11262018 BUSINESS

business@tribunemedia.net

MONDAY, NOVEMBER 26, 2018

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KP TURNQUEST

CHESTER COOPER

DPM, Opposition trade fiscal hits

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister and his PLP counterpart yesterday traded accusations of “ineptitude” over which party is to blame for The Bahamas’ fiscal crisis following the $105m deficit overshoot.

The exchange between Chester Cooper, the Opposition’s finance spokesman, and KP Turnquest was sparked after the former suggested that the steep revision to the 2017-2018 deficit estimates after just five-and-a-half months showed the Government “simply doesn’t know what it’s doing”.

The Exuma and Ragged Island MP argued that the deficit was “not substantially different” from what the Christie administration incurred in 2016-2017, as its $661m worth of “red ink” would have been much lower if not for the impact of Hurricane Matthew.

This prompted an immediate riposte from Mr Turnquest, also minister of finance, who accused Mr Cooper of “amnesia” over the four successive Bahamas sovereign credit rating downgrades presided over by his party when in office.

The deputy prime minister, while touting the Minnis administration’s concrete steps towards greater fiscal accountability and transparency, failed to explain the cause of their row - the $105m, overshoot of the 2017-2018 fiscal deficit, exclusively revealed last week by Tribune Business, which came in at $415m instead of his $310m yearend prediction.

Mr Cooper, seemingly determined to have the

SEE PAGE 5

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‘Scale down’ NHI by 50%, govt told

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Government has been urged to “scale down” National Health Insurance’s (NHI) basic benefits by up to 50 percent amid fears businesses will become a “financial lifeguard” for the scheme.

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC), in its NHI position paper, argued that reducing the Standard Health Benefit (SHB) package’s proposed $1,000 annual premium to around $500 “would be more reasonable” for companies and the wider economy to absorb following July’s 60 percent VAT rate hike.

The group, which represents the widest crosssection of businesses in the

* And don’t make business a ‘financial lifeguard’ * Chamber: Labour costs may increase up to 7% * $1,000 premium may be ‘too low’ to cover costs

MICHAEL MAURA Bahamian economy, warned that NHI’s payroll tax financing mechanism would

increase labour costs by up to seven percent - a level that companies with “thin profit margins” may find impossible to absorb.

Besides providing a disincentive for companies to hire new employees, and possibly encouraging some to lay-off staff, the Chamber added that this mechanism will also impact economic growth through reduced worker disposable income and business having less money to invest.

Michael Maura, the Chamber’s chairman, yesterday told Tribune Business that the private sector’s concerns were focused on “the pathway” for achieving Universal Health Coverage (UHC) rather

than any opposition to the concept.

NHI is the Government’s chosen financing mechanism for achieving UHC, but Mr Maura said the private sector had yet to see any analysis justifying the SHB’s $1,000 price tag or the impact the scheme will have on businesses and the wider economy.

The Chamber’s position paper warned that the $1,000 annual premium may be “too low” for the level of healthcare services it proposes to finance, and warned that “undesirable consequences” would flow from this - including the

SEE PAGE 4

$100,000 ‘buy NHI’ mark ‘way too low’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE $100,000 National Health Insurance (NHI) exemption threshold for businesses is “way too low” and should be raised to $500,000, the Chamber of Commerce’s chairman said yesterday.

Michael Maura told Tribune Business that the proposed annual revenue benchmark, below which companies will not have to buy the minimum NHI coverage for their staff, was “nothing” for most businesses given their typical turnover today.

Increasing this to $500,000 was just one of the recommendations detailed in the Chamber’s just-released NHI position paper, which also called for the Government and NHI Authority to “do away” with the plan to require employers to pay

* Chamber calls for increase to $500,000 * Seeks employer launch push back to 2021 * Chair suggests ‘pilot’ of scheme’s unveiling 25 percent of the due premium on behalf of part-time staff whose primary employment lies elsewhere.

The private sector organisation, which represents the widest cross-section of Bahamian businesses and industries, then suggested that the Government abandon its January 2020 plans to roll-out NHI’s employer mandate for companies with 100-plus employees and instead push the launch date for all back one year to January 2021.

Mr Maura, meanwhile, suggested that NHI be launched as “a pilot programme” so that its impact on businesses and the economy could be properly assessed, and any “mistakes” avoided.

He also questioned how healthcare quality and services are to be maintained at the existing level when all doctors, service providers and medical insurers will, according to Dr Duane Sands, minister of health, be required to take a cut in fees and compensation if NHI is to work.

The Chamber chairman explained that, in any business, the natural outcome from reduced income is a cut-back in services offered, yet the Government appeared to be expecting private sector healthcare providers to maintain their existing practices as is.

With the Chamber proposing multiple upgrades and enhancements to the NHI scheme, Mr Maura

$4.82 Governance and regulatory woes hurt renewables

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net POOR governance and regulatory challenges have been blamed for the failure to better integrate renewable energy into The Bahamas electricity mix, with investors unsure where they stand.

The Inter-American Development Bank (IDB), outlining the terms of reference (TOR) for a consultant who will produce a “framework” for renewable energy and investment, reiterated that The Bahamas ranks last in the Caribbean for “penetration” of its generation mix “despite possessing ample resources” when it came to solar.

While multiple companies have inquired about renewable self-generation projects able to produce one megawatt (MW) of energy or more, and sell any excess power to Bahamas Power & Light’s (BPL) grid, the IDB document said the latter’s small scale renewable generation (SSRG) initiative falls far short of what is necessary.

“Market governance and regulatory-related challenges continue to be among the hindrances to the implementation of

SEE PAGE 4

Chamber blasts ‘unfair’ sugary drinks NHI tax

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

told Tribune Business: “We have suggested that the minimum threshold move from $100,000 to $500,000 in terms of businesses that have to comply.

“The reason for that is, in our view, that $100,000 in revenue is nothing. You could be a carpenter, have a helper, and you’re at $100,000. I think it’s way too low. We are respectfully proposing that number be in the $500,000 range for minimal compliance.”

Such a move, if accepted by the Government and NHI Authority, would likely remove many small and medium-sized enterprises (SMEs) from the obligation of having to buy NHI’s

THE Government’s plan to part-finance National Health Insurance (NHI) by singling out “sugary drinks” was yesterday blasted as “unfair”, amid calls for such “sin taxes” to be more widely based.

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC), in its position paper on the revised NHI scheme, said such a tax should be spread across all unhealthy foods and drinks rather than just one product.

Dr Duane Sands, minister of health, previously told

SEE PAGE 6

SEE PAGE 5

PAGE 2, Monday, November 26, 2018

THE TRIBUNE

BTC BEGINS ‘FIGHT FOR EVERY CUSTOMER’ THE Bahamas Telecommunications Company (BTC) has moved swiftly to deliver on pledges of increased consumer value with the launch of its 90-day Always On mobile promotion.

Garry Sinclair, pictured, BTC’s chief executive, said

the offer - designed to give mobile subscribers 30 days’ worth of connectivity for the equivalent of a weeklong plan - represented the “bright red line” the carrier is drawing in its battle for market share with Aliv.

The 90-day promotional offer, timed to coincide with

the Christmas season, is a seven-day, $15 VAT-inclusive plan that includes 3G’s of data, unlimited local calls and texts to any network, and international minutes for seven days. Once the seven-day period ends, the Always On plan keeps subscribers connected via free

WhatsApp for 30 days.

Mr Sinclair said: “BTC is indeed making history today as the first provider with a customer value proposition that keeps you connected for 30 days while you only pay for seven days.

“We are drawing a bright

red line in the sand today, and making a bold statement that we are fighting for every single customer.

We’ve talked with our customers and asked them what they want, so we believe that this new Always On commercial offer will resonate with them.”

BTC is introducing its new value proposition under the umbrella of its brand campaign, The Moments that Move Us. The campaign speaks to life as a celebration of moments - from big epic moments to small everyday celebrations. It also acknowledges progress and emphasises the importance of fostering authentic relationships.

At the end of the seven days, the Always On plan automatically renews and any remaining data rolls over. If a customer does not automatically renew the plan, they will still receive free WhatsApp for 30 days, allowing them to stay connected for the month.

During this period, customers can add more data and can purchase a 1G bolt-on.

Mr Sinclair added: “We

haven’t taken our hands off of the wheel, and we’ve been working hard on the commercial side of our business to produce compelling offers for our customers.

“This launch today is hugely important. We’re not taking our focus off the customer, and this is the first of many more valuepacked propositions to come. We’ve also talked with our postpaid customers, and in a few days we will introduce our Always On offer for them as well.

THE TRIBUNE

Monday, November 26, 2018, PAGE 3

INLAND REVENUE’S NHI POLICING ROLE ‘TOO MUCH’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MAKING the Government’s main tax authority a policing agent for National Health Insurance (NHI) is “too much, too soon”, the Chamber of Commerce’s chairman warned yesterday.

Michael Maura told Tribune Business yesterday that using the Department of Inland Revenue (DIR) to enforce NHI contribution compliance threatened to over-burden the agency at a time when itself and the private sector were still bedding in recent tax increases and additional responsibilities.

With the DIR seeking to reduce associated bureaucracy, and make tax-paying less onerous and time consuming for businesses, Mr Maura warned that business “frustration” was likely to increase if the department was further distracted from its mission and goals by extra NHI-related obligations.

“They’re talking about the NHI Authority serving as a policing function,” the Chamber chairman told this newspaper of the NHI Authority’s revised scheme. “The DIR is

•WILL ADD TO BUSINESS ‘FRUSTRATION’ •CONCERN OVER $1,000 PREMIUM working extremely hard to implement new procedure, technology to aid with making business easier, but is still a long way away with it.

“Having any additional responsibilities with NHI, it’s too much, too soon. I don’t see how they’re going to be successful with this.

It’s going to create a lot more frustration for businesses. Right now, we all - businesses, the Government and the DIR - need to get some wind under our belt before we start making things more complex and more expensive.”

Mr Maura’s concerns were echoed in the Chamber’s official NHI position paper, released over the weekend, which outlined multiple concerns and unanswered questions related to the revised scheme unveiled by the Minnis administration and its NHI Authority, chaired

by Dr Robin Roberts.

“The Department of

Inland Revenue (DIR) has been identified as one of the main policing agents in the enforcement of the proposed employer mandate,” the Chamber said. “The [Chamber of Commerce] commends the Government’s efforts aimed at leveraging technology to improve the quality of service within the public service and ushering in e-government services in a meaningful way.

“However, it is our view that at a time when the business community remains frustrated with the efficiency of the Business Licence process, it would seem inappropriate to further challenge the DIR. We recommend that these improvements be completed, or significantly implemented, prior to the imposition of additional NHI-related responsibilities on the DIR. “This will mitigate against the risk of the DIR undermining the worthwhile objectives of the NHI programme. The Government must focus on being efficient and effective before placing further pressure on the DIR and the business community by extension.”

The NHI Authority, in its consultation paper, is proposing that the

DIR “validate” that socalled “exempt” or “secondary” employers have made due NHI contributions on behalf of their employees.

The Chamber, meanwhile, reiterated concerns first expressed by The Bahamas Insurance Association (BIA) that the $1,000 annual premium for the Standard Health Benefit (SHB), NHI’s minimum level of care, may be “too low” given the expanded range of primary and secondary benefits/treatments it proposes to cover.

“While the [Chamber] is supportive of initiatives aimed at reducing the cost of healthcare and health insurance premiums in The Bahamas, we are concerned that the NHI Authority may have established the premium for the SHB plan at a level that is too low,” its position paper warned.

“Should the premium level be insufficient to cover the benefits under the proposed plan, there could be undesirable consequences... For example, if the SHB plan is only able to afford a purchase of healthcare mainly in the public system, employers and employees will be unhappy that the plan does not accommodate the cost

of care being delivered in private facilities.

“Alternatively, if the buying public is assured access to private facilities, but that was not assumed when setting the cost of $1,000 per annum, then this cost will end up increasing - and possibly increasing rapidly. If that happens, will insurers pull out of the market if the premium is not adjusted an, if the premium is adjusted, will that adjustment/increase be borne solely by the employer?

“Alternatively, insurers may increase the insurance premiums for supplemental benefits to offset any losses on the SHB plan. If the supplemental plans go up in cost, they may become cost prohibitive and have the unintended consequence of reducing the amount of persons with comprehensive insurance coverage, thereby lessening the protection afforded to the country’s residents overall.”

The Chamber urged the NHI Authority to give an “assurance” that any reduction in health provider fees, which Dr Duane Sands, minister of health, has said is necessary for the scheme to work, “will not result in a marked decrease in the quality of medical care in

The Bahamas”.

“We are hopeful that all stakeholders will arrive at a position that does not compromise the health of residents of The Bahamas, as the current proposition appears to be an unreasonable expectation, especially seeing that there has been no consultation with medical providers in advance of publishing the [NHI Authority’s] policy paper,” the Chamber added.

“In the absence of specific details surrounding the procedures covered, the facilities via which the services would be provided and the provider network for the services, the [Chamber] cannot reasonably assess the SHB. We therefore request that the NHI Authority provide specific details for our review.

“The NHI Authority is further advised to ensure that the proposed premiums for the SHB are sufficient to provide the benefits outlined under the SHB. Employers would also appreciate definitive commentary from the NHI Authority and private health insurers on the availability, affordability and viability of supplemental/ top-up plans once the SHB is launched.”

Union tells govt: Protect BTC value for future sale THE Bahamas Telecommunications Company’s (BTC) line staff union has urged the Government to protect the value of its shareholding and commit to selling this to Bahamian investors.

Dino Rolle, the Bahamas Communications and Public Officers Union’s (BCPOU) president, effectively urged the Minnis administration to intervene in the communications provider’s management given that it was in its financial interests to do so.

Speaking after the BCPOU and executives from its fellow BTC union, the Bahamas Communications Public Managers Union (BCPMU), last week met with Pakesia Parker-Edgecombe, parliamentary secretary in the Prime Minister’s Office, Mr Rolle renewed his attack on comments made by the company’s chief executive, Garry Sinclair.

Mr Sinclair had last week told Tribune Business that under-performing BTC staff should be “anxious” for their jobs given the company’s need to respond to Aliv’s competitive threat, but Mr Rolle retorted: “Not only are the comments counterproductive and demoralising to staff, the poor management

and fledging decline in revenues is detrimental to the Government’s interests, as they are the majority shareholder for BTC. “To protect its investment, the Government must act to preserve the share price of BTC and commit them for sale. After all, the sale of BTC shares to the public is in keeping with its election commitment to Bahamians.”

The Ingraham administration had pledged a gradual sell-off of the Government’s then-49 percent stake in BTC following the 2011 privatisation that saw Cable & Wireless Communications (CWC) acquire a then-majority 51 percent interest.

An initial nine percent tranche, worth around $36-$37m, was initially earmarked, but the 2012 general election saw the election of the Christie administration, which reversed course and sought to “regain a majority stake in BTC for the Bahamian people”.

The deal eventually worked out with CWC saw a two percent shareholding deposited in the BTC Foundation, which was created to finance “good causes”.

While the Christie administration could claim it had regained majority control,

Mobile rivals in big ‘Black Friday’ surge

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net MOBILE rivals BTC and Aliv both reported a strong surge in business during their “Black Friday” promotions, with scores of customers taking advantage of their offerings.

Sasha Lightbourne, Aliv spokesperson, told Tribune Business: “Our expectations for Black Friday were superseded by the actions of our customers. We overperformed and exceeded our daily targets so much so that the sale was extended to Saturday, November 24. We provided value for our customers and we are happy that they believed in us and flooded our stores this weekend. They believe in us and clearly believe in best.”

BTC reported that from as early as 4am on Friday, “scores of customers” were queued at its Southwest Plaza Location to take advantage of special instore offers. Garry Sinclair,

its chief executive, said: “We were once again overwhelmed by the response to our Black Friday offers nationwide.

“Our ‘moment matchmakers’- the BTC sales team - gladly helped with creating happy moments for our customers. A number of customers told us that they used this opportunity to get their shopping done early for the holidays. We want to say a big thank you to them, especially those who waited in line early this morning to make sure they didn’t miss the moment.”

Black Friday, the day following Thanksgiving in the US, traditionally marks the beginning of the Christmas shopping season, and has become known as a time when retailers offer significantly low prices on items such as electronics.

While many Bahamians also travel to the US every year for Black Friday, some local retailers have been using the shopping tradition to generate more business ahead of the Christmas shopping period.

To advertise in The Tribune, contact 502-2394

PATRICK FERGUSON, vice-president, BCPOU; Senator Jamaal Moss; Dino Rolle, president, BCPOU; Pakesia Parker-Edgecombe, parliamentary secretary, Office of the Prime Minister; Ricardo Thompson, president, BCPMU; Kendrick Knowles, vice-president, BCPMU; and Brian Jacques, trustee, BCPMU. Photo: Letisha Henderson/BIS CWC retained the largest equity stake and board and management control.

Mr Rolle, meanwhile, quipped that “we’ve seen this movie before” in

relation to Mr Sinclair’s comments. He added: “Everyone would recall, Arthur Barnett, former chairman of BaTelCo, who was appointed in 1992.

He became famous for his statement: “Work or be fired’.”

He added that BaTelCo suffered its first net lost under Mr Barnett, only for results to turn around when Albert Miller was appointed chairman. “Eerily, history has a way of repeating itself”, said Mr Rolle.

“BTC’s current chief executive, Garfield Sinclair, made similar declarations about BTC’s staff to the public. Not surprisingly, he,

too, is on-track for being the first chief executive in the 2000s to lead the company without turning a profit.”

Ricardo Thompson, president of the Bahamas Communications Public Managers Union (BCPMU), added: “Mrs Parker-Edgecombe was attentive to the concerns outlined by the unions”. These, he said, include the negotiation of a new industrial agreement; past due overtime payments for staff; and adherence by CWC to the privatisation agreement to preserve Bahamian jobs.

PAGE 4, Monday, November 26, 2018

THE TRIBUNE

‘SCALE DOWN’ NHI BY 50%, GOVT TOLD FROM PAGE ONE

Government demanding ever-increasing sums from the private sector to make up the funding shortfall.

“Because we are not clear in terms of the specifics of how this programme will work successfully, we remain very concerned that the potential errors in the plan will then fall on the backs of businesses to fix,” Mr Maura said, “and by fix I mean the cost mistakes.

“Because there may be inconsistencies in the logic, gaps in the plan in terms of how it is successfully implemented and funded, once we get past the point of no return where the Government finds itself in a position where they will have to maintain the plan and move ahead they will look exclusively - as they tend to do - at business.

“Businesses will be the lifeguard from the standpoint of funding. Cost is a big part of it. This is not the private sector pushing back and questioning whether we should have NHI. It’s about the pathway to get there.”

NHI is the Government’s chosen vehicle for financing UHC, which is designed to provide all Bahamians and residents with affordable, accessible care when they require it. Mr Maura said the private sector understood the desirability of this “national objective”, but felt it was “too much, too soon” given the economy’s fragile

Governance and regulatory woes hurt renewables FROM PAGE ONE several energy projects, especially with respect to renewable energy and private sector participation,” the IDB said. “At present there is no comprehensive framework for distributed and utilityscale renewable energy that

condition and recent VAT increase.

“We still have many questions around the financial analysis, and other analyses which they have perhaps not shared yet, to help us understand how they expect this plan to do what it’s intended to do. How do we fund it?” the Chamber chairman added.

“We have major concerns with the taxes we have seen in our economy over the last three years. We are extremely concerned that while this initiative comes from a very good place, we worry that - at the end of the day - business once again has to underwrite this plan.”

The Government is this fiscal year projecting a 55.7 percent VAT revenue increase alone from the budget’s rate hike, which will raise its take from $680.6m to $1.06bn - a jump of $380m.

As a result, Mr Maura warned that further burdening businesses and workers with the NHI scheme’s payroll tax will further raise the already-high cost of doing business and undermine any growth momentum the economy may be gaining.

“We think it’s a lot too soon to impose that,” he added. “We don’t want to put too much on business too soon. Let’s work on economic growth and, once the economy is growing, phase it in.”

“It is the BCCEC’s recommendation that the Government and the NHIA

(NHI Authority) scale down the benefits covered by the SHB so as to reduce the required premium for the plan and consequently decrease the cost borne by businesses to purchase the plan for their staff,” the Chamber paper urged.

“Specifically, designing a schedule of benefits that would cost about half that of the current plan, $500 per annum rather than $1000 per annum, would be more reasonable for businesses and the economy to absorb.

This suggestion should be considered and implemented within a broader context of a growing economy.”

The NHI Authority, which will administer the scheme on the Government’s behalf, was careful to avoid the word “tax” in outlining the proposed financing mechanism in its consultation paper. It is effectively suggesting a payroll tax whose structure replicates the National Insurance Board (NIB) scheme - with contributions split between employer and employee.

Ending the notion that “healthcare is free”, the NHI consultation paper calls for all working Bahamians to contribute two percent of their salary or 50 percent of the premium - whichever is lower - to purchase the scheme’s Standard Health Benefit (SHB) or minimum level of coverage.

Unveiling a similar funding mechanism to NIB contributions, the paper says

the balance of SHB costs will be met by the employer, meaning the latter “will be responsible for at least 50 percent of the premium cost”.

The SHB package’s initial “regulated premium cost” is expected to be $1,000 per year, or $83 per month, meaning that employee contributions will be effectively “capped” at $500 per year ($42 per month).

The tax structure is progressive in the sense that workers with lower incomes contribute less to their premium than those with higher salaries, but this results in their employer having to pay more. For example, Bahamians earning $25,000 per annum or more will split contributions 50/50 with their employer, each paying $42 per month.

However, while workers earning $10,000 and $15,000 will have to pay $17 and $25 per month, respectively, their employers must pay the $67 and $58 balances, respectively. As a result, the increased labour costs may result in some companies electing to shed their most vulnerable employees - those on the lowest incomes - and disincentivise them from new hires.

“While much focus has been placed on the proposed employee contribution of a ‘two percent NHI tax’, there has been little to no recognition of the fact that the balance of the premium is to be paid by the employer,”

the Chamber position paper said.

“Businesses understand that this mandate is not a tax in the literal sense since it does not raise revenues for the Government. We submit, however, that it is an increase in labour costs which in turn increases expenses.”

The Chamber added: “Hence, there is no doubt that it has the same effect on a business’s bottom line.

Based on the [consultation] paper, non-exempt employers or businesses could pay between $500 and $780 per employee.

“This could constitute an increase of up to seven percent in labour costs assuming a minimum wage of $10,920, where employee contribution will be two percent, ie $218.40. The employer pays the balance of $781.60, which equates to 782/10920 = 7.16 percent.

“Based on the referenced example, these increased labour costs could be significant particularly for businesses that operate on thin profit margins and may therefore be unable to withstand this level of increase.”

Tribune Business’s own calculations suggested that the proposed NHI payroll tax could increase labour costs by up to 16 percent for workers earning just $5,000 per annum, such as part-time staff, while expenses associated with those making $10,000 per year would rise by just over eight percent.

“This will influence

businesses to reevaluate their use of part-time labour,” Mr Maura told Tribune Business. “It’s going to impact how a business is going to manage its labour, and will impact employees and their disposable income as well.

The employees will find themselves having to pay for this as well.”

The Chamber’s policy paper added: “Employees having reduced disposable income, and businesses having less capital available for reinvestment to provide for future growth, could both have an adverse impact on the economy.

“In this regard, the BCCEC wishes to caution the NHI Authority against excessive optimism that this initiative will bring about economic expansion. The employer mandate is projected to result in businesses spending more on insurance and healthcare with an unintended potential reduction in reinvestment in their own businesses and dampened future salary increases for their staff.

“While the NHI Authority foreshadows that the insurance and healthcare sectors may grow from these inflows into their industries, there may be contraction in other industries. Thus it is difficult to accept the argument that there would be a direct positive economic effect in the absence of an economic impact analysis that supports such a notion.”

reflects local technical, legal and economic conditions.

“An offtake agreement standard will be needed for medium and utility-scale solar, laying out the conditions and obligations of the electricity off-taker, to provide investors with certainty regarding the return on their investment. Stakeholders need to understand the reference price ceilings that could be used for competitive tender processes for utility-scale solar.”

It continued: “One of the issues at the heart of

the challenge is the fact the value of solar PV (photovoltaic) on the distributed generation (DG) level is not fully understood by all energy stakeholders.

“This is in part leading to prolonged implementation of renewable energy projects and stalled financial closure for others. A study of this nature will enable Government to participate and contribute to the policy and regulatory discussion on the renewable energy plan.”

The IDB report highlights the stubborn

obstacles standing in the way of the National Energy Policy’s (NEP) goal of generating 30 percent of all energy produced in this nation from renewable sources, such as solar, wind and biomass, by 2030.

It also illustrates the chronic lack of progress on energy sector reform, and delivering lower cost, more reliable energy supply from multiple, cleaner sources to the Bahamian people.

Energy costs have again become a “hot button” issue for many Bahamians, with the topic a key concern among protesters who gathered outside the House of Assembly last week.

The IDB report said renewable energy, especially solar and wind technologies, were becoming increasingly affordable and competitive, with the former’s costs having dropped by 73 percent from 2010 to stand at around $0.10 per kilowatt hour (KWh) at a global average.

“However, The Bahamas ranks lowest in the region for renewable energy (RE) penetration in its generation mix despite possessing ample RE resources with Global Horizontal Irradiation (GHI) averaging over 2100kWh/m2, and expected

photovoltaic (PV) output of about 1700 kWh/KWp,” the IDB report said.

“Accelerating the transition to a renewables-based energy system represents a unique opportunity for The Bahamas and other Caribbean countries to meet climate goals while fuelling economic growth, creating new employment opportunities and enhancing human welfare.”

“In recent years, there have been inquiries by commercial entities which are seeking to pursue RE self-generation projects of capacity of one MW or more, selling excess energy to BPL for use in its system. In April 2016, BPL submitted its Renewable Energy Plan (REP) to URCA seeking to fulfil the requirements of section 25(2) of the Electricity Act,” the report continued.

“URCA considered that BPL’s REP had merit with respect to segmenting the REP into two components - ‘Small-scale’ and ‘utilityscale’ generation. However, the initial plan, which focused on the Small Scale Renewable Generation programme, did not fully meet the NEP nor the objectives of the Electricity Act as it did not facilitate Independent Power Producers (IPPs), lacking an outline of

internal planning processes or provisions for additional energy to the grid by these third-party providers.”

Two large-scale renewable energy projects were identified as the Nassau Airport Development Company’s (NAD) five MW solar plant, which is due to go out to tender, and the National Stadium’s 900 kw solar car park.

The consultant being sought by the IDB will produce an assessment of the costs, such as back-up generation and/or energy storage needs, interconnection and grid modernisation, and benefits of increasing solar PV energy’s penetration of the generation mix.

“The aim will be for this report to provide a more accurate overall economic and societal value of this indigenous renewable energy source, and therefore to provide the technical basis for an agreed off-take framework for these investments,” the IDB said.

“The report will also help to inform as to the true costs and benefits of solar PV investments in The Bahamas, sensitizing energy stakeholders to the technical, economic and financial aspects.”

THE TRIBUNE

Monday, November 26, 2018, PAGE 5

Chamber blasts ‘unfair’ DPM, Opposition trade fiscal hits sugary drinks NHI tax FROM PAGE ONE

FROM PAGE ONE Tribune Business that a tax on “sugary drinks” could raise between $4-$10m annually to help cover NHI’s projected $100m total cost, but the private sector organisation yesterday said imposing this by itself would “be tantamount to the Government making a selection of market winners and losers”.

“It is widely acknowledged that a diet high in sugar and salt increases the risk of diabetes, hypertension and other non-communicable diseases,” the Chamber paper acknowledged, saying it “understands the philosophy” behind the Government’s proposal.

“However, we do not support the implementation of additional taxes on the private sector in the immediate aftermath of a significant increase in VAT and other taxes,” it said. “Furthermore, we are not in favour of a tax that is applicable to only one of many ‘unhealthy’ foods that are part of the Bahamian diet.

“While we concur that healthier food choices are imperative in the reversal of trends relating to non-communicable diseases in The Bahamas, the solution must be multi-faceted and should not appear to victimise one sector of the business community.

“The optimal approach should also take into account the considerable investments made by manufacturers in this sub-sector and the potential impact on sales revenue as a result of the proposed taxes.”

The Chamber paper continued: “The imposition of sin tax limited to sugary drinks is unfair, and will serve as an extra burden on a small subset of businesses when that burden could otherwise be spread across a broader base of unhealthy products.

“This would be tantamount to the Government making a selection of market winners and losers, and be a significant departure from free market principles by which we stand. If the Government insists upon the development and imposition of sin taxes (which we do not endorse), then that tax regime should be such that the tax burden is spread across all unhealthy or hazardous products and

consequently reduce the risk of adversely impacting a single sub-sector.

“The [Chamber] further urges the Government to simultaneously consider and implement policies that would reduce the cost of healthy alternatives, and incentivise consumption of those healthy alternatives.”

Drinks manufacturers lashed out at the “sugary drinks” tax when it was first floated in the NHI Authority’s consultation paper, arguing that their products cannot be blamed for The Bahamas’ health crisis.

Walter Wells, Caribbean Bottling Company’s president and chief executive, in a forerunner of the Chamber’s response told Tribune Business last month that such a tax was “too narrowly focused” on a sector that cannot be blamed for obesity and other chronic non-communicable diseases (NCDs).

The bottler of Coca-Cola, Fanta and other soft drinks added that it was wrong to “single out” one particular sector, and warned that the imposition of such a tax will further “hurt” its business just as it struggles to recover from the budget’s VAT hike.

The Chamber’s position paper, meanwhile, warned that the Government cannot divorce its National Health Insurance (NHI) scheme from the economic “big picture” - particularly its fiscal consolidation strategy and the likelihood of a major near-term National Insurance Board (NIB) contribution hike.

“It has been widely noted that projections show the National Insurance Fund being exhausted within the next ten to 15 years,” the Chamber said. “The ninth actuarial report projects the fund being depleted between 2028 and 2033.

“That being said, there is a concern that this [NHI] tax will be imposed and there would also be an increase in the NIB contribution rate.

Accordingly, the Government should not make a policy decision on NHI that is divorced from its future plans with NIB, and is urged to publish a National Social Security Policy that considers these programmes and any other applicable programmes in a comprehensive manner.”

The Inter-American

Development Bank (IDB), in its latest country strategy report, warned that NIB contribution rates must more than double to over 20 percent to prevent a long-term Bahamian pension crisis, rising from 9.8 percent to 20.3 percent. NIB contributions, which take the form of a payroll tax, are currently split 3.9 percent/5.9 percent between employee and employer, respectively.

The Chamber position, paper, meanwhile questioned whether increased spending to finance NHI was in keeping with the Government’s fiscal consolidation strategy.

And, while acknowledging NIB’s “bloated administrative costs” at around 22 percent of contribution income, it questioned whether the social security system - rather than the NHI Authority - would be a better bet to supervise the scheme.

“We question whether the NHI Authority’s administrative function could have been rolled into NIB for a marginal increase in expense that would cost Bahamian taxpayers far less than it is costing the Government to establish a new agency whose administrative functions mirror that of NIB,” the Chamber’s position paper said.

“It is possible that if NIB can add this to their portfolio and contain its costs to below the amount that NHI Authority would cost, then from a net perspective, the Government and Bahamian public purse may be better off. It would stand to reason that the Government would seek to leverage all of the resources at its disposal rather than reinvent the wheel, serving only to increase bureaucracy and overall costs borne by Bahamian taxpayers.”

Calling on the NHI Authority’s projected administrative cost ratios for the next five years to be disclosed, the Chamber pointed out the historical inefficiencies, costs and mismanagement associated with state-owned enterprises (SOEs).

“The Chamber is therefore concerned about the future efficiency of the NHI Authority, and fears that the NHI Authority as another SOE will deliver a similarly dismal level of value as its counterparts,” it added.

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final say, accused the deputy prime minister of again seeking to distract by blaming the PLP for all the Government’s woes, adding: “The FNM would rather talk about anything other than its own ineptitude.”

The Exuma MP, in his opening salvo, charged: “The revenues fell short of budget by $110m. We projected this revenue shortfall, and urged the Government to pay attention to it, including the revamping of the Revenue Enhancement Unit that was dismantled by this administration for no other reason than it was a PLP initiative.

“We note an across-theboard under performance in most of the major categories of revenue. The deficit overshoot therefore cannot be reasonably attributed to one-off expenditure or nonrecurrent expenditure such as natural disasters or arrears.”

Turning to spending, Mr Cooper added of the Government’s just-published fiscal strategy report: “This report also confirmed that the Government overspent its budget projections by $95m.

“One has to wonder how on earth, despite firing thousands of Bahamians to cut salary costs by $62m, and starving capital works by spending $42m less than budgeted, the Government is still spending more than it said it would. Yet many small vendors across the country still complain that they can’t get paid.”

Mr Turnquest, though, hit

back by arguing that the fiscal strategy report had informed Bahamians of the deficit overshoot within five months, whereas previously they would have to wait until the following year’s budget.

He declined, though, to explain the reasons for the 33 percent deficit overshoot, promising only to give “a full accounting” during his contribution to the debate on the fiscal strategy report.

“Last fiscal year saw a reduction in the deficit of $246m from that of the final year of the former PLP government (fiscal year 2016-2017),” Mr Turnquest said. “That is a 37 percent reduction that finally reversed the continually rising deficits of the previous government. The former PLP administration missed its deficit target in that year by $561m.

“Strangely enough, despite his propensity now to comment on fiscal matters, Mr. Cooper was not only silent while the former administration was driving the country off a fiscal cliff, he openly endorsed and supported the very Christie/Davis leadership team that had led the country to the four consecutive downgrades.”

Moody’s said the Revenue Enhancement Unit (REU) created by the Christie administration had collected around $90m in its first sixseven months, putting it on pace to collect $160-$180m in extra money per annum.

“However, this team was set up and staffed with no Cabinet or legal authority to do so,” Mr Turnquest said. “It

engaged a foreign consultancy firm at $900,000 per month with no evidence of Cabinet approval.”

Mr Turnquest added that the unpaid bills inherited by the Minnis administration, and for which no funding had been allocated to pay them, now totalled over $700m, “which means that the deficit positions they [the Christie administration] published were in fact worse than indicated”.

Not to be silenced, Mr Cooper responded: “In all his rantings, he [Mr Turnquest] conveniently avoided explaining why, after raising our taxes and subjecting us to hardship, they will miss their own deficit projection from just over four months ago.

“When the Minister is pressed to account to the Bahamian people he conveniently resorts to the playbook of ‘blame the PLP’, rather than addressing the substance of his administration’s shortcomings.

Urging Bahamians to “brace themselves”, Mr Cooper added: “When the FNM talks about the PLP, they start to fire public servants. When the FNM talks about the PLP, they raise your taxes. When the FNM talks about the PLP, light bills go up.

“When the FNM talks about the PLP, they start awarding contracts to Cabinet ministers. When the FNM talks about the PLP, they start buying run down hotels at prices millions of dollars higher than the appraised value. The FNM would rather talk about anything other than its own ineptitude.”

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PAGE 6, Monday, November 26, 2018

$100,000 ‘buy NHI’ mark ‘way too low’ Hundreds of FROM PAGE ONE Standard Health Benefit (SHB), the minimum level of coverage, for their employees.

The Chamber’s position paper said the $100,000 threshold was likely selected because it was the same benchmark required for VAT registration and Business Licence fee payment.

“It is noted that businesses with annual revenues below $100,000 would be exempted from the employer mandate, and therefore not required to purchase a Standard Health Benefit insurance plan for their employees,” the Chamber said.

“It would appear that this threshold has been set at this level for two reasons: To make it such that virtually all businesses in The Bahamas would be subject to the mandate, and two, to be commensurate with the threshold required for business licensing and/or VAT registration.

“This approach would seemingly make it easier for the Government to monitor compliance. Conversely, implementing such a low threshold results in small businesses being subject to this mandate and strains an already vulnerable sector of our business community,” It added.

“We are also concerned that this policy seems to be adopting the approach used for the Business Licence tax regime, which is based on revenues rather than profits...The [Chamber of

Commerce] recommends that the Government and NHI Authority consider increasing the exemption/exclusion threshold to annual revenues of $500,000.

The Government is further encouraged to develop a taxation policy that reduces the regressive nature of our existing structure.”

Suggesting that the Government adopt a less aggressive timetable for the revised NHI scheme’s launch, Mr Maura said: “Is there potential, is it possible, to run a pilot programme that will help us to to understand how certain businesses and segments are supposed to operate under this regime, as opposed to launching day one and finding large gaps and mistakes?”

He also expressed concern over Dr Sands’ assertion that NHI will not work unless medical providers take a fee cut, adding: “If someone comes to me as a businessman and said: ‘We want you to continue doing what you’re doing but you must reduce your costs, the only way to do that is to reduce the services you give.

“It doesn’t seem realistic to go to the insurance industry or doctors and expect them to maintain the level of service they provide today but do it for less. I don’t see how that’s going to happen. The Chamber’s perspective, if this is what you’re trying to do, is how can you go to a business owner and tell them to cut the fees for your programme?

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The Chamber’s position paper, meanwhile, called on the Government to push back the NHI “employer mandate” launch one year until January 2021.

“Businesses have a real concern that 2020 may be too early for the implementation of the employer mandate given that consumers and businesses alike are still adjusting to the marked 60 percent increase in the value-added tax (VAT) rate that took effect without any forewarning on July 1, 2018,” it said.

“The substantial increase in the VAT rate remains a major hurdle to business, and the proposed mandatory NHI tax/levy/contribution will place an additional burden on many businesses... The employer mandate is applicable either on January 1, 2020 or January 1, 2021, based on the number of employees within an entity,” the Chamber continued.

“This seems an arbitrary threshold that presupposes that the size of a company’s workforce is a predictor of its ability to bear this increased labour cost. The effort to monitor compliance with this threshold may also not be worthwhile since it will only be relevant for one year.

“The Government and NHI Authority may wish to do away with this aspect of the proposal and, instead, have all businesses subject to a January 1, 2021 commencement date for the employer mandate.”

The Chamber position paper also called on the Government to drop the requirement that businesses pay 25 percent of the SHB premium for part-time staff whose main job was elsewhere.

The NHI Authority, in the scheme’s consultation paper, said: “In cases where the employer may be exempt from contributing, the employer must still contribute 25 percent of the total standard premium

(50 percent of the minimum employer contribution) for all employees directly to the NHI Authority and such employees are, of course, eligible for NHI. These payments are to be thought of as a contribution in lieu of providing their employees private insurance.”

Disagreeing, the Chamber replied: “Employers are exempted from purchasing insurance for employees who have primary employment elsewhere (referred to as ‘second employers’), but they are mandated to make a minimum contribution of 25 percent of premium.

“Recognising that these employees would have the purchase of their Standard Health Benefit (SHB) provided by their primary employer, it is unclear what the rationale is for this additional contribution. It is recommended that the Government and NHI Authority do away with this aspect of the proposal.”

The Chamber also urged the Government to provide greater clarity on how the benchmark determining part-time employees, those working 15 hours per week or less, is calculated - meaning whether it is based on a monthly or yearly average of hours worked.

“According to the NHI Authority’s policy paper, part-time employees will be considered as those who work less than 15 hours a week,” the Chamber warned. “Greater clarity is required on, inter alia, how the 15 hours was determined and how the 15 hours will be calculated.

“Will this be based on a monthly or yearly average?

Will there be a threshold to determine qualification based on employment periods or projects? How will the Department of Inland Revenue (DIR) and National Insurance Board (NIB) validate that an individual is no longer employed? How will this impact the Business Licence renewal process?”

THE TRIBUNE

flights canceled as snowstorm blankets Midwest CHICAGO Associated Press

A WINTER storm blanketed much of the central Midwest with snow yesterday at the end of the Thanksgiving weekend, bringing blizzard-like conditions that grounded hundreds of flights and forced the closure of major highways on one of the busiest travel days of the year.

“It’s going to be messy,” said Todd Kluber, a meteorologist for the National Weather Service who is based in suburban Chicago.

With much of the central Plains and Great Lakes region under blizzard or winter storm warnings, more than 1,200 flights headed to or from the US had been cancelled as of 9pm yesterday, according to the flight-tracking website FlightAware.

Most were supposed to be routed through Chicago or Kansas City — areas forecast to be hit hard by the storm.

Strong winds and snow created blizzard conditions across much of Nebraska and parts of Kansas, Iowa and Missouri. The National Weather Service was warning those conditions would make travel difficult in places.

By midday, the blizzard warning was extended to parts of eastern Illinois and Chicago, where snow is forecast to fall at a rate of about two inches per hour.

Other parts of the central Plains and Great Lakes region were under a winter storm warning that could see a foot or more of snow dumped in some places by

the end of the day.

In eastern Nebraska, part of Interstate 80 between Lincoln and Omaha was closed yesterday morning because of multiple accidents after snow covered that area. That included semitrailer trucks jackknifed across the highway.

It was re-opened by yesterday afternoon.

In Kansas, Gov Jeff Colyer issued a state of emergency declaration.

The action came as a large stretch of Interstate 70, spanning much of the state, was closed between Junction City and WaKeeney.

Separately, a portion of Interstate 29 was shut down in Missouri, near the Iowa border.

The weather service posted some snowfall totals on Twitter Sunday night.

Kansas City International Airport got 5.3 inches of snow, and at least seven inches of snow was reported in Rockford, Illinois.

As much as a foot was expected in Chicago. Forecasters predict more than a foot of snow is likely in southeast Nebraska, northeast Kansas, northwest Missouri and southwest Iowa.

The storm was expected to hit parts of northern Indiana and southern Michigan this morning.

Kluber said the storm was expected to hit the Chicago region sometime yesterday evening. He said rain will give way to heavy snowfall and “near whiteout conditions” that will make for dangerous travel.

Schools in parts of Kansas, Missouri, Iowa and Illinois have already called off classes for today.

THE TRIBUNE

Monday, November 26, 2018, PAGE 7

In era of online retail, Black Friday still lures a crowd NEW YORK Associated Press IT WOULD have been easy to turn on their computers at home over plates of leftover turkey and take advantage of the Black Friday deals most retailers now offer online.

But across the country, thousands of shoppers flocked to stores on Thanksgiving or woke up before dawn the next day to take part in this most famous ritual of American consumerism.

Shoppers spent their holiday lined up outside the Mall of America in Bloomington, Minnesota, by 4pm on Thursday, and the crowd had swelled to 3,000 people by the time doors opened at 5am on Friday morning. In Ohio, a group of women was so determined, they booked a hotel room on Thursday night to be closer to the stores. In New York City, one woman went straight from a dance club to a department store in the middle of the night.

Many shoppers said Black Friday is as much about the spectacle as it is about doorbuster deals.

Kati Anderson said she stopped at Cumberland Mall in Atlanta on Friday morning for discounted clothes as well as “the people watching”. Her friend, Katie Nasworthy, said she went to the mall instead of shopping online because she likes to see the Christmas decorations.

“It doesn’t really feel like Christmas until now,” said Kim Bryant, shopping in suburban Denver with her daughter and her daughter’s friend, who had lined up at 5.40am, then sprinted inside when the doors opened at 6am.

Brick-and-mortar stores have worked hard to prove they can counter the competition from online behemoth Amazon.

From Macy’s to Target and Walmart, retailers are blending their online and store shopping experience with new tools like digital maps on smart phones and more options for shoppers to buy online and pick up at stores. And customers, frustrated with long checkout lines, can check out at Walmart and other stores with a salesperson in store aisles.

Consumers nearly doubled their online orders that they picked up at stores from on Wednesday to Thanksgiving, according to Adobe Analytics, which tracks online spending.

Priscilla Page, 28, punched her order number into a kiosk near the entrance of a Walmart in Louisville, Kentucky. She

found a good deal online for a gift for her boyfriend, then arrived at the store to retrieve it.

“I’ve never Black Fridayshopped before,” she said, as employees delivered her bag minutes later. “I’m not the most patient person ever. Crowds, lines, waiting, it’s not really my thing. This was a lot easier.”

The holiday shopping season presents a big test for a US economy, whose overall growth so far this year has relied on a burst of consumer spending. Americans upped their spending during the first half of 2018 at the strongest pace in four years, yet retail sales gains have tapered off recently.

The sales totals over the next month will be a good indicator as to whether consumers simply paused to catch their breath or feel less optimistic about the economy in 2019.

The National Retail Federation, the nation’s largest retail trade group, is expecting holiday retail sales to increase as much as 4.8 percent over 2017 for a total of $720.89bn. The sales growth marks a slowdown from last year’s 5.3 percent, but remains healthy.

The retail economy is also tilting steeply toward online shopping. Over the past 12 months, purchases at non-store retailers such as Amazon have jumped 12.1 percent as sales at traditional department stores have slumped 0.3 percent.

Adobe Analytics reported on Thursday that Thanksgiving reached a record $3.7bn in online retail sales, up 28 percent from the same year ago period. For Black Friday, online spending was on track to hit more than $6.4bn, according to Adobe.

Target reported that shoppers bought big ticket items like TVs, iPads, and Apple Watches. Among the most popular toy deals were Lego, LOL Surprise from MGA Entertainment and Mattel’s Barbie. It said gamers picked up video game consoles like Nintendo Switch, PlayStation 4 and the Xbox One. Others reported stumbling onto more obscure savings. At a Cincinnati mall, Bethany Carrington scored a $29 all-in-one trimmer for her husband’s nose hair needs and, for $17, “the biggest Mr Potato Head I’ve ever seen”.

Black Friday itself has morphed from a single day when people got up early to score doorbusters into a whole month of deals.

Plenty of major stores including Macy’s, Walmart and Target started their deals on Thanksgiving evening. But some families are sticking by their Black

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Friday traditions.

“We boycotted Thursday shopping; that’s the day for family. But the experience on Friday is just for fun,” said Michelle Wise, shopping at Park Meadows Mall in Denver with her daughters, 16-year-old Ashleigh and 14-year-old Avery.

By mid-day Friday, there had not been widespread reports of the deal-inspired chaos that has become central to Black Friday lore — fist fights over discounted televisions or stampedes toward coveted sale items.

Two men at an Alabama mall got into a fight, and one of the men opened fire, shooting the other man and a 12-year-old bystander, both of whom were taken to the hospital with injuries.

Police shot and killed the gunman. Authorities have not said whether the incident was related to Black Friday shopping or if it stemmed from an unrelated dispute.

Candice Clark arrived at the Walmart in Louisville with her 19-year-old daughter Desiree Douthitt, looked around and remarked at how calm it all seemed. They have long been devotees of Black Friday deals and for years braved the crowds and chaos. Clark’s son, about ten years ago, got hit in the head with a griddle as shoppers wrestled over it. They saw one woman flash a Taser and threaten to use it on anyone who came between her and her desired fondue pot.

They’ve watched over the years as the traditional madness of the day has dissipated as shopping transitioned to online and stores stretched their sales from a one-day sprint to a days-long marathon.

PAGE 8, Monday, November 26, 2018

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THE TRIBUNE

South Africa to invest $1bn in South Sudan oil sector

SOUTH Sudan’s Minister of Petroleum Ezekiel Lol Gatkuoth welcomes potential investors during the second Africa Oil and Power conference in the capital Juba, South Sudan. South Sudan is making its first big foreign investment pitch since declaring an end to its civil war, but the oil-rich nation seems to face hesitation from some companies that want to make sure the fragile new peace deal holds.

Photo: Sam Mednick/AP JUBA, SOUTH SUDAN Associated Press SOUTH Sudan’s oil minister says South Africa will invest $1bn into the wartorn country’s oil sector in what would be the largest investment in the East African country’s history.

Ezekiel Lol Gatkuoth confirmed on Friday’s signing of the memorandum of understanding with South Africa’s energy minister, Jeff Radebe. Radebe told state broadcaster SABC that both countries would benefit.

South Sudan has Africa’s third-largest oil reserves, at 3.5 billion barrels, and it hopes increasing production will help the country recover after a peace deal was signed two months ago.

One analyst warned that despite the signing there’s no guarantee the South

African money will come through, though if it does it would be “incredible”.

South Africa would join Chinese, Indian, Malaysian and other interests in South Sudan’s oil sector.

The oil ministry said the South African money will be used for the refining and processing of oil and gas, research and development and the transfer of technology. South Africa’s Radebe said South Sudan has plans to build a refinery with “a capacity of 60,000 barrels of oil per day”.

Friday’s announcement comes shortly after South Sudan’s second Africa Oil & Power Conference, the country’s first major attempt to attract investors since the government and armed opposition signed the fragile peace deal in September. Past agreements have ended in fresh gunfire.

“This is an enormous show of confidence in South Sudan’s potential,” Guillaume Doane, CEO of Africa Oil & Power which organized the conference, told the AP. “South Sudan needs investment capital and infrastructure. Working with South Africa on this level will give it both.”

On paper the deal looks incredible, said Shawn Robert Duthie, senior analyst for Africa Risk Consulting.

“It would almost be like being one of the first to invest in Nigeria.

That said, it’s just an MOU and agreements like this, the implementation will be very long.”

South Sudan’s economy is one of the world’s most dependent on oil revenues.

Its oil sector has faced scrutiny for allegedly using the revenues to fuel the fiveyear civil war.

THE TRIBUNE

Monday, November 26, 2018, PAGE 9

EU SEALS BREXIT DEAL AS MAY FACES A HARD SELL AT HOME BRUSSELS Associated Press AFTER months of hesitation, stop-andstart negotiations and resignations, Britain and the European Union yesterday finally sealed an agreement governing the UK’s departure from the bloc next year.

So much for the easy part.

British Prime Minister Theresa May must now sell the deal to her divided Parliament — a huge task considering the intense opposition from pro-Brexit and pro-EU lawmakers alike — to ensure Britain can leave with a minimum of upheaval on March 29.

It’s a hard sell. The agreement leaves Britain outside the EU with no say but still subject to its rules and the obligations of membership at least until the end of 2020, possibly longer.

Britons voted to leave in June 2016, largely over concerns about immigration and losing sovereignty to Brussels.

EU leaders were quick to warn that no better offer is available.

“I am totally convinced this is the only deal possible,” European Commission President Jean-Claude Juncker said.

“Those who think that by rejecting the deal that they would have a better deal will be disappointed the first seconds after the rejection.”

For once, May was in complete agreement.

“This is the deal that is on the table,” she said. “It is the best possible deal. It is the only deal.”

Acknowledging the vast political and economic consequences of Brexit, May promised lawmakers their say before Christmas and said that it “will be one of the most significant votes that Parliament has held for many years”.

She argued that Parliament has a duty “to deliver Brexit” as voters have demanded.

“The British people don’t want to spend any more time arguing about Brexit,” she said. “They want a good deal done that fulfils the vote and allows us to come together again as a country.”

Not all agree. Main opposition Labour Party leader Jeremy Corbyn called the deal “the result of a miserable failure of negotiation that leaves us with the worst of all worlds”, and said his party would oppose it. Scottish First Minister Nicola Sturgeon, whose Scottish National Party is the third-largest in Parliament, said lawmakers “should reject it and back a better alternative”.

Pro-Brexit former Conservative leader Iain Duncan Smith said May should insist on new terms because the deal “has ceded too much control” to Brussels.

On the EU side, the last big obstacle to a deal with Britain was overcome Saturday when Spain lifted its objections over the disputed British territory of Gibraltar.

So it took EU leaders only a matter of minutes at yesterday’s summit in Brussels to endorse the withdrawal agreement that settles Britain’s divorce bill, protects the rights of UK and EU citizens hit by Brexit and keeps the Irish border open. They also backed a 26-page document laying out their aims for relations after Brexit.

Still, the event was tinged with sadness on the European side at Britain’s departure, the first time a country will leave the 28-nation bloc.

German Chancellor Angela Merkel said her feelings were “ambivalent, with sadness, but on the other hand, also some kind of relief that we made it to this point”.

“I think we managed to make a diplomatic piece of art,” she said.

Dutch Prime Minister Mark Rutte said the deal — the product of a year and a half of often- grueling

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UK Prime Minister Theresa May

negotiations — was regrettable but acceptable.

“I believe that nobody is

winning. We are all losing because of the UK leaving,” Rutte said. “But given that

context, this is a balanced outcome with no political winners.”

May said she wasn’t sad, because Britain and the EU would remain “friends and neighbours”.

“I recognise some European leaders are sad at this moment, but also some people back at home in the UK will be sad at this moment,” she told reporters, but insisted that she was “full of optimism” about Britain’s future.

The European Parliament, meanwhile, will be in full campaign mode a few

months ahead of the EU elections when Europe’s lawmakers sit to endorse the agreement, probably in February, but perhaps as late as March, according to the assembly’s president, Antonio Tajani.

Still, Tajani said a “large majority” of European parliamentarians support the deal.

Many predict it will fail in the British Parliament.

No one can be sure whether that would lead to the fall of the government, a new referendum, a postponement of Brexit or a chaotic “no deal” exit for Britain.

PAGE 10, Monday, November 26, 2018

THE TRIBUNE

CHINA: WTO CHANGES MUST SUPPORT DEVELOPING COUNTRIES BEIJING Associated Press

CHINA will go along with changes meant to update global trade rules so long as they protect Beijing’s status as a developing country, a Cabinet official said on Friday.

The deputy commerce minister, Wang Shouwen,

said any changes also must address protectionism and abuse of export controls and security reviews — a reference to Beijing’s trade clash with US President Donald Trump.

China agreed in June to work with the European Union to propose changes to the World Trade Organization to address technology policy, subsidies and state

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industry — all areas in which Beijing faces complaints.

US officials complain the global trade referee is too bureaucratic and slow to adapt to changing business conditions.

Wang said each country’s “development model” must be respected — a reference to China’s state-dominated economy, which has provoked repeated complaints Beijing is violating its market-opening obligations.

Beijing has accused Trump of wrecking the global trading system by going outside the WTO to hike tariffs on Chinese imports. Trump says that was necessary because the global body is unable to respond to complaints about Chinese technology theft, subsidies and state-led industry development.

China is “willing to assume obligations” that are “compatible with our own level of development”, Wang said at a news conference.

“We will not allow other members to deprive China of the special and differential treatment that developing members deserve,” he said.

Wang gave no details of changes Beijing might support. But he said they also must address agricultural subsidies — a frequent complaint by developing countries against

SHOPPERS sit on a bench with a decorated with US flag browsing their smartphones outside a fashion boutique selling US brand clothing at the capital city’s popular shopping mall in Beijing. China will go along with changes meant to update global trade rules but they must protect Beijing’s status as a developing country, a Cabinet official said on Friday. industrialised economies — and “discrimination against state enterprises”, a reference to restrictions on Chinese government companies abroad.

Beijing’s insistence that it is a developing country and entitled to special protections despite having grown into the second-largest global economy and a major manufacturer rankles its trading partners. That might dampen chances of reaching agreement on WTO reforms that would satisfy the United States, Europe and other governments.

Other governments dislike Trump’s tactics but echo US complaints about Chinese market barriers and technology policy.

Washington and Beijing have imposed penalty tariffs on billions of dollars of each other’s goods in their dispute over US complaints that China steals or pressures foreign companies to hand over technology.

The United States, Europe and other governments also object to Chinese plans including “Made in China 2025” for state-led creation of competitors in

robotics and other technology. American officials worry those might erode US industrial leadership.

The EU filed a WTO challenge in June to Chinese rules on technology licensing that it said improperly discriminate against foreign companies.

Trump and his Chinese counterpart, Xi Jinping, are due to meet this month in Buenos Aires during a gathering of the Group of 20 major economies. Private sector analysts say there is little chance that meeting by itself will produce a settlement.

Wang, the commerce official, gave no details of Xi’s possible negotiating stance.

But he said China hopes G-20 members can have an “effective discussion” about WTO reform.

“China hopes the G-20 meeting can support the multilateral trading system (and) oppose unilateralism and trade protectionism,” he said.

Wang warned that an issue that “endangers the WTO’s existence” is the status of judges to mediate disputes.

The Trump administration has blocked the appointment of judges to the WTO’s appeal body, leaving only three members on the sevenseat panel.

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NOTICE DUNE OF SAND CORP. In Voluntary Liquidation

NOTICE GUFF HOLDINGS LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PALM PORTFOLIO INC. is in dissolution as of November 21, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, DUNE OF SAND CORP. is in dissolution as of November 22, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GUFF HOLDINGS LTD. is in dissolution as of November 20, 2018

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

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

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

LIQUIDATOR ______________________

LIQUIDATOR ______________________

LIQUIDATOR ______________________

NOTICE

MARKET REPORT THURSDAY, 22 NOVEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,012.91 | CHG 9.11 | %CHG 0.45 | YTD -50.66 | YTD% -2.45 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.22 0.52 3.92 9.30 6.60 4.93 12.50 2.74 1.78 8.21 6.30 13.20 6.75 4.49 13.50

52WK LOW 3.50 19.17 7.00 3.32 0.90 0.16 2.25 8.60 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 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 LAST CLOSE AML 4.45 APD 17.43 BPF 7.00 BWL 4.46 BOB 1.01 BBL 0.52 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.00 CBB 12.42 CWCB 2.50 DHS 1.78 EMAB 8.05 FAM 6.30 FBB 12.98 FIN 6.41 FCL 3.62 JSJ 13.01 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)

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

CLOSE 4.45 17.43 7.00 4.46 1.01 0.52 2.30 9.30 6.16 4.07 12.42 2.50 1.78 8.03 6.30 12.98 6.41 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.00 0.00 -0.02 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

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

VOLUME

7,650

913 50

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631

DIV$ 0.100 1.260 0.000 0.240 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 20.8 18.7 N/M 14.1 N/M N/M -3.9 13.3 14.0 26.4 19.8 24.5 8.5 N/M 9.4 18.5 11.1 13.1 20.6

YIELD 2.25% 7.23% 0.00% 5.38% 0.00% 1.92% 0.00% 7.63% 3.57% 2.95% 4.99% 2.40% 3.37% 1.05% 4.44% 3.85% 2.34% 3.59% 4.61%

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 2.18 4.16 2.02 182.41 158.55 1.58 1.70 1.66 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

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 2.18 4.16 2.02 182.41 158.55 1.58 1.69 1.66 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.92 8.69 11.79

YTD% 12 MTH% 2.90% 4.07% 0.44% 4.38% 1.70% 2.35% 2.08% 3.47% 3.35% 5.94% 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% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

NAV Date 30-Sep-2018 30-Sep-2018 28-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-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-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

Notice is hereby given that MERLINE NOEL of Nassau Village, New Providence, 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 19th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that Billy TheophaT of Marsh Harbour, Abaco, Bahamas 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 19th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE

REMA GLOBAL CAPITAL LTD. ___________________

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on 2nd day of November, 2018.

JOSE CARLOS GOLIN LIQUIDATOR Of REMA GLOBAL CAPITAL LTD.

THE TRIBUNE

Monday, November 26, 2018, PAGE 11

Samsung apologises over sicknesses, deaths of some workers SEOUL, SOUTH KOREA Associated Press

SAMSUNG Electronics apologised on Friday for illnesses and deaths of some of its workers, saying it failed to create a safe working environment at its computer chip and display factories.

The announcement by the South Korean technology giant came weeks after the company and a group representing ailing Samsung workers agreed to accept compensation terms suggested by a mediator and end a highly-publicised standoff that went on for more than a decade. The company’s apology was part of the settlement.

Kinam Kim, president of Samsung’s device solutions division, said the company failed to “sufficiently manage health threats” at its semiconductor and liquid crystal display manufacturing lines. As detailed in Associated Press reporting over the past decade, dozens of employees who worked there have experienced grave illnesses such as leukemia and brain tumours.

“We offer our sincere apology to our workers who have suffered with illnesses and their families,” Kim said during a news conference in Seoul, which was also attended by activists and relatives of the workers.

But while cutting a deal and loosely admitting to lapses in safety standards, Samsung has yet to fully acknowledge its workplace environment as the direct cause of the illnesses.

The standoff began in 2007 when taxi driver

Hwang Sang-gi refused to accept a settlement after his 23-year-old daughter died of leukemia after working at a Samsung factory. Hwang’s efforts to clarify the cause of Yu-mi’s death and hold Samsung responsible for problems related to working conditions galvanized a broader movement to hold businesses and the government accountable for safety lapses in the chip and display industries, which use huge amounts of chemicals.

“No apology would be enough when considering the deception and humiliation we experienced (from Samsung) over the past 11 years, the pain of suffering from occupational diseases, the pain of losing loved ones,” Hwang said at the news conference. “But I take today’s apology as a promise from Samsung Electronics,” to improve the safety of its workplaces, he said.

According to the settlement, Samsung will compensate for various illnesses of employees who have worked at its chip and LCD factories since 1984, including as much as 150 million won ($132,000) for leukemia.

The compensation also covers miscarriages and congenital illnesses of the workers’ children such as child cancer.

Since 2008, dozens of workers have sought occupational safety compensation from the government. Few won compensation, mostly after years of court battles. Half the remaining claims were rejected and half remain under review.

Families of the victims often have depleted their savings and sold their homes to pay hospital

bills. Some workers end up incapacitated and unable to work.

To advertise in The Tribune, contact 502-2394