02142019 BUSINESS

business@tribunemedia.net

THURSDAY, FEBRUARY 14, 2019

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BRANVILLE MCCARTNEY

Bran: ‘To hell with you blacklisters’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Democratic National Alliance’s exleader yesterday urged The Bahamas to “draw the line in the sand” against blacklisting-type actions, and tell the European Union (EU): “To hell with you.”

Branville McCartney, reacting to the EU’s decision to brand this nation a “high risk” jurisdiction for financial crime, told Tribune Business that The Bahamas would continue to be hit with such blows “no matter what we do” because such bodies would always “move the goal posts”.

Acknowledging that The Bahamas should have dug its heels in much earlier against such practices, Mr McCartney said this nation must “stop fooling ourselves” and recognise that “the ultimate goal” of groups such as the EU and Organisation for Economic Co-Operation and Development (OECD) was to “wipe out our financial services industry”.

With the sector in slow, continuous decline since 2000, he urged The Bahamas to take back control of its economic destiny

SEE PAGE 7

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN web shops last night said some operators will still have difficulty with the sector’s revised tax regime and what it described as “a 65 percent tax increase”.

The Bahamas Gaming Operators Association (BGOA), in what amounted to grudging acceptance of the settlement with the government, said the ordeal of its six-month taxation battle highlighted the need

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE attorney general yesterday said The Bahamas must “ride out the storm and soldier on” after the European Union (EU) branded it a “high risk” jurisdiction for financial crime.

Carl Bethel, QC, told Tribune Business that he had sought to persuade the 28-nation bloc as late as last week that The Bahamas’ “outstanding progress” in addressing previously-identified regulatory deficiencies meant it should not be labelled as such.

He suggested that The Bahamas, and its financial institutions, will now have to “reach out” to foreign regulators and correspondent banks to ensure that they “don’t overreact” to this nation’s inclusion among 23 nations deemed to have “weak anti-money laundering and [counter] terrorist financing regimes”.

The Bahamas, the only major international financial centre (IFC) named by the EU besides Panama, appears to have been grouped with multiple war-torn countries

for deeper analysis of this nation’s overall tax regime - especially its equity and fairness.

“Though it’s always beneficial to avoid a lengthy court battle, this newly-designed tax regime still represents a 65 percent tax increase, which some gaming operators will still find difficult to manage,” the association said in a statement.

“The industry was never opposed to an increase in taxation, and was always willing to pay its fair share.

SEE PAGE 10

Vacation rental VAT targeted for budget

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday voiced hope VAT could be imposed on Bahamian vacation rentals in the upcoming 2019-2020 budget despite the multiple complexities involved.

Dionisio D’Aguilar, minister of tourism, spoke out after Airbnb released data showing that its 1,700 “hosts” in The Bahamas welcomed around 59,000 guests in 2018. These

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AG: Bahamas must ‘ride out’ EU’s storm

Web shops: 65% tax rise still tough

By NATARIO MCKENZIE

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persons stayed for an average of five days and, based on a $7,500 median income received by a “typical host”, the sector injected a total $12.75m into the latter’s hands last year.

The government has long planned to collect VAT from the vacation rental sector but, when asked when this would likely come into effect, Mr D’Aguilar said: “It’s out of my silo. It’s kind of in the silos of the Ministry of Finance. They are trying

SEE PAGE 6

• Nation on financial crime ‘high risk’ list • ‘Outstanding progress’ not recognised • Must ‘reach out’ to correspondents, regulators

CARL BETHEL QC and international pariahs solely on the basis that it is among those nations currently being monitored by the Financial Action Task Force (FATF) for “deficiencies” in its anti-financial crime defences.

The EU is now following the lead established last year by both the US and UK, requiring all its banks, financial institutions and entities covered by anti-money laundering regulations “to apply increased checks” and scrutiny to transactions and clients connected to The Bahamas and the 22 other nations.

Besides threatening to delay commerce between The Bahamas and EU, and further complicate the “ease of doing business”, the bloc’s actions pose a further reputational threat for this nation’s financial services industry. It may also add to strains in the correspondent banking relationships Bahamian institutions have with their overseas counterparts, and which are vital to facilitating the cross-border trade and international transactions this economy relies on.

The EU’s move also

raises questions over whether the late January trip to Brussels by Dr Hubert Minnis, the prime minister, and his delegation in which they met with senior Commission officials accomplished anything that advanced The Bahamas’ cause.

Mr Bethel yesterday said the EU appeared to have totally ignored The Bahamas’ efforts to address its weaknesses in accordance with the “action plan” agreed with the Paris-based FATF, the acknowledged global standard-setter for combating money laundering and terror financing.

In particular, it appears to have taken no account of the December 2018 re-evaluation by the CFATF, the FATF’s Caribbean affiliate, which upgraded The Bahamas’ compliance with 13 of the FATF’s 40 anti-money laundering/counter terror financing standards.

“It’s just one of a number of challenges that face us right now, and we will have

SEE PAGE 4

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Govt gives up $25m annually on web shops

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government has agreed to forego $25m in annual revenues to settle the taxation dispute with the web shop industry, a Cabinet minister revealed yesterday.

Dionisio D’Aguilar, pictured, who has responsibility for gaming, told Tribune Business that the government was now projected to earn $50m per annum - rather than the initially forecast $75m from a combination of the revised “sliding scale” tax on operators and the levy on patron winnings.

While this represented a one-third, or 33.33 percent, reduction from the 2018-2019 budget’s target, the government argued that it still represented a 127 percent increase in revenue generated by web shop taxation - thereby making for “an acceptable compromise”.

Mr D’Aguilar, speaking after the government

SEE PAGE 5

PAGE 2, Thursday, February 14, 2019

THE TRIBUNE

WHAT THE FONT IS GOING ON? YOU may have heard the text you use in design projects referred to as fonts or typefaces, and wondered if these terms mean the same thing. Technically

and historically (in terms of typesetting) they are different but, today, they are often used interchangeably.

If you are interested in understanding the

difference, a few snappy definitions might help: • The typeface is the design; the font is how that design is delivered. Typeface + style + size = font. A

The Art of Graphix

BY DEIDRE M BASTIAN

font is what you use; a typeface is what you see.

• Times New Roman or Bodoni would be considered the typeface. When they are cast at a particular size or weight (ten point bold, for example), that would be considered a font.

• So ten point Bodoni bold and 24 point Bodoni italic would be two different fonts, but the same typeface.

• For most graphic design purposes today, the terms are more or less interchangeable. Fonts are the digital representations of typefaces, and we can change either with a simple click of a button.

Why do font choices matter?

Designers have been known to compare fonts for design projects to outfits we wear. Think about what your clothes might say about you, based on what you wear. People might make assumptions about your style, socio-economic background, age or the impression you want to make.

Different occasions and situations call for different apparel. You would not wear a bathing suit to a job interview, nor a suit and tie during your vacation on the beach. There is an element of appropriateness to consider.

Therefore, just like your clothing does for your image, font choices serve the same purpose in a design. Typography often provides that “at-a-glance” first impression that people use to gauge and judge the rest of the design by. Hence your font choices need to be purposeful and appropriate.

Is your font saying “beach vacation” when it should be saying “job interview”? Do

the elements of your font “outfit” clash, or do they complement each other?

Are they effectively communicating the qualities you want to project?

Font choices often set the tone for the whole design and can influence viewers.

For example, if you were to appear at a black-tie event in your favourite t-shirt and sweatpants, people would feel you did not get the message.

How to Choose a Font Your first concern is that it should match the message or purpose of your design.

Before you even start browsing for a new font, it would be a good idea to brainstorm characteristics that you want your design to communicate.

This is important because every typeface has its own mood or personality. Some are serious, casual, playful or elegant. You will need to determine what a particular font is saying. If it does not, then there will be a visual disconnect for the viewers or users.

It is sometimes very easy to become sidetracked with the fun and fascinating font choices, but if you feel distracted ask yourself this question: Does this font support the qualities of my brand?

Consider context and audience Who is viewing your design is also important. Is your audience of a certain age or demographic? Will your font choice resonate with them? Will it be practical and readable?

Decorative typefaces are never suitable for reading at length, or letters that look like they are made of logs or twigs.

These are the type of fonts that scream: “Look at me, I’m supposed to be used at Christmas!”

They can be fun, but fonts intended for business contexts often have more sophistication. Fonts can make a big impact when used appropriately, but when used incorrectly they appear unprofessional.

However, you do not have to be independently wealthy to get your hands on versatile fonts, as there are many available free to download for every day design projects which I will share in my next column.

Choosing two or more fonts to use together can be tricky, as you want the fonts to complement each other.

Avoiding these extremes of too little or too much contrast often ends up being a process of experimentation and trial and error, and usually the result of personal taste, practice, instinct and observation. But this process does not have to be completely mysterious.

While developing an eye for pairing height or width, even if the similarity is subtle it will help give your font combination a basic cohesiveness.

But how many fonts are too many? There are those in the design community who would say that one font is good, but if you are new to design there really are no rules - at least no rules that cannot be broken in this situation.

In short, fonts differ and should be used sparingly with purpose. Besides, if you have doubts as to whether a font is suitable for your design, it is always a safe bet to pick a more neutral font. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game!

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre Maria Bastian is a professionally-trained graphic designer/marketing co-ordinator with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

BAHAMIAN LAW FIRM WINS GLOBAL AWARD A FREEPORT-based law firm has been recognised

by Global Law Experts as the commercial litigation law firm of the year in the Bahamas for 2019.

Jacy Whittaker, founding partner of ParrisWhittaker, said: “When you’re as passionate about what you do as we are, it functions as its own reward. Nevertheless, we have been working really hard to expand our network and our visibility.

“It is quite rewarding when your successes are acknowledged and rewarded. We don’t see this as permission to relax; rather, it will drive us to continue performing at an extremely high level for our clients.“ ParrisWhittaker was honoured after a thorough and lengthy decision-making process, which assessed through thousands of submissions.

THE TRIBUNE

CABINET ‘IN THE MULLING STAGE’ OVER CRUISE PORT

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Minnis Cabinet is “mulling” which bidder to select as the Nassau cruise port’s operator now that officials have completed their evaluation of the three offers, it was confirmed yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business, that he hoped the government would be able to reach a decision “soon” over who will revitalise a key infrastructure asset that will act as a catalyst for further development

in downtown Nassau.

Mr D’Aguilar told Tribune Business: “We have completed the evaluation process. It has been brought to Cabinet. Cabinet is mulling the issue. There are a number of proposals brought forward.

“We received all the information that we needed to review, and now we are in the period of mulling. What is the best way? How do we maximise the returns to the Bahamian people? What is the best structure? Who is the best operator. We are in the mulling period. Hopefully we’re in the position to make a decision soon, but I don’t control that process.”

Mr D’Aguilar had

Thursday, February 14, 2019, PAGE 3

NASSAU CRUISE PORT previously told this newspaper that the government’s evaluation committee had reached a “consensus” over the three Nassau cruise port bids, and was ready to make their recommendation to Cabinet.

Bids were submitted to

the Government on December 7 last year, and opened on December 11. The three contenders are the $250m offer from Global Ports Holding, the cruise port operator, and its Bahamian advisors, Arawak Port Development Company

(APD) and CFAL; the $225m proposal by Nassau Port Partners, headed by Bahamian investment house, Providence Advisors; and the $125m submission by the Port of Nassau Partnership.

The latter includes Cruise Ports International, a

Bahamian investor group headed by former Family Guardian president, Gerald Strachan, which has partnered with four major cruise lines - Carnival, Disney, Norwegian and Royal Caribbean - who form the Cruise Lines Group.

STRIPING GROUP STAYS TRUE TO CORE BUSINESS

By NATARIO MCKENZIE

our young men an opportunity to work and earn a skill, that they will have a sense of belonging,” said Dr Albury.

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Striping Group yesterday said road, parking lot and airport markings remain its core business as it unveiled its latest project at Gladstone Road’s Fusion Superplex complex.

Atario Mitchell, its president, said: “What we are doing is plotting out and marking out the new design to enter the Fusion complex.

We are using high performance, thermoplastic road traffic paint. This is a bit more complicated material, and is made for highways and can last five to seven years. We are putting down reflective road studs and reflective glass beads.”

Dr Allen Albury, Bahamas Striping’s managing director, said that despite the group’s plans to venture into other investments such as poultry production, striping remains its core offering.

“Striping is the core of our business. We have quite a a bit of private business going on. We service a lot of private communities and corporate clients striping their parking lots,” he said.

Bahamas Striping Group was born from a $5,000 Self-Starter grant to its original company, Bahamas Striping. The company recently reached out to the Department of Labour to add an additional four persons for the Fusion road project.

“We have always opened our door to that. We have been true to that over the past nine years. Next year make us ten years in business. Eight young men we have out today are working and earning a salary.

We believe that if we give

FUSION SUPERPLEX COURTYARD

Tecoyo Bridgewater, director and in-house legal counsel for the Atavus Group, the Fusion Superplex developer, said: “We are

partnering to ensure there is safe traffic flow for motorists from our property as well as on to Gladstone road north and south bound.”

PAGE 4, Thursday, February 14, 2019

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

AG: Bahamas must ‘ride out’ EU’s storm FROM PAGE ONE to - how do you say it - ride out the storm and solider on,” Mr Bethel told Tribune Business of the EU’s action. “We have been doing our very best to change the perception of The Bahamas in terms of the anti-money laundering and counter terror financing framework.

“We have made significant progress with the CFATF and FATF in having our rating re-evaluated, and they’ve confirmed we’re in compliance with 30 of the 40 FATF recommendations. We are in the top tier of countries in terms of the level of compliance; not at the absolute top, but are there in the same category with the US.” Mr Bethel said The Bahamas’ inclusion on the list by the European Commission, which is the EU’s civil service, still has to be ratified by the European parliament and council of ministers - something that is due to happen within the next 30 days.

“All we can do is point to those areas where we’ve made outstanding progress, and reach out to foreign regulators and foreign correspondent banking institutions so that they don’t overreact to what the Europeans are doing,” the attorney general said.

NOTICE

Request for Proposals Internal Audit Services The Utilities Regulation and Competition Authority (URCA) was established on 1 August 2009, as a corporate body, under the Utilities Regulation and Competition Authority Act, 2009.

As the independent regulator, URCA’s regulatory remit of the Electronic Communications Sector (ECS) covers radio and television broadcasting, radio spectrum, internet and data, pay-TV and voice telephony; and oversight of Electricity (ES) Sector which includes entities or persons who generate, transmit, distribute or supply electricity throughout The Bahamas.

He said there was “no question” that the EU’s decision failed to account for The Bahamas’ progress in addressing deficiencies in its anti-financial crime regime, both legislation and implementation-related, especially the favourable review by the CFATF. “I went to Brussels last week to do precisely that,” Mr Bethel confirmed, “but I guess it fell on deaf ears...

I sent them the legislation we’ve passed, I explained to them the [CFATF] re-rating, I communicated to them all the positive things we’re doing, but apparently it was for nought. That’s where we are.”

The government, in an official statement, pledged that it will “seek all ways” to minimise the impact of the EU’s actions “and, if possible, encourage” the EU to reverse The Bahamas’ inclusion on its list.

Given the positive CFATF re-evaluation, it argued that the EU’s action was a “disproportionate” response that ran counter to principals enshrined in the bloc’s own laws.

“To list a country such as The Bahamas that has made outstanding progress, in just over one year, in addressing the anti-money laundering/ counter terror financing deficiencies identified in May 2017, together with wholly non-compliant, war-torn or even rogue states is disproportionate,” the government said. “[It] inflicts harm and punishment on a people with no regard for their important reforms and improvements in their anti-money laundering/ counter terror financing framework. Such a ‘one size fits all’ approach is unworthy of established democracies, and is an affront to their own legal principles.”

The EU Commission yesterday confirmed that The Bahamas’ inclusion on the FATF’s monitoring list drove its action, saying: “The Commission concluded that 23 countries have strategic deficiencies in their anti-money laundering/counter terrorist financing regimes. This includes 12 countries listed by the Financial Action Task Force, and 11

additional jurisdictions.”

It added: “The commission will continue its engagement with the countries identified as having strategic deficiencies in the present delegated regulation, and will further engage especially on the delisting criteria. This list enables the countries concerned to better identify the areas for improvement in order to pave the way for a possible delisting once strategic deficiencies are addressed.

“The commission will follow up on progress made by listed countries, continue monitoring those reviewed and start assessing additional countries, in line with its published methodology. The commission will update this list accordingly.”

Besides continuing to lobby the Brussels-based EU Commission it is unclear what more The Bahamas can do to escape its “high risk” list other than rapidly address the deficiencies identified by the FATF, complete its agreed “action plan” and secure removal from the latter’s monitoring programme.

The timing of The Bahamas’ inclusion on the EU “high risk” list was full of irony. It comes just days after the Central Bank and other financial services regulators unveiled their first-ever national anti-money laundering and terror financing annual report, designed to educate and inform the global community on the steps this nation is taking to fight financial crime.

And it occurred on the very day that the government sought to further ensure The Bahamas’ total compliance with the EU’s anti-tax evasion demands by tabling further legislative changes in the House of Assembly.

Europe’s tax transparency initiatives are separate from the “high risk” list, which means that at the same time The Bahamas was seeking to comply with the former its financial services industry was struck by another blow inflicted by the very same EU. Besides The Bahamas, the other countries on the EU list are Afghanistan; American Samoa; Botswana; Democratic People’s Republic of

Korea (North Korea); Ethiopia; Ghana; Guam; Iran; Iraq; Libya; Nigeria; Pakistan; Panama; Puerto Rico; Samoa; Saudi Arabia; Sri Lanka; Syria; Trinidad and Tobago; Tunisia; the US Virgin Islands; Yemen.

This is not company that The Bahamas, with its status as an IFC and international business centre, should want to keep given that many of the others are either war-torn, rogue states, suffer from corruption and other ills, or have little economic track record to speak of.

The government yesterday made much of the US Treasury Department’s blistering attack on the EU listing, which was likely sparked by the inclusion of four US territories - American Samoa, Guam, Puerto Rico, and the US Virgin Islands.

The Trump administration’s attack on the EU listing, criticising its “flawed process” and integrity, was likely music to the Minnis administration’s ears, although it is unclear how it strengthens The Bahamas’ case.

“The European Commission’s process for developing its list contrasts starkly with FATF’s thorough methodology,” the US Treasury argued. “First, the commission’s process did not include a sufficiently in-depth review necessary to conduct an assessment related to such a serious and consequential issue.

“Second, the commission provided affected jurisdictions with only a cursory basis for its determination.

Third, the commission notified affected jurisdictions that they would be included on the list only days before issuance.

“Fourth, the commission failed to provide affected jurisdictions with any meaningful opportunity to challenge their inclusion or otherwise address issues identified by the commission. As a result, the European Commission produced a list that diverges from the FATF list without reasonable support.”

URCA wishes to advise that a Request for Proposals (RFP) for the provision of Internal Audit Services has been uploaded to our website at www.urcabahamas.bs .

Interested parties should submit responses to the RFP by 4:00 pm on 28 February 2019.

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THE TRIBUNE

Govt gives up $25m annually on web shops FROM PAGE ONE confirmed the settlement with the web shops, said the deal would enable the Public Treasury to claim “back taxes” to July 1 and have instant access to revenue rather than seeing an important income stream tied up in expensive and costly litigation.

From the web shop perspective, the agreement lowers the magnitude of increase in the sector’s taxation burden and reduces the “sliding scale” rates to the 15-20 percent range recommended by the industry’s own consultants.

As previously revealed by Tribune Business, the “sliding scale” tax structure is being cut from six bands to just two, with lower rates of 15 percent and 17.5 percent, respectively. Web shops will pay the lower rate on their first $24m of revenue, with the higher levy applying to anything above this figure.

This is to take effect retroactively from January 1, 2019.

Besides promising greater simplicity and a lower tax burden, the revised “sliding scale” will only mean two web shops - one of which is Sebas Bastian’s Island Luck - will be caught by the higher rate. In total, the government now expects to earn $35m annually - rather than the initial $50m - from this tax.

Likely just as important, the government has also abandoned the five percent stamp duty levy on gamers’ deposits and over-the-counter lottery ticket purchases - the so-called “patron tax” in favour of a “sliding scale” tax on their winnings.

The “winnings tax”, to be implemented from April 1, 2019, on lottery bets, will levy a five percent rate on winnings up to $1,000. Anything greater will attract a 7.5 percent rate, and the government expects this to generate $15m as opposed to the initial “patron tax” forecast of $25m.

The Minnis administration added that no winnings tax

Thursday, February 14, 2019, PAGE 5 will be levied on casino game winnings, and the web shop industry will doubtless be relieved that The Bahamas is not setting a global precedent by taxing patrons prior to consumption - as the initial proposal promised to do.

Explaining the rationale for the government’s settlement with the sector, Mr D’Aguilar told Tribune Business: “The gaming industry had employed some leading attorneys [Wayne Munroe and Alfred Sears] to fight their case, and it became quickly apparent we would be wrapped up in expensive and lengthy litigation for a considerable period of time.

“In that time, the government would not be earning the revenue we were expecting from the gaming industry.

We decided to compromise to prevent the attorneys from making lots of money and ensure the taxpayers were making the money. We’re still expecting our revenues from the gaming industry to more than double and that was, in our opinion, an acceptable compromise.”

Asked by Tribune Business how much revenue the government is giving up as part of the settlement, Mr D’Aguilar replied: “In the budget that was laid out at the beginning of the year, it was expected that the new gaming taxes would take effect from July 1.

“Fifty million dollars was expected from the “sliding scale”, and $25m from the patron tax. That’s what we projected. We had no idea about the patron tax; that was a best guess. There was no historical data to go on.

“As we rolled it out it became quickly apparent that the gaming industry was not as nimble as we thought, and it took time to adjust their computer systems to accommodate a sliding scale and accommodate a patron tax,” the Minster of Tourism and Aviation continued.

“The dates began to slip, and all the different gaming houses were at various states of ability to get that done.

We didn’t realise that it took quite as long as it did. Then the litigation ensued and that slowed the process down even further.

“It was decided that we may have lost six months of what we planned to do, but

let’s come to an agreement with the gaming houses, adjust the sliding scale accordingly, and let’s make it a winnings tax as opposed to a patron tax. Let’s get everyone on board and earn revenue for the Treasury.

“We expected the sliding scale to be $50m, and now expect it to be $35m. We expect the winnings tax to be $15m based on the projections from the gaming houses.” Part of the delay referred to by Mr D’Aguilar also stemmed from the need by the web shops to have their games recertified by independent testing laboratories as a result of the tax changes - a process that lasts months.

So-called “back taxes” for the first half of the 20182019 fiscal year - from July 1-December 31, 2018 - will be levied using the web shop’s old taxation rate of 11 percent of gaming revenues.

Mr D’Aguilar estimated this will generate around $11$12m for the Treasury based on previous full-year collections of $21m, which is less than 50 percent of what the Ministry of Finance had projected to earn - $15m “sliding scale”, and $10m from the “patron tax” - during that period.

However, he argued that the government will still achieve its twin main objectives - increasing revenues from a sector it felt was “undertaxed” and had the ability to pay much more, based on the multi-million dollar sums flowing through it, while also slowing the sector’s growth and potentially deterring Bahamians from unhealthy levels of gambling.

“We are doubling on an annual basis the taxes we’re realising from the industry because we felt it was undertaxed,” Mr D’Aguilar said.

While the top benchmark for the lowest rate on the initial “sliding scale” was set at $20m, the revised version increases this to $24m.

When asked whether this was done to ensure most web shops fell entirely within the 15 percent bracket, the minister explained that $24m was an easier number to track in a 12-month year given that taxes were paid monthly. The previous $20m was “an odd number”, he added, while “looking at taxes on an

annual basis was causing some consternation”.

“It’s a good compromise,” Mr D’Aguilar reiterated.

“It’s livable. The government achieves its goals, the gaming houses reluctantly agreed to it. It took us six months longer than we thought, but have finally reached where we want to be.”

The settlement, and the government’s position, has shifted much closer to that taken by the web shop industry in the immediate aftermath of the 2018-2019 budget’s unveiling, as the operator tax rates fall into the 15-20 percent range that the sector’s consultants argue represents the global gaming average.

The simplified structure’s 15 percent and 17.5 percent rates are also much lower than those unveiled last May. Under that structure, web shops were to pay on each portion of their revenue: • Up to $20m in revenue, a rate of 20 percent.

• Between $20m and $40m, a rate of 25 per cent.

• Between $40m and $60m, a rate of 30 per cent.

• Between $60m and $80m, a rate of 35 percent.

• Between $80m and $100m, a rate of 40 percent.

• Over $100m, a rate of 50 percent.

The government, in its statement yesterday, argued: “The new gaming tax structure represents a 127 percent

increase in taxes on gaming operators, securing just under $50m in total revenue, compared to $2m in 2017.

“All back taxes will be collected before the end of this budget year at the previous 11 percent rate. The government had two objectives going into the most recent round of negotiations: To ensure the industry pays its fair share of taxes, and to end the deadlock between the government and the gaming industry.

“This is about what is best for the Bahamian people, and securing a deal will mean more funding to support much needed programs and better services for Bahamians.”

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PAGE 6, Thursday, February 14, 2019

THE TRIBUNE

Vacation rental VAT targeted for budget

AIRBNB reports its activity in The Bahamas.

FROM PAGE ONE to work out the complexities of taxing this particular industry.

“If you have a room or an apartment on your property because you are conducting a business, does that change the designation of your property from residential to commercial and, if not, how do we ensure that doesn’t happen?

“Then there was to find a way how to tax Airbnb.

A lot of people assume that because you’re in the business of renting your home or apartment, and it did not exceed $100,000 annually, they were not subject to VAT. “Inland revenue has taken the position that you are importing a service, which is similar to a good. When you import goods you pay duty and VAT at the border.

When you rent your house or apartment, you are not importing a good but it does

attract VAT because you are importing a service.”

Mr D’Aguilar said there were multiple enforcement and collection issues to be “worked through”, and added: “I think what they are going to do is catch it in the budget. When we change all those laws as it relates to finance, taxation and rates, all that is when I think it would be rolled out but, obviously, I am beholden to the Ministry of Finance.”

In mid-2017, Airbnb signed an agreement with the Bahamian government which requires it to collect all due taxes and fees associated with Bahamas-based vacation rentals listed on its website, and ensure those landlords are in full compliance with local rules and regulations.

Airbnb said 61 percent of its Bahamian hosts are female. It added that its average host in this nation is 50 years-old, with 68 percent between the ages of 30 and 59.

Airbnb has more than 2,900 listings in The Bahamas, while 17,100 Bahamian stayed at Airbnb listings both in The Bahamas and abroad during 2018.

“Undoubtedly, The Bahamas is an important destination in the Caribbean and, thanks to Airbnb and a strong partnership with tourism minister Dionisio D’Aguilar, more and more local travelers, and travelers from the rest of the world, are able to visit The Bahamas and travel in an authentic way,” said “ said Carlos Munoz, Airbnb campaign manager, public policy and communications, for The Caribbean and Central America.

“This sustainable way of traveling generates a positive and significant impact within the country, and helps to economically empower our Bahamian hosts and their communities. Airbnb contributes to the development of the Bahamian tourism sector, which shows great potential for growth in 2019.”

BAHAMAS AIR NAVIGATION SERVICES DIVISION JOB VACANCY NOTICE The Bahamas Air Navigation Services Division (BANSD) is the service provider of the aviation sector of The Bahamas responsible for air traffic services, aviation advisory/alerting services and aeronautical information services. We are recruiting a self-motivated professional to perform the job function of an Electronic Technician (Marsh Harbour, Abaco).

Position Summary The Electronic Technician is responsible for the daily functions of the department; inclusive of the maintenance and installations of radar, communication systems, and navigation equipment at the Leonard M. Thompson International Airport, Marsh Harbour.

Duties 1.

Maintain the electronic equipment at the control tower facility in Marsh Harbour - Aeronautical VHF transmitters and receivers, an air-traffic audio recording system, a Voice Control Communication Switch (VCCS)VOR/ DME navigation aid equipment and auxiliary equipment.

2.

Operate hand and small power tools and understand their use and function; 3.

Equipment preventive maintenance and visit all remote sites to report any abnormality in equipment status; 4.

Test to ensure proper operation per established test criteria; 5.

Respond to requests from departments utilizing the equipment; and 6.

Effectively perform other relevant duties that may be assigned.

Minimum requirements: • Successfully passed five (5) BGCSE with ‘C’ or above; • A degree in electronics or computer science, from an accredited institution

or similar related field would be a plus; • A minimum of one (1) year of relevant work experience; and • Must be prepared to work on a shift basis.

Resumes should be submitted via email to the attention of the HR Manager at hrbansd@gmail.com on or before Wednesday February 8, 2019.

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THE TRIBUNE

Bran: ‘To hell with you blacklisters’ FROM PAGE ONE through diversification and seeking out new industries such as medical marijuana - which he argued could evolve into “a billion dollar industry”.

With The Bahamas now grouped with multiple rogue states, war-torn countries and international pariahs on the EU’s 23-nation “high risk” list, Mr McCartney said: “No matter what we do every time they move the goal posts.

“We must realise there’s nothing we can do in terms of satisfying these people, and they’re going to continue to move the goal posts, which is so unfair.

We have to recognise that.

We have to recognise that we can change all the laws in the world, be as compliant as we can be, but - at the end of the day - we will never satisfy them.

“We must ensure we have other industries that broaden this economy.

From 2000 our financial services industry started to die and it is not going to come back.

The 11 laws passed to ensure The Bahamas escaped the Financial Action Task Force’s (FATF) “blacklist” that same year resulted in an instant shrinking of this nation’s financial services industry, which has been kept off-balance ever since by a

constant barrage of similar actions and regulatory initiatives targeting itself and other international financial centres (IFCs).

The Bahamas has struggled to develop a viable, sustainable business model for its financial services industry every since, and Mr McCartney said this nation was better off ignoring the “blacklisters” and forging its own path to comply with best international practices and regulatory standards.

“We should have drawn the line in the sand a long time ago,” he told Tribune Business, “and said: ‘To hell with you’. To hell with you, to hell with you. Both administrations, FNM and PLP, have done what they had to do but they continue to put more stringent regulations on us.

“Who are we? Let’s not fool ourselves. Draw a line in the sand, to hell with them and move on. Do what we have to do otherwise. We have to diversify our economy. It’s not going to change. They will continue to tell us this every time they put new regulations and requirements on us.

“We will do our best to beat them, and then they turnaround and blacklist us. To hell with them. You blacklist us, fine. Let’s do what we have to do, what is necessary to benefit our country. I guarantee you that if we amend or change our laws they will in a few

Thursday, February 14, 2019, PAGE 7 months come up with something else,” Mr McCartney continued.

“Draw the line in the sand. They’re going to do what they want to do. They want to wipe out our financial services and banking industry. That’s their ultimate goal. Why play their game? For years we’ve been giving them things, trying to comply and do what they want. It’s not going to change. Let’s recognise that and diversify our economy.

“We can’t allow these fellas to sit around the table looking at how they can mess with The Bahamas and take away our banking

industry. Hopefully those that lead us will see the light ,and do what is necessary to bring this economy around and not be afraid to do it. It’s the same as doing business: You have to take risks. They have an ultimate goal. Why play their game?

Draw the line in the sand.

Period.”

Mr McCartney’s stance was backed by James Smith, the former minister of state for finance and ex-Central Bank governor, who argued that the EU’s actions in branding The Bahamas as “high risk” were “deliberate and vicious”.

“I don’t think it’ll ever stop,” Mr Smith told

Tribune Business. “If you go back in history we see how many times the government has acceded to the demands they make, shown we’ve done it, and they move the goal posts. This will never stop. It’s frustrating, and the government must be frustrated.

“They don’t mean us well. It’s deliberate and vicious. We’re a sovereign country and need to stand up and say we’re part of the international community, we know what is required and we are doing it.”

Mr Smith reiterated previous calls for The Bahamas to form an alliance with other international financial

centres (IFCs) subject to the same pressures, and adopt the stance that it is “not going to be concerned about blacklisting” and will instead pass laws appropriate to its economy and society that bring it into line with global best practices in fighting financial crime.

Otherwise, he argued, this nation will always be scrambling “at the whim and fancy of international organisations” to meet their ever more-onerous regulatory demands designed to drive The Bahamas out of the financial services business.

TEMPLE CHRISTIAN HIGH SCHOOL

ENTRANCE EXAMINATION 2019-2020 Temple Christian High School will hold its Second Entrance Examination on Saturday, February 16, 2019 at the school on Shirley Street from 8:30 a.m. to 12 noon for students wishing to enter grades 7, 8, 9 and 10.

Application forms are available at the High School Office. The application fee is twentyfive dollars ($25.00). Application forms should be completed and returned to the school by Friday, February 15, 2019.

FOR LEASE/RENT CABLE BEACH OFFICE & STORE SPACES AVAILABLE Walking distance to Baha Mar High traffic area

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CABLE BAHAMAS LTD.

P. O. Box CB 13050 | Nassau, N. P., The Bahamas T [242] 601 6780 / F [242] 601 8985 E investors@cablebahamas.com www.cablebahamas.com

2019 SECOND QUARTER REPORT CO N S O L I DAT E D S TAT E M E N T OF FINANCIAL POSITION

CO N S O L I DAT E D S TAT E M E N T O F P RO F I T O R LO S S A N D OT H E R CO M P R E H E N S I V E I N CO M E

As of December 31, 2018 | (Expressed in B$000, unaudited)

For the period ended December 31, 2018 with comparatives for December 31, 2017 | (Expressed in B$000, unaudited)

CO N S O L I DAT E D S TAT E M E N T O F CA S H F LOW S

For the period ended December 31, 2018 with comparatives for December 31, 2017 | (Expressed in B$000, unaudited)

SIX MONTHS ENDED

ASSETS

DEC 31, 2018

JUN 30, 2018

THREE MONTHS ENDED

CURRENT ASSETS:

Cash and cash equivalents

DEC 31 2018

DEC 31 2017

SIX MONTHS ENDED DEC 31 2018

DEC 31 2017

$ 18,161

$ 42,841

Trade receivables, net

20,253

23,042

REVENUE

$63,952

$55,500

$123,456 $107,284

Prepaid expenses and deposits

12,359

10,201

OPERATING EXPENSES

(51,113)

(48,036)

(97,829) (93,061)

Inventory

13,852

13,288

6,195

7,080

70,820

96,452

Other receivables Total current assets NON-CURRENT ASSETS:

Investment in Dais Property, plant and equipment

6,730

6,730

445,562

432,025

12,839

7,464

Depreciation and amortization

(16,294)

(14,105)

(32,391) (30,054)

OPERATING LOSS

(3,455)

(6,641)

(6,764) (15,831)

–

18

Gain on joint venture

25,627

–

14,223

40

Goodwill

13,074

13,074

Gain (loss) on disposal of assets

12

(2,809)

12

(2,796)

Intangible assets

86,435

96,188

Interest expense

(4,622)

(2,456)

(9,606)

(4,924)

551,801

548,017

$ 622,621

$ 644,469

Dividends on preferred shares

(3,613)

(3,612)

(7,225)

(7,225)

Total non-current assets TOTAL

LIABILITIES AND EQUITY CURRENT LIABILITIES:

Accounts payable & accrued liabilities Deferred income Dividends payable

$ 74,052

$ 71,538

3,435

3,419

3,423

2,696

Current portion of other liabilities

11,905

11,844

Current portion of long-term debt

2,450

99,169

95,265

188,666

Total current liabilities

NET AND COMPREHENSIVE LOSS

$(11,678) $(15,500)

$(23,583) $(30,736)

Net loss attributable to non-controlling interests

$(7,525)

$(7,440)

$(15,087) $(15,547)

Net and comprehensive loss attributable to owners of the parent

$(4,153)

$(8,060)

$(8,496) $(15,189)

BASIC EARNINGS PER SHARE

$(0.09)

$(0.19)

$(0.19)

$(0.36)

DILUTED EARNINGS PER SHARE

$(0.09)

$(0.19)

$(0.19)

$(0.35)

8,402

8,264

Other liabilities

35,852

36,370

Long-term debt

155,377

59,877

Preferred shares

286,280

286,264

Total non-current liabilities

485,911

390,775

Total liabilities

581,176

579,441

E Q U I TY:

Ordinary share capital

30,367

30,367

Retained earnings

12,119

20,615

Non-controlling interest

(1,041)

14,046

41,445

65,028

$ 622,621

$ 644,469

Total equity TOTAL

Net loss Adjustments for: Depreciation and amortization Interest expense Dividends on preferred shares Gain on joint venture Gain (loss) on disposal of assets Operating cash flow before working capital changes Decrease (increase) in trade and other receivables, net (Increase) decrease in prepaid expenses and deposits (Increase) decrease in inventory Increase in accounts payable & accrued liabilities Increase in deferred income Increase in subscriber deposits Net cash from operating activities

DEC 31, 2017

$ (23,583)

$ (30,736)

32,391 9,606 7,225 (12)

30,054 4,924 7,225 (40) 2,796

25,627

14,223

3,674

(4,547)

(2,158) (564)

2,354 5,410

2,514 16 138

2,979 313 139

29,247

20,871

C A S H F LO W S F R O M INVESTING ACTIVITIES

Additions to investments Additions to property, plant and equipment Additions to intangible assets Proceeds from disposal of assets Net cash used in investing activities

–

(500)

(29,825) (6,501) 162

(45,533) (1,762) –

(36,164)

(47,795)

(457) (9,606) (1,218) 16 (6,498)

7,088 (4,924) (7,225)

(17,763)

(5,061)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(24,680)

(31,985)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

42,841

55,915

CASH AND CASH EQUIVALENTS, END OF PERIOD

$ 18,161

$ 23,930

C A S H F LO W S F R O M FINANCING ACTIVITIES

NON-CURRENT LIABILITIES:

Subscriber deposits

C A S H F LO W S F R O M O P E R AT I N G A CT I V I T I E S

DEC 31, 2018

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the period ended December 31, 2018 | (Expressed in B$000, unaudited)

ORDINARY SHARE CAPITAL Balance at June 30, 2018 Net loss attributable to owners of the Parent Net loss attributable to non-controlling interest Balance at December 31, 2018

NONRETAINED CONTROLLING EARNINGS INTEREST

TOTAL

$30,367

$20,615

$14,046

$65,028

–

(8,496)

–

(8,496)

–

–

$30,367

$12,119

(15,087)

(15,087)

$(1,041) $41,445

Capital lease obligation (net) Interest paid on long-term debt Payments of long-term debt Issuance of preference shares Dividends paid on preferred shares Net cash used in financing activities

N OT E S TO CO N S O L I DAT E D I N T E R I M F I N A N C I A L S TAT E M E N T S These consolidated interim condensed financial statements are prepared in accordance with IAS, Interim Financial Reporting. The accounting policies used in the preparation of these interim financial statements are consistent with those used in the annual financial statements for the year ended June 30, 2018. These statements also follow the guidelines of IFRS 10, Consolidated Financial Statements and incorporate the financial statements of the 48.25% owned subsidiary Be Aliv Limited, which was incorporated July 1, 2016, under the laws of The Commonwealth of The Bahamas for the purpose of providing wireless services throughout The Bahamas. Cable Bahamas Ltd. has board and management control and as such all costs included in Be Aliv Limited financial statements are included in these consolidated interim financial statements and all intercompany transactions and balances are eliminated on consolidation.

PAGE 10, Thursday, February 14, 2019

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Web shops: 65% tax rise still tough FROM PAGE ONE

However, the methodology to achieve that increase was the crux of our disagreement.

“This ordeal highlights a broader challenge, and signals the need for a deeper look at our national tax regime and the issue of proportionality. At some point, as a nation, we must address the inequitable way taxation is levied within and across industries so that we all pay our fair share in these tying economic times.”

It is unclear whether the settlement, and revised “sliding scale” tax structure for operators, together with switching patron taxes from deposits to winnings, will prevent or lessen the mass store closures and lay-offs threatened by web shops when the new and increased taxation was unveiled in the 2018-2019 budget last May. One operator, speaking on condition of

anonymity, last indicated to Tribune Business that they were reluctant accepters of the settlement. “The government will do what it wants,” they said. “They want to continue to tax and tax this industry. This industry has become the scapegoat for everything that goes wrong in the country.”

The government, in a statement late yesterday afternoon, said it had reached an agreement with the web shops “to increase taxes on the gaming industry and to collect the payment of back taxes”.

“The new tax structure consists of a sliding scale gaming tax on net taxable revenue, or the amount received by gaming operators from patrons in bets less the amount paid out to the patrons by gaming operators in winnings,” it said.

“Effective January 1, 2019, all licensed gaming operators will pay 15 percent on $0 to

NOTICE Notice is hereby given that JEROME WAYNE NAPIER of Glendale Subdivision off Soldier Road, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 7th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

$24m of revenue, and operators earning anything greater than $24m will pay 17.5 percent. Based on the increased tax rate, the government is expected to collect approximately $35m in taxes from gaming houses annually.”

The government also announced that effective April 1, 2019, a new tax will be introduced on all winnings derived from lottery bets.

Five percent will be paid on winnings up to $1,000 and 7.5 percent on anything greater than $1,000. This new tax is expected to raise $15m annually in revenue for the government.

“The new gaming tax structure represents a 127 percent increase in taxes on gaming operators, securing just under $50m in total revenue, compared to $21m in 2017. All back taxes will be collected before the end of this budget year at the previous 11 percent rate,” the government said.

It added that at the beginning of regulation on January 1, 2015, the rate of taxation on net taxable revenue of the seven licensed gaming operators was set at 11 percent and was expected to yield approximately $21m per annum.

“Solving the tax dispute through the courts could have meant years of expensive litigation and prevented the government from collecting taxes,” said Dionisio D’Aguilar, minister of tourism. “Because of the discussions with gaming industry leaders, the government was able to secure an increase in taxes as well as the back taxes owed to the Public Treasury.”

THE TRIBUNE

Thursday, February 14, 2019, PAGE 11

UK government downplays suggestion it will seek Brexit delay LONDON Associated Press ON THE eve of more divisive votes in Parliament over Brexit, the British government yesterday downplayed a report that it plans to offer lawmakers a choice between backing Prime Minister Theresa May’s unpopular divorce deal and a delay to the UK’s exit from the European Union.

An ITV News correspondent, Angus Walker, said he overheard negotiator Olly Robbins in a Brussels bar saying the government would ask Parliament in late March to back her agreement, rejected by lawmakers last month, or seek an extension to the Brexit deadline.

May told lawmakers that Parliament had approved a two-year countdown to Brexit, and “that ends on the 29th of March. We want to leave with a deal, and that’s what we’re working for”.

She told parliamentarians not to set much store

in “what someone said to someone else as overheard by someone else in a bar”.

Lawmakers overwhelmingly rejected May’s Brexit deal with the EU last month, and she is now trying to secure changes before bringing it back for another vote.

The EU insists it won’t renegotiate the legally binding withdrawal agreement, though it is still holding talks with Britain about potential tweaks to a non-binding political declaration that accompanies it.

German Chancellor Angela Merkel said yesterday that the EU wanted to “do everything for a deal, but it certainly it has to be a fair deal ... and there we unfortunately still have a bit of work ahead of us”.

If a deal is not approved by the British and European parliaments before March 29, the UK faces a messy sudden Brexit that could cause severe economic disruption.

Brexit Secretary Stephen Barclay said the government

wants to secure a deal, but is also preparing for a “nodeal” Brexit.

Opposition politicians have accused May of trying to fritter away time as the clock ticks down, in order to leave lawmakers with a lastminute choice between her deal and no deal.

Britain’s Parliamentwill hold today the latest in a series of debates and votes, in which pro-EU lawmakers will try to change the government’s course, ruling out a “no-deal” Brexit and aiming for close post-Brexit ties with the EU. The votes are not legally binding, and a House of Commons split between Brexit-backers and EU supporters has so far sent contradictory messages. In previous votes on Jan 29, lawmakers voted to rule out a “no-deal” exit — without signaling how that should happen — and also told May to seek changes to her Brexit agreement from the EU.

PAGE 12, Thursday, February 14, 2019

To advertise in The Tribune, contact 502-2394

NOTICE Notice is hereby given that SAMUEL JEAN-BAPTISTE of Kennedy Subdivision off Solider Road, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 14th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

THE TRIBUNE

California governor wants users to profit from online data SACRAMENTO Associated Press CALIFORNIA Gov Gavin Newsom has set off a flurry of speculation after he said the state’s consumers should get a piece of the billions of dollars that technology companies make by capitalising on personal data they collect.

The new governor has asked aides to develop a proposal for a “data dividend” for California

residents but provided no hints about whether he might be suggesting a tax on tech companies, an individual refund to their customers or something else.

“Companies that make billions of dollars collecting, curating and monetising our personal data have a duty to protect it,” the Democrat said in his first State of the State speech on Tuesday.

“California’s consumers should also be able to share in the wealth that is created from their data.”

Tech companies, for example, sell the data to outside businesses that target ads to users. The European Union and Spain’s socialist government last year each proposed taxing big internet companies like Google, Facebook and Amazon.

Common Sense Media, which helped pass California’s nation-leading digital privacy law last year, plans to propose legislation in coming weeks that would reflect Newsom’s proposal,

CALIFORNIA Gov Gavin Newsom delivers his first state of the state address to a joint session of the legislature at the Capitol in Sacramento, Calif. Newsom said the state’s consumers should get a “data dividend” from technology companies, like Google and Facebook, who are capitalising on the personal data they collect.

Photo: Rich Pedroncelli/AP founder and CEO James Steyer said, without providing details.

Starting next year,

California’s European-style privacy law will require companies to tell customers upon request what personal data they have collected and why, which categories of third parties have received it, and allow consumers to delete their information and not sell it.

US Sen Mark Warner of Virginia, ranking Democrat on the Senate Intelligence Committee, predicted in November that California would consider legislation that would “send a shiver down the spine” of tech companies.

He described the proposal as returning 25 percent of the value of an individual’s data. It wasn’t clear how the calculation would be made.

Warner’s office said yesterday that he made the comment after speaking with Steyer. Warner is considering federal legislation requiring companies like California-based Facebook and Google to provide users with annual estimates of what their data is worth to the companies.

Steyer said in a statement that Newsom is “spot on” about consumers having the “right to share in the profits that companies are making off them”.

Axios calculated that the average Facebook user is worth $7.37 to the company, while a Twitter user is worth $2.83, and a Reddit user, about 30 cents. The calculation basically divided the companies’ annual revenue by their monthly active users.

California-based tech giants Facebook and Google did not immediately comment.

Newsom’s office would not say who is leading his review. Newsom “is open to constructive input” from national experts and lawmakers, spokesman Brian Ferguson said in a statement.

Career Opportunity Scotia Wealth Management is seeking the services of a

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This position contributes to maintaining high standards of client service, quality control and operational excellence.

Accountabilities: • Assist in the effective management of client relationships while providing the highest quality of client service; • Develop and maintain a thorough knowledge of each relationship, including the nature of the account, its financial strength, banking requirements and future goal and direction; • Participate in the growth of the Private Banking Unit portfolio and profitability; • Participate in credit management of the units portfolio and manage a designated portfolio of less complex credits; • Assist in the design of profitable effective and competitive banking proposals for existing and prospective clients; • Assist in maintaining effective operation of the Private Banking Unit; • Maintain a high level of professionalism and competence in every client interaction; • Meet Regulatory Compliance, Anti-Money Laundering/Anti-Terrorist Financing and Bank Policies and procedures for Customer transactions.

Educational/Competency Requirements: • Thorough knowledge of day-to-day banking, retail investment, bank products and services and retail lending processes and administration; • Possess a good understanding of credit skills, general knowledge of retail investment vehicles and knowledge of local tax and monetary regulations; • Excellent communication skills both verbally and written that enable the incumbent to interact with a wide range of clients with varying substantial means; • Advanced organizational and time management skills, including the ability to handle multiple tasks simultaneously in a competent and professional manner; • Self-directed and self-motivated individual with excellent interpersonal skills with the ability to contribute positively and collaboratively in a team-oriented environment; • Full comprehension of client privacy and confidentiality; • Associate’s degree or equivalent experience preferred; • Minimum of three years, experience in financial services field.

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Please note that only those individuals short-listed for an interview will be contacted.

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THE TRIBUNE

Thursday, February 14, 2019, PAGE 13

CONGRESS URGED TO FULLY OPEN BANKS TO MARIJUANA INDUSTRY LOS ANGELES Associated Press BANK officials and others urged Congress yesterday to fully open the doors of the US banking system to the legal marijuana industry, a change that supporters say would reduce crime risks and resolve a litany of challenges for cannabis companies, from paying taxes to getting a loan.

Most Americans live in states where marijuana is legally available in some form. But there’s a problem when it comes to banks: Most don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.

That conflict has left many growers and sellers in the burgeoning pot industry in a legal dilemma, shutting them out of everyday financial services like opening a bank account or obtaining a credit card. It also has forced many businesses to operate only in cash — sometimes vast amounts — making them ripe targets for crime.

Banking, government and industry representatives at a House committee hearing in Washington urged lawmakers to pass a proposal that would allow pot businesses to access loans, lines

of credit and other banking services, while sheltering financial institutions from prosecution for handling pot-linked money.

California Treasurer Fiona Ma, whose state is home to the nation’s largest legal pot market, called the measure a critical step for the rapidly expanding industry.

Gregory S Deckard, who spoke on behalf of the Independent Community Bankers of America, said the cloud of legal uncertainty was inhibiting access to banks while creating safety hazards for businesses.

The proposal, he said, “would offer the needed clarity” for more financial institutions to welcome the marijuana industry as customers.

But others had concerns.

Republican Rep Blaine Luetkemeyer of Missouri said the proposal would create confusion while marijuana remains illegal at the federal level. He questioned how banks would identify criminal operators and pointed to how Congress handled hemp, the lowTHC cousin of the cannabis plant, which was removed from the list of federally controlled substances.

With the banking legislation, “we are putting the cart before the horse,” he said.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHANTELL TISSIE COOPER aka TESSIE CHANTELL DAVIS, SHANTELL McPHEE, SHANTELL DAVIS, SHANTELL COOPER, TISSIE DAIVS of Bennerman Town, Eleuthera, Bahamas, intend to change their my name to SHANTEL TISSIE COOPER. 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 publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Bethsheva Dames and Randy Williams of Seagrape, Eight Mile Rock, Grand Bahama, Bahamas, parents of JAYDEN KENAZ DAMES intend to change their child’s name to JAYDEN KENAZ WILLIAMS. 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 publication of this notice.

PAGE 14, Thursday, February 14, 2019

THE TRIBUNE

MARKET REPORT WEDNESDAY, 13 FEBRUARY 2019

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

BISX ALL SHARE INDEX: CLOSE 2,065.90 | CHG 1.42 | %CHG 0.07 | YTD -43.55 | YTD% -2.06 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.60 0.67 3.68 10.20 6.60 4.85 12.50 2.74 1.78 8.21 6.30 14.10 6.99 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.25 12.51

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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 Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL LAST CLOSE AML 4.37 APD 17.43 BPF 7.00 BWL 5.39 BOB 1.60 BBL 0.56 CAB 2.28 CIB 9.50 CHL 6.16 CBL 4.32 CBB 10.99 CWCB 2.60 DHS 1.78 EMAB 8.55 FAM 6.30 FBB 14.10 FIN 6.98 FCL 3.60 JSJ 13.50 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL 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 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.68 1.11 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.62 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.37 17.43 7.00 5.39 1.60 0.67 2.28 9.50 6.16 4.32 10.99 2.56 1.78 8.53 6.30 14.10 6.98 3.60 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.11 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 -0.02 0.00 0.00 0.00 0.00 0.35

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

VOLUME

1,000

3,000

50,000

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 13.6 12.8 28.1 17.5 25.1 8.5 N/M 13.1 18.5 12.1 13.0 21.9

YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.99% 0.00% 7.47% 3.57% 2.78% 5.64% 2.34% 3.37% 0.98% 4.44% 3.55% 2.15% 2.50% 4.33%

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 Prime + 1.75% 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%

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.68 1.11 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 4.30% 4.30% 2.60% 2.60% 3.40% 3.40% 1.46% 1.46% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 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 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

US budget deficit running 41.8 percent above last year

WASHINGTON Associated Press THE federal budget deficit in December totaled $13.5bn, helping to push the deficit for the first three months of this budget year up 41.8 percent from the same period the previous year.

The Treasury Department said yesterday that the budget deficit from October through December totals $318.9bn, up from a deficit of $225bn for the same three months in the previous year.

So far this budget year, tax revenue is up a tiny 0.2 percent, reflecting the impacts of the tax cuts passed in 2017. Spending is up 9.6 percent.

The Trump administration contends that its tax cuts will end up boosting government revenue because they will spur increased economic growth. But private economists believe the temporary boost for the tax cuts will soon fade and growth will slow again, resulting in lost government revenue.

The Congressional Budget Office is projecting that this year’s deficit will jump to $897bn, up 15.1

percent from last year’s deficit of $779bn. Last year’s deficit had been the largest since 2012.

The CBO said last month that the annual deficits are headed higher over the next decade and will top $1tn starting in 2022 and will never drop below $1tn in annual deficits through 2029, the end of the CBO forecast window.

The new budget report showed that individual tax receipts were down one percent in the October-December period compared to a year ago.

Corporate taxes are down 18 percent during the same period.

The $1.5tn tax cut that President Donald Trump pushed through Congress in December 2017 took effect in January of last year. That meant that the current budget year is being compared to a period from last year’s budget before the tax cuts took effect.

Total government receipts were $771.2bn for the first three months of this budget year, a gain of 0.2 percent. Outlays totaled $1.09tn, up 9.6 percent from the first three months of the 2018 budget year.