01092017 business

MONDAY, JANUARY 9, 2017

business@tribunemedia.net

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Baha Mar’s hiring to start January 16

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Baha Mar’s new owner will start the process to hire thousands of Bahamian workers next week Monday, as it targets April 21, 2017, for a first phase opening.

“I can confirm we will begin the recruitment and hiring process on January 16,” Robert Sands, Baha Mar’s senior vicepresident of government and external affairs, told Tribune Business.

“Chow Tai Fook Enterprises (CTFE) is dedicated to the success and timely opening of Baha Mar. Beginning on April 21, we’ll have a phased opening focusing on the casino hotel, the casino, the convention centre and the golf course.”

Mr Sands added that CTFE’s “initial hiring priority” was to fill positions at the golf course, including its food and beverage operations, and the casino and

Project’s new owners target April 21 first phase open ‘Very optimistic’ CCA will hit after earlier misses D’Aguilar: VAT deal adds to ‘humungous cost’

Dionisio D’Aguilar

casino hotel.

Among the casino posts available in the first recruitment wave will be shift managers and workers; slot operators; cashiers; cage operators; and certain security posts.

“We will begin to hire for the hotel in February,” Mr Sands said, “which will include both ‘heart of the house’ and ‘front of the house’ operations, and

Robert Sands

support services such as IT, financial and human resources.

We are hoping to have in place at least 1,500 jobs by midApril.”

Mr Sands said CTFE was “very optimistic” that the April 21 opening date will be hit, even though the project’s main contractor, China Construction America (CCA), has been blamed by many as being the primary cause of Baha Mar’s woes because it missed two earlier completion deadlines.

“We’re very optimistic and very encouraged by, certainly, the work that has been started, and are looking forward to getting this all completed in time,” he told Tribune Business.

“The timelines have been established by the parties collectively, and certainly for the areas that we have in our first phase opening, we’re satisfied that we have the commitment from CCA and the ExportImport Bank to ensure those See pg b3

Regulator rejects bank fee Opposition ‘demeans their credibility’ controls despite 43% rises over Baha Mar VAT break

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Central Bank will likely disappoint many Bahamian consumers through its refusal to counter rising bank fees with price controls, despite increases as high as 43 per cent on “a significant number of services”.

The regulator, unveiling its survey of commercial bank charges for the six months to end-June 2016, said direct intervention through mechanisms such as price controls would only create further distortions

Price caps will only create more ‘distortions’ Fees increased on ‘significant number of services’ ‘Few’ reductions only on high volume services that negatively consumers.

impact See pg b5

Baha Mar VAT ‘not miniscule’ for Bahamian families

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The FNM’s deputy leader has slammed as an insult to “burdened” Bahamian families the Government’s suggestion that the ValueAdded Tax (VAT) foregone on Baha Mar’s construction completion is “really miniscule”.

K P Turnquest described efforts by Jerome Fitzgerald, minister of education, science and technology, to downplay the revenue relinquished by the Government as “an unfortunate choice of words”.

Reacting to Mr Fitzgerald’s suggestion that the ‘VAT exemption’ for Baha Mar’s construction completion was a ‘trade-off’ for securing the $100 million payout to the project’s creditors and former employees by the China Export-Import Bank, Mr Turnquest said: “$100 million is certainly not miniscule to anybody.

“And $1 million is not miniscule to most Bahamian families. All those Bahamian families saddled with VAT don’t think it’s miniscule. It’s an unfortunate choice of words.”

Tribune Business’s revelation that the VAT ‘exemption’ has been extended to the project’s sub-contractors and suppliers, not just China Construction America (CCA), has reignited a vigorous debate over the Government’s handling of the Baha Mar situation, and the type and value of investment incentives it

FNM deputy: Taxpayers paid-off local creditors Urges Minister to fulfill deal release promises Show project benefits ‘outweigh’ concessions should have granted.

One side believes the VAT incentive, and other tax ‘break’ concessions, were necessary to induce the China Export-Import Bank to both finance Baha Mar’s construction completion and take care of creditor liabilities that were not its obligation.

Stephen Wrinkle, the ex-Bahamian Contractors Association (BCA) president, said last week that the Government, and entire Bahamas, were in a weak position where they had no choice but to complete Baha Mar whatever the cost.

And the Christie administration’s oft-stated position has been that the employment of thousands of Bahamians, and other spinoffs from an operational Baha Mar, will generate economic benefits - including tax revenues - that far outweigh the initial taxes foregone.

However, with neither the Heads of Agreement See pg b2

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Opposition parties have “demeaned their credibility” by suggesting the Government has traded tax breaks for just “a couple of jobs” at Baha Mar, a well-known businessman saying: “We’ve seen this movie before.”

Sir Franklyn Wilson, speaking after Tribune Business last week revealed that Baha Mar’s construction completion was ‘VAT free’, acknowledged that investment incentives increased in line with how “desperate” governments were to create jobs.

The Sunshine Holdings chairman, though, described the reaction of Opposition political par-

‘Give away for a couple of jobs’ claim is ‘shameful’ Sir Franklyn: ‘Seen this movie before’ with Atlantis Keep incentives under 20% of marginal GDP rise ties to the ‘VAT exemption’ as “so sad and predictable”, and “almost shameful”.

He suggested that Bahamian politics had deteriorated to the point where the Opposition See pg b6

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UBS Building

UBS House deal gives ‘concern’ on Govt’s SPV use High-end property’s new owner is Poinciana SPV FNM deputy queries ‘fiscal transparency’ To become home for financial services regulators

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The FNM’s deputy leader has expressed fears that the Government is “not being fully transparent with the Bahamian people” over its debt liabilities, after its multi-million dollar UBS House acquisition finally closed.

Tribune Business can reveal that the Christie administration has used another so-called special purpose vehicle (SPV), called Poinciana SPV Ltd, to purchase the high-end East Bay Street property from the Swiss bank of the same name.

K P Turnquest, the FNM’s deputy leader and finance spokesman, said there was “significant concern” surrounding the Government’s increased use of SPVs, and whether they were being used to keep liabilities off its balance sheet and the near-$7 billion national debt.

“It is obvious that they are using these SPVs to try and keep off balance sheet the true debt and liabilities of government,” Mr Turnquest told Tribune Business.

“To the extent these vehicles are being used, it does give concern that the Government is not being fully transparent with the Bahamian people on the true status of the debt, and the true status of the fiscal consolidation plan.

See pg b4

PAGE 2, Monday, January 9, 2017

Apparel retailers hit by informal economy

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive says the informal economy is creating a particular challenge for clothing and apparel retailers.

Edison Sumner explained that while many Bahamians are opting to shop online, the trend has also opened up pathways to the informal retailers operating in this nation from their homes or vehicle trunks.

He said: “The informal sector is creating a challenge directly for those in

the formal economy, particularly those retailers in the clothing industry having to compete against these informal operators.

“It is an uneven playing field because those in the informal sector do not have a store front, they do not have to pay rent for a building because most times they are selling out of their trunks. Nor do they pay Business License fees and the rest of it.”

Baha Mar VAT ‘not miniscule’ for Bahamian families From pg B1 with Baha Mar’s purchaser, Chow Tai Fook Enterprises (CTFE), nor the construction completion deal with China Export-Import Bank, disclosed (the latter is sealed by Supreme Court Order), an ‘information vacuum’ has been allowed to develop.

This has allowed speculation to rum rampant, and the Opposition political parties to attack the Government for lack of transparency and ‘giving away’ too much in a ‘bad deal’.

This, combined with the lack of trust many Bahamians have in this government and the Chinese, has created a potent, toxic combination where much of society distrusts what has been done.

The VAT issue is particularly galling and emotional for Bahamian consumers and businesses, who have been religiously paying the 7.5 per cent levy and deal-

Mr Sumner added: “They are bringing products in under the guise of personal use, but the products are being retailed to private clients.

We are all for entrepreneurship, but we would like to see that properly regulated so that those who are paying to be in the industry can truly benefit.”

Mr Sumner said some retailers enjoyed substantial business during the Christmas shopping period, which appeared to have been “robust” based on the level of customer traffic seen.

Some retailers saw a significant portion of their annual revenue generated in the days leading up to Christmas, but the sector’s true performance will likely not be known until companies filed their January VAT returns.

Business.

“It was interesting that he [Mr Fitzgerald] actually admitted it was the taxpayers who paid off, in an indirect way, the China Export-Import Bank.

“The thing about the bank making ex-gratia payments was very telling, and the end result is that the Bahamian people effectively made this payment themselves and are left holding the bag with respect to the whole situation.”

Mr Turnquest also called on Mr Fitzgerald for himself and the Government to disclose the Baha Mar agreement, the minister having last week pledged to “ put it on the table as quickly as possible”.

Mr Fitzgerald said then: “It’s been a good deal for the Bahamian people, there was no give away. At the end of the day I think once those facts are (out), I think the Bahamian people will be satisfied we made an excellent deal on behalf of the Bahamian people.”

The FNM deputy leader, though, queried whether Mr Fitzgerald was “being a bit disingenuous” in his de-

sire to release the details, as nothing had been heard of the Government petitioning the Supreme Court for the construction completion agreement’s ‘un-sealing’.

“We share his desire for this agreement to be released, and hope he will use his position and influence to make it happen as quickly as possible,” Mr Turnquest said of Mr Fitzgerald.

“The Government ought to come to the Bahamian people with what has been negotiated on their behalf.

To the extent the tax concessions are less than the benefits to be derived from the project, they ought to be able to demonstrate that to the Bahamian people not only in words but in numbers.”

The FNM deputy leader continued: “As the minister says, to avoid all the speculation, I think they ought to go out there and lay the documents.

“His statement said a lot of words but no substance, and in terms of credibility they lost that a long time ago, so it’s time to prove.”

Persons bring in product for own use, then sell on

ing with higher living costs, only to see a foreign-owned entity be given a blanket exemption.

Mr Fitzgerald, in justifying the VAT incentive, said:” “At the end of the day, the trade off was $100 million which we got in order to settle on the employees, all the Bahamian contractors and creditors, and also to secure leases for the Bahamians who had spent millions of dollars inside the resort.” Some of these leaseholders, it has been divulged previously, are related to Cabinet Ministers.

Mr Fitzgerald, a member of the Government’s Baha Mar committee, made his comments to ZNS outside a special Cabinet meeting, which was called to discuss public revelations about the Baha Mar ‘VAT exemption’.

“I’m surprised that they took such drastic action, having this Cabinet meeting and statement in response,” Mr Turnquest told Tribune

Edison Sumner

THE TRIBUNE

LOI company reiterates ongoing landfill interest The company at the centre of the Renward Wells’ Letter of Intent (LOI) controversy has reiterated its continuing interest in taking over management of the New Providence landfill.

Stellar Energy said in a statement: “It is our intention, once approvals are granted, to mine that site and build a fully functional waste-to-energy plant.

“As part of our plan, the entire dumpsite would be remediated and sanitised, putting an end to obnoxious fumes from burning trash.”

Denying claims it was affiliated with previous manager, Renew Bahamas, the company added: “Stellar Energy Ltd has not walked away from plans for the site. In fact, our efforts to transform the landfill have only intensified.

“We still believe the Bahamas would benefit tremendously from waste to energy technology, which would not only take care of the dumpsite but also provide a much-needed boost to the energy grid.”

Stellar’s statement came after Tribune Business last week revealed that the landfill, now under Department of Environmental Health Services (DEHS) control, cut opening hours and dramatically increased wait times over the peak Christmas period, forcing some waste management companies to offload debris on their properties.

Tribune Business sources had suggested the problems at the Tonique Williams Highway-based site were continuing, with waste management companies and others enduring a twohour wait before they could properly ‘tip’ their loads.

Stellar offers wasteenergy plant, management “It’s taking two hours to dump a load, and you can’t run a business that way.

This has been ongoing for three weeks; they cut the landfill hours to under five hours at the busiest time of year,” one source, speaking on condition of anonymity, told Tribune Business last week.

Another industry contact added: “They had limited hours at the landfill.

The biggest problem is just the wait time.”

Another contact intimately familiar with the New Providence landfill’s operations added that the operation had degenerated into “chaos” after Renew Bahamas elected to exercise the option in its contract that allowed it to ‘walk away’ in the event of a major disaster, such as a hurricane.

The landfill has been back in DEHS hands since Renew Bahamas departed in Hurricane Matthew’s wake, and the source said the “order” established by the private company had effectively collapsed.

“Renew has pretty much abandoned the whole thing,” they added. “Renew brought a sense of order to the whole environment.

“Now it’s not there, it’s back to the Government, so people are dumping garbage all over the place, not coming over the weigh bridge and not paying tipping fees. Because Renew has gone, there’s chaos.”

THE TRIBUNE

Monday, January 9, 2017, PAGE 3

Union chief fears ‘distressing year’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A prominent trade union leader has predicted “a very distressing year” for the Bahamian labour movement, describing the Attorney General’s ‘nolle’ instruction to drop a case against top Sandals Royal Bahamian executives last year as a “cardinal sin”.

Obie Ferguson, the Trade Union Congress (TUC) president, refusing to let the matter go, told Tribune Business: “It was catastrophic, fatal, a cardinal sin for the Attorney General to have done what she

did.

“The Sandals matter and several other matters are still outstanding as it relates to a general dispute. This year is going to be a trying year for the workers of this country. It is probably going to be one of the most difficult years for workers unless, of course, the Government takes a different position.”

Allyson Maynard-Gibson, the attorney general, has declined to give detailed reasons for her ‘nolle’ decision, but many in the legal profession have argued that she was entirely justified in her constitutional role to act as she did.

Wayne Munroe QC, who

was acting for Sandals in the dispute, effectively suggested that the union was trying to re-litigate a matter that was already being dealt with at the Supreme Court, something that legal precedent prevents it doing.

There were also suggestions that the union was seeking to use the criminal prosecution of the Sandals executives as ‘leverage’ in its ongoing dispute with the resort.

The TUC and its Bahamas Hotel, Maintenance & Allied Workers Union (BHMAWU) affiliate last summer blasted Sandals Royal Bahamian for its abrupt closure, which resulted in some 600 employ-

ees being made redundant, arguing that it was a ‘union busting’ move.

The resort chain, though, repeatedly argued that the closure was essential for much-needed $4 million repairs to take place at the Cable Beach property. The resort re-opened in late October.

The Government also came under fire for its handling of the matter. Both the TUC and the National Congress of Trade Unions (NCTU) slammed the Christie administration for what they described as its “deception” towards workers, after the Attorney General had directed that the criminal case against

Sandals Royal Bahamian and its top executives be discontinued.

The Attorney General also subsequently dropped the case against five union executives who had been accused of obstruction for protesting near the Sandals property on West Bay Street.

Mr Ferguson told Tribune Business: “It is difficult for the workers to get justice through the system, particularly where it involves the failure of an employer to negotiate an industrial agreement.

“You’re talking about three and four years. Then they go to the Government and make an application to

Inland Revenue moving on compliance efficiency The Inland Revenue Department is seeking to push more taxpayers to online payments, in a bid to improve efficiency, compliance and customer experience.

The move comes as all Value-Added Tax (VAT) registrants are now required to file their monthly and quarterly returns a week earlier, on the 21st of the month following the period end.

“We recognise that adjustments are necessary to

facilitate this change and advise business owners to move expeditiously to comply,” said Department of Inland Revenue controller, Roger Forbes. “The requisite penalty and interest fees will be applied to all late payments.”

To boost taxpayer convenience and compliance, the Department said it has expanded its online platform to facilitate the payment of real property tax.

Clients can now register and submit payments at

Baha Mar’s hiring to start January 16 From pg B1 initial elements are in fact met.”

The Government will also be especially keen that April 21 is hit, given that it is likely just two-three weeks before the date it will select for the imminent general election.

Given that just part of Baha Mar, including 700800 hotel rooms, is targeted for the first phase, the hope will be that CCA hits its targets with a smaller amount of real estate to work on.

“The opportunities will begin, certainly for employment, after January 16,” Mr Sands said, adding that the recruitment effort would employ both traditional and social media outreach.

Confirming that there would be no ‘first preference’ for former Baha Mar employees, Mr Sands urged Bahamians “to be ready and have their resumes dusted off”.

He said: “We’re looking for the right aptitude and good attitude. Those are the two key elements. They are critical.

“In some areas expertise and experience will be required. We will certainly do training once persons are hired as they will have to meet the specifications of resort brands.”

The Christie administration will be keenly hoping that the start of Baha Mar’s recruitment and hiring will finally convince Bahamians that the multi-billion dollar project’s opening is ‘for real’.

They will also want it to ‘change the narrative’ over Baha Mar, which last week

focused on the VAT exemption granted to the project’s entire construction completion - and not just to the main contractor, CCA. The ‘VAT exemption’ revelation added further fuel to claims by Opposition politicians that the Government has ‘given away’ too much to the Chinese, in terms of tax breaks and investment incentives, to ensure Baha Mar’s completion and opening.

And it reignited calls for the Government to fully disclose the various agreements it has made with the China Export-Import Bank, Baha Mar’s secured creditor, and CTFE to secure the project’s completion and opening. The agreement with the bank is currently ‘sealed’ by Supreme Court order.

Dionisio D’Aguilar, a former Baha Mar director under original developer, Sarkis Izmirlian, told Tribune Business that the Government’s agreements with the Chinese were “clearly a bad deal” that may end up costing the Bahamian people between $3-$4 billion.

“We mustn’t lose sight of what this has cost us already,” the FNM’s Montagu candidate said, adding that Baha Mar was set to open more than two years after the second missed deadline under Mr Izmirlian.

“These two years of delay have cost the economy of the Bahamas $2.5 billion, $600 million in lost wages and $400 million in lost [government] revenue so far.”

Arguing that the ‘VAT construction exemption’ represented “additional

www.propertytax.gov.bs.

This makes it possible for VAT, Business License fees and real property tax to be paid online, eliminating the frustration of long lines and the need to visit multiple agencies to meet tax compliance deadlines.

The six-step payment process requires the use of a credit or debit card to execute the payment after logging on to the department’s website at www.inlandrevenue.finance.gov.bs Payments can also be

made at any branch of the Royal Bank of Canada once taxpayers present all their account information.

“We are creating a new paradigm, and positioning the department to move away from over-the-counter payments,” said Mr Forbes.

“This is also part of our consistent effort to eliminate the frustration of long payment lines at our headquarters and create more convenient options. We have introduced a reliable, efficient and secure elec-

tronic process that makes it much easier for the public to pay its taxes and meet the established compliance deadlines.”

Real property tax payments for 2017 are currently due. Taxpayers are granted a 10 per cent discount on the current bill if they settle in full on or before March 31, 2017. Senior citizens will receive a 50 per cent discount on their owner-occupied property once their status is verified.

Taxpayers paying their arrears in full by March 31, 2017, will receive a 100 per cent waiver of their penalty surcharge. Customers unable to meet that deadline, but who can pay their arrears in full on or before June 30, 2017 will receive a 50 pe rcent discount on the surcharge.

Business License renewal applications also have to be submitted on or before January 31, 2017, to avoid late payment penalty. The payment of Business License fees is due on or before March 31, 2017.

cost” in terms of lost revenue, Mr D’Aguilar added: “The question is not whether this is a good deal or not, but was this the best deal available?

“Because they’ve clouded this transaction in darkness, it’s a deal baked in the backroom away from the Bahamian people.

“They tell us this was the best deal, but I contend that it was not, because the project has been delayed and they’ve been forced to give extra concessions. The cost of this transaction is humungous.”

Mr D’Aguilar did not identity the ‘better deal’ he was implicitly referring to, but it is likely to have been the repeated offers by Mr Izmirlian to re-purchase Baha Mar and make all creditors ‘whole’.

The former developer never provided ‘proof of financing’, though, and many - including the Government - felt he lacked the funding to do what he was promising, regarding his numerous offers as a ‘PR stunt’.

Mr D’Aguilar, though, argued that the ‘VAT exemption’ was necessary for the Government to “pay off their Chinese lover”, and questioned whether Beijing’s “tentacles have spread” far enough “to take control of our economy and government”.

“When they went all in with the Chinese, they became beholden to Beijing,” he added. “If they were happy with this deal, and thought it was the best deal, why not show it to the Bahamian people? We don’t know what’s transpired,

what’s been given away.”

However, one non-government source familiar with the Baha Mar completion agreements told Tribune Business that there was nothing unusual about the confidentiality surrounding the deal or the ‘VAT exemption’.

They explained that deals of Baha Mar’s size, wherever they occurred, were always negotiated quietly, and away from publicity.

However, the source acknowledged that the Government’s involvement - and especially the multibillion dollar tax incentives

and inclusion of Crown/ Treasury land - meant there were “competing factors” in play when it came to the arguments over secrecy and public disclosure.

“If you disassociate it from the controversy, very few big deals like this are done in the open,” they told Tribune Business. “That has nothing to do with Baha Mar itself.

“Any deal of this size, negotiated between the parties, will have numerous non-disclosure agreements and confidentiality agreements. People familiar with commercial transactions

know this.”

Suggesting that “nothing would have been done”, and no purchase of Baha Mar would have taken place, had the negotiations taken place in public, the source agreed that the Government’s involvement required “a balancing act” in terms of transparency.

They added, though, that the total VAT exemption granted for Baha Mar’s construction completion would likely have been given for any project of similar size, given that the tax is a ‘pass through’ which is paid by consumers.

call 502-2394 to advertise in the tribune today!

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the court saying that the industrial agreement has expired, and the terms and conditions that existed for the worker do not exist any more.

“They cannot deduct the union dues which the worker assigned because the employer failed to negotiate, and the Minister and the Attorney Genera prevent you from going to court to require the employer to negotiate. That is why I say that it is fatal. This is going to be a very distressing year, certainly based on this position by the Attorney General.”

of Quantity Surveying Review / Approve weekly accounts payable requests Various financial statement duties as assigned Other duties as assigned

Please email resumes to bahamasmillworkconstruction@yahoo.com

PAGE 4, Monday, January 9, 2017

UBS House deal gives ‘concern’ on Govt’s SPV use From pg B1 “If these are liabilities that are not being recognised, the long-term ramifications are clear and very serious,” he added.

“Again, we have had a downgrade attached to the debt situation, and to the extent there are liabilities not covered on the books, that should be a significant concern to us all.”

Other SPVs include Bahamas Resolve, the entity to which 13 ‘bad’ Bank of the Bahamas loans worth a net $45.2 million were transferred as part of the October 2014 ‘bail out’.

Those loans, and the responsibility for collecting them, are now the Bahamian taxpayer’s via the Government and Bahamas Resolve.

The latter also issued $100 million in government bonds to Bank of the

Bahamas to cover the balance sheet ‘hole’ created by the loans’ removal, with the payments supposed to be made via recovered loan collateral. If Bahamas Resolve is unable to realise the loans, then payment has to be covered by the Government/taxpayer.

Another SPV is Coral Insurance Company, which has been created to assume the remaining CLICO (Bahamas) insurance policy portfolio, again leaving the Government and taxpayer with potential liabilities.

The same type of entity will also issue the $650 million in rate reduction bonds (RRBs) to refinance the Bahamas Electricity Corporation’s (BEC) debt.

Meanwhile, sources close to the UBS House SPV deal confirmed that it had closed, and this newspaper can also disclose that UBS House and its ‘Annex build-

ing’ at the rear will become the new home for all the non-Central Bank financial services regulators.

The details are contained in a tender document seeking a project manager for ‘the outfit of UBS House’, which has been issued on the Securities Commission’s website in the name of Poinciana SPV Ltd. The ‘request for proposal’, which carries a bid submission deadline of Wednesday, January 11, confirms that the property - which stretches from East Bay Street all the way to Shirley Street - is under new ownership, and discloses the future planned usage.

“Upon a recent acquisition of UBS Corporate Centre, Poinciana SPV Ltd wishes to develop available space (comprised of the entire UBS House and vacant space in the UBS Annex Building) within a short timeframe to facilitate occupancy as soon as is possible,” the tender document said.

“The available space will

house, at a minimum, four financial services regulatory bodies (Securities Commission of the Bahamas, Insurance Commission of the Bahamas, Compliance Commission of the Bahamas and the Financial Intelligence Unit) and possibly one other entity, space permitting.”

Morley Realty has been appointed as property manager by Poinciana SPV Ltd, with the successful bidder required to outfit space that will include the collective 172 persons employed by the four financial services regulators, plus “one to two additional tenants”.

The Securities Commission, Insurance Commission and Compliance Commission are currently all located in Charlotte House on Shirley Street, while the Financial Intelligence Unit is not far away at Norfolk House, also in downtown Nassau.

The tender document suggests that upon relocation, the financial services regulators do not intend

REQUEST FOR QUOTATIONS

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K Peter Turnquest to have a spartan lifestyle, as the project manager is being asked to “design special purpose areas on the ground floor of UBS House” to include facilities such as a gym, day care centre and library.

Mr Turnquest, though, said it would be “premature” to question whether Bahamian taxpayers had received ‘value for money’ on the UBS House purchase, as the full facts had yet to be divulged.

Tribune Business sources are also questioning how the Government has financed the UBS House purchase.

It was originally supposed to raise capital from a $20 million bond issue to Bahamian investors, placed

by Providence Advisors, with the securities carrying a 5.5 per cent interest coupon and 15-year maturity.

However, Providence Advisors was ultimately told to “hold off”, and the Government financed the acquisition through alternative means.

The closing date for the UBS House deal was extended several times, having originally been scheduled for February 2016.

One of the delays related to concerns that the parking lot for UBS House and its annex building had extended beyond the stipulated boundaries, a situation that was eventually resolved.

Tribune Business previously reported that Poinciana SPV Ltd will be owned by the Public Treasury, but have a Board of Directors

to advertise today in the tribune call @ 502-2394

that is independent from the Government.

John Rolle, the former financial secretary, confirmed both the Government’s interest in UBS House and the SPV structure to Tribune Business in 2015, adding that the latter might be used for other real estate purchases.

He said the acquisition of UBS House and affiliated properties was part of a wider strategy to reduce the Government’s costs associated with leasing property.

It typically rents, rather than owns, its real estate, and the UBS deal effectively indicates a change of plan with regard to the Government’s property management strategy as it seeks to save dollars wherever it can, due to the strained fiscal position.

However, the now-Central Bank governor added later: “It is more accurate to say that the Government is sponsoring a vehicle to purchase property.

“The assigned income from the leases will pay for the property...... Details will be published in due course.”

UBS (Bahamas) had been seeking more than $22 million for its three-storey, 33,000 square foot headquarters building and two other properties combined.

UBS House was initially marketed by Bahamas Realty as a three-storey trophy office building with a total rental area of 33,162 square feet, and a 240 space car park.

UBS Annex, which sits at the rear of the bank’s corporate office on East Bay Street, was marketed as a ‘two-storey, class A’ office building with 23,544 square feet of office space and 162 car parking spaces.

The total area consists of about 56,876 square feet or 1.31 acres, with 247.8 linear feet of frontage on to Shirley Street.

Institution: The American Development Bank Country: The Commonwealth of the Bahamas Project Trade Sector Programme Sector: International Trade Abstract: Procurement of IPR Computer Equipment and Stationary Supplies Loan No.: 2756/OC-BH Contract/Bid No. :3.2.4.3A/B Deadline January 27th January 2017 at 4:00pm (Nassau, Bahamas Time) The Ministry of Finance of The Commonwealth of The Bahamas has received USD$16.5 million in funding from the Inter-American Development Bank (IADB) (Loan BH-L1016, Project No. 2756/ OC-BH), to implement a Trade Sector Support Program. The overall objectives of this program are to improve the operational efficiency of the Customs and Excise Department (CED) and to prepare the Government of The Bahamas for accession to the World Trade Organization (WTO).

The Registrar’s General’s Department of the Attorney General’s Office is seeking to procure Computer Equipment (3.2.4.3A) and Stationary Supplies (3.2.4.3B) to enhance its IPR operations.

The selection process for vendors is guided by section “III .Other Methods of Procurement, paragraph 3.5 (Shopping) ” set out in the Inter-American Development Bank: Policies for the Procurement of Goods and Works financed by the Inter-American Development Bank (GN-2349-9) and is open to all eligible vendors as defined in the policies.

Interested vendors may obtain further information by emailing: customsproject@bahamas.gov.bs or janicadeveaux@bahamas.gov.bs .

Bids can be submitted electronically at the address indicated below by January 27th, 2017 at 4:00pm (Nassau, Bahamas Time); Chairman Tenders Board REF: Procurement of IPR Equipment and Supplies Ministry of Finance, West Bay Street, P.O. Box N3017 Nassau, Bahamas Email: tendersboard@bahamas.gov.bs Email: keresahall@bahamas.gov.bs Email: tonyaferguson@bahamas.gov.bs Email: customsproject@bahamas.gov.bs

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

GEOPLAN MANX LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), GEOPLAN MANX LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 5th day of December, 2016.

Alvin Arthur Harding 4 Athol Street, Douglas Isle of Man IM1 1LD Liquidator

THE TRIBUNE

Monday, January 9, 2017, PAGE 5

Regulator rejects bank fee controls despite 43% rises From pg B1 The survey, reflecting previous comments by Central Bank governor, John Rolle, said improved consumer protection and financial literacy were the best safeguards to concerns over increased bank fees, and promised to “strengthen” these areas.

“An analysis of data compiled over the last six years showed that banks have raised fees on a significant number of the services charged and, in some cases, introduced new categories of fees on existing facilities,” the Central Bank said.

“However, there have been a few instances where fees have been adjusted downwards, particularly for those which are considered high volume services.

“While the current framework reflects structural factors impacting the domestic financial sector, the sector would benefit from initiatives on several important fronts.

“This includes strengthening practices and codes on financial literacy and consumer financial protection, which the Central Bank will pursue under its strategic focus on the sector. It is, however, believed that a direct response through price controls would introduce adverse distortions in the sector.”

The Central Bank’s declining of price controls is unlikely to be welcomed by many Bahamians, who believe commercial banks had imposed disproportionate and unwarranted new fees and increases in a bid to regain some of the profitability lost due to the sector’s $1 billion-plus pile of non-performing loans.

The publication of the six-month survey’s findings is probably at least a partial response by the Central Bank to such public concerns, and may reflect a desire by the regulator to show it is addressing them.

However, the regulator said it was not responsible for regulating bank fees, while the industry body, the Clearing Banks Association (CBA), did “not determine or influence charges”.

The Central Bank admitted that the only protection Bahamian consumers have is the Banks and Trust Companies Regulation Act and the CBA’s Code of Conduct, yet these only stipulate that institutions inform customers in advance of fee changes.

The survey acknowledged that fee income is “the second most important source of revenue” for Bahamian commercial banks after the interest earned on loan repayments.

“While fee setting is driven by profitability targets, they also reflect the banks’ focus on compensating for other structural gaps in their revenue streams,” the Central Bank survey acknowledged.

Over the 11 years from 2005-2015, the survey found that the industry’s net interest margin had grown by an average 4.4 per cent per annum, rising from $355.4 million to $541 million over the period.

When combined with commission and foreign

exchange earnings income, the industry’s gross earnings margin had grown by an annual average of 4.2 per cent between 2005-2015, also peaking at $511.7 million in the latter year.

Fee income, though, had expanded at a slightly higher rate over the same 11 years, growing the fastest by 4.8 per cent per annum, although the $111.3 million generated in 2015 did not represent the peak - $120.3 million achieved in 2008, just before the global recession.

The Central Bank said that as a percentage of the commercial banking industry’s retained earnings, fee income had averaged 19.9 per cent between 20052015, growing at an annual rate of 0.3 per cent.

This, again, was not markedly different from the average 0.2 per cent growth in net interest margin, and 0.7 per cent contraction in commission and fee income, exhibited over the same period.

The Central Bank, though, conceded that the higher growth rate for fee income “coincides with the significant increase in nonperforming loans as a percentage of total loans”.

“Given the concerns raised by several segments of the public regarding the commercial banks’ fees, in an environment where banks operating costs as a percentage of total assets have been relatively stable, with a few exceptions, the Central Bank’s upcoming work programme on bank fees will target consumer protection and financial literacy, in terms of best practices which banks should follow on client relationships,” the survey said.

“The Bank will also advocate for structural reforms in the domestic credit market to improve the qual-

ity of lending decisions and reduce resulting costs from borrower defaults.”

The survey acknowledged that “key” to this latter initiative is the long-heralded creation of a Credit Bureau, adding: “Realisation of the domestic Credit Bureau will also have benefits for improved lending decisions that reduce banks’ exposure to losses from loan defaults, and permit more transparent and tailored setting of charges on credit facilities according to the risk posed by each customer.

“Continued progress on payment systems’ reforms is also a priority to provide more residents with lower cost electronic alternatives to cheque writing/cashing and cash withdrawals. Recommended intervention to address other structural constraints which impact costs will also remain high on the Central Bank’s work agenda.

“The Central Bank will also review, where recommended, taxation policy reforms which can be identified to optimise the Government’s intended revenue targets for the domestic financial sector, while minimising downstream impacts on services pricing.”

When it came to the fees themselves, the Central Bank noted that over the six-month period to endJune 2016, the average per cheque cashing fees had increased 43.26 per cent to $1.69.

‘Stop payment’ order fees also rose 17.14 per cent to $22, while the average monthly maintenance fee for accounts where there had been no activity for six months grew 16.78 per cent to $5.26.

“With regard to business checking accounts, it was observed that fees levied on these balances did not vary widely from those of personal accounts,” the survey found.

“A breakdown of the fees assessed showed that the average per cheque draw-

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, COLETTE MARIE BRICE of Dumping Ground Corner, New Providence, Bahamas, intend to change my name to COLETTE MARIE MORLEY. 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 the publication of this notice.

NOTICE

NOTICE is hereby given that Dr. ALPHAEUS MICHAEL ALLICK (JR.) of Misty Gardens off Marshall Rd., P.O. Box N8592, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that

KYRSTAL BROWN

of

Lucaya Circle, P.O.Box N8417, New Providence, Bahamas is applying to the Minister responsible for

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

ing charge increased by 35.32 per cent to $1.17 on business accounts. In addition, the stop payment order fees firmed by 27.39 per cent to a rate that was similar to those incurred on regular chequing accounts ($22.50)....

“The average early withdrawal charge remained

the same over the review period at $36.75, whereas fees associated with interim statement printouts saw an increase in the average cost by 35.78 per cent, from $7.68 to $10.43.”

Cheque-cashing fees for non-customers were introduced by two banks, and averaged $7.69 per cheque,

the Central Bank found.

Another two were levying $1.21 per transaction on automated banking machine (ABM) deals.

Some fees, including those for late credit card payments, dishonoured cheques and replacement of cards, dropped over the six months under reviews.

www.ub.edu.bs

NOTICE

FACULTY VACANCIES Suitably qualified candidates are invited to apply for the following positions at University of The Bahamas: Senior Management • Dean, Continuing Education and Lifelong Learning • Dean, Faculty of Liberal and Fine Arts • Dean, Faculty of Business, Hospitality and Tourism Studies • Dean, Faculty, Northern Bahamas Campus • Associate Vice President, Northern Bahamas Campus Management • Executive Director, Culinary Arts and Tourism Studies Middle Management • Grants Coordinator Staff • Grants Writer Faculty • Faculty of Business, Hospitality & Tourism Studies o Assistant Professor, Accounting (full-time) o Assistant Professor, Management/Marketing (full-time) • Faculty of Communication and Creative Arts o Assistant Professor, Spanish (full-time) o Assistant Professor, French (full-time) o Assistant Professor, French and Haitian Creole (full-time) o Associate Professor, Choral Conducting/Piano (full-time) o Media Lab Technician (full-time) o Part-Time Lecturer, Art (Ceramic Art) o Part-Time Art Studio Technician • Faculty of Pure and Applied Sciences o Associate Professor, Agriculture (full-time) o Assistant/Associate Professor Architecture (full-time) o Assistant/Associate Professor, Biology (full-time) o Assistant /Associate Professor Chemistry o Assistant/Associate Professor Electrical Engineering/Engineering Technology (full-time) o Assistant/Associate Professor, Physics o Assistant/Associate Professor Applied Mathematics (full-time) • Faculty of Social and Educational Studies o Assistant Professor, History (full-time) o Assistant Professor, Law (full-time) o Assistant Professor, Law and Criminal Justice (full-time) o Assistant Professor, Psychology (full-time) o Assistant Professor, Sociology (full-time) o Assistant/Associate Professor, Education (full-time) o Assistant/Associate Professor, Mathematics Education – Elementary (full-time) o Assistant/Associate Professor, Mathematics Education – Secondary (full-time) o Assistant/ Associate Professor, Special Education (full-time) • Faculty of Liberal and Fine Arts o Assistant Professor, Rhetoric and Composition (full-time) o Assistant Professor, Rhetoric and Composition and Caribbean Studies (full-time) o Assistant Coordinator, Language Resource Centre (full-time) • University Libraries o Law Librarian (full-time) o Campus Librarian, Librarian II – Northern Bahamas Campus (full-time) For more information visit http://www.ub.edu.bs/about-us/career-opportunities/ Materials should be submitted electronically, attention Office of Academic Affairs, University of The Bahamas via e-mail at facultyapply@ub.edu.bs by March 6, 2017. Send all documents together, including: 1) cover letter describing academic philosophy and vision, research and publications; 2) curriculum vitae; 3) sample course syllabus; 4) official copy of all academic records; 5) representative sample of research, publication or creative work; 6) at least one letter of recommendation; and 7) a UB application form.

Note the position in the subject field of the email. Hard copy submissions will not be accepted. Incomplete files will not be considered.

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PAGE 6, Monday, January 9, 2017

Opposition ‘demeans their credibility’ over Baha Mar VAT break From pg B1 automatically opposed anything the Government of the day did, and compared the Baha Mar ‘VAT’ controversy to the 1990s dispute that arose over incentives granted to Kerzner International for the Atlantis expansion.

Pointing out that the FNM was then in office, Sir Franklyn argued that investment incentives for major developers were acceptable so long as they did not amount to “more than 20 per cent of the marginal increase in GDP”.

He added that the Christie administration, in the

case of Baha Mar, was acting no differently from US president-elect, Donald Trump, when it came to preserving and creating jobs for its citizens.

“When a country, even a country as large as the US, seeks to create jobs, they provide incentives. That’s what they do; that’s what happens,” Sir Franklyn said.

He added that the type and amount of incentives and tax breaks granted depended on both the skill of each side’s negotiators, and

MARKET REPORT FRIDAY, 6 JANUARY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,920.97 | CHG 0.07 | %CHG 0.00 | YTD -17.24 | YTD% -0.89 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.22 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.31 11.00 9.00 6.90 12.25 11.00

52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.72 11.91 2.18 1.31 5.60 6.70 8.56 6.12 6.35 11.81 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 2.01 3.91 1.93 169.70 140.34 1.46 1.67 1.56 1.10 6.94 8.65 5.92 9.94 11.15 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 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.50 11.91 2.18 1.60 5.82 9.30 10.95 8.74 6.75 11.93 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.27 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.50 11.91 2.12 1.60 5.82 9.31 10.95 8.74 6.75 11.93 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 -0.06 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.23 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.04 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

500

1,000

VOLUME

NAV 2.01 3.90 1.93 169.70 140.34 1.46 1.66 1.56 1.07 6.94 8.65 5.92 9.59 11.15 9.57

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 13.4 11.7 8.4 16.0 N/M N/M 30.3 15.4 11.5 19.4 22.6 22.6 9.6 11.4 15.2 11.4 13.4 9.6 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 5.12% 2.83% 2.50% 4.12% 2.95% 0.00% 3.20% 1.78% 5.36% 0.00%

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST 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% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%

the “specific circumstances” surrounding the potential investment to be made.

“What’s the controversy?” the Sunshine Holdings chairman asked. “If you want jobs, that’s what you do. All governments do that.

“Specific negotiations depend on local circumstances and where you are.

If you’re more desperate for the jobs, you give more.

They are rewards to encourage economic growth.”

The Christie administration is certainly desperate for the initial 1,500 jobs promised with Baha Mar’s first phase opening on April 21, given that the next general election will likely be called within two-three weeks of that date.

The need to incentivise the China Export-Import Bank to both finance Baha Mar’s $600-$700 million construction completion, and make available $100 million to compensate the project’s Bahamian creditors and former employees, even though these were not its liabilities, is also likely to have influenced the incentives granted by the Government.

However, it will also have been constrained by the ‘Most Favoured Nation’ clause in Atlantis’s Heads of Agreement, which require that the Paradise Island-based resort receive the same incentives as those granted to any other Bahamas-based developer.

The Government,

though, will likely be hoping that Bahamians forget about the numerous Baha Mar controversies of the past two years as a result of the employment boost, and many observers are interpreting both the ‘VAT exemption’ and ongoing secrecy surrounding the Government’s agreements with the Chinese as evidence that it has had to concede more incentives than normal.

Sir Franklyn, though, compared Baha Mar’s VAT ‘tax break’ to Mr Trump’s calls for the company, Carrier, to keep jobs in Indiana - a request it ultimately agreed to, aided by tax incentives provided by that US state.

“It’s so predictable that one party in office negotiates this thing,” he added of Baha Mar, “and the Opposition say they’ve given this away for a couple of jobs.

“How can you possibly describe what is happening at Baha Mar as concessions being given for a couple of jobs? It’s not responsible.

It’s not credible. To me, it just demeans the politician that says it.

“In Opposition, you can make statements that are stupid and create controversy around it. It makes no sense. It is so predictable, and so almost shameful.”

Sir Franklyn continued: “It is like if the unemployment statistics came out and have come down, you know what people are going to say; you can predict what

NAV Date 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-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 - 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

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

THE TRIBUNE the Opposition party is going to say. If the numbers go up, you can predict what the Opposition party is going to say.

“All these things are turning the electorate off.

It’s like a game. It’s so predictable. It’s so sad.”

Arguing that Bahamians had “seen this movie before”, Sir Franklyn recalled the political controversy over the investment incentives granted to Kerzner International for the two Atlantis expansions in the 1990s.

Pointing out that the roles were reversed, with the FNM in government and PLP in opposition, the late Paul Adderley, the latter’s then-finance spokesman, set out the party’s case.

“At least there was an effort to be intelligent about it,” Sir Franklyn told Tribune Business. “Adderley’s case was not that the concessions should not have been granted.

“His argument was that we shouldn’t be doing business with someone from South Africa when the Gleneagles Accord was against it, and the level of concessions was excessive. I didn’t understand him to be saying that the expansion Kerzner was doing was not material to the economy.”

Sir Franklyn argued that if it had not been VAT, the Government would have agreed to give the Chinese another, different tax break.

“Whatever works for the two parties negotiating, that’s what it takes. If not, they find some other way to give incentive benefits.

What works for me as a government and you as a developer, that’s fine,” he added, explaining his benchmark for determining whether incentives were justified.

“Every time there’s growth in the economy, approximately 20 cents of every extra $1 generated ends up in the Treasury as tax,” Sir Franklyn explained.

“Once the Government is not giving away concessions that translate into more than a 20 per cent increase in marginal GDP growth, the country is better off in terms of the maths.”

. C O M

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