09152017 business

business@tribunemedia.net

FRIDAY, SEPTEMBER 15, 2017

$4.25

$4.29

$4.30

DPM not ruling out income tax

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Turnquest: ‘We must consider all options’

THE Government has not ruled out implementing an income tax, the Deputy Prime Minister revealing yesterday: “We have to consider all options.”

K P Turnquest, who is also minister of finance, told Tribune Business there had been no internal discussions within the Ministry of Finance or wider government to-date on the possibility of introducing an income tax in the Bahamas.

He added, though, that the Minnis administration had “taken note” of this week’s recommendation by the International Monetary Fund (IMF)

Progressive tax system among Govt goals Disaster ‘sinking fund’ eyed for 2018-2019 Public pension reform ‘can’t be kicked down road’ that it should consider a lowrate income tax to replace revenue that will be lost as import duty rates fall.

The Fund also suggested it would be a fairer form of taxation, and Mr Turnquest yesterday said that the Government wanted a tax system that was “progressive rather than regressive” to relieve the burden on lower income Bahamians.

“Certainly, we have to consider all options,” he said of the IMF’s income tax recommendation. “However, to-date no such discussion has been had by the Government, and we’ve not had that internal discussion in the Ministry of Finance.

“We take note of the recommendation by the IMF, and as we go forward we will be looking at adaptations that are See PG B4

JAMES SMITH

RAY WINDER

Income tax ‘hard sell’ in Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net INCOME tax will be “a hard sell” in the Bahamas, a former finance minister predicted yesterday, warning: “This country was built on tax evasion.”

James Smith, also a former Central Bank governor, told Tribune Business that the Bahamas needed to be “very careful on the way forward” should it explore the International Monetary Fund (IMF) recommendation to implement a low-rate income tax.

He was backed by Raymond Winder, Deloitte & Touche (Bahamas) managing partner, who said income tax should not be viewed ‘in isolation’ as solely a revenue-raising mechanism.

Arguing that any tax reform should bring wider

Ex-minister: ‘Country was built on tax evasion’ Accountant warns on financial services impact Doesn’t rule tax out, but needs ‘holistic’ approach benefits, Mr Winder said introducing an income tax could have unintended negative consequences especially for a Bahamian financial services industry that has consistently marketed its ‘no tax’ platform.

The accountant, disclosing that he was “not surprised” at the IMF’s See PG B5

BISX criticised: ‘Not a productive exchange’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas International Securities Exchange’s (BISX) low equity listings and trading volume are “not the sign of a productive exchange”, a financial analyst charged yesterday.

Richard Coulson, a panellist at a Securities Commission conference, argued that while BISX’s creation 18 years ago was “a noble start”, it had not been a success.

“Out of hundreds of [Bahamian] companies only 20 of them have chosen to list their ordinary shares on BISX, the last one being Arawak Port Development five years ago; since then, nothing,” Mr Coulson said.

Analyst: Exchange not successful Chief executive hits back “Out of those 20 companies, four of them struggle to survive. Many of them trade only once or twice a week, and days when there are no trades are frequent. That is not the sign of a productive stock exchange.”

Mr Coulson added that since 2009, 30 companies have listed on Jamaica’s junior market, a facility that BISX has long planned but been unable to create.

Keith Davies, BISX’s chief executive, speaking on the same panel, said it was “a personal choice” to list See PG B2

A BAHAMIAN non-profit organisation has injected $15-$20 million into south Eleuthera’s economy since 2008, and is now setting its sights on expansion.

Shaun Ingraham, One Eleuthera Foundation’s co-founder, yesterday said the non-profit and entities like it could become a “third pillar” of the Bahamian economy by growing their social enterprise activities.

Speaking at a press conference to preview next week’s Eleuthera Business Outlook conference, Mr Ingraham said the Foundation was assessing how its model could be “scaled up” and replicated on other islands and throughout the Bahamas.

“We estimate that the impact for south Eleuthera from 2008 has been close to $15-$20 million,”

BUSINESSMEN SLAM IMF’S ‘DISASTROUS’ INCOME TAX PLAN ‘Don’t talk to us’ until Govt reforms Warn proposal can’t be seen ‘in vacuum’ Fear it would be ‘destructive’ to business

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

DPM PETER TURNQUEST

Non-profit’s $15-$20m boost for Eleuthera

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.30

One Eleuthera Foundation eyes expansion Sees social enterprise as ‘third pillar’ Looking at ‘scaling up’ model for other islands he said. “That’s a small group of people from the island coming together to make things better.

“We are on the ground every day, looking to bring this out, and see what works and what doesn’t work. We’ve hired 60 people, and are moving from start-up to scale up.”

Mr Ingraham said the Foundation was now reviewing its See PG B5

BAHAMIAN businessmen yesterday slammed the IMF’s income tax proposal, demanding: “Don’t even talk to us about more taxation until the Government’s cleaned its house.”

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), blasted the idea of new and/or increased taxes as “short-sighted and irresponsible” given the Bahamas’ present economic and fiscal condition.

Warning that an income tax would only further weigh down already-overburdened Bahamian businesses, Mr Myers described the IMF’s proposal as akin to ROBERT MYERS “putting the cart before the horse” because the Government has yet to curb its spending and deliver on promised fiscal reforms.

The IMF, in its statement on the Article IV consultation with the Bahamas, called on the Government to implement a “low rate income tax” to both improve taxation system fairness and replace revenue lost as Customs tariffs are slashed.

The Bahamas has to cut, or eliminate, many tariff rates as part of its international trade commitments, but Mr Myers warned it was dangerous to implement an income tax “in a vacuum” where just one factor is considered.

“I think it’s irresponsible and shortsighted,” he told Tribune Business. “The See PG B4

PAGE 2, Friday, September 15, 2017

COMPANIES MUST UNDERSTAND THE VALUE OF HUMAN RESOURCES THE role of human resources professionals is growing rapidly. Businesses small, medium and large understand more clearly the value of well-trained practitioners in the smooth and efficient running of their operations. If a company’s human resources team functions akin to the nucleus of a cell, then the well-being of the cell, tissues, organs, systems and body on the whole depend heavily on the strength and resilience of the nucleus.

Yet the human resources team often gets pummeled by the wider employee base for everything relating to promotions, salary, benefits, safety issues, working conditions and just about everything else they view as infractions. Employees typically scream that they have certain expectations of those working in human resources, and when those people fall beneath these standards, they are held in contempt.

They constant cry from employees is that human resources professionals should maintain a higher degree of professionalism in relation to these competencies: 1. They should be confidential

2. They should be humane and caring 3. They should be knowledgeable 4. They should be fair and non-biased 5. They should engage, and be the communication champions on staff So often, though, managers and employees outside human resources do not understand that these professionals are really their partners in ensuring their work-life and careers are productive and successful.

Going further, senior executive teams must ensure that investments are made in acquiring and celebrating human resources team members who serve with distinction.

Nina Woodard, of Brandman University, has written extensively on the shifting trend of human resources in the workplace. Here is a little of what human resources professionals must do today to broaden the scope and understanding of the vital role they play in making human resources great again.

on the exchange and it could not force firms to do do.

He argued that the Jamaica Stock Exchange’s junior market listings volume was largely due to tax incentives for companies that went public and listed their shares.

He argued: “There are hundreds of [Bahamian] companies out there that have chosen not to list. Companies are choosing not to go public; that is a personal choice they have made.

2. Look to the future It is always important to stay ahead of current trends. Continually ask yourself: What will my job - not solely in the human resources function, but in the company as a whole - require tomorrow? Be able to identify the trends, opportunities and threats.

For instance, rapid shifts in technology will create a new way of working. How can that best be harnessed in order to build stronger relationships for your company? Adopting a more futuristic focus on strategy creates a purposeful tomorrow.

trained to be consistent in administering policy and establishing procedure.

This common practice ensures a level of equity and transparency. While it is imperative to always be fair and transparent, it is important to be adaptable and work effectively within a variety of situations, and with various individuals or groups. A successful human resources professional should be open-minded and accepting of change or opposing perspectives.

The days of throwing more staff at a challenging situation are gone. It is critical for the human resources professional to learn to be more lean, and thereby more productive; to hire for peak times, and to make sure they are always able to manage for the long-term.

Being flexible is mutually beneficial. It allows employers and employees to balance work and personal needs. It also builds employee trust and commitment, as well as helping to attract and keep key talent, ultimately driving everyone to find solutions that work for all involved.

4) Manage the risks

1. Think globally

3. Be flexible

Having a global mindset is not so much about being

Human resources professionals are traditionally

Human resources has been tasked with protecting the assets and value

that any one who is resident for exchange control purposes can access our market; anyone else is excluded unless the Central Bank allows it. That is a reality,” said Mr Davies.

“We have to work with what is in front of us. We have been around since 2000. For half of that we were wandering around the wilderness trying to find our feet. In that time we started off with people not even knowing what a security was. When I started in this industry, I was one of a few lawyers who understood what a security was. In terms of financial literacy there was a huge gap.”

KEITH DAVIES

BISX criticised: ‘Not a productive exchange’ From pg B1

a part of an international company or workplace, but about being open to all possibilities. A culturally aware and knowledgeable mindset is crucial to a successful human resources career, and will allow you to manage and motivate a diverse group of employees. It is important to make sure your blinders are off and you are able to clearly see the potential around you.

“When you go public it is pretty much for one reason; that is to get capital to do something. When they choose not to go it is because there are options available to them outside of going public. The fact that they aren’t coming to the market doesn’t mean that there are deficiencies in one part or the other of the market.”

Mr Davies said many observers were simply ignoring the realities that currently exist. “For one, we are an exchange control jurisdiction, which means

of the company from unnecessary litigation, and situations that could deflate the company’s value. In other words, we resolve risk before it turns into threats against the company. The first step in risk management is always to understand the risk.

By understanding potential risks, you are able to find ways to minimise their impact and, in turn, help your business recover quickly if an incident occurs. For instance, the most common crimes that occur in the workplace are embezzlement, theft and fraud. It is human resources responsibility to ensure that measures are in place to safeguard against these misdeeds.

5) Be courageous Human resources professionals must be courageous in their convictions, and able to stand up in their company when necessary.

For instance, far too often we hear of harassment scandals being brought to light after years of rampant misconduct in the workplace, which should never be the case.

It is the job of human resources to take a stand at the onset of misconduct, boldly speaking up when

THE TRIBUNE

IAN FERGUSON things need to be different.

This delivers a futuristic message: If we make the right move now—while it may be difficult—the company will be more profitable and sustainable in the long run.

• 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 tcconsultants@ coralwave.com.

RICHARD COULSON

THE TRIBUNE

Friday, September 15, 2017, PAGE 3

‘SUBSTANTIAL’ CHANGES TO INVESTMENT FUNDS LAW

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Securities Commission yesterday said it expects “substantial and substantive” legislation governing Bahamas-domiciled investment funds, with the initial draft set for completion in the next several weeks.

Mechelle Martinborough, the Comnmission’s legal counsel, told Tribune Business: “We currently have a first draft that we hope to be finished with in another month or so,

First draft set for completion ‘within weeks’ and we will put it out to the industry for their consultation.

“It is quite an extensive piece of legislation. One of our main goals is to make some adjustments that could really impact the development of the industry.

“We want to ensure that we have the industry involved in that process in all stages and all levels,

and so far I think it’s been a very positive experience.

We are going to be making some real substantial and substantive changes which we think will be good for all stakeholders at the end of the day.”

Ms Martinborough said of the proposed amendments: “One of the biggest changes is with regards to the licensing regime around the funds. We are looking at changing the trigger for the licensing of funds, which is the appointment of an administrator.

“Currently, the law requires that if you want to have a fund domiciled

in the Bahamas you have to appoint a Bahamian administrator.

We are taking that requirement out of the legislation so now funds can appoint an administrator they want.

That will liberalise the investment funds sector to some extent. It’s a big change, and something the industry has been talking about and looking for for a while.”

She continued: “The next big change is with regards to administrators. We have some rules around how they qualify to be licensed. We are

taking away one category of licensing there.

“That would be the category of the exempt administrator. We will have them move into the category of restricted administrator.

We are going to try and do that without causing them any extra cost in terms of obligations and duty.”

Ms Martinborough said the revised Act will also contain provisions that allow industry participants to qualify for the Alternative Investment Fund Manager Directive (AIFMD).

“It will enable them to qualify to do business with and for European entities, and also to get into the European market to manage European funds, and so there are provisions in the legislation to deal with that,” she added.

The Securities Commission launched the Investment Funds Act 2003’s overhaul last July, in a bid to strengthen regulation of the sector and improve competitiveness.

Capital markets need ‘education of masses’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas must improve financial literacy to take its capital markets to the next level, the Bahamas Institute of Chartered Accountants (BICA) president said yesterday.

Speaking at a Securities Commission panel discussion, Gowon Bowe said there was a lack of understanding in the Bahamas about how the capital markets work.

“There is a notion of capital markets but not an understanding,” he said.

“An understanding of the capital markets is what is necessary. We need to have financial literacy. Persons in the Bahamas would, by and large, define our capital markets as BISX, which is actually in any major capital market environment a small percentage of what is actually transacting in capital markets.

“In the simplest of terms, capital markets is

no different than Kelly’s or Super Value. It is matching the suppliers of goods and services, which in this case is money, with persons that have an idea that needs capital. We need to have a better understanding and communication of what is capital markets, and what things are being transacted.

Education of the masses is required to take our capital markets to the next level.”

Barry Williams, Aliv’s chief financial officer, said:

“There are some good things about the capital markets in terms of the level of broker/dealers and the ability of companies to raise funds.

“I think that with respect to the local, or small man, on the street, I would agree that it is dismal because the ability of those individuals to access the capital markets is quite challenging but, from a corporate perspective, I think it is quite good.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

An offshore bank is looking for a

Compliance Officer/MLRO The Compliance Officer and MLRO will report to the Group Compliance Officer at parent company and Board of Directors of the Bank. The individual will have oversight and responsibility for all compliance-related matters in the Bank.

Education and Experience Requirements • Bachelor Degree in Accounting, Business or Finance, Law or equivalent work or legal experience • At least seven years of relevant compliance or similar experience such as internal and external audits • Certified member of ICA (International Compliance Association) or related internationally recognized compliance body such as ACAMS

(Association of Certified Anti-Money Laundering Specialists) • Highly motivated self-starter, good team player • Excellent verbal and written communication skills and organization skills and strong compliance sense • Minimum five years’ solid experience in financial services with good understanding of business and operational processes • Strong regulatory/compliance knowledge and skills Responsibilities include but are not limited to; • Primarily responsible for the direction and execution of the Compliance

Program • Support and perform customer identification and verification procedures for new customers and participate in the ongoing review of existing customers to ensure adherence to AML and regulatory

requirements.

• Support and partner with the Group Compliance Officer in the development of strategic compliance planning and development of

effective internal controls intended to mitigate the Bank’s compliance risks • Review and update internal compliance policies and procedures to

ensure that they are clearly written, comprehensive, provide sufficient

controls, and are in compliance with applicable regulations.

• Identify key compliance weaknesses; develop recommendations for improving weaknesses and improving operations • Develop and execute periodic comprehensive monitoring, testing and risk assessment protocols • Manage and coordinate examination and audit process with regulators and external examiners • Address test/risk assessment findings to assure implementation of agreed remediation measures.

• Develop and present summaries and status reports of quarterly

activities to senior management, the Compliance Committee and of the Board of Directors • Perform special projects, reviews and other duties as assigned by Senior Management and the Board of Directors Anti-Money Laundering • Drafting and implementing internal policies and procedures to combat money laundering and terrorist financing • Advising Senior Management on the design and implementation of

comprehensive AML Programs (i.e., organizational structure, policies

and procedures, risk assessment, technology resources, management

information systems, etc.).

• Conducting anti-money laundering investigation and filing suspicious

transaction reports with the Local Financial Intelligence Unit (FIU) • Organizing/conducting structured training for all staff (in particular

those with client related activities) in understanding the issues which

concern client based activities, identifying & reporting suspicious transactions - ensuring all staff are well informed of Bank policies and

the procedures which affect them, • Reviewing all alerts and ensuring appropriate follow up through internal investigation when necessary.

• Participate in various internal and external committees/organizations

as may be required.

Interested persons should submit their curriculum vitae along with a cover letter by 20th September, 2017 addressed to:

Private & Confidential Human Resources re: Compliance Officer/MLRO c/o The Tribune Box DA #121289 P.O.Box N-3207 Nassau, Bahamas

PAGE 4, Friday, September 15, 2017

Businessmen slam IMF’s ‘disastrous income tax plan From pg B1 IMF’s suggestion to introduce income tax into the Bahamian tax structure is putting the cart before the horse, and does not show an understanding of the local socioeconomic structure.

“Adding any further taxes ahead of the Government’s [planned fiscal] reform is unacceptable, and the suggestion of it is downright irresponsible.

“In effect, what the IMF suggests by this is that if the Government taxes its citizens more the IMF will lend it more money. The Government does not need more money; it needs to learn how to live within its means, like the rest of us.”

Mr Myers agreed that the Bahamas’ potential

accession to full World Trade Organisation (WTO) membership would require further reviews of its taxation system, but changes should not be made on this basis alone.

“We can’t do this thing in a vacuum,” he told Tribune Business. “We’ve got to do things with an eye to improving the socioeconomic conditions and economy of the nation.

We’ve got to look at the tax structure, but not just to increase government revenues.”

Suggesting that the IMF proposal reflected an outsider’s opinion, and the Fund’s “limited view of the Bahamas”, Mr Myers said there were numerous tax reform options besides income tax.

DPM not ruling out income tax From pg B1 necessary due to changes in trade patterns and international trade agreements.”

The IMF had suggested a low-rate income tax as a revenue replacement for Customs duties, which have to be reduced because of the Bahamas’ Economic Partnership Agreement (EPA) commitments and, potentially, accession to full World Trade Organisation (WTO) membership.

Customs/import duties are viewed as barriers to trade, and the EPA agreement with the European Union (EU) already obligates the Bahamas to significantly reduce or

eliminate numerous tariff rates.

Mr Turnquest affirmed to Tribune Business: “We will consider all available options to ensure that, at the end of the day, we have a tax system that is simple, reflective of our unique situation in terms of openness as an economy; is progressive rather than regressive so that the burden of taxation is not borne by the most vulnerable in our country, and achieves the revenue yield necessary to provide the services Government must provide for society.”

The Bahamas’ taxation system has historically been based on consumer, or

NOTICE TRITON ASSET MANAGEMENT LIMITED NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Triton Asset Management Limited has been completed and the company has been struck from the Register on the 29th day of August, 2017.

Shareece E. Scott Liquidator NOTICE

LALITTY INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Lalitty Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 25th day of August, 2017.

THE TRIBUNE To replace revenues lost to tariff cuts and eliminations, alternatives included increasing the VAT rate or imposing real property tax on Bahamian-owned properties in Freeport and the Family Islands.

Mr Myers added: “To focus on tax as a means to fix the nation’s socioeconomic and fiscal crisis is, as Winston Churchill put it: ‘I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle’.

“First and foremost, clean up your house,” the ORG principal said of the Government. “Don’t tell me to tax the citizens more, and slow the economy more, when there is all kind of waste, inefficiency and corruption in government.

“Don’t talk to me about any more taxes until you’ve cleaned up your own fiscal house. I don’t want to know.

I don’t even want to hear it.

We took VAT on the chin, and the former government said they would do all that, but they did nothing.”

Michael Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, last night echoed Mr Myers by warning that it would be “disastrous” to introduce an income tax now - even if it was intended as a revenue replacement mechanism.

“The IMF speaks to the need to improve the ‘ease of doing business’, for the Government to complete its fiscal overhaul, to reduce the cost of energy. We also need to improve productivity. All these and others must precede any new tax,” Mr Maura argued.

“To introduce a new tax at a time when the cost of living is unbearable, at a time when a small business can hardly keep its doors

open, would be destructive. Furthermore there remains much work to do in the area of tax compliance with the taxes on the books today.

“I will say this: After meeting with the new Financial Secretary [Marlon Johnson] today I am confident that he will do all he can to address this matter. There is also great opportunity for the Government to automate its processes and engagement with the taxpayer so as to become more efficient at tax collection, and simultaneously lower the administrative cost.”

Rick Lowe, an executive with the Nassau Institute think-tank, also slammed the IMF’s income tax proposal for “going in the opposite direction we should be taking”.

“How ridiculous,” he told Tribune Business. “Just tax us into oblivion, tax us all

out of existence. That will solve the problem. They’d better figure out ways let people get into business a little bit easier to rejuvenate the economy and take the pressure of existing businesses with the current tax framework they have in place.

“You’re killing the economy through regulation and taxation, and it is already slowing with no growth. We cannot keep finding new taxation without finding economic growth. You will take more and more out of the economy. There’s less and less to spend, and people are less inclined to invest.

“As long as you keep taxing, that’s not going to change the situation very much. I don’t support the idea of taxation simply for the sake of taxation.

To me, it’s the opposite of the approach we should be taking.”

‘cost of living’, levies such as Customs/import duties and now Value-Added Tax (VAT).

These taxes are regressive because lower income Bahamians have to pay a disproportionately higher percentage of their income in taxes when compared to those who can most afford to pay - the rich.

Both Mr Turnquest and the IMF alluded to the Bahamian taxation system’s regressive nature, the latter suggesting a low-rate income tax will be more equitable because rates would be linked to a person’s ability to pay.

“Over the medium term, introducing a lowrate income tax as import duties are further reduced should make the tax system more progressive and help protect infrastructure and social spending,” the Fund argued.

However, many in the private sector yesterday reacted angrily to the income tax suggestion, fearing it will only increase the taxation burden and slow an already-struggling Bahamian economy further (see other article on Page 1B).

It was also among the reform options assessed by the former Christie administration before it eventually plumped for VAT, with income tax ultimately rejected because the system required to administer and enforce it was seen as too expensive and complex.

Apart from the income tax suggestion there was little that was surprising in the IMF’s statement on its Article IV consultation with the Bahamas, the Fund giving an accurate summary of this nation’s economic and fiscal position.

“The IMF, like Moody’s, has accepted the Government’s fiscal plan as being reasonable, and they - like us - have to see the execution and follow through,” Mr Turnquest told Tribune Business. “That’s the story, really.”

Yet while agreeing with the Minnis administration’s fiscal consolidation targets and objectives, the Fund called for it to lay out “detailed policy measures” on how it will achieve these goals.

Mr Turnquest yesterday said he wanted to create ‘a sinking fund’ in the 2018-2019 Budget,”if I had my way”, which would be used to build-up savings for financing hurricane recovery.

He added that the Government was seeking to strike the right balance on Fiscal Responsibility legislation, and realised that it “cannot continue to kick the can down the road” on public sector pension reform.

The IMF, in a timely reminder following Hurricane Irma, urged the Government to build-in

Budget savings to provide “an additional buffer against the fall-out from natural disasters due to the Bahamas’ exposure to hurricanes.

Confirming that the Government will not undertake emergency borrowing to finance Irma relief efforts, Mr Turnquest said: “Going forward we have to build into the Budget a catastrophe fund to react to these kinds of events because, at the end of the day, these shocks can have a significant effect on our spending patterns and debt.

“We want to, as much as possible, set aside some revenues and have funding available to help in the event of natural disasters. That will not happen overnight, but we do have in mind a proposal with respect to creating a ‘sinking fund’.”

Asked when this will be created, Mr Turnquest replied: “If I had my way, next Budget year, but I have to be careful making commitments this far in advance.”

With the IMF backing the Government’s planned Fiscal Responsibility legislation, the Deputy Prime Minister said the Government was seeking a balance between future administrations being able to easily amend it and having the financial flexibility to respond to hurricanes and global recessions.

“We are consulting with experts in this area,” Mr Turnquest told Tribune Business. “We certainly want to put forward a robust piece of legislation that reflects our current circumstances, but gives us the flexibility to respond to

external shocks - climate change and hurricanes, and recessions.

“We want to make it as prescribed as possible so that the legislation is not easily or arbitrarily set aside.”

The IMF also identified the urgent need for public sector pension reform, which has already left the Government facing a $1.5 billion-plus liability via a ‘pay-as-you-go system’ where civil servants contribute nothing to their retirement income.

“The whole idea of public sector pensions is an open secret in terms of it being a serious issue for the country,” Mr Turnquest told Tribune Business. “We share the view that there has to be some reform in this regard.

“Specific policy decisions have not been advanced as yet. We recognise this is a can we cannot continue to kick down the road.”

Public sector pension payments are forecast to cost taxpayers $95 million in 2017-2018, up from just over $82 million in 20152016, and the situation will only get worse.

The KPMG accounting firm previously disclosed that these liabilities, which it currently estimates at around $1.5 billion, are set to increase to $2.5 billion by 2022, and $4.1 billion by 2032, unless essential reforms are enacted.

These liabilities would push the national debt towards $8.7 billion if included in the calculation, a figure almost equivalent to total annual Bahamian economic output or a 100 per cent debt-to-GDP ratio.

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 3221986 and share your story.

NOTICE SPEYHAWK LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Speyhawk Ltd., has been completed and the company has been struck from the Register on the 29th day of August, 2017.

Dated the 13th day of September, 2017 Beatus Limited Liquidator

NOTICE KANETOAD LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Kanetoad Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 25th day of August, 2017.

Dated the 13th day of September, 2017 Beatus Limited Liquidator

Shareece E. Scott Liquidator

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:NAVEO ISLES LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 9th AuguST, 2017.

C.B. Strategy Ltd. LIQuIDATOR

THE TRIBUNE

Friday, September 15, 2017, PAGE 5

Income tax ‘hard sell’ in Bahamas From pg B1 income tax recommendation, agreed that a corporate income tax was “a better solution” to taxing companies than the current Business License fees.

“I see income tax as option that ought to clearly be explored and looked at,” Mr Winder told Tribune Business. “But considering that the Bahamas is a low or ‘no tax’ jurisdiction, and that there are a number of residents and companies present in the Bahamas because of that, we need to gain an understanding of how that’s going to impact the overall economy.

“We need to use taxation as a means of collecting

revenue, but also as a means of incentivising the development of industries and certain transactions for the economy. It’s also difficult to take into consideration one aspect of taxation without considering all the taxes the Bahamas currently uses.

“Before we move in that direction [income tax], studies need to be done; not only to seek additional revenue, but spur momentum in certain industries.

The Government ought to be wise and take a look at every tax being utilised in the Bahamas before we move in any one direction.”

Apart from the potential impact on the financial services industry competitiveness, the Deloitte chief

said the Bahamas had to consider other factors including energy costs, productivity and efficiency levels - when considering taxation reform.

“We have to do certain things first,” Mr Winder added. “We cannot go to the marketplace and talk about income tax and have such high energy costs.

That has to be dealt with and reduced./ “I do not rule it [income tax] out, but I definitely do not support a situation where the Government puts it in place in isolation.

It has to be done with a holistic view, and with the mindset that the Bahamas has to be a competitive jurisdiction and in a position to compete.”

Income tax was among the reform options assessed by the former Christie administration in

2013-2014, but was ultimately rejected in favour of Value-Added Tax (VAT) because it was seen as too costly and complex to administer and enforce.

Compliance levels were among the key concerns with income tax, a factor alluded to by Mr Smith yesterday, who said any move to introduce it in the Bahamas “should not be left to opinion”.

Calling for analysis and studies to “lead the way”, Mr Smith said the IMF itself may not have explored all the factors that would affect its implementation.

Besides determining the preferred type of income tax and the rate, the exfinance minister said the Government would also have to target a revenue yield and put in place a structure to prevent tax avoidance and evasion.

Non-profit’s $15-$20m boost for Eleuthera From pg B1 progress over the last five years to determine how its model could be “scaled up” and taken to a national level or other islands.

“This is where this sector needs to go,” he added. “I think it can be a third pillar.

Tourism and banking previously provided a stable economy, but we need social enterprise and the citizen sector, hiring people and bringing them back to the island.”

One Eleuthera Foundation is a non-profit aiming to bring together all island residents, Bahamians and foreigners, to improve their community from an education, health and wellness, environment and economic development standpoint.

Headquartered at the former Rock Sound Club, where it has its offices and Training and Innovation Centre, the Foundation is planning to expand the facility from 16 rooms to 20 by year-end 2017.

Mr Ingraham said “a large portion” of the Foundation’s $15-$20 million investment had come from second homeowner donations, but he estimated that around one-third represented in’ kind contributions from Bahamians “stepping up to the plate” and donating materials, labour and time free of charge.

Besides the training and technical support, the Foundation has also helped form the One Eleuthera Co-Operative Credit Union to provide the community

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:WERBOWY LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 9th AugusT, 2017.

C.B. strategy Ltd. LIQuIDATOR

L to R: Stephen Thompson, chief financial officer at Bahamas Ferries; Joan Albury, Bahamas Business Outlook chief Organiser; and Shaun Ingraham, One Eleuthera Foundations’s co-founder. with much-needed financial services.

“A lot of young entrepreneurs just don’t have anywhere to go to get financing to start a business,” Mr

Ingraham said, disclosing that the credit union now has 200 members and can offer loans.

Detailing the Foundation’s expansion plans, he

“Bear in mind this country was built on that,” Mr Smith said of tax evasion.

“It’s an interesting discussion to have, but the Bahamas - given its historical status on taxation - needs to be very careful on the way forward.”

He added that other factors to consider in relation to an income tax was the Bahamas’ relatively small 370,000 population, and the segments of society that were either low income or unemployed.

And Mr Smith also warned that it might be tough to ‘sell’ an income tax after the Bahamas had marketed itself to the world for so long as a ‘low’ or ‘no direct income tax’ jurisdiction.

“It will a lot harder sell than in other countries,” Mr Smith told Tribune Business. “We’d have to

get over that barrier first.

Would the tax apply only to domestic, or onshore, companies as opposed to offshore?”

Fears that premium tax would apply to the international insurance industry prompted the flight of captives from the Bahamas to Bermuda in the late 1970s, and Mr Smith warned: “The messaging must be pretty much correct as you could have unintended consequences.

“There are a lot of issues involved in this, not the least of which is the administrative machinery. The net effect ought to be positive once you’ve taken a decision. You don’t want to introduce a new tax because it’s fashionable.”

added that it wanted to establish a technical and training centre at James Cistern, and broaden the credit union’s presence on the island.

“For the last five years we’ve been primarily in the south,” Mr Ingraham said. “We wanted to establish a firm base. Now we have that, we have a plan to expand, taking the credit union into the central and northern part of the island.

That’s on the drawing board this year.”

The Foundation also has the restoration and clean-up of Eleuthera’s historical and cultural sites as one of its core objectives, believing the island offers significant opportunities for these types of tourism and eco-tourism.

“Most of the cultural and heritage sites are in poor condition,” Mr Ingraham said. “We need to

strengthen those sites.

We’ve got sites all over Eleuthera that need to be protected.”

He listed sites such as Preacher’s Cave and Lighthouse Point, suggesting their revival could pave the way for an “explosion” of the Blue economy.

Joan Albury, president of conference organisers, The Counsellors, said Cape Eleuthera Resort and Marina - its venue - had just invested $10 million into an expansion.

She added that Silver Airways, which will also be presenting at the conference, will be unveiling new routes and pricing for the Bahamas.

Stephen Thompson, Bahamas Ferries’ chief financial officer, said the company had its eighth vessel currently under construction.

EXXONMOBIL EXPLORATION AND PRODUCTION NW AFRICA (OFFSHORE) LIMITED NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 25th day of August A.D., 2017.

Dated the 15th day of September, A.D., 2017 T.A. Parmenter Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION NW AFRICA (OFFHSORE) LIMITED

NOTICE PEARL RING HOLDINGS LTD. NOTICE is hereby given as follows: (a) Pearl Ring Holdings Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

NOTICE CRASTER INTERNATIONAL LTD.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Craster International Ltd., has been completed and the company has been struck from the Register on the 25th day of August, 2017.

Dated this 13th day of September, 2017.

Beatus Limited Liquidator

Shareece E. Scott Liquidator

NOTICE BISPING INVEST LTD.

NOTICE ASLAND HOLDINGS LTD.

NOTICE is hereby given as follows: (a) Bisping Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 13th day of September, 2017.

Beatus Limited Liquidator

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Asland Holdings Ltd., has been completed and the company has been struck from the Register on the 19th day of July, 2017.

Shareece E. Scott Liquidator

PAGE 6, Friday, September 15, 2017

THE TRIBUNE

DOW EKES OUT ANOTHER RECORD EVEN AS OTHER INDEXES STRUGGLE

By MARLEY JAY Associated Press

NEW YORK (AP) — It was a split decision on Wall Street on Thursday as gains in a handful of industrial and health care companies largely outweighed sluggishness elsewhere in the

market, including the technology sector.

Sizable gains by Boeing and United Technology were enough to push the Dow Jones industrial average to another record, but other major indexes fell.

Retailers were also weak after the government said prices paid by consumers

jumped in August. That could prompt the Federal Reserve to raise interest rates sooner than expected in order to cool the economy and stave off inflation. That would be bad for companies like retailers that depend on shoppers spending money.

Energy companies rose as U.S. crude oil climbed to its highest price in six weeks.

The Standard & Poor’s 500 index slid 2.75 points, or 0.1 percent, to 2,495.62.

The Dow Jones industrial average rose 45.30 points, or 0.2 percent, to 22,203.48. It was the Dow’s third straight record high close.

The Nasdaq composite slumped 31.10 points, or 0.5

TRADERS CHRISTOPHER LOTITO, left, and Jeffrey Vazquez work on the floor of the New York Stock Exchange, yesterday. U.S. stocks are falling Thursday morning after finishing at record highs the last two days. (AP Photo/Richard Drew) percent, to 6,429.08 as big names like Facebook and Alphabet, Google’s parent company, lost ground.

The Russell 2000 index of smaller-company stocks fell 1.87 points, or 0.1 percent, to 1,425.02.

NOTICE IN THE ESTATE OF BONNIE DOROTHEA HAZLEWOOD, late of the Eastern Road in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having any claim or demand against the said Estate are required to send the same to the undersigned on or before the 16th day of October, A.D. 2017 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 15th day of September, A.D. 2017 CALLENDERS & CO. Chambers, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

INTENT TO CHANGE NAME BY DEED POLL t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,867.83 | CHG 0.01 | %CHG 0.00 | YTD -70.38 | YTD% -3.63 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 2.41 0.15 6.47 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.25 7.25 12.51 11.00

52WK LOW 4.05 17.43 8.19 3.50 1.39 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 8.17 6.60 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

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 2.08 3.96 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 4.28 17.43 9.09 3.70 1.39 0.14 3.92 8.60 6.10 10.60 10.01 2.43 1.55 6.00 9.75 7.08 10.25 7.01 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 100.00 100.00 100.00 109.34 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.70 1.39 0.14 3.92 8.60 6.10 10.60 10.01 2.44 1.55 6.00 9.75 7.08 10.25 7.01 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 0.01 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

109.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 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

VOLUME

NAV 2.08 3.96 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.467 0.932 -0.230 0.540 -0.340 0.000 -0.857 0.574 0.681 0.540 0.559 0.102 0.455 1.212 0.768 0.575 0.929 -0.602 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

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

P/E 9.2 18.7 N/M 6.9 N/M N/M -4.6 15.0 9.0 19.6 17.9 23.9 3.4 5.0 12.7 12.3 11.0 -11.6 17.9 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 0.0

YIELD 1.87% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 3.40% 5.69% 2.46% 3.87% 4.83% 4.62% 0.00% 3.32% 2.00% 4.96% 0.00% 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% 2.55% 4.51% 1.07% 1.53% 1.38% 2.48% 3.48% 4.01% 3.17% 7.00% 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 31-Jul-2017 31-Jul-2017 28-Jul-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

Jewelry seller Tiffany dropped $4.56, or 4.8 percent, to $90.95 after one of its biggest shareholders, Qatar’s investment fund, said it sold some of its Tiffany stock.

Boeing rose another $3.30, or 1.4 percent, to $245.23.

Wednesday afternoon, CEO Dennis Muilenburg said the company expects to start delivering more planes. The stock rose 0.6 percent a day ago. Other industrial companies also climbed. United Technologies gained $2.86, or 2.6 percent, to $113.14.

Benchmark U.S. crude oil rose 59 cents, or 1.2 percent, to $49.89 a barrel. That was its highest closing price since the end of July. Brent crude, used to price international oils, gained 31 cents to $55.47 barrel in London.

Among energy companies, Schlumberger rose 78 cents, or 1.2 percent, to $67.70 and Anadarko Petroleum picked up 40 cents to $43.53.

Chipmaker Lattice Semiconductor slipped after the U.S. government stopped its sale to a firm backed by the Chinese government because of national security concerns. Lattice accepted the $1.02 billion offer from Canyon Bridge Partners in November, but investors have long been skeptical the deal would be completed.

Last week a U.S. government panel said the sale should be blocked.

PUBLIC NOTICE

MARKET REPORT WEDNESDAY, 13 SEPTEMBER 2017

On the New York Stock Exchange, there were slightly more winners than losers.

The Labor Department reported that U.S. consumer prices grew 0.4 percent in August as gas and housing costs rose. Prices are up 1.9 percent over the last year. That could show inflation is speeding up, though it’s not clear how much of the recent increase in gas prices was due to Hurricane Harvey, which deluged the Gulf Coast region in late August and caused many drilling rigs and refineries to shut down.

The Federal Reserve will meet next week and investors wondered if Thursday’s report makes it more likely the Fed will raise interest rates later in the year.

Higher interest rates reduce growth because they make borrowing more expensive.

Michael Scanlon, a portfolio manager for Manulife Asset Management, said if inflation does get stronger over the next few months, “it would be a sign of more health in the economy overall,” he said.

Urban Outfitters fell 77 cents, or 3.3 percent, to $22.77 and discount retailer Ross Stores lost 81 cents, or 1.3 percent, to $60.60.

Amazon shed $7.39 to $992.21. Coca-Cola lost 38 cents to $46.11 and grocery store operator Kroger fell 47 cents, or 2.2 percent, to $21.26.

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

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

The Public is hereby advised that I, BYRON RENO DAVIS of Nassau Village, New Providence, Bahamas intend to change my name to BYRON RENO FERGUSON. 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.

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) TERZA INVESTMENTS FUND LTD is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on September 12, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before 12th day of October 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

September 13, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

NOTICE Hispaniola Telecom Holdings, Ltd. NOTICE IS HEREBY GIVEN as follows: (a) Hispaniola Telecom Holdings, Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 12th day of September, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

THE TRIBUNE

Friday, September 15, 2017, PAGE 7

Google hit with CALL 502-2394 TO class action lawsuit ADVERTISE TODAY! over gender pay Employment Opportunity

By RYAN NAKASHIMA Associated Press MENLO PARK, Calif.

(AP) — Google faces a new lawsuit accusing it of genderbased pay discrimination. A lawyer representing three female former Google employees is seeking class action status for the claim.

The suit, filed Thursday in San Francisco Superior Court, follows a federal labor investigation that made a preliminary finding of systemic pay discrimination among the 21,000 employees at Google’s headquarters in Mountain View, California. The initial stages of the review found women earned less than men in nearly every job classification.

Google disputes those findings and says its analysis shows no gender pay gap.

The suit, led by lawyer James Finberg of Altshuler Berzon LLP, is on behalf of three women — Kelly Ellis, Holly Pease and Kelli Wisuri — who all quit after being put on career tracks that they claimed would pay them less than their male counterparts. The suit aims to represent thousands of Google employees in California and seeks lost wages and a slice of Google’s profits.

“I have come forward to correct a pervasive problem of gender bias at Google,” Ellis said in a statement. She says she quit Google in 2014 after male engineers with similar experience were hired to higher-paying job levels and she was denied a promotion despite excellent performance reviews. “It is time to stop ignoring these issues in tech.”

Google spokeswoman Gina Scigliano said the company will review the suit in detail, “but we disagree with the central allegations.”

“Job levels and promotions are determined through rigorous hiring and promotion committees, and must pass multiple levels of review, including checks to make sure there is no gender bias in these decisions,” she said.

Charges of gender discrimination have swirled at Alphabet Inc.-owned Google since the U.S. Labor Department sued in January to bar Google from doing business with the federal government until it released thousands of documents related to an audit over its pay practices. The sides have been battling in court over how much information Google must turn over.

NOTICE

Electrical Technician -

-

Main Duties & Responsibilities: The Electrical Technician shall be responsible for the maintenance, repair, trouble shooting, project and installation work on all plant electrical, instrumentation and electronic equipment, in order to improve operational efficiency and maintain continuity of plant operations.

Duties include but are not limited to the following: Ensure the mechanical efficiency targets as defined by management are attained by effectively troubleshooting and rectifying all machinery related issues in a timely manner.

Liaise with Original Equipment Manufacturers (OEMs) on any updates to manuals and/or upgrades to the equipment within the zones thereby ensuring all information is current and upgrades effectively implemented.

Ensure the availability of all critical spares parts, tools, manuals and equipment to ensure all efficiency targets are met.

-

Generate and present reports for management review as required.

-

Ensure the calibration program is done effectively and in a timely manner.

-

Training of technicians and operators to be more proficient.

Qualifications & Experience: -

B.Sc. Degree in Electrical and or Electronic Engineering or equivalent A minimum of five years relevant work experience in an intense or high speed production environment Supervisory experience of at least three years

IN THE ESTATE of COLAN KNOWLES late of the Eastern District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 25th day of September A.D., 2017, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice.

Skills/Core Competencies: • Good working knowledge of bottling plant machinery and systems • Practical knowledge in troubleshooting sophisticated electrical and electronic circuits • In depth knowledge of programmable logic controllers • Ability to read and interpret electrical and electronics drawings • Good problem solving, organizational and communication skills.

• Strong supervisory skills • Computer literacy (Access, spreadsheets, word processing, AutoCAD) • Ability to effectively function in an intense production environment where timelines and efficiency are critical, and with minimum or no supervision from plant management.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

Interested persons must submit resume to the front desk or electronically no later than September 22, 2017

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

Caribbean Bottling Co. Sir Milo Butler Highway Nassau, The Bahamas vbain@cbcbahamas.com

MOBILE

APP

Take us with you Everywhere you go!

PAGE 8, Friday, September 15, 2017

ANALYSTS SEE TRUMP THREATS TO INSURERS BOOSTING PREMIUMS

By ALAN FRAM Associated Press WASHINGTON (AP) — Average premiums for individually purchased health insurance will grow around 15 percent next year, largely because of marketplace nervousness over whether President Donald Trump will block federal subsidies to insurers, Congress’ nonpartisan fiscal analyst projected Thursday.

The Congressional Budget Office estimate comes as Trump has repeatedly threatened to halt the payments in his drive to dismember President Barack Obama’s health care law.

The agency said 2018 premiums will grow “largely because of shortterm market uncertainty — in particular, insurers’ uncertainty about whether federal funding for certain subsidies that are currently available will continue to be provided.”

It also attributed the projected increase to growing numbers of people living in regions where only one insurer sells policies, therefore facing less competition.

Obama’s law requires insurers to reduce outof-pocket costs like deductibles for lowerearning customers, and mandates that the government reimburse the companies. It costs the government about $7 billion annually.

A federal court has ruled Congress didn’t authorize the expenditures, but the subsidies have until now continued.

White House spokesman Ninio Fetalvo accused the budget office of issuing

SUPPORTERS gather before Sen. Bernie Sanders, I-Vt., and other Democratic senators arrive for a news conference on Capitol Hill in Washington, Wednesday, Sept. 13, 2017, to unveil their Medicare for All legislation to reform health care. (AP Photo/Andrew Harnik) analyses that “have been off base for years.”

Fetalvo said while the administration considers whether to continue the payments, “real reform which lowers costs and expands choices will only come from repealing and replacing Obamacare.”

The budget agency has a sterling reputation with most objective, outside fiscal experts. The GOP effort to erase Obama’s law failed in the Senate in July, and a renewed effort by some Republican senators to scuttle the law is considered unlikely to succeed.

Continuing the federal subsidies “remains essential to the stability of the individual market,” said Kristine Grow, a spokeswoman for America’s Health Insurance Plans, that industry’s largest trade group.

The budget office and insurance industry had previously projected that 2018 premiums would grow an average 20 percent if Trump actually halts the subsidies.

Sens. Lamar Alexander, R-Tenn., and Patty Murray, D-Wash., have been trying to craft an agreement continuing the payments for at least a year. In exchange,

Alexander wants Democrats to make it easier for states to relax the Obama law’s coverage requirements, which Democrats are resisting.

The report said it expects the 10 million Americans buying coverage on government-operated insurance exchanges this year to grow to 11 million in 2018.

But it said that increase would be constrained by rising premiums plus steps the Trump administration has taken, such as cutting outreach programs that publicize the exchanges and reducing the previous

90-day enrollment period to 45 days.

Of the 10 million people buying coverage on insurance exchanges, 8 million qualify for federal premium subsidies. Those subsidies rise automatically with premiums, so those customers would largely be protected as premiums grow.

But 2 million people buying coverage on exchanges who don’t get those subsidies, and 6 million others buying individual policies on their own outside the marketplaces, would not be shielded from growing premiums.

THE TRIBUNE

REPORTS: CHINA ORDERS BITCOIN EXCHANGES TO SHUT DOWN BEIJING (AP) — Regulators have ordered Chinese bitcoin exchanges to close, two business newspapers reported Thursday, after uncertainty about the digital currency’s future in China caused its price to plunge.

Regulators in Shanghai, the country’s financial center, gave verbal instructions to exchange operators to shut down, China Business News and 21st Century Economic Report said on their websites. They gave no other details.

Bitcoin’s value tumbled 15 percent Thursday to about $3,300. The famously volatile currency has shed about a third of its value since Sept. 1 but is up from about $600 a year ago.

China’s central bank has yet to respond to questions about bitcoin’s future in the country but earlier warned it was traded without regulatory oversight and might be linked to fraud.

The bank banned initial offerings of new digital currencies last week.

Bitcoin is created and exchanged without the involvement of banks or governments. Transactions allow anonymity, which has made bitcoin popular with people who want to conceal their activity. Bitcoin can be converted to cash when deposited into accounts at prices set in online trading.

Interest in China in bitcoin surged last year after the price rose. A Chinese business news magazine, Caixin, said at one point up to 90 percent of global trading took place in China.

Trading volume has fallen as regulators tightened controls.