WEDNESDAY, FEBRUARY 7, 2018
Bridge Authority’s $9.4m bond repayment deficit By NEIL HARTNELL Tribune Business Editor firstname.lastname@example.org
he Paradise Island Bridge Authority requires $3.5 million in ‘emergency’ annual funding over a five-year period to cover a $9.4 million “deficiency” in its bond repayment fund. The Authority’s 2016 financial statements, tabled recently in the House of Assembly, reveal that the ‘sinking fund’ created to finance repayment of its $29 million bond debt contained just 45 per cent of what management felt it should have accumulated. “The sinking fund was
* Needs $3.5m ‘emergency’ injection every year to 2021 * Contains just 45% of management’s forecast target * No confirmation of extra funds source; repay in 2019
SEE PAGE 6
WORKERS on the Paradise Island Bridge.
Driver protection fund hit by 40% ‘uninsured’ ratio By NEIL HARTNELL Tribune Business Editor email@example.com INSURERS yesterday warned that the Bahamas’ 40 per cent “uninsured driver ratio” is a significant obstacle to the creation of a ‘rogue motorist’ protection fund. While agreeing that the havoc caused by uninsured and ‘unauthorised’ motorists is “unacceptable”, local property and casualty underwriters said the Court of Appeal president’s renewed call could effectively result in responsible drivers paying for the sins of their irresponsible counterparts. Responding to Dame Anita Allen’s call for the Bahamas to establish a fund similar to the UK’s Motor Insurers Bureau, as a mechanism to compensate
* RESPONSIBLE DRIVERS WOULD PAY FOR IRRESPONSIBLE * DAME ANITA’S CALL WOULD IMPOSE ‘SIGNIFICANT LEVY’ * INSURERS AGREE ROAD ANARCHY ‘UNACCEPTABLE’ victims of uninsured and ‘hit and run’ drivers, the insurers said this sounded fine “in theory” but needed to be carefully “thought through”. Tom Duff, Insurance Company of the Bahamas’ (ICB) general manager, told Tribune Business that while the Motor Insurers
SEE PAGE 4
‘Get fiscal house in line’ for ENTERPRISES ACT WILL ATTRACT NEW exchange control freeing-up BUSINESS ‘IN NEXT 12-18 MONTHS’ By NEIL HARTNELL Tribune Business Editor firstname.lastname@example.org THE Government must “rapidly bring its fiscal house into line” to facilitate greater exchange control liberalisation, a well-known accountant warned yesterday. Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that the Minnis administration needed to both ‘stay in its lane’ and “take hold” of what it is responsible for if this nation is to enjoy a more relaxed exchange
* BICA CHIEF URGES GOV’T: ‘TAKE HOLD’ OF ISSUE * KEY TO PREVENT EXCHANGE RATE SPECULATION * HOPE SEMINAR START OF MONETARY DIALOGUE control regime. He added that the Central Bank could no longer be such a significant lender to the Government if it wanted to establish its policy credibility as an “independent, autonomous” monetary manager - something that will be critical to maintaining investor confidence and preventing capital flight in a liberalised environment. “Fiscal management and responsibility must
Governor urges ‘new ways’ for unlocking $1.8bn liquidity pile By NEIL HARTNELL Tribune Business Editor email@example.com THE Central Bank’s governor has called for the development of “new private sector mechanisms” to put the banking system’s $1.8 billion surplus liquidity to more productive use. John Rolle, addressing
the regulator’s Monday exchange control seminar, said Bahamian companies could be “underweighting” the potential returns on capital if they made productive investments in this nation before looking overseas.“This point should not be downplayed given
SEE PAGE 7
accompany liberalisation,” Mr Bowe told this newspaper, following the Central Bank’s half-day liberalisation seminar on Monday. “The Central Bank has been a lender of significant resources to the Government... We can’t have the Central Bank overly exposed to the Government when it’s trying to be independent, autonomous and
SEE PAGE 7
By NEIL HARTNELL Tribune Business Editor firstname.lastname@example.org A TOP accountant yesterday said client feedback suggested the Commercial Enterprises Act and other reforms will attract new businesses to the Bahamas “in the next 12-18 months”. Prince Rahming, PricewaterhouseCoopers’ (PwC) Bahamas territory manager, told Tribune Business that the newly-passed Act and its ‘fast track’ work permit process for targeted industries was “certainly viewed as a positive step” by the firm’s overseas clients.
* PWC CHIEF: CLIENTS ‘POSITIVE’ ON PERMIT FAST TRACK * SWISS BANKS ‘OPTIMISTIC’ DESPITE CHANGE ‘PAIN’ * URGES GOV’T TO FOCUS ON CRIME REDUCTION He added that the legislation, much-criticised by the Government’s political Opposition, could become “one of the determining factors behind decisions” on whether to invest in the Bahamas given that it promised a “seamless” turnaround for work permits. Mr Rahming said the Act and Minnis administration’s wider focus on improving the ‘ease of doing business’,
together with improved US and global economic indicators, had improved corporate confidence in the Bahamas. While acknowledging that the financial services industry “continues to take some pain” as a result of international regulatory changes, the PwC chief said many of its Swiss banks clients had already adapted to
SEE PAGE 5
PAGE 2, Wednesday, February 7, 2018
Going beyond the data on interpreting crime WHAT better way to resume our discussion on crime and its prevention than to look
at its reporting, and the recent release of police statistics for 2017 in the Bahamas. If you have not
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seen the report then you are doing yourself and your company a disservice. It is a report card of sorts, and as taxpayers we should want to know the successes and failures the police are experiencing. But what does it say? What does it all mean? The police crime statistics are essentially a representation of the good, bad and the ugly. This comes on the heels of recent advisories to their citizens by the US and Canadian Governments regarding popular entertainment spots in and around Nassau. As if Nassau is the Bahamas, but that is another story. Whose report should we believe? Our local ‘heroes in blue’ or those ‘outsiders’ who may have a skewed and biased view? Considering that we are the potential victims and sample from whom these numbers are derived, we have to be very careful how we digest what has been represented. Some would say that numbers do not lie, but I would counter and say it is dependent on who is telling the story. Let’s step back and first attempt to get a better understanding of what is being presented. We must contemplate what is known in criminology as the ‘Dark Figure of Crime’. Which are those crimes that go unreported, unrecorded or are unknown. We must appreciate that some persons do not have confidence in the police’s ability to arrest perpetrators, recover property
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”THESE FACTORS SHOULD BE CONSIDERED IN DEVELOPING NOT ONLY CRIME MANAGEMENT STRATEGIES, BUT ALSO IN HOW THE POLICE FORCE ASSESSES IT AND IMPROVES INTERNAL OPERATIONS. I WOULD ALSO RECOMMEND AN ANNUAL REVIEW BY AN INDEPENDENT BODY, SUCH AS THE UNIVERSITY OF THE BAHAMAS OR THE DEPARTMENT OF STATISTICS, ON VICTIMISATION. I THINK THE RESULTS WHEN COMPARED AGAINST POLICE REPORTING WILL GO A LONG WAY TOWARDS MAKING OUR MANAGEMENT OF CRIME MORE EFFICIENT AND EFFECTIVE.” and resolve disputes. On the other hand, the police inadvertently and/or for expediency do not make arrests for every offense, so there is no documentation of such incidents. Finally, the public and the police do not recognise an event to be criminal. Whatever the reason, these factors exist and do contribute to how crime levels are perceived and presented. A 2013 study by Cornel University on the difficulties in measuring crime suggests that more than 40 per cent of offenses do not reach the police statistics. This is a large missing piece of the puzzle, which can provide a better snapshot of not just what the police are actually doing but what is happening regarding crime. These omissions can certainly help us in better understanding what is going on as it relates to crime. A primary concern is the focus on crimes such as murder and rape, which can result in little to no formal recording of what I call ‘entry level’ events, such as threats that subsequently lead to more aggressive actions like assault and sexual harassment. Crimes such as these give a deeper perspective on what type of environments are
facilitating violence, such as murder and rape. In comparison, the Uniform Crime Report, which is presented by the US FBI, reports assaults along with murder and rape events. When using the numbers for 2017, we see that assaults occur almost 47 times more than murders. And, further to this point, the US Department of Justice in the 2012 National Victimisation Survey suggests that more than 52 per cent of violent crimes are not reported. These incidents cost the public and private sector more, as employees survive these encounters but will require time off from work, increased insurance premiums, medical treatment and rehabilitation. But how do these crime reporting issues impact initiatives, and are they even taken into consideration? How does the lack of interpreted results impact anti-crime improvements and corrective action? Consider the following; 1. The numbers presented suggest that police acted or responded to some system failure. In other words, the actions or inaction of victims generated these numbers. The question here is what went wrong? Then, what should be asked, is what can we do to reduce the exposure?
SAFE & SECURE BY GAMAL NEWRY 2. Why would persons or businesses not report crime or loss events? How does this failure to report impact our outlook and actions? 3. How much is actually spent on crime response; from the preventative strategy to response and recovery programmes? 4. Better decisions regarding the development and management of preventative strategy can be made, and the appropriate resources allocated. 5. What role do you have as a private citizen or business owner in reducing your exposure to violent and property crime? These factors should be considered in developing not only crime management strategies, but also in how the police force assesses it and improves internal operations. I would also recommend an annual review by an independent body, such as the University of the Bahamas or the Department of Statistics, on victimisation. I think the results when compared against police reporting will go a long way towards making our management of crime more efficient and effective. NB: Gamal Newry specialises in loss prevention and asset protection strategy development and implementation; business security reviews and audits; and emergency and crisis management. The views, comments, and opinions contained in this article are solely those of the writer and do not represent in any way any employer, business, organisation, group, committee, or individual. Comments and inquiries can be sent to PO Box N-3154 Nassau, Bahamas, or email gnewry@gmail. com
Notice is hereby given that BGRS Certificate No. 71061 in the amount of $30,000.00 is lost and was due to mature 2024. If this Certificate is found, please write to P.O. Box SS-5917, Nassau, Bahamas.
Wednesday, February 7, 2018, PAGE 3
DPM moving Chamber to take up ‘quickly’ on VAT pricing concern creation of VAT Tribunal By NATARIO MCKENZIE Tribune Business Reporter email@example.com
By NATARIO MCKENZIE Tribune Business Reporter firstname.lastname@example.org THE Government yesterday said it was hoping to fully populate the ValueAdded Tax (VAT) Tribunal “quickly” in a bid to resolve long-standing disputes and uncertainties. K Peter Turnquest, Deputy Prime Minister and minister of finance, confirmed the move after Super Value’s owner recently told Tribune Business he wanted a clear and transparent process for dealing with VAT-related disputes, as provided for
in law. “That was never set up, even though they promised that it would be set up. If I want to file an appeal there is nowhere to go to appeal, and if there is no appeal then I want my money back. I don’t think I should appeal to you now three years later. We have to try and work this this thing out,” Rupert Roberts recently told this newspaper. He added that Mr Turnquest had given assurances the issue was being addressed, something the Deputy Prime Minister confirmed yesterday. He said: “Yes, I am looking into that. Unfortunately
it is not an easy task, but we are hoping to bring the full complement of Tribunal members on-board quickly so that matters can be referred to them rather than the Ministry for adjudication.” Edison Sumner, the Chamber of Commerce’s chief executive, told Tribune Business: “In some previous discussions, about two months ago, we were told that the Tribunal has been identified. Whether it has been fully constituted is another story. We were advised that the Tribunal has been identified. We haven’t gotten any further updates since then.”
THE Chamber of Commerce’s (BCCEC) chief executive said yesterday said the organisation plans to take-up concerns over Value-Added Tax (VAT) inclusive versus exclusive pricing. Edison Sumner told Tribune Business that while the Chamber had not received any widespread concern over the issue, it has had discussions on the issue with the view to taking it up with the relevant authorities. Back in December, Super Value’s owner, Rupert Roberts, said he would appeal to government for permission to revert to VAT ‘exclusive’ pricing, blaming the switch for last year’s 10 per cent sales decline. “We are still looking into it, and we have had discussions with Mr Roberts. It’s
an ongoing discussion and we understand his concerns. He has been able to clearly articulate his concerns and the issue is a part of the Chamber’s agenda for further discussion with the relevant authorities,” said Mr Sumner. Groups such as the Bahamas Federation of Retailers (BFR) and the Coalition for Responsible Taxation had lobbied the former Christie administration to no avail to revert to VAT ‘exclusive’ pricing, with some arguing
that uncompetitive ‘inclusive’ price comparisons would likely drive more Bahamians and tourists to shop in the US as opposed to locally. The business community had been pushing for the New Zealand model, which mandated neither VAT ‘exclusive’ or ‘inclusive’ pricing. New Zealand only requires that merchants ensure consumers have a complete understanding of pricing, and whether it includes VAT or not.
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JULIAN W. FRANCIS and MARY FERNANDER of #26 Culberts Hill, Winton Heights, P.O.Box FH-14124 New Providence, Bahamas, parents of JULIA WHITNEY FERNANDER intend to change our child’s name to JULIA WHITNEY FERNANDERFRANCIS.If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
GATESHEAD ASSET MANAGEMENT LTD.
CRANE MOUNTAIN CONSULTING LTD.
DREAMHOUSE HOLDINGS INVESTMENT LTD.
NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of GATESHEAD ASSET MANAGEMENT LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 20th day of December A.D., 2017.
NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of CRANE MOUNTAIN CONSULTING LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 6th day of December A.D., 2017.
NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of DREAMHOUSE HOLDINGS INVESTMENT LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 29th day of November A.D., 2017.
Michael C. Miller Liquidator
Theodora M. Miller Liquidator
Michael C. Miller Liquidator
Our lending institution is looking for a Delinquent Officer. You will collect on designated delinquent accounts while maintaining good customer relations with borrowers and effectively solving problems to resolve account delinquency and prevent losses. Delinquent Officer Responsibilities: ➢ Compile information needed to collect delinquent accounts; ➢ Independently evaluate delinquent accounts and initiate action within prescribed guidelines; ➢ Prepare reports and/or make phone calls to customers whose accounts are delinquent; ➢ Negotiate payment arrangements with customers who have delinquent loans within the Company’s guidelines; ➢ Recommend and initiate legal proceedings on enforcement actions; ➢ Understand and explain pertinent laws and procedures concerning collections and the seizure and sale of personal property; ➢ Gather and present information in legal proceedings to procure legal judgments; ➢ Make field collections. Skills, Experience & Qualification Required: ➢ Degree in Finance/Law or related field ➢ 3+ years’ experience in a direct customer contact and collections environment ➢ Excellent written and verbal communications skills ➢ Excellent negotiation skills ➢ Excellent interpersonal skills ➢ Proficient computer skills Interested persons must submit a current resume and photograph to email@example.com no later than 16th February 2018.
PAGE 4, Wednesday, February 7, 2018
Driver protection fund hit by 40% ‘uninsured’ ratio FROM PAGE 1
model for the Bahamas. He added that the UK scheme imposed a “fairly significant” levy on insured motorists’ premiums to
Bureau worked well for the UK it was not necessarily the most suitable
finance it, and questioned whether Bahamian consumers would agree to such a charge in an already-high cost environment. Mr Duff also warned that the costs of a Motor Insurers Bureau-type scheme were unlikely to be easily “contained” in the Bahamas, given the high percentage of drivers who either lacked insurance or were not ‘authorised’ to operate a particular vehicle by its insurance policies. He suggested this could impose ever-increasing costs on responsible motorists who always maintained appropriate insurance coverage, and instead recommended the increased use of technology to enable the Royal Bahamas Police Force to better identify and “clamp down” on uninsured drivers. The ICB general manager estimated that up to one-third of Bahamian drivers could be on the roads without the required insurance coverage, but his colleague Timothy Ingraham, Summit Insurance Company’s president, put this as high as 40 per cent - two out of every five motorists. “The Motor Insurers Bureau does work reasonably effectively in large, established markets like the UK for example,” Mr Duff told Tribune Business, “where you have a containable element of uninsured drivers. “My concern, perhaps, for the Bahamas if we were to look at that type of set-up would be how many uninsured drivers we have here. Is our uninsured driver ratio higher than established markets? I suspect it would be. That becomes a problem if we’re asking insured motorists to fund a higher uninsured risk than in established markets.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Side
“That means a higher levy on policyholders. In the UK it’s a fairly significant amount, and that goes on top of premiums. It is not broken out, so the consumer doesn’t see it, but the levy is quite significant,” the ICB chief continued. “If you translate that to the Bahamas market, where you have a higher percentage of uninsured drivers, the levy will require a greater dollar amount put towards it.” While describing Dame Anita’s call as “a great idea”, and acknowledging the extent of bodily injury and financial hardship caused by uninsured drivers, Mr Duff reiterated that a Motor Insurers Bureau would require detailed analysis of its potential costs and the Bahamas’ uninsured driver ratio before it can be implemented. “Everyone wants to see persons injured by uninsured motorists protected, but we have to measure that against the cost of doing so,” he argued, adding that “anything from 25 per cent up to 33 per cent” was “in the ball park” when it came to the proportion of Bahamian drivers lacking the necessary insurance. “We have people driving vehicles they are not insured to drive, and have individuals who do not even possess a driver’s licence driving as well,” Mr Duff continued. “We have uninsured vehicles and uninsured drivers.” Mr Ingraham, Summit’s president, told Tribune Business that the extent of the uninsured driver problem was even greater than Mr Duff’s estimates. “It’s been estimated that 30-40 per cent of motorists could be driving without proper insurance,” he revealed. The Summit chief added that “the funding mechanism is going to be key” if
the Bahamas implements a Motor Insurers Bureautype scheme, suggesting that a portion of the existing 3 per cent premium tax could be assigned to finance it. The Government, though, has already shown deep reluctance to separate premium tax revenues from its Consolidated Fund, and Mr Ingraham said rules governing how a ‘protection fund’ will work - the size of payouts, and how they are calculated - need to be developed. “It’s a good idea,” he said of Dame Anita’s call. “The execution of it needs to be thought through very carefully. At some point it will appear to be a tax on motorists. That’s what happens. There are also arguments that its creation will encourage moral hazard, and persons not to insure.” Mr Ingraham said a further levy on insurance premiums to fund a Motor Insurers Bureau-type fund was contrary to the industry’s goal of reducing coverage costs, and warned that it amounted to penalising responsible drivers for the sins of irresponsible ones. The ongoing anarchy on Bahamian roads was recently highlighted by the $12,340 fine handed down to a Wendy’s employee for running over and killing a 52 year-old man in an uninsured and unlicenced vehicle, and promptly fleeing the scene. Maronique Paul, a 24 year-old mother of one, with another child on the way, pled guilty to driving while not insured against third party risk; driving an unlicensed vehicle; driving without a valid driver’s licence; fraudulent use of a licence plate; fraudulent use of a licence disk; and
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
failing to remain stationary after an accident. And Dame Anita’s call for a ‘rogue driver’ protection fund is likely to strike a further chord with many Bahamians who have either been a victim themselves or seen family and friends suffer - as a result of being unable to claim against the culprit’s insurance. The Court of Appeal president made the call after overturning a Supreme Court verdict that permitted two road accident victims to enforce a $654,000 damages claim against Bahamas First. The company had insured both the vehicle, and the mechanic, involved in a 2004 collision in Eleuthera. The Court of Appeal, though, found that the victims - Monica and Betty Thompson - cannot claim damages from Bahamas First because the mechanic was not among the ‘authorised’ drivers listed on the vehicle’s insurance policy. As a result, the Thompsons have yet to obtain a single cent from the $654,000 damages award in their favour. Their case mirrors that of Eric Antonio, who was blinded in an accident with a jitney, yet was also unable to claim $521,943 from its insurers because the driver was not ‘authorised’ to operate the vehicle. Bahamians frequently hand vehicle keys to their friends and family, while companies often allow any employee to drive, even though they are not included among the ‘authorised’ drivers. Mr Duff suggested that the solution lay with improving the police’s ability to better detect and catch uninsured drivers, then enforce the law and appropriate penalties on them. “We all accept the situation is certainly unacceptable, and as a society the Bahamas has to try better to improve it,” he told Tribune Business. “I think giving the police the technology tools to deal with this would be the preferable route from the Motor Insurers Bureau option. “That comes at a price. My question is: Is the Bahamian consumer prepared to pay that price. He’s complying with the law, paying insurance and in effect being penalised for those not covered properly. That would be the debate.” Mr Ingraham said the insurance industry, together with the Insurance Commission, the Government, police and Road Traffic Department, needed to work “hand in hand” to devise a solution that best fitted the Bahamas.
Our lending institution is looking for a Loan Officer who is prepared to make a difference in the lives of customers. We are looking an individual to evaluate and recommend loan applications for approval. You will act as liaison between customers and our financial institution and you will help qualified applicants acquire loans in a timely manner. The ideal candidate must have experience managing consumer and equity loans.
Loan Officer responsibilities: ➢ ➢ ➢ ➢ ➢ ➢ ➢
Meet with applicants to obtain information for loan applications and to answer questions about the process; Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans; Maintain an active knowledge base of all the Company’s loan products and an understanding of the qualifications required of each applicant; Identify and recommend products that meet the customer’s needs, utilizing the Company’s lending guidelines; Review and update credit and loan files to ensure all documentation are in order according to Company policy; Utilize professional judgement to determine which potential borrowers represent good risk opportunities for the organization; Analyze potential loan markets and develop referral networks to locate prospects for loans.
Skills, Qualifications & Experience: ➢ Minimum Associates Degree in Finance or Related field/5 years’ Experience required ➢ 2+ years’ experience in the consumer loan industry ➢ Excellent communications and customer service skills are Essential ➢ Strong attention to detail and a mind for numbers ➢ Computer literacy is a must ➢ Sales skills & Ability to attract people ➢ Must be a self-starter & carry out instructions Interested persons must submit a current resume and photograph to firstname.lastname@example.org no later than 16th February 2018.
Wednesday, February 7, 2018, PAGE 5
Enterprises Act will attract new business ‘in next 12-18 months’ FROM PAGE 1 the new environment and were “optimistic about the future” again. “Given the level of activity we see within our firm from abroad, and the level of interest being expressed in the Bahamas, we are on the right path overall,” Mr Rahming told Tribune Business. “It’s still early days, but in the next 12-18 months we see new entities in the marketplace as a result of measures being taken by the Government. These are [client] relationships we have in the firm, and there’s a number of interests being expressed in the Bahamas at this particular time that bodes well and lends to the level of confidence I have.” Mr Rahming said some of these investments would take time to materialise, but he emphasised that “we will see positive moves in the economy” by the medium term. He indicated that his optimism had not been dimmed by the recent US and global stock market volatility, which has wiped trillions of dollars in value off shares, pointing out that analysts’ general consensus is that this is a short-term correction to a rapid run-up in prices. While investors fear interest rates will rise to dampen inflation and asset prices, Mr Rahming said: “All the fundamentals are there for the market to come back.” He added that “what we’re seeing in the
US should have a positive trickle down effect in the Bahamas”. The PwC Bahamas chief urged the Government to remain focused on what it can control, and keep paying attention to improving the Bahamas’ key ‘ease of doing business’ systems and processes. “That’s going to be key. That’s key for the future,” Mr Rahming told Tribune Business. “The Commercial Enterprises Act is something we are also advising clients about, and it’s certainly viewed as a positive step externally. “It’s all been positive. When we write to advise our clients, we are obviously pointing to that [Act] as a factor in the ease of doing business in the Bahamas. That’s viewed positively, and could be viewed as one of the determining factors behind investment decisions when we can pave the way for work permits to be issued in a timely manner and seamless way. “This thing can only be positive, and the initial feedback from clients overseas is it’s viewed as a positive development.” The Commercial Enterprises Act, recently passed into law, was panned by the opposition Progressive Liberal Party (PLP) as a threat to Bahamian jobs on the grounds that it created an ‘Open Sesame’ for foreign workers to enter this nation by liberalising the granting of work permits. However, it was subsequently pointed out that the Act only applies to
specified targeted industries, and these largely mirror those sectors identified for foreign direct investment (FDI) long ago by the Bahamas Investment Authority (BIA). The Act applies equally to Bahamian and nonBahamian investors, and is targeted at industries the Minnis administration views as potential job and growth generators, with the ability to earn foreign currency and diversify the economy. The sectors targeted are niche financial services offerings, including captive Insurance; nanotechnology; computer technology; software design; data storage; maritime trade; aviation registration; wealth management; and select manufacturing enterprises. The Commercial Enterprises Act provides a ‘fast track’ work permit process for companies in these industries that make a minimum $250,000 investment. If they need to bring in senior executives and management staff, or specialist workers not available in the Bahamas, they can apply to the Commercial Enterprises Board for a certificate enabling them to obtain work permits for a specified number of posts. If approved, these businesses can bring in expatriate staff without having to first possess a work permit. The application must be made to the Department of Immigration within 30 days of their arrival in the Bahamas and, if no reply is received
within 14 days of its submission, the work permit will automatically be assumed as granted. Despite now being equipped with the Commercial Enterprises Act, Mr Rahming yesterday said the Bahamas “still has a lot of work to be done” on all aspects of improving the ‘ease of doing business’. “We’re not out of the woods yet,” he told Tribune Business. “But as long as the ease of business remains a key focus for the Government, it bodes well for the wider economy. “I think we’re on the right track for the time being, and as long as the Government continues with being transparent in its decisions I think, again, that also promotes confidence in the jurisdiction.” Mr Rahming also urged the Government to prioritise the crime fight, saying that foreign investors often expressed concerns over this and how it potentially impacts their investment. “Crime continues to be an overhang,” he warned. “When investors come in they often speak of crime and how it impacts their business. It is a focal point, and should continue to be a focal point to reduce or control the level of crime in the country.” The PwC chief said the $4.2 billion Baha Mar project’s towards a full opening in April 2018 made him confident about the tourism industry’s prospects, while he harboured similar sentiments about the financial services despite the
UNNO FINANCIAL CORP. Company No. 413831 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that UNNO FINANCIAL CORP. is in voluntary liquidation. The voluntary liquidation commenced on 31st January, 2018 and Gelsomina Guthauser of Hohlstrasse 473, 8048 Zürich, Switzerland has been appointed as the Sole Liquidator. Dated this 1st day of February, 2018 Sgd. Gelsomina Guthauser Voluntary Liquidator NOTICE LUNA SIX LTD. NOTICE IS HEREBY GIVEN as follows: (a) LUNA SIX LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 1 February, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
NOTICE BARBUSH DEVELOPMENT CORP.
NOTICE SUNSET SHIPPING COMPANY LIMITED
NOTICE IS HEREBY GIVEN as follows:
NOTICE IS HEREBY GIVEN as follows:
(a) BARBUSH DEVELOPMENT CORP. is in dissolution under the provisions of the International Business Companies Act 2000.
(a) SUNSET SHIPPING COMPANY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.
(b) The dissolution of the said Company commenced on the 30th day of January, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(b) The dissolution of the said Company commenced on the 31st day of January, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is Ms. Barbara Howland of Fort Lauderdale, Florida, U.S.A.
(c) The Liquidator of the said Company is Mr. Hubertus P.M. Martens of Calle Maldonado, 1214, CP 11.100, Montevideo, Uruguay.
H & J CORPORATE SERVICES LTD.
H & J CORPORATE SERVICES LTD.
Registered Agent for the above-named Company
Registered Agent for the above-named Company
ongoing international pressures it faces. “With financial services we’re continuing to take some pain and have major adjustments at a number of licensees having to change their business model to adapt to the new reality following pressures placed by international organisations like the OECD,” Mr Rahming told Tribune Business. With the Bahamas having signed on to compliance with the OECD’s Common Reporting Standard (CRS) for the multilateral automatic exchange of tax information, he argued that while there would be some negative fall-out it did not amount to “ultimate
defeat” for the Bahamian financial services industry. “Companies have adapted and are on a path for future growth,” Mr Rahming said. “There may be some consolidation, but they have evolved and adopted a new path and direction that will bode well for the future. “We do quite a lot of work in both spheres, tourism and financial services offshore, and we work with a number of Swiss private banks here. “We have seen them go through the pain and assets departing this jurisdiction, but now they have adapted to new strategies. They’re optimistic about the future.”
RIALTO TRAVEL LIMITED Company No. 222004 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that RIALTO TRAVEL LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 30th January, 2018 and ROSA PREVITERA of Via Maestri Comachi 13/F, 6834 Morbio Inferiore, Switzerland, has been appointed as the Sole Liquidator. Dated this 1st day of February, 2018 Sgd. ROSA PREVITERA Voluntary Liquidator
PAGE 6, Wednesday, February 7, 2018
Bridge Authority’s $9.4m bond repayment deficit FROM PAGE 1 established voluntarily by the Authority to reserve funds periodically to assist in retiring the bonds as they mature,” the financial statements said. “On December 31, 2016, the Authority had $29 million in bonds payable and $7.65 million in the sinking fund. “However, according to management’s calculations, the estimated amount that should have accumulated in the sinking fund at the balance sheet date was $17.026 million. As a result, management recognises that there is a deficiency of $9.376 million ($17.026 million versus $7.65 million).” The Authority’s bonds are divided into four tranches, with the first $7 million in principal due for repayment next year on March 24, 2019. The
‘sinking fund’ had barely enough funds to cover this repayment at yearend 2016, although further injections should have been made in 2017 to boost it further. There is nothing to suggest that the Bridge Authority is in danger of defaulting on its first $7 million long-term bond repayment, but the financial statements laid out a plan to immediately correct the deficiency. This involved injecting $3.495 million in ‘emergency’ funding into the ‘sinking fund’, in addition to the Authority’s regular $3.009 million annual contribution, every year for a five-year period through to 2021. The Authority’s projections thus call for a total $32.5 million contribution over that period, with the
NOTICE is hereby given that ELIE MONDESIR of Minnie Street , 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 31st day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
NOTICE is hereby given that JOVENEL PIERRE-LOUIS of 26 Hamilton Sub-Ramsey St., P.O.Box CR-54595, 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 31st day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
MARKET REPORT TUESDAY, 6 FEBRUARY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,043.10 | CHG 3.83 | %CHG 0.19 | YTD -20.47 | YTD% -0.99 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
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 2.12 4.14 1.98 178.69 153.40 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 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.70 9.01 2.44 1.50 8.55 6.00 10.45 6.24 4.47 12.51 10.00
CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.73 9.01 2.45 1.50 8.45 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 0.03 0.00 0.01 0.00 -0.10 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
110.39 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-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
110.43 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
NAV 2.12 4.14 1.98 178.69 153.40 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 0.638 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 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.7 14.3 24.0 4.5 3.2 5.3 14.3 12.9 15.0 23.0 0.0
YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.54% 7.66% 2.45% 3.33% 6.69% 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%
NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-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
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
net injection amounting to $25.5 million as a result of 2019’s $7 million principal payout. The financials define the ‘emergency funding’ as “the amount calculated to be funded annually for the next five years to prepare for the bond maturity when due”. However, there is no mention of how this multimillion dollar sum will be obtained. The two obvious sources are an increase in Paradise Island bridge tolls, which will have implications for the tourism industry, and impact frequent users such as taxi drivers, tour operators and the employees of resorts such as Atlantis, the Four Seasons Ocean Club, Warwick, RIU and a host of other workers on the islands. The other is the Bahamian taxpayer, via the Public Treasury, although it is unclear whether the former Christie administration - or its successor - have yet acted on the ‘emergency’ funding plan. Given that the Authority’s total income for the 2016 calendar year was $2.75 million, and total revenue some $7.733 million, it appears unlikely that it can fund the ‘emergency’ financing alone without a
substantial toll increase or government support. The Authority’s financial projections placed the present value of combined principal and interest payments on its bonds at $70.759 million. It derived the $17.026 million that should have accumulated in the ‘sinking fund’ by subtracting ‘paid interest’ of $25.198 million from a “theoretical” sinking fund balance of $42.223 million. Elsewhere, the Authority’s financial statements note that it has an unpaid $97,920 Value-Added Tax (VAT) bill due to the Government on the revenues collected from its bridge tolls dating back to 2015. This is due to be repaid when there is “resolution”, but was still on the balance sheet at year-end 2016. The Authority also earned $71,500, a 24.7 per cent decrease from the prior year’s $94,900, from various lease and concession agreements. These included the light pole and tollbooth plaza advertising concessions with Hillside Investments Company and MF International, respectively, plus leases with Cable Bahamas and Paradise Island Marina Development.
NOTICE is hereby given that ROSANDRA JOSEPH of Boatswain Hill, Carmichael Road, P.O.Box SS-6582, 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 31st day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
NOTICE is hereby given that ROSIE FRANCOIS of Mackey Street, 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 7th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JULIAN W. FRANCIS and MARY FERNANDER of #26 Culberts Hill, Winton Heights, P.O.Box FH-14124 New Providence, Bahamas, parents of JOEL WALTER FERNANDER intend to change our child’s name to JOEL WALTER FERNANDERFRANCIS.If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE is hereby given that JULIE LUBIN of Blue Hill Rd South, 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 31st day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
NOTICE is hereby given that GUERRY CHARLES of Minnie Street and Balfour, 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 31st day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
NOTICE is hereby given that SYDNEY LYNN DELAHEY of #8 Shannon Drive, P.O.Box F42409 Freeport, Grand Bahama, 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 7th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
Wednesday, February 7, 2018, PAGE 7
Governor urges ‘new ways’ for unlocking $1.8bn liquidity pile FROM PAGE 1 already significant liquid resources that lay idle in local banks,” Mr Rolle said. “These resources and others are in need of greater deployment in the enterprise sector. New private sector mechanisms ought to be developed to deploy these resources.” He did not explain what these “mechanisms” should look like, but was clearly referring to the $1.8 billion in excess liquidity that continues to build in the commercial banking system, depressing deposit rates and penalising savers.
The Central Bank’s December economic developments report suggested it was exploring ways to achieve “a soft landing” in terms of reducing these surplus assets, which were further bolstered by some of the proceeds from the Government’s recent $750 million foreign currency bond. This move was backed by one of Mr Rolle’s predecessors as governor, James Smith, who suggested that the Central Bank “revisit” restrictions on Bahamian dollar lending to non-residents as a way to “grease” the economy and release the excess liquidity. “That’s a real, I think, problem for economic
growth that is seemingly not getting the attention it deserves,” Mr Smith told Tribune Business on Monday, adding that attention typically focused on other fiscal and monetary indicators, government and private sector spending and unemployment. “Underneath all of that is the Government and private sector have to have continued access to funding, and the banking sector - which holds all the savings in the country - has been bitten by the recession and is reluctant to lend at the pace of a decade ago,” the 2002-2007 finance minister said. “They’re only targeting ‘A’ class customers who
are over-qualified, meaning they are sluggish and reluctant to lend.... Now you have the productive sector; small, medium and large businesses, who are probably not getting the overdraft facilities to expand and create jobs.” Excess liquidity in the Bahamian commercial banking system represents assets that are available for lending purposes, but for which the banks can find no borrowers who meet their qualifying criteria. The banks’ reduced risk appetite following the 20082009 recession, and aversion to lending to anyone other than those able to provide 100 per cent collateral or meet their strict approval
conditions, has resulted in the Bahamian economy’s productive sector - the mortgage market and business community - being starved of debt capital financing. Meanwhile, focusing on exchange control liberalisation, Mr Rolle said the Bahamas had yet to develop a ‘national consensus’ on what the final goals should be and what it wanted the economy to look like. Emphasising that any relaxation will be gradual, and conducted in a phased, structured manner, the Governor said: “It should be stressed that the Bahamas is not presently in the position to make a large leap to more liberalised,
unfiltered financial flows, such that the stability of our exchange rate would be preserved. “This is especially so considering the very liquid nature of flows to which some stakeholder groups aspire. Preparation is still required to strengthen our institutional capacity to function in a transformed environment, and to improve the structural health of the economy. “Some of our important stakeholder groups do not yet fully acknowledge the trade-offs that could be involved between the extent of liberalisation introduced, and difficulty it would pose to preserve the fixed exchange rate.”
‘Get fiscal house in line’ for exchange control freeing-up FROM PAGE 1 manage monetary policy.” Central Bank data shows its share of the Government’s direct debt reached almost 12 per cent in 2016, although this has levelled off slightly since. As a percentage of GDP, this is almost 7 per cent. John Rolle, the Central Bank governor, in his Monday seminar presentation warned that placing the Bahamas’ public finances “on a sound path” was a policy imperative if exchange control liberalisation is to continue and succeed. “Fiscal policies have to inspire confidence against
exchange rate speculation,” he said. “Government reliance on Central Bank financing should be kept in check. “Unchecked, the potential for capital flight is inferred from the rising gap in the uncovered liabilities of the Central Bank over the last decade, as public debt rose and the relative dependence by the Government on Central Bank financing increased.” Mr Rolle effectively warned that irresponsible fiscal and economic policies would cause increasingly mobile capital to flee the Bahamas in an environment where exchange control restrictions on such outflows have been removed. This implies that the
Bahamas must eliminate its $300 million-plus annual deficits and lower the $7.5 billion national debt. “If the political mantra is we’re pushing for liberalisation, that comes with obligations to bring the fiscal house rapidly in line with what liberalisation needs,” Mr Bowe told Tribune Business. “For the political directorate, they need to keep to their path and leave the Central Bank to effect it. The Government has to be careful not to overstep the boundaries in terms of what it’s responsible for, and take hold of what it’s responsible for; fiscal policy.” Mr Bowe also expressed hope that Monday’s seminar was “the start” of a
more regular, intense dialogue between the Central Bank and private sector over the former’s monetary policy targets and methods for achieving them. He compared the previous lack of dialogue to the US Federal Reserve, Bank of England and European Central Bank (ECB), all of which published ‘minutes’ of their discussions on interest rates and other monetary indicators to show the markets “what they’re trying to achieve” and why. The BICA president said the Bahamas’ main monetary goal was maintenance of the one:one peg with the US dollar, but there was little to “no understanding of what exchange control
is meant to achieve and whether we’re achieving it”. “This was probably one of the first times we had the Central Bank lead a discussion on monetary policy,” Mr Bowe said. “It wasn’t as in-depth as in the US, but at least it’s a start. I’m hoping the Central Bank will see this as a start, where we’re talking about monetary policy, exchange controls, interest rates and how we control inflows and outflows. “At least that’s the type of dialogue the business community appreciates, and the average person, even if they disagree, has a greater appreciation for the regime. Monday should be the first step. It should be included in quarterly newsletters
and other things to be very clear, not left to next year.”
ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394
PAGE 8, Wednesday, February 7, 2018