03262018 business

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MONDAY, MARCH 26, 2018

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US: Bahamas ‘losing competitive FDI edge’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Bahamas is “losing its competitive edge” on foreign direct investment (FDI) to Caribbean rivals as a result of its ‘ease of doing business’ woes, the US government has concluded.

The US International Trade Commission (USITC), in its latest report on the Caribbean Basin Economic Recovery Act, which underpins the oneway trade preferences favouring multiple Bahamian exports bound for America, noted that FDI flows to this nation have “fluctuated dramatically in recent years”.

Coinciding with Baha Mar’s ‘stalling’, such flows dropped “sharply” from $1.3 billion and $1.6 billion in 2013 and 2014, respectively, to just $408 million in 2015, according to the report.

* Bahamian radio stations accused on copyright * ‘Ease of business’ woe hits ‘fluctuating’ flows * Trade deficit up 44% in 2017’s first 8 months Suggesting that the “structural bottlenecks” identified in the latest International Monetary Fund (IMF) report were also to blame, the USITC said: “Part of this drop-off in FDI can be explained by the Bahamas’ losing its competitive edge for attracting investment to other CBERA [Caribbean] countries, with issues relating to property registration, electricity, access to credit, and protections for minority investors hindering the development of new business opportunities.”

FDI inflows to the Bahamas are thought to have recovered somewhat in 2016 and 2017, and the Minnis administration is banking on further increases to help

TAX REFORM KEY TO GET BAHAMAS TO ‘MID-SHORE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will only gain “respite” from international regulatory initiatives if it implements a tax regime that moves it to “mid-shore”, a well-known attorney has warned.

Michael Paton, a former Bahamas Financial Services

* NEW REGIME ONLY WAY FOR OECD/EU ‘RESPITE’ * SINGAPORE, QATAR KEY MODELS TO EMULATE * ATTORNEY: WHAT WILL SATISFY EU BY YEAR-END? SEE PAGE 11

FEARS OBAN CONTROVERSY WILL DETER OTHER INVESTORS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net OBAN Energies has moved to reassure its $5.5 billion project is ‘for real’ amid concern that the ongoing controversy could deter other investors from coming to Grand Bahama.

The oil storage terminal/refinery developer, in

* $5.5BN PROJECT MOVES TO SHOW ‘FOR REAL’ * 40-YEAR REFINERY VETERAN ON ADVISER BOARD * CONCERNS ON 690-ACRE CROWN LAND DEAL SEE PAGE 4

UNIONS UNITE TO FIGHT ‘CATASTROPHIC’ RULING

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Trades Union Congress (TUC) is seeking permission to appeal a “catastrophic” ruling that takes Bahamian workers “back

SEE PAGE 8

* SAY WORKERS TAKEN ‘BACK TO PRE-1942’ * APPEAL COURT SAYS INDUSTRIAL DEALS ARE CONTRACTS * BUT UNIONS CLAIM THIS ‘WIPES OUT’ JOB SECURITY

drive GDP growth, job creation and foreign exchange earnings as it bids to pull this nation out of its decade-long ‘low to no growth’.

The USITC report’s conclusion, though, illustrates the extent of the work that has to be done as the Bahamas bids to integrate more fully into the world’s rules-based trading regime via accession to full World Trade Organisation (WTO) membership by end-2019.

And the US Trade Representative’s report on CBERA, released at around the same time as the USITC’s, accused unnamed Bahamian radio stations of broadcasting music without obtaining permission or paying the necessary royalties - a violation of

copyright. “WTO accession efforts, coupled with the implementation of the EPA (Economic Partnership Agreement with the European Union), have aided the Bahamas’ effort to modernise its intellectual property laws. In 2015, the Bahamas passed legislation to establish a new and more extensive intellectual property rights framework,” the US Trade Representative’s report said.

“The laws are pending, however, and enforcement of existing intellectual property rights legislation is weak. US trade industry groups have expressed concerns that commercial radio stations in the Bahamas

SEE PAGE 6

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IBCs face ‘much damage’ through blacklisting Bill

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ ‘blacklisting’ response threatens to “cause a lot of damage” to its IBC business and create “much less certainty” for the financial services industry, a top attorney is warning.

Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business that the proposed Multinational Entities Reporting Bill was likely to produce adverse ‘unintended consequences’ - especially through its repeal of the Stamp Act exemption for IBCs. The new Bill removes a host of tax exemptions for IBCs, including their freedom from Stamp Duty on transactions involving their shares, debt and security, and Mr Paton urged the Government to address how this tax will apply going forward.

He also warned that the Bill, in seeking to address the European Union’s (EU)

* CONCERN ON STAMP EXEMPTIONS REPEAL * ‘A LOT LESS CERTAINTY’ FOR FINANCIAL SECTOR * CALL TO SPLIT BEPS, EU ISSUES INTO TWO

MICHAEL PATON rationale for ‘blacklisting’ the Bahamas through the elimination of ‘ring fencing’, and preferential tax regimes for foreign investors and non-resident entities, was introducing significant uncertainty for

SEE PAGE 9

PAGE 2, Monday, March 26, 2018

THE TRIBUNE

YOUNG entrepreneurs (L to R) L. Rashad Major, Timothy Smith and Danny Lowe launched a selfdrive truck rental company just over a year ago with one F-150 open bed truck. The business has been so successful that they now have a fleet of five, including the newest box truck.

Entrepreneurs expand trucking fleet five-fold THREE Bahamian entrepreneurs and a ‘silent’ partner have expanded their self-drive truck rental firm’s fleet five-fold after just one year in business.

Timothy Smith, Danny Lowe and L. Rashad Major are now targeting their own facility for the trucks’ housing and maintenance, following the successful launch of EZ Haul.

“We started out with one used F150 truck in good condition, and we added trucks as the demand justified. We just introduced our first box truck, allowing us to serve a segment of the market we were unable to provide for before,” said Mr Smith, 24. “We believe it will jump-start the biggest single lift to our business yet.”

While the open-bed trucks have been in nearly constant rental by independent contractors, small business operators and others who occasionally need a vehicle, the enclosed

truck will meet the needs of smaller furniture companies; do-it-yourself home or small office movers; freight forwarders and those who want the security and weather protection of enclosed transport.

All three principals are hands-on, from creating the business model based on the efficacy of renting rather than purchasing to sharing responsibility for the management of rentals; checking out the trucks and checking them back in; handling maintenance; servicing; insurance; and fuel.

The trio created their own website and manage their Facebook page. All three balance truck rental company tasks with their lives as real estate professionals, Messrs Lowe and Smith with Mario Carey Better Homes and Gardens Real Estate, and Mr Major with Bahama Islands Realty.

Mr Smith was this year’s top producer among younger realtors at his

company, an award that went to Mr Lowe in a previous year.

“Yes, I guess you could say we are go-getters,” said Mr Lowe. “We have invested our own money, understanding the risk.

Having made strategic partnerships and marked our first year, we are following our growth strategy. We believe the timing is right, and we agree that the road to ‘overnight success’ takes 10 years.”

Mr Major said the combination of lifelong friendships and shared vision provided a solid platform.

“We built on the trust that we had in each other, and in the business plan that we developed with great care,” said Mr Major. “We were also fortunate that we had mentors we could turn to. It was our savings and our risk, but the advice from others was something that money could not buy and for which we are very grateful.”

THE TRIBUNE

Monday, March 26, 2018, PAGE 3

FIRSTCARIBBEAN’S NEW YORK LISTING STEP CLOSER

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FirstCaribbean’s parent has taken another step towards selling-off its ownership by filing a registration form with US regulators for the bank’s proposed New York Stock Exchange (NYSE) listing.

The amount of shares, nor the price that they will be offered to investors at, was disclosed in the Form F-1 registration statement that CIBC FirstCaribbean International Bank submitted to the Securities & Exchange Commission (SEC).

And, while the bank plans to de-list in Trinidad & Tobago and the eastern Caribbean, there was no mention of any such action in the Bahamas.

CIBC FirstCaribbean International Bank is the Bahamas International Securities Exchange’s (BISX) largest stock by market capitalisation, although less than 5 per cent of the shares are held by Bahamian private investors. Any Bahamian de-listing would thus significantly reduce BISX’s market cap, but there appears to be no intention to de-list the bank’s Bahamian subsidiary at the moment.

* REGISTRATION FORM FOR OFFER FILED * NO MENTION OF BISX DE-LISTING * BANK SAYS ITS BAHAMAS ‘MARKET LEADER’ The Form F-1 touted FirstCaribbean International Bank as “a market leader” in the Bahamian commercial banking industry, with an 18 per cent share of total deposits and 21 per cent of total loans. “We are a market leader in the Bahamas with approximately 18 per cent of the total market deposits and 21 per cent of the total market loans, according to our calculations based on June 2017 data published by the Central Bank of the Bahamas,” the bank said.

CIBC FirstCaribbean International Bank (Bahamas) was also said to be holding some $444 million worth of Bahamian government debt, with its importance to the bank’s overall operations shown by the fact it accounted for the largest share of revenue during its 2017 financial year.

The $154 million top-line generated during the year to end-October 2017 represented 29.7 per cent of the total, although the $27 million produced for the first quarter of the current

financial year was just 25.5 per cent - placing the Bahamas’ share slightly behind Barbados. When it came to deposits, the Bahamas’ accounted for 20.2 per cent of the group’s total, its $2.122 billion coming in behind only Barbados and the Cayman Islands.

Reuters last year reported that FirstCaribbean’s Canadian parent, CIBC, viewed the New York listing as a potential exit route from the Caribbean, where its business has been hit by high non-performing loan (NPL) levels in the Bahamas and elsewhere. This, combined with the region’s slow economic recovery, high debt levels and restricted new lending opportunities, has depressed profits for all the Canadian-owned banks in a region they once viewed as a major earnings generator.

Reuters reported that CIBC had been seeking a buyer for its Caribbean operations, including the Bahamas, for the past two years but could not find a taker for the whole business.

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It added that the region’s low growth prospects had also pushed the bank to look for an exit route. If so, that would bring FirstCaribbean effectively ‘full circle’. The bank was created in 2002 from the merger of CIBC and Barclays’ Caribbean operations, with the deal always viewed as the first stage in an ‘exit route’ for the UK bank. Barclays did just that four years later, and now it appears as if CIBC is about to do the same - albeit by a different route.

CIBC FirstCaribbean, together with Royal Bank of Canada (RBC) and Scotiabank, has been outsourcing back office operations from the Bahamas to lower-cost jurisdictions such as Jamaica and Trinidad, while also reducing staffing levels and closing branches - especially in the Family Islands.

Several observers have suggested that RBC’s digital banking drive is an indication it may, too, be looking to exit the Bahamas by selling the business, although its senior executives said the move was not a downsizing.

CIBC FirstCaribbean’s plans, which Reuters said involved listing up to 20 per cent of its shares on the NYSE in the first instance, with further sell-offs

potentially to come, are likely to increase speculation

about Canadian bank plans for the region.

PAGE 4, Monday, March 26, 2018

THE TRIBUNE

Fears Oban controversy will deter other investors FROM PAGE 1 recent upgrades to its website, named 40-year oil industry veteran John ‘Jack’ Lipinski, who began his career with Texaco, as one of two senior advisory directors.

The other is George Matelich, one of three ‘managers’ at Oban Energies Management, the entity that replaced controversy-ridden non-executive

chairman, Peter Krieger, as Oban Energies’ manager.

Mr Lipinski, whose qualifications ‘check out’ based on research by Tribune Business, most recently served as chief executive and president of CVR Refining, a US-based company that operated a 185,000 barrel per day refining system and 6.4 million barrel storage facility.

He held the same post with its parent, CVR Energy, until retiring at year-end 2001, having previously worked in executive

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management positions overseeing refining activities at another US energy giant, El Paso.

According to Oban Energies’ website, Mr Lipinski will “advise and assist in the implementation of Oban’s refinery and terminal strategy, and [have] a lead role in helping Oban develop strategic relationships within the energy industry”.

Mr Matelich, meanwhile, is a senior advisory partner and managing director at Kelso and Company, an investment advisory outfit.

He “will play a key role in advising and assisting in the implementation of Oban’s overall business strategy”.

Mr Matelich, whose background is in finance, was named in Florida corporate filings as one of three ‘control persons’ together with Donald Berg, a Philadelphia-based attorney, and Florida realtor, Barry Glaser, for Oban Energies Management.

The latter has replaced Mr Krieger and Satpal Dhunna, Oban Energies’ president, as the ‘manager’ or controlling entity for the company that has signed the Heads of Agreement with the Government for the $5.5 billion oil refinery/ storage terminal in east Grand Bahama, The March 12, 2018, move appears to be an example of corporate ‘musical chairs’, and an effort to ensure Mr Krieger

fades into the background and assumes his promised “ambassadorial” role following revelations of his involvement as a defendant in two securities/investment fraud related lawsuits.

The changes are in many respects a distraction from the real issue, which is the identities of the beneficiaries, protector, trustee and settlor(s) for the K Family Irrevocable Trust, which the Prime Minister identified as Oban Energies’ ultimate beneficial owner.

Tribune Business was previously informed by sources close to developments that much of Oban Energies’ funding, at least initially, is coming from Mr Krieger’s wife’s family, especially his parents-in-law, and that his involvement was as a representative of their interests.

Meanwhile Mick Holding, the Grand Bahama Chamber of Commerce’s president, told Tribune Business he had been concerned that the continuing controversy surrounding the Oban Energies project - and the microscopic scrutiny applied to its principals and backers - would deter other investors from coming to Grand Bahama.

“I don’t think all the attention it received, both in the traditional media and the social media, has helped the reputation of the country in terms of people looking to do business here,” he said.

“Having said that, I think things have quietened down a little bit, although the environmental groups are still very concerned.... I did have concerns a couple of weeks ago about what other potential investors might think about doing business in the Bahamas, but these things blow over.

“I think it won’t honestly have any long-term damage. If there were other deals around or thinking of investing when all that was going on in the media it may have made one or two think again.”

Mr Holding said the Oban Energies project should be allowed to proceed provided it “operates according to the highest and strictest environmental standards”, given the potential boost it represents for an island “desperate” for jobs, investment and “critical mass”.

“Any investment that brings jobs and helps to boost the economy of the island is welcome,” he told Tribune Business. “We desperately need more investment, more jobs, and I always say the island lacks critical mass.

“Existing businesses have no real opportunity to grow, expand and prosper when the market is limited to the population of the island at the moment, which it is. For all businesses to benefit, we need to increase population, create jobs and create

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critical mass, and everyone can benefit.

“Oban or whatever, we need more of it, but they have to meet the standard.

That is paramount and we can’t compromise on that.

We just have to find a way to make it work.”

Mr Holding said the same environmental, health and safety regulations that apply to the oil and gas industry internationally should also operate in the Bahamas, adding that it was “up to the Government” to ensure Oban Energies has the necessary financing.

However, Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, yesterday told Tribune Business that the developer’s revelation that the project will be leasing 690 acres of Crown Land epitomised the lack of transparency surrounding the approvals process.

Chester Cooper, the PLP’s deputy leader, said Oban Energies’ annual $1.2 million lease payment meant it was paying a “measly” $1,700 per acre, and Mr Aubry said the 690-acre “sounds like a substantial amount of Crown Land”.

“We have to have a clear path as to how Crown Land is allocated,” the ORG executive director told Tribune Business, pointing out that the deal with Oban Energies would again likely provoke concerns that the Government favours foreign developers over Bahamians when it comes to land availability and accessibility.

Mr Aubry said this issue was “key to our sustainability”, especially for small and medium-sized Bahamian businesses (SMEs)

THE TRIBUNE

Monday, March 26, 2018, PAGE 5

Sandals unveils new group chief executive SANDALS Resorts International (SRI) has named hotelier Gebhard F. Rainer as its group chief executive, with oversight of its three Bahamas-based resort properties.

The appointment, which follows an extensive search in concert with Sandals’ deputy chairman, Adam Stewart, was designed to accelerate the chain’s strategic growth.

“Sandals Resorts has a legacy of pioneering and implementing industry innovations, and we are committed to not only bolstering our leadership position in Jamaica and throughout the Caribbean but also to broaden our horizons with further growth of the luxury allinclusive concept beyond the region we call home,” said Gordon ‘Butch’ Stewart, Sandals’ chairman.

He added that Mr Rainer’s addition to the executive team consolidates Adam Stewart’s role as deputy chairman, allowing him to dedicate more time to forward-looking initiatives as the company prepares for a bold growth strategy.

“For 22 consecutive years, Sandals Resorts has proudly earned the distinction of being voted the World’s Best All-Inclusive Resorts, for which we are immensely proud of,” Mr Stewart said.

“To be the best, you must have a team that is the best, and for more than 30 years we have cultivated a staff across the Caribbean - from gardeners and housekeepers to chefs and managers - who are the finest in the industry.

“My son Adam has played a huge role as

chief executive of Sandals Resorts International, exceeding expectations over the past 12 years.”

Reporting directly to both Stewarts, Mr Rainer is a hospitality executive with global operations and

international finance experience, including Hyatt Hotels Corporation, where he served as executive vice-president and chief financial officer. “Rainer’s experience complements our strengths, affording me

the time to expand my role alongside the chairman as the Sandals brand moves to fast-track our development plans. These are exciting times and we look forward to an even brighter future,” said Adam Stewart.

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PAGE 6, Monday, March 26, 2018

THE TRIBUNE

US: Bahamas ‘losing competitive FDI edge’ FROM PAGE 1 broadcast copyrighted music without the payment of royalties.” No evidence was produced

to back up this allegation, and nor were the accusers named. Brent Symonette, minister of financial services, trade and industry and Immigration, recently told Tribune Business that

upgrades to the Bahamas’ intellectual property rights laws, together with the regulations that give them enforcement teeth, had been circulated for comment and feedback.

The US Trade Representative’s Office pegged the Bahamas’ net trade deficit with the US at $1.732 billion in 2016, based on this nation importing some $2.029 billion worth of goods and exporting only $296.63 million in return.

For the first eight months in 2017, the report showed Bahamian imports of US goods had increased by 44.2 per cent to $1.878 billion compared to $1.302 billion the year before, further illustrating how this nation imports virtually everything it consumes.

The USITC, meanwhile, said some $68.4 million worth of Bahamian exports entered the US via CBERA, which ensures they face no tariffs or other protectionist barriers.

“US imports under CBERA from the Bahamas are almost entirely made up of polystyrene, a plastic product used in many forms of packaging and other

consumer uses,” the report said. “Other US imports from the Bahamas include cucumbers, natural sponges, prepared crabmeat, metalfinishing machine tools and cigars. Polystyrene enters duty free exclusively under CBERA.” The polystyrene is produced by Freeport-based Polymers International, and the USITC report - drawing on information provided by the US embassy in Nassau - said the company had located in the Bahamas to access the CBERA benefits.

“US imports of polystyrene under CBERA have fallen almost by half since 2012, from $129.4 million in 2012 to $67 million in 2016 - a 48 per cent decrease,” the USITC said.

“Polystyrene accounted for 98 per cent of US imports from the Bahamas under CBERA in 2016.

“Despite declining imports, CBERA still remains an important

factor in the Bahamian polystyrene industry. The largest Bahamian exporter of polystyrene, Polymers International, reported that the benefits of CBERA were indispensable to the company’s continued operation, and that the existence of the programme informed the New Zealand company’s decision to locate in the Bahamas.

“Overall, total US imports from the Bahamas followed the same trend as that of polystyrene. They fell roughly 48 per cent in 2012–2016, being valued at $130.5 million in 2012 and at $68.4 million in 2016.”

One-way trade preferences regimes, though, such as the CBERA with the US and CARIBCAN with Canada, are frowned on by the WTO and other rulesbased trading regimes.

They will at some point likely have to be replaced, especially with the Bahamas set to join the WTO.

THE TRIBUNE

Monday, March 26, 2018, PAGE 7

NOTICE BAHAMAS FIRST HOLDINGS LIMITED ABHILASH BHACHECH

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Mr. Bhachech’s career spans success and experience in public accounting, management consulting, banking, information technology enterprise in financial services and senior financial regulatory roles within the public sector.

Most recently, Mr. Bhachech served as the Inspector of Banks & Trust Companies with the Central Bank of The Bahamas. He is currently serving as a Financial Services Consultant.

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PAGE 8, Monday, March 26, 2018

UNIONS UNITE FROM PAGE 1

“back to pre-1942” to the London-based Privy Council. Obie Ferguson told Tribune Business he had filed the application with the Court of Appeal last week, as the trade union movement unites to appeal a verdict it claims “wipes out” the job security that registered industrial agreements provide for workers.

Their concerns centre on the Court of Appeal’s recent dismissal of the Bahamas Industrial, Manufacturing and Allied Workers Union’s case against Morton Salt and, in particular, the finding by acting Appeal

Justice, Sir Michael Barnett, that an industrial agreement is an employment contract.

As a result, Sir Michael found that the Industrial Tribunal was “obliged” to apply common law principles relating to contracts when analysing industrial agreements, which the unions argue paves the way for employers to “unilaterally” change the terms and conditions of worker contracts without fear of sanction.

“An industrial agreement is a contract. It is an employment contract,” Sir Michael wrote. “The Tribunal is entitled, nay obliged, to construe it in accordance with common law principles of contract law. The fact that it is given force by statute does not affect the way that

THE TRIBUNE the Tribunal must construe it. It is still an agreement. It is still a contract.”

That paragraph has created alarm throughout the union movement. Mr Ferguson said the Morton Salt union’s appeal, which has the support of both union umbrella bodies, is asking the Privy Council to determine whether Sir Michael is right in finding an industrial agreement is an employment contract.

He told Tribune Business that an industrial agreement is based on statute, not common, law by virtue of the Industrial Relations Act’s section 2 and sections 46-51.

“In our humble opinion, common law principles cannot apply to industrial agreements. They

are creatures of statute,” Mr Ferguson told Tribune Business. “Our contention is there’s a fundamental difference between a contract of employment from that of an industrial agreement.

“An industrial agreement has a technical definition Under section 2 of the Industrial Relations Act, it defines what is an industrial agreement.

Sections 46-51 mandates a process you must go through, after which the Registrar of Trade Unions would be the one to vet it and see if it complies prior to registering it. There’s no such thing required under an employment contract.

“All the trade unions that have an industrial agreement are affected. The public sector unions, all the

private sector unions, are affected. The employer is free to do what he wants to do. The employer can change the terms and conditions of employees unilaterally, subject only to damages,” Mr Ferguson continued.

“Damages are never an appropriate remedy for trade unions; they’re only an appropriate remedy for individuals. Trade unions are concerned with being allowed to function and carry out the terms and conditions of an industrial agreement, and one that is registered as binding in law.

“It [the Court of Appeal ruling] has wiped out the entire movement. It puts us back technically to pre-1942. There is no job security by virtue of an industrial agreement any more.”

Mr Ferguson said Bahamian workers could either wait for the Government to change the law or seek to appeal the Morton Salt verdict to the Privy Council. The unions had chosen the latter, and Mr Ferguson said the TUC and National Congress of Trade Unions (NCTU) had joined forces in a bid to overturn the ruling via the highest court in the Bahamian judicial system.

“It’s going to be terrible,” the TUC president said of the intervening period.

“There’s nothing we can do or will be able to do until the matter is resolved. The employer will have the unilateral power to do what they wish, even if you have an industrial agreement which is registered, giving it legal effect.

“For the time being, there’s nothing the unions can do save for industrial action. Industrial action will not cure that issue. The employer is free to dismiss a worker without following procedure in an industrial agreement..... It’s no longer statute-based. It’s common law. They can fire any way they wish.”

With the Court of Appeal ruling effectively negating previously-binding terms

in industrial agreements and collective bargaining agreements, the unions fear employers will be able to exploit the situation by ignoring grievance procedures and a whole host of other provisions.

“The effect is catastrophic,” Mr Ferguson told Tribune Business. “It is very damaging.... The whole purpose of industrial agreements was to maintain good industrial peace and create an atmosphere that reduces the possibility of industrial action.

“There is a procedure in these agreements dealing with matters that arise from disputes in the workforce, but there are no procedures, not right of reinstatement, in common law. You can’t go to the Labour Board and file a dispute. There’s no rights, procedures in common law, as industrial agreements don’t exist.

That’s the difficulty this matter has created. We have to do something.”

Robert Farquharson, the director of labour, called for the Government to intervene in the matter and join the Privy Council appeal during last week’s first National Tripartite Council general assembly.

Mr Farquharson said: “I strongly recommend that the Government of the Bahamas join Mr Ferguson in that appeal to the Privy Council in the interest of every worker in the Commonwealth of the Bahamas.

“The decision, if not changed, will alter the very existence of collective bargaining agreements in the Bahamas. It will negate the provision of Section 51 of the Industrial Relations Act, which makes collective bargaining agreements binding on all companies if not changed. The ruling has to be tackled now; it can’t wait for legislative change.

It must be changed at the highest court.”

Mr Ferguson argued that the director of labour’s comments were “not intended to be pro-union, but to be pro-industrial relations”.

THE TRIBUNE

Monday, March 26, 2018, PAGE 9

IBCs face ‘much damage’ through blacklisting Bill FROM PAGE 1 the financial industry and its clients when it came to using multiple products.

The Bill enables the Minister of Finance to decide and implement, through regulation, a chosen method of corporate taxation on the likes of IBCs, Foundations, Executive Entities, Exempted Limited Partnerships and Investment Condominiums (ICON).

While this appears designed to give the Government flexibility, and avoid the delays associated with amending/repealing laws via Parliament, Mr Paton said the ability to introduce or change tax forms at a moment’s notice would likely disrupt market and industry confidence.

The Lennox Paton attorney and partner also suggested that the Bill be split into two, given that it was simultaneously seeking to address both the EU’s concerns and compliance with the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative.

This made for an extremely complex BIll, and he argued it would be “more elegant and cleaner

to deal” with BEPS and the EU’s demands in two separate pieces of legislation.

Mr Paton, who is due to lead a BFSB ‘working group’ review of the Bill this week, told Tribune Business that its “repeal and replacement” of Part XII of the IBCs Act seemingly removes all tax exemptions currently enjoyed by IBCs. Instead, as revealed by this newspaper last week, it paves the way for the imposition of “corporate taxation” on IBCs.... “as shall be prescribed by the Minister in regulations”.

“The effect of that, to me, is it immediately repeals the Stamp Act exemptions,” Mr Paton said of the implications for IBCs. “That’s very useful in planning today, as you’re not subject to Stamp Tax. “If you repeal that, and don’t address how Stamp Tax applies on a range of transactions, that raises issues for domestic and international IBCs. I would caution repealing the Stamp Act exemptions in the IBCs Act without addressing how you want the Stamp Act to apply in both sectors.

“We’ve got Stamp Act provisions tailored towards domestic IBCs, and you’d cause a lot of damage in the international IBC market because they’re exposed

to Stamp rates on transactions. You can’t repeal without considering the consequential amendments to other Acts.”

Mr Paton’s comments indicate that the ‘unintended consequences’ of the Multinational Entities Reporting Bill, and what the Government is trying to achieve, need to be better ‘thought through’ before any legislation is brought to Parliament and passed.

Bahamian IBCs are a key component in many corporate and high net worth families’ financial structures, due to their flexibility, little to no taxation and ‘light touch’ regulatory requirements. The Bill’s proposed “corporate taxation” and tax exemption eliminations thus threaten to disrupt this market, deter potential business and reduce the Bahamas’ competitiveness.

Mr Paton, meanwhile, called on the Government to provide “clarity on the tax environment” for all Bahamian financial services products listed in the Bill not just IBCs. “What it’s doing is taking away the ‘ring fencing’ and opening up opportunities for the Minister to prescribe taxation of any type,” he told Tribune Business. “It gives us a lot less

certainty as an industry as to what these products can be used for.”

Mr Paton is not alone in his concerns on this issue, given that the Multinational Entities Reporting Bill appears to give the Minister of Finance extremely wide discretion to impose any form of corporate taxation on key Bahamian products at a time and rate of his choosing.

Another financial sector executive, speaking on condition of anonymity, told Tribune Business that the Bill appeared to be focusing on products as opposed to beneficial ownership when it came to taxation.

“What translates as flexibility for them [the Government] looms as uncertainty for the market,” they told Tribune Business. “The market has no certainty, and the market does not know where this is going. You can introduce a new tax with the stroke of a pen. The messaging is not very good.

“It’s [flexibility] a laudable objective.

The consequential fall-out is you create uncertainty in the market. The market doesn’t know where this is going other than the Minister has wide powers.”

Mr Paton summed it up thus: “You can’t leave us

in the interim period with that uncertainty or with the negative impression that the Stamp Act will apply [to IBCs].”

He also called on the Government to address the EU’s ‘harmful tax’ issues and the OECD’s BEPS initiative in separate, rather than the same, pieces of legislation to reduce complexity.

“It’s cleaner to have a BEPS piece of standalone legislation, than deal with the [EU’s harmful tax] measures in separate legislation,” he told Tribune Business. “We’re going to be going down having to implement additional BEPS measures as time progresses, and it’s cleaner to keep BEPS in one silo and ‘harmful tax measures’ in another silo. It’s more cleaner and elegant to deal with.”

The back half of the Multinational Entities Reporting Bill deals with the EU’s ‘ring fencing’ and ‘economic substance’ concerns, which were the two issues the 28-nation bloc used to ‘blacklist’ the Bahamas for allegedly being non-cooperative in the fight against tax evasion.

The first half, though, aims to make the Bahamas’ compliant with BEPS, which is the OECD-led

anti-tax avoidance initiative that this nation has already committed to. The Bill mandates countryby-country reporting for Bahamas-based corporate entities that are part of multinational corporate structures with an annual combined turnover of more than $850 million.

Corporate vehicles that fit this criteria, and are either the ‘ultimate parent’ or ‘surrogate parent’ of such a multinational network, will have to file an annual report with the Ministry of Finance that breaks down their profits and losses according to each jurisdiction where they are earned.

Entities that are not the ‘ultimate parent’ or ‘surrogate parent’ in multinational networks will be required to inform the Ministry of Finance of “the identity and tax residence” of the vehicle responsible for doing the reporting by the final day of their financial year.

Mr Paton said the Bahamas “doesn’t have much room to vary at all” from the OECD’s model BEPS legislation, and added that “the closer” it got to international standards and implementing this version, the “better the position” it will find itself in.

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 10, Monday, March 26, 2018

THE TRIBUNE

Facebook questioned about pulling Android call, text data

By TOM KRISHER AP Business Writer ON the same day Facebook bought ads in U.S. and British newspapers to apologize for the Cambridge Analytica scandal, the social media site faced new questions about collecting phone numbers and text messages from Android devices.

The website Ars Technica reported that users who checked data gathered by Facebook on them found that it had years of contact names, telephone numbers, call lengths and text messages.

Facebook said Sunday the information is uploaded to secure servers and comes only from Android users who opt-in to allow

it. Spokeswomen say the data is not sold or shared with users’ friends or outside apps. They say the data is used “to improve people’s experience across Facebook” by helping to connect with others.

The company also says in a website posting that it does not collect the content

SEE PAGE 12

AN ADVERTISEMENT in The New York Times is displayed on Sunday, March 25, 2018, in New York.

Facebook’s CEO apologised for the Cambridge Analytica scandal with ads in multiple US and British newspapers Sunday. The ads signed by Mark Zuckerberg say the social media platform doesn’t deserve to hold personal information if it can’t protect it.

(AP Photo/Jenny Kane)

THE TRIBUNE

Monday, March 26, 2018, PAGE 11

Tax reform key to get Bahamas to ‘mid-shore’ FROM PAGE 1

conformity with what’s out there,” Mr Paton told Tribune Business.

“If you want to take the narrow focus and deal with EU issues, you can do that without bringing in new taxation.... If you bring in a corporate tax regime, [the EU’s] criterion 2.2 goes away.

“But the issue, for me, as I see it; the bigger picture issue for us is to move the Bahamas beyond continual reviews and pressure on taxation. We’ve got to seriously consider a new taxation regime for the Bahamas which encompasses the whole structure. It’s got to be a thorough review of how we tax in the Bahamas.”

Mr Paton confirmed that Deloitte (UK), the British arm of the accounting firm, which had previously been hired by the BFSB to benchmark what other IFCs have done on corporate income taxation, has been re-engaged by the Government to examine tax reform options in light of the latest EU and OECD initiatives against this country and others.

The Lennox Paton partner thus becomes the latest person to suggest that the Bahamas’ long-term solution lies in implementing a low-rate corporate income tax structure, a move that would enable it to shed the ‘tax haven’ label and adjust its business model to one based on ‘double taxation’ and investment treaties that target company business. “I think we have to look seriously at it,” Mr

Board (BFSB) chairman, told Tribune Business that this nation had to “seriously consider” a new tax structure if it was to ever escape the clutches of European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) initiatives.

Calling for “a holistic” review that embraced all economic sectors, he said the key to any successfully repositioning the Bahamas lay in achieving timelines that avoided any “disruption” locally while still satisfying the EU’s 2018 year-end deadline.

And, while many were comparing the Bahamas to rival Caribbean international financial centres (IFCs), Mr Paton argued instead that this nation needed to measure itself against those considered the “gold standard” - the likes of Singapore, Hong Kong and Qatar.

The Lennox Paton attorney and partner said the Bahamas needed to follow their lead and introduce a low-rate corporate tax, thereby moving itself from ‘offshore to ‘mid-shore’, and shedding the ‘no-rate’ positioning that continually attracts OECD/EU attention.

“If you look at the EU criteria, we can satisfy it without taxation, but if you pull back and look at the bigger issues I don’t think we’re going to get away from them unless we put in place a tax regime that’s in

Paton reiterated, emphasising that ‘tax reform’ talks would “pull in” the likes of the Chamber of Commerce and Bahamian accountants, and were “not the preserve of the international side of things” in the Bahamian economy.

He argued that the Bahamas needed to follow the likes of Singapore, Hong Kong and Qatar, and especially the former, in introducing a ‘low-rate’ - as opposed to ‘nil or nominal rate’ - tax that would place it beyond the reach of the EU and OECD. “There has been a constituency suggesting since at least the Nassau Conference in 2016 about moving the Bahamas into the midshore space,” Mr Paton told Tribune Business. “There’s measured taxation on a territorial basis, and those jurisdictions don’t get the pressure like zero tax centres like us.

“I think that’s the bigger picture. It makes sense to be looking at this whole thing holistically.... My concern is: Are we going to be able to do this in a timeline that is not completely disruptive to the economy, and get it done in a timeline that meets the international regulatory pressures.

“I think we can, but it’s going to require a lot of time, dedication and resources. It’s putting the Bahamas into a 21st century global context and how can we compete going forward.

The better benchmark is those who are consistently gold standard IFCs, not just

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 • •

• • • • • • • • • • •

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, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: News Editor to humanresources@cablebahamas.com.

our region. I would say Singapore would be the one for me.

“Until we do, we won’t have any respite from this.

A will come along, B will come along, C will come along and it continues. We have to get outside the circle. Right now, we’re in the middle of it.”

The 28-nation EU has given the Bahamas, and all other countries, until December 31 this year to meet its anti-tax avoidance demands.

However, it went ahead and ‘blacklisted’ the Bahamas earlier this month after it purportedly did not receive the wording and ‘high political level’ commitment to satisfy its requirements.

The EU justified its actions on the basis that the Bahamas had not done enough to prevent its corporate vehicles from being used by multinational corporations for tax avoidance purposes, involving the ‘booking’ of profits and losses in this jurisdiction despite having no physical presence - and carrying

out no economic activities - here.

Another concern was ‘ring fencing’, or the existence of preferential tax regimes for non-resident entities and foreign investors, with the Government seeking to address the EU’s concerns via the Multinational Entities Financial Reporting Bill that was released for industry consultation last week.

Mr Paton, though, said the ‘economic substance’ and ‘ring fencing’ issues do ‘not come into play’ if the Bahamas is able to satisfy the EU’s crtierion 2.1, which requires a country to have a tax rate higher than a ‘zero or nominal level’.

“The interesting question for me is if we get a determination that the Government is prepared to move decisively in revamping taxation in the Bahamas, what can we put in place as a commitment market that satisfies the EU on the 2.1 issue,” he told Tribune Business.

“The question is that the timelines are condensed.

The EU says we have until the end of 2018 to honour these commitments. The

interesting question for me on the 2.1 issue is what has to be in place by the end of 2018 to satisfy that criterion.

It would be useful for the Government to get clarity on that point.

“The Deputy Prime Minister alluded to it; that there needs to be better co-ordination and co-operation between the Bahamas and the EU in Brussels in moving this project along.

I do have a note of caution; we have to be very careful in our dealings with the EU because they take a legalistic approach.”

Acknowledging the concern and apprehension whenever ‘tax reform’ is mentioned, Mr Paton said it will have to be implemented in a way that broadens the base without increasing the burden on individual Bahamians and businesses.

“We’ve got to look at this thing in total, not silos,” he added. “For example, is there still a rationale for real property tax exemptions for property owned by Bahamians in the Family Islands.

That’s a huge tax base that’s been excluded.”

PAGE 12, Monday, March 26, 2018

THE TRIBUNE

Facebook questioned about pulling Android call, text data FROM PAGE 10 of text messages or calls.

A spokeswoman told the Associated Press that Facebook uses the information to rank contacts in Messenger so they are easier to find, and to suggest people to call.

Users get the option to allow data collection when they sign up for Messenger or Facebook Lite, the Facebook posting said. “If you chose to turn this feature on, we will begin to

continuously log this information,” the posting said.

The data collection can be turned off in a user’s settings, and all previously collected call and text history shared on the app will be deleted, Facebook said.

The feature was first introduced on Facebook Messenger in 2015 and added later on Facebook Lite.

Messages were left Sunday seeking comment about security from Google officials, who make the Android operating system.

Reports of the data collection came as Facebook CEO Mark Zuckerberg took out ads in multiple U.S. and British Sunday newspapers to apologize for the Cambridge Analytica scandal.

The ads say the social media platform doesn’t deserve to hold personal information if it can’t protect it.

According to the ads, a quiz app built by a Cambridge University researcher leaked Facebook data of millions of people four years ago.

Zuckerberg said this was a “breach of trust” and that Facebook is taking steps to make sure it doesn’t happen again.

AN ADVERTISEMENT in The New York Times is displayed on Sunday, March 25, 2018, in New York.

(AP Photo/Jenny Kane) Facebook’s privacy practices have come under fire

after Cambridge Analytica, a Trump-affiliated political consulting firm, got data inappropriately. The social media platform’s stock value has dropped over $70 billion since the revelations were first published.

Among the newspapers with the ads were The New York Times and The Washington Post in the U.S., and The Sunday Times and The Sunday Telegraph in the United Kingdom.

The ads said Facebook is limiting the data apps received when users sign in. It’s also investigating every app that had access to large amounts of data. “We

expect there are others.

And when we find them, we will ban them and tell everyone affected,” the ads stated.

Cambridge Analytica got the data from a researcher who paid 270,000 Facebook users to complete a psychological profile quiz back in 2014. But the quiz gathered information on their friends as well, bringing the total number of people affected to about 50 million.

The Trump campaign paid the firm $6 million during the 2016 election, although it has since distanced itself from Cambridge.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, BRISTOL DIAMOND HAMILTON, #81 Cabot Drive, Freeport, Grand Bahama, intend to change my name to SILVER KYOKO DRAGÚN ARAÚJO. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

MARKET REPORT THURSDAY, 22 MARCH 2018

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

BISX ALL SHARE INDEX: CLOSE 1,961.74 | CHG -10.31 | %CHG -0.52 | YTD -101.83 | YTD% -4.93 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.30 5.30 11.50 2.59 1.56 9.25 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 7.30 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 4.23 17.43 9.09 3.34 1.00 0.18 3.60 8.80 6.10 4.05 10.07 2.82 1.50 7.75 6.10 10.10 6.43 4.47 12.51 10.00

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.60 8.80 6.10 3.97 10.07 2.92 1.50 7.76 6.10 10.10 6.43 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 -0.08 0.00 0.10 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.24 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.01 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

110.25 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

1,100 100 500 1,327 903 5,350 7,200

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 13.8 10.5 23.2 16.0 28.6 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% 3.64% 3.61% 3.02% 6.85% 2.05% 3.33% 1.08% 4.92% 4.95% 2.33% 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

The Public is hereby advised that I, JAMAAL ANTONIO NEMBHARD, Eight Mile Rock, Grand Bahama, intend to change my name to JAMAAL ANTONIO MCINTOSH. 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

NOTICE is hereby given that DIEUFAITE EUGENE 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 26th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SAMUEL CAMERON DAVIS BROWN, #14A Lawerence Close, Freeport, Grand Bahama, intend to change my name to DIEGO CAMERON RAMIREZ. 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

NOTICE is hereby given that ADNA DOLCE of Blueberry 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 26th 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 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.

THE TRIBUNE

Monday, March 26, 2018, PAGE 13

THE BAHAMAS Technical & Vocational Institute’s (BTVI) president, Dr Robert Robertson (left), and Bethune-Cookman University’s, Dr Narendra Patel (right), recently signed a Memorandum of Understanding (MoU) as members of the university’s Bahamian Students Association look on

BTVI STRENGTHENS TIES WITH FLORIDA UNIVERSITY THE Bahamas Technical and Vocational Institute (BTVI) has partnered with a US university to improve computer science, technology, engineering and math (STEM) opportunities for Bahamian students.

The Memorandum of Understanding (MOU) with Bethune-Cookman University (B-CU) comes as the US education institute moves to deepen its relationship with the Bahamas. The university was accredited by the National Accreditation and Equivalency Council of the Bahamas (NAECOB) in July 2017 to offer online courses, degree programs and have a physical location.

The MOU was signed on the Bethune-Cookman University (B-CU) campus in Daytona Beach, Florida.

The university is one of three private, historically black colleges in Florida.

Dr Robert W. Robertson, BTVI’s president, said the agreement improves the options for BTVI students seeking to smoothly matriculate into the institution. “The agreement provides BTVI students with scholarship options at Bethune Cookman, notably in STEM. “We are excited to be able to work with a high quality institution such as B-CU. Some of the key areas being considered for collaboration between the two schools include computer

BTVI and Bethune-Cookman University have strengthened ties with the signing of a Memorandum of Understanding. From L to R are B-CU’s assistant registrar, Shantell Culmer-Thompson; BTVI’s dean of student affairs, Racquel Bethel; B-CU’s senior advisor to the president for Institutional Effectiveness and Compliance, Dr Narenda Patel; BTVI’s president, Dr Robert W. Robertson; and BCU’s chief online learning officer, Dr Gale Gibson Gayle

BTVI’s president, Dr Robert Robertson, and B-CU’s senior advisor to the president for institutional effectiveness and compliance, Dr Narendra Patel, exchange gifts. advisor to the president for institutional effectiveness and compliance, said

the university has a long tradition of training Bahamian students.

technology, environmental management, health services and business,” said Dr Robertson. Dr Narendra Patel, B-CU’s senior

Employment Opportunity: Program Associate (Project Manager) The Organization: Templeton World Charity Foundation, Inc. (“TWCF”) is a global nonprofit foundation created by Sir John Templeton in 1996 to provide support for scientific breakthroughs and practical tools relating to the search for meaning, purpose, and truth. Through sharing these spiritual discoveries, we seek to impact individual lives across the world. The current grant portfolio of the Foundation comprises over 150 projects in more than 30 countries. The Foundation’s offices are located in Nassau, The Bahamas.

Purpose and Scope: The Program Associate will support the wider program team in many day-to-day operational activities of the Foundation, and will play a critical role in a vibrant office culture. The Program Associate should be comfortable with managing multiple simultaneous projects, motivating others, and working creatively to overcome obstacles. Efficiency, attention to detail, flexibility, and good judgment will be critical in this role.

Position Summary & Responsibilities ● Serve as a project manager or coordinator for multiple initiatives, including prioritizing tasks, tracking progress against deadlines, and ensuring clear communication between multiple stakeholders. ● Assist in scheduling and planning for events, including taking detailed notes and drafting meeting summaries. ● Work on special projects that may include conducting background research, analysis of data, and drafting of reports in both written prose and slide presentation formats. ● Track, monitor, and prioritize ongoing projects. ● Assist with all aspects of proposal development and grant management. ● Support all general office administrative duties as needed, including official correspondence, monitoring payout budgets, record keeping, expense reports, meeting preparation and logistics Required Qualifications and Skills ● Bachelor’s degree from a highly ranked and globally recognized university or college is required. Masters degree preferred. ● Excellent organizational, analytical, and problem-solving skills. ● Excellent interpersonal skills and comfort in working in a small, interdisciplinary team. ● Skilled verbal and written communicator able to work with professionals within the organization and communicate with external parties. ● Demonstrated competence in word processing and presentation software, with ability and willingness to work on a range of different software.

Required Experience ● Prior experience as a project manager or equivalent, preferably in an operational or administrative role for a complex and fast-paced organization. ● Experience in setting priorities and meeting deadlines, balancing the needs of multiple individuals. ● Professional experience in a foundation or research setting preferred but not essential. ● International experience is highly desired. ● Communications experience including web design and social media is highly desired. ● IT project planning and execution is highly desired, including use of Google Docs, Adobe, and Microsoft Powerpoint.

Personal Qualities ● Evidence of interest in aspects of the specific philanthropic aims of the Foundation and Sir John Templeton required. ● Strong attention to detail. ● Maturity and discretion. ● A humble spirit and a desire to benefit others. ● Demonstrated positive, flexible and collaborative approach to work. ● Willing to travel on occasion.

Competitive salary & benefits package are commensurate with experience.

Bahamian citizens or work-permit holders only.

Qualified candidates only should submit CV and a cover letter via email to: Manager, Human Resources at hr@templetonworldcharity.org on or before April 10, 2018.