04272016 business by tribune242

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THURSDAY, APRIL 27, 2017

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NIB imposed broker connected to Minister By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Jerome Fitzgerald

The National Insurance Board (NIB) sought to simultaneously make a company owned by a Cabinet Minister’s mother the ‘broker of record’ for both its group health and property insurance business less than two months after the 2012 general election. Documents obtained by Tribune Business show that NIB imposed

A. Scott Fitzgerald Insurance Brokers and Agents Ltd into the existing medical insurance contract for its employees, which was held by BISX-listed Family Guardian, in late June 2012. The company, which is owned by the mother and family of Jerome Fitzgerald, minister of education, science and technology, was introduced as the group health insurance broker at exactly the same time as NIB tried to give it the See pg b7

Property deal resisted; ‘substantial’ fees involved

‘Fluff contracts’ would Minister: ‘Only logical’ to face FNM Govt review assess tax info stance By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The FNM’s deputy leader has dismissed Government claims his party will ‘stop, review and cancel’ all agreements if elected to office, although “fluff contracts” would face close scrutiny. K P Turnquest told Tribune Business that an FNM-led government “will certainly not stop” any government projects and contracts that are in the Bahamian people’s best interest. Yet, by the same token, he said Bahamian taxpayers must “get value for money” from all contracts, indicating that those already in place - and which fail to

Deputy leader slams ‘stop, review and cancel’ BS Pledges fiscal rules in ‘first cycle’ in office Rising social security costs ‘threaten’ country meet that criteria - will be examined and reassessed. “We certainly will not stop progress on projects that are worthy and in the public interest,” Mr Turnquest confirmed to Tribune See pg b10

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A Cabinet Minister yesterday conceded it was “only logical” for the Bahamas to now re-evaluate its position on automatic tax information as a result of the European Union’s (EU) hardline stance, saying: “We want to make sure we do what’s best for the country”. Hope Strachan, minister of financial services, who addressed an industry briefing on the automatic exchange of tax information, acknowledged that the Bahamas was being heavily criticised internationally for its approach to implementing the Common Reporting Standard (CRS). The Bahamas has been seeking to do this through bilateral agreements without having signed the

OECD chief tells Bahamas: Act now to avoid ‘blacklist’ ‘Big risk’ to financial services unless ‘quick action’

Insurance contracts for Fitzgerald’s mum’s firm Simultaneous deals less than 2 months after election

Strachan acknowledges bilateral CRS pressure Bahamas seen as seeking undeclared funds Must decide if ‘in best interests’ to alter policy Multilateral Convention on Mutual Administrative Assistance (MAC) - a key demand of the Organisation for Econmic Co-Operation and Development, EU and its members. Mrs Strachan added that this has created the perception that the Bahamas is deliberately holding out See pg b6

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Nation viewed as ‘last tax haven standing’ Accused of ‘level playing field’ undermine by hold-out By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net The OECD’s Global Forum head yesterday delivered a blunt warning that the Bahamas must “take quick action” to avoid being ‘blacklisted’, arguing that this nation’s image was that of “the last tax haven standing”. Monica Bhatia, who leads the secretariat for the OECD’s Global Forum on transparency and tax information exchange, told Bahamian financial services executives that while this nation had shown its commitment to implementing global standards, it was challenged to keep up with a fast-changing tax transparency environment. Ms Bhatia said the Bahamas was the only financial services jurisdiction of substance yet to commit to the automatic exchange of tax information on a ‘multilateral’ basis, sticking with its previously stated ‘bilateral’ approach. As a result, she argued that the Bahamas was seen as undermining the ‘level playing field’ concept when it came to implementing the Common Reporting Standard (CRS), the global benchmark for automatic tax information exchange. “I think the approach the Bahamas has taken to the implementation of automatic exchange, particularly the bilateral approach, See pg b5

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THE TRIBUNE

Advertising your message correctly What is it that makes a good advertisement? Is it the pictures and video? Is it what is written or said? Is it the creative elements that cause you to feel something after you have been exposed to it? I believe that a good advertisement is one that is written and designed to emotionally connect with its target audience. Once connected, your advertisement’s rhetoric strongly persuades the consumer to want the product or service. Ultimately, the individual recognises a need for it, and feels a sense of urgency until the purchase is made. This is easier said than done. When you are competing for advertising space, there is little room for mediocrity. Anything short of disruptive, or highly targeted, advertising ends up falling short. Here are some advertising-related statistics that will acquaint you with the industry of today. For example, it was re-

ported in 2015 that digital ad blocking grew globally by 41 per cent, with around 90 per cent of TV viewers “always skipping” ads on DVR. Adobe reports that only 8 per cent of people pay attention to online ads, with the figures standing at 16 per cent for radio ads and 14 per cent for billboards. Ads in apps and games bottomed-out at 5 per cent. There exists a wide range of advertising styles, and all are appropriate depending on the product or service that is being offered. With that in mind, here are some things that, if done correctly, will improve the quality and response to your next ad:

Compelling Hi-Res Visuals: After experimenting with the effectiveness of online imagery, Dan Zarrella of Hubspot reported a 37 per cent increase in engage-

ment was experienced when Facebook posts included photographs. Yes, visuals are one of the first things people look at when viewing an advertisement. In advertising, the old adage “a picture is worth a thousand words” really holds true. For example, you can probably think of some advertisements you have seen which are mainly just an image with little text. The ad visual should complement the headline, copy and overall message.

Effective Headline Digital advertisers are in the business of capturing attention. Though you may have put hours, weeks or even months into preparing the content that is behind the click, your headline is what must compel them to do so. Research also reveals that “it now takes people on average about eight or nine seconds to find the

result they want”. Alarmingly, “80 per cent of readers never make it past the headline”. People search the Internet with impulsiveness and impatience, and they are anxious to get from A to B as fast as possible. They reserve their focus for the destination, not the journey. So it would make sense for us to create headlines that cater to our naturally click-happy audience. Since headlines are the first thing your viewer pays attention to, your headline should be attention-grabbing and also encompass the overall message in a short sentence. Headlines can be thought-provoking, strictly informative or humorous. Effective headlines have one thing in common: they all leave their reader wanting more.

Well-written copy If your headline and

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visuals have been effective enough to keep viewers reading, well-written copy will be the next aspect of your advertisement that will compel viewers to take action. If it is true that 80 per cent of users never make it past the headline, that means 20 per cent do. So, what now? Advertising copy should be creative, concise and easy to read, but also compelling and relevant. Avoid using jargon or excessive information that does not contribute directly to the overall message of the advertisement.

Calls the Viewer to Action Your advertisement’s call to action should be well thought-out and defined, and ensure your contact information is clearly visible and not surrounded by clutter. A call to action is defined as something in the advertisement that gives them an incentive to call or contact you now. Remember, without a strong call to action, your advertisement probably will not achieve the results you are expecting. Until we meet again, fill your life

The Art of Graphix by deidre m bastian

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.

UBS Corporate Centre

UBS sale drives ‘top 100’ slot for realtor Bahamas Realty’s commercial arm yesterday said it had been named in The Society of Industrial and Office Realtors (SIOR) Top 100 Office Transaction List of 2016. The SIOR Top 100 Office Transaction List ranks the largest office transactions completed by its worldwide members in terms of square feet. NAI Bahamas Realty Commercial ranked 66th among SIOR members due to the sale of the 59,710 square foot UBS corporate centre on East Bay Street. “We’re proud to join this impressive list of brokers whose efforts have distinguished them as industry leaders and experts,” said Larry Roberts, NAI Baha-

mas Realty Commercial’s chief executive. “This achievement is an honour, and really the result of the trust and confidence placed in us by our clients, combined with our strict attention to all details of a transaction.” The rankings were based on data from nearly 650 SIOR members, who reported close to 2,000 transactions totalling more than $8.6 billion in leases and sales, representing 12.343 million square feet of property. Categories included industrial; investment; office; land; alternative assets; associate; and redevelopment. The largest office sale transaction, both by dollar volume and square footage, was an 806,864 square foot office building in Kansas City that was sold for $94 million. NAI Bahamas Realty Commercial was named the 2016 President’s Award Winner by NAI Global for its success in the international commercial real estate market.

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 TRIBUNE

Thursday, April 27, 2017, PAGE 3

‘Real no brainer’ to meet EU demands By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Bowing to international demands to automatically exchange tax information on a multilateral basis is a “real no brainer” for the Bahamas, a financial services executive argued yesterday. Paul Moss, president of Dominion Management Services, told Tribune

Executive: ‘We really want to avoid blacklist’ Auto tax exchange ‘goal posts’ move again Warns that global regulatory moves ‘will not stop’

paul Moss

Business that the Bahamas had little choice but to implement the Common Reporting Standard (CRS) on a multilateral basis if it wanted to avoid a threatened ‘blacklisting’ by the European Union (EU). Suggesting that the Bahamas would suffer no competitive disadvantage if it altered its CRS implementation policy, Mr Moss said: “I just think we ought to act prudently and go

and sign the multilateral agreement. “It doesn’t take anything away. If the Europeans are threatening to come in and blacklist, we’ve got to comply with it, notwithstanding that the OECD agreed

the bilateral approach and we signed off on it. “Ultimately, the sector depends on having these agreements in place, and if that’s what they’re demanding to get into their markets, we have to See pg b11

Bahamas urged to liberalise domestic water transportation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Opening up the domestic ferry and mailboat market to international operators could drive efficiencies and improve interisland commerce, an economic study is arguing. Oxford Economics, in its study of potential growth opportunities on behalf of the Bahamas-based Organisation for Responsible Governance (ORG), said inter-island transportation was often cited as an impediment to commerce. It added that private sector representatives interviewed suggested that the

sector’s modernisation was being hindered by the National Investment Policy, which reserved shipping for Bahamian ownership and prevented the entrance of foreign firms. “Reliance on existing mail carrier boats for the transport of goods and people between islands within the Bahamas was often raised as a business constraint,” the Oxford Economics study said on ORG’s behalf. “In one example, a restaurateur on Abaco reported that stone had to be imported from Florida (for construction) even though better stone was available in Freeport (just 20 miles

away) because shipping stone between the islands was not possible. “One reason that shipping to Florida is easier than shipping between islands within the Bahamas is the domestic reliance on inefficient mail carrier ferries. Although the circumstances of this one particular restaurateur might be unusual, the general complaint regarding inter-island logistics was a prevalent concern.” Suggesting that liberalisation might provide an answer, Oxford Economics said: “One shipping executive pointed to limitations on foreign shippers operating domestic ferry services

as an obstacle that was preventing the modernisation of inter-island transport. “At least one major international shipper operating in the Bahamas also operates state-of-the-art ferry services in other regions of the world, but is prevented from operating a comparable service in the Bahamas unless they are willing to take a minority interest in a joint venture with a Bahamas entity.” As a result, the study concluded: “Opening up domestic ferry service to international competition might result in equipment and operational improvement in inter-island ferry transportation.”

Bahamians deterred from care by costs Cost is deterring many Bahamians from accessing essential healthcare, with the average household paying roughly $2,300 from its own income annually to obtain medicines and treatment. Charles Hamilton, spokesman for the NHI Bahamas Secretariat, told a Bahamas Society of Engineers luncheon seminar that the $100 million primary care phase will not charge beneficiaries deductibles, co-payments or new taxes. More than 100,000 Bahamian have no health insurance coverage.

“The average Bahamian household is paying 2,300 out of pocket, whether in co-pay, deductibles or directly to a doctor. Even without health insurance about one-third don’t go because they were afraid of the cost. That ends up creating spiralling health issues. People are avoiding getting healthcare because they are afraid of the cost,” said Mr Hamilton. He added that NHI was an attempt to drive the delivery of healthcare in the Bahamas into the 21st century, adapting to the needs of Bahamians.

“It’s affordable because we are eliminating payment at the point of care, and it’s accessible because we are eliminating barriers for people who probably would not be able to access care,” Mr Hamilton said. The NHI Secretariat has announced that more than 2,600 people enrolled in the NHI programme in the two days following its launch on Monday. The Christie administration’s NHI primary care phase has been given a $100 million budget through a mixture of funds ‘repurposed’ from elsewhere in

its spending Budget and tax revenues likely produced by Value-Added Tax (VAT). However, the Government has yet to disclose how much NHI will cost should it be rolled out to its full extent, and who will finance it, with many Bahamians fearing new or increased taxes are inevitable to fund such an expensive social programme. To enroll, persons need their NIB smart card and proof that they have resided in the Bahamas for the last six months.

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THE TRIBUNE

URCA partners for ‘Girls in ICT’ day The Utilities Regulation and Competition Authority (URCA) is partnering with its licensees to host the Bahamas’ observation of the International Telecommunication Union (ITU)’s ‘Girls in ICT’ Day. The regulator is teaming with the Bahamas Telecommunications Company (BTC), Cable Bahamas and Be Aliv for an event that will be held under the theme, ‘Expand horizons, change attitudes’. The ITU annually invites its member states to participate in celebrating the International Girls in

Information and Communications Technology (ICT) Day, which is observed each year on the fourth Thursday in April. The Bahamas began celebrating Girls in ICT Day in 2015, and has seen an increase in the number of women interested in the ICT sector. The Bahamas’ Girls in ICT Day event will be held today at the Melia Hotel between 8:30am to 4:30 pm. Around 115 senior female students from public and private schools in New Providence, Grand Bahama, Bimini and Long Island

are expected to attend. The conference kicked off last night with a Girls in ICT Day pre-event, at the Melia Hotel, with students invited to view the movie ‘Hidden Figures’. It was hosted by Leslie Vanderpool, the founder and executive director of Bahamas International Film Festival (BIFF). Allyson Maynard-Gibson, attorney general and minister of legal affairs, will be the lead speaker at today’s event. Students will hear from speakers such as Aliya Janjua of SS&C Advent Software, San Francis-

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THE TRIBUNE

Thursday, April 27, 2017, PAGE 5

OECD chief tells Bahamas: Act now to avoid ‘blacklist’ From pg B1 has made the Bahamas an outlier,” Ms Bhatia said, speaking at an industry briefing at the Meliá Nassau Beach Resort. “There are now 109 countries and jurisdictions that are participating in the multilateral convention, the most recent one being the United Arab Emirates. The Bahamas is now the only country which has not signed the multilateral convention. That obviously brings all the attention of its peers on to the Bahamas.” Explaining the consequences, Ms Bhatia added: “While the concept of a level playing field was something that was put forward by the Bahamas initially, it itself is being seen to be unlevelling the playing field now. It is seen to be a straggler. “I think this brings with it very huge reputational risks. We’ve seen the media coverage, we get feedback from members, from industries in other countries, but it [the Bahamas] seems to be projecting itself as the last standing tax haven. “We don’t use the word ‘tax haven’ in the Global Forum at all, but this is still being picked up by the media and our peers that that

is what the Bahamas is projecting itself as.” The European Union has threatened to publish a ‘blacklist’ of so-called ‘tax havens’ by year-end 2017. The Bahamas, should it fail to meet its Common Reporting Standard (CRS) implementation deadline and negotiate automatic tax information exchange agreements with the EU and its member states, would almost certainly find itself on such a list. This concern was reiterated by Ms Bhatia, who warned: “I see that for the Bahamas, unless action is taken very quickly and some very clear and con-

vincing messages are sent out, I think that there is a big risk of ending up on a blacklist; certainly in the medium term, if not in the short-term. We don’t want to see any of our members ending up on any blacklist.” As revealed by Tribune Business earlier this week, the Bahamas is under growing pressure to bow to international demands that it automatically exchange tax information on a ‘multilateral’ basis, with the European Union (EU) and its members refusing to accept this nation’s preferred approach. The Bahamas previously agreed to implement the CRS, the Organisation for Economic Co-Operation and Development’s (OECD) global standard for automatic tax information exchange, via a bilateral approach that involved

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negotiating agreements on an individual country-by country basis. However, the OECD and its developed country members have been steadily increasing the pressure on the Bahamas to switch to the ‘multilateral’ approach, requiring this country to negotiate tax deals with allcomers at once. The Bahamas has been left exposed by the decisions of Hong Kong, Panama and the United Arab Emirates to switch from the bilateral to multilateral approach, which has left this nation as the last international financial centre (IFC) of significance that is sticking to the former. The refusal of the EU and its members to accept the Bahamas’ ‘bilateral’ approach - an approach previously accepted by the OECD itself - creates sever-

al potential threats for this nation’s financial services industry. With ‘the clocking ticking down’ to the Bahamas’ commitment to implement the CRS and automatic tax information exchange by 2018, the refusal of the EU and its member states to negotiate could jeopardise meeting this deadline. And, potentially more problematic, is the EU’s threat to publish a ‘blacklist’ of so-called ‘tax havens’ by year-end 2017. If the Bahamas finds itself on such a list, its reputation, integrity and ability to attract financial services business will be threatened, undermining the economy’s ‘second pillar’ and the sector that underpins the nation’s middle class. Financial services industry sources have said the Bahamas would still be able

to “survive” if forced to ultimately adopt the multilateral approach to CRS implementation, as it would not be placed at a competitive disadvantage since all rivals were doing the same. However, Ryan Pinder, the former minister of financial services, had argued against the ‘multilateral’ route because the Bahamas currently has no tax architecture to facilitate the “spontaneous” handing over of the information it demands, the US excepted (FATCA). As a result, should the Bahamas be forced down the multilateral route, the costs, time and bureaucracy associated with compliance will likely increase for both the Government and financial services industry, further hitting this nation’s competitiveness.

PAGE 6, Thursday, April 27, 2017

Minister: ‘Only logical’ to assess tax info stance From pg B1 from signing the MAC in order to develop an unfair competitive advantage over financial services jurisdictions, and to attract undeclared funds to this nation. “Our strategy for implementing the CRS has been progressing steadily,” she said. “In fact, we have accomplished much in a very short period of time. Although this has been acknowledged by the OECD, we must now consider if it is

enough to allow us to meet our commitment to CRS implementation in 2018. “The Bahamas has made a choice, and was by no means trying to have an unfair advantage, but had chosen the approach best suited to the financial services industry. We remain committed to that approach.” Mrs Strachan told Tribune Business that the purpose of the industry briefing was to allow industry participants to hear directly from the OECD.

“We believe that the private sector, along with Government, will shape the policy going forward,” she explained. “The point of the industry briefing is to make a determination as to whether we will change our position on signing the multilateral convention. “We want to do what is best for the industry and ensure that we have an industry that could survive. So many jobs ride on the fact that we have an industry that is vibrant, clean and compliant. We want to make sure that we do what is best for the country,” Mrs Strachan continued. “I think it is a decision

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that has to be made after the widest consultation. Whether it be the incumbent government or another administration, the facts would be there, the consultation would have been had and the best advice would have already have been solicited.” Tribune Business revealed earlier this week that the Bahamas is under growing pressure to bow to international demands that it automatically exchange tax information on a ‘multilateral’ basis, with the European Union (EU) and its members refusing to accept this nation’s preferred approach. The Bahamas previously agreed to implement the CRS, the Organisation for Economic Co-Operation and Development’s (OECD) global standard for automatic tax informa-

THE TRIBUNE Hope Strachan

tion exchange, via a bilateral approach that involved negotiating agreements on an individual country-by country basis. However, the OECD and its developed country members have been steadily increasing the pressure on the Bahamas to switch to the ‘multilateral’ approach, requiring this country to negotiate tax deals with all-

comers at once. The Bahamas has been left exposed by the decisions of Hong Kong, Panama and the United Arab Emirates to switch from the bilateral to multilateral approach, which has left this nation as the last international financial centre (IFC) of significance that is sticking to the former.

THE TRIBUNE

Thursday, April 27, 2017, PAGE 7

NIB imposed broker connected to Minister From pg B1 same role for its property and casualty business. Tribune Business revealed back in 2012 the “grave concern” over plans to make A. Scott Fitzgerald Insurance Brokers and Agents Ltd its general insurance ‘broker of record’, given that the company had not participated in the contract bidding process. However, what was not exposed then, but has now been uncovered, is that NIB also granted the company the brokerage contract for its group health insurance business - a policy that would provide coverage for its near-600 employees. There is nothing to suggest that Mr Fitzgerald or his family members have done anything wrong in relation to the NIB insurance contracts, and there is no evidence - unlike in the recent Baha Mar controversy - that the Minister sought to lobby for his mother’s company to get the business. But letters obtained from an NIB employee, acting under condition of anonymity, emphasised that Family Guardian, not the national social security system, would absorb the costs associated with A. Scott Fitzgerald Insurance Brokers and Agents’ commission. A June 29, 2012, letter written by then-NIB director, Algernon Cargill, said: “I enclose a copy of our letter to Allardyce ScottFitzgerald dated June 29, 2012, and write to formally confirm to your company [Family Guardian] that,

effective immediately, A. Scott Fitzgerald Insurance Brokers and Agents has been appointed as representative (broker of record) for NIB at the existing commission rate for NIB’s group insurance business that is currently placed with Bahama Health/Family Guardian under a contract that expires January 31, 2013. “It is also understood that, as a result of this appointment, there is to be no increase in cost and/ or decrease in the existing benefits offered under our group plans and, specifically, no direct cost to NIB.” The letter, ironically, was sent to then-Family Guardian president, Patricia Hermanns, who is now NIB’s director. It is unclear whether A. Scott Fitzgerald Insurance Brokers and Agents was replacing an existing ‘broker of record’, or whether the role was newly-created for it. However, insurance industry sources, when informed of the NIB contracts, suggested that the company’s insertion into a group health contract that had already been placed meant it stood to get “thousands of dollars” in commission fees without “doing anything to get it”. The commission for insurance brokers is typically 3 per cent of a policy’s premium amount and, given the size of NIB’s workforce and multi-million dollar property portfolio, A. Scott Fitzgerald Insurance Brokers and Agents was likely poised for six-figure earn-

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NOTICE is hereby given that LUCIE JOSEPH of Apt# 23 Center Drive, Carmichael Road, 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 20th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

ings from these contracts. “There’s big money, big money in commissions for that account. It would be a substantial commission,” one insurance industry source, speaking on condition of anonymity, said of NIB’s insurance business. Another insurance industry executive questioned whether A. Scott Fitzgerald Insurance Brokers and Agents, as a relatively small company, would have had the manpower resources to handle an account as big as NIB’s. “To manage an account like that you need a number of people to assist you as a broker,” the source said, pointing to the number of claims that had to be administered and adjudicated. “There’s no way one person can manage that number of employees.” Mr Cargill confirmed the company’s appointment in a letter sent to Mrs ScottFitzgerald on June 29, 2012, saying NIB had “accepted your invitation to serve as our broker of record for our group health insurance business that is currently placed with Bahama Health/Family Guardian”. He added that the commission would be paid “at the existing rate” for NIB’s group medical and life insurance business, and would be paid by NIB. The medical insurance brokerage award to A. Scott Fitzgerald Insurance Brokers and Agents slipped quietly past the concerns over efforts by NIB to also insert the company into its property and casualty business. That was disclosed as part of the battle between Mr Cargill and then-NIB chairman Gregory Moss,

which resulted in both men losing their posts. NIB had sought to retender its general insurance business in summer 2012, largely due to the fact that the existing policy was underwritten by Bahamas First, having been placed through the carrier’s 100 per cent-owned subsidiary, Nassau Underwriters Insurance Agents & Brokers (NUA). Patrick Ward, Mr Moss’s predecessor, was also president and chief executive of Bahamas First, and the Board appointed by the Christie administration perceived this as creating a potential ‘conflict of interest’. Mr Cargill, in documents filed as part of is battle with Mr Moss, said Mr Ward recused himself from any Board discussions on the insurance issue, something that could be confirmed by meeting minutes and NIB’s external auditors. And Mr Ward, in a letter to Prime Minister Perry Christie at the time, warned: “There has been a growing chorus of concern in the marketplace, and one in particular is of grave concern. “It is my understanding that NIB is intending to appoint A. Scott Fitzgerald Insurance Brokers and Agents as the broker of record for NIB, notwithstanding the fact that this firm did not submit terms in the re-tender exercise. “If NIB does proceed with this course of action, it will result in a substantial increase in the annual cost of its insurance programme for the year under review, under circumstances that are, to say the least, less than transparent and fair.

NOTICE

NOTICE is hereby given that KARL CIUS of #86 Miami Street, P.O. Box GT-2053, 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 27th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

“This process, which I assure you is being closely monitored in the local and international insurance industry, will invoke a high level of speculation.” Other documents filed with the Supreme Court at the time made clear NIB management’s unease, and NUA’s unhappiness, over the A. Scott Fitzgerald Insurance Brokers and Agents ‘broker of record’ plan. In September 2012 Mr Cargill both wrote to, and spoke by telephone, with Insurance Commission superintendent Michelle Fields to determine if NIB could legally “insist” that a ‘broker of record’ be appointed on its account with NUA despite the latter’s opposition. For Warren Rolle, NUA’s managing director, received NIB’s request for A. Scott Fitzgerald Insurance Brokers and Agents to become the ‘broker of record’ on June 28, 2012 - just one day before the same company was given this role for the group medical business. Mr Rolle, in a letter to Phaedra Knowles-Mackey, NIB’s chief investment officer, recounted their conversation in which he recalled the desire to renew its policy “with the caveat that A. Scott Fitzgerald Insurance Brokers and Agents be noted as the broker/producer”. “As we discussed, NUA does not currently have a contractual relationship with A. Scott Fitzgerald through a sub-agency agreement, which would require prior approval from the Insurance Commission of the Bahamas, nor would we be prepared to consider a co-broking ar-

rangement,” Mr Rolle said. “Considerable time and effort on our part has been expended in providing competitive terms for both the initial tender and re-tender exercise. Consequently, we would find it highly impractical, at this late stage, to now have to share commissions with an entity with which we have had no previous relationship on this account.” Industry sources yesterday told Tribune Business it was “standard” practice for the insurance business of government agencies to be switched to companies affiliated with the governing party whenever power changed hands, and regardless of who held it - PLP or FNM. “These contracts switch whenever the Government changes, whoever it is. It’s standard,” one contact said. Another insurance broker, speaking on condition of anonymity, told Tribune Business that he had given up bidding on government contracts because of the advantages held by rivals with better political connections. “That’s why we walked away from any government account; because of the political connections,” they said. “We know politics is going to enter the fray, and we’re not interested in favours and putting things on the table, only to be handed to political cronies.”

call 502-2394 to advertise in the tribune today!

NOTICE

NOTICE is hereby given that LOUBAINS JEAN JACQUES of Ridgeland Park West, P.O.Box N-8747, 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 27th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 10, Thursday, April 27, 2017

‘Fluff contracts’ would face FNM Govt review From pg B1 Business. “At the same time, we have to look at fluff contracts to make sure the taxpayer is getting value for money. None of this ‘stop, review and cancel bull s***, but we have to be prudent in what we’re doing.” The FNM’s Progressive Liberal Party (PLP) rivals have frequently used the ‘stop, review and cancel’ mantra as a stick with which to beat their opponent on the campaign trail, suggesting that a Dr Hubert Minnis-led government will annul everything from scholarships to efforts to regularise part-time civil servants by giving them permanent, pensionable posts. The ‘stop, review and cancel’ phrase relates to the FNM’s last term in government, when Standard & Poor’s (S&P), the credit rating agency, suggested in one of its assessments that the then-Ingraham administration had applied such treatment to $80 million worth

Deputy Leader of the FNM Peter Turnquest

of contracts issued by its predecessor. Then-Prime Minister Hubert Ingraham, and his minister of state for finance, Zhivargo Laing, vehemently rejected S&P’s analysis, telling Tribune Business at the time that they only met two contracts in any state of completion upon coming to office in May 2007. However, the ‘stop, review and cancel’ phrase stuck, and Mr Turnquest’s comments were likely an attempt to prove such claims are unfounded and merely PLP ‘scaremongering’. The FNM deputy leader also pledged to Tribune Business that the party would seek to introduce so-called ‘fiscal rules’ during its “first cycle” in office, with the Government’s weak financial condition likely to hinder some of its plans. “We are committed to fiscal discipline, and living within our means,” Mr Turnquest said. “We know we will be faced with some serious challenges in the

THE TRIBUNE first year. “It may delay some of the things we want to do, but we are committed to putting in ‘fiscal rules’ in the first cycle to set the stage for growth in years to come.” The governing PLP is the only party that has failed to commit to introducing a Fiscal Responsibility Act, and/or ‘fiscal rules’, if it wins the May 10 general election. The Christie administration failed to deliver on promises, made in the February 2015 mid-year Budget presentation, to initiate a public consultation on introducing a Fiscal Responsibility Act. Such an Act would force the Government to be more accountable and transparent in the management of the public finances, and require it to return to Parliament for approval to raise more money if it had to exceed the limits approved in the annual Budget. Some have argued that the ‘fiscal rules’ referred to by Mr Turnquest, which set Budget and debt-to-GDP ratio targets the Government cannot exceed, would lock or ‘box in’ an administration such that it would not be able to effectively respond to emergencies, such as Hurricane Matthew. The FNM deputy leader, though, said the party’s plan was to generate “organic” revenue growth through rebuilding private sector confidence and GDP expansion, while simultaneously keeping government spending in check. “I think our immediate challenge is going to be our fiscal situation,” Mr Turnquest told Tribune Business. “We are faced with a tremendous debt crisis and lack of confidence in the economy.

“It’s going to be a challenge just to figure out how we balance the need for further investment and the cost of that investment.” He added that the Government’s spending had to be “brought back under control”, so that the next administration can “focus on long-term growth strategies for the country”. “Increasing taxes organically is going to be the challenge,” Mr Turnquest said. “I don’t think it’s wise at this point in time to put further increases in taxes on the backs of citizens. “We’re going to have to be more efficient, do more with less and stop the leakages.” Tribune Business revealed on Monday that data in the International Monetary Fund’s (IMF) World Economic Outlook shows the Bahamas has enjoyed four consecutive years of no economic growth, with a 0 per cent expansion of GDP in 2016. Mr Turnquest said the consequences of the Bahamas’ struggles to generate economic growth could be seen throughout many communities, including the persistently high crime and murder rates. Families were breaking down, and splitting as parents sought work on other islands, while many Bahamians were falling into “desperation and frustration” as a result of their social circumstances. “Social security costs are threatening the country because the need is so great,” Mr Turnquest told Tribune Business, “and at the same time the tax base is getting smaller. It’s a real concern for the country.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, EDNAMAE KEDER INGRAHAM of Matthew Town, Inagua, Bahamas intend to change my name to EDNAMAE KEDER FINLEY. 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-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

MARKET REPORT WEDNESDAY, 26 APRIL 2017

NOTICE is hereby given that ANGELO JOSEPH of

Golden Isles, Carmichael Rd., Nassau, Bahamas t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,886.09 | CHG -5.25 | %CHG -0.28 | YTD -52.12 | YTD% -2.69 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 6.76 8.50 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 9.30 6.90 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.90 8.56 7.11 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 2.05 3.92 1.95 169.70 141.76 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 11.50 2.31 1.55 6.00 9.75 9.00 9.30 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 107.82 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.31 1.55 6.00 9.33 9.00 9.30 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 0.00 0.00 0.00 -0.42 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 1.01

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

108.03 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME 50

735 1,340

1,000

500

5,000 VOLUME

NAV 2.05 3.92 1.95 168.44 141.76 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 23.3 104.5 22.6 19.4 20.0 17.9 9.4 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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 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 28-Feb-2017 28-Feb-2017 24-Feb-2017 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% 4.26% 2.60% 3.87% 4.00% 4.29% 0.00% 3.55% 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

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 27th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

COXILHA INTERNATIONAL LIMITED Registration Number 165792 B (Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution commencing on the 27th day of April 2017. The Liquidator is Dartley Securities Limited Equity House, Caves Village Plaza, West Bay Street and Blake Road, P.O. Box CB-13319, Nassau, The Bahamas Dated the 27 day of April, A.D., 2017

_____________________________ DARTLEY SECURITIES LIMITED Liquidator NOTICE

PALO ALTO INTERNATIONAL LIMITED Registration Number 165802 B (Voluntary Liquidation)

_____________________________ DARTLEY SECURITIES LIMITED Liquidator

THE TRIBUNE

Thursday, April 27, 2017, PAGE 11

‘Real no brainer’ to meet EU demands From pg B3

comply with that. It’s a real no brainer for me.” Mr Moss was speaking just prior to Monica Bhatia, the head of the Organisation for Economic Co-Operation and Development’s (OECD) global forum on tax matters, delivering a warning that the Bahamas must “take quick action” or run the “big risk” of being ‘blacklisted’ in the nearterm. The Bahamas’ current approach to CRS implementation is to negotiate automatic tax information exchange agreements on an individual, or country-

by-country basis. However, this nation has become increasingly isolated after Hong Kong, Panama and the United Arab Emirates (UAE) all switched to the multilateral CRS implementation approach, which requires countries to negotiate automatic exchange with allcomers. The Bahamas is now the only financial services jurisdiction of any consequence sticking with the bilateral approach, and Ms Bhatia yesterday said this nation was now perceived as a ‘hold out’ and “last tax haven standing” as a result.

Mr Moss said the Bahamas would suffer no competitive disadvantage if it agreed to the multilateral approach, since all rival jurisdictions had adopted it as the basis for CRS implementation. “It makes no difference to the Bahamas,” he told Tribune Business. “We’ve got to go ahead and sign this so we’re not under the blacklist being threatened. That’s the overarching issue. We really want to avoid that, and we can do that by agreeing to their multilateral approach.” Mr Moss argued that the latest impositions on the Bahamas and its financial services industry exposed how vulnerable the sector was when the likes of the OECD. EU and their

member states changed ‘the rules of the game’. He added that the Bahamas and other international financial centres (IFCs) had failed to learn from events dating back almost two decades, which was when the OECD started pushing its ‘harmful tax competition’ initiative and the Financial Action Task Force (FATF) blacklisted this nation in 2000. “It shows you that the goal posts continue to move, that the Bahamas and these other financial services jurisdictions have not learned a lesson, even going on almost 20 years from the blacklisting,” Mr Moss told Tribune Business. He added that the Bahamas and other IFCs should

have joined forces years ago, forming a combined group and united front to help counter the OECD’s lobbying power and ‘divide and conquer’ tactics. “I think the Bahamas can be a real leader in this,” Mr Moss said, “and really put the Bahamas on the financial services map. It gives us an opportunity to lead and get away from the ‘tax haven’,get that off our backs and charge corporate taxes.” Calling for the Bahamas to shift away from a “reac-

tive” approach to dealing with the OECD and other international regulatory initiatives, Mr Moss added: “We cannot respond as a single jurisdiction in the manner that we are responding now. “It’s foolish. They don’t come to us individually. They come as the OECD. That’s how we need to respond. They will not stop. We can’t compete with them if they’re continually moving what the targets are.”

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PAGE 12, Thursday, April 27, 2017

THE TRIBUNE

Trump tax plan could be good news for many, bad for deficit WASHINGTON (AP) — Dismissing concerns about ballooning federal deficits, President Donald Trump on Wednesday proposed dramatic tax cuts for U.S. businesses and individuals — outlining an overhaul his administration promises will spur economic growth and simplify America’s tangle of tax code rules. His proposal, a one-page sketch short on detail, would reduce the top corporate tax rate by 20 percentage points and allow private business owners to claim the new lower rate for their takehome pay. It would whittle the number of tax brackets for individuals from seven to three, lower the top tax rate from 39.6 percent to 35 percent and double the standard amount taxpayers could deduct. It would eliminate the estate tax and reduce taxes on investments, typically paid by the rich. It would further reduce the tax burden for the wealthy by eliminating the catch-all alternative mini-

National Economic Director Gary Cohn, left, accompanied by Treasury Secretary Steve Mnuchin, speaks in the briefing room of the White Houseyesterday, where they discussed President Donald Trump tax proposals. (AP Photo/ Andrew Harnik)

nomic Council. “He understands that there are a lot people who work hard and feel like they’re not getting ahead.” The president’s proposal marks a rehash of an economic theory popularized in the 1980s. Trump officials essentially argue that benefits from the tax cuts will trickle down from higher profits for companies into stronger pay raises for workers and greater consumer spending. This expected surge in growth, in theory, would be enough to keep the federal budget deficit from shooting upward. Some economists agree, but most budget experts say it’s unlikely. “Unfortunately, it seems the administration is using economic growth like magic beans — the cheap solution to all our problems,” said Maya MacGuineas, president of the non-partisan Committee for a Responsible Federal Budget. “But there is no golden goose at the top of the tax cut bean-

mum tax, which takes an additional bite out of highincome Americans. More lower-income Americans would pay no tax at all, and there would be relief — still undefined — for families with child care expenses. The plan does not propose any budget cuts or tax increases that might offset the lost revenue, a choice that alarms some fiscal conservatives in Trump’s party who have spent years railing about the dangers of deficit spending. It also does not fully embrace tax proposals backed by Republican House Speaker Paul Ryan, an essential ally if the president is to make good on his promise to deliver a tax overhaul that creates growth and brings jobs to struggling parts of the country. Still, “I would never, ever bet against this president. He will get this done for the American people,” said Gary Cohn, director of the White House National Eco-

“We know this is difficult,” Cohn said. “We know what we’re asking for is a big bite.” Despite the details provided Wednesday, the proposal leaves significant open questions that could affect its impact on taxpayers and the economy. The administration has yet to decide the incomes at which the new personal

stalk, just mountains of debt.” Trump’s plan resembles aspects of the tax ideas he campaigned on last year. The right-learning Tax Foundation estimated that, even after accounting for growth, the Trump campaign plan would put a $2.6 to $3.9 trillion hole in the budget over 10 years.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 97° F/36° C Low: 69° F/21° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Some sun with a shower in spots

Patchy clouds with a shower

Partly sunny with a stray shower

Mostly sunny and breezy

Mostly sunny, breezy and pleasant

Mostly sunny and breezy

High: 87°

Low: 73°

High: 87° Low: 74°

High: 87° Low: 73°

AccuWeather RealFeel

96° F

79° F

96°-76° F

93°-74° F

91°-74° F

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: 81° F/27° C Low: 75° F/24° C

8-16 knots

High: 89° F/32° C Low: 76° F/24° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 89° F/32° C Low: 78° F/26° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 90° F/32° C Low: 74° F/23° C

High: 84° F/29° C Low: 73° F/23° C

MIAMI

High: 90° F/32° C Low: 78° F/26° C

7-14 knots

KEY WEST

High: 85° F/29° C Low: 79° F/26° C

ELEUTHERA

NASSAU

High: 87° F/31° C Low: 73° F/23° C

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

9:06 a.m. 9:35 p.m.

2.9 3.5

3:09 a.m. -0.8 3:17 p.m. -1.0

Friday

9:57 a.m. 10:27 p.m.

2.9 3.5

4:01 a.m. -0.8 4:07 p.m. -0.9

Saturday

10:50 a.m. 11:21 p.m.

2.8 3.4

4:55 a.m. -0.7 4:59 p.m. -0.8

Sunday

11:47 a.m. -----

2.6 -----

5:51 a.m. -0.5 5:55 p.m. -0.5

Monday

12:18 a.m. 12:48 p.m.

3.2 2.5

6:50 a.m. -0.3 6:56 p.m. -0.3

Tuesday

1:19 a.m. 1:53 p.m.

3.0 2.4

7:52 a.m. -0.2 8:02 p.m. 0.0

Wednesday 2:23 a.m. 3:01 p.m.

2.9 2.4

8:56 a.m. 9:10 p.m.

0.0 0.1

sun anD moon Sunrise Sunset

6:37 a.m. 7:38 p.m.

Moonrise Moonset

7:45 a.m. 9:10 p.m.

First

Full

Last

New

May 2

May 10

May 18

May 25

CAT ISLAND

High: 81° F/27° C Low: 75° F/24° C

7-14 knots

7-14 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 ................................................... 90° F/32° C Low .................................................... 71° F/22° C Normal high ....................................... 82° F/28° C Normal low ........................................ 70° F/21° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 67° F/19° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.68” Normal year to date ..................................... 5.94”

High: 82° F/28° C Low: 76° F/24° C

tax rates — 10 percent, 25 percent and 35 percent — would apply, meaning that some Americans might see their taxes increase if they get bumped into a higher bracket. It also has yet to spell out how the plan would stop wealthier Americans from exploiting a lower corporate rate to reduce their own taxes.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 75° F/24° C

High: 81° F/27° C Low: 76° F/24° C

High: 84° F/29° C Low: 76° F/24° C

W S

LONG ISLAND

insurance management tracking map

High: 81° F/27° C Low: 76° F/24° C

7-14 knots

MAYAGUANA High: 82° F/28° C Low: 76° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 81° F/27° C Low: 76° F/24° C

High: 81° F/27° C Low: 76° F/24° C

GREAT INAGUA High: 84° F/29° C Low: 78° F/26° C

7-14 knots

8-16 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 SE at 7-14 Knots ESE at 7-14 Knots SE at 7-14 Knots ESE at 7-14 Knots ESE at 6-12 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots ESE at 6-12 Knots E at 8-16 Knots SSE at 7-14 Knots ESE at 7-14 Knots SE at 7-14 Knots E at 8-16 Knots E at 8-16 Knots ENE at 8-16 Knots ESE at 7-14 Knots E at 8-16 Knots ESE at 8-16 Knots E at 8-16 Knots SE at 6-12 Knots E at 6-12 Knots SE at 7-14 Knots E at 8-16 Knots SE at 7-14 Knots E at 8-16 Knots

WAVES 3-5 Feet 2-4 Feet 1-2 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-6 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 2-4 Feet 3-6 Feet 1-3 Feet 2-4 Feet 3-6 Feet 3-6 Feet 1-3 Feet 1-3 Feet 1-3 Feet 2-4 Feet 1-3 Feet 1-3 Feet

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

WATER TEMPS. 76° F 76° F 79° F 79° F 76° F 77° F 79° F 79° F 75° F 75° F 78° F 78° F 78° F 78° F 80° F 80° F 79° F 79° F 79° F 79° F 76° F 76° F 79° F 79° F 77° F 77° F