07202017 business

business@tribunemedia.net

THURSDAY, JULY 20, 2017

$4.15 BANKING LIMITATIONS RESTRICT BISX MODEL FOR CROWDFUNDING

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BANKING system limitations are restricting the Bahamas International Securities Exchange’s (BISX) development of crowdfunding and small business listing platforms, its chief executive has revealed.

Keith Davies, in a recent interview with Tribune Business, said the exchange had “completed internal drafts” of market models for both initiatives, which are designed to boost capital access for Bahamian entrepreneurs and small and medium-sized businesses (SMEs).

He explained, though, that BISX had been forced to “marry” its plans and the market’s desire with the capabilities of the Bahamian commercial banking system, which is lagging many other countries.

Mr Davies said entrepreneurs and start-ups seeking See PG B5

Exchange ‘completes internal draft’ for market But forced to ‘marry’ plan with system capability Bahamas behind rivals on clearing, settlement

THE Bahamas cannot afford for the Minister of Finance to undermine his standing as “Mr Fixit” by being caught up in a fiscal ‘blame game’, a leading businessman has warned.

Sir Franklyn Wilson told Tribune Business that “we all lose” if K P Turnquest, also deputy prime minister, is perceived by the rating agencies as “part of the problem” when it comes to the Bahamas’ fiscal crisis.

With Moody’s having placed the Bahamas’ sovereign creditworthiness under a ‘junk’ downgrade review, the Arawak Homes chairman said it was vital that Mr Turnquest provide all the answers to satisfy its concerns and those of its fellow traveller - Standard & Poor’s

$4.06

$4.02

Bahamas ‘falls too far’: 129th on cyber security

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday conceded that the Bahamas “continues to fall too far down the scale”, after this nation was ranked 129th out of 164 countries for its commitment and effectiveness in fighting cyber crime.

K P Turnquest acknowledged that the Bahamas’ ranking in the bottom third of the Global Cybersecurity Index (GCI), published by the International Telecommunications Union (ITU), could

In world’s bottom third on digital crime fight DPM: ‘Priority to recover our standing’ ‘Undermines’ financial sector; IT hopes “undermine” the financial services industry and this nation’s desire to expand its information technology (IT) capabilities.

Of the 25 indicators on which countries were rated, the Bahamas scored highly on just two - cybercriminal legislation and its participation in efforts to combat the problem globally.

This resulted in the GCI placing the Bahamas among 96 nations said to be in the “initiating stage”, meaning that they have just “started to make commitments in cybersecurity”.

The GCI placed the Bahamas below ‘economic powerhouses’ such as Gabon, Nauru, Sierra Leone, Liberia and Niger when it came to the commitment, strength and effectiveness of cybersecurity

systems, agencies and supporting legislation.

The Bahamas’ 129th ranking is also lower than the 121st spot it currently occupies in the World Bank’s ‘ease of doing’ business rankings. On a regional basis, this nation was placed below Jamaica, the leader, who came in at 85th spot, and the likes of Barbados, St Vincent and the Dominican Republic.

It did, though, finish ahead of Trinidad & Tobago.

“How did we get there,” Mr Turnquest asked, when Tribune Business disclosed the Bahamas’ GCI ranking. The survey was SEE PG B8

ATTRACTION’S ‘ZIP-PY’ 20 JOB EXPANSION NEEDS DUAL GB RESOLUTIONS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net KEITH DAVIES

‘MR FIXIT’ FINANCE MINISTER URGED: AVOID BLAME GAME

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.19

Sir Franklyn: Otherwise ‘we all lose’

A FREEPORT-based attraction operator yesterday said the Grand Lucayan’s closure, and Carnival’s proposed cruise port, must be resolved to sustain an expansion that will create 20 jobs.

David Wallace, a principal in the all-Bahamian group that has invested more than $1 million to

develop the Pirates Cove Water Theme Park, told Tribune Business that its zip-line attraction will be installed within two months.

He explained that the $250,000 investment would generate 20 additional jobs, taking Pirates Cove’s total workforce to around 55-60 persons in an economy where every job is desperately needed.

However, Mr Wallace warned that the group’s investment and muchneeded jobs could be squeezed between Freeport’s ‘anchor property’ reopening and a failure to reach an acceptable agreement/accommodation with Carnival.

He explained that Pirates Cove, and other Freeportbased attraction, excursion and tour providers, were SEE PG B8

Pirate’s Cove to add zip-line in 2 months Requires Grand Lucayan open for ‘bigger volumes’ And concerns eased on Carnival cruise port

Fears rating agency credibility undermined Suggests KP should have done ‘two speeches’ - during their imminent visits to the Bahamas.

Sir Franklyn argued that it was not in the Bahamas’ interests for the Minister of Finance to “get into it”, in terms of political fingerpointing and bickering, as this would only complicate the explanations desired by the rating agencies and International Monetary Fund (IMF).

SEE PG B9

Only ‘spend what you earn’: Minister justifies NHI cuts

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE MINISTER of Health yesterday defended the Minnis administration’s decision to cut National Health Insurance’s (NHI) budget by two-thirds, telling this newspaper: “You ought to spend what you earn.”

“I wish we could spend $500 million, Dr Duane Sands told Tribune Business, following a ‘Meet the Minister’ breakfast hosted by the Bahamas SEE PG B4

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THE TRIBUNE

PARTICIPANTS engaged in activities that helped them learn more about fundraising and approaching donors.

AMONG the organisations represented were: Island Journeys; South Eleuthera Emergency Partners; Eleuthera Arts and Cultural Centre; Breast Cancer Outreach Program Exuma; Zion’s Children Home, Hatchet Bay; The Island School; One Eleuthera Foundation; Centre for Training and Innovation; Our Carmichael and We March; Cancer Society of Eleuthera; Bahamas Reef Environmental Educational Foundation; 360 Consulting & Training; Governor’s Harbour Cultural Junkanoo; and EARS.

BAHAMIAN ENTITIES TEAM FOR NON-PROFIT TRAINING TWO Bahamian entities partnered to stage a non-profit organisation leadership training seminar from July 3-5.

The One Eleuthera Foundation (OEF) and the Centre for Training and Innovation (CTI) teamed to host the Certification of Executive Non-profit Leadership (CENL) on the latter’s campus, with the training funded by a grant from the Cotton Bay Fund.

The course was instructed by Dan Prater, executive director of the Centre for Non-profit Leadership, at Drury University Missouri.

The Centre hosts non-profit conferences and workshops, conducts research, and consults organisations of all sizes. Its clients include the University of Texas, Habitat for Human-

ity, Convoy of Hope and the American Red Cross.

The training covered topics including governance, strategic planning, evaluation, financial management, resource development, grant writing for social impact, human resources, negotiation and communications. Twentyseven participants from 14 Bahamian non-profit organisations attended.

“The workshop helped me break down my work into logical steps and think strategically about what we do, why we do it and how we do it,” said Candice Brittain, director of outreach and partnerships at Cape Eleuthera Institute.

Participants gained a deeper understanding of the skills and knowledge needed to solve problems, contribute ideas, and offer solutions that could prepare them to lead non-profit organisations.

“I participated in this training because I wanted to know more about nonprofits and gain understanding about how they function. I hope to use the information I learnt in the community or in the organ-

isation that I will be a part of in the future”, said Josiah Joseph, a UWI student interning at One Eleuthera Foundation.

“My favourite exercise was DISC, where we learned about each other’s personalities. Doing this exercise gave everyone a chance to get to know the people they work with.

This exercise can help with changing managerial styles or to just be aware of things that would offend the personality style.”

Participants expressed their gratitude to One Eleuthera Foundation for providing the training.

“I was so pleased to be a part of such a useful workshop that the One Eleuthera Foundation hosted to build capacity for effective nonprofit management. I certainly learned a lot that I will be bringing back to BREEF; the presentations

by Dan Prater were engaging. I came out of the meeting feeling inspired,” said Casuarina McKinneyLambert, BREEF’s executive director.

ONE Eleuthera Foundation’s Shaun Ingraham welcomed participants and spoke about the importance of non-profits in the community.

COURSE instructor, Dan Prater from Drury University, presenting on strategic planning processes.

THE TRIBUNE

Thursday, July 20, 2017, PAGE 3

MINISTER: ‘ONE SIZE DOESN’T FIT ALL’ ON HEALTH SOLUTIONS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Minister of Health Health yesterday said this nation must find a “Bahamian solution” for its healthcare needs, adding: “One size definitely does not fit all.”

Dr Duane Sands, who was

addressing members of the business community at a ‘Meet the Minister’ breakfast hosted by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), argued that the Bahamas had for too long operated a system he described as “medical apartheid”, under the pretense that “separate can be equal” in both the private and pub-

HOW TO SATISFY CLIENTS IN PURSUIT OF WELLNESS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE famous saying that “Your life only gets better when you get better”, coined

by Brian Tracey, might just sum up a Bahamian lady whose creative mind is a model of virtue, determination and simplicity.

Persistence, purpose and hard work define Cheryl Michelle Beckford, who is the catalyst behind her own successful career path.

A bubbly and talented young lady, she compels people to look at life differently, and promotes an industry that changes lives in a healthy way. We began our interview by asking: Question: Who is Cheryl Michelle Beckford?

Answer: She is a woman with purpose, and is daily working on achieving her life’s dreams. A loving, strong, self-motivated mother with a kind heart.

How would people describe you?

People can easily describe me as one that brings excitement, and one that loves to laugh. I believe laughter is the best medicine for the soul.

Tell us about your career.

How did you advance to where you are today?

I am an Ardyss distributor. My job is a very fulfilling one, as it permits me to help

CHERYL BECKFORD change and transform one’s body from the inside out. I am able to advertise and utilise my skills to sell a product that reshapes, revives and offers a healthy lifestyle.

What made you decide to choose this business path?

This industry not only encompasses distributing flyers, brochures and leaflets; it also affords me the opportunity to be very passionate about helping others, and assisting them in areas of their lives that require support towards a healthy life with weight loss.

What’s the single thing you enjoy most about this pursuit to happiness?

This pursuit to happiness not only provides an opportunity to meet new customers each day but, most importantly, I find comfort in knowing that my talent can assist others towards a genuine path to a healthier life.

lic sectors.

“NHI, I think, is a reasonable concept and has the capacity to do great things.

It goes without saying that a healthy population is essential for sustainable development. The discussion has come down to primary care versus catastrophic care,” said Dr Sands.

“We have to find a Bahamian solution. One size

definitely doesn’t fit into all.

We have not dealt effectively with the inefficiencies, waste and abuse. We have not equipped our supplied our facilities with equipment, and our information management system is obsolete.

We need to elevate the quality of physicians that that are at our faculties; we need a new emergency room.”

Dr Sands told Chamber

members that “real dialogue” was required NHI. “The thrust that we have had to big government, and to government being the provider of health coverage, is a nonsensical approach in my opinion,” he added.

“The world has said universal access, no user fees at time of service, is the way to go, and you should be taxing people to provide healthcare

services, but when you drill down on that and look at various countries and models, it varies from country to country.

“The proof of the pudding is in the eating. NHI is one model; it is not the best model and not the only model. The goal is going to be to get this economy thriving so you can take care of yourself.”

This ability, I believe, is a breathtaking one. I am always excited to offer a platform designed to holistically proposition an individual or family who is seeking a healthy voyage.

How do you keep yourself stimulated?

I keep myself stimulated by staying focused on my divine purpose, which is to uplift, motivate, encourage and entertain. My words, deeds and, most of all, patience, have given me the crutches to overcome so many of life’s challenges.

What do you prepare extra to make your clients happy?

To make clients happy, I believe strongly in exceeding my customer’s expectations. Some simple tools are never neglecting to follow up and follow through and, most importantly, remembering that a warm, friendly smile is the master potion.

Are there any misconceptions about what you do?

One misconception of what I do is that most people don’t believe that this healthy process offers an ultimate change.

What are the three most important elements people should consider when considering this form of business?

Three elements one should consider when considering this business are faith, family and thirst for a better lifestyle.

How do you cope with criticism or poorly behaved customers?

Critical customers are always a challenge, but somehow I always manage to cope with poorly-behaved ones by displaying a warm, gentle smile. This gesture defuses any discord. It also reassures customers that I understand their struggle, which usually brings peace and calmness to the atmos-

phere.

Is there any strength or weakness to your skill?

My actual strength is being able to encourage, motivate and bring a sense of hope to my clients or anyone that I come into contact with. My weakness is sometimes not being equipped

with the necessary resources to complete my daily task, which occasionally impedes my desired goal. The best process in my career is observing the joy and satisfaction that my customers display after the experience of the products.

See PG B11

PAGE 4, Thursday, July 20, 2017

THE TRIBUNE

Only ‘spend what you earn’: Minister justifies NHI cuts From pg B1

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Chamber of Commerce and Employers Confederation (BCCEC. “The truth is that any responsible manager pays close attention to revenue and spending.”

NHI’s budget for the 2017-2018 fiscal year has been cut to $40 million, with $15 million allocated to both primary and catastrophic care, and $10 million to finance the NHI Authority’s creation. This compares to the $124 million provided under the former Christie administration, which has left the Bahamas Insurance Association (BIA) and others questioning ‘how the sums add up’ and if the scheme can be made to work.

Dr Sands previously told Tribune Business that the Minnis administration had to identify funding for

NHI, after the former government failed to sequester - or allocate - the $100 million for the scheme’s primary care phase and $24 million for catastrophic care. NHI’s launch, prior to the general election, was being financed from the Consolidated Fund into which VAT and all other taxes are paid.

Emphasising that overall Budget constraints were restricting NHI funding, Dr Sands said: “We are a country awash in debt, and no matter how valuable the service being provided is, you ought to spend what you earn. Every single ministry can give justification for another $100-$200 million but, ultimately, the people who pay are the people of the Bahamas.

“How much more of a burden can they bear? We have tried to be responsible.

We went to the Bahamian people and told them we were going to be borrowing $722 million. How do you think they would feel if they were asked for $800 million, $900 million or $1 billion. We have to make a decision where it fits into the Budget. That is called prudence, judgment, wisdom.”

Dr Sands was yesterday unable to place a figure on the total sum paid out in NHI benefits to-date.

“We have been paying providers for clinical services provided to patients, and I have been looking at amounts paid to individual providers, but I don’t have a total so far,” he added.

Dr Sands said that while there has been some uncertainty regarding changes to NHI under the Minnis administration, he expected that to lift as the Government ramps up its educational campaign.

THE TRIBUNE

Thursday, July 20, 2017, PAGE 5

Banking limitations restrict BISX model for crowdfunding From pg B1 crowdfunding typically “enter in information electronically” via a formal market platform, giving persons instant access to all relevant details on the investment opportunity.

“That works in other jurisdictions because the banking system is dovetailed together, and there is a seamless process for clearing and settlement,” the BISX chief executive told Tribune Business.

“Our banking system is not like that yet. We’re trying to understand what we want, and marry it with the capabilities. We want to allow persons to use their computers to log in and see who is raising money, but how do you get money into a person’s bank account to support their crowdfunding application?

“We’ve looked at the limitations of the system and what we’re starting off with. We’re looking at internal issues, collaborating with the various banks, and seeing if we could use the Central Bank’s settlement system.”

Mr Davies said swift clearing and settlement was vital to get investor monies quickly into entrepreneur/ start-up hands, and provide a fully functional crowdfunding market.

“All these things have to map together and work in concert,” he added. “We want to put something out there that’s useful. It’s folly to put something out there, build it and think they will come.

“We’re crafting a platform that works for the

market. Ultimately, we need to modernise our system to find ways to make it quicker, make it cheaper, so that the time to market is much quicker for businesses looking to raise capital.”

Despite the potential restrictions, Mr Davies said BISX had made progress in developing platforms that would bring both crowdfunding and SME listings into separate formalised, regulated markets.

He explained that the crowdfunding market model had been designed in accordance with the rules established by the Securities Commission, the capital markets regulator, which unveiled them at a conference earlier this year.

“There’s a lot of work and groundwork that no one ever sees, and no one realises,” the BISX chief told Tribune Business. “We’re really in the weeds, going through the details.

“We have an internal draft that we have effectively completed that deals with the crowdfunding as well as the SME listings.

This follows the work and publication by the Securities Commission of the Business Capital Rules, which facilitate companies of a certain size raising capital without going through all the prospectus requirements.”

Mr Davies said BISX would release its proposed crowdfunding model for public consultation, adding: “That is something in train. I don’t have a timeline for you, but we are working to do that as soon as possible.”

Crowdfunding, which involves financing a project or business venture by raising small amounts of money from a large number of people, typically via the Internet, is stepping into the ‘financing gap’ that Bahamian start-ups and entrepreneurs typically encounter.

It pools money from friends, family and investors and, with the Internet and social media increasingly being used to raise capital, the Securities Commission wants to bring this activity into a formal market with rules to protect both companies and potential investors.

Access to capital, both equity and debt, has frequently been the biggest obstacle complained about

by Bahamian businesses, especially smaller ones.

With commercial banks increasingly risk averse, and constrained by laws and regulations from taking a chance, traditional capital sources have shrunk in recent years - especially since the 2008-2009 recession.

Apart from the government-sponsored venture capital fund, the Bahamas Entrepreneurial Venture Fund, this nation does not possess a developed private equity or venture capital market, which have acted as alternative financing sources for small business in developed countries.

As a result, Bahamian entrepreneurs have frequently been forced to rely on their own resources, plus family, friends and socalled ‘angel investors’ for their financing, together with whatever they are able to access from more conventional sources.

The Securities Commission’s crowdfunding rules define a small business as one that employs fewer

than 20 employees, with a net income not exceeding $1.5 million. Medium-sized enterprises are those that employ between 20 and 49 employees, with a net income not exceeding $3 million.

The distinction is important, because it determines how much a Bahamasbased company will be able to raise from investors via the proposed crowdfunding market.

The Securities Commission is proposing that both small and mediumsized businesses can raise capital on the over-thecounter (OTC) market, via

registered broker/dealers and investment houses.

They will only be allowed to conduct one offering per year, with capital raisinglimits of $2 million for small businesses, and $3 million for medium-sized enterprises.

Mr Davies told Tribune Business that the proposed crowdfunding rules, and market, would enable Bahamian companies to raise capital without incurring the costs and time involved in much larger fund-raisings, such as initial public offerings (IPOs).

He acknowledged that BISX did not have a

monopoly, or exclusivity, on Bahamian crowdfunding platforms, and added: “If there are other platforms, we welcome the competition.

“Ours will provide a useful service, and also facilitate the needs of users.

The focus is on the user. We have to be responsive, adapt to change and pivot as the market moves.”

Mr Davies continued: “We now have something to work with, and that will lead into analysis and discussions. Hopefully, once that’s done, we will take the next step.

PAGE 8, Thursday, July 20, 2017

Bahamas ‘falls too far’: 129th on cyber security From pg B1 conducted by an international regulatory body, the ITU, whose members just held their annual conference in the Bahamas.

The Deputy Prime Minister said the Government needed to better understand the basis for the Bahamas’ ranking by the ITU’s GCI, but admitted: “In all these rankings we continue to fall too far down the scale.

“There’s some things we have to do, not only to be more secure, but put in place the required protocols to give actual and perceived security, as well as improve the overall ease of doing business.

“We have to address them as priority to recover

our standing, but this particular issue comes as a bit of a surprise as I’m not sure what the basis of it is. As we look at it, we’ll see what we have to do to respond.”

Mr Turnquest said that while the Bahamas’ rankings in international indices were often “subjective”, the Government was aware that international investor perceptions of this nation could be easily influenced by them.

And, given the Bahamas’ reliance on financial services and other databased industries, plus its hopes for further economic diversification via IT, the GCI index ranking could be particularly damaging.

Attraction’s ‘zip-py’ 20 job expansion needs dual GB resolutions From pg B1 seeking to arrange a joint meeting with the cruise line and Minnis administration to address concerns over its east Grand Bahama cruise port.

Mr Wallace had previously warned via Tribune Business that Carnival’s private port would be “the kiss of death” for himself and other Bahamian entrepreneurs, with the project threatening to suck away 90 per cent of his customer base.

The fear is that Freeportbased entrepreneurs will “wither and die” if Carnival shifts vessels exclusively to its own facility and bypasses Freeport, potentially threatening hundreds of jobs - and

thousands of dependents - with potential loss of employment.

Mr Wallace yesterday, though, expressed hope that Bahamian operators would be able to reach an agreement where “our product would be available to their clients” - meaning Carnival’s passengers would be able to leave the private port and patronise businesses outside.

“What a group of us thought we would do, in conjunction with the Chamber of Commerce, was invite Carnival to a meeting,” he explained.

“We were also allowing the Government to get sworn in and pass the Budget.

“Now that the House is in recess, we are going to

THE TRIBUNE “It’s absolutely critical that we have very effective and proactive cyber security measures,” Mr Turnquest told Tribune Business. “If we are perceived to be weak in the area of data protection and transaction protection, it does have the potential to undermine our financial services industry.”

The Deputy Prime Minister suggested that the Bahamas’ GCI ranking was likely based “more in theory than in fact”, but acknowledged that perception was everything.

“We’ll need to address it,” he told Tribune Business. “We have to get facts.

Certainly, to the extent there are perceived weaknesses, we’ll have to do what is necessary to ensure we negate it.”

With IT now an essential part of commerce, Brahima

Sanou, the ITU’s telecommunications bureau director, emphasised why the growing cyber criminal threat meant awareness and security measures were essential.

“In 2016, nearly 1 per cent of all e-mails sent were essentially malicious attacks, the highest rate in recent years,” he wrote in the GCI report. “Ransomware attacks increasingly affected businesses and consumers, with indiscriminate campaigns pushing out massive volumes of malicious e-mails.

“Attackers are demanding more and more from victims, with the average ransom demand rising to over $1,000 in 2016, up from approximately $300 a year earlier. In May 2017, a massive cyber attack caused major disruptions to companies and hospitals in over 150 countries,

prompting a call for greater co-operation around the world.”

Bahamians, and local businesses, have also become increasingly familiar with hackers and the senders of malware, adware, spyware and various forms of computer viruses.

The Clearing Banks Association (CBA) has recently taken out a series of advertisements to warn Bahamians about the threats from ‘phishing’ e-mails and other tactics designed to obtain their bank account details.

Stephen Bereaux, the Utilities Regulation and Competition Authority’s (URCA) chief executive, yesterday said the regulator was not responsible for cybersecurity in the Bahamas, and did not provide any data in response to the survey the ITU issued for the GCI index rankings.

He added, though, that based on talks at last week’s ITU conference in the Bahamas he was “confident a number of things are going on” to protect the Bahamas against cyber criminals.

“There were a number of discussions last week on cybersecurity and the impact on the financial services sector in the Bahamas,” Mr Bereaux told Tribune Business.

“Clearly, cybersecurity is an issue for any country, but that said, based on the discussions at the conference, a lot of effort is going on in the country to ensure the issue is addressed.”

Mr Bereaux said care had to be taken in interpreting indices such as the GCI, because they sometimes did not reflect what was taking place in a particular country.”

seek out the Chamber of Commerce, who have been in communication with Carnival, to invite them to a meeting with the stakeholders affected.”

Mr Wallace said the proposed cruise port, which was approved by the former Christie administration prior to the general election, did not present an immediate threat to Freeport-based operators since it would take around two years to construct when all approvals - including envrionmental permits - were obtained.

He added that Carnival was currently sustaining much of the Freeport tourism industry by bringing in 20 cruise ship calls per month, and urged the Grand Bahama Port Authority (GBPA) to prepare a contingency plan to

attract other cruise lines “if Carnival does move”.

Mr Wallace instead indicated that the short-term priority must be to re-open the Grand Lucayan, as the loss of Memories and the Breaker’s Cay property had deprived Freeport of more than 1,000 rooms or 59 per cent of its total inventory.

Describing the 200 available rooms at the Lighthouse Pointe as “a drop in the bucket”, he added: “All the vendors at the Port Lucaya Marketplace and the harbour look forward to the cruise line days to generate some business.

“Ordinarily, the Grand Lucayan would sustain the Port Lucaya Marketplace, as tourists would come across to shop and eat. Because that hotel is closed, there is minimal activity from stopover tourists.

“Some of the stores only open their doors on busy cruise ship days. Otherwise, it’s a lot cheaper to keep their doors closed.”

Mr Wallace said Pirates Cove had always relied heavily on the cruise lines to generate the bulk of its customers, but the addition of the zip-line meant Grand Lucayan’s re-opening was vital to generating a return on this investment.

“We need the hotel open to increase our business volumes,” he told Tribune Business. “We have signed a contract with a company out of Jamaica that has built 13 zip-lines in the Caribbean.

“They will be coming to Freeport in 30 days to install it, and we expect to have it complete in two months..... We will be adding another 15 jobs with the zip-line, and four at the

photo booth line; around 20 jobs will probably be added, in addition to the 35-40 in the park currently.”

Despite current pessimism, Mr Wallace expressed confidence in Freeport and Grand Bahama’s economic future, indicating that he and his fellow investors planned to be around for the long-term.

“I think that there is hope for Freeport,” he told Tribune Business. “Freeport has great potential, things will get better, and I’m looking forward to seeing how we will be around and part of the Freeport economy.”

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THE TRIBUNE

Thursday, July 20, 2017, PAGE 9

have delivered ‘Mr Fixit’ finance minister should ‘two’ Budget speeches that markedly different in urged: Avoid blame game were terms of content and tone.

Sir Franklyn argued that From pg B1

Mr Turnquest, in his Budget address and subsequent public statements, has blamed the former Christie administration for “leaving the cupboard bare” as a result of reckless, uncontrolled spending that added $2.2 billion to the $7 billion-plus national debt in just five years.

The Opposition, though, retorted that Mr Turnquest’s own statements are responsible for bringing the Moody’s ‘junk’ downgrade review upon the Bahamas. Its members are arguing that the new government’s $722 million borrowing within its first year, and revised $500 million deficit for fiscal 20162017, undermined trust and credibility in the fiscal projections and ‘spooked’ the rating agencies and international investors.

“It’s irrelevant whose fault it is,” Sir Franklyn blasted in a recent interview with Tribune Business. “Who cares? At this point, it doesn’t matter who is to blame. We are all Bahamians. We are all in this together.

“The electorate spoke, and said the former government had created sufficient problems that they didn’t deserve to be reelected, and said to the new people: ‘Go fix this problem’.”

Turning to the consequences of the fiscal ‘blame game’, Sir Franklyn said of Mr Turnquest: “The day he was appointed he became ‘Mr Fixit’. At one point he was seen exclusively as the pathway to the answer.

“This debate debate diminishes his ability to provide the answers when he’s seen as part of the part of the problem. It’s in the interests of the country to get past this blame game, as we don’t want to restrict the Minister’s ability to provide answers to the rating agencies because he’s seen as part of the problem.

“We don’t need that. He needs to be seen as ‘Mr Fixit’ by the rating agencies. If he gets caught up in it, he becomes part of the problem and we all lose.”

Sir Franklyn expressed hope that the recent fiscal controversy would become “a teachable moment for a new generation of leaders”, pointing out that the May 10 general election had ushered in many MPs and Cabinet ministers who were “inexperienced in terms of government”.

“I just say that for what it’s worth; not to criticise anyone,” he said, arguing that Mr Turnquest

the initial Budget address was largely read by financiers, rating agencies and investors, with many Bahamians paying little attention to the minutiae and detail.

He added that, traditionally, ministers of finance who have often been the Prime Minister - tended to reserve politically-related comments and charges for their second Budget address, which often concluded the debate.

Sir Franklyn suggested that the 2017-2018 Budget communication had departed from this formula

by mixing fiscal facts with political statements something that could have confused external observers, such as Moody’s.

“In the Budget speech itself, you make sure the speech is a dignified statement addressed to the financial community,” he told Tribune Business.

“Don’t let anyone fool you. That speech, 99 per cent or an even bigger proportion of the electorate don’t read it. Financiers read that speech. That needs to be a dignified speech.”

Sir Franklyn added: “When it comes time for the second speech, that’s when political statements can come in. Financiers do not see that as, what

rating agencies call, official comment.

“The formal Budget speech is official comment. I trust the Minister will learn from this, and do what other, more experience ministers of finance have done; they made two speeches.

“Prime Minister Ingraham was very good at this. His speech on the second reading was often times very, very different from his original Budget presentation. Ministers of Finance have two bites at

the cherry; their original Budget speech doesn’t have to say everything.”

Sir Franklyn, though, praised Mr Turnquest as someone who was likely “to serve the country well”, given his background as a PricewaterhouseCoopers (PwC) trained accountant.

He urged him to consult with previous ministers of finance, both FNM and PLP, to help prepare for visits by both the rating agencies and IMF. The latter is currently in Nassau.

LAW FIRM SEEKING EXPERIENCED LEGAL SECRETARY Applicants must have: • minimum 5yrs continuous experience

working in a law firm of good standing • good experience & working knowledge of the

mortgage & conveyancing process • good experience with preparing probate &

estate administration applications • excellent client interaction skills and job

references

Email applications to: legalresumes242@gmail.com

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!

EQ TRADING INC. In Voluntary liquidation

LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), MP Investment Fund Ltd. (the “Company”) is in dissolution. The date of commencement of the dissolution is July 14, 2017. Moise Politi is the Liquidator and can be contacted at Rua Agisse, 232 – Apt. 11 – Vila Madalena, 05439-010, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before August 14, 2017.

Moise Politi Liquidator

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), EQ TRADING INC.is in Dissolution.”

The date of commencement of dissolution is the 26th day of May, 2017.

ROCKWELL LTD. #25 Mason Complex, Stoney Ground P.O. Box 193, The Valley British Anguilla Liquidator

RBC Royal Bank (Bahamas) Limited is presently considering applications for:

Finance Control Officer What is the opportunity?

Our Finance Unit is looking for a highly motivated individual who is analytical and accounting focused to provide strong support to the Finance Management team.

What will you do?

• Prepare and submit regulatory reports and respond to queries in a timely manner.

• Assist with monthly, quarterly, and annual analysis and explain variances.

• Assist in preparing financial statements and reports for management.

• Assist with internal and external audits.

• Provide strong support to Northern Caribbean Finance management team.

What do you need to succeed?

• Minimum – Undergraduate degree in Accounting • Five years banking experience in a similar role • Strong interpersonal and communications skills • Strong analytical, problem solving, and organizational skills • Ability to work well under pressure • Proficiency in Microsoft Office suite of products (Outlook, Word, and Excel) Nice to have Eligibility for or a professional designation, CPA, CA, ACCA or eligibility What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program of flexible benefits, and pension options • World-class training programs and career development opportunities • The advantage of working with a dynamic, collaborative, and high-performing team where initiative and hard work are recognized and rewarded • A flexible work/life balance options • Opportunities to do challenging work Interested persons should apply by July 31, 2017 and forward your resume to:tt-ec-bbrecruitmentjobpostings@rbc.com

www.rbcroyalbank.com/caribbean

® / ™ Trademarks of Royal Bank of Canada.

Used under licence.

PAGE 10, Thursday, July 20, 2017

THE TRIBUNE

Q&A: How Trump could help sink Obama health law

Fidelity is seeking persons with strong leadership, communications and interpersonal skills for the position of:

Technical Project Specialist Job Summary: Responsible for supporting technical aspects of project implementation, testing application changes and working with vendors to resolve technical issues relating to business applications.

Main Duties & Responsibilities: • • • • • • •

Manage and implement technical aspects of IT related projects Work with Application vendors to test and implement application fixes and business enhancements Provide end support for various company applications and systems Evaluate, troubleshoot, document, upgrade and build up maintenance procedures for applications Prepares references for users by writing operating process mappings Participate in end of day batch processing procedures Work on call support for non-business hours and weekends

Requirements / Qualifications: • Associates degree in Information Technology/Computer Science or equivalent vocational training • Must have excellent communication skills (verbal and written) • Ability to work in a self-motivated environment with little supervision • Ability to manage the administration of multiple tasks • Ability to support AS/400 and Core Banking Platform • SQL DB management skills • MCP qualifications • Basic TCP/IP networking knowledge

PLEASE SUBMIT BEFORE July 21st, 2017 to:

HUMAN RESOURCES Re: Technical Project Specialist careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

By TOM MURPHY Associated Press HEALTH insurance markets created by the Affordable Care Act may not be on the verge of collapse, but President Donald Trump could nudge them in that direction by following through on his plan to let the Obama-era law fail.

Simply raising the threat of failure makes alreadyskittish insurers more nervous, and could lead them to stop selling coverage in some areas. And there are a few moves the administration could make that would further destabilize markets.

That includes withholding subsidy payments to insurers that the law established or declining to enforce a mandate requiring people to buy coverage.

“This is actively trying to provoke failure,” said Sheryl Skolnick, a Mizuho Securities USA analyst who follows the insurance industry. “This is a bizarre policy outcome.”

Customers looking to buy insurance in the Affordable Care Act’s marketplaces have seen prices rise and choices dwindle in recent years, and that trend looks set to continue. That has led to claims by some Republicans that the law is collapsing. After a Republican push to dismantle the Affordable Care Act fell apart in the Senate this week, Trump took to Twitter to tell Americans he has always said, “Let ‘ObamaCare’ fail and then come together and do a great healthcare plan.”

Health policy experts say the market isn’t failing, even if it is wobbly. But there are a few things the administration can do that would make insurers even more likely to raise prices or pull out of markets altogether.

WHAT ARE THE SUBSIDY PAYMENTS? Money paid to insurers by the federal government to help consumers with low incomes cover out-of-pocket

expenses like deductibles and copayments. They are separate from incomebased tax credits that help people afford coverage, the monthly expense known as the premium.

The Trump administration can withhold those subsidy payments to insurers, the result of a ruling by a federal judge in a case filed by Republicans against the Obama Administration. The ruling is on hold.

White House officials said Wednesday the subsidies will be paid this month, but spokeswoman Sarah Huckabee Sanders said the status is “undetermined beyond that.” Trump has suggested withholding the money to force Democrats to negotiate.

WHAT IF THE SUBSIDIES GO AWAY? Premiums for insurance on the exchanges could soar.

Insurance companies would still be forced to keep customer out-of-pocket costs like deductibles at the same level whether they get a subsidy from the federal government to help offset that or not. In order to make up that shortfall, they would likely charge far higher premiums.

Insurance regulators in several states are asking companies to file two sets of rates for next year, one assuming these payments do not return, and one assuming that they do.

Ana Gupte, an analysts at Leerink, surveyed several states and found that insurers are asking for price hikes of around 36 percent when they assume the subsidies go away and about 18 percent if they stay.

WHAT IS THE MANDATE? The Affordable Care Act requires most Americans to buy health coverage or face a fine. It’s one of the most unpopular elements of the law, but insurers need it to

compel healthy people to sign up for their coverage.

Like with all insurance, the people who buy insurance but don’t use it help pay for the people who suffer a problem and need help.

WHAT CAN THE TRUMP ADMINISTRATION DO? Not enforce the requirement.

The mandate in the current law failed to compel everyone to buy coverage, but insurers say it helped.

Healthy customers might not be as motivated to sign up if the threat of a fine goes away, and that would push prices up for everyone and further destabilize the market.

Insurers also are concerned about whether the administration will promote enrollment in the plans as the sign-up period for 2018 coverage approaches this fall. The Obama administration heavily advertised HealthCare.gov, but those promotions were scaled back after Trump took office in January.

HOW WILL INSURERS RESPOND TO ALL THIS UNCERTAINTY? “Further inaction at the federal level will lead to higher premiums, fewer consumer options, and, in some places, collapsing markets,” leaders of the National Association of Insurance Commissioners said in a letter sent Wednesday to Senate leaders.

Most insurers who sold coverage on the exchanges for this year have made preliminary plans to return in 2018. Many, especially non-profit Blue Cross-Blue Shield plans, say they are hesitant to abandon markets, especially if they have been there for decades. But insurers have until late September to decide for sure.

NOTICE

NOTICE is hereby given that JOHN RODLEN JEANLOUIS of APT#7, Gambier Drive, Freeport, Grand Bahama, 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 20th day of July, 2017 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE

NOTICE is hereby given that LIFAITE ALCIME of Hope Town, Abaco, 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 13th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that IVORINE LEVINE of #28

Sword Fish Road, Stapledon, Nassau, Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SHEILA KENTISH of #28

Sword Fish Road, Stapledon, Nassau, Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ANTON JAMAL PAUL of P.O.BOX SP-60557, Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, July 20, 2017, PAGE 11

How to satisfy clients in pursuit of wellness From pg B3 What do you consider the biggest challenge about your career?

Unfortunately, one of my major challenges is convincing my clients to adjust their mindset.

Where do you seek inspiration?

In addition to finding inspiration and comfort through God’s direction and the Bible, the many success stories of customers after the use of the product, and how they overcame is truly an added win for me.

Describe your typical

day at work.

A typical day at work is the process of client recruiting. Normally, my focus is placed on three types of potential customers: People with health issues, pressure, diabetes and cancer; weight issues; and persons that seek financial freedom of debt.

How important is your quest for the overall community?

This venture can be very beneficial to any community

by helping save lives, which promotes an overall healthier world. I am extremely satisfied when I hear success stories from my clients.

Finally, what advice can you give to persons considering following your career path?

My basic principles would be to advise anyone considering this profession to firstly always seek out joy in your craft.

I think it is important for

people to have some clear expectations, with a final thought of investing in a rewarding legacy for family and loved ones, especially when the return is not only priceless but, no doubt, endless. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

• NB: The columnist welcomes feedback at deedee21bastian@gmail.com

ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.