02082018 business

business@tribunemedia.net

THURSDAY, FEBRUARY 8, 2018

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Govt aiming to ‘stop breadbasket poison’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

CABINET minister yesterday pledged to “stop poisoning our people” by totally changing the Government’s ‘breadbasket’ food line-up in time for the 2018-2019 Budget year.

Dr Duane Sands, minister of health, told Tribune Business that the Minnis administration planned to align tax and economic policies with the Bahamas’ dietary health needs for the first time since the 1970s.

He revealed that the current ‘breadbasket’ contents will “probably not exist for too much longer”, as the Government plans to switch-out many existing foods in favour of products that will encourage healthy eating.

Dr Sands said the concept of “giving people a

* Complete overhaul for price-controlled food list * Health-focused reforms eyed for 2018-2019 Budget * VAT removal to help combat ‘dietary suicide’ bellyful” through imposing price controls on basic food ‘staples’ had contributed directly to the Bahamas’ health crisis, particularly its struggles with non-communicable diseases (NCDs).

By keeping prices on products such as corn beef and sugar artificially low through such regulation, the Minister argued that government policy had effectively encouraged Bahamians to “commit a form of dietary suicide and homicide”.

He disclosed that “a fairly comprehensive” consultation process, involving nutritionists, doctors and the food retail/wholesale

SEE PAGE 8

80% OF MOTORISTS EXPOSED TO ROGUE, UNINSURED DRIVERS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR insurance executive yesterday said it would not take “a heavy lift” to crack down on uninsured drivers who threaten to inflict a substantial loss on 80 per cent of Bahamian motorists.

Patrick Ward, Bahamas First’s president and chief

* BUT CLAMP DOWN ‘NOT HEAVY LIFT’ * UNINSURED MUST BE CUT TO ‘BARE MINIMUM’ * OTHERWISE PROTECTION FUND ‘NOT VIABLE’ executive, told Tribune Business that law enforcement should be the first step

SEE PAGE 10

CHAMBER URGES ‘SAFEGUARDS’ FOR GOV’TS TAX-FREE ZONE PLAN

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chief executive yesterday urged the Government to “put in safeguards” to prevent abuse of its promised Over-the-Hill ‘tax free zones’.

Edison Sumner told Tribune Business that unless the necessary controls were implemented to monitor who was receiving tax concessions, the Minnis administration’s long-touted plan could further fuel growth in

SEE PAGE 5

CONTRACTORS ‘NOT AT ODDS’ WITH MINISTER

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Bahamian Contractors Association (BCA) yesterday said it is “not at war” with the Minister of Works, and will resubmit its nominees for the Contractors Board before the the week’s end. Leonard Sands, the BCA president, told the

Association’s monthly luncheon yesterday that it had been only been informed through the media that its original recommendations had lacked the necessary variety.

Desmond Bannister, minister of works, last week blamed the BCA for the delay in

SEE PAGE 2

HEALTH Minister Dr Duane Sands

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Tolls, not taxpayer, will fund PI bridge ‘deficit’ if needed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bridge Authority’s $9.4 million “deficiency” will “not be put on the taxpayer”, a Cabinet Minister pledged yesterday, saying any financing needs would have to be met by increased toll fees.

Desmond Bannister, the minister of works, told Tribune Business the Government is awaiting recommendations from the Authority’s Board to determine whether the Paradise Island bridge overseer needs extra funding.

“I could tell you that nothing is going to be put back on the taxpayer,” Mr Bannister said, when asked by this newspaper how the Government planned to tackle the deficiency in the Authority’s bond repayment fund.

“I can’t tell you that there’s going to be any raising of tolls. But if there’s any funds required, and that’s a big ‘if’, it’s going to have to be dealt with by user fees.”

* MINISTER: WE WON’T ‘PUT IT ON TAXPAYERS’ * ADDITIONAL FUNDING, TOLL RISE STILL ‘BIG IF’ * AWAITING BOARD RECOMMENDATIONS This means that the burden of plugging the “deficiency” in the Bridge Authority’s ‘sinking fund’ will fall largely on Paradise Island’s hotel and business workers, plus wealthy residents through increased toll fees to enter the island. Taxi drivers and tour operators would also feel the impact.

Mr Bannister was responding after Tribune Business revealed that the 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

SEE PAGE 4

PAGE 2, Thursday, February 8, 2018

THE TRIBUNE

Labour minister leads wage equality group THE Minister of Labour led a Bahamian delegation to Panama for the recent United Nations’ Regional Conference on Wage Equality.

Senator Dion Foulkes was accompanied by government, trade union, private and public sector representatives to the event, which was held from January 29-31.

The conference saw the launch of the Equal Pay International Coalition (EPIC), an initiative led by the International Labour Organisation (ILO), UN Women and the

Organisation for Economic Cooperation and Development (OECD). This is designed to mobilize different agencies to reduce the wage gap between women and men, which is around 15 per cent in this region.

The EPIC was launched globally in September 2017 within the framework of the UN General Assembly.

At the Panama conference, that country became the first in the region to join the EPIC and the second in the world to launch it. The organisations that promote the EPIC are projecting the regional launches of the coalition.

It is anticipated that by 2030 the EPIC will achieve “equal remuneration

between women and men for work of equal value”.

Mr Foulkes was accompanied to the conference

by Patrenda Russell-Brice, deputy director of labour; Marissa Smith, Bahamas Chamber of Commerce and Employers Confederation (BCCEC); and Ednel Rolle, vice-president of the Trades Union Congress.

Contractors ‘not at odds’ with Minister FROM PAGE 1 implementing regulation of the Bahamian construction industry, saying he “detests” how its president is talking to him through the media.

Mr Bannister said the failure to implement the Construction Contractors Act was due to the BCA’s seeming inability to nominate private sector members of the Board that will oversee its enforcement. And, until the Board is appointed, the regulations that accompany the Act and give it enforcement teeth cannot be finalised and implemented.

The BCA is supposed to nominate six members from various disciplines within the Bahamian construction industry, but Mr Bannister said the only submission it made lacked the necessary variety. He told Tribune Business that the BCA had yet to submit revised nominees since the rejection of that first list four to five months ago.

“We’re not at war, we’re not at odds,” said Mr Sands yesterday. “The

BCA recognises that our relationship must be one of open correspondence, communication, understanding and discourse for our agenda to be achieved.

“The BCA have made attempts to sit down and discuss with the Minister of Works, via e-mail and letter hand delivered to his office. We can only hold the view that someone or something is happening to our correspondences. We have letters not responded to dating from August 2, 2017, to January 29, 2018. I am not blaming the Minister for this.”

Mr Sands added: “We are giving him the benefit of the doubt and saying maybe he never got the correspondence. We all want one thing. We want the establishment of the Construction Contractors Board, which is the final piece to the legislation, and which the BCA and the Minister of Works have to come together and appoint.

“We have submitted names we felt qualified to sit on the Board. We were informed through the press that the names we submitted do not reflect enough

industry representation.

We will resubmit the names before the end of the week, and the Minister will have everything he needs to move forward.”

Mr Sands also took the opportunity to reiterate concerns over this nation’s accession to full World Trade Organisation (WTO) membership, and its potential impact on the construction industry.

He previously told Tribune Business that it was “beyond urgent” that the Construction Contractors Act be enforced, as the absence of regulation left the $2 billion industry totally exposed to being overwhelmed by foreign competition within two years if the Government’s World Trade Organisation (WTO) accession target is met.

“If we act now and address the matter, we can limit the possible impact.

The BCA is about finding the opportunities that exist and exploiting them to the benefit of its membership. We should have a national approach to WTO accession,” said Mr Sands yesterday.

THE TRIBUNE

Thursday, February 8, 2018, PAGE 3

Bank exit, money flows to boost local ownership

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A BAHAMIAN businessman says the weekly multi-million dollar money flow through the Family Islands, coupled with commercial bank exits, has created an opportunity for greater local ownership in the financial services sector.

Barry Malcolm, chief executive of SunCash, an agent of Western Union, said the Canadian-owned banks will continue to reduce their physical/branch footprint in the Bahamas and only operate in areas where they are profitable. “Millions in Bahamian dollars

are moving through all the islands,” he said. “The money has to move. It was moving via the gaming houses. The banks left, a void was created and filled by the gaming houses, but it was unregulated and it has to be regulated because of the concerns about blacklisting.”

Mr Malcolm, speaking at the Business and Marketing Community Institute (BMCI) meeting on Tuesday night, added: “The banks are leaving - and will continue to leave - because each of the banks must continue to achieve a certain yield every year.

“Looking at the shrinking of the banks’ presence in the Bahamas, my business partner and I saw an

opportunity. These banks are not going to stop reducing their footprint, although they are going to continue to operate in areas where they are profitable.”

Mr Malcolm said that he and Desmond Pyfrom, the company’s chief technology officer, built-up the SunCash money transfer business. SunCash is one of Western Union’s three agents in the country, the others being Money Maxx and Grace Kennedy Money Services.

Mr Malcolm said the Western Union franchise is but a small fragment of the company’s business model.

“We built a platform that enables the movement of money if you want to send money, request money or

pay bills,” he said. “What we are doing could only have been done with technology. I am proud that the technology platform we built to solve this problem was designed by Bahamians.”

Mr Malcolm cited taxation as the biggest challenge faced in trying to launch the money transfer business.

“The biggest challenge I have faced trying to launch the business I’m involved with is the challenge of taxation. I’m not talking about NIB or VAT; I’m talking about the taxation of trying to get the things I should get anyway done to run a business. That is a reality.

That is a cost. That cost is significant to me as a businessman,” he added.

Bahamas promoted at key travel shows THE Ministry of Tourism took advantage of the cold US winter to promote the Bahamas at two major east coast travel shows.

The Travel and Adventure Show, in Washington D.C., and the New York Times Travel Show were used to showcase this nation’s attractions to consumers from its core east coast markets.

Both shows typically attract 20,000 attendees, drawing persons from Virginia, Maryland, Delaware and even Philadelphia.

The New York Times event attracts visitors from areas such as Newark, Connecticut and even parts of Philadelphia. The Bahamas

has been a frequent exhibitor at these events, and the message at the New York Times Show emphasised the Family Islands’ beauty and diversity.

Large numbers of attendees visited the Bahamas booth to take photos with costumed Bahamas Carnival models, as well as others who were body painted.

In addition to the consumers and travel agents, the New York Times event attracted numerous bloggers, many who took to social media to share on the Bahamas with hashtags including #bahamas, #newyorktimestravelshow, #itsbetterinthebahamas

#travelshow. The DC Travel and Adventure Show showcased Bahamian culture.

A group of Bahamian Junkanoo performers took to the Show’s Global Beat Stage, and gave a demonstration of the annual event.

They featured the instruments used to provide the musical sounds, and provided a brief history of Junkanoo.

During the two shows, the Bahamas’ marketing teams also raised awareness of direct airlift and promoted the upcoming seasonal flights to Freeport with Vacation Express, which will begin this summer from Balti more and Newark.

PUBLIC AUCTION M/V “TENDER TOO”

NOTICE To be sold by Public Auction pursuant to the Order of the Honourable Madam Justice Indra Charles, Justice of the Supreme Court of the Commonwealth of The Bahamas, dated the 20th July, 2017 in Supreme Court Action number CLE/gen/01476 of 2015.

The Motor Vessel, Tender Too, is presently docked at the Hurricane Hole Charter Dock, Paradise Island (under the old Bridge), on the Island of New Providence and has the following particulars:Description:- LUHRS Length:- 32 feet Engine:- Caterpillar 300 HP (Details without guarantee)

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The above particulars and any further particulars that may be given with regard to the motors vessel are and will be given in good faith, but no responsibility and/or liability will be accepted for their accuracy. Purchasers must make their own independent enquires.

Interested persons may view the vessel on Thursday, the 15th day of February, A.D., 2018 between the hours of 9:00 a.m. and 4:00 p.m.

The Auction will be held on Friday, the 16th day of February, A.D., 2018 at 10:00 a.m. to 2:00 p.m. Place: Hurricane Hole Charter Dock, Paradise Island (under the old Bridge).

The winning bidder must present Twenty-five (25%) of the purchase price/ deposit at the time of the winning auction. The balance is to be paid within Twenty-one (21) days thereafter. All deposits are non- refundable.

The Provost Marshall reserves the right to reject any and all bids.

PAGE 4, Thursday, February 8, 2018

THE TRIBUNE

Tolls, not taxpayer, will fund PI bridge ‘deficit’ if needed FROM PAGE 1 ‘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 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).”

There is nothing to suggest that the Bridge Authority is in danger of defaulting on its first $7 million long-term bond repayment, which is due in March next year, 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.

Mr Bannister yesterday said the Minnis administration did not know if additional capital injections, as set out in the Bridge Authority’s 2016 financials, would be necessary until it received the Board’s advice.

“I know the Board is looking at all these financial issues,” he said.

They’ve not gotten back to me on their recommendations. The Board is going to have to make some

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decisions with respect to that [deficiency], and they’ll consult us and give their best advice.

“We’ll review it and see what’s best. We don’t know if any of that [emergency funding] is going to be necessary. I believe we have some time, and we’re going to look at the options and see which is the best to take. Until such time as the Board makes their recommendations I cannot tell, but there will be no raising of taxes.

“Should it, and I’m not sure it will, any funding that may be required at some stage, if ever, will come from user fees. But I

don’t know if any of it will be required.”

Describing himself as a “non-interventionist minister”, Mr Bannister said Bridge Authority Board was “very competent” and would provide “the best advice” in due course.

The staggered nature of the bond repayment schedule, with investor principal set to be returned in four payments spread over a 15-year period between 2019 and 2034, gives the Government and Bridge Authority Board time to craft their financial strategy.

The projections contained in the 2016 financials

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called for a total $32.5 million contribution over the five years to 2021, with the 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”.

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.

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.

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THE TRIBUNE

Thursday, February 8, 2018, PAGE 5

Chamber urges ‘safeguards’ for Gov’ts tax-free zone plan FROM PAGE 1 already-large “informal economy”.

The Government is promising real property tax and Business Licence exemptions, as well as the elimination of Customs duty on imported building materials and equipment, for so-called ‘inner city’ or Over-the-Hill areas it is still defining the boundaries for.

The revitalisation of these areas, and the reduction of poverty and unemployment, were a key election campaign pledge by the Minnis administration, but Mr Sumner yesterday urged it to guard against opening up opportunities for fraud, tax evasion and other financial abuses.

“We don’t want to see this get to the stage where persons are taking advantage of this by going into these areas considered free zones to set up businesses, and do trade in goods and services, to evade taxes,” he told Tribune Business.

“The Government has to be sure they’re putting in place the very rigorous controls to ensure there are no abuses of the system.

It’s going to be important for us to understand that system, and once we understand how that’s going to work and the engineering of it, we’ll be able to provide some feedback to the Government.”

Many observers have already questioned how the Government will be able to monitor its tax-free plan such that it ensures incentives and ‘tax breaks’ can only be accessed by businesses and residents within the zones.

The Customs duty and VAT exemptions, in particular, are seen as open to abuse, with persons potentially able to import materials and equipment at the concessionary rates via friends/family living within the zones even though they do not.

Businesses could employ the same tactics, even registering ‘shell’ companies in these areas solely to access

the tax breaks, while concerns have already been expressed that the Government’s initiative - though well-meaning - could end up pushing existing Overthe-Hill residents out by attracting wealthier people and companies from elsewhere eager to exploit the concessions.

Mr Sumner expressed concern that the ‘tax free zones’ could inadvertently fuel an expansion of the ‘informal economy’, representing businesses that do not pay due taxes and lack the necessary Business Licences and permits to operate.

“We’re already having a significant challenge here with so many businesses operating in the informal sector of the economy,” he told Tribune Business, “taking advantage of situations where the controls are not as tight as they should be.

“Many companies operate without the requisite licences and permits, and this becomes an affront to businesses operating legitimately in the formal sector.

We don’t want to create another type of competition where firms are competing against a competitor operating without any licences or oversight.

“That has created an uneven playing field. We want to make sure any company pays their fair share otherwise that will be creating inequity in the way business is done.”

Mr Sumner said the Chamber was “anxious” to learn how the Government’s ‘tax free zone’ plans for inner city revitalisation will work, and added: “We are all for developing business, all for ensuring businesses small, medium and large, who have struggled making their business work, and want to do all we can to ensure we support their business and concessions issued by the Government.

“But we also want to make sure everyone operating in the economy is doing so properly, and has access

to the same resources to make their business work.”

Meanwhile, Michael Maura, the Chamber of Commerce’s chairman, said the private sector’s concerns over the Government’s plan to exempt from Value-Added Tax (VAT) so-called ‘breadbasket’ food items, utility and medical bills, and other essential goods remained unchanged from one year ago.

The issue came to the forefront again this week after the Prime Minister pledged to ‘exempt’ breadbasket foodstuffs from VAT in the upcoming 20182019 Budget year, and Mr Sumner again called for more details on how this will work.

“While this may be good for consumers, it requires an awful lot of work from businesses that operate in these areas and others to reverse engineer their systems where they are already filing and collecting VAT on the products they sell,” Mr Sumner told Tribune Business.

“For us, it’s going to be a matter of seeing how this plan is going to work. It’s going to require reverse engineering for businesses on the products they sell.

We went to great lengths and very intense discussions with the government of the time to narrow the number of exemptions being offered under the VAT regime.

That was an onerous and extensive discussion.

“When removing VAT off these items, businesses have to reprice them on their shelves and systems.

You have to separate what is VAT-able and what is not VAT-able. And when you file VAT returns that is going to become a very onerous exercise for many businesses.”

The Minnis administration had also pledged before the May 2017 general election to remove VAT from education fees, water and light bills, medicine, healthcare and insurance.

It is unclear whether it will also follow through in these areas, having argued that its

plans were delayed by the worse-than-expected fiscal position it inherited.

The main arguments against the Government’s plan are that introducing such ‘exemptions’ will undermine the concept of a low-rate, broad-based VAT, and potentially ‘open the door’ to further exemptions in the future - something that would create pressure for an increase in the present 7.5 per cent rate.

Increased exemptions also make VAT filings by businesses, and

its administration by the Department of Inland Revenue, more complex and costly. And, for those retailers who sell ‘breadbasket’ items, the ‘exemptions’ will increase their costs and force them to increases prices on other items.

‘Exempting’ products from VAT means that, while end-consumers do not pay the 7.5 per cent levy on their purchases, businesses are unable to reclaim their input costs in proportion to the volume of ‘exempt’ goods they sell.

For example, if 60 per cent of a company’s inventory was VAT-able, and 40 per cent ‘exempt’, that business would be unable to reclaim 40 per cent of the VAT paid on its ‘input’ costs - such as rent and utilities.

This, in turn, increases that business’s operating costs, forcing it to increase prices to compensate.

These price increases might encompass a broader base of goods, and greater rises, than if all goods had been VAT-able.

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PUBLIC AUCTION NOTICE

M/V “DIXIE ROSE”

To be sold by Public Auction pursuant to the Order of the Honourable Madam Justice Indra Charles, Justice of the Supreme Court of the Commonwealth of The Bahamas, dated the 20th July, 2017 in Supreme Court Action number CLE/gen/01475 of 2015.

The Motor Vessel, Dixie Rose, is presently docked at the Hurricane Hole Charter Dock, Paradise Island (under the old Bridge), on the Island of New Providence and has the following particulars:Description:- LUHRS 380 Sportfishing Convertible Length:- 40 feet Engine:- 2 Detroit Diesel 671 Northern Lights Generator -6 ½ KW (Details without guarantee) The above particulars and any further particulars that may be given with regard to the motors vessel are and will be given in good faith, but no responsibility and/or liability will be accepted for their accuracy. Purchasers must make their own independent enquires.

Interested persons may view the vessel on Thursday, the 15th day of February, A.D., 2018 between the hours of 9:00 a.m. and 4:00 p.m.

The Auction will be held on Friday, the 16th day of February, A.D., 2018 at 10:00 a.m. to 2:00 p.m. Place: Hurricane Hole Charter Dock, Paradise Island (under the old Bridge).

The winning bidder must present Twenty-five (25%) of the purchase price/ deposit at the time of the winning auction. The balance is to be paid within Twenty-one (21) days thereafter. All deposits are non- refundable.

The Provost Marshall reserves the right to reject any and all bids.

PAGE 8, Thursday, February 8, 2018

THE TRIBUNE

Government aiming to ‘stop breadbasket poison’ FROM PAGE 1 industry, has been ongoing in a bid to develop a new ‘breadbasket’ food list that could be approved

by Cabinet in time for the new fiscal year. “We have been engaged in a fairly comprehensive process to look at the items

in the ‘breadbasket’,” Dr Sands told Tribune Business. “The ‘breadbasket’ was created in the 1970s.

The concept then was ‘give people a bellyful’, but those things on the ‘breadbasket’ have absolutely nothing to do with healthy eating.

“Some of the biggest culprits with respect to hypertension, diabetes

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and ill-health are in that ‘breadbasket’. The fact is we have made it easier to get sick through the things on that breadbasket [list], and suffer the worst healthcare indicators in the region and, sometimes, the world.”

Dr Sands’ revelations place the Prime Minister’s renewed pledge to remove Value-Added Tax (VAT) from ‘breadbasket’ items in a slightly different context, since this ‘tax break’ will seemingly now combine with price controls to incentivise improved dietary health and eating habits by reducing the cost of such foods.

“If we want to feed the narrative that we remove VAT from the existing ‘breadbasket’, then unwittingly what we could do is worsen the indicators and demographics that we see in the Bahamas,” the Minister of Health told Tribune Business.

“The idea is that if we say we want to make easier for families to eat healthy, maybe we ought to make sure what is in the breadbasket is healthy, and what is in the breadbasket currently is not healthy.

I say that without fear of contradiction.

“Some of the items in the ‘breadbasket’ add significantly to the levels of diabetes, hypertension and obesity we have in the Bahamas.”

The Government’s plans were yesterday given full backing by Super Value’s owner, Rupert Roberts, who in referring to Dr Hubert Minnis’s VAT elimination plan, said: “The breadbasket items of today are not going to be breadbasket items then.

“We support this programme. For 47 years previous governments have been promoting poison, and the Government is now going to be promoting health. This whole thing is going right, turning it upside down and going the way it should have been going for 50 years.”

Mr Roberts pointed to Super Value’s price-controlled costs for corn beef and sugar, which stand at $1.98 and $1.99, respectively. He added that both were sold at much higher prices at Wal-Mart in the US, with the former, in particular, costing consumers around $5.

BUSINESS FOR SALE

These were among the current ‘breadbasket’ foods identified by Dr Sands as being “in the crosshairs” for removal.

“Let’s look at something as simple as sugar,” he told Tribune Business. “Sugar shouldn’t be given a free pass, and we should not be subsidising poison for our people. It is one the things recommended to be taken off the breadbasket.

“The purpose is not only a bellyful but a healthy breadbasket, so to speak,” the Minister added. “It is quite possible that bread should not be on the list, but that’s a different decision - certainly not bread with bleached flour.

“When we complete this process Mr Roberts’ comments will come to life.

What exists now [on the breadbasket] list will probably not exist too much longer. Then we need some other approaches to find solutions to the problem.

“High fructose corn syrup should not be so cheap that it’s easy to kill yourself with it. Bahamians are committing a form of dietary suicide and homicide with their incredible proclivity for sugar, grease, fat and other carbohydrates.”

Dr Sands said consultation with private sector and medical industry stakeholders over the proposed ‘breadbasket’ item reforms had been ongoing for “several months”.

“We have engaged a number of stakeholders in order to get their input for the proposed amendments to the ‘breadbasket’,” he added. “The next step is we will convene a meeting with price control and look at the draft recommendations, and then finalise the recommendations to be presented to Cabinet for ratification of a new

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THE TRIBUNE

STOP POISON FROM PAGE 8

breadbasket list.... “We believe that while we haven’t reached every single person, we have had broad consultation and plan to continue that process prior to making final recommendations that have to be vetted, considered and approved. Then we will approach the public and say: ‘This is what the breadbasket will look like moving forward’.

“It will be good if we can complete this process in time to incorporate the changes for the 2018-2019 Budget.” This timeline aligns with the one outlined by the Prime Minister for the removal of VAT from the ‘breadbasket’ list.

Dr Sands, meanwhile, said the ‘breadbasket’ changes would not be made “in isolation” of the economic impact, hence the prolonged consultation with the Bahamian food retail and wholesale industry.

Pointing to what could have become one unintended consequence, the Minister said the Government had initially looked to introduce fresh fruit into the ‘breadbasket’ list, only to discover that this would impose a significant stocking and supply cost on the private sector.

“What we don’t want to do is create a breadbasket of items that will not

Thursday, February 8, 2018, PAGE 9 be stocked because it is economically non-viable for merchants to do so,” Dr Sands told Tribune Business.

“We have to look at what we intend to do, and the unintended consequences of any recommendations and decisions... We want to be mindful of the impact of every single proposed change on the economy.

Each decision that is made changes the dynamic in terms of what it costs to stock and sell rice, what it costs to stock and sell corn beef.”

He added: “We want to listen to the community and consult with industry.

They say the road to hell is paved with good intentions.

If you take something like chicken; chicken’s a staple in the Bahamas.

“If we apply price controls to chicken the inadvertent impact is we could make fast food even cheaper. While the intention was to get people to eat healthy, you’ve just made it less expensive for people to eat unhealthy food. We have to look at what we intend to do and the unintended consequences of any recommendations and decisions.”

The Prime Minister’s plan to exempt ‘breadbasket’ items from VAT, whether it is the current or proposed food items, creates several consequences by itself (see other article on Page 1B).

And many in the private sector would argue that price controls should be eliminated completely,

given that they amount to over-regulation that distorts market forces and force retailers to increase the cost of non-controlled items to compensate for the losses on these products.

The proposed ‘breadbasket’ overhaul will also force Bahamian consumers to change long-established shopping habits and buying patterns, thereby creating something of a ‘cultural’ shock.

The move is also likely to spark charges that the Government is disenfranchising lower income and middle class Bahamians by removing price controls from long-established ‘breadbasket’ staples, further increasing their living costs and reducing spending power.

Dr Sands acknowledged that push back is anticipate and, taking corn beef as an example, said: “It doesn’t mean it won’t be available, but the recommendations ought to be that it doesn’t enjoy the status it currently enjoys.

“We don’t for one minute believe that any proposed changes will be without controversy. We’re prepared to educate the public on the rationale for the proposed changes, and expect there will be some opposition even if well-intentioned.

“Look at the experience in New York with the moratorium on sugary drinks.

People will defend their right to kill themselves. I know that sounds terrible, but that’s what it is.”

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PAGE 10, Thursday, February 8, 2018

THE TRIBUNE

80% OF MOTORISTS EXPOSED TO ROGUE, UNINSURED DRIVERS FROM PAGE 1 to address the menace rather than the ‘innocent driver’ protection fund suggested by the Court of Appeal’s president.

Estimating that more than “30 per cent” of vehicles in the Bahamas are driven by persons lacking the necessary insurance coverage, Mr Ward said Dame Anita Allen’s call for a UK Motor Insurers Bureau-type solution was not viable unless this ratio was reduced to “the bare minimum”.

Otherwise the number of accidents caused by uninsured or ‘unauthorised’ drivers would place an unsustainable burden on insured motorists to finance the consequences of their misdeeds, namely the injuries and vehicle write-offs that would result.

And with just 15-20 per cent of Bahamas-based vehicles possessing comprehensive coverage, the

Bahamas First chief said four out of every five drivers were potentially exposed to life-changing injuries and financial losses inflicted by their uninsured counterparts.

Arguing that enforcement must come before a driver protection mechanism, Mr Ward told Tribune Business: “I think that like other markets that have to grapple with the same issues, there’s a certain logic behind a fund to protect innocent parties caught up with uninsured drivers.

“But in the context of the Bahamas, we have to absolutely strengthen the front-end enforcement.”

This, he explained, required the Royal Bahamas Police Force, supported by the Road Traffic Department and insurance industry, to better detect rogue drivers earlier with the courts following through with the appropriate sanctions and punishment.

“There needs to be a seamless flow of

information between the Road Traffic Department and insurance community so they can have real time updates, and know which are the vehicles where drivers have allowed their policies to lapse or are not covered,” Mr Ward said.

“The information should be available to the Police Traffic Department, and the police in general when they do their road stops, so they have instant electronic data.

That’s possible right now if we have an understanding between the Government and insurance industry on how and what platform that will be put on.”

He added: “I don’t think it involves much of a heavy lift and is not that difficult. Given the state of technology it’s more a case of thinking through the process and providing a legal flow of information between the Road Traffic Department and the insurance industry without violating Data Protection issues.

“If we can work through the issues on that basis, it will give us a significant step in the right direction.

That has to be a precursor to creating a fund because if we don’t reduce uninsured drivers to a bare minimum I question whether that fund is a viable proposition, especially if we don’t do the enforcement. Nowadays the technology is available, and it’s easier to do things than it was 10 years ago.”

Mr Ward’s position mirrors that taken by his fellow property and casualty insurance executives, who warned that Dame Anita’s suggestion could place an unsustainable burden on law-abiding Bahamian drivers to finance the sins of their irresponsible counterparts via a Motor Insurers Bureau-type fund.

The Bahamas First chief added that the number of uninsured, or not appropriately insured, vehicles on Bahamian roads “tends to get up into the 30 per cent-plus range” when

‘unauthorised’ or unlicensed drivers are factored into the equation.

While persons with comprehensive insurance are covered for all eventualities, Mr Ward said the high ratio of uninsured drivers represented a major risk for the majority of law-abiding motorists - chiefly those with third party coverage.

He added that it was “a risk and exposure primarily borne by the general public”, who had to bear the cost of medical treatment and vehicle repairs - and even the replacement value of a new vehicle - if they were hit by uninsured or unauthorised drivers.

“If you look at the spread of vehicles throughout the country, I would say between 15-20 per cent of vehicles are comprehensively insured,” Mr Ward told Tribune Business.

“If 80 per cent of vehicles driven on the road are insured for third party risk only, it doesn’t take a significant number of accidents where there is no insurance on the other side to understand how big of an issue this is.”

He added that victims of such drivers frequently had to bear the financial loss of repairs or finding a new vehicle, and often discovered that “pursuing” the culprits was of little use as they frequently lacked the assets and financial resources to provide proper compensation.

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 unlicensed 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 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.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

MARKET REPORT WEDNESDAY, 7 FEBRUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,052.21 | CHG 9.11 | %CHG 0.45 | YTD -11.36 | YTD% -0.55 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 8.42 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 2.12 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 4.73 9.01 2.45 1.50 8.45 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 4.80 9.01 2.48 1.50 8.42 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 0.07 0.00 0.03 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

110.39 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

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

2,000 3,100

VOLUME

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 28.1 14.3 24.3 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% 2.50% 7.66% 2.42% 3.33% 6.71% 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

The Public is hereby advised that I, FABIO CHRISANTO PETERS of Marshall Road intend to change my name to FABIO CHRISANTO PETERS BASTIAN .If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that Romain Natanial White of 6 Vanria Dr. Sunet Park, 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 1st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that Melody Barbara Johnson of Butterfly Clove, 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 1st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SHANKERA S STRACHAN of P.O.Box SB-51343, parent of SHAMMAH SHAKEEM STRACHAN intend to change my child’s name to SHAMMAH SHAKEEM MUNROE.If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that JOEL RYAN PRENELUS of Sea Grape, Eight Mile Rock,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 1st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

THE TRIBUNE

Thursday, February 8, 2018, PAGE 11

Bahamas Agricultural & Industrial Corporation

Consultants Revitalization of the Sponging Industry Project number ATN/ME-15441-BH The Project Revitalization of The Sponging Industry is a national initiative conceived by Bahamas Agricultural and Industrial Corporation (BAIC), which seeks to equip Bahamas Commercial Spongers Association (BCSA) to ensure sustainability of the sponging industry; create market linkages; and assist sponge fishermen in moving up the value chain. The Government of The Bahamas has received financing from the Inter-American Development Bank (IDB) and intends to apply part of the proceeds to payments for the services of Consultants as follows: Consultancy 1: Consultant to Evaluate Project deliverables.

Consultancy 2: Consultant to Establish Market Linkages.

Consultancy 3: Consultant to Evaluate Training.

Consultancy 4: Consultant to Indentify Certifications and Sustainability Tools.

Consultancy 5: Communication PR & Advertising Consultancy The Bahamas Agricultural Industrial Corporation now invites eligible consultants or consultancy firms to indicate their interest in providing these services. Interested candidates must provide proposals, along with information outlining qualification, experiences, competencies, and cost. Consultants will be selected in accordance with procedures set out in the Inter-American Development Bank: Policies for the Selection and Contracting of Consultants financed by the Inter-American Development Bank (GN-2350-7) and is open to all eligible consultants as defined in the policies.

How to Apply

Interested consultants may obtain detailed information about these position on our website www.baic.gov.bs/consultancy-needs. Proposals must be delivered via direct mail or email at the address indicated below.

Bahamas Agriculture and Industrial Corporation Attn: Project Coordinator P.O. Box N-4940 Nassau, Bahamas Email: projectcoordinator@baic.gov.bs Only persons shortlisted will be contacted.

BAIC HEAD OFFICE & TRAINING CENTER Old Trail Road • P. O. Box N-4940 Nassau, Bahamas

Tel: (242) 396-3725/6 Fax: (242) 322-2123 / 328-6542 Web: www.baic.gov.bs www.facebook.com/mybaic

Growing. Partnering.

Empowering.

PAGE 12, Thursday, February 8, 2018

THE TRIBUNE

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

DIRECTOR HEALTH, SAFETY AND ENVIRONMENTAL SERVICES A vacancy exists within Bahamas Power and Light for a Director of Health, Safety and Environment (HSE).

This job is responsible for leading all activities of the Health, Safety, and Environmental Department. It is responsible for developing the Company’s strategic vision and goals designed to ensure employees’ safety and environmental responsibilities.

The incumbent will achieve Company objectives by: • • • • • • • • • • • •

Development and implementation of Health, Safety & Environmental objectives and standards; Providing visible engagement with operational teams to ensure awareness, education, advice and support to meet the requirements of the business’ Health, Safety and Environmental plans and obligations; Providing functional leadership support to the Business Unit to optimize environmental activities; Leading the design and implementation of carbon reduction plans and improvement projects; Ensuring appropriate input to the lifecycle of relevant projects to confirm environmental expectations are defined and complied with; Building relationships with internal and external stakeholders to ensure environmental performance is adequately measured and objectives are met; Developing policies and procedures to ensure that the company’s HSE Management Systems supports the delivery of Regulatory Compliance; Ensuring compliance with relevant applicable Health and Safety Legislation and Regulations; Developing, updating and maintaining Emergency Response Plans, Systems and Organization; Developing and ensuring delivery of HSE training programs; Development, managing and reporting KPIs; Ensuring incident investigations and root cause analysis are completed within established timelines and standards.

Job requirements include but not limited to: • • • • • • •

A Bachelor’s degree in Environmental Health & Safety, Science or Engineering or equivalent qualifications; A minimum of 15+ years’ experience in Health, Safety, and Environmental Services including a minimum of 8-10 years at a senior management level; Strong investigative and analytical skills, good judgement and sound reasoning ability; Ability to communicate effectively both orally and in writing; Excellent oral and writing skills; Strong managerial, supervisory and time management skills; Knowledge of Environmental Impact Assessment (EIA).

Interested persons should apply to Afuture@bplco.com on or before: February 21, 2018.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

A NEW WAVE OF BAHAMIAN HEALTH CARE Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

CHIEF FINANCIAL OFFICER

DIRECTOR SECURITY SERVICES

A vacancy exists in the Company for the position of Chief Financial Officer.

The Chief Financial Officer directs all activities of the Finance and Customer Services Divisions of the Company, including but not limited to Revenue Accounting, Customer Relations, Credit and Collections, Cashiering, Debt Recovery, Cash Management, Accounts Payable and Financial Reporting.

Responsibilities of the position include, but are not limited to the following: • • • • • • • • • • • •

Preparing financial reports including but not limited to Regulatory, Annual, quarterly, Monthly & MD & A. Preparing and analyzing monthly forecasts, annual budgets, variances and other reports within agreed timeline; Preparing short and long term Strategic Plans; Adhering to and remaining current on new financial standards and applications; Directing the activities of the Customer Services and Finance Departments by utilizing strong people management skills and ensuring accountability of responsibilities and results; Developing, managing and reporting on Key Performance Indicators; Managing Accounts receivables and payables, complying to agreed standards and terms, and resolving issues as they arise; Analyzing, planning and providing for the financial needs of the Company to ensure business continuity, maximization of return, and minimization of costs; Ensuring the company’s expenditure and capital budgets are maintained within approved tolerances; Working closely with Division / Department Heads to ensure accurate capital costs are reflected in the business plan and future capital requirements are understood and arranged in a timely manner; Establishing and maintaining systems of accounting and internal controls to safeguard the Company’s assets; Establishing and maintaining a mutually beneficial relationship with the local and international banking institutions.

A vacancy exists within Bahamas Power and Light for a Director – Security.

This job is responsible for directing all activities of the Security Department, including planning for and coordinating the security of Company assets, employees and customers.

The job develops strategic vision and goals, and ensures the accomplishments of the goals and objectives within prescribed priorities, time fame and budget. The job also establishes guidelines, policies and procedures based on local laws for maintaining a secure work environment.

Responsibilities of the position include, but are not limited to the following: • •

• • • • • • •

Assessing, evaluating and analyzing BPL’s security operations, inclusive of physical security assets and security personnel in New Providence and the Family Islands; Establishing and implementing Security Plan(s), Security Bridging documents and Security procedures to ensure that all Security aspects/ requirements within the area of activity are properly identified, assessed and implemented in accordance with Security assessments and identified Security risks; Managing all aspects of Security at work locations, and during business travel Security, Supply Chain Security and Security Emergency preparedness; Conducting and reporting on internal investigations of any losses or violations of BPL regulations, policies and procedures; Training and developing direct and indirect reports; Implementing a robust Security Risk assessment system to monitor the Security situation in area of operation on a continuous basis; Participating in Project Risk Reviews as required; Managing departmental budget to ensure targets are met; Actively participating in the development and implementation of emergency management and contingency planning for the company.

Job requirements include but not limited to:

Job requirements include but not limited to:

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•

• • • • • • •

A Certified Public Accountant with membership in BICA A minimum of 15+ years of experience in financial accounting, at senior management level with a minimum of seven (7) years post-qualifying experience Excellent verbal and written communication skills Excellent analytical and organizational skills Good customer relations skills Must have proven leadership skills Experience in budgeting and forecasting Demonstrated ability to analyze financial data and prepare financial reports, statements, and projections Extensive knowledge of project management and the ability to oversee a range of projects simultaneously.

Interested persons should apply to Afuture@bplco.com on or before: Ferbruary 21, 2018.

Only candidates meeting the criteria will be contacted.

• • • • • • • •

A minimum of a Bachelor’s degree in Business Administration, Criminal Justice, Law Enforcement or equivalent qualifications; Requires a minimum of 15+ years’ experience in security and law enforcement including a minimum of 8-10 years’ experience at a senior management level; Good judgement and decision making ability; Ability to communicate effectively both orally and in writing; Excellent report writing skills; Proven, strong managerial and supervisory skills; Strong investigative, problem solving and analytical skills; Must be knowledgeable of law enforcement practices and Criminal Code of The Bahamas; Willing to perform additional duties as required to achieve company objectives.

Interested persons should apply to Afuture@bplco.com on or before: February 21, 2018.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER

BUILDING FOR BETTER