and some casualties unfortunately, as we try and right size the ship after the orgy of spending by the PLP government in the last months of their administration,” the Minister told Tribune Business.

“We’re [Cabinet ministers] all very mindful of the condition the country is in, and are trying to reduce unnecessary spending. We have to remind the Bahamian people to be patient, and that there’s going to be some pain before there’s gain.

“Coming off this uncontrolled spending, there’s going to be some cut backs as we try and right size the ship and prevent further downgrades.”

Mr D’Aguilar did not identify the likely “casualties”, or how many there will be, but he was likely referring to workers hired on short-term, three month contracts prior to the general election.

Many are likely to be released when those contracts expire, and the Minnis administration is also likely to take a close look at the 6,500 persons it alleges were added to the public

service during the Christie administration’s 2012-2017 tenure.

Kenwood Kerr, Providence Advisors’ chief executive, told Tribune Business on Friday that hard decisions would have to be made over these recruits. Based on annual salaries ranging from $14,300 to $20,000, he estimated that these 6,500 hirings could have added $130 million per year to a Government’s (taxpayer) wage bill that was already over $600 million.

As for the “pain before there’s gain”, Mr D’Aguilar’s comments could also mean a slimmer public service combined with cuts to spending programmes that the Minnis administration sees as ‘pork barrel’ or wasteful.

“People have criticised us for painting a picture more severe than it is, but it is not good, and thank God the Government changed and we have in place people who are very mindful of the people’s money,” Mr D’Aguilar continued.

“The Minister of Finance has told us in no uncertain terms that there will be no more money than is in the Budget, that we have what we have, and we have to make it work, taking the tough decisions where necessary.”

Mr D’Aguilar then slammed the Opposition’s vehement denials of irresponsible spending by the Christie administration, saying there was volumi-

While acknowledging that this frequency was slightly higher for Cat Island residents, Dr Sands added: “When you look at the projected utilisation of those clinics over the next five to 10 years, each of those clinics, costing $10 million, will see less than 10 patients per day.”

Based on the 1,200-strong Cat Island population cited

by Dr Sands in his Budget debate, and the three annual patient clinic visits average, the three proposed clinics would see a combined 3,600 patients annually.

This translates into a total 9.86 patients per day visiting the three government clinics on Cat Island, a figure in line with the

estimates provided by the Minister.

“Underlying the premise of those buildings is NHI readiness,” Dr Sands told Tribune Business. “As we look at the decisions made in the name of NHI, the commitments entered into in the name of NHI, the new NHI Authority is going to have to look a number of things.

“Ultimately, a sense of prudence and equanimity ought to apply so we end up maximising value for the Bahamian public.”

Dr Sands’s comments illustrate the difficulties in delivering a universal health coverage (UHC) system that matches equity with efficiency, and value for money, in an archipelagic nation with numerous

sparsely populated islands.

His Budget debate address also noted that the Christie administration issued clinic construction contracts worth $1.6 million for Rum Cay, an island with a 70-strong population, and $300,000 for San Salvador.

“I have directed the National Health Insurance administration to revisit some of the decisions that have been made,” the Minister said at the time. “We are going to review these contracts and if we can cancel some, we will cancel some, but we are going to set this right for the Bahamian people.”

His remarks sparked an immediate riposte from Opposition leader Philip Davis, MP for Cat Island,

Rum Cay and San Salvador, who said Bahamians in the Family Islands should enjoy the same rights and facilities as those living on New Providence.

“What amazes me is that this posturing, this flippant referral to these islands, comes from the Government that committed to the ‘Back-To-The-Island’ campaign which is anticipated to become the largest migration of Bahamians back to the Family Islands,” Mr Davis responded.

“Why did they move in the first place? What incentive is there for them to return when something as basic as the construction of facilities to provide essential services becomes the subject of debate?”

nous evidence to the contrary.

He added that the Progressive Liberal Party’s (PLP) argument that the Government had jeopardised the Bahamas’ sovereign credit rating through its 2017-2018 Budget address were really a disguised call for it to reveal no more details of the previous administration’s fiscal profligacy.

“I just wish the Opposition would stop trying to frustrate the process every inch of the way, and continue making claims that they’ve not been irresponsible,” the Minister told Tribune Business.

“What more statistics, evidence do you need.

Everything points to uncontrolled, irresponsible spending that has put the country on the edge of another downgrade.

“I’m glad we’re revealing the true state of the country. What the Opposition is saying; don’t say anything further as it will hurt the financial standing of the country, also means don’t reveal anything further about what we did.”

The Christie administration added $2.2 billion to the national debt during its stay in office, a record for a five-year term. It did this despite the benefit of more than $1.1 billion in ValueAdded Tax (VAT) revenues during the two-year 20152016 period, which generated an additional net $756 million for the Public Treasury.

This outturn led many, including Royal Bank of Canada’s (RBC) top Caribbean economist, to suggest that the Bahamas’ was

“squandering” the benefits of the region’s best VAT. By comparison, the 20072012 Ingraham administration added $1.5 billion to the national debt, while the Minnis administration plans to borrow $722 million during its first year in office. If the latter outcome is achieved, the bulk of the Bahamas’ national debt - some $4.4 billion out of $7.8 billion - will have been incurred in just the last 11 years.

“We’ve only scratched the surface in terms of fiscal irresponsibility,” Mr D’Aguilar blasted of the former government. “There’s examples popping up every day of: ‘Oh my God, really?’

“People were paid vast amounts of money. I don’t care what they [the Opposition] say. They used the Government of the Bahamas as their own piggy bank. I see the sums that were flying out - outrageous sums flowing to people.”

Mr D’Aguilar did not ‘name names’ or give specifics when asked, possibly because these are being saved up as further political ammunition.

“They completely lost touch with the people on the streets, earning $210 a week, and these guys were paying themselves vast private sector salaries,” he added.

“A major internal weakness of the Government’s financial controls are these consultants. They have no limit on what they earn.

They randomly pick a figure out of the sky, and it’s never revealed how much is paid to them.”

Mr D’Aguilar has already stirred one consultant-related controversy when he attacked the former administration’s culture consultant, Ian Poitier, for receiving a $1million contract paying $400,000 per annum.

The Minister was speaking out after expressing confidence that a further ‘junk’ downgrade of the Bahamas’ sovereign creditworthiness, this time by Moody’s, would not further impact the Nassau Airport Development Company’s (NAD) credit rating.

NAD, the Lynden Pindling International Airport (LPIA) operator, was

forced to double its bond reserve fund from $19 million to $38 million after Standard & Poor’s (S&P) downgraded the Bahamas to ‘junk’ status prior to Christmas 2016.

The action taken by Fitch, which rates NAD, was sparked by the perceived increased country risk as a result of S&P’s action. But Mr D’Aguilar said: “I don’t think Fitch would consider a further downgrade at this time.

“First of all, they’ve just done their assessment and, hopefully by the time of their next review, they will have seen progress by the Government in trying to operate a lean and mean government, trying to cut waste and see where we can save.

“I think it would be a little premature for them [Fitch] to do that. They need to wait and see whether we perform.”

NOTICE

NOTICE is hereby given that CURRY AUGUSTIN MERIZIER of P.O. Box N-9405, McKinney Drive off Carmichael Road, Nassau, N.P., The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

PAGE 6, Monday, July 17, 2017

THE TRIBUNE

Only 10% of firms applied for Freeport tax breaks renewal From pg B1 even allowing for the fact that some are inactive or not trading, Mr Holding said the number who had applied to the former administration was “about 10 per cent”.

“Probably of the active companies it’s about 10 per cent,” the GB Chamber chief confirmed. “If may have been different if the PLP got back in and stuck to the July 4 deadline.

“My guess is that people were holding off and waiting to see the results of the election.”

A Freeport-based attorney, speaking to Tribune Business on condition of anonymity, expressed surprise on being told by this newspaper that just 300

licensees had applied for renewal of their investment incentives. He said his office had handled at least 80 such applications by itself.

Most of the 300 applications are likely to have been submitted by foreignowned GBPA licensees, given that they were the ones exposed to the former government’s Act. The tax breaks for which renewal was being sought were Freeport’s income, capital gains and real property tax exemptions. However, only the latter tax is currently in effect and, because Bahamian-owned land in the Family Islands does not attract real property tax, the same treatment would likely be extended to locally-owned businesses

Judge warns CCA: Baha Mar chairs injunction ‘rare’ From pg B1 injunctive relief is difficult to establish.”

CCA is seeking an injunction where the south Florida federal court would order that the 1,420 chairs be “de-

livered immediately” to its Miami-based freight forwarder for onward shipping to the Bahamas.

Given the doubts expressed by the judge, CCAs attorneys rapidly went to

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and real estate in Freeport regardless of whether they applied.

Foreign-owned businesses and land enjoy no such protection.

The relatively low number of applications also explains why the former Christie administration extended the deadline several times to, ultimately, July 4 in the hope of obtaining more responses.

The introduction of the Act, which was described as “a job killer” by the Deputy Prime Minister, meant that the GBPA’s 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 main concerns with the Act and associated application process involved 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 was also the fear that GBPA licensees not planning to expand their business were 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 divided 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 appeared innocuous, but when the application form was read with the Act, it effectively “locked in” GBPA licensees to maintaining employment levels for a five-year period regardless of whether there are further market or economic down-

work on finding case histories to support their case, as well as embellishing the ‘irreparable harm’ that it will suffer.

“The project for which the chairs are intended is ‘one of the most significant single phase resorts currently under development in the western hemisphere’,” CCA noted in its legal filings.

“Once completed it will generate nearly 5,000 jobs and its projected to have an annual payroll in excess of $130 million, representing 12 per cent of the GDP of the Bahamas.

“It is expected to have a significant impact on the bond rating of the Government of the Bahamas.”

Strangely, CCA’s legal filings made no mention of the recent ‘downgrade review’ imposed by Moody’s, which could cause the Bahamas to suffer a second cut to ‘junk’ within an eight to ninemonth period.

The contractor, though, continued to be exercised by the potential fall-out to its reputation, which has already taken a battering in the eyes of many Bahamians after it missed numerous Baha Mar completion deadlines under former developer, Sarkis Izmirlian, resulting in the eventual Chapter 11 bankruptcy pro-

THE BAHA Mar resort tection filing and bitter legal dispute.

“Failure of CCA to complete this aspect of the project would result in intense scrutiny and unprecedented derogatory publicity directed at CCA at the peak of the Bahamian tourist season,” the contractor warned.

“CCA is contractually obligated to provide the chairs to the project for which they are intended by October 15, 2017. Failure to provide the chairs by this date exposes CCA to liquidated damages of $150,000 per day, escalating to $250,000 per day.

“It is not possible to cal-

MARKET REPORT FRIDAY, 14 JULY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,864.37 | CHG 0.03 | %CHG 0.00 | YTD -73.84 | YTD% -3.81 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.50 8.60 6.10 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.65 17.43 8.19 3.50 1.47 0.12 3.80 8.35 5.83 10.05 10.00 2.18 1.45 5.80 8.75 8.56 7.90 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

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 2.07 3.95 1.96 170.77 146.34 1.49 1.67 1.58 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 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.48 10.01 2.52 1.56 6.00 9.75 8.10 9.75 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 100.00 100.00 100.00 108.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.48 10.01 2.55 1.56 6.00 9.75 8.10 9.75 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 0.03 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

108.54 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.01 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 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 115

421

VOLUME

35 NAV 2.07 3.95 1.96 170.77 146.34 1.49 1.64 1.58 1.07 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.444 0.932 -0.510 0.383 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 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 0.000 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

P/E 9.6 17.0 N/M 9.4 N/M N/M -5.3 14.7 31.6 19.4 17.6 25.0 3.4 8.0 12.8 24.5 11.7 11.5 17.9 0.0

YIELD 1.87% 6.31% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.67% 3.44% 5.69% 2.35% 3.85% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 0.00%

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 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% 1.92% 4.53% 0.82% 2.80% 0.95% 2.49% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017

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

turns 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’, appeared to come into play.

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

The Act enabled 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 demanded retroactive or ‘back’ taxes.

The Minnis administration, though, reiterated its pledge to repeal and replace the Grand Bahama (Port Area) Investment Incentives Act 2016 at last Thursday’s meeting between Mr

Thompson and the private sector. The existing Act’s application deadline has been extended until January 4, 2018, to provide time to do so.

“The main purpose of the meeting was for the Government to get some feedback from the business community on the Investment Incentives Act before they start drafting the new legislation,” Mr Holding told Tribune Business.

He added that a further series of meetings between Freeport’s private sector and Mr Thompson was planned for August, with the Minister looking to meet smaller, industry specific groups numbering no more than eight to 10 persons for more in-depth discussion.

Mr Holding added that last Thursday’s talks had inevitably strayed beyond replacing the Act to “the wider economy” and other issues affecting the business community.

culate in monetary terms the damage to the reputation of a major construction firm it it is unable to meet the terms of its agreement with the owner of a project of this size, importance and economic significance of the Baha Mar development. A project heavily scrutinised by the Government of the Bahamas, by the bond rating agencies, by the press and the populace.”

CCA appears to have placed itself in this position by admitting that it “assumed responsibility for the procurement and delivery of furniture, fixtures and equipment” for the $4.2 billion project. This means it will not hit ‘substantial completion’ until the promised lounge chairs are delivered.

Edison Sumner, the Bahamas Chamber of Commerce’s chief executive, previously told Tribune Business he had been reassured by Baha Mar’s prospective new owners, Chow Tai Fook Enterprises (CTFE), that CCA’s dispute would have no impact on the

resort’s next opening phases or operations.

These include the opening of the SLS Lux property in October 2017, followed by completion and opening of the Rosewood in time for March/April 2018 and the peak winter tourism season.

Source Outdoor is allegedly withholding the lounge chairs as ‘leverage’ to force payment of pre-Chapter 11 debts owed to it by Baha Mar. CCA is alleging that it has no responsibility for these debts, and that these have no connection to the $390,500 chairs shipment, which it has already fully paid for.

Yet the Chinese contractor’s lawsuit makes no mention of its role in the Baha Mar creditor payout process.

Instead, CCA is alleging that Source Outdoor is now selling Baha Mar’s lounge chairs “on the open market” in a bid to recover debts owed by Mr Izmirlian prior to the ill-fated bankruptcy protection filing in the US courts.

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PAGE 8, Monday, July 17, 2017

THE TRIBUNE

Bahamas targets golfing tourism GOLF tour operators were eager to find out more about playing in the Bahamas at the 10th IAGTO North American Golf Tourism Convention (NAC).

The NAC attracted almost 200 golf tour operators, and was held at the Trump National Doral Miami country club in Miami, Florida.

IAGTO is the global trade organisation for the golf tourism industry, and features of 2,438 accredited golf tour operators, golf resorts, hotels, golf courses, receptive operators, airlines, tour-

ist boards, and approved media and business partners in 95 countries. At its core are 652 specialist golf tour operators in 62 countries.

IAGTO operators are estimated to control some 87 per cent of international golf holiday packages sold worldwide, and in 2017 they carried two million golfers with a turnover of more than $2.5 billion.

The NAC was open only to golf resorts, golf clubs, hotels, ground handlers and other golf tourism suppliers from the US, Canada, Mexico, Latin America and the Caribbean.

MINISTRY of Tourism officials, Earl Miller, general manager, and Angelika Cartwright, golf marketing manager, are pictured above meeting with one of the international buyers at NAC. (Photo by Donna Ash, Ministry of Tourism sports tourism administrator)

THE NAC buyer/seller floor at Trump National Doral Miami (Photo by IAGTO)

CUBA SAYS GDP RECOVERS, UP ABOUT 1 PERCENT SO FAR IN 2017 HAVANA (AP) — The Cuban government said Friday that the economy is growing again following a decline last year that was the first drop reported in two decades.

Economy Minister Ricardo Cabrisas said at the opening session of the National Assembly that Cuba’s GDP grew just over 1 percent in the first six months of 2017 and is on track to hit an estimated 2 percent for the full year.

The rebound came despite the economic crisis in Venezuela, which provides oil and other support to the island. The government said Cuba’s economy shrank last year by 1 percent amid falling help from Venezuela, which is struggling with

triple-digit inflation and widespread shortages of food and other basic goods.

The decrease was the first reported by Cuba in years.

Cuban media quoted Cabrisas as telling the assembly that instability in the supply of Venezuelan oil weighs on the country’s economy but tourism, construction, transportation and communications are all growing.

Foreign media were not allowed to attend the session, which was presided over by President Raul Castro.

Some growth in tourism is due to the normalization of relations with the U.S. that was started by President Barack Obama and is now threatened under President Donald Trump.

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