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MONDAY, MARCH 19, 2018

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‘Why so jittery on income tax’?

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ahamian businesses need “a friend in government” if they are to successfully compete postWTO accession, with one entrepreneur arguing: “What does it matter if we have income tax?” Peter Bates, The Sign Man’s principal, told

* Entrepreneur: ‘We must get rid of duties’ * Business ‘needs friend in Gov’t’ for WTO * ‘Trust’ issues plague private sector ties Tribune Business he could not understand why the private sector was “so jittery” over potential import tariff eliminations/reductions because it would enable businesses such as

his to “compete at a new level”. With corporate income tax among the potential revenue replacements for Customs duties, Mr Bates said the Bahamas needed

to “bite the bullet” and become a full World Trade Organisation (WTO) member to prevent potential economic isolation that

SEE PAGE 4

MINISTER’S ‘CLOSE EYE’ ON CRUISE LINE ISLANDS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Tourism has pledged to “keep a very close eye” on the cruise lines to prevent their multi-million dollar private island investments sucking economic benefits away from Nassau.

* Concern spend ‘sucked’ from Nassau * Will ‘insist’ local involvement at Coco Cay * Will ‘incentivise reverse course if needed’ Dionisio D’Aguilar admitted to Tribune Business that the $200 million spend unveiled by Royal Caribbean for Coco Cay

Tourism pledges ‘proactive reply’ to new US crime alert By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Tourism has ordered his officials “to become a lot more proactive” in addressing US safety concerns, after the Bahamas was subjected to another ‘crime alert’. Dionisio D’Aguilar told Tribune Business he felt the Government had “failed to sensitise” the US agencies issuing such warnings “to the reality on the ground”, following the latest ‘alert’ from the US

was “a concern”, given the potential impact on cruise passenger spending when its vessels call on the Bahamian capital and Freeport.

Acknowledging that this was where Bahamianowned businesses and

SEE PAGE 6

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QC: ‘Very difficult’ to combat EU if no corporate tax By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A WELLknown QC has warned “it’s going to be very difficult to meet” the European Union (EU) and OECD’s demands MOREE unless the Bahamas implements a corporate income tax. Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, told Tribune Business that while the introduction of such a tax was “not inevitable”, the Government - following consultation with the financial services industry and wider private sector - is faced with “a big decision” before year-end 2018. He said that should a corporate income tax become necessary, it needed to be offset by other reforms to ensure the already substantial tax burden facing Bahamian businesses is not unduly increased.

* ‘BIG DECISION’ FOR BAHAMAS BEFORE YEAR-END * BUT ‘CAN’T KEEP PILING TAXES’ ON BUSINESS * ‘RECIPE FOR FAILURE’ IF DONE IN ISOLATION’ Warning the Government against “piling on” more taxes, regulations and ‘red tape’, given the private sector’s “limited capacity” to continue absorbing such hits, Mr Moree said the Bahamas must not focus on escaping the EU’s ‘blacklist’ in isolation from its other challenges. He argued that this will be a “recipe for failure”, as the Bahamas needs to craft “a comprehensive plan” that reengineers its economy and financial services industry for future growth and stability, while also addressing international concerns over tax transparency, ‘economic substance’

SEE PAGE 5

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* WARNING TARGETS SCOOTERS, JET SKIS * MINISTER: ‘UNFAIR’, BUT CAN’T DISMISS * PROMISES ‘REACH OUT’ TO US GOV’T State Department’s Bureau of Diplomatic Security (OSAC). Headlined ‘Security Alert: Nassau (The Bahamas)’, and labelled ‘Spring Break Security’, the

SEE PAGE 7

Water Corp owed supplier $9m bill By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Water & Sewerage Corporation owed $9 million to its BISX-listed water supplier at year-end 2017, after reducing volumes purchased from it by 13.2 per cent. Consolidated Water, the operator of Nassau’s Blue Hills and Windsor reverse osmosis plants, revealed in annual regulatory filings that the combined quantity of water supplied to the state-owned Corporation had declined from 3.8

* BUT SUM 18% LESS THAN YEAR BEFORE * GIVE 34% OF BISXLISTED FIRM’S REVENUE billion gallons to 3.3 billion year-over-year. Despite the significant year-end receivable it was holding from the Water & Sewerage Corporation, the company again declined to provide for this sum - which was 18.2 per cent less than at year-end 2016 - on the

SEE PAGE 8

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THE TRIBUNE

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Time to make Grand Bahama great again A CHAMBER DIRECTOR ANALYSES THE CHALLENGES AND SUCCESSES EXPERIENCED BY THE ISLAND BACK in the late 1980s, Freeport was once known as the ‘magic city’. Most people tend to remember it, and the rest of Grand Bahama, for what it once was: A lively, booming and diverse island where celebrities and Bahamians could both share the same space. However, talking about Grand Bahama in the past tense does little justice to what we see today. This island has endured natural disasters, recessions, large scale lay-offs, and numerous failures in its tourism industry. Nevertheless, it remains bursting with potential from its West End to its East End. It has some of the best infrastructure, workforce and natural resources, which can be harnessed to expand industries such as construction, manufacturing, industrial commodities, technology and tourism. Grand Bahama has the charm associated with the most beautiful islands in the Bahamas, but it is unique in its potential to become a thriving mecca for industrial, commercial and technology-driven investments.

ISLAND

InsightS By RODERICK A SIMMS II

Tourism Grand Bahama once had some of the best hotels within the Bahamas. For instance, the former Princess Resort and Royal Casino was the place to experience a taste of Bahamian culture from all hospitality angles. The International Bazar, located on the same property as the hotel, was a shopping centre and food court for Indian, Japanese, Chinese, Bahamian and African cuisine and night life. It provided a unique offering for tourists but, in 2004, after the passage of Hurricane Frances, the hotel shut down and was later sold to Harcourt Development for $33 million. The sale coincided with the global financial crisis, which deterred Harcourt from renovating and reopening the hotel. Sadly,

SEE PAGE 9

THE TRIBUNE

Monday, March 19, 2018, PAGE 3

UNIONS FEAR FOR WORKERS IN WTO

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

TRADE unions are concerned there is no strategic plan to prepare the Bahamian workforce for World Trade Organisation (WTO) membership, describing this as a “major deficiency”. Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business: “Before WTO becomes a reality we should prepare the Bahamian workforce for the nuances which will come as a result of the WTO. “I’m hearing a lot of discussions here and there, but I see no specific plan geared towards training to be able to combat what is likely to come as a result of WTO. It

is a major concern to us that while we are talking I see no strategic plan encompassing the unions and the workers of the country towards developing a training program to deal with the situation. “That is a major concern to the labour movement. As a result there could be a lot of displacement of workers who are not trained or have not been able to update their skills.” The Government is targeting 2019 to complete the longest-ever WTO accession process. “We support worker productivity, but in order to improve productivity you have to understand that it is linked to proper training,” said Mr Ferguson. “Without proper training you cannot maximise the productivity

OBIE FERGUSON level. We are very reluctant to provide proper training in this country. That is a major deficiency. Education and training are important engines for development.” The TUC last week voiced its support for its

Bahamas Doctors Union (BDU) affiliate over recent comments by minister of health, Dr Duane Sands. Dr Mucomba Millar, BDU acting president, hit back at Dr Sands for saying there was a group of underperforming clinicians in the public health service who earn $60,000 a year but work fewer than five hours a week, adding that “their time is up”. Dr Millar said Dr Sands never raised this issue with the union. Dr Sands clarified, however, that he was not referring to the junior doctors union but, rather, the consultant doctors. Dr Millar has also accused the Government of failing to pay doctors’ holiday pay, and cited several other issues impacting physicians.

BALANCE REQUIRED ON WTO ACCESSION TALKS By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas’ World Trade Organisation (WTO) accession strategy must balance the needs of different industries to minimise any negative impact, the Bahamas Chamber of Commerce’s (BCCEC) chief executive said. Edison Sumner, addressing a breakfast at the British Colonial Hilton, said full WTO membership will not produce benefits by itself without a business environment which allows the private sector to operate competitively. “WTO membership may result in the Bahamas providing concessions to appropriate and qualifying local industries while also lowering customs duties on imports,” he said. “This is a considerable benefit for an economy that is reliant on foreign imports and seeking to develop local sectors

which drive broad economic value. “Reduced rates on imports will assist producers who import raw materials and inputs. This has the ability to expand the range of final products and services that are made by domestic producers, and it increases the range of technologies they can use as well. “Additionally, this will lower the cost of consumer products and, therefore, lower the cost of living and the cost of doing business for the business community.” Mr Sumner added: “The BCCEC recognises that an isolated reduction in import taxes will result in a revenue shortfall for the Government. The BCCEC appreciates that the Government must seek alternative income to replace the lost revenue, but believes that the introduction of any new tax or increase in existing taxes must be carefully evaluated

and include active public consultation. The Chamber chief executive said key sectors that contribute significantly to the Bahamas’ economic growth must be protected. “It is important to recognise that regardless of how appropriate concessions and taxes intended to discourage imports are, they are in fact subsidies provided by the Bahamian consumer and business,” he said. “The BCCEC must, therefore, ensure that all concessions and import taxes designed to protect a local sector result in greater economic growth. The BCCEC, therefore, supports a WTO accession strategy that will identify, through public consultations and verifiable research, current and future sectors of the economy that are deemed crucial to the nation’s long-term growth and stability so that they remain protected for generations to come.”

Mr Sumner added: “WTO accession does not mean the indiscriminate opening of our borders to foreign participation; rather a deliberate and intentional positioning of the Bahamas to take advantage of global trade opportunities. The level of market openness to be achieved is what is ultimately negotiated with our trading partners through the accession process. “If market openness beyond a certain point would damage the business community’s competitive position, the negotiators need to be properly informed so that this can be taken into consideration and expressed at the negotiating table. In the WTO accession process, we get what we negotiate.” Mr Sumner also reiterated the need for a continued focus on improving the ‘ease of doing business’ in the Bahamas, and praised the Government on recently-announced initiatives in this area.

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PAGE 4, Monday, March 19, 2018

INCOME TAX FROM PAGE 1

would leave local exporters exposed. Among those asking questions at last week’s Chamber of Commerce-organised WTO breakfast, Mr Bates emphasised that the Government needed to truly partner with the Bahamian private sector if local firms are to compete and prosper in a liberalised, rules-based trading environment.

He argued that the preferential treatment extended to foreign companies needed to stop, and said the Government needs to address the lack of “trust” the private sector has in it for the Bahamas’ overall good. Praising the presentation given by Raymond Winder, the Bahamas’ chief WTO negotiator, Mr Bates told Tribune Business he did not fear tax reform - and even the possibility of a corporate income tax - unlike many in the Government and private sector.

THE TRIBUNE “What does it matter if we have an income tax?” he told Tribune Business. “Every country in the world has income tax. We have to bite the bullet. “Let’s get it done, let Bahamian businesses have a friend in the Government, so there’s help and support, and we have a way to build our businesses. It’s very difficult to do that. “I’m very supportive of moving to the WTO, primarily because we have no choice... If so, let’s figure out how to survive and live with

it. Everyone wants protectionist tariffs, but there are many types of taxation. We have to get rid of duties.” The WTO, European Union (EU) ‘blacklisting’, and the Organisation for Economic Co-Operation and Development’s (OECD) anti-tax avoidance initiatives are all uniting at the same time to drive the Bahamas towards substantial tax reform that will impact virtually every business and resident. In the WTO’s case, it views the Bahamas’ existing import tariff regime as a ‘barrier to trade’, meaning that this nation will have to eliminate or reduce numerous duty lines - and the revenue associated with them - as part of the membership commitments it will make. The extent, range and phased-in timing of the eliminations/cuts will be agreed with the WTO Working Group that the Bahamas must negotiate its accession terms with. Yet with the Government needing to replace the revenue foregone, and the current

EU and OECD pressures, corporate income tax - as recommended by the International Monetary Fund (IMF) - is starting to loom large as a replacement option. “Everybody in this country is so jittery about removing Customs duties and imposing income tax,” Mr Bates told Tribune Business, “but I don’t know why because we can compete at a new level without any duties. It’s up to me to source out the best price and negotiate the same trade discount” as overseas rivals. He explained that duty reduction/elimination would make businesses such as his more competitive on freight and import costs, but acknowledged that it was critical for the Government to improve the business climate if Bahamian businesses were to be competitive post-WTO. “We don’t need protectionist tariffs; we need protection from our government,” Mr Bates argued, “as we’re not competing on a level playing field. Our

NOTICE JACARANDA HOMEOWNERS ASSOCIATION Will hold its

ANNUAL GENERAL MEETING

VACANCY NOTICE PRODUCTION ASSOCIATE Cable Bahamas Limited is seeking to employ an experienced Production Associate. The successful candidate must have experience in Media and Camera work and the ability to collaborate effectively with the Media team. JOB SUMMARY The Production Associate will be responsible for assisting with all aspects of work related to the internal and external technical operations of OurTV. JOB DESCRIPTION • • • • • • • •

• •

Responsible for the electronic news gathering function as it relates to OurTV, inclusive of but not limited to Primary Camerawork, ENG Field producing and Editing; Liaising with our strategic news partner for the purposes of gathering news and the technical production of the same; Studio and field camera operation; General IT Support for the OurTV Department. This includes troubleshooting and software support where necessary; Maintenance of the quality standards for broadcast on internal and external productions; Liaising with the Technical Manager on all technical aspects as related to the operation of the Community Channel; Liaising with the Administrative Producer and Executive Producer as related to the production needs of the Community Channel; Operation of OurTV programming which includes directing, producing, editing, shooting, writing, lighting and audio as deemed by your immediate supervisor; Submission of daily production reports to your supervisor; Perform allother media related task as assigned by management.

SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED • •

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Post-secondary degree or certification in video production or related field; Computer literacy, with a good working knowledge of MAC Environments, Final Cut Pro 7 and 10, Adobe After Effects, Photoshop and Word, Excel and PowerPoint essential; Experience in ENG and or an EFP Production Environment; Strong Interpersonal skills to effectively work with team members within the departments and throughout the company; Reliability, punctuality and good interpersonal skills are essential; Ability to work independently with limited supervision; Ability to manage deadlines and high stress situations; Accuracy, neatness and efficiency; Effective communication skills, both oral and written; Excellent leadership skills; Physical dexterity required; Must be flexible to work in a dynamic environment to meet the needs of the organization; Demonstrate a high level of integrity and commitment to service.

Qualified applicants should submit Resumes on or before Wednesday, March 28, 2018, to the Director of Human Resources, P.O. BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Production Associate to humanresources@cablebahamas.com.

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government is not a friend to the Bahamian businessman. “It’s a friend to the foreigner; the foreigner can come in the front door, while the Bahamian has to scrape at the side door.... The Government doesn’t buy from local industry. The Government comes to me when the signs they import don’t come in right, and their shop doesn’t do it right. “I get pretty big contracts when their signs aren’t right. I’ve met every government ministry and agency, and can’t get off the ground. I’ve submitted a lot of applications for 12 years. All the billboards, I’ve been denied.” Keva Bain, the Government’s director of trade, told last week’s Chamber meeting that there had been a lack of participation by the private sector in WTO and other trade-related meetings over the years. This provoked immediate push back from many in attendance, including Mr Bates, who told Tribune Business: “Nobody shows up because we don’t trust you. I said to her that we find you [the Government] don’t listen to us anyway, and half the time you’ve decided what to do already by the time of the Town Meeting.” The Sign Man’s principal, though, pointed to the greater protection WTO membership will provide to Bahamian goods and services exporters, given that this nation would then have a forum to resolve traderelated disputes with other nations. “We really don’t have a choice, so we might as well get it done,” Mr Bates said of WTO accession. “We’d be truly isolated otherwise. It’s a WTO, it’s a common market, so if we don’t join we’d be truly isolated. We don’t have any courts to got to for disputes. We could be cut out of any export business through others’ protectionist tariffs.” He added that he had instructed his staff to start sourcing from the European Union (EU), rather than China, given that the Bahamas has already signed on to the Economic Partnership Agreement (EPA) with the former, thereby providing some security when it came to market access.

THE TRIBUNE

QC MOREE ON EU FROM PAGE 1

and the World Trade Organisation (WTO) accession process. “It seems as if it’s going to be very difficult to meet the BEPS initiative and this issue of ‘economic substance’ without serious consideration of a corporate tax,” Mr Moree told Tribune Business. “I don’t want to say at this point it is inevitable, but we have to accept the Government of the Bahamas has committed to the BEPS initiative. That’s a done deal. It’s difficult to see how we make that commitment without a corporate tax. “I don’t think it’s inevitable, but it’s certainly possible, and I know options are currently being reviewed, but at this time it’s difficult to see how we meet our commitments on BEPS without a corporate income tax. This is one of the big decisions that have to be made between now and the end of the year.” BEPS stands for the Base Erosion and Profit Shifting (BEPS) initiative that is being driven by the Organisation for Economic Co-Operation and Development (OECD), in a bid to crack down on tax avoidance by multinational corporations. The Bahamas has already agreed to sign on to the BEPS Inclusive Framework, and meet the ‘minimum standard’, as part of the OECD’s drive to ensure the profits of such companies are taxed in the country where they are generated. Multinational companies often use legitimate tax avoidance strategies to “exploit gaps and mismatches” between different countries’ tax rates and rules, and “artificially shift profits” to low or ‘no tax’ jurisdictions despite conducting no or minimal business there. This enables them to minimise their tax exposure by paying a lower rate than they otherwise would in countries where they do conduct business. The significance of BEPS is that it is one of three

Monday, March 19, 2018, PAGE 5 criteria being employed by the EU to judge whether a country is deserving of being ‘blacklisted’. And one of the BEPS ‘minimum standards’ that the Bahamas has chosen to comply with, as noted by Mr Moree, seemingly requires this nation to impose a low rate corporate income tax of 10 per cent or more. One of those standards is ‘Countering Harmful Tax Practices’, and the OECD considers a corporate tax rate of 10 per cent or less to be a ‘harmful tax practice’. Yet the Bahamas - with no income taxes of any kind has an effective corporate tax rate of ‘zero’ because it simply does not have this system. Therein lies the problem for the Bahamas in complying with OECD and EU demands, and removing itself from the latter’s ‘blacklist’. The 28-nation EU also justified its designation of the Bahamas as ‘non-cooperative’ in the fight against tax avoidance on the basis that this nation had not done enough to prevent its corporate vehicles and structures from being used for such purposes. It is demanding that the Bahamas implement antitax avoidance measures against structures that allow companies to move, and book, profits and losses if they have no physical presence - or conduct no substantial activities within that jurisdiction. Significantly, perhaps, the EU’s January 26, 2018, letter to the Bahamas did not openly demand the imposition of a corporate income tax. It even suggested a compliance ‘road map’ involving the creation of accounting and reporting mechanisms that would allow this nation to collect tax-related information on locally-domiciled multinational entities, then report it to their home countries. However, K P Turnquest, Deputy Prime Minister and minister of finance, last week told Tribune Business that the Bahamas will have to assess its tax structure, and whether certain uses of International Business Companies (IBCs) and other structures are compatible with this nation’s international obligations following the EU ‘blacklisting’.

Mr Moree’s comments will likely further harden the view that ‘the writing is on the wall’ when it comes to corporate income tax - something many in the financial industry have argued the Bahamas should have implemented already, rather than wait for foreign actors to force its hand. Paul Moss, Dominion Management Services’ president, has consistently argued that a low-rate corporate income tax will enable the Bahamas to shed its ‘tax haven’ label and reposition its business model to one focused on ‘double tax’ and investment treaty. And Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, has also conceded that a corporate income tax merits serious consideration. Mr Moree, though, told Tribune Business that any imposition of such a tax and the Bahamas’ efforts to escape the EU ‘blacklist’ - must not be done “in isolation”. He argued that both issues need to be tackled in a far broader economic plan that addresses “the bigger picture”, dealing with tax transparency/information exchange, BEPS, economic substance and all other issues raised by the likes of the OECD and EU. This plan, Mr Moree said, needed to pull off ‘the trick’ of making the Bahamas fully compliant while, at the same time, repositioning the financial services industry and wider economy for sustainable, long-term growth. The well-known QC also backed the further diversification of the Bahamian economy away from its current reliance on tourism and financial services, reiterating that this cannot be done “in isolation of the bigger picture of sustaining the financial services industry and viability of the wider economy”. “We cannot be tackling this issue [the EU ‘blacklisting’] in isolation from a broad, comprehensive plan,” Mr Moree said. “We have to deal with these issues in the context of the broader picture that addresses the sustainability of the

GN1993

financial services industry and broader economy.” He warned that the Bahamas would follow “a recipe for failure” if it tackles these external threats oneby-one, and added: “There has to be a comprehensive plan which addresses all these concerns the international community is going to require us to address, and it has to be done in a coherent way that takes us to a certain destination as opposed to dealing with crisis management and deadlines on each one. “We have to put out fires, but in addition to putting out fires, there’s got to be some overall plan for the neighbourhood. All this is going to require very thoughtful, deliberate consideration, and the next 18 months are going to be very important.” Mr Moree pointed out that tax reform, and the possibility of a corporate income tax, was inextricably linked to the Bahamas’ planned full WTO membership accession by end-2019. With many import tariff lines set to be eliminated or substantially reduced in a phased process, the Government will be looking for sources with which to replace that revenue. However, he warned that any tax reforms - whether they involved a corporate income tax or not - must not increase the alreadysubstantial burden faced by existing Bahamian businesses. Recalling how a presenter from Deloitte & Touche recently told a financial conference that corporate Bahamas’

average tax burden was around 35 per cent, due to significant indirect taxation, Mr Moree said: “There is a limited capacity to absorb more cost, more tax, more regulation, more bureaucracy, more red tape and more difficulty. “You can’t just add on another tax, another revenue source, add an another regulation and then another. You have to rationalise the entire regime. If it is deemed to be necessary that we have to introduce some sort of corporate tax, that can only be done in a sustainable way by eliminating government fees, taxes, licences and user fees elsewhere. “We can’t just add on to what we have; adding on

and adding on, and piling on and piling on. “You’re reengineering where you eliminate some and replace them with new ones, so the overall burden you’re placing on the business and investor community isn’t getting larger and larger.” One possible reform would be to convert the existing Business Licence regime, increasingly detested by many in the private sector, into a corporate income tax - switching the basis of taxation from gross turnover to profits. Any revenues lost could be made up by eliminating ‘ring fencing’, and applying the same tax rate to non-resident entities in the international sector.

SEE PAGE ?

VACANCY NOTICE NEWS EDITOR Cable Bahamas Limited is seeking to employ an experienced News Editor. The successful candidate must have experience in Media and Editing and the ability to collaborate effectively with the Media team. JOB SUMMARY The News Editor will be responsible for providing technical assistance with all aspects of the internal and external operations of OurTV -The Community Channel and all OurTV in-house productions with specific responsibility as a News Editor. JOB DESCRIPTION • • • • • • • • •

Responsible for the day to day editing requirements relative to OurTV news process; Providing technical support to OurTV news process; Assisting with the production and editing of materials needed for the community channel as deemed by supervisor; Assisting with camera operations where required; Providing production assistance on in-studio and field productions; Providing assistance with the general operation and maintenance of OurTV’ s production studios, edit suites and field equipment; Providing technical support for OurTV personnel including assisting with the Cable Cares Foundation and Corporate Media; Assisting with any and all aspects of the production process as related to the production original OurTV programming; Performing all other related tasks of OurTV operations (including directing, producing, editing, shooting, writing, lighting and audio) as assigned by Management.

SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED • • • • • • • • • • • • •

Qualified applicants should submit Resumes on or before Wednesday, March 28, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: News Editor to humanresources@cablebahamas.com.

PAGE 6, Monday, March 19, 2018

MINISTER’S ‘CLOSE EYE’ FROM PAGE 1

employees felt the cruise ship industry’s impact the most, Mr D’Aguilar said he would “incentivise” the lines to “reverse course” if they became too attached to their private islands. Declining to reveal how he will accomplish this, on the grounds he did not want “to reveal all my cards”, the Minister said Royal Caribbean’s plans for its Berry Island location had “re-energised” the Government’s plan to upgrade Prince George Wharf and the entire Nassau cruise passenger experience. He also promised “to insist” that Bahamian

attraction, tour and excursion providers operate the various activities and rides planned for Coco Cay - an issue that has long been a ‘sore point’ for locallyowned businesses. “You raise a very valid point. I thought exactly the same thing,” Mr D’Aguilar said of Royal Caribbean’s plans. “We have to be very careful the cruise lines don’t direct all the economic spending power of their passengers to their private islands. “This lends credence to the efforts of this government to improve the whole port experience in Nassau, and the need for us to execute our plans to improve the overall experience of Prince George Wharf and to make sure our offerings remain competitive.”

THE TRIBUNE Royal Caribbean’s proposed Coco Cay investment is currently before the Government and its various agencies for approval, with notice of its submission for planning permission having been published in the newspapers earlier this year. The cruise line, in a release last week, provided more details of its intention to make the island part of its ‘Perfect Day Island Collection’, with new attractions set to include more than 10 waterslides; a wave pool; helium balloon ride; zip line; and freshwater pool. Mr D’Aguilar said the cruise industry was “growing gangbusters”, both in terms of ships and number of passengers it was catering to, which means the Bahamas “has to be competitive and watch world trends”.

With Royal Caribbean now prepared to invest hundreds of millions of dollars in its Bahamian private island, he reiterated: “We have to watch how this impacts visits to the port of Nassau, which is where the greatest impact from foreign visitors - the cruise passengers - to our country is felt. “We’ve got to monitor that. Visits to private islands where the experience is controlled by them [the cruise lines] ranks very highly in customer satisfaction surveys. But we have to ensure this new attraction doesn’t diminish the economic impact cruise passengers have on our major population centres. “We’re absolutely going to have to monitor this; what they’re spending and the effect this is going to have. It is a concern and I’ll keep a very close eye on that; the passenger count in Nassau and the mechanisms we use to monitor the spending of those passengers when they get here.” Many observers, especially the remaining Bahamianowned tour operators and excursion providers that rely on cruise passengers for a significant portion of their business, will likely feel that ‘the ship has long sailed’ on government efforts to rein in the cruise lines. Data published by the Central Bank shows that despite a 23.7 per cent increase in cruise passenger arrivals from 2010 to 2016, rising from 3.8 million to 4.7 million per annum, total spending has remained stubbornly at $300 million. This is because per passenger spending yields have fallen from $78 to $64 over the same period, a drop of 18 per cent. Operators typically call at their Bahamian private islands first, prior to visiting Nassau and/or Freeport, so that they receive ‘first call’ on their passengers’ spending, which leaves relatively little for local businesses in the major cities.

The cruise lines also offer similar tours and excursions, and replicate the experiences, offered by Bahamian-owned companies on their private islands. It has long been alleged that the lines themselves control these activities, together with water sports, although they have denied this, with Mr D’Aguilar also saying such claims are “not true”. However, the Bahamas Association of Shore Excursion Providers (BASE) has effectively ceased to exist, amid allegations that the cruise lines effectively control their mark-ups and profit margins. This has all led to a ‘vicious circle’, where the cruise lines complain there is nothing new and exciting for their passengers to do in Nassau and Freeport, while Bahamianowned companies quietly complain they are unable to earn sufficient returns to invest in such attractions. Successive administrations have also failed to use the cruise lines’ Bahamian private islands, and their need for a destination in close proximity to the US, as leverage to extract more favourable terms for locals and their businesses. Under the US Jones Act, foreign-flagged vessels such as the cruise ships have to first call at a foreign port before they can return home to the US. This made the Bahamas a natural stop on the three, four and even five-night cruises, but Cuba’s opening up has whittled away this advantage and strategy. Still, Mr D’Aguilar told Tribune Business of Coco Cay’s attractions and excursions: “We will insist they use Bahamian companies to provide these services. “They’re allowed to have these islands, but not to the exclusion of Bahamian providers of these activities. We’ll be there to make sure whatever they do they’re using Bahamian providers and vendors of these services.

“We must not forget the economic impact of them coming to Nassau and Freeport, our major population centres, is too important to us. “If they go too far in one direction, we’ll have to incentivise them to reverse. Mr D’Aguilar declined to detail his ‘incentive’ strategy, but added of Royal Caribbean’s plans: “It re-energises the belief that a substantial investment is required in the Port of Nassau to bring it to a standard that is similar to what the cruise companies are putting on these islands.” The Minister, during his mid-year Budget presentation last week, said he and Frankie Campbell, minister of transport and local government, were looking at creating an entity similar to the Nassau Airport Development Company (NAD) to manage Prince George Wharf. This suggests the cruise port’s management may be outsourced to the private sector, with Mr D’Aguilar saying: “The current set-up of tourism managing the customer experience silo, and Transport managing the maritime infrastructure silo, is woefully inefficient and leads to an operating scenario that is lacking in cohesiveness and effectiveness. “Also, neither Tourism nor Transport is aware of what the other is spending on its operations at the Port, and so there is no clue what to charge the cruise passenger who uses both Tourism and Transport’s services. As a consequence, Government is unaware whether it is making money or losing money on its very valuable asset. “With 4.8 million cruise passenger visits last year, the Bahamas dominates this market, and although we continue to uphold our competitive position we must improve the visitor experience of the Port of Nassau if we wish to grow or even just maintain our market share.”

POINCIANA SPV LTD. NOTICE EXPRESSION OF INTEREST

Poinciana SPV LTD. invites Expressions of Interest for the provision of IT and Data Installations to the building formerly known as ‘UBS House’ located on East Bay Street, Nassau, Bahamas. Interested persons can contact the Project Manager via N&M Architects. To obtain a copy of the Scopes of Work and additional information, please telephone: 1(242) 327-8495 or email: info@nandmarchitects.com or dhp@dhpassociates.com. All Expressions of Interest documents are to be placed in a sealed envelope marked: UBS House Renovations IT & Data Installation – Poinciana SPV Ltd. c/o N&M Architects #27 Sandyport Plaza West Bay Street P. O. Box SP-61273 Nassau, Bahamas Companies should submit Expressions of Interest no later than 23rd March, 2018. Only persons with a valid Business License, Tax Compliance letter, Registration Certificate and Letter from National Insurance (NIB) stating your company is in good standing need apply.

THE TRIBUNE

Monday, March 19, 2018, PAGE 7

Tourism pledges ‘proactive reply’ to new US crime alert FROM PAGE 1 advisory warned visiting Americans to again “avoid jet ski operators” and be careful in dealing with scooter rental companies. When it came to the latter, OSAC warned: “Every year US citizens are killed or very seriously injured in scooter accidents. Inspect the equipment carefully and avoid old or rundown machines. Ask to see a copy of the operator’s Business License and inquire about their medical and liability insurance coverage in the event of accident or injury..... “Insist on training before using the equipment. Do not allow yourself to be driven off alone with a scooter operator. Unlicensed scooter operators and rental services have

been linked to assaults, including sexual assaults.” The advisory, dated March 8, 2018, added: “Jet ski operators continue to commit sexual assaults and other crimes against tourists. US Embassy personnel are instructed not to use jet ski rentals on New Providence and Paradise Islands, including Cabbage Beach and Cable Beach. We strongly recommend you also avoid patronising jet ski rental operations.” The OSAC ‘alert’ also warned Americans about problems with obtaining medical care in the Bahamas. “Accidents in the Bahamas can result in difficult and expensive medical situations,” it warned. “Bahamian doctors and hospitals do not accept US medical insurance policies or Medicare/Medicaid, and typically expect immediate cash payment before

medical services are provided. Medical evacuations to the United States easily cost in excess of $15,000.” The latest US government advisory comes just two months after the previous controversial warning that Americans should avoid visiting the Arawak Cay ‘Fish Fry’ at night, a move that alarmed many vendors given the implications for business levels and profits. “I’ve instructed my Ministry to become a lot more proactive in dealing with these complaints and perceptions,” Mr D’Aguilar told Tribune Business, upon being informed by this newspaper of the latest US advisory. Arguing that the US concerns should not simply be “dismissed”, the Minister of Tourism suggested that the Bahamas needed to “do a better job” of informing its

Nassau Airport Development Company Ltd.

Expression of Interest (EOI) Lynden Pindling International Airport

Nassau Airport Development Company is seeking prescribed EOIs from qualified proponents for the design, financing, construction and operation of an on-airport hotel and multi-purpose facility at Lynden Pindling International Airport (LPIA). The hotel and facility would play an important role in meeting the needs of connecting or in-transit domestic and international travelers; and enhance the passenger experience by providing conveniences, quality services and amenities for both business and leisure passengers. Qualifications: Interested proponents should have at least 10 years of experience as a developer and operator of hotels within The Bahamas, Caribbean region or otherwise internationally and preferably in an airport environment. Interested proponents must clearly demonstrate the ability to finance, develop and operate any hotel and multi-use facility project deemed feasible for the airport. NAD’s Goals and Objectives are to: 1. Meet the needs of passengers and other airport stakeholders by providing appropriate amenities and services within the airport footprint. 2. Understand the current availability, capabilities and preferences of potential proponents to Design, Build, Finance and Operate an on-airport hotel and multi-use facility at LPIA. A detailed and confidential Expression of Interest Document for the above is available for distribution to potential proponents via email by contacting Ms. Jan Knowles, Vice President, Marketing and Commercial Development at jan.knowles@nas.bs. Documents may also be collected from NAD’s Executive Offices located on the 3rd floor of The International Arrivals Terminal at The Lynden Pindling International Airport. Documents will be distributed up to 4:00 P.M. EST on March 23, 2018. Submissions in response to this EOI are to be received no later than Midnight EST on Friday, May 11, 2018. After reviewing responses, NAD may request additional information or may schedule individual meetings with any respondent to gain additional information about the EOI.

government agencies of the steps this nation has taken to secure visitors’ safety. He said increasing visitor numbers were not indicative of a tourism industry plagued by crime, and pointed out that ever city and tourism destination in the world - including in the US - “has some level of crime”. “We as a government have to do a better job of sensitising and re-educating people who report on these issues,” Mr D’Aguilar said, “of the seriousness ad extent of it. Yes, I can’t say we’re 100 per cent crime free, but no one can say that. “I don’t care where you are, no one can say that. There’ll always be a pick pocket here or there, but I feel we have failed to sensitise those making these reports as to what’s happening on the ground.

“The warnings indicate we’re not doing a good job of sensitising them. At what level does it warrant these warnings they’re putting out? We feel there’s very little crime affecting tourism based on the numbers coming to our destination.” Describing the repeated US warnings as “unfair”, Mr D’Aguilar pledged: “We’re going to reach out to the Americans and see what basis they’re using to draw the conclusions they have. “I want this to be a partnership between the Ministry of Tourism and those US government agencies, primarily the embassy, to correct this issue. We feel we’ve deployed assets on the ground to substantially improve the situation. They may have a different view, different perception to our perception, and we need to work through it to come to

common ground that stops these warnings.” Mr D’Aguilar said the Government had worked to regulate Cabbage Beach, the access to it “and what goes on down there” as part of efforts to clean-up the jet ski industry following previous unsavoury incidents and complaints. “We’d like to advise them of what we’re doing, the actions taken and get their feedback,” the Minister said of the Americans. “If nothing’s improved they need to tell us that and why they feel that. “I would be stupid if I’m not concerned. Every sensible minister of tourism would be concerned. That’s why we have to reach out to them. We have to be proactive; dismissive is the wrong approach. We have to be very proactive in addressing these concerns, and that’s what I intend to do.”

PAGE 8, Monday, March 19, 2018

THE TRIBUNE

Water Corporation owed supplier $9m bill FROM PAGE 1 grounds that it has had no problem collecting what was due in the past. “From time-to-time, Consolidated Water (Bahamas) has experienced delays in collecting its accounts receivable,” Consolidated Water said in its 10-K filings with the Securities & Exchange Commission (SEC), the US capital markets regulator. “Representatives of the Bahamas government have informed us that their previous delays in paying our accounts receivables did not reflect any type of dispute with us with respect to the amounts owed. To

date, we have not been required to provide an allowance for any delinquent Consolidated Water (Bahamas) accounts receivable as such amounts were eventually paid in full. “Based upon our experience, we believe that the accounts receivable from the Water & Sewerage Corporation are fully collectible, and therefore have not provided any allowance for possible non-payment of these receivables. Our accounts receivable balances due from the Bahamas government amounted to $9 million and $11 million, at December 31, 2017 and 2016, respectively.”

Consolidated Water’s filings, though, indicate that the ability of the Water & Sewerage Corporation to pay its bills in a timely manner is key to its cash flow. “One bulk water customer, the Water & Sewerage Corporation, accounted for approximately 34 per cent of our consolidated revenues for the year ended December 31, 2017,” the company’s 10-K filing read. “If the Water & Sewerage Corporation becomes unable for financial or other reasons to comply with the terms of our water supply agreements with them, or terminates either of our agreements with them for cause, our results of operations, cash flows and financial condition could be adversely affected.”

For the 12 months to end-December 2017, Consolidated Water said the Bahamas and Water & Sewerage Corporation proved a key driver of income from its bulk water operations, which rose by 6.1 per cent from $8.415 million to $9.307 million. “Bulk segment revenues were $31.622 million and $29.647 million for 2017 and 2016, respectively,” Consolidated Water said, representing a 6.7 per cent increase. “The volume of water sold by our bulk segment increased by 4 per cent from 2016 to 2017. “The increase in bulk revenues for 2017 is primarily attributable to our Bahamas operations, which generated approximately $2.054 million in incremental revenues due to a significant increase in the prices of diesel fuel

NOTICE IN THE ESTATE of ANGELA MAVIS DEAN AKA MAVIS ANGELA DAEAN late of the Southern District of 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 demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 29th day of March A.D., 2018, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

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

BISX ALL SHARE INDEX: CLOSE 2,028.36 | CHG -6.99 | %CHG -0.34 | YTD -35.21 | YTD% -1.71 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 7.70 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 4.14 17.43 9.09 3.34 1.00 0.18 3.62 8.70 6.10 4.60 9.88 2.73 1.50 7.66 6.10 10.10 6.41 4.47 12.51 10.00

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.62 8.70 6.10 4.54 9.90 2.95 1.50 7.59 6.10 10.10 6.41 4.47 12.51 10.00

CHANGE 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.02 0.22 0.00 -0.07 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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.41 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

110.35 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 6,000

2,500 1,671 13,250

VOLUME

EPS$ 0.475 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.583 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 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 0.084 0.300 0.500 0.150 0.120 0.570 0.000

P/E 8.9 18.7 N/M 11.9 N/M N/M -2.5 13.6 10.5 26.5 15.7 28.9 4.5 N/M 5.4 13.6 7.7 15.0 23.0 0.0

YIELD 1.89% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.64% 6.97% 2.03% 3.33% 1.11% 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

0.0 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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, NANCY THELUSMA of Nassau, Bahamas, intend to change my name to NANCY HONEY TELUSMA. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that ROSE MARIE - ST DIEU of Fox Hill, 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 twentyeight days from the 19th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

INTENT TO CHANGE NAME BY DEED POLL

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.50 8.70 6.30 5.30 11.50 2.59 1.56 8.21 6.10 10.55 9.00 4.50 12.51 11.00

contract agreed with the Water & Sewerage Corporation in December 2016. This extended the deal with Consolidated Water for 15 years, and requires the company to provide a minimum of 16.8 million gallons per week. “Pursuant to the amended agreement, Consolidated Water (Bahamas) is required to complete capital improvements to the Windsor plant to ensure that the plant can meet its performance guarantees during the extended agreement period,” the company’s filings said. “The per gallon price for the water supplied under the extended agreement, excluding the pass-through energy component, is approximately 18 per cent less than the price in effect at December 31, 2016. The remaining terms of the amended agreement are substantially consistent with those of the original Windsor water supply agreement.”

PUBLIC NOTICE

MARKET REPORT THURSDAY, 15 MARCH 2018

and electricity from 2016 to 2017, which increased the energy component of our bulk water rates in the Bahamas, and a 6 per cent increase in the volume of water sold. “Gross profit for our bulk segment was $10.556 million (33 per cent of bulk revenues) and $10.158 million (34 per cent of bulk revenues) for 2017 and 2016, respectively. Gross profit as a percentage of revenues decreased slightly in 2017 as compared to 2016 due to higher energy prices, as energy expense for our bulk operations was approximately $1.56 million more in 2017 than in 2016, and as a result of an 18 per cent decrease (excluding energy pass through adjustments) in the price of water sold by our Windsor plant in the Bahamas that became effective at the beginning of 2017.” The 18 per cent decrease in the price of water supplied by the Windsor plant resulted from the new

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

The Public is hereby advised that I, KY’LEN LUKE MAJOR of 104 Zachary Lane, Bahama Terrace, Freeport, Bahamas, intend to change my name to KY’LEN LUKE JOHNSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice. NOTICE

HUSKY HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) HUSKY HOLDINGS LIMITED 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 14th 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 19th day of March, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator NOTICE

WUN MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) WUN MANAGEMENT LIMITED 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 14th 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 19th day of March, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

GRAND BAHAMA FROM PAGE 2

this once-vibrant and occupied hotel now stands abandoned and surrounded the shambles of what were once structures for a booming commercial hub. Most people like to think situations are only bad for a short while, but Grand Bahama has not been so fortunate with its tourism sector. For instance, a massive chunk of the island’s room inventory was lost with the closure of the Grand Lucayan resort complex and the former Memories resort. This occurred after the passage of Hurricane Matthew in October 2016 and, since then, only one prospective buyer- Wynn Group from Canada - has surfaced in local news reports. There has still not been any official announcement regarding the sale and reopening of this resort to date. Outside of these developments, Grand Bahama still accounts for a significant portion of sea and air arrivals to the Bahamas. The island has lost a significant amount of air arrivals from the closure of the Grand Lucayan, with airlift from Sunwing Airlines no longer available. It was also reported in a local daily that Bahamas Paradise Cruise Line’s Grand Celebration, which offers a unique feature by allowing passengers to stay overnight at local resorts, has not been doing well as a result of low room inventory. In taking a step back, we see a lot of failures in the hotel business in Grand Bahama. There are still a few that offer a beautiful and fun experience, such as Pelican Bay, Viva Wyndham Fortuna Beach and Old Bahama Bay. Let’s not take for granted that Grand Bahama is a charming, aweinspiring, peaceful, clean, friendly and welcoming island. There are eco-tourism activities such as diving, the Lucayan caves, pristine beaches and nature tours. Yet there is still something wrong with this picture. Its tourism sector has been unstable for over a decade. It is easy to pin the blame on those in charge, but fixing Grand Bahama will take more than playing the blame game. The history of Grand Bahama shows that its economic model was not set for tourism, but more for industrial endeavours. Grand Bahama has the potential for more second home

Monday, March 19, 2018, PAGE 9 owners and vacation home rentals, but there needs to be a focus on this. What will really bring people to Grand Bahama? For starters, in order for tourism to be successful there, the current model should be revamped. Branding is an important part of a hotel. Perhaps bringing in more popular hotel and casino brands would be a great start to putting Grand Bahama on its feet again by attracting an influx of visitors. Another option is re-examining the prospects for an all-inclusive hotel and resort on the island. Will guests really enjoy staying on the hotel grounds, or would they rather explore the island? If more activities are available, then there should be no reason for tourists not to leave their hotel rooms. The model should also further consider the ‘ease of doing business’ for prospective investors. The key components that any investor eyeing Grand Bahama will look at are airlift followed by the cost of consumables. This will require tremendous collaboration between investors and government because, without subsidies for airlift, there will not be enough visitors coming to the island. The list can go on, but these are just a few factors tied to the success of the island’s tourism sector. It is time to make real changes to facilitate a muchneeded improvement. Real Estate While the economy of Grand Bahama is presently challenged, it could not be a better time for real estate investment. This may seem a bit tricky, as persons are leaving the island and putting their homes up for sale, while others are in foreclosure. But, if you are thinking ahead, are optimistic about the future of Grand Bahama, and want to make a great investment, then properties can start as low as $15,000. That sounds fantastic, especially for a young adult looking for profitable opportunities. Grand Bahama also has a slate of income-generating properties that can be of interest to those looking for a decent vacation rental, or who cannot afford a mortgage. There is an abundance of commercial properties for sale, yet he only problem is: Would it be wise to do business there? Well, it depends. Since consumer activity in Grand Bahama has slowed down, any new business venture will have to be one that persons find necessary, convenient and easy on the wallet.

There are still lots of opportunities in this sector because, over time, the value of those distressed properties can increase once the overall economy starts to pick up. Therefore, that property valued at $30,000 could be worth triple its original value in the next three to five years. How is this possible? There are a number of projects coming on stream in Grand Bahama, including the reopening of the Grand Lucayan. This is expected to boost the economy in the near-term. Projects Ranging from industrial to tourism, the Minnis administration has announced a series of developments expected to take place in Grand Bahama within the short to medium-term. The Government is anticipating a more than $2.5 billion deal to revitalise the former Ginn sur mer project in Grand Bahama’s West End through an investment vehicle called Grand Palm Beach Acquisitions Ltd. This project has the potential to revitalise Grand Bahama’s West End and provide a boost to room inventory, which would help to attract more visitors to the island. In addition, a $47 million development by Grand Bahama Project (GBP) Leisure Ltd is currently in the pipeline, and is expected to be a world-class motor sport, tourism and commercial development in West End. On the industrial side, the Government recently signed a Heads of Agreement (HOA) with Oban Energies for the construction of a $5.5 billion oil refinery and storage facility complex. The project is expected to begin construction by the beginning of next year if it satisfies all the requirements of the Bahamas Investment Authority, including an Environmental Impact Assessment (EIA). A youth apiary was launched in Grand Bahama to provide 30 jobs for persons wanting to enter the beekeeping and honey industry. The Government is also seeking to reopen the Grand Lucayan resort complex this year, and reinvigorate a property that once provided nearly 1,000 jobs. A ‘onestop-shop’ framework is also in the works at the Grand Bahama Port Authority (GBPA), in collaboration with the Government, to help improve the ‘ease of doing business’ in Freeport. While this seems like a heavy agenda for the Government, it has to be done in order to get Grand Bahama back on track towards economic prosperity.

Industrial Grand Bahama has a diverse set of industrial leaders such as Buckeye (BORCO), Pharmachem, Polymers, the Grand Bahama Shipyard, Bahama Rock and the Freeport Container Port. These companies provide employment for hundreds of residents, and they help put Grand Bahama on the map for potential investments made in the industrial field. The success of these companies proves that Grand Bahama has the potential to expand its industrial sector. In addition, utility services on the island are also accommodating for future projects. The power and water companies are privately owned, and provide sustainable and reliable services to the business

community and residents. Grand Bahama has also been identified as a ‘technology hub’ for the Bahamas. It has been reported that there is growing interest in medical and educational tourism. There have been talks about a medical school exploring the option of setting up on Grand Bahama, and a new technology company also searching for space to do business. Investing in the industrial sector appears to be the most sustainable and right way forward for Grand Bahama. It could be argued that more investments should be made on this side of the economic spectrum instead of tourism. It may be a bit unusual for a country such as the Bahamas to not make tourism a pivotal means of generating

revenue, but every island in the Bahamas is unique in its offering. Moving Forward Grand Bahama’s economy plays a pivotal role in the development and economic prosperity of the Bahamas. This island is bursting with investment opportunities from a range of sectors. It has room for creative ideas once the right human capital, infrastructure and incentives are in place. Grand Bahamians are ready for this change. The island needs it, and so does the Bahamas. Any investments going forward should be reflective of a long-term plan. It is time to put an end to quick fixes. The interest is there and so are the people. It’s time to make Grand Bahama great again.

POINCIANA SPV LTD. NOTICE INVITATION TO BID

Poinciana SPV Ltd. invites Tenders for the supply and installation of Office Furniture, Fixtures and Equipment to the building formerly known as ‘UBS House’ located on East Bay Street, Nassau, Bahamas. Interested persons can contact the Project Manager via N&M Architects. To obtain a copy of the Scopes of Work and additional information, please telephone: 1(242) 327-8495 or email: info@nandmarchitects.com and/or dhp@dhpassociates.com. All Bids are to be placed in a sealed envelope marked: UBS House Renovations Furniture, Fixtures and Equipment Bid – Poinciana SPV Ltd. c/o N&M Architects #27 Sandyport Plaza West Bay Street P. O. Box SP-61273 Nassau, Bahamas Companies should submit Bids no later than 29th March, 2018. Only persons with a valid Business License, Tax Compliance letter, Registration Certificate and Letter from National Insurance (NIB) stating your company is in good standing need apply.

www.ub.edu.bs

CAREER OPPORTUNITIES Suitably qualified candidates are invited to apply for the position of:Executive Assistant to the President, responsible for providing comprehensive executive level support to ensure the overall efficiency of the President’s Office and manage the President’s administrative needs to advance the priorities of the office. Duties and responsibilities include: maintaining the calendar of the President by scheduling meetings with internal and external stakeholders; planning and coordinating meetings, in collaboration with the Chief of Staff, and other engagements for the President including reserving space, compiling agendas and materials, attending to any catering and set-up needs, and arranging travel and accommodations; preparing internal and external correspondence; assisting in the processing of purchase orders, vendor contracts, and other routine financial transactions, in accordance with university policy; and prioritizing items requiring the President’s immediate attention, re-routing matters to the appropriate Vice President, with notation to the President of action taken. A minimum of a master’s degree or equivalent from an accredited college/ university and a minimum of 3-5 years of administrative experience, preferably in higher education or executive setting, are required. Applicants should deliver a completed application package, by hand, to the attention of Maelynn Seymour-Major, Chief of Staff, Office of the President by Friday, 30th March, 2018. Dean of Students, Oakes Field Campus, with primary responsibility for creating and maintaining a safe, healthy, and supportive environment and culture that blend the intellectual, physical, social, emotional, and spiritual development of University of The Bahamas students. Duties and responsibilities include: providing operational direction and coordination for Health Services, Residence Life, Campus Life, Intramural Sporting activities, and Student Leadership; serving as advisor for Student Government; managing student complaints, facilitating the resolution of disagreements and coordinating the disciplinary process; developing and coordinating policies and procedures relative to all student activities; and preparing all required administrative and student affairs reports, including annual and other reports, operational plans and analyses. A Doctorate or Master’s degree from an accredited university in Student Affairs Administration, Student Development, Education or other directly related field; experience in Student Affairs Administration; and excellent leadership and managerial skills with evidence of programme development, budget management, evaluation and supervision in Student Affairs are required. Persons interested these positions should submit the following documents via email to hrapply@ub.edu.bs and the attention of the Assistant Vice President, Human Resources, by Friday, 6th April, 2018: • A completed University of The Bahamas Application for Employment (www.ub.edu.bs/wpcontent/uploads/2017/01/Application-for-Employment-Staff.pdf);

• A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; • Copies of Relevant Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B Card; • One passport photo; • Copy of official transcript; • At least three, written professional references. For more information on each position announcement visit: https://www.ub.edu.bs/about-us/career-opportunities/ .

PAGE 12, Monday, March 19, 2018

THE TRIBUNE