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FRIDAY, DECEMBER 22, 2017

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‘Get out of dark ages’, Gov’t and unions told By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

he Department of Labour must “get out of the dark ages” and focus on improved worker productivity if the Bahamas is to enjoy higher GDP growth, a governance reformer urged yesterday. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Labour Department and trade unions needed to stop pushing for increased worker benefits “if we are to lift ourselves out of this

* Reformer urges end to worker benefits focus * Calls for more productivity ‘to lift GDP growth’ * And wants wages ‘held’ at current levels socio-economic recession”. Arguing that both were still “singing the same old song”, Mr Myers called for wages and benefits to be “held” at present levels until the Bahamian economy generated improved GDP growth rates. He warned that any increase in labour costs and bureaucracy, through proposed reforms the Government has hinted at, would “discourage” the private sector from expansion

and hiring, thereby undermining its own drive to spark economic growth. Dion Foulkes, minister of labour, yesterday pledged that the Government “will not do anything to ruin efforts to move the economy forward, emphasising that growth and job creation were the Minnis administration’s main priorities (see other article on Page 1B).

SEE PAGE 5

ROBERT MYERS

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Bahamian insurer ‘bolstered’ after hurricane losses By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A MAJOR Bahamian insurer has seen its balance sheet “bolstered” by its parent as a result of recent hurricane-related losses. A. M. Best, the insurance rating agency, said Security and General Insurance Company had received a fourth quarter capital injection from its Bermuda-based owner following recent storm payouts. The rating agency, which reaffirmed the Bahamian property and casualty insurer’s creditworthiness, provided few details and its top executive, Marlon Graham, did not return Tribune Business’s voice mail message yesterday seeking comment.

* SECURITY AND GENERAL IN Q4 CAPITAL INJECTION * PERFORMANCE ‘MARGINAL’, ‘BELOW AVERAGE’ * RIVAL SUMMIT ALSO GETS TOP RATINGS However, A. M. Best described Security and General’s operating performance as “marginal” due to the effects of the 2016 and 2017 hurricane season, resulting in it “underperforming” the rest of the Caribbean general insurance market with “below average earnings”.

SEE PAGE 4

Gov’t ‘won’t ruin’ economy revival with labour laws By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government “will not do anything to ruin” efforts to revive the Bahamian economy, a Cabinet Minister pledged yesterday, as he sought to reassure businesses over labour law reforms. Dion Foulkes, the Minister of Labour, told Tribune Business that the Minnis administration had yet to move on “contentious” election commitments to raise the 12-year redundancy pay ‘cap’ and increase the notice period for terminated employees. Emphasising that the Government’s “major

* Minister reassures private sector on changes * No move on ‘controversial’ issues yet * Will only proceed if business/union ‘consensus’

DION FOULKES concern” was increased economic growth and job creation, Mr Foulkes said both proposals had yet to come for discussion at the National Tripartite Council - the body through which all labour-related reforms must be agreed.

SUPER VALUE CHIEF IN VAT ‘EXCLUSIVE’ PUSH By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net SUPER Value’s owner yesterday said will appeal to government for permission to revert to Value Added Tax (VAT) ‘exclusive’ pricing, blaming the switch for this year’s 10 per cent sales decline. Rupert Roberts, while likely reigniting the ‘inclusive’ versus ‘exclusive’ VAT pricing debate, told Tribune Business that Super Value’s 2017 top-line had seen a marked decline in comparison to the two years prior, during which time the food

* BLAMES ‘INCLUSIVE’ SWITCH FOR 10% SALES FALL * PLANS TO ‘GO BACK AT GOV’T’ OVER ISSUE * ‘WE DON’T HAVE TO BE CONTRARY TO WORLD’ store chain had used VAT ‘exclusive’ pricing. “Sales have not been as good this year. Sales have been dragging this year. For almost two-and-a-half years we sold goods with VAT non-inclusive pricing.

SEE PAGE 2

AML CHIEF: ‘SIZE OF PIE YET TO BE SEEN’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BISX-listed AML Foods has warned that “the size of the pie” remains unknown when it comes to Bahamian consumer spending this Christmas. Gavin Watchorn, the group’s president and chief executive, told Tribune Business that while it was “very confident” of gaining its due share, the extent of holiday expenditure was difficult to predict given continued economic uncertainty and fragile confidence.

* UNCERTAINTIES OVER XMAS SPENDING * HOPES DECEMBER ‘UPTICK’ WILL PERSIST * ALL RETAILERS SEE OCTOBER/NOVEMBER FALL-OFF He expressed hope that the sales “uptick” witnessed over the past two-three weeks would continue through the last pre-Christmas shopping weekend, with AML Foods having

SEE PAGE 6

The Minister added that no reforms would proceed to Parliament without a complete “consensus” between the Council’s private sector and trade union representatives, as he attempted to calm business community fears of increased labour costs and bureaucracy. Mr Foulkes said these concerns appeared to have been stoked after he was quoted in recent media reports confirming the FNM’s manifesto promise

to increase the notice period. He suggested his remarks had been misinterpreted and taken out of context, adding that the Government had no plans to move on its promise in the shortterm. “I can assure the business community that the Ministry of Labour and the Government will not do anything to ruin the effort to move the economy forward and create jobs for Bahamians,” Mr Foulkes told Tribune Business.

“I have been talking to the Chamber and other business entities, and been in consultation with the trade unions. We will not do anything unless we can get a consensus from both the business community and trade union movement. We will have extensive dialogue before we bring any legislation forward.” The FNM’s 2017 election manifesto promised to lift the 12-year redundancy ‘cap’ on worker compensation, and increase the

redundancy notice period from 30 to 45 days. It also called for dialogue with the private sector and trade unions over the creation of a redundancy fund. Mr Foulkes and the Government, during the Budget debate and other occasions post-election, have reaffirmed their intention to move forward with these reforms. But private sector concerns over resulting increased labour costs have heightened since the Minister’s comments were reported in the media. “I think this came about when questions were asked of me, and one was the increase in the notice

SEE PAGE 2

PAGE 2, Friday, December 22, 2017

THE TRIBUNE

Gov’t ‘won’t ruin’ economy FROM PAGE 1 period,” Mr Foulkes recalled. “I said we’ve given a commitment to increase it, but I did not give a timeframe or process for embarking on it. “I subsequently spoke privately to Mr Sumner [the Chamber’s chief executive] and told him what the Government’s views and position are. He and I talk often and have a wonderful relationship, and we have a wonderful relationship with the major business houses in the country. “Our [the Government’s] major concern is to get the economy going and, once we do that, there will be more jobs and people working. That’s what we’re trying to do.” Mr Foulkes’ comments had prompted Michael Maura, the Chamber’s chairman, to warn that the Minnis administration risked ‘shooting itself in the foot’ by continuing to talk about labour law reforms at the very time it was seeking to grow the economy and jobs. Mr Maura said the mixed messages, stemming from different government branches, threatened to undermine already-fragile private sector confidence and the Government’s initiatives for sparking greater GDP expansion.

Mr Foulkes, emphasising there was no cause for alarm, said that of the FNM manifesto’s 13 labourrelated commitments, around half required legislative changes while the rest involved policy actions. He added that the Government was concentrating on moving its “non-contentious” campaign promises, such as empowering the Industrial Tribunal to be able to enforce its rulings, forward first. “Most of the issues we are dealing with are noncontentious,” Mr Foulkes told Tribune Business. “Training and the apprenticeship programme with the IDB is something we are deliberating on [at the Tripartite Council]. “We have not had a substantial contentious issue that has come forward yet. Even though we’ve made several commitments in the manifesto, we have not brought them forward. “It’s a balance. There are some issues, like dealing with the Industrial Tribunal and it having the ability to enforce its judgments, and establishing the industrial side of the Supreme Court, that are not controversial,” the Minister explained further. “They’re basically administrative things that cause workers to access their rights in a timely fashion. It doesn’t affect the bottom

line of any business house. I think there’s a middle position on most of these issues that both parties can be comfortable with.” Mr Foulkes acknowledged the difficulties in striking a “balance” between the sometimescompeting needs of the private sector and labour, and confirmed that all matters would first be debated at the National Tripartite Council level. “There is a balance that we have to strike in terms of making sure the workers get a decent salary and making sure they get decent benefits, but we also have to ensure the employer gets the productivity that’s necessary,” he added.” Mr Foulkes recalled his first stint as Minister of Labour, which involved sometimes-heated talks between the private sector and trade unions that ultimately settled on the Bahamas’ first minimum wage of $150 per week. “Once you get both parties around the table, you end up with a good result,” he added. “It may not please everyone, but everyone can live with it.” Mr Foulkes also praised his predecessor as labour minister, Shane Gibson, for ensuring legislation was enacted to give “teeth” to the National Tripartite Council’s mandate.

SUPER VALUE CHIEF

likely drive more Bahamians and tourists to shop in the US as opposed to locally. The business community had been pushing for the New Zealand model, which mandated neither VAT ‘exclusive’ or ‘inclusive’ pricing. New Zealand only requires that merchants ensure that consumers have a complete understanding of pricing, and whether it includes VAT or not. “We are going to go back at government and see if they will let us go back to VAT ‘exclusive’ pricing,” said Mr Roberts. “I think our sales will jump and the VAT we collect will jump. “I think it’s a perception issue. We were selling corned beef at $1.97 and adding on VAT at the register. Then they made us price it at $2.11, and the customers believe they still pay VAT at the register. There is no question you can sell more without including VAT on the shelf. The public loved that for two years, and when they made us put the inclusive price on the product the complaints started and sales fell off.” Mr Roberts added: “We were having a 10 per cent growth, and our growth fell to zero. The public wants the pricing the other way, and merchants want it the other way. If you go in Wal-Mart you purchase something and they add the tax at the register. I don’t see why we have to be contrary to the world.”

FROM PAGE 1

The Government made us switch to VAT inclusive pricing and our sales fell off; our growth rate fell off 10 per cent ,” said Mr Roberts. “Customers were paying, for example, $2.99 for a cantaloupe, and when they made us include the VAT in the displayed price that went to $3.21. Customers saw the $3.21 and thought they still had to pay VAT at the at the register; perception is reality. They figured our prices went up 7.5 per cent. We didn’t see the sales and Government didn’t get the VAT.” Mr Roberts said he plans to appeal to the Government over the issue. The Government’s original VAT legislation, released in November 2013, had opted for ‘exclusive pricing’ where the product price and amount of due tax were shown separately on the label. It then reversed this position in the legislation that passed through the House of Assembly. Groups such as the Bahamas Federation of Retailers (BFR) and the Coalition for Responsible Taxation had lobbied the then-Christie administration to no avail to revert to VAT ‘exclusive’ pricing, with some arguing that uncompetitive ‘inclusive’ price comparisons would

THE TRIBUNE

Friday, December 22, 2017, PAGE 3

Retailers await ‘busy weekend’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIAN retailers yesterday said sales have began to pick-up in the week prior to Christmas, amid anticipation of a “very busy weekend”. “The response to our retail Christmas offer has been outstanding. We are so thankful to our subscribers for their continued

support of us, and we are looking forward to closing out the season with a bang,” Aliv’s chief business developer, Gravette Brown, told Tribune Business. Charmaine Daley, manager at John’s Shoes and Accessories on Carmichael Road, said: “It was a bit slow at the beginning of the week, but business has definitely picked up. Sales have continued to climb and we are anticipating a bigger sales margin into

NOTICE

NOTICE is hereby given that DENZEL DANIEL of 5 Glenburn Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that FENDI FANNETTE LEBRANT SINORD of 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 and signed statement of the facts within twenty-eight days from the 15th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

the weekend. “We expect Saturday to be extremely busy. We are still getting shipments now to ensure that customers can get what they are looking for.” Super Value’s owner, Rupert Roberts, told Tribune Business: “I haven’t been looking at the numbers but the stores seem busy, the parking lots are full. There seems to be a lot of customers at the registers. The rush has started. I don’t know how much they are spending but we’re hopeful for a good Christmas. Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, said: “We haven’t heard any reactions yet from the business community on how Christmas season is going. I think, though, that the sentiments would be largely in line with what we would have seen coming out of the Thanksgiving holiday.

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“Merchants are having to deal with the challenges in the country with regards to rules regarding Customs duties, the ease of doing business, logistics, moving freight in and out of the country, the challenge of having to face e-commerce platforms and having to battle with some of the other merchants operating in the informal economy.” He added: “These are areas that the local merchants, especially those operating ‘brick and mortar’ companies, have to deal with on a very regular basis, and we see that when we come into seasons like Christmas that the level of activity really spikes for those in the informal sector. “We would like to see the ‘ease of doing business’ improve for the companies operating legitimately, so they can sell their services and goods and not have to compete so heavily against all these other entities.”

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SHAMMAH SHAKEEM STRACHAN intend to change my name to SHAMMAH SHAKEEM MUNROE. 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

YUVA LIMITED NOTICE IS HEREBY GIVEN as follows: (a) YUVA LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 21ST day of December, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

PAGE 4, Friday, December 22, 2017 NOTICE ARGUELLES LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ARGUELLES LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 21st December, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited of Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 22nd day of December, A. D. 2017

THE TRIBUNE

Bahamian insurer ‘bolstered’ FROM PAGE 1 “Security and General’s balance sheet was bolstered by a fourth quarter capital contribution from the holding company following losses from hurricanes to strike the Bahamas and Turks and Caicos islands over the past two years,” A. M. Best revealed. “Operating performance is considered marginal due to losses from hurricanes, which have resulted in Security and General underperforming the property

and casualty industry in the Caribbean. “The business profile is limited due to the company’s concentration of risk in property and motor lines of business in the Bahamas, which has contributed to its below average earnings performance.” Security and General’s financial performance will have been impacted by Hurricane Matthew in 2016 and, this year, its exposures to Irma and Maria via risks it underwrites in the Turks & Caicos.

_________________________________ Leeward Nominees Limited Liquidator

NOTICE BF One Development Company Corp. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BF One Development Company Corp. is in dissolution as of December 21st, 2017. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE GERBOISE LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GERBOISE LTD. is in dissolution as of December 21, 2017. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

San Lucas Investments Ltd. Company No. 1861333 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that San Lucas Investments Ltd. is in voluntary liquidation. The voluntary liquidation commenced on 19th December, 2017 and MARCO RINGGER of Marbachweg 4, 8800 Thalwil, Switzerland, has been appointed as the Sole Liquidator. Dated this 20th day of December, 2017 Sgd. MARCO RINGGER Voluntary Liquidator

Security and General’s parent is Bermuda-based Colonial Group International, an entity owned by Edmund Gibbons Ltd - a vehicle for the wealthy Gibbons family. There is nothing in A. M. Best’s report to suggest that Security and General is in financial difficulties, and the rating agency reaffirmed the underwriter’s Financial Strength Rating (FSR) of ‘A-’ (Excellent) and long-term Issuer Credit Rating of ‘a-’. The outlook is ‘stable’. “The ratings of Security and General Insurance Company reflect the company’s balance sheet strength, which A.M. Best categorises as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management,” A. M. Best added. It applied the same ratings to Colonial Group International’s two other Bahamian subsidiaries. These are Atlantic Medical, the health insurer, and Colonial Pensions Bahamas. Colonial Group International has equity in excess of $180 million, and manages over $300 million in premium income and more than $55 million in pension contributions annually. A. M. Best, meanwhile, has also reaffirmed its ‘A-’ (Excellent) financial strength rating, and ‘a-’ issuer credit rating, for Summit Insurance Company - one of Security and General’s main Bahamian property and casualty rivals.

Summit chiefly underwrites business placed through Insurance Management, and A. M. Best added: “The ratings reflect Summit’s balance sheet strength, which A.M. Best categorises as ‘strongest’, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. “The ratings also consider Summit’s conservative investment policy, high liquidity and effective risk management procedures that include an appropriate reinsurance programme developed to mitigate exposure to natural catastrophes. Summit’s capital position is enhanced by investment income and organic surplus growth achieved from profitable underwriting results.” On the downside, A. M. Best added: “The business profile is limited mainly due to the company’s geographic concentration within the Bahamas, which exposes them to moderate economic, political and financial system risk. Summit also has significant exposure to natural catastrophes in the Caribbean and high dependence on reinsurance. “Additionally, the continuing soft market conditions and high competition in the Bahamas remain obstacles for growth. However, the recent hurricane activity, although not affecting the Bahamas directly, has led to a harder reinsurance market in the Caribbean, and rates are expected to trend upwards for the next 12 months.”

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 LEGAL NOTICE

HIPSON INVESTMENT LIMITED (In Voluntary Liquidation)

TAKE NOTICE is hereby given that by a resolution passed on the 18th day of December, 2017 the above-named Company was put into voluntary liquidation. AND FURTHER TAKE NOTICE that BCS Corporate Group Ltd., Cumberland House, 15 Cumberland Street, P.O. Box SS-6836, Nassau, Bahamas was appointed voluntary liquidator of the Company. AND TAKE NOTICE that any creditors having debts or claims against the Company are required to send particulars to the Liquidator of the said Company and in default thereof they will be excluded from the benefit of any distribution made by the Liquidator. DATED this 19th day of December, 2017 BCS Corporate Group Ltd. Liquidator

NOTICE BOCA CHICA LIMITED In Voluntary Liquidation

NOTICE DELTA SOLEIL LIMITED In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BOCA CHICA LIMITED is in dissolution as of December 21, 2017.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, DELTA SOLEIL LIMITED is in dissolution as of December 21, 2017

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

LIQUIDATOR ______________________

NOTICE LA BELLA DONNA LTD. In Voluntary Liquidation

NOTICE PREALPES INC. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LA BELLA DONNA LTD. is in dissolution as of December 21, 2017.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PREALPES INC. is in dissolution as of December 21, 2017.

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

LIQUIDATOR ______________________

THE TRIBUNE

Friday, December 22, 2017, PAGE 5

‘Get out of dark ages’, Gov’t and unions told FROM PAGE 1 He added that the Government would only advance labour-related reforms where there was “consensus” between the private sector and trade unions, and pointed out that the more “contentious” issues - raising the 12-year redundancy ‘cap’ and increasing the notice period - had yet to come before the National Tripartite Council. However, Mr Myers, speaking after the International Monetary Fund (IMF) released its latest assessment on the Bahamas, continued to stress that the Government’s Ministry and Department of Labour, as well as the trade unions, are focused on the wrong priorities. “What the Ministry of Labour and unions should be focused on is productivity, education and improved workforce skills,” the ORG principle told Tribune Business. “To keep hammering away on benefits and the like is very short-sighted. “Where are these guys? The unions and Department of Labour keep singing the same old song, and they have got to start looking at this and become a significant part of the solution. They’re currently part of the problem. “The solution is education, increased productivity and closing the skills gap. You cannot keep on doing the same thing and expect different results. That’s what the Department of Labour is doing,” Mr Myers continued. “Come on guys, get out of the dark ages and get with the real discussion on workforce productivity, education. Let’s move the country forward and stop focusing on age-old stuff.” Private sector fears over further labour law reforms, which would result in increased workforce costs, were fuelled after Mr Foulkes reaffirmed the Free National Movement’s (FNM) manifesto commitment to increase the redundancy notice period. The Minister, though, told Tribune Business he believed his comments had been misinterpreted and taken out of context, as he never gave a “timeframe and process” for

introducing such changes when responding to media questions. Mr Foulkes added that this had been communicated to Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, in a bid to calm business concerns (see other article on Page 1B). And both the Department of Labour and trade unions have shown they are aware of the need to improve workforce output, having helped organise and attended, respectively, a two-day National Tripartite Council Productivity legislation workshop in September 2017. Bernard Evans, the National Congress of Trade Unions’ (NCTU) president, said then: “We need to boost productivity levels and propel the Bahamas’ economic competitiveness.” Obie Ferguson, his Trades Union Congress (TUC) counterpart, has repeatedly made similar statements and commitments. Mr Myers, though, expressed surprise that there was no mention of workforce development and productivity issues in the IMF’s latest assessment, especially since these long-standing problems are universally acknowledged. “There’s one more component, and that’s labour,” he told Tribune Business. “That is the human side of our GDP growth, and that’s being ignored by all of them. It’s critical. “We’ve got to close the skills gap, increase productivity and control wage growth and the cost of labour until we see GDP growth year-over-year. It’s a nine out of ten report [by the IMF], but the ten out of ten is the labour component. Let’s get the conversation moving that way, and the unions and Department of Labour being proactive rather than a drag on the economy.” Mr Myers was unsure whether workforce-related issues fell within the IMF’s remit, but added: “We have been saying for a long time that poor education levels have hampered GDP growth. “There’s this massive skills gap, and we’re not preparing students and young adults for working life and employment. As we get GDP growth

through foreign direct investment (FDI), we are going to see a continuation of the struggle we have now with education and finding skilled employees. “That has to change if we are to expand and lift ourselves out of this socioeconomic recession. We’re going to have to improve productivity at the very least and make sure we don’t increase, in any meaningful way, the cost of labour,” he continued. “If the Government’s only focus is on labour support or laws, and not labour productivity and reduced costs and things like that, it’s going to be a struggle. There are far more competitive regions for foreigners that are looking to invest without any of the bureaucracy and labour headaches.” Workforce productivity, together with improved technology, is a core element of what economists call ‘supply side economics’. Advocates of this theory argue that improvements in these areas result in greater efficiencies, allowing firms to reduce their production costs and increase output, thereby making them more competitive. Bahamian businesses have for decades expressed concern over the difficulties they encounter in recruiting workers with the necessary skills to expand their companies, with many suggesting there is an insufficient supply of human capital. They also argue that this nation’s relatively high labour costs are not matched by productivity received. Warning that worker productivity and costs were going to be “critical challenges for the Bahamas over the coming years”, Mr Myers added: “We’ve got to get productivity up, and until we see greater GDP growth we have to hold wages and the ‘grey cost’ of labour.” Defining ‘grey cost’ as worker benefits, such as sickness and vacation pay, and the likes of National Insurance Board (NIB) contributions, he said: “We don’t want to burden businesses any more, as they’re already quite heavily taxed. “It discourages people from investing in the Bahamas, and existing businesses from expanding and hiring.”

PAGE 6, Friday, December 22, 2017

THE TRIBUNE

AML Foods chief: ‘Size of pie yet to be seen’ FROM PAGE 1 endured a “soft” two months through October and November. Disclosing that fellow retailers had seen a similar trend, Mr Watchorn told this newspaper: “Bahamian consumers are generally last minute. We’re as prepared as we can be. “We have our stock in, and have great prices and value for customers, and are very confident that we will get our share of the business out there and maybe more.” He added: “How the economy is for Christmas? I don’t know if anyone truly knows that. There hasn’t been anything over the last couple of months showing that the economy’s getting better. “The reality is that the economy’s

still soft, and we’re driven by consumer spending. If consumers don’t have the spending power, we will see that in the spending and sales numbers. “But at AML we’re very confident we will get our share. How big the pie is remains to be seen.” AML Foods, which owns the Solomon’s SuperCentre, Solomon’s Fresh Market and Cost Right brands, plus the Domino’s Pizza franchise, saw a year-over-year decline in October and November numbers compared to 2016. Mr Watchorn suggested this may have been linked to September’s hurricane “scares”, which resulted in Bahamian consumers stocking up on food and other supplies given the brushes with Irma and Maria. “The hurricane scares in September gave

us a bit of a bump,” he told Tribune Business. “October was rather soft for us, and we were surprised with that. November was soft as well, and in December we’ve seen a pick-up again. “We have seen an uptick over the last two-three weeks, so hopefully that’s a good sign for Christmas. It’s better than in the previous two months. “October and November were soft compared to where we were trending, and we’ve seen an uptick back up to the trends we saw earlier in the year.” Mr Watchorn said AML Foods was not alone in this, adding: “I talked to other businesses, and all had the same trends: After the hurricane they saw a decline in sales, and it took a while to climb back up.”

Despite the ‘softness’, AML Foods unveiled a 105 per cent increase in net profit for the three months to end-October 2017. The ‘bottom line’ jumped from $432,000 to $886,000 despite the BISX-listed group incurring $231,000 in pre-opening expenses related to its just-launched Solomon’s Yamacraw store. “When you take out those opening costs and look above that line, we’re pleased with the numbers given that October was a soft month compared to prior years,” Mr Watchorn said. “We’re very pleased with how the Yamacraw store has turned out. It’s a beautiful store, modern, well-built and very energy efficient; all the usual things we try to achieve with a location like this. “The residents of the area have been very welcoming,

NOTICE ORAT INTERNATIONAL HOLDINGS LIMITED ________________

NOTICE TARO INTERNATIONAL HOLDINGS LIMITED ________________

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 5th day of December, 2017.

Delano Aranha Liquidator of ORAT INTERNATIONAL HOLDINGS LIMITED

Delano Aranha Liquidator of TARO INTERNATIONAL HOLDINGS LIMITED

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

BISX ALL SHARE INDEX: CLOSE 2,056.09 | CHG -2.52 | %CHG -0.12 | YTD 117.88 | YTD% 6.08 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.77 0.16 5.60 8.70 6.30 5.30 12.00 2.59 1.56 6.01 10.55 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.32 0.95 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

E J K L M N

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

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB18 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.06 17.43 9.09 3.34 0.95 0.16 3.70 8.60 6.10 4.90 9.00 2.49 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CLOSE 4.06 17.43 9.09 3.34 0.95 0.16 3.70 8.60 6.10 4.88 9.00 2.55 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.91 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.43 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

109.48 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

11,097 1,000

VOLUME

NAV 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.192 0.631 0.102 0.392 1.129 0.729 0.484 0.298 -0.668 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.160 0.690 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000

P/E 9.1 18.7 N/M 6.2 N/M N/M -2.5 14.1 10.5 25.4 14.3 25.0 3.8 5.3 14.3 12.4 15.0 -10.5 23.0 0.0

YIELD 1.97% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.49% 3.61% 3.28% 7.67% 2.35% 3.33% 4.83% 4.78% 0.00% 2.68% 2.00% 4.64% 0.00%

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 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Nov-2017 30-Nov-2017 24-Nov-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

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

AML Foods’ net profits from continuing operations were ahead by 14.4 per cent, standing at $2.191 million compared to $1.915 million. This was again driven by a sales increase that outpaced the growth in the group’s costs, which produced improvements in gross profit and net operating profit margins. Franklyn Butler, AML Foods chairman, said: “We are pleased that we were able to maintain positive sales and performance levels during the period, given the highly competitive retail environment that we currently operate in. “Over the next quarter we will remain focused on growing transaction counts across all brands by staying competitive and driving value for our customers,” he said.

NOTICE

NOTICE is hereby given that KENSON JEAN LOUIS of Marsh Harbour, Abaco, 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 and signed statement of the facts within twenty-eight days from the 15th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that CHERRY ANN MARTIN of 10 Oxford Street, Nassau, 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 and signed statement of the facts within twenty-eight days from the 15th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

MARKET REPORT THURSDAY, 21 DECEMBER 2017

very appreciative a quality store built in that area. The numbers are pretty much as expected, having been open a few weeks. and they’re meeting expectations. We’re pleased with where we are.” AML Foods’ improved October quarter was largely driven by its topline, where sales jumped 3.6 per cent or $1.312 million to $37.831 million. With cost of sales largely flat, gross profit rose by 7.8 per cent to $12.319 million, up from $11.43 million the year before. AML Foods’ net operating profit increased 93 per cent to $1.494 million, compared to $773,000 the year prior, with the balance sheet closing October 2017 with $37.8 million in net equity. For the first six months of its current financial year,

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

NOTICE is hereby given that WILCKERS LUBIN of Pinewood Gardens, Poincianna Drive P.O Box EE-17372 is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE RISING PATH HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) RISING PATH HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 21st December, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited of The Bahamas Financial Centre, Shirley & Charlotte Streets, P. O. Box N-3023, Nassau, Bahamas.

Dated this 22nd day of December, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

NOTICE REEFDOG HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) REEFDOG HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 21st December, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited of The Bahamas Financial Centre, Shirley & Charlotte Streets, P. O. Box N-3023, Nassau, Bahamas.

Dated this 22nd day of December, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

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