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THURSDAY, JANUARY 13, 2022
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‘Red flags’ over financial sector growth eliminated • EU delisting ‘sets stage’ for cross-border increase • AG hails ‘fantastic news’ that ‘repositions’ industry • Banks refused to process Bahamas transactions
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS’ removal from Europe’s blacklist “sets the stage” for financial services growth by eliminating the last “red flags” to doing business with this nation, a Cabinet minister said yesterday. Senator Ryan Pinder, the attorney general, told Tribune Business that The Bahamas’ delisting by the European Union
Dorian-hit islands slam VAT change as ‘short-sighted’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s assertion that reimposing VAT on construction services in Dorian-hit islands will only hurt a “minority” of wealthy homeowners was yesterday blasted as “short sighted”. Ken Hutton, the Abaco Chamber of Commerce’s president, told Tribune Business that the Government’s rationale appeared to neglect the fact that such second home and vacation rental property owners were “the driving force” of the island’s economy prior
to the devastating Category Five storm. As a result, he warned that Abaco’s revival will “suffer” if such homeowners decide to “walk away” perceiving that the restoration environment is unfriendly to their interests as a result of reintroducing 10 percent VAT on the very construction services they require to rebuild their homes. And, with between 40-50 percent of properties in areas such as Murphy Town, Dundas Town, Great Cistern, Spring City and Treasure Cay “still uninhabitable”, Mr Hutton said the end to such tax relief is “probably going to hurt a
SEE PAGE 7
(EU) was “fantastic news” and “repositions the country in a favourable light to attract more cross-border business” given that any remaining concerns about the strength of its antifinancial crime regime have now been swept away. Given that “any kind of cross-border business from The Bahamas”, including that with EU-headquartered banks and their branches, had potentially been impacted by the 27-nation bloc’s decision to list this country
in October 2020, he described the jurisdiction’s escape as “extremely significant” given its economic model that is focused on international commerce. Mr Pinder, confirming that the European Commission, the EU’s civil service, had taken the decision to delist The Bahamas on Friday, January 7, added that this recommendation was on Tuesday passed to the EU Parliament for it to change the law to reflect this action.
SEE PAGE 10
RYAN PINDER
IHOP Bahamas arrival targets up to 130 jobs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN entrepreneur yesterday revealed plans to create up to 130 local jobs by making this nation “the anchor for the whole Caribbean” with the IHOP franchise he has just secured.
Burton Rodgers told Tribune Business the agreement reached with the pancake-led restaurant chain that “is iconic to Bahamians” had been “a passion project” involving a five-year pursuit before he sealed the deal with the franchisor. The businessman and his partners in Bahamas Limited are aiming to launch
the first Bahamas-based IHOP restaurant in Nassau by late 2022, and possibly as early as the third quarter depending on its location, then ultimately expand to three to four sites - all on New Providence - within two to three years. Declining to provide figures on the investment
SEE PAGE 6
BURTON RODGERS
Bahamas targets ‘40 out of 40’ compliance
‘This is the time to get out’ of oil exploration
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas is aiming to be “40 out of 40” and achieve near-total compliance with global anti-financial crime standards this year, the attorney general said yesterday.
Senator Ryan Pinder told Tribune Business the jurisdiction was aiming to “take the last strides” to meet the Financial Action Task Force’s (FATF) so-called ‘40 recommendations’ after its regional affiliate found
SEE PAGE 3
ENVIRONMENTAL activists yesterday renewed arguments that a permanent ban on oil drilling in Bahamian waters “really makes sense now” as they
urged the Davis administration to act. Principals of then Our Islands, Our Future coalition, in a January 12, 2022, letter to Prime Minister Philip Davis QC, asserted that “this is the time to get out” of exploratory oil
SEE PAGE 3
PAGE 2, Thursday, January 13, 2022
THE TRIBUNE
REIGNITING THE DEBATE ON BAHAMIAN TAXATION C
OMMENTING on public policy issues requires careful and determined effort given that these are always fluid and dynamic, while positions taken often draw scrutiny. Over this series of articles looking at the Bahamian tax regime, I am always mindful there are things I do not know, but with careful analysis there are important matters that can be explored. This, the final of four pieces, looks at developing issues that have the potential to move the needle while sharing a few cautionary points. In the third article, while attempting to show the urgent need for tax reform and arguing against being wedded to any one
strategy, I outlined the following: “Consider the 2021-2022 budget projections. Revenue was projected at $2.244bn, and expenditure $3.198bn. Without any deep analysis, there is a $951m deficit that is unfunded by taxation and therefore must be covered by debt financing. This provides a glimpse into the fact that the country’s tax revenue is not sufficient to meet its obligations. One could argue that fiscal 2021-2022 is in the midst of the greatest revenue downturn experiences by The Bahamas, and this would be accurate. However, let us remind ourselves that pre-pandemic we also had significant deficits (2017 $660m; 2018 - $415m; 2019 - $215m) and, in fact, had them for many decades prior. The numbers show that over a sustained period revenue has never been sufficient.” This clearly shows where we are as a country. The level of recurrent revenue being generated by the tax system is inadequate to cover recurrent and capital expenditure. The article then further elaborated: “This [the above] is supported by the narrow percentage of revenue-to-GDP, which over the last five years has been as low as 15.3 percent (COVID impacted), and is projected to be only at 18 percent in the current fiscal year. These low percentages must be assessed against the ideal revenueto-GDP ratio of 25 percent that was declared by the Prime Minister. We are currently, at best, 7 percentage points below that benchmark based on projections, not actual performance. Thus the very process of budgeting before anything goes wrong, before targets are missed, before any potential shocks, anticipates insufficient revenue. Therefore, in my opinion, the appropriate starting point for any discussion is to ask why it has been impossible for government to collect more of the revenue it needs to run the country.” It is obvious that the Davis administration has started to seriously ask this question, and formulate strategies to fix the problems identified. According to recent statements by the Simon Wilson, the Ministry of Finance’s financial secretary, there are plans underway to shift the level of revenue-to-GDP from the historical averages to 25 percent. Part of this strategy includes increasing real property tax collections to 3.5 percent of annual GDP. It includes undertaking a gap analysis on VAT to determine where there are sectors or businesses that are not paying what is due. There are plans to take a careful look at compliance for Customs duties; the formation of the Revenue Enhancement Unit; and “a study on corporate tax, given global pressures for such a levy with a 15 percent rate”. The sum of these strategic initiatives is expected to get The Bahamas to that important revenue benchmark. The cautionary note here is that the historical trends are actual results realised against much higher forecasts. The direction of the thinking is spot on. However, will actual performance hold true? The
Hubert Edwards By
administration is confident that these measures will address the issues faced by The Bahamas. We would all be happy to see this come to fruition, but careful assessment would show this is not going to be easy. I believe we should all work hard in supporting the country in this direction, and be committed to play whatever role is possible to meet these targets or get as close as possible thereto. The current stance, I believe, bears out the positions I have consistently taken, which are that the Government needs additional revenue and, to achieve that, it will require us to pay more. The pronouncement that there will be no new taxes seems to take us in the direction of increases in existing ones, as evidenced by the declaration around real property tax. However, will this approach of broadening the tax base and improved compliance be sufficient to achieve our goals? This is the main question that drove this brief analysis in my third article. “At 12 percent, VAT was projected to produce $800m. This will likely yield more with the recent changes. However, applying fuzzy mathematics, consider that a doubling at that level, to 24 percent, would have been insufficient to eliminate the projected deficit of $951m. Such is the gravity of what we face. Juxtaposed against $10bn in debt, $512m in interest expenses, and $700m for government salaries and emoluments (collectively 38 percent of revenue and 54 percent of the non-deficit funded revenue), we should appreciate the need to carefully look within to determine the need for tax reforms”. Making up a near-$1bn gap without any new taxes will be challenging. Securing this level of additional revenue is certainly not impossible, but such an argument becomes more convincing where there is openness towards increasing taxes in some areas or to reform existing ones, creating revenue positive outcomes as seen recently with VAT. The 25 percent revenue-to-GDO, and the strategies being employed by the Government, as outlined above, are positive and a step in the right direction. Twenty-five percent, achieved consistently, and assuming no fundamental increases in spending, will lead to a near-balanced Budget but not solve core economic and development challenges. The proper context for assessing optimal tax solutions, including the sufficiency thereof, has to be set against a comprehensive
SEE PAGE FIVE
THE TRIBUNE
Thursday, January 13, 2022, PAGE 3
CRUISE SHUTDOWN NOW WOULD BE WORSE THAN AT COVID START By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN destination and tour provider yesterday said a cruise industry shutdown now would have a greater impact than two years ago at the start of the COVID19 pandemic Peter Rebmann, Pearl Island’s managing partner,
told Tribune Business: “We have concern seeing the rising numbers of American cases that it comes to a point where the cruise line industry will again be on hold. “Right now I think everybody, from governments down to the cruise ships, everybody understands what a disaster that would be and it would potentially threaten the existence of one or more cruise lines.
“We understand that the ships are only 40 percent to 50 percent occupied,” he added. “That means their revenue stream is on a very low budget, too, and there are no big reserves like it was two years ago. “They already are financed up to their chin. The debt they put on in the last two years is tremendous, so a stop in this industry now would have a much bigger consequences than it did two years ago.”
Mr Rebmann said the current volume of cruise ships arriving at the Nassau Cruise Port (NCP) is “not a big help” for his business because most lines are reverting back to “bubble tours” for their passengers due to the surge in Omicron variant-linked cases. So-called “bubble tours” are seen as placing many tour and ground transportation operators at a disadvantage because the cruise lines dictate where
BAHAMAS TARGETS ‘40 OUT OF 40’ COMPLIANCE FROM PAGE ONE affiliate found The Bahamas was either largely or fully compliant with 38 of the standards in a December 27, 2021, report. The Caribbean Financial Action Task Force’s (CFATF) assessment meant The Bahamas “can boast” of “one of the highest compliance ratings on the region” when it came to meeting global anti-money laundering and counter terror financing standards, Mr Pinder told the opening of the legal year, adding that it was “something we should all be proud of”. In a subsequent interview with this newspaper, he said the Government was hoping to achieve compliance with all 40 at some point in 2022. “We hope to make the last strides to become ‘largely compliant’ or ‘fully compliant’ in the full 40 recommendations this year,” he said. “We are leaders in the region in compliance with the full 40 FATF recommendations. “There’s a lot of moving parts and a lot of multinational bodies that impose
obligations on you. We have an entire division at the Attorney General’s Office dealing with that, and that’s all they work on. We think we are well on our way to meeting those obligations. We are looking to put in place what needs to be in place to be 40 out of 40, and are working day in, day out to get there.” Mr Pinder said he understood The Bahamas may be reviewed again by the likes of the CFATF as early as the 2022 first quarter end, adding that the Government was working closely with financial services regulators and the private sector to implement a framework that “satisfies” it and the parent FATF. The CFATF report, which has been seen by Tribune Business, reveals that one of the two areas where The Bahamas is deemed to be only “partially compliant” - and, indeed, where it was downgraded in the latest assessment, was a category that it hopes will be a major growth driver - digital assets. Justifying its actions, the CFATF referred to the
Digital Assets and Registered Exchanges (DARE) Act, and said: “The Securities Commission has not established guidelines in relation to the DARE Act which will assist all virtual asset service providers in applying national measures to combat money laundering and terrorist financing, and, in particular, in detecting and reporting suspicious transactions.” The CFATF, which is the Caribbean affiliate of the global standard-setter on anti-money laundering and counter terror financing, also raised concerns about the Securities Commission’s ability to identify unregistered persons operating in contravention of the DARE Act. “The Bahamas submitted the Securities Commission has established robust processes by which the Commission is able to identify unregistered persons engaged in activities regulated under DARE,” the report said. “These processes include: The ability of the public to file complaints with the
‘THIS IS THE TIME TO GET OUT’ OF OIL EXPLORATION FROM PAGE ONE drilling given rising climate change concerns and the fact that the former Bahamas Petroleum Company (BPC) possesses no active licences. “This is our time to act now, and with a sense of urgency as we have no legal obligation that would prevent us from doing so,” said Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) head, and Rashema Ingraham of Waterkeepers Bahamas. “This is clearly not the time to get into this business, this is the time to get out, and progress towards stronger blue and green economies for The Bahamas and a sustainable future. For the first time since 2007 there are no active oil drilling licences in The Bahamas. Please help lead this by banning fossil fuel exploration and drilling in The Bahamas.” Asked by this newspaper how confident activists were that the Government will move in this direction, Mrs McKinney-Lambert replied: “A permanent ban on oil drilling really makes sense at this point in time given
that the exploration licences have been expired for more than six months. “I feel confident that we are moving in the right direction. It’s the right thing to do to safeguard Bahamian lives and livelihoods.” Upon his return from the global climate summit in Glasgow, the Prime Minister indicated that while he might allow exploratory drilling he would not permit actual oil production/extraction but instead seek to use this as leverage to obtain carbon credit compensation. “We wish to reiterate our recent expression to you, dated 18 October, 2021, of our vigorous opposition to oil drilling in Bahamian waters and strongly urge that we move together to impose a permanent ban on fossil fuels exploration anywhere in our maritime borders,” Ms McKinney-Lambert and Ms Ingraham added. “As we have all learned of and experienced the damaging impacts of global warming to coastal nations like The Bahamas, we must all agree that such oil development activity would only exacerbate our current climate crisis.
“The permanent ban will move The Bahamas away from filling the dual roles of climate victims and of a fossil fuel colony for investors, and allow us to build up and grow stronger blue and green economies.”
Securities Commission and the Securities Commission following up with investigations; the Securities Commission’s own surveillance and enforcement programme identifying potential unregistered persons and investigating them; and in cases where it is determined that unregistered persons may be carrying out registrable activity, public notices are issued, and a criminal complaint is filed with the police. However, procedures to reflect these measures were not provided.” Christina Rolle, the Securities Commission’s executive director, last night said the regulator was “well on our way” to addressing the concerns highlighted by the CFATF. “We need to do a risk assessment in the virtual assets space,” she told Tribune Business. “We’re currently doing that assessment and expect to conclude that by March this year.” Ms Rolle said the regulator typically issued anti-money laundering and counter terror financing guidelines for all sectors
Ms McKinney-Lambert also reiterated calls for the Government to publish key details regarding BPC’s (now Challenger Energy Group) first Perseverance One exploratory well, including the licence agreement, as well as provide an update on the status of its licence renewal bid.
their passengers go, and under what circumstances, in a bid to mitigate against COVID transmission. Bahamian companies have little room for negotiation with the cruise companies due to these protocols. Mr Rebmann added: “That means they do not want any other cruise ship guests from other companies besides them. That means if there are five ships in Nassau, most likely I can only get one ship.”
While larger tour operators can spread their guests out over their activities, Pearl Island does not have that luxury. While there has yet to be any sign of a cruise industry shutdown to mirror that which took place in March 2020, lasting until early summer 2021, several vessels have now either been turned away or not called in The Bahamas due to onboard infections and changed travel protocols.
that it supervised, such as the securities industry and investment funds, and added: “We have to do the same thing for DARE. We’re in the final stages of drafting those rules, and expect to issue them for public consultation by the end of this month.” The only other area where the Bahamas was rated “partially compliant” relates to its regulation of non-profit (NPO) entities such as charities. “There was no evidence to demonstrate work with NPOs to develop and refine best practices to address terrorist financing risk and vulnerabilities,” the CFATF report said. “Also, whilst there is an obligation to maintain financial records under Section 9
of the NPO Act, there was no specific mechanism to encourage NPOs to conduct transactions via regulated financial channels wherever feasible.” The report added: “There is no evidence that the registrar utilises a risk-based approach to supervision or monitoring. The Bahamas indicated that upon completion of the risk assessment of the remaining NPOs (only 152 out of 685 had been risk assessed at the time of submission), those NPOs deemed high risk for will comprise the sub-set of NPOs for vigorous oversight in accordance with the FATF recommendations. No documentation to this effect was provided.”
PAGE 4, Thursday, January 13, 2022
THE TRIBUNE
ALTERNATIVE’ LENDERS JUMPSTART GOV’T COMPLEX VIA $9M FACILITY CONSTRUCTION work on the Eight Mile Rock government complex resumed this week after some $9m in financing was provided by a Bahamian lender and its Jamaican partner. The restart, which will generate work for around 100 construction workers, aims to complete the complex by the 2022 third quarter following the provision of funding by Simplified Lending and Jamaica-based Sygnus Capital Group. Ginger Moxey, minister for Grand Bahama and the Pineridge MP, witnessed the return of heavy equipment and manpower to the longabandoned administrative complex site in Eight Mile Rock. “The sound of equipment, and the sight of men and women working on the job, is a signal that this site is back to life,” said Mrs Moxey. “This is a great way to begin 2022 on Grand Bahama because our people have been through so much since the passing
of Hurricane Dorian in September 2019.” Construction of the administrative complex was stalled by Hurricane Dorian and then the COVID-19 pandemic. The complex includes two large buildings that will house all government services when completed - offices and facilities for the courts; the Royal Bahamas Police Force; Department of Immigration; Customs Department; National Insurance Board (NIB); Department of Social Services; Road Traffic Department; Bahamas Passport Office; and other government agencies. Mrs Moxey described the construction completion as a government priority, and said: “The construction, outfitting and opening of this complex will jump-start the economy of west Grand Bahama and give the people a new beginning. “This project could not have come back to life so quickly had it not been for the two companies that joined forces to provide
flexible funding. I want to commend Simplified Lending, our own Bahamian private financial institution and alternative funding firm, and Jamaica-based Sygnus, one of the Caribbean’s leading alternative investment companies, for believing in The Bahamas and especially in this key project in west Grand Bahama.” Sygnus and Simplified Lending both aim to provide flexible funding solutions to medium-sized businesses and projects. That includes bridge financing, and allowing for funding with flexible payment structures and terms. “We at Sygnus are all about long-term partnership, relationships and creative financing solutions. As a result, we are delighted to expand our relationship with Simplified Lending and The Bahamas government by participating in a project that is so critical to the Grand Bahama economy, an island that suffered a double whammy with Hurricane Dorian and COVID-19,” said Sygnus
WORK resumed this week on the government complex at Eight Mile Rock, Grand Bahama, thanks to $9 million in funding though Bahamian-based Simplified Lending and Jamaica-based Sygnus Capital Group. chief executive Berisford Grey. “From the time we opened our doors in 2016, we wanted to break the mold of traditional financing solutions by using financing structures much more customised and aligned to the needs of a project or a client, and in this case, the solution we were able to provide de-risks the project and allows for local and/or more traditional funding to step in when construction is complete.” Robert Pantry, Simplified Lending’s founder and chief executive, said that partnering with traditional and non-traditional lenders is especially valuable in difficult economic times when much-needed access to capital is a challenge. “Our unique approach to sourcing funding for businesses is targeted to provide the fuel businesses need to grow and, in turn, help provide jobs and help the economy grow,” said Mr Pantry, whose commercial loan brokering division
RESUMPTION of construction on West End, Grand Bahama government complex will provide 75-100 jobs and jumpstart the area economy, says Pineridge MP Ginger Moxey, Minister of Grand Bahama, who thanked alternative investment firms Sygnus Capital and Simplified Lending for making the re-start possible through flexible funding. participated in sourcing the funding. “When that circle is in full force, it is a win-win for all with more money flowing through the economy and greater revenue for
A Major Medical Plan is accepting proposals from Audit firms to provide audit services (preferably a firm that does medical audits but not limited to) for our organization in the future. We invite your firm to submit a proposal to us by January 31, 2022 for your consideration. We are currently considering beginning with our Audit for the year ending December 31, 2020/2021. Please let us know what information is required from us to assist with your proposal as soon as you receive this Tender document. Please submit your response to this request for proposal in a sealed envelope addressed to: Chairman PO Box N 3190 Nassau, Bahamas or you may submit your response via email to ackfarrington@gmail.com.
government so it can meet its obligations.” Sygnus, which has listed one of its subsidiaries on the Jamaica Stock Exchange (JSE), is an investment house that offers clients investment banking, wealth advisory and tax advisory services. It also specialises in real estate and private equity deals. The Eight Mile Rock government complex was initially designed as a private-public partnership (PPP) arrangement priced at $25m, with the agreement signed on May 9, 2017 - one day before the Christie administration was voted out of office. PPP Investments & Construction, which was said to be 100 per cent-owned by New Providence-based Top Notch Builders, received a $4.4m “advance interest payment” from the Government - a sum equivalent to 20 per cent of “initial construction funding”. It then sought to attract investors by way of a $25m private placement bond issue, which was to finance the construction. The PPP deal was subsequently cleared to proceed by the Minnis administration, but it appears the project was not completed as originally envisaged under the initial financing and model.
THE TRIBUNE
Thursday, January 13, 2022, PAGE 5
DEVELOPMENT BANK STRENGTHENS LINKS WITH REGIONAL COUNTERPART THE BAHAMAS Development Bank (BDB) met with its regional counterpart over the Christmas holidays in a bid to strengthen the long-standing partnership between the two institutions. Senior Caribbean Development Bank (CDB) executives who were present at the courtesy call included Dr Gene Leon, its president; Isaac Solomon, vice-president of operations; and Daniel Best, director of projects. BDB representatives included Senator Quinton Lightbourne, its
chairman; Ashley Outten, financial controller; Alonzo Hinsey Jr, manager of IT and premises; and Sumayyah Cargill, unit head of strategic development and initiatives. Jazmine Ageeb-Cerdenares also attended on behalf of the Ministry of Finance. During the meeting, the two development finance institutions identified common goals and established an understanding of each other’s perspectives. It was agreed that holistic development that reaches all aspects of society in a balanced, inclusive, coherent
way is the way forward for the Caribbean. In particular, Dr Leon suggested The Bahamas is in a position to offer leadership at a regional level in development finance arena. He added that Bahamian development financing institutions should become more active in sharing their experiences and expertise with Caribbean institutions. “The Bahamas Development Bank plays a primary role in the development of The Bahamas, and this country is a large shareholder in the Caribbean Development Bank. Given these facts, the CDB seeks
to enhance its relationship with the BDB and The Bahamas at large,” Dr Leon said. Both banks plan to align their visions moving forward so that, together, they can establish a broader, comprehensive pipeline to provide financing for projects in The Bahamas. The CDB also stressed that it exists to provide resources and technical assistance, as well as financing, for national development needs. The CDB acknowledged that the BDB, in common with other regional development banks, must walk a
fine line between managing risk and the need to lend to kickstart new initiatives that can generate economic growth. Dr Leon suggested the BDB look to alternative means of funding, and design new products and tools to broaden its impact. Mr Lightbourne said the BDB is committed to transformative development in partnership with the CDB and wider international community. Strengthening these ties, he added, will enable the bank to execute its strategic plan,
while revisiting BDB’s attempt to modernise its legislation will further assist with maximising the institution’s impact. The CDB will return to The Bahamas in February to further its strategy for developing a comprehensive financing pipeline for projects in this nation. Both institutions will engage in a more substantial discussion on how the banks can work together, and outline the support needed from CDB to improve industry in The Bahamas.
REIGNITING THE DEBATE ON BAHAMIAN TAXATION FROM PAGE TWO
suite of economic reforms. A proper understanding of the depth of the challenge must be set against the solutions that will be brought to address The Bahamas’ debt burden. As the financial secretary outlined, the Government will be taking this on in short order. An interest burden of $512m and counting, and the unknown cost from other areas needing reforms, will impact the extent to which there will be resources to turn the debt growth around and open up greater potential for investments and economic growth. Getting to 25 percent revenue-to-GDP in a growing economy is the ideal solution. But an economy giving up 25 percent in taxes with no or very low growth; continued increases in the national debt; and unchanged structural impediments will eventual fall back into the current existing state. In the piece I wrote in March, I outlined a course of thinking that I believe should be employed as the country takes on the challenge of finding solutions for its tax regime. I reprint those points with some adjustments. These first are general: * Initiate a clear and focused conversation, especially within the financial services industry, on what the issues are and the options facing the country. Outside that narrow sector, selling the idea of any form of tax directly affecting income will be an uphill climb, and therefore the conversations with - and messaging to - citizens will require careful attention.” * “Create [or complete] a full study of the tax system with a clear focus on alternatives and the need to address inequities [and sufficiency]” * “Make taxation systems, tax revenue and space a critical and intricate part of the economic recovery discussion. Conversations to-date have adopted a rather abstract and disjointed approach. As an example, the ability of the
Government to meet its interest payments on debt is directly influenced, at some level, by what taxes are collected.” • “Depending on the economic climate, growth or decline, the sufficiency of taxes changes. Therefore, as we look to secure a more resilient economy, the country must come to grips with the need for greater funding [the stated 25 percent revenue-to-GDP ratio is consistent here]. Refuse therefore the temptation to not link all important elements of the economic landscape, and ensure that the issue of equity and sufficiency is more than rhetoric”. The following three points were offered as it relates to the potential adoption of some form of income tax. Given the financial secretary’s statements on a minimum corporate income tax, I would anticipate that the following would be incorporated in the current or any other study: * There are potential risks to the certainty of government revenue having regard for the potential impact of tax plannin in an income tax system, especially corporate income tax. The ability to use group losses as tax credit, for example, could result in volatility in collected revenue. The country must therefore actively start looking for potential gains from any changes, voluntary or forced. * Any consideration of corporate income tax must be allied with benefiting in a fundamental way from double taxation treaties, opportunities to expand
in the headquartering segment of the financial services sector, and assessing opportunities to gain strategic advantage over regional competitors with “settled” income tax systems. If there is ever such a change, the best approach is to squeeze out every possible advantage that positions the country to earn more. * [Give consideration to] fundamentally rethink tax administration, understanding that it gets much more complex with income taxes. The general regressive nature of the current tax system has the advantage of checking itself. The tax administration infrastructure and enforcement will need to be ready to address new and unfamiliar complexities. The above is not intended to be comprehensive or exhaustive, but instead indicative of the thinking that I believe is necessary. The public admission of, and actions toward, addressing the sufficiency of tax revenue is an important and fundamental starting point. The admission that there is potential tax capacity, untouched by the most effective local tax, VAT, is an important element of the national discussion. I will therefore repeat a portion of the conclusion from the March piece: “The country is ailing from the financial crisis. The main task is to strategise a path to recovery and resiliency. I make the argument that, given important shifts in the economy and potential lingering effects, an unfortunate build-up of debt, and the performance of government revenue, the time
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[appears to be here where] a shift to a more progressive taxation system will serve the country better. It is an important matter. A matter demanding the attention of every business and organisation, citizen and resident. It is a matter of sufficient national strategic importance that argues for the suspension of the usual adversarial debates and beckons a sober, practical and collective discourse for the benefit of the country.” The approach so far, in not initiating broad discussions on taxation, is lacking. Going forward this must be comprehensive, fundamental, and have an eye on external impact and implications, but always focused internally on sustained resilience. NB: Hubert Edwards is the principal of Next Level Solutions (NLS), a management consultancy firm. He can be reached at info@nlsolustionsbahamas.com. He specialises in governance, risk and compliance (GRC), accounting and finance. NLS provides services in the areas of enterprise risk management; internal audit and policy and procedures development; regulatory consulting; anti-money laundering; accounting; and strategic planning.
TEMPLE CHRISTIAN SCHOOL
ENTRANCE EXAMINATION 2022-2023
Temple Christian High School will hold its Entrance Examination on Saturday, January 15, 2022 at the school on Shirley Street from 8:30 a.m. to 12 noon for students wishing to enter grades 7, 8, 9 and 10. Application forms are available at the High School Office. The application fee is twenty-five dollars ($25). Application forms should be completed and returned to the school by Friday, January 14, 2022. For further information, please call telephone number: 394-4481/394-4484.
Dependable, Highly Organized, Multi Tasker, Able to Give Attention to Detail. If you possess these qualities, we invite you to apply for the position of
SENIOR CUSTOMER SERVICE OFFICER Job Summary: The successful candidate will be responsible for management of the Relationship Management Team in a branch, including the provision of all banking products and services to customers of the bank (loans, credit cards, merchant services, deposit accounts & digital banking).
Main Duties and Responsibilities: • Provision of customer service and relationship management for institutional, business and preferred customers • Submission of loan applications for business and preferred customers • Opening new accounts for institutional, business and preferred customers • Responsible for training, coaching, leadership and assessment of colleagues on the Relationship Management Team • Participation in sales and promotional campaigns (sales of loans, credit cards, merchant services, deposits) • Backup for the Financial Centre Manager (FCM), loan officers and other customer service officers
Requirements/Qualifications: • • • • • • •
High school diploma or equivalent vocational training Minimum 5 years’ experience in the Financial Services Industry Excellent communication skills (verbal and written) Proficient at Microsoft Office Suite programs Ability to work in a self-motivated environment with little supervision Ability to manage the administration of multiple tasks at one time Public speaking, presentation and communication skills (verbal and written)
PLEASE SUBMIT BEFORE January 14th, 2022 to: Only persons shortlisted will be contacted
IVNBO!SFTPVSDFT Re: Senior Customer Service Officer 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108
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A competitive compensation package will be commensurate with relevant experience and qualification.
PAGE 6, Thursday, January 13, 2022
THE TRIBUNE
IHOP BAHAMAS ARRIVAL TARGETS UP TO 130 JOBS FROM PAGE ONE
involved, as budgets were still being calculated, Mr Rodgers voiced confidence that IHOP will perform well in The Bahamas as its typical 24/7 late hours business was a good “fit for our daily lives” in an economy where the tourism industry, in particular, operates around-the-clock. And, despite the challenges posed by the surge in Omicron-related COVID cases, he argued that there was “no better time” to launch a restaurant-related business despite the sector being among the hardest hit by pandemic restrictions, adding: “Dining is coming back. It has to come back.” Mr Rodgers said the Bahamian franchise, whose agreement calls for it to
open a total of 16 IHOP restaurants across the English-speaking Caribbean excluding the US Virgin Islands, was currently “trying to finalise” its first location which will be in central New Providence in the “mall area” at Marathon. From there it is exploring locations in eastern and western New Providence, plus Carmichael Road, to ultimately build-out to its three-four restaurant target. “We’re looking at three to four locations here in The Bahamas,” Mr Rodgers said. “I’d say it will take two to three years to get to three to four locations.” While the Bahamasbased franchise will “look” at Grand Bahama for a possible location, he indicated it was not a priority. Asked
when the first location will be operational, Mr Rodgers confirmed: “By December; the latter part of 2022, if it’s a ground-up, green space construction. If it’s a fit-out, hopefully by the third quarter. If it’s green space, it will be the last quarter of the year. “The stores in The Bahamas will be the anchor for the whole Caribbean. The headquarters [for the franchise] will be in The Bahamas. Where we might have budgeted to buildout an average location, that budget has changed because it will be the flagship for The Bahamas and the Caribbean, and we’re the franchise holder for The Bahamas. “Location is key for me and my partner. We want to make sure that we’re in the
right spot, the right location, so we can cater to the population at large.” He declined to name his partner, while describing him only as a permanent resident of The Bahamas. Mr Rodgers said the first IHOP restaurant will hire “about 30-plus employees”, with that figure repeated for each of the two-three additional sites it will eventually unveil. That would take the total restaurant-based workforce to between 90-120 persons, with the management team featuring nine additional executives who have all already been identified. “We had to put that together for them [the franchisor] to agree,” he added of the management team. “We had to put that together in advance before we got approval. They have to know who is running their brand.” Disclosing that his goal is to provide “a great family dining atmosphere”, Mr Rodgers told Tribune Business that IHOP’s strong brand identity - with its restaurants frequently patronised by Bahamians when visiting the US - would help it to establish a strong presence in this nation. “IHOP is iconic to Bahamians,” he said. “Bahamians love the IHOP brand. Talk to the average
Bahamian about the staples they like when they travel to the US, and it’s one of the restaurants they tend to frequent when there. It’s a great family restaurant, it’s a great late night restaurant. I think it’s ideal for Bahamians. “We’re a tourism-based economy, which means we work shifts. We have people going out to work at midnight and getting off at 5am, and they will be able to breakfast and dine when they get off. These are all reasons why the brand will do extremely well. It fits our daily lives.” Mr Rodgers disclosed that he had spent almost five years pursuing the IHOP franchise and its owner, Dine Brands Global, which also holds the rights to the Applebee’s brand and has 3,400 restaurants in 16 countries - plus some 350 franchisees. “Because of COVID I would say that it has taken five years from when I started the pursuit,” he said. “COVID sort of cancelled it for about two years. I’d say that when I first started going after this, the first e-mail was sent four to five years ago when I first had the idea and started pursuing it. It’s been a passion project, I’d say.” As to the timing of IHOP’s Bahamian launch,
February Point Resort Estates in picturesque Great Exuma is seeking applications for the following positions: - Property Manager - Food & Beverage Manager - Landscaping Irrigation Technician Qualified persons are asked to send their resumes to the following email address:
klightbourne@februarypoint.com
Mr Rodgers said: “I think the world is coming back to some level of normalcy. Dealing with COVID-19 is now the new norm, but now I think is a better time than ever. We can go through the glitches of what needs to be done and live in this new normal society. “Dining is going to come back; it has to come back. Restaurants will do well and continue to do well. What better time is there to launch? It’s an extremely popular brand, and has been a brand supported by Bahamians for years since I was a child.” He also praised Dine Brands executives and the US Embassy, among others, for helping to bring the franchise deal to fruition. IHOP is best known for its pancakes and breakfast foods, but also offers lunch and dinner menu items, too. It has 1,841 locations spread across the Americas, Middle East and India and Pakistan. Mr Rodgers’ agreement calls for 16 locations in the English-speaking Caribbean, which also excludes Puerto Rico and the Dominican Republic. “We are excited to bring IHOP to the English-speaking Caribbean islands. We’ve seen success in Puerto Rico and believe guests in this new market are sure to fall in love with the brand’s world-famous pancakes and familiar comfort foods,” said William Urrego, regional vice-president of franchise operations for Dine Brands Global. “The Caribbean is an important growth market for Dine Brands, and New Providence’s well-developed tourism infrastructure and recent large-scale hotel and resort investments, as well as shopping centre developments, help position it as the perfect location for IHOP’s first restaurant in the island.”
Are you highly adaptable? Competitive? Energetic? Flexible? If you have what it takes, we want you! Fidelity is looking for a passionate, sales-driven, networking professional to fill the role of:
Personal Banking Representative (Loan Officer) JOB SUMMARY: The ideal Candidate will be a proven sales leader who is target-driven and possesses excellent communication and interpersonal skills. This role is primarily responsible for the sale of Fidelity’s loan and credit card products, while ensuring successful relationship management of clients. In addition to a fixed salary, this position also earns substantial performance-based incentives.
MAIN DUTIES AND RESPONSIBILITIES: • The solicitation and sale of loans, credit cards and other credit products. • Solicit and interact with prospective clients regarding loan applications and other credit matters – utilizing effective relationship management skills. • Prepare credit applications (loans, overdrafts, credit cards) and perform credit facility renewals. • Perform collection of overdue loan and credit card payments. • Serve as a backup and relief for other Lending roles or functions as required.
REQUIREMENTS/QUALIFICATIONS: • High school Diploma • Minimum of 3 years’ experience in the Financial Services industry or in a role which required solicitation and sales based on targets • Excellent communication and interpersonal skills (verbal and written) • Must be energetic, competitive and goal-oriented • Exceptional character, integrity and work ethics • Proficient at Microsoft Office Suite programs • Ability to work in a self-motivated environment, on a team and with little supervision • Ability to manage the administration of multiple tasks at one time
PLEASE SUBMIT BEFORE January 14th 2022
HUMAN RESOURCES Re: Loan Officer
ABSOLUTELY NO PHONE CALLS
careers@fidelitybahamas.com
A competitive compensation package (including base salary and commissions) will be commensurate with relevant experience and qualification.
THE TRIBUNE
Thursday, January 13, 2022, PAGE 7
DORIAN-HIT ISLANDS SLAM VAT CHANGE AS ‘SHORT-SIGHTED’ FROM PAGE ONE lot more Bahamians more so than high-end owners”. He spoke out after the latest Disaster Reconstruction Authority (Special Economic Recovery Zone) Order 2022, which took effect on New Year’s Day but was only released this week, revealed that the VAT ‘zero rating’ treatment for construction services effectively came to an end on New Year’s Eve. Services provided in 2021 must have been invoiced before year-end, and paid in full by end-March 2022, for the VAT relief to apply. The end to the ‘zero rating’ means home owners and businesses in Abaco and Grand Bahama will now have to pay 10 percent VAT on contractors’ labour and other service costs, creating a potentially significant hike in rebuilding costs as labour typically accounts for around 50 percent of the price. The Ministry of Finance, in a statement responding to the outcry, pointed out that VAT and other tax breaks on physical goods imports, such as building materials; furniture; furnishings and appliances; hardware
supplies; electrical fixtures and materials; and plumbing fixtures and materials had been extended until December 1, 2022. However, it seemed to imply that the reimposition of VAT on construction services would only impact a small minority of wealthy homeowners who could afford to pay the tax. “It should be noted that the vast majority of persons in the impacted areas, in repairing their property, will purchase materials and employ labour to effect the repairs,” the Ministry of Finance said. “With the extension of the SERZ Order, those persons will not be affected because building materials will remain tax free and VAT is not charged on labour in these circumstances. The removal of the zero-rating on construction services is expected to impact a minority of cases, mostly high-end properties. “The Ministry of Finance will continue to process applications for relief under the SERZ on a case-bycase basis and consider any application for special consideration on its merits.” The statement that VAT will not be levied on labour
hired directly by homeowners could also disincentivise the hiring of tax-registrant contractors, impacting the standard and quality of reconstruction. “I think it is short-sighted of them to believe it will only affect a certain amount of high-end owners,” Mr Hutton responded. “When you consider the second home industry is the driving force of the economy, if those properties cannot be fixed or the homeowners walk away, then as an result of that the economy suffers because those homes are no longer driving it. “People will lose their jobs. It’s short-sighted to say the VAT relief on construction services only affects certain properties. Those properties are revenue producers and income drivers for the Abaco economy. It’s not someone’s home. It’s primarily a vacation rental property above anything else.” Arguing that the Government’s VAT construction services policy was akin to saying that small hotels no longer qualify for Hotels Encouragement Act incentives, and only larger ones do, he added that it “needs
PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY MANAGING DIRECTOR CORPORATE OFFICE The Public Hospitals Authority (PHA) invites applications from suitable qualified persons for the post of Managing Director, Corporate Office. The PHA comprises the three public hospitals of The Bahamas (Princess Margaret Hospital, Rand Memorial Hospital and Sandilands Rehabilitation Centre), ten community clinics in Grand Bahama, which when combined with the Rand Memorial Hospital comprises the Grand Bahama Health Service, along with the National Emergency Medical Services and Supplies Management Agency. POSITION SUMMARY: The Managing Director will work directly with the Chairman, Board of Directors and the Ministry of Health to achieve the overall national health vision of healthy people, effective Healthcare delivery systems and efficient operations of services within the Bahamas. The Managing Director will have oversight of strategic planning for the organization in keeping with its long-term goals, review of the organization’s performance and the implementation of action plans to ensure that required measures are taken when necessary to achieve desired results. KEY ACCOUNTABILITIES FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING: • Overseeing the national health services mission, goals, and objectives, at corporate and institutional levels; • Identifying priorities, goals and program targets; and mandates a participative approach for top-down and bottom-up contributions from managers and line staff at all levels; • Providing for the acquisition and maintenance of physical, financial and human capital for service diversity, expansion and sustainability in meeting growing healthcare demands, subject to Governmentapproved annual budgets; • Managing the financial accounting including annual budget forecasts; and compliance with cost control measures; • Managing ongoing business trends and forecasting external events that may impact future performance; and planning for such contingencies; • Facilitating the resolution of critical business issues including quality and safety concerns; • Facilitating continuous improvement in business performance, innovation, flexibility, and service diversity, expansion and sustainability; • Ensuring regular and valid measuring of success in realizing PHA’s vision, mission goals and objectives; • Fostering development of an organizational culture that supports service and ethical values and principles adopted by PHA in achieving the highest service quality and customer satisfaction; • Accomplishing public sector health-services-system targets as identified in the National Health Service Strategic Plan; • Providing support and recommendations to the Board of Directors and Board Committees for formulation of policies directing and regulating PHA’s healthcare operations. EDUCATION/EXPERIENCE: • Minimum of a Masters’ Degree in Business Administration, Health Services Management or equivalent; • Minimum of fifteen (15) years’ management experience at a senior level. COMPETENCIES: • Excellent Leadership and interpersonal skills; • Proven track record of effective management, communication and analytical skills; • Strong business acumen; • Knowledge of regulatory requirements and compliance standards; • Excellent negotiation capabilities. The Managing Director will report to the Chairman and the Board of Directors. Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or email to
jobs@phabahamas.org
no later than 21st January 2022.
to realise” the incentive was not solely benefiting “a bunch of rich Abaconians and foreigners”. “When you look at what’s being affected, I don’t think the thought process was very thorough,” Mr Hutton said. “It’s those people rebuilding their homes and providing employment that drives the economy. “And it’s not just highend homes. We still probably have between 40-50 percent of Murphy Town and Dundas Town still uninhabitable, and have homes completely destroyed and not repaired. “It’s going to have a significant impact on the ability of people in Murphy Town, Dundas Town, Great Cistern, Spring City and Treasure Cay to rebuild. It’s
not just a bunch of wealthy property owners. This is going to hurt a lot of Bahamians, probably more so than the high-end owners.” Mr Hutton, arguing that “it is very critical that the VAT concessions be put back in place for construction services at least for another year or more”, added that phone calls, messages and e-mails sent to the Prime Minister’s Office over the change had not been replied to. To-date, the Chamber had received an acknowledgment to its concerns from one of Abaco’s two MPs, Kirk Cornish and John Pinder, but Mr Hutton reiterated the body and the wider private sector were open to work with the Government and others
“to get Abaco back up and running”. Kwasi Thompson, the former minister of state for finance and now-east Grand Bahama MP, also blasted the reintroduction of VAT on construction services in the Dorian-devastated islands as “adding another burden to the backs” of still-recovering residents and businesses. “We agreed that given the continuing recovery efforts in Grand Bahama and Abaco, the concessions put in place by the FNM government should be extended,” he added. “However, the PLP have decided to now add VAT on construction services. “Now that inflation has caused a considerable increase in the costs of food and construction materials, residents do not need the added costs on breadbasket items and construction services.”
PAGE 10, Thursday, January 13, 2022
‘RED FLAGS’ OVER FINANCIAL SECTOR GROWTH ELIMINATED FROM PAGE ONE
The Bahamas’ removal “comes into force thereafter”, and while “there are some administrative and bureaucratic decisions that
need to happen”, the attorney general indicated it was highly unlikely that the EU will reverse course. The EU blacklist was the last adverse anti-money laundering/counter terror
financing listing to feature The Bahamas, and Mr Pinder told this newspaper on the delisting: “I think it is extremely significant. “Not only do we have banking institutions, and
INTERNATIONAL BUSINESS COMPANIES ACT, CH, 309, SEC 138(4) AND THE INTERNATIONAL BUSINESS COMPANIES (WINDING UP AMENDMENT) ACT, 2011 Notice of Voluntary Winding Up
Farrell Limited
(In Voluntary Liquidation) Registration No. 104772 TAKE NOTICE THAT the above-named Company was placed into liquidation on 1 December 2021, by a written resolution of members passed on the same day. AND FURTHER TAKE NOTICE THAT Edmund L. Rahming of Intelisys Ltd, Caves Village, Unit 2, Blake Road and West Bay Street, P. O. Box SP-6404, Nassau, Bahamas has been appointed Voluntary Liquidator of the Company. NOTICE IS HEREBY GIVEN that the creditors of the Company which is being wound up voluntarily are required within 30 days of the publication of this Notice, to send their names and addresses and the particulars of their debt and claims and the names and addresses of their attorney-at-law (if any) to the undersigned. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved or from objecting to the distribution. The Voluntary Liquidator may be contacted at No. 2 Caves Professional Plaza, Caves Village, West Bay Street, P.O. Box SP-64064, Nassau, The Bahamas, telephone (242) 3274003, email: erahming@intelisysltd.com . Dated this 7th day of January 2022 Edmund L Rahming Liquidator
PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY HEALTH FACILITY ENGINEERING MANAGER PRINCESS MARGARET HOSPITAL (PMH) The Public Hospitals Authority invites applications from suitably qualified persons for the post of Health Facility Engineering Manager, Princess Margaret Hospital (PMH). POSITION SUMMARY: The responsibilities of the Health Facility Engineering Manager are to serve in an expert role in all aspects of the organization’s physical plant infrastructure needs, directing the Facilities Department’s activities and resources to ensure alignment with the mission, values, and objectives of the department, the hospital, and the PHA. The Health Facility Engineering Manager is responsible for coordinating and managing the Building & Maintenance Departments and overseeing the Engineering, Biomedical & Mechanical Units, inclusive of air conditioning (HVAC), structural and civil engineering requirements; maintenance of the facility’s building management system (BMS); lighting; roofing; fire protection; and other specific structural needs. KEY ACCOUNTABILITIES FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING: • Designing and implementing preventative plans and procedures focusing on minimizing the occurrence of adverse effects that could affect the operation of the facility; • Making recommendations to senior management with an eye to prioritizing and improving the overall working function of every aspect of the physical plant; • Mentoring and training staff to ensure quality, compliance and succession planning; • Ensuring that all contractors employed by the department on maintenance, renovations or new building works, are effectively managed and controlled to execute the services needed; • Reviewing bids and making recommendations for awarding of contracts for maintenance work, contracts and renovations; • Preparing and administering the Facilities Management and Operations budget; also monitoring expenditures of the Departments under direct span of control; • Preparing detailed policy and procedural document to ensure appropriate methods and levels of service are adhered to; • Monitoring the financial and operational results and providing periodic reports to the Hospital Administrator on performances, which includes benchmarking achievement using appropriate performance indicators; • Examining, evaluating, and implementing appropriate energy management measures to provide returns on any investment. EDUCATIONAL/EXPERIENCE: • Minimum of a Bachelor’s degree in Facilities Management or equivalent, OR related field; • Minimum of seven (7) years relevant experience in a Healthcare facility, hotel or large corporation; five (5) of which must be at management level; • Member British Institute of Facilities Management OR a related professional body. COMPETENCY REQUIREMENTS: • Excellent leadership and organizational skills; • Excellent interpersonal and communication skills (oral and written); • Excellent technical and analytical skills; • Current professional registration; • Proficient in the use of Microsoft software and accounting skills. The Health Facility Engineering Manager reports to the Hospital Administrator. Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or email to
jobs@phabahamas.org
no later than 21st January 2022.
other institutions and clients who may utilise The Bahamas and may be from Europe, and do business in Europe, but being on the blacklist has caused issues doing cross-border business with The Bahamas. “From a perception point of view, it [the delisting] sets the stage to attract new business to The Bahamas. We don’t want to be on any blacklist, grey list by any multinational body. We had cross-border business issues. Banks and institutions in Europe red flag you if you are on a blacklist, especially an EU blacklist, which causes issues doing crossborder business,” he added. “A lot of correspondent banks out there in the crossborder banking business originate in Europe or have branches in Europe. That has caused more difficulty for cross-border business when those institutions do business in Europe.” Mr Pinder said the effects of the EU blacklisting, over perceived deficiencies in The Bahamas’ anti-money laundering and counter terror financing regime, “trickled up” through this jurisdiction’s financial system. Clients with structures involving Bahamas-domiciled entities had been forced to question if it was “really worth” having them given the difficulties it created in daily business. “All in all, it’s fantastic news for the industry, it’s fantastic news for the jurisdiction,” the attorney general told Tribune Business of the EU delisting, “and it repositions us in a favourable light to attract more cross-border business, especially from Europe. “We need to grow, and it’s more difficult to grow when there are constraints on you. We will keep at it, keep our nose to the wheel and do what we can to get growth for the country.” Mr Pinder pledged that his office would “have ears to the ground” to ensure The Bahamas detected any “changes with the wind” by international bodies so it avoids future “unnecessary listings”. He added: “It’s a balancing act, being flexible and nimble
enough to do business, while staying within the confines of regulatory frameworks to keep others comfortable that you are staying within their parameters.” Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that this nation’s EU delisting would reduce the perceived risks associated with doing business with local institutions and clients. She revealed that some overseas institutions had refused to “accept or process payments” from The Bahamas because of its EU listing Besides boosting The Bahamas’ reputation and integrity as an international financial centre (IFC), she added that it would also lessen the scrutiny EU-based institutions were applying to transactions involving their banking counterparts in this nation, thus saving local businesses time and money associated with the conduct of daily transactions. The Bahamian financial services industry, and their local business and individual clients, rely heavily on the sector’s correspondent banking links with overseas institutions to clear and settle all international transactions. This was among the elements most impacted by the EU listing due to the enhanced due diligence being applied to transactions involving this nation. “The delisting of The Bahamas will help to reduce the risk profile of The Bahamas as an international financial centre,” Ms McCartney said in a statement responding to Tribune Business questions, adding that correspondent bankingrelated “pressures” should now ease. “It will aid in easing derisking and correspondent banking pressures. In addition, the requirement for enhanced due diligence on transactions involving The Bahamas should be required in fewer instances. There were circumstances where financial institutions simply would not accept or process payments from The Bahamas because of
THE TRIBUNE our placement on the EU blacklist. “Opening accounts for entities based here was also a challenge. We expect that these pressures will ease as a result of our delisting. The implications of blacklisting are very serious, and we congratulate the team of professionals in the Office of The Attorney General and our regulators who worked very hard to get us to this point.” Ms McCartney, adding that the Bahamian financial services industry was “very pleased with this positive development”, affirmed that this nation was only listed by the EU in October 2020 because it remained on the ‘enhanced monitoring list’ of the Financial Action Task Force (FATF), the global standard setter on anti-money laundering and counter-terror financing issues. COVID-19 delays meant the FATF was unable to conduct a site visit to The Bahamas, and ensure this nation had implemented all the necessary reforms to its anti-financial crime regime, in time before the EU took the decision to blacklist this nation. The move was made on the basis that The Bahamas was still on the FATF’s ‘enhanced monitoring’ list “Our listing by the EU was predicated on our status with the FATF,” Ms McCartney said. “Since our CFATF (Caribbean Financial Action Task Force) mutual evaluation in 2016, and the report that was published in 2017, the commitment of successive governments to addressing the strategic deficiencies identified has been evidenced by the allocation of resources, making the necessary legislative amendments and collaborating with industry. “The National Identified Risk Framework co-ordinator, Dr Cassandra Nottage, has worked assiduously to ensure that we overhauled our anti-money laundering/ counter terror financing/ counter proliferation financing regime and achieved compliance on 38 of the 40 FATF recommendations.”
PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY DEPUTY DIRECTOR COMMUNICATIONS CORPORATE OFFICE The Public Hospitals Authority (PHA) invites applications from suitably qualified persons for the post of Deputy Director Communications, Corporate Office. POSITION SUMMARY: The Deputy Director Communications is responsible for supervision and management of all productions and media relations and public relations projects; and oversees all graphic designs and layout for print/ web publications and productions on all social media and website publications. KEY ACCOUNTABILITIES FOR THIS ROLE INCLUDE BUT ARE NOT LIMITED TO THE FOLLOWING: • Supervises and ensures quality control script, production, edition, distribution of PHA’s audio/ visual production; • Produces public, employee and patient educational and informational material for radio, television, online and print media; • Assists in the preparation of departmental annual budget, speeches, and press release writing; • Assists in management of media contracts; • Coordinates public relations and international media campaigns, conferences, and projects; • Oversees design and dissemination of internal and external mass communication information forms, materials, and documents. EDUCATIONAL/EXPERIENCE: • Minimum of Graduate Degree in Mass Communications/ Communications/ Journalism/ Graphic Arts/ Management; • Minimum Seven (7) years’ experience in relevant area (Broadcasting/ publications/Public relations); • Minimum Five (5) years’ supervisory experience • Experience in structuring programming for broadcast media. COMPETENCY REQUIREMENTS: • Strong technical, management and leadership skills; • Excellent interpersonal skills; • Excellent oral & written communications skills; • Good editorial judgment, graphic design for print/ media/ electronic media; • Conversant with broadcast and media industry standards for the Bahamas, Caribbean Region, North America, and the United Kingdom. Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or email to
jobs@phabahamas.org
no later than 21st January 2022.
THE TRIBUNE
Thursday, January 13, 2022, PAGE 11
STOCKS RISE AS INFLATION REPORT KEEPS RATE HIKES ON TRACK By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers WALL Street capped a day of wobbly trading with modest gains for stocks Wednesday, as investors weighed the implications of the latest economic snapshot showing rising inflation. The S&P 500 rose 0.3% after veering between a loss of 0.1% and a gain of 0.8% over the course of the day. The Dow Jones Industrial Average eked out a 0.1% gain, while the Nasdaq composite rose 0.2%. Investors were focused on a report from the Labor Department, which showed consumer prices jumped 7% last month. That's the fastest year-over-year pace in the consumer price index in nearly four decades. The sharp increase, which was in
line with economists' forecasts, came a day after Fed Chair Jerome Powell told Congress that the central bank stands ready to raise rates to fight inflation. "That's the next (thing) that investors are looking at, trying to figure out what the Fed is really, really going to do and what they really can do," said Tom Martin, senior portfolio manager with Globalt Investments. The S&P 500 index rose 13.28 points to 4,726.35. It's now about 1.5% below the all-time high it set early last week. The Dow gained 38.30 points to 36,290.32. The Nasdaq rose 34.94 points to 15,188.39. The indexes are all on pace for a weekly gain. The modest gains were led by technology stocks, which have been choppy in recent days. The prospect of higher interest rates tends
to make pricey sectors like tech less appealing. Microsoft rose 1% and chipmaker Nvidia rose 0.7%. A mix of retailers and other companies that rely on direct consumer spending, such as auto companies, also made solid gains. Nike rose 1.3%. Health care companies were the only laggard among stocks in the S&P 500. Biogen slid 6.7% on news that Medicare is limiting coverage of the biopharmaceutical company's $28,000-a-year Alzheimer's drug whose benefits have been widely questioned. Smaller company stocks lost ground. The Russell 2000 index fell 17.95 points, or 0.8%, to 2,176.06. Bond yields were mostly stable. The yield on the 10-year Treasury fell to
PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY FINANCIAL CONTROLLER PRINCESS MARGARET HOSPITAL (PMH) The Public Hospitals Authority (PHA) invites applications from suitably qualified persons for the post of Financial Controller (FC), Princess Margaret Hospital (PMH). POSITION SUMMARY: The Financial Controller (FC) manages the finances of PMH and is responsible for its financial reporting. In addition, the FC, assesses financial risks and opportunities; manages finance team, and assists in setting and monitoring financial goals, objectives and budgets. THE RESPONSIBILITIES OF THE FINANCIAL CONTROLLER INCLUDE, BUT ARE NOT LIMITED TO THE FOLLOWING: • Assisting with decisions regarding the policies and strategies of PMH; • Overseeing PMH’s fiscal activity, including budgeting, reporting and auditing; • Supervising financial reporting and budgeting teams; • Identifying and addressing financial risks and opportunities for PMH; • Reviewing, updating and, if necessary, establishing accounting policies to ensure conformity with International Financial Reporting Standards (IFRS); • Reviewing, updating and, if necessary, establishing a system of internal control over financial reporting, as well as maintaining appropriate procedures manuals; • Reviewing and approving financial reports, including but not limited to, budget reports, statements of financial position, financial performance and cash flows, and other management reporting prepared for senior management, the Audit Committee and the Board of Directors of PHA; • Assisting with the recruitment of members of the financial reporting and budgeting teams; • Preparing analyses and written reports in relation to the achievement of goals, objectives and budgets, as well are reporting on areas for improving the design and operating effectiveness of the system of internal controls over financial reporting; • Serving as the primary liaison with designated senior management of PMH, the Director of Finance of PHA, those charged with governance of PHA and other identified stakeholders in relation to financial matters of PMH; EDUCATION/EXPERIENCE: • Professional qualification from a recognized accounting body, namely, American Institute of Certified Public Accountants (AICPA), designation CPA, or Association of Chartered Certified Accounts (ACCA), designation CA or Canadian Institute of Chartered Accountants (CICA), designation CA or Certified General Accountants Association of Canada (CGA); • License from the Bahamas Institute of Chartered Accountants (BACA) or qualifications that meet the requirements for eligibility to be licensed by BICA; • A minimum of eight (8) years of experience in auditing, financial reporting or internal controls, with a minimum of five (5) of those years in a senior capacity; • Experience with preparing financial information in accordance with IFRS or equivalent accounting standards; • Experience with reporting to those charged with governance, including providing analyses and recommendations for enhancement of the organization. COMPETENCIES: • In-depth understanding of the organization and management of Public and Private organizations with a focus on Financial Service Management; • Proven ability to work with team members and stakeholders from different backgrounds. • Proficiency with accounting programmes, in particular, INFOR Financial Suite, Masterpiece, Microsoft and QuickBooks. • Proven track record of effective management, communication and analytical skills, along with ability to work in and lead teams. The Financial Controller will report to the Director of Finance, Public Hospitals Authority. Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or email to
jobs@phabahamas.org
no later than 21st January 2022.
1.73% from 1.74% late Tuesday. Wall Street has been closely watching rising inflation to gauge the impact on businesses and consumers, as well as on the Fed's plan to trim its support for the economy and markets. The central bank is reducing bond purchases that helped keep interest rates low throughout the virus pandemic. Investors
are closely watching to see just how soon the Fed will start raising interest rates to fight inflation. "We're in a period where I don't think we've ever been before with the amount of stimulus that was put to work," said Greg Marcus, managing director of UBS Private Wealth Management. "You can't have that much of an
increase without having inflation ticking up." The market now puts the chances of the Fed raising short-term rates by at least a quarter point in March at around 75%. A month ago, it was about 36%. Wall Street will get another update on rising inflation on Thursday, when the Labor Department releases December results from an index based on U.S. wholesale prices, which shows how inflation is affecting costs for businesses.
PAGE 12, Thursday, January 13, 2022
NOTICE
NOTICE
NOTICE is hereby given that AUDRICA ALEXANDRIA COLEBROOK of Heritage Lane, 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 6th day of January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that ALISHA ANNISHKA KEMP of Miami Street, 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 13th day of January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
NOTICE International Business Companies Act (No. 45 of 2000) Idea Relief Fund Ltd. Registration No. 204116 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Idea Relief Fund Ltd. has been dissolved and struck off the Register of Companies with effect from the 3rd day of December, 2021.
GALNOM LTD. Liquidator Legal Notice International Business Companies Act, 2000 NanoBRA International NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: A)
NANOBRA INTERNATIONAL LTD., is in dissolution under the provisions of the International Business Companies Act, 2000.
B)
The dissolution of the said Company commenced on 29th December, 2021
C)
The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.
THE TRIBUNE
Thursday, January 13, 2022, PAGE 13
BIOGEN TUMBLES AFTER MEDICARE LAYS OUT ADUHELM COVERAGE PLAN By TOM MURPHY AP Health Writer SHARES of Biogen slid Wednesday, a day after federal regulators slapped coverage limitations on the drugmaker's new Alzheimer's disease treatment. The Centers for Medicare and Medicaid Services said Tuesday after markets closed that patients taking Biogen's Aduhelm will have to also participate in clinical trials to assess the drug's effectiveness in order for Medicare to cover the cost.
That's an important caveat because Medicare is expected to cover most of the patients who opt for Aduhelm, and the drug can cost as much as $28,000 annually, not counting expenses for brain scans and other care patients will need while taking it. Biogen had cut that cost down from more than $50,000 annually last month after taking months of criticism over the expense. The initial Medicare coverage decision will significantly limit access to Aduhelm, said Mizuho
Securities USA analyst Salim Syed. He had previously estimated around $3.5 billion to $4 billion in peak annual sales for the drug. But he said Wednesday he now assumes less than $100 million. Medicare's national coverage determination will become final by April 11, following a public comment period and further evaluation by the agency. The U.S. Food and Drug Administration had approved Aduhelm last June and later said it was appropriate for patients
with mild symptoms or early-stage Alzheimer's. Aduhelm clears brain plaque thought to play a role in Alzheimer's disease, and regulators made their call based on research showing the drug seemed likely to benefit patients. But they've asked for another study. Biogen said last month that it would submit final plans for that study to the Food and Drug Administration in March. It then plans to have the first patient screened for the research by May.
Researchers will aim to enroll about 1,300 people with early-stage Alzheimer's and expect to complete the research about four years after the study begins. Aduhelm has been hailed as a promising treatment by some researchers because it has the potential to slow the fatal Alzheimer's. No drugs on the market currently do that. But concerns about the cost and effectiveness have slowed the drug's debut. Biogen CEO Michel Vounatsos said on Monday
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 72° F/22° C Low: 51° F/11° C
TAMPA
SATURDAY
SUNDAY
MONDAY
Some rain and a t‑storm in the a.m.
Partly cloudy with a shower or two
Windy with sun mix‑ ing with clouds
Comfortable with clouds and sun
Mostly sunny, breezy and pleasant
A shower possible; winds subsiding
High: 75°
Low: 65°
High: 75° Low: 60°
High: 76° Low: 63°
High: 78° Low: 64°
High: 75° Low: 61°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
75° F
61° F
73°-62° F
79°-62° F
77°-57° F
73°-59° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
almanac
E
W
ABACO
S
N
High: 72° F/22° C Low: 66° F/19° C
7‑14 knots
S
High: 73° F/23° C Low: 52° F/11° C
4‑8 knots
FT. LAUDERDALE
FREEPORT
High: 74° F/23° C Low: 56° F/13° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
FRIDAY
N
N
| Go to AccuWeather.com
TONIGHT
High: 70° F/21° C Low: 57° F/14° C
High: 71° F/22° C Low: 62° F/17° C
MIAMI
High: 74° F/23° C Low: 56° F/13° C
7‑14 knots
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 73° F/23° C Low .................................................... 68° F/20° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 67° F/20° C Precipitation As of 1 p.m. yesterday ................................. 0.67” Year to date ................................................. 2.05” Normal year to date ..................................... 0.55”
ELEUTHERA
NASSAU
High: 75° F/24° C Low: 65° F/18° C
Forecasts and graphics provided by AccuWeather, Inc. ©2022
High: 75° F/24° C Low: 69° F/21° C
N
KEY WEST
High: 73° F/23° C Low: 66° F/19° C
High: 76° F/24° C Low: 70° F/21° C
N
S
E
W
7‑14 knots
S
6‑12 knots
ANDROS
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes For nassau High
Ht.(ft.)
Low
Ht.(ft.)
Today
4:33 a.m. 4:42 p.m.
2.5 1.8
11:03 a.m. 0.4 10:47 p.m. 0.0
Friday
5:19 a.m. 5:29 p.m.
2.5 1.9
11:50 a.m. 0.3 11:32 p.m. 0.0
Saturday
6:02 a.m. 6:14 p.m.
2.6 1.9
12:33 p.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑
Sunday
6:43 a.m. 6:55 p.m.
2.7 2.0
12:15 a.m. ‑0.1 1:14 p.m. 0.1
Monday
7:22 a.m. 7:36 p.m.
2.8 2.0
12:56 a.m. ‑0.1 1:52 p.m. 0.0
Tuesday
8:00 a.m. 8:15 p.m.
2.8 2.1
1:36 a.m. ‑0.2 2:30 p.m. 0.0
Wednesday 8:37 a.m. 8:54 p.m.
2.8 2.2
2:15 a.m. ‑0.2 3:06 p.m. 0.0
sun anD moon Sunrise Sunset
6:57 a.m. Moonrise 5:40 p.m. Moonset
2:17 p.m. 3:21 a.m.
Full
Last
New
First
Jan. 17
Jan. 25
Feb. 1
Feb. 8
CAT ISLAND
E
W
that the company now has about 220 sites treating patients with Aduhelm. Biogen said in June, shortly after the FDA approval, that about 900 sites in the U.S. have the equipment and expertise to immediately begin giving the drug, which requires monthly IVs. Shares of Cambridge, Massachusetts-based Biogen Inc. fell $16.18, or 6.7%, to close Wednesday at $225.34. The stock had soared past $400 after the FDA decision in June.
SAN SALVADOR
GREAT EXUMA
High: 77° F/25° C Low: 71° F/22° C
High: 77° F/25° C Low: 72° F/22° C
N
High: 74° F/23° C Low: 65° F/18° C
E
W S
LONG ISLAND
tracking map
High: 78° F/26° C Low: 72° F/22° C
6‑12 knots
MAYAGUANA High: 79° F/26° C Low: 74° F/23° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 79° F/26° C Low: 73° F/23° C
GREAT INAGUA High: 81° F/27° C Low: 74° F/23° C
N
N E
W
E
W
L
High: 79° F/26° C Low: 73° F/23° C
S
S
7‑14 knots
6‑12 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:
WINDS W at 4‑8 Knots WNW at 10‑20 Knots N at 7‑14 Knots NW at 8‑16 Knots SE at 6‑12 Knots W at 10‑20 Knots S at 7‑14 Knots WNW at 8‑16 Knots E at 6‑12 Knots WNW at 10‑20 Knots NNW at 6‑12 Knots WNW at 10‑20 Knots SW at 6‑12 Knots WNW at 10‑20 Knots SW at 6‑12 Knots WNW at 8‑16 Knots SSW at 7‑14 Knots WNW at 8‑16 Knots SE at 8‑16 Knots WNW at 8‑16 Knots N at 4‑8 Knots WNW at 8‑16 Knots SW at 7‑14 Knots WNW at 8‑16 Knots SE at 6‑12 Knots WNW at 10‑20 Knots
WAVES 4‑7 Feet 5‑9 Feet 0‑1 Feet 1‑3 Feet 4‑7 Feet 4‑7 Feet 3‑5 Feet 2‑4 Feet 4‑7 Feet 3‑6 Feet 1‑3 Feet 3‑6 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 4‑8 Feet 3‑6 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet
VISIBILITY 8 Miles 10 Miles 8 Miles 10 Miles 8 Miles 10 Miles 9 Miles 10 Miles 5 Miles 10 Miles 6 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 9 Miles 10 Miles 7 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 9 Miles 10 Miles
WATER TEMPS. 77° F 77° F 77° F 76° F 79° F 79° F 80° F 80° F 78° F 78° F 76° F 75° F 78° F 77° F 81° F 81° F 80° F 80° F 80° F 80° F 78° F 78° F 80° F 80° F 79° F 79° F
PAGE 16, Thursday, January 13, 2022
THE TRIBUNE