10292018 BUSINESS

business@tribunemedia.net

MONDAY, OCTOBER 29, 2018

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Union leader ‘not screaming’ on NHI funding

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union body is “not screaming” about the need to finance National Health Insurance (NHI) given that its members will not have to pay any extra from already-stretched salaries.

Bernard Evans, pictured, the National Congress of Trade Unions (NCTU) president, told Tribune Business that the umbrella body and its members had been assured that the proposed worker payments to finance NHI - capped at $42 per month or $500 per year - would come out of existing premiums for those already

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Healthcare ‘stagnation’ warning if NHI rejected

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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the National Health Insurance (NHI) scheme and the authority, or “continue as is” with the present limited service that “is not Universal Health Coverage (UHC) in the purest sense”.

He argued that neither alternative was viable given “the enormity of the health challenge” that The Bahamas faces through the widespread penetration of non-communicable diseases (NCDs), such as diabetes and hypertension, and the inability of many to afford essential treatments and care.

Describing the healthcare “status quo” as untenable, Dr Sands

Attorney loses Colina battle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

reiterated that Bahamians must get used to paying for services they value especially given the Government’s own financial limitations.

Again accusing the former Christie administration of promising “something magical for nothing” just prior to the 2017 general election, the Minister warned that developing NHI as “another unfunded entitlement programme” would send “a bright red flag” to Moody’s and Standard & Poor’s (S&P), the latter of which has already downgraded

A BAHAMIAN attorney has lost his battle with Colina Insurance Company after the appeals court rejected claims that his $150,000 life insurance policy had “unlawfully lapsed”.

Dorsey McPhee, representing himself, had challenged Justice Indra Charles’s Supreme Court verdict that his Account Value had a “zero balance” as a result of five lapses due to non-payment of the due premium.

He had argued that its investment account should have held $6,707 in August 2014, sufficient to pay the premium payment that resulted in the policy’s cancellation, but the Court of Appeal backed the judge’s finding that it was actually overdrawn by $305.

Appeal Justice Roy Jones, in a unanimous verdict, backed the Supreme Court’s finding that the

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* Minister: ‘Tragedy’ if new model not backed * ‘Very surprised’ if better option to 2% levy * Warns: We all have to pay for health crisis

AHAMIANS have been warned that the drive towards affordable, quality health- DR DUANE SANDS care for all will “stagnate” if they do not back the Government’s revised National Health Insurance model.

Dr Duane Sands, minister of health, told Tribune Business it would be “a tragedy” if the Bahamian public did not support the restructured initiative and its proposed two percent payroll levy funding mechanism.

Revealing that he would be “very surprised” if there was a better alternative, Dr Sands said the Government would face two options if its latest proposal was rejected – either close down

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AG: Prosecutions rise 40- Margaritaville battle back on fold over money laundering

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will have resolved “99.9 percent” of the remaining weaknesses in its anti-financial crime defences by year-end, with money laundering prosecutions having increased 40-fold.

Carl Bethel QC, the Attorney General, yesterday told Tribune Business that this nation “was well on the way” to addressing the “strategic deficiencies” that resulted in the Financial Action Task Force (FATF) grouping it with

CARL BETHEL war-torn countries such as Syria and Yemen.

While the world’s antimoney laundering standard setter has given The Bahamas until September 2019

to complete the requirements set out in its so-called “action plan”, Mr Bethel expressed confidence that this nation will meet all compliance targets by April next year.

He added that The Bahamas had already made progress in the seven areas identified by the FATF as needing improvement, with money laundering prosecutions over the 14 months to end-September 2018 having risen to 40 from just one in the prior period.

Mr Bethel, referring to statistics issued in a

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MARGARITAVILLE’S Bahamian franchisee has not given up on its bid to block the brand’s tie-up with the $250m Pointe project, refiling its lawsuit in Florida state courts.

The US attorneys for Boss Investments, whose principals are Peter Maury and Mike Grandonico, confirmed in a statement to Tribune Business that the action over Margaritaville’s “clear breach of contract” had been filed in the 15th judicial circuit court for Palm Beach County within 48 hours of its dismissal by a US federal judge.

Todd A Levine and Adam J Steinberg

MARGARITAVILLE PARADISE ISLAND said Judge William Dimitrouleas had dismissed the federal court action over a procedural matter or legal technicality, but this did not exhaust all the legal options open to Boss Investments.

“Our client, Boss Investments, was excited to partner with Jimmy Buffet’s Margaritaville to bring the Jimmy Buffet lifestyle brand to The Bahamas,”

the duo said. “In exchange for Boss paving the way for Margaritaville to finally enter The Bahamas market, Margaritaville entered into an exclusive agreement with Boss for the use of the Margaritaville and Jimmy Buffet trademarks in The Bahamas.

“Margaritaville has

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Sterling Global appoints investor relations chief STERLING Global Financial, the Bahamian headquartered financial provider, has named Karyn Phuong as its vice-president for investor relations.

Ms Phuong will manage Sterling’s corporate communications strategy, and be a key member of the executive team leading its business development efforts. She has more than 15 years of financial services experience and, most recently, was vice-president of investor relations at one of Canada’s largest private commercial lenders.

Prior to that, Ms Phuong spent more than ten years with a publicly-listed Toronto boutique investment manager. She led the business development and marketing communications strategy for the firm.

“We are thrilled to have Karyn join us,” said Stephen Tiller, president and chief operating officer.

“Karyn brings extensive experience in the structuring and distribution of investment funds, private placements and public securities.

“In addition, we are impressed with her ability to effectively manage communication strategies through good times and challenging times alike. The addition of Karyn to our executive team is consistent with our corporate strategy of attracting and retaining the best talent as we continue to expand globally.”

“I am very excited to join Sterling. We have a robust financial services platform and an executive team whose experience in real estate lending and development are unparalleled. Independent-thinking advisors who are seeking investment opportunities non-correlated with the capital markets that yield attractive risk adjusted returns need to look at Sterling”, said Ms Phuong.

THE TRIBUNE

‘IMMENSE PRESSURE’ ON RISING FUEL COSTS

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net RISING fuel costs are putting “immense pressure” on businesses within the transportation sector, with one local operator describing it as a “major concern”.

“Next to staff, fuel is your biggest cost. When fuel costs start to go up you have to pay attention,” said Sky Bahamas chief executive, Captain Randy Butler, pictured. “It’s a major concern

for us, and I’m sure it’s a major concern for every business in the transportation sector.

“We have to pay attention

to this; it’s another challenge that businesses have to face.

You can’t simply absorb it, we have to pass it on, and so the consumers are going to feel it. We will keep watching to see how much it will increase.”

Crude oil prices have risen as high as $80 per barrel within the past few months, with the cost of fuel at the pump locally crossing the $5 mark. US sanctions on Iran and Venezuela have sparked rising fuel cost fears.

According to one

executive at a well-known ground transportation company, rising fuel costs have placed significant pressure on their business. They told Tribune Business: “Rising fuel costs over the past few months have put immense pressure on us. We are trying to mitigate it as much as possible.

“We’ve definitely noticed the increase. That, along with other proposed fees by the Government, are leading more and more into uncertain territory.”

The Central Bank of

The Bahamas’ monthly economic and financial developments report for August 2018 noted that inflation rates quickened for transport, health, housing, water, gas and electricity.

It added that on the global market, crude oil prices increased in August by 4.3 percent to $77.42 per barrel, despite a 278,000 barrels per day increase in average production by the Organization of Petroleum Exporting Countries (OPEC) to 32.6 million barrels per day.

AG: Prosecutions rise 40-fold over money laundering FROM PAGE ONE statement from the Attorney General’s Office, said 19 of these cases had resulted in convictions, thereby meeting the FATF’s demand that The Bahamas prove it is “investigating and prosecuting all types of money laundering”.

He revealed that some of the Paris-based body’s latest demands, such as the requirement to “ensure timely access to adequate, accurate and current basic and beneficial ownership information”, went beyond its own standards for combating money laundering and terrorism financing.

But, rather than become “flustered” by this, Mr Bethel said The Bahamas had recognised it was already on track to comply as a result of legislation to create a Beneficial Ownership Registry, which is due to be passed before year-end to meet the requirements of the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative.

The Attorney General also admitted that The Bahamas’ inclusion on the FATF’s 11-strong list of nations with “strategic deficiencies” was not unexpected, adding that it was considered “the most likely outcome” to its Caribbean affiliate’s 2015 review of this nation.

That review, published in 2017, highlighted several deficiencies in this nation’s execution and implementation of its anti-money laundering and counter terror financing regime - a number of which were cited

by the FATF as areas targeted for improvement by the “Action Plan” agreed with The Bahamas.

Mr Bethel, noting that the Minnis administration had inherited the situation from its predecessor, said many of the 2015 weaknesses had already been addressed through legislative and other reforms. He added that the “extraordinary progress” made by The Bahamas todate had been recognised, although this nation rarely received any public praise.

“We were aware that this could have been the likely outcome; that we would have these compliance issues on the technical, implementation points,” Mr Bethel told Tribune Business of The Bahamas’ inclusion on the FATF list. “We were aware going into this that was the most likely outcome.

“We have thoroughly reformed the legal regime, thoroughly improved the tools at the disposal of the financial sector to prevent abuse of its functions, and it’s now merely a question of implementation and documenting that implementation. We’re well on the way to being fully compliant.

“In terms of the FATF stuff, they have agreed on a timeframe of September 19. It’s our intent to fully address everything by April of next year. We think we are well on the way to completing 99.9 percent of the Action Plan between now and end of the year. Our hard target is April of next year to be fully on stream.”

Mr Bethel said there would be “more good news in short order to bring to the Bahamian people on

compliance with the FATF”, although he did not specify which actions he was referring to.

As reported by Tribune Business, the FATF statement last week identified seven areas that The Bahamas must address. They are: • Developing and implementing a comprehensive electronic case management system for international cooperation.

• Demonstrating risk-based supervision of nonbank financial institutions.

• Ensuring the timely access to adequate, accurate and current basic and beneficial ownership information.

• Increasing the quality of the Financial Intelligence Unit’s (FIU) products to assist law enforcement authorities in the pursuit of money laundering/terror financing investigations, including “complex” cases.

• Demonstrating that authorities are investigating and prosecuting all types of money laundering, including “complex” money laundering cases; stand-alone money laundering; and cases involving proceeds of foreign offences.

• Demonstrating that confiscation proceedings are initiated and concluded for all types of money laundering cases.

• Addressing gaps in the terrorism financing and proliferation financing frameworks, and demonstrating implementation.

The Attorney General’s Office, in its statement issued yesterday, said it had made “noteworthy progress” on money laundering investigations, prosecutions and convictions. It added that some 40 prosecutions took place between July 2017 and September 2018, resulting in 19 convictions, compared to just one case for an unspecified “previous period”.

The Caribbean Financial Action Task Force (CFATF), in its July 2017 assessment of the Bahamas’ anti-money laundering and counter terror financing regime, said there had been no money laundering convictions in The Bahamas during the four years prior to its 2015 assessment.

While one conviction was obtained subsequent to its report through a fraud case, the CFATF said this was “inadequate” given the size of the Bahamian financial services industry, and found that the Royal Bahamas Police Force (RBPF) “lacks the capacity to effectively pursue” money laundering offenders due to inadequate skills, training and resources.

Mr Bethel, though, yesterday hailed the “success” of money laundering prosecutions under the current administration, and said the “tracking” of these cases had been “a matter of some concern”.

He added that both the FIU and his Office’s international co-operation unit were moving swiftly to address the FATF’s electronic case management

concerns, with the necessary software and reporting template due to be “installed on all relevant computers” at the latter’s offices next week.

The Attorney General said his Office’s case management system would be able to capture statistics and “document progress every step of the way”, enabling The Bahamas to provide regular reports to the FATF and others on how it was improving.

The FIU, too, had chosen the software solution best able to assist it, and was now said to be waiting on the Ministry of Finance to complete its own processes so installation could take place.

“We think we will between now and the end of December all the software and case management systems will be installed,” Mr Bethel said.

“It will be well on the way to being resolved. That only leaves the BEPS matter, and that will be resolved also before the end of December.”

Mr Bethel revealed that while the FATF’s beneficial ownership information demands of The Bahamas went beyond the latter’s own standards, this did not present any great obstacle since the Register of Beneficial Ownership Bill was being enacted to meet the OECD’s separate requirements.

“We already have this information available and are compliant with existing FATF recommendations,” the Attorney General added.

“They’ve gone a little further in the Action Plan than the FATF recommendations.

“Rather than take issue with that, we will move in concert with the steps required under BEPS. We’re not going to be flustered into expansion of the recommendations by the FATF in the Action Plan.”

The CFATF, in its 2017 mutual evaluation of The Bahamas, gave this nation a “largely compliant or compliant” rating in 18 of its 40 “recommendations”, while posting “partially compliant” rating for in 21 “recommendations” and a “non-compliant” rating in one. The Bahamas’ was also found to have “low” effectiveness in six out of 11 anti-money laundering/ counter terrorism financing categories.

“What was most important for us was what ought to have been done since 2015, which was reforming the entire regime, getting the risk assessment done, the guidance notes done and sensitising financial institutions and non-bank institutions to their obligations under the Proceeds of Crime Act and Financial Transactions Reporting Act,” Mr Bethel said.

“We may have issues around the timing and way in which things are done, but our commitment to preventing abuse of our financial system continues. It transcends government. When defects and deficiencies were realised in 2015, as captured in the CFATF report in 2017,

we think we’ve largely - if not totally - addressed them save for a few areas of implementation mentioned in this FATF process.

“This is The Bahamas.

When we put our minds to it, we do what we do very well,” Mr Bethel continued.

“Although there’s a reluctance to acknowledge it publicly, everyone acknowledges privately to our face the extraordinary progress we’ve made in just over a year in thoroughly reforming the legal structure, reforming the whole basis on which regulation is conducted.

“We are confident we’ve made significant progress, which is acknowledged but not admitted, and are well on our way to restoring the reputation of The Bahamas as a fully responsible leader in the provision of financial services.”

The Attorney General’s Office, in its statement, said the National Action Task Force (Task Force) dealing with anti-money laundering and counter-terror financing had moved to address the deficiencies identified in the CFATF report as soon as it was published in July 2017.

This involved completion of The Bahamas’ National Risk Assessment (NRA) on money laundering and counter-terror financing dangers, and development of a National Identified Risk Framework Strategy (NIRFS) to close gaps in this nation’s financial crime defences.

This led to the passage of numerous legal reforms, including the revised Proceeds of Crime and Financial Transactions Reporting Acts; the Anti-Terrorism Act and Travellers’ Currency Declaration (Amendment) Act; and numerous laws and regulations to facilitate automatic tax information exchange.

Multiple regulations, guidance notes and the roll-out of risk-based supervision has also occurred, with the Insurance Commission, the Gaming Board and the Securities Commission due to released new anti-money laundering and counter-terror financing (AML/CFT) guidelines before Wednesday’s month-end.

Describing the FATF list as a “monitoring list”, the Attorney General’s Office said: “The terms of the short ‘Action Plan’ adopted by the FATF Plenary in Paris this month clearly indicates that all that is required now of The Bahamas is the production of evidence to support the effective implementation of the vigorous AML/CFT and counter-identified risk legal framework, which has now been created by the legislative framework, the NRA and subsequent guidance notes.”

It added that The Bahamas was aiming to be the first country assessed by a CFATF fourth round evaluation to seek a “re-rating” of its anti-money laundering and counter-terror financing legal regime.

THE TRIBUNE

Monday, October 29, 2018, PAGE 3

Healthcare ‘stagnation’ warning if NHI rejected FROM PAGE ONE The Bahamas’ creditworthiness to “junk”.

The Government’s release of its revamped NHI model kick-starts a 45-day public consultation on the proposal, which it wants to start implementing as early as April-July 2019. NHI has been chosen as the financing mechanism to achieve Universal Health Coverage (UHC), which is the goal of ensuring all Bahamians have access to affordable, quality healthcare when they need it.

“Once this conversation is done, either people are going to say ‘yes’ or ‘no’,” Dr Sands told Tribune Business. “If the answer is ‘no’, for the most part The Bahamas’ march to Universal Health Coverage will stagnate and that will be a tragedy.

“We can continue to fund, to the extent of the strength of the public purse, NHI out of the Consolidated Fund. “But it would be NHI in name only, primary care only at the level provided. So far, we have 40,000 people insured, which works out to around 10.5 percent of the population. Is that really NHI in the purest sense of the term?”

Dr Sands said the existing NHI scheme, “depending on the appetite of the public”, might take another 20 years “to impact the health profile of the country” - a development he described as too little, too late, given the magnitude of The Bahamas’ health crisis and struggle with noncommunicable diseases (NCDs).

Besides maintaining the current NHI system as is, Dr Sands said other alternatives were to dismantle the NHI Authority and the scheme entirely, or adopt a different funding mechanism should one be suggested during the upcoming consultation.

“If somebody comes up

with an idea of funding this thing in a more palatable way, we don’t have a problem taking it on,” the minister said. “I’d be very surprised if they did come up with a different approach that’s similarly reasonable given the fundamentals of our economy.

“I believe that when we look at the risk of a [sovereign credit rating] downgrade again, if we were to create another unfunded entitlement programme in this country, that would be an horrendously bright red flag that says we’re deviating from the concept of fiscal responsibility.

“We’ve been at this a long time. Just discussing NHI in this era so far has been 12 years. The [first Christie administration’s] Blue Ribbon Commission was in 2006, but here we are 12 years later haggling, having major complications over something we all agree we want; we just don’t know how best to make it happen.”

The former Christie administration launched NHI just prior to the May 2017 general election, with all financing sourced from the Consolidated Fund – the central pot of money into which all the Government’s major tax revenues go.

The scheme started with $100m for primary care, and another $20m for catastrophic care for life-threatening illnesses, but the Minnis administration argued that its predecessor failed to allocate specific revenues from the Consolidated Fund towards its financing.

The prior government’s plan also delayed imposing any NHI-specific funding on consumers and businesses but, given the pressure on the Public Treasury from continual $300m-plus annual deficits, the revised model proposes its own financing mechanism to ensure the scheme’s viability.

“We recognise the

current NHI programme is not scalable or fiscally responsible given our financial reality,” the NHI consultation paper affirms.

“We could raise taxes or implement new premiums and fees. This would reduce disposable incomes for Bahamians, many of whom are already stretched too thin.

“We could implement new levies or taxes on employers. This would place a burden on our businesses making them less competitive, and with small business driving the economy, this could have an enormous negative impact.

“Or we could pretend the public sector has infinite resources and be fiscally irresponsible. This would only postpone the inevitable, and fail to address the immense financial burden and patients falling through the cracks.”

Dr Sands said the Government and NHI Authority had been careful not to overburden workers and employers in an already-struggling economy, and one that was still adjusting to the budget’s 12 percent VAT hike, with the proposed funding mechanism.

“We propose a plan that shares responsibility,” the NHI consultation paper said. “For employers, there may still be a cost impact, but this will be tied directly to employee benefits and productivity, and not a tax that ends up in the Government treasury’s Consolidated Fund. In turn, increased employee productivity and reduced sick days will result in national economic growth.”

Tribune Business understands that Bahamian workers already covered by employer-sponsored medical insurance will not have to pay extra from their salaries for NHI’s Standard Health Benefit (SHB) due to the way the scheme is structured (see other article on Page 1B).

The SHB, which is NHI’s

minimum or base care/benefits package, is supposed to be incorporated into companies’ existing group health insurance plans. As a result, the “two percent of salary” levy - ranging from $8 to a maximum $42 per month depending on income, and capped at a $500 annual maximum - will effectively be taken from existing premium contributions.

It is unclear whether the same applies to the employer’s SHB share, which will be “at least 50 percent” of the total $83 monthly premium per worker. However, it is likely that some companies may elect to drop existing medical insurance plans and just take the SHB depending on whether the NHI proposal is approved as is.

Mick Holding, the Grand Bahama Chamber of Commerce’s president, last week told Tribune Business that companies such as small businesses, which wanted to provide health insurance for their employees but were unable to afford to do so, were likely to be hit hardest by the proposed NHI funding mechanism.

However, the NHI consultation paper pledges that the scheme will be phased-in to minimise any disruption and financial impact to such businesses.

“It is the goal of this system that all employed people of The Bahamas will have health insurance,” it added.

“However, it is also recognised that there are some employers and employees who may be disproportionately affected by this programme.” As a result, the proposed NHI model excludes part-time employees who work less than 15 hours per week from inclusion in employersponsored health plans.

NHI’s first phase roll-out also carves out companies that either employ less than 100 persons or have under $100,000 in annual revenues. Employers will also not have to contribute

for workers engaged on a “second” or “third” job so long as they are covered by their primary employer.

But these employers, known as “secondary employers”, will still have to contribute 50 percent of the minimum employer contribution - $21 per month - to NHI’s financing.

“These payments are to be thought of as a contribution in lieu of providing their employees private insurance,” the NHI consultation paper states.

“Upon review of the annual business licensing process, the Department of Inland Revenue will be required to validate exempt or secondary employers who have provided proof that they have made their NHI contributions.”

Dr Sands said the “back and forth” in the days since the revised NHI model was released had exposed the need for further public education on the proposal.

He added that “where the rubber hits the road” was the traditional desire of Bahamians to want anybody but themselves to pay for expanded public services.

“Knowing the enormity of the health challenge we have, I don’t think we can afford the status quo,” Dr Sands said. “We can point fingers as to why it’s in the state it is in, but we’re in a

hell of a mess, and if we’re going to reverse some of these trends we’re going to have invest significantly in restorative health maintenance and the like.

“The truth of the matter is people are very angry at how expensive it is to fix renal failure, deal with heart disease of cancer.

Some of the newer cancer therapies cost $1m, certain heart operations $500,000, and dialysis $80,000-$90,000 a year.

“We have hundreds of Bahamians walking that road, all the chronic NCDs, and we have just now looked at the Bahamian experience,” Dr Sands continued. “We have 90,000 diabetes patients in the country, which puts us as the highest in the world.

“This means that because we have the worst health profile in the world, and got here because of our own poor choices, we have to pay for it. We can resent the fact we have one of the highest HIV rates in the world, but that is not going to change the fact we do. It is what it is.

“We don’t want to discuss the problem. We created the problem, created the mess, and want someone to fix it painlessly and without sacrifice. It doesn’t work that way.

You can shoot the messenger, but that does not mean the message is not true.”

PUBLIC NOTICE OF CEASED EMPLOYMENT

Notice is hereby given to the general public and to all concerned associates that as of October 1, 2018.

Mr. Felipe Iturralde who was serving as chef and property manager at The McPike Family Offices, and Nash Worldwide Limited, is no longer associated with our companies and he is therefore not authorized to act in any capacity on our behalf.

PAGE 4, Monday, October 29, 2018

THE TRIBUNE

BRAN ON NHI: ‘WE CAN’T TAKE MORE TAX’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Democratic National Alliance’s (DNA) ex-leader yesterday blasted the proposed National Health Insurance (NHI) payroll levy, saying: “No more taxes, period”.

Branville McCartney, pictured, in an interview with Tribune Business, slammed: “The Government must do their job, stimulate this economy, introduce new industries

and ensure that at the end of the day people are back to work.

“I keep saying that we cannot tax a country out of recession.

The increase in VAT to 12 percent has had a devastating effect on businesses today. The Government should really be doing what they ought to do in terms of opening this

country up to new business, making doing business easier and getting rid of bureaucracy.

We need to eliminate as much as possible corruption.

This method of taxes and more taxes is going to hurt the people.”

The contributory scheme, announced by the National Health Insurance Authority

(NHIA) on Tuesday, proposed that the salaries of every employed Bahamian will be subject to a deduction of about two percent each month as a means to pay for universal healthcare coverage (UHC) for all, including children, the elderly and the unemployed.

It proposes that people already subscribing to private insurers will not make any extra contributions, but instead two percent of their payments to these insurers

would go into the universal healthcare pool.

Mr McCartney told Tribune Business: “We need to see this economy bounce back before any more taxes.

We can’t take it. Taxing the people is a lazy way of trying to raise money. Our location in this world alone is an industry, and we have failed to capitalise on it. We can’t continue to do things like we have done in the past, it just won’t work.”

According to the National

Health Insurance Authority (NHIA), NHI funding will come from five primary sources, namely government contributions from the national budget; an earmarked allocation of VAT collected on private health insurance premiums, distributions from the risk equalisation fund; direct contributions from secondary and exempt employers; and a sugary drinks tax earmarked for the NHI wellness programme.

Financial services provider in 10th birthday donation A BAHAMIAN financial services provider has donated to the Bahamas Down Syndrome Association and its restaurant, Ty’s Place, to mark its tenth anniversary.

Normally, a quiet giver, owner and president of FC Capital Investments Ltd (FCCI) Alexander Murbach was moved to make a meaningful donation.

“The first time I ate lunch here was an absolutely enjoyable experience. Everybody was super friendly. After learning more about the history of Ty’s Place and the Bahamas Down Syndrome and Friends Center, I knew I wanted to contribute to the worthy cause,” said Mr Murbach.

“We didn’t want just to celebrate ourselves as a company turning ten, but give something back to the community and, in making it a more public giving, we hope to inspire our colleagues in the financial services industry to come onboard as well.”

According to former Central Bank governor Julian Francis, a non-executive director of FC Capital Investments, it is tremendously rewarding for both sides when institutions in the financial services sector get behind community outreach programmes such as Ty’s Place and its affiliate, The Bahamas Down Syndrome and Friends Center.

Cheryl Johnson Newell opened the centre for children

Reputable and Growing Gaming Company, accepting resumes for

Marketing Executive

Essential Duties & Functions: (Includes but not limited to) • • • • • • • • • • • • • • • • • • • • •

The Marketing Executive will contribute to and develop integrated marketing campaigns: Conceive and develop effective and intuitive marketing strategies Organize and oversee advertising/communication campaigns (social media, TV etc.), exhibitions and promotional events Conduct market research and analysis to evaluate trends, brand awareness and competition ventures Initiate and control surveys to assess customer requirements and loyalty Write copy for diverse marketing distributions (brochures, press releases, website material, email etc.)

Maintain relationships with media vendors and publishers to ensure collaboration in promotional activities Monitor progress of campaigns using various metrics and submit reports of performance Collaborate with managers in preparing budgets and monitoring expenses Liaising and networking with a range of stakeholders including customers, colleagues, suppliers and partner organizations; Communicating with target audiences and managing customer relationships; Managing the production of marketing materials, including leaflets, posters, flyers, newsletters, e-newsletters, etc.

Writing and proofreading copy; Liaising with designers and printers; Organizing photo shoots; Arranging the effective distribution of marketing materials; Maintaining and updating customer databases; Conducting market research, for example using customer questionnaires and focus groups; Contributing to, and developing, marketing plans and strategies; Evaluating marketing campaigns; Supporting the marketing managers and other colleagues.

Interested candidates are required to possess the following managerial skills and qualifications: • Proven experience as marketing executive or similar role • Good understanding of market research techniques, data analysis and statistics methods • Thorough knowledge of strategic planning principles and marketing best practices • Proficient in MS Office and marketing software (e.g. CRM) • Familiarity with social media and web analytics (e.g. WebTrends) • Excellent communication and people skills • Strong organizational and time-management abilities • Creativity and commercial awareness • Preferred BSc/BA in marketing, business administration or relevant discipline Interested qualified candidates may submit their resume via email to info@242careers.com.

Deadline for submissions – January 26, 2018 Only successful candidates will be contacted.

FROM left: Mrs Charlotte Murbach; Alexander Murbach, owner and president of FC Capital Investments; Cheryl Johnson-Newell, president, Bahamas Down Syndrome Association and founder of Ty’s Place; Tiffany Jones-Williams, manager, private clients/FC Capital Investments; and former governor of the Central Bank, Julian Francis.

Photo: Cay Photography with Down syndrome in 2011 with three students – one of whom was her younger son – a teacher and a volunteer operating solely from charitable donations to the small operation then housed on the Queen’s College campus.

In 2014, the retired hotel singer bought the property behind Blairwood Academy.

The bistro is named after her younger son’s best friend, a little boy with Down syndrome who valiantly battled leukemia for five years before passing away at the age of ten.

The Bahamas Down Syndrome and Friends Center now services the needs of 48 individuals, ranging in ages from four to 51. Opening to adults in 2013, Mrs Newall started with five persons. Before she knew it

the number swelled to 28, including those with autism, developmentally delayed and cerebral palsy, and Down Syndrome “I don’t believe in turning people away even if they can’t afford to pay anything,” said Mrs Newell, whose ultimate goal is to create a community for special needs individuals, complete with a vocational institute for teens and young adults, and with an assisted living component for those older individuals whose parent or guardian is unwilling or unable to provide care. “Donations like the one received by FC Capital Investments go a long way.

Many people do not know we exist. When corporate partners seek us out we know it’s from the heart.”

THE TRIBUNE

Monday, October 29, 2018, PAGE 5

Union leader ‘not screaming’ on NHI funding FROM PAGE ONE enjoying private medical insurance.

He revealed that this explanation came when the NCTU met Graham Whitmarsh, NHI’s managing director, in the wake of the Government’s revised NHI model being released for public consultation last week.

Backing NHI as a concept, Mr Evans said that while he understood concerns that the financing mechanism would place too great a burden on workers and the private sector, especially following the recent 60 percent VAT rate hike, access to quality, affordable healthcare was “too important and critical to ignore”.

While expressing the NCTU’s willingness to partner with the Government on the scheme’s development, he added that the union body wanted to make sure NHI “doesn’t run away from us” by compromising access to quality care - especially access to foreign medical institutions and treatments if needed.

Mr Evans also suggested that NHI’s financing mechanism needed to be progressive, so that those on higher incomes paid more than Bahamians who “cannot afford for another dollar to come out of their pocket”.

Describing the Government’s proposal as “beneficial”, the NCTU chief said the unions expressed several concerns to Mr Whitmarsh, including the absence of illnesses that are widespread among Bahamians but absent from the NHI benefits package.

Identifying these as high blood pressure and diabetes, Mr Evans said the umbrella union body had also raised the issue of health insurance coverage for retirees. The NHI managing director, in return, expressed a willingness to consult with the NCTU and ensure its views were

taken into consideration in structuring the scheme.

“We welcome NHI. We know it’s needed. It’s a good start overall,” Mr Evans told this newspaper. “We as workers want to partner with the Government with respect to NHI. We want to ensure it doesn’t run away from us, and maintain the quality of care, which could happen if we don’t have the proper vetting.

“Hopefully we can get NHI to the state where other countries utilise it, take the best from those countries and fine tune it so that it gives the best opportunity for healthcare in this country.”

He added that trade union members would also be reluctant to give up their existing medical insurance and benefits, and said: “While we don’t scream against taxes with regard to paying for NHI, we do want quality healthcare if we have to pay for it.

“We want it to be accessible, as we get quality care internationally directly and want to keep that in place, so we have the option to go out of the country for the best care.”

The Government’s NHI proposal mandates that its minimum care/benefits package, known as the Standard Health Benefit (SHB), be incorporated into existing individual and employer-sponsored health insurance plans.

The SHB package is currently projected to cost $1,000 per year, or an $83 per month premium payment, split between employer and employee as a payroll tax - effectively mirroring the structure and mechanism used for National Insurance Board (NIB) contributions.

Employees will pay either two percent of their salary or 50 percent of the SHB premium, whichever is greater, capped at a maximum of $42 per month or $500 per year. Mr Evans, though, explained that based on Mr Whitmarsh’s

presentation to them, all Bahamian workers that are currently covered by medical insurance will not have to pay anything extra for NHI’s SHB package.

“The model they have is going to shave this $42 from the current premium you have now,” the NCTU leader told Tribune Business. “That will come out of the premium currently paid, so it will not impact us.”

Because the NHI scheme is structured so that the SHB package is incorporated into existing health insurance policies, those with current coverage will not have to pay anything extra from their salaries for it. A portion of their existing premium will instead go towards it.

The same is likely to apply to employers, although a number of companies may well elect to drop their existing plans and just take NHI’s SHB instead. Private insurance companies will be able to sell so-called “top-up” plans for those wanting additional coverage.

Asked whether NHI was too much for the economy to bear, Mr Evans replied: “I understand VAT and all that, but healthcare is so important and critical to the country it has to be paid by the people. I don’t really view it as a tax per se.”

He warned, though, that the Government would need to bring the public health infrastructure including hospitals and clinics - up to standard should the NHI funding mechanism be approved, as the unions would “not be paying for something that is sub-par”.

Mr Evans said “a better understanding of where the economy is”, and the conditions affecting different income groups, was required to ensure NHI contributions were linked to a person’s ability to pay and did not “put any undue pressure on persons who are languishing and cannot afford it”.

Reputable and Growing Corporate Services Company, accepting resumes for

Rewards Loyalty & VIP Manager

Essential Duties & Functions: (Includes but not limited to)

• Contribute to the marketing team with aggressive marketing initiatives • Develops and ensures the production of company marketing materials • Coordinates the production of a wide range of marketing communications • Develop marketing events and exhibitions as required • Develop information for promotions for internal and external use • Write product description for promotions • Ensure that all our social media sites are functioning • Provide leadership to and direct supervision of the rewards team members through effective coaching, performance management and evaluations.

• Perform other related duties as required

Additionally, the role will be responsible for the two distinct areas below: Kiosks and Rewards • Design, budget, plan, execute and measure an enthusing Rewards Program that is appealing and motivating to customers.

• Design, budget, production stock control and distribution of all merchandise material required for the Kiosks for the company.

VIP and Loyalty • Design, budget, plan, execute and measure a suitable VIP and Loyalty program for the company in order to increase customer loyalty and VIP retention.

• Create, plan, budget, execute and measure VIP specific promotions and activities for the company.

Interested candidates are required to possess the following managerial skills and qualifications: • Bachelors Degree in Marketing/Business Management or equivalent to a minimum of 5 years experience in media operations managing workflows and creating content for multiple platforms.

• Experience of influencing at a senior management and board level.

• Experience of managing external suppliers.

• Experience of leading people, and developing key internal and external relationships.

• Excellent oral and written communication skills • Time management skills Interested qualified candidates may submit their resume via email to info@242careers.com.

Deadline for submissions – November 9th, 2018 Only successful candidates will be contacted.

PAGE 6, Monday, October 29, 2018

THE TRIBUNE

Margaritaville battle back on FROM PAGE ONE acknowledged this exclusivity in prior dealings.

After Boss’s Paradise Island location opened to great reception and success, Margaritaville reneged on its agreement with Boss and partnered with another company to develop a massive Margaritaville resort located just a few miles away from our client’s location.

“This is a clear breach of contract by Margaritaville, and Boss is fully protecting and enforcing its contractual rights by filing its lawsuit in Palm Beach County, Florida state court, in light of a procedural, non-dispositive federal court ruling.”

The US federal court did not rule on the merits

of Boss Investments’ case, instead throwing its action out on the basis that it had no jurisdiction to hear the case. The action will now be subject to Florida state law, with two of the three Margaritaville entities named as defendants said to be based - or have offices - in Palm Beach County.

The state court lawsuit appears virtually identical to the earlier federal action, which was dismissed last Wednesday.

It is alleging that Margaritaville’s tie-up with China Construction America’s (CCA) downtown Nassau resort development, adjacent to the British Colonial Hilton, violates its own exclusive right to use the brand’s trademarks and intellectual property within Bahamian territory.

Boos Investments is also

NOTICE CHAMPION ELYSSE INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CHAMPION ELYSSE INC. is in dissolution as of October 23, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

claiming that Margaritaville executives deterred it from opening a second restaurant location near Nassau’s cruise port to protect their “grander plans” at The Pointe.

Accusing Margaritaville, the lifestyle brand founded by US singer, Jimmy Buffett, of “deceitful” conduct by concealing its partnership with China Construction America (CCA), the Bahamian franchisee expressed fears that the larger, resort-centred location will “obliterate” its current cruise passenger customer base and “destroy” its business.

Boss Investments and its principals said their expansion plans have been “completely shattered” as a result, with staff morale undermined because “they “now believe their jobs are in jeopardy” due to the competitive threat posed

by The Pointe’s Margaritaville brand.

“The development of Margaritaville at the Pointe, which contains

the same word, ‘Margaritaville’, in the exact same recognisable font, as the name of Boss’s first venue (and proposed second venue) will directly impact, cause confusion with customers, and compete with Boss’s first venue, as the new complex is being developed less than two miles away from the first venue in downtown Nassau, immediately adjacent to the port where millions of cruise passengers embark and disembark annually,” Boss Investments’ new lawsuit alleges.

“As defendants know, Boss relies on cruise line passenger business to support its business... The development of Margaritaville at the Pointe prevented Boss from opening its second venue due to defendants’ deceitful actions in instructing Boss to ‘slow play’ its proposed Port location for the second venue because Margaritaville purportedly had a better location.

“This blatant misrepresentation resulted in Boss losing the opportunity to lease the property it had been considering at the port [of Nassau] for its second venue. Furthermore, Boss cannot

be reasonably expected to open a second venue in the port area, as it had planned from the outset, due to the massive Margaritaville complex being built approximately a football field away.”

Career Opportunity For a General Accounting Clerk

Qualifications: Computer Literacy, Office Practice Skills, High School Diploma, BGCSE: English Language and Mathematics (Grade C or above).

Detailed-oriented, honest, reliable.

Knowledge and skills in collection a plus.

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Send resume and standard supporting documents to: jacw1961@gmail.com

NOTICE CULLEN OAKES CORP. In Voluntary Liquidation

NOTICE CORNWALL PORTFOLIO INC. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CULLEN OAKES CORP. is in dissolution as of October 18, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CORNWALL PORTFOLIO INC. is in dissolution as of October 23, 2018

Mr. Tushar Merchant with address at Botawala Building, 2nd Floor, 11/13, Horniman Circle, Fort, Mumbai – 400023, India is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LIQUIDATOR ______________________

NOTICE The First Generations Inc. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, The First Generations Inc. is in dissolution as of October 18, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE WorldDom CORP. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, WorldDom CORP. is in dissolution as of October 15, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE LOSTON WEALTH MANAGEMENT LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LOSTON WEALTH MANAGEMENT LTD. is in dissolution as of October 24, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

THE TRIBUNE

Monday, October 29, 2018, PAGE 7

Attorney loses Colina battle FROM PAGE ONE BISX-listed life and health insurer had the right under the policy contract to increase the premium payments and Guaranteed Cost of Insurance (GCOI) due to Mr McPhee’s failures to make timely premium payments.

The dispute related to the life insurance policy taken out by Mr McPhee on October 7, 2003, from Canada Life just prior to that company’s early 2004 acquisition by Colina Insurance Company. The latter subsequently became the underwriter with the responsibility to honour the contract with the attorney.

“The face value of the policy was $150,000 with quarterly premium payments of $528.12, payable four times a year,” the Court of Appeal found. “The policy provided for monthly deductions comprising the GCOI, which was initially $74.62; waiver of premium of $12.76; and an expense charge of $9. These deductions amounted to $96.38.

“The respondent [Colina] increased the GCOI each year under a provision in the policy for a yearly renewable term per $1,000 of insurance coverage.

Under the contract, the appellant [Mr McPhee] could apply to have the GCOI changed from a yearly renewable term to a level rate if certain conditions were satisfied.

However, the appellant did not exercise this choice and consequently the GCOI continued to increase.”

The Court of Appeal added that Colina also adjusted the interest applied to the policy’s investment account, increasing it to three percent from one percent in February 2005. A second adjustment accounted for the Government’s decision to increase the insurance premium tax from two percent to three percent in 2004.

Mr McPhee first challenged his increasing premiums on March 4, 2014, describing them as a “mortality tax that was not provided for under the terms of his contract”. He also sought information about his investment when he became 66.

Colina, noting that the policy had lapsed five times between December 2005 and December 2013, advised Mr McPhee that the policy’s account value stood at $53.50 as of April 30, 2014, because of the premium defaults.

The insurer informed

him this was not sufficient to meet the premium payments becoming due, and warned on August 18, 2014, that it would lapse the policy if the due premium was not paid by September 7 that year. Mr McPhee duly paid on September 8 but, despite being just one day late, Colina “refused to deposit the premiums into the account because the policy had already lapsed and was cancelled”.

Mr McPhee challenged Colina’s ability to increase the GCOI and premium payment due to the several lapses, arguing that a “policy illustration summary” attached to his insurance contract made no mention of the “guaranteed cost” or any associated annual premium increases.

“The appellant argues that the respondent has confused the ‘Cost of Insurance Option - Yearly Renewable Term’ - (the cost per $1000 of coverage increases annually) - with the contractual term GCOI, which is merely the deduction from the account value used to pay for the insurance,” Justice Jones wrote.

“However, page six of the Policy Illustration document signed by the appellant makes it clear that “this illustration is neither a

contract nor an offer to provide insurance. In the event the policy is applied for and issued, the terms of this contract shall prevail’.”

Justice Jones found that the Supreme Court was “entitled to take the view the policy contract gave [Colina] the power to increase the premium payments and GCOI when the policy lapsed, and the appellant [Mr McPhee] applied for its reinstatement. There is no merit in this ground of appeal”.

Justice Charles had found that the policy allowed for an increase every year per $1,000 of insurance coverage, and that Mr McPhee had failed to alter the GCOI from a yearly renewable rate to a level rate.

The Court of Appeal also rejected Mr McPhee’s challenge to Colina lapsing and terminating his policy on September 7, 2014, finding that the Supreme Court could not be faulted for its verdict.

Justice Jones wrote: “The appellant contends that because his insurance policy provided permanent insurance protection as well as an investment account, his premiums included an additional amount placed in an interest-bearing investment account. This savings

facility allows the insured to borrow or surrender the policy against the accumulated amount.

“The appellant argues that this feature also allowed for the deduction of premium payments from that account when they were not made or were not paid in full. The appellant asserts that the balance in his investment account as of August 9, 2014, was at least $6,707. On this basis, he says, there were sufficient funds to pay outstanding premiums and avoid the policy lapsing due to nonpayment in September 2014.”

The multiple lapses and failure to meet due premium payments, the Court of Appeal found, resulted in the policy’s investment account lacking sufficient funds to meet these obligations.

“It can be concluded from this that if the appellant had paid his premiums in a timely fashion, the policy would have had a positive investment account value and would not have lapsed,” Justice Jones ruled. “Instead, the trial judge found that the balance on the account was $305 overdrawn and thus was insufficient to meet the premium payment.”

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

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he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

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For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

The American Embassy in Nassau is accepting applications for the following position:

Human Resources Specialist Salary $50,300 – $75,450 This position is the senior position in the Human Resources Office and is responsible for the administration of the personnel program at post. The incumbent provides advice and guidance to both American and Locally Employed Staff (LE Staff) on a wide variety of personnel matters.

For LE Staff, the HR Specialist oversees recruitment, performance management, health and retirement benefits management, disciplinary measures, local compensation surveys, personnel actions, personnel records, and required reports. The incumbent also manages services for American personnel, including check-in and check-out processing, diplomatic accreditation, and advises staff on allowances, benefits, and leave. Supervises two HR Assistants.

Interested candidates are required to possess the following skills and qualifications: •

Education: University Bachelor’s degree in Human Resources or Business Administration is required.

•

Experience: At least five years of progressively responsible experience in human resources or personnel management administration. At least six months of supervisory experience is required.

•

Language: Level 4 (Fluent) Speaking/Reading/Writing of English is required.

The complete Vacancy Announcement and Application forms are available online at: https://bs.usembassy.gov/embassy/jobs Application forms must be submitted electronically to the following email for consideration: NassauRecruitment@state.gov Applications will not be accepted at the Security Gate of the Embassy or by mail or other means of delivery.

Deadline for applications is November 2, 2018.

Due to the high volume of applications, unsuccessful candidates will not be contacted

PAGE 8, Monday, October 29, 2018

THE TRIBUNE

Wall Street sours on Silicon Valley, battering tech stocks

To advertise in The Tribune, contact 502-2394

SAN FRANCISCO Associated Press

GN-2124

MARKET REPORT THURSDAY, 25 OCTOBER 2018

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

BISX ALL SHARE INDEX: CLOSE 1,999.36 | CHG 8.46 | %CHG 0.42 | YTD -64.21 | YTD% -3.11 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.26 0.22 3.92 9.26 6.60 4.97 12.50 2.74 1.77 8.21 6.30 13.20 6.90 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.16 2.30 8.60 6.09 3.54 9.00 2.30 1.50 7.25 6.00 10.00 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson 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

52WK LOW 100.00

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 ##########

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.85 17.43 9.09 4.46 1.01 0.22 2.30 9.25 6.16 3.92 12.42 2.50 1.75 7.59 6.29 13.14 6.35 3.63 13.01

CLOSE 4.00 17.43 9.09 4.46 1.01 0.22 2.30 9.25 6.16 3.98 12.42 2.51 1.75 7.54 6.29 13.14 6.35 3.63 13.01

CHANGE 0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.01 0.00 -0.05 0.00 0.00 0.00 0.00 0.00

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

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

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 2,000

8,800 300 2,000 500

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.280 0.500 0.150 0.130 0.590

P/E 18.7 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 25.8 19.8 24.6 8.4 N/M 9.4 18.7 8.8 13.1 20.6

YIELD 2.50% 6.48% 0.00% 5.16% 0.00% 4.55% 0.00% 7.68% 3.57% 3.02% 4.99% 2.39% 4.00% 1.11% 4.45% 3.81% 2.36% 3.58% 4.53%

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

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

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

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

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

MUTUAL FUNDS 52WK HI 2.17 4.16 2.01 180.30 157.58 1.58 1.70 1.66 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.17 4.15 2.01 180.30 155.10 1.58 1.69 1.66 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.93 8.45 11.20

YTD% 12 MTH% 2.58% 4.11% 0.39% 5.07% 1.47% 2.34% 0.90% 3.44% 1.11% 6.05% 3.22% 4.22% -0.38% 3.34% 2.39% 4.01% -0.38% 0.53% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 31-Aug-2018 31-Aug-2018 31-Aug-2018 30-Jun-2018 30-Jun-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018

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

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

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

INVESTORS for years have seemingly adored technology stocks as much as most people love their smartphones.

But Wall Street has suddenly soured on Silicon Valley and the rest of tech, triggering a stomach-churning downturn in a turbulent October.

Some of the hardest hit stocks belong to five companies — Facebook, Apple, Amazon, Netflix and Google. They have collectively attracted billions to their products, carving out lucrative markets they each dominate in an increasingly digital world. Investors latched on to their success and gave them their own acronym, “FAANG”. (It’s still in use even though Google now trades under the stock of its parent Alphabet Inc.) What a difference a month makes. Since the end of September, individual FAANG stocks have plunged between four percent and 20 percent, collectively wiping out nearly $400bn in paper shareholder wealth.

The downturn may seem puzzling, given that Apple’s iPhone sales are booming, the online shopping traffic keeps sending more consumers to Amazon, people are constantly asking Google to enlighten and direct them, people keep posting on Facebook and Netflix has never been a more popular entertainment destination.

But these companies are facing rising challenges.

President Donald Trump has escalated a trade war with China, for instance, and governments are starting to consider tougher regulation that could curb tech’s influence. Employees at some large tech concerns are increasingly restive about their companies’ contributions to military and immigration-related projects.

Much of that contributes to concerns that the tech companies won’t be growing as much and as quickly as investors had expected.

“We are starting to see

‘fork-in-the-road’ situation for technology,” said Wedbush Securities analysts Daniel Ives.

Investors currently are betting it will be a bumpy road.

The tech-driven Nasdaq index is 12 percent below the high it reached in August.

The big-name tech stocks have been faring so well for so long that investors have been betting on even bigger things to come from the companies. Those wagers might take longer to pay off, or worse, fizzle completely if a slowing economy or a recession undermines their future growth.

Facebook and Google, for instance, might not be able to entice as many new users to their free digital services, and the advertising that generates most of their revenue might shrivel away.

For Amazon, it might mean consumers curtail their spending on merchandise in its e-commerce site or decide they really don’t need an internet-connected speaker like the Echo after all. Netflix might have more difficulty attracting subscribers, and could even start seeing more cancellations if households feel squeezed.

Rising interest rates are also weighing on stock prices, analysts say. Higher rates reduce the present value of future corporate earnings, which in turn undermines the justification for the lofty valuations — and high share prices — of tech companies.

These valuations are commonly measured by price-to-earnings ratios — the amount investors are willing to pay for each dollar of anticipated earnings. Consider Netflix, a company that began renting DVDs through the mail during the late 1990s, and which not long ago was considered to be worth more than Walt Disney Co and its Magic Kingdom.

Even after the recent sell-off, Netflix’s price-toearnings ratio stands at $107 for every $1 in earnings. By comparison, Disney’s is a more reasonable $14 for every $1 in earnings — and it’s also now worth about $37bn more than Netflix.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MICKEL LYNETTE BETHEL-SIMMONS of Harmony Hill Road, P.O. Box N-1080, Nassau, Bahamas, intend to change my name to MICKEL LYNETTE BETHEL. 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.

NOTICE In the Estate of HYLTON SHERLIN SEYMOUR late of No. 33 Premier Avenue, Blue Hill Estates in the Southern District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 26th day of November, 2018, after which date the Executrix will proceed to distribute the assets having regard only to the claims of which she shall then have had notice.

AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

HIGGS & JOHNSON Chambers Ocean Centre Montagu Foreshore East Bay Street P. O. Box N-3247 Nassau, Bahamas.

Attorneys for the Estate of Hylton Sherlin Seymour

THE TRIBUNE

Monday, October 29, 2018, PAGE 9

JAPAN, INDIA LEADERS BUILD TIES AMID TRADE, SECURITY WORRIES

ITALY PM WELCOMES S&P MOVE TO MAINTAIN RATING, LOWER OUTLOOK MILAN Associated Press ITALY’S premier has welcomed Standard & Poor’s decision to maintain Italy’s rating while still lowering the financial outlook for the country to “negative” from “stable”.

Premier Giuseppe Conte said on Saturday the decision by the ratings agency was “correct in light of the

ITALIAN Prime Minsiter Giuseppe Conte.

economic solidity of the country”, citing the competitiveness of Italian businesses and the high level of Italian private savings.

Italy escaped another downgrade in the Standard & Poor’s decision, but the rating’s agency noted that the populist government’s policies are “weighing on the country’s economic growth prospects, a critical driver of government debtto-GDP trajectory”.

GN-2122

INDIA’s Prime Minister Narendra Modi, left, shakes hands with Japan’s Prime Minister Shinzo Abe in Yamanakako village, Yamanashi prefecture yesterday.

TOKYO Associated Press THE leaders of Japan and India are reaffirming their ties amid growing worries about trade and regional stability.

Indian Prime Minister Narendra Modi, who arrived on Saturday, was meeting Japanese Prime Minister Shinzo Abe at a resort area near Mount Fuji yesterday.

Modi is also visiting a nearby plant of major Japanese robot maker Fanuc.

Relations with China are a major issue shared by Modi and Abe, as their cooperation may balance China’s growing regional influence and military assertiveness.

“The India-Japan partnership has been fundamentally transformed and it has been strengthened as a ‘special strategic and global partnership’,” Modi told Kyodo News service. “There are no negatives but only opportunities in this relationship which are waiting to be seized.”

Modi chose Japan among the first nations to visit after taking power four years ago. He has been urging countries in the Indo-Pacific region to unite against protectionism and cross-border tensions.

In another sign of closer relations, India and Japan are also set to hold their first joint military exercises involving ground forces, starting next month.

Abe has just returned from China, where he met President Xi Jinping and agreed the two nations were “sharing more common interests and concerns”.

President Donald Trump’s policies that have targeted

mostly China with tariffs, but also Japan and other nations, accusing them of unfair trade practices, are working to prod India and Japan to promote their economic ties.

The Japanese Foreign Ministry said the leaders had lunch at a hotel in Yamanashi Prefecture, west of Tokyo, and exchanged a wide range of views on pursuing “a free and open” Indo-Pacific region. Abe told Modi about his recent trip to China, and both sides agreed on the need to cooperate closely on getting North Korea to drop nuclear weapons development, the ministry said in a statement.

Japan’s investment in India still has room to grow.

Japan is helping India build a super-fast railway system.

Abe has made bolstering and opening the nation’s economy central to his policies called “Abenomics”, and has encouraged trade, foreign investment and tourism.

Although Japan has long seen the US as its main ally, especially in defense, Abe is courting other ties. He has also been vocal about free trade, which runs counter to Trump’s moves to raise tariffs.

Earlier this year, Japan signed a landmark deal with the European Union that will eliminate nearly all tariffs on products they trade. European and Japanese leaders pledged to strengthen their partnership in defense, climate change and human exchange, to send what they called a clear message against protectionism.

Abe and Modi will hold a more formal summit today in Tokyo.

NOTICE Notice is hereby given that AnAskAciA MoreAu of #62 Sunset Sub Division, Freeport, Grand Bahama, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 29th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

GN-2123

The European Commission has rejected Italy’s draft budget, which raises Italy’s deficit to 2.4 percent of GDP, three times the previously agreed-upon level. Italy has three weeks to respond, but policy makers haven’t indicated significant changes.

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THE TRIBUNE

Monday, October 29, 2018, PAGE 11

ISTANBUL TO UNVEIL NEW AIRPORT, SEEKS TO BE WORLD’S BIGGEST

CONSTRUCTION continues in Istanbul’s new airport ahead of its opening. The first phase of the airport, one of Turkey’s President Recep Tayyip Erdogan’s major construction projects, is scheduled to be inaugurated today when Turkey celebrates Republic Day. The massive project, has been mired in controversy over worker’s rights and environmental concerns amid a weakening economy.

Photo: Emrah Gurel/AP ISTANBUL Associated Press RECEP Tayyip Erdogan has held plenty of grand opening ceremonies in his 15 years at Turkey’s helm.

Today, he will unveil one of his prized jewels — Istanbul New Airport — a megaproject that has been dogged by concerns about labor rights, environmental issues and Turkey’s weakening economy.

Erdogan is opening what he claims will eventually become the world’s largest air transport hub on the 95th anniversary of Turkey’s establishment as a republic.

It’s a symbolic launch, as only limited flights will begin days later and a full move won’t take place until the end of the year.

Tens of thousands of workers have been scrambling to finish the airport to meet today’s Erdogan deadline.

NOTICE In the Estate of RODNEY WILBERT BRAYNEN late of 26 Halifax Road, Stapledon Gardens in the Western District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 10th day of December, 2018, after which date the Administratrix will proceed to distribute the assets having regard only to the claims of which she shall then have had notice.

AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

HIGGS & JOHNSON Chambers Ocean Centre Montagu Foreshore East Bay Street P. O. Box N-3247 Nassau, Bahamas.

Attorneys for the Estate of Rodney Wilbert Braynen

Protests in September over poor working conditions and dozens of construction deaths have highlighted the human cost of the project.

Istanbul New Airport, on shores of the Black Sea, will serve 90 million passengers annually in its first phase. At its completion in ten years, it will occupy nearly 19,000 acres and serve up to 200 million travelers a year with six runways. That’s almost double the traffic at world’s biggest airport currently, Atlanta’s Hartsfield-Jackson.

“This airport is going to be the most important hub between Asia and Europe,” Kadri Samsunlu, head of the five-company consortium Istanbul Grand Airport, told reporters on Thursday.

The airport’s interiors nod to Turkish and Islamic designs and its tulip-shaped air traffic control tower won the 2016 International Architecture Award. It also

uses mobile applications and artificial intelligence for customers, is energy efficient and boasts a high-tech security system.

All aviation operations will move there at the end of December when Istanbul’s main international airport, named after Turkey’s founder Mustafa Kemal Ataturk, is closed down.

Ataturk Airport now handles 64 million people a year.

On the Asian side of the city, Sabiha Gokcen Airport handled 31 million passengers last year. It will remain open.

Erdogan is expected to announce the official name of the new airport, part of his plan to transform Turkey into a global player.

Turkish Airlines will launch its first flights out of the new airport to three local destinations: Ankara, Antalya and Izmir. It will also fly to Baku and Ercan in northern Cyprus.

Nihat Demir, head of a construction workers’ union, said the rush to meet Erdogan’s deadline has been a major cause of the accidents and deaths at the site that employs 36,000 people.

“The airport has become a cemetery,” he told The Associated Press, describing the pressure to finish as relentless and blaming long working hours for leading to “carelessness, accidents and deaths”.

The Dev-Yapi-Is union has identified 37 worker deaths at the site and claimed more than 100 dead remain unidentified.

Turkey’s Ministry of Labor has denied media reports about hundreds of airport construction deaths, saying in February that 27 workers had died at the site due to “health problems and traffic accidents”. It has not commented since then.

PAGE 12, Monday, October 29, 2018

THE TRIBUNE

Treasury chief says UK faces new strategy in no-deal Brexit

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BRITAIN’S Treasury chief warned yesterday that plans to end eight years of austerity could be sidetracked by a “no-deal” Brexit as he prepared to release his latest spending plan to the House of Commons.

On the eve of his budget speech today, Philip Hammond pledged that the end was in sight for the budget cuts implemented by a series of Conservative-led governments after the global financial crisis, reiterating a commitment made by Prime Minister Theresa May earlier this month. But Hammond cautioned that the government’s plans could be thrown off track if Britain fails to secure a deal that protects trade with the European Union.

“If we were to find ourselves in that situation, then we would need to take a different approach to the future of Britain’s economy,” he told Sky News. “We would need to look at a different strategy and, frankly, we’d need to have a new budget that set out a different strategy for the future.”

Government workers and the public are agitating for the government to end years of austerity that have slashed funding for everything from defense and law enforcement to schools and transportation as May and her predecessor sought to close the budget deficit. Teachers recently marched through central London to call for increased funding, as police warn that they don’t have the resources to combat rising crime and the military shrinks. Amid the demands for money, the government is pushing ahead with plans to roll out a new comprehensive welfare programme that critics say will leave the most vulnerable worse off.

Hammond may get some help in meeting the demands from an unexpected increase

BRITAIN’s Chancellor Philip Hammond says the country would need a new economic strategy if it leaves the European Union without a deal. in tax revenue. The independent Office of Budget Responsibility will today slash its forecast for government borrowing, reducing the deficit by about 13 billion pounds ($16.9bn) during the current fiscal year, the Financial Times reported last week.

The revision is likely to help Hammond deliver on a government pledge to increase funding for the National Health Service by 20 billion pounds a year by 2023 without raising taxes.

Ahead of the budget, the government has announced a 1.5-billion-pound package to help small retailers and a 30-billion-pound investment in the transport network.

But Hammond said further details on which programmes would get more money would have to wait until next year — after Brexit talks are completed. If the negotiations collapse, a no-deal scenario would represent a “very big transition” in the way the economy operates.

“If our businesses are no longer able to trade with European Union neighbors, if their supply chains are cut off, they will have to find different markets and different ways of doing business,” he told the BBC. “The economy will change. It will have to restructure itself over a period of time and that will be a fairly major transition.”

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