03082018 business

business@tribunemedia.net

THURSDAY, MARCH 8, 2018

$4.45

$4.59

‘Bail like hell’ to rescue $570m spending spree

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Bahamas was yesterday urged to “bail like hell to rescue the ship” after it was revealed that the Christie government’s $570 million spending spree dwarfed the VAT-led revenue rise.

K P Turnquest, the Deputy Prime Minister, told Parliament there was a $228 million ‘deficit’ between the spending and revenue increases generated during the former administration’s last two years in office.

While revenues, led by Value-Added Tax’s (VAT) implementation, grew by a combined $342 million during the 2015-2016 and 2016-2017 fiscal years, the Government’s recurrent (fixed cost) spending rose by $570 million - more than half a billion dollars - over that same period.

Mr Turnquest branded as “astounding” the 38 per

* Dwarfed $342m revenue rise in PLP’s final years * ‘Absolutely nothing to show’ for $228m ‘deficit’ * Private sector: PLP broke VAT ‘promise’ cent recurrent spending increase during those 24 months, and argued that the Bahamas had “absolutely nothing to show” for all the ‘red ink’ that was incurred.

Addressing the House of Assembly, he said government revenues rose by a net $261 million during the 2015-2016 fiscal year - the first full year of VAT. Yet recurrent spending, representing the Government’s fixed costs such as salaries and rents, continued to expand at an even faster rate - increasing by $302 million that same year.

“Rather than utilising these new-found monies to reduce debt, they proceeded to spend it all and then spend some more,” Mr Turnquest said. “In that fiscal year alone, the

BOB FACES FORENSIC AUDIT WITH GOV’T ‘OPEN TO A SALE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is planning a forensic audit into Bank of the Bahamas’ lending practices, the Deputy Prime Minister yesterday saying the Government is “open” to selling the troubled lender.

K P Turnquest, kickingoff the mid-year Budget debate, told the House of Assembly that the Minnis administration planned to probe both the ‘toxic’ loans transferred off the bank’s balance sheet as well as credit that had been ‘written off’.

SEE PAGE 10

DPM TARGETS $75M SAVINGS FROM DEBT BURDEN’S SLASH

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government will realise $75 million in annual interest savings if it returns the debt-to-GDP ratio back to 30 per cent, removing “the albatross around the neck” of the Bahamian society.

K P Turnquest told the House of Assembly that such a ratio slash was “preferable” and should be viewed as the Government’s target, while acknowledging that “much work” is required to achieve this over the long-term. With the government’s current

SEE PAGE 8

YEAR’S DELAY FEAR ON FISCAL RESPONSIBILITY

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A governance reformer yesterday expressed concern that Fiscal Responsibility legislation may only take effect in 2019, and warned it was “no silver bullet.” Matt Aubry, the Organisation for

Responsible Governance’s (ORG) executive director, told Tribune Business that the Government’s intention to introduce the legislation - together with so-called ‘fiscal rules’ - with the 20182019 Budget suggested it would not be implemented in the upcoming fiscal year.

SEE PAGE 9

KP TURNQUEST Government actually ramped up its spending on programmes and services, its so-called discretionary or primary recurrent spending, by $302 million.”

He revealed that the gap between revenue and

spending increases widened further during the 20162017 fiscal year, which was impacted by a combination of Hurricane Matthew and the Christie administration’s pre-election spending binge.

While revenues rose by a further $81 million, recurrent spending increased by a “whopping” $268 million over the same period.

Opposition MPs argued that a significant chunk of the spending increase represented the $150 million in ‘emergency borrowing’ post-Matthew, but Mr Turnquest retorted that even allowing for this there was a $118 million rise.

“You didn’t spend $150 million because we’re still

SEE PAGE 5

$4.41

$4.56

Government ‘handcuffed’ by unused leases

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday accused the former administration of “handcuffing” the Government by entering into multi-million dollar leases for property that has never been used.

K P Turnquest cited two cases where the Government owed between $13-$14 million for property leases and had “no exit clauses”, even though “not one single government worker has ever set foot in the building”.

He suggested that some of the $200 million-plus spending “overhang” inherited from the Christie administration could spawn legal action, as the Government sought to escape commitments that it had no use for.

“It is important not to lose sight of the onerous

* PAYING $13-$14M FOR PROPERTY ‘NO WORKER ENTERED’ * CHRISTIE GOV’TS ‘SPENDING OVERHANG’ $200M-PLUS * DPM SLAMS ‘GARGANTUAN’ FISCAL MISMANAGEMENT overhang commitments with which we still must deal going forward,” Mr Turnquest told the House of Assembly in kickingoff the mid-year Budget debate. “Some are of a litigious nature.

“Some of the agreements we have met in place, we are seemingly hand-cuffed

SEE PAGE 11

PAGE 2, Thursday, March 8, 2018

Putting your stamp on image cloning THERE are lots of respectable processing tools available for making minor edits to photos within the Adobe Photoshop collection box. The Healing Brush and the Spot Healing Brush tools are but two examples. These are great for minor edits to photos if you wish to remove spots or power lines. However, if you intend to do intensive surgery on your photos, there is absolutely no substitute for the Clone Stamp tool, which will only be found in Photoshop and Photoshop Elements.

What is the clone stamp tool?

Photoshop’s clone stamp tool allows you to duplicate parts of an image. The process involves setting

a sampling point in the image, which will be used as a reference to create a new cloned area.

The Clone Stamp tool is different from the Healing Brush as it does no automatic blending into the target area. This tool can be used for removing a product name from an image, replacing a telephone wire that is crossing in front of a building, or duplicating an item.

Work on a New Layer Always create a new layer before making changes with the Clone Stamp tool. You can flatten the image when you are done.

Why should you do this?

There are many reasons.

First, it is non-destructive, meaning you are not

changing the underlying pixels of your image. In addition, when you use a layer, you can delete it if you do not like where the changes are going.

Set Brush Size You will change your brush size often when working with the Clone Stamp tool to ensure your brush size is tailored to the change you are making.

Set the Proper Brush Hardness The Clone Stamp brush’s edges can be set to whatever hardness you desire.

Hardness determines the level to which the cloning will blend in with the surrounding pixels. If you set the hardness level more towards 100 per cent, the

edges will be hard and definite. If you set the hardness more towards 0 per cent, the edge will blend in with the surroundings.

In general, keep the hardness level at 0 per cent, which will seamlessly blend in the effect. There will be times, however, where you are working near a defined edge, in which case you can increase the hardness. Setting the hardness any higher creates harsh transitions that are giveaways of your use of the Clone Stamp tool.

Grab the Low Hanging Fruit Most often your pictures may have some easy items to clone out, as well as hard ones. Clone out the easy ones first. This will

generate confidence when faced with more difficult changes.

Watch for Patterns Sometimes you may wish to include patterns in your cloning. In that case, when selecting pixels from which to draw, try to find patterns in your picture that match the area you are replacing.

For example, if the background is a building, look for a similar building.

A successful use of the Clone Stamp tool involves making all the lines in your picture match, as even a slight deviation looks fake and destroys the effect you are trying to achieve.

The Clone Stamp tool is all about repetition, which should be done in such a way that viewers will not detect anything. Remember, you can always undo what you have done (Ctrl/ Cmd+Z).

This is how to use the Clone Stamp tool: 1. Open an image to your choice.

2. From the Toolbox, choose the Clone Stamp Tool.

3. In the Options bar, set the tool’s tip size and hardness as we did it for the Brush Tool.

4. Point the cursor at the image area you want to paint with; hold down the [Alt] key, then mouse- click.

You have just selected the source point for cloning.

5. Paint with the copied pixels. Every new stroke continues the image started by the first stroke.

6.

Deselecting the ‘Aligned’ option starts the sample point back to

THE TRIBUNE

The Art of Graphix

BY DEIDRE M BASTIAN

its original location every time you release the mouse button. Meaning every new stroke re-starts cloning your image from the source point.

The Clone Stamp tool is one of my favourites, as it saves more pictures than almost any other editing tool. One of the fun parts I love is the problem-solving progression. If you master it, you can remove almost anything in your pictures that you do not want.

Take your time as you can always redo changes, and with more practice you will always achieve the best results. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/ marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, March 8, 2018, PAGE 3

Water Corporation: 22 plants ‘no bid’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Water & Sewerage Corporation’s (WSC) chairman yesterday revealed that it “amazingly” issues 22 contracts to reverse osmosis plant (RO) operators “without a single one going to tender”.

Adrian Gibson, the Long Island MP, made the revelation as he tabled a forensic audit of the Corporation by the accounting firm, Ernst & Young (EY), in the House of Assembly.

He said: “To add insult to injury, EY observed that the contracts are - on average - for 10 years, and have fixed rates that have noticeably increased by 78 per cent in favour of RO operators.

“A formal contract was in place for just one of 22 plants, with the remaining operating on letters of acceptance that contained no provisions relative to insurance, penalties, performance targets or any legal protection for WSC.”

“This is disgraceful,” added Mr Gibson. “I have already begun taking steps to address this unfortunate and dicey state of affairs. Notably, EY noted the erratic purchasing of service laterals by Miya Bahamas relative to the non-revenue water project.

Miya encouraged the purchasing of such parts from European vendors.

“This ultimately incurred WSC greater shipping costs, currency conversion fees and inconvenience.

The auditors referred to concerns by WSC’s own technical auditor, noting that WSC could be disadvantaged by not purchasing completed assembled service laterals, purchasing from a single supplier and cutting down lead times by purchasing from North America as was previously done.”

Mr Gibson sad EY had discovered several instances where contracts were awarded to vendors that did not bid, or were not selected, and inadequate contract protection for WSC. “One example is Miya Bahamas.,” he added.

“Miya has a 10-year contract, signed in 2012 and valued at $82 million. The contract has performance goals. However, WSC has no way to verify Miya’s calculations. WSC has been reliant upon Miya’s calculations, based on readings from meters Miya installed, using software Miya set up and administers.

“An engineering consulting firm, Water Management International, reviewed Miya’s calculations and questioned the integrity of the meter readings and urged for a calibration protocol to be a compulsory component of the performance contract (performance contract valued at $23.775 million.

That has not been done.”

Mr Gibson added that there were “gross irregularities” over the Blue Hills reverse osmosis expansion contract, including noncompliance by plant owner, BISX-listed Consolidated Water. Consolidated Water first received a contract in 2005, and he added: “An amendment to that contract was then executed in 2011. Thereafter there were major complaints

BAHAMIAN BREWER HONOURS LANDMARK THE Sands beer brewer has launched a new product named after one Nassau’s most historic landmarks.

The Bahamian Brewery & Beverage Company (BBB) has unveiled the Sixty-Six Steps in honour of the Queen’s Staircase, located in downtown Nassau, generating a strong consumer response.

“This craft beer is a premium limited-edition beverage for the beer drinker with discerning

taste buds,” explained Gary Sands, the Brewery’s general manager for Nassau and the Family Islands.

“We’re really excited about having the opportunity to introduce this new product to the local market.”

The Queen’s Staircase is located within the Fort Fincastle Historic Complex, and was hewn out of solid limestone rock by slaves between 1793 and 1794, providing what many

believe was a direct route from Fort Fincastle to Nassau city.

These steps were later named in honour of Queen Victoria, who reigned in Britain for 64 years from 1837 to 1901.

“We couldn’t be more pleased with the response from our consumers,” Mr Sands added, “and we hope our customers continue to support it, and all of the brands that make up the BBB selection of products.”

CAVES POINT MANAGEMENT LIMITED

NOTICE OF ANNUAL GENERAL MEETING OF MEMBERS

NOTICE IS HEREBY GIVEN that the 2018 Annual General Meeting of CAVES POINT MANAGEMENT LIMITED will be held at Caves Point Condominium, West Bay Street, New Providence Island, Bahamas, on Thursday 15th March 2018, at 7:00p.m.

concerning red, rusty water.

“The auditors found that a previous report was carried out, which discovered that the amendment reduced important water quality standards that were set out in the original. When asked why WSC never rejected the unsatisfactory water from Consolidated Water, the general manager told the auditors that the demand for water in New Providence was too high and did not allow for rejecting unsatisfactory water, and that one of the reasons the water quality standards were removed was because of the use of a corrosion inhibitor which should have addressed the red water issue but was never used.”

Mr Gibson continued: “When questioned as to why, the general manager responded that “it fell through the cracks”. In an interview with engineers, the auditors also report that allegations were made that the general manager adjusted the water quality standards and they produced a draft copy of

the water quality standards in his handwriting, which showed edits to the water quality table.”

Mr Gibson said EY had identified 37 contracts, valued in excess of $10,000, where no formal tender was undertaken and no alternative option entertained. “It could not be shown where management followed a documented exception process or criteria. A few of these contracts were: no tender on an award of contract to Sunshine Insurance,” he added.

“In May 2016, the former Board directed that a contract be completed.

The original price for the annual insurance premium was $438,813, cheaper than the previous insurers JS Johnson, which was pegged at $474,012. However, a year later, the annual premium suddenly increased to $514,107.

“Board approval was not sought or received by management, nor was a tender process performed, for the award of a contract on new service connections. A fixed rate was executed with Bakerwick

Construction, Apex and several other contractors.

Between May and September, 2017, Bakerwick Construction earned in excess of $254,750.

“The tender process was again bypassed in the award of a contract to Sol Petroleum. Likewise, EY observed that Castalia Strategic Advisers have a subsisting contract for $250,000. No competitive tender was performed notwithstanding the fact that the Corporation’s own technical auditor felt that the consultants lacked the experience necessary for the scope of the project.”

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PAGE 4, Thursday, March 8, 2018

THE TRIBUNE

Business Licence reforms are ‘about bloody time’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE private sector yesterday hailed the Government’s planned Business License and Tax Compliance Certificate reforms as “about bloody time”.

K P Turnquest, the Deputy Prime Minister, told the House of Assembly that “if I do nothing else in the next five years” he will focus on ensuring the Business Licence process is

made faster, more efficient and less costly.

Unveiling a second reform phase that will be completed by July 2018, Mr Turnquest said: “We are amending the Business License laws and eliminating unnecessary steps in the process. More specifically, the Business License Act is being amended to allow for three-month provisional licenses so that business activities can commence quickly and unhindered.

“We will also provide for

separate licenses for new and amended applicants. As well, licenses for renewals will be granted without prerequisites. The fee schedule for small and medium-sized enterprises with turnover under $250,000 is also being reviewed.”

Mr Turnquest said the third and final reform phase would be completed in January 2019, and introduce a risk-based assessment where home-based businesses and ‘low risk’ shops and offices could obtain

ADVERTISE TODAY IN THE TRIBUNE, CALL GODFREY ARTHUR @ 502-2394 COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Side

2017/CLE/gen/FP/00260

TAMARIND DEVELOPMENT (GRAND BAHAMA) LTD.

Plaintiff

Defendant

NOTICE OF WRIT OF SUMMONS TO:

Moonstone Investments Limited R/O Nottage, Miller & Co., P.O. Box F-42420, Freeport, Grand Bahama TAKE NOTICE that TAMARIND DEVELOPMENT (GRAND BAHAMA) LTD. has began an action against you in the Supreme Court of the Bahamas

by Writ of Summons filed on October 19, 2017: which writ is endorsed as follows:STATEMENT OF CLAIM 1.

The plaintiff is and was at all material times a duly incorporated company under the Laws of the Commonwealth of the Bahamas carrying on the business of developer and the responsible party for maintenance of the subdivision where the property described as Lot 8, Block 10, Unit 3, Fortune bay Subdivision, and the collection of service charges for the said subdivision from lot owners within the said subdivision (“the subdivision”).

2.

That the defendant is and was at all material times the owner in fee simple of property situate as Lot 8, Block 10, Unit 3, Fortune Bay Subdivision, (“the property”) by way of conveyance (“the conveyance”).

3.

That by the conveyance, the Defendant agreed to pay to the Plaintiff service charges along with interest thereon as a contribution to the expenses of maintenance of the subdivision.

4.

That as of March 2017, the Defendant, in breach of the agreement, has failed and or refused to pay the said service charges and the amount currently outstanding is $5,482.13.

5.

That despite repeated demands the defendant fails and refuses to pay to the plaintiff the said service charges for the maintenance of the subdivision.

6.

That as a result of the defendant’s breach, the plaintiff has suffered loss and damages.

AND THE PLAINTIFF CLAIMS: 1.

2.

3.

4.

5.

reservation of business names through the Office of the Registrar General,” Mr Turnquest said.

“The Government is also reviewing legislation and policy that make it onerous to both start a business as well as conduct business.

That includes reviewing and easing, to the extent possible, the requirements

The Sum of $5,482.13; Damages; Costs; Interest; Such further or other relief as to the Court may seem fit.

AND you are required within 14 days after receipt of this notice, inclusive of the day of receipt, to cause an appearance to be entered for you in the said Court to the said action, and in default of your so doing the said Plaintiff may proceed therein and judgment may be given in your absence.

You may enter an appearance in person or by an attorney by handing in the appropriate forms duly completed, at the Supreme Court registry, Garnet Levarity Justice Centre, Freeport, Grand Bahama, The Bahamas.

If you enter an appearance then unless a Summons for Judgment is served on you in the meantime, you must also serve a Defence on ParrisWhittaker, the attorneys for the Plaintiff, within 14 days after the last day of the time limited for entering an appearance, otherwise Judgment may be entered against you.

for Tax Compliance Certificates.”

Rick Lowe, a director with the Nassau Institute and known ‘fiscal hawk’, praised the Government for “moving in the right direction”. “It’s about bloody time,” he added. “They’re moving in the right direction finally. It’s only taken five years.”

GOV’T TO RESERVE PUBLIC TENDERS FOR SMALL BUSINESSES

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

BETWEEN:

-andMOONSTONE INVESTMENTS LIMITED

Business License approvals within 24 and 48 hours, respectively.

“By the completion of Phase three in January 2019, the new system will also include the complete integration of systems between agencies and complete online services, including the submission of applications and the

THE Minnis administration’s public procurement reforms will “set aside” specific contracts for only small Bahamian businesses to bid on, the Deputy Prime Minister said yesterday.

Opening debate on the 2017-2018 mid-year Budget statement, K P Turnquest said the Government intends to introduce new legislation in the area of procurement and e-procurement.

“The focus of this more modern framework would be on enhancing the transparency of bidding procedures,” he added. “This legislation will be revolutionary in many respects. In large part it will discourage, in the most transparent of ways, the practice of simply handing out patronage to cronies away from the eyes of the taxpayers who are footing the bill.”

Mr Turnquest said that apart from much-needed transparency in the

spending of taxpayers’ monies, the legislation “will also allow the Minister to set aside specific bids solely for small Bahamian businesses only to allow them to get an opportunity to bid on government jobs and get the chance to grow and flourish.

“More specifically, the eProcurement and Supplier Registry system will create a unique means of access that is simple and easy to use for all opportunities with the Government of the Bahamas,” he added.

“It will reduce barriers to access for small and medium-sized enterprises, and will allow the entire procurement process to be managed electronically.

“Users will therefore be able to access tender advertising, submit bids and be advised of the awarding of contracts electronically.

“The launch of the first phase of the Supplier Registry, which involves business registration only, occurred on February 5th, 2018. Phase II, full tendering, will commence in mid-2018.”

THE TRIBUNE

Thursday, March 8, 2018, PAGE 5

‘Bail like hell’ to rescue $570m spending spree FROM PAGE 1 paying off some of those bills,” the Deputy Prime Minister said, adding that Bahamians “cannot see what they spent the money on”.

“All this money spent and you have absolutely nothing to show for it,” he argued. “Our government is still picking up the pieces from that inexcusable preelection splurge in spending and the overhang of unpaid commitments that they left in their wake.

“As a result of their actions, in their final year in office, primary recurrent expenditure was $570 million higher than it had been only two years earlier, an astounding 38 per cent increase. For their part, revenues over those two years rose by an appreciable $342 million.”

Robert Myers, the Organisation for Responsible

Governance’s (ORG) principal, told Tribune Business that the data confirmed the former Christie administration had broken its promise to the private sector over how the VAT revenues will be used.

The then-government’s VAT ‘White Paper’, and numerous ministerial pledges, all promised that the revenues generated by the new tax would be used to narrow, then eliminate, annual fiscal deficits then running at between $300 million to $500 million.

Mr Myers, one of the leaders in negotiations with the Government, as thenchair of the Chamber of Commerce and Coalition for Taxation Reform, said the figures revealed yesterday further confirmed that the Christie administration had instead squandered VAT’s potential benefits to finance an ever-expanding government and its social programmes.

Describing the situation as “an outrage”, he told Tribune Business: “We need to do everything in our power to get to a balanced Budget. We need to get it into line. They’re going to sink the ship.

“The side of the boat is already too close to the water. We don’t have room to take on any more water.

The boat is full of water, and we need to be bailing like hell. We need to know we have people in positions of leadership that will get the boat buoyant again. The country does not have time for anyone not focused on that.”

Mr Myers echoed Mr Turnquest’s comments over where the former Christie administration had spent the extra $570 million, arguing that little to none of this was visible or had resulted in improved infrastructure/ public services.

“How the hell do you spend that kind of money?”

he asked. “I don’t understand. What did they do?

On what? How much can we claw back? My big question is where has the public seen the benefit of that - a half-a-billion dollar increase in recurrent expenditure? What services have improved?

“If that increase is seen to be a waste, how are we going to claw that back in order to eliminate the deficit? That’s what has to happen.”

Mr Myers then pointed to the Christie administration’s broken VAT promises, adding: “How do you justify increasing recurrent spending by halfa-billion dollars because that sure as hell wasn’t what we were told in the White Paper. It [VAT] was to pay down the debt and eliminate the deficit, but you took it all and grew recurrent expenditure.”

He challenged Philip Davis, Opposition leader

and deputy prime minister in the former administration, to its fiscal policies and suggested that “numerous skeletons are now coming out of the closet”.

“Let them speak up,” Mr Myers said of the Opposition. “One of them is the ex-deputy prime minister.

Let’s hear what he has to say about it, how that’s justified and how he thinks it’s in compliance with the White Paper on VAT. Why does he think we should trust him?

“There’s a lot of skeletons in the closet, and those skeletons have now come out the closet. The ex-deputy prime minister should be held to account to explain those skeletons.

It was his party in power when we were fed the line: ‘This is what VAT is going to be used for’ and, clearly, that was absolute rubbish.

I’d be very interested to hear what the Opposition has to say about that.”

Mr Myers said this also acts as a warning to the current Government and its MPs, and the need to hold them accountable for their fiscal management.

Mr Turnquest, meanwhile, accused the former administration of having a “seemingly insatiable appetite for spending” that could not be quenched by the VAT-led revenue increase, resulting in a “ballooning” of direct government debt by $2.6 billion - or $529 million per year - during its five years in office.

“Our Government is still picking up the pieces from that inexcusable pre-election splurge in spending, and the overhang of unpaid commitments that they left in their wake,” the DPM added. He said the former government “ate up” the $1.5 billion VAT revenues in addition to borrowing $2.6 billion, and added: “That’s why you can’t find the VAT money. It’s gone.”

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PAGE 8, Thursday, March 8, 2018

THE TRIBUNE

DPM targets $75m savings from debt burden’s slash FROM PAGE 1

direct debt-to-GDP ratio standing at 57.6 per cent, thanks to the Department of Statistics’ revised GDP figures, the Government’s current debt servicing costs stand at 14.5 per cent of annual revenues.

This compared to 10 per cent at a 30 per cent debtto-GDP level, meaning that the Government is currently spending 14.5 cents of every dollar earned to simply service its existing debt as opposed to 10 cents when this was at more acceptable levels.

‘Were it possible to return to a burden of debt under which interest payments again accounted for 10 per cent of revenues, our annual interest payments

would be appreciably reduced,” Mr Turnquest said. “At the 2017-2018 level of revenues, the savings would be on the order of $75 million.

“Those are precious financial resources indeed that could make a significant contribution to the advancement of the Government’s agenda for growth through, for example, supplementary investments in education, health or infrastructure.”

The Deputy Prime Minister thus illustrated how rising debt servicing costs suck huge sums of money away from critical public services and infrastructure, showing why it is essential for the Government to slash its $7.5 billion national debt.

Mr Turnquest said the Minnis administration was focused on eliminating the primary deficit, which measures the different between revenues and recurrent spending (stripping out interest and debt principal repayments from the latter).

With the primary deficit for the 2016-2017 fiscal year standing at 3.3 per cent of GDP, or more than $300 million, Mr Turnquest warned that the Bahamas’ debt-to-GDP ratio would hit 100 per cent within nine years if this performance continued unchecked.

A 100 per cent debtto-GDP ratio would effectively mean that the Government’s debt burden is equivalent to the size of the Bahamian economy’s

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to create legitimate investment,” he warned. “The worst-case scenario gets presented; the devaluations; the downgrades; the higher taxes - all of which we don’t want more of.

“How they get it under control I don’t even know, but they’ve got to do something. They can’t keep raising taxes. They’ve got to find a way to encourage people to invest.”

Mr Turnquest yesterday continued to blame the former Christie administration for the Bahamas’ present fiscal crisis, slamming its “nonsensical and shoddy financial husbandry” during its 20122017 term in office.

“They felt no qualms in spending like drunken sailors without any concern whatsoever for the future generations of Bahamians that will be obliged to pick up the tab,” he added.

“Clearly, the former administration were apparently so obsessed with

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What will you do?

• Deliver a consistently superior client experience through focusing on mortgage and creditor insurance advice, submission of high quality credit applications, and appropriate anchoring routines in order to consolidate banking relationships and generate sales opportunities for partners • Introduce clients early to your branch partners considering customer needs and preferences, and respecting local market processes • Respond to and resolve client problems at first point of contact whenever possible, ensuring escalation to Sales Manager and/or Branch Manager as required • Maximize the use of all technology (e.g. Portable scanners, Laptops) to enhance productivity and client experience • Keep informed of current events, market news and internal information on RBCNet. • Maintain professional, advisory and supportive relationship with all RBC partners in local market and back office support groups • Develop annual sales/business development plan, and regularly review sales results to plan (monthly sales review/quarterly performance reviews) adjusting activities to achieve personal targets • Acquire mortgage clients through focusing on new clients to RBC, asking for business from external referral sources (eg. Realtors), satisfied clients, and servicing referrals from RBC partners/satisfied clients. Exercise due diligence to ensure “external partners” meet RBC, industry and legal standards • Meet every client face-to-face at least once, and exercise due diligence in following all procedures relating to identification, verification, fraud, and anti-money laundering.

output, and lead to what the Deputy Prime Minister described as “a vicious dynamic” where the debt “feeds upon itself” and creates a spiral of ever-higher interest costs, deficits and unpaid debt.

Emphasising the Minnis administration’s determination to avoid such a scenario, Mr Turnquest warned: “That, needless to say, would have grave, deleterious consequences for both Bahamian society and our economy. It would also critically impair the ability of Government to finance the economic and social programmes and services that are cherished by our citizens.”

Rick Lowe, a director with the Nassau Institute think-tank, told Tribune Business that consistent $300 million-plus deficits were pushing the Bahamas “ever closer to that precipice we don’t want to cross”. “That’s the danger without any encouragement

What do you need to succeed?

Must-have • At least 3-5 years in lending\sales environment • Bachelor’s degree in Management or related field • Mobility is required Nice-to-have • Excellent communication skills • Strong organizational and planning skills • Strong Relationship building and collaborative skills • Ability to partner effectively with all stakeholders What’s in it for you?

• We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program of flexible benefits, unlimited commission pay, and pension options • World-class training programs and career development opportunities • The advantage of working with a dynamic, collaborative, and high performing team where initiative and hard work are recognized and rewarded • A flexible work schedule based on client preferences and your own work/life balance • Innovative mobile technology to ensure your success Interested applicants should apply by Friday, March 16, 2018 at jobs.rbc.com Unsuitable applications will not be acknowledged

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

keeping power that they were prepared to destroy the foundations of our nation’s economic wellbeing to stay in office.”

Mr Turnquest said the Revenue Enhancement Project team established by the Christie administration cost more than $1 million per month to run, essentially meaning that monies it was collecting were going straight back out to pay its costs.

Suggesting that it was set up without Cabinet approval, with the expense largely stemming from the hiring of foreign consultants, he added: “The initiative itself makes sense – and it is something the Government is continuing much more economically – but it made no sense to create a revenue enhancement project where a significant quantum of the savings went right back to the cost; costs again for which no Cabinet approval was given, and for which most of the costs went to foreign consultants.”

Mr Turnquest also blasted the Christie administration for increasing the Government’s wage bill by $27 million during its last year in office, as a result of hiring 1,606 temporary and contract workers, when “prudence and discipline should be the order of the day”.

He argued that many persons were hired for no obvious duty and purpose, and questioned: “What were they thinking, Mr Speaker? What was their motivation to keep doling out the borrowed cash while Rome crashed and burned?”

Mr Turnquest said the Minnis administration was also investigating whether the Government still owed $17.5 million allegedly committed by the Christie administration to support the printing of the Bahamas Handbook and in-room tourist guide. Some $18 million was committed, but just $500,000 paid.

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THE TRIBUNE

FISCAL

FROM PAGE 1 K P Turnquest, deputy prime minister and minister of finance, yesterday told Parliament that the legislation and accompanying rules will be tabled with May’s Budget communication “if all progresses as anticipated”.

Mr Aubry, though, said the schedule meant there was a “risk” that Fiscal Responsibility’s implementation will be delayed for a further year just when the Bahamas needs greater transparency over its strained public finances.

“He’s saying it’s not going to be in place for this Budget,” the ORG executive director told Tribune Business. “You’re giving up another year. That doesn’t seem the most ideal scenario.

“If it’s going to coincide with the tabling is the Budget process going to be be reflective, anticipating you’re going towards this legislation. If so, that’s a pretty neat trick, but that has to be worked in now.

It’s truly time, and we have to be much better connected and informed as to what the Government is trying to do.

Transparency, really true transparency, is the only path out of it.”

Mr Turnquest, reaffirming the Government’s commitment to more transparency and accountability in the Bahamas’ fiscal affairs, said the proposed legislation and ‘rules’ were critical to preventing a repeat of the Christie administration’s preelection spending binge that

Thursday, March 8, 2018, PAGE 9 increased recurrent spending by $570 million in just two years.

He suggested that ‘fiscal rules’ could involve imposing a “ceiling” on the Government’s annual deficits, and “caps” on spending growth.

As for the legislation, the Deputy Prime Minister said it could enshrine various objectives in law, such as maintaining a mediumterm ‘fiscal balance’; holding “prudent debt levels”; and ensuring predictable tax rates and bases for several years.

The legislation will also specify consequences for missing these targets, and the adjustments the Government must make. “This thing where they ran away with a ridiculous amount of spending in the last fiscal year will not happen,” Mr Turnquest said. “We must never repeat the disasters of the previous administration.

“This is why it’s so important this government puts in place Fiscal Responsibility legislation so if ever another group of craven politicians ever manage to once again take the helm, it would be our very laws that would constrain their disregard for the long-term well-being of the country.

“Never again must a government be able to write blank check after blank check to serve narrow and self-serving partisan interests to the detriment of the welfare of the country.”

Mr Aubry backed Mr Turnquest’s call for Bahamians to better understand the numbers behind the

Government’s finances, and what they mean for themselves, their families and country as a whole. He added that Fiscal Responsibility legislation “could help with that”, and said ORG had submitted a proposal to improve fiscal transparency and financial literacy to the Government.

“We see that Fiscal Responsibility legislation is very important in the current state of where the Bahamas is,” Mr Aubry told Tribune Business. “I think we have to be careful to understand it’s not going to be a silver bullet.

“We learned from the IDB that Fiscal Responsibility is a potential resource and can be something very important, but it has to be understood.”

Mr Aubry said how such legislation is used, and responds to the particular circumstances of a country, “varies from one place to another”.

He explained that some nations adopted percentages for their fiscal targets, others absolute figures, while others used ‘fiscal rules’ for “a particular time” to bring their finances back into line. The ORG chief added that the Bahamas’ Fiscal Responsibility legislation also needed to be flexible enough to respond to shocks such as hurricanes, and said the Bahamas needed to determine whether it was going to set aside a portion of the annual Budget to cover such needs or engage in an “open, transparent process” to obtain funds post-storm.

Calling for a “much more transparent discussion” on

the Government’s finances, Mr Aubry said: “We need to understand it’s different times now when it comes

to the limits of government spending. “There has to be a limit. We can’t keep setting a line in the sand, and keep

wiping it away. There will be a point when there has to be some suffering, and assessment of government jobs.”

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What will you do?

• Build, retain and deepen client relationships while delivering an exceptional client experience to high value clients.

• Assist with building on and executing client strategies and action plans including proactive contact & follow-up strategy using sales advice & planning tools.

• Delivery of Financial Literacy for clients and their family members.

• Proactively monitor client affairs and identify product and solution opportunities for both business and personal needs in order to leverage the expertise of the RBC Financial Group.

• Support high quality credit book through strong client selection, thorough financial discovery, regular updating of financial position and client information, proactive identification and management of deteriorating and weak accounts.

What do you need to succeed?

Must-have • University Degree or equivalent education • 5 years of progressive experience in Personal/ Commercial Banking, preferably in a Relationship Management role • Sound knowledge of all Banking Operations, Sales Routines and Products/Services • Strong organizational skills and business orientation • Broad and/or deep understanding of the various products available across RBC group to support client advice and partnering • Strong strategic thinker • Excellent presentation skills • Very strong written and oral communication skills ® Registered trademark of Royal Bank of Canada. Used under licence.

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High achievement orientation / results driven Strong customer service and sales skills

Nice-to-have • Financial Planning designation or equivalent certification in Financial Planning.

• Previous successful sales experience in a financial industry • Experience in creating a referral network or possesses a current extensive network of centres of influence What’s in it for you?

• We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program including competitive compensation, bonuses, and flexible benefits • Continued opportunities for career advancement • World-class sales training, coaching, and development opportunities • Support from a dynamic, collaborative, progressive, and high performing team, as well as world-class tools and training • Opportunity to achieve great success and grow your career with RBC

Interested applicants should apply by Friday, March 16, 2018 at jobs.rbc.com Unsuitable applications will not be acknowledged

PAGE 10, Thursday, March 8, 2018

THE TRIBUNE

BOB faces forensic audit with Gov’t ‘open to a sale’ FROM PAGE 1 He argued that political interference, coupled with shoddy lending practices, had been key factors in the demise of the stricken BISX-listed institution which is only now showing signs of returning to profitability after

two taxpayer-funded ‘bail outs’ and a rights issue that have cost the Government a combined $300 million-plus.’

Mr Turnquest said winding-up Bank of the Bahamas, as many have called for, would be more costly for the Government than continuing to ‘prop up’ the institution and hope

it returns to profitability under the new Board.

Addressing the extra $100 million borrowing required to redeem the bonds injected into Bank of the Bahamas’ balance sheet to replace the ‘toxic’ credit transferred to the Bahamas Resolve ‘bail out’ vehicle, Mr Turnquest warned that the Government was

not done investigating the causes of the bank’s demise.

He argued that the bank’s financial difficulties, which saw it rack up around $150 million in losses over a fiveyear period, were heavily linked to “the very large loans that it extended to certain persons with appropriate connections, or so-called politically exposed

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

BISX ALL SHARE INDEX: CLOSE 2,038.80 | CHG 0.00 | %CHG 0.00 | YTD -24.77 | YTD% -1.20 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 6.00 3.15 9.00 2.18 1.40 7.75 5.83 8.78 5.67 3.35 12.01 10.00

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.13 4.14 1.99 178.69 153.40 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 4.64 9.87 2.56 1.50 7.78 6.10 10.10 6.40 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 4.64 9.87 2.59 1.50 7.75 6.10 10.10 6.40 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 -0.03 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

109.41 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Royal Fidelity Int'l Fund - High Yield Fund Strategies Fund

VOLUME

1,650

VOLUME

EPS$ 0.475 0.932 -0.306 0.281 -1.133 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 0.000 1.129 0.743 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 0.083 0.300 0.500 0.150 0.120 0.570 0.000

P/E 8.2 18.7 N/M 11.9 N/M N/M -2.5 13.6 10.5 27.1 15.6 25.4 4.5 N/M 5.4 13.6 13.2 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% 2.59% 6.99% 2.32% 3.33% 1.07% 4.92% 4.95% 2.34% 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% 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 2.13 4.12 1.99 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 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%

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

4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

move,” Mr Turnquest said, “and some people say shut the bank down. We went through this analysis, and the reality is it would cost more to shut it down than support it.”

He emphasised that the Government was determined to “keep politics out” of how Bank of the Bahamas is run, and Board and management decisions.

However, the Deputy Prime Minister confirmed that the bank, which is around 82 per cent owned by the Government, had been asked to explore replacing Royal Bank of Canada’s presence in Andros and Long Island.

“We have asked Bank of the Bahamas to look into those markets to see if they can provide services,” Mr Turnquest said. “They’ve come back with a proposition, and we have to see how far we want to go in supporting that” from the Government side.

This implies that Bank of the Bahamas has requested taxpayer support to establish branches in both islands, recognising they are potential loss-makers due to the relatively small populations and customer bases.

“We do not want it to go into a jurisdiction where it cannot support itself,” Mr Turnquest said. “Our intention is that if Bank of the Bahamas cannot do it, we will find a way for some private sector entity to go into those markets and provide that service.

“We cannot leave those communities unbanked.

Something has to happen.

If Bank of the Bahamas cannot rationalise its costs, we’re going to have to engage a private sector entity to go in there.

We’re working through the dynamics.”

Mr Turnquest added that the Government had urged Bahamas Resolve to “quicken its pace” in selling-off collateral assets that secured the former Bank of the Bahamas’ ‘toxic’ credit, thus recovering funds for the Bahamian taxpayer.

NOTICE

MARKET REPORT WEDNESDAY, 7 MARCH 2018

persons (PEPS), without doing the due diligence or securing the necessary collateral that prudential” lenders do.

Mr Turnquest specifically mentioned one $28 million loan, which is thought to refer to former Cabinet minister and MP, Leslie Miller, although there is nothing currently to suggest he has defaulted.

The Deputy Prime Minister, though, said multi-million dollar loans to so-called PEPS were involved, and he warned: “Our investigation into this travesty is far from complete, and we will have more to say in due course.

“We are commencing a forensic audit not only of the loans transferred to Resolve, but those loans written off. We’re borrowing to replace the $69 million paid from recurrent revenues to pay the promissory notes of Resolve.”

The $100 million borrowing will redeem the ‘promissory notes’ injected into Bank of the Bahamas in the first bail-out transaction. The second bail-out, which took place last summer, saw Bank of the Bahamas take possession of a further $167.7 million in promissory notes, which Mr Turnquest said will also have to be redeemed by the taxpayer/government at a future date.

“The Government is of the view Bank of the Bahamas can be returned to profitability under the new Board of Directors as it implements its transformation strategy,” the Deputy Prime Minister said.

He added that the Minnis administration’s primary goals in dealing with the BISX-listed institution are to protect depositors, preserve jobs for its several hundred staff, and prevent its problems from becoming a systemic risk for the wider banking sector and economy.

“Some people say we should sell the bank, and we are open to such a

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

MATURITY 31-May-2018 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-Jan-2018 31-Jan-2018 26-Jan-2018 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

NOTICE is hereby given that Angela Marie Smith of Central Pines, 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 8th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that NATASHA JESICA ORVIL of Dignity Garden’s, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JEROME ANTHONY YOUNG of Anderson Street, P.O. Box GT-2325, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SHANETTE SYLVESTER TURNQUEST of Sealink Avenue, South Beach, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LAURETTE SYLVESTER JULES of Sealink Avenue, South Beach, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, March 8, 2018, PAGE 11

Government ‘handcuffed’ by unused leases FROM PAGE 1 even though we have no need of the service, so we have to figure out how to equitably exit these arrangements the former government put us in. “We owe $13 million in one case, $14 million in another. But not one government worker ever set foot in the building. There’s no exit clauses; the leases cannot be terminated. We have to pay it to the end. We’re stuck.”

Mr Turnquest said one building purportedly rented by the Government, yet which had never been used, was destroyed in a hurricane but under the “alleged” terms of the lease rent was still owing and payable.

“You wouldn’t do it with your own money,” the Deputy Prime Minister said of these and other contracts entered into by the former government.

“No one would do it with their own money. It is evident that with these ongoing commitments we need to be doubly vigilant over the balance of the fiscal year to bring spending below Budget limits.”

Mr Turnquest did not identify the buildings or contracts he was referring to, as he again blasted the Christie administration for placing “a massive noose around our citizens’ necks” and those of future generations as a result of its unchecked 2017 pre-election spending.

While some observers are starting to urge the Government to focus on solutions, rather than keep dredging up the past, Mr Turnquest yesterday argued it was important to explain why the Minnis administration was facing such a strained fiscal position.

“The previous government engaged in a shameless and extravagant pre-election spending spree,” he said. “That spree has left us with virtually untold millions in unpaid

overhang commitments with which we must now deal. Indeed, their overhang is of an order of magnitude that may well be unprecedented.”

Mr Turnquest added that this “overhang” of unpaid spending obligations already exceeds $200 million ‘and counting’, with another $4 million having “just popped up in the last couple of weeks”.

The Minnis administration paid some $53.6 million during the 20172018 fiscal year’s first half to settle unfunded obligations incurred in the prior period, including $13.2 million related to 573 transactions “across the breadth” of government.

Some $3.8 million of this sum was used to pay Ministry of Finance bills, with $2.4 million and $2.1 million used to address sums owed by the Ministry of Foreign Affairs and Ministry of Public Service and National Insurance, respectively.

Other outstanding bills paid during the six months to end-December 2017 were $13 million owed to the Bahamas Telecommunications Company (BTC); $7.5 million to Sir Franklyn Wilson’s Arawak Homes; $5.6 million for the Customs reform project; and $3.8 million for the Fox Hill Community Centre.

A further $10.5 million was settled using ‘contingency warrants’, but a further $150.1 million has either been paid - or remains to be paid - during the second half of the 20172018 fiscal year.

The biggest bill is some $63.3 million for National Health Insurance/the prescription drug programme, followed by $18.9 million owed to the cruise lines presumably for departure tax rebates.

A further $11.7 million is due for outstanding Public Hospitals Authority (PHA) operational commitments, with $11.4 million required for the Fox Hill Community Centre.

The three utilities - BTC, Bahamas Power & Light (BPL) and the Water & Sewerage Corporation - are all shown as being owed multi-million dollar sums by central government, with $17.7 million due to the Bank of the Bahamas for the Education Guarantee Fund. Some $6.7 million is owed by a combination of

Inland Revenue and Immigration to Canadian Bank Note, an outside vendor, with a further $3 million balance due Arawak Homes.

“This is but a smattering of the previous administration’s destructive legacy,” Mr Turnquest blasted. “It is hard to overstate what a profound administrative

and management mess we inherited in the administration of our public finances and the oversight of public assets.

“The financial strain imposed on our children and grandchildren by the irresponsible fiscal management of the party opposite in its five years at the helm is of such gargantuan

proportion that it verges on the immoral.

“It is for that very reason we cannot put it behind us and move on as if it had never occurred....

Repeating the fiscal travesty of the last administration must never, ever occur again, nor must it ever be allowed to occur again.”

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For more information, please contact your insurance broker, otherwise, we invite you to contact our Sales Team: T: 242-328-6330 salesbahamas@generali-worldwide.com Generali Worldwide Insurance Company Limited. Nassau office: 2nd Floor, Campbell Maritime Centre, West Bay Street, Nassau, Bahamas. Freeport office: Pajaro House, Unit 200, 7B West Mall Drive, Freeport, Grand Bahama, Bahamas. Licensed by the Insurance Commission of the Bahamas to carry on long-term insurance business in the Commonwealth of the Bahamas. Incorporated in Guernsey under Company Registration No. 27151. Registered Head Office address: Generali Worldwide Insurance Company Limited, Generali House, Hirzel Street, St Peter Port, Guernsey, Channel Islands GY1 4PA. Regulated in Guernsey as a licensed insurer by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). Generali Worldwide Insurance Company Limited is part of the Generali Group, listed in the Italian Insurance Group Register under number 026.

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