THURSDAY, AUGUST 25, 2016
business@tribunemedia.net
CCA ‘fired my wife when I served writ’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Heartbroken’ contractor speaks out on Baha Mar
The only Bahamian contractor known to have taken legal action against China Construction America (CCA) for Baha Mar non-payment yesterday said he was left “heartbroken” when it fired his wife “the same day” the writ was served. Franklyn Robinson, who trades as Ben Moore Toote Development Company, told Tribune Business that his wife was left “hurt and embarrassed” at being dismissed from her job as an accountant for the Chinese state-owned contractor. He added that she was escorted off
Construction ‘chaos’; workers ‘defecated’ in rooms
SEE PAGE 10
NHI insurance tender New mobile player ‘skewed’ against locals hits ‘record’ pace NewCo2015: 90% of GB cell sites constructed
Confident of hitting first October 1 roll-out targets Seventy-three towers between Nassau, GB
By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net
RFP acknowledges potential ‘conflict of interest’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas Insurance Association’s (BIA) chairman yesterday argued that the bid document for the National Health Insurance (NHI) scheme’s public insurer is “skewed” in favour of foreign companies. Emmanuel Komolafe told Tribune Business that the tender document “appears to favour” foreign providers of management services for Bahama Care due to “restrictions” placed on the successful bidder’s ability to offer health insurance policies outside NHI. Suggesting that the evolving NHI scheme was akin
Emmanuel Komolafe to ‘death by a thousand cuts’ for the private Bahamian health insurance sector in the long-run, the BIA chief said such restrictions appeared designed to “discourage” bids from local underwriters. “The Request for Proposal (RFP) is structured either intentionally or unintentionally to make it hard - and extremely unlikely that a local company could be successful,” Mr Komolafe told Tribune Business. “It appears to favour SEE PAGE SIX
‘We’re no longer the best owner’ for Bahamian bank Majority 85% stake in Private Investment Bank sold Seller says transaction seems like ‘perfect fit’ Fellow Swiss buyer eyes private wealth ‘gap’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Swiss financial group has sold its 85 per cent majority stake in Nassau-based Private Investment Bank (PIB), conceding that it “might no longer be the best owner” for the institution. Banque Cramer & Cie, a wholly-owned subsidiary of Norinvest Holding, confirmed late on Tuesday that it had agreed to sell PIB’s majority ownership to a consortium called IXE Capital Bahamas. The latter’s members include IXE Holding, a familyowned Swiss group involved in the private equity and commodity trading markets; IPG Securities Asset Management SA, another Swiss financial services firm; and TR4 Holding, headquartered in the same European nation. Norinvest and Banque Cramer & Cie indicated that their decision to sell Private Investment Bank (PIB) was driven by the rapidly changing global financial services landscape, especially in private wealth management. That is the focus of their Bahamian subsidiary, which is based in Devonshire House on Queen Street in downtown Nassau. And the sellers also indicated that the Bahamas’ core markets, which they see as North and Latin America, are no longer priorities for them. Marco J. Netzer, Banque Cramer & Cie’s chairman, said: “The wealth management landscape is evolving at an unprecedented pace. The future of the Bahamas as a financial centre will almost inevitably be associated with Northern SEE PAGE 11
The Bahamas’ second mobile operator yesterday boasted that it was moving at “record” pace to rollout its network, having already built more than 90 per cent of its planned cellular towers in Grand Bahama.
Warn of 1958 General Strike repeat
By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
CCA’s premises by security guards, having received a notice of dismissal from the company’s attorneys the same day that his company’s writ was served on the company. Mr Robinson, who is suing CCA for “breach of contract”, due to it having allegedly paid just 3 per cent
12,000 civil servants to be lose private coverage
Two umbrella bodies demand PM meet in 48 hours Pinder demands labour law changes
Mulling whether to retain $178k legal claim
BIA chair slams ‘favouring’ of foreign bidders
Unions threaten ‘shut down’ over Sandals
Damian Blackburn, NewCo2015’s chief executive, expressed confidence that it would meet the October 1, 2016, deadline for delivering services to 80 per cent of Grand Bahama’s populatiotion, with 20 of its 22 planned sites already constructed. Mr Blackburn, during a visit to Grand Bahama, SEE PAGE 11
The Bahamas’ two leading trade unions bodies joined forces yesterday to warn they will “shut the country down” with a repeat of the 1958 General Strike, unless the Prime Minister meets with them in the next 48 hours to resolve the Sandals situation. Trade Union Congress (TUC) president, Obie Ferguson, and National Congress of Trade Unions (NCTU) president, John Pinder, teamed for a joint press conference during which they revealed Mr Christie had been given notice of their intentions. “We are saying to the Government to do the right thing,” said Mr Ferguson. “We have taken a very strong view in this matter. It’s a legal matter, it is a sovereignty issue, a matter affecting all Bahamians. “This is the 10th day since this matter occurred. The Prime Minister did not see fit to call the unions in, and even if he didn’t, to have a discussion with the workers. We have to put a
OBIE FERGUSON halt to this.” The TUC and its Bahamas Hotel, Maintenance and Allied Workers Union (BHMAWU) affiliate preSEE PAGE SEVEN
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PAGE 2, Thursday, August 25, 2016
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THE TRIBUNE
Commonwealth Bank has officially opened its $800,000 corporate learning centre on Prince Charles Drive. L-R: Anthea Cox, vice-president of human resources and training; Ian Jennings, president; and Earla J. Bethel, director and premises committee chair.
Bank opens $800k training facility Commonwealth Bank has opened its new $800,000 corporate learning centre, in a bid to enhance the customer service levels it believes give it a competitive advantage. Located next to the bank’s Prince Charles branch, the 8,740 square foot building houses training facilities that include interactive digital and audio-visual equipment, conference rooms and motivational themes. “Service is what sets us apart, and that service does not come without constant reinforcement of its importance,” Commonwealth Bank president, Ian Jennings, said when the contract for the new learning centre was signed in late February. Though the newly-purchased and renovated space is the largest physical manifestation of its commitment to training, Commonwealth Bank said it has never been reluctant to invest in human
interaction and skills development, or rewarding those who provide exceptional service. It has sent management executives to lengthy leadership courses at the Richard Ivey School of Business, the Stanford Graduate School of Business, ABA Stonier Graduate School of Banking and the CBA Executive Banking School. “At Commonwealth Bank, we believe it is not good enough to be good, nor sufficient to be satisfactory,” said Mr Jennings. “At Commonwealth Bank, we are committed to seeing a smile on the face of every customer and although that customer has a choice when banking, we want them to come right back here next time they plan to bank. This facility will help us achieve this goal.” The new training facility was designed by ARCOP Ltd Architects, and built by Watson Construction. It
will free up much-needed space at The Plaza, Mackey Street, which houses a Commonwealth Bank branch, MasterCard credit centre and the bank’s head office. Earla J. Bethel, director of the Board’s premises committee, said the renovations were completed on time and on budget. “We were very fortunate,” she said. “The job went absolutely according to plan, just over four months to the day for the renovations of an older building that was on the site, and we would like to thank David Lavin and the team at Construction Cost Engineering, quantity surveyors, and ARCOP Ltd for project management, keeping everyone on track.” Anthea Cox, Commonwealth Bank’s vice-president of human resources and training, said the new centre facilitates the bank’s commitment to an ongoing learning culture.
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THE TRIBUNE
Thursday, August 25, 2016, PAGE 3
No agreement details until Baha Mar sold By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
K Peter Turnquest
The Opposition’s deputy leader yesterday questioned what was “so sensitive” in the agreement for Baha Mar’s construction completion that required the court file to be sealed, amid indications full details will not be revealed until the project has been sold. K P Turnquest suggested numerous theories for why the Christie administration, and the two Chinese government-owned entities, might want to keep
PLP think-tank suggests wait might take months FNM deputy queries if Atlantis ‘MFN’ breached
Sarkis said call for full liquidation strengthened the agreement reached on Monday night shrouded in secrecy. Among them were whether the incentives and tax breaks offered to the China Export-Import Bank and China Construction America (CCA) breached the Most Favoured Nation (MFN) status enjoyed by
Atlantis, which requires that it be treated no less favourably than any other investor in the Bahamas. And, in a statement released yesterday evening, a ‘think-tank’ associated with the governing Progressive Liberal Party (PLP) suggested it may be many months before the Bahamian people get a full understanding of the deal struck on their behalf to both complete the $3.5 billion (now probably $4.5 billion) project and compensate local creditors. The New Progressive Institute, responding to
criticism by radio talk show hosts, said of the agreement: “It has been sealed until the liquidation and final sale/purchase agreement is completed by the bank and the prospective buyers.” This implies that Bahamians will only find out what their government has negotiated ‘after the fact’, or after the completion and sale of Baha Mar have been completed - almost certainly too late for anyone to do anything about it. “It’s interesting that the Government called for the documents to be sealed,”
Major issues affecting insurance industry ‘largely ignored’
By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
Bahamas Insurance Association (BIA) chairman Emmanuel Komolafe said yesterday that, while changes to the insurance legislation are being driven by the push to roll out National Health Insurance (NHI), it is “disappointing” that other major issues impacting the industry and requiring revisions to the Insurance Act and Regulations have been largely ignored. “Our first observation is that the consultation period of 10 business days is extremely short,” Mr Komolafe said. “This is quite unusual and definitely out of character for the Insurance Commission of The Bahamas which is normally guided by international best practices and standards. It is possible that the regulator may be acting on directives based on the ag-
gressive timeframe for the implementation of NHI established by the Government. We trust that this does not foreshadow the manner in which the ICB will be treating the proposed public insurer preferentially when compared to private health insurers. “We would have appreciated if those referenced policy and legal issues that have been affecting policyholders, insured individuals and the entire industry for several years had been treated with the same sense of urgency and at least incorporated in the present suggested amendments,” he said. “Over the past five or six years, the insurance industry in The Bahamas, through the statutory Insurance Advisory Committee and the Bahamas Insurance Association, has been seeking to have amendments made to the Insurance Act and accompanying regulations to address major issues impacting the sector,” Mr Komo-
Bahamas ‘losing out’ on film opportunities
By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemeda.net
This nation has been “losing out” on the opportunity to tap into the multi-billion film industry having failed to offer incentives necessary to attract big budget productions, Bahamas International Film Festival (BIFF) founder and Executive Director Leslie Vanderpool said yesterday. Ms Vanderpool noted that BIFF, a non-profit organisation has been able to generate a $25 million economic impact since it began 12 years ago and has served as the only vehicle promoting the Bahamian film industry. “We have not tapped into the film industry yet,” she said. “I think that having a film commission here is very important but when you do not incentivise runaway productions it prohibits that. We had amazing productions here such as Casino Royale, After the Sunset, Into The Blue and Pirates of the Caribbean. We are not tapping into the industry. We do not offer the necessary incentives or offer rebates. Even some local filmmakers going elsewhere to make their films.” Ms Vanderpool noted that the film industry could serve as an avenue for economic diversification. She added: “We need to start offering rebates and incentives for people looking to start their productions. My SEE PAGE FIVE
lafe added, noting that the BIA had met and communicated with the Government during this period. “We have had discussions with the Minister of State for Finance, Minister of Financial Services, Financial Secretary and Insurance Commission of The Bahamas among others. Unfortunately, all of our efforts have been for the most part futile to date and it appears that matters affecting the insurance sector, which is a significant part of a challenged financial services
industry, are not seen as a priority. We are hopeful that the Government will now take this opportunity to simultaneously incorporate revisions, that have been outstanding for about five years, into the Amendment Bill.” Komolafe said that, based on an initial review, there are a number of proposed amendments to the Insurance Act solely to accommodate the NHI scheme. “One provision in the draft Amendment Bill that stands out is that the exist-
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ing requirement for insurers to sell insurance products through an insurance intermediary will not apply to the NHI plan,” he said. “ This confirms that the concerns raised by the BIA and Bahamas Insurance Brokers Association vis-àvis the NHI scheme were not only warranted, they were valid. We will review the proposed amendments in more detail and provide comprehensive feedback to the ICB and relevant authorities in due course,” he noted.
Mr Turnquest told Tribune Business. “The question that comes to mind is what is there included in that which is so sensitive to developments at this point in time. “Does the deal include anything that is inconsistent with the Most Favoured Nation status given to Atlantis? Does it have anything to do with the taxes and exemptions given up.... VAT, Business Licences and other fees that have been specified as part of this deal? “It’s just again a mixed SEE PAGE FIVE
PUBLIC NOTICE Would the owner of a white 30ft homemade fiberglass hull boat located in Drigg’s Hill South Andros, on Lot #1 of Flowers Estate please contact Percitta Knowles at 369-1466/4710981./369-4569 in reference to removing said item. Storage fee @ $150.00 will be charged everyday for duration of Notice and thereafter. If no contact is made, the owner of the property reserves the right to dispose of the boat. Whether it be by removal of the boat from the property or sale of the boat for all cost incurred.
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PAGE 4, Thursday, August 25, 2016
THE TRIBUNE
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Some 30 Bahamian food and drink vendors are benefiting from the Goombay Summer Festival (GSF). Charity Armbrister, the Ministry of Tourism’s director of events, said events such as this and the Junkanoo Summer Festival (JSF) supplement the Bahamian economy. “It’s really important that we put on these kinds of festivals and events; it’s important to our local economy and our vendors,” Ms Armbrister said. “When persons visit GSF, they can experience the true, true Bahamian culture. “We have about 30 food and drink vendors, all of them selling authentically Bahamian food. We also
have Bahamian artisans, giving persons the chance to purchase arts and craft.” Ms Armbrister added: “Once the vendors go away very pleased, we’re pleased, and I know there’s no vendor who has been complaining – so that tells us we’re doing something right.” Don Bullard, proprietor of Island Cane, said that being a vendor at both summer festivals has given his business more exposure and customers. “Business has been pretty good. I really love the job that the Ministry of Tourism is doing because vendors like myself are given the chance to really promote my business,” he said. “Being a vendor lures a lot of people to my busi-
ness, and the more people that visit the festivals means the more people that will see your product.” Peta Gaye, a representative of Dino’s Gourmet Salad, said being a vendor gave the business extra marketing opportunities. “Being out here has been very good. We get to meet a lot of people from all over the world, and some of them actually visit our stall in Gambier,” she said. “From making extra cash, meeting different people from all over, it has been very good for us because it’s advertisement.” The Goombay Summer Festival showcases the best of Bahamian culture every Saturday in August at Arawak Cay.
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THE TRIBUNE FROM PAGE THREE bag of proposals that have been put forward with no details. There seems to be uncertainty as to who gets paid and how much. I don’t make very much of it at all. There are too many agreed unknowns,” he continued. “At this stage, it’s a wait and see. I don’t know if businesses can take too much comfort yet until such time as we see what is being put forward.” Raymond Winder, Deloitte & Touche (Bahamas) managing partner, said the construction completion agreement had been sealed for reasons of ‘commercial confidentiality’. And Wayne Munroe QC, who represents the Gaming Board and other government entities in the Baha Mar matter, yesterday suggested the ‘sealing’ was required to prevent Baha Mar’s original developer, Sarkis Izmirlian, from interfering with and trying to sabotage any resolution to the situation. Mr Izmirlian and his BMD Holdings vehicle, in a statement issued yesterday, repeated the scepticism many have expressed over the agreement, reiterating that Bahamians had been left “without any specifics about a definitive buyer” or the purchase price that the China Export-Import Bank is seeking for Baha Mar. Mr Izmirlian also pointed to the absence of “definitive guarantees that any unsecured creditors will receive any of the monies they are owed”. Baha Mar’s original developer offered to make all unsecured Bahamian creditors and the China ExportImport Bank ‘whole’ in his last offer to the latter, but the Chinese have steadfastly refused to deal with him, suggesting he lacked the necessary financing. Urging the Christie administration to produce specifics and details, particularly on how unsecured creditors will benefit from the deal, Mr Izmirlian/BMD Holdings added: “Of particular interest is both the scheme that has been concocted between China Construction America (CCA) and China Export-Import Bank, and the source of such payments when unsecured creditors who completed the work they were contracted
No agreement details until Baha Mar sold to complete have yet to be paid or guaranteed payment. “Despite the fact that CCA deceived the Prime Minister and the whole of the Bahamas over a year ago regarding its guaranteed completion of Baha Mar, they are permitted, and will be paid, to return to the project.” Mr Izmirlian suggested that the agreement unveiled by Mr Christie backed his company’s bid to place Baha Mar into full liquidation, as this would give all creditors “a better opportunity of representation in order to protect their rights, and bring Baha Mar to a more constructive solution to the benefit of all Bahamians”. And he reiterated: “We stand ready, willing, and able to move forward to complete Baha Mar. “We call on the Government of the Bahamas and China Export-Import Bank to meet with us to bring the project to completion in a forthright manner deserving of the Bahamas.” Tribune Business revealed on Wednesday how sources familiar with the agreement had suggested it was “a pretty fair deal” and “not pie in the sky”, and that the unsecured creditors would fare “quite well” in terms of what is owed to them. However, doubts that all will be paid, or paid in full, have already surfaced. Larry Treco, president of CGT Contractors and Developers, told Tribune Business that while Bahamians contracted by CCA would be compensated, those hired directly by Baha Mar may not - or at least not get all that is due to them. Documents filed at the time of Baha Mar’s Chapter 11 bankruptcy filing showed that CCA was the largest unsecured creditor at $75 million, although it was claiming to be owed around $120-$130 million. Much of the sum owed to CCA was, in turn, due to the Bahamian contractors it hired as “subs”. Those firms are likely to be covered by Mr Christie’s assertion that the agreement requires
CCA to “resolve” outstanding monies to these creditors. However, Mr Treco’s comments raise questions as to whether his fellow contractor, Osprey chief Peter Whitehead, who was one of those to endorse the deal, will get paid in full. For Osprey’s joint venture with Yates was shown in documents as a creditor of Baha Mar, not CCA, and owed around $5.3 million. A further category not mentioned yet is those Bahamian contractors who were hired as ‘sub-contractors of foreign sub-contractors’. This includes the likes of Cavalier Construction, a sub-contractor of US firm, Valley Crest, and which is owed a seven-figure sum, too. Given that foreign contractors are not included in the Baha Mar agreement, questions arise as to whether those in a situation like Cavalier’s will be compensated.
Thursday, August 25, 2016, PAGE 5
Atlantis’ Coral Towers set for $20m transformation Atlantis, Paradise Island resort in The Bahamas has launched its first phase of a $20 million transformation at what is currently known as the Coral Towers. Once all renovations are complete, the hotel will re-open as The Corals Atlantis, a new modern hotel for the resort’s group, leisure, and casino guests, designed by Bilkey LLinas Design (BLD). “This renovation marks a significant step in our long term vision for Atlantis,” said Paul Burke, President and Managing Director of Atlantis, Paradise Island. “Atlantis consists of five unique hotels from the ultra-luxury of The Cove Atlantis to the casual relaxed atmosphere of the Beach Tower. With The Corals, we will create an expressive and social enclave that goes beyond a rejuvenated room product by introducing a new adults-only pool concept and a modernised lobby experience. These new elements and
FROM PAGE THREE concern is that we are losing out. BIFF is a vehicle which is encouraging and providing exposure to The Bahamas and reminding filmmakers that The Bahamas is still open for business to the film industry.” BIFF which kicks off each December, attracts around 1,500 persons, ac-
offerings will appeal to our group customers as well as couples and young adults looking for a getaway to one of the most beautiful resorts in the world.” The Corals will serve as a sleek, modern Atlantis social hub, from the see-and-be-seen hotel lobby to the adults-only Blu Pool. The Blu Pool will be reimagined by acclaimed interior architect Jeffrey Beers of Jeffrey Beers International (JBI), the same designer who conceived The Cove’s chic adult-only poolscape Cain at The Cove. This initial phase of renovations is slated to be complete by spring 2017. During this initial renovation, some rooms, lobby, and guest amenities will remain opened and operational. Atlantis’ anticipated second phase of renovations will be a lobby transformation and new dining concept to begin in early 2017. The resort will share more details of the next phase in the coming months.
Bahamas ‘losing out’
cording to Ms Vanderpool, and offers a diverse presentation of films from The Bahamas and around the world. “We have showcased major films before they have gone on to the theatres and before they have won Academy awards,” she said.
“We have showcased many Bahamian films. I look at it as a way to attract other tourists. The tourists are gaining insight into our culture but at the same time we are filling seats on plane and heads in beds and to me that’s business,” said Ms Vanderpool.
PAGE 6, Thursday, August 25, 2016 FROM PAGE ONE overseas bidders, which may not be in the best longterm interests of Bahamians from an economic development and employment standpoint.” Explaining the rationale for his analysis, the BIA chairman added: “Provisions that place restrictions on the selected third party contractor in relation to the provision of the package of benefits under the NHI Plan and supplemental coverage appear to discourage participation by the local private health insurance industry. “Based on an assessment of the proposed range of services (and others) to be provided by the successful entity per the RFP in
NHI insurance tender ‘skewed’ against locals comparison to the business models of local private health insurers, it appears that the document was designed and skewed to favour a non-local provider.” Being able to provide products known as ‘supplemental’ or ‘top up’ insurance policies, which offer greater benefits and coverage than NHI, is seen by the private sector as potentially providing a key earnings stream beyond the proposed government-run scheme. However, the management services Request for Proposal (RFP) stipulates
that the public insurer, which will be called Bahama Care, cannot offer such policies. And, while the public insurer is restricted solely to offering NHI benefits packages to the Bahamian public, the selected management/operating partner is also barred from providing these policies separately via its existing network. “The public insurer.... is precluded from offering supplemental insurance, and can only offer the package of [NHI] benefits exclusively,” the RFP says. “The third party contrac-
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tor will be prohibited from offering the package of benefits under the NHI Plan separately from the public insurer.” The RFP then says that while the winning bidder is unable to privately offer NHI benefits packages, it “may be allowed” to offer supplemental health insurance once regulatory approval is obtained from the Insurance Commission of the Bahamas (ICB). The tender document acknowledges that acting as the public insurer’s management/operating partner, while also privately offering ‘supplemental’ health insurance, is a potential “conflict of interest” for the winning bidder. Calling for all bidders to “address” this in their proposals, the RFP adds: “Although the third party contractor will not be eligible to provide benefits under the NHI plan as a private RHA (registered health administrator), the third party contractor may be allowed to provide supplemental insurance in the Bahamas subject to regulatory approval, provided that the third party contractor is a long-term insurer and the provision of supplemental insurance is independent of the public insurer. “The third party contrac-
tor is required to indicate ways to address and mitigate potential conflict issues it may face regarding delivery of the services under this RFP in the aforementioned manner.” And the RFP also indicated the Government’s intention to shift the 20,000-strong civil service, including the 12,000 who currently enjoy existing private health insurance coverage, to the public insurer. “There are approximately 20,000 public sector employees in the Government (excluding corporations and statutory bodies), of which approximately 12,000 have some form of private insurance coverage,” the RFP said. “The Government intends to enter into discussions with public sector employees regarding their enrolment with the public insurer during an initial transition period.” This, too, did not escape Mr Komolafe’s attention, who argued that such a move was a further demonstration of the Government’s “inconsiderate” approach to the private health insurance industry via NHI. “The RFP notes that the Government intends to enter into discussions with public sector employees regarding their enrolment
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THE TRIBUNE with the public insurer during an initial transition period,” the BIA chairman said. “This has the potential to impact these individuals and displace them in a bid to push significant services to the public insurer.” Mr Komolafe added that the RFP’s requirement for the public insurer manager to “involve intermediaries”, such as brokers and agents, in the provision of its services conflicted with the proposed amendments to the Insurance Act. “Where feasible, the third party contractor will be expected to involve local intermediaries in the provision of the services as set out in this RFP,” the tender document said. However, Mr Komolafe said: “While the RFP seeks to accommodate intermediaries by trying to find a role for them in the administration of the NHI scheme, it is unclear how this will be achieved, especially in light of the proposed amendment to the Insurance Act whereby intermediaries are to be excluded in the sale of the NHI plan. “However, the RFP is generally inconsiderate to the local private health insurance sector.” Mr Komolafe added that the private health insurance industry’s future looked bleak, when all publicly available information on NHI was pieced together and analysed. “As we look at the details of the proposed scheme as they are revealed, and put the various pieces of the puzzle together, it is becoming apparent that the scheme could be described as the proverbial ‘death by a thousand cuts’ for the private health insurance sector in the long run,” he told Tribune Business. “Consequently, the private health insurance industry will face major headwinds in the medium to long term as the NHI scheme unravels and is expanded.” Suggesting that the public insurer RFP’s content and release timing “raises queries and eyebrows”, the SEE PAGE SEVEN
THE TRIBUNE FROM PAGE ONE viously blasted Sandals Royal Bahamian for its abrupt closure last week, arguing that it was a ‘union busting’ move. The resort chain, though, has repeatedy argued that the closure, which resulted in 600 employees being made redundant, was essential for much-needed $4 million repairs to take place at the Cable Beach property. The BHMAWU has since 2009 been seeking to negotiate an industrial agreement for workers at Sandals Royal Bahamian, and has grown increasingly frustrated at its failure to do so, despite having been recognised as the bargaining agent. However, Tribune Business’s review of its files shows that Sandals Royal Bahamian and its attorneys, Lennox Paton, have been challenging the “very basis” for the Bahamas Hotel, Maintenance and Allied Workers Union’s (BHMAWU) existence on technical grounds. The resort previously filed a Judicial Review seeking a court order that would force the Registrar
Thursday, August 25, 2016, PAGE 7
Unions threaten ‘shut down’ over Sandals of Trade Union’s to cancel the union’s registration. Sandals Royal Bahamian’s case was that the BHMAWU has breached the Industrial Relations Act on two counts - failing to hold nominations for its executive positions, and the nonpublication of its annual returns. And it is alleging that the Registrar of Trade Unions (the director of labour), despite discovering these irregularities and giving the BHMAWU two months to correct the problems, had failed to take action over the union’s continued noncompliance. The other thrust of Sandals Royal Bahamian’s action was that the union’s executives were not elected in accordance with the BHMAWU’s constitution, and it has therefore been seeking a Supreme Court declaration that they have no authority to act on its behalf. The Judicial Review action thus might explain why Sandals Royal Bahamian is still refusing to negoti-
NHI insurance tender ‘skewed’ against locals FROM PAGE SIX BIA chairman added: “We understand the Government’s need to be seen as acting and getting the process moving. “However, there are major concerns regarding how the NHI scheme has been designed to potentially eliminate an existing sector that has contributed significantly to the Bahamian economy and created thousands of jobs over several decades.” Mr Komolafe again urged the Government to restrict itself to its traditional role as legislator and regulator for the insurance industry, rather than engage in direct competition with the private sector through its ownership of the public insurer. “The industry believes that a public insurer isn’t required, and that it is likely to be expensive and inefficient,” Mr Komolafe said. “Our view is that the same objectives for establishing the public insurer can be achieved by leveraging the existing infrastructure within the private sector. “The private health insurance industry in the Bahamas has expertise and infrastructure which could be used to bring universal healthcare to Bahamians, but the Government has continued to ignore the industry.”
ate an industrial agreement with the trade union, and why the latter’s frustration has boiled over into road blockages and the filing of criminal complaints against the resort’s executives. Mr Pinder, meanwhile, said the NCTU was in full support of the 600 Sandals workers who were terminated. “We urge all workers of our country to go to the history books and read what happened in 1958, when Sir Clifford Darling was president of the taxi cab union; what he had to do at the Nassau International Airport,” Mr Pinder added. “We are prepared to do that. We are prepared
to call all workers out and shut the country down until Parliament recognises that they work for us.” Mr Pinder also urged the Government to amend the Industrial Relations Act by setting out a 90-day timeframe in which employers must negotiate new industrial agreements with recognised bargaining agents. Arguing that Sandals’ actions must not be allowed to set a precedent, he said : “We urge the Government to quickly review those Heads of Agreements for investors coming into our country, and take note of the fact that when they give concessions there ought to be some clause whereby they can revoke the concessions when this type of thing happens to Bahamian workers in our country.” Mr Pinder added: “They must quickly amend the In-
dustrial Relations Act and put a timeframe in place of no more than 90 days for an employer to come to the table, once they receive a proposed industrial agreement from a recognised union.” Mr Pinder also urged the Government to amend the Employment Act so as to strengthen the redundancy
packages offered to employees. “They must also say that any post made redundant is not to be reopened, and if it is, the person made redundant must be reinstated without loss of tenure or seniority. We urge the Government to do that immediately,” he said.
PAGE 10, Thursday, August 25, 2016 FROM PAGE ONE of an agreed $178,862 for cleaning services at the Baha Mar project site, said he had been left “out of pocket” as a result. Ben Moore Toote, which at its peak employed some 140 persons, has been forced to cease business, and Mr Robinson said CCA had
CCA ‘fired my wife when I served writ’
failed to deliver on numerous promises that payment would be forthcoming. Sean Moree, an attorney with McKinney, Bancroft & Hughes, which represents
Temple Christian School Teaching Positions 2016-2017 Temple Christian School invites applications from qualified Christians for the following position at the High School for the 2016-2017 school year: English Teacher (Grades 7 – 9) The applicant must: A) be a practicing born again Christian who is willing to subscribe to the Statement of Faith of Temple Christian School. B) have a Bachelor’s Degree or higher in the relevant field and/or Teacher’s Certificate/Diploma from an accredited/ recognized College or University. C) be able to prepare students for BJC and BGCSE examinations. D) have a minimum of two (2) years of teaching experience in the relevant subject area. E) be willing to participate in the school’s extra-curricular programmes.
CCA and its Bahamian subsidiary, did not respond to a Tribune Business e-mail seeking comment on Mr Robinson’s allegations before press time last night. However, the Ben Moore Toote principal yesterday said “total chaos” and “disorganisation” characterised the Baha Mar construction site in the weeks leading up to the project’s Chapter 11 bankruptcy protection filing in late June 2015. He revealed to Tribune Business that there were “battles between” contractors hired directly by Baha Mar (original developer Sarkis Izmirlian and his team) and those contracted by CCA. And construction workers would frequently use rooms previously cleaned by Ben Moore Toote as a restroom, “defecating all over the place”. Still, Mr Robinson conceded that he is now seeking legal advice from his attorneys, Lockhart & Company, as to whether to withdraw the action against CCA as a result of Prime Minister Perry Christie’s announcement on Monday night. Mr Christie, in unveiling the Government’s agree-
ment with the China Export-Import Bank for Baha Mar’s construction completion, said the terms included CCA resolving the issue of outstanding payments to its sub-contractors and suppliers, which would include Ben Moore Toote Development Company. This implies that Mr Robinson and his firm should recover at least some of the $172,912 balance they claim to be owed. However, in its April 12, 2016, defence to his claim, CCA challenged both the contract sum and whether Ben Moore Toote Development Company delivered the required standard and quality of work. “I just sent an e-mail to my lawyer asking for advice on the matter, and I have not received a response as yet,” Mr Robinson told Tribune Business, as he seeks to determine his legal action’s fate. “I’m waiting to hear from Lockhart & Company as to what their advice is. I’ll wait to hear from them, and then decide if I will retain the action or discontinue it.” He added that Lockhart & Company had previously suggested to him that a settlement with CCA would be forthcoming, but then McKinney, Bancroft & Hughes filed a defence on the contractor’s behalf with the Supreme Court. “My side is saying there
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will be a settlement, but the only settlement I got was a defence,” Mr Robinson said ruefully. “So I don’t have any trust in anything they [CCA] say.” Mr Robinson said the matter was now in case management, and the two parties would not be back before the Supreme Court until next year. He also acknowledged that the Prime Minister’s announcement was “vague”, adding: “There’s no specifics in terms of the agreement.” Mr Robinson, though, alleged that his family - and especially his Chinese wife - had already paid a price for daring to initiate legal action against CCA (Bahamas). “The day that they were served with the writ, they fired her,” he told Tribune Business. “The same day. “She received a notice of dismissal from their lawyers; there was not engagement with the human resources department. “It was so embarrassing, and she was very distressed with the action they took. They came to get her, and had security escort her off the premises. No explanation, no nothing. Just get out. It was heartbreaking. She’s very hurt.” Mr Robinson said his wife came to the Bahamas initially to work on the Airport Gateway roads project, before being transferred to
CCA for Baha Mar and then The Pointe project at the British Colonial Hilton. Following Ben Moore Toote’s shut down after the non-Baha Mar payment, Mr Robinson said he and his wife had been surviving on her salary until her dismissal. “Just before the announcement of the bankruptcy filing, I inquired about payment because payment had been due from April,” Mr Robinson said of his requests that CCA pay what was owed. “What was said to me was: ‘Pay the people as best you can’. We were different from other companies, which were paying bills for service. I was paying for labour. “I was providing salaries that came from my pocket, and I paid those people under the promise I would be reimbursed, and it never materialised,” he continued. “To this day, CCA has not sent me a single piece of paper to say what happened. It was just: Shop closed. That was it.” Mr Robinson said that at its peak, Ben Moore Toote was responsible for paying and hiring some 140 persons for work at the Baha Mar construction site. Some 45 were still working when the company had to cease business, with Mr Robinson explaining that it was contracted to “clean for the whole project; everything that needed cleaning - be it hotel rooms, the casino and the convention centre. “It came to the point where they had lost control on-site,” Mr Robinson told Tribune Business, painting a picture of a “disorganised” and “totally chaotic” development prior to the Chapter 11 filing. He revealed that new carpets were being laid in rooms and corridors that were still being painted, and added: “The major problem we [Ben Moore Toote] were having is that workers would go into a room after cleaning the room and defecate all over the place.” Mr Robinson also disclosed the “battle between” contractors hired respectively by Baha Mar and CCA, with frequent clashes between the two occurring during the race to meet the missed March 27, 2015, opening deadline. “CCA told us to hold our position, as Baha Mar did not have the authority to run us out of the hotel because it was not turned over to them,” he told Tribune Business. “We’d clean a bathroom, and then another company would come in and clean the bathroom. “I felt they were using us at the end.”
The Application for a Teaching Position is available on the school’s website www.templechristianbahamas.com and at the Administrator’s Office, 4th Terrace East Collins Avenue (directly behind the New Evangelistic Temple). A detailed job description is also available at the Office of the Administrator. Applications are to be submitted to: Dr. Samuel L. Rutherford Administrator Temple Christian School 4th Terrace East, Collins Avenue P.O. Box N-1566 Nassau, Bahamas Ph: 325-1095 The deadline for applications is Wednesday, August 31, 2016. COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division
2015/CLE/gen/00343
IN THE MATTER OF property comprised in an Indenture of Mortgage dated 7th day of September, A.D., 2007 between Ricardo Alexander Newbold and Ingrid McKinney-Newbold of the one part and Scotiabank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 11275 at pages 489 to 498. IN THE MATTER OF property comprised in an Indenture of Mortgage dated 7th day of September, A.D., 2007 between Ricardo Alexander Newbold and Ingrid McKinney-Newbold of the one part and Scotiabank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 10304 at pages 180 to 189. BETWEEN SCOTIABANK (BAHAMAS) LIMITED AND RICARDO ALEXANDER NEWBOLD AND INGRID McKINNEY-NEWBOLD ________________ NOTICE ________________ TO: INGRID McKINNEY-NEWBOLD
Plaintiff First Defendant Second Defendant
TAKE NOTICE that: 1. A Notice of Appointment to Hear Originating Summons filed on the 9th day of March, A.D., 2016 has been issued against you in the Supreme Court of The Bahamas being Action No. 2015/CLE/gen/00343 by Scotiabank (Bahamas) Limited, the Plaintiff herein and is scheduled to be heard on Friday the 23rd September, A.D., 2016 at 11:00 a.m. in the fore-noon before Justice Guillamena Archer-Minns whose chambers is located in the Supreme Court Building, Bank Lane, Nassau, The Bahamas. 2. You must attend the above-mentioned hearing otherwise an Order may be granted in your absence. Dated the 25th day of August, A.D., 2016 GRAHAMTHOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas. Attorneys for the Plaintiff
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Thursday, August 25, 2016, PAGE 11
FROM PAGE ONE
New mobile player hits ‘record’ pace
said NewCo2015 needed to build 73 cellular sites - 51 in New Providence, and 22 on Grand Bahama - to meet the first service delivery targets set by the Government. Some 99 per cent of New Providence residents must enjoy coverage by the same October 1 date. “We have to do it in record time, and I am proud to say that we are very much on our way to doing so,” Mr Blackburn said. “From the date of license issued on July 1, we fully completed our first site within 25 days; an impressive result due to a huge team effort and, I believe, a world record.” Acknowledging the aggressive roll-out schedule, Mr Blackburn said more than 100 persons had been hired to ready NewCo 2015’s network and systems for activation. Crews have been building cell sites and erecting towers and fibre splicers, while network management teams have been carrying out key connectivity FROM PAGE ONE and Latin America.” Mr Netzer, who is also and vice-chairman for Norinvest and Private Investment Bank, said: “While we felt that Banque Cramer & Cie might no longer be the best owner for PIB, we were committed to finding a solid partner, which can provide PIB with healthy development prospects and, at the same time, safeguard PIB’s independence to the benefit of PIB’s existing and very loyal client base. The transaction seems like a perfect fit.” Carlos Molina, a partner with IPG Securities Asset Management, and who will act as IXE Capital Bahamas’ chief executive, said they saw Private Investment Bank as an operator that would “fill the gap” left by larger financial services institutions in the private wealth management space. “We are excited about the new opportunities that will be captured as a result of this partnership,” he said in a statement. “This initiative will cre-
NewCo CEO Damian Blackburn addresses members of the press during a media update event held on Grand Bahama on Wednesday. Photo: Keen i Media Ltd
responsibilities. Software teams have been preparing the field and back-end systems, while an administrative team is also in place. “We look forward to bringing choice, value, and service to the people of the Bahamas. We are here at an actual site today so you can see for yourself that we are delivering on the commitment,” Mr Blackburn
said. “We are relying on the continued support of all of the utility companies and government agencies as we work in partnership together to continue to deliver in the face of our tight schedule, not only here on Grand Bahama, but also in New Providence. “With this continued support I can affirm that progress is on track to complete all the sites by the deadline.” Mr Blackburn said NewCo2015’s communications network was being built upon the fibre optic backbone laid by Cable Bahamas over the past 21 years. “We know that this, combined with our new network, will help make Freeport an even better place for investment, significantly enhancing the economy and business development opportunities for this city and the island of Grand Bahama,” Mr Blackburn added.
‘We’re no longer the best owner’ ate operational efficiencies and will bring the focus back on our high net worth individual clients, so as to fill the gap left by large financial institutions.” The Private Investment Bank sale again shows how the Bahamian financial services industry is being impacted by global consolidation and trends, as institutions assess their strategies and ‘reasons for being’, including which jurisdictions they want to operate from. Both sides acknowledged that the deal requires regu-
latory approval from the Central Bank of the Bahamas, and have agreed not to disclose the purchase price. Banque Cramer & Cie, which has owned Private Investment Bank since May 15, 2009, will retain a seat on its Board of Directors, while Roger Dürig remains the as chief executive. Private Investment Bank was initially called Banque Worms when it was established in the Bahamas, then as Demachy Worms, prior to being given its current name following another transaction.
NOTICE
NOTICE is hereby given that MICHELLE JEAN LOUIS of COWPEN 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 twenty-eight days from the 25th DAY of AUGUST, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
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 positions:
Engineering Can-Fix-It
Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing. • Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. • General knowledge to repair heating and cooling units, painting the exterior and pressure washing. Position Requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus.
Bartender
Essential Job Functions: • Properly stock and set up bar at the beginning of each shift. • Make certain that all drinks prepared for guests are at industry standard. • Ensure that the required amount of liqueurs are dispense for all drinks. Position Requirements: • High School Diploma required. • Two years experience as a Bartender required.
Utilities
Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant equipment and utensils in clean and orderly condition. • Transfers supplies and equipment between storage and work areas by hand or by use of hand truck. • Sets up banquet tables, when required. • Keep all equipment in the food and beverage areas are in good condition. Report any breakdowns in equipment to management. Position Requirements: • High school graduate or equivalent. • Previous hotel-related experience desired. Competitive salary and benefits package are commensurate with experience.
Interested persons should submit their resumes via e-mail torecruitment.humanresources@outlook.com
“We know the struggle of not having a better option for mobile communications, but that will soon be over.” NewCo is 48.25 per cent owned by Cable Bahamas,
and 51.75 per cent owned by HoldingCo, an entity currently owned by the Government. Mr Blackburn thanked the Grand Bahama Port Authority and Grand
Bahama Development Company for their assistance and support, and the Grand Bahama Power Company for its role in providing electricity to their sites.
PAGE 12, Thursday, August 25, 2016
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Stocks end lower as health care companies decline NOTICE
NOTICE is hereby given that Edno Garcon of Marsh Harbour, Abaco, 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 18th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that RONEL JOACHIM of Carmichael Road, P.O. Box CR-56277, 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 18th dAy of AUGUST, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
NOTICE
NOTICE is hereby given that DOROTHY SEJOUR of Lewis Yard, Grand Bahama, Freeport, 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 25th day of AUGUST, 2016 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, William Howard Barr of Foster Street, Chippingham, P.O.Box CB13412, New Providence, Bahamas intend to change my name to WILLIAM HOWARD DAWKINS JR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.
NEW YORK (AP) — Stocks closed lower on Wednesday, led by sharp declines in health-care companies as outrage over the steep price hikes for Mylan’s EpiPens escalates. Trading remains quiet overall with many investors still on vacation. It was another below-average day of trading volume on the New York Stock Exchange. The Dow Jones industrial average lost 65.82 points, or 0.4 percent, to 18,481.48. The Standard & Poor’s 500 index lost 11.46 points, or 0.5 percent, to 2,175.44 and the Nasdaq composite lost 42.38 points, or 0.8 percent, to 5,217.69. Major indexes were down slightly for most of the day, and the losses deepened as a late-day sell-off in drugmakers dragged the broader market lower. Mylan dropped $2.47, or 5.5 percent, to $43.15 after falling nearly 5 percent the day before. Outrage over Mylan’s price increases for its EpiPen product continues to grow. Presidential candidate Hillary Clinton issued a statement Wednes-
day calling Mylan’s price increases “outrageous” and called for the company to reduce its prices for EpiPens immediately. She is the latest in a bipartisan group of politicians who have raised concerns about Mylan’s pricing. EpiPens are medical devices designed to deliver adrenaline to a patient suffering from a potentially fatal allergic reaction. Allergy sufferers often have to carry more than one because they always need to be close by in case of an emergency. Mylan, which bought the rights to the product in 2007, has raised the price from roughly $100 for two pens to roughly $600. Other biotechnology and drugmaker stocks also fell as investors anticipated that pressure over drug pricing practices could spread to other drugmakers. Vertex Pharmaceuticals fell $4.28, or 4.2 percent, to $96.71 and Allergan fell $9.94, or 3.9 percent, to $243.77. Metals and mining stocks also took hefty losses following disappointing results from the European mining giant Glencore. The company reported a loss and continues to sell off billions in assets to pay down its massive debt load. Freeport-McMoRan slumped 90 cents, or 7.5 percent, to $11.08 and Newmont Mining lost $3.30, or 7.5 percent, to $39.85. Stocks remain stuck in a narrow range, as they have over the last two weeks. Many traders are on vacation and with no economic data and very few company earnings being re-
leased, investors are hesitant to make big moves. “Barring some unforeseen event, this will continue to be the pattern until after Labor Day,” said J.J. Kinahan, chief strategist at TD Ameritrade. Investors are awaiting a speech Friday by Fed Chair Janet Yellen at an annual conference of central bankers in Jackson Hole, Wyoming. The Fed is expected to hold off on raising interest rates at its September meeting, but Yellen’s comments will be dissected for clues on the likelihood and timing of a future hike. “The market has basically come to a standstill waiting for her,” Kinahan said. Benchmark crude oil fell $1.33 to $46.77 a barrel while Brent crude, which is used to price oil internationally, fell 91 cents to
$49.05 a barrel. The drop in crude prices did not have a negative effect on energy stocks, which fell less than the rest of the market. In other energy commodities, heating oil fell less than 1 cent to $1.496 a gallon, wholesale gasoline rose 1 cent to $1.51 a gallon and natural gas rose 3.5 cents to $2.796 per thousand cubic feet. The yield on the benchmark U.S. 10-year Treasury note rose to 1.56 percent from 1.55 percent the day before. The dollar rose to 100.49 yen from 100.22 yen, while the euro fell to $1.1261 from $1.1305. Precious and industrial metals futures closed lower. Gold lost $16.40 to $1,329.70 an ounce, silver fell 38 cents to $18.69 an ounce and copper gave up 4 cents to close at $2.09 a pound.
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Thursday, August 25, 2016, PAGE 13
Ford recalls over 88K vehicles due to stalling problem DETROIT (AP) — Ford is recalling more than 88,000 cars and SUVs in North America because the engines can stall without warning due to a fuel pump problem. The recall covers certain Ford Taurus and Police Interceptor sedans, Ford Flex wagons, Lincoln MKS sedans and Lincoln MKT SUVs from the 2013 through 2015 model years. All have 3.5-liter turbocharged six-cylinder engines. Ford says the fuel pump control modules can fail, and the engines may not start, or they could stall, leaving drivers without the ability to restart them. The company says it’s not aware of any crashes or injuries from the problem. Dealers will replace the control module at no cost to owners.
Ford says it’s working with parts makers to ship new modules quickly. The company will notify customers to bring their vehicles in for repairs starting the week of Oct. 17. Concerned owners can go to Ford.com and click on “safety recalls” near the bottom of the page to see if their vehicles are part of the recall. They’ll have to key in the vehicle identification number. Those whose vehicles are in the recalled and are concerned about stalling should contact their local dealer, the company says.
US Treasury blasts European tax probe of multinationals (AP) – U.S. officials are publicly criticsing Europe’s investigations into favorable tax arrangements that Apple and other multinational companies have reached with Ireland and a few other countries. The Treasury Department released a report Wednesday that complains the investigations disproportionately target U.S. companies and could end up costing American taxpayers if companies are forced to pay higher taxes in Europe. That’s because businesses get U.S. tax credits for their foreign tax payments. European authorities are investigating whether certain countries have granted excessive tax breaks to Apple, Amazon and others, although the companies say their arrangements are legal. Apple and other U.S. companies leave much of their foreign earnings overseas to avoid higher U.S. tax rates, but Treasury officials say they’re working to get companies to repatriate those funds.
Employment Opportunity
MAINTENANCE WORKERS A leading Fast Food franchise is looking for mature, clean-cut individuals to join its Maintenance (Janitorial) Team. Job Summary To be responsible for the general cleanliness and upkeep of the entire Store and its surroundings, so as to facilitate the smooth, efficient operation of the Store. Requirements • Must be a high school graduate. • Must have excellent inter-personal skills. • Must have excellent oral and written communication skills. • Professionalism required. • Must be able to work flexible hours including early mornings, late nights, weekends and holidays. • A basic knowledge of kitchen equipment and electrical and air conditioning repair skills would be a plus. • Must have a clean police record. McDonald’s offers excellent benefits! Please submit Resume to: Human Resources Department McDonald’s Head Office 111 Market Street North P. O. Box SS-5925 Telephone: 325-4444 Nassau, N.P., The Bahamas
PAGE 16, Thursday, August 25, 2016 TWO Qantas planes taxi on the runway at Sydney Airport in Sydney, Australia. Qantas Airways Ltd. posted a record full-year profit of 1.53 billion Australian dollars ($1.1 billion) on Wednesday, Aug. 24, 2016, after undergoing a cost-saving restructuring amid steep losses just two years ago. (AP Photo/Rick Rycroft)
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Qantas posts record $1.1BN profit amid restructuring SYDNEY (AP) — Qantas Airways Ltd. posted a record full-year profit of 1.53 billion Australian dollars ($1.1 billion) on Wednesday, after undergoing a cost-saving restructuring amid steep losses just two years ago. The airline’s result for the fiscal year through June is a 57 percent boost over last year’s profit of AU$557 million, and prompted Qantas to pay its first dividend since 2009.
Costs The strong performance for Australia’s largest airline comes two years after it posted a record AU$2.8 billion loss. Qantas underwent a restructuring to cut costs, including axing thousands of employees. “Transformation has made us a more agile business, created value for our shareholders and given us
a platform to invest for the future,” Qantas CEO Alan Joyce said in a statement. “Qantas is stronger than ever, but we’re also determined to keep changing and adapting so that we can succeed no matter what environment we’re in.”
Bonuses The Sydney-based airline declared a dividend of 7 cents per share and said it would pay AU$75 million in cash bonuses to 25,000 employees. Qantas, like many airlines, also benefited from cheaper jet fuel, thanks to falling oil prices across the globe. Next year, the airline is scheduled to receive the first of eight Boeing 787 Dreamliner aircraft it ordered to replace older planes that are less fuel efficient and have shorter ranges.