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TUESDAY, JANUARY 23, 2018

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Water Corp’s two-page deals ‘not good enough’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Water & Sewerage Corporation’s water supply contracts are “not good enough”, its chairman revealing many consist of just a two-page Letter of Acceptance.

Adrian Gibson told Tribune Business he had discovered “great inconsistencies” and “inadequacies” in the state-owned water supplier’s contracts with the private sector operators responsible for running its reverse osmosis plants.

These provide all the water that the Corporation supplies to Bahamian consumers, but the Long Island MP said the commercial arrangements with the Corporation frequently lacked specifics beyond the amount of water to be supplied and price.

Disclosing that he planned to create a ‘reverse osmosis’ unit within the Corporation to ensure “good and proper contract administration” of its dealings with the private operators, Mr Gibson said

* ‘Great inconsistencies’ in supply contracts * Chair sees Bahamian ownership chance * Reverse osmosis operators ‘not reporting’ many of the Family Island arrangements were coming to an end.

Pledging that he would issue no contracts of a similar 15-year length during his tenure, the Corporation’s chairman said the expiring contracts “presented opportunities” for some reverse osmosis plants to be placed in the hands of Bahamian-owned co-operatives and local Family Island communities.

“Coming in here, one of the things that I realised is that we have to strengthen the Corporation’s position with respect to reverse osmosis plant contract administration and so on,” Mr Gibson told Tribune Business.

“Many of the plants are build, own, operate (BOO) plants and, over the years, I realised there was no reverse osmosis unit in the Corporation. I’m going to formalise a reverse osmosis

ADRIAN GIBSON unit to ensure good and proper contract administration, and to ensure plants are in good working condition at the end of the contract, and that the quality of water produced is of a high-standard.

“Some of the issues we would have had here on New Providence and the Family Islands with respect to reverse osmosis plants

would be the lack of proper contract administration.

We are moving the Corporation towards becoming more proactive in contract administration duties.”

Mr Gibson said this would enable the Corporation to more quickly identify and deal with - commercial and operational challenges impacting its relationship

with Bahamas-based reverse osmosis plant operators. This is critical to its smooth functioning given the outsourcing of desalinated water production and reliance on the private sector for wholesale supply.

The Corporation’s chairman, though, expressed dissatisfaction with the fact that many reverse osmosis supply contracts - especially for the Family Islands - appeared not to have gone beyond a ‘back of the envelope’ arrangement.

“As it stands, there are great inconsistencies with the reverse osmosis plant contracts, particularly in the Family Islands,” he told Tribune Business.

“There are no standard systems. We want to move the Corporation to a more standard contract. “Most of the reverse osmosis

BAHAMIAN commercial airlines have effectively abandoned some routes to illegal ‘hackers’, a senior executive yesterday saying he wanted promised regulatory ‘crackdowns’ to turn into action.

Captain Randy Butler, Sky Bahamas’ president and chief executive, told Tribune Business that he heard pledges such as those given by Dionisio D’Aguilar, the Cabinet minister responsible for aviation, given “many, many times before” with little effect.

Warning of the potential safety risk for both Bahamians and tourists, Captain Butler said the presence

D’AGUILAR of foreign ‘hackers’ in the Bahamian market further complicated an alreadymessy situation, although he argued that regulators knew the identities of most culprits.

“I see the Minister [Mr D’Aguilar] saying he’s going to do something,” the Sky Bahamas chief

foreign hackers in here, too.”

Captain Butler’s comments came after it emerged that Darren Clarke, the pilot of the Piper Aztec plane that crashed last week, killing himself and five other people off Andros, did not possess a commercial pilot’s licence.

Well-placed Tribune Business sources, speaking on condition of anonymity, confirmed this meant he was not legally entitled to charge passengers for flying them around the Bahamas. And this newspaper

* ‘EASE OF BUSINESS’ WOE MUST BE SOLVED FIRST * CHAMBER CHIEF: WE NEED A ‘SQUARE FOOTING’ * ‘REGRETTABLE’ BAHAMAS NOT BETTER PREPARED

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

was also informed that Mr Clarke’s licence only entitled him to fly single engine planes, not a two-engine Piper Aztec.

Captain Butler, meanwhile, said the practice of ‘hacking’ had become deeply ingrained in Bahamian aviation culture because it had been allowed to persist so long with minimal interference from the authorities.

“Because it’s so longstanding, it’s just the way business is,” Captain Butler told Tribune Business.

SEE PAGE 4

SEE PAGE 5

SEE PAGE 6

* Aviation chief: ‘It’s just the way business is’ * Sceptical on illegal operator crackdown * Minister admits ‘vexing issue’ decades old told this newspaper. “I’m encouraged, but I’ve heard that many, many times before. Unless that changes, and the Minister has some magical power, he’s got to demonstrate the political will to do it and see it be done because the hackers continue to fly.

“I think his people, the Civil Aviation people, know who the hackers are because they’ve seen it going on. Some of the legitimate operators have been using illegal operators to do flights for them.

And we’ve not only got the Bahamian hackers but the

‘ALL HANDS MUST BE ON DECK’ FOR JOINING THE WTO

THE Bahamas must resolve all its ‘ease of business’ weaknesses before joining the WTO, the Chamber’s chief executive warned yesterday, as he issued an “all hands on deck” call.

Edison Sumner told Tribune Business that acceding to full World Trade Organisation Organisation (WTO) membership by 2019 is “where the rubber meets the road” for the competitiveness of Bahamian companies and the wider economy.

Emphasising that the Chamber of Commerce backed the Government’s decision to complete the world’s longest WTO accession process, Mr Sumner said it was of “paramount importance” that the Bahamas address its structural woes prior to joining.

He identified labour productivity, energy costs, the tax structure and Business Licence process as just some of the problems that have to be tackled if the Bahamian private sector is to have the platform to compete against foreign rivals in the WTO’s rulesbased liberalised trading environment.

Mr Sumner also said it was “regrettable” that the Bahamas had failed to properly reform its economy, and prepare Bahamian companies for what is to come, in the 16 years since it first signalled its intention to become a full WTO member.

He added that this country “can’t point” to any advantages from its “hold out”, after the first Ingraham administration started the accession process in

Airlines ‘abandon’ routes to hackers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Margaritaville named as PM touts Bahamas’ brand for $250m Pointe ‘reliable electricity’

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THE Pointe development next to downtown Nassau’s British Colonial Hilton property will be flagged by the Margaritaville brand inspired by singer Jimmy Buffett, it was revealed yesterday.

Margaritaville Holdings, in a statement, said it would become the operating partner for China Construction America’s (CCA) $250 million, six-acre development.

The project, which is expected to begin a phased opening in mid-2019, will feature a 150room Margaritaville Beach Resort, plus 150 luxury oceanfront residences – of which 100 will be branded One Particular Harbour at The Pointe.

Other amenities include a marina, water park, spa, entertainment centre, Margaritaville food and beverage concepts, retail

shops, a children’s club and more.

“The Bahamas – one of the most beautiful places in the world – is an absolutely perfect location for a Margaritaville lifestyle destination,” said John Cohlan, Margaritaville’s chief executive.

“We’re excited to combine our casual-luxe brand with the local Bahamian culture, known for its warmth and hospitality, to create a one-of-a-kind paradise to vacation, visit, live or just kick back and relax.

Nassau is an ideal destination for our lifestyle brand as we continue to expand our global hospitality footprint.”

The Margaritaville Beach Resort at The Pointe will include an open-air shopping concourse, movie

SEE PAGE 3

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister described the Bahamas as having a “constant and reliable electricity supply of North American standards” as he sought to ‘sell’ this nation to technology investors.

Dr Hubert Minnis’s speech to the Austin Technology Council and Texas Association of Business, part of his visit to the ‘Lone Star’ state, is likely to raise eyebrows among some local observers given that several assertions appear to contradict the reality on the ground.

In particular, his comments on energy supply reliability appear at odds with the frequent outages that Bahamas Power & Light (BPL) customers

* PROMOTES ENTERPRISES ACT IN TEXAS * AND GB’S VIRTUES AS TECHNOLOGY HUB continue to endure. “Grand Bahama and the Bahamas possess modern and superior infrastructure, modern roads, constant and reliable electricity supply of North American standards, fully digital telecommunications and high quality, high-speed Internet,” Dr Minnis said.

The Prime Minister was on a mission to promote the benefits of the recently-passed Commercial Enterprises Act, and his plans for Grand Bahama to become a technology hub - both of which are key

SEE PAGE 8

PAGE 2, Tuesday, January 23, 2018

THE TRIBUNE

Forget competition with the Joneses THE surname most people probably know and remember is ‘The Joneses’. This is the family that

everyone, anywhere is supposed to be competing with right now. The question that we really need

to take a step back and ask, though, is who are the Joneses (even if you think you already know them),

and why should you care.

I am writing to tell you the answer is: Non-existent people, whom you should completely forget about and not spend any time thinking about at all.

Since they are supposedly the ‘gold standard’ for how you should live your life, let us take a quick look at the Jones family and their lifestyle before we send them off into permanent obscurity. Who are they? Most of us do not have daily access to see how the top 10 per cent of people live, so we substitute the “best” of who we have the most exposure to - a neighbour, a co-worker, or someone from your church, for example.

The Mrs Jones we know always seems to have new hair extensions and freshly painted nails. Her husband can be seen spending out and about every day of the week. The younger Joneses look like they are fresh from head to toe in designer gear every day.

The Joneses may not seem any better than you, but they sure look like they are living a better lifestyle.

Do not fall into this trap. It is easy to guesstimate the Jones’ wealth and status based on what you can see.

You notice their car, drive by their house, or hear about their family vacation.

Chances are, though, you are wrong. This short-hand calculation works for a tiny minority of the elite, but not for the large majority of us. What you are seeing instead is likely the family-sized version of conspicuous consumption that is so rampant in modern society. Spending money is not the same as being rich, and estimating wealth from afar is like trying to eat grits from a boiling pot - you cannot see the bottom, and you will most likely end up burning your tongue.

Let me tell you what you are not considering. Unless

you have access to the Joneses’ financial records, for all you know they might be barely keeping up with the payments on that car and home you wish you owned. Their credit card bill might be four-digits big, their table stacked with overdue bills, and their savings account close to zero. This kind of financial crisis would not be unprecedented. A recent financial survey showed that almost 50 per cent of our neighbors to the north owe more in debt than they have in emergency savings, and one in four have more in credit card debt than they have in savings. Another piece of research showed that almost 80 per cent of Americans live pay cheque to pay cheque - and that included one in 10 workers making over $100,000 a year. I would make the wager that a survey of our local financial health would show similar results. So chances are the Joneses are not really living as well as you think.

The other significant financial issue with this approach is that the majority of material goods are often depreciating assets.

With the exception of home ownership (and even then, appreciation is not guaranteed), every one of these material displays of wealth goes down in value immediately after purchase - that car, those clothes, that jewellery, those nails, that watch - all of it. Would you want to be on a game show where the prize money just keeps getting smaller and smaller? Do not enter yourself as a contestant in this kind of sweepstake.

Finally, at the risk of sounding like a spiritual Yoda, happiness is not completely measured in material wealth. There are numerous studies which show there is a limit to the amount of happiness you can obtain from being

MONEY

MATTERS rich. This is not the same as saying being rich is not satisfying, since let us be honest - having money is definitely better than not having it.

You have probably heard things like this many times before, but now you can Google and check them for yourself. It is true.

Moreover, counting the Jones’ family money will not give you a measure of how good their close personal relationships are, or how emotionally satisfying their every day life is. Those are also significant components to living ‘the good life’, too.

The alternative to trying to keep up with the Joneses is simple. Live your best life. Do not live a life driven by someone else’s standards. Instead, take control and make decisions that are driven by the things you need, and which are well within your means. Not only is this a less stressful way of living, it is also the secret to accumulating real wealth. Forget the Joneses.

NB: Ramon Simms is a management professional with more than 10 years’ experience in finance, operations and technology. He holds a BA in Financial Economics and an MBA in Entrepreneurship. He is a managing director at IFF Lts (www.iffpros.com) Bahamas, and you can reach him at ramon@iffpros.com.

THE TRIBUNE

Tuesday, January 23, 2018, PAGE 3

Construction job fair sees ‘on spot hiring’

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net MORE than 800 persons attended last weekend’s construction industry job fair, with the Director of Labour yesterday confirming that some were hired “on the spot”.

While he did not have hiring numbers available up to press time, Robert Farquharson described the event as “extremely successful”.

“We saw in excess of 822 persons at the job fair; 266

of them were new applicants,” he said.

“We got a pretty good idea of how many skilled and unskilled persons there are in the construction sector, but we have not yet broken them down into job types. The fair in our view was extremely successful.”

Mr Farquharson added: “We had a number of people who had first interviews, and some persons were hired on the spot.

This was one in a series of initiatives we will be conducting. The next fair will

be on February 17 in Grand Bahama, and we will have another one in the southwestern district of New Providence on February 24. Our goal is to register as many unregistered and unemployed persons in our skills bank.” Twenty-two Bahamian construction firms participated in the job fair.

Leonard Sands, the Bahamian Contractors Association’s (BCA) president, had previously urged job seekers in the construction industry to take advantage of a “first-ever”

opportunity to register their skills directly with potential employers via the job fair.

He added that while thousands of Bahamians are employed in the construction sector, there is no skills database for contractors to access when seeking workers.

The fair is one of three major initiatives by the Labour Department to respond to the needs of job seekers and employers. The Department has already launched its ‘Labour on the Blocks’ job recruitment and registration drive.

Bank fee protesters take case to the Central Bank

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net AN advocacy group protesting against commercial bank fees yesterday took its issues to the industry regulator, calling on the Central Bank and Government to intervene and protect consumers.

The small group, Citizens Against Bank Exploitation (CABE), led a brief demonstration outside the Central Bank yesterday before taking its protest to Rawson Square following a meeting with Central Bank governor, John Rolle.

Dr Denotrah ArcherCartwright, lead organiser of CABE, said: “We have been bringing up the issue of the way the banks have been interacting with the Bahamian people, and we thought that the Central

Bank would be the right place because this is where they govern and regulate these banks.

“We haven’t heard a lot from the Government and Central Bank in terms of what they are going to do with regards to policies and making changes. We met with Mr Rolle and he explained how the banks aren’t making enough money, but we believe that adjustments have to be made on both sides.”

Dr Cartwright-Archer added: “We can have a better financial sector, more inclusive of Bahamians and more open to different types of banking institutions. In the Bahamas we should have options outside the normal framework of the commercial banks we are seeing today.

“We want to hear what the Government has to say

about what the Bahamian people are saying, and we want to see the policy changes that will reflect Bahamians being put at the centre and we want more accountability from the banks.”

Dr Cartwright-Archer argued that banks should not expect to make the same level of profits they made pre-recession. “You cannot use the profit levels you were making at your peak to make-up for times when there is a recession.

There has to be some balance,” she said.

“They are using bank fees to make up for money lost on mortgages and loans, but who gave the loans and mortgages? It was the banks. When they gave those loans they knew the risk; they gave them at much higher interest rates than other areas where

they operate. So when the bubble popped they lost money, but when they adjusted for the loss they are almost right back where they balance out.

“Is it they are not making enough money, or are they trying to make the same they made when the economy was good? That’s not possible and there has to be some adjustment. It cannot be just the Bahamian people giving and giving, and being exploited because we don’t know our rights. You can’t expect to get the same amount of money in bad times as in good times.

“We want to see policy that reflects the needs of the Bahamian people in financial services, and that includes ownership and opening the market up to more competition.”

RELIGIOUS TOURISM IN 2,000 VISITOR BOOST

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Bahamas’ religious tourism market will get a major boost this week with more than 2,000 members of the Progressive National Baptist Convention (PNBC) arriving in Nassau for their mid-winter board meeting.

Travis Robinson, parliamentary secretary in the Ministry of Tourism, said: “Our tourism infrastructure has the capacity to accommodate a wide range of meetings, from small, intimate ministerial seminars and board meetings to large-scale international conventions, with delegates numbering in the thousands.

“Our offerings of diverse room accommodations and ultra-modern meeting

spaces attract scores of events to our destination each year, both secular and religious. At the Bahamas Ministry of Tourism, we boast of being one of the only tourist boards in the world with a department dedicated to religious tourism.”

The PNBC has a membership of over 20 million people worldwide. This week’s meeting has also attracted civil rights icon, Jesse Jackson Sr, a founding member of the PNBC. “It is not just the land of sunshine. It is a stable government and a progressive government. When Pindling became Prime Minister of the Bahamas, it was an inspiration to people around the whole world,” said Reverend Jackson.

Reverend Dr James Perkins, the PNBC’s president, said he and many members

were happy to get away from the snow.

“During the time that we have our mid-winter Board meeting is to go somewhere where the weather is more pleasant. I came from Detroit and left about four inches of snow on the ground. Travelling in that atmosphere is difficult,” he said.

“So when we come here, we come for rest, relaxation and we can clear our minds and focus on those important issues that we have to address.

“Our people do not come broke. They come here to shop, eat and enjoy whatever it is the Bahamas has to offer.

“The benefit to the Bahamas is that they will reap that economic benefit. We hope to inspire Bahamians so that they know what freedom ought to be.”

Margaritaville named as brand for $250m Pointe FROM PAGE 1 theatre, bowling alley, outdoor performance stage for live entertainment, cascading water pool, St Somewhere Spa, retail huts and a private beach with cabanas and chaise lounges.

The resort will include adventure experiences with the LandShark water park and fun, plus familyfriendly activities including a cave aquarium, blue hole diving pool, water slide tower, infinity pool, private hot tub, surf simulator, beach entry pool, children’s splash play area and tropical island overlooking a river.

The Pointe’s 45-slip marina will offer floating berths for up to 150-foot

yachts, including dockside Wi-Fi. A public access boardwalk will be lined by tiki hut-style marina shops for Bahamian crafts, together with a pier restaurant and yacht club facility.

The pier will also serve as a launch pad for pirate ship excursions and a water taxi transporting tourists

around the various points of interest in and around Nassau.

Hard Rock was initially tapped as the operator/ brand for The Pointe, but it now appears to have been replaced by Margaritaville as the latter bids to expand into a more resort-based offering.

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PAGE 4, Tuesday, January 23, 2018

THE TRIBUNE

Airlines ‘abandon’ routes to hackers FROM PAGE 1

BENAGO MANAGEMENT INC. Company No. 1607737 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that BENAGO MANAGEMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 19th January, 2018 and Rolf Schmid of Stutzstrasse 48, 8834 Schindellegi, Switzerland has been appointed as the Sole Liquidator.

Dated this 19th day of January, 2018 Sgd. Rolf Schmid Voluntary Liquidator HIB PROTECTOR LIMITED Company No. 688349 (In Voluntary Liquidation)

“We have to pay the Nassau Airport Development Company to use their main terminal and bring passengers through, we have to pay for pilot training every six months, we have to pay for maintenance and we have to pay Civil Aviation to land in the Family Islands.

“Established airlines don’t go to some of these places where hackers operate. It’s just such an established practice that you don’t go where they go.”

Captain Butler said the main problem facing the aviation industry when it came to tackling ‘hackers’ was lack of enforcement, coupled with the reluctance of commercial airlines to fly ‘low load factor’ routes to some Family Islands.

“We can’t forget that the demand is a huge one, as a lot of these Family Islands depend on airlift to get their food perishables in, to get tourists in, and this exposes these people to hackers,” the Sky Bahamas chief said, explaining that the latter were merely ‘filling the vacuum’ left by commercial airlines.

Mr D’Aguilar yesterday told Tribune Business that he and the Civil Aviation Authority were “brainstorming” ways to check the airworthiness of planes, and pilot licences, based on what current resource/manpower constraints they face.

Describing the present situation as “unacceptable”, Mr D’Aguilar told Tribune Business that illegal charters and ‘hackers’ had been permitted to ply their trade through “decades of neglect”.

“Every time there is an incident, and there have been a number of incidents in the first 22 days of the year, it really brings into question whether there’s sufficient oversight over the airworthiness of these aircraft and the licences of pilots who fly these aircraft,” the Minister said. “It causes us to ask questions as to how we can do this better.

“The traveller would want to know when they get on an aircraft that the pilot is fully licensed and the aircraft has all the certification that makes it necessary.

There are challenges. There are a number of foreign aircraft that come into this jurisdiction that are

governed by certification from other countries and jurisdictions.”

Mr D’Aguilar confirmed that the Piper Aztec involved in last week’s crash was US-registered in the state of Delaware. Tribune Business sources said the pilot had a US licence, which required a medical examination every two years, but none had been conducted since 2014.

“Unless we can come up with a mechanism that can really check the pilot and aircraft, and verify and certify them before each flight, the public doesn’t know,” the Minister added. “They expect the regulators to verify for them.

“As I sit here brainstorming and trying to find a way forward to address this hacking issue, they all [hackers] come into an airport, and maybe that’s where we check them.”

Mr D’Aguilar said such checks would not apply to Bahamian and foreign commercial airlines, and added that the Government may ask fixed base operators (FBOs) to help them in this effort.

“It’s unacceptable,” he told Tribune Business of the current situation. “In

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 LEGAL NOTICE

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that HIB PROTECTOR LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 10th January, 2018 and MARKUS PÖSCHL of Schaanerstrasse 28, 9487 GamprinBendern, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

HIPSON INVESTMENT LIMITED (In Voluntary Liquidation)

TAKE NOTICE is hereby given that by a resolution passed on the 18th day of December, 2017 the above-named Company was put into voluntary liquidation.

AND FURTHER TAKE NOTICE that BCS Corporate Group Ltd., Cumberland House, 15 Cumberland Street, P.O. Box SS-6836, Nassau, Bahamas was appointed voluntary liquidator of the Company.

AND TAKE NOTICE that any creditors having debts or claims against the Company are required to send particulars to the Liquidator of the said Company and in default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated this 15th day of January, 2018 Sgd. MARKUS PÖSCHL Voluntary Liquidator

DATED this 21st day of December, 2017 BCS Corporate Group Ltd. Liquidator

ProPerty For Sale Edmund L. Rahming, in his capacity as the court-appointed Receiver, is soliciting offers for the purchase of the debtor’s right, title and interest in Condominium Unit No. H-9B located within the Delaporte Point Community situated in the Western District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas.

The property is being sold on an “as is, where is” basis with no representations, warranties or conditions to be provided to the purchaser. The deadline for the submission of unconditional offers is February 8, 2018 and offer forms are to be submitted to info@ intelisysltd.com.

Please visit the website link

www.intelisysltd.com/dpl9receivership

for more information, including offer

the Bahamas you should be able to get in a plane knowing it’s been checked for airworthiness and the pilot has the necessary licences.

“There are decades of neglect with this issue. The travelling public should demand and expect the regulatory bodies to address this issue for them. It’s a complex issue because of the archipelagic nature of the country, and 28 government airports and 56 private strips. It’s not easy to police, and the hackers know that.”

Acknowledging the Civil Aviation Authority’s inability to oversee every Family Island because of manpower constraints, Mr D’Aguilar said the Government also had to strike the “right balance” between regulation and bureaucracy.

“This is a vexing issue,” he admitted to Tribune Business.

“We have to get the balance right. We know what we have to do. It’s just a matter of how we implement it to get the best results. It’s not rocket science. But every time somebody flies into this jurisdiction, do they have to provide more information and how deep does it go?”

MARKET REPORT MONDAY, 22 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,052.53 | CHG 0.05 | %CHG 0.00 | YTD -11.04 | YTD% -0.53 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 5.05 8.70 6.30 5.30 11.93 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 8.76 5.82 8.78 5.67 3.35 12.01 10.00

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1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE

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

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) 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 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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.09 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.85 17.43 9.09 3.34 0.92 0.18 3.68 8.70 6.10 4.80 9.01 2.61 1.50 9.04 6.00 10.45 6.24 4.48 12.51 10.00

CLOSE 3.85 17.43 9.09 3.34 0.92 0.18 3.68 8.70 6.10 4.80 9.01 2.63 1.50 9.09 6.00 10.45 6.24 4.47 12.51 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 0.02 0.00 0.05 0.00 0.00 0.00 -0.01 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.51 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.24 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

110.27 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

750 10,000

VOLUME

NAV 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.08 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.171 0.631 0.102 0.330 2.670 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.565 0.290 0.500 0.150 0.120 0.580 0.000

P/E 8.1 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 28.1 14.3 25.8 4.5 3.4 5.3 14.3 12.9 15.0 23.0 0.0

YIELD 2.08% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.50% 7.66% 2.28% 3.33% 6.22% 4.83% 4.78% 2.40% 2.68% 4.64% 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 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

6.95% 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 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 4.31% 4.35% 1.22% 1.35% 2.95% 3.24% 2.96% 1.74% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Nov-2017 30-Nov-2017 24-Nov-2017 30-Sep-2017 30-Sep-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

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

THE TRIBUNE

Tuesday, January 23, 2018, PAGE 5

‘All hands must be on deck’ for joining WTO FROM PAGE 1 2001, and joked that “vacations may be over” for both the Government and private sector given the amount of reforms - and speed at which they need to be enacted - to meet the 2019 deadline.

“Of paramount importance, when we look at the competitive landscape, is that we must take measures to improve the ‘ease of doing business’’ in the Bahamas for Bahamian businesses,” Mr Sumner told Tribune Business.

“We must improve the cost of doing business, we must improve our labour productivity and skills, we must improve the cost of energy, the Business Licence process has to be reviewed and improved, our tax structure needs to be looked at. “There are a number of issues internally and domestically that must be looked at before we enter the WTO. We have to be sure that the issues we are facing now as a country relating to the growth of the economy, relating to our competitiveness, whether we have a competitive edge in certain areas and are looking to develop new industries, we have to get on a square footing before we enter the WTO. These must be addressed with priority and urgency before we even sign the papers for WTO.” Mr Sumner’s comments, albeit perhaps more diplomatically, echo the concerns previously expressed by

former Chamber of Commerce chairman, Robert Myers, who last week told Tribune Business that Bahamian companies will “have our backside handed to us” unless the Government “aggressively” undertakes key reforms prior to joining the WTO. He, too, warned that the local private sector would be “seriously damaged” if the Minnis administration fails to implement fiscal, monetary and energy sector changes that place it “on a level playing field” with foreign rivals.

Tribune Business revealed last year that the Cabinet had decided to complete the WTO accession process by 2019, a deadline viewed by many as too aggressive and unrealistic given the scale of preparations required to ready the Bahamian economy and companies for this change.

Mr Sumner, though, said this deadline was achievable provided there was “a very aggressive and sustained campaign” by both the Government and private sector to reform and negotiate the best possible accession terms.

“Given that we’ve been at this for 16 years, it’s not unrealistic to achieve this objective,” he told Tribune Business. “It just means that there has to be a very aggressive campaign, and a very sustained campaign, over the next year.

“Domestic challenges must be addressed efficiently, addressed quickly.

These are issues that must be resolved if we’re talking 2019, which is less than a year away. This means we’ve got to set an extensive, aggressive agenda on ourselves to make sure we get things resolved in the domestic environment.

That means all hands must be on deck.

“Whatever we do must be of benefit to the Bahamas and Bahamian businesses.

Anything otherwise will be doing a grave disadvantage not only to our business community and generation, but to future generations.”

Mr Sumner lamented that the Bahamas had failed to exploit the 16 years since it applied for full WTO membership to modernise and overhaul its economy, suggesting it had squandered an opportunity to prepare for a liberalised trade environment.

“It’s regrettable that 16 years later we don’t have resolution to a number of these issues,” he said of the economy’s flaws. “We haven’t made the best use of it. We’ve got nothing much to show for it.

“We can’t put our finger in anything to show we’ve made advances in this.

We’re the only country holding out [from WTO membership]. There are so many issues that we have to deal with and address. We talk about competition.

This is where the rubber meets the road.”

Mr Sumner urged all Bahamian citizens and businesses to become involved in the “national dialogue”

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that is essential to enabling this nation’s negotiating team craft the best terms and conditions for WTO entry.

“Don’t stand on the sidelines,” he told Bahamians.

“I believe the country will benefit from different perspectives, different levels of participation. I just would encourage all persons to get involved in the process, and make your voices heard - your suggestions and recommendations. We want as widespread a consultation and feedback as possible.”

The Chamber of Commerce chief executive added that the aggressive WTO accession timeline meant both government and private sector would have little rest over the next two years, and said: “Those at the wheel will hardly have any time to rest. Vacation may be over for a while, at least until we complete the process.”

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

PAGE 6, Tuesday, January 23, 2018

THE TRIBUNE

Water Corp’s two-page deals ‘not good enough’ FROM PAGE 1 plants in the Family Islands operate with a two-page ‘Letter of Acceptance’. It has no specific terms and conditions beyond the provision of water and the price. As an attorney, what I also recognise is that a ‘Letter of Acceptance’ is not good enough.”

Mr Gibson said such commercial contracts should outline the responsibilities and obligations of both the Corporation and its reverse osmosis operator partner, plus set out the process and triggers for default, termination and associated penalties.

He argued that many reverse osmosis contracts contained too much

“flexibility”, and added: “We have had deficiencies or inadequate terms and provisions with respect to contract duration.

“There’s been inadequate provisions for quality control and maintenance.

The legal transfer of the plant and equipment is not properly outlined. The properties the plants sit on; the contracts do not clearly

provide operators with ownership rights.”

Mr Gibson said deficiencies had also been identified with the insurance and service provisions in many contracts, adding that he had been informed that in many instances insurance costs were included in the price of water paid by the Corporation and its consumers.

With the rights of all sides, including the Corporation and Bahamians, inadequately protected, the Long Island MP pledged: “To mitigate with respect to risk management, it’s important to understand the contract risk. The plan is to have a proper contract in place and do away with these Letters of Acceptance.

“A lot of contracts need to be revisited, and there are no terms and conditions in many of them with the exception of North and Central Eleuthera and South Andros.” Mr Gibson promised that the tender for the Ragged Island reverse osmosis plant, which the Corporation has

SEE NEXT PAGE

THE TRIBUNE

WATER CORP from PAGE 1

just put out to bid, will be “a real tight, properly drawn contract”. He told Tribune Business: “Many of the reverse osmosis contracts are expiring. It gives us an opportunity to renegotiate them, and negotiate in the Corporation’s interests and go from there to get the best market value in terms of the production of water.

OM PAGE 1

Tuesday, January 23, 2018, PAGE 7 “I’ve noticed most of the contracts have a 15-year lifespan. I can say that while I’m chairman there will be no 15-year contract. A review could be conducted of reverse osmosis plants.

“This approach could include local co-operatives and communities managing and owning these reverse osmosis plants.”

Mr Gibson said he was also concerned over whether some reverse osmosis plant operators had been fulfilling

their obligation to submit weekly, monthly and annual operations reports to the Corporation in accordance with their contract terms.

Weekly reports detailed the water volumes produced and any outstanding balances owed by the Corporation, while the monthly reports summarised the replacement of parts, maintenance, employment levels and other operational aspects.

“We’ve had inconsistencies in the past where these

reports are not submitted in a timely fashion or at all,” Mr Gibson told Tribune Business. “The contracts in the Family Islands don’t call for the submission of reports.

“We’ve had cases where the annual operating report was never submitted. In future, the creation of the reverse osmosis unit will ensure persons in the Corporation have greater familiarity and experience with the operations of the reverse osmosis

plant and their technical

modifications.”

NOTICE Notice is hereby given that BGRS Certificate Nos. 52-096 in the amount of B$20,000.00 and 52-106 in the amount of B$13,000.00 are lost and are due to mature in 2017. If these certificates are found, please write to P.O. Box N-624 or contact Keith A. Lunn at (242) 322 2670.

PAGE 8, Tuesday, January 23, 2018

ELECTRICITY FROM PAGE 1

elements of the Government’s GDP growth and job creation strategy. Confirming his administration’s desire for economic diversification, Dr Minnis said: “With this in mind, late last year we passed legislation known as the Commercial Enterprises Act. “The intent of this Act is to offer incentives to investors who establish businesses in the Bahamas that would help us in our diversification drive, while also creating higher-paying jobs and long-term job security.

“Under this legislation, investors in captive insurance, reinsurance, arbitration, wealth management, computer programming, maritime trade, nanotechnology, biomedical industries, data storage, call centers, software design and writing will be given a number of concessions and incentives if they were to locate in the Bahamas.”

The only ‘concession’ addressed by the Commercial Enterprises Act is the fast-track work permit process, where companies in these industries can obtain a certificate from the Commercial Enterprises Board allowing them to bring in top executives, management and specialist personnel on work

THE TRIBUNE permits. Such persons can enter the Bahamas without possessing a work permit, but must apply for one within 30 days of arrival.

If no answer is received from the Department of Immigration within 14 days, the permit is automatically deemed to have been granted.

The Government’s goal of establishing Grand Bahama as a technology hub occupied much of Dr Minnis’s speech, as he sought to attract US and Texas-based investors and companies in the sector to the island.

Talking up the recent Grand Bahama Technology Summit, the Prime Minister said: “Grand

Bahama has proven to be an attractive place for manufacturing cutting-edge technology.

“Carnival Corporation has identified Grand Bahama as the ideal location to configure and assemble the Ocean Medallion concierge system. This interactive technology is expected to change the cruise experience, and we are proud to house its development centre in Grand Bahama.

“I am pleased to say that Grand Bahama Power Company has expressed its preparedness to be flexible in rates, particularly for new technology companies.”

Dr Minnis pledged that the Bahamas was “currently finalising”

initiatives to exploit blockchain technology, financial technology (FinTech) and cryptocurrencies, adding that the Government will market blockchain technology as “a sub-industry within information communications technology”.

He said: “We are currently engaged in discussions on how we can fast-track work permits and ensure that companies who employ US and foreign talent can retain these employees in the Bahamas.

“We remain open to tailormaking packages specific to a company’s needs, allowing them to retain their talent without increasing cost.”