07242018 BUSINESS

business@tribunemedia.net

TUESDAY, JULY 24, 2018

‘Shooting in the dark’ over WTO’s impacts

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE private sector is “shooting in the dark” over World Trade Organisation (WTO) membership’s impact due to the absence of proper economic analysis, the insurance sector chair is warning.

Emmanuel Komolafe, adding his voice to similar concerns already expressed, told Tribune Business it was impossible for industries to properly advise government on its negotiating approach - and accompanying legislation such as the proposed Fair Competition Bill - in the absence of research showing the likely consequences of WTO accession.

* Insurance chair: No analysis to ‘understand’ effects * Chamber chair: ‘We don’t want to rush this thing’ * Business must ‘walk and chew gum’ at same time

The Bahamas Insurance Association (BIA) chairman said the Competition Bill, which is presently being circulated for private sector consultation, needed to be forward-looking and account for the opening up of some industries to large foreign rivals post-WTO accession.

Yet it was impossible to properly frame such legislation, Mr Komolafe argued, without the necessary data on how joining global trade’s rules-setting body will impact key sectors and local employment.

“When it comes to legislation for the efficient operation of the market,

we have to look at what will happen; what the consequences of WTO accession will be,” the BIA chairman said in relation to the draft Fair Competition Bill.

“We can’t understand this without a proper economic analysis showing the impact of WTO accession on sectors of the economy. Once we have such a study done, we will see the figures and the consequences that will flow.

“In the absence of the economic impact studies, it’s almost shooting in the dark. I’m not just talking about the impact on government’s revenues.

Opening up the market,

what impact will it have on insurance, banking, tourism and manufacturing. Without the analysis, we cannot speak to it.”

Michael Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, and the organisation’s trade and investment committee chair, Darron Pickstock, have both previously warned that the absence of any WTO impact analysis makes it virtually impossible for the private sector to properly inform the government on where it should set the “red lines” - what it absolutely must not give away - in the

accession negotiations.

The chamber is now moving to conduct its own analysis on the private sector’s behalf.

Mr Komolafe, meanwhile, pointed out that virtually all Bahamian companies would be considered micro, medium and small enterprises (MSMEs) in a global context. And accession to full WTO membership will now force some to go head-to-head against large foreign rivals for the first time.

“We have to be mindful of that,” he told Tribune Business. “The discourse should not be limited to the ability of local businesses to compete with one another, but if the government is holding fast to the 2019 deadline for WTO accession, international competition should also be factored into the

EMMANUEL KOMOLAFE

[competition bill] framework.

“This is bearing in mind that a business that is considered large in the Bahamian context will probably be classified in the MSME sector in a global context. This means that such businesses and MSMEs in the Bahamian context will struggle to compete in a global environment based on the current structure of our economy.”

The BIA chairman added that the Fair Competition Bill must not stifle the private sector through overregulation and “red tape”, impeding normal commercial transactions such as mergers and acquisitions.

“Another key

SEE PAGE 4

Patron taxes a ‘major Ex-Senate president’s setback over concern’ for web shops Fox Hill committal for attorney

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE twin five percent Stamp Tax levies on web shop patrons are a “significant concern” for operators, the Gaming House Operators Association’s chief executive said yesterday.

Gershan Major told Tribune Business that while it was difficult to determine the financial impact of the taxes until they are enacted next month, the industry feels they will deter Bahamians from gaming with the same frequency and spend.

“It is a significant concern. We don’t know what the true effect will be until it is enacted, but it is a certainly a concern. We will have to wait until we see a trend analysis to make a definitive determination,” Mr Major said of the two stamp tax impositions.

Patrons will pay the five percent levies on deposits and over-thecounter (ORTC) lottery sales. Christiansen Capital Advisors, in a study commissioned by the Association, predicted that they will suck between $13.3m and $19.9m annually from the pockets of Bahamian gaming patrons and alter consumer behaviour.

Mr Major added that the government is still

GERSHAN MAJOR coming to terms with the complexity of the web shop industry, as indicated by its decision to spend imposition of the Stamp Tax until mid-August.

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 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

SEE PAGE 3

AN EX-SENATE president has suffered a setback in her bid to collect a $186,809, eight year-old debt from a fellow attorney by having her sent to Fox Hill Prison for 21 days.

Acting Appeal Justice, Milton Evans, has “stayed” a Supreme Court ruling that found Debra Rose in “contempt of court” for failing to comply with an August 10, 2015, judgment requiring her to settle monies owed to Lady Sharon Wilson, wife of Sir Franklyn Wilson.

The “stay” was granted on the basis that Ms Rose’s main appeal “had a good chance of success”, given that Lady Sharon had failed to provide evidence

* ANNA NICOLE MUM LAWYER OVERTURNS PRISON ORDER * LADY SHARON WILSON SEEKS $187K * COURT: NO EVIDENCE OF ‘WILLFUL’ BREACH

showing she had breached the Debtors Act. This requires proof that a person has the means to settle the debt, but has “willfully” refused to do so, before they can be committed to prison for contempt of court. Acting Justice Evans ruled the absence of such evidence was sufficient to keep Ms Rose from the three-week stay at Fox Hill that was ordered by the Supreme Court on January 15, 2018.

That ruling, by Justice Ian Winder, was itself “stayed” for 60 days to enable Ms Rose, who represented the late Anna Nicole Smith’s mother in the now-famous 2007 court battle over custody of her granddaughter, “to purge her contempt”.

Instead, Ms Rose and her attorney, Bahamas Bar Association president, Khalil Parker, used the time provided to lodge an appeal against the committal order on the basis that there had been no “willful contempt” in the absence of any proof she had the means to settle the debt.

LADY SHARON WILSON

Noting that the $186,809 “has still not been paid”, Acting Justice Evans said there was “no dispute” that the initial judgment was outstanding. “It is also not disputed that the appellant [Ms Rose] has failed to pay the said sum to the respondent [Lady Sharon],

SEE PAGE 3

Tax ‘best practice’ may have avoided 12% VAT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chairman yesterday gave his backing to the concept of adding real property tax to utility bills as a means of achieving “best practice” on compliance levels.

Michael Maura told Tribune Business it was “more than likely” that the government would not have had to increase VAT to 12 percent if The Bahamas been in line with global tax collection and enforcement standards.

Real property tax is widely recognised as the government’s worst

* CHAMBER CHAIR BACKS PROPERTY TAX ON UTILITY BILLS * SAYS BETTER ENFORCEMENT LEADS TO LOWER RATES performing tax, with just 22 percent of full-year revenues for 2017-2018 collected by the mid-year budget, leading the Minnis administration to mull creative collection methods that could boost compliance while also making it easier for taxpayers to pay.

“I think that’s a positive step in the right direction,”

MICHAEL MAURA Mr Maura told Tribune Business of the idea to turn real property tax into a monthly payment - rather than a year-end lump sum - by attaching it to taxpayers’ utility bills. “I believe it can bring a level of efficiency to government as well as improve the government’s effectiveness in tax collection.

“Governments have struggled with compliance, and they’ve struggled with identification. I think introducing a programme which brings greater transparency and monitoring should result in a more efficient tax collection process.

“We need government to be as effective and efficient a tax collector as possible,” the chamber chairman continued. “My assumption is that the better they are at assessing and collecting tax, the smaller the tax rate needs to be.

“If you don’t have a portion of the tax not paid by persons circumventing the

SEE PAGE 3

‘Greater risk’ for insurers if 90-day cover eliminated

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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ELIMINATING 90-day “cover notes” will fail to curb uninsured drivers while increasing the risk faced by insurance companies, the Bahamas Insurance Association’s (BIA) chair warned yesterday.

Emmanuel Komolafe told Tribune Business there was a mistaken belief that the number of uninsured drivers on Bahamian roads would decrease if insurers stopped issuing such notes as a way to manage

premium receivables.

Obtaining 90-day “cover notes” to enable a driver to pass the annual Road Traffic vehicle inspection, only to cancel coverage without paying the full premium, has become a common practice among many Bahamians. It has led to a situation where some in the insurance industry believe up to 40 percent of drivers on the nation’s roads lack the necessary coverage.

While some have called for the industry to cease issuing “cover notes” as a means to combat the problem, Mr Komolafe said doing so would create “far

greater risk” for the insurance industry.

He explained that the only alternative open to the sector would be to issue clients with the full Certificate of Insurance, thereby opening up the possibility for drivers to escape paying the full premium and drive around undetected for a whole year.

“You can’t licence your vehicle without having some type of insurance; you have to present a 90-day cover note or Certificate of Insurance,” the BIA chairman explained. “A lot of times people take out insurance and subsequently

cancel it. It happens often.

People may argue that if you discontinue the 90-day cover note it may address the problem [of non-insurance] but it won’t. Here’s why.

“Ninety-day cover notes are issued when clients are unable to pay premiums at once, so they enter into financing agreements. It’s a way to manage receivables through agents and brokers as long as you have the challenge where persons are unable to pay their annual premium at once.

“If you provide them

SEE PAGE 4

PAGE 2, Tuesday, July 24, 2018

THE TRIBUNE

SPONGING REVIVAL STIFFENS ON LONG ISLAND, ABACO A DOZEN spongers on Long Island expressed interest in creating an association and reviving the industry in conjunction with an Inter-American Development Bank (IDB) funded project.

“It was encouraging to see so much support from the community in getting this industry restored on Long Island,” said project co-ordinator Claudine Green. “Many of those who sponge, or want to get into sponging, also seemed very interested in establishing a local sponging association as a part of the larger project. This is very promising for the residual impact of the project.”

The project to revitalise the industry is sponsored by the IDB and the government. It is being managed by the Bahamas Agricultural and Industrial Corporation (BAIC) with support from IICA (Inter-American Institute for Co-operation on Agriculture); the Bahamas

DERAL Wells Sr stands in front of some unprocessed sponge near Grays, Long Island on July 12, 2018. The sponge in its natural form is the dark colour before it is washed, processed and bleached.

National Trust, the Department of Marine Resources and Bahamas Commercial Spongers Association (BCSA) Board members.

Long Island hosted the second Town Hall meeting that organisers have held outside the project’s pilot island, Andros. Project

managers have also met with Abaco spongers, and those interested in sponging, earlier in the month. At both meetings, organisers discussed sponging activity on the islands, future plans, ways the project can assist them, and future opportunities for training.

AVIATION MARKETING KICK-OFF FOR BAHAMAS FLORIDA’S largest aviation conference has begun promoting general visits and fly-outs to The Bahamas ahead of the official October 1 launch of its marketing partnership with the country.

Sun ‘n Fun International has added The Bahamas’ general aviation guidelines, benefits and product offerings to its website for private pilots wanting to fly to this nation. Also included on the website is the schedule for The Bahamas’ upcoming aviation seminars at the 2018 EAA AirVenture Oshkosh

Conference, which is scheduled for July 22-30 in Wisconsin.

The EAA AirVenture Oshkosh Conference is the largest aviation conference in the world, and attracts more than 500,000 pilots, federal government agents, media professionals and flying enthusiasts from around the world.

Sun ‘n Fun International is the world’s second largest aviation conference, and takes place in The Bahamas’ largest feeder market for aviation.

Captain Greg Rolle, senior director of sports tourism and aviation at

the Ministry of Tourism & Aviation, said: “The Bahamas stands to benefit substantially from the early roll-out initiative by Sun ‘n Fun. “Sun ‘n Fun has an impressive database, network and reach of aviation enthusiasts, who have been given information on the ease of flying to The Bahamas, its aviation programme, and who now have an opportunity to begin planning and booking their next Bahamas flight as well as meet with us at the upcoming Oshkosh conference later this month.”

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Deral Wells Jr is a 29 year-old sponger from Grays, Long Island, who left the meeting enthused about the possibilities. “I think the meeting opened most eyes with the classes and training that will be going on,” he said.

The $1.1m project seeks to increase income for spongers by providing them with a larger share of revenue from the industry. A major component of the project is the formation of the Bahamas Commercial Spongers Association (BCSA) to centralise the processing of the sponge, and help to link spongers with international markets directly.

Mr Wells, who sponges for about five months every year, said the creation of local and national sponge associations should help increase prices and make it a lucrative livelihood for many Bahamians.

“It’s a different avenue for Long Islanders and Bahamians to take instead of just waiting on someone to come in and dictate the pace,” he said. “It’s our product; we should be able to put a price on it. We don’t go into the shop and say: ‘Hey, this can of corned beef is 70 cents’. We have to buy it for whatever it costs. It’s an easier way to make more money for us here.”

BAIC’s senior deputy general manager, Debbie

SOME cleaned sponge sit on the rocks near Grays, Long Island, as sponger Deral Wells Sr; sponge revitalisation project co-ordinator, Claudine Green; and BAIC senior deputy general manager, Debbie Strachan, are seen in the distance.

BAIC senior deputy general manager, Debbie Strachan, examines some processed sponge on Long Island. This sponge is just about ready to either be shipped to wholesalers or others to add value such as clipping, packaging and even inclusion in local markets for tourists and locals.

Strachan, led the meetings on Long Island and Abaco.

She believes the industry is on its way to rejuvenation and increased revenue for spongers.

“On both of these islands, along with Andros, it is encouraging to see the local support of spongers,” she said. “We have identified a recurring issue of spongers having available reputable buyers, but a part of this project is to connect the local spongers with buyers who will pay top dollar not only for the unrefined

sponge but also sponge that has valued added from processing, clipping and even packaging.”

The IDB-funded project aims to empower Bahamian spongers who “do not have access to higher-value markets because they are not organised, and do not have the skills to process and market the sponges, and thus earn a low income”. Many spongers harvest the sponge and sell it at a low price, not realising the full economic value of their work.

THE TRIBUNE

Tuesday, July 24, 2018, PAGE 3

Patron taxes a ‘major concern’ for web shops FROM PAGE ONE “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 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 mid-to-end August.

“We’ve advised the government of the requirement through the Gaming Board that technology used in the industry requires certification and modification.

The independent-approved laboratories do that. They have to come in and look at the systems, agree to the modifications in order to affect the changes and certify them,” said Mr Major.

And Mr D’Aguilar said: “What was found was that it wasn’t a sufficient period for gaming house operators to adjust their programmes to

Tax ‘best practice’ may have avoided 12% VAT FROM PAGE ONE tax regime, you don’t have to put that on the backs of people who are compliant.”

Mr Maura thus joined Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, in backing something that KP Turnquest, the deputy prime minister, admitted is still at the “concept” stage.

“We are toying with the idea of creating an escrow payment scheme,” Mr Turnquest told Tribune

account for this new levy.

“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. 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.”

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.”

Attaching real property tax payments to monthly utility bills would potentially relieve Bahamian middle class taxpayers from having to come up with a large lump-sum payment at year-end, enabling them to spread this over an entire year.

It could also potentially improve the government’s

SEE PAGE 4

Minister ‘not wavering’ on fast food taxation

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

* BUT NO POLICY MOVE ‘IMMINENT’

THE Minister of Health yesterday said he has “not wavered” on his recommendation for a consumption tax to be imposed on the fast-food industry, but such a policy move is “not imminent”.

Dr Duane Sands told Tribune Business: “No, that’s not something that’s imminent. Certainly the whole policy approach has to be developed. I’m for it, but in the conversation of Value-Added Tax (VAT) and so forth, any tax no matter how well intended or beneficial is going to get the cut eye.

“We are going to have to be very circumspect on what we do and how we do it. I have not wavered on my position however.”

Bahamian fast food franchise operators, when the

idea was mulled back in April, slammed the idea of such a tax as an “unnecessary financial burden” on Bahamian families that will do nothing to curb the obesity crisis.

Terry Tsavoussis, vice-president of Aetos Holdings, which operates the Wendy’s, Marco’s Pizza and Popeyes franchises, told Tribune Business that the sector - and business in general - was “taxed enough already”.

The Wendy’s principal argued that taxing the fast food industry would do little to curb obesity in the Bahamas, and merely force franchises to raise their prices. “I don’t think it’s the answer to fighting obesity.

Something like that will affect all quick service businesses,” he said.

DR DUANE SANDS

Ash Henderson, director of marketing for Restaurant Services, the Kentucky Fried Chicken (KFC), Burger King and Dunkin Donuts franchise operator, told Tribune Business at the time: “We respect the Minister’s concerns and his advocating for healthy eating habits. That is why we offer a range of healthy

and affordable options in our restaurants, including vegetarian options, salads and wraps, and healthy sides in our kid’s meals.

“We do, however, feel that a fast food tax is an unnecessary financial burden on hard-working Bahamian families, and that there are alternative ways to encourage a balanced diet.”

Breadbasket food changes ‘delayed but not derailed’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Minister of Health yesterday admitted said the promised revision to the country’s 45 year-old breadbasket foods line-up has been “delayed but not derailed”.

Dr Duane Sands told Tribune Business the revisions will not be in place in when the breadbasket value-added tax (VAT) exemptions take effect on August 1, as a public consultation tour of all Bahamian islands had been delayed.

“The VAT exemption

on breadbasket items will come into effect August 1,” he said. “What we had promised was a revision to include healthy foods.

We already took sugar off that list. We intend to take off a few others and add a few others. We made a commitment to complete the conversation before we make those changes. It hasn’t been derailed; it’s just been delayed. We want to have consultation before we make the adjustments.”

Dr Sands added that changing the breadbasket line-up only requires that the changes be gazetted, with an Act of Parliament

unnecessary.

Beginning on August 1, VAT will not be applied to butter, cooking oil, mayonnaise, grits, cheese, corned beef, evaporated milk, margarine, rice, flour, bread, tomato paste, baby cereal, baby formula, soup, broths, baby food, powdered detergents, condensed milk, soaps, fresh milk and mustard.

The items likely to be removed from the breadbasket list are margarine, mayonnaise, corned beef, canned meats, canned soups, broths, condensed milk and sugar. Those likely to be included are beans and peas, raw almonds, raw cashews,

fresh oranges, fresh apples, root crops and oatmeal, as well as tuna, sardine and mackerel canned in water.

Some of the items that will remain on the list will be subject to greater specification, allowing affordable purchases of only certain kinds of staple products.

These will likely include no fat, low fat and two per cent fat evaporated milk options, as well as organic and nonorganic fresh eggs. The list will likely include trans fat free, low fat, olive oil, unsalted and vegan butters, and one percent, two percent soy and almond fresh milk.

EX-SENATE PRESIDENT’S SETBACK OVER FOX HILL COMMITTAL FOR ATTORNEY FROM PAGE ONE who has been kept out of those winnings for more than eight years,” he added.

Acting Justice Evans identified the basis of the Supreme Court’s committal Order as the finding that “there appears to be real property in [Ms Rose]” based on evidence provided by Lady Sharon and her attorney.

This formed the basis of Mr Parker’s challenge, with the Court of Appeal verdict recording: “He contended that the respondent’s [Lady Sharon’s] application before the court below contravened the provisions of the Debtors Act prohibiting the arrest or imprisonment of persons for making default in the payment of sums of money, the present case not falling within any of the statutory exceptions.”

Mr Parker also argued that the evidence supporting efforts to commit Ms Rose to prison “was woefully inadequate and provided no reasonable or lawful basis for the said application”, describing the basis of Justice Winder’s

ruling as “unreasonable”.

He added that Ms Rose was “entitled to the full protection of the Debtors Act”, which states that only persons with the means to pay who defy a court judgment be sent to prison.

Lady Sharon’s attorney, Trevor Lightbourn, argued that the effect of any “stay” would only be to delay payment, thereby creating “a risk of injustice”. He added that the evidence showed Ms Rose had “at least a case to answer”, and that as an attorney she had sufficient opportunity to earn money to satisfy the debt.

Mr Lightbourn also argued that the burden fell on Ms Rose to disprove the evidence against her, yet she made no attempt to answer it at the Supreme Court level.

Rejecting these arguments, Acting Justice Evans said Mr Lightbourn admitted that the suggestion Ms Rose owned property to satisfy the debt - which was relied upon by the Supreme Court - came from him and not from any document or witness evidence.

“It follows then that none of the authorities

which Mr Lightbourn has provided alters my view that, having regard to the clear wording of the Debtor’s Act, the jurisdiction to commit for non-payment of a debt shall only be exercised where it is proved to the satisfaction of the court that the person making default either has, or has had since the date of the order of judgment, the means to pay the sum in respect of which he has made default, and has refused or neglected, or refuses or neglects to pay the same,” Acting Justice Evans ruled.

“In my view it is clear that there was no evidence before the learned judge with regard to the means of the appellant [Ms Rose], and the learned judge in my view could not properly find that the appellant had the means to pay but had failed to do, and that her conduct was contumacious to the extent of warranting committal.

“In these circumstances I am of the view that the appellant has a good, arguable case, and the appeal lodged by her has a good chance of success.”

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PAGE 4, Tuesday, July 24, 2018

THE TRIBUNE

‘Greater risk’ for insurers if 90-day cover eliminated FROM PAGE ONE with an insurance certificate you will have the same problem. It is an annual certificate. If you give them an insurance certificate and they do not pay the annual premium in full, you have a bigger risk from an insurance company perspective than if they’re driving without an insurance certificate.”

Mr Komolafe spoke out as he renewed calls for greater “two-way” collaboration between the insurance industry, Road Traffic Department and Royal Bahamas Police Force as the best way to combat the increased threat to life posed by rogue drivers.

He said the BIA aimed “to schedule a meeting” with newly-appointed minister of transport, Renward Wells, to discuss the issue “in the next couple of weeks”, pointing out that the Road Traffic Department’s current system has “a lot of potential” when it comes to stamping out abuse.

Describing the menace posed by uninsured drivers as “a significant issue” that needed addressing “urgently”, Mr Komolafe told Tribune Business: “Depending on who you speak to, some

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persons say 40 percent of vehicles on the road lack insurance, and some say it’s 25 percent of one in every four vehicles.

“It’s difficult to ascertain, but it’s a major problem, and a lot of times the innocent party will not be aware until an accident happens.”

The BIA chairman said property and casualty underwriters notify the Road Traffic Department when auto insurance policies are cancelled, or lapse, once vehicles are inspected and licensed.

“The problem then becomes what the authorities do when they have that information,” Mr Komolafe added. “We do provide the information, but what’s it used for? That’s where the problem lies.

“The expectation is that there will be follow up and requisite actions taken based on the information provided. There are opportunities for collaboration.

We have a common objective to make the roads safer and persons driving on the roads properly insured.”

Calling for better use and leveraging of technology, the BIA chairman said an opportunity for enhanced information sharing between the insurance industry and authorities had been missed with the installation of Road Traffic’s new IT system.

“When the current Road Traffic system was implemented we had a number of discussions with persons driving the project to ensure we could work together, but the timing and self-imposed deadline

made it impossible,” Mr Komolafe told Tribune Business.

“We were told this would perhaps be revisited at the second stage of the program, but not much has happened since. There were some data protection concerns at the time, and what was recommended at the time was for the Insurance Commission to work with the Attorney General’s Office to work with the Data Protection Commission to address any concerns the insurance industry had with the sharing of information.

“Moving away from that was the function and amount of data required.

None of those points were insurmountable, and could have been resolved. Next time we heard from them they were going right ahead with implementation and perhaps we would hear from them at a later date.”

Emphasising that the BIA was focused on saving lives and upholding Bahamian law when it came to the roads, Mr Komolafe added that “reciprocity” was vital to crackdown on rogue drivers and vehicle owners. “Information has to flow both ways for this to work,” he said.

“It is apparent that the use of technology by the relevant stakeholders will be pivotal to the success of the enforcement process. Automation and the installation of the necessary infrastructure will be important if we are to address this issue in an effective and efficient manner.”

‘Shooting in the dark’ over WTO’s impacts FROM PAGE ONE consideration in the enactment of fair competition legislation is the context and dynamics of the local economy. There has been much commentary on the need to address systemic and structural deficiencies - exchange control, energy costs, taxation, public sector output - as well as the cost and ease of doing business prior to The Bahamas’ accession to the WTO,” Mr Komolafe said.

“There has been a convergence of thoughts within the private sector on the need for a comprehensive economic impact analysis to guide the conversation and prior to offers being made.”

Edison Sumner, the Chamber of Commerce’s chief executive, called for the government to give the private sector sufficient time to review the Fair Competition Bill and other WTO-related legislation despite aggressive accession timetable.

“It is a long time coming,” he told Tribune Business of the Fair Competition Bill. “This has been one of the pieces of legislation sitting around for a while, and it has had to be dusted off. It has to be read with other legislation, like the

Tax ‘best practice’ may have avoided 12% VAT FROM PAGE THREE

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cash flow and ensure greater real property tax compliance, while also reducing the administrative and collection burden faced by the Department of Inland Revenue (DIR).

“The question is: Would the most recent increase in VAT have been 4.5 percentage points had we been collecting all our import duties, all our real property taxes?” Mr Maura asked.

“That’s the question.

“I would imagine if compliance was close to 100 percent, or between 90-100 percent; I don’t know what great compliance is internationally, but if we can get to best practices on tax collection and compliance - had we been at best practices - it’s more than likely we would have been in the position of not

intellectual property rights legislation, which speaks to competition and the protection of such rights.

“Our view and information is that quite a number of pieces of legislation will be making their way to Parliament this session, because there’s a lot to be done and a short time to do it in. While there’s going to be a very aggressive legislative agenda, there has to be adequate time given to those who will consider this legislation.

“We don’t want to rush this thing; we want to provide relevant feedback to the government. We know we’re going on an aggressive timeline to get this done, but give us time to review the thing properly and look at the impact on the economy and private sector before they’re finalised.”

Mr Sumner said the Fair Competition Bill and similar legislation were all “leading ultimately to WTO accession”, and acknowledged that competition was a double-edged sword for some Bahamian businesses and industries that may be required to open up to foreign rivals.

“There are many areas in the economy that people want to see protected for various reasons,” he added. “They want to be

competing on a level playing field, so that it’s not opportunity identified and opportunity lost.

“There are certain assurances people are going to be looking for in the WTO negotiation process; there are areas of the economy, areas of interest that businesses are looking for protection, some sort of guarantee that they are not going to go out of business because of competition.

“Competition is good because it improves product offerings and keeps prices keen but, on the other hand, it could be detrimental to some businesses not prepared to compete on the global and international stage.”

With WTO “on the door step”, Mr Sumner said Bahamian companies needed to position themselves to compete internationally and ensure they are “strong enough to survive”.

“The world is changing very rapidly,” the Chamber of Commerce’s chief executive added. “We have to be open to entering a whole new world where only the fit will survive.

“Unfortunately, at the pace we’re going we’re going to have to do a lot of things in tandem, and learn to walk and chew gum at the same time.”

having to increase VAT to 12 percent.”

Mr Maura said improved compliance would provide a better foundation on which to base decisions over the structure of The Bahamas’ future tax regime, given that accession to full World Trade Organisation (WTO) membership and reduced reliance on import duties looms on the horizon.

“There’s a lot of planning and determination and work ahead of us as we consider what the tax regime will be, as we ponder WTO and how we amend Business Licence fees,” the Chamber chairman told Tribune Business.

“There’s still a lot of decisions that have to be made around the tax regime of the future. If we have a government that is effective and lives within the best practice bracket for tax compliance, tax assessment and performance, it would be fair to assume that will provide a better future tax regime.”

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.”

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THE TRIBUNE

Tuesday, July 24, 2018, PAGE 5

Tesla investors again worry IMF: VENEZUELA’S INFLATION ON about carmaker’s finances TRACK TO TOP ONE MILLION PERCENT NEW YORK Associated Press TESLA’S finances rather than its cars were once again in focus on yesterday following a report that the company asked suppliers for refunds to help it turn a profit.

A memo provided to The Wall Street Journal showed the electric car maker asked one supplier to return what it calls a meaningful amount of money on its payments since 2016. The memo came from a global supply manager and said the request was essential to Tesla’s continued operations, the Journal said.

The report also said it’s not clear how many suppliers received the request.

When asked whether the company has requested refunds from suppliers, a Tesla spokesman referred to a company statement, which said Tesla had asked fewer than ten suppliers for a reduction in total spending on projects that started in 2016 and are not complete.

The company said it is also talking to suppliers about changes to future prices and design that will help it reduce costs.

Tesla stock fell 3.3

percent to $303.20 yesterday in heavier than normal trading. The stock is down from a peak of $385 in September, with many investors growing concerned about Tesla’s spending and its ability to meet its production goals.

Tesla is spending about $1bn a quarter as it ramps up manufacturing of the Model 3 sedan, a lowerpriced car that is key to Tesla’s plans of becoming a major mass-market automaker. The 15-year-old company has reported only two quarterly profits in its history and has never made a profit for a full year.

Efraim Levy, a senior equity analyst for CFRA, said he found Tesla’s request unusual.

“I haven’t heard of this being done before and I’ve been following the industry for 20 years,” he said.

“It sounds like something that happens when you’re struggling.”

Itay Michaeli, an analyst for Citi Investment Research, said automakers sometimes ask for discounts from suppliers, but those are relatively minor matters. He said it’s more serious if the company needs more cash to continue operating, noting that investors are likely to

be concerned if Tesla has to take unusual steps to shore up its finances.

Tesla had $2.7bn in cash on hand at the end of the first quarter and many experts think it will need to raise money soon. One way to do that is by selling stock, which could send its share price lower still.

CEO and top shareholder Elon Musk has said that Tesla intends to become profitable in the second half of 2018, and analysts said yesterday that the memo is an attempt to meet that goal. But they said if Tesla has to try this hard to meet its target, it might be a selfdefeating effort.

“If there are any one-time windfalls that aid in Tesla achieving its profit goals, we expect the market would view that as unsustainable,” said Jamie Albertine, senior automotive analyst for Consumer Edge.

In June the company said it was eliminating 3,600 jobs, or nine percent of its staff, as part of a restructuring effort. At the beginning of July the company said it met a long-time target of building 5,000 Model 3s in a week, but industry analysts have questioned whether Tesla can sustain that pace.

Securities agent gets prison time for millions in fraud BISMARCK, ND Associated Press A FORMER North Dakota securities and insurance agent was sentenced yesterday to more than 11 years in federal prison for swindling about 40 people out of millions of dollars over a 15-year-period to finance a lavish lifestyle including purchases of a Ford Mustang convertible sports car and country club dues.

Kevin Wanner, 56, of Bismarck, also used the money from sham investments for home remodeling and private school tuition for his children, according to prosecutors who called Wanner’s actions “a case of ruthless victimisation”.

“You can’t turn over a single stone in this case without finding someone who has been emotionally bludgeoned by Mr Wanner,” Assistant US Attorney Nicholas Chase said.

Wanner, while working with two Minnesota-based brokerage companies between 2000 and 2015, took in about $5m through sham investments, keeping $3m for himself and paying out $2m to his victims to keep the ponzi scheme going, according to prosecutors.

He was indicted in August 2017 and pleaded guilty in March to mail fraud and money laundering in a deal with prosecutors.

Defense attorney Jeffrey Weikum maintained Wanner’s gambling addiction was the root of his criminal activity, and he had Wanner’s addiction counselor testify on his behalf.

“He’s not a monster. He did a bad thing as a result of his illness,” counselor Lisa Voeller said.

Wanner was sentenced in a courtroom packed with both family members and victims, and some who were both.

Mark Wanner, who is no relation, testified how Wanner’s actions affected his elderly father and called Wanner “a son of a bitch”.

“You were a piranha in a goldfish tank,” he said.

Mike Booke, Kevin Wanner’s brother-in-law and also a victim, testified on his behalf, saying “as time goes on this is probably going to make him a better person.”

When given the chance, Wanner stood at the front of the courtroom and addressed both his family and victims, at times weeping uncontrollably.

“There isn’t a minute that’s gone by that I haven’t thought about what I’ve done,” he said. “I can’t

imagine what I put you guys through.”

Wanner could have faced up to 30 years in prison. Weikum asked for two years, saying “there is no evidence before this court that he (Wanner) is a sociopath.”

Chase sought 11 years and three months, saying Wanner can’t “blame it all (on) the devil made him do it.”

US District Judge Daniel Hovland granted the prosecution’s request, saying Wanner’s fraud scheme was “calculated and sophisticated”.

“It’s a long time, but there are a lot of victims that have been suffering for 15 years as well, and they’re going to continue to suffer,” the judge said.

Mark Wanner said outside of court that he was satisfied with the sentence.

Weikum said he and his client had not decided on whether to appeal.

The North Dakota Securities Department last year reached settlements under which Minneapolis-based Questar Capital Corp agreed to pay Wanner’s victims $2.4m and Woodbury Financial Services Inc., of Oakdale, Minnesota, agreed to pay about $600,000.

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CARACAS, VENEZUELA Associated Press INFLATION in Venezuela could top one million percent by year’s end as the country’s historic crisis deepens, the International Monetary Fund said on yesterday.

Venezuela’s economic turmoil compares to Germany’s after World War I and Zimbabwe’s at the beginning of the last decade, said Alejandro Werner, head of the IMF’s Western Hemisphere department.

“The collapse in economic activity, hyperinflation, and increasing deterioration ... will lead to intensifying spillover effects on neighboring countries,” Werner wrote in a blog post.

The once wealthy oil-producing nation of Venezuela is in the grips of a five-year crisis that leaves many of its people struggling to find food and medicine, while

driving masses across the border for relief into neighbouring Colombia and Brazil.

Shortages in electricity, domestic water and public transportation plague millions of Venezuelans, who also confront high crime, the IMF noted.

If the prediction holds, Venezuela’s economy will contract 50 percent over the last five years, Werner said, adding that it would be among the world’s deepest economic falls in six decades.

Socialist President Nicolas Maduro often blames Venezuela’s poor economy on an economic war that he says is being waged by the United States and Europe.

Maduro won a second six-year term as president despite the deep economic and political problems in a May election that his leading challenger and many nations in the international community don’t recognise

as legitimate.

The IMF estimates Venezuela’s economy could contract 18 percent this year, up from the 15 percent drop it predicted in April.

This will be the third consecutive year of double-digit decline, the IMF said.

Werner said the projections are based on calculations prepared by IMF staff, but he warned that they have a degree of uncertainty greater than in other countries.

“An economy throwing you these numbers is very difficult to project,” Werner said at a news conference.

“Any changes between now and December may include significant changes.”

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PAGE 6, Tuesday, July 24, 2018

THE TRIBUNE

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New UK Brexit chief: We may not pay exit fee if no deal LONDON Associated Press BRITAIN’S slow move away from the European Union took a new twist on Sunday as the new Brexit chief suggested that Britain might not pay its 39bn pound ($51bn) divorce bill if no trade agreement with the European Union is reached.

Brexit Secretary Dominic Raab told the Sunday Telegraph that there must be “conditionality” between Britain making the hefty exit payment and its ability to create a new relationship with the EU. “You can’t have one side fulfilling its side of the bargain and the other side not, or going slow, or failing to commit on its side,” he said, implying that the threat of withholding payment might get Brexit talks back on track.

Britain and the EU remain far apart on terms of a new trade setup. British Prime Minister Theresa May’s Conservative Party is also deeply split over what Brexit policy to support. Raab replaced David Davis, who resigned two weeks ago to protest May’s “soft” Brexit plan.

May has faced a substantial rebellion from party colleagues who favour a complete break with the EU — a so-called “hard” Brexit — rather than May’s proposal, which calls for a “common rule book” with European nations that would govern trade in goods.

EU negotiator Michel Barnier is also lukewarm

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on May’s latest proposal, asking many questions about its viability Friday.

Raab, however, says he is still hopeful a deal can be concluded by October so the EU parliament and national parliaments of EU nations can ratify the deal before Britain leaves in March.

“Actually the fact Michel Barnier is not blowing it out the water but asking questions is a good positive sign — that’s what we negotiate on,” Raab said, looking forward to more Brexit discussions Thursday in Brussels.

But former Prime Minister John Major warned that the hardliners in his own Conservative Party are making the situation worse.

“The danger at the moment is that they will frustrate every move the government seeks to make and by accident, because nothing can be agreed, we will crash out without a deal,” he said on the BBC. Major said holding a second referendum to gauge public sentiment now that more is known about the true impact of Brexit would be “morally justified” because Brexit advocates made so many inflated claims ahead of the June 2016 vote.

“If you look back at the Leave campaign, a great many of the promises they made were fantasy promises,” he said. “We now know they are not going to be met.”

Congress drops bid to loosen supervision of nuclear agency WASHINGTON Associated Press

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook

BRITAIN’s newly appointed chief Brexit negotiator Dominic Raab, left, and EU’s chief Brexit negotiator Michel Barnier speak to the media ahead of a meeting at the European Commission in Brussels, Thursday, July 19, 2018. Britain’s chief Brexit negotiator David Davis resigned less than two weeks ago and his successor Raab met his EU counterpart Michel Barnier for the first time late Thursday.

Photo: Stephanie Lecocq/AP

CONGRESS is abandoning an effort to loosen Cabinet control over an agency responsible for securing the nation’s nuclear weapons stockpile.

A provision in a defense policy bill would have removed the National Nuclear Security Administration from direct control of the Energy Department, where it’s been housed since its creation in 2000.

The provision was dropped as House and

Senate lawmakers negotiated a compromise defense bill, aides said yesterday.

The defense bill could come up for a vote in the House this week.

The Trump administration and senior lawmakers from both parties opposed the nuclear provision, but it was included in a defense bill passed by the Senate in June.

The measure would have empowered the NNSA to act nearly on its own, freed from what a report by the Senate Armed Services Committee calls a “flawed DOE organisational

process” that has led to “weak accountability, ... insufficient programme and budget expertise and poor contract management.”

That report cites a series of delays and cost overruns at the agency, including a contentious project to reprocess weapons-grade plutonium and uranium into fuel for commercial reactors at a site in South Carolina.

The White House and Energy Secretary Rick Perry oppose the reorganisation, saying it would usurp Perry’s authority to set policy in crucial areas.

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

NOTICE

JENEVER UNITED S.A.

WINNETOU INTERNATIONAL INC.

Buhaj International Limited

Company No. 1799744 (In Voluntary Liquidation)

Company No. 1799759 (In Voluntary Liquidation)

Company No. 1832344 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that JENEVER UNITED S.A. is in voluntary liquidation. The voluntary liquidation commenced on 20th July, 2018 and Moritz Näf of Rainstrasse 17, 8800 Thalwil, Switzerland, has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that WINNETOU INTERNATIONAL INC. is in voluntary liquidation. The voluntary liquidation commenced on 20th July, 2018 and Moritz Näf of Rainstrasse 17, 8800 Thalwil, Switzerland, has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Buhaj International Limited is in voluntary liquidation. The voluntary liquidation commenced on 19th July, 2018 and Dr. WOLFGANG RABANSER of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

Dated this 20th day of July, 2018 Sgd. Moritz Näf Voluntary Liquidator

Dated this 20th day of July, 2018 Sgd. Moritz Näf Voluntary Liquidator

Dated this 19th day of July, 2018 Sgd. Dr. WOLFGANG RABANSER Voluntary Liquidator

LEGAL NOTICE

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LEGAL NOTICE

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DIXIE MANAGEMENT INC.

REBAN ASSOCIATED S.A.

LOFT INTERTRADING LTD.

Company No. 1799740 (In Voluntary Liquidation)

Company No. 1569104 (In Voluntary Liquidation)

Company No. 1828100 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that DIXIE MANAGEMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 20th July, 2018 and Moritz Näf of Rainstrasse 17, 8800 Thalwil, Switzerland, has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that REBAN ASSOCIATED S.A. is in voluntary liquidation. The voluntary liquidation commenced on 19th July, 2018 and Moritz Näf of Rainstrasse 17, 8800 Thalwil, Switzerland, has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that LOFT INTERTRADING LTD. is in voluntary liquidation. The voluntary liquidation commenced on 20th July, 2018 and Moritz Näf of Rainstrasse 17, 8800 Thalwil, Switzerland, has been appointed as the Sole Liquidator.

Dated this 20th day of July, 2018 Sgd. Moritz Näf Voluntary Liquidator

Dated this 19th day of July, 2018 Sgd. Moritz Näf Voluntary Liquidator

Dated this 20th day of July, 2018 Sgd. Moritz Näf Voluntary Liquidator

THE TRIBUNE

Tuesday, July 24, 2018, PAGE 7

US stock indexes end unevenly after day of listless trading

By ALEX VEIGA Associated Press US STOCK indexes capped a day of listless trading with a mixed finish yesterday, as gains by banks and technology companies were offset by losses in other sectors.

Bond yields rose, pointing to a pickup in interest rates on consumer loans, which helped drive bank shares higher. Technology stocks also posted solid gains, adding to the sector’s market-leading showing this year. Alphabet, Google’s parent company, surged in aftermarket trading after it reported its latest quarterly results.

Those gains were overshadowed by losses in industrial stocks, consumer goods companies and energy, among other sectors. More stocks fell than rose on the New York Stock Exchange.

Stocks mostly drifted in a narrow range for much of the day as investors sized up the latest batch of corporate quarterly results at the start of the busiest week in the reporting season.

“Earnings are coming in better than expected, but you’re not getting much of a reaction from the marketplace,” said Tom Martin, senior portfolio manager of Globalt Investments.

“People are biding their time.”

The S&P 500 index rose 5.15 points, or 0.2 percent, to 2,806.98. The Dow Jones Industrial Average fell 13.83 points, or 0.1 percent, to 25,044.29. The Nasdaq gained 21.67 points, or 0.3 percent, to 7,841.87.

The Russell 2000 index of smaller-company stocks picked up 1.61 points, or 0.1 percent, to 1,698.41.

The indexes are on pace to finish the month with gains. The S&P 500, the market’s benchmark index, is on a three-week winning streak.

Bond prices fell. The yield on the ten-year Treasury rose to 2.96 percent from 2.89 percent late Friday.

The increase in bond yields helped lift bank shares.

Interest rates on mortgages and other consumer loans tend to move in tandem with bond yields. Rising rates translate into bigger profits for banks. Wells Fargo added 2.8 percent to $58.

A third of the companies in the S&P 500 are set to report second-quarter earnings this week. So far, corporate earnings have been generally better than expected, reinforcing the underlying perception in financial markets that the US economy is performing strongly and that the Federal Reserve will raise interest rates next month.

“The thing that’s been actually driving the earnings beats right now is just the fundamental performance of the companies,” said Jason Pride, chief investment officer Glenmede’s Private Wealth business. “It’s a good business environment.”

Out of the roughly 20 percent of companies in the S&P 500 that have reported quarterly results so far, 83

NEW York Stock Exchange building.

percent have turned in earnings that beat Wall Street’s expectations, Pride said, noting that company earnings growth so far is running 21 percent higher than in the same quarter last year.

Even so, investors have been expecting companies to outdo analysts’ expectations, which is one reason not all stocks are seeing a big bump from positive earnings growth.

“Companies that are coming in a penny or two ahead of expectations, they’re basically not getting much of a reward in their stock,” said Pride.

“That indicates the market is expecting these sorts of beats against earnings.”

Among the companies due to report results later this week: Boeing, Facebook, Amazon.com and McDonald’s.

Investors bid up shares in Hasbro yesterday after the toy maker’s latest quarterly earnings topped Wall Street’s forecasts.

The company was the biggest gainer in the S&P 500, vaulting 12.9 percent to $106.04. Rival Mattel also got a boost, climbing 3.9 percent to $16.59.

Traders hammered Illinois Tool Works after the manufacturer of industrial products and equipment forecast earnings that were well below what analysts were expecting. The company led a sell-off in industrial sector stocks, tumbling 7.2 percent to $136.26.

Fiat Chrysler Automobiles slid 1.8 percent to $18.98 on news that CEO Sergio Marchionne has been replaced unexpectedly due to complications from shoulder surgery last month.

The FCA board on Saturday named long-time Jeep executive Mike Manley as CEO, accelerating a transition that was planned for early next year. Boards also named replacements for Marchionne as Ferrari CEO and CNH Industrial

chairman. Ferrari fell 2.5 percent to $136.49, while CNH Industrial gave up 1.6 percent to $10.11.

Tesla skidded 3.3 percent to $303.20 after The Wall Street Journal reported that the electric car maker has asked some of its suppliers to refund a portion of what the company has already spent to help it become profitable. The plea raised questions about Tesla’s cash position, which has dwindled following some production issues.

Papa John’s sank 9.7 percent to $46.56 after the pizza delivery company adopted a shareholder rights plan to keep founder and ousted chairman John Schnatter from buying a majority stake. The company is struggling to distance itself from Schnatter,

who resigned this month after his use of a racial slur during a media training session was revealed.

Schnatter has since said his resignation was a “mistake” and criticised the company’s handling of the incident.

Oil prices fell, erasing gains from earlier in the day. Benchmark US crude dropped 37 cents to settle at $67.89 per barrel in New York. Brent crude, used to price international oils, slipped a penny to close at $73.06.

Halliburton was the biggest decliner in the S&P 500, sliding 8.1 percent to $41.54 after management said that some customers are pulling back on production because of bottlenecks in getting the oil and gas they’re producing to market.

The dollar fell to 111.48 yen from 111.52 yen on

Friday. The euro weakened to $1.1689 from $1.1726.

Gold declined $5.50 to $1,225.60 an ounce. Silver lost 12 cents to $15.43 an ounce. Copper dipped a penny to $2.75 a pound.

In other energy futures trading, heating oil rose one cent to $2.12 a gallon.

Wholesale gasoline added two cents to $2.09 a gallon.

Natural gas fell 4 cents, or 2.8 percent, to $2.72 per 1,000 cubic feet.

Europe, Germany’s DAX fell 0.1 percent while the CAC 40 in France slid 0.4 percent. The FTSE 100 index of leading British shares declined 0.3 percent.

Japan’s Nikkei 225 tumbled 1.3 percent and South Korea’s Kospi dropped 0.9 percent. Hong Kong’s Hang Seng added 0.1 percent to 28,256.12.

PAGE 8, Tuesday, July 24, 2018

THE TRIBUNE

Trump reviews ‘Made in America’ products at the White House WASHINGTON Associated Press CHECKING out a speedboat, a fighter jet and a giant industrial magnet parked on the White House driveway, President Donald Trump showcased an array of “Made in America” products yesterday as his administration pushes back aggressively against critics who say his punishing tariffs on imported goods threaten to harm the US economy.

Trump’s event with a smorgasbord of American goods came at the start of a week in which trade discussions are expected to dominate, including talks with European officials and a trip to Illinois in which the president is planning to visit a community helped along by his steel tariffs.

Trump has vowed to force international trading partners to bend to his will as he seeks to renegotiate a series of trade deals he has long argued hurt American workers. But as he deepens the US involvement in trade fights, it raises questions on whether American consumers will feel the pain of retaliatory tariffs — and whether the president will incur a political price for his nationalistic trade policies in the 2018 midterm elections.

“Our leaders in Washington did nothing, they did nothing. They let our factories leave, they let our people lose their jobs,” Trump said at the White House. “That’s not free trade, that’s fool’s trade, that’s stupid trade and we don’t do that kind of trade anymore.”

Trump noted that he would be meeting tomorrow with European officials, including European Commission President Jean-Claude Juncker. The US and European allies have been at odds over

PRESIDENT Donald Trump talks with Lockheed Martin president and CEO Marilyn Hewson and director and chief test pilot Alan Norman in front of a F-35 as he participates in a “Made in America Product Showcase” at the White House yesterday in Washington.

Photos: Evan Vucci/AP

PRESIDENT Donald Trump talks with Jimmy Houston of Ranger Boats.

the president’s tariffs on steel imports and are meeting as the dispute threatens to spread to the

lucrative automobile business. “Maybe we can work something out,” he said.

On Thursday, the

president will visit Granite City, Illinois, the home of a US Steel Corp mill that has reopened after he imposed

MARKET REPORT MONDAY, 23 JULY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,985.71 | CHG -0.21 | %CHG -0.01 | YTD -77.86 | YTD% -3.77 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

52WK LOW 3.50 19.17 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

LAST CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.13 6.14 4.09 11.40 2.93 1.75 7.96 6.10 11.25 6.32 3.69 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 2.81 1.75 7.84 6.10 11.25 6.32 3.69 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 -0.12 0.00 -0.12 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

108.34 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.17 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

108.51 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

1,000 250

VOLUME

EPS$ 0.268 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 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 16.6 18.7 N/M 14.1 N/M N/M -3.0 14.3 10.7 23.9 18.2 27.5 7.6 N/M 11.2 16.6 8.8 13.3 20.6

YIELD 2.25% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 7.78% 3.58% 2.93% 5.44% 2.14% 4.00% 1.07% 5.25% 4.44% 3.16% 3.25% 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%

tariffs on steel imports.

On the South Lawn, the president walked among a number of products manufactured across the nation, including a Lockheed Martin F 35 aircraft from Maryland, a Ford F-150 pickup truck from Michigan, a Newmar recreational vehicle from Indiana and a Ranger speedboat from Arkansas.

Trump has already put taxes on imported steel and aluminum, saying they pose a threat to US national security, an argument that

enrages staunch US allies such as the European Union and Canada.

He’s threatening to use the national security justification again to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that last year totaled $335bn.

And he’s already imposed tariffs on $34bn in Chinese imports in a separate dispute over Beijing’s hightech industrial policies. He has threatened to ratchet that up past $500bn.

“He likes tariffs,” said William Reinsch, a former US trade official under President Bill Clinton now at the Center for Strategic and International Studies.

“His preferred remedy is always tariffs, whether it makes any sense or not.”

“It’s a policy of victimization: ‘Other people have been taking advantage of the United States for years ... Now they have to pay,’” Reinsch said, echoing the president’s argument.

Trade analysts say the United States has not pursued such aggressive trade policies in decades.

“I can’t think of another time when you had as many battles and particularly as many battles with no resolution in sight,” said Edward Alden, senior fellow at the Council on Foreign Relations.

In 1971, President Richard Nixon imposed a broad ten percent import tax for four months to pressure Japan and European countries to drive up the value of their currencies. The idea: provide relief to American exporters, who were being put at a price disadvantage by a strong dollar.

In 1930, the US raised tariffs dramatically to protect American industry, encouraging other countries to do the same in a global trade war that made the Great Depression worse.

Economists said the tariffs that Trump has imposed so far — and the resulting retaliation — are unlikely to do much economic damage. But things could escalate rapidly.

“If you look at what’s teed up, particularly with China and with the auto tariffs, pretty soon you are talking about some pretty large numbers. Those will do some real damage,” Alden said.

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

MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 1.56 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 1.50 1.62 1.58 1.08 6.41 7.62 5.66 8.65 10.54 9.57

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

NAV 2.15 4.12 2.00 179.39 153.02 1.56 1.70 1.65 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% 2.14% 4.33% 0.17% 4.01% 1.67% 4.18% -0.96% 0.73% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-May-2018 31-May-2018 31-May-2018 31-Mar-2018 31-Mar-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-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

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

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

NOTICE NOTICE is hereby given that KERBY THERGELUS of Joe Farrington 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 twenty-eight days from the 24th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.