business@tribunemedia.net
MONDAY, MARCH 5, 2018
$4.45
$4.59
$4.63
$4.63
‘Case not made’ for joining WTO
Healthcare budget $100m short as key contracts cut 50 per cent
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
he Government “has not yet made the case” for joining the WTO, a senior Chamber executive arguing that the Bahamas had “squandered” a 16-year period to ready itself for this day. Darron Pickstock, who heads the Chamber of Commerce’s trade and investment division, told Tribune Business this nation should have used the longest-running World Trade Organisation (WTO) accession process to prepare its economy and individual businesses for
* Bahamas ‘squandered 16 years’ to ready for accession * Chamber trade head: We’re ready to ‘force dialogue’ * Process ‘not moving as fast as we would like’ a rules-based, liberalised trade environment. The Bahamas first signalled its intention to become a full WTO member in 2001, but Mr Pickstock said the country had waited until now to create a competitive platform for the private sector through the proposed ‘ease of doing business’ reforms. The Minnis administration has set a 2019 deadline to complete the WTO accession process, a deadline that Mr Pickstock
described as “very aggressive but doable” if the Government, business community and civil society work together. Yet he warned that the process was “not moving as fast as as we would like” in terms of the Government advising the private sector on “what we can expect”, and what it was seeking to negotiate on the country’s behalf. Mr Pickstock argued that the Chamber, and wider private sector, would have to
“force dialogue” between themselves and the Government to ensure both were “on the same page”, and that there are “no surprises” in what the latter negotiates on its behalf. A partner at the Glinton, Sweeting & O’Brien law firm, Mr Pickstock said WTO accession was “the single most important topic facing our country” given that it will impact every Bahamian and locally or
SEE PAGE 6
THE Government’s annual healthcare Budget is around $100 million short of the system’s needs, despite some controversial contracts being cut by 50 per cent. Dr Duane Sands, minister of health, told Tribune Business that even allowing for an “aggressive” effort to eliminate waste, inefficiency and under-performance, a combination of staffing needs and essential capital projects are more than the Government’s finances can currently sustain. While the Ministry of Health’s spending was down some $32.556 million
* MINISTER: FREE LUNCH IS ‘FANTASY’ * HEALTH SPEND DOWN $33M MID-YEAR * PHA IN CONTRACT-BYCONTRACT REVIEW year-over-year in the 20172018 mid-year Budget, the Minister said this had been partially achieved by “interrupting” capital works already in progress because the Government’s fiscal constraints mean it simply cannot fund them. He added that other savings had been obtained from a “contract by
SEE PAGE 8
INFRASTRUCTURE UPGRADE DELAYS ‘WITHOUT PPPS’ BANKS ARE CHALLENGED OVER By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s financial woes “may cause delays” to much-needed infrastructure upgrades unless public-private partnerships (PPPs) are employed, the Deputy Prime Minister has revealed. K P Turnquest, also minister of finance, confirmed that the Government has hired the Caribbean Development Bank (CDB) to help develop a “properly structured” legal and risk management framework for PPPs after several such arrangements entered into by its predecessor were placed on hold. Without identifying the specific projects, Mr Turnquest said some of the PPPs agreed by the Christie administration “represent liabilities” for the Government and Bahamian taxpayer despite being financed by private investors. He implied that this went against the basic PPP philosophy, which is to engage private sector capital to finance the upfront cost of public infrastructure and services at no expense to the Government, describing the former administration’s agreements as “ad hoc”. “We have requested assistance from the Caribbean Development Bank (CDB) to develop a proper structure for PPPs to ensure there is fair opportunity, that the cost and return to the Government are sustainable, and that we have
* Gov’t hires CDB to develop ‘proper structure’ * Christie Gov’t deals too ‘ad hoc’, says DPM * Some ‘represent liabilities’ for taxpayers a standardised framework in which to engage in these PPPs,” Mr Turnquest told Tribune Business. “We have several of them all underway at the moment, all with different criteria and standards, some of which represent liabilities to the Government.” Mr Turnquest added that the PPPs agreed by the former government lacked “any real, objective criteria as to how they were entered into”. He described them as “ad hoc”, and arrangements agreed “on a case by case basis”, adding: “We want to bring some structure to the entire process. We’re very confident the CDB has the expertise in this area, so we fully expect to get competent advice and direction with respect to this.” The Deputy Prime Minister added that PPPs were a potentially useful tool for addressing the Bahamas’ key infrastructure challenges without increasing the debt burden on an already-strained government and Bahamian taxpayer. “I think it’s a fair enough statement to say that without the benefits of PPPs it may cause delays in some of these infrastructure upgrades that need be to done, so to the extent they offer opportunities to move these upgrades forward we’re interested
RENEWABLE ENERGY LENDING By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Chamber executive has challenged Bahamian commercial banks to explain their reluctance to finance renewable installations, as homes and businesses continue to “bleed energy”. Debby Deal, head of the Chamber’s energy and environment division, questioned why lenders seemed so reticent to support the increased penetration of renewable energy and other productive activities when they were all-too-willing to
DPM K. Peter Turnquest in exploring that,” he told Tribune Business. “PPPs can be very effective, particularly where there is income streams to help repay the financing. They provide an opportunity to introduce cheaper financing as well as give Bahamians an opportunity to earn a return in exchange for essential infrastructure. “As we try to reduce our debt trajectory and borrowing, this can be an effective tool to help us achieve that.” Mr Turnquest was speaking after Ministry of Finance and CDB representatives last week met with private sector executives to discuss the planned PPP legal framework. Among those present were officials from two ongoing
Bahamas-based PPPs, Arawak Port Development Company (APD) and the Nassau Airport Development Company (NAD). Michael Maura, APD’s chief executive, told Tribune Business that the Bahamas had little choice but to embrace PPPs because “the Government does not have the money to address the significant infrastructure challenges” this country faces. He said the CDB’s PPP co-ordinator, Brian Samuel, “walked us through a fairly comprehensive look at PPPs in the Caribbean”, including what was required to form such an arrangement. “Generally speaking, those projects which offer
SEE PAGE 5
fund auto purchases and other consumer goods. Speaking at an event to promote the upcoming fourth Bahamas Energy Security Forum, Ms Deal said renewable energy devices and second-hand cars were not dissimilar in price, and questioned whether so-called ‘lien laws’ would give the banks confidence to lend. Without access to financing, she expressed concern that renewable energy would become the preserve of businesses and wealthier Bahamians while excluding
SEE PAGE 9
Blockchain eyed for speedier KYC By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government is examining whether blockchain technology can be employed to ease the financial services industry’s Know Your Customer (KYC) processes. K P Turnquest, Deputy Prime Minister, told the International Business and Finance Summit (IBFS) that the Minnis administration was exploring “a digital record blockchain” where overseas clients have their KYC information authenticated digitally in their home country.
Once this happens, Bahamas-based providers can then log-in and receive all the necessary customer due diligence information within seconds, reducing a process that “can take six-eight months to just 15 minutes”. Mr Turnquest said: “One of the things we are looking at is blockchain technology, and seeing how we can leverage that in the financial services industry, in particular, to make the whole process of on-boarding clients easy. “For instance, we are looking at the possibility of setting up a digital record
SEE PAGE 5
PAGE 2, Monday, March 5, 2018
THE TRIBUNE
Identifying the bare necessities of life By Ramon Simms
TVs. Laptops. Cellular phones. Turn on any device and you are constantly bombarded by advertisements to consume. Facebook. Instagram. Snapchat. Interact with anyone on social media and you are constantly flooded by advertisements. Food. Entertainment.
Fashion. Every company wants you to be their customer, and every customer wants you to be their audience. It should come as no surprise to anyone, then, that we are a nation of hyper consumers. This constant pressure of conspicuous consumption sometimes makes it hard, in modern society, to tell what is a necessity and
what is a luxury. The lines are blurred. It creates a horde of consumers who, if you asked, would know the price - but not necessarily the value - of everything. In this kind of environment, it becomes essential to think about and know these differences. Classical economics describes luxuries as goods for which consumer
demand increases as income rises, and necessities as goods for which demand remains relatively constant as income rises or falls. Necessities such as toothbrushes and toilet paper are basic needs for every day life, but you do not buy more or less of them as your income fluctuates. On the other hand, overseas trips and fine jewellery are examples of luxuries that people spend more money on as their income rises (and less as it falls), but are not necessary for basic life. One additional key characteristic of luxury goods is that they are often scarce and/ or expensive. To be fair, classification is sometimes not as straightforward as in the examples above. The complicated
thing about defining necessities versus luxuries is that classifications can change over time, and dimensions can be interchangeable. In 1997 you would not have classified having access to the Internet as a necessity, but in today’s society it is hard to argue it is not. On one dimension, it may be a necessity to own a mobile phone in 2017, but if you buy an Apple iphone that purchase arguably changes into a luxury. Instead of starting with theory and working down, let us begin with the basics instead, and examine some categories that nearly everyone agrees on - food, clothes, water and shelter. Translating these into modern terms equates to groceries when you need them; clothes to wear every
MONEY
MATTERS day; access to clean water for drinking and bathing; and an apartment or house to call home. To round out the list of practical necessities, I would add three other categories - transportation, utilities and insurance. That is, any money spent on electricity, a phone plan, public transportation, automobile ownership or monthly risk protection for your car or home. Everything else, despite a heated argument on the matter, is not essential and probably even optional. Some additional things are worth mentioning: At the risk of stating the obvious, necessity goods are not necessarily free goods. They must still be paid for. In addition, the price you pay matters. This is because price has the potential to turn some necessity goods into luxury goods (like the iPhone in our earlier example). Before you buy your next item. or as you consider what category to assign that item to, resist the temptation to compare what you have to the consumption broadcasts of your friends and neighbours. Be aware of and eliminate the tendency to associate conspicuous luxury consumption with status. You cannot really know someone else’s true financial situation, and expensive material purchases do not always equate to financial comfort. Do what is best for you and your financial situation. Is your life going to materially change for the better every day for a long time with this purchase? If the answer is maybe or no, it is probably a luxury and it can wait or be avoided. Are the consequences of not purchasing this item going to negatively impact your life considerably every day? If the answer is yes, it is probably a necessity, and you should try to get the best deal available on it. Why does all of this matter? Because in order to maintain or regain control of your personal finances, you need to be able to identify which of the goods you consume can be reduced, substituted or eliminated. Luxuries can be eliminated entirely. High-priced necessities (crossover luxuries) can be substituted with lower cost ones. Normal necessities can be reduced with prudence. These definitions, and the influences they have on purchasing behaviour, should be considered crucial to anyone who does not have an unlimited money supply. NB: Ramon is a management professional with over 10 years experience in finance, operations and technology. He holds a BA in Financial Economics and an MBA in Entrepreneurship. He is a managing director at IFF Ltd (www. iffpros.com) Bahamas and you can reach him at ramon@iffpros.com.
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Monday, March 5, 2018, PAGE 3
BTC, CABLE SLAM ‘FLAWED’ BROADBAND INTERNET REVIEW By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ two major communications players have united to slam their regulator’s “flawed review”, instead urging it to lift current demands on their broadband Internet services. Both the Bahamas Telecommunications Company (BTC) and BISX-listed Cable Bahamas are urging the Utilities Regulation and Competition Authority (URCA) to remove regulation at the ‘wholesale’ level - including the ‘offers’ or terms at which other providers could rent their networks to provide rival Internet services. URCA, in unveiling its review of the ‘resale’ obligations imposed on BTC and Cable Bahamas in 2010, noted there had been “no take-up of these resale broadband offers over the course of the last eight years”. It added that “several industry players have informally raised concerns about the nature of the current
offers”, implying rival niche providers were suggesting BTC and Cable Bahamas were using their Significant Market Power (SMP) to squeeze them out of the market by offering terms that rendered their services economically non-viable. But BTC and Cable Bahamas, in similar responses, said URCA had failed to account for market changes since 2010 while ignoring the “strong competition” for retail consumers that made wholesale regulation unnecessary. In particular, they argued that the regulator had omitted the impact of mobile Internet services which were launched last year by both BTC and its rival, Aliv, for which Cable Bahamas has Board and management control. Pushing back on regulatory remedies based on what might happen in the future, BTC said there was “very little information” on the provider concerns referred to by URCA, which were never “verified” with itself. “In BTC’s view, the PD [URCA preliminary determination] is
based on a flawed review of the broadband services market in the Bahamas,” the carrier argued. “The PD largely ignores the retail broadband services market and focuses almost exclusively on the wholesale broadband services market, with the sole purpose in mind of reconfirming URCA’s past SMP findings in that market. “However, in doing so, the PD misses key developments in the broadband services market - namely the recent introduction of standalone 4G/LTE mobile broadband services - that affects the relevant definitions of the retail and wholesale broadband services markets, as well as findings regarding SMP in both markets. If the market review were conducted correctly, there would be no finding of SMP in either the retail or wholesale broadband services markets and, therefore, no need for a wholesale remedy in the form of mandated resale broadband.” Cable Bahamas echoed similar concerns, adding: “Cable Bahamas has a
number of serious concerns about the preliminary conclusions reached by URCA in the consultation document. At a time when URCA should be considering deregulatory approaches in order to stimulate investment and incentivise innovation in the sector, URCA is instead proposing to maintain or increase regulation at unsustainable levels. “Cable Bahamas considers that the wholesale broadband market is not susceptible to ex-ante regulation, and that the regulatory obligations which currently apply to Cable Bahamas should be withdrawn. “In the broadband market, the existence of strong competition at retail level obviates the need for continued wholesale broadband regulation. There is strong end-to-end competition between CBL and BTC in the broadband market, and there is no reason for any regulation at all in this market.” Both Cable Bahamas and BTC argued that the mobile Internet services offered by the latter and Aliv were
Ex-Minister: Use presence ‘reset’ for financial services By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas needs a ‘value proposition’ “reset” based on physical presence, ‘managing minds’ and substance, a former financial services minister is arguing. Ryan Pinder, now
a Graham, Thompson & Company attorney partner, told the International Business and Finance Summit (IBFS): “Our value proposition of financial privacy has all but been eliminated. The Bahamas requires a new value proposition. “The new value proposition, in my view, is broadening our industry
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, TAMEKO SHANIQUE MUSGROVE and JEROBOAM JOSEPH McPHEE of Nassau, Bahamas, mother and father and legeal guardians of SHAVANTÉ BRIA MUSGROVE, intend to change our child’s name to SHAVANTÉ BRIA McPHEE. If there are any objections to the 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 ROBINS TELUSMA of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
and making the physical presence of business operations and their principals a key focus of our value proposition. The discussion of the establishment of headquarters in the Bahamas, the disclosure requirements for multinational enterprises operating from within the Bahamas, now becomes an important consideration when you redefine our value proposition as a jurisdiction.” Mr Pinder said the Bahamas has adopted the minimum four out of ‘15 actions’ to meet the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative. The four actions selected are: (Action 5): Countering Harmful Tax Practices; (Action 6): Treaty Shopping; (Action 13) Transfer Pricing Documentation and Country-by-Country Reporting; and (Action 14) Dispute Resolution. BEPS refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. Mr Pinder said the underlying principle of ‘transfer pricing’ is that taxation correlates to value creation.
“The more substance and value we can originate from within the Bahamas, the more legitimate an opportunity for multinational companies to base from within the Bahamas because it is a viable jurisdiction that is fully compliant, because we are creating that value here,” he explained. “The Bahamas is a service jurisdiction. Fintech, IT and other cutting-edge industries are service-based. If we are able to attract the value components of these industries and house them from within the Bahamas; the programming in Fintech; the actual advisory functions in wealth planning; these all offer legitimate opportunities for tax innovation and real savings for these enterprises, and will exponentially expand our economic presence in a cross-border environment. “We are in a new era of multilateralism. We have to comply, but if we don’t shift what we do and attract in a transparent and compliant world, we will fail.”
an “effective substitute” for fixed-line broadband Internet, with monthly data
usage on Aliv’s network “quickly approaching” that of landline subscribers.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, ANTOINETTE ENDIRA NICOLE BOWE of #145 Water Street, Big Pond Subdivision, P.O. Box N-7304, intend to change my name to NICOLE ANTOINETTE BOWE. If there are any objections to the 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.
PAGE 4, Monday, March 5, 2018
THE TRIBUNE
MARKET REPORT MONDAY, 26 FEBRUARY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,050.92 | CHG 0.02 | %CHG 0.00 | YTD -12.65 | YTD% -0.61 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 11.87 2.59 1.56 9.70 6.10 10.55 10.90 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 7.75 5.83 8.78 5.67 3.35 12.01 10.00
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
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 Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 1.54 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 1.48 1.62 1.57 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 3.60 8.70 6.10 4.74 9.87 2.59 1.50 8.09 6.10 10.10 6.30 4.47 12.51 10.00
CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.87 2.62 1.50 8.08 6.10 10.10 6.30 4.47 12.51 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 -0.01 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
109.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.03 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
109.46 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
400,100
1,125
VOLUME
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
NAV 2.12 4.14 1.98 178.69 153.40 1.54 1.69 1.62 1.09 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 0.668 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 0.320 0.220 0.120 0.690 0.060 0.050 0.141 0.300 0.500 0.150 0.120 0.570 0.000
P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.7 15.6 25.7 4.5 12.1 5.4 13.9 13.0 15.0 23.0 0.0
YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.53% 6.99% 2.29% 3.33% 1.75% 4.92% 4.95% 2.38% 2.68% 4.56% 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% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -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-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017
MARKET TERMS 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
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
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
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, TAMEKO SHANIQUE MUSGROVE and JEROBOAM JOSEPH McPHEE of Nassau, Bahamas, mother and father and legeal guardians of SHANTÉ JASMINE MUSGROVE, intend to change our child’s name to SHANTÉ JASMINE McPHEE. If there are any objections to the 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 RICHARDSON DORCE of George Town, Exuma, 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 5th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-3905, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that OLVINCE JUNIOR INNOCENT of Pine Dale, 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 5th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
Notice: Sealed Bid auction The vessel shown below will be auctioned off on the 9th of March, 2018. Interested persons are invited to submit their bids to purchase before Thursday the 8th of March, 2018.
ST. AUGUSTINE’S COLLEGE is accepting applications for teachers in the following areas for the 2018 – 2019 school year
Bids will be selected from the best offer over $25,000.
ENGLISH LANGUAGE / LITERATURE
All bids are to be mailed to P.O.Box N-9871 postmarked before the 8th of March, 2018.
MATHEMATICS
Specifications:
1989 40ft Hydra boat (Catamaran). (2) 450 Turbo Charged Yanmar Diesel Engines. Radar, GPS, Generator, Chart Plotter, VHF Radio, Stereo System, State Room, Full Bathroom, Full Kitchen. Starboard engine needs some work. Boat can be viewed at Bayshore Marina.
English Language / Literature teacher required for the junior and senior high section of the school.
Experience in preparing students for external examinations (BJC, BGCSE, AP & SAT) is a requirement.
SOCIAL STUDIES
Social Studies / History and Geography teacher needed. Experience in preparing students for external examinations is a requirement.
FOREIGN LANGUAGE
To teach Spanish to grades seven through ten. .
BUSINESS STUDIES
To teach Commerce / Economics / Accounting to Grades 10 to 12. Experience in preparing students for external examinations (BGCSE) is a requirement.
LIBRARY SCIENCE
To teach Library Science to all grade levels with the responsibility for information management.
COMPUTER STUDIES
To teach Computer Keyboarding, Basic Personal Computer Applications and Computer Science to grades seven through twelve. The applicant must be proficient in Microsoft Word, Excel, Access, PowerPoint and Web Page Design
SCIENCE
To teach General Science and Chemistry to all grade levels. The applicant must have experience in preparing students for external examinations. To teach General Science and Physics to all grade levels. The applicant must have experience in preparing students for external examinations To teach General Science and Biology to all grade levels. The applicant must have experience in preparing students for external examinations
RELIGION
To teach Religion to all grade levels. The applicant must have a degree in Religious Education (not the same as R. K.) All applicants must hold a degree from an accredited University and a Teacher’s Certificate or must have some teaching experience. Two letters of reference, copies of all degrees and certificates, proof of teaching experience and two passport size photos should be submitted. A commitment to the values of Catholic, Benedictine education is expected of our teachers. Only those persons who have no difficulty with Roman Catholic beliefs and teaching need apply. Please submit applications and required documents by hand addressed to: THE PRINCIPAL ST. AUGUSTINE’S COLLEGE P.O. BOX N-3940 NASSAU, BAHAMAS Applications should be submitted by March 26, 2018
THE TRIBUNE
SPEEDIER KYC FROM PAGE 1
blockchain such that persons can do their Know Your Customer (KYC) documentation in their own countries; get it authenticated digitally and, when they come to the Bahamas, it is just a matter of giving somebody a key in which they can log in and receive authenticated verification of all of the KYC and all of the due diligence requirements in seconds. A process that can take six to eight months can be done in 15 minutes.” Mr Turnquest said the Government has put together a ‘Task Force’ to determine what is needed to make this a reality. “We have had discussions with several providers of this kind of technology, and we continue to make this a priority so we can get this kind of technology in place in the shortest period of time possible,” he said. “The more efficient and responsive we are, the better our chances in this very competitive global
PPS
FROM PAGE 1 national benefits are best conditioned for PPPs,” Mr Maura added. “They have to speak to national benefits. We went around a discussion of what the Bahamas needs to do create a legal framework to support PPPs. “We talked about risk, financing and legal recourse. What’s going to come out of this is the Government, in close collaboration with the CDB, is going to clarify that framework and engage the private sector throughout the process. “The Government does not have the money to address the significant infrastructure challenges our country has, and specifically New Providence.” Six PPP contracts entered into by the former government came under heavy fire last year from the Minnis administration, which inherited them upon being elected to office on May 10. Carl Bethel QC, the Attorney General, told the Senate on June 22 that all were placed under review to determine if the Government was getting value for money and they were in the Bahamian people’s best interests. He identified the contracts as including proposals to “construct an administrative office building on 30 acres of prime agricultural Crown Land on Gladstone Road; reconstruct an administrative office for the administrator and police Station in Harbour Island, entered into with the same company that had agreed to build the Gladstone Road complex”. Mr Bethel said the Memorandums of Understanding (MoUs) for these two projects were combined, adding: “That MOU called for the 30 acres to be granted to the builder by a Crown Grant, so that it could then lease the same land back to the Government. The transfer of title was said to be so as to enable that builder to borrow necessary funds from a Bank to fund the construction.” The Attorney General did not identify the developer involved, but Tribune Business previously revealed Sebas Bastian’s Brickell
Monday, March 5, 2018, PAGE 5 world we are now faced with given all of its complexities and challenges. We want to be market leaders; we do not want to be followers.” Brent Symonette, minister of financial services, trade and Industry and Immigration, told the Summit that the Government plans “to bring transparency” to the foreign direct investment approval process by codifying this in the Foreign Investment Bill. He added: “Before the end of the summer, you will see a re-branding of the Ministry of Financial Services promotional brand in line with that of BFSB’s (Bahamas Financial Services Board) brand. We want to ensure that we articulate and convey a clear and cohesive message to the international community that is substantive and visually attractive. “We must be innovative in our services and product offering, while also putting in the framework for policy, and innovation that will foster flexibility for the creation of new products and services, as well as investment in new areas of financial services. “Financial services is integral to the sustainability of
the Bahamian economy, and while we are committed to protecting and growing this sector, we are also seeking to stimulate growth in non-traditional sectors of economic activity which will better enable us to adapt in these times of uncertainty.” Mr Symonette added that the investment threshold for permanent residency consideration will be increased to $750,000 with effect from July 1. “We have also revised our policy on permanent residency on the purchase of a residence,” he said. “With effect from July 1, 2018, the threshold will be increased to $750,000 instead of the $500,000 threshold that has been in place for numerous years. “In the coming months, we will be examining other avenues for permanent residency, but we will not be considering ‘citizenship by investment’ at this time.” Mr Symonette said the Government is currently working on the software to facilitate automatic tax information exchange, having signed the Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent
Management Group (BMG) as the private sector partner behind the Harbour Island project. The other PPPs referred to by Mr Bethel included a new administration complex and police station in Eight Mile Rock; the new General Post Office at the Independence Drive Shopping Plaza; the proposed new Road Traffic Department building on Tonique Williams Highway and Knowles Drive; and contractual works for the Fox Hill Community Centre. Scott Godet, principal of Scottdale Bedding and National Fence Company, and a major landlord to the Government, is understood to be the principal behind the Post Office PPP. Desmond Bannister, minister of works, subsequently revealed that now-Exuma MP, Chester Cooper, was leading the $24.5 million Road Traffic PPP, while New Providence-based Top Notch Builders is raising $25
million to finance the Eight Mile Rock complex. Mr Bethel confirmed to Tribune Business that the Eight Mile Rock project had been given the go-ahead, but the fate of the others remains unclear. Mr Turnquest told this newspaper that the Government hoped to get the new PPP framework in place before further such contracts are awarded. “Any consultation takes some time, but we would like that to be the case,” the Deputy Prime Minister said. “We’re working towards it as soon as possible. “We need to have some structure because, at the end of the day, we want to make sure we get value for these projects. We don’t want to secure off-balance sheet financing only to put recurrent liabilities on the Bahamian people in terms of recurrent expenditure, and to ensure it doesn’t cost us more beyond what we can obtain in commercial terms.”
Authority Agreement for compliance with the OECD’s Common Reporting Standard (CRS). “We expect this to be ready before the end of summer,” said Mr Symonette. “The Bahamas will begin exchanges with our partners in September of this year, on a non-reciprocal basis.” He added: “My Ministry has facilitated, and continues to facilitate, various Immigration reforms, namely the government and industry have made adjustments to the Immigration application process as it relates to short term work permits for persons entering the Bahamas for the purpose of business, like Board meetings, training or conferences etc for a period of less than 21 days. This will become operational soon. “Additionally, presently, the Department of Labour facilitates a relaxation of the labour certification process in obvious cases for certain professional classes in the financial services sector. This practice is now being reviewed to ensure certainty in the process for the benefit of the officers at the Department of Labour and Immigration Department,” he said.
NOTICE In the Estate of ANTHONY LADWIN MOSLEY, late of #42 Windward Isles Way, Golden Gates Estates No. 2 on the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above-named Estate are required to send the same to the undersigned on or before the 3rd day of April, A.D., 2018, and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned. Dated the 5th day of March A.D., 2018.
CAMPBELL CHASE LAW,
Chambers, Nora Leonie, 71 Mount Royal Avenue at Rosetta Street, P. O. Box N-4447, Nassau, Bahamas. Attorneys for the Personal Representative
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PAGE 6, Monday, March 5, 2018
THE TRIBUNE
‘Case not made’ for joining WTO FROM PAGE 1 foreign-owned business. Besides opening up the Bahamian economy to foreign goods and services and, in some instances, foreign businesses, the Chamber’s trade head said the Government will have
“its work cut out for it” in determining how to replace the Customs duty revenue foregone through tariff elimination/reduction. Describing full WTO membership as “a big cultural change” for the way commerce is conducted in the Bahamas, Mr Pickstock
said the Government had yet to show why the benefits of joining will outweigh the disadvantages. “The case has not been made. There’s still a lot of uncertainty and, quite frankly, people don’t understand. We believe the Government has not made the case for accession to WTO yet,” he told Tribune Business. “Based on the timeline, which is very aggressive but very doable, there needs to be more dialogue to answer that question. No, the case has not been made.” The Bahamas will seek to negotiate WTO accession terms that produce a ‘net benefit’, leaving it better - or at least no worse off - than if it had not joined the body that sets global trade rules. The Minnis administration views full membership as a key element in its plans to reposition the Bahamian economy for greater growth via liberalisation and deregulation, arguing that this nation cannot afford to adopt an isolationist stance. The Bahamas is the only Western Hemisphere nation yet to join the WTO, and this is viewed as
inconsistent with efforts to position itself as an international financial and business centre heavily reliant on services exports and open to the world. Other arguments in favour of joining the WTO are that it could unlock Freeport’s potential as a manufacturing/logistics/ assembly hub through providing protection to exports originating from the Bahamas, guaranteeing them market access through preventing other nations from imposing trade barriers. And it could also provide opportunities for Bahamian companies to expand or export services abroad, along with their intellectual property. However, Mick Holding, the Grand Bahama Chamber of Commerce’s president and a member of the Bahamas Trade Commission, the body that will help negotiate the Bahamas’ accession, recently told Tribune Business that he and others were just now identifying the potential WTO benefits. And concerns have already been expressed about the ability of Bahamian companies to compete against foreign rivals in a WTO environment, given the economies of scale and other advantages that the latter will likely enjoy. Sir Franklyn Wilson, the Arawak Homes chairman, recently told Tribune Business he was “deathly afraid” of WTO full membership because opening
up the economy will have potentially negative consequences for Bahamian ownership - especially small and medium-sized enterprises (SMEs). And Robert Myers, the Organisation for Responsible Governance (ORG) principal, warned that energy reform, exchange control liberalisation, lower interest rates and other changes were critical to providing a foundation for Bahamian companies to properly compete post-accession. Echoing these calls, Mr Pickstock told this newspaper that the Bahamas should have exploited the ample time provided by its ‘stop-start’ WTO accession process to implement these fundamental upgrades but had failed to do so. “We squandered the opportunity. We squandered it. By this time we should have already prepared the country for accession to WTO,” he said. “We’re only now discussing the ease of doing business in the country. It should have been top of the agenda 16 years ago. “As you say, there is no sense in crying over spilt milk..... Yes, it could have been done 16 years ago. Yes, we squandered the opportunity to put in place reforms that would get us ready for accession to the WTO. “I get the sense the Government is serious about getting it done. It should have been done already, the
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, TAMEKO SHANIQUE MUSGROVE and JEROBOAM JOSEPH McPHEE of Nassau, Bahamas, mother and father and legeal guardians of SHADÉ JERRINIQUE MUSGROVE, intend to change our child’s name to SHADÉ JERRINIQUE McPHEE. If there are any objections to the 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.
process was far too slow, and we’re having to rush now. You never want to rush when you’re negotiating things so important to your country, but we have to that, and I want to impress upon the the Government to have an open dialogue because a lot of people still don’t understand.” Mr Pickstock said the Chamber intended to take the lead by staging a number of WTO-related forums, so different industries could inform the Government of their specific concerns; the sectors and tariff lines that need to be “protected”; identify opportunities and detail the negotiating position they want the Bahamas to take. “This is one of the single most important topics, in my view, for the Bahamas; our accession to the WTO,” he told Tribune Business. “I think it’s extremely important for the private sector to stay engaged and inform the Government of their concerns. “Normally we’re very reactive in this country. It always happens after the fact. We get what we negotiate. We need to let our government know what our concerns are, the industries that need to be protected, because we get what we negotiate. We can’t be reactive as a private sector. We have to be fully engaged with the Government. “We’re talking about opening our borders for goods and services. For businesses in the private sector, you’re opening the economy of the Bahamas. Private sector businesses have to think about their ability to compete. It is going to be a big cultural change.” The Chamber of Commerce and Mr Pickstock will be key in facilitating two-way feedback between the private sector on one side, and the Government
SEE NEXT PAGE
Passionate about customer service, Keen attention to detail, Ability to multi-task, Excellent communication skills If you possess these qualities, we invite you to apply for the position of:
ON CALL CUSTOMER SERVICE REPRESENTATIVE (ABACO) Main Duties and Responsibilities: • Executes and processes all non-credit banking transactions for customers of the bank • Custody of cash to facilitate customer deposits, withdrawals, money transfers and loan/ credit card payments • Posting of transactions and fees • Scanning of transactions • Sales of products and services by making referrals for the Client Account Representative and the Personal Banking Representative • Ensures strict observance of Exchange Control Regulations • Refers clients to the Personal Banking Officer or Client Account Representatives for loans and other services • Participates in special sales event
Main Duties and Responsibilities: • High school diploma or equivalent vocational training • Minimum 2 years experience in the Financial Services Industry, Hospitality Industry or as a cashier • Must have excellent communication skills (verbal and written) • Proficient at Microsoft Office Suite programs • Ability to work in a self motivated environment with little supervision • Ability to manage the administration of multiple tasks at one time • Bilingual with fluency in Creole a plus
PLEASE SUBMIT BEFORE March 9th, 2018 to:
HUMAN RESOURCES Re: Customer Service Representative careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
THE TRIBUNE
WTO
FROM PAGE 6 and Trade Commission on the other, as the pace of WTO membership negotiations picks up over the next year. Given that it is the private sector that will have to live, and work, with the accession terms the Government is able to obtain, it is vital that it drives the process and crafts the ‘offers’ that the latter makes to members of the WTO Working Party it will negotiate with. This requires the private sector to remain engaged and focused throughout a long-running, sometimes tedious negotiation. And, equally important, is that the Government shares information on the accession process just as willingly with the private sector - rather than negotiate something on its behalf and informing it later. “This also requires the Government to share information,” Mr Pickstock said. “That’s why it’s very important for us to hold these public forums and force dialogue between the private sector and the Government, so we are on the same page and there are no surprises at the end of the day. “That’s why it’s very important for the
Monday, March 5, 2018, PAGE 7 Government to understand what the private sector’s concerns are. It’s no use going and negotiating something, and then we have a problem with what’s negotiated. Dialogue and communication, I can’t express this more. 2019 is very aggressive. It’s incumbent we force the discussion. “Things are moving,” he added. “They’re not moving as fast as I would like in relation to the Government coming out and advising the private sector and holding forums as to what we can expect and what are the private sector’s concerns.” Mr Pickstock said the Chamber was working closely with Raymond Winder, the Bahamas Trade Commission’s chairman, to organise these forums, the first of which will be held on March 14. The ministries of financial services and agriculture, and others responsible for leading the WTO talks, have been invited to attend. “That is a very aggressive timeline,” he added of the Government’s WTO accession target, “but we’ve been down this road for a number of years. While it may be aggressive, if everyone can work together to get us to that position it can be achieved. “I would be the first to say it’s a very aggressive
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, BRENDON NEIL MAJOR of Sandilands Village #1, P.O. Box N-282, intend to change my name to BRANDON NEIL MAJORBEY. If there are any objections to the 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.
timeline, and with a 2019 timeline the work has to be there. We’re looking for Ray Winder and his team, and the Ministry of Financial Services, to also be aggressive in bringing forward to the public exactly what they’re negotiating.” Mr Pickstock said the construction, retail and agricultural sectors had made their concerns known already, and more industries were likely to come forward as the WTO membership march intensifies. And he urged the Government to keep the business community informed as it assesses tax reform options, given that the Bahamas will have to either reduce or eliminate multiple tariff lines in acceding to full membership. Customs/border taxes are viewed as barriers to trade under the WTO, and Mr Pickstock said it was
NOTICE
NOTICE is hereby given that CISELLE JEAN PIERRE of Cowpen Road, P.O.Box SS6156, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
NOTICE
NOTICE is hereby given that DELTENNE DELVA of P.O. Box CB-11022, Pinedale, 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 26th day of February, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Our Bahamas office is currently seeking qualified persons for a Senior Freight Operator and Trading Crude Operator positions.
Senior Freight Operator
The Senior Freight Operator will assist with the execution of physical freight deals for crude as well as freight sold to 3rd parties. The successful candidate will be a well experienced and flexible professional with a great knowledge of the shipping industry.
Main Responsibilities • • • • • • • •
Responsible for issuing of voyage orders, nomination of agents and surveyors Procurement of bunker fuel Effective recording and management of pre & post voyage operations Coordinate shipping requirements under time charter agreements and contracts Vetting of vessels and nomination to counterparts Voyage and/or time charter calculations Running P&L and voyage result reports Support Freight & Oil Traders daily with vessel positions, arbitrage opportunities and collecting information
Profile: • • • • • •
Bachelor’s Degree or higher in Maritime Transportation or similar discipline Minimum of five (5 ) or more years in maritime industry Good knowledge of maritime law, shipping contracts and documents Seagoing experience preferred Proficient in Microsoft Office products Excellent oral and written skills
Trading Crude Operator
The Trading Crude Operator supports all movements of our Crude Oil/Products through all facets of our system (Vessels/Pipelines & Terminals).
Main Responsibilities • • • • • • •
vital the Government keep the business community informed on this issue as what it decides will affect every single company. “We’re talking about one of the main revenue-generating sources, Customs duties,” he told Tribune Business. “The Government is going to have its work cut out for it in relation to how it’s going to replace Customs duties. “That should also be part of this WTO discussion. It’s so important to force this discussion, force the Government’s hands. We need to lay this on the table. The private sector has already expressed concern as it relates to tax reform. “We need to know from the Government what it’s position is on tax reform. It’s going to have a direct impact on local businesses.” Brent Symonette, minister of financial services, trade and industry and
Work closely with Trading & Operations to ensure overall coordination of product movements to minimize operational movement conflicts Coordinate with Shipping Operator to take proactive actions to miti gate the effects of early or late arrival of vessels. Update and file documents in the company system Keep track of all sales/purchases contracts and ensure operational orders/nominations are set up on time. Issue/Pay Invoices for sales/purchases transactions in a timely manner. Ensure financial cover is received from counterparties (Letters of credit, Purchase Undertaking etc…) Supports Finance/Accounting teams on mass balancing as required.
Profile
• Finance and/or Commercial degree • Minimum experience of three (3 )years within a similar position • Good understanding of all the logistics related to crude operations Good knowledge of commercial contracts and shipping documents • Strong verbal and written communication skills along • Team Player with the ability to work in a multi-cultural environment • Proficient in Microsoft Office products • Well organized and detail oriented
Resumes should be submitted, no later than March 9th, 2018 via email to Bah.HR@gunvorgroup.com. Only short listed applicants will be contacted.
Immigration, has previously told Tribune Business that internal government studies are already being
conducted on this issue. Among the potential reform options are increasing the VAT rate.
VACANCY Applications are invited for the position of Corporate Administrator Applicants must have: • At least five years’ experience in corporate administration including a thorough knowledge of the incorporation, maintenance & liquidation of companies, preparation of annual returns, corporate resolutions, notices and other corporate documents; • Updating and maintaining the corporate system; • General secretarial duties; • Computer literacy, including advanced proficiency in the use of Microsoft Applications, Viewpoint and CP or other similar time and billing software; • Sound organisational skills and the ability to consistently produce high quality work under pressure, to use initiative, work as a team player and be able to work overtime at short notice. Qualified candidates may apply in confidence no later than March 16, 2018 to: corpvacancy1@gmail.com
ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394
PAGE 8, Monday, March 5, 2018
THE TRIBUNE
Healthcare budget $100m short as key contracts cut 50 per cent FROM PAGE 1 contract” review, pointing to the 50 per cent “re-negotiation” of the cleaning deals for the Abaco and Exuma minihospitals that he heavily criticised in last year’s Budget debate. Still, Dr Sands said the public healthcare system was “not there yet” when it came to eliminating the
$100 million in waste and efficiency previously identified by chief medical officer, Dr Glen Beneby. He added that he was intent on introducing “a level of honesty and transparency” in terms of healthcare costs, emphasising that there was ‘no free lunch’ and that Bahamians would have to pay more if they wanted more services. The Government currently
spends around $400 million on healthcare per year, including the Ministry of Health’s $307 million Budget allocation; $70 million in health insurance premiums for the teachers and armed services; and accident/sickness benefits from the National Insurance Board (NIB). With an equivalent sum generated by the private sector, the Bahamas’ total
annual health spend totals $800 million, but Dr Sands said the country was not receiving “a whole lot of value” for that outlay - which is around $100 million below what is necessary on the public side alone. “Even if we cut out waste, and we’re trying to be aggressive in cutting out waste in terms of contracts and dealing with underperformance, when you look at the requirements to recruit nurses, retain staff, deal with some of the capital projects - relocate the morgue, create a national blood bank, adequate transport for community services - and new projects, emergency rooms and urgent care centres, that’s going to cost a pretty penny,” he told Tribune Business. “If we are going to do as we have promised, to improve the NHI benefits, that’s at least another $100 million give or take. “The idea we can improve services without a significant or drastic increase in cost is fantasy. What we would like to do is get people to understand: ‘If you want to do the following, this is what it’s going to cost you’. “If we’re going to add 200 nurses, and bring the shortage down from 600 to 400, this is what it’s going to cost you. To re-open the beds in the Intensive Care Unit, add another CAT scanner, staff the mini-hospitals, this
is what it’s going to cost you.” Dr Sands said “there’s not a lot of headroom” to finance all this from the Government’s Consolidated Fund, adding: “The Minister of Finance will probably say there’s no headroom. “If we are going to increase or improve services, and we have maximised the elimination of waste, then those identified funding sources have to be specified. The appetite of the public to choose from that menu has to be determined. “The conversation in the past was: ‘Would you like these services because they’re free?’ The answer is going to be: ‘Yes’. But would you like those services even if they’re not free?” he continued. “Bringing a level of honesty and transparency to the discussion is critically important because without that there’s no end to the demand. Everyone will want robotic surgeries, minimally invasive surgeries, unlimited general medications, which is all well and good but there’s no healthcare system that can provide them.” Dr Sands said “belt tightening for fiscal realities” had seen the Ministry of Health’s midyear Budget spending drop from $150.706 million to $118.151 million year-overyear, a drop of 21.6 per cent.
“Part of that is cash basis accounting,” he explained, “but a number of in-train capital works had to be interrupted because we couldn’t fund them. The money is not there.” To eliminate waste, Dr Sands said a “complete review” of every Public Hospitals Authority (PHA) contract had been conducted. The monthly cleaning contracts of $424,638 and $500,000 for the Exuma mini-hospital and Abaco clinic, respectively, the latter of which had then yet to open and were heavily criticised by the Minister, have both been “re-negotiated to 50 per cent of the original amount”. “We’ve sought to ensure fair contractual relationships with vendors who could still make a reasonable profit,” he told Tribune Business. “We’ve eliminated waste for the taxpayer. We’re going to continue to do that. “In addition, we have eliminated some services that we did not deem absolutely necessary; that we couldn’t justify. Certain security services have been eliminated, which have been costing many tens of thousands of dollars a month. “Are we there? Have we reached the $100 million per year that Dr Glen Beneby says is accounted for by waste and inefficiency? No, we’re not there yet.”
Pursuant to Oder of the Supreme Court dated the 7th. day of February, A. D. 2018
COMMONWEALTH OF THE BAHAMAS 2017 IN THE SUPREME COURT Probate Division
No. PRO/npr/00426
IN THE ESTATE of the late William Michael Johnson, late of Joe Farrington Road in the Eastern District of the island of New Providence in the Commonwealth of the Bahamas
Deceased AND IN THE MATTER of an application by Jacqueline Delores Johnson, a person interested in the estate of the Deceased, for grant of letters of administration in the said estate NOTICE To: Vernica Ferguson-Johnson of Joe Farrington Road, N. P., Bahamas. 1. TAKE NOTICE that Jacqueline D. Johnson of Gleniston Park, N. P., Bahamas, has stated in an affidavit, sworn on the 17th. day of March, A. D. 2017, that William Michael Johnson, Minister of Religion late of the said Joe Farrington Road died intestate on the 31st. day of May, A. D. 2010, domiciled in the said Commonwealth of the Bahamas, being survived by you, Vernica Ferguson-Johnson, as his wife/widow. 2. AND WHEREAS it appears from the said affidavit that the said Jacqueline Delores Johnson is one of the persons interested in the estate of the said deceased, William M. Johnson. NOW THIS IS TO COMMAND YOU, Vernica Ferguson-Johnson, that within 8 days after service hereof on you, inclusive of the day of such service, you do cause an appearance to be entered in the Registry at British American Building, Marlborough Street, Nassau, N. P., Bahamas, and accept or refuse administration in the said estate of the late William M. Johnson, or show cause why letters of administration of all the estate which by law devolves to and vest in the personal representative of the deceased, should not be granted to the said Jacqueline Delores Johnson. AND TAKE FURTHER NOTICE that, in default of your so appearing and accepting and extracting administration of the said estate or a grant of letters of administration therein, the Court will proceed to grant letters of administration of the estate of the estate of the said William Michael Johnson, your absence nevertheless.Dated the 20th. day of July, A. D. 2017 MARTIN, MARTIN AND CO. ATTORNEYS FOR JACQUELINE D. JOHNSON
THE TRIBUNE
Monday, March 5, 2018, PAGE 9
BANKS ARE CHALLENGED OVER RENEWABLE ENERGY LENDING FROM PAGE 1 the vast majority of households. “The banks will lend money for people to buy a car, but will not lend money for alternative energy,” Ms Deal said. “We need to find out why. The costs are the same. Why are the banks willing to do that?” Recalling that the Bahamian Contractors Association (BCA) had been speaking about the need for the Bahamas to introduce so-called ‘lien laws’, which would provide the construction industry with legal remedies against delinquent clients, Ms Deal said this might need to be “brought back into play” to encourage banks and installers when it came to renewable energy. Taking a solar water heater as an example, she said that while the typical $4,000-$5,000 cost “doesn’t sound like much, to a lot of people that’s a lot of money”. Ms Deal said it “doesn’t make sense” for alternative energy to only be affordable for businesses and upper income Bahamians, and added: “We need to find ways to embrace alternative energy and make it available for everybody, not the rich.” The conference, set for March 23 at The Island House, will this year focus on ways that businesses and households can cut their energy consumption by 30 per cent through tackling what Ms Deal described as the “energy bleed”. “In the past we’ve talked about regulations, policies, the energy company [Bahamas Power & Light] ,” she explained. “We’ve spent most of our time on issues we, the private sector, cannot change. We’re going to discuss the things we can do as a private sector. “We can advise our energy company. We can’t make them change the
cost, decide what source of energy, fuel they’re going to use. We can reduce our cost of energy by smarter use of energy. “We all have water, but we don’t have the tap on 24/7. We do that with energy. We bleed energy.” Ms Deal said reducing the number of electrical devices used, and regular cleaning and maintenance of air conditioning units, were some of the simple measures towards achieving that 30 per cent consumption reduction. She added that this would also lower the demand load on BPL, enabling it to do “preventative maintenance as opposed to crisis maintenance”, while better preparing the Bahamas for renewable energy. “We really do have to reduce consumption to prepare for alternative energy,” Ms Deal said, adding that the Bahamas is one of five countries that could be submerged by sea level rise as part of global warming. Edison Sumner, the Chamber of Commerce’s chief executive, said the private sector organisation planned to create a registry of all companies and individuals involved in renewable energy, whether as equipment suppliers or installers. Ms Deal added that providers of energy efficiency devices would also be included, with the intention of the registry acting as “a one-stop shop” for developers and investors coming to the Bahamas with plans to ‘go green’. Mr Sumner added that it was now time for the Bahamas to “move forward” in embracing renewable energy more fully, amid the wait for the Government and Utilities Regulation and Competition Authority (URCA) to develop the ‘rules of the game’. Many observers view the development of a regulatory regime as painfully slow, with URCA opting
for a ‘net billing’ arrangement when it comes to renewable users selling surplus energy back to the BPL grid. Those in the industry have argued that this lengthens the investment ‘pay back’ time for those willing to take up alternative energy. Mr Sumner said the Forum was intended to keep alternative energy before the private sector and Bahamian public, acknowledging that such discussions tended to ‘die down’ as soon as global oil prices decreased. “We’ve been such a reactive society,” he told Tribune Business. “We react to things. We’re not known for being proactive in our approach to this.” Ms Deal emphasised that the private sector needed to drive renewable energy usage in the Bahamas, added that persons complaining about regulatory uncertainty needed to demonstrate it was not “all talk” when then the necessary clarity was provided. Among the speakers set to feature at the upcoming Forum are the world’s “largest manufacturer of electric cars; a local architect who will address the Bahamas Building Code and changing construction practices; and a Canadian urban planner and winter resident of the Bahamas. Dr Nicola Virgill-Rolle will address how renewable energy ties into the ‘Sustainable Nassau’ initiative, and Ms Deal said the former Jamaica Public Service (JPS) chief executive would explain how they “took the company from red to black” by adopting smart meters and improving relations with the private sector. A session on ‘Disaster Management’ will also assess the lessons that the Bahamas can learn from the 2017 hurricane damage inflicted on solar farms in Puerto Rico, Texas and Florida.
PAGE 10, Monday, March 5, 2018
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Monday, March 5, 2018, PAGE 15
The Management of UBS Trustees (Bahamas) Ltd. is pleased to announce its
2018 Promotions Authorized Officer
NOTICE
CMN AND SONS HOLDINGS LTD. N O T I C E IS HEREBY GIVEN as follows: (a) CMN AND SONS HOLDINGS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 1st March, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 5th day of March, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator
Dianne Gray-Ferguson
Rona Knowles-Astwood
Myrtis Oliver
Shontique McKenzie
ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394
We would also like to thank those employees with service anniversaries in 2017 35 Years Elvira Lowe
15 Years Shavonne Davis
10 Years Misty Wilson
PAGE 16, Monday, March 5, 2018
THE TRIBUNE