07232018 BUSINESS

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MONDAY, JULY 23, 2018

$4.94

High-end real estate market in ‘shock, panic’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE high-end second home market is in “a state of shock” and “panic” over fears of “exorbitant” real property tax hikes following the recent budget changes, realtors are warning.

John Christie, director and vice-president of HG Christie, told Tribune Business that the government’s decision to amend the definition of “owner occupied-property”, leading to the removal of the $50,000 real property tax cap and a higher two percent rate, was effectively a “double whammy” for this market segment.

“People are in a state of shock in the luxury highend market. There is a lot of talk in New York and other places like that.

People are afraid they can’t sell their homes. In some cases you’re talking about going from $50,000 a year in property tax to $200,000 a year in property tax,” Mr Christie said.

“There are a lot people upset up about this. There are a lot of people who want to buy and move forward, but are now saying let me wait and see what happens here.”

The definition of the term “owner-occupied property” has been changes in the Real Property Tax Act to remove the phrase “or seasonal basis”, inserting a requirement that an owner must reside in their property for at least six months annually.

Beginning January 1, 2019, an owner that resides in their property for less than six months in any given year will be required to pay real property taxes annually at the rate of 0.75 percent on that part of the market value which does not exceed $500,000, and two percent on that part of the market value which exceeds $500,000. The maximum annual tax of $50,000, which applies to owneroccupied property, will not apply in such instances.

Christine WallaceWhitfield, the Bahamas Real Estate Association’s (BREA) president, said the organisation was still hoping to have a “sitdown” with government “to hash-out” some of its concerns.

SEE PAGE 7

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‘Innovative’ tax thinking praised by BICA chief

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

TOP accountant has praised the government’s “innovative thinking” in seeking to collect real property tax through attaching it to the monthly payment of utility bills.

Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that he was “definitely in favour” of a concept that was floated by the deputy prime minister last week.

KP Turnquest used the example of adding real property tax to electricity bills during an address to the Rotary Club of Old Fort, suggesting this would boost compliance and the

BAHAMIAN gamblers will enjoy a two-month reprieve from the budget’s twin five percent levies because they are “not as easy and straightforward” to implement as the government thought.

Dionisio D’Aguilar, minister with responsibility for gaming, told Tribune Business that the delay in imposing the tax on customer deposits and overthe-counter (OTC) lottery sales stemmed from the need to “re-certify” web shop systems and games.

He explained that the

Competition watchdog needs ‘more autonomy’

* Govt ‘toying with’ adding property tax to bills * Top accountant ‘definitely in favour’ of concept * To boost compliance, lessen lump sum burden government’s revenues while also relieving taxpayers of the burden of coming up with a large annual lump sum payment.

Speaking subsequently to Tribune Business, the deputy prime minister described the proposal as “a work in progress” that needed to be firmed up with legislative and administrative changes should the government decide to go this route.

While nothing was fixed, Mr Turnquest confirmed it was an idea the Minnis administration is “toying GOWON BOWE

industry’s advantage.

Mr D’Aguilar said the recertification process typically took four to six weeks to complete, forcing the government to push implementation of the twin five percent levies back from July 1 to the end of August.

“We thought initially they would take the money and throw the five percent in a bag, while putting the 95 percent on the

SEE PAGE 5

SEE PAGE 3

SEE PAGE 6

K PETER TURNQUEST

* Gamblers in two-month reprieve on 5% levy * Delay from ‘recertifying’ operators’ systems * Govt ‘adamant’ industry’s tax hikes stay

DIONISIO D’AGUILAR

recertification was a direct consequence of imposing the twin five percent levies, as this means all web shop computer platforms, games and payout ratios now have to be adjusted to incorporate the new tax.

These changes must be “certified” by an independent third-party examiner, who attests that the games offered by web shops will operate as advertised, and have not been “manipulated” to the

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ proposed competition watchdog should be given “more autonomy” by reducing ministerial powers in draft legislation, the Bahamas Insurance Association’s (BIA) chair is urging.

Emmanuel Komolafe, pictured, told Tribune Business The Bahamas had a real “opportunity to implement more robust” competition legislation that enhanced governance at the Fair Trading Commission.

He added that this nation could “spur economic activity” and enhance entrepreneurship if it got the draft Fair Competition Bill right, but said it also needed to make sure the legislation was “appropriate” for the structure and size of the Bahamian economy.

The BIA chairman said its provisions also needed to be harmonised and coordinated with existing legislation, citing the Insurance Act as one statute that already deals with merger and acquisitions in a specific industry - the same activities that the draft bill also seeks to scrutinise and regulate.

But Mr Komolafe, in particular, pointed to corporate governance as one area where the Fair Competition

Web shop patron tax ‘not so straightforward’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Sky chief brands $454k NAD debt as a ‘non-issue’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SKY BAHAMAS’ principal yesterday branded threats to terminate the airline’s airport operating licence over a $454,000 debt as “a non-issue”, and said: “Every other airline owes NAD money”.

Captain Randy Butler told Tribune Business that he was one of the Nassau Airport Development Company’s (NAD) “best payers” over the past ten years, after a series

* Butler: ‘Everyone else owes money’ * Says airline one of its ‘best payers’ * Bahamasair owes near $4m at LPIA of letters detailing sums Sky Bahamas owes to the Lynden Pindling International Airport (LPIA) operator were leaked on social media.

Describing the letters’ content as “normal”, Captain Butler said the airline and NAD always “work through challenges” in their relationship, branding the

outstanding debts as “a really fluid situation”. He said the debts outlined in the NAD letter had already been reduced by the time he received it.

Confirming that Sky Bahamas continues to operate from LPIA as normal, despite the payment deadlines set by NAD having passed, Captain Butler said

the letters showed that the outstanding sums had declined over the past six months.

He added that the privately-owned Bahamian carrier was current with its rental/lease payments, explaining that the debts detailed in the letter related to passenger facility and security fees it collects from

www.rubis-bahamas.com

CAPT RANDY BUTLER

SEE PAGE 4

PAGE 2, Monday, July 23, 2018

THE TRIBUNE

MINISTER PRAISES TRAINING BY CO-OPERATIVES DEPT A CABINET Minister has praised the hands-in training provided to students by the Department of Co-operatives’ Summer Programme, known as “Empowerment Camp”.

“I am very proud of what I am seeing here in terms of food processing and the creation of handicrafts,” said Michael Pintard, minister of agriculture and marine resources. Students learn how to operate and manage their own cooperatives, while also studying agricultural processing skills.

Students processed goods such as pepper sauce and tomato seasoning. They also made skincare products such as facial scrubs, astringents and cleansers. Their handicraft items ranged from straw-work to seashell items. Students were also able to grow different types of plants that can be used as food and medicine.

Mr Pintard reflected back on September 11, 2001, when vessels were unable to come to The Bahamas because of restrictions imposed by the US government following the terrorist attacks.

He said: “We learned very quickly that our food reserves are so low that if

we were to encounter a tragedy of the same magnitude, we would struggle to feed everyone.”

He explained that food security was important to the last administration as well as the current one.

Mr Pintard expressed hopes that the students involved in the summer programme will consider career paths or entrepreneurship in the various areas they were introduced to.

He said: “If you are interested in food processing, then your competition is halfway around the world. Too many Bahamians are now competing in the same fields.”

Lakelle Kinteh, a 17-year-old 12th grader from St Augustine’s College, said the camp really opened her mind to other professional opportunities that were different from her chosen career path of heart surgery.

She said: “Heart surgeons work on an alternating time schedule and that would allow me to be able to be in my own kitchen making foods or facial scrubs on my free time.”

MINISTER of agriculture and marine resources, Michael Pintard, visited the Department of Co-operatives Summer Programme at CC Sweeting High School on Friday, July 20, 2018.

Photos: Patrick Hanna/BIS

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Only candidates meeting the criteria will be contacted.

THE TRIBUNE

Monday, July 23, 2018, PAGE 3

PALM CAY TO START $100 MILLION CONSTRUCTION WITHIN 90-120 DAYS PALM Cay, the southeastern New Providence community, is gearing up for the launch of its “next big project” where realtors will have a “big part” to play.

The development recently held a VIP broker event to highlight its more than $2m in upgrades to the community’s amenities. “Palm Cay has always worked with brokers since they opened.

We’ve worked with the local broker community and internationally, but have been mostly geared toward the local broker community. With the 20182019 marketing campaign we’ve put together, the local broker community is going to be a big part of that,” said Myles Newell, Palm Cay’s recentlyappointed director of sales and marketing.

Palm Cay recently announced the release of its latest real estate offering, the $100m condominium

Competition watchdog needs ‘more autonomy’ FROM PAGE ONE Bill should be adjusted and improved. “I just feel there’s an opportunity to implement more robust legislation that also gives a level of autonomy to the commission,” he told Tribune Business.

“As much as possible, the

and penthouse complex named One Marina, which will overlook the marina

and ocean access.

One Marina was 40 percent pre-sold before

its release to the general market.

Construction, according to Mr Newell,

will begin in 90-120 days.

“One Marina is our next big project. It’s a

completely new product, with new architecture and new design,” he said.

“We’re getting ready to start our final phase of Anchorage. The first three phases have been sold out. We expect to start that in the next 90-120 days. We also have our Starfish Isle town home units near completion.”

Mr Newell added that Bahamian buyers have taken up much of the Anchorage condominiums given the price point.

“There’s always been an active local Bahamian real estate market that has been been buying into the condominium project,” he said.

Palm Cay has already had 160 properties purchased since opening, with the developers investing $65m. The community covers 69 acres in total, and is located in southeastern New Providence between Port New Providence and Treasure Cove.

commission should have autonomy in the discharge of its duties and functions.

[But] there are currently significant powers vested in the minister insofar as the operations of the commission is concerned based on the draft released.”

Citing examples from the draft bill, Mr Komolafe queried the ability of the minister responsible to appoint the Fair Trading Commission’s director-general, who will be the equivalent of its managing director or chief executive.

He compared the draft Bahamian legislation to that already in operation in Jamaica, Barbados and Trinidad & Tobago, where

the same position was appointed by the competition watchdog’s board - not the minister - although the latter’s approval was necessary.

“Just looking at it from a corporate governance and best practice perspective, you want to leave that in the hands of the board,” Mr Komolafe said. He also queried the draft bill allowing the Fair Trading Commission’s Board to be appointed by the minister in consultation with the director-general, describing this as “kind of putting the cart before the horse” as the latter was supposed to report to the board - not the

Bahamas Cannabis Group launches its new website

which is advocating the drug’s use for medicinal purposes, yesterday announces the launch of its new website.

Terry Miller, its chairman, said “We are excited to integrate public feedback and participation through our website. Our aim is to support a complete people driven, evidencedbased, safe and transparent Bahamian cannabis industry design.”

BACARI Foundation said its website will go live

today, and users worldwide can access it at the address www.bacari.org. The website is purpose-built, and features simple and quick access to information about its mission, objectives, ways to get involved, and provides better understanding for donors.

The website will add improved functionality and content to focus on new findings about cannabis (hemp derivatives of nonpsychoactive compounds) that require research.

THE MARINA AT PALM CAY.

SEE PAGE 7

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Main Duties and Responsibilities: • To assist with the administration of the AML/CFT compliance program for the Bank.

• To perform AML/ CFT due diligence and enhanced due diligence functions, including the detection and reporting of suspicious transactions and activities.

• To develop and promote risk-based tools/monitoring systems and maintain the anti-money laundering related database for the Bank.

• Be aware of changes in laws, regulations and trends and shares information with the Chief Compliance & Control Officer with a view to establishing enhanced controls to mitigate AML/CFT risk for the Bank.

• Assisting in the implementation of the AML/CFT training program for all staff.

• To assist in handling enquiries from the law enforcement or regulatory authorities.

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Competitive compensation package will be commensurate with relevant those applications short listed will be contacted.

“Fuelling Growth For People”

PAGE 4, Monday, July 23, 2018

THE TRIBUNE

Sky chief brands $454k NAD debt as a ‘non-issue’ FROM PAGE ONE passengers on NAD’s behalf.

These fees - $15 for each - are included in ticket prices, and Captain Butler explained that the debts related to cash flow and timing issues, with Sky Bahamas’ government, travel agent and corporate accounts given up to 30 days from billing to pay.

“It’s a non-issue; it’s a political issue,” Captain Butler told Tribune Business of the letters’ emergence, suggesting their leaking was intended to damage Sky Bahamas’ former chairman, KP Turnquest, who is now the deputy prime minister.

“The amounts [owed] were going down. The thing

is with this; in ten years we’ve always, always owed NAD money. This is about fees and taxes, nothing to do with rent and lease.

Those things are all current. This has to do with the facility fee and security fee.

“What happened is travel agents, corporate entities that have accounts with us, they’re on a 30-day cycle.

Most of them are very good, and in 15-30 days out we remit the funds. The letter was written, and NAD and I continue to work.

For years, years and years there’s always been issues, and I’ve always paid them over the past ten years.”

Captain Butler said NAD also operated on a 30-day payment cycle, and added that by the time he received its bills and Sky sent out its own, there were “already 60

days” in the payment cycle.

Some observers, though, will likely accuse the Sky Bahamas principal of seeking to downplay and minimise the letters’ content, with the government’s political opponents quick to seize on them to attack Mr Turnquest over recent aviation industry tax concessions granted since he took office.

However, the sums owed

by Sky Bahamas - $621,691 as at January 9, 2018, and $454,015 at June 29 this year - certainly pale in comparison to the debts that Bahamasair, the stateowned airline, owes NAD. The so-called national flag carrier, according to NAD’s 2017 annual report, owed the LPIA operator some $3.874m as at June 30 last year. That sum is

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more than six times’ higher than Sky Bahamas’ debt in January this year, and had increased by 30 percent or almost $1m year-over-year.

The first letter to Captain Butler, written by Paula Rigby, NAD’s vicepresident of finance and chief financial officer, warned that Sky Bahamas’ licence to operate at LPIA was “now pending termination” because the airline’s “account remains in arrears” despite numerous letters, phone calls and e-mails being sent.

Pegging this debt at $621,691, Ms Rigby’s January 9, 2018, letter set out a payment plan to bring Sky Bahamas current. This involved the airline paying $12,500 weekly until “outstanding amounts are paid in full”, and current aeronautical charges being paid within 30 days of invoices being received.

The second letter, more threatening in tone, shows Sky Bahamas had reduced its accounts payables balance owed to NAD by 27 percent at June 29, cutting it to $454,015. Referring to the payment plan, Ms Rigby detailed the sums due despite “NAD’s attempt to work with your company to reduce the large outstanding balance”.

Apart from the $114,887 due under the earlier payment plan, Ms Rigby said $239,612 in arrears was “due immediately” and another $99,516

due by July 11.

“As significant attempts

by NAD to assist you in reducing your outstanding balance have failed, Sky Bahamas therefore has left us with no alternative but to commence the termination process of your operating licence as per Article 9,” Ms Rigby wrote.

“Failure to remit payment of $239,612 by July 6, 2018, and $99,516 by July 11, 2018, will result in the termination of your agreement, the removal of all signage, and the cancellation of your operating licence. Sky Bahamas will no longer be allowed to operate within the LPIA terminals.”

Captain Butler, though, told Tribune Business that “there’s nothing abnormal” about the situation, with Sky Bahamas continuing to operate from the LPIA terminals despite the letter’s payment deadline having passed.

“I’m not worried. We continue to operate,” he said. “There’s more of that that has been paid. We’ve been paying every week on that. By the time we got that letter the numbers had already changed.

“The amounts have been going down. We have a very good relationship with NAD. Sometimes there are challenges and we sit and work the challenges out. It’s trying to get people to pay.

The money’s coming in constantly. It’s not like we’re

not paying. We’re moving thousands of people every month.

“Every other airline owes NAD money. NAD owes people money, too.

It’s a very fluid situation.

We work through these things all the time. This is normal,” Captain Butler continued. “In ten years I’ve always paid them [NAD], and they’ll tell you that I’ve been one of their best players.

“I have to stay focused on running the best airline, the preferred airline of The Bahamas, and taking care of the employees and folks that support us.”

Captain Butler said Mr Turnquest was “no longer” Sky Bahamas’ chairman, and nor did he have “an interest in the airline”.

Bradley Roberts, the former PLP chairman, was yesterday quick on to the attack over the NAD letters and Mr Turnquest’s connections to Sky Bahamas, implying that the airline was continuing to operate at LPIA thanks to its political connections.

He described Sky Bahamas as “sinking faster than bricks in quicksand”, and suggested previous duty-free concessions on aircraft maintenance parts for Bahamian-owned and registered planes, together with the removal of ten percent customs duty, were designed to help the airline.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Monday, July 23, 2018, PAGE 5

Web shop patron tax ‘not so straightforward’ FROM PAGE ONE customer’s account,” the minister told Tribune Business.

“It’s not so easy. It doesn’t work in the manner we thought. We thought it would be straightforward for them to do that.

“Once you get into the intricacies of how these programmes work, you have to make sure the changes they [web shops] claim to have made are re-certified, and this is how [the game] works based on the specifics given out.”

Mr D’Aguilar said that while most budget-related tax reforms, including the web shop industry’s new “sliding scale” taxation, took effect on or just after July 1, the need for recertification meant the direct imposition of the five percent levies on gaming patrons had to be delayed until end of August.

“What was found was that it wasn’t a sufficient period for gaming house operators to adjust their programmes to account for this new levy,” he added, suggesting the government’s revenue loss from the delayed implementation was not significant.

“In the balance of things, OK, you’re giving up two months’ potential revenue until these changes are done, but then you have all that period on the other side,” Mr D’Aguilar said.

Consultants for the Bahamas Gaming Operators Association (BGOA), the body representing the web shop industry’s interests, previously forecast that the two five percent levies will suck between $13.3m and $19.9m annually from the pockets of Bahamian gaming patrons. This puts the potential revenue loss at between $1.1m-$1.67m per month, or $2.2m-$3.34 million for the two months.

Government sources, speaking on condition of anonymity, suggested the web shop industry itself was also partially responsible for the delay in implementing the twin levies on its customers.

They suggested the industry’s initial shock at the 2018-2019 budget tax hikes had given way to a belief it

would be able to apply sufficient pressure for the government to alter course, which ultimately proved misplaced.

As a result, the web shops did not get moving on the recertification process until July 1 was almost upon them.

Mr D’Aguilar declined to comment on this, but provided more details on how the certification process works.

“What happens is that all of the systems that are operated by the gaming houses are certified by a company that the programmes are working as they should,” he said, naming the company involved as GLI (Gaming Laboratories International).

“When you write a programme or have a game you offer online, the payout ratios and the way it operates is certified by a company that says the game operates under these specs. They go in, look at the programmes, and certify it’s operating as it should and none of the gaming house operators have gone in and manipulated it otherwise.

“If the payout ratio is 95 percent, this company goes in and certifies the payout is 95 percent of gaming patron spend. This relates mostly to the casino games.” Mr D’Aguilar said this was now “a bit more involved” as a result of the new direct levies on gaming patrons.

“All your games, your platforms have to be modified to account for the fact that, out of the money paid by the customer, five percent has to go to the government and 95 percent on the account,” he told Tribune Business.

“It required a change to the programmes to account for this new methodology, and how money is credited to the customer’s account required some programme changes.

Each individual operator now has to get the change to their systems to account for the new taxation methodology certified.

“You have to go and make sure that when they make these changes they don’t make any other changes. You have this company certifying that they did what they said, and that the changes are accurate and appropriate.

That takes time; four to six

weeks.”

Mr D’Aguilar said it was “too early to tell” whether the budget tax increases will have the threatened impact on the web shop industry, in terms of jobs losses and location closures, and added that the government was holding firm on the new “sliding scale” structure.

“The government is adamant that this new tax regime is going to remain in force,” he told Tribune Business. “It’s definitely the order of the day.

We’re always open to a discussion regarding it, but our feeling right now is we believe we have settled on appropriate taxation and every year we review.

“That’s the nature of the beast, and in a year’s time we will review it again. Nothing is permanent in government.

Governments are always changing and tweaking, and increasing and decreasing. That’s the nature of the beast.”

Christiansen Capital Advisors, the web shop industry’s advisors, branded the twin five percent levies on web shop patrons as “unprecedented” and “unique”, and something it had never encountered before in working in 50 US states and countries.

“It is likely that consumer behaviour will change somewhat in the face of this tax,” the Christiansen report said of the five percent stamp tax on customer deposits. “Today, customers can withdraw and reload their accounts at no additional cost. If this tax goes into effect, Bahamians will withdraw and deposit from their accounts less frequently.

“In other words, consumers are now disincentivised to withdraw from their accounts and reload the next time they come in. The extent to which they do this today is unknown but, in short, the ratio of deposits to consumer losses (operator revenues) will likely decrease.”

The government is clearly seeking to reduce the amount, and frequency, with which Bahamians gamble, believing it is a social ill that is harming households and wider society.

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LOANS ASSISTANT - DISBURSEMENT Job Summary: This position is a critical component of the Credit Administration Department, as the selected candidate will be responsible for providing support to the Credit Administration Manager, Senior Loans Administration Officer and Loans Officers.

Additionally, this person will be responsible for the execution of all day-to-day administrative functions; including loan disbursements, loan payments, loan files, credit checks, and general accounts.

Main Duties and Responsibilities: • Booking and disbursement of loans; while ensuring strict compliance to requirements • Processing of all loan related transactions, including escrow transfers and cheque payments • Preparation of transaction entries for funds disbursal • The preparation of journals and drafts • Timely scanning of documentation and general filing Requirements / Qualifications: • Minimum of a High School Diploma or equivalent vocational training • Basic Accounting knowledge is a must • Strong administrative and organizational skills • Minimum of 2 years’ experience in related Financial Services Industry • Proficient at Microsoft Office Suite programs; Excel a must • Knowledge of the Phoenix Banking System • Highly confidential • Excellent communication skills (both verbal and written) • Proven ability to work in a self-motivated environment with little supervision • Proven ability to manage the administration of multiple tasks

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PAGE 6, Monday, July 23, 2018

THE TRIBUNE

‘Innovative’ tax thinking praised by BICA chief FROM PAGE ONE with” as it aims to boost real property tax compliance levels that are currently thought to lie below 50 percent. Just 22 percent, or around one-fifth, of full-year real property tax revenues for 2017-2018 had been collected by the midyear budget.

“We are toying with the idea of creating an escrow payment scheme,” he told Tribune Business. “It depends on how we structure it. It’s something we’ll have to sit with our team and determine what is the best mechanism to make it work.

“It’s something that works with insurance and the bank, and can be along

similar lines. It’s a work in progress. It’s too early to give details as to how it works or what the mechanism may be. It’s concept at the moment.”

Mr Turnquest said his reference to electricity bills at the Rotary Club of Old Fort was “just one way that something could be done”, and expressed annoyance that media coverage had

suggested such a plan was already in the works.

“I’m surprised they haven’t called for my head,” he joked, emphasising that the government’s thinking was to create a monthly real property tax payment plan “so at the end of the year people do not have to worry about coming up with that big number”.

Mr Bowe, while applauding an idea that has taken root in the US and UK, said the necessary collection, tracking and auditing systems needed to be put in place to ensure the government received all due revenues.

He added that such collection methods should not be confined to state-owned enterprises (SOEs), with private utility providers such as Cable Bahamas and the Bahamas Telecommunications Company (BTC) also candidates to implement this scheme.

“I think any type of system that proactively allows for payments to take place over a period of time, with a tracking and monitoring process, is advantageous,” Mr Bowe told Tribune Business.

“There are a number of situations in the UK and US where monies are taken from other bills and set aside. It’s not uncommon and not unusual. It’s all around the processes and systems: Am I comfortable that a Bahamas Power & Light (BPL), a Water & Sewerage Corporation that has a monthly billing process has the ability to collect it properly, put it in a fiduciary/escrow account, and have the collection audited

and monitor it?”

Mr Bowe said these issues “are not obstacles; they’re just matters that we need to make sure we diligently address”. He added that more frequent, lower real property tax payments would likely help middle class Bahamians meet due obligations they currently find difficulty accounting for as four or five-figure lump sums.

“Any system that allows for more frequent payments, and doesn’t lead to bit payouts and big payments at the end, is beneficial,” the BICA president said. “A lot of people are living on monthly budgets, and these large elements are things they sometimes struggle with because they have not planned for it on a monthly basis.

“I think it’s an innovative idea. I’m definitely in favour of it. It just needs to put the pieces together and understand how it can be done, so it’s auditable and can be tracked in the appropriate manner. That’s something I would definitely favour for any household obligation to the government.

“There are so many examples of taxes being paid monthly to defer the impact of fixed obligations, so looking to replicate that concept is certainly a positive consideration.” Mr Bowe pointed to the UK’s pay-as-you earn (PAYE) and withholding taxes on interest payments as just such examples.

The BICA president, though, warned against limiting collection of real property tax just to bills issued by SOEs such as

BPL. “We should be looking at any utility and formulating an agency-type relationship for collection of tax,” he told Tribune Business. “It shouldn’t rely on government owning an entity to do so. It should be a mechanism of collection fee arrangements appropriate for any entity.”

The government had collected $88.942m, or 62 percent, of its full-year $143.4m real property tax revenue target for 20172018 with three months left in the period. It is aiming to collect $132.189m this fiscal year, and Mr Turnquest said he was seeking to beat 2017-2018 performance without increasing rates.

“We know that we have significant slippage in real property tax,” the deputy prime minister told Tribune Business. “To the extent there is government revenue sitting out there it has as an effect on the ability of government to meet its financial commitments.

“We are going to do all we can to ensure we have compliance and collect what’s outstanding. We are doing reviews on all our systems to determine whether the current data software is adequate, whether it’s efficient and allows us to make assessments and issue billings effectively, and the overall process for billings and assessments.

“We expect to make some changes, further improvements this year.

Our goal is to drive revenue yields above last year without making any significant change to the rates, and we’ll see how that works.”

To advertise in The Tribune, contact 502-2394

A Critical Thinker, Analytical, and a Passion for Problem-Solving

We are growing!

Fidelity Bank invites applications for the position

ASSOCIATE INTERNAL AUDITOR Job Summary: Fidelity Bank is currently recruiting for an Associate Internal Auditor to audit, conduct business process reviews and perform fraud investigations. With functional report to the Manager, Internal Audit, this role includes compliance responsibilities and support for various cross functional partners. This is a high visibility role on a small team, and provides the successful candidate with an opportunity to contribute to the organizations’ control environment and exposure to many business areas.

Main Duties and Responsibilities: • • • • •

Conduct financial and operational audits.

Conduct internal investigations of company violations and other legal matters.

Diagnose operational risks and process improvement opportunities.

Provide recommendations to improve financial and operational controls.

Develop reports and presentations on audit findings, results and recommendations.

Requirements / Qualifications: • • • • • • • •

Bachelor’s Degree in a business-related field Minimum 2 years’ experience in the Financial Services Industry Excellent communication skills (verbal and written) Ability to prioritize, meet tight deadlines and work well under pressure Ability to work flexible hours in a self-motivated environment Independent worker Ability to manage the administration of multiple tasks at one time Highly organized

Please submit before:

HUMAN RESOURCES

July 31st, 2018

Attn: Associate Internal Auditor HUMAN RESOURCES careers@fidelitybahamas.com

Competitive compensation package will be commensurate with relevant those applications short listed will be contacted.

THE TRIBUNE

Monday, July 23, 2018, PAGE 7

High-end real estate market in ‘shock, panic’ FROM PAGE ONE “There are still a lot of concerns that we want to sit down with the government and hash out,” she said. “We are still asking for the sales before July 1 to be honoured at the previous VAT rate. We never got anything in writing on that. I wrote a letter to the government and never got a reply.

“I had a phone call but we want a discussion. We would like to sit down and speak about our concerns.

I think we are very much an important industry in The Bahamas, and we

Competition watchdog needs ‘more autonomy’ FROM PAGE THREE other way around.

As a result, the BIA chairman said the director-general should not be involved in the board’s selection. “It would seem to me that the board should be appointed prior to the appointment of the director-general,” Mr Komolafe added. “Following the establishment of the board, the board should appoint the director-general/chief executive of the commission.”

Mr Komolafe also challenged the minister’s ability to point the commission’s chairman, again acting on the director-general’s advice, and the need for ministerial approval to be obtained for the regulations governing the activities of employees and technical staff.

“There has to be autonomy for the commission, and minimise political interference as much as possible,” he said, suggesting the current bill permitted

should be able to sit down and have an audience with the ministry of finance.”

Mrs Wallace Whitfield continued: “Under the new regulations as it appears now, anyone who does not spend six months or more here, the property will be deemed other than residential. If it is deemed other than residential the property tax rate will go to two percent and the cap is null and void.

“There is panic in some places with people saying they couldn’t have thought this through. Most of these people don’t spend six months in one place. With these homes they hire staff

to maintain the property in sort of an under-theradar economy.”

Monica Knowles, Bahamas Realty’s 2016 “top producer”, told Tribune Business there is concern over the possibility of a flood of luxury homes coming on to the market if second home owners decide the cost is too high.

“The fees could be exorbitant for a $5-$10m home, and the even higher brackets will feel it more.

People will decide whether it is something they want to absorb or not. There’s a lot of concern in that market,” she said.

“too much involvement by the Minister”.

Backing the concept behind the Fair Competition Bill, and the desire to protect consumers from practices such as price fixing and gouging, Mr Komolafe told Tribune Business: “Ultimately, the spirit of competition legislation is to protect the consumer, so from that perspective it’s not bad legislation.

“But how do you put it in a Bahamian context in terms of what you’re dealing with and the structure of our economy? We have to bear in mind the dynamics

of each sector. Competition legislation could actually help by encouraging entrepreneurship through levelling the playing field and allowing competition to thrive and spurring economic activity.

“It’s not a bad concept.

We just have to think it through and make sure it’s appropriate in the context of the Bahamian environment. The expectation is that the fair competition legislation will achieve the objective of promoting a fair, efficient and effective market place as opposed to being disruptive.”

Operations Manager Are you a people person? Join a team where people come first.

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The Role - Based in Nassau and reporting to the Director of Operations, this position will ensure effective customer service delivery, administration and eligibility and claims processing to support business retention. Other duties will include, but not be limited to, policy interpretation, process and procedure reviews and enhancements, undertaking structured audits and working with independent service providers as may be required.

The Person – You will have a minimum of 15 years’ demonstrable experience in health insurance operations with a minimum of 10 years’ experience at the Supervisory/Management level with responsibilities for functional areas within the health insurance industry, including the development and implementation of policies, procedures and audits. Experience working within the US healthcare and/or US medical health insurance system, including all aspects of customer service, clinical, claims and eligibility administration as well as working with US PPO provider network organizations and negotiating contracts with independent service providers is required. A thorough understanding of group employee health benefit plans, including medical, dental, life, and disability as well as an in-depth understanding of policy contracts and contractual wording is essential along with superior communication and organization skills as well as a service oriented approach.

The Benefits – We offer an attractive salary and benefits.

To Apply – Please send your resume/cv to our Vice-President, Human Resources at bs_hr@atlantichouse.com.bs . Closing date for applications is July 23, 2018.

FIDELITY BANK (BAHAMAS) LIMITED

Limited will be held on Thursday, July 26, 2018

ATLANTIC MEDICAL INSURANCE LIMITED Atlantic House, 2nd Terrace & Collins Avenue, P.O. Box SS-5915, Nassau, Bahamas tel. 326 8191 www.cgigroup.com

in the Victoria Room of the British Colonial Hilton Hotel,

A Member of Colonial Group International Insurance, Health, Pensions, Life

The Annual General Meeting of Fidelity Bank (Bahamas)

Number One Bay Street, Nassau, Bahamas at 6:00 p.m.

The Annual Report which includes the 2017 Financial Statements is available at www.fidelitygroup.com Judy A. Higgs Corporate Secretary

Atlantic Medical Insurance is rated A- (Excellent) by AM Best

PAGE 8, Monday, July 23, 2018

Jeep exec takes over Fiat, marking end of Marchionne era

ROME Associated Press JEEP executive Mike Manley will be the new CEO of Fiat Chrysler Automobiles after longtime leader Sergio Marchionne’s health suddenly deteriorated following

recent surgery.

The announcement after an emergency board meeting Saturday marked the end of the Marchionne era, which included the turnaround of failing Fiat, the takeover of bankrupt US automaker Chrysler and the spinoffs of the heavy

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ISAAC SMITH of NO.38 West Avenue off Carmichael Road, Nassau, Bahamas, intend to change my name to ISAAC NATHAN SMITH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

machinery and truck maker CNH and supercar maker Ferrari. Fiat Chrysler said Marchionne, 66, is “unable to return to work” due to his health.

Manley, 54, has been one of Marchionne’s closest collaborators at Fiat Chrysler Automobiles, and in a previous role had been responsible for product planning and all sales activities outside of North America. He had been heading the Jeep brand since June 2009 and the Ram brand from October 2015.

Brands that have been driving the company’s revenues include Jeep SUVs, Ram trucks and the premium brands, Maserati and Alfa Romeo. Those brands were expected to account

LEGAL NOTICE

THE TRIBUNE

MIKE MANLEY, head of Jeep Brand, introduces the 2019 Jeep Cherokee during the North American International Auto Show, in Detroit, USA. Fiat Chrysler’s board on Saturday recommended Manley to replace seriously ill CEO Sergio Marchionne. Photo: Carlos Osorio/AP for 80 percent of revenues by 2022, compared to 65 percent currently.

It is the Jeep brand that has been the big contributor to the company’s profits.

Marchionne had already announced he would step down from Fiat Chrysler Automobiles in early 2019, so the board’s decision, to be confirmed at an upcoming shareholders’ meeting, will “accelerate” the process, the company said.

Marchionne was holding multiple leadership roles, notably as CEO of FCA as well as CEO and chairman of Ferrari.

Ferrari announced that Louis Camilleri, a longtime executive at tobacco company Philip Morris International, would replace Marchionne as

LEGAL NOTICE

NOTICE

NOTICE

International Business Companies Act (No. 45 of 2000)

International Business Companies Act (No. 45 of 2000)

EAP Investment Fund Ltd.

PHM Investments Fund Ltd.

(the “Company”)

(the “Company”)

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

The date of completion of the Dissolution was the 9th day of July, 2018.

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

The date of completion of the Dissolution was the 9th day of July, 2018.

Luciane Ribeiro Moreno Liquidator

Luciane Ribeiro Moreno Liquidator

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

BISX ALL SHARE INDEX: CLOSE 1,984.05 | CHG 0.11 | %CHG 0.01 | YTD -71.52 | YTD% -3.85 52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 1.55 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.49 1.62 1.58 1.07 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.13 6.14 4.09 11.40 2.87 1.75 7.80 6.10 11.25 6.32 3.65 13.00

CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.13 6.14 4.09 11.40 2.94 1.75 7.86 6.10 11.25 6.32 3.65 13.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.06 0.00 0.00 0.00 0.00 0.00

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

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

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

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

108.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-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

108.53 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

150

VOLUME

EPS$ 0.361 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.610 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.320 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 12.3 18.7 N/M 14.1 N/M N/M -3.0 14.3 10.7 23.9 18.2 28.8 7.6 N/M 11.2 16.6 10.4 13.2 20.6

YIELD 2.25% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.50% 3.58% 2.93% 5.44% 2.04% 4.00% 1.07% 5.25% 4.44% 3.16% 3.29% 4.46%

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

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

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

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

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

NAV 2.15 4.12 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.24 8.28 6.46 11.16 11.65 10.26

YTD% 12 MTH% 1.55% 4.09% -0.45% 4.34% 0.84% 2.31% 0.39% 5.05% -0.25% 4.57% 1.29% 4.18% -0.61% 2.84% 1.02% 3.84% -0.87% 1.82% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-May-2018 31-May-2018 31-May-2018 31-Mar-2018 31-Mar-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018

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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SUELLEN PAMELA POITIER of New Providence, intend to change my name to SUE-ELLEN PAMELA POITIER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

INTENT TO CHANGE NAME BY DEED POLL

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 9.16 6.60 5.30 11.93 2.71 1.77 8.21 6.21 11.50 7.29 13.67 13.00

“It’s an end of an era with the iconic, highly quotable, sweater-wearing Sergio Marchionne stepping down, with significant very concerns about his ailing health,” said Rebecca Lindland, executive analyst at Kelley Blue Book.

She called Manley a “worthy replacement at FCA, but it’s a huge job to not only fill Sergio’s shoes, but to run many brands that are facing capricious fortunes in a variety of markets”.

Manley took over management of the Jeep brand in 2009, just after Chrysler emerged from bankruptcy protection. At the time, the all-SUV Jeep mainly was a US brand, where annual sales languished at around 232,000. By 2017, though, sales had nearly quadrupled to more than 828,000 as Americans snapped up all-wheel-drive SUVs. The brand also grew internationally, especially in China, under Manley.

The passenger-car brands of Fiat and Chrysler have been less profitable.

PUBLIC NOTICE

MARKET REPORT THURSDAY, 19 JULY 2018

CEO of the sports car maker. CNH Industrial said its interim CEO, Derek Neilson, will continue on pending the selection of a permanent replacement for Marchionne.

FCA didn’t give details about Marchionne’s medical condition after surgery three weeks ago, but questions arose after it appeared his recovery was taking longer than expected.

FCA chairman John Elkann — a grandson of the late Gianni Agnelli, the longtime Fiat dynasty chieftain — said he was “profoundly saddened to learn of Sergio’s state of health. It was a situation that was unthinkable until a few hours ago, and one that leaves us all with a sense of injustice.”

In a letter made public on yesterday that Elkann sent to FCA employees, he wrote that Marchionne has “unfortunately experienced complications that have worsened in recent hours”.

Analysts praised the choice of Manley to succeed Marchionne even as they noted the challenges the new CEO will face.

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

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

The Public is hereby advised that I, HENRIETTA COROLINA CAREY, Emmanuel Way, High Rock, Freeport, Grand Bahama, intend to change my name to HENRIETTA CAROLINA CAREY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE

NOTICE

International Business Companies Act (No. 45 of 2000)

MBG Investments Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), MBG Investments Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 19th day of July, 2018. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, 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 the 20th day of August, 2018.

Luciane Ribeiro Moreno Liquidator LEGAL NOTICE

NOTICE

International Business Companies Act (No. 45 of 2000)

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

The date of completion of the Dissolution was the 9th day of July, 2018.

Luciane Ribeiro Moreno Liquidator

PAGE 10, Monday, July 23, 2018

THE TRIBUNE

All shell, no shock: Lobster prices strong, season picks up PORTLAND, MAINE Associated Press NEW ENGLAND’S lobster industry faces big new challenges in selling to Europe and China, but the trouble hasn’t caused prices to budge much for American consumers.

The business is in the midst of its busiest part of the year, when tourists flock to coastal states with a beachside lobster dinner in mind.

Summer is also when prices tend to fall a bit because it’s when the majority of

lobsters are caught.

But the prices haven’t fallen much. Retailers are selling live lobsters in the $7 to $12 per pound (per 0.45 kilogram) range in Maine, where the American lobster industry is based. That’s not too far behind recent summers.

“It’s starting to pick up, so of course the price is dropping. But that’s pretty normal,” said William Adler, a lobsterman out of Green Harbor, Massachusetts.

“Now it’s starting to come

alive, and prices are still good right now.”

Members of the industry are concerned about heavy new tariffs applied by China to US seafood this month, because that country is a major lobster buyer. Canada also recently brokered a deal with the European Union to remove tariffs on Canadian lobster exports to Europe, while the US has no such agreement.

But the tariffs do not appear to be hurting the US business right now, in part

because the summer season is more about domestic consumption than overseas sales, said Kristan Porter, president of the Maine Lobstermen’s Association.

One of the reasons the tariffs aren’t affecting lobster prices in the US is that lobstermen catch a lot of soft-shell lobsters, also called shedders, in the summer, Porter said. Hard-shell lobsters are preferable for shipping because shedders are less likely to survive the journey.

G-20 calls for more dialogue on rising trade tensions

POLITICAL parties opponents and social movements protesters hold signs that read in Spanish: “Out IMF and No to the payment of the debt” during a demonstration against the IMF near the G20 Finance Minister and Central Bank governors meeting in Buenos Aires, Argentina on Saturday.

Photos: Gustavo Garello/AP

CHRISTINE Lagarde, IMF managing director.

BUENOS AIRES Associated Press THE WORLD’S top financial officials meeting in Argentina’s capital on yesterday called for more dialogue on trade disputes that threaten global economic growth with one official warning that differences remain and tensions could escalate further.

The two-day gathering of G-20 finance ministers and central bankers in Buenos Aires took place as the United States and China are engaged in a full-blown trade war with both nations imposing tariffs on billions of dollars of each other’s goods.

A final communique from the meeting said that although the global economy remains strong, growth is becoming “less synchronised” and risks over the short and medium terms have increased.

“These include rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth, particularly in some advanced economies,” the communique said. “We ... recognise the need to step up dialogue and actions to mitigate risks and enhance confidence.”

On Friday, President Donald Trump renewed his threat to ultimately slap tariffs on a total of $500bn of imports from China — roughly equal to all the goods Beijing ships annually to the US. The White House has also itemised $200bn of additional Chinese imports that it said may be subject to tariffs.

The US has also imposed tariffs of 25 percent on steel and ten percent on aluminum, including from Europe. China, the EU, Canada, Mexico and Turkey have counterpunched with taxes on US exports.

As the group of 20 gathering wound up on yesterday, European financial affairs commissioner Pierre Moscovici said that differences of position remained despite the talks.

“These meetings have been taking place in an international context which is very challenging,” Moscovici told reporters.

“Trade tensions remain high and they threaten to escalate further.”

But Moscovici said the summit that began Saturday had not been “tense”,

and that countries must remain “cool-headed and maintain a proper sense of perspective”.

Representing the US at the meetings is Treasury Secretary Steven Mnuchin, who on Saturday said the overall US economy has not been harmed by the trade battles set off by Trump’s get-tough policies.

But he acknowledged that some individual sectors have been hurt and said US officials are looking at ways to help them.

International Monetary Fund Managing Director Christine Lagarde has warned that a wave of tariffs could significantly harm the global economy, lowering growth by about 0.5 percent “in the worst-case scenario”.

“Protectionism, I want to insist on that, is good for no one,” Moscovici said.

“Trade wars are not easy ... they create no winners, only casualties.”

But Moscovici said that the EU remains open to dialogue.

“That’s why EU President Jean-Claude Juncker and EU Trade Commissioner Cecilia Malmstrom will meet with Trump” in Washington DC next week, he said. “We hope this meeting will be productive and successful.”

So far, global markets have remained generally calm despite the US-China trade war and the other conflicts ignited by Trump.

But analysts say they expect Trump will impose more tariffs on China and potentially other key US trading partners.

With those nations almost certain to retaliate, the result could be higher prices for Americans, diminished export sales and a weaker US economy by next year.

The group of 20 nations is composed of traditional economic powers such as the United States, Japan and Germany and emerging economic powers including China, Brazil, India and Argentina.

Officials in Buenos Aires also discussed issues including the future of work and infrastructure for development, the international tax system and financial inclusion. It is the third of five meetings by finance ministers and central bankers scheduled in advance of a main G-20 meeting in Argentina that will be held Nov 30-Dec 1.