01292018 business

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MONDAY, JANUARY 29, 2018

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Gov’t to ‘stamp’ down on land deal red tape

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Government is aiming to consolidate the ‘stamping’ of real estate conveyances at “one location” in a bid to ease private sector concerns about ever-increasing bureaucracy.

K P Turnquest, the Deputy Prime Minister, told Tribune Business that the Minnis administration was already examining whether legislative changes are needed to eliminate “the running up and down” between the Department of Inland Revenue and Public Treasury.

He said the Government was hoping to “streamline that process in the next couple of months”, acknowledging that VAT’s imposition on real estate sales had added another step to an already-cumbersome process at a time

* Document stamping to one site in ‘few months’ * Exploring how VAT Dept can collect Stamp Tax * DPM: ‘We want commerce to flow freely’ when the Bahamas is desperate to improve its global ‘ease of business’ ranking.

The 7.5 per cent VAT levy, which has largely replaced Stamp Duty as the primary tax on real estate transactions, means buyers and their attorneys now need to have the sales documents ‘stamped’ by both the Department of Inland Revenue and Public Treasury to confirm all due taxes have been paid.

Previously, when Stamp Duty was the sole levy, conveyances only had to be stamped at the Public Treasury. VAT’s introduction has therefore added more time and delay to a process that is often further lengthened when

KP TURNQUEST one or both government agencies challenges the purchase price, forcing parties to the deal to pay for

an appraisal to justify this figure.

“We’ve started to look at it to see if we can consolidate into one location the payment of Stamp Tax and VAT rather than having people run up and down to the Treasury and Inland Revenue,” Mr Turnquest told Tribune Business.

“Hopefully, in the next couple of months, we will be able to streamline that process in view of our overall ease of doing business objectives.” Such a reform, if enacted, will benefit both Bahamian and foreign parties to a real estate transaction by reducing time and costs.

Mr Turnquest, who is also minister of finance, added

that the Government was exploring whether legal changes were necessary to empower the Department of Inland Revenue to collect real estate-related Stamp Duty on the Public Treasury’s behalf.

“The issue is that the Stamp Tax is administered by the Treasury, while VAT is administered by Inland Revenue,” he explained.

“It may even require some changes in law. That’s one of the things we’re looking at; whether the VAT Department can be authorised to collect Stamp Tax on real estate transactions.”

The Deputy Prime Minister was speaking after

THE Bahamas’ accession to full World Trade Organisation (WTO) membership will “not get done” without the aggressive 2019 deadline imposed by the Government.

Mick Holding, the Grand Bahama Chamber of Commerce’s president, told Tribune Business that setting such a timeline was the only way the Minnis administration can ensure the Bahamas completes the world’s

longest-running accession.

Arguing that 2019 was “doable” if the Government and private sector demonstrated the necessary reforming will, Mr Holding said he believed the Bahamas was “better off in than out” when it came to becoming a WTO member.

Backing the accession intentions, the GB Chamber president said it would also force the Bahamas to “tighten up the rules” surrounding how commerce and trade is conducted in this nation - something he also described as a positive. “Broadly speaking, we

on for so long, with different governments coming in and out, if it’s going to be achieved an aggressive timetable is probably necessary otherwise things don’t get done.

“It looks aggressive, sounds aggressive but it’s [2019] doable if there’s a will.”

The Bahamas is the only nation in the Western

* JANUARY 31 DEADLINE ‘A BIT TIGHT’ * GOV’T ‘BACKLOG’ HITS BUSINESSES * ‘NO NEED’ FOR MULTIPLE FINANCIALS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Hemisphere to remain outside the WTO, which is the body that sets the rules for global trade. Many, including Brent Symonette, minister of financial services, trade and industry and Immigration, argue that the Bahamas cannot afford to be isolationist especially given its small,

SEE PAGE 5

SEE PAGE 9

SEE PAGE 4

* GB Chamber chief: ‘Doable if there’s will’ * Says: ‘We’re better off in than out’ * Will force Bahamas to ‘tighten up rules’ are supportive of the accession to WTO,” Mr Holding told this newspaper of the Government’s strategy. “It’s one of these cases: Are we better off in than out, and I think we’re better off in than out.

“The country has been at this since 2001, when it became an ‘observer’ [at the WTO], and because this thing has been going

BUSINESS LICENCE: CHAMBER PROPOSES ‘STAGGERING’ FILINGS

THE private sector plans to soon meet the Government over proposals for “staggering” Business Licence renewals, amid fresh fears over the January 31 deadline’s “feasibility”.

Edison Sumner, the Bahamas Chamber of Commerce’s chief executive, yesterday told Tribune Business that the organisation plans to tackle “head on” the annual concerns that always emerge in the run-up to the filing deadline.

He said the Chamber was currently exploring “the feasibility and viability” of spreading out the Business Licence renewal process in a bid to ease the strain and anxiety it places on businesses and their accountants to certify key financial data within a month of the financial yearend for many.

Talks with the Minnis administration are planned for “the coming days”, amid concerns that the bureaucratic “backlog” at numerous government agencies - particularly the National Insurance Board (NIB) and Department of Environmental Services (DEHS) - will prevent many companies from providing certifications

WTO ‘WON’T GET DONE’ WITHOUT 2019 TARGET

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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CONFIDENCE KEY TO GETTING DPM: SIZE OF GOVERNMENT ‘SINGLE DIGIT’ UNEMPLOYMENT RATE ‘CERTAINLY NOT OPTIMAL’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas can get unemployment “down to single digits” by restoring employer confidence in the economy’s growth prospects, the Chamber of Commerce’s chief executive said yesterday.

Edison Sumner, speaking after Friday’s release of the latest Labour Force Survey data, told Tribune Business that recent discussions with businesses in the retail and wholesale sector showed companies were willing to hire - provided the enabling environment was right. This, he argued, required the Bahamas to address skills

* BUSINESS WILLING TO HIRE IF CONDITIONS RIGHT * CHAMBER WORKING WITH GOV’T ON MICRO FINANCE gaps and inadequacies among its high school leavers; remove the ‘ease of doing business’ obstacles; strengthen access to capital for budding entrepreneurs; and address a Business Licence fee structure that resulted in many companies paying more in tax than they earned in annual

SEE PAGE 10

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister says the Government’s size is “certainly not optimal”, with almost one in five Bahamian workers employed in the public sector.

K P Turnquest, who is also minister of finance, said the November Labour Force data provided initial “encouragement” that the Government’s strategy of

* PRIVATE SECTOR TO ABSORB PUBLIC LAY-OFFS * GOV’T ACCOUNTS FOR ALMOST 1 IN 5 WORKERS * SAYS FORMER GINN PROJECT SET TO REVIVE allowing the private sector to drive job creation was bearing fruit with 3,575 new posts created.

This, though, came against the background of a 6.3 per cent reduction in public sector employment as the Minnis administration sought to ‘right-size’ the Government following

its election win. Direct government jobs, and those at public sector corporations, decreased by 2,555 during the six months to end-November 2017 as the Government elected either not to renew the contracts of short-term pre-election

SEE PAGE 10

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PAGE 2, Monday, January 29, 2018

THE TRIBUNE

Treat budgets as tool, not a chore BUDGETING is the single most important thing you should be doing right now to improve your financial situation. Have you ever got to the end of

a week or month and asked yourself where all your money went?

A budget is the best way to answer that question.

It is like doing a CSI-style

forensic analysis on all your money flows.

Right now, you are most likely receiving and spending your money fairly routinely, and thus somewhat unconsciously. This is very common but not ideal.

Even if you keep some sort of mental budget, taking the time to write down your monetary thoughts helps provide more clarity.

Let me also state explicitly that a budget is not just for people with limited funds or who have problems managing money. It is also for people who have considerable resources, and for those who would be considered financial whizzes. In other words, it is a valuable tool for everyone.

The benefit of a budget is all in the details. Start with how much money you have coming in. Take the income from all of your sources over the course of the month and total it up.

If you have a stable weekly pay cheque this is fairly straightforward. If your pay cheque is unpredictable, then track down your income for at least the last three months and use that monthly average to smooth out the volatility. As a back of the envelope bonus, if you divide that monthly

income by four you should really consider some level under that amount as a hard limit on your weekly spending.

To get a complete picture, however, the next step is to figure out what your monthly expenses are and how they are distributed. We use monthly for expenses (and income) because most regularly occurring bills are charged every 30 days, and because most of us have numerous expenses but normally only one source of income.

These facts make figuring out where all of your money goes the more involved portion of budgeting. An accurate sense of all the money you pay out regularly is critical.

Hopefully you have resisted the urge to trash all the bills you received in the past few months because you will need them. The recurring categories that affect most consumers are rent (or a mortgage); utilities; transportation; consumer debt (car, credit card); food; entertainment; and insurance. Examine the past several months and get a good average estimate of your spending in each category. Tally these up over the course of a month and make note of the expenses that stay relatively fixed over time versus those that fluctuate. The more variable expenses you have, the more discipline and focus will be required of you to control your cash flows.

If a blank sheet of paper and a calculator starts to get cumbersome, use Google Sheets or Microsoft Excel to enter your list of income and expenses as line items in a spreadsheet. Creating a budget using technology is certainly not necessary,

but does add the advantages of easy flexibility and automatic recalculations whenever adjustments are necessary.

That brings us to the bottom line. The big reveal in our financial investigation is taking a look at the difference between your monthly income and your monthly expenses. The ultimate goal is to have your total expenses be less than your total income. If they are, that is fantastic.

It is time to start thinking about accumulating savings and starting an emergency fund. If not, then it is time to take a hard look at some areas where you may be overspending - especially on any non-essential variable items.

Two categories to scrutinise if you are looking to provide immediate relief to your budget are food and entertainment. To be clear, cutting expenses does not require a vow of poverty and boredom. Saving some money by preparing a few more meals at home (especially lunch) is actually healthier and cheaper, and it is unlikely that the quality time you spend with your people will be destroyed if you skip an extra round of drinks.

Another move is to use this opportunity to price check your expenses. It is quite possible you may be able to negotiate discounts as a valued customer, switch to a better, cheaper product by a competitor, or save money by cancelling an unused service. Make as many adjustments as you can to get your budget in balance.

A worthwhile rule of thumb for longer-term consideration is that your expenses become

MONEY

MATTERS particularly burdensome if the combination of rent, utilities and transportation take up more than 60-65 per cent of your income. A yardstick has its limitations, but significant changes may be required of your lifestyle if you find yourself outside that range. Another good long-term budgeting habit is to check your income and expenses once a quarter. That is usually enough time for financial matters to settle comfortably or change materially.

Budgeting is not a chore.

It is a choice. It is an opportunity to be proactive with your money instead of being reactive to it. The best thing is that, at its core, it is a simple affair of matching income and expenses. It is just a tool, like having a calculator when you need to do math.

Use it to your advantage.

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 Ltd (www.iffpros. com) Bahamas, and you can reach him at ramon@ iffpros.com

THE TRIBUNE

Monday, January 29, 2018, PAGE 3

Airport hotel bid to launch in first quarter

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Nassau Airport Development Company (NAD) is expected seek bids to develop a small hotel at the Bahamas’ premier airport in the 2018 first quarter, its chief executive has revealed.

Vernice Walkine, speaking on the sidelines of a recent cocktail reception to celebrate American Airlines’ 30 years of serving the Bahamas, said additional retail offerings are also planned for Lynden Pindling International Airport (LPIA).

She confirmed: “We are going to very shortly issue request for proposals for an on-site hotel. That will be happening some time in the first quarter of 2018.”

Tribune Business exclusively revealed plans for

an airport hotel back in October 2011. The original developers were the owners of the Atlantic Resort & Spa in Fort Lauderdale, who were looking to construct the hotel on a three-acre site immediately to the south of Windsor Field Road, right between the two entrance and exit roundabouts for LPIA. The project was anticipated to create between 100-150 full-time jobs, and the developers were aiming to construct a facility of ‘four-star’ standard, rather than the typical ‘two-star’ airport hotel, targeting the private aviation market and foreign directors of Bahamas-based companies who fly into LPIA for Board and other meetings.

George Allen, one of the principals in the original developer group, subsequently told Tribune Business they had elected not to pursue the LPIA

‘airport hotel’ because feasibility studies showed it could sustain only 50 rooms.

Mr Allen, though, did not rule out responding to an RFP should NAD issue one.

“The feasibility was not that good,” he said in explaining why the project was not pursued.

As for the addition of retail offerings Ms Walkine said: “We are going to be doing some exciting things in our US terminal. Due to the fact that we expect our passenger numbers to grow incrementally we are looking to add some additional retail offerings.

“We recently issued an expression of interest for a master duty-free concessionaire because we recognise that we are underserved, particularly in the area of duty free retail.

We are looking at some available spaces within the terminals where we can

ICONIC EXUMA RESORT TO RE-OPEN FEBRUARY 1 THE new owners of Exuma’s Peace & Plenty resort have announced that it will be “ready for business” this Thursday.

They said: “We are proud to announce, after 100 days and 7,000 hours of intense labour, Peace & Plenty is ready for business come February 1, 2018. Located in an old slave market and plantation, this friendly hotel in the middle of George Town has undergone an extensive 100-day renovation to its 35 rooms, two bars, restaurant, pool area, warehouse and marina to bring one of the Bahamas’ most historical boutique hotels up to deluxe standards worthy of its name.

“We would like to thank the Government of the Bahamas, especially Isla Dean and Candia Ferguson. And the best people in the world; the people of Exuma. Especially the staff at Seacore shipping, Exuma

Immigration and Customs, Dr Libation Lerman and all the workers who worked around the clock to make this day happen.”

Club Peace & Plenty had been for sale for at least two years, having been placed on the market in February 2015. The sales price was around $6 million. Tribune Business reported then that the Benjamin family and its patriarch, Stan Benjamin, who acquired Club Peace & Plenty in the early 1970s, had been mulling whether to sell the resort for some time before placing it with a realtor.

The family had already been down-sizing and selling its Exuma assets, in what appeared to be an estate planning move.

Miami-based boutique hotel owner/operators, Jesper & Gustaf Arnoldsson of SMS Lodging, partnered with long-time Exuma real estate investors, Steve & Patrick Harrington and

NOTICE

NOTICE is hereby given that PRINCELLIAE GUSTAVE of P.O. Box General Delivery, Savannah Sound, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 29th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

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For all of your Immigration needs contact STONE ARCH BAHAMAS. Book your appointment today. 356-0011

Bahamian entrepreneur, Burton Rodgers, to acquire the historic hotel.

SMS Lodging will manage all aspects of operations, including sales, marketing and reservations at the resort, which was built in 1958 by Lawrence Lewis, the grandnephew of railroad tycoon Henry Flagler –the pioneer developer of much of Florida and the Florida Keys over a century ago.

The resort lists its famous visitors as including Jimmy Buffet; Prince Phillip of England; actors Robert Mitchum, Sam Elliott, Gene Hackman, Johnny Depp; Hume Cronyn and wife Jessica Tandy; Ester Rolle; Al Roker; Jackie Kennedy Onassis; baseball greats Mickey Mantle, Dusty Baker and Davey Johnson; golfers Jack Nicklaus, Ray Floyd, Greg Norman and Tom Weiskof; footballer Joe Namath and coach Don Shula.

offer more duty-free products. We know that that is a real revenue creator for airports. We are looking to see that happen sometime maybe in the second quarter of 2018.”

Addressing new fees levied on taxi drivers last November, Ms Walkine said: “We have a much more streamlined and reasonable experience for people as they come out of the terminals and approach their grand transportation choices.

“Overall I think we had a very good winter. December was extremely strong . We are looking to a very productive year.”

AMERICAN AIRLINES ‘IMPRESSED’ WITH BAHAMAS GROWTH

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net A TOP American Airlines executive says the carrier has been “impressed” by the growth on its six routes between the Bahamas and the United States, with its 130 weekly flights exceeding most Caribbean locations.

Jim Butler, the carrier’s senior vice-president of international and cargo, speaking at a reception to celebrate the airline’s 30-year history in the Bahamas, said: “We have been very pleased with how things are working here. With over 130 flights weekly to six different destinations, we have been impressed with the growth that has happened here and we are always looking at other opportunities.

“We have been very pleased with how the flights are doing. The partnership we have with the islands, the Minister of Tourism and

others really give us a good feeling about the future opportunities.

People want to come and see the fantastic new properties here in the islands, and we have dedicated an incredible amount of service to Nassau and the Bahamas in general.”s4 America Airlines currently offers service to Nassau, Freeport, Marsh Harbour, Eleuthera, Exuma and San Salvador. “The partnership we have here is critical to our ability to service the islands and continue to develop partnerships, so that as tourism grows we can be the first to increase service,” Mr Butler added.

“One hundred and thirty flights is significantly more than we have to most of the Caribbean.

It’s a service that surpasses most locations with perhaps the exception of San Juan. There is no place in the Caribbean that we offer more service than the Bahamas.”

PAGE 4, Monday, January 29, 2018

THE TRIBUNE

Gov’t to ‘stamp’ down on land deal red tape FROM PAGE 1 multiple commercial attorneys last week warned that growing ‘red tape’ in the real estate transactions approval process was threatening to undermine both foreign investor confidence in the Bahamas and any effort to improve this nation’s ‘ease of doing business’.

They revealed that the Central Bank’s increased regulatory requirements, combined with the ‘twostep’ stamping process and other impediments, were subjecting deals to multi-month delays, and causing “uncertainty and anxiety” among the foreign direct investment(FDI) community that drives the Bahamian economy.

Several attorneys spoken to by this newspaper said the situation

was undermining the very underpinning of foreign investor confidence in the Bahamas, which is their ability to monetise real estate investments, and get their money out quickly and securely.

Confirming that the Government was aware of such concerns, Mr Turnquest pledged they would be “taken seriously and addressed” as it wanted to avoid any unnecessary delays when it came to approving real estate deals involving foreign parties.

He added that the Minnis administration wants “commerce to flow freely” and provide all parties with “value for money”, but this has to be balanced by ensuring the Government collects all due revenue on real estate deals.

“It’s always a balancing act,” Mr Turnquest said, promising that parties

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NOTICE

NOTICE is hereby given that FRANCISCO de CARDENAS of P.O. Box N4827, 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 22nd day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

aggrieved by the Government’s rejection of their stated purchase price could appeal and be assured of “a fair hearing”.

“We have heard from the attorneys and real estate agents, and they’ve registered their complaints,” the Deputy Prime Minister added.

“It’s a significant issue.

We take them seriously, and want to address them by making the process as efficient and cost effective as possible.

“Some of these changes may be legislative, others may be procedural. We don’t want to be delaying, or in any way inhibiting, commercial transactions.

We want commerce to flow freely, and for all stakeholders to feel the process is fair and they’ve got value for money.”

Mr Turnquest said that while the Government had not been overwhelmed with concerns over real estate deal ‘red tape’, there were “enough for us to be concerned about the issue to pay attention to it”.

Attorneys have told Tribune Business that the stamping ‘turnaround time’ at the Department of

Inland Revenue and Public Treasury was seven and three days, respectively, provided there were no objections to the sales price or other factors.

Frederik Gottlieb, the attorney and former MP, last week railed at the increased frequency with which one or both of these agencies were rejecting the purchase price as stated on conveyances.

Believing that transaction values are being underreported in a bid to avoid due taxes, the two government departments are said to be increasingly forcing buyers to pay for further appraisals to justify the price paid.

Mr Gottlieb called on the Government “not to treat every other conveyance as being suspect; that the price expressed therein is a potential fraud”.

“That’s what we’re experiencing now,” he told Tribune Business last week.

“We provide a conveyance, and they don’t accept the price that’s been negotiated in good faith between the parties, plus the appraisals that have been done.

It’s very unsatisfactory and never used to be like this.”

NOTICE

NOTICE is hereby given that TONY ANTONIO CHERIBIN of Marshall Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

And Mr Gottlieb added: “VAT has introduced another layer of bureaucracy. To get a document stamped you have to get it stamped by the Department of Inland Revenue for VAT or marked ‘exempt’, and then go to the Treasury.

“I’ve had instances where the VAT Department had no problem stamping the document based on the conveyancing price, but then the Treasury required an appraisal.

All this makes it difficult to complete transactions and allow transactions to flow..... There are so many things that are creating uncertainty and anxiety for these investors.”

Many realtors have privately told Tribune Business that the Public Treasury appears to still be applying pre-2008-2009 recession values to real estate deals, and failing to account for the subsequent fall in market values, which they suspect is resulting in the frequent challenges to transaction prices.

Mr Turnquest acknowledged that the Public Treasury has been applying “increased vigilance” on conveyancing values, and

said: “Historically there’s always been a push and pull.... as many try to drive down the amount as far as payment where the Tax Department is concerned.

“We just want to make sure we get a fair value so the Government derives what is due from a transaction. I think that over the last couple of years there’s been increased scepticism and vigilance over instances of potential under-statement with respect to real estate values.

“The Treasury has been looking at these issues closely, and because of the less than scientific way of doing this [valuing real estate deals] it becomes a judgment call in a lot of instances. We do have some discrepancies from time to time. We try to work those out and ensure, at the end of the day, there’s a fair value assessed.”

Mr Turnquest added that the reforms to the Central Bank’s processes, announced by its governor, John Rolle, via Friday’s Tribune Business will also “go a long way to reducing the red tape and delays experienced by real estate transactions”.

NOTICE

NOTICE is hereby given that RITELSON DELVA of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

THE TRIBUNE

Monday, January 29, 2018, PAGE 5

WTO ‘won’t get done’ without 2019 target FROM PAGE 1 open economic model.

The Bahamas first signalled its intention to become a full WTO member in 2001, but successive governments since have not treated the issue as a priority. The Minnis administration, though, has taken a different stance, taking a Cabinet decision last October to try and complete the accession process by next year and signalling these intentions to the WTO Secretariat.

Mr Holding acknowledged that “the devil is in the detail” when it comes to the Bahamas negotiating the terms of its WTO membership, with much depending on the skills of its negotiating team - headed by Raymond Winder, Deloitte & Touche (Bahamas) managing partner, and former director of trade, Viana Gardiner.

He added, though, that he was unable to detail the specific economic growth opportunities that WTO may bring as himself and other members of the Government-appointed Trade Commission were still identifying these.

“That’s something we’re currently working on,” he told Tribune Business.

“I’ll be working on it this weekend to identify that.

I’m doing that in conjunction with three other Trade Commission members.”

Mr Holding, though, said the WTO accession

process itself would force the Bahamas to overhaul and modernise its economy - especially the rules and regulations governing commerce - which he described as a positive development.

The regulations that will enable the Government to enforce an upgraded intellectual property rights regime have been issued for consultation, and the GB Chamber chief identified a slew of new laws that the Bahamas will need to enact to pave the way for WTO membership.

Among these are a Competition (Antitrust) Bill; a Foreign Investment Bill; and likely a National Investment Act that takes current policy into statute, which is something demanded by rules-based trading bodies such as the WTO. “There are a lot of areas the Bahamas needs to tighten up on,” Mr Holding told Tribune Business, “and a lot of legislation is in draft, has recently been drafted or is yet to come that tightens up on the rules and regulations around the business environment and trade.

“Intellectual property is just one area. The other areas we’re looking at, just in terms of that; the tightening up of regulations, is in my mind a positive thing. There are copyright regulations, trademarks, standards regulations, a Competition Bill, Foreign Investment Bill, these types of things.

“There’s quite a lot of legislation that will need to go through before we get to the accession, and if that tightens up and regulates the environment, that in itself is a good thing. It’s going to be a very long year, no doubt.”

Mr Holding said “one of the major things” that will command the GB Chamber’s attention is the impact full WTO membership will have on Freeport and its status as a free trade zone (FTZ) under the Hawksbill Creek Agreement.

“Within the 164 countries who are currently members of the WTO, there are countries in there that do have free trade zones,” he added.

“It isn’t as if you can’t have a free trade zone and be a member of the WTO. That isn’t the case.

“It’s a matter of going through the details of all that. It will be one of the principal areas of focus for the Grand Bahama Chamber.”

Mr Holding said the GB Chamber would seek to act as a ‘bridge’ between its members and the Government, the latter’s negotiators and the Trade Commission, providing two-way feedback on the negotiating positions the private sector wants the Bahamas to adopt and the Minnis administration’s strategic direction.

“We’re all going through a bit of a learning curve,” he added. “It’s not a simple

process. It’s a complex process. At the moment we see no major disadvantages at all.

“We just need to make sure we have the right level

of protection for business.

I’m not talking about trade barriers; it’s quite legitimate for countries in the WTO to have tariffs. It’s a matter of saying which parts of our

economy need to be protected, and what parts will benefit from opening up.

That’s what we have to go through.”

PAGE 6, Monday, January 29, 2018

THE TRIBUNE

NOTICE

MARKET REPORT THURSDAY, 25 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,040.90 | CHG -0.81 | %CHG -0.04 | YTD -22.67 | YTD% -1.10 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 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

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate

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

E J K L M N

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 1.53 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.47 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 4.77 9.01 2.62 1.50 9.19 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.85 17.43 9.09 3.34 0.92 0.18 3.68 8.70 6.10 4.71 9.01 2.64 1.50 9.16 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 -0.06 0.00 0.02 0.00 -0.03 0.00 0.00 0.00 0.00 0.00 0.00

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

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

110.14 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

110.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 500

9,888

8,395

VOLUME

NAV 2.11 4.13 1.98 176.30 149.66 1.53 1.70 1.62 1.10 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 27.5 14.3 25.9 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% 2.55% 7.66% 2.27% 3.33% 6.17% 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% 4.34% 4.34% 1.83% 1.83% 3.30% 3.30% 4.03% 4.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

N O T I C E IS HEREBY GIVEN as follows: (a) MIRARE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 26th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 29th day of January, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

NAV Date 30-Nov-2017 30-Nov-2017 24-Nov-2017 30-Sep-2017 30-Sep-2017 31-Dec-2017 31-Dec-2017 31-Dec-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

ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394

Nassau Airport Development Company Ltd. CAREER OPPORTUNITY: Manager, Commercial Business Development The Nassau Airport Development Company Ltd. (NAD) is seeking candidates for the position of Manager, Commercial Business Development at Lynden Pindling International Airport Position Summary: Develops commercial business opportunities for Lynden Pindling International Airport that will maximize revenue and profit. Liaise with key constituent groups to ensure that the Airport’s interests are coordinated with relevant stakeholders. Identify potential business targets, build the business case and ensure alignment with strategic and land use plans. Optimize the Airport’s commercial business through effective planning, development and contract negotiation of all current and new commercial revenue opportunities.

Responsible for the budgetary performance of the commercial management function through new business and business enhancement strategies. Monitors trends and activities in the marketplace to forecast and leverage business opportunities.

Experience and Background: 1. University degree in business or other relevant field 2. 5-10 years professional experience in a business development or related role with a track record of successful projects Abilities and Qualities: 1. Ability to strategically research, identify and leverage commercial opportunities for NAD and LPIA 2. Strong Communication and Interpersonal Skills 3. Strong Collaboration and Negotiation Skills 4. Excellent Project Management Skills 5. Strong Writing and Presentation Development Ability Visit: www.nassaulpia.com/careers for more details If you are qualified and interested please submit your resume by February 9, 2018 to: Director of Human Resources Nassau Airport Development Company Ltd. P.O. Box AP 59229 Nassau, N.P., The Bahamas Email: people@nas.bs

THE TRIBUNE

Monday, January 29, 2018, PAGE 7

VACANCY FOR ABACO LAW FIRM

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Side

2017 CLE/Equ/Qui/0048

IN THE MATTER of THE PETITION OF RANCE SMITH AND ARNIKA SMITH OF PLEASANT BAY, ANDROS AND IN THE MATTER OF THE QUIETING TITLES ACT 1959 Chapter 393 of the Statute Laws of The Bahamas AND IN THE MATTER OF ALL THAT piece parcel or lot of land situate in the vicinity of the Pleasant Bay Settlement in the Southern District of the said Island of Andros one of the Islands of the Commonwealth of The Bahamas and being the Eastern portion of Allotment Number Twenty-seven (27) which said piece parcel or lot of land comprises 39,946 square feet.

NOTICE OF PETITION The Petition of Rance Smith and Arnika Smith of the Settlement of Pleasant Bay, South Andros on the island of Andros, one of the islands of the Commonwealth of The Bahamas in respect of: ALL THAT piece parcel or lot of land situate in the vicinity of the Pleasant Bay Settlement in the Southern District of the said Island of Andros one of the Islands of the Commonwealth of The Bahamas and being the Eastern portion of Allotment Number Twenty-seven (27) which said piece parcel or lot of land comprises 39,946 square feet.

The Petitioners claim to be the equitable owners in fee simple possession of the parcel of land hereinbefore described and have made application to the Supreme Court of the Commonwealth of The Bahamas under Section three (3) of the Quieting Titles Act 1959, to have their title to the said land be investigated and the nature and extent be determined in a Certificate of Title in accordance with the provisions of the Act. Copies of the filed Plan may be inspected during normal office hours at:(1)

The Registry of the Supreme Court, Marlborough House, Marlborough Street, New Providence, The Bahamas.

(2) The Office of the Administrator the Bluff, South Andros, The Bahamas.

(3) The Chambers of Broughton Cartwright, No. 6 Camperdown Heights, New Providence, The Bahamas.

NOTICE IS HEREBY GIVEN that any person having a dower or right to a dower or an adverse claim or a claim not recognized in the Petition shall on or before the expiration of thirty (30) days after the final publication of these presents file in the Supreme Court and serve on the Petitioner or the undersigned a statement of his or her claim in the prescribed form verified by an affidavit therewith. Failure of any such person to file and serve a statement of his or her claim on or before the final publication of these presents will operate as a bar to such claim.

Dated this 18th of January 2018 BROUGHTON CARTWRIGHT Chambers No. 6 Bosham Close Nassau, New Providence, The Bahamas Attorney for the Petitioner

Major law firm is immediately seeking a detail oriented, hands-on individual to fill the position of Legal Secretary in Abaco. The successful candidate must be an exceptionally motivated, hardworking and dynamic individual having at least 5 years’ previous legal experience in the real estate practice area.

Required qualifications, skills, knowledge: • Experience in the preparation of agreements for sale, conveyances and mortgages, and other relevant documents; • The ability to use initiative, multi task, work accurately under pressure, possess exceptional organizational and communication skills and be able to work overtime and weekends; • Computer literacy, including advanced proficiency in the use of Microsoft applications.

Compensation: Commensurate with qualifications and experience; excellent benefits Only short-listed applicants will be contacted.

Reply in confidence to: vacancy50@gmail.com

THE TRIBUNE

Monday, January 29, 2018, PAGE 9

BUSINESS LICENCE: CHAMBER PROPOSES ‘STAGGERING’ FILINGS FROM PAGE 1 required to support their Business Licence renewals

by January 31. “One of the things we are looking at in discussions under our purview is the feasibility and viability of staggering Business Licence renewals,” Mr Sumner told Tribune Business, describing the current deadline as “a bit tight for many businesses”.

He said it was especially problematic for retailers and other businesses for whom Christmas is their peak trading season. Such companies were still trying to close holiday transactions, especially those offered on credit, which made it extremely difficult for them to ready financial statements showing their gross turnover for Business Licence purposes.

“We understand that, particularly those in the retail sector, coming off the busiest season of the year are trying to get their financials finished up and closed out,” Mr Sumner said.

“Some sales are not complete, as they were made on 30-90 day credit terms. Many of them are having to wrap-up their year-end in December and get records immediately in place to satisfy January 31, which is a bit tight for many businesses.

“We want to see if there is an opportunity for moving that date. A grace period is given, but no one wants to bleed into that period.

Having staggered dates for Business Licences to be renewed is a discussion we have begun. It is something we are looking at, and we expect to have those discussions with the Government in the coming days.”

Angst over meeting the Business Licence filing deadline has become almost an annual ritual among many in the Bahamian private sector and accounting community, especially since Value-Added Tax (VAT) was introduced on New Year’s Day 2015.

This means that monthly and (some) quarterly VAT filers, in addition to

submitting their filings and payments for that levy by January 21, have to submit another set of financial statements and paperwork for Business Licence purposes some 10 days later.

And the concerns over bureaucratic overload have been exacerbated by the delays in obtaining necessary ‘good standing’ confirmations from a host of government agencies.

“We do know there is a significant backlog, whether it is getting Tax Compliance Certificates (TCCs) or Letters of Good Standing [from NIB],” Mr Sumner told Tribune Business.

“It’s a matter NIB is working feverishly to resolve, and we are hoping to see an improvement in that process very soon.

We are hoping to see this process streamlined and automated in times to come.

“Hopefully we will see it done by next year.”

Mr Sumner said business complaints about NIB delays had been coming into the Chamber since

last week. These had all been referred to the social security programme, and confirmations that businesses are current with contributions are now starting to be issued.

One Tribune Business source, speaking on condition of anonymity, said NIB contributions for December 2017 are not due for payment until January 31, 2018 - the same day that Business Licence filings are due.

This, they explained, forces companies to pay their December NIB contributions in advance otherwise they will be unable to obtain the ‘Letter of Good Standing’ needed for Business Licence certification purposes.

The source also confirmed the “backlog” noted

by Mr Sumner, saying they were aware of companies and clients that have been waiting two weeks for NIB ‘Letters of Good Standing’ and similar approvals from the likes of the police and Department of Environmental Health Services (DEHS).

“NIB cannot keep up with the request for ‘Letters of Good Standing’,” they added. “Many businesses have to get a certificate from the Department of Sanitation. This department cannot keep up with the demand.”

Mr Sumner told Tribune Business that the Chamber also wanted to “streamline” the need to file multiple financial statements - one for VAT, another for Business Licences - and consolidate this into one set of figures.

“The whole idea of Business Licence renewals is one of the concerns the private sector has had for a whole, especially with the introduction of VAT in 2015,” he said. “There’s

ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 75° F/24° C Low: 49° F/9° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Occasional rain and a thunderstorm

A couple of showers and a t‑storm

Rain and drizzle in the morning

Breezy with times of clouds and sun

Intervals of clouds and sunshine

Intervals of clouds and sunshine

High: 82°

Low: 71°

High: 78° Low: 64°

High: 75° Low: 66°

High: 78° Low: 70°

High: 81° Low: 70°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

88° F

74° F

75°-62° F

72°-64° F

77°-70° F

84°-75° 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.

N

almanac

E

W

ABACO

S

N

High: 75° F/24° C Low: 67° F/19° C

8‑16 knots

S

High: 77° F/25° C Low: 55° F/13° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 77° F/25° C Low: 59° F/15° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 71° F/22° C Low: 48° F/9° C

High: 77° F/25° C Low: 65° F/18° C

MIAMI

High: 79° F/26° C Low: 62° F/17° C

6‑12 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 73° F/23° 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 ................................... 63° F/17° C Precipitation As of 1 p.m. yesterday .................................. trace Year to date ................................................. 5.61” Normal year to date ..................................... 1.18”

ELEUTHERA

NASSAU

High: 82° F/28° C Low: 71° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2018

High: 78° F/26° C Low: 73° F/23° C

N

KEY WEST

High: 75° F/24° C Low: 62° F/17° C

High: 79° F/26° C Low: 74° F/23° C

N

S

E

W

6‑12 knots

S

8‑16 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

Low

Ht.(ft.)

5:31 a.m.

5:51 p.m.

3.2 2.5

12:00 p.m. ‑0.5 ‑‑‑‑‑ ‑‑‑‑‑

Tuesday

6:27 a.m.

6:48 p.m.

3.4 2.7

12:01 a.m. ‑0.9 12:55 p.m. ‑0.7

Wednesday 7:20 a.m.

7:42 p.m.

3.5 2.8

12:57 a.m. ‑1.0 1:47 p.m. ‑0.8

Thursday

8:11 a.m.

8:35 p.m.

3.4 2.8

1:52 a.m. ‑1.1 2:37 p.m. ‑0.9

Friday

9:01 a.m.

9:27 p.m.

3.3 2.9

2:45 a.m. ‑1.0 3:26 p.m. ‑0.9

Saturday

9:51 a.m.

10:19 p.m.

3.2 2.8

3:38 a.m. ‑0.8 4:14 p.m. ‑0.8

Sunday

10:40 a.m.

11:12 p.m.

2.9 2.7

4:31 a.m. ‑0.5 5:03 p.m. ‑0.6

sun anD moon Sunrise Sunset

6:54 a.m.

5:52 p.m.

Moonrise Moonset

4:06 p.m.

4:54 a.m.

Full

Last

New

First

Jan. 31

Feb. 7

Feb. 15

Feb. 23

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 75° F/24° C

High: 79° F/26° C Low: 75° F/24° C

N

High: 80° F/27° C Low: 72° F/22° C

S

LONG ISLAND High: 80° F/27° C Low: 76° F/24° C

H

E

W

insurance management tracking map L

Ht.(ft.)

Today

CAT ISLAND

E

W

one set of requirements for VAT filings, and one set of financials for Business Licences.

“This is one of those areas where we need to streamline the process.

There is no need, in my view, to be submitting so many different sets of financials. We need to streamline that process so whatever is required is captured in those financial statements, and any agency will be able to use them.”

The former Christie administration, in response to private sector complaints, pushed the Business Licence fee payment deadline back to end-March, although filings are still required by January’s end on an annual basis.

8‑16 knots

MAYAGUANA High: 79° F/26° C Low: 76° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 76° F/24° C

High: 79° F/26° C Low: 75° F/24° C

GREAT INAGUA High: 81° F/27° C Low: 76° F/24° C

N

E

W

E

W

N

S

S

10‑20 knots

10‑20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS S at 8‑16 Knots NNW at 10‑20 Knots SE at 6‑12 Knots N at 10‑20 Knots ESE at 8‑16 Knots WNW at 8‑16 Knots E at 10‑20 Knots ESE at 6‑12 Knots SE at 8‑16 Knots NNW at 10‑20 Knots S at 8‑16 Knots N at 10‑20 Knots SE at 8‑16 Knots N at 10‑20 Knots E at 10‑20 Knots ESE at 6‑12 Knots E at 10‑20 Knots ENE at 6‑12 Knots E at 10‑20 Knots SE at 6‑12 Knots SSE at 6‑12 Knots N at 8‑16 Knots SE at 10‑20 Knots NNE at 6‑12 Knots SE at 8‑16 Knots NNW at 10‑20 Knots

WAVES 6‑10 Feet 6‑10 Feet 1‑3 Feet 3‑5 Feet 5‑9 Feet 4‑7 Feet 6‑10 Feet 4‑7 Feet 5‑9 Feet 5‑9 Feet 3‑5 Feet 4‑8 Feet 1‑3 Feet 1‑3 Feet 5‑9 Feet 3‑6 Feet 3‑6 Feet 1‑3 Feet 5‑9 Feet 6‑10 Feet 2‑4 Feet 3‑5 Feet 4‑7 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet

VISIBILITY 10 Miles 10 Miles 5 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 2 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles

WATER TEMPS. 72° F 72° F 74° F 74° F 77° F 77° F 79° F 79° F 76° F 76° F 75° F 75° F 75° F 75° F 81° F 81° F 78° F 78° F 79° F 79° F 72° F 72° F 77° F 77° F 76° F 76° F

PAGE 10, Monday, January 29, 2018

THE TRIBUNE

DPM: SIZE OF GOVERNMENT ‘CERTAINLY NOT OPTIMAL’ FROM PAGE 1 hires or undertake downsizing exercises at entities such as the Ministry of Tourism, Gaming Board and Bahamas Agricultural and Industrial Corporation (BAIC).

Based on a total employed labour force of 203,730, the 38,435 public sector workers are still close to accounting for 20 per cent - one in five Bahamian workers. That ratio was exceeded in the May 2017 Labour Force survey, illustrating how the former Christie administration sought to cure its unemployment and election woes by expanding the public sector.

“It’s certainly not optimal,” Mr Turnquest told Tribune Business of the Government’s size, indicating it has reached a point where the private sector and employed Bahamians are struggling to finance and support it.

The Minnis administration’s strategy is the reverse of its predecessor’s, and the Deputy Prime Minister added: “We anticipate that

as we continue to rationalise the public service that the private sector will continue to pick up a lot of this capacity.

“We continue to put in place policies that, as we make the cost and ease of doing business lower and easier, the private sector will get going and pick up this capacity. We’re absolutely encouraged that the private sector is doing their job and creating jobs - 3,000 new jobs.

“Overall, I would say that we’re satisfied - not happy - that there has been growth in the economy, represented by the increase in the number of persons employed, and we’ve been able to maintain a fairly stable environment.”

Mr Turnquest added that “the prospects for 2018 certainly look promising”, revealing that the former Ginn project in Grand Bahama’s West End was looking likely to revive. Tribune Business revealed last year that Skyline Investments, a Toronto-based real estate developer/investor with $500 million in assets under

management, had emerged as the project’s potential purchaser.

The November Labour Force survey data were effectively a ‘mixed bag’ that allows the political parties to pick the parts that suit their narrative, with the slight increase in the national unemployment rate - from 9.9 per cent to 10.1 per cent - less than the Government’s previous comments had led many to believe.

While the Opposition can slam the Government for this minor increase, and loss of more than 2,500 public sector jobs, the Minnis administration is able to highlight the increase in the employed labour force and fact that more than 3,000 private sector jobs were created.

Dion Foulkes, minister of labour, said in a statement that the Government remains concerned over 22 per cent youth unemployment rate, which rose from 20.7 per cent in May likely due to the November survey picking up the several thousand high school graduates that annually enter the workforce.

Mr Foulkes said: “We are optimistic that in spite of the small increase in unemployment, 0.2 per cent as of November of last year, the new jobs at Baha Mar and

other business houses in New Providence will have a major positive impact on the number of Bahamians who will be employed this year.

“It is very encouraging that the unemployment rate reduced in Grand Bahama by 0.3 per cent.

The pending sale of the Grand Lucayan hotels and the reinvigoration of the hospitality industry in Grand Bahama will significantly further increase the employment opportunities on that Island.”

He added: “The Government continues to be concerned about the high rate of unemployment among our youth, and we have redoubled our efforts in creating training and employment opportunities for young Bahamians.

By all indications we are confident that there will be greater opportunities for employment this year, not only in New Providence and Grand Bahama but also in other the Family Islands.”

The Bahamas’ national unemployment rate now stands at 10.1 per cent, Department of Statistics Labour Force Survey officials announced on Friday.The survey captured the status of jobs for the period October 30, 2017 to November 6, 2017.

CONFIDENCE KEY TO GETTING ‘SINGLE DIGIT’ UNEMPLOYMENT RATE FROM PAGE 1 profits. “I think we can get this down to a single digit number,” Mr Sumner told Tribune Business of the 10.1 per cent official unemployment rate, “with proper planning, proper execution of strategy that makes it easier to do business in the country, and a reduction in red tape and bureaucracy that allows businesses to keep more of their profits.

“That will allow companies to hire more people when businesses are doing well. When the private sector feels the economy is doing well, they will spend more money and hire more people and expand their operations.

“There has to be a level of comfort in the economy and growth prospects out there to cause the private sector to take more risk, spend more capital and allow their business to grow.”

The Labour Force data for November, released on Friday, revealed a minor uptick in the nationwide unemployment rate from 9.9 per cent to 10.1 per cent - meaning that one in 10 Bahamians looking for gainful work are still unable to find it.

The main ‘takeaway’ is that the Bahamian economy is still not producing sufficient growth to absorb the several thousand high school leavers that swell its ranks annually, plus the existing unemployed, even though Baha Mar and other developments were responsible for a 3,575 or 1.8 per cent increase in the number of those with a job to 203,730.

The total unemployment number rose by 4.9 per cent nationwide over the six months to November 2017, according to Department of Statistics data, rising by 1,070 over that period to hit 22,950.

This increase was aided by a 2,555 reduction in the number of government and state-owned enterprise (SOE) employees, which fell by 6.3 per cent from 40,990 to 38,435 in a period which included the aftermath of the May 10 general election.

Mr Sumner told Tribune Business that in speaking with employers last week, while many wanted to hire and expand staff they indicated there were structural and confidence

impediments to doing so.

Among the obstacles identified were the ‘ease of doing business’, “making the process better and more efficient, where they’re able to manage the taxes imposed on the private sector and make them less onerous”, and the absence of basic skills among potential recruits.

Mr Sumner said the Chamber planned to meet with the Inter-American Development Bank (IDB) this week over the potential National Apprenticeship programme it is financing, which is designed to improve the “employability” of hundreds of Bahamians by equipping them with on-the-job vocational training and marketable skills.

He added that the Government and private sector were also in discussions, which involve the former’s venture capital fund, over the creation of a micro lending facility that will provide capital to entrepreneurs unable to implement their ideas for lack of financing.

The Chamber chief executive said that unlocking the entrepreneurial potential of many Bahamians could be a way to reach those labelled as ‘discouraged workers’ in the Labour Force Survey persons who have given up looking for work because they cannot find it.

Their numbers increased by 5.7 per cent to just over 2,000 nationwide in November 2017, with Grand Bahama seeing an increase in discouraged workers of 8.1 per cent - possibly explaining why the official unemployment numbers for that island dropped slightly - from 12.4 per cent in May to 12.1 per cent. Many people simply gave up looking for work.

Mr Sumner also said the private sector needed to feel they were doing more than “staying in business to pay the Government more taxes”, pointing to Business Licence fees as an example where companies paid more to the Public Treasury than they took home in profits due to its calculation as a percentage of gross turnover.

He called for the Labour Force survey to capture data from islands other than New Providence, Grand Bahama and Abaco, suggesting there was “a story to be told” by the likes of Exuma and Bimini, whose economies were performing well.