07272017 business

business@tribunemedia.net

THURSDAY, JULY 27, 2017

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GOVT URGED: CUT SPENDING TO LEVEL BEFORE RECESSION

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to focus on cutting spending to pre-recession levels, with the Prime Minister’s plan for a 10 per cent acrossthe-board spending slash hailed as “a good first step”.

Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that the last Ingraham and Christie administrations had increased the Government’s fixed-cost spending every year even after the 2008-2009 recession was over.

PM’s 10% cut hailed as ‘good first step’ But spending tripled in just 20 years ORG chief: More than pledges needed Acknowledging that the Government increased spending over those two years to “fill the void left by the private sector”, Mr Bowe said they should have immediately reverted to pre-recession levels once the downturn had passed.

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Mega hotels must collaborate to hit ‘even keel’ state

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government and major hotels need to collaborate on a “brand Bahamas” strategy to prevent ‘cannibalisation’ and ensure the industry remains on “an even keel”, a former tourism minister urged yesterday.

Obie Wilchcombe told Tribune Business that the Government and Nassau/ Paradise Island Promotion Boards should each commit half their annual marketing budgets to promoting the wider Bahamas, as opposed to specific locations and hotels.

Acknowledging the concerns expressed by Howard Karawan, Atlantis’s top executive, Mr Wilchcombe said the Government needed to assist in developing a co-ordinated strategy between the Paradise Island resort and Baha See PG B4

Ex-minister urges ‘brand Bahamas’ focus Board, Ministry urged to commit 50% Agrees rate war would be ‘devastating’

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Sandals chief: Bahamas ‘can’t afford’ discount war

By NATARIO MCKENZIE Tribune Business Reporter and NEIL HARTNELL Tribune Business Editor SANDALS Royal Bahamian’s top executive yesterday revealed that the all-inclusive chain shares Atlantis’s Baha Mar fears, arguing that the Bahamas “can’t afford” a rate discounting war.

Gary Williams, the resort’s general manager, told Tribune Business he agreed with the sentiments expressed earlier this week

by Atlantis’s president and managing director, Howard Karawan.

“We all have the same concerns. Baha Mar is

Shares ‘same concerns’ as Atlantis counterpart Warns rate battle will ‘cannibalise’ market Baha Mar: We’ll attract ‘entirely new’ visitor THE BAHA MAR RESORT good for the Bahamas, but what the country can’t afford is for them to discount rates. That is going to cannibalise the market.

I certainly share the gentleman’s views. I echo

those concerns,” said Mr Williams.

Mr Karawan had expressed fears of market ‘cannibalisation’ as a result of new developments such as the $4.2 billion Baha

Mar project, and added that new developers should effectively ‘take the lead’ in attracting new airlift to this destination and expanding the tourism market.

See PG B5

Realtor urges ‘total rethink’ of investor approval process

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT realtor has urged the Government to “completely rethink” the approval process for foreign real estate purchases, suggesting it had contributed to remote Family Islands becoming “economic wastelands”.

John Christie, H. G. Christie Ltd’s chief

executive, told Tribune Business that the bureaucracy and ‘red tape’ involved in taking even the smallest foreign real estate purchase through the Investments Board had deterred investors from injecting badly-needed capital into Out Island economies.

“The most important thing to do is for the Government to completely rethink their Investment

Board strategy,” he said, “where every non-Bahamian wanting to buy land over two acres has to go to the Prime Minister’s Office.

“Since about 1982, it’s stagnated the whole Bahamas, especially the Out Islands. They need to get rid of it.”

Mr Christie explained that he was referring to islands such as Long Island, See PG B5

Investment Board not needed for all deals ‘Stagnated the whole Bahamas since 1982’ And turned Out Islands into ‘wastelands’

OBIE WILCHCOMBE

QC brands Govt’s non-profit finance demand ‘unlawful’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC yesterday branded the Registrar General’s demands of non-profit organisations (NPOs) as “unlawful”, having warned the Christie administration of regulatory deficiencies almost three years ago.

Lester Mortimer QC, the Callenders & Co attorney and partner, told Tribune Business he believed the Registrar General “has no regulatory authority” over non-profits who are not licensed under the Companies Act. As for those who are registered under the Companies Act, Mr Mortimer said the regulator was basing its demand for their

‘No authority’ over non-Companies Act entities And request nonapplicable to private companies Christie Govt warned of deficiencies in 2014 annual financial statements on the Act’s section 123.

However, he argued that the Companies Act’s section 124 stipulated that the legal basis being employed by the Registrar General did “not apply to private See PG B4

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PAGE 2, Thursday, July 27, 2017

THE TRIBUNE

AVOIDING COST, DISCOMFORT WHEN BPL DOES ITS THING HOW much does it cost when your power goes out?

I know people who spent many hundreds of dollars running their generator after Hurricane Matthew last year. Since hurricane season is knocking at our door again, it is a question worth asking.

Businesses have to spend money to burn fuel on a gas generator, or else they have to shut down and lose revenue. Households may choose to spend it, but if you do not then you sweat in the heat. That discomfort has a cost. Aside from short blackouts, if power is off for a few days, you lose everything in the fridge – and there is a cost to that, too.

Fortunately, you do not have to lose money when the grid goes down. You can get a fully automatic solar generator to power your home or business. In the past we have talked about mini solar-generators to run a few appliances. Today, we will focus on complete, L-R are Leah Davis, moderator and Bahamas First group marketing and communications manager; Warren Rolle, NUA; Leonard Sands, BCA president; Keith Rolle, senior vicepresident, Bahamas First; Iain Parish, Technical Adjusters.

full-sized solar generators capable of running a whole home.

What is a solar generator? It is a complete solar system, often portable, that is designed to provide power when Bahamas Power & Light (BPL) does what BPL does. Of course, a regular generator needs no description – noisy, smelly and costly to run. A solar generator takes that and flips it on its head; it is silent, smooth and free to operate. No more buying diesel. No more forgetting to buy it and then having to sweat. No noise. No smell.

No lethal fumes. Since a solar unit runs for free, this means your $20,000-30,000 investment pays for itself over time. It can even be used when the power is on to save you money on the electricity bill at the end of the month.

A quality solar generator can do the job of five different types of generators all by itself:

1.

Uninterrupted Power Source (UPS): Providing you with clean power instantly and automatically whenever the grid shuts down.

2.

Portable Generator: Using its power to propel itself on wheels, it can be installed wherever your need it. Since it produces no toxic fumes, it can even be installed to run indoors if desired.

3.

Residential Backup Generator: Connecting directly to your home’s electrical panel to power as much of it as you like.

4.

Renewable Energy Power Station: Integrating seamlessly with new or existing solar panels and small wind turbines.

5.

Home Control Centre: Allowing you to control when to send power to the grid, and when to send it to your generator.

One often-overlooked benefit is the solar generator’s portability. Of course, a powerful solar unit is quite heavy, so be sure to look for a generator that drives itself. By that, I mean the generator should have wheels and be able to use its power to propel itself, making manoeuvering nearly effortless.

Consider the advantages of this portability. If you are a contractor, having a portable solar generator on site allows you to run your tools all day without having to buy fuel. For event specialists, you do not have to confine yourself to areas with easily accessible wall plugs. You can unlock truly scenic locations while still providing all the electrically-powered comforts your

clients are used to, without the noise or smell of a regular generator to hamper your event.

If you are a restaurant or small hotel on a more remote island, being able to get the solar generator to where it is needed will keep your customers happy. If you want to take the boat and camp out on the island for a few days, the solar generator allows you to ‘rough it’ in the lap of luxury. For your home, that portability means your automatic solar generator can be installed almost anywhere you want – indoors or out.

Our next article will discuss other benefits of an automatic solar generator.

In the mean time, whether you are preparing for hurricane season or for BPL, you do not have to lose money when the lights go out. You can have silent, smooth, free electricity. And you can even use it when the lights are on to save money.

Solar generators are one of

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Bahamas First seminar aids hurricane readiness BAHAMAS First recently held a free public education seminar to help Bahamians better prepare for this year’s hurricane season.

Staged under the topic, Hurricane Prep 101, the event took place at the British Colonial Hilton and featured a presentation by Caroline Turnquest, director-general for the Bahamas Red Cross.This was followed by a panel discussion with industry experts.

The panel included Leonard Sands, president of the Bahamian Contractors Association (BCA); Iain Parish, managing director of Technical Adjusters Bahamas; Keith Rolle, senior vice-president for underwriting, Bahamas First; and Warren Rolle, managing director of NUA Insurance Agents & Brokers.

Attendees were given information and advice on how to maintain their homes and property, and ways to prepare for the possibility of having to recover from a storm.

Stressing the importance of regular building maintenance, the panel encouraged property owners to conduct regular assessments, carrying out repairs where needed and planning for more extensive projects including window and roof repairs or replacement.

The insurance executives also explained ‘underinsurance’, encouraging persons to ensure their homes are fully insured for the ac-

tual replacement cost. The panel said this would leave them well-positioned to fully recover in the event of a loss.

Tenants were encouraged to insure their contents and consider coverage for alternate accommodation.

Homeowners were advised to maintain a photo archive of their home and contents, and informed on how they could expedite and simplify the claims process should a loss occur.

Reflecting on lessons learned from Hurricane Matthew, Patrick Ward, Bahamas First’s president and chief executive, said: “We want to do our part to ensure that our clients are in the best state possible to protect their families and homes, and minimise their risk in the event of a hurricane this year.

“This forum was about providing practical advice and solutions, and also creating an opportunity for the public to get answers from subject matter experts on not only insurance topics but also on home maintenance, disaster relief and other related issues.

“We see ourselves as partners with our clients and, following last year’s significant event, we want to leverage that experience to ensure that our clients are well-informed, have adequate coverage and are best positioned to recover and move on with their lives in the unfortunate event of a loss.”

Tourism and partners honour July ‘champion’ THE Bahamas Hotel and Tourism Association (BHTA) and its partners have honoured John Ronald Darville, a public officer in the Ministry of Youth, Sports and Culture, as July’s ‘Tourism Champion’.

This is the first time a representative from the public sector has been awarded the title. Mr Darville began his career at Atlantis, Paradise Island, and credited the resort for providing him with a solid foundation.

Since joining the civil service on November 1, 2006, Mr Darville has served as National Youth Ambas-

sador to the Caribbean Community; acting youth representative to the Organisation of American States; Dean of the CARICOM Youth Ambassadors Corps; executive director of Junior Achievement Bahamas; project co-ordinator for the American Red Cross Caribbean HIV and AIDS project, in Association with the Bahamas Red Cross.

He is currently responsible for Youth in Governance programmes, and acts as co-ordinator of the International Desk on youth matters. Mr Darville was See PG B4

THE TRIBUNE

Thursday, July 27, 2017, PAGE 3

ROYAL BAHAMIAN BOOST FROM ANTIGUA CLOSURE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

SANDALS Royal Bahamian yesterday said the temporary closure of the all-inclusive chain’s Antigua property had steered more business to the Cable Beach-based resort, with the “biggest impact” expected in early December.

Gary Williams, Sandals Royal Bahamian’s general

manager, confirmed that it stood to benefit from the relocation of ‘some’ of the Antigua property’s business.

Sandals recently announced the temporary closure of Sandals Grande Antigua from September 20 for maintenance, with the resort expected to reopen on December 17. The closure will affect some 700 hotel staff in addition to the holiday, honeymoon and wedding plans of numerous travellers.

Mr Williams said some of that business had been redirected to Sandals Royal Bahamian. “It’s not a whole lot, but there have been relocations to this property, especially as it relates to the wedding business,” he said.

“I know that, especially in the first 20 days of December, I have seen a jump in my occupancies.

We also see some increases in September, but not as much. Basically, we are getting some of the business in September, October and

November, with the biggest impact in early December for sure.”

Gaston Browne, the prime minister of Antigua and Barbuda, has described the Sandals closure as an “act of hostility”, designed to win tax concessions from the government.

The prime minister’s allegation was refuted by Sandals, which maintains it is continuing to engage with affected staff, union representatives and government officials.

Stem cell centre names Bahamian as president THE new owners of a Freeportbased stem cell therapy clinic have named Vincent R. Burton as its president.

Black Beret Life Sciences, the life sciences investment and management arm of the Houston-based Bosarge Family Office, named Dr Burton to head the Okyanos Center for Regenerative Medicine.

The centre is licensed by the Bahamas’ National Stem Cell Ethics Committee (NSCEC). Dr Burton received his Bachelor of Medicine, Bachelor of Surgery degree (MBBS) from the University of the West Indies, and has served as chief anesthesiologist at Okyanos since it opened in 2014.

Prior to joining Okyanos, Dr Burton served as house officer at the Rand Memorial and Princess Margaret hospitals in the Bahamas. He later became senior house officer at the Rand Memorial Hospital in Freeport, and presently maintains his role as consultant anesthesiologist.

Dr Burton is a director of anesthesia and intensive care for the Grand Bahama Public Hospitals’ Authority, and is vice-president of the Grand Bahama Medical and Dental Association.

“Okyanos differentiates itself with world class clinicians, exemplary staff and a culture of teamwork,” said Dr. Burton. “I am very proud to step into

DR VINCENT BURTON this leadership role and help the team continue to deliver safe, superior therapies.

“I am also excited to lead the collaboration with a third-party

contract research organisation to obtain clinically meaningful data to further validate the improved outcomes of our patients.”

Okyanos also announced that Marc Penn will join the Okyanos team as the director of research and development. He is board certified in both cardiovascular and internal medicine, and is director of research at Summa Health Heart and Vascular Institute in Akron, Ohio. His research has led to several discoveriesin the field of cardiovascular medicine.

“Okyanos has been providing adult stem cell therapy in a regulated jurisdiction at a high level of safety and care,” said Dr Penn. “In collaboration with the NSCEC of the Bahamas, we look forward to expanding our offering of proprietary regenerative medicine treatments at Okyanos.

“We remain committed to patient safety and transparency, as well as the collection of clinical data from the patients we treat using independent research organisations to further the development of the regenerative medicine field globally.”

Okyanos performs procedures that address an array of neurologic, cardiovascular, orthopedic and urologic conditions.

Past Baha Mar ‘missteps’ undermining airlift growth

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net NEW resort developers should “bear the responsibility” for attracting new airlift to the Bahamas, Atlantis’s top executive warning: “You can’t wait until the last minute.”

Howard Karawan, the Atlantis president and managing director, who also serves as chairman of the Nassau/Paradise Island Promotion Board, told Tribune Business there was a need to attract more airlift to this destination.

He said: “We have met with JetBlue, Southwest and other airlines. I don’t think you can wait until the last minute. You have to build demand.

“You have to be out in the market usually two years in advance of opening,

building that anticipation, knowledge and desire, so that when you open the demand is there. If the demand is there the airlines will come.

“Given the missteps of the past, the airlines are saying we will believe it when we see it; show us the real stuff, show us new demand. If all you are doing is taking an existing customer going to Atlantis or Sandals or someplace else and going to another hotel, that doesn’t create more demand for the air seats. We need new bodies; we need new business.”

Mr Karawan recently admitted fears of market ‘cannibalisation’ as a result of Baha Mar, noting that the pricing by new developments was already taking business away from existing properties. He stressed the need for price integrity to sustain wages and bonuses among hotel sector employees.

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PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY GENERAL MANAGER SUPPLIES MANAGEMENT AGENCY The Public Hospitals Authority invites applications from suitably qualified candidates for the post of General Manager, Supplies Management Agency (SMA), Public Hospitals Authority.

Applicants must possess the following qualifications:• Master’s Degree in Business Administration/Health Services Administration or equivalent qualification; • Pharmacy Degree would be an asset; • Ten (10) years’ experience at top management preferably in a procurement and supplies management setting; • Strong strategic planning skills; • Working knowledge of the public health sector and the local pharmaceutical industry; • Policy document writing skills; • Excellent communication skills (oral and written); • Excellent computer skills; The General Manager, Supplies Management Agency, reports to the Managing Director.

JOB SUMMARY The General Manager, Supplies Management Agency is responsible for providing medical supplies to the Public Healthcare Sector by planning, administering, managing and directing the Supplies Management Agency’s system for the procurement, warehousing, distribution and inventory control of pharmaceuticals, medical sundries and other related medical and general supplies. To ensure the provision of an efficient and effective medical and health commodities supply system for the Public Health Service, thereby ensuring that the healthcare needs of the nation are facilitated in a cost-effective manner and with the highest standard of customer service.

DUTIES: MANAGES WORKLOAD AND RESOURCES TO ACHIEVE DESIRED RESULTS BY: • Developing a strategic plan for the procurement of medical and health supplies of the best quality and at the best price to satisfy the needs of the nation’s public health sector, within the limits of the budgetary allocation for the Supplies Management Agency; • Overseeing the management of the Tendering process; • Overseeing the development and management of an efficient system for warehousing, distribution and inventory control; • Implementing production, productivity, quality assurance and service strategies; PROVIDES CRITICAL INFORMATION AND RAPPORT BY: • Ensuring that routine and special reports are prepared in accordance with stipulated timeframes; • Preparing an annual report of services and accomplishments; • Providing technical assistance to PHA/MOH

YOUR

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

ENSURES QUALITY OF WORK BY: • Establishing and enforcing policies, procedures, protocols and standards as well as critical service and performance measurements; • Planning, monitoring, appraising and reviewing accomplishment of job results; Letters of application and curricula vitae should be submitted to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville or P.O. Box N-8200, Nassau, The Bahamas no later than 9th August, 2017.

PAGE 4, Thursday, July 27, 2017

Tourism and partners honour July ‘champion’ From pg B2 awarded National Public Service Officer of the Year in February 2017.

“John Darville’s appointment as Tourism Champion exemplifies the fact that tourism is everybody’s business”, said Carlton Russell, BHTA president.

“This accomplished young man is proof that we all have the capacity to positively influence the largest contributor to our economy; regardless of where or how we are employed.

“Each one of us has the power to impact our own environment through our work ethic, the way we treat our colleagues, ourselves and our visitors.

The philosophy of consistently deploying diligence, and respect in whatever we do, will inevitably translate to our being able to proudly, consistently represent ourselves as a premier, authentic, uniquely Bahamian destination of choice” The BHTA has partnered with Walden

QC brands Govt’s non-profit finance demand ‘unlawful’ From pg B1 companies”, again rendering its move ‘ultra vires’.

Mr Mortimer, in a statement to this newspaper last night, added his voice to those opposing the Registrar General’s demand for hundreds of Bahamian non-profit organisations to produce their annual financial statements.

He said he was “rather surprised by the notice and its timing”, after the regulator served notice of its intent via newspaper advertisements last week to seek the information via the Companies (Non-Profit Organisation) Regulations 2014.

“The Registrar asserts that she is performing her duties pursuant to the Companies (Non-Profit Organisation) Regulations 2014,” Mr Mortimer said. “Where has the Registrar been these past three

years since the enactment of the regulations?

“Shortly after the regulations came to my attention in October 2014, I wrote to the then-Attorney General [Allyson Maynard-Gibson] to express my view that the regulations were probably ultra vires the Companies Act.” Mr Mortimer recalled that, in November 2015, the Registrar General and a team from the Attorney General’s Office sought Callender’s & Co’s feedback over proposed changes to the Companies Act and non-profit regulations in a bid “to remedy” the identified deficiencies.

The law firm gave the requested responses, and Mr Mortimer added: ‘Hence I am surprised with the Registrar’s attempt to rely on the Regulations to seek the information requested in her Notice.

Mega hotels must collaborate to hit ‘even keel’ state From pg B1 Mar to ensure both could thrive and grow the Bahamas’ tourism market.

“I think what has to happen is that the leaders of that industry have to meet and arrive at a paradigm that is equitable to all,” the former minister told Tribune Business.

“Certain things can result if we don’t sit down and talk. You have to decide what the room rates are that you’re offering, and how you can offer a

strategy to the market that is best for both Paradise Island and Cable Beach.”

Mr Wilchcombe suggested that his successor, Dionisio D’Aguilar, and tourism director-general, Joy Jibrilu, needed to call all the major Nassau/Paradise Island resorts together and lead the discussions.

“They have to sit down with the players and make sure there’s an even keel,” he added. “If there’s anything else, it could be devastating.” Mr D’Aguilar was in a meeting when

THE TRIBUNE University, global leaders in student-centred online education, to recognise individuals who show the highest level of service and performance in their varying capacities of employment.

Tourism Champions are honoured at a luncheon hosted by Walden University, where fellow employees, peers and management gather to congratulate their respective Tourism Champion. Each ‘Champion’ is awarded a $ 2,500 Walden University scholarship, and employees of BHTA member organisations are offered a 25 per cent discount on Walden University online courses.

PICTURED from L to R: Charlotte Knowles Thompson, executive administrator, BHTA; Dr Lessie Lee junior; faculty thought leader, Walden University; Nellie Walkes, human resource manager, the Ministry of Youth, Sports and Culture; John Ronald Darville, Tourism Champion, July 2017; Suzanne Pattusch, executive vice-president, BHTA; Kaydian Boothe-Matthews, manager, strategic alliances, Walden University.

“The mere fact that there was a proposed amendment to the Companies Act to validate the Regulations, in my view, was an admission that the Regulations were ultra vires.”

Digging into the Regulations, Mr Mortimer said these expanded the definition of non-profit organisations beyond that in the Companies Act to include those involved in “raising or disbursing funds for purposes such as religious, charitable, educational, scientific, historical, fraternal, literary, sporting, artistic or athletic purposes not for profit”.

He added: “The 2015 amendment to the Companies Act added new definitions for non-profit organisations and nonprofit associations, and also provided that non-profit organisations had to apply to the Registrar for registration. As far as I am aware, the 2015 amendments were never enacted..........

“In its notice, the Registrar makes no distinction between NPOs incorporated under the Companies Act and NPOs who are not incorporated under the

Companies Act. It is my submission that the Registrar has no regulatory authority over NPO’s who are not licensed under the Companies Act.” Mr Mortimer said the financial information requested by the Registrar General was restricted to those details required to be maintained by sections 118120 of the Companies Act. However, he pointed out that the Act’s section 124 stipulated that the legal basis upon which the demand was being made did not apply to private companies.

“The Registrar’s power to request financial information is accordingly limited to Section 118-120 and does not apply to private companies,” the QC concluded.

“It is my humble submission that the demand in the Notice by the Registrar General is unlawful, and for those NPOs licensed under the Companies Act, the Registrar should be in possession of the information required by Section 14 and Sections 160-169 of the Act.”

Mr Mortimer’s assessment adds a new twist to a growing controversy, after the Registrar General’s July 19, 2017, notice gave non-profit organisations just two weeks to comply with its demands.

The records requested from hundreds of groups include: The organisation’s purpose, objective, and activities; identity of persons who control or direct the activities of the organisation, including senior officers, directors, and trustees; annual financial statements and records that show and explain transactions within and outside the Bahamas, and show that monies have been used in a manner consistent with its objective and activities; and the source of gross annual income of the organisation.

The information requested is virtually identical to that which the Registrar General demanded from the Coalition to Protect Clifton Bay, otherwise known as Save the Bays, under the former Christie administration.

The well-known environmental group has two

ongoing Judicial Review actions at the Supreme Court, challenging the Registrar General’s action on the basis that the only time the law allows it to demand financial statements and records is if it believes the non-profit is “assisting terrorism financing”.

This, though, was disputed by the Registrar General’s Department, which argued that “Section 123 of the Companies Act gives the Registrar General the authority to request financials at any time in writing”.

The regulator said it was engaged in a ‘cleaning up’ exercise to ensure all nonprofit organisations are in compliance with their legal obligations, as it bids to enhance oversight of the sector.

Besides determining NPOs’ status and ensuring funds are being properly used, the Registrar General said its actions were also designed to ensure the Bahamas met its international obligations to prevent domestic entities from being used for money laundering and terrorism financing.

contacted by Tribune Business yesterday and, despite saying he would call back, no such contact was received before press time.

Mr Wilchcombe was speaking after Mr Karawan admitted to fears that Baha Mar’s opening could ‘cannibalise’ Atlantis’s existing business and that of other New Providence-based resorts unless the Bahamas could grow its visitor market.

Mr Karawan warned that such growth “does not happen overnight”, and said he was seeing the impact from “new developments” reflected in pricing pressures going into the 2017 Christmas season.

Fears that Baha Mar may split, rather than grow,

the market for high-end visitors with Atlantis have been present ever since the $4.2 billion Cable Beach development was conceived in 2003-2005. Paul O’Neill, Atlantis’s former top executive, publicly voiced such concerns during that period at a Bahamas Chamber of Commerce luncheon.

Should these fears come to pass, it would create downward pressure on room rates at both New Providence’s mega resorts and, potentially other hotel properties, with none generating the profits they need to keep Bahamians employed and maintain a sustainable business model.

Acknowledging the validity of these concerns, Mr Wilchcombe told

Tribune Business: “We have a limited amount of rooms in the Bahamas, and we have have to maintain particular room and occupancy rates and levels.

“To do that, all players have to agree. If you have filibustering, it’s difficult to sustain. You cannot leave the hotel developers to it; you need a national plan, and have to think about how to do this and how it works.

“One of the problems we had before was, when Paradise Island lowered its rooms rates, how was Grand Bahama going to compete with that?”

Baha Mar’s net 2,300 room increase is the first significant expansion of the Bahamas’ hotel inventory for two decades, and an additional 314,000 airline seats per year are required to fill both this and existing hotels.

Despite the concerns that room supply will outstrip demand, and depress rates, Mr Wilchcombe said it was essential to increase the Bahamas’ room inventory given that global competition will only intensify further.

“If they can sit down and talk,” he said of Atlantis and Baha Mar, “we have a tremendous opportunity to grow the industry and sustain the growth of the industry.

“Atlantis has a great brand, Baha Mar has great brands, and so do Sandals and Breezes. The players are good. Howard Karawan is wonderful. He’s outstanding. He’s an expert and he helped to build that

Atlantis brand. Graeme Davis at Baha Mar is also very good.”

Mr Wilchcombe said a co-ordinated marketing strategy that grow the Bahamas’ visitor base was essential to avoid the feared ‘cannibalisation’.

With the Nassau/Paradise Island Promotion Board spending $30-$40 million per year on marketing, and the Government allocating $15-$20 million via the Ministry of Tourism, the former minister suggested both allocate have their budgets to a joint promotional spend focused on the Bahamas’ brand.

“The money has to come into one bucket, and we use that bucket to market the Bahamas,” Mr Wilchcombe told Tribune Business. “If we take what the Government has, and what the Promotion Board has, we have a lot of money.

Put that together in a plan.”

He added that such a promotional fund could be used to target markets in North America, Europe, Latin America and Asia.

“We have the players,” Mr Wilchcombe reiterated.

“The players are good. We have some of the best. If they are going to compete against each other, there’s a problem. They ought to be partners, not competitors.

“We have to think about what we’re doing as a destination. Let’s market brand Bahamas, not individual hotels. You go to Florida, New York, not the hotel.

It’s the brand, brand Bahamas, that we ought to be focusing on.”

THE TRIBUNE

Thursday, July 27, 2017, PAGE 5

Realtor urges ‘total rethink’ of investor approval process From pg B1 Cat Island and others struggling with minimal economic activity, lack of jobs and depopulation, plus locations such as south Eleuthera.

He argued that removing the costs, time and uncertainty associated with the Government having to approve every deal could encourage foreign investors to purchase - and develop - real estate and other ventures in Family Islands which badly needed economic growth.

This, in turn, could generate the businesses and jobs needed to attract

residents back home, and help reverse the population movement adding to the unsustainable demands on New Providence.

While there was no guarantee that foreign buyers would develop their landholdings, Mr Christie added that their purchases would at least generate Stamp Duty, VAT and real property tax for the cashstrapped Public Treasury.

“We’ve turned those areas into economic wastelands, where people are leaving because there’s no jobs,” he told this newspaper. “Letting them [foreign investors] do it will bring

Govt urged: Cut spending to level before recession From pg B1 “Neither government reduced spending even though the recession was over,” he said. “When the recession ended, even if there was no prosperity in the economy, the Government should have said they were reverting to the previous spending limits pre-recession.”

The Ingraham administration’s recurrent spending in the years immediately prior to the recession was $1.415 billion in 20062007, followed by $1.421 billion in 2007-2008. This

increased to $1.499 billion in 2008-2009.

Since then, the Government’s recurrent spending has increased by more than $1 billion in nine years, given the $2.676 billion forecast in the 2017-2018 Budget - a level slightly higher than normal, due to debt principal redemptions.

Mr Bowe said government expenditure of around $800 million in 1997 meant that the size of the public sector had effectively tripled over a 20-year period, an increase that could not be explained by

Sandals chief: Bahamas ‘can’t afford’ discount war From pg B1 Mr Williams yesterday said that despite these concerns, the all-inclusive property has been able to hold its own thus far. “We haven’t seen any impact thus far,” he added. “We are holding our own. It hasn’t started to affect us as yet, but discounted rates are no good for the Bahamas.”

Mr Williams said slashing room rates to gain market share “makes no sense at all” for a highend destination such as the Bahamas.

Dionisio D’Aguilar, the minister of tourism, told Tribune Business earlier this year that his priority was to avoid any “devastating cannibalisation” impact from Baha Mar’s full opening on other New Providence resorts. He said this was a greater concern than generating the extra 314,000 airline seats per annum that are needed to fill Baha Mar’s net 2,300room increase.

Baha Mar, though, yesterday countered the concerns by arguing that it will “attract an entirely new traveller to the Bahamas” via its various brands and amenities, suggesting it was sufficiently differentiated from rival properties.

“Baha Mar is leading the way in driving the most significant expansion of the Bahamian hospitality market ever,” the $4.2 billion project said yesterday.

“As a world-class resort development, Baha Mar possesses key differentiators that will attract an entirely new traveller to the Bahamas......

“Collectively we are currently in negotiations with major air carriers to greatly increase frequency, capacity and direct flights from the top US feeder markets, and service from underutilised feeder markets, such as the American Mid-west.

We’re equally focused on building a presence for the Bahamas in international markets, such as Canada, the UK, South America, Asia and Europe as we complete our phased opening, and fully activate our groundbreaking marketing campaign set to launch in fall 2017.

“Baha Mar is - and will continue to expand - the Bahamas’ tourism market and attract new visitors to the destination.”

The $4.2 billion project’s position is that by targeting new markets it will grow, rather than split, the market for high-end visitors with Atlantis, and ensure

there is sufficient demand and business for everyone to prevent a ‘race to the bottom’ on room rates.

“Our statistics have shown that the opening of Baha Mar has re-ignited interest in the Bahamas, and has contributed to the growth of tourism with new and returning guests who haven’t visited the Bahamas in a long time,” Baha Mar said.

Focusing on the strategy for its 1,800-room, Hyattbranded hotels, Baha Mar said it was targeting highend incentive travel guests and groups, especially those who have yet to visit the Bahamas.

“Once they discover the Baha Mar destination, they are far more inclined to bring their family and friends and share word of mouth. This is our

money to the country, and people will start moving back to those islands because there will be jobs there.”

Mr Christie pointed out that the remoter Family Islands, and especially their public infrastructure, were being subsidised by New Providence taxpayers who had very little hope of seeing a return on their investment.

He suggested that the Bahamas could not allow this to continue indefinitely, especially given its fiscal crisis, hence the need to boost economic output outside Nassau and the more populated islands.

“Right now, the Government has to build miles and miles and miles of roads to get to people in these dying villages, and you can’t keep on doing that,” Mr Christie said.

“You need to free up the market, let people invest in real estate or otherwise allow people to pack up and move. It’s all government generate. Once they free it up, and let people buy and sell without getting in the way, it will start moving.”

Mr Christie is not the first to urge the Minnis administration to streamline the approvals process, and apply a ‘lighter touch’ when dealing with foreign investor applications.

Fred Smith QC, the Callenders & Co attorney and partner, warned earlier this month that there was no need for the Government to become involved in approving every foreign investment deal or real estate purchase.

Arguing that the Government’s regulatory agencies needed to stay within the

statutory limits set for them

by Parliament, Mr Smith joined Mr Christie in identifying 1982 as the year when major restrictions were imposed on foreign direct investment (FDI).

This was when ‘exchange control approval’ was introduced as a device to push all FDI proposals before the Government, and ensure foreign purchases of Bahamian real estate could only be concluded with its backing.

“The main message is less control, more growth,” Mr Smith had told Tribune Business. “The fact of the matter is that the more that central government interferes and tries to control, it stifles; it doesn’t work.

“In the UK, if a foreigner wants to do business, every application is not scrutinised by the Cabinet Office in Downing Street.

“I urge the FNM to get out of the business of interfering with business, and let the regulatory agencies deal with these matters as proscribed by Parliament.

Then you have a nation run by the rule of law, not by arbitrary political decisions. Then investors are not kept waiting ad infinitum at the pleasure of a political decision.”

Foreign investors must currently seek approval for Bahamas-based projects through the Cabinet, and the National Economic Council (NEC) and Investments Board. The latter two entities are effectively the Cabinet, or a subcommittee of the Cabinet, with the former dealing with major multi-million investment projects and the Board handling real estate purchases.

inflation, higher salaries or economic expansion alone.

“To move from $800 million 20 years ago, which is a short life span in the life of an economy, while reducing it by 10 per cent is a good first step, the question should be why it’s not at 2006-2007 levels,” the BICA president told Tribune Business.

“That may be double from 1997, but it’s not where we are today. When we talk about expenditure, can we cut this level of expenditure and focus attention on reducing expenditure to where it was pre-recession?”

Mr Bowe was speaking after Prime Minister Dr Hubert Minnis, in a national address last night, announced that the

Government was cutting spending by 10 per cent across all ministries in a renewed austerity drive to right the fiscal ship.

Dr Minnis’s comments may have been timed for this week’s visit of Moody’s, which is threatening to cut the Bahamas’ sovereign creditworthiness to ‘junk’ status, but they nevertheless served notice of the Government’s intent to restore sustainability to its finances.

Slashing annual recurrent spending to pre-recession levels will be extremely difficult, though, especially given the oft-repeated political line about increased demand for public services by an expanding population, and the need to duplicate infrastructure on every island.

Still, a 10 per cent across-the-board spending cut implies a $267.6 million saving to the taxpayer

on recurrent expenditure alone if Dr Minnis is able to achieve his aims.

Robert Myers, the Organisation for Responsible Governance (ORG) principal, described the Prime Minister’s promise as “a big deal” if he is able to hit target.

However, he argued that the Government needed to support its austerity drive by enacting laws, such as a Fiscal Responsibility Act, to prevent the Bahamas from getting into similar trouble again.

“We all know talk is cheap, and it’s no disrespect to Dr Minnis, but none of his predecessors were able to do what they said,” Mr Myers told Tribune Business.

“This administration has just come out of the gate.

These are the right points, these are the right issues, these are the right statements. The problem we have is that what is said

does not always materialise into action, execution.

“From ORG’s standpoint, we encourage the Government to actually put these actions into law,” Mr Myers added. “That is in the form of a Fiscal Responsibility Act that limits their spending to GDP. “It’s [the spending cut] excellent, but it doesn’t go far enough. We need more than just execution. You can execute that policy, but that’s still a policy. We need laws in place to protect the national interest.”

secondary objective – to secure this secondary market to increase affluent leisure business,” Baha Mar said.

The resort added that it anticipated Hyatt’s loyalty programmes will generate around one-third of its current and future bookings.

“These loyal guests are an addition to the market, as Hyatt has not had a presence in the Bahamas,” Baha Mar said. “We are not only a new resort for our loyal guests to experience, but a new destination for many of our guests.

“Our strongest booking resource is Hyatt. com, which represents the majority of all current and future room nights booked.

Again, these are Hyatt loyal customers, many new to the marketplace.”

Robert Sands, Baha Mar’s senior vice-president of government and external affairs, declined to comment beyond what was in the statement.

TEMPLE CHRISTIAN HIGH SCHOOL

STAFF VACANCIES 2017 - 2018 Temple Christian School invites applications from qualified Christian persons for the following positions for the 2017-2018 school year: • Female Physical Education Teacher, grades 7 – 12 • Guidance Counselor Applicants must:

A) Be a practicing born again Christian who is willing to subscribe to the Statement of Faith of Temple Christian School.

B) In the case of a high school teacher, have a Bachelor’s Degree or higher in the relevant field and/ or Teacher’s Certificate/Diploma from an accredited/ recognized College or University. Have a minimum of two (2) years of teaching experience in the relevant subject area.

C) In the case of Guidance Counselor, Master’s degree in Counseling or bachelor’s degree with minimum of three (3) years relevant work experience.

D) Be willing to participate in the school’s extracurricular programs.

Applications are available on the school’s website www. templechristianbahamas.com and at the Administrator’s Office, 4th Terrace East Collins Avenue (directly behind the New Evangelistic Temple). A detailed job description is also available at the Office of the Administrator.

Applications are to be submitted to: Mrs. Deborah Hall Office Manager Evangelistic Temple 4th Terrace West, Collins Avenue P.O. Box N-1566 Nassau, Bahamas Ph: 322-8304 The deadline for applications is Tuesday, August 8, 2017.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY DIRECTOR, PROCUREMENT PLANNING & QUALITY SUPPLIES MANAGEMENT AGENCY The Public Hospitals Authority invites applications from suitably qualified candidates for the post of Director, Procurement Planning & Quality, Supplies Management Agency, Public Hospitals Authority.

Applicants must possess the following qualifications:• Master’s Degree in Management or equivalent with seven (7) years supervisory experience preferably in procurement and supplies management of health commodities; • Post Graduate Diploma in Supplies Management; OR • Bachelor’s Degree in Management or equivalent qualification; • Pharmacy experience will be an asset; • Ten (10) years’ post qualification experience at the supervisory level preferably in procurement and supplies management of health commodities; • Knowledge of procurement planningand supply chain management of health commodities; • Sound knowledge of monitoring and evaluation techniques; • Excellent communication skills (oral and written); • Excellent computer skills; The Director, Procurement Planning & Quality, Supplies Management Agency, reports to the General Manager.

JOB SUMMARY The Director, Procurement Planning & Quality, Supplies Management Agency, is responsible for monitoring and evaluating the supply chain, overseeing the tendering processes, health commodity procurement planning inclusive of national forecasting and quantification, quality control mechanisms and supplies management training. To ensure the provision of an efficient and effective medical and health commodities supply system for the Public Health Service thereby ensuring that the health care needs of the nation are facilitated in a cost-effective manner and with the highest standard of customer service.

DUTIES: MANAGES WORKLOAD AND RESOURCES TO ACHIEVE DESIRED RESULTS BY: • Developing an operational plan for the Procurement Planning & Quality Division of the SMA; • Collecting information, conducting analyses and making strategic recommendations; • Managing a mechanism for ongoing monitoring and evaluation of all levels of the health commodities supply chain; • Developing and managing the information requirements for supply chain decision making; • Monitoring quality control mechanisms; • Coordinating supplies management training; PROVIDES CRITICAL INFORMATION AND RAPPORT BY: • Providing technical assistance to PHA/MOH; • Preparing an annual report of services and accomplishments; • Maintaining relationships with Customs and Excise authorities; ENSURES QUALITY OF WORK BY: • Planning, monitoring, appraising and reviewing accomplishment of job results; • Implementing systems to track and control costs; Letters of application and curricula vitae should be submitted to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville or P.O. Box N-8200, Nassau, The Bahamas no later than 9th August, 2017.

PAGE 10, Thursday, July 27, 2017

THE TRIBUNE

Samsung Electronics logs record profit on memory chip boom

By YOUKYUNG LEE Associated Press SEOUL, South Korea (AP) — Samsung Electronics reported its all-time high quarterly profit on Thursday as its semiconductor profit surged to a record high thanks to booming demand for memory chips.

The South Korean company said its April-June net income was 10.8 trillion won ($9.7 billion), up 85 percent from 5.8 trillion won a year earlier.

The result beat expectations. Analysts forecast 10.1 trillion won in net profit according to FactSet, a financial data provider.

Operating profit jumped 73 percent over a year earlier to 14.1 trillion won ($12.7 billion) while sales rose 20 percent to 61 trillion won ($54.8 billion), in line with

its earlier guidance.

Samsung, the world’s largest maker of memory chips and smartphones, likely surpassed Intel’s semiconductor revenue during the last quarter and outstripped Apple in quarterly earnings for the first time, if analysts’ forecasts turn out to be correct.

Intel is due to report its earnings later Thursday.

Apple, which is scheduled to report its financial results on Tuesday, is forecast to have booked $8.2 billion in net profit during the threemonth period, according to FactSet, during a typically slow season for Apple.

Samsung’s stellar performance that defies slow market demand in smartphone and TV sector is thanks to the unprecedented boom in the memory chip industry dubbed as “memory

super cycle” by analysts. Increased uses of connected devices and mobile data have created strong demand for server memory to store, analyze and process data in data centers. Coupled with tight supply conditions, the surge in demand drove up the prices of memory chips over the past year, allowing the world’s two largest memory chip makers, Samsung and SK Hynix, to enjoy an unprecedented level of profitability.

Nearly 60 percent of Samsung’s quarterly income was generated by its semiconductor division, which booked 8 trillion won ($7.2 billion) in operating income on sales of 17.6 trillion won ($15.8 billion).

Samsung’s other component business that produce high-end display panels called OLED for smart-

A VISITOR experiences Samsung Electronics Galaxy S8 smartphones at its shop in Seoul, South Korea. Today Samsung Electronics said its second-quarter profit surged 85 percent to record high thanks to memory chips. (AP Photo/Ahn Young-joon) phones also posted a solid earnings gain as Samsung launched new Galaxy smartphones in spring using the advanced displays. The Galaxy S8 series of smartphones recorded higher sales than their predecessors, helping the company’s mobile business to rebound from the fire-prone Galaxy Note crisis that cost more

than $5 billion a year ago.

Samsung said its mobile business booked 4.1 trillion won ($3.7 billion) in operating profit.

Looking ahead, Samsung said its third quarter profit may decline as its upcoming launch of the latest iteration of the Galaxy Note series would boost marketing expenses.

But its outlook on the semiconductor business remained rosy. Samsung said companies will continue to add server memory capacities and increase orders of memory chips for smartphones as they expand new server platforms, cloud services and launch new smartphone models during the second half of this year.

At hacker summit, a new focus on preventing brazen attacks

By MATT O’BRIEN Associated Press LAS VEGAS (AP) — Against a backdrop of cyberattacks that amount to full-fledged sabotage, Facebook chief security officer Alex Stamos brought a sobering message to the hackers and security experts assembled at the Black Hat conference in Las Vegas. In

effect, he said, it’s time to grow up.

Too many security researchers, he suggested, are focused on “really sexy, difficult problems” that don’t address the common vulnerabilities that allow malware attacks to wreak havoc. And too many security-minded hackers seem intent on demonstrating newly discovered hacks, such as making an ATM

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The voluntary liquidation commenced on 18th July 2017. The Liquidator is Günter Frei, Am Wangerberg 48, 9497 Triesenberg, Principality of Liechtenstein Dated 18th day of July, 2017.

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ALEX Stamos CTO of Artemis Internet, an NCC Group Company, poses by a domain name poster at their offices in San Francisco. Some 2,000 proposals have been submitted as part of the largest expansion of the Internet address system since its creation in the 1980s. These suffixes would rival “.com” and about 250 others now in use.

(AP Photo/Eric Risberg, File)

spit out cash or taking remote control of an internetcontrolled car, rather than shoring up more mundane defenses.

While part of that reflects the healthy intellectual curiosity of hackers, it’s also driven by marketing and economic incentives, Stamos said. “I appreciate the showmanship, but we need a little more thoughtfulness, a little less showmanship in our field,” he told reporters after his speech.

GLOBAL ATTACKS, SERIOUS DAMAGE Since May, the world has been rocked by two major international cyberattacks — the ransomware WannaCry and a likely statesponsored attack called NotPetya that spread out of Ukraine. Those and other recent digital assaults have paralyzed hospitals, disrupted commerce, caused blackouts and interfered with national elections.

Stamos himself was formerly the chief security officer at Yahoo, which last year disclosed breaches of more than a billion user accounts that dated back to 2013 and 2014.

Black Hat, now in its 20th year, has matured since what Stamos, a long-

time attendee of the computer security conference, described as its “edgy and transgressive” early days. It has grown more professional and corporate over time.

Stamos called for a culture change among hackers and more emphasis on defense — and basic digital hygiene — over the thrilling hunt for undiscovered vulnerabilities. And he called for diversifying an industry that skews white and male, and generally showing more empathy for the people whom security professionals are tasked to protect.

“It’s unfair for us to say that users should be better,” said Stamos, challenging his profession to find better ways to help people solve the most common vulnerabilities, such as reuse of passwords , email phishing

attempts , and not updating devices to patch bugs.

BUILDING A WALL, METAPHORICALLY Stamos announced that Facebook is investing $1 million to encourage defensive security research through an upcoming contest.

He also revealed the company will contribute $500,000 to a Harvard University-based bipartisan election-security project.

That effort will be co-led by former presidential campaign officials for Democrat Hillary Clinton and Republican Mitt Romney. Facebook and its rival Google will help create an information-sharing and analysis hub that Stamos said could

help local officials and campaigns prevent attacks.

Stamos isn’t the only one calling for a broader focus on defensive techniques.

“We should celebrate defense,” said conference attendee Amit Yoran, CEO of Columbia, Marylandbased security firm Tenable, and a former cybersecurity official during the administration of President George W. Bush. “We focus on the threat of the day, the attack of the day, instead of focusing on the foundational issues.”

But some attendees — Stamos among them — also point out that the bugsquashing hacker ethos still plays an important foundational role in helping to understand what needs to be fixed.

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THE TRIBUNE

SENATE GOP CONSIDER A “SKINNY” VERSION OF HEALTH CARE BILL

By STEPHEN OHLEMACHER AND ANDREW TAYLOR Associated Press

WASHINGTON (AP) — Republican senators were looking to go skinny Wednesday as they struggled to repeal key parts of former President Barack Obama’s health law.

Their definition of skinny, however, is evolving and could change many times before they pass a bill — if they pass a bill.

One version of the skinny bill would repeal mandates on individuals to buy health insurance and on large businesses to offer health insurance to employees. It would also repeal a tax on medical devices.

It would leave the rest of Obamacare intact, falling well short of Republican promises to dismantle the 2010 law.

“It’s just a vehicle to get into conference (with House Republicans) so it may lead to a broader solution,” Sen. Lindsay Graham, R-S.C., said Wednesday, referring to negotiations with the House on a final bill.

The House narrowly passed its version of a health bill in May. If the Senate passes a different version, the House could simply pass it and send it to the president. Or House and Senate leaders could form a conference committee to work out the differences.

Several Republican senators said this is the path they foresee, which would put off final decisions on what the legislation would eventually look like.

“Whatever can get 50 votes will pass, then we will go to conference and the real negotiations begin,” said Sen. Bob Corker, R-Tenn.

A look at what’s next:

FAST-TRACK TO SOMEWHERE The legislation is being debated under fast-track budget rules that allow the Senate to pass it on a simple majority instead of having to clear the 60-vote filibuster threshold required of other legislation. Debate, which started Tuesday, is limited to 20 hours.

It is expected to end Thursday, Amendments, generally speaking, are unlimited — and can be offered after debate time has expired in a Washington ritual known as “vote-a-rama.” That’s when amendment after amendment is voted on in what could be an all-night session on Thursday.

AMENDMENTS GALORE Unlike other bills, which typically are debated in ways that limit senators’ rights to offer changes known as amendments, the current bill is wide open.

Democrats can introduce amendments that would be politically difficult for Republicans to oppose and Republicans can do the same.

Majority Leader Mitch McConnell, R-Ky., suffered an initial setback when the Senate voted to block a wide-ranging amendment to replace Obama’s statute with a more restrictive substitute. Nine Republicans voted against the bill,

including conservatives like Mike Lee of Utah and moderates like Lisa Murkowski of Alaska.

The Senate was scheduled on Wednesday to vote on a bill that simply repeals much of Obama’s law without replacing it with anything. That vote is expected to fail as well, leaving Republicans grasping for something they can embrace.

PARLIAMENTARY PUZZLE The special fast-track process, called “reconciliation” in Washington-speak, comes with tricky rules.

Amendments that are carefully crafted and fit within the rules can pass on a simple majority vote. But many amendments run afoul of the Senate’s Byzantine rules, which mean they can require 60 votes and effectively be blocked by Democrats.

Among them is the socalled Byrd rule, named after former Sen. Robert Byrd, D-W.Va. It’s complicated, but the Byrd rule disqualifies some of the GOP’s ideas, such as a provision in the pending bill aimed at lowering premiums paid by younger, healthier consumers by allowing insurance companies to increase premiums paid by seniors.

The Byrd rule generally blocks provisions that don’t affect the federal budget — and blocks provisions whose changes to spending or taxes are “merely incidental” to a larger policy purpose. If such provisions are inserted despite the Byrd rule, any individual senators can knock them out with a point of order.

Thursday, July 27, 2017, PAGE 11 SENATE Minority Leader Chuck Schumer of N.Y., leads fellow Democratic Senators to meet supporters outside the Capitol in Washington, Tuesday, July 25, 2017, after the Senate voted to start debating Republican legislation to tear down much of the Obama health care law. (AP Photos)

SENATE Majority Leader Mitch McConnell of Ky., joined by, from left, Sen. John Barrasso, R-Wyo., Sen. John Thune, R-S.D., and Majority Whip John Cornyn, R-Texas, speak with reporters on Capitol Hill, Tuesday, July 25, 2017, after Vice President Mike Pence broke a 50-50 tie to start debating Republican legislation to tear down much of the Obama health care law.

PAGE 12, Thursday, July 27, 2017

THE TRIBUNE

EXPERTS: SOFTWARE THEFT SHOWS THREAT OF MERCENARY HACKERS

By WILSON RING Associated Press MONTPELIER, Vt. (AP) — On an October morning in 2012, the system administrator of a tiny Vermont defense contractor arrived at work to find the business’ computers had been hacked and a sophisticated software program stolen. Prosecutors later concluded the thieves

were a group of Iranians who sold the software to organizations within the Iranian government.

The hack, revealed in an indictment unsealed last week, shows that mercenary hackers who sell stolen data to friendly governments are a growing threat to defense contractors, experts say.

“They are essentially nonsanctioned espionage groups,” said Brian Wal-

lace, the lead security data scientist for the Irvine, California-based company computer security company Cylance Inc. “The government doesn’t create them, they don’t own them. They operate and get almost of their income from the government.”

The South Burlington company, Arrow Tech Associates, makes software

used to monitor projectiles in flight.

Arrow Tech President Charles Hillman said the firm was able to track the hackers’ every keystroke, which helped the FBI trace the intrusion to three Iranians.

“We were very impressed with what they got done in just a few hours,” he added.

Iranian officials in Washington referred an emailed

question on the issue from The Associated Press to “the pertinent department.”

There was no further reply.

The eight-count indictment released last week alleged that from at least 2007 through May 2013 the three men broke into computers in “Vermont and elsewhere.” It said the group also stole software from an unidentified Western aerospace company in July 2012.

Arrest warrants were issued for two of the men: Mohammed Reza Rezakhah, 39, and Mohammed Saeed Ajily, 35. They were indicted in April 2016, and FBI wanted posters say the two men are believed to be in Iran.

The third man, Nima Golestaneh, had been indicted in 2013, but the case was sealed until February 2015, when he was brought

years anyways, it has been common knowledge that these kinds of services are readily available on the dark web and could be purchased,” Sussman said.

Wallace said such arrangements are not exclusive to Iran.

“We can see a lot of similar activities coming out of Russia where you had independent hacking groups that don’t work directly for the Russian government, but they do have very strong ties to the Russian government,” he said.

Arrow Tech, which employs fewer than 10 people, sells software that measures the performance of projectiles. “Anything that comes out of a gun tube is in our wheelhouse,” Hillman said.

It’s unclear if the stolen ballistics software, used to

“In the last five or six years anyways, it has been common knowledge that these kinds of services are readily available on the dark web and could be purchased” to the U.S. from Turkey.

Golestaneh pleaded guilty in Vermont in December 2015. The next month, he was pardoned by then-President Barack Obama as part of a prisoner swap with Iran that included the release of Washington Post reporter Jason Rezaian and former U.S. Marine Amir Hekmati.

Such hacks are a growing threat for defense contractors, said Phil Sussman, the president of Norwich University Applied Research Institutes, which works on cyber security issues at the private Vermont military college.

“In the last five or six

analyze and design bullets and GPS-guided artillery shells, ever worked for the hackers. Hillman said he doubts the hackers could have even unlocked the software, because it requires a physical key, called a dongle, to operate.

Hillman said Arrow Tech has had to assure some of its 600 licensed customers in more than two dozen countries that their information is safe.

“Their information is not stored on these servers that are accessible from the outside,” Hillman said. “I can’t even access our servers from outside the building.”

CALL 502-2394 TO ADVERTISE TODAY! NOTICE

MARKET REPORT WEDNESDAY, 26 JULY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,870.26 | CHG -0.02 | %CHG 0.00 | YTD -67.95 | YTD% -3.51 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 2.41 0.13 6.50 8.60 6.00 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 4.01 17.43 8.19 3.50 1.47 0.12 3.80 8.40 5.83 10.05 10.00 2.18 1.50 5.80 8.75 8.56 8.00 6.35 11.93 10.00

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

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

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

MUTUAL FUNDS 52WK HI 2.07 3.95 1.96 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.45 10.01 2.57 1.55 6.00 9.75 8.10 10.00 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 17.43 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.45 10.01 2.55 1.55 6.00 9.75 8.10 10.00 6.90 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

-0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

2,000

30,000

50

VOLUME

NAV 2.07 3.95 1.96 170.77 146.34 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.444 0.932 -0.510 0.383 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 0.753 0.763 0.330 0.830 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

P/E 9.6 18.7 N/M 9.4 N/M N/M -5.3 14.7 31.6 19.4 17.6 25.0 3.4 8.0 12.8 24.5 12.0 11.5 17.9 0.0

YIELD 1.87% 5.74% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.67% 3.44% 5.69% 2.35% 3.87% 4.83% 4.62% 0.00% 3.40% 2.03% 4.96% 0.00%

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

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

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

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

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 1.92% 4.53% 0.82% 2.80% 0.95% 2.49% 3.95% 3.95% 6.77% 6.77% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

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

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

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 is hereby given that ILLANTTE TELUS of Carmichael Road, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

NOTICE

NOTICE is hereby given that JOSHUA MICHAEL JOYCE of 11 Bahama Sound, Georgetown, Exuma, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 27th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CALVIN TALLIS SYMONETTE intend to change my name to TALLIS CLAVIN BROWN. 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 the publication of this notice.

NOTICE

NOTICE is hereby given that WILKIN JOSEPH of Charles Sawyer Blvd., Marsh Harbour, Abaco, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th Day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

NOTICE

NOTICE is hereby given that JOHN RODLEN JEANLOUIS of APT#7, Gambier Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of July, 2017 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

THE TRIBUNE

Thursday, July 27, 2017, PAGE 13

FED LEAVES RATES ALONE BUT MOVES CLOSER TO SELLING OFF BONDS

By MARTIN CRUTSINGER Associated Press WASHINGTON (AP) — The Federal Reserve is keeping its key interest rate unchanged at a time when inflation remains persistently low. But it signaled Wednesday that it’s edging closer to gradually shrinking its bond holdings, a step that would likely boost long-term borrowing rates including mortgages.

The Fed noted Wednesday in a statement that inflation has stayed undesirably low even though the job market keeps strengthening, with the unemployment rate just 4.4 percent. Normally, solid hiring drives up wages and prices. But the Fed’s preferred inflation gauge has moved further below its 2 percent target.

Too-low inflation can slow economic growth by causing people to delay purchases if they think they can buy a product for a lower price later.

The central bank decided after its latest policy meeting to leave its key rate unchanged in a range of 1 percent to 1.25 percent after having raised rates twice this year. The Fed says it still envisions further “gradual” rate hikes. But many economists say they foresee no

further rate increases this year unless inflation picks up. If inflation does accelerate, the Fed may feel comfortable raising rates again in December.

Addressing its bond portfolio, the Fed slightly changed its statement to say such a reduction would begin “relatively soon,” provided the economy improves further. Many economists think the Fed will begin shrinking its balance sheet sometime this fall.

The Fed’s balance sheet has soared five-fold — to $4.5 trillion — since the summer of 2008, just before the financial crisis erupted.

The balance sheet grew as a result of bond purchases by the Fed that were intended to lower long-term loan rates and stimulate a struggling economy.

Now, the reverse is expected: A sell-off of the bonds, even a gradual one, would likely make some long-term loans for consumers and businesses more expensive.

“The Fed is shifting their immediate focus away from short-term interest rates and toward beginning the normalization process of the $4.5 trillion balance sheet,” noted Greg McBride, chief financial analyst at Bankrate.com.

McBride said this shift

FEDERAL Reserve Chair Janet Yellen testifies on Capitol Hill in Washington, before the Senate Banking Committee. Yesterday, the Federal Reserve releases its latest monetary policy statement after a two-day meeting. (AP Photo/Pablo Martinez Monsivais, File) could represent a “reprieve for credit card holders and home equity borrowers,” whose rates are more influenced by the Fed’s benchmark rate.

Many economists say they think the Fed could announce after its September meeting a precise date for the start of the bond reductions. Some foresee the process beginning in Octo-

ber.

“A start date for the balance sheet normalization is all teed up for the September meeting,” McBride said.

The Fed has sought to assure investors that the process would be extremely gradual. In its statement Wednesday, it pointed to the plan that it laid out in June: Monthly reductions

of the Fed’s bond portfolio would start at a level of no more than $6 billion for Treasurys and $4 billion for mortgage bonds.

The Fed’s policy statement Wednesday was approved 9-0. In June, Neel Kashkari, president of the Fed’s Minneapolis regional bank, had dissented, arguing against the Fed’s rate hike at that meeting.

Wednesday’s statement was otherwise little changed from the Fed’s June statement, though the central bank did note that job gains have been solid this year. It acknowledged the lingering slowdown in inflation, saying both overall inflation and core prices, which exclude energy and food, “have declined and are running below 2 percent.”

Months ago, the Fed had signaled its readiness to raise rates three times this year on the assumption that it needed to be more aggressive to ensure that consistently low unemployment didn’t contribute to high inflation later on.

But in testifying to Congress this month, Chair Janet Yellen had sounded less sure about her previous position that the slowdown in inflation this year was due to such temporary factors as a big drop in charges for cellphone plans.

Yellen conceded that Fed officials were puzzled by recent developments. Her remarks lifted financial markets as investors interpreted her words to suggest that the Fed might slow its pace of rate increases.

Over the past 12 months, the inflation gauge the Fed monitors most closely has risen just 1.4 percent, according to the latest data.

World shares mostly higher as markets await Fed’s decision

By KELVIN CHAN Associated Press HONG KONG (AP) — World stock markets were mostly higher Wednesday, lifted by another record day on Wall Street and buoyant oil prices. Investors were keeping a cautious eye on the Fed’s upcoming interest rate decision.

KEEPING SCORE: European shares rose in early trading. France’s CAC 40 added 0.7 percent to 5,196.27 and Germany’s DAX climbed 0.4 percent to 12,309.31. Britain’s

FTSE 100 rose 0.6 percent to 7,477.89. U.S. shares were poised to open higher. Dow futures were up 0.1 percent to 21,581.00 and broader S&P 500 futures edged up 0.1 percent to 2,476.10.

FED IN FOCUS: The U.S. central bank’s policymaking committee is holding a two-day meeting, where most analysts expect officials to keep rates unchanged. The Fed has already raised rates three times since December and market watchers don’t expect another hike until later

this year or in 2018.

ANALYST VIEW: “Today’s FOMC meeting is likely to be a non-event,” said Lukman Otunuga, an analyst at FXTM. “Investors most probably will use this opportunity to closely scrutinize the policy statement for clues on the Federal Reserve’s tightening plan,” he said, adding that markets will also be looking for hints on how the Fed plans to reduce its massive $4.5 billion in bond holdings and its view on inflation.

EARNINGS SEASON: Investors are assessing the latest round of quarterly earnings reports. Better than expected profits at U.S. companies like McDonald’s and Caterpilllar helped propel Wall Street to another record day. In Asia, Nintendo Co.’s Switch hybrid game machine helped the Japanese video-game maker swing into a $190 million profit, reversing from a loss from the previous year.

South Korean auto maker Hyundai Motor’s quarterly profit fell by half because of weakness in its SUV lineup.

ASIA’S DAY: Japan’s benchmark Nikkei 225 index climbed 0.5 percent to close at 20,050.16 but South Korea’s Kospi index slipped 0.2 percent to 2,434.51.

Hong Kong’s Hang Seng index added 0.3 percent to 26,941.02 and the Shanghai Composite index edged up 0.1 percent to 3,247.67. Australia’s S&P/ASX 200 rallied 0.9 percent to 5,776.60.

India’s Sensex gained 0.3 percent to 32,338.57 and benchmarks in Southeast Asia were mostly higher.

ENERGY: Oil futures

extended gains in Asian trading. Benchmark U.S. crude added 37 cents to $48.26 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.55, or 3.3 percent, to settle at $47.89 per barrel on Tuesday.

Brent crude, the international standard, gained 35 cents to $50.71 a barrel in London.

CURRENCIES: The dollar weakened to 111.86 yen from 111.91 yen late Tuesday. The euro slipped to $1.1624 from $1.1649.

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Director of Retail Banking Scotiabank, Northern Caribbean Region Scotiabank is pleased to announce the appointment of Robert Pantry as the Director of Retail Banking for the Northern Caribbean Region.

Robert has more than 17 years’ experience in the financial services industry with an extensive background in retail banking operations and sales.

During his professional career in the banking sector, Robert has been consistently recognized for his outstanding level of performance; leadership strategies and implementation of developmental programs for employees.

Robert has served on a number of boards over the years and is a council member of The Bahamas Institute of Financial Services, serving as 2nd Vice President. He is also a past recipient of the Minister’s Award for excellence in the Financial Services Industry.

Robert holds a Master of Business Administration degree from Nova Southeastern University where he graduated summa cum laude in 2005. He has a Bachelor’s degree in Professional Management from that same institution along with a number of professional development certificates.

Robert is a member of The Bahamas Red Cross Society. His hobbies include golfing, reading and boating. He enjoys spending time with family and friends; and watching football.

Trademark(s) of The Bank of Nova Scotia, used under licence.

TM