03162017 business by tribune242

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THURSDAY, MARCH 16, 2017

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Bahamas in $40m Bahamas ‘nears foreign property a socialist state’ buyer ‘outflows’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Bahamas has suffered two consecutive years of $40 million-plus net real estate outflows due partly to the exit of foreign buyers, the Central Bank’s governor confirmed yesterday, with inward investment flows falling to $163.2 million in 2016. John Rolle, expanding

on a Monday presentation he gave to the Young President’s Organisation (YPO), told Tribune Business that net property purchases by foreign buyers fell into the negative for both 2015 and 2016. “Net property purchases/ sales were -$42.2 million and -$49.9 million in 2015 and 2016, respectively,” the Central Bank governor said in e-mailed replies See pg b6

Chamber: Labour law reforms may be ‘ultra vires’ Act By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Chamber of Commerce last night reiterated concerns that the National Tripartite Council (NTC) may have violated its own founding Act by failing to get “unanimous” agreement on the controversial labour law reforms before they were tabled in the House of Assembly yesterday. The Chamber, in a statement that emphasised the private sector’s deeply-rooted, widespread concerns over the changes (see other articles on Page 1B) to the Employment and Industrial Relations Acts, argued that the reforms “should not be promoted as having been recommended by the NTC”. Tribune Business understands that the Chamber is especially unhappy that the two amending Bills are being portrayed as unanimously agreed and approved by the National Tri-

Bills ‘can’t be promoted’ as unanimously agreed Warns changes will ‘cripple, bankrupt’ businesses Calls for halt to Parliament passage partite Council, when one of its three member bodies - the private sector - was opposed to virtually all the proposals. It is understood that the proposed changes to the Employment and Industrial Relations Acts, which underwent their first House of Assembly reading yesterday, came solely from the two other stakeholders - the trade unions and the Government, via the Department of Labour. “Unfortunately, the Bills were drafted and tabled without the unanimous See pg b10

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Net foreign real estate buys in negative for 2 years Central Bank governor confirms foreign ‘divestment’ Foreign investment down 35% to $163m in 2016

The Bahamas “is becoming a socialist state”, an outspoken FNM candidate said yesterday, blasting the Government’s decision to move ahead with controversial labour law reforms as “madness”. Dionisio D’Aguilar, the party’s Freetown candidate in the upcoming election, told Tribune Business that the proposed changes to the Employment and Industrial

Relations Acts would only “make it harder” to cut the 25-30 per cent unemployment rate among young Bahamians. Speaking after Shane Gibson, minister of labour and national insurance, tabled Bills to change both laws in the House of Assembly yesterday, Mr D’Aguilar, who owns and runs the Superwash laundromat chain, warned they would deter Bahamian businesses from hiring. Acknowledging that the Government would likely

D’Aguilar blasts labour law reform ‘madness’ Govt ‘making it harder’ to cut 2530% youth jobless Urges: Make it easier to hire, not raise labour costs

See pg b6

Businesses ‘crippled’ by 2/3 redundancy pay rise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Outraged Bahamian employers yesterday slammed the Government’s decision to press forward with union-friendly labour law reforms, including a 67 per cent increase in redundancy pay, as “crippling” individual businesses and the wider economy. The private sector was united in its condemnation after the Christie administration tabled in Parliament amendments to the Employment and Industrial Relations Act that give trade unions virtually eve-

Outraged employers unite against labour reforms Hotels: Govt ‘undermining our stability’ ‘Populist’ Govt ‘damaging the economy further’ rything they demanded. Robert Myers, a business owner and principal with the Organisation for Responsible Govern-

ance (ORG), described the changes, which went through their ‘first reading’ in the House of Assembly, as “crazy” and “ridiculous”. He warned that they would further undermine the Bahamas’ economic competitiveness and ‘ease of doing business’, while the increased costs and bureaucracy associated with redundancy will deter businesses from hiring. Mr Myers, a former Chamber of Commerce president, argued that the amendments would ultimately be self-defeating efforts, as the increased private sector reluctance to invest and hire will frustrate

efforts to reduce a ‘double digit’ unemployment rate that was 11.6 per cent in November 2016. The Bahamian hotel industry, which is especially impacted by redundancies due to tourism’s seasonality and vulnerability to global economic cycles, was particularly strident in its criticism, warning that the reforms threaten to “undermine” the sector’s “sustainability” and deter investment in this nation’s economy. The Bahamas Hotel and Restaurant Employers Association (BHREA), which represents major resorts See pg b7

Industrial Tribunal still lacking ‘teeth’ By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A trade union leader yesterday said that while the planned changes to the Employment and Industrial Relations Acts were “a step in the right direction”, the Industrial Tribunal still has not been given sufficient “teeth”. Obie Ferguson, the Trades Union Congress’s (TUC) president, told Tribune Business that despite the tabling of amendments to both Acts in Parliament yesterday, there were still several labour concerns not covered. “The point that is missing is that we wanted the Industrial Tribunal to have more teeth,” he explained. “For example, to grant an injunction, the present Tribunal cannot do that or enforce its own judgment. “If you want to enforce a judgment of the Tribunal you have to make an ap-

TUC boss says labour reforms don’t go far enough Bemoans ‘choice’ on redundancy pay, gratuity

Obie Ferguson plication to the Supreme Court to have it enforced. Presently, the Tribunal cannot impose a first industrial See pg b4

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The GIF that keeps on giving Ah, the GIF. We have all seen them. They populate the Internet on blogs and social media, and are part of what makes news and entertainment sites such as Buzzfeed very popular. GIF is the acronym for graphics interchange format, which is a file format that incorporates both static and animated images. A GIF (with the file extension .gif) is basically an image file format that is animated by combining several other images or frames into a single file. This single file is encoded as the graphics interchange (GIF) format. Unlike the JPEG image format (.jpg), GIFs typically use a compression algorithm referred to as LZW encoding, which does not degrade the image quality and allows for easy storing of the file in bytes. The multiple images within a single GIF file are displayed in succession to create an animated clip or short movie. By default, animated GIFs display the sequence of images only once, stopping when the last image or frame is displayed, although it can also loop endlessly or stop after a few sequences. But social sites, such as Tumblr, and GIF creation tools, including Giphy, have gained in popularity recently. A GIF can be an effective and low-impact replacement for a video, and is valuable as a business tool.

What Does a GIF Do? GIFs are often used for bite-sized entertainment, and as statements, replies or comments in online conversations. They are also frequently used online to convey reactions, and illustrate or explain concepts or products in a fun, creative

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and succinct way. They also make GIF art. The popularity of GIFs now defines the Internet’s lexicon, with the Oxford Dictionary naming it the ‘Word of the Year’ in 2012. GIF art, itself, is legitimised by contemporary art galleries and institutions such as the Museum of the Moving Image in New York, which showcases the best GIF art pieces from talented young graphics artists.

Who Developed and Invented the GIF? The GIF graphics file format was created by Steve Wilhite in 1987 at CompuServe. In the years since, a debate has been raging as to the correct way to pronounce ‘GIF’: Is it pronounced ‘jif’, as in the peanut butter, or ‘gif’ with a hard ‘G’ as in ‘gift?’ Most people pronounce it ‘gif’ with a hard ‘G’, but Wilhite, who was honoured with a Webby Lifetime Achievement award in 2013 for inventing the format, insists it is pronounced as ‘jif’. “The Oxford English Dictionary accepts both pronunciations,” Mr Wilhite said. “They are wrong. It is a soft ‘G’, pronounced ‘jif.’”

Business Uses and Applications for a GIF GIF has become the calling card of modern Internet culture. Businesses large and small have embraced the file format to liven up their messages online. Many savvy businesses, for example, edit, rearrange or combine one or more video sources to create an absurd juxtaposition, designed deliberately to emphasise a minor detail or fire off a quick market commentary. Aside from using GIFs as a medium for humorous effect, and to show fun, likable company culture, many brands and creative agencies commonly create GIFs that have commercial messages and seamless advertisements, such as banners and leader boards. The GIF file format is supported by nearly all Web browsers, and Apple’s iOS also supports GIF - but not its rival Flash. So GIF has become popular with brand marketing on social media, news media and the mobile Web. A looping GIF perfectly

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The Art of Graphix by deidre m bastian

embedded into an article, and published in just the right places, can deliver your message powerfully. Several image editing programs such as Adobe Photoshop, GIMP and Microsoft GIF Animator can be used to create simple, animated GIFs that spread short company videos or messages across the Internet. If you would like to create and share videos longer than a few seconds, however, you might want to use the MPEG format because the GIF format is not as efficient, with video clips longer than a few seconds.

How do I make a GIF from images? 1. Upload images. Click the upload button and select as many images as you want. 2. Arrange images. Drag and drop the images you selected until you get them ordered correctly. 3. Adjust options. Adjust the delay until the speed of your GIF looks normal. ... 4. Generate. GIF’s are an interesting way of marketing. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game. • NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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Thursday, March 16, 2017, PAGE 3

Unions ‘ecstatic’ on ‘win for all Bahamian workers’ By NATARIO McKENZIE

Tribune Business Reporter

Say: ‘Still more loopholes to close’

Elated union leaders said they were “ecstatic” over the reforms to the Employment and Industrial Relations Acts tabled in Parliament yesterday, hail-

ing them as a “victory for Bahamian workers”. Bernard Evans, the National Congress of Trade Unions (NCTU) president,

and NEIL HARTNELL Tribune Business Editor

told Tribune Business that “words cannot express what this means for us” after Shane Gibson, minister of labour and national insurance, tabled the amending Bills for their first readings. “We are elated, we are ecstatic,” he said. “Words cannot express what this means for us, both organ-

ised labour and the average working person not part of a union,” Mr Evans said. “This is a step in the right direction. We didn’t get everything we wanted, but the working world should be proud. This is a victory for every Bahamian worker. We are not satisfied where we are now, but this is true progression.” Mr Evans said he was especially happy that the Employment Act’s existing redundancy ‘cap’, which limits worker compensation to a maximum of six months for line staff, and a year for managerial workers, had been increased by 67 per cent. “You’re entitled to get compensation for every year you work for someone.

You don’t lose,” the NCTU chief added. Arguing that it was unfair for a worker who had given decades of service to receive the same pay-off as an employee who had worked for 12 years or less at the same company, Mr Evans said: “For someone who has been on the job for 20plus years, you would rob that person of eight years of benefits. To remove that maximum ceiling meaning, that an employer would have to pay the person for every year on the job, is a win. That’s just one issue.” Mr Evans warned that unions are “not going to stop. There’s more loopholes still to close”. He identified one such as “loophole” as the ‘out-

Bernard Evans sourcing’ of employees and company functions to independent contractors, suggesting that this could be used as a cover to dismiss employees under the guise of redundancy. Mr Evans said ‘outsourced’ employees were See pg b4

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78% debt ‘threatens to sink the Bahamas’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas’ 78 per cent debt-to-GDP ratio “is a real concern” that threatens to sink this nation, the FNM’s deputy leader said yesterday. K P Turnquest said it was “sad to note” that over the past five years the Bahamas’ debt-to-GDP ratio had climbed from 48 per cent, as at December 2011, to 78 per cent at December 2016. “This highlights the fact that the economy, despite the noise by the Government, isn’t growing, and why the man on the street doesn’t believe the unemployment statistics,” he argued. “We cannot afford this continued misrule, as the high debt-to-GDP signals higher borrowing costs

K P Turnquest and increased taxes on the backs of struggling Bahamians. The level of debtto-GDP is a real concern for us. Talks of Baha Mar opening, fancy crime solutions or groundbreaking ceremonies for projects which aren’t funded doesn’t change the fact that our

Industrial Tribunal still lacking ‘teeth’ From pg B1 agreement where the parties have failed to reach one within a reasonable period of time. We think that is

very critical.” Mr Ferguson added: “If the Tribunal is going to be the court for industrial relations in the country, it must be given all the powers to

economy is contracting.” Mr Turnquest added: “Further, the absolutely ridiculous hiring of multiples of nine and 10 persons in the Family Islands to watch administration offices and to clean toilets at a school is hypocritical, and beyond the excess we can afford. “It is ironic that it was this same [Mr] Christie and his band of merry men that critiqued the previous administration for its 52-week jobs programme, and for entering into contracts just before an election. Nothing has changed, and it lends itself to the criticism that they have not learned one thing as old career politicians. “The fact is that with the level of debt we have amassed, and a stubbornly high private sector unemployment rate, these giveaways and padded contracts

threaten to sink us further, and possibly expose us to the dreaded risk of devaluation we all hate to even think about. Barbados finds itself in a similar situation, having just been further downgraded and facing the possibility of IMF intervention.” The Central Bank’s 2016 fourth quarter report showed that the national debt increased by $373.1 million during 2016 to break the $7 billion barrier at year-end, closing at $7.042 billion. The increase was exacerbated by the blow from Hurricane Matthew, which forced the Government into some $130 million in unanticipated borrowing from a syndicate of commercial banks, while also negatively impacting its revenue collections. While Matthew was a

key factor behind the 168.6 per cent year-over-year increase in the fiscal deficit for the final three months of 2016, rising from $85 million to $228.3 million, the Central Bank report emphasises this was not the sole factor. Mr Turnquest pledged that an FNM administration would restore fiscal accountability and transparency to government. “Fiscal rules, a strengthened Auditor-General Department, whistleblower protection and fiscal limits on discretionary spending will help to bring order back to the public finances, and finally help to start this debt reduction we so desperately need in order to secure a better future for our country than the generation before us,” he said.

effectively discharge the statutory duty given to it by Parliament. It should have its own budget, its own website and stenographers so judgments can be given on a timely a basis. “The average workers cannot afford what it costs to even go to the Tribunal, let alone the Supreme Court

,to enforce a judgment. That is nonsense and it is not progressive. It can cost them $4,000 to get $400.” As previously reported by Tribune Business, changes to the Employment Act and Industrial Relations Act, considered by many to be labour-friendly have run into strong employer resistance given the increased costs and bureaucracy they threaten to impose in a difficult economic environment. Still, Mr Ferguson said: “The other concern we

have is over redundancy. The current legislation is saying you cannot get redundancy pay if you are entitled to a gratuity; you cannot get both even if you are entitled to it. “This legislation suggests that you must choose one or the other. The legislation doesn’t address commission as part of wages. These revisions need to be in the Bill. Having said that, the Bill is a step in the right direction.”

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Unions ‘ecstatic’ on ‘win for all Bahamian workers’

From pg B3

typically hired at lower wages, and with fewer and less benefits, than when they were previously employed. He called for the benefits and pay of ‘outsourced’ employees to be “maintained for two years” subsequent to their transfer from the previous employer to an independent contractor. “We want to ensure that true redundancy is true redundancy,” he added. “Through the Bills, employees will have more notice for redundancy, but it still doesn’t solve the problem where people are allowed to outsource part of their business, continue to benefit, but the employee is unable to follow that job,” said Mr Evans. When asked how he would respond to employer concerns over the reforms, the NCTU leader said that if the Bahamas had “benevolent bosses” there would be “no cause to have these laws in place, but people are taking advantage of employees”. He added: “Most employers would say that their greatest asset is their employees. Most would say that. If that is the case, then they ought not to feel bad when it comes to taking care of employees in their best interests. “Clients often stay with companies because of the relationship with the employees. If it were not for the employees many companies would fail, but they never get recognised for that. “We’re hopeful that with these laws employers will come around to recognise they’re not an impediment, but something fair that needed to be structured, so that anyone coming to this nation to set up in business cannot take advantage of our people.” Darren Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) secretary-general, told Tribune Business: “I believe that the amendments will be beneficial to the trade union movement. I believe that some of it would have evolved out of what happened with the Melia issue. “We had asked for amendments for those issues that had affected us, such as timeframe for recognition and negotiation. There are some things that are definitely going to be beneficial for the union.”

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Thursday, March 16, 2017, PAGE 5

African-Americans key target for tourism Pictured from L to R are; Sandra P. Carey, deputy consul general, Miami; Linville Johnson, director, AfricanAmerican market, Ministry of Tourism; Charlene Tarver, president, 100 Black Women, Phoenix; IL Gibson, 100 Black Women, Phoenix; and Diana Gregory, 100 Black Women, Phoenix (far right)

The Ministry of Tourism sponsored, and hosted a luncheon, at the recent Black Enterprise Women of Power Summit (BEWOP), which attracted more than 1,000 African-American businesswomen. The Ministry partnered with Black Enterprise and Macys as part of its efforts to expand the Bahamas’ reach to the African-American travel consumer. The Bahamas’ event featured a Fashion Show presented by Macy’s. Linville Johnson, the Ministry’s director for the African-American market, led the Bahamian delegation. This included Bridgette King, senior director of operations at the Bahamas Tourist Office, and Anita Johnson-Patty, general manager, of global communications. Also present was the Bahamas’ deputy consul general, Sandra P. Carey. The Ministry appealed to its luncheon audience with an invitation under the theme: ‘We’ll save your place in the sand’. One attendee won a three-day, two-night stay at the allinclusive Warwick Paradise Island Resort, while another won a Pandora Bracelet

Pictured from L to R are Bridgette King, senior director of operations, Bahamas Tourist Office; Bernice Clark, senior vicepresident, media strategy and planning, Macy’s Inc; Sandra P. Carey, Bahamas deputy consul general, Miami; Kristyn Page, vice-president of Diversity, Macy’s Inc; Earl G. Graves Jr, president and chief executive; Linville Johnson, director of the African-American Market, Ministry of Tourism; Anita JohnsonPatty, General Manager, global communications, Ministry of Tourism; and Darlene Davis-Hord, Bahamian author, spiritual leader and life coach with Bahamian-inspired charms. Mr Johnson said: “This impressive group of women are among the most powerful and influential executives in corporate America, and we were able to make some great contacts. We had some productive meet-

ings and were pleased with the progress.” The Bahamas’ officials held meetings with the Black Enterprise team to discuss a Girl’s Weekend Getaway for October 2017. There were also several other group leads that were generated at the summit.

According to a Nielsen report in collaboration with the National Newspaper Publisher’s Association, the African-American Market generates more than $1 trillion in revenues, and is forecast to grow to $1.3 trillion by 2017. Mr Johnson added: “The Ministry of Tourism recognises the economic power of this group and plans to step up its efforts even further to cultivate strategic partnerships like Black Enterprise that boost the Bahamas’ visitor arrivals and visitor spend”.

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PAGE 6, Thursday, March 16, 2017

Bahamas ‘nears a socialist state’ From pg B1 accuse himself and the FNM of being “insensitive” to the plight of Bahamian workers and the proverbial ‘small man’, Mr D’Aguilar argued it was more important to spark job creation for all rather than impede business expansion. “You already have an economy that is not growing,” he told Tribune Business. “You already have a private sector that is stressed. You already have small businesses screaming about bureaucracy and the cost of running a business, and now you’re increasing the taxes they have to pay for running their businesses. “We’re becoming a socialist state. This will prevent the free movement of people, and make it more expensive to hire people. Businesses are not going to hire people, and will try like hell to make their businesses as efficient as possi-

ble so they don’t have to.” Mr D’Aguilar added: “The solution is not to increase the cost of labour. The solution is to make it as easy as possible to hire as many people as possible. “I know they’re [the Government] going to throw the jeer that rich people don’t know what poor people are going through, and that Dionisio D’Aguilar is rich and that he doesn’t understand. But I’d prefer to have a job. “This is going to turn the private sector off from employing people, and not everyone can currently get a job. They’ll say I’m insensitive, but they’re insensitive to that,” the FNM candidate continued. “You start to increase the burden on the private sector to employ people, you’ll make it harder for the 11.6 per cent who are unemployment, the 25-30 per cent of 16-24 year-olds who are unemployed, to get a job. I think it’s madness.”

Key among employer concerns the major 67 per cent increase in the Employment Act’s redundancy pay ‘cap’. While notice, or pay in lieu of notice, has been left unchanged, the Government has pressed forward with the two-thirds increase in the ‘cap’. Line staff are currently entitled to a maximum 24 weeks or six months’ redundancy pay under the Employment Act, gaining two weeks for each year they have been employed up to the 12-year ‘cap’. However, the Bill requires the ‘cap’ to be increased to 32 weeks (16 years) immediately upon enactment of the reforms. And, ultimately, the ‘cap’ for line staff redundancy pay is to be increased to 40 weeks some two years after the amendments are passed. As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum that they are due currently under the Employment Act is to be immediately increased to 64 weeks. Should

Bahamas in $40m foreign property buyer ‘outflows’ From pg B1 to Tribune Business’s questions. “This represents a combination of net property sales by non-residents to residents (divestments), and property purchases by residents abroad.” Mr Rolle downplayed the significance of the negative net inflows (outflows) associated with foreign real estate buyer divestments, suggesting that the Central Bank’s data was “still plagued by incomplete cov-

erage of foreign residential construction”. He said yesterday: “There is a suspected underreporting of real estate purchases by non-residents from residents, because low-value transactions do not require prior approval from Exchange Control. These only require registration after the fact, with such registration often occurring with considerable lag. “The Central Bank is looking at ways to improve the overall monitoring framework for lower-value

John Rolle real estate transactions by non-residents, [which] can still have important cumulative effects on the numbers.” Nevertheless, the net outflows associated with foreign real estate buyers/

THE TRIBUNE

the proposals pass, the ‘cap’ will ultimately be lifted to 80 weeks after two years. Mr Gibson, addressing the House of Assembly yesterday, with trade union leaders and representatives packing the public gallery, argued that the changes to both Bills would strengthen protections and benefits for Bahamian workers. He said too many were vulnerable to being made redundant at “a moment’s notice”, and were often unable to collect severance pay and other benefits due to them under the law from employers. Mr Gibson said the changes also mandate that employers must accept a worker’s request to deduct union dues from their wages, and strengthen the workings of the Industrial Tribunal. Mr D’Aguilar, though, said the Employment Act’s existing one-year redundancy pay ‘cap’ for managerial staff, who have been with a company for 12 years or more, was “generous”. Should the changes go through, employers may have to give long-serving

managers more than a yearand-a-half’s pay when they are terminated. “I think it’s crazy, absolutely crazy,” Mr D’Aguilar told Tribune Business. “I always thought the 48 weeks to pay off someone was generous, but now I’ve got to pay a year-and-a-half, or 80 weeks, to get rid of them. “This is not going to help employment. People want a job to have a sense of value. Get through the emotion of rich persons giving benefits to the poor. We want to grow the economy, and keep people employed.” Most of the proposed reforms appear to be a direct response to the situation at the Melia Nassau Beach Resort, where the hotel is no longer collecting union dues and paying them to the union, and Sandals Royal Bahamian’s termination last August of its near-600 strong workforce - an event some regarded as ‘union busting’. Sandals, though, said that with no industrial agreement in effect between the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) and the resort

industry, it had no choice but to terminate its workforce to facilitate muchneeded repairs. And observers have pointed out that responsibility for the absence of a binding industrial agreement rests squarely with the BHCAWU, as it failed to initiate negotiations on changes it wanted prior to the previous deal’s expiry resulting in employers continuing as if the latter was still in effect. The proposed reforms to section 51 of the Industrial Relations Act appear to be an attempt to counter this, as they deem the terms and conditions of industrial agreements as automatically incorporated into individual workers’ contracts. Other proposed amendments force employers to start collective bargaining talks within 45 days of receiving a trade union’s industrial agreement proposal - something that appears designed to counter situations such as the one where Sandals refused to treat and deal with the Bahamas Hotel, Maintenance and Allied Workers Union.

owners will cause concern given that overall foreign direct investment (FDI) in the Bahamas has been relatively depressed for the past two years. Mr Rolle said the Central Bank’s data captured both loan, as well as equity capital, investments by foreign developers and investors. The numbers show that foreign investment inflows fell from $1.201 billion in 2014, the year of peak Baha Mar construction, to $250.3 million in 2015, which was followed by a further 34.8 per cent drop to $163.3 million last year. However, Mr Rolle said the Bahamas’ external balances and foreign currency reserves “still benefited from net inflows from real sector activities, such as tourism and foreign investments” in 2016. “Towards the end of the year, the net effect of the reinsurance inflows [related to Hurricane Matthew] also started to be felt, as well as some of the settlement of residual debts on the Baha Mar project,” he added. Mr Rolle said the Government undertook just “one significant external borrowing” in 2016 in the shape of a $100 million loan. Pointing out that the Government also undertook other foreign currency transactions, such as debt service payments and the acquisition of goods and services, he added: “On a net basis the Central Bank sold the Government and public corporations about $200 million in foreign exchange in 2016, compared

to a net sale in the region of $260 million in 2015. “So, just looking at the borrowing element of debt operations can be misleading, relative to overall impact of debt operations on the Central Bank’s foreign reserves position.” Addressing concerns from K P Turnquest, the FNM’s deputy leader, over the $97 million increase in the Central Bank’s Treasury Bill holdings in 2016, Mr Rolle said the “overall value” of outstanding debt under this instrument declined in 2016. “The increase in the Central Bank’s holdings of T-bills represented a shift in the market by the commercial banks from the very short-term Government paper to longer-term instruments, which have a better interest rates,” he added, implying that the Central Bank had stepped into the void created. Looking forward, Mr Rolle’s YPO presentation said the creation of 5,000-7,000 jobs at Baha Mar would inject between $167-$196 million into the Bahamian economy alone through the property’s annual wage bill. As to the Government’s finances, Mr Rolle said “the health of the economy or pace of growth” will be pivotal in turning around the $7 billion national debt, and $300 million-plus deficits, together with the administration’s own policies. The Central Bank governor also suggested that interest rate spreads, or the gap between Bahamian

bank loan and deposit rates, which has been increasing since 2008, may narrow now that non-performing loans were being reduced. “Interest rate trends reflect structural conditions on bank balance sheet. One of these has been the persistent high and rising non-performing loans experienced in this period,” Mr Rolle said. “Non-performing loan rates are now beginning to ease gradually.” The Bahamas also saw some mild deflation in 2016, with the general weighted average of prices declining by 0.35 per cent, compared to a 1.78 per cent increase the year before. The Central Bank attributed this to completion of the “pass through” effect from Value-Added Tax’s (VAT) implementation the year before, with prices now beginning to “normalise lower”. “The decline in prices recorded in 2016 in not viewed as a cause for concern nor a trend,” Mr Rolle told Tribune Business. “It is also not exclusively a post-VAT price adjustment, as the decrease was mainly a reflection of the sharp reduction in global oil prices in 2015, which have impacted several categories of the retail price index over time. “We anticipate that this effect will persist for potentially a few more months and, as international oil prices begin to rise following the announced production cuts by OPEC, inflation will return to its mild longterm trend.”

THE TRIBUNE

Thursday, March 16, 2017, PAGE 7

Businesses ‘crippled’ by 2/3 redundancy pay rise From pg B1 such as Atlantis and Baha Mar, said in a statement that “the amendments as proposed will have a crippling impact on Bahamian businesses and the overall business competitiveness of the Bahamas”. Describing the Employment Act and Industrial Relations Act changes as being “of grave concern”, the Association said they would increase costs and ‘red tape’ at a time when the Bahamas was still struggling to generate economic growth. Suggesting that the Bahamas was in danger of being left behind, the BHREA said: “While the world is expanding around us, the Bahamas continues to move at a slow pace, with the economy experiencing anemic growth. “The proposed amendments will only serve as a major disincentive for employment at a time when the country is best served by a strong private sector that can drive employment.” The BHREA added that the labour law reforms would only add to a tax and regulatory burden that had expanded massively in recent years due to ValueAdded Tax’s arrival, plus a 40 per cent increase in the minimum wage. Pointing to National Health Insurance’s(NHI) imminent arrival, the Association said: “It is therefore distressing to see the extent to which the Government is prepared to go to undermine the sustainability of the hotel and tourism industry, and to add further barriers to investing and doing business in the Bahamas.” It promised to provide recommendations to the Government after reviewing both Bills, and urged it “to embrace a consultative approach to legislating standards so that these regulations serve the interests of economic growth and the welfare of the Bahamian people”. A Tribune Business study of both Bills found they differ little from the drafts upon which the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) expressed wide-ranging concerns in a December 20, 2016, letter to Robert Farquharson, the director of labour. Key among employer concerns then, and now, was the major increase in the Employment Act’s redundancy pay ‘cap’. A minor modification

was made, as the reforms have dropped plans to increase line staff notice pay (or pay in lieu of notice) from the current two weeks to three weeks, and that for managerial employees from the present one month to five weeks. This, though, is likely to be of little consolation to the private sector. While the Bill leaves these unchanged, the Government has still pressed forward with the two-thirds, or 67 per cent, increase in the ‘cap’. Line staff are currently entitled to a maximum 24 weeks or six months’ redundancy pay under the Employment Act, gaining two weeks for each year they have been employed up to the 12-year ‘cap’. However, the Bill requires the ‘cap’ to be increased to 32 weeks (16 years) immediately upon enactment of the reforms. And, ultimately, the ‘cap’ for line staff redundancy pay is to be increased to 40 weeks some two years after the amendments are passed. As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum that they are due currently under the Employment Act is to be immediately increased to 64 weeks. Should the proposals pass, the ‘cap’ will ultimately be lifted to 80 weeks after two years. “Clause 3 of the Bill seeks to amend section 29 of the Act to remove the cap with respect to the number of years in service in relation to severance pay,” the Employment (Amendment) Bill 2017 said. The proposed reforms also impose bureaucratic notification requirements on Bahamian businesses, whenever they are considering redundancies, and a fine equivalent to 30 days’ extra pay for each terminated employee should these not be adhered to. Employers will have to give relevant trade unions, or employee representatives, a “written statement” explaining the reasons for the redundancies and “facts” behind the move, along with the number and category of jobs impacted, and the timeframe over which the terminations will take place. “Recognised” trade unions must be consulted “no later than six weeks” before the redundancies will occur in a bid to “mitigate” the impact, and determine the processes and proce-

dures that will be used. The Minister of Labour must be given 30 days’ notice. Private sector executives yesterday questioned the “logic” of such reforms, especially given the timing, with the Bahamian economy struggling for growth and grappling with double-digit unemployment. Several suggested that the Government was “pandering” to the trade unions, and seeking their members’ votes given the upcoming general election. Rick Lowe, an executive with the Nassau Institute think-tank, told Tribune Business: “How are people expected to afford this? The economy sucks, businesses are losing money, the

Government is taxing you on everything you make. “It’s unconscionable to be populist at the expense of damaging the economy even further; the logic escapes me.” He added: “It’s the same situation with the debt. They [the Government] know they’re in debt, but they keep cranking it up and expecting there’ll be no fall-out. It’s just more bureaucracy.” Mr Myers, meanwhile, was just as blunt, arguing that the Christie administration was “trying to get the union vote” by bringing these reforms to Parliament now. “It’s ridiculous. It’s crazy, crazy,” he told Tribune

Business when informed of the proposed amendments. “All they’re doing is hurting our level of competitiveness on a regional and global scale. “That’s going to have negative ramifications for growth and development and, therefore, future employment. If they put this into effect, it’s going to increase the cost of doing business, and you will have more burden on the employer in the event of redundancy. “It’s going to affect the cost of doing business and ease of doing business. It’s going to put small businesses out of business, which will only further exacerbate the employment crisis.”

Mr Myers said Bahamasbased businesses would likely have to set aside funds and “provisions” to meet the increased redundancy costs, as this nation’s vulnerability to global events meant it was “a case of when, not if” staff would be terminated. “At some point it’s going to happen, because we don’t control the global economy,” he explained. “If there’s another global recession, US recession, or housing, Internet, banking bubble that bursts, we don’t control that. “External forces impact us, and there’s not a damn thing that we can do about it.”

TEACHING JOB OPPORTUNITY A preeminent, well-established, independent international school in Nassau is seeking full-time qualified Primary and Secondary teachers for August 2017 for our growing school. Candidates should have sound classroom experience; a passion for innovative education; a professional attitude towards work; a friendly and cooperative disposition; a willingness to work in a team environment; a determination to grow professionally; and strong communication & organisational skills. Successful candidates will be required to: • Prepare and deliver well-planned learning experiences and curricula • Differentiate curriculum objectives to support a diverse range of learners • Show consistent, compassionate classroom management skills • Assess student learning and produce detailed reports • Use learning data to inform and adapt instruction • Contribute to the co-curricular programme and whole-school activities in a committed and enthusiastic manner • Maintain high standards of professionalism • Communicate positively with parents, staff, and administration If you think you have the commitment, passion, and energy for our school, please forward your resume and introduction letter by email to teachingbahamas@gmail.com.

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PAGE 10, Thursday, March 16, 2017

Chamber: Labour law reforms may be ‘ultra vires’ Act From pg B1 decision of the NTC, and therefore should not be promoted as having been recommended by the NTC,” the Chamber said last night. It reiterated concerns, first expressed in a December 20, 2016, letter to NTC chairman, Robert Farquharson, that the body, which was created to resolve labour-related issues in a consensual manner, could only recommend changes to existing laws if there was unanimous agreement between all stakeholders. “Any decisions from the NTC, which are not unanimously agreed by the executive members, constituting

a quorum in any meeting, will be ultra vires to the powers derived under the National Tripartite Council Act,” the Chamber warned yesterday. Its concerns are founded in the National Tripartite Council Act’s section three, sub-section one, clauses a) and b), which mandate that any recommendations it submits to the Government must by “unanimously agreed” by the three stakeholders represented - the Government, private sector and the trade unions (labour) - in a valid quorum. Meanwhile, pointing out that the National Tripartite Council had proven its

worth as a mechanism for resolving labour matters by facilitating agreement on the minimum wage increase, the Chamber effectively called for a halt to the Bills’ passage through Parliament to allow time for more consultation and negotiations. Given the impending general election, and suspicions that the Bills have been tabled now in a bid by the Government to gain union/labour votes, it appears unlikely there will be any delay. The Chamber, though, warned that the changed would “have a profound impact on all stakeholders”, including the Government in this definition as well as employers and employees. “Employers are charged with the responsibility of making practical decisions for the viability of their

Medical Billing clerk WanTed Medical facility looking to employ a Medical Billing clerk. As a billing clerk this person will work under the medical billing coordinator who will supervise and assign duties to help with the billing process for the facility. Primary responsibilities to include: • Obtain referrals and pre-authorizations as required for procedures. • Check eligibility and benefit verification. • Review patient bills for accuracy and completeness and obtain any missing information • Prepare, review, and transmit claims using billing software, including electronic and paper claim processing. • Knowledge of insurance guidelines • Follow up on unpaid claims within standard billing cycle time frame • Check each insurance payment for accuracy and compliance with contract discount • Call insurance companies regarding any discrepancy in payments if necessary • Identify and bill secondary or tertiary insurances • All accounts are to be reviewed for insurance or patient follow-up • Research and appeal denied claims. • Answer all patient or insurance telephone inquiries pertaining to assigned accounts. • Set up patient payment plans and work collection accounts • Update billing software with rate changes. • Updates cash spreadsheet, runs collection reports. Education and Experience Required • High School diploma. • Knowledge of business and accounting processes usually obtained from Associates in Business Administration, Accounting or Health Care Administration preferred. • Minimum of one to three years in a medical office setting. Knowledge, Skills, and Abilities • Use of computer systems, software, 10 key calculator • Effective communication abilities for phone contacts with insurance payers to resolve issues. • Customer service skills for interacting with patients regarding medical claims and payments, including communicating with patients and family members of diverse ages and backgrounds. • Able to work in a team environment. • Problem-solving skills to research and resolve discrepancies, denials, appeals, collections. • Knowledge of accounting and bookkeeping procedures. • Physician billing experience, knowledge of CPT and ICD-10 Coding • Knowledge of medical terminology likely to be encountered in medical claims. Please e-mail all applications to

l.carey.csb5mgt@cmp-bahamas.com

business. A business which remains open is one where employees remain employed,” it argued. “However, many of these recommendations threaten to cripple and/or bankrupt most businesses, especially small businesses, in the Bahamas resulting in lay-offs and business closures. “In this present uncertain economic climate, employers cannot shoulder additional financial burden. It is most concerning that in proposing amendments to the Bills, there has been no consideration of empirical data of the cost of such amendments to businesses, which will likely threaten the viability of many businesses to remain open, especially given the aforementioned challenging economic climate.” The Chamber argued that the development, and

passage, of pension legislation would “have far greater benefits” than changes to the redundancy law, and the employee-employer relationship, when it came “to the protection of rights of employees”. It added: “The employer representatives implore the Government to recognise that the private sector creates jobs and wealth, and therefore policy decisions must focus on creating an enabling environment for enterprise creation and development, while balancing the need for equitable regulation of business practices. Policy cannot be determined in response to isolated or rare circumstances but rather to address normal practices. “The costs of doing business in the Bahamas, coupled with the continued sluggish economic envi-

THE TRIBUNE ronment, requires that the NTC structure be carefully guarded and used to bring recommendations and policies that protect the viability of businesses, which provides economic and employment opportunities. “Policies must balance the protection of rights of employees with the attendant costs of such protections that threaten the going concern of business,” the Chamber continued. “We therefore encourage the Government to enable more time for the NTC to analyse and negotiate, in good faith, the recommendations set out in the proposed Bills, and obtain greater empirical evidence to support the positions taken that will impact the Bahamian economy when it can least afford it. The adage ‘less haste, more speed’ is to be taken to heart.”

Va c a n c y

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a fantastic opportunity has arisen to become part of our team. We are looking for an individual that not only demonstrates the skills listed below, but also has the ability to apply individual leadership and decision making to ensure our goals are achieved. as our Sous chef you will be required to meet the following requirements: • Manage the day-to-day operation of the kitchen. • Assist with menu development and food cost. • Roster staff to control labour cost. • Ensure excellent Food Hygiene and Health & Safety standards at all times. • Lead a team of experienced cooks, motivating and coaching the staff to support their personal development. • Assist with the anticipation of trends, enacting approved profit-oriented and cost saving ideas/activities. Position Requirements: • A minimum of three (3) years of culinary and supervisory experience required. • An associate’s degree from a Culinary School of Arts or an equivalent is required. competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to souschef2017@outlook.com

THE TRIBUNE

Thursday, March 16, 2017, PAGE 11

CAREER OPPORTUNITY

Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following position:

Housekeeping Supervisor

Prime Responsibilities and Duties are: • Assist with the supervision of the Room Attendants and Housemen. • Assign team members their duties and inspect work for conformance to prescribed standards of cleanliness. • Communicate with other Departments, particularly Front Desk and Engineering, to ensure that all standards in the rooms are met before assigning them for sale. • Prepare assigned Housekeeping Reports. Qualifications & Experience Required: • Potential applicant must possess a High School Education. • Must be computer literate • Excellent written and oral skills Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to recruitment.humanresources@outlook.com

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PAGE 12, Thursday, March 16, 2017

THE TRIBUNE

GOP leaders acknowledge health bill changes, may delay vote WASHINGTON (AP) — Their health care overhaul imperiled from all sides, the White House and top House Republicans acknowledged Wednesday they would make changes to the legislation in hopes of nailing down votes and pushing the party’s showpiece legislation through the chamber soon. House Speaker Paul Ryan, R-Wis., declined to commit to bringing the measure to the House floor next week, a fresh indication of uncertainty. Republican leaders have repeatedly said that was their schedule, but opposition mushroomed after a congressional report concluded this week that the measure would strip 24 million people of coverage in a decade. Ryan told reporters that GOP leaders could now make “some necessary improvements and refinements” to the legislation, reflecting an urgency to buttress support. The measure would strike down much of former President Barack Obama’s 2010 overhaul and reduce the federal role, including financing, for health care consumers and is opposed uniformly by Democrats. At an all-hands meeting Wednesday evening of House GOP lawmakers, Vice President Mike Pence and party leaders urged their rank-and-file to rally behind the legislation. “’It’s our job to get it out

of here and get it to the Senate,’” Pence told the Republicans, according to Rep. Dennis Ross, R-Fla. That would let President Donald Trump pressure “Democrats in these red states to come on board,’” Ross said, referring to Republicanleaning states where Democratic senators face re-election next year. Trump was expected to urge lawmakers to back the bill in remarks later Wednesday in Nashville, Tennessee. Health secretary Tom Price was using phone calls to lobby Republican governors, some of whom — with home-state GOP members of Congress — oppose the bill’s phase out of Obama’s expansion of Medicaid to 11 million additional lower-income Americans. Amid the maneuvering, a government report said more than 12 million people have signed up for coverage this year under the very statute that President Donald Trump and congressional Republicans want to repeal. That figure underscored the potential political impact of the GOP’s next move. Pence met repeatedly with House Republicans but rebels still abounded. Conservatives were unhappy the measure doesn’t erase enough of Obama’s law while at the other end of the party’s spectrum, moderates were upset the bill would strip millions of health coverage.

House Speaker Paul Ryan of Wis., accompanied by Rep. Cathy McMorris Rodgers, R-Wash., right, speaks at a news conference following a GOP party conference at the Capitol, day, in Washington. (AP Photo)

MARKET REPORT WEDNESDAY, 15 MARCH 2017

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

BISX ALL SHARE INDEX: CLOSE 1,904.32 | CHG 0.04 | %CHG 0.00 | YTD -33.89 | YTD% -1.75 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 5.83 9.75 11.00 9.25 6.90 12.01 11.00

52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 8.15 5.56 7.72 11.00 2.18 1.31 5.80 6.78 8.56 7.00 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

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

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

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

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.08 1.55 5.83 9.75 9.85 9.25 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 105.83 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.13 1.55 5.83 9.75 9.85 9.25 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

105.83 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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

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

NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000

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

P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 107.8 20.9 19.4 19.4 18.8 10.3 11.3 23.5 19.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.13% 2.82% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00%

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

THE TRIBUNE

Thursday, March 16, 2017, PAGE 13

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Hudall Bain of Nassau, Bahamas intend to change my name to Huedol Cyril Bain. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

Cashier WaNTeD Medical facility looking to employ an accountable Cashier to process all transactions accurately and efficiently in accordance with established policies and procedures. Duties and Responsibilities of a Cashier • Managing all the cash transactions in their workplace • Taking money in the form of cash, check or credit card • Maintaining daily account of the daily transactions • Basic PC knowledge and familiarity with electronic equipment • Balancing the daily account at the end of each day • Checking the daily cash balance • Interacting with the customers that come to the counter • Solving all their cash related queries • Issuing Receipts • Organizing all the work they do and maintaining the accounting records • Reporting discrepancies they find within the accounts to their superiors • Making daily, weekly and monthly transaction reports Education Required by a Cashier • A high school diploma is mandatory • A degree is accounting though not compulsory, is helpful • Knowledge of the banking policies and procedures • Strong proficiency in mathematics and statistics • Ability to organize data and draft reports on daily, weekly and monthly basis • Strong communication skills that help to develop courteous conversation with the customers • Proficient in managing the rush of customers and helping each one of them promptly

NOTICE

NOTICE is hereby given that RENEL OCTEUS of

Crooked Island Street, The Grove, Nassau, Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 9th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Patient RegistRation ReP. WanteD Medical facility looking to employ a

Patient Registration Rep. Primary responsibilities to include: • • • • • • • • • • •

Confirms patient insurance eligibility and/or benefits. Directs patient to service area. Patient payment posting. Generate patient statements. Answer phone calls. Provides customer service to patients inquiring about their patient statements. Determines required deposits, and follow up to make sure payments were made in accordance to Center’s policy. Update patient information account and maintain address log. Discuss and educate family members on various services offered by the Center and methods of payments. Assist Billing Coordinator as required or assigned. Performs other necessary duties as required by the health center to meet the goal of providing primary health care services.

Education/Experience: • • • • • •

High school diploma or equivalent required. 1 - 3 years of experience in a medical office working with insurance claims processing Familiarity with CPD and ICD-10 coding Strong analytical, oral, written communication skills Familiarity with health insurance and other third party billing practices and guidelines. Proficient in Microsoft Word, Excel, Access, Outlook, and the like.

Please e-mail all applications to

L.carey.csb5mgt@cmp-bahamas.com

Please e-mail all applications to

L.carey.csb5mgt@cmp-bahamas.com

NOTICE

NOTICE is hereby given that McKENZIE JOSEPH of Second Street, The Grove, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 9th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that GABANIEL BAPTISTE of Spanish Wells, Eleuthera, P.O. Box EL-27665, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas. NOTICE ZUMA HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ZUMA 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 14th March, 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, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 16th day of March, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

NOTICE

REDPOLL LIMITED

SANFANDO LIMITED

CEASER INVESTMENT LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) REDPOLL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SANFANDO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) CEASER INVESTMENT 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 14th March, 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, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 16th day of March, A. D. 2017

_________________________________ Leeward Nominees Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Thursday, March 16, 2017, PAGE 15

NOTICE

FOR SALE BY OWNER

NOTICE is hereby given that RICHLANDE PIERRE of Cowpen Rd., Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that LATIJA CHUDYNOA KING of Blair Estate, SS-19375,Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16TH DAY of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Condo, Spikenard Road, Nassau.

Only $20,000 Cash Immediate occupancy. Buyer takes over a mortgage. Phone: 698-0434

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 65° F/18° C Low: 41° F/5° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Sunshine and patchy clouds

Mainly clear

Partly sunny, a shower in the p.m.

Sunshine and pleasant

Mostly sunny and nice

Sunshine and patchy clouds

High: 79°

Low: 63°

High: 81° Low: 65°

High: 83° Low: 65°

High: 84° Low: 64°

High: 81° Low: 64°

AccuWeather RealFeel

83° F

64° F

84°-67° F

87°-68° F

89°-65° F

85°-66° F

High: 64° F/18° C Low: 45° F/7° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 67° F/19° C Low: 63° F/17° C

8-16 knots

High: 69° F/21° C Low: 53° F/12° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 71° F/22° C Low: 58° F/14° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 69° F/21° C Low: 56° F/13° C

MIAMI

High: 71° F/22° C Low: 56° F/13° C

8-16 knots

KEY WEST

High: 71° F/22° C Low: 64° F/18° C

ELEUTHERA

NASSAU

High: 79° F/26° C Low: 63° F/17° C

High: 72° F/22° C Low: 67° F/19° C

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

11:11 a.m. 11:36 p.m.

2.4 2.6

5:13 a.m. -0.1 5:23 p.m. -0.1

Friday

11:51 a.m. -----

2.3 -----

5:56 a.m. 6:02 p.m.

0.1 0.1

Saturday

12:19 a.m. 12:34 p.m.

2.5 2.1

6:41 a.m. 6:44 p.m.

0.3 0.2

Sunday

1:05 a.m. 1:22 p.m.

2.4 2.0

7:30 a.m. 7:31 p.m.

0.5 0.4

Monday

1:57 a.m. 2:16 p.m.

2.3 1.9

8:25 a.m. 8:25 p.m.

0.6 0.5

Tuesday

2:53 a.m. 3:15 p.m.

2.3 1.9

9:24 a.m. 9:23 p.m.

0.6 0.5

Wednesday 3:51 a.m. 4:15 p.m.

2.4 2.0

10:22 a.m. 0.6 10:23 p.m. 0.4

sun anD moon Sunrise Sunset

7:18 a.m. 7:19 p.m.

Moonrise Moonset

11:03 p.m. 9:55 a.m.

Last

New

First

Full

Mar. 20

Mar. 27

Apr. 3

Apr. 11

CAT ISLAND

High: 73° F/23° C Low: 68° F/20° C

8-16 knots

10-20 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 75° F/24° C Low .................................................... 66° F/19° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 66° F/19° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.54” Normal year to date ..................................... 3.66”

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 75° F/24° C Low: 68° F/20° C

High: 74° F/23° C Low: 69° F/21° C

High: 74° F/23° C Low: 67° F/19° C

W S

LONG ISLAND

insurance management tracking map

High: 77° F/25° C Low: 69° F/21° C

10-20 knots

MAYAGUANA High: 78° F/26° C Low: 69° F/21° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 76° F/24° C Low: 71° F/22° C

High: 77° F/25° C Low: 69° F/21° C

GREAT INAGUA High: 80° F/27° C Low: 73° F/23° C

10-20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS N at 7-14 Knots NE at 7-14 Knots NE at 8-16 Knots NE at 8-16 Knots NNE at 10-20 Knots NE at 10-20 Knots NNE at 10-20 Knots NE at 15-25 Knots N at 8-16 Knots NE at 8-16 Knots N at 8-16 Knots ENE at 8-16 Knots NE at 10-20 Knots NE at 10-20 Knots NE at 10-20 Knots NE at 15-25 Knots N at 10-20 Knots NE at 12-25 Knots NNE at 10-20 Knots NE at 12-25 Knots NNE at 7-14 Knots NE at 8-16 Knots NE at 10-20 Knots NE at 12-25 Knots NE at 10-20 Knots NE at 10-20 Knots

WAVES 4-7 Feet 3-5 Feet 2-4 Feet 2-4 Feet 3-6 Feet 4-7 Feet 3-5 Feet 5-9 Feet 4-7 Feet 4-7 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-3 Feet 3-6 Feet 6-10 Feet 1-3 Feet 3-5 Feet 4-8 Feet 6-10 Feet 1-3 Feet 1-3 Feet 2-4 Feet 3-6 Feet 2-4 Feet 3-5 Feet

VISIBILITY 10 Miles 8 Miles 10 Miles 10 Miles 8 Miles 10 Miles 7 Miles 7 Miles 10 Miles 8 Miles 10 Miles 8 Miles 8 Miles 10 Miles 7 Miles 7 Miles 8 Miles 10 Miles 7 Miles 7 Miles 10 Miles 8 Miles 8 Miles 8 Miles 8 Miles 10 Miles

WATER TEMPS. 74° F 74° F 78° F 78° F 76° F 76° F 78° F 78° F 74° F 74° F 78° F 78° F 76° F 76° F 79° F 79° F 79° F 79° F 78° F 78° F 76° F 76° F 78° F 78° F 76° F 76° F

PAGE 16, Thursday, March 16, 2017

THE TRIBUNE

ALL THE PERKS OF COMFORT SUITES

ALL THE PLAY OF ATLANTIS

• Free access to all pool and beach activities at neighboring Atlantis • Complimentary full American buffet breakfast • Kids 11 and under stay free in room with parent** • Free Wi-Fi

• Free parking • Air conditioned Jr. suites with king size or two double beds • Pool with swim up bar • 32 inch flat screen televisions • Complimentary In-Room Safe

GREAT FOOD! GREAT PRICES!

Taste Perfection

Join us for lunch & dinner at Comfort Suites Paradise Island Ext: 6376 or 6404 Maximum 4 persons per room, additional fees apply for mandatory taxes, mandatory housekeeping gratuities and utility service fees. Quoted rates are based on standard room category and subject to availability. Full American buffet a $58 value per room per day based on double occupancy. Free Wi-Fi a $22 value per room per day. Free parking a $16 value per day. Cancellations must be received 72 hours prior to arrival or a 1-night penalty will apply. **Kids under 11 years of age stay and eat free in room with parent - breakfast, lunch & dinner.

ComfortSuitesPI.com | (242) 363-3680

/ComfortsuitesPI