03202018 business

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Fears IBC Major reforms needed ‘beauty’ for GB ‘tech hub’ plan lost over * Report eyes ‘hundreds of firms in months’ blacklist * $7m-$10m promotion agency proposed * Venture summit, offshore finance IT targeted response T

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

he Government faces a massive task to make Grand Bahama a technology hub, a confidential report has revealed, despite hopes of attracting “hundreds of companies in months”.

A January 29, 2018, report by the Governmentappointed Technology Hub Steering Committee, which has been obtained by Tribune Business, reveals that reforms touching almost every commercial-related public sector agency are required to create the necessary platform for the industry.

The ‘laundry list’ of legal, regulatory and policy changes recommended by the Committee touch entities ranging from the Immigration Department to the Bahamas International Securities Exchange (BISX), plus the Grand Bahama Port Authority (GBPA), indicating the extent of the task required

to achieve a key government objective.

The ‘preliminary recommendations’ nevertheless identify three ‘quick wins’, while calling for the Government to create a ‘Bahamas Technology Industry Promotion Industry’ - armed with a $7-$10 million annual budget - to market this nation to a global industry identified as one of three potential diversification opportunities in a recent Inter-American Development Bank (IDB) report.

Leading the “immediate opportunities” is the Committee’s proposal to target US companies who are heavily reliant on the H1B visa workers impacted

by Donald Trump’s recent Immigration crackdown, which has affected this category. “There are several immediate opportunities

that should be explored by the Government and the Grand Bahama Port Authority in order to support the establishment of a technology industry sector in the Bahamas,” said the report, authored

by Committee chairman, Dr Donovan Moxey, of MobileAssist.

It specifically identified the “recruitment of US companies who want to re-locate workers with soon to-expire or recently expired H1B Visas to the Bahamas.

This would represent an immediate positive impact to the Grand Bahama economy, and would primarily benefit the local economy with respect to opportunities for temporary and permanent housing, transportation, entertainment, restaurants, retail, and education, as well as initially

provide opportunities for non-technical jobs. There are hundreds of US companies and thousands of highly skilled workers that can be recruited and re-located in a matter of months.”

The idea was floated at this year’s Grand Bahama Business Outlook by GBPA president, Ian Rolle, a member of the Committee and who appears to have taken the idea from the report that was coauthored by its vice-chair, Kristie Powell, a Bahamian employed by Google.

The Trump administration has been making it difficult for persons to apply for, or renew, H1B visas, which facilitate the hiring of specialist foreign workers by US companies, and entry of persons with advanced degrees.

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday warned that “all” International Business Companies may TURNQUEST have to submit annual accounts if the Bahamas is to escape Europe’s “blacklist”.

K P Turnquest’s statement, in response to Tribune Business questions, raised immediate fears among financial services practitioners that the “beauty” of IBCs may be lost, given that such reporting requirements would eliminate the advantages associated with using them.

* ‘ALL’ IBCS MAY HAVE TO SUPPLY ACCOUNTS * EU NOTES ‘CHALLENGE’ OF NO CORPORATE TAX * DPM: EU ‘CONTRADICTORY’ ON EXPLANATION One executive, speaking on condition of anonymity, said such a move risked a repeat of the post-2000 ‘blacklisting’ by the Financial Action Task Force (FATF), when the Bahamas went further than other international financial

SEE PAGE 5

FINANCIAL INDUSTRY’S ‘CHECK’ ON EXCEEDING EU DEMANDS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian financial services industry will serve as a ‘watchdog’ to ensure this nation does “not go beyond what’s required” to escape Europe’s ‘blacklist’, a senior executive said yesterday.

Tanya McCartney, the Bahamas Financial Services Board’s chief executive, told Tribune Business that the sector was keenly aware of the need to “strike a balance” between meeting the European Union’s (EU) demands and maintaining its competitiveness.

With the 28-nation EU’s demands of the Bahamas well-known, Ms McCartney said it was now critical for the financial services industry to work closely with the Minnis administration to determine the best strategy for ensuring the country was de-listed.

Emphasising that the Bahamas was “not alone”, or the sole “victim” of an initiative with global reach, the BFSB chief executive pledged that the sector would “do the necessary research” and benchmarking to ensure its response did not exceed requirements.

“BFSB, as an advocate for industry, is going to ensure we do the necessary research such that any steps we take allow us as a jurisdiction to remain competitive,” Ms McCartney told Tribune Business.

“These rules do not apply to us in isolation.

“Any country that participates in BEPS is going to have to take steps to put in place country-by-country reporting for multinational companies. I’m sure the required benchmarking is being done, but once we have had a chance to look at the proposed legislation in detail, BFSB will provide

* Bahamas ‘must strike balance’ on delisting * Sector seeks compliance and competitiveness * BFSB chief urges no judgment rush on plan

TANYA McCARTNEY feedback if we’re going beyond what’s required.

“We know we need to strike a balance between complying with international requirements and creating an environment for this business to grow.”

Ms McCartney was speaking as fears grew among some financial services executives that the Government’s proposed legislative reforms,

designed to secure ‘delisting’ from the EU’s ‘blacklist’, might cost the Bahamas a significant portion of its current financial services business - especially that tied to International Business Companies (IBCs).

A key attraction of Bahamian-domiciled IBCs is their minimal reporting requirements, but K P Turnquest, the Deputy Prime Minister, yesterday warned that planned legislation might require “all IBC-type entities to submit statutory financial accounts”.

The Multinational Non-Resident Entities Financial Reporting Bill, named in Parliament yesterday, appears to be the

centrepiece of the Government’s ‘blacklist’ response, but it is unclear whether its accounting/reporting mandate will apply to all IBCs or just those entities that are part of multinational corporate structures.

Carl Bethel QC, the Attorney General, previously said the Bill would impose ‘country-by-country’ reporting of profits and losses on Bahamian entities that are part of a multinational company’s corporate network, once the latter’s consolidated annual revenues are above a certain threshold.

This financial information would then be passed to the Bahamas’ ‘Competent Authority’, the

Ministry of Finance, which would then share it with tax authorities in the relevant countries where these multinationals have physical operations. The ultimate goal is to ensure such corporations pay due taxes in the countries where they are generated.

The EU’s demands on this issue are directly linked to the Base Erosion and Profit Shifting (BEPS) initiative, which is being driven by the Organisation for Economic Co-Operation and Development (OECD), and has the same objective of preventing tax avoidance by multinational corporations using the likes

SEE PAGE 4

‘AMAZING’ IF BAHAMAS FLATS FISHING GETS 50% CHICKEN ADVOCATES URGE SELF-SUFFICIENT OBAN’S RELOCATION

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net AN Abaco poultry producer yesterday said it would be “amazing” if the Bahamas could produce even half the poultry it consumes “within two years”.

Lance Pinder, operations manager at Abaco Big Bird Farm, told Tribune Business that the Minister of Agriculture’s target for the Bahamas to become self-sufficient in chicken production by 2020 was “ambitious” but achievable if there was buy-in from all stakeholders.

“I think if everyone gets on board it could be realistically done. You have to have all of the players; the

wholesalers, government and the farmers, who want to do it. That’s a big goal but not impossible,” said Mr Pinder.

He was speaking after Renward Wells, minister of agriculture and marine resources, last week suggested that the Bahamas could become a self-sufficient chicken producer in two years, given that the Government has committed to providing a tax incentive framework to rejuvenate local output.

The Minister added that local Bahamian producers currently serve just 1 per cent of the market.

Mr Pinder said foreign imports, and logistical challenges related

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN flats/bonefishing advocates yesterday called for the $5.5 billion Oban Energies project to be relocated, warning: “We don’t want to find out” the impacts if it goes wrong.

Justin Lewis, the Bahamas’ manager for the Bonefish & Tarpon Trust, told Tribune Business that the controversial project threatens a key location for an industry that generates an annual $141 million annual impact for this nation’s economy.

Mr Lewis, a Freeport and Grand Bahama native, said the oil refinery/storage terminal was currently earmarked for a site situated

between two major bonefish spawning grounds.

He added that in a “worst case scenario”, dredging silt or accidental oil spills could wipe out an “entire population of fish” in an area of the Bahamas that is especially popular for bonefishing.

Arguing that the sector “doesn’t want to find out” the consequences of an environmental accident at Oban Energies, Mr Lewis suggested the Bahamas was potentially endangering its “most valuable resource” the ocean. “We are advising that the Government look at different options for this project, specifically at different locations,” he told Tribune Business. “Just not

SEE PAGE 6

PAGE 2, Tuesday, March 20, 2018

THE TRIBUNE

Web shops to go $3m above civic obligation THE web shop industry yesterday said its 2018 civic and charitable contributions will exceed legal requirements by $3 million.

The Bahamas Gaming Operators Association (BGOA), in a statement, said it was ‘doubling down’ on its commitment with a collective $7.1 million pledge Gershan A. Major, the Association’s chief executive, said its 2018 budget and annual operating plan had made provision to go beyond the $4.1 million contribution to civic and corporate responsibility that is mandated by law.

He said: “I am so pleased that the Board of Directors have agreed to increase the Association’s commitment for 2018 to ensure we are able to effectively fulfill our broader community building mandate in meeting our civic and corporate responsibility.”

The Association said it plans to focus on education, culture, sports, wellness, technology innovation and entrepreneurship. It will also promote the awareness and education related to responsible gaming.

And ‘Adopt a School Programme’ will also be

GERSHAN MAJOR launched, offering scholarships to the best and brightest students, starting at the primary achool level.

The Association said it will also invest in creating community centres throughout the Bahamas, and promote wellness in lifestyle and health management to tackle diseases such as hypertension and diabetes.

The technology and innovation drive will focus on maths and science, app development and coding in partnership with educational institutions and other corporate partners.

Mr Major said: “We believe in nation building, which in the words of the former Governor-General, Sir Arthur Foulkes, is about the building of a people.”

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Tuesday, March 20, 2018, PAGE 3

BPL INKS WITH CREDIT SUISSE FOR $100M

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMAS Power & Light (BPL) has executed an engagement letter with Credit Suisse for the provision of up to $100 million in interim financing, the Minister of Works said yesterday.

Desmond Bannister, making his contribution to the mid-year Budget debate, said: “We expect to be able to apply funds to improve generation, transmission and distribution, and in developing the automated metering infrastructure.

“Once that infrastructure is put in place, consumers will be able to pay as they go, and BPL will no longer have to expend time and resources disconnecting and chasing down consumers who run up huge bills and then fail to pay.”

Mr Bannister said BPL was seeking to make better use of its financial assets, adding: “Approximately $22 million of the Sinking Fund monies that, under Power Secure, were placed as fixed deposits earning from 0.5 per cent to 1 per cent interest annually, are now placed in Bahamas Government Registered Stock, yielding between 3.1 per cent and 4.75 per

DESMOND BANNISTER cent, which amounts to approximately $600,000 semi-annually.

“BPL has also restructured its bonds so that

the existing loans that are secured by Government guarantee are intended to be paid from Rate Reduction Bonds, for which the mechanism will be put in place during the second quarter 2018.

Several world-class financial institutions have expressed their interest in participating in the process.”

Mr Bannister said preparations are underway to ensure BPL is ready for the summer season and able meet peak demand.

“The islands of Bimini, Abaco, Exuma and New Providence will be targeted for special attention before June,” he emphasised.

“However, I hasten to advise that generation capacity audits are being conducted of all Family Island locations and will be completed by March 30 this year. Bimini and other islands may require back-up generation during the summer, and accordingly a transmission and distribution evaluation was conducted in both Abaco and Bimini. We want to ensure that BPL is at its best this summer.

“An amazing amount of work has also been done in New Providence. At the Clifton Pier powerstation BPL seeks to ensure stability amidst growing demands. Accordingly, BPL

has overhauled a number of generators, and taken preventative action, and will continue to overhaul others to ensure that they are able to meet the rising system demand.”

Mr Bannister added: “At the Blue Hills power station, one critical generator is currently under major inspection. The work is expected to be completed

by April 26.

Additionally, the leases of the 80 MW of rental units have been extended at a savings in excess of $5 million to the Bahamian people, and their use will be further extended to ensure reliability for the peak summer demand.”

Enterprises ‘No time for complacency’ Commercial Act: Three are approved over EU blacklist escape

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A Cabinet Minister yesterday warned that “‘this is not a time for complacency” in efforts to ensure the Bahamas escapes the European Union’s (EU) ‘blacklist’.

Brent Symonette, minister of financial services, told the House of Assembly there was a “high political level commitment” to address the concerns of the EU’s Code of Conduct Group by the end of 2018 and ensure the Bahamas is delisted as soon as possible.

Mr Symonette said that in December 2017 the Bahamas signed the Organisation for Economic Co-Operation and Development’s (OECD) Convention on Mutual Administrative Assistance in Tax Matters, and the Multilateral Competent Authority Agreement.

The Bahamas also became a member of the Inclusive Framework for the implementation of the OECD’s Base Erosion and

Profit Shifting (BEPS) initiative that same month, with all three moves demanded by the EU to avoid being listed as a non-cooperative jurisdiction in the fight against tax avoidance.

“We believe that signing on to these initiatives sends a loud and clear message to our international counterparts that the Bahamas is a cooperative jurisdiction that is very serious in its commitment to adhering to and implementing international standards relative to tax compliance and co-operation,” said Mr Symonette.

“The Bahamas has never refused to co-operate or engage with the EU. In fact, we have been actively engaged and consistently cooperating with their requests and concerns.”

Mr Symonette stressed that this nation must engage in more active discussions with the EU while still maintaining its sovereignty. He, together with Deputy Prime Minister, K Peter Turnquest, and a small delegation of officials recently travelled to Brussels in an

effort to engage the Code of Conduct Group and the EU Council directly, in hope they would not ‘blacklist’ the Bahamas.

“We were told that there was not enough time for the Council to review the information we presented before taking their decision. Notwithstanding the positive work already being undertaken, we have made a high political level commitment to discuss and address the concerns of the Code of Conduct Group by the end of 2018, and to ensure the Bahamas is delisted as soon as possible,” Mr Symonette said.

He suggested that the former Christie administration should take some of the blame for the ‘blacklisting’.

“We see that at times during the former administration letters were not answered, action was not taken and we are working against that background. We’re not being critical of this issue. The facts are stubborn, they are what they are and we will move on,” Mr Symonette said.

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THREE applications have been approved thus far under the Commercial Enterprises Bill, a Cabinet Minister said yesterday.

Brent Symonette, minister of financial services, trade and industry and Immigration, told the House of Assembly yesterday: “So far there have been three applications that have been approved under that Bill for commercial enterprises.

“The Bill is working. One is for computer programming and software design, one is to deal with the whole question of trading with international companies, and the other is a data and analytics and machine intelligence company.

Those were approved several weeks ago, coming directly out of the Commercial Enterprises Bill.”

The Commercial Enterprises Act, officially known as the Act for the Designation of Specified Commercial Enterprises and Specified Economic Zones in the Bahamas, “seeks to liberalise the granting of work permits to an

enterprise that wishes to establish itself in the Bahamas, and requires work permits for its management team and key personnel”. The company’s investment, however, must be a minimum of $250,000.

The legislation enables a ‘specified commercial enterprise’ to obtain an Investments Board certificate granting it a specific number of work permits for certain positions.

The certificate, which will initially be issued for one year and can be renewed, would allow key personnel to set up the company’s physical operations in the Bahamas before they obtain a work permit.

Such a permit must be applied for within 30 days of their entry, and the Act mandates the Director of Immigration to make a decision on approval within 14 days of receiving the application.

If the director does not respond within that timeframe, the work permit will be “automatically deemed to have been granted”.

Work permits issued under the Bill’s provisions will be for a three-year period, and are renewable for the same duration.

PAGE 4, Tuesday, March 20, 2018

THE TRIBUNE

Financial industry’s ‘check’ on exceeding EU demands FROM PAGE 1 of IBCs as passive ‘fronting’ vehicles. Compliance with BEPS is one of the three criteria being used by the EU to determine whether countries are cooperative in the fight against tax avoidance, but Ms McCartney yesterday warned the Bahamian financial services industry from ‘rushing to judgment’ until it saw the Government’s planned reforms.

“We’re working very closely with the Government to develop an action plan to ensure we do what is required to address the concerns raised by the EU,” she told Tribune Business.

“We have to continue to work hard to get off the list in the shortest possible time, and that’s what we’ve committed to doing and helping the Government to achieve that.

“I don’t think we should be concerned until we see what the Government is proposing..... We need to be briefed by the Government, and then look at what

they’re proposing, look at the impact and then provide feedback on how to mitigate any fall-out.”

Ms McCartney said the BFSB’s International Initiatives Working Group would assess the proposed legislation, adding that the Bahamas already knew ‘what’ the EU wanted and now needed to work out ‘how’ best to comply without undermining the competitiveness of the financial services industry and wider economy.

“We know what the EU expects; there’s no uncertainty as to what’s required of us,” she said. “The EU has made it very clear what’s required of us, and we have to do that by the end of this year.

“How we take these steps is what the private and public sectors have to work on. There’s no uncertainty on what we have to do. The Government is committed to do what it has to do, and the industry has to provide feedback on the recommendations and how we can mitigate any negative

impact to industry based on our responses.

“The reality is the Bahamas is not alone in this.

It’s not as if we’re a victim, the only country asked to implement these measures,” Ms McCartney said.

“This is a worldwide initiative, and the Bahamas can benchmark against what other jurisdictions have done.

“We’re not alone in this.

Sometimes it seems as if these rules only apply to us, but that’s not the case.”

Ms McCartney revealed that the BFSB has been fielding calls from Bahamian and international financial services providers concerned about the EU ‘blacklisting’, its potential impact and what it means for this jurisdiction.

She added that such calls were being dealt with on “a case-by-case basis”, and said the BFSB was working with the Government to set up an industry-wide briefing for this week so Bahamian financial industry players understood “the way forward”.

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Tuesday, March 20, 2018, PAGE 5

Fears IBC ‘beauty’ lost over blacklist response FROM PAGE 1 centres (IFCs) by eliminating “bearer shares”.

That resulted insignificant IBC-related business moving from the Bahamas to the British Virgin Islands (BVI), which ‘immobilised’ such shares, and the executive said he would hurriedly check with his BVI and Cayman Islands contacts to determine if this nation’s key IFC rivals were implementing similar requirements to meet the European Union’s (EU) demands.

Concerns over whether the Bahamas’ response could undermine its competitiveness were sparked after Mr Turnquest confirmed that new financial reporting requirements are necessary to address the EU’s rationale for ‘blacklisting’ this nation as non-cooperative in the fight against tax avoidance.

Referring to planned legislation, the Deputy Prime Minister told Tribune Business: “The proposed Bill outlines the requirements, but generally it may require all IBC-type entities to submit statutory financial accounts.”

He added that while the EU had not pushed the Bahamas to introduce new taxes, it had pointed to the “challenges” the absence of a corporate income tax structure creates for this nation in complying with its demands.

“I can’t say at this point that they have suggested introduction of taxes,” Mr Turnquest told Tribune Business. “However, they have noted the absence of such a structure and the challenges that places on our ability to meet transparency and reporting requirements, particularly in respect to enforcing economic substance requirements, physical presence requirement, etc.

“We continue to review and investigate these issues as we develop the strategy for the industry going forward.”

Brent Symonette, minister of financial services, yesterday identified the ‘proposed’ Bill as The Multinational Non-Resident Entities Financial Reporting Bill when addressing the House of Assembly during the mid-year Budget debate.

He, too, warned that “additional accounting and reporting requirements”, as well as changes to the Bahamas’ legal and regulatory regime, will be required to escape the EU’s ‘blacklist’.

But Mr Symonette, as with Mr Turnquest, declined to go into detail as efforts to ensure this nation’s delisting were “a sensitive issue” that is still ongoing.

But, based on its name, the Multinational NonResident Entities Financial

Reporting Bill appears to be the legislation referred to by Carl Bethel QC, the Attorney General, in an interview with Tribune Business the weekend before last.

Mr Bethel revealed his ministry had just completed drafting a Bill that would impose “country” reporting of profits and losses on Bahamian entities that are part of a multinational company’s corporate network, once the latter’s consolidated annual revenues are above a certain threshold.

This financial information would then be passed to the Bahamas’ “Competent Authority”, the Ministry of Finance, which would then share it with tax authorities in the relevant countries where these multinationals have physical operations. The ultimate goal is to ensure such corporations pay due taxes in the countries where they are generated.

Mr Bethel’s comments suggest that only IBCs that are part of multinational corporate structures, rather than “all” Bahamasdomiciled IBCs, will be subjected to such reporting requirements in a bid to address the EU’s concerns.

The 28-nation EU justified “blacklisting” of the Bahamas on the basis that it had not done enough to prevent corporate structures and entities, such as IBCs, from being used by multinationals to move, and book, profits and losses if they have no physical presence - or conduct no substantial activities within that jurisdiction.

This potentially means an end to IBCs, one of the Bahamas’ most popular products, being used as passive or “fronting” vehicles in investment structures.

There is nothing wrong with such uses in and of themselves, but there have been warnings ever since the 2000 ‘‘blacklisting’’ that IBCs needed to conduct “real business”.

The details of the Government’s planned legislation are currently unknown, beyond the Attorney General’s Office and Cabinet ministers, but Mr Turnquest’s warning yesterday rang immediate “alarm bells” among some in the Bahamian financial services industry.

One executive, speaking on condition of anonymity, said the proposed legislation threatened to eliminate the main advantages associated with using IBCs, namely their minimal reporting requirements.

Currently, Bahamasdomiciled IBCs only have to file registers of their officers and directors; give the name and address of their registered agent; and give notice of any mortgages and other charges over their assets. The financial accounting/reporting demanded by the EU will thus dramatically increase their regulatory burden.

“Minimal reporting was the whole beauty of using IBCs,” the executive told Tribune Business. “That’s what separated IBCs from domestic companies. With all this bureaucracy about filing accounts and the rest of it, there’s no big distinction any more.

“That will kill the IBC business. You’ll have to file public accounts. You know what that will do; the business will go to the BVI and Cayman, where they don’t have to do that. That’s where it’s going to go.”

The executive said he would quickly check with BVI and Cayman contacts to see if those IFCs were implementing similar measures to satisfy the EU, but warned that maintenance of a regulatory “level playing field” may not be enough to maintain the Bahamas’ competitiveness versus its Caribbean rivals.

“The principal attraction of the Bahamas was based on tax avoidance and confidentiality/secrecy in the old days,” they recalled. “It was never on efficiency. It was

more efficient to use the BVI and Cayman because all the UK accountants and law firms all had offices out there, and they went to work around the clock.

They were able to turn out product much cheaper and efficiently than we could do.

“If there is no longer a regulatory level playing field, we have a major problem. [Our advantage] was based on secrecy and minimal reporting requirements. If the latter is now gone, there’s no advantage to being here. I think we’re in for a tough ride. This is very concerning. I’m very concerned. This is a big problem.”

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, yesterday pledged that the industry would inform the Government if its proposed law reforms “go beyond what is required” once it has a chance to review the legislation (see other article on Page 1B).

Mr Turnquest, meanwhile, said the Government would seek to minimise the extra costs associated with the EU-related financial reporting in a bid

to maintain the financial services industry’s competitiveness.

“We are very concerned over any increase in the cost or ease of doing business in the Bahamas,” he told Tribune Business.“We will seek to utilise technology and streamline compliance obligations.”

Mr Turnquest said the Government expected to begin consultation with the financial services industry “this week” over the Bahamas’ ‘blacklist’ response, and anticipated “minimal fallout” from the EU’s action due to the belief this nation will swiftly be delisted.

He added that the Minnis administration planned to “invest in a PR campaign to

let the world know what the Bahamas is and what it is not”, in a further attempt to mitigate any adverse consequences for the industry and wider economy.

The Deputy Prime Minister also accused the EU of being “contradictory” in its explanation for why letters signed by himself, confirming the Bahamas’ commitment to meeting all its demands by year-end 2018, and other submissions were not taken into account before the final ‘blacklisting’ decision was made.

“In e-mails they said they forwarded [these] to [EU] ministers, but in the meeting they said the ministers did not have time to review our submissions,” added Mr Turnquest.

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PAGE 6, Tuesday, March 20, 2018

THE TRIBUNE

Flats fishing advocates urge Oban’s relocation FROM PAGE 1 at that spot. “From my sources, and because I’m from Freeport and have been out there and taken a look around, it’s [the Oban

facility] going to be a mile or two miles east of Statoil.”

Mr Lewis’s suspicions tally with what Tribune Business was told in November 2017 by Oban’s non-executive chairman, Peter Krieger. He, too, said the development will be based within one

to two miles of east Grand Bahama’s existing Statoil terminal.

“It’s already a bonefish spawning and migrating range,” he told Tribune Business of the area. “It’s a really important home range area for bonefish, as they have really small home ranges. If something happens, a whole population will be displaced.

“Any dredging, oil spills, that spot is right between two major spawning-aggregation sites. The worst case scenario is we lose a whole local population of fish; a whole spawning population of fish.”

Mr Lewis’s comments come just as Dr Hubert Minnis, the Prime Minister, is today expected to address the House of Assembly on the Oban Energies deal as part of the mid-year Budget debate.

The environmental aspects of the Government’s Heads of Agreement with Oban Energies have already come under fire, after it was revealed that an unfavourable Environmental Impact Assessment (EIA) will not lead to the

project’s termination or relocation.

Instead, the agreement seems to commit the Government to work with the developer to mitigate and address all deficiencies, while the sanctions for any environmental infractions

by Oban Energies appear to be capped at $3.5 million.

“We don’t want to know, and we don’t want to find out,” said Mr Lewis on the potential environmental impact. “Our most valuable resource in the Bahamas is the ocean, right? Is it really necessary to have something that will negatively impact the environment no matter where it’s put?”

The Bonefish & Tarpon Trust conducted a 2010 study that showed flats fishing contributes $141 million annually to the Bahamian economy, and Mr Lewis said many guides and fishermen regularly use the area that will be impacted should the Oban Energies project proceed.

Pointing to coral reefs and other nearby environmental attractions, he added that the refinery/storage terminal’s location was “probably not more than

NOTICE

NOTICE is hereby given that LENLINE MITCHELL of Spring City, 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 twentyeight days from the 20th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT MONDAY, 19 MARCH 2018

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

BISX ALL SHARE INDEX: CLOSE 2,024.97 | CHG -5.23 | %CHG -0.26 | YTD -38.60 | YTD% -1.87 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 7.50 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

52WK LOW 3.50 17.43 7.50 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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00

SYMBOL LAST CLOSE AML 4.23 APD 17.43 BPF 9.09 BWL 3.34 BOB 1.00 BBL 0.18 CAB 3.62 CIB 8.70 CHL 6.10 CBL 4.54 CBB 10.05 CWCB 2.90 DHS 1.50 EMAB 7.47 FAM 6.10 FBB 10.10 FIN 6.41 FCL 4.47 JSJ 12.51 PRE 10.00 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

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.62 8.70 6.10 4.50 10.05 2.81 1.50 7.54 6.10 10.10 6.41 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 -0.04 0.00 -0.09 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

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

110.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.02 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

110.34 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 20,000 100

5,097 20,300

100 250

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 26.3 15.9 27.5 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% 2.67% 6.87% 2.14% 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

0.000 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

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

10 miles away” from east Grand Bahama’s Marine Protected Area (MPA) and “probably not another 10 miles away” from the Lucayan National Park.

“The Lucayan National Park is probably the most visited national park in the Bahamas,” Mr Lewis told Tribune Business. “As well, there’s pre-spawning aggregate sites for bonefish in the Lucayan National Park and east Grand Bahama Marine Protected Area.”

The Bonefish & Tarpon Trust, which works to conserve bonefish and their habitats throughout the Caribbean and Central America, set out its concerns over the Oban Energies project in a March 6, 2018, letter to the Prime Minister.

Describing flats fishing as “a valuable, sustainable natural resource that benefits thousands of Bahamians, especially in rural communities”, Mr Lewis wrote on its behalf that Grand Bahama has an “expansive, healthy flats fishing habitat and thriving recreational bonefish industry.”

He warned, though, that the sector and surrounding environment faced “a significant threat” from activities such as dredging, sand mining and other industrial uses.

“We received the news of the recently-announced Oban Energies development in east Grand Bahama with great interest due to its potential impacts to the flats, coral reefs and deep ocean - our most valuable natural resources - not only in that area, but along the entire southern and eastern end of Grand Bahama,” Mr Lewis said.

He added that the “significant dredging” required

to give tankers access to Oban’s docks and jetties would pose risks to the marine environment and water aquifers, and called for “closer scrutiny” of the refinery’s proposed production of 250,000 crude oil barrels per day.

“Heavy crude oil is similar to bitumen, which comes from the oil sands of Canada, and has caused significant environmental issues there,” Mr Lewis warned Dr Hubert Minnis.

“Heavy crude emits three times’ as much carbon dioxide as regular crude oil and even coal, and contains large quantities of heavy metal contaminants and sulfur.”

He added that the silt from dredging would likely be carried by “prevailing winds and currents” to the beaches, flats and coral reefs along the southern and eastern Grand Bahama shores, with the Lucayan and Northside-Gap National Parks and east Grand Bahama Marine Protected Area “directly in harm’s way”.

Mr Lewis urged the Government to use “the greatest care” in assessing the Oban Energies project, and called on the EIA to account for the potential negative impacts on east Grand Bahama’s tourism industry and flats fishery sector.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

NOTICE

NOTICE is hereby given that LEVAN LEON PINNOCK of Bel-air Estates, P.O. Box N-4912, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th 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 YOHANCE AKINTOLA BOWEN, #101 Explorer Way, Hudson Avenue, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of March, 2018 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Freeport, Bahamas.

NOTICE

NOTICE is hereby given that ANNASTACIA OSTRAL of Treasure Cay, 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 20th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Tuesday, March 20, 2018, PAGE 7

Bahamas ‘captivates’ at global conference BAHAMIAN financial services executives and regulators partnered to attend a major captive insurance conference in the US. The Bahamas Financial Services Board (BFSB) and members of the Insurance Commission

of the Bahamas (ICB) attended the Captive Insurance Companies Association (CICA) conference from March 12-13, which was held under the theme ‘The Challenge Of Change’.

Captive insurance is a means

of self-insurance, allowing companies to finance and manage their unique risks.

CICA attracted over 300 delegates, and covered topics such as: International Captives - Taming the Beast; Latin America and Emerging Captive Markets; Spicing up your

Captive; and Captive basics to address the Challenge of Change.

The Bahamas’ presence was intended to ‘captivate’ attendees on the potential benefits from using this jurisdiction for external insurance, and attract more captives.

PICTURED L to R are: Candice Bain (Bahamas Cooperative League); Indira Munroe-Farrington (BFSB); Sinead Bethel (ICB); Santia Dean (BFSB); and Phelice Jones (ICB)

Major reforms needed for GB ‘tech hub’ plan FROM PAGE 1 Such workers are in high demand among technology companies, and the Committee’s thinking appears to be that the Bahamas offers a convenient offshore base in close proximity to the US should such firms have to relocate H1B personnel or themselves.

“The current cap of H1B visas in the US represents an opportunity for the Bahamas to attract skilled workers and the companies that want to hire them. This could be a great opportunity to re-locate company teams/divisions to the Bahamas who have H1B visas that are set to expire soon,” the Committee’s report enthused.

However, it immediately noted that Immigration and

work permit reforms would be required to facilitate such an effort. The Committee suggested that H1B permit holders “be fast-tracked and receive comparable Bahamas work permits”, provided such applications are sponsored by a company domiciled in this nation.

“The Government may want to consider creating a new type of work permit to specifically serve as a fast-track replacement for holders of a current or recently expired (within 12 months, or longer as per Immigration guidelines) of US H1B Visas,” the report suggested.

“The Government will also need to create corresponding spousal/partner and dependents residency

permits for holders of H1B Visas. Spouses/partners should not get work permit status unless they are also employed by the company in a technical area.”

In a nod to ensuring Bahamian participation, the Committee’s report said work permits for technology-related companies should be limited to two three-year terms, while ‘non-technical posts’ should be “reserved for Bahamians as a first priority where possible”.

“Full transparency in the work permit process, with set timelines for the processing of all applications” was identified by the Committee as essential to establishing Grand Bahama as a technology hub, with training and education key to ultimately creating

“a pipeline of qualified Bahamians” to staff these companies.

The Committee also called for the staging of a Venture Capital Conference, focused on attracting Blockchain, FinTech (financial technology) and cryptocurrency start-ups who are seeking financing for their initiatives.

“We can host a venture capital conference in Grand Bahama focused on attracting Blockchain technology solutions companies, FinTech and cryptocurrency start-ups started by local and international entrepreneurs seeking venture capital funding,” the report said.

“The Bahamas can position itself as a region that is taking a lead in supporting

the global venture investment environment for these next generation technologies. This conference should be hosted in Spring 2018 to accommodate the normal investment and deal flow cycles of venture capitalists.

“This type of event will bring attention to the Bahamas as a major player in these new technology areas.”

Nothing has been heard to-date about whether this proposal will be executed, with the Committee calling for the targeting of ‘offshore financial services companies’ IT functions as its third and final ‘quick win’.

“The Bahamas can position itself as an ideal location where the IT divisions of numerous offshore

financial services providers can set up their offices,” the Committee argued.

“These offices can be located in a low tax jurisdiction that accommodates their IP protection and resource needs, while still maintaining their global reach.”

The report, marked confidential, was presented to Kwasi Thompson, minister of state in the Prime Minister’s Office in late January.

The Committee’s members also included Gershan Major, now chief executive of the Bahamas Gaming Operators Association; Damian Blackburn, Aliv’s top executive; Bahamas Local’s Jason McDowall; Paul Winder of Deltec Bank & Trust; and Dr Ian Strachan at the University of the Bahamas (UoB).

‘AMAZING’ IF BAHAMAS GETS 50% CHICKEN FROM PAGE 1 to inter-island shipping, are among the challenges facing poultry producers such as Abaco Big Bird.

The company also produces limes and avocados, and Mr Pinder underscored

the importance of market access.

“You need to have market access; it can’t just be at the whim. A store could just decide not to put your produce on the shelf ‘just because’, and that can’t happen,” he added.

“I think what the Minister has said is certainly ambitious, but if we could even get half-way in two years that would be amazing.”

Mr Wells said Bahamians consume about 40 million pounds of chicken each year.

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 •

•

• • • • • • • • • • •

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.

PAGE 8, Tuesday, March 20, 2018

THE TRIBUNE