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WEDNESDAY, OCTOBER 11, 2017

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DPM halts transfer of 250 customs officers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Deputy Prime Minister yesterday confirmed he has halted the transfer of more than 250 Customs officers due to the upheaval such a shakeup threatens to cause.

K P Turnquest told Tribune Business that the Government was “actively reviewing” the Comptroller’s strategic plan, which proposes transferring hundreds of officers - from the highest to the lowest ranks - to different islands and functions.

This newspaper has obtained the six-page September 19, 2017, memorandum from comptroller Charles Turner listing the personnel transfers, which impact superintendents all the way down to clerical assistants.

The re-organisation was set to affect 15 Customs

* ‘Upheaval’ concerns block major shake-up * Gov’t ‘won’t up-end’ in mid-school year * ‘Better understanding’ on Freeport issues

superintendents, with one set to be transferred from Lynden Pindling International Airport (LPIA) to Freeport, and another going in the opposite direction.

Another superThe Comptroller’s intendent was to be memorandum conswitched from Govtained no rationale ernor’s Harbour in for the transfers, or Eleuthera to Custhe selection of those toms’ bonded goods involved, with the K P TURNQUEST section, while another moves largely set to was to be redeployed take effect on two diffrom Post Clearance Audit to that ferent dates - September 25, 2017, same Family Island. and November 6, 2017.

The transfers involving the Mr Turnquest yesterday indisuperintendents were typical of cated he had halted the transfers, those affecting all other ranks, at least temporarily, due to the with Customs officers, for exam- potential turmoil it threatens to ple, being transferred to the LPIA cause for both Customs and its in Nassau from islands such as officers’ families.

San Salvador and Long Island.

“We are actively reviewing the Other moves went the other way, Comptroller’s strategic plan, and with persons being switched from as soon as we have had an opporNassau to the Family Islands. tunity to meet and discuss that,

we will proceed with whatever direction needs to be taken,” Mr Turnquest told Tribune Business.

“It will never be our policy to up-end families in the middle of the school year. We don’t want to disrupt people. We are reviewing the plan, making adjustments, and at the appropriate time persons will have enough notification to make whatever arrangements they need to make.”

Tribune Business sources, speaking on condition of anonymity, yesterday suggested that Mr Turnquest had initially been unaware of the extent of the Customs shake-up, and only acted after discovering it involved “a total upheaval”.

Insurer chair: IMF ‘hits nail on head’ over disaster risk

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE IMF “hit the nail on the head” over the Bahamas’ disaster exposure, a senior insurance executive yesterday urging a “holistic” approach that includes the regional catastrophe scheme.

Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, told Tribune Business that this nation’s economic and fiscal consolidation plans risk “being blown off course” in any year by a major hurricane.

He argued that the International Monetary Fund’s (IMF) analysis of methods to mitigate the Bahamas’ natural

THE Bahamas Public Service Union’s (BPSU) former president yesterday argued it was “impossible” for the Government to do the IMF’s bidding and slash the civil service wage bill by $70 million.

John Pinder told Tribune Business there were many services the Government is unable to outsource, either for national security and social reasons, or because they were unprofitable. He instead argued that it should seek out

THE Minister of Health yesterday pledged the Government will “not sink the economy” by implementing a National Health Insurance (NHI) model that could cost $1.26 billion at full roll-out.

Dr Duane Sands told Tribune Business that the Minnis administration will not allow the scheme to become “a runaway entitlement or expenditure programme”, after the IMF estimated that

Attorney urges 30% residency threshold slash for Freeport

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

disaster exposure mirrored recommendations by the insurance industry, including improving penetration rates by making coverage more affordable to households and businesses.

The Fund, in its Article IV report, called for this along with continued membership in the Caribbean Catastrophe Risk Insurance Fund (CCRIF), an issue than in recent months has become a ‘political football’ between the Government and Opposition.

However, it conceded that the CCRIF could only provide

A prominent attorney yesterday urged that Freeport’s permanent residency investment threshold be cut to $350,000, warning: “Freeport is no longer dying; it’s dead.”

Terence Gape, senior partner at Dupuch & Turnquest, told Tribune Business that the Government needed to use permanent residency as an economic stimulus tool rather than “dampen down investment” as its current policy proposes.

Backing calls by George Damianos, Damianos Sotheby’s International Realty’s president, for the

* PINDER: GOV’T STILL MUST PROVIDE SERVICES * SAYS: SEEK NEW REVENUES VIA OIL DRILLING new revenue streams via oil exploration and the Bahamas’ other natural resources.

Responding directly to the International Monetary Fund (IMF) recommendation that the civil service bill be cut by $70 million, or 0.8 per cent of GDP, the former BPSU chief replied: “That’s impossible.

SEE PAGE 5

GOV’T ‘WON’T SINK ECONOMY’ WITH CHRISTIE’S $1.3BN NHI

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEE PAGE 2

* FUND: CCRIF GIVES ‘LIMITED PROTECTION’ * BIA CHAIR: LAW CHANGE FOR MICRO INSURANCE * ‘HOLISTIC’ PLAN TO STOP BEING ‘BLOWN OFF PATH’

Ex-BPSU chief says $70m wage bill cut ‘impossible’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

With the rationale behind the proposed Customs shake-up unknown, several contacts yesterday expressed concern about the possible knock-on effects for the private sector.

In particular, Grand Bahamabased business sources suggested the proposed clear-out of that island’s existing Customs officers could be intended to pave the way for a further assault on the Hawksbill Creek Agreement (HCA) and Freeport’s ‘bonded goods’ regime.

There is nothing to suggest that is the case, although the

* IMF PEGS COST AT 6.5-10.5% OF GDP * SANDS: ‘NO RUNAWAY ENTITLEMENT’ * $40M BUDGET DEPENDS ON REVENUE its predecessor’s plan could cost between 6.510.5 per cent of GDP with “expanded coverage”.

Backing the Government’s plan to ‘cap’ NHI spending at $40 million in the 2017-2018 Budget, the Fund’s full Article IV

SEE PAGE 5

“limited protection” from hurricanes and other natural disasters because claims were based on damage to public infrastructure, the majority of which is located in New Providence.

Thus the Bahamas will only secure a major payout if there is a direct strike on Nassau from a Category 4 or 5 storm, something the IMF said left the rest of the country “underinsured” notwithstanding the Government’s efforts to divide the archipelago into different zones.

“The Bahamas is a member of the Caribbean

E KOMOLAFE Catastrophe Risk Insurance Facility (CCRIF), but membership provides only limited protection owing to the Bahamas’ geographic diversity,” the IMF’s Article IV report said.

“Claims are evaluated based on damage to public

SEE PAGE 4

* FEARS RISE TO $750K WILL ‘DAMPEN INVESTMENT’ * WARNS: ‘FREEPORT NO LONGER DYING; IT’S DEAD’ * LICENSEES ‘IN LIMBO’ OVER PROPERTY TAX Government to be “a little more creative” with the permanent residency product, Mr Gape questioned why it was “making it more difficult” to attract investors via a ‘one size fits all’ policy.

The Government is planning to increase the investment threshold, above which investors and second homeowners can

SEE PAGE 6

PAGE 2, Wednesday, October 11, 2017

THE TRIBUNE

GOV’T TO DO ‘EVERYTHING WE CAN’ TO PROTECT NIB

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Minnis administration will “do everything in our power” to protect the $1.7 billion National Insurance Board (NIB) fund, a Minister yesterday refusing to rule out increasing contribution rates.

Brensil Rolle, minister of state for the public service and national insurance, said there have been repeated calls for such increases given the numerous actuarial reports warning that the NIB

fund - the nation’s social security system - faces depletion by 2029 without major reform in the next 12 years.

The International Monetary Fund (IMF), in its full Article IV report on the Bahamas, noted that NIB’s benefits expenses outweighed total income in 2016, highlighting the need for the Government to take immediate action.

The report confirmed that NIB’s current policies will not allow the for the fund’s survival, and its reserves will be depleted by 2029.

* CONTRIBUTION RATE RISE ‘HIGH’ ON OPTIONS * MINISTER NOT RULING OUT INCREASES * REPORT ON NIB’S ‘TRUE STATE’ SOON Speaking with Tribune Business, Mr Rolle said the International Labour Organisation (ILO) made similar findings last year, recommending that the pension contribution rate be raised to 10 per cent. The ILO warned that, based on the 10th actuarial valuation of NIB, its reserves will be exhausted in 2029, without

reforms to contribution rates especially for the pension branch.

“There have been calls for a fee increase for years. If it continues at this rate, the plan itself is going to not be feasible. We are the guardians of the people’s money.

We will do everything in our power to protect it. The Board will look at several options, and I

believe that an increase is high on the list,” said Mr Rolle.

He addedc that a report will soon be released detailing the “true state” of the National Insurance Board.

“We will see in a substantive way some of the suggestions the Board will make to ensure that our pensions are maintained, and if that requires increasing the contribution rate, I believe that Bahamians are reasonable people and we simply need to put the facts to them and let them see the true state of things,” Mr Rolle said.

DPM HALTS TRANSFER OF 250 CUSTOMS OFFICERS FROM PAGE 1 Comptroller’s memorandum referred to the addition or renaming of certain units within the Customs Department.

It focused on the ‘Bonded Goods’ unit, which was described as responsible for processing and examining fuel oil, propane, cement and Tobacco stamps, plus

the Revenue Recovery Unit (RRU).

The memorandum said the latter is “responsible for the collection of duty on shipments that have been released to the importer and have duty amounts outstanding for more than six weeks”.

And Customs’ ‘Tax Compliance and Statistical Unit’ is “responsible for providing VAT with information

to aid in the granting of compliance certificates to businesses, and also to provide revenue statistics for agencies requiring information from the Customs Department on imports and exports”.

Mr Turnquest yesterday told Tribune Business that these units were “all about ensuring the Government’s revenue is collected”, and that there

was full compliance with existing taxation laws and regulations.

“This is compliance and ensuring there is integrity in the system,” the Deputy Prime Minister reaffirmed.

“This is nothing new. These units have existed before.

It’s a matter of refining some of their functions, their relationships, to enhance compliance.”

He also confirmed that the Government and Freeport-based small businesses had reached “a greater understanding” as it related to their respective concerns over tax compliance and the speedy clearance of imported goods.

The latter had recently protested about delays in clearing goods through Freeport Harbour, but Mr Turnquest said progress had been made in resolving their complaints following a meeting with himself last week.

“It’s not been totally sorted out,” he told Tribune Business, “but they [the business owners] were able to articulate their issues, and we were able to articulate the Government’s policy.

“At the end of the day, we achieved a greater understanding of where we are. I’ve committed to sort out the delays, hurdles and bottlenecks in clearing shipments, and they’ve agreed to follow the law and make it easier for Customs to do their job.

“I think we have a good starting point, and we agreed to get back together again in a couple of weeks to assess where we are and see if we need to tweak the process further.”

Explaining where the problems originated, Mr Turnquest said: “The real issue is some people did not have a bond, and were finding they couldn’t take goods

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away and pay later, or the bond may not [be enough].

It’s all about ensuring compliance with the law and and ensuring integrity in the system of revenue collection.”

A Freeport-based business source, speaking on condition of anonymity, told Tribune Business the problems stemmed from Customs’ efforts to crack down on tax avoidance on ‘less than container load’ shipments imported via the Balearia ferry and, previously, the Grand Celebration cruise line.

“The harbour is as tight as a sieve, and always has been,” the source said.

“They’re now down to the Balearia, which can’t handle the quantity of freight, and Customs has tightened down to make sure people pay the proper processing fees for entries for commercial stuff.

“They’ve imposed on them [businesses], as best they can, the proper fees schedule and cost for shipping, requiring them to fill out bills of lading. It’s pushed the costs closer to what the costs should be.”

The business source added that Customs had also tightened procedures around the 10-day bond, which was introduced to enable perishable products to rapidly clear entry procedures. This has subsequently been used for other purposes, particularly by air courier companies, to rapidly clear imports, but Customs has now cracked down on this.

“Now they’re feeling the pinch,” the source told Tribune Business of small businesses. “No one does cost accounting, so it’s only now that they’ve seen their import costs go up by ‘x’ per cent, and everyone’s bitching and moaning.”

THE TRIBUNE

Wednesday, October 11, 2017, PAGE 3

Gov’t must ‘get out the way’ for renewable energy surge

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government must “get out of the way” and create enabling legislation for independent power producers (IPP) to supply Bahamas Power & Light (BPL), a renewable energy specialist said yesterday.

Guilden Gilbert, vice-president of Alternative Power Sources (APS) Bahamas, told Tribune

Business that the National Energy Policy’s target of producing 30 per cent of the Bahamas’ power needs through renewables by 2030 “can be done if the will is there”.

He said: “It could be done, but it takes the will of the Government to get out of the way and create legislation that allows independent power producers.

Through that legislation BPL could issue power purchase agreements. It can be done if the will is there.”

His comments came after the International Monetary Fund (IMF), in its full article IV report on the Bahamas, estimated that hitting the 30 per cent renewable generation target could slash electricity prices by 11 per cent.

It recalled that finding from an Inter-American Development Bank (IDB) study, which concluded that if the Bahamas increased its reliance on renewable energy to 30 per cent of total

BAHA MAR LAUNCHES HOSPITALITY ACADEMY BAHA Mar has launched its Hospitality Academy in a bid to equip Bahamians with the necessary skills and expertise for a career in the resort and tourism industries.

The Baha Mar Hospitality Academy is a four-week programme aimed at developing future workers. The programmes will offer a variety of courses, ranging from personal and professional development to customer service, plus practical exposure to all areas of luxury hotel operations.

Select courses will offer targeted training for specific careers in food and beverage, housekeeping and guest services. Courses will also include instructions on resume writing and interviewing to improve prospects for securing employment in the resort industry.

“We’ve made it a priority to dedicate significant resources towards training Bahamians to give them the skills they’ll need for a successful career in the hospitality industry,” said Graeme Davis, Baha Mar’s president.

“Baha Mar Hospitality Academy is representative of our commitment to the Bahamas and its people, as well as their career development and well-being.”

The training programme is designed to prepare potential recruits for positions at Baha Mar, as the destination resort ramps up recruitment ahead of its full opening in Spring 2018, but is open to all Bahamians - even those seeking successful careers elsewhere in the hospitality industry.

Currently at over 3,000 employees, Baha Mar will increase its workforce to 4,000 by the end of this year, and is on track to double current numbers - reaching up to 6,000 associates - by the grand opening in April 2018.

There is no guarantee of employment upon completion of the Hospitality Academy programme.

In addition, all students will have access to an onsite job fair for Grand Hyatt, SLS Baha Mar,

Rosewood Baha Mar, and Grand Hyatt Baha Mar during the four-week programme.

Facilities & Maintenance Manager Position Facilities & Maintenance Manager needed for permanent, rotational island position. This is a month on/month off position, working 7 days per week while on the island. Hours of work vary from day-to-day depending on daily requirements, but are at minimum 10-12 hours per day.

This is a salaried position, without overtime.

Hiring preference will be given to Bahamian applicants.

We are looking for an experienced, self-directed and self-motivated person to fill the following: The successful applicant will have minimum 8 years experience and must possess strong skill bases in 3406 generators, knowledge of control room operations, electronic competence in both high voltage and electronic switching, HVAC and be willing to multitask in preventative maintenance, operation and maintenance of all areas associated.

This includes: Boats, outboards, wave runners and other sporting equipment, golf carts, associated vehicles, 2/ equipment, extensive plumbing, operation and maintenance of heavy machinery, refrigeration and watermakers.

Must be proficient in Excel, or similar inventory program as required by management.

Applicant will be required to work hand-inhand with maintenance staff, training where required by management.

Must have experience dealaing with owners and guests while present on island, be poised, polished, professional, clean cut, no visible tattoos, non-smoker and of sober habits. References of experience in this area will be required without exception.

Resume must be accompanied by applicable certificates, written work references for positions held and associated contacts. A valid police report will also be required.

Interested persons should submit resume and written references by email to:

exumaislandjob@gmail.com

generation, fuel imports could fall by 17 per cent and real gross domestic product (GDP) could increase by 1 per cent over the medium-to long-term.

“I agree that it can definitely bring down the cost. A large scale plant can be financed at no cost to the country,” said Mr Gilbert.

“I have a partner with the capital ready to spend on large renewable energy projects, but they don’t want to work with any government. It has to be private sector

and, in order for it to work, BPL would have to issue a power purchase agreement for a period of 20 years at an agreed rate per kilowatt.”

When it came to the National Energy Policy’s 30 per cent renewables goal, Mr Gilbert said: “I still don’t think that we are even at 1 per cent at this point. We might be close, but I don’t think we are anywhere near 1 per cent unless there is something that I’m missing. “

THE FOUR-week programme is aimed at developing future workers. The programmes will offer a variety of courses, ranging from personal and professional development to customer service, plus practical exposure to all areas of luxury hotel operations.

PAGE 4, Wednesday, October 11, 2017

THE TRIBUNE

Insurer chair: IMF ‘hits nail on head’ over disaster risk FROM PAGE 1

infrastructure - which is concentrated in New Providence - leaving the bulk of the country underinsured in practice, which calls for enhanced use of market-based insurance, complemented with self-insurance.”

Mr Komolafe yesterday told Tribune Business that the BIA and its members had been calling for just such “a holistic approach” to disaster recovery and mitigation, agreeing that CCRIF and its payouts were there to help kickstart rebuilding efforts.

“That has to be combined with a number of other initiatives, including the establishment of a Disaster Recovery Fund with monies set aside in every Budget cycle,” he said.

Mr Komolafe reiterated calls for funds raised by the 3 per cent ‘premium tax’ levied on insurers to finance a Disaster Recovery Fund, noting that other jurisdictions leaned on foreign direct investment (FDI) projects for such help.

“The Government also has to take an approach where some of its public assets are insured,” the BIA chairman added. “You would then have a Disaster Recovery Fund, insurance of assets and need to make micro insurance more affordable.”

The IMF’s report said almost two-thirds of the

“THE BAHAMAS IS A MEMBER OF THE CARIBBEAN CATASTROPHE RISK INSURANCE FACILITY (CCRIF), BUT MEMBERSHIP PROVIDES ONLY LIMITED PROTECTION OWING TO THE BAHAMAS’ GEOGRAPHIC DIVERSITY. CLAIMS ARE EVALUATED BASED ON DAMAGE TO PUBLIC INFRASTRUCTURE - WHICH IS CONCENTRATED IN NEW PROVIDENCE - LEAVING THE BULK OF THE COUNTRY UNDERINSURED IN PRACTICE, WHICH CALLS FOR ENHANCED USE OF MARKET-BASED INSURANCE, COMPLEMENTED WITH SELF-INSURANCE.”

— IMF Article IV report

economic damage inflicted

by Hurricane Matthew in October 2016 was cover by reinsurance flows relating to private sector claims payouts. These equalled 4 per cent of Bahamian GDP, or more than $320 million, at year-end 2016 compared to Matthew’s estimated impact of 6.75 per cent GDP. Yet while agreeing that the Bahamas has “a relatively well-developed natural disaster insurance market”, withthe eight property and casualty underwriters earning a collective $300 million in annual gross premiums, the IMF said 60 per cent of households were either uninsured or underinsured.

“Insurance on public assets has also lapsed in recent years,” the Fund added.

“Empirical research has shown that countries with more private and public insurance penetration experience far lower output and income losses from disasters.

“Penetration is weak, especially among the most vulnerable segments of the population. The cost of obtaining insurance is regarded as the main obstacle to entry among the population of uninsured/ underinsured, reflecting in part the legacy of consecutive years of weak economic activity. This gap in coverage constitutes a contingent liability for the public sector in terms of ex-post direct and indirect social support and rehabilitation expenses.”

Besides the Government insuring its own public infrastructure assets, the IMF said the Bahamas needed to better exploit private insurance to “minimise and smooth revenue and expenditures impacts, thus laying the groundwork for a timely disaster response that reduces the potential economic dislocation”.

“Policies should also be developed to broaden insurance coverage by reducing the costs of insurance plans on a targeted basis, informed by costbenefit analyses,” the Fund added. “One possibility is to provide means-tested subsidies to low-income households for micro-insurance disaster instruments.

Mandatory property insurance, supplemented by targeted subsidies, could also decrease the cost of insurance plans by expanding the premium base.”

Mr Komolafe yesterday said the industry had been studying solutions such as micro insurance, but added that legal changes were required to facilitate such products.

“We’ve been looking at this for quite some time with support from some multilateral agencies,” the BIA chairman told Tribune Business, “but for that to happen we’re going to have to revisit our laws.

“The Insurance Act will have to be amended to allow for that to happen with small and mediumsized enterprises and low income earners.”

Mr Komolafe continued: “I think the IMF report pretty much hits the nail on the head. It reiterates the need to have a better insurance penetration in the Bahamas, so that in the event of a disaster, particularly a hurricane, persons are basically able to fix their own home.

“It reduces reliance on the Government in the event of a natural disaster.

In the absence of insurance, you don’t just have an impact from a micro level, because persons are unable to rebuild their homes, but it impacts the country at a macro level.”

The IMF report noted that the Bahamas has sustained annual hurricane damage averaging around

2 per cent of GDP for the last 20 years, a figure higher than the 1.25 per cent Caribbean average. The probability of an annual hurricane strike is also higher for this nation, standing at 30 per cent compared to the region’s 20 per cent.

Spelling out the economic consequences, the Fund added: “Natural disasters can have severe macroeconomic consequences. The recurrent destruction of a country’s productive assets constitutes an implicit tax on capital that tends to deter investment, lowers productivity, and income.

“Natural disasters also worsen external trade balances and fiscal balances, often leading to a rapid accumulation of debt. The erosion of these policy buffers entail broader risks to economic stability.”

Mr Komolafe, putting these concerns into a Bahamian context, said: “In the absence of a disaster management framework, any economic or fiscal plan you have is at risk of being blown off course by a hurricane.

“Not only are you losing revenues because of exigency Orders, you are spending more on the expenditure side to finance recovery. Having a National Development Plan, a fiscal consolidation plan, without having a disaster management plan will leave us exposed as a nation.

“It’s only then, with such a plan, that we can begin to say we have a National Development Plan, a fiscal consolidation plan, that we are confident - in the event of a major hurricane or natural disaster - we can still achieve the targets for,” he added.

“Without a disaster management plan, we are at risk six months of every year.

We have to make decisions and start planning now.”

THE TRIBUNE

Wednesday, October 11, 2017, PAGE 5

Gov’t ‘won’t sink economy’ with Christie’s $1.3bn NHI FROM PAGE 1 report reiterated: “Expanding coverage under the National Health Insurance (NHI) programme is not affordable without new revenues to fund it.

“NHI began providing free primary care to all legal citizens in May 2017, with the plan of expanding to full coverage within five years. The current administration capped the allocation to NHI in the fiscal year 2018 budget to $40 million (about 0.4 per cent of GDP). Expanding coverage could lead to annual fiscal costs in the range of 6.5 and 10.5 per cent of GDP.” Based on the $8.4 billion GDP figure employed by the Department of Statistics prior to the recent 28 per cent upward revision, the IMF’s figures imply that the Christie government’s NHI model would have cost the Bahamas between $546 million to $1.26 billion per annum at full roll-out.

These sums would have been financially unsustainable for the cash-strapped Public Treasury and struggling Bahamian economy, something that has been recognised by the Minnis administration in its response to the IMF. “The authorities concurred with staff’s assessment that expanding coverage under NHI is not affordable without first

identifying new revenues to fund it,” the Article IV report added. “For this reason, they have capped the allocation in the current budget to $40 million.”

Reinforcing this position, Dr Sands told Tribune Business: “Let’s be very clear: We are not going to have this be a run away entitlement or expenditure programme.

“Whatever we are able to do within the confines of the Budget allocation, and even that’s going to be adjusted according to revenue performance, that’s as much as we’re going to do.

“As the economy improves, and we identify inefficiencies in the healthcare system and are able to free up additional funds, and feel it appropriate or justifiable to levy charges on the public for the services, then we can allow it [NHI funding] to increase.”

The Minister, though, reiterated: “In the absence of a clear-cut funding mechanism, there’s no way we’re going to allow this thing to come in and reach such a point.

“I understand the insatiable appetite for healthcare services, but to sink the economy on the basis of that insatiable demand is irresponsible.”

Dr Sands said Bahamians spent more per capita on healthcare than most other countries, and needed to gain more ‘value for money’

HEALTH MINISTER DR DUANE SANDS to justify its status as “one of the top spenders”.

“We have to determine how to get more value for expenditure, rather than throwing more money at the problem.

“We will have to spend more money, but until we eliminate the waste it makes no sense to increase expenditure until we close

the holes,” he told Tribune Business.

“Nor does it make sense to go to the public and ask them to bear another tax when many people are finding it impossible to meet their daily living requirements, whether that’s rent, mortgage or children. “It’s [NHI] a wonderful concept, but we have a tremendous

amount of work to do to improve efficiency in healthcare, get services up to speed, and make sure there’s intrinsic value in the healthcare system. We can make it even better, but that has to be tied inextricably to efficiency and improvement in the product.”

Dr Sands, meanwhile, said it was impossible to

justify retaining all 39 NHI customer service representatives whose contracts recently expired when scheme enrollment had dropped from a monthly peak of 13,842 in May to just 74 in October.

He explained: “When you look at the numbers, even if we took 2,000 enrollees for the month of September, and it’s considerably less than that; to have 39 people working full-time and enrolling 2,000 people over the course of that month, that’s not a whole lot of registrations per customer service representative.

“It ends up being less than two persons per customer service representative per day. It’s an awfully inefficient system.”

Data seen by Tribune Business shows that NHI enrollment dropped off significantly compared to before the May 10 general election, when 7,307 persons registered in April and 13,482 in May. Registrations dropped to 4,282 in June and 2,397 in July, as the Government’s plans to restructure NHI became known. Enrollment fell further in August and September to 1,983 and 1,503, respectively, before hitting a low of 74 in October. As a result, the Government is only re-hiring 18 of the 39 customer service representatives whose six-month contracts have expired.

Ex-BPSU chief says $70m wage bill cut ‘impossible’ FROM PAGE 1 “There are some services that government must render where no will else will go into it because there is no profit in it. For example, due to our geographic nature you have to have police officers, Customs officers and specialist teachers in all these various islands. The Government has to cover all of the basic services. Politics also plays an important role in this thing.”

The IMF, in its full Article IV report, slammed the Christie administration’s “lax spending controls” pregeneral election. It revealed that the Government could save taxpayers more than $200 million annually through a combination of public service downsizing and pension reform, plus reduced subsidies to stateowned corporations.

The Fund recommended reducing the civil service wage bill to 20152016 levels “at most”, and

called for civil servants to share the burden of financing their own retirement income. This is currently borne 100 per cent by the Government, a position that is viewed as unsustainable and a ‘ticking timebomb’ for the country’s fiscal position.

Mr Pinder backed the IMF’s call for reform in this area, saying he had told successive governments for years that the current defined benefit, ‘pay-asyou-go’ scheme was simply unsustainable. “For years I have been telling successive governments that there needs to be a contributory pension plan for the civil service. The IMF is looking at salaries, emoluments and pensions for persons who would have retired from the civil service,” he added.

“Pension payments have trended up to an estimated 1.1 per cent of GDP in fiscal year 2017, and population aging will increase them further,” the IMF had warned.

“Staff recommended transforming the civil servants’ pension system into a contributory regime in the near term, with contributions commensurate with benefits, and with a view to move to a defined-contribution scheme in the medium term. Setting contributions at 5 per cent of wages for pensionable employees could yield revenues for 0.3 per cent of GDP.” The saving would be equivalent to $25.2 million per annum, based on an $8.4 billion GDP and the IMF’s figures. The KPMG accounting firm previously estimated the unfunded, ‘pay-as-you-go’, civil service pension liabilities at around $1.5 billion. These liabilities are set to increase to $2.5 billion by 2022, and $4.1 billion by 2032, unless reforms are enacted.

Mr Pinder, meanwhile, urged the Government to explore new revenue sources for financing its bloated bureaucracy.

“The Government must

begin to look at new source of revenues,” he said, returning to a theme he has raised before.

“One of the ways to do that is by tapping into our national resources. We have to move with haste to allow companies to come in here and drill for oil,” he added.

An IMF graphic showed that the civil service wage bill for the 2017-2018 fiscal year equals close 8.5 per cent of GDP - compared to a 7 per cent average for the 2005-2016 period. The difference between the two is roughly $120.6 million, using the same $8.4 billion total GDP estimate that the IMF would have employed prior to the recent near-28 per cent upward revision from the Department of Statistics.

“The public sector wage bill increased

sharply in fiscal year 2017,” the IMF’s Article IV report said. “Staff recommended reducing the wage bill to, at most, the level observed in fiscal year 2016, which would yield savings of 0.8 per cent of GDP—relative to fiscal year 2018— including by reducing non-essential temporary workers (about 30-40 per cent of public employees), enacting a hiring freeze, and capping compensation for re-hired pensioners.”

The IMF’s ‘0.8 per cent of GDP’ is, using the Department of Statistics’ former $8.4 billion figure, equivalent to a $67.2 million cut in the civil service wage bill.

Using the Department’s revised $10.22 billion GDP, though, would result in a higher $81.76 million slash.

Brensil Rolle, minister of

state for the public service, told Tribune Business: “We are currently conducting a public service audit to determine what we need to do to right size the public service. We will go though the IMF report thoroughly and make a carefully considered decision in the best interest of the country.”

He added: “We realise how the service has been ballooned, particularly because of what has happened leading up to the elections. I have said publicly that we have looked at persons recently contracted to the public service, and we are looking at our needs and their performance.

Every ministry is looking at their manpower and human resource needs. The audit will be complete in December to tell the numbers.”

PAGE 6, Wednesday, October 11, 2017

THE TRIBUNE

Attorney urges 30% residency threshold slash for Freeport FROM PAGE 1 apply for permanent residency, by 50 per cent from $500,000 to $750,000.

But the prominent Freeport attorney, echoing Mr Damianos, argued that the threshold should be cut by 30 per cent for Grand Bahama and other struggling island economies, slashing it from the current $500,000 to $350,000.

Describing the realtor’s instincts as “exactly right”, Mr Gape said: “I would suggest the correct number for disadvantaged islands should be $350,000, and the one-time fee remain at $10,000 for these islands and others which need special attention.”

The rationale behind Mr Damianos’s proposal was that lower permanent residency thresholds for struggling island economies would entice wealthy foreign buyers to those locations, spreading them

throughout the Bahamas and helping to distribute economic activity more evenly, given that the spending generated by their presence will create jobs and boost businesses.

Mr Gape, though, suggested yesterday that the increase announced

by Brent Symonette, the minister responsible for Immigration and financial services, showed “no imagination at all” in the Government’s thinking.

“If you increase it to $750,000 for Freeport, we have no hope,” he told Tribune Business.

“What’s the point in raising it to $750,000? Is it to signal we only want rich people?

“The permanent residency programme is there to attract someone who is the equivalent of 600 tourists, so why are we making it more difficult?

“That shows you the Government is totally off the mark. Stop trying

to dampen down investment. You’ve got to help the places that aren’t doing well.

“We want to attract people with money. A man with a condo here, and spending two months a year here, how many cruise passengers is he worth when he’s spending $500 a day.”

Average per capita cruise passenger spend is $69 per day, and Mr Gape said Freeport’s real estate market was “labouring” under a further burden created by uncertainty surrounding the Government’s plans for replacing the Grand Bahama (Port Area) Investment Incentives Act 2016.

Given the lack of clarity over whether Freeport’s expired real property tax incentive will be renewed, the Dupuch & Turnquest partner said attorneys were advising foreign real estate purchasers to set aside monies to cover this potential liability.

NOTICE

NOTICE is hereby given that MICHEL FORESTAN of Bartlett Hill, Eight Mile Rock, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that EMMANUEL SIMEON of

Avocado St., Pinewood Gardens, New Providence, Bahamas is applying to the Minister responsible for

Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

“We in Freeport are still having to withhold real property tax on every sale of property in Freeport from August 2015, as the Government have still not decided on whether the tax concessions are to be renewed for the licensees or the general public - as the previous Government did for Hutchison and Port Group - leaving everyone else to apply and hope for the best,” he told Tribune Business.

“The only people that don’t pay real property tax in this town now are Bahamians, the Port Authority and Hutchison. What are you going to tell investors?

It creates more negativity.

Nobody is coming anyway, but it’s creating more negativity. You have a town with question marks over it.

“The licensees remain in limbo some five months after the change of Government as to whether the expired Hawksbill Creek Agreement concessions

NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, EUNA ORLEAN FITZGERALD of P.O. Box N-10095, Nassau, Bahamas intend to change my name to EUNA MERLIZE FITZGERALD. 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 publication of this notice.

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

BISX ALL SHARE INDEX: CLOSE 1,943.47 | CHG 25.80 | %CHG 1.35 | YTD 5.26 | YTD% 0.27 BISX LISTED & TRADED SECURITIES 52WK LOW 4.06 17.43 8.19 3.50 1.26 0.12 3.80 8.40 5.83 3.15 10.00 2.18 1.40 5.80 8.75 7.01 3.35 6.61 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 2.09 3.96 1.97 170.77 146.34 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 1.26 0.15 3.92 8.60 6.10 3.83 10.01 2.59 1.40 6.00 9.75 7.08 3.75 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 100.00 100.00 100.00 109.72 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.65 1.26 0.15 3.92 8.60 6.10 4.05 10.01 2.59 1.40 6.00 9.75 7.08 3.80 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 0.22 0.00 0.00 0.00 0.00 0.00 0.00 0.05 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

109.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.27 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 50

2,000

1,000

4,900

VOLUME

NAV 2.09 3.95 1.97 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.562 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 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 0.050 0.290 0.450 0.000 0.113 0.140 0.600 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 9.6 18.7 N/M 6.8 N/M N/M -4.6 14.1 10.6 7.2 17.2 25.4 3.6 4.9 13.1 12.3 12.3 -10.5 23.0 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 0.0

YIELD 1.87% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 8.89% 5.69% 2.32% 3.57% 4.83% 4.62% 0.00% 2.97% 2.00% 4.80% 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% 2.92% 4.43% 0.98% 1.19% 1.54% 2.45% 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-Aug-2017 31-Aug-2017 25-Aug-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

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, BOB ALLAN McKENZIE of No. 44 Spoorce Street, Elizabeth Estates Subdivision, P.O. Box EE-15502, Nassau, Bahamas, intend to change my name to BOB ALLEN ROLLE. 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.

International Business Companies Act, 2000 ALBANY DEVELOPMENT LIMITED In Voluntary Liquidation NOTICE is hereby given that in accordance with Section 138(4) of The International Business Companies Act, 2000, ALBANY DEVELOPMENT LIMITED is in dissolution.

The date of commencement of the dissolution was the 18th day of September A.D., 2017.

MARKET REPORT 52WK HI 4.38 19.17 9.09 3.70 1.96 0.15 5.83 8.60 6.30 4.10 14.49 2.52 1.60 6.00 10.00 11.00 3.80 7.25 12.51 11.00

There’s no impact. “The only thing we had left was the Celebration. Because they were overnighters, that was a big blow. The Celebration should have been an augmenter, but it turned out to be the best thing we had. No one is raising hell about this. It’s terrible.”

He continued: “Freeport needs a champion. Somebody has got to go out there and put their necks on the block.

“Freeport is in emergency crisis mode. You can’t save the Bahamas unless you save Freeport.

“This winter, Freeport is so dead that people who own homes and condos here are not coming back because there’s nothing for them to do. There’s no shops, no restaurants, no centre. The uglier it gets.

I said Port Lucaya is not going to last until Christmas, and that’s what’s happening. Freeport is no longer dying; Freeport is dead.”

PUBLIC NOTICE

NOTICE is hereby given that STEPHANIE BELLOT of Church Hill, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

TUESDAY, 7 OCTOBER 2017

will be renewed. It’s damn ridiculous.”

Describing Freeport’s economic plight as “a total disaster”, Mr Gape said the city had reached “emergency crisis mode” with the Grand Lucayan’s closure now in its second year, and the Grand Celebration cruise ship on a three-month hiatus in the southern Caribbean for hurricane relief.

Kwasi Thompson, minister of state for Grand Bahama, yesterday said the Government had contracted a ship to replace the Celebration during its absence.

He also confirmed that talks were ongoing with the Grand Celebration’s owner to bring a second vessel to the island from spring 2018.

However, Mr Gape told Tribune Business: “We’ve got five cruise ships a day coming in, but these are low-end cruise ships, lowend tourists who only come off the boat for three hours.

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

Mr. Michael C. Miller, P.O. Box EE-17971, Nassau, Bahamas is the liquidator of ALBANY DEVELOPMENT LIMITED. Michael C. Miller Liquidator

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 GATESHEAD FUND LIMITED NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of GATESHEAD FUND LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 18th day of September A.D., 2017.

Michael C. Miller Liquidator NOTICE STABLE HOLDINGS LTD. ________________ 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 5th day of September, 2017.

Delano Aranha Liquidator of STABLE HOLDINGS LTD.

THE TRIBUNE

Wednesday, October 11, 2017, PAGE 7

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