09262017 business

business@tribunemedia.net

TUESDAY, SEPTEMBER 26, 2017

$4.25

$4.29

$4.41

$4.30

Utility-scale solar IMF ‘BOILER PLATE’ NO SOLUTION FOR ‘no go’ for Nassau TAXATION ‘BUGS’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

UTILITY-scale renewable energy is “not economically viable” on New Providence, BPL’s former manager ruling out a $140 million solar farm investment in its business plan.

PowerSecure, in its analysis of options to achieve the Government’s renewable energy goals, analysed

the feasibility of both a 40 Mega Watt (MW) solar farm for New Providence and the renewable energy self-generation (RESG) programme that Bahamas Power & Light (BPL) has ultimately moved ahead with.

Besides the difficulties associated with finding 155 acres of land for the solar farm, BPL’s business plan said it would be unable to produce energy “when it is needed most” - during

Bahamian providers ‘lack enthusiasm’ on dodgy deal tip-offs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN financial institutions show “a lack of enthusiasm” in reporting clients’ questionable transactions to the authorities, a Caribbean regulatory body has warned.

The Caribbean Financial Action Task Force (CFATF), in its July 2017 assessment of this nation’s anti-money laundering (AML) and counter-terror financing regime, argued that the volume of suspicious transactions reports (STRs) made by Bahamian financial services providers was “low” when compared to the industry’s size and potential risk level.

It suggested that this “may in no small measure” be caused by the Financial Intelligence Unit’s (FIU) failure to report back to providers on the outcome of investigations into their filed STRs. The FIU analyses STRs, and passes those requiring further investigation on to the Royal Bahamas Police Force (RBPF), but the CFATF report said there was “ineffective application” of such intelligence to uncover money laundering offences.

“The FIU indicated that the quality of the STRs is sometimes not satisfactory, and believes that some financial institutions can provide a better quality product,” the CFATF report found.

CFATF: STRs ‘low’ for industry’s size Police using financial intel ‘ineffectively’ FIU: Securities, insurance ‘can do better’ “This should be coupled with the fact that the majority of interviewed reporting entities indicated that there was nominal feedback from the FIU on STRs filed, save for an acknowledgment of receipt of the STRs. “There is an apparent lack of enthusiasm by reporting entities to file STRs, as they are unaware of the outcome and therefore may question the utility of the exercise,” the report continued. “Giving feedback is essential to motivate the financial institutions to file better quality STRs, as well as enable financial institutions to better understand the relevance of the STRs they filed.

“This may in no small measure be contributing to the fluctuation in STRs received by the FIU during the period 2011-2014. It may also be contributing to the small number of STRs which are being filed in the Bahamas.”

Data contained in the CFATF report showed that the Bahamas’ FIU had received a total of 825 STRs over that four-year period, See PG B4

the evening hours between 7pm and 11pm, when the darkness coincided with peak loads.

“Because of the cost of the initial investment and other operational factors, the 40 MW solar farm is not an economically viable investment for BPL in the near-term,” PowerSecure argued.

“The total cost of the 155-acre field is $139 million, not accounting for See PG B5

$140m spend on 40 MW farm ruled out Ex-BPL manager: No power when needed most Over 1/3 of Out Island generation ‘past useful life’

‘SECURE THE FUTURE’ BY LOWERING MONEY LAUNDERING ‘RISKS’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas needs to “take the tough policy decisions” necessary to improve its ‘high risk’ rating for money laundering and “secure the future”, a former BFSB chairman argued yesterday.

Michael Paton, attorney and partner at the Lennox Paton law firm, told Tribune Business that the Bahamas needed to analyse the “costs and benefits” associated with improving perceptions of this nation’s money laundering ‘risk’.

Warning that maintaining “the status quo” would see the Bahamas continue to receive similar ratings to those contained in the Caribbean Financial Action Task Force’s (CFATF) July 2017 report, Mr Paton argued that this nation’s interests lay in being rated ‘low risk’ for money laundering, terrorism financing and other financial crimes.

See PG B6

EX-BFSB chair: ‘Tough policy decisions’ needed Benefits lie in improving Bahamas’ ranking CFATF pushes on ‘foreign tax evasion’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN ex-Attorney General yesterday said that while the Bahamas’ tax system “needs to be fixed”, that cannot be achieved through “boiler plate recommendations” such as the IMF’s.

John Delaney, now senior partner at Delaney Partners, told Tribune Business that “comprehensive” analysis was required to deal with the “bugs and quirks” that persist within the tax system.

Questioning how the International Monetary Fund (IMF) had arrived at its recent ‘low-rate income tax’ proposal, Mr Delaney said there was nothing to suggest it had considered “all the factors” and impacts such a reform was likely to have.

Pointing out that many Bahamian businesses and individuals were still See PG B7

Questions evidence, origins of IMF income tax Would ‘over-burden’ vulnerable and economy

JOHN DELANEY

Taxi drivers seek reciprocity over NAD fees plan

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MICHAEL PATON

Ex-AG: Tax system needs ‘comprehensive fix’

TAXI drivers need something in return for accepting new fees at the Lynden Pindling International Airport (LPIA), a union president yesterday agreeing the visitor experience needed improving.

Richard Johnson, the Public Service Drivers Union’s (PSDU) head, told Tribune Business that the Nassau Airport Development Company’s (NAD) proposed ground

‘There has to be something for us’ Union president admits airport ‘chaos’ Calls for ‘order’ to be brought to sector transportation fees needed to benefit his members also.

Again slamming NAD for failing to fully inform or consult the PSDU on See PG B8

PAGE 2, Tuesday, September 26, 2017

Atlantis appoints its first female president

AUDREY Oswell appointed President and Managing Director of Atlantis Paradise Island

ATLANTIS yesterday confirmed it has promoted from within to replace Howard Karawan, making Audrey Oswell the resort’s first female president and managing director.

Ms Oswell has risen through Atlantis’s executive ranks, having served as chief gaming officer from 2011 to 2013, before taking the post of chief operating officer from 2016.

Andrea Balkan, managing partner of Brookfield Asset Management, Atlantis’s owners, said: “We are extremely pleased that Audrey will elevate her leadership role at the resort, especially as she was an integral part of the team that was involved in creating the new vision and direction of Atlantis.

“Audrey is not only deeply experienced in the

resort and casino space, but she brings a level of compassion and knowledge to this role. We look forward to sharing the ongoing success of Atlantis across the highest levels of guest service, experience and industryleading innovation.”

Ms Oswell added: “We have an incredible team of over 7,500 associates in the Bahamas, and in offices around the world, that support the work we do with marine life, the ocean and the country.

“I am proud to lead the team on our continued journey to bring the amazement of Atlantis to our guests. We remain wholly committed to our goal of supporting the ecology and economy of the Bahamas, and bringing it all together effectively to provide and

create authentic Bahamian experiences for our guests.”

Ms Oswell takes over after Mr Karawan and Atlantis “parted ways”, following his one year in the top post.

She has more than 30 years’ experience in the hospitality and gaming industry. Prior to joining Atlantis, she served as the interim chief executive/ chief operating officer for Seneca Gaming, and has also served as president and chief operating officer at Caesars; as chief executive at Resorts International in Atlantic City; and as chief operating officer at Fountainbleau in Las Vegas.

Ms Oswell holds an MBA from Drexel University and a BS from Temple University.

THE TRIBUNE

BRENT: LIBERALISATION KEY TO ‘ECONOMIC SUCCESS’ A CABINET minister told the Bahamas Financial Services Board’s 2017 annual general meeting (AGM) that liberalisation is key to this nation’s economic success.

Brent Symonette, minister of financial services, trade and industry, and immigration, acknowledged the need to transform areas that support the financial services industry, including Immigration, the ease of doing business, processes for permanent residency approvals, and the introduction of a tax residency certificate.

“Success of the economy is going to be the liberalisation of this economy,” he concluded.

BFSB’s chairman, Antoinette Russell, addressed global regulatory changes, plus the input and collaboration with the Government to address issues such as automatic tax information exchange implementation.

She added that 2016 saw a redefining and rearticulating of the Bahamas’ value proposition based on three criteria - expertise, innovation and a strategic location.

“2016 was a productive year for the Bahamas Financial Services Board,” said Tanya McCartney,

BRENT Symonette addresses Bahamas Financial Services Board’s 2017 annual general meeting (AGM).

BFSB’s chief executive and executive director.

“BFSB focused on the strategic positioning of the sector, and addressing the systemic challenges that face financial services. We are pleased that we were able to achieve many of the objectives set for the year, and continue to work on our strategic priorities.”

During her report to BFSB, members Ms McCartney said BFSB’s 2016 work fell into four areas - the sector’s strategic development; maintaining the Bahamas’ profile as a premier International Financial Centre (IFC); working with stakeholders; and member engagement.

Dunkin’ Donuts unveils seventh Nassau location

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net DUNKIN’ Donuts yesterday announced the opening of its seventh Nassau location in the Lynden Pindling International Airport’s (LPIA) arrivals terminal, with the opening set for September 29.

The new location is located in a pre-security clearance area, making it easily accessible to all airport staff and visitors. Free 20-minute airport parking is on offer to entice Bahamian customers.

“We’re eager to keep local fans, and those who live and travel here, running any time of the day on delightful

Dunkin’ offerings,” said Vanessa Eneas, its local director of operations.

“The Dunkin’ brand has become a part of the daily routine for many Bahamians, which keeps us excited to continue development and expansion of the brand in different areas, bringing customers the Dunkin’ Donuts products they love.”

The latest Dunkin’ Donuts location is the seventh in Nassau, following its East Street, downtown, Bernard Road, Paradise Island and two additional airport locations (domestic/international terminal and US departure lounge). The new domestic/ arrivals terminal location will operate seven days a week, from 6am to 7pm daily.

THE TRIBUNE

Tuesday, September 26, 2017, PAGE 3

Morton Salt workers back on 3-day week

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

EMPLOYEES at Morton Salt, Inagua’s primary employer, have returned to work albeit on a three-day week, their union president said yesterday.

Jennifer Brown, head of the Bahamas Industrial Manufacturers and Allied Workers Union (BIMAWU), told Tribune Business: “Employees were working since last week. The company was paying workers to help clean up the community.

There was a lot of cleanup that needed to be done within the community following the hurricane.”

The BIMAWU represents Morton Salt’s line-staff, and Ms Brown continued: “This week everyone is back to work. Employees are on a three-day work week.

Right now everyone trying to get the plant back up and running.

“The company is trying to provide work for them, so a lot of persons are not working in areas where they would normally work.

Some people may be doing maintenance or repair work right now.”

Morton Salt, a subsidiary of the German K&S Group, which acquired the company in 2009, acknowledged that there had been some structural damage as a result of Hurricane Irma.

“We have sustained some damage to buildings and structures on the property as a result of the hurricane,” the company said in a statement. Officials have yet to provide specific details on the extent of the damage as well as the cost.

The company had shut down its plant on September 6 as Hurricane Irma approached. Morton Salt employs 145 people.

ONE CABLE BEACH, the $70 million condominium development west of Baha Mar, nears completion with 75 per cent of residences sold and active interest in the $4.75 million penthouse.

$70m condo complex hits 75% sales mark A $70 million Cable Beach-based condominium complex has 75 per cent of its units either sold or under contract, benefiting from its proximity to Baha Mar. The developers behind ONE Cable Beach are now seeing active interest in their most expensive offering, a $4.75 million, 4,000-plus square foot penthouse with rooftop terrace and views of the Atlantic Ocean and New Providence.

“We are getting incredibly positive feedback, both on the development itself and on the Bahamas in general,” said Matthew Marco, Aristo’s sales and marketing director.

“I have been travelling around the world in the past year, and have noticed a real uptick in interest in the country, as more attention is being paid to jurisdictions that are viewed as stable, secure and appealing. The Bahamas ticks all

those boxes, and there is no other new residential offering similar to this on prime beachfront with the amenities ONE Cable Beach offers.”

The three-acre beachfront complex includes 74 residences, each with large private patio, to allow residents to experience what Mr Marco describes as “the true meaning of oceanfront living with balmy breezes and stunning views”.

Jason Kinsale, Aristo’s president, said the design’s organic and curved exteriors were carefully conceived to set it apart from traditional high-rise structures.

“When we began this project, we wanted it to be so singular in style and feel that the minute someone said ONE Cable Beach, there would be instant recognition and admiring nods,” said Mr Kinsale.

“When something touches your senses, you

react in a special way. We wanted ONE to touch the market’s senses. We tried hard to achieve that affect with great attention to style and finishes, and I think we have succeeded.”

ONE Cable Beach has provided an average of 150200 construction jobs since its December 2015 groundbreaking. It is expected to provide some 25 permanent positions, in addition to spurring ongoing economic activity when occupied.

Three-bedroom residences range in price from $725,000 to $4.75 million, with the typical two-bedroom residence selling for between $765,000 and $1.25 million. Owners will also be able to place their units into a property management programme to earn income when they are not in residence.

ONE Cable Beach will have a fitness centre, 24-hour guarded security and concierge service.

PAGE 4, Tuesday, September 26, 2017

Bahamian providers ‘lack enthusiasm’ on dodgy deal tip-offs From pg B1 ranging from a low of 167 in 2012 to a peak of 270 the following year.

Of that 825, some 238 or 28.8 per cent had been sent on to the police for further investigation. More than half, some 56.4 per cent, had been closed, while the remaining 122 - 14.8 per cent - were ‘open’ and still being analysed by the FIU. “There is some concern about the effectiveness of STR reporting by financial institutions and [non-bank financial institutions],” the CFATF report said.

“The overall number of STRs filed by financial institutions and non-bank financial institutions is low, given the substantial size of the financial sector in the Bahamas, as well as the substantial presence of higher risk activities such

as private banking, trust, company service providers and real estate owned by foreigners.”

There were also discrepancies identified by the CFATF examiners between FIU data and STRs submitted by financial services and other providers.

“While statistics provided by the FIU indicated that no STRs were filed by licensees of the Gaming Board between 2013 and 2014, a casino reported filing an STR with the FIU and the Gaming Board in 2014,” the report revealed.

“The assessment team was advised that in the last year, the Central Bank had filed five STRs with the FIU as a result of on-site examinations of the suspicious reporting systems of licensees. Given the abovementioned findings and

THE TRIBUNE context, the assessment team deems it necessary that more guidance should be provided to the financial institutions with regard to what could be potential suspicious transactions to report.”

Still, the CFATF report praised the FIU for “having made considerable strides as an organisation in building its capacity”. It added that it was “a well-structured and resourced unit”, with 23 staff members who included nine analysts; four IT officers; an attorney; and an accountant.

However, it slammed the way in which the Royal Bahamas Police Force appeared to be using the intelligence gathered by the FIU. “Generally there seems to be an ineffective application of financial intelligence and other relevant information in the development of evidence with regards to money laundering offences,

and other associated predicate offences and terrorism financing, by the [RBPF],” the CFATF report said.

“This may be symptomatic of an investigative deficiency, or a deficiency in the financial intelligence.

During the period under review a total of 220 STRs were disseminated to the [RBPF]. Notwithstanding this, only a total of 45 production orders were applied for, and an even more negligible number of 15 search warrants.

“It is uncertain as to whether those investigative tools were used in relation to the investigations into money laundering and other associated predicated offences. As regards terrorism financing, the FIU indicated that there was no merit in STRs filed on terrorism financing and thus

they were both closed,” the report continued.

It concluded: “Effectiveness is not being demonstrated with respect to the analysis and dissemination of financial intelligence. The intelligence is not being used by the RBPF to further investigations in money laundering.”

The CFATF argued that Bahamian police place too much emphasis on investigating drug trafficking offences, at the expense of money laundering and terror financing, and as a result financial intelligence gleaned by the FIU was going to waste.

The report noted that there was currently a “backlog” of STRs at the FIU awaiting analysis, with “double the amount” still being assessed compared to those disseminated.

The police had noted that the information they received was sometimes “inaccurate”.

“There is sometimes a delay in the analysis of STRs due to the quality of STRs sent by some financial institutions,” the CFATF found.

“The FIU believes the quality can be improved and, in particular, the insurance and securities sectors can do better. According to the FIU, these financial institutions report the least number of STRs.”

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

THE TRIBUNE

Tuesday, September 26, 2017, PAGE 5

Utility-scale solar ‘no go’ for Nassau From pg B1

land. The annual operations and maintenance costs are estimated at $0.56 million, not including the cost of spinning reserves. The unit cost is approximately $0.10 per kilowatt hour (KWh), but one developer in Nassau recently quoted $0.19 per KWh factoring in land furthering the financial challenges.”

BPL’s business plan, though, said the main problem was the inability to align solar energy production with its peak night-time demands.

“Because of the poor coincidence of customer demand versus solar availability, a 40 MW solar installation can provide about 5.6 per cent of BPL’s annual demand requirements, based on the hourly forecast for 2016 - about one-sixth of peak demand,” PowerSecure estimated.

“At BPL’s latitude, solar output has a 24 per cent load capacity and is not firm capacity that can be counted toward peak demand..... Solar power is not available during the hours when it is needed most, between 7pm and 11pm. Moreover, the 40 MW of solar capacity would operate only at a 24 per cent load factor, and therefore would not contribute to BPL’s system peak.”

Some observers are likely to be surprised that PowerSecure ruled out utility-scale solar for New Providence so readily, but the US utility has built up significant expertise and experience in the field.

However, Desmond Bannister, minister of works, acknowledged in a recent Tribune Business interview that the scarcity of suitable land in New Providence was a major impediment to the development of utilityscale solar.

“One of the issues with solar in New Providence

is that it simply takes up large areas of land, so we’re going to have to look at green buildings, roof-top installations,” he conceded.

PowerSecure had promised to keep “reevaluating” this and other renewable energy options during the course of its five-year management contract, which was brought to an end after just 18 months.

Apart from problems in securing the necessary land at reasonable price, PowerSecure said the 40 MW solar farm would not allow it to retire its own generation units due to the loss of production whenever there was significant cloud cover.

This meant all its units would have to be kept on

stand-by to take over from the solar farm, which it forecast as being able to produce a peak monthly output of 39,401 kilowatts, and 85,497 mega watt hours annually.

The “unstable nature” of BPL’s existing infrastructure presented a further obstacle, and PowerSecure concluded that the 40 MW farm’s value failed to offset the costs of using the existing generation capacity.

“The solar project’s total annualised cost of $8.6 million is less than the savings by a ratio of 1.71,” BPL’s business plan concluded.

“Should the cost of ADO fuel (used at Blue Hills) climb to historical highs, as a year ago, then the savings would far exceed costs.

“However, there is consideration of converting generators to use propane or LNG fuel. In a

comparison of the avoided cost savings using propane fuel for generation, the annualised cost of the solar project exceeds the avoided cost benefit by a ratio of 1.52.”

The plan recommended: “A solar generating project should not be considered unless there is a determination that the combustion turbines will not be converted to LNG or LPG. Customer solar systems should be encouraged, and should be paid the

avoided cost of the fuel they replace.”

Renewables, though, represented a key component of PowerSecure’s plans to slash BPL’s annual Family Island costs of $105.33 million, broken down into $70.73 million associated with fuel and $34.6 million for operations.

“The financial goal is to reduce fuel costs by 15 per cent and operations costs by 32 per cent,” PowerSecure said. “Historically, managing the

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Side

Family Islands has been a challenge for BEC in terms of cost, service and reliability... Of the 155 MW of generation equipment and plant infrastructure located on the Family Islands, approximately 55 MW are in poor-to-moderate condition, or at beyondend-of-useful life.

“There is virtually no renewable energy in the Family Islands. Obviously, this represents an excellent opportunity for fuel savings and environmental responsibility.”

2016/CLE/gen/No 00740

IN THE MATTER OF the FATAL ACCIDENT ACT, Chapter 71 of the Statute Laws of the Commonwealth of The Bahamas AND IN THE MATTER OF the Survival of Action Acts Chapter 79 of the Statute Laws of The Bahamas AND IN THE MATTER OF the HEALTH AND SAFETY AT WORK ACT Chapter 321C of the Statute Laws of The Bahamas AND IN THE MATTER OF the ESTATE OF BARRINGTON CONOLLY B E T W E E N: SIMONE SMALL Dependent of the Deceased’s Estate and SIMONE SMALL As Next Friend of JORDON BARRINGTON CONOLLY (a Minor) son of the deceased Plaintiffs AND DIAMONT HANNA First Defendant KNOWLES CONSTRUCTION & DEVELOPMENT COMPANY LTD CCA CIVIL BAHAMAS LTD

Second Defendant Third Defendant

BAHAMAS POWER AND LIGHT COMPANY LIMITED Fourth Defendant NOTICE OF REFERRAL TO CASE MANAGEMENT TAKE NOTICE that pursuant to the provision of Order 31A Rule 8 of the Rules of the Supreme Court (Amendment Rules) 2004, this case is hereby referred to the Honourable Justice Indra Charles for a Case Management Conference, to be conducted on Monday, October 2, A.D., 2017 at 10 am in the forenoon.

DATED this 18th day of September, 2017 Messrs. Callenders & Co Island House Mall Drive Freeport, Grand Bahama The Bahamas Attorneys for the Plaintiffs To Doimont Hanna, Formerly of Knowles Construction and Development Nassau, New Providence Or his Attorneys

PAGE 6, Tuesday, September 26, 2017

‘Secure the future’ by lowering money laundering ‘risks’ From pg B1 “The Bahamas is moving into a much more regulated environment,” he told this newspaper. “We’ve agreed to the automatic exchange of tax information, and been rated partially or largely compliant in many areas by the CFATF. “The question is: Are we prepared to put in everything we need to get us changed to as fully compliant as possible and, if so, work out what the cost of doing that will be, what the benefits of doing that will be, and will it influence perceptions of the Bahamas? What will be the international perception if we go from ‘high risk’ of money laundering to ‘medium risk’, then ‘low risk’?”

The CFATF’s July 2017 Mutual Evaluation Report (MER) rated the Bahamas as having ‘low’ effectiveness in six out of 11 categories when it came to its anti-money laundering/CFT defences.

This nation was ranked as having ‘moderate’ effectiveness in the other five, but was only rated ‘noncompliant’ on one out of 40 ‘technical compliance’ benchmarks.

That relates to the CFATF’s assessment that the Bahamas has yet to fully implement UN Security Council resolutions on terrorism financing, and especially its ability to freeze assets belonging to suspect individuals and entities “without delay”.

Mr Paton told Tribune Business yesterday that the Bahamas needed to adopt a “new business model”, and address the deficiencies identified in the CFATF report, to safeguard the financial services industry’s future.

The sector has traditionally been the economy’s ‘second pillar’, underwriting the development of the Bahamian middle class by providing lucrative, high-paying jobs. “The long-term future of the Bahamas hangs on what do

THE TRIBUNE we have to do to secure the future,” Mr Paton said.

“That begs the question of what we have to do to get from ‘high risk’ to ‘medium risk’, and then to a ‘low risk’ rating. There are some tough policy decisions that will have to be made, and then we will have to implement. We will have to make a decision, and a decisive decision, to move going forward.”

He added: “Personally, I think we have to move to a new model; the old one is no longer working. We are operating in a transparent, regulated world, and we have to engage and put in place what we need to do to move the rating.

“It could be a challenging few years ahead of us, but that’s what we’ve got to do to secure the future by securing the rating.”

Mr Paton’s position mirrors that of John Rolle, the Central Bank’s governor, who told Tribune Business on Monday that the Bahamas needed to improve from the ‘high risk’ category for money laundering and terrorist financing to at least ‘medium risk’.

“We know that at least some of the perceptions

about this jurisdiction can be attributed to being situated within the grouping of Caribbean territories. But there are other contributing factors, some of which are within the immediate reach of the Central Bank.

That’s where we intend to have the most impact in our strategic initiatives,” Mr Rolle said.

Mr Paton, meanwhile, said one issue the Bahamas will likely have to address is the CFATF’s call for it to implement measures to “identify and pursue the proceeds of foreign tax evasion”.

This is especially difficult for the Bahamas given that it has no income tax, or form of taxation that is likely compatible with what is being evaded by international clients in other jurisdictions.

“With regard to tax crimes, the Bahamas has not specifically, by way of nomenclature, identified foreign direct tax evasion as a predicate offence for money laundering,” the CFATF report said.

“This was attributed to the country not having any direct tax regime. This raises the question as to

how the Bahamas deals with foreign tax evasion.

However, the authorities concluded that such offences were considered as fraud, and thus were covered under the country’s legislative framework as set out in the Proceeds of Crime Act, the Penal Code and the Criminal Justice (International Cooperation) Act.” The CFATF, though, was not satisfied. “While the legislative framework is technically compliant, there has been no instance of money laundering investigations, prosecutions or convictions involving the predicate offence of foreign tax evasion,” it said.

“In the context of the high risk of foreign tax evasion for the Bahamas, as identified in the draft National Risk Assessment, this indicates a lack of effective implementation.

It is recommended that the Bahamas put in place measures commensurate with the risk to identify and pursue the proceeds of foreign tax evasion.”

Mr Paton said the Government needed to be aware of the complexities raised by this issue, while questioning whether it would remain “a priority” for the CFATF given the global move to automatic exchange of tax information.

“That certainly is going to have to be something the Government is going to have to consider,” Mr Paton said, “if it sees a necessity to comply with

that standard. The question is to what degree do we comply with that standard, and where are we in the continuum of fully compliant, partially compliant.

“The Government is going to have to take a look at that [foreign tax evasion] and take a policy decision on where we want to be. The difficulty with that standard is how you implement it domestically.

The FATF is not giving any language or advice on that, and it’s up to each jurisdiction.

“How do you actually craft Bahamian legislation to meet that standard?

Some thought needs to be given to that. It’s a lot more difficult in the details than it appears at first sight.

It’s not a tax here; do we need to recognise it in the Bahamas? If we want to craft something that meets the standard, we have to be right on point. There would have to be some very clear guidance.”

Mr Paton suggested there also might need to be “a change in approach” to address the CFATF’s concerns that the Bahamas is not actively prosecuting money laundering, instead focusing on underlying or ‘predicate’ offences.

“We have to be seen to be focusing on that more intensely,” he said, suggesting that prosecutors needed to bring money laundering as one of several charges against offenders.

CALL 502-2394 TO ADVERTISE TODAY! EXXONMOBIL LIBYA (CONTRACT AREA TWENTY) 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 6th day of September A.D., 2017.

Dated the 26th day of September, A.D., 2017 R. W. Rice Liquidator of EXXONMOBIL LIBYA (CONTRACT AREA TWENTY) LIMITED NOTICE

XAPA LTD.

________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) XAPA LTD is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 21st 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 Kirvy Ferguson, 253 Shirley Street, Nassau, Bahamas Dated the 26th day of September, 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

NOTICE XAPA LTD ____________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 1st day of November, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 26th day of September, A.D., 2017.

Kirvy Ferguson Liquidator 253 Shirley Street Nassau, Bahamas

THE TRIBUNE

Tuesday, September 26, 2017, PAGE 7

IMF ‘boiler plate’no solution for taxation ‘bugs’ From pg B1 adjusting to Value-Added Tax (VAT), the former attorney general suggested that introducing a new tax now would only “over burden” this nation and add to the taxation system’s complexity.

He added that tax reform should not focus just on increased government revenues, but needed to benefit the Bahamian people through fostering increased GDP growth and employment.

As a result, Mr Delaney said any proposals needed to be assessed in the context of the Government’s wider social and economic policy objectives.

“It’s problematic to introduce revenue raising measures that are inconsistent with, or impede, other

important business activities going on in our country,” Mr Delaney told Tribune Business of tax reform.

“It has to be aligned with whatever else is happening in your economy.

You cannot simply look at revenue raising without having regard for economic activities in the country, and ensuring it’s aligned and does not hamper it. Hopefully, it fosters it as well as raising revenue.”

The IMF, in its recent Article IV consultation with the Bahamas, proposed a ‘low-rate income tax’ as a means of revenue replacement for the income the Government will lose as a result of reducing, or eliminating, import tariffs to comply with its global trade agreement commitments.

LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), RCP Investments Ltd. (the “Company”) is in dissolution. The date of commencement of the dissolution is 22nd September, 2017. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 23rd October, 2017.

Luciane Ribeiro Moreno Liquidator

The Fund also argued that its introduction “over the medium-term would help make the system more progressive, and protect the needed infrastructure and social spending”.

Mr Delaney, while acknowledging that the Bahamian tax system needed to become more progressive and equitable, said there were numerous ways of achieving this besides income tax.

He questioned how the IMF had arrived at its recommendation, and why it was included in the Article IV statement, given that there appeared to be no empirical data or studies to justify the proposal.

“There’s nothing to evidence they’ve considered all the facts,” the former attorney general said of the IMF. “It’s almost like a boiler plate recommendation.

“There’s no question about it that the objective should be to move towards a progressive system of taxation, but there’s other ways of achieving it. I wonder how they came up with the recommendation of income tax.

“The Bahamas needs to do what is right for the

Bahamian people, and Bahamian economy, in a way that fosters economic growth and the well-being of our people. At the end of the day, it’s incumbent upon us to analyse this carefully with the best minds, and whatever assistance is necessary.”

Mr Delaney said no comprehensive analysis of the Bahamian taxation system had been conducted “for decades”, and he queried whether such a review was performed by the last Christie administration prior to its introduction of 7.5 per cent VAT. Pointing out that income tax usually co-existed alongside other revenue measures, he asked: “Is the IMF contending for income tax in addition to existing taxes?

“Bahamians have yet to adjust to the burden of the new VAT. Simply adding on another tax is unhelpful to the growth of our economy, and will definitely overburden Bahamians and our businesses. VAT does that, too.”

However, Mr Delaney emphasised that tax reform was essential if the Bahamas was to eliminate all

JOB OPENING Needed immediately experienced Nurses to work in Operation Theatre. Must have a good employment background, must possess a Bachelors Degree in Nursing, must have Operating Theatre experience and must be licensed in the Commonwealth of the Bahamas. For immediate consideration, please send your resume to: PHYSICIANS ALLIANCE LTD. P.O. BOX EE-17022 #31 COLLINS AVE. NASSAU, BAHAMAS FAX: (242) 326-8874

“the bugs and quirks” in the existing system that resulted in inequity, and unfairly burdened the private sector and low income Bahamians.

“I do believe tax reform needs to be considered,” he told Tribune Business, “because there are many areas of our existing regime where there are numerous quirks that get in the way of growth and the ease of doing business, and which are placing burdens on vulnerable people.”

Mr Delaney said the Bahamas’ existing focus on consumer taxes, such as VAT and import duties, placed a disproportionate burden on lower income persons, while the Business License fee’s imposition on turnover effectively taxed numerous businesses into a loss.

“I’m not suggesting what we have now works, is the best or doesn’t have bugs in it,” he added. “Even if the amount of taxation today is sufficient to run the Government, there are a number of quirks and bugs in it. How can you tax turnover if a business is not making a profit? That’s unhelpful to business

“For sure, there are many issues with the current model which need to be fixed. Amongst the issues needing to be fixed are the overburdening of vulnerable households, the anti-business nature of the Business License regime, and many quirks of the VAT regime which impede ease of doing business.”

Mr Delaney said the Bahamas needed to “adapt” VAT to its specific needs, much as it had done with Stamp Duty decades ago, although he acknowledged the need to be careful about granting ‘exemptions’.

“It doesn’t mean what we have now can’t be improved,” he told Tribune Business. “The tax reform discussion needs to happen.

What is needed is a comprehensive review of our tax system. Both the raising and spending of taxes need to be fixed.

“There is a need for fiscal accountability as well as the divestment or privatisation of inefficient governmentmanaged enterprises. It is no sustainable solution to governmental inefficiency to continue to extract more taxes from the public.”

PAGE 8, Tuesday, September 26, 2017

THE TRIBUNE

Taxi drivers seek reciprocity over NAD fees plan From pg B1 the planned changes, which are set to take effect from November 1, Mr Johnson nevertheless agreed that “order” needed to be brought to the Bahamian ground transportation industry.

He added that he had met with Frankie Campbell, minister of transport and local government, on Friday, with the latter promising to work with the unions and all stakeholders to address the sector’s problems.

NAD’s plans to levy fees on taxi drivers, limousine and tour operators every time they enter the airport’s “commercial lane” to pick up fares and clients have already provoked a

backlash from individual drivers and the rival Bahamas Taxi Cab Union.

Adding his concerns to the mix, Mr Johnson told Tribune Business: “NAD has full authority at the airport with respect to transportation providers, but there has to be something in it for taxi drivers when they introduce these fees.

“You cannot arbitrarily come up with fees like that, and there’s no improvements for the service provider.” The fees will levy $1 per pick up/ fare on taxi drivers, with $2 and $3 being imposed on limousine drivers and tour operators Jan Knowles, NAD’s vicepresident of marketing and communications, confirmed

that the fee proceeds will be used to improve a currently “chaotic experience” for travellers entering and exiting LPIA. NAD wants to better manage the pick-up and dropping-off of passengers at LPIA, Ms Knowles last week telling Tribune Business that this area provided the “most frequent complaint” that the airport operator received. It wants to bring this in-line with the ‘world-class’ impression the airport - and overall tourism product - are seeking to give.

Mr Johnson agreed that the current traveller experience in the pick-up/drop-off area was “chaotic”, but expressed unhappiness that NAD had not invited him to a meeting to discuss the proposed fees and related issues.

He added that he had previously “made overtures to them to bring about

some of the improvements they’ve been speaking of”, and met with Vernice Walkine, NAD’s chief executive, to discuss the matter.

“They are implementing this without the support of the PSDU,” Mr Johnson told Tribune Business of the fees. “There’s got to be something in it for the drivers, who give the service at the airport. It has to be done in a way that both sides can benefit.”

Ms Knowles last week told Tribune Business that NAD already provided two buildings for use by taxi drivers free of charge, and said the fees were common charges levied by airports throughout the world.

She added that NAD’s goal was to provide “a positive first impression”

for tourists, to which Mr Johnson replied: “Yes, but the promotion of tourism comes from us as taxpayers. What are they saying?

“I agree the visitor experience needs to be improved because of the chaotic situation that exists down at the airport, but it must be done in conjunction with the transportation providers.”

Mr Johnson said the taxi drivers and their unions were seeking a “partnership” approach to deal with the industry’s issues, although Mr Campbell appeared to be unaware of NAD’s proposed fee increases when they met on Friday.

“What has to happen, as I said to the minister that morning, is that we need

to demonstrate some type of leadership,” he said.

“Somebody has to be in charge. The Road Traffic Department is supposed to be keeping control, but everybody is doing their own thing.

“It’s the whole provision of transportation service from the dock, the airport and the hotels. It’s the call-up system and so forth, even though there’s no order. The Minister agreed to collaborate with the unions and get the other transportation people involved.”

Mr Johnson said an industry meeting was tentatively being planned for October.

GOP, WHITE HOUSE EYE DEEP CUTS TO CORPORATE TAX RATE

By MARCY GORDON AND KEN THOMAS Associated Press WASHINGTON (AP) — The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans, with President Donald Trump ready to roll out the policy proposal at midweek.

The grand plan to rewrite the nation’s tax code would be the first major overhaul in three decades, delivering on a Trump campaign pledge and providing a sorely needed legislative achievement. It also is expected to eliminate or reduce some tax breaks and deductions.

The plan would likely cut the tax rate for the wealthiest Americans, now at 39.6 percent, to 35 percent, people familiar with the plan said Monday. They spoke on condition of anonymity ahead of a formal announcement.

In addition, the top tax for corporations would be reduced to around 20 percent from the current 35 percent, they said. It will

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

BISX ALL SHARE INDEX: CLOSE 1,864.54 | CHG 1.36 | %CHG 0.07 | YTD -73.67 | YTD% -3.80 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.15 6.47 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 3.45 7.25 12.51 11.00

52WK LOW 4.05 17.43 8.19 3.50 1.26 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 3.35 6.60 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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 3.65 1.39 0.14 3.92 8.60 6.10 10.48 10.01 2.49 1.55 6.00 9.75 7.08 3.35 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 1.00 LAST SALE 100.00 100.00 100.00 109.64 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.65 1.39 0.14 3.92 8.60 6.10 10.48 10.01 2.52 1.55 6.00 9.75 7.08 3.45 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 0.03 0.00 0.00 0.00 0.00 0.10 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

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

109.66 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.02 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 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 115

1,000

2,000

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 6.8 N/M N/M -4.6 15.0 9.0 19.4 17.9 24.7 3.4 5.0 12.7 12.3 3.7 -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% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 3.44% 5.69% 2.38% 3.87% 4.83% 4.62% 0.00% 9.86% 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

seek to simply the tax system by reducing the number of income tax brackets from seven to three.

Trump has said he wanted to see a 15 percent rate for corporations, but House Speaker Paul Ryan has called that impractically low and risking adding to the soaring $20 trillion national debt.

The White House and congressional leaders

planned an all-out blitz later this week to build support for the plan, which is now Trump’s top legislative priority as the GOP has struggled to repeal and replace Democrat Barack Obama’s health care law. The political stakes are high for Trump, who has promised to bring 3 percent economic growth and expanded jobs through tax cuts.

NOTICE

MARKET REPORT FRIDAY, 22 SEPTEMBER 2017

PRESIDENT Donald Trump speaks at a campaign rally in Huntsville, Ala. Trump says he wants to lure Democratic lawmakers to sign on to a Republican-crafted tax overhaul plan. But negotiators must grapple with the reality that any handouts to Democrats quickly could turn into turn-offs for the GOP. (AP Photo/ Brynn Anderson)

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

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

NOTICE is hereby given that ANIA DUCAS of #6 Carew St.,Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of September, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Tuesday, September 26, 2017, PAGE 9

B O DY A N D M I N D

Special place for special people

By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net

W

HAT WAS once an old home adjacent to the Bahamas Down Syndrome Center and Friends Center in Village Road has recently been restored into the awe-inspiring Ty’s Place - a Coffee Shop, Juice Bar and Deli.

The establishment of Ty’s Place now employs adults born with developmental challenges, providing jobs in the areas of working in the kitchen, servers, delivery services, ground maintenance, car detailing and hostessing.

“This is a place where our adults could work and own this as their own.

This will not only show our Bahamian people, but the world at large that we care about all children and adults born with developmental challenges in the Bahamas. This is a very special story that will change the Bahamas for the betterment of all children and adults born with challenges,” said Cheryl Newell, Founder and President of The Bahamas

Down Syndrome and Friends Center.

In memory of Ty Bethel, a Down Syndrome student who lost a battle to leukemia two years ago,

Ms Newell described him as a very special boy who deserves his legacy to be carried on in this way.

It was just three years ago when members were

able to purchase what was once called “Forever Home” which is now the Down Syndrome and Friends Center. Just behind the center stood

the old building that was destined to become Ty’s Place.

“I looked at this and said that one day it would be great to have this property

too. I didn’t know what we would do with this addition but I knew we had to have it. Last year in September, the family agreed to sell us this property and we were able to purchase this with the help of some very generous supporters,” said Ms Newell.

A first of its kind in the Bahamas, it brings great satisfaction to the president and members of the center, to be at the forefront with their accomplishments.

They all look forward to the support of the public as Ty’s Place offers an array of foods, juice selections and a car wash.

“This will be a family friendly place where all can come and enjoy the amazing experience. Our Coffee Shop will allow the community to see first hand what we do at our Center. Ty’s Place will be the connection between our kids and the rest of the community, and you will leave with a heart full of happiness and hugs.

We want the community to embrace this cause and support what we are doing for special children,” said Ms Newell.

Ending the misery of a sleepless night AS you head to bed, you may be thinking, “Tomorrow’s going to be great.”

It’s a new day and you probably have too much to do on your list, but that’s a good thing. Whether you plan to catch up with a friend over coffee, take another look at that longstanding project at work or head to the gym as part of your new workout routine, getting recharged with a good night’s sleep is the best way to tackle your day with a renewed sense of energy and purpose.

There’s a lot to look forward to when you go to sleep.

Unfortunately, if you’re reading this, you may be one of the many millions affected by sleep disorders, so you might not be getting the sleep you need. In fact, in the United States nearly 30 percent of adults report that they get an average of less than six hours of sleep per night.

Of the almost 80 different types of sleep disorders, including sleep apnea,

restless leg syndrome and narcolepsy, perhaps the best known is insomnia.

Affecting between 30 to 50 percent of the population in the U.S. alone, insomnia is characterized by the inability to fall asleep, to stay asleep or a combination of both. It may also be present in people who wake up hours too early and can’t fall back asleep.

Insomnia can be incredibly frustrating, because no matter how tired you might feel, you struggle to fall asleep or to stay asleep Not getting enough sleep does more than just make you feel sluggish or groggy.

Studies show that poor sleep can have a big impact on someone’s overall health and well-being.

When it comes to mood, surveys show that the quality of life for people with severe insomnia is almost as poor as those who have chronic conditions such as heart failure.[vi] Chronic insomnia can lead to irritability, mistakes at work and poorer relationships.

Additionally, insomnia may also lead to depression in some people Many people who suffer from insomnia try to change their bedtime routine by practicing good “sleep hygiene”. One of the common steps they

take may involve keeping a sleep journal in which they record how they slept and for how long. Some find it beneficial to avoid distractions such as their phone, television or computer before going to sleep and instead reading, meditating

or engaging in some other relaxing activity.

For others, simply turning down the temperature may be enough to help them fall asleep.

However, many people may continue to struggle with insomnia, even

while practicing good sleep hygiene. Given how central sleep is to a healthy, happy life, it’s crucial to put sleep first and ask your doctor for help if you experience difficulty falling or staying asleep.

One available treatment for patients with difficulty staying asleep (also known as sleep maintenance insomnia) is SILENOR(R) (doxepin), a prescription sleep medicine used to treat people with insomnia who have trouble staying asleep. SILENOR doesn’t put you to sleep; instead, it helps you stay asleep by working with your body’s natural cycle. As with all medications, SILENOR(R) has some side effects, so it’s important to talk with your doctor about all the benefits and risks of taking the treatment.

It’s hard to overstate just how important a good night’s sleep is, and though many of us struggle to get an adequate amount of sleep each night, you don’t have to be one of them.

PAGE 10, Tuesday, September 26, 2017

THE TRIBUNE

In the midst of rapid change – do you have a coping strategy?

THE one guarantee about life is the constancy of change.

Whether we define those changes as good or bad, they consistently flow our way. Still, change it and of itself is not the challenge. The thing that causes most to become overwhelmed is the way they process and cope with the changes that life presents.

One of the most fundamental challenges we all face is detailed in the Serenity Prayer. I believe this is the prayer of all prayers simply because it puts us in the driver seat as having the serenity to accept the things we cannot change, the courage to change those we can and the wisdom to know the difference.

This prayer really speaks to a profound coping mechanism. It suggests that those who can find the calm while in the midst of the storm of change can also find the courage to focus and take action, the wisdom to know when to hold or fold them.

Then of course there’s the issue of fear. We often cower not because we don’t have the strength but more so because we are too afraid to act. When you fear what you face more than you desire to achieve the thing you want, you will quickly lose your confidence.

Yes, we all want relief from grief. However, such relief is not an overnight experience. It takes time to sort through our emotions and navigate the process of addressing the cause of your distress.

Relief from grief is not a microwave experience. Taking time to sort through the emotions of the situation is an essential first step.

You must develop some kind of coping mechanism that strengthens your resolve. Deep within you, there is the capacity to think, understand and to cope. This inner strength often lies dormant until you stir it up.

Truth is at you core, you are wired to meet the life changes with confidence.

However, you must build your capacity to understand what you’re made of. It is only then that you will find the courage to face your fears and move towards your own personal victory. This brings to question – what is your coping strategy?

Most people are not changeready.

Often many sadly surrender to drugs and alcohol as a means of not facing or dealing with their challenges. Substance misuse and abuse is a poor coping strategy. It will always take you down – you will never go up using this approach. Alcohol is another poor choice. However, it being legal and readily accessible, it is quite possibly the most common means of coping that many adopt.

They become addicted to numbing their emotions; thinking they can drink it in to drown out their

problems. But this is a lethal mistake.

Take time to develop a more self-empowering coping strategy that supports you in facing the problem and finding real solutions. Sometimes the best that you can do is to find the courage to ask for help. There is no need to do it alone. This asking for help is sometimes a big setback for many.

The fact is nobody is exempt from life challenges and we all need a little help sometimes. See getting help as a means of empowering yourself rather than seeing it as some kind of inadequacy. Leader to leader, understand that seeking help does not make you weak - it makes you stronger. With proper help, you can learn to push pass the pain of your problems and move towards an improved state of being.

When my mother passed, I truly did not feel that I had the capacity to cope. Everything seemed to be imploding all around me – I knew

Michelle Miller Motivationals

Michelle M Miller that I needed help to help me make sense of what I was facing.

Indeed, we must all learn how to endure the hills and valleys of our life challenges. The more we trust ourselves, the stronger and more capable we become.

Be encouraged to build an effective coping strategy . In so doing you gain the serenity to accept the things you cannot change and become empowered to change the things you can.

Yes, you definitely can do it!

• Your feedback has great value; please write to coaching242@ yahoo.com or text 429-6770.

KENNETH PARKER ULRICH, left, a research technician at the University of Pittsburgh Medical Center, inserts a needle to collect a blood sample from Erricka Hager, a participant in the “All of Us” research program in Pittsburgh. The “All of Us” research program is run by the National Institutes of Health and plans to track the health of at least 1 million volunteers by 2019. By doing so, researchers hope to learn how to better tailor treatments and preventative care to people’s genes, environments, and lifestyle. The University of Pittsburgh is running a pilot program with some of the first enrollees in the study. (AP Photo/Dake Kang)

Million go under the microscope

By LAURAN NEERGAARD Associated Press WASHINGTON (AP) — U.S. researchers are getting ready to recruit more than one million people for an unprecedented study to learn how our genes, environments and lifestyles interact.

Today, health care is based on averages, what worked best in short studies of a few hundred or thousand patients. The massive “All of Us” project instead will push what’s called precision medicine, using traits that make us unique to forecast health and treat disease.

The goal is to end cookiecutter health care.

A pilot is under way now.

If all goes well, the National Institutes of Health plans to open enrolment early next year.

Participants will get DNA tests, and report on their diet, sleep, exercise and numerous other health-affecting factors. It’s a commitment: The study aims to run for at least 10 years The pilot testing now under way involves more than 2,500 people who already have enrolled and given blood samples. More than 50 sites around the country — large medical centers, community health centers and other providers like the San Diego Blood Bank and, soon, select Walgreens pharmacies — are enrolling patients or customers in this invitationonly pilot phase.

If the pilot goes well, NIH plans to open the study next spring to just about any U.S. adult who’s interested, with sign-up as easy as going online.

The goal is to enrol a highly diverse population, people from all walks of life — specifically recruiting minorities who have been under-represented in scientific research.

STEPHANIE RICHURK, a nurse at the University of Pittsburgh Medical Center, sorts blood samples collected from participants in the “All of Us” research program in Pittsburgh. The “All of Us” research program is run by the National Institutes of Health and plans to track the health of at least 1 million volunteers by 2019. By doing so, researchers hope to learn how to better tailor treatments and preventative care to people’s genes, environments, and lifestyle. The University of Pittsburgh is running a pilot program with some of the first enrollees in the study. (AP Photo/Dake Kang) And unusual for observational research, volunteers will receive results of their genetic and other tests, information they can share with their own doctors.

“Anything to get more information I can pass on to my children, I’m all for it,” said Erricka Hager, 29, as she signed up last month at the University of Pittsburgh, the project’s first pilot site.

A usually healthy mother of two, she hopes the study can reveal why she experienced high blood pressure and gestational diabetes during pregnancy.

Heading the giant All Of Us project is a former Intel Corp. executive who brings a special passion: How to widen access to the precision medicine that saved his life.

In college, Eric Dishman developed a form of kidney cancer so rare that doctors had no idea how to treat him, and predicted he had months to live. Only two studies of that particular cancer had ever been done, on people in their 70s and 80s.

“They didn’t know anything about me because they’d never seen a 19-yearold with this disease,” said Dishman.

Yet he survived for two decades, trying one treatment after another. Then, as he was running out of options, a chance encounter with a genetics researcher led to mapping Dishman’s DNA — and the stunning discovery that his kidney cancer was genetically more like pancreatic cancer. A pancreatic cancer

drug attacked his tumors so he could get a kidney transplant.

“I’m healthier now at 49 than I was at 19,” said Dishman. “I was lucky twice over really,” to be offered an uncommon kind of testing and that it found something treatable.

Precision medicine is used most widely in cancer, as more drugs are developed that target tumors with specific molecular characteristics.

Beyond cancer, one of the University of Pittsburgh’s hospitals tests every patient receiving a heart stent — looking for a genetic variant that tells if they’ll respond well to a particular blood thinner or will need an alternative.

The aim is to expand precision medicine.

“Why me?” is the question cancer patients always ask — why they got sick and not someone else with similar health risks, said Dr. Mounzer Agha, an oncologist at the University of Pittsburgh Medical Center.

“Unfortunately I don’t have answers for them today,” said Agha, who says it will take the million-person study to finally get some answers. “It’s going to help them understand what are the factors that led to their disease, and it’s going to help us understand how to treat it better.”

And NIH Director Francis S. Collins expects surprises. Maybe, he speculates, Type 2 diabetes will turn out to be a collection of genetic subtypes that require varied treatments.

“This looks at individual responses to treatment in a way we couldn’t do previously with smaller studies,” he said.

The study starts simply: Volunteers get some standard health checks — weight, blood pressure and heart rate. They then answer periodic questionnaires about their health, background and habits, and turn over electronic health records. They give a blood sample that, if they agree, will undergo DNA testing sometime next year.

Eventually, researchers will ask some participants to wear sensors that may go beyond today’s Fitbitstyle health trackers, such as devices that measure blood pressure while people move around all day, or measure environmental exposures, Collins said.

In Pittsburgh, the Rev. Paul Abernathy made a health change after signing up for the pilot study: Surprised to learn his BMI was too high despite regular weight-lifting, he began running.

“I’m praying I have the discipline to continue that, certainly in midst of a busy schedule,” said Abernathy, who directs the nonprofit Focus Pittsburgh that aids the poor and trauma victims.

“We have a chance really to influence history, to influence the future of our children and our children’s children,” added Abernathy, who hopes the study will help explain racial disparities such as lower life expectancies between African-Americans and whites who live in the same areas.

At NIH, Collins plans to enroll, too. He’s had his DNA mapped before but can’t pass up what he’s calling a one-in-a-million experience to be part of a monumental study rather than the scientist on the other side.

“I’m curious about what this might teach me about myself. I’m pretty healthy right now. I’d like to stay that way.”

THE TRIBUNE

DON’T SAY A WORD - IT’S AN NFL NIGHT

Tuesday, September 26, 2017, PAGE 11

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

IT IS the only season where women are willing to put up with their significant other’s “sweethearting”. And the only reason this love affair wins a pass is because it’s not with an actual person, but with a sport.

The National Football League (NFL) got into full swing earlier this month and many Bahamian men have had their eyes glued to the television ever since.

Some of them are dedicated viewers who manage their time and relationships ensuring that on the most important NFL nights -Mondays, Thursdays and Sundays - it is just them and their beloved game.

Then there are some who can’t quite manage to balance their relationship and their NFL love affair.

It is always either/or and never both.

According to these men, their women are to blame when tempers fray and voices are raised because they don’t follow the unspoken rules that exist in this love triangle.

“Some just don’t understand how serious this game is for us. I do not like to be bothered about anything, nothing when the game is on and my lady just don’t get it,” said Dion Pinder.

He was just one of several football fanatics who spoke with Tribune Woman about their biggest quirks during game time.

“I mean this affair is short. Football season ends in February, she will have my undivided attention once the season is over,” he said.

For this NFL season to go by as smoothly and peaceful as possible men are asking their ladies to be extra understanding, play by the rules and remember game etiquette.

I’m trying to watch the game!

They are as follows:

Keep distractions to a minimum Distraction is always bad when anyone is trying to focus on any given thing.

But imagine it is the final minutes of the game with one touchdown left to break a tie and right as the final play is about to go down and the woman walks over and accidentally pulls the TV plug out of the socket.

“I nearly lost my mind,” Rashad Johnson said. “I never flip out on my girlfriend before, but in that moment I did. I didn’t

SALON SADE STYLING

speak to her for the entire night”.

Rashad’s girlfriend tried to make amends afterwards, but he was resistant.

“She knew what she did.

I couldn’t even excuse her because all night there was non-stop distractions,” he said.

No Probing Questions In an attempt to bond with their guy, some women grab a cold beer and settle themselves on the couch too. However, this can immediately turn into a nightmare if too many questions are being

asked in their attempt to understand the game.

“This is the first and most important rule, which really goes without saying,” Dean Adderly said.

“Whatever team I’m a fan of, so is she. It’s OK to ask questions about the game but keep distractions to a minimum. If you’re going to watch the game at least pretend to be interested. No questions on ‘how long is this game’?”

No chit chat either In addition to asking too many probing questions, Wynton Moore said pointless chitter chatter is also a big no-no.

SALON SADE PINK AND BLACK PIXIE STYLE

WHAT TO WEAR WEAVE OR A WIG? From pg B12 has the option of changing the hairstyle of the wig as much as she likes without the fear of damaging her own hair,” said Jameelah.

When asked to explain the differences between weave and wig styling, the hair stylist said there are several factors; a wig is similar to a hat or a cap to place on to the head and take it off at any time. In creating a wig, the hair is attached to the cap by way of an intricate technique of sewing. A weave on the other hand, she said, are pieces of packaged or virgin hair stitched on to a woman’s own hair braiding to make it appear fuller or longer in length. Weaving does not allow the client to remove the hairstyle as they please.

“Wearing a wig has become very trendy. I must

say that I am my most loyal customer, not only do I wear wigs of different lengths, colour, texture and style as a form of advertising, I do it simply because it is most convenient to slip on a cap of hair than to style my natural hair. Wigs are now taking on the slogan of the American Express Card, ‘don’t leave home without it,” said Jameelah.

With the same point of view Keva Sadé believes it is indeed the wig styles that are becoming more popular because they appear more durable than weaving. “ They are not time consuming, and they can also be used as a protective styles. Wigs come in many different styles and colors.

Women can be Beyoncé in the day and Rihanna in the night. Wigs are so convenient for the average working woman. Many women choose wigs styles

MALIKAH’S WEAVE-IN STYLE as an opportunity to experiment with a new look,” said Keva Sadé.

Known in the industry to specialise in short hair styling and hair loss

“Don’t speak to me until there is a commercial break. Reason being is that I need to become one with football from the opening kick off. The same way I can’t speak or even fart while Game Of Thrones is on it’s the same way as I am with football,” he said.

No Kissing or Cuddling “Kiss…cuddle…You crazy?” Wynton added.

“You got Tuesday, Wednesday, Friday and Saturday to cuddle. Would you like to cuddle while “Scandal” or “Power” is on?” he asked.

It BETTER be an emergency On NFL nights Jermaine Davis quickly updates his What’sApp status to “do not call” or “busy” because there is no chance he is going to the pick up a phone call when Tom Brady and the New England Patriots are on the field.

“It better be an emergency. As a matter of fact I hope its not an emergency because I would hate to have to leave from in the front of the TV. I know that sounds bad, but that is just how much I love the game, especially when its just me and the TV,” he said.

MALIKAH’S FULL LACE CLOSRE UNIT techniques, for Keva Sadé’s clients, most of them often choose a wig cap as opposed to a weaving to achieve Keva’s trendy pixie style looks.

“I always try to inspire them and give hope, thereby raising the bar of what hair is about. I always want to provide a luxury experience while changing the way someone feels about themselves. Choosing this profession was like love at first sight. Just to see clients reaction after I style their hair is a blessing. Their happiness makes my salon a success. It has always been my passion to help women define their beauty with style,” she said.

Also important to both Keva Sadé and Jameelah is the fact they get to create wig caps for persons living with cancer.

“It is important to me to bring confidence to a woman who’s facing cancer.

Making her feel confident in her own skin with or without a wig on is a must.

Being an motivator alone

makes a whole difference.

At the end of the day it’s all about being positive and staying beautiful through Christ who strengthens us,” said Keva Sadé.

It certainly means the world to Jameelah to do the same, providing a service for clients who have lost their hair due to cancer treatments such as radiation and chemotherapy.

“For many, if not all cancer patients, losing their hair is the most distressing and the most feared side effect of cancer treatments. My cancer clients come in feeling depressed and with a very low self esteem, but by the time they leave my chair, they are a totally different person, feeling more attractive and confident. One of my clients once said, ‘only you can make me feel good about my baldness’. This is what Malika’ s hair is all about: ensuring that my clients are fully satisfied with my service,” said Jameelah.

SECTION B

TUESDAY, SEPTEMBER 26, 2017

ERIN SETS HER SIGHTS ON PARALYMPIC DREAM

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

E

RIN Brown may have 1,064 days to go, however when you are a bone cancer survivor, an amputee with limited resources and big dreams of being the first Bahamian female to participate in the Summer Paralympic Games in 2020, every minute matters.

The advocate and para-triathlete who is passionate about disability rights, inclusion, tourism and sports has been galvanizing support and funding for her participation in the 16th Paralympics Games scheduled for August 25, 2020 in Japan.

Erin recently launched a Go Fund Me campaign with the goal of raising $5000 to assist in getting the right prosthetics to enable her to compete.

Last week she travelled to the University of Chicago to meet with the prosthetist to be casted for the devices. While there she also trained with a cyclist for a customized bike and met Paralympian Melissa Stockwell.

“The Go Fund Me Campaign will continue as it will be used to also pay for the raw materials for this process. And it will be one of the platforms for raising funds for the 2020 Paralympic journey,” she told Tribune Health.

“My adaptive devices are important. They allow me to train and push my body to the limits needed to excel and accomplish my goals.”

In addition to a running blade, Erin also needs a cycling simple knee for the triathlon and another specialist device for rowing.

The cycling bike will be used for training and competition (along with the components such as clip in pedal, cleats etc). A wet suit will allow Erin to withstand cold temperatures while swimming.

“As I acquire those things, a support team will be established; a primary physician, prosthetist, physiotherapist, chiropractor and nutritionist. I will also a need trainer for each discipline including swimming, cycling, running, rowing, cardio, weight- training, yoga and pilates,” she said.

Erin is no stranger to competing in sporting activities. In fact there have been a few pivotal moments on the journey that fueled her desire to participate in the Paralympics.

“During Sunshine Marathon coming down the finish line, there were three young girls cheering with such excitement and vigour. Reality hit me. This was not only a moment in my life but theirs; changing what they knew as disability and what determination looked like, she said.

“Ride for Hope and UWC Triathlon with the support of G-FIT crafted the desire to put all three; swimming, cycling and running together as one discipline.

“My passions have always been living my fullest life as a mother, entrepreneur and cancer survivor who lives as an amputee. Finally, the Bahamas

National Federation of Rowing coming onboard to facilitate paralympic training in rowing has deepened my desire,” she said.

Since receiving her first prosthetic leg several years ago Erin has not stopped training though she experiences discomfort and pain.

“I am involved in an array of activities on a daily basis; swimming, boxing, yoga, spinning, core and resistance training with the addition of adaptive kayaking will commence next month. Keeping my joints and muscles flexible enables me to retain good health and endurance,” she said.

In 2004 Erin was diagnosed with stage 4 osteosarcoma and immediately underwent aggressive chemotherapy. Her left leg was so damaged she had to wear a cast during treatments.

A year later Erin had to make the life-altering decision - to amputate her leg in order for a chance at life. She risked it all and she is still here.

“My life was changed the moment I heard ‘you have stage four osteosarcoma’ and I have been changing ever since. I adapt, grow and risk everyday for a better life for myself and in turn my love ones,” she told Tribune Health.

Despite all she has experienced Erin is determined to ensure her life makes a difference and her story impacts everyone who is aware of it.

“I sit in quiet and ask all the time ‘why me ?’ And every time I am reminded ‘why not you?’ Life is designed for growth, building, investing and being vulnerable. This is important to me because I am you. Your purpose is revealed to you in your deepest, darkest moments,” she said.

WHAT TO WEAR - WEAVE OR A WIG?

By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net

KEVA SADÉ OF SALON SADE

WHETHER FOR natural hair protection, versatility or just convenience - there are many reasons and options which come to mind for women when choosing weave and wig hairstyling.

Very easily, weaving and wig styles allow women to achieve looks at their leisure - from a black bob cut during the Christmas holidays to a long length red Brazilian curl in the spring.

In an interview withTribune Woman, popular Bahamian hairstylists Jameelah Thompson of Malikah’s Hair Services and Keva Sadé, owner at Salon Sade International, give their take on the fun topic.

At a very young age, Jameelah, along with

her twin sister Aqueelah Turner expressed interest in fashion design, straw work, make-up and hair styling, but Jameelah’s focus stood firm on becoming a beautician, specialising in colouring, weaving and the construction of wig caps.

After flaunting one of her wig creations some years ago, Jameelah experienced a sense of instant gratification by transforming the way she looked and felt about herself.

“It was at this point that I made the decision to share my skills and talents with others. A wig or cap is more convenient. If a client is quite the active person or just likes to treat her hair on a regular basis, then wearing a wig is the perfect option. In addition to being convenient and protective, the wig saves the client money, because the style lasts longer and the client See PG B11

JAMEELAH THOMPSON OF MALIKAH’S HAIR SERVICES