08032018 BUSINESS

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FRIDAY, AUGUST 3, 2018

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Lyford Cay blasts 500% hike in tax

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Government is moving to reinstate the $50,000 property tax “cap” after The Bahamas’ wealthiest community slammed “punitive taxation” that threatens “500 percent or greater” tax hikes.

KP Turnquest, deputy prime minister, yesterday told Tribune Business that the Government was “actively reviewing” recent Real Property Tax Act reforms that could have a “devastating effect” on Lyford Cay and its annual $215m economic impact.

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Central Bank targeting digital B$ in 30 months

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

K PETER TURNQUEST

* Govt moves to reinstate $50k “cap” * As wealthy owners warn $215m at risk * Western NP community: ‘Viability’ in danger

While the Government is still determining the details, Mr Turnquest indicated it was seeking to distinguish between second home properties that are used exclusively by their owners and those that are rented out to other visitors.

He revealed that one approach under consideration is to reinstate the $50,000 “cap” for all properties but introduce a new “tourism tax” for those that are rented, with the Minnis

Mr Albury said the major obstacles to industry recovery remained the inability of buyers to obtain financing, with the banks reluctant to lend to anyone bar the most qualified borrowers, and the still-sluggish Bahamian economy amid an absence of business and consumer confidence.

“No matter what they say, no matter what data they see, everyone in the industries I talk to says the economy is down, unless you sell numbers and alcohol,” he told Tribune Business. “I talk to people daily, weekly in a number of different industries and am hearing the same thing.

“I thought by now, looking at the thousands of people hired at Baha Mar,

THE Central Bank is aiming to roll-out a trial digital Bahamian dollar “within 30 months”, with the move central to its efforts to “accelerate” payments system modernisation.

The regulator, launching an Expression of Interest (EoI) for the design and implementation of a digital currency, said the introduction of technology-based financial services (fintech) was key to both reducing Bahamians’ reliance on cash and combating the loss of physical bank branches as institutions withdraw from the Family Islands.

With the likes of Long Island now lacking a fully operational commercial bank, following pull-outs by the likes of Royal Bank of Canada (RBC), the Central Bank’s EoI document suggested it was becoming “increasingly less feasible” for such institutions to provide a physical presence in sparsely populated islands.

The solution to “financial inclusion”, it added, was through the provision of electronic and digital payment services, possibly using technology such as blockchain. The Central Bank is now setting its sights on the design and implementation of a Bahamian digital dollar by 2021, with the initiative billed as the “next phase” in plans to modernise this nation’s payments infrastructure.

“It is anticipated that a piloted version of a digital fiat currency would be in circulation within 30 months, and offer security and versatility over a life cycle process for managing

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administration aiming to agree “a final position” by Wednesday next week.

The deputy prime minister spoke out after the Lyford Cay Property Owners Association, in a July 30 letter sent to himself, warned that the “insensitive and irrational changes” to the Real Property Tax Act’s “owner-occupied” definition were starting to undermine confidence THE GATES AT LYFORD CAY COMMUNITY

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‘No hope’ as new auto sales off 16%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NEW car sales maintained their decade-long plunge with a near-16 percent decline during the 2018 first half, as one dealer revealed he “sees no hope” for a short-term revival.

Speaking after the latest Bahamas Motor Dealers Association (BMDA) figures were revealed, Ben Albury, Bahamas Bus & Truck’s general manager, told Tribune Business that Baha Mar’s several thousand hirings had yet to convert into increased sales.

Describing July as “very poor” amid consumer uncertainty over the VAT rate hike, Mr Albury pleaded with Bahamas Customs to refund a six-figure

* Dealer pleads with Customs for refund * July sales ‘very poor’ after VAT hike * Baha Mar not translating into boost import duty sum - some of which has been outstanding for five years - for vehicles previously sold to the Government or buyers granted duty-free status.

Having imported millions of dollars worth of inventory since, the Bahamas Bus and Truck executive said those monies were “especially critical to our cash flow at a time like this” when consumer demand remains depressed.

Mr Albury also added his voice to those dealers warning that the budget changes will not have the impact intended by

PHA targeting ‘$20m-plus’ boost from extra revenue

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Public Hospitals Authority (PHA) is targeting “$20m-plus” in extra revenue this fiscal year, a Cabinet Minister revealed yesterday, adding: “Health can’t be run on a wing and a prayer.”

Dr Duane Sands, pictured, minister of health, told Tribune Business that the PHA was looking to narrow its $50m funding deficit through a combination of revenue increases and spending cuts, with feed adjustments “just one”

of the measures decided upon.

“A number of decisions have been made to basically ensure that the PHA and its hospitals can actively function,” Dr Sands said of Wednesday’s meeting involving himself and PHA

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Why govt ‘hell bent’ on reviving Oban?

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net AN EX-TOURISM minister yesterday questioned why the Government appears “hell-bent” on the Oban Energies deal, suggesting it instead focus on Carnival’s planned cruise port to revive tourism.

Obie Wilchcombe, pictured, told Tribune Business: “I do believe the government is wrong not to be pursuing the Carnival Cruise Line development.

I don’t understand that. I

don’t know why the government is hell bent on Oban when Carnival has already announced to the world that they were going to create in East Grand Bahama the most significant cruise port ever.

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the Government. While backing the Minnis administration’s ambitions, he explained that restricting the 40 percentage point Excise Tax rate cut to vehicles with 1.5cc engine capacity or less would benefit too few models or dealers.

He suggested that it instead raise the threshold to 2cc, and also urged the Government to crack down on “the Wild West” created by the proliferation of unlicensed roadside vehicle vendors paying little to no tax.

“I’ve been seeing a little

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more floor traffic in the last couple of weeks in terms of people looking,” Mr Albury told Tribune Business.

“That’s the way this business has been going for the last several years.

“It’s very volatile. One day you do not have a showing at all, and the next day you have ten customers come through. It’s been very sporadic. We hoped more floor traffic would lead to more sales, but it hasn’t translated as yet.

Last month was very poor.

We did sell a couple of used cars, but the new car market remains stagnant.”

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THE TRIBUNE

MARRYING HEALTH AND WELLNESS WITH WORK O VER the past few decades, mind and body wellness has had a noticeable impact on the corporate landscape.

Businesses, both large and small, have been integrating a holistic approach to wellness and productivity for their employees and business models. The care of employees, through human resources-driven health and wellness programmes, presents a great opportunity for transforming workplace culture.

But just how do we go about taking the message of mind and body wellness to workers in offices and boardrooms? What steps can we take to ensure that we successfully translate the great traditions into the modern marketplace and, most importantly, what strategy do we employ in doing so?

Here are a few suggestions that can be considered:

Step 1: Have A Clear Intention Every plan starts with an intention. We need to begin by identifying exactly: 1. What we are trying to accomplish 2. What the end result will be For example, the goal might be to reduce absenteeism by 20 percent through weight loss and nutritional plans.

Step 2: Know Your Audience and Their Needs This step may seem obvious, but it is imperative that you understand the business you are trying to influence.

The culture in the corporate, healthcare or education fields is far removed from the environment of a meditation or yoga retreat. The concept

To advertise in The Tribune, contact 502-2394

of wellness may still seem strange to many who may be caught up in the ‘live and let live’ world. We have to speak their language and share these teachings in a way that works best for them.

Step 3: Identify an Executive Champion If possible, see if there is an executive leader in the company who will align themselves with your intention and overall mission.

While not always possible, finding a high-level leader in the business who is sympathetic to your cause can serve as a very powerful trigger for moving your ideas forward.

If a leader has personally experienced the benefits of what you wish to teach or share with their employees, they can often champion the programme from a high level, essentially becoming your internal marketer.

If you are a teacher and have personally taught a leader or executive in the company, reach out to them to see if they will be willing to rally others to your mission.

Step 4: Be Subtly Persistent Know that businesses may not immediately jump to embrace mind and body teachings, and initiatives, into

VACANCY NOTICE

their workplace. Do not see this as a failure. It may take time for the business climate to shift or for the company to adopt an updated wellness model that values a more holistic approach. Stay the course and know that your intention will blossom when the season is right.

Be subtle in your persistence, though. You want to be ready when the opportunity arises, but not pushy.

Practice detachment and let go of how you think things should turn out. Your intention may end up being fulfilled in a form that you had not expected, so do not stubbornly cling to a “my way or the highway” mentality. Let go and be vigilant.

This is the perfect opportunity to walk your talk and live with the integrity that comes from a consciousnessbased way of life.

Step 5: Exceed Expectations When your proposal is accepted and things are moving forward, be sure to set your own bar very high.

Exceed the expectations of the company by overdelivering a programme of exceptional quality.

If you are doing the teaching yourself, the onus is on you to be the professional

subject matter expert in your field. Do whatever you need to do to present the very best for those who are technically your customers, such as dressing the part; being 100 percent prepared; creating visual aids, slideshows or handouts; and providing post-programme follow-up.

If you are not facilitating the programmes yourself, be sure that whoever is doing the instruction is a reputable, certified instructor in that specified field and is aligned with your mission.

Step 7: Measure the Results If possible, once the programme is complete, look for ways to measure the impact of the teachings and initiatives on the employees. Many businesses use measurement tools to determine the effectiveness of a specific strategy or training programme. Consider having the employees complete a survey of the programme, and how they feel the teachings may have impacted their lives or performance. This provides very tangible evidence that your programme was of benefit. At the very least, asking the leadership to poll the participating

IAN FERGUSON BY

employees on the quality of the initiatives will help you to improve for future programmes.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@ bahamas.com

Cruise line targeting National Trust tie-up

DIRECTOR OF ENTERPRISE SOLUTIONS Cable Bahamas Limited is seeking to employ a Director of Enterprise Solutions.

Interested persons may apply by forwarding a resume stating their interest, relevant skills, and experience to humanresouces@cablebahamas.com on or before Tuesday, August 14, 2018.

JOB SUMMARY The Director of Enterprise Solutions will be the lead in driving the development of technical solutions in both the Commercial and Residential markets within The Bahamas. This role’s primary responsibility is to generate revenue by developing and rolling out products on the fibre and Ethernet networks to enable the increase of sales, using market research, pricing, product communications, advertising and public relations. This position will also be responsible for new business development, product development and distribution channel management.

JOB DESCRIPTION Duties will include but are not limited to: •Creating a clear enterprise solution strategy that encompasses all segments incorporating the Company’s mid to long-term strategic and annual business plans; •Maintaining and executing the strategic plan to research, identify and propose commercial and residential solutions and applications, while determining the prioritization and investment across companies; •Developing in depth understanding of networks and plan to maximize the capabilities within product sets. Develops, rationalizes, and aligns product roadmaps for enhancing capabilities; •Monitoring industry trends and evaluate new technologies for potential deployment and/or use to support emerging business needs; •Leading or supports the development of strategic directions and business roadmaps for the current state and the evolution of product deliver; •Initiates and manages engagement with external vendors and internal crossfunctional teams; •Developing strategy to obtain and maintain executive sponsorship/direction and communication. Communicate planning and strategy to executive sponsors, champions, and vendor partners; •Establishing strategic partnership with Sales, Network Operations, Engineering and IT; •Conducting industry analysis and research, develop and present business cases to grow revenue. Identify and develop business cases across companies to drive value such as operational efficiency, organizational effectiveness, cost reduction and revenue growth; •Providing oversight and tracking of financials by product. Completing budgets, forecasts and actuals to ensure alignment; •Leveraging the data and Ethernet communications capabilities with dedicated, high-performance connectivity; •Driving innovative solutions comprising but not limited to the following service offerings; •Ethernet Network Services: • Metro Ethernet Services • SDN-WAN • Hybrid WAN SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED •Requires BS/BA in a related discipline and 8 plus years of experience in related field (Telecommunications product development) and 5 plus years of experience in developing and implementing business and technology strategies for a telecommunications service provider; •Demonstrated experience in developing and executing product management; •Confident presence in client facing situations, polished verbal and written presentations, effective interpersonal skills, and strong collaboration skills, to partner effectively with teams throughout organization; •Must demonstrate strong people leadership skills, project management and communication skills; •Candidate should possess an understanding of program management; •Knowledge of telecommunications service offerings: Video, Voice, High Speed Data; •Experience in the Caribbean (specifically The Bahamas) and the United States preferred.

Qualified applicants should submit Resumes on or before Tuesday, August 14, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Director of Enterprise Solutions to humanresources@cablebahamas.com.

ROYAL Caribbean Cruises’ vice-president of government relationsm Russell Benford (left) meets with Bahamas National Trust executive director, Eric Carey, and director of development Dominique Martin, to discuss potential partnerships, including options for cruise line guests to visit the national parks of The Bahamas.

ROYAL Caribbean is exploring a partnership with the Bahamas National Trust (BNT) to provide new experiences for its passengers visiting The Bahamas.

The cruise line is also seeking to re-affirm its commitment to marine conservation and preservation, following a meeting between its vice-president, Russell Benford, and BNT executive director.

Among the topics discussed was the introduction of national park tours as an option for the 1.2 million cruise guests Royal Caribbean delivers to The Bahamas annually, and for ships to host the BNT’s environmental youth group arm, the 1,300-member strong Discovery Club.

“At RCL, we are always searching for ways to create a guest experience that exceeds expectations, and when we are able to combine that goal with our commitment to sustainable tourism, we know we are where we should be,” said Mr Benford.

“It is very exciting to learn about the amazing national parks of The Bahamas, including Bonefish Pond, The Retreat and the Primeval Forest right here in Nassau, where we are striving to increase the percentage of guests who disembark and enjoy the destination.”

Finding common ground with BNT is an extension of Royal Caribbean’s environmental protection efforts.

The cruise company partners with the World Wildlife Fund around the globe. In Cozumel, Mexico, it has committed to offer sustainable tours to its guests, certified to the Global Sustainable Tourism Council standard, while in other destinations it is tailoring programmes towards education and preservation as well as conducting environmental immersion initiatives onboard.

“Environmental organisations and cruise lines had been at opposite ends of the spectrum for years,” said Mr Carey. “Twenty years ago I

would have perhaps been reluctant to meet with you, but in recent years I have been impressed by how the cruise industry has taken the lead in marine protection.

“We share environmental principles, we share our waters, we are literally a step away from your headquarters in Florida, separated by a current. We share species, we share commitments of conservation and we are delighted to be talking to you now about finding ways for your guests to enjoy our incredible national park system managed by the Bahamas National Trust.”

The meeting with BNT executives, including director of development, Dominique Martin, was part of a series of meetings the cruise line is conducting in The Bahamas as it undertakes further investment in this nation. Royal Caribbean hopes to increase passenger capacity to The Bahamas by nearly 20 per cent, bringing 1.75 million people to the islands, by 2020.

WHY GOVT ‘HELL BENT’ ON REVIVING OBAN?

amendments to the agreement for a proposed $5.5bn oil refinery and storage facility in east Grand Bahama.

The former Christie administration and Carnival had signed an agreement for the construction of a new $100m cruise port destination in East End, Grand Bahama, just days ahead of the May 10, 2017 elections.

Reiterating his previous comments to this newspaper, Mr Wilchcombe urged the government to take the lead in Grand Bahama’s resurgence.

He argued that government must act with urgency, and is not on the same timeframe as the private sector.

“The private sector can wait for for economies to grow; the government can’t do that. They have to act with urgency. Grand Bahama has lost a significant amount of its population. Many persons have moved out of Grand Bahama in search of job opportunities. It’s becoming

a more depressed area every day,” said Mr Wilchcombe.

Speaking to the Grand Lucayan situation after Paul Wynn, the Wynn Group’s chief executive, confirmed he had backed out of a deal to purchase the resort, Mr Wilchcombe said: “Grand Bahama has always been more of an entertainment and party town.

“The government needs to sit down with Hutchison Whampoa and the Port Authority, and discuss a plan and work on an agreement that does not cost the government a tremendous amount of money.

“My recommendation would be for the government to talk with them about a lease agreement and find the operator they require to turn those properties around and create a tourist attraction that is a world leader... Grand Bahama needed revamping and that’s demanded because of New Providence’s success.”

FROM PAGE ONE “We signed the agreement, all seemed to be completed, and I don’t understand why now the government is not pursuing it. I just don’t understand it. That’s a deal, that’s a good deal. You’re talking about a brand that will attract other brands, other tourism brands to Grand Bahama.

These are individuals with the finances and the ability to add to the existing product and enhance the product.”

Dion Foulkes, minister of labour, recently said the Cabinet sub-committee examining the Oban Energies’ HoA was expected to receive a key technical report this week. The government is looking at several

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Friday, August 3, 2018, PAGE 3

Lyford Cay blasts 500% hike in tax FROM PAGE ONE among the very highend North American investors this nation wants to attract.

Henry Cabot Lodge III, the Association’s chairman, said tax rates that were “too high and unpredictable” would lead to consequences impacting “every sector of the economy that services Lyford Cay”, as existing homeowners sought to exit and new buyers were deterred.

Should the Government not alter course, he warned that the “viability and sustainability” of Lyford Cay was at risk from reforms that both eliminate the $50,000 tax “cap” and double the tax rate faced by second homeowners that are not resident in The Bahamas for six months per year.

The Minnis administration has previously held firm to reforms that accompanied the 2018-2019 budget, but such a forceful and hardhitting warning from the western New Providence community that is home to The Bahamas’ wealthiest investors and homeowners appears to have proven impossible to ignore.

Signalling the Government’s changed approach, Mr Turnquest told Tribune Business: “The matter is under active review at the moment. However, it is our intention to restore the real property tax cap for properties that are used as a second home residence.

With respect to properties that are rented, we are considering the approach.”

Probed further, the deputy prime minister indicated that the Government’s current thinking is to segment the market between properties that are used solely by their owners and those that are rented out to earn income.

With some second homeowners effectively using their properties for business purposes, Mr Turnquest said: “That latter point is the consideration. We may end up with a flat cap on all but a tourism tax on rentals.

“Again, that detail is being discussed now and we hope to have a final position by Wednesday next week.”

Asked whether this meant the Government was looking at reinstating the $50,000 “cap” for all properties, but placing an additional tax on rentals only, Mr Turnquest clarified: “That is my thought at the moment, but we will have to finalise on Tuesday and determine the mechanism.”

Tracking these properties, and determining whether they are being used for rental purposes, will likely prove a tough task for the Government. Yet Mr Turnquest’s confirmation that the Government is seeking to reverse course, and climb down from its earlier position, will likely be greeted with relief by Bahamian realtors and all sectors that relied on the second home market - especially on Family Islands such as Abaco and Exuma.

In truth, the Government has time to make the changes given that the Real Property Tax Act reforms were only due to take effect from January 1, 2019. Yet many observers will wonder why the Bahamas had to cause such angst among its target investor/ homeowner market, and whether potential buyers will now be deterred by perceptions of an unpredictable tax policy.

Mr Cabot Lodge, in the letter seen by Tribune Business, wrote: “The 2018 amendments to the Act - real property tax rates and lack of clarification

concerning the implications of the definition of ‘owner occupied property’ - has generated substantial dismay, confusion and much expression of concern within our community.”

Acknowledging the Government’s right to raise revenue from real property tax and other sources, he added that “many” Lyford Cay residents would now fall out of the “owner occupied” category because they were winter residents in The Bahamas for less than six months annually.

Yet Mr Cabot Lodge said: “These owners retain their residences for their exclusive use as winter homes and employ their Bahamian staff and their Bahamian support service personnel on a yearround basis.

“If we understand this change in the law correctly, their real property tax rate is being doubled from one percent to two percent, and further they will no longer be eligible for the $50,000 annual cap on their real property tax.

“In many cases, this arbitrary change will result in a 500 percent or greater increase in their real property tax burden. For many residents in our community, this will impose annual real property tax bills of many hundreds of thousands of dollars.”

One attorney, speaking on condition of anonymity, previously told Tribune Business that a $2m vacation home would see its tax bill jump from around $18,000 to $33,000 - a $15,000 or 83.3 percent increase.

But they suggested the impact was even more startling for a $10m home, which currently pays $50,000 based on the real property tax “cap”. With this removed, the attorney calculated that the tax bill will rise to around

$193,000 - a $143,000 or 286 percent increase.

Outlining the consequences of such steep tax hikes, Mr Cabot Lodge wrote: “If the tax burden becomes too high and unpredictable, a group of homeowners have already indicated to me that they will sell and leave The Bahamas.

“This would lead to unintentional circumstances that would adversely impact property values and every sector of the economy that services Lyford Cay as well as similar communities.

It would heavily reduce household and general employment; construction; landscape maintenance services; pool services; electrical and plumbing services; food services; automobiles purchased; utilities payments; legal fees and real estate commissions; property tax revenue; and VAT revenue.”

Mr Cabot Lodge continued: “Further negative impacts would include: The reduction of property values, the collection of revenues for community maintenance, and bring to a halt a number of construction projects that are presently being placed on hold because of this tax uncertainty.

“Such adverse impacts would not be unique to Lyford Cay, but they would also be felt throughout the many thriving second home communities throughout the Commonwealth. We do not understand the reasoning behind what appears to be the punitive treatment of expat winter residents whose properties are used in a manner identical with those of full-year expat and local residents.

“Whatever the reason, we are greatly concerned that if this interpretation of the law stands, we will have wholesale liquidation of what - in many cases - are

GOVT DIVES IN TO BOOST FISHERIES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government has unveiled measures to boost the $78m crawfish industry, with increased wholesale profit margins and greater Bahamian dive participation among the key targets.

Michael Pintard, minister of agriculture and marine resources, speaking just before the crawfish season’s August 1 start, said the government is spearheading a new training initiative that will grow the number of Bahamian divers and reduce reliance on foreign nationals in this profession.

“We have sent a stern message to the commercial fishermen that it is our intention to carry out a vigorous recruitment drive for Bahamians to function in the dive industry, to be on these commercial vessels, and we have already come to an agreement with the National Training Agency in principle to train as many Bahamians that are committed to ongoing hard work so they can eliminate the demand that presently exists for divers from other jurisdictions, whether that

is from Honduras, the Dominican Republic or Cuba,” Mr Pintard said.

He added that there were some segments in the fishing industry that felt his Ministry should not issue permits for compressors to foreign nationals.

Mr Pintard pointed out, however, that while many of these technicians are not Bahamian-born, some of them are permanent residences, and once a permanent residence certificate has been issued by the relevant authority, the individual is able to apply to the ministry for a permit for compressor use. His ministry is mandated to review the application as they would for any individual.

Joining Mr Pintard at the press conference were Phedra Rahming, permanent secretary in the Ministry of Agriculture and Marine Resources; Edison Deleveaux, acting director of fisheries; and Gregory Bethel, acting deputy director of fisheries.

Seeking to expand international markets for Bahamian lobster, Mr Deleveaux said this would be supported by the Harvest Control Rule. This speaks

FROM L: PHEDRA RAHMING, permanent secretary to the Ministry of Agriculture and Marine Resources; Michael Pintard, minister of agriculture and marine resources; Edison Deleveaux, acting director of fisheries; and Gregory Bethel, acting deputy director of fisheries.

Photo: Deborah Abang-Ntuen

multi-generational residents’ properties here. The impact on our community will be devastating.”

Pointing out that second homeowners provided “a consistently stable source of economic activity”, Mr Cabot Lodge said: “In the case of Lyford Cay that has been over 60 years of consistent and solid community development and growth contributing approximately $215m per annum to the GDP of the Bahamian economy.

“We are concerned that absent our many ‘winter’ residents, the viability of and sustainability of our community is at risk. The rumours of these unwelcoming tax policies now swirling around New York, Florida, Toronto and other North American and Latin communities will have unintended long-term consequences for The Bahamas as investor confidence is undermined by insensitive and irrational changes in tax laws and policy.

“As I am sure your government fully understands, there is a large ‘snowbird’ population who own homes here, as in all Caribbean warmer climes, and this change in the law, we hope unintentionally, suggests that such residents, eagerly sought elsewhere, are now unwelcome in The Bahamas.

“We appeal to the Government to quickly clarify the intent of the Real Property Tax amendments, and to recognise that the winter resident market is an economic asset to the Bahamas that should be incentivised and not discouraged by punitive taxation.”

Sir Franklyn Wilson, the Arawak Homes chairman, and who had himself previously warned of the amendments’ consequences, yesterday suggested that the calibre of homeowners

resident at Lyford Cay made the Association’s letter impossible to ignore.

“I just do not see how it can be ignored; how any government can ignore it,” he told Tribune Business.

“Their position is similar to what the Bahamas Developers Association have said, and I’m convinced sound heads will cause that to be fixed. It’s too important to the country.”

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, yesterday backed the Government’s approach in distinguishing between second homes that are rented out and those used solely by their owners.

He explained that he saw “no reason” why second home renters should pay more in tax than “owner occupiers”, given that they were effectively running a business. Mr Myers, though, emphasised that any taxation needed to be reasonable, so that the vacation rental business was not discouraged.

“I’m not saying we need to tax them exorbitantly and put massive rates on them,” he told Tribune Business, “but they need to pay their fair share in tax.

“We have to be careful we don’t put everybody in a one-size-fits all. There are people that don’t live in The Bahamas that have very expensive homes and don’t rent them out for commercial reasons. They’re very private people and important members of our community from an economic standpoint. We don’t want to discourage those people.

“But commercial people should want to contribute taxes to this country. They benefit from its success and should contribute to its operating costs.”

to the amount of lobster the government should allow to be exported, in a bid to ensure the resource’s sustainability.

The Bahamas Marine Exporters Association, a private sector entity, is driving the initiative with the

assistance of the Department of Marine Resources and other non-governmental organisations, including the Nature Conservancy (TNC) and the

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PAGE 4, Friday, August 3, 2018

THE TRIBUNE

‘No hope’ as new auto sales off 16% FROM PAGE ONE

that we may have seen some recovery from that, but it’s not panned out to anything like that. Looking at the Government employment statistics, Baha Mar has probably absorbed a lot of people laid off from other sectors feeling the pinch. In the short-term I don’t see any hope.”

With new car sales hard to come by, Mr Albury said he and other dealers needed all monies due to them. “My other big issue is that Customs has a very large sum of money outstanding to us,” he told Tribune Business.

“Some of it has been outstanding from 2013 and 2014. In a lot of cases it was for vehicles that the Government purchased or people were given permission to buy duty-free for various reasons.

“We have to go back to Customs for refunds, and have to wait years, while in the meantime we’re importing millions of dollars of goods. I have to pay upfront to get vehicles released, and they’re holding on to a bunch of money that, especially at a time like this, is critical to our cash flow. I pleaded to one of the gents in the refund department today and said: ‘I’m literally begging you; please, please, please.”

The 2018-2019 budget cut the excise tax rate for vehicles with engines below 1.5cc to just 25 percent, compared to the previous 65 percent. The cut was enacted to make new, smaller and more fuel efficient and environmentally-friendly vehicles more affordable for Bahamian consumers.

Mr Albury, though, echoed other dealers in arguing that the engine

size limit was set too low, meaning it will cover too few models and not have the widespread consumer benefits desired by the Government.

“I don’t think they really understood when they made the change that 1.5cc doesn’t achieve anything,” he said. “I heard them make mention that they want to change the country’s carbon footprint, but we have few of those vehicles. 1.5cc does not make it easy for people to change. I think it would be smarter to look at 2.0cc.

There’s not a whole lot manufactured at 1.5cc.”

Mr Albury also called for greater enforcement, telling Tribune Business: “I see cars parked all over the road. I see them lined up and the Government is doing nothing apart from talking about what they’re going to do. There’s no enforcement; it’s just a Wild West.”

EMPLOYMENT OPPORTUNITY

VICE PRESIDENT MARKETING A progressive company is looking for a Vice President of Marketing. This position will be responsible for the strategy, tactics and programs to create interest, demand and recognition for the company’s products through the use of PR, Product Marketing, Creative Services, Advertising, Strategic Relationships, Direct, Event, Channel, Digital and Online Marketing.

The ideal candidate must be well rounded in all aspects of marketing and sales methodology to both vertical and consumer customers. Extensive knowledge of technical markets, pricing models, consumer packaging, channels of distribution, technology trends, customer buying patterns, budgeting, public and investor relations, advertising, statistics and analysis, P&L background, direct marketing, telemarketing, planning skills, database marketing, competitive strategies, event marketing, channel marketing, merchandising, product marketing, product management, team management, presentation, sales and strong training skills during high growth stages.

Core Responsibilities include:• Product management, pricing and business performance management for a company’s major lines of business; • Product life cycle management which includes all aspects of service development and evolution of the product; • Manages operating and expense budgets effectively to maximize

profitability and minimize impacts on corporate costs; • Ensures all activities exemplify the corporate image and brand of the company; • Creates a highly effective team fluent in current industry trends, technology changes and market conditions; • Ensures products adhere to applicable policies, practices, regulations, and privacy requirements; • Product portfolio which includes revenue, subscribers, market, share and churn targets • Portfolio plan development and business performance of products including profitability, expense management, and inventory management; • Provides inputs into the forecasting process and ongoing forecasting updates; • Identifies emerging areas of focus and high quality ideas in consultation with product marketing, technology, operations and senior management; • Leads cross-functional multi-disciplined teams in the research, evaluation, system design, requirement definition and process development for service delivery; • Negotiates, establishes and maximizes third party relationships that deliver advantageous results and protect the company’s interests; • Ensures that the company’s products and pricing are positioned competitively through proactive monitoring and research of the marketplace and competitors; • Spearheads timely tactics to counter competitive threats; • Ensures channels to market are supported and effectively maintained by providing sales aids, value propositions, product information and sales

training for all marketing-related initiatives; • Drives marketing activity to ensure alignment with marketing plans, and gains the understanding and commitment of stakeholders; • Provides marketing leadership, direction and coaching to inspire, motivate and enable a positive and productive work environment for direct reports

and cross-functional teams; • Create key performance metrics to measure customer experience and brand awareness, capturing customer behavior, analysis of results, and

development of cross-departmental recommendations.

Required Skills, Experience & Qualifications • A Bachelor’s degree in Marketing, Branding or related field; • Ten (10) plus years’ experience in a senior marketing role; • Demonstrated experience and leadership in managing comprehensive strategic; marketing, communications, media relations, and marketing

programs to advance an organization’s mission and goals; • Superior management skills with the ability to influence and engage direct and indirect reports and peers; • Ability to manage influence through persuasion, negotiation, and consensus building; • Combined background of post-sale and sales experience an asset; • Strong empathy for customers AND passion for revenue and growth; • Analytical and process-oriented mindset; • Excellent communicator with superior verbal, written, interpersonal, technical and presentation skills; • Ability to think critically and problem solve in a fast-paced environment.

Qualified applicants should submit Resumes on or before, August 15, 2018 electronically to the following email address: careers242@coralwave.com with Subject: Vice President Marketing.

Contractor chief: ‘Show me numbers’ on Pointe

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamian Contractors Association’s (BCA) president yesterday demanded to “see the numbers” showing Bahamian participation on The Pointe project has increased 100150 percent.

Leonard Sands called on the government to show just how many Bahamians are currently employed at the $200m downtown Nassau development, and how long they will be working for, arguing that it is at a stage where more should be engaged.

“I am not the one to say that the minister is not correct, but I’m going to challenge him to take a photo with all workers who are Bahamian at The Pointe,” Mr Sands said, in response to assertions

by Dion Foulkes, minister of labour, that local participation in the project’s workforce had risen dramatically.

“Again, we maintain the position that there isn’t a significant number of Bahamians at the job site. I drive past there every day and counted probably 10. The minister says Bahamian participation has increased 100 percent; that could be true.

We want to make sure that we are responsible to our membership, the employees and the opportunities that were provided for Bahamians, and we maximise

those opportunities. I still don’t see enough Bahamian contractors or labourers engaged.”

Mr Foulkes said at a recent press conference that the number of Bahamians employed had increased by between 100 to 150 percent. “I have received two reports recently, one from the Department of Labour - which we did about three weeks ago - and we also received a report from The Pointe,” he added.

“There has been an increase in the Bahamian participation. In one report it is over 100 percent, and in another report it’s over 150 percent. We want to ensure that we are looking at apples vis-a-vis apples as opposed to apples and oranges.

“If you analyse both phases, the garage plus the new development, it’s like 73 percent Bahamian and 27 percent non-Bahamian, just looking at those two phases. We want to restrict this analyses to the development going on now.” Mr Foulkes said the Government wants to ensure that, at a minimum, The Pointe’s workforce is 70 percent Bahamian.

Yet Mr Sands told Tribune Business: “The project is at a point where it certainly could have more Bahamians engaged there.

The building is topped off.

They’re now doing block work and masonry works, where we have an abundance of Bahamians.

“I would just ask the minister to clarify the numbers and speak succinctly to the engagement of local contractors at the Pointe. We definitely want to see the project succeed because it would mean hundreds of jobs for locals in our country. We are eager to have local involvement to be significantly more present and paramount.”

Mr Foulkes also said The Pointe developers had given assurances that next summer the Bahamian participation would go beyond 70 percent, and may get as high as 80-85 percent at some points.

To this Mr Sands responded: “That’s next summer. Between August and December what will the numbers be? I understand that it could change by next summer but we have persons in the construction industry who are underemployed now. We are concerned about what happens between now and Christmas.

“We would just like some articulated data that could at least satisfy our concerns about the number of persons involved on the project. Give us the number and a timeline on when the engagement of those persons happens. I pass that development every day. I see people going to work in the morning and I don’t see Bahamians. In the night I see people leaving and their faces aren’t familiar to me.”

THE TRIBUNE

Friday, August 3, 2018, PAGE 5

PHA TARGETING ‘$20M-PLUS’ BOOST FROM EXTRA REVENUE

FROM PAGE ONE

officials. “It includes a number of strategies to reduce expenditure and also to increase revenue.

“The fee schedule is just one of those things.

We would have agreed to modify the fee schedule.”

Some 500 potential fee increases were up for discussion, as the PHA looked to cover the costs associated with providing medical services in an era when the cash-strapped government can no longer meet all its financing needs from the annual Budget.

Dr Sands did not provide details on which fee rises were recommended for implementation, or the extent of the increases, only saying: “There are quite a few. The changes are not uniform across the board.

“We now have to look at the policy and legislative impact of the conceptual approach. Some of these things are enshrined in longstanding policies; some of it may be contractual; some of it may be tied to union agreements.

“While the policy has been set in motion, we need to make sure all of these things are doable. It’s not simply a matter of: This is a good idea. Now we have to look at all these things we have suggested and determine what the logistical implications are. How long that will take I don’t know.

But we did conclude with a

number of decisions.”

While able to provide a figure for the extra revenue the PHA expects to raise, Dr Sands declined to do so for the proposed spending cuts as these numbers were still being worked out.

“We’re going to look at raising another $20m-plus in revenue,” he revealed to Tribune Business. “Most of that will come from private services, collection of previously untapped insurance payments, and from some further opportunities for services in the hospital - durable meal goods and food services.”

The Minister said the PHA planned to segment its patient population into those who simply cannot afford to pay, and those that have insurance coverage such as civil servants - that can.

“Fundamentally we’ve recognised that certainly the PHA remains committed to the view we have to take care of everybody,” Dr Sands said. “There are any number of people in our country who don’t have the means to afford healthcare.

“That said, there are a large number of people that have insurance, and that insurance is paid for by the Government of the Bahamas. At the same time, we don’t want to disadvantage those individuals as well.

“The option is to provide those individuals with private care, no out-of-pocket, and charge appropriately for that care provided

in private rooms.”

Dr Sands reiterated that Road Act insurance was another “untapped resource”, as Princess Margaret Hospital (PMH) treats around 2,000 traffic accident victims per year. And the PHA’s relationship with the Physicians Alliance, the main private provider, needs to be better “codified contractually and modernised”.

As for spending cuts, he added: “We’re looking at certain services that come at a premium, and certain medical services that really add to a significant portion of the cost, so some of these contracts will have to be renegotiated.

“Things add up. We have looked at every single contract inked by the PHA, and we believe with renewals we can provide a fair contractual relationship with vendors that is also more economical to the PHA.” Dr Sands did not provide a figure on the PHA’s hoped-for-savings, saying: “We’re going to have to go and work the numbers. We don’t want to create artificial, arbitrary numbers that we pull out of thin air.” He added that some services, such as dialysis, might be shifted into the National Health Insurance (NHI) programme.

A similar PHA-type assessment has yet to conclude at the Department of Public Health, but Dr Sands told Tribune Business: “Running a Ministry on a wing and a prayer is

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certainly not acceptable in this day and age.

“We’re going to have to come up with some options to ensure the financial viability of the areas for which we have stewardship. I’m sure it’s going to generate a lot of discussion, as it already has, but just yesterday I got calls from A&E (accident and emergency) that they were overwhelmed with admissions and there were no beds at the inn.

This has been the story for weeks.”

Dr Sands said solutions could not be found

“overnight”, pointing to PMH ward construction projects initiated last year that had taken six to eight months to complete. He added that occupancy should be achieved within the next 30 days.

“When we have this type of challenge we have to find realistic solutions, and this will involve human resources, expenditure and infrastructure,” he explained.

“At least we’re not just standing idly or passively and complaining about problems. We’re seeking

to improve services to the public, and looking at private-public partnerships (PPPs) for the emergency room and maternal child/ mothercare wing. We’ve got a lot to do but can’t stand still.

“There have been significant improvements in A&E and waiting areas. We’ve just added 10-20 trolleys to make it more comfortable for patients, so there is progress. I’m sure the public would like to see even more, and every single day we’re going to keep working at this.”

PAGE 6, Friday, August 3, 2018

THE TRIBUNE

Central Bank targeting digital B$ in 30 months FROM PAGE ONE currency that is superior to cash,” the Central Bank’s EoI says.

It added that there should be “negligible cost frictions” for merchants and retailers accepting digital currency, with the Central Bank requiring interested parties to supply a digital identification system as “an essential precursor”.

John Rolle, the Central Bank’s governor, could not be contacted for comment, but the EoI said: “To advance more inclusive access to regulated payments and other financial services for under-serviced communities and socio-economic groups, the Bank is accelerating The Bahamas’ Payments System Modernisation Initiative (PSMI), and exploring the introduction of a digital currency as the next phase in this process.

“As an archipelago, The Bahamas is made up of

many dispersed, low-density communities, for which provision of market-based financial services through physical installed infrastructure has either not been feasible or is becoming increasingly less feasible.

“The Bank expects that the accelerated adoption of fintech solutions would

GOVT DIVES IN TO BOOST FISHERIES FROM PAGE THREE

World Wildlife Fund (WWF).

Mr Deleveaux said The Bahamas’ ability to demonstrate that sustainable measures to govern the lobster industry are in place will open up new export markets. He explained that through research and management practices, the Department of Marine Resources can confirm that Bahamian lobsters are being harvested sustainably, which will allow this jurisdiction to be accredited with the Marine Stewardship Council’s eco-label.

“In fact, we have surpassed the criteria for that label, which can mean a premium price for the

commodity in foreign markets is maintained for our product,” Mr Deleveaux said.

Reiterating the government’s zero tolerance policy on illegal fishing activities, Mr Pintard said the Department of Marine Resources and the Fisheries Advisory Committee were looking at increasing the penalties for offenders, which will include jail time. The recommendations, which take a broad look at the industry, are expected to go before Cabinet in October.

Mr Pintard said the government expects commercial fishermen to adhere to obey the law as they work - from safe diving practices to ensuring all the correct apparatus is available aboard

reduce service delivery costs and improve the level of financial inclusion across all communities in The Bahamas. The Bank also sees scope to boost inclusion and access in the more populated, developed markets of The Bahamas.

“Moreover, through reducing economy-wide

use of physical cash, the Bank expects to strengthen national safeguards against money laundering, terrorism financing and other criminal acts more easily facilitated by cash.”

The Central Bank EoI said traditional models for providing financial services in The Bahamas were now

their vessels.

“We are concerned right now that there are vessels that have left port who have not yet received permission of the government to have their divers use compressors, notwithstanding the fact that they may have applied for a permit to use the apparatus,” he added.

The Department of Fisheries also plans pay closer attention to the sports fishing sector to ensure it is not abused. Mr Deleveaux said individuals who hold a sports fishing permit are allowed to take home 10 crawfish. It has been discovered, though, that many of these sports fishermen – who mainly come from the US - are returning home with significantly more catch, and chest freezers filled with lobsters.

While the Government may not be as effective in capturing violators who fall in this category, the US Government has put regulations in place to protect poached items from being

brought into their country – in particular conch, the Nassau grouper and crawfish. Called the Lacey Act, offenders face up to five years imprisonment, $50,000 in fines and the confiscation of their vessel if they are found to breach the law.

Mr Deleveaux said the Department of Fisheries will increase its fleet in the northern Bahamas. Officers will be paying more attention to marinas in the northern Bahamas, where foreign boaters are believed to be trading of captured goods for services, which is illegal. The commercial fishing sector is reserved strictly for Bahamian nationals.

Notwithstanding these concerns, the country’s fisheries industry continues to grow. Mr Deleveaux said approximately 750 compressor permits have been issued to date, and every year between 1,500 and 2000 permits are issued.

The vast majority, about 98 percent of permit

MARKET REPORT WEDNESDAY, 1 AUGUST 2018

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

BISX ALL SHARE INDEX: CLOSE 1,927.98 | CHG 0.42 | %CHG 0.02 | YTD -135.99 | YTD% -6.57 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.02 1.39 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 4.02 1.00 0.18 3.00 9.13 6.15 3.62 11.42 2.81 1.75 7.92 6.10 11.25 6.35 3.75 13.00

CLOSE 4.45 17.43 9.09 4.02 1.00 0.18 3.00 9.13 6.15 3.62 11.42 2.77 1.75 7.89 6.21 11.25 6.35 3.75 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 -0.04 0.00 -0.03 0.11 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

108.47 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.02 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

108.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

7,137 500

2,000

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 14.2 N/M N/M -3.0 14.3 10.7 21.2 18.2 27.2 7.6 N/M 11.4 16.6 8.8 13.5 20.6

YIELD 2.25% 6.48% 0.00% 5.72% 0.00% 5.56% 0.00% 7.78% 3.58% 3.31% 5.43% 2.17% 4.00% 1.06% 5.15% 4.44% 3.15% 3.20% 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%

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 2.16 4.16 2.00 180.30 157.58 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 2.16 4.12 2.00 180.30 155.10 1.56 1.70 1.65 1.09 7.24 8.28 6.46 11.16 11.65 10.26

YTD% 12 MTH% 1.87% 3.98% -0.44% 4.28% 1.05% 2.26% 0.90% 3.44% 1.11% 6.05% 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 30-Jun-2018 30-Jun-2018 29-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 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

being challenged to generate a return on investment (ROI) by the country’s population size and distribution. This made it “imperative” that there be a “universal transition from cash dependence in the remote, lesser populated islands of The Bahamas”.

“In particular, The Bahamas’ total population of approximately 400,000 is distributed across at least 21 separately inhabited land masses, with a least a mile of water between each,” the Central Bank said.

“Moreover, about 70 percent of the population resides on New Providence, and another 14 percent and five percent, respectively on Grand Bahama and the Abacos.

By unofficial estimates, undocumented immigrants make up about ten to 15 percent of the population and are not well integrated into the regulated financial system.”

The Central Bank acknowledged that a digital

version of the Bahamian dollar will require legal and regulatory reforms, plus changes to consumer and data protection laws.

The EoI calls for interested parties to provide blockchain or other technology-based solutions, although it says there is no guarantee the process will lead to a formal Request for Proposal (RFP). The document, which requests replies by September 15, appears designed to find out “what’s out there” - namely the capabilities and experience of interested parties, and the solutions they can provide.

“The bank expects to identify the best fit-forpurpose solution having regard to any possibility of existing digital payments solutions, including but not limited to distributed ledger technology and/or blockchain services, [and] interoperability needs across all payments system participants,” the EoI said.

holders, are Bahamian nationals while the remainder are foreign nationals who have been authorised by the Department of Immigration to work in the fishing sector and have met the criteria to be issued with a compressor permit.

Mr Pintard said the average lobster landing over the last five years has been in the vicinity of 5.5 million pounds, with an average value in the vicinity of $61m per year. “The largest, most profitable component of the fisheries industry landing is

lobster. Landings of lobster represent in excess of 90 per cent of the value of the sector – in terms of pounds it’s 85 percent of total fisheries landing,” he added.

While these figures show the industry’s strength, it was also noted that 2017 proved to be the strongest year to date. Islands in the Northern Bahamas especially, Eleuthera, Long Island, Abaco and Grand Bahama, generated $78m dollars, with officials expecting 2018/2019 to exceed that average.

NOTICE Notice is hereby given that Gino Kashawn Casimir of Treasure Cay, 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 signed statement of the facts within twentyeight days from the 3rd August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE Notice is hereby given that DANY OLIBRICE of Matthew Street, Nassau Village, P.O.Box N9243, New Providence, 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 signed statement of the facts within twenty-eight days from the 3rd August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE Notice is hereby given that Mernide richeMond Miller of #158 Oleander St., 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 signed statement of the facts within twenty-eight days from the 3rd August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE Notice is hereby given that SHANNON TYRECK ROLLE of Detura Avenue, Nassau, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 27th July, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas

THE TRIBUNE

Friday, August 3, 2018, PAGE 7

Financial fruit: Apple becomes 1st trillion-dollar company SAN FRANCISCO Associated Press APPLE has become the world’s first publicly traded company to be valued at $1tn, the financial fruit of stylish technology that has redefined what we expect from our gadgets.

The milestone reached yesterday marks the latest triumph of a trend-setting company that two mavericks named Steve started in a Silicon Valley garage 42 years ago.

The achievement seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1, on a split-adjusted basis, and its market value dropping below $2bn.

To survive, Apple brought back its once-exiled cofounder, Steve Jobs, as interim CEO and turned to its archrival Microsoft for a $150m cash infusion to help pay its bills.

If someone had dared to buy $10,000 worth of stock at that point of desperation, the investment would now be worth about $2.6m.

Jobs eventually introduced popular products such as the iPod and iPhone that subsequently drove Apple’s rise.

The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September.

Apple hit the $1tn mark when its shares reached $207.04 around midday in New York. They rose to an all-time high of $208.32 before falling back slightly.

The shares are up around 23 percent so far this year.

Another company, Saudi Arabian Oil Co could eclipse Apple if it goes through with plans for an initial public offering.

Saudi officials have said the IPO would value Saudi Aramco, as the

FORMER Apple co-founder and CEO Steve Jobs projected in the background as Apple CEO Tim Cook kicks an event in 2017 for a new product announcement at the Steve Jobs Theater on the new Apple campus in Cupertino, Calif. Apple has become the world’s first company to be valued at $1tn, the financial fruit of tasteful technology that has redefined society since two mavericks named Steve started the company 42 years ago.

Photo: Marcio Jose Sanchez/AP company is often called, at about $2tn. But until the IPO is completed, Saudi Aramco’s actual value remains murky.

Jobs’ vision, showmanship and sense of style propelled Apple’s comeback. But it might not have happened if he hadn’t evolved into a more mature leader after his exit from the company in 1985.

His ignominious departure came after losing a power struggle with John Sculley, a former Pepsico executive who he recruited to become Apple’s CEO in 1983 — seven years after he and his geeky friend Steve Wozniak teamed up to start the company with the administrative help of Ronald Wayne.

Jobs remained mercurial when he returned to Apple, but he had also become more thoughtful and adept at spotting talent that would help him create a revolutionary innovation factory. One of his biggest coups came in 1998 when he lured a soft-spoken Southerner, Tim Cook, away from Compaq Computer at a time when Apple’s survival remained in doubt.

Cook’s hiring may have been one of the best things Jobs did for Apple. In addition, that is, to shepherding a decade-long succession of iconic products that transformed Apple from a technological boutique to a cultural phenomenon and

moneymaking machine.

As Jobs’ top lieutenant, Cook oversaw the intricate supply chain that fed consumers’ appetite for Apple’s devices and then held the company together in 2004 when Jobs was stricken with a cancer that forced him to periodically step away from work — sometimes for extended leaves of absences.

Just months away from his death, Jobs officially handed off the CEO reins to Cook in August 2011.

Although Apple has yet to produce another massmarket sensation since that changing of the guard, Cook has leveraged the legacy that Jobs left behind to stunning

heights. Since Cook became CEO, Apple’s annual revenue has more than doubled to $229bn while its stock has quadrupled.

More than $600bn of Apple’s current market value has been created while Cook has been CEO. That wealth creation exceeds the current market value of every publicly traded US company except Amazon, Microsoft and Google’s parent, Alphabet.

Even so, Cook has encountered criticism, chiefly for the creative void left in Jobs’ wake. The Apple Watch has been the closest thing that the company has had to creating another mass-market

sensation under Cook’s leadership, but that device hasn’t come close to breaking into the cultural consciousness like the iPhone or the iPad. That has raised concerns that Apple has become far too dependent on the iPhone, especially since iPad sales tapered off several years ago.

The iPhone now accounts for nearly two-thirds of Apple’s revenue.

But Cook has capitalised on the continuing popularity of the iPhone and other products invented under Jobs’ reign to sell services tailored for the more than 1.3 billion devices now powered by the company’s software.

Apple’s services division alone is on pace to generate about $35bn in revenue this fiscal year — more than all but a few dozen US companies churn out annually.

Apple had also come under fire as it accumulated more than $250bn in taxes in overseas accounts, triggering accusations of tax dodging.

Cook insisted what Apple was doing is legal and in the best interest of shareholders, given the offshore money would have been subjected to a 35 percent tax rate had if it were brought back to the US. But that calculus changed under the administration of President Donald Trump, who pushed Congress to pass a sweeping overhaul of the US tax code that includes a provision lowering this year’s rate to 15.5 percent on profits coming back from overseas.

Apple took advantage of that break to bring back virtually all of its overseas cash, triggering a $38bn tax bill. All that money coming back to the US also spurred Apple to raise its dividend by 16 percent and commit to buy back $100bn of its own stock as part of an effort to drive its stock price even higher.

PAGE 8, Friday, August 3, 2018

THE TRIBUNE