05032018 business

business@tribunemedia.net

THURSDAY, MAY 3, 2018

$4.40

$4.63

Investor’s $50m impact boost for GB ‘tech hub’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Government’s mission to establish a Grand Bahama “technology hub” yesterday received a major boost from an investor pledging an annual $50m economic impact by 2020.

GIBC Digital, a New York-headquartered technology firm, unveiled ambitions to triple its initial Freeport workforce to 150 staff within three years following the planned opening of its office this month.

The seven year-old company, in a press statement, said its initial $2.5m investment would result in 50 jobs at an office that will serve as both GIBC Digital’s global training headquarters and a data/ artificial intelligence centre.

And its chief executive, Greg Wood, suggested The Bahamas could become “the Silicon Valley of the Caribbean” within ten years if it pursued its technology hub ambitions through to fruition.

* New York firm plans 150 jobs by 2020 * To triple initial 50 workers in three years * Touts GB as ‘Silicon Valley of Caribbean’ * Minister hails ‘very significant step’

Kwasi Thompson, pictured, minister of state for Grand Bahama, hailed the company’s promised investment as “a very significant step for our technology hub”, given that it could act as a magnet that draws like-minded companies to locate on the island.

He told Tribune Business that GIBC Digital’s interest

‘NO INTENTION’ OF MAKING OWNERS REGISTRY PUBLIC

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE GOVERNMENT yesterday said it has “no intention” of creating a public Beneficial Ownership Registry, or using the issue for regulatory arbitrage, amid rising pressure on The Bahamas’ rivals.

K P Turnquest, the Deputy Prime Minister, told Tribune Business that

* AS UK FORCES CHANGE ON RIVAL IFCS * DPM WARNS: DON’T USE AS MARKETING TOOL * ‘VALUE PROPOSITION’ BACKED BY EX-BFSB CHAIR

SEE PAGE 4

LPIA Departures hit 10-year high

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FIRST quarter departure traffic from Lynden Pindling International Airport (LPIA) surged to its highest level for ten years, the Central Bank has revealed, adding to improving economic confidence.

The regulator, in its

* MATCH PRE-RECESSION LEVELS, BANK SAYS * BAHA MAR’S ROSEWOOD TO OPEN MAY 26-27 * SURPLUS BANKING LIQUIDITY JUMPS TO $1.9BN SEE PAGE 5

Contractors chief: Redo The Pointe deal if breached

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE GOVERNMENT should renegotiate The Pointe deal if the developer has not met the $200m project’s prescribed ratio of Bahamian labour, the

* SAYS ‘RED FLAG FROM DAY ONE’ * CALLS FOR LOOK AT TAX INCENTIVES

Contractors Association’s (BCA) president said

SEE PAGE 13

proves the Government is “on the right track” with its “technology hub”, and that its arrival will motivate the Government to “double our efforts”.

Mr Thompson revealed that the Minnis administration aims to further promote Grand Bahama to the global technology industry via a June 2018 conference on block-chain and financial (Fintech) technology, following the recommendations of its “hub” steering committee.

Tribune Business understands that GIBC Digital’s investment will be formally unveiled at a press conference today, but the company touted its impending arrival in Freeport through a press release issued yesterday.

“GIBC Digital will establish the office with an initial $2.5m investment,”

the company said. “The investment will enable the hiring of 50 people to do both local and regional work focused on automation, cyber security and data intelligence. In addition to this direct investment, the company will invest another $1m of its resources into training its new employees.”

It is unclear how many of these 50 jobs will go to Bahamians versus skilled expatriates that GIBC Digital will bring in. Mr Thompson, in remarks to be delivered at the press conference today, said the $1m investment would involve the “deployment of employees from the US, the UK, and other areas to The Bahamas to conduct training”.

The Minister added:

SEE PAGE 7

$4.63

$4.63

DPM ‘not resting on laurels’ with deficit on target

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE DEPUTY Prime Minister yesterday said the Government is “not resting on our laurels” over a “stubbornly” high fiscal deficit, despite forecasts it is on track to hit its 2017-2018 fiscal targets.

K P Turnquest, pictured, told Tribune Business that despite Central Bank data showing key revenue and spending indicators were largely on plan with two-thirds of the fiscal year gone, the Government faced a continual “balancing act” between competing demands.

With the $224.7m deficit for the eight months to endFebruary 2018 equivalent to 70 per cent of the fullyear goal, Mr Turnquest said the fiscal performance to-date was “too close” for himself and the Ministry of Finance to rest easily.

“It’s too close for me to accept any resting on our laurels at this point,” the Deputy Prime Minister told Tribune Business. “We are watchful. Obviously, this

* 70% OF GOAL WITH YEAR 2/3 GONE * RED INK ‘STUBBORN’ AMID PRESSURES * NATIONAL DEBT UP $832M IN ONE YEAR last quarter a lot of things happen, so we are cautiously optimistic. There’s all kinds of factors that come into play.”

Mr Turnquest confirmed that he was referring to the traditional Government revenue boost, as the Public Treasury usually collects the bulk of its income during the fiscal year’s second half. This period, which is not captured in the latest Central Bank numbers, is when the bulk of Business Licence fees (due on March 31) and real property tax payments are collected.

The March/April period also includes peak winter tourism activity, which tends to boost Value-Added Tax (VAT) revenues and other

SEE PAGE 6

PAGE 2, Thursday, May 3, 2018

THE TRIBUNE

Financial literacy ‘critical protection’ for consumers

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

FINANCIAL literacy is a “critical line of defence” for consumers, the Central Bank’s governor said yesterday, unveiling a partnership with the Clearing Banks

Association (CBA) to educate Bahamians on debt management.

Launching the campaign, John Rolle said that based on the findings of a 2018 survey of ‘customer satisfaction’ with the commercial banking industry, conducted by the Public Domain firm, there was a need for more

JOB OPPORTUNITY A Bahamian Corporate entity that deals with International clients is seeking a person with diplomatic skills, proper protocol and knowledgeable in foreign languages.

Interested person may send their Curriculum Vitae to: lintona83@gmail.com

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ORMOND ALVOREY BROWN of the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, intend to change my name to ORMOND ALVAREZ BROWN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that AUSHANIQUE MARIE GILSAINT of Sunset Park, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

* COSTS DRIVE OUT ISLAND BANK EXIT * ‘NOT ENOUGH PEOPLE’ TO SUSTAIN THEM education on savings and personal debt management.

“The Central Bank recognises the need to educate consumers more on personal finances, financial products and the economy, especially in the context of increasingly vocal concerns about the cost of banking services and the ease of access to banking services,” he said.

“The Central Bank believes that literacy is an empowering and critical line of defence for consumer financial protection. We want the users of financial products and services to ask the right questions about products and services they receive, under their legal rights to be empowered to make responsible choices around savings and borrowing, and to be able to conduct their affairs safely and securely - especially in the digital world.”

Mr Rolle added: “Since this campaign was conceived we have benefited from the results of a survey on financial literacy, which the bank co-sponsored with Public Domain. Although most Bahamians have access to savings accounts they are not using them necessarily to accumulate funds, but rather they are just serving the basic purpose of storing money which is spent almost immediately.

“We know that from the results of the survey much more consumer education

CENTRAL Bank governor John Rolle. is needed around how interest rates aid our ability to build up savings over the long-term, and we understand that much more attention is needed, much more education is needed, around personal debt management.”

Mr Rolle said the campaign aims to equip Bahamians of all socioeconomic backgrounds with the knowledge and confidence they need to make sound financial decisions. “We especially want to encourage a strong culture of personal savings and reinvesting. This ties into a shared national goal of keeping the value of the Bahamian dollar on par with the US,” he added.

“This is because savings translate into more prudent use of foreign currency, and that foreign currency helps us to support the value of our currency. This campaign will have a special segment on banking products and services to help the public

learn on how to borrow and how to use credit wisely.

“We will also provide education on how to conduct transactions in a safer and more secure fashion, especially given the increasing importance of electronic commerce, online banking and electronic money, which are all pushing us along the desired path of being less dependent on physical cash in our daily lives.”

Gregory Bethel, president of Fidelity Bank (Bahamas), said each of the clearing banks have been given the results of the survey. “They will have to make their own business decisions on how they will improve customer service, communicate their business plans and their strategies, so the public can understand what they are doing and why they are doing what they are doing.

“It’s great when consumers speak up because it makes the decision makers aware of their challenges, so that they can address

them and communicate with them. What we need is more engagement between the banks and customers of the banks. I am hopeful that this initiative will improve the commutation between the banks and customers.

The banks have the challenge of reducing cost and increasing revenue.”

Mr Bethel added that cost was a major challenge for commercial banks. He added: “I was in South Andros last week doing a financial literacy programme for the high school students, and as I drove around each settlement it was clear that there was not enough people there to cover the cost of a fully operating branch every day.

“There are not enough people. There needs to be this communication as to why banks are cutting back.

It’s simply a matter of cost.

If you’re not making money in business you go out of business.”

Nicholas Higgs, a research analyst at CFAL, said the goal of the financial literacy campaign is three-fold. “We want to firstly allow Bahamians to understand where they are at currently in their finances,” he explained.

“The second step is to understand the landscape, the regulatory bodies, who you go to if you have questions about bank fees, insurance or if you think you’re being scammed.

Thirdly, we want to look at what are the options for the future. If you don’t have enough money in your pension account, what is your opportunity to grow this?”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HUBERT RICHARD HANNA of Landrail Point, Crooked Island, Nassau, Bahamas, P.O. Box N-4655, intend to change my name to HUBERT RICAHRD HEPBURN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE

Thursday, May 3, 2018, PAGE 3

Over-the-Hill revival is ‘only 50% there’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE MINNIS Government’s “Over-the-Hill” revitalisation initiative is “only 50 per cent there” despite being a “good idea”, the Bahamian Contractors Association’s (BCA) chief said yesterday.

Leonard Sands said the proposed Economic Empowerment Zone (EEZ) must include key infrastructure improvements to facilitate increased economic activity within the inner-cityareas of Grants Town, Bain Town and parts of Centreville.

“I think it’s a good idea, but it’s only 50 per cent of the way there,” he explained. “The inner-city initiative is a good idea but it’s only part of the component. What is missing is the need for identifiable infrastructural improvements

* PLAN SILENT ON IMPROVING INFRASTRUCTURE to ensure that if I increase the size of my business and outfit my business, am I sure the street can take the increased traffic?

“Am I sure that I have parking bus locations? You can’t do it standalone and put it all on the community to get everything they need.

There should be a consideration to make a central hub in the Bain and Grants Town area, so that all the buses have to stop and collect passengers. If you bring 50,000 people a day to a central place, business will pop up. The initiative is good but it’s only 50 per cent there.”

Mr Sands added: “We need to address some structural improvements that need to happen, and you

want to bring that commerce from Bay Street into that community. If you make the thoroughfares and walkways more conducive for people moving from the cruise ships down Nassau Street into the heart of that community, when the shop owner increases the beauty of their store front, the tourists will be able to walk in and that’s what I think will make the whole initiative successful.”

Prime Minister Dr Hubert Minnis last week tabled the long-awaited Over-the-Hill “White Paper” 2018, unveiling his administration’s proposed plans for impoverished communities, which include a variety of tax concessions and a plan for physical rejuvenation, along with social and economic empowerment.

Dr Minnis revealed last week that incentives outlined under the

initiative will apply to residential properties both owned and rented, commercial and industrial undertakings - with an aggregate turnover of $5m or under, and all enterprises whose primary income is not derived from the business of gaming or the sale of alcohol.

Bahamas ‘racing’ to protect its industries for WTO accession

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE GOVERNMENT must enact policies to protect Bahamian businesses once this nation joins the World Trade Organisation (WTO), the Bahamian Contractors Association’s (BCA) president said yesterday.

Acknowledging that the WTO “is not a bad thing”, Leonard Sands told Tribune Business: “We have been engaged, and we’re a part of committee that will give a response to the Government on WTO. “What’s interesting to us is that two months ago we talked about what we saw as the impact of WTO on many of the contractors.

Now the Government is finally at the same place we are at, saying you need to get prepared and this is what you need to think about because we could create policy to kind of shield you.”

* RULES-BASED TRADE REGIME ‘NOT A BAD THING’

LEONARD SANDS

Mr Sands added: “We are crafting our response that we hope would affect policy, and the Government would put that into legislation. The WTO is not a bad thing but all the other nations have done their homework and adjusted their legislation to give their existing businesses some sort of protection within the

framework of WTO. We are racing to put ours in place.”

Earlier this year, Mr Sands called on the Government to implement the regulations accompanying the already-passed Contractors Act - and appoint the Board that will oversee its operation - to initiate the industry’s oversight regime.

He argued that Bahamian contractors and other industry players could be squeezed out by increased competition from foreign rivals exploiting a liberalised trade environment to grab an even greater share of locally-based projects.

Mr Sands said yesterday: “One of the concerns that we have with WTO is that it creates a trade imbalance if we don’t call for reciprocity. We have to make sure the relationship’s reciprocal. We can’t trade outside and get the same benefit because we haven’t set our policies to reflect that. We are at a trade imbalance and we need to fix that.”

Vacancy Announcement The Residence of the United States of America in Nassau is presently considering applications for the following position: RESIDENTIAL CHEF The position is responsible for: - Planning, preparing, and executing formal dining events using the highest standards of food safety.

- Coordinating, ordering, and purchasing supplies related to household operations for private and official events.

- Ensuring the proper accounting of funds for food and beverage purchases.

- Maintaining accurate and separate inventories of official and private food, beverages, flatware, dishware, cookware, appliances, and crockery.

- Planning, preparing, and presenting on a weekly basis daily meal plans for the household.

The successful candidate for this position will possess/demonstrate the following knowledge, skills, attributes, certifications, and/or qualifications: - A high school diploma is required.

- Must have completed training & certification in culinary arts or equivalent.

- Must have current Public Health Certificate for food handling.

- Must have three years’ experience as a residential or commercial Chef.

- Basic computer skills (for drafting and emailing menus).

- Time management skills with the ability to work under pressure to ensure deadlines are met.

- Workplace management skills i.e. ability to maintain a sterile environment.

- Flexibility, adaptability, dependability, decorum, and discretion.

- Willingness to perform duties in multiple residential, recreational, and/or commercial locations as directed.

- Willingness to work a highly irregular schedule including variety of shifts and many weekends and holidays.

- An ability to collaboratively work with a diverse workforce.

- Valid driver’s license.

- Must have own transportation suitable for the transport of food items.

- Language: Excellent working knowledge of spoken and written English (Level IV).

Applicants must be a Bahamian citizen or foreign resident who is otherwise eligible for employment in the Bahamas.

Please submit resume and three references via e-mail to Nassauhr@state.gov addressed to the Human Resources Office no later than May 11, 2018.

Telephone calls will not be accepted in reference to this advertisement.

BAY AND PARLIAMENT STREET DOWNTOWN OFFICE 796 SQ. FT. UPSTAIRS LOCATION I NEWLY RENOVATED I NEAR TO BANKS, COURTS, CRUISE PORT AND DOWNTOWN RETAIL I MODERN & WELL MAINTAINED BUILDING IN HEART OF DOWNTOWN

EMAIL: morleyrealty@morleyrealty.com | CALL 242-394-7070 NORFOLK HOUSE FREDERICK STREET

ONE MARINA DRIVE CLASS ‘A’ OFFICE

1,662 SQ. FT. GROUND FLOOR OFFICE I FOUR STOREY OFFICE BUILDING I STANDBY GENERATOR I PARKING NEARBY I LOCATED OFF BAY STREET ON FREDERICK STREET

889 SQ. FT. GROUND FLOOR OFFICE SPACE I 24 HOUR SECURITY I STANDBY GENERATOR I EXCELLENT LOCATION ON PARADISE ISLAND

SHIRLEY STREET OFFICE SPACE

EAST BAY SHOPPING CENTRE RETAIL / OFFICE

1,002 SQ. FT. SECOND FLOOR I ELEVATOR AND STAIR ACCESS I NEAR TO BANKS AND GOVERNMENT OFFICES I PAID PARKING IN AREA I DOWNTOWN LOCATION

585 - 1,500 SQ. FT. DUAL ENTRANCES I EASY ACCESS TO OR FROM PARADISE ISLAND AND DOWNTOWN I HIGH VISIBILITY I IDEAL FOR SHOP OR OFFICE

GOLD CITY OAKES FIELD WAREHOUSE

WONG’S PLAZA RETAIL / OFFICE

1,300 SQ. FT. EASILY ACCESSIBLE TO EAST OR WEST I PARKING I NIGHT SECURITY I EASY LOAD AND UNLOAD I FINAL SPACE AT THIS LOCATION

918 – 1,344 SQ. FT. 1ST FLOOR SPACE I LOTS OF PARKING I GREAT ACCESS AND VISIBILITY IN BUSY PALMDALE AREA I GOOD VALUE I CALL TODAY TO VIEW

PAGE 4, Thursday, May 3, 2018

‘NO INTENTION’ OF MAKING OWNERS REGISTRY PUBLIC FROM PAGE ONE The Bahamas’ “value proposition” lay in its human capital, and quality of products and services, rather than promoting its planned private Registry in a bid to obtain a competitive advantage over other Caribbean international financial

centres (IFCs).

He was speaking after The Bahamas’ IFC rivals, and their clients, were thrown into confusion by the UK government backing legislation that requires its 14 overseas territories - including Bermuda, the Cayman Islands and British Virgin Islands (BVI) - to introduce

public Beneficial Ownership Registries by 2020 or have them imposed by London.

This will mean that ordinary members of the public will have access to, and be able to conduct searches on, the ownership of all corporate and legal entities in these jurisdictions, stripping away all remaining

client confidentiality.

The UK legislation, already passed by the Westminster parliament, thus threatens to create turmoil for The Bahamas’ IFC rivals and completely overturn their business models, with the potential of driving financial services business to this jurisdiction.

MARKET REPORT WEDNESDAY, 2 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,947.79 | CHG -23.97 | %CHG -1.22 | YTD -115.78 | YTD% -5.61 BISX LISTED & TRADED SECURITIES 52WK HI 4.31 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.60 5.30 11.50 2.59 1.56 9.25 6.10 11.48 8.10 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.18 1.40 7.30 6.00 8.78 5.67 3.35 12.01

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

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

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 4.25 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 4.13 10.05 2.84 1.50 7.69 6.10 10.44 6.43 4.24 12.51

CLOSE 4.25 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 3.96 10.05 2.84 1.50 7.69 6.10 10.44 6.43 4.20 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00

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

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.74 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

109.67 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

2,000 825

2,000 1,000

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.293 0.543

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.620 0.060 0.050 0.084 0.300 0.500 0.200 0.120 0.570

P/E 11.8 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.6 23.2 15.9 27.8 4.5 N/M 5.4 14.1 7.7 14.3 23.0

YIELD 1.88% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.64% 3.61% 3.03% 6.17% 2.11% 3.33% 1.09% 4.92% 4.79% 3.11% 2.86% 4.56%

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 2.14 4.13 2.00 179.39 135.02 1.54 1.69 1.62 1.09 7.16 8.22 6.39 11.30 11.67 10.19

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%

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-Mar-2018 31-Mar-2018 30-Mar-2018 31-Mar-2018 31-Mar-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018

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

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

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

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ABOUT KPMG KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 154 countries and territories and have 200,000 professionals working in member firms around the world. Our purpose is to inspire Confidence and Empower Change whereby Our People are Extraordinary. KPMG is The Clear Choice and offers a world of opportunities.

ASSISTANT MANAGER/MANAGER, CORPORATE FINANCE AND DATA & ANALYTICS SERVICES KPMG is looking for a highly motivated and dynamic Assistant Manager or Manager who will report to the partners and management team of KPMG Advisory Services Ltd. The role has primary responsibility for managing a portfolio of corporate finance, data & analytics and transaction services advisory clients.

Key job functions and responsibilities include: • Overseeing the development and evaluation of various advisory engagements, which may involve financial modeling, valuation analyses, data & analytics projects, detailed financial and commercial due diligence, credit and debt capacity analysis, and preparation of information memoranda, term sheets, and other documentation and reports for external consumption.

• Working in various sectors including financial services, infrastructure, public sector, and tourism and hospitality.

• Acting as project manager for the duration of engagements, acting as key contact for the client, attending client meetings, leading particular sections of work and coordinating the work of junior staff.

• Assisting in new business development including the preparation and presentation of proposals.

• Negotiating alongside clients on transactions.

• Ensuring adherence to all compliance and regulatory rules.

• Reporting to clients, partners and the management team on engagement progress.

• Managing and coaching people.

• Speaking in public forums.

The Assistant Manager/Manager is expected to have the following qualifications and attributes: • A Bachelor’s degree from a recognized university and a minimum of four years relevant work experience are required.

• An advanced degree in finance or business and/or designation such as Chartered Financial Analyst, Accredited Senior Appraiser, or Chartered Business Valuator is preferred.

• A keen eye for detail, superior financial and writing skills, strong people skills, the ability to work at one’s own initiative, the willingness to travel at relatively short notice, and the ability to meet tight deadlines.

• An interest in technology and analytics, with a strong understanding of technology used for the processing, analysis and visualization of data is a plus.

• Be fully proficient in the Microsoft office suite of products and electronic research tools, and ideally have experience with a range of data analysis and visualization programs.

OUR OFFER We offer a team-based environment with wonderful opportunities, in our Nassau and Freeport offices, to broaden your professional experience in a varied practice that offers competitive compensation and benefits packages inclusive of medical and pension plans.

Assurance is given that every applicant will be treated in the strictest of confidence. Only applicants who meet the criteria stated above will be contacted.

Applicants should submit a cover letter, resume and a copy of professional license by Friday, 11 May, 2018 to: Human Resources Manager, KPMG, P.O. Box N123, Nassau, Bahamas or hrbahamas@kpmg.com.bs. © 2018 KPMG, a Bahamas partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

THE TRIBUNE The Bahamas, as an independent, sovereign nation, is immune from the UK action. Its proposed private Registry, ironically modelled on what currently exists in the Cayman Islands and the BVI, would only be accessible to “designated persons” - those authorised to conduct searches by the Attorney General’s Office, Financial Intelligence Unit (FIU) and financial services regulators in response to assistance requests from their overseas counterparts.

Registered agents will also have access to the proposed Bahamas’ Beneficial Ownership Registry, but only for purposes of updating or adding to the records - they cannot conduct searches.

This will protect the owners of all Bahamas-domiciled corporate and legal entities from having their identities exposed publicly.

Responding to developments, and moving to reassure The Bahamas’ clients, Mr Turnquest told Tribune Business: “I want to use cautious language. It is our intent to have a private Registry. There is no intention to have a public Registry, and that is our position at this point.

“There is plenty of legitimacy for confidentiality. I got a note this week from an agent for a state expressing legitimate concerns about a public Registry. This is a serious issue for, not just the industry professionals, but those who utilise these services for legitimate reasons.”

A private Beneficial Ownership Registry potentially gives The Bahamas a competitive advantage over those rival IFCs that the UK may impose a public version on, given that it could drive high net worth individuals and investors to seek out jurisdictions that maintain legitimate confidentiality.

Bruce Raine, International Private Banking Systems (IPBS) principal, told Tribune Business earlier this week why confidentiality remained highly soughtafter - especially in countries affected by high levels of violent crime and political volatility.

“People in Trinidad, people in Brazil, they’re kidnapped for their money.

You don’t want information leaked that allows people to tie “two and two” together, and shows ‘so and so’ is the owner of that business. If that gets out, that person is in a whole heap of trouble, yet they’ve not done anything wrong,” Mr Raine explained.

Mr Turnquest, though, warned against engaging in “regulatory arbitrage” and using the public/private Beneficial Ownership Registry issue as a tool to obtain a competitive advantage for The Bahamas.

“That is not the reason

we want to promote for our value proposition,” he told Tribune Business. “This is a quality professional jurisdiction that has a sterling reputation for providing quality service to our clients.

We want to trade on our value proposition.

“We are mindful of developing circumstances around the world in financial services, and are doing our best to be proactive in meeting and exceeding standards.

We will increase our participation such to ensure that international stakeholders such as ourselves have a seat at the table and help to shape the direction of financial services standards.”

Mr Turnquest’s stance was backed by Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, who said The Bahamas “should not craft a business plan” around the UK-related pressures on its IFC rivals.

“It could potentially benefit us if we’re seen as a good place to move to with the right infrastructure, but I don’t want us to be saying our strategy is to benefit from that issue,” he told Tribune Business.

“We have a lot on our plate, but we’re in a good position with the way we’re approaching this beneficial ownership registry. There could be some impact in our favour, but I wouldn’t use it as a business plan.”

The Lennox Paton attorney and partner added that recent developments “will make private wealth intermediaries think carefully where they incorporate companies, or decide to keep companies in these jurisdictions”.

He added that the Government needed to hold fast to its position on a private Beneficial Ownership Registry, and said of the UK move: “I would expect and hope there’s no direct impact on The Bahamas.

“We’re in a good position, insisting on a private Beneficial Ownership Registry with access by the appropriate people. That’s a valid way to approach the issue, and I wouldn’t want the Government to move from its current position. I don’t think there’s a need.”

The UK’s overseas territories reacted angrily to developments at Westminster, with the Cayman Islands hinting at legal action to block the public Ownership Registry demand, and Bermuda suggesting it might follow suit.

And British MPs were yesterday reported to be seeking ways to force the Isle of Man and the Channel Islands (Jersey and Guernsey), all of which are competitors to The Bahamas, to follow suit and implement similar public registries.

THE TRIBUNE

LPIA DEPARTURES HIT 10-YEAR HIGH

FROM PAGE ONE

assessment of economic developments for the first three months of 2018, found that the 13.8 per cent year-over-year increase in passenger departures - net of domestic travellers - took numbers to levels not seen since before the 2008-2009 recession.

“An observation of longterm trends in first quarter showed that departure traffic from LPIA was the highest it has been since 2008, when the economy entered into a recession,” the Central Bank said, indicating that the tourism and hotel industries - aided by an early Easter - had enjoyed a positive winter season.

“Growth in the tourism sector reflected sustained global growth, increased activity at Baha Mar, the addition of new airline routes and the early Easter holiday,” its report added, acknowledging the impact from the $4.2bn project’s extra room inventory.

The Central Bank revealed that Baha Mar’s final resort property, the Rosewood, is scheduled to open on May 26-27 to coincide with the US Memorial Day Weekend, which should ensure strong occupancies during a peak demand period. Some 350 managerial and support staff are due to be hired by that date.

Stepping aside from the hotel industry, the regulator

said an April 18, 2018, review of Airbnb data revealed that The Bahamas had 845 active properties on the vacation rental site, mostly featuring one to two bedroom homes.

The average daily rate (ADR) charged for such properties was $194, with occupancy rates at around 67 per cent. There were some 449 active Airbnb “hosts” in Nassau, and the Central Bank said: “Most hosts are professional, multi-listings hosts (62 per cent), while 38 per cent have single listings.”

Improved tourism performance and economic confidence has yet to filter through to the Bahamian commercial banking industry and its customers, with

Thursday, May 3, 2018, PAGE 5 excess liquid assets in the system increasing by $97m during the 2018 first quarter to hit $1.9bn.

The latter figure represents assets available for lending by the banks, but their continuing risk aversion - coupled with a tightened qualifying criteria and deleveraging

by debt-burdened Bahamians - means there are few borrowers able to access credit.

As a result, the private sector and mortgage markets lack the financing necessary to get the economy moving. “Liquidity should remain elevated over the near-term, reflecting

both banks’ conservative lending practices and their clients on-going efforts to deleverage,” the Central Bank said.

Bahamian dollar credit contracted by $91.3m during the 2018 first quarter, with that outstanding SEE PAGE 13

EMPLOYMENT OPPORTUNITY Comfort Suites Paradise Island is looking for an ambitious career-oriented individual for the following position:

SOUS CHEF

The role of the Sous Chef is to prepare culinary delights for our guest and execute the menu, ensuring a high level of performance, guest satisfaction and profitability.

ESSENTIAL DUTIES AND RESPONSIBILITIES • Assist with the management of the day-to-day operation of the kitchen, coordinate food production schedules and ensure the highest level of food quality, taste and presentation.

• Participate in actual food preparation, produce food of consistently high quality, taste and presentation.

• Assist with the creation of new menus.

• Control food cost by assisting in training kitchen staff on the proper methods of food preparation and handling.

• Assist with the anticipation of trends, enacting approved profit-oriented and cost saving ideas/activities.

Position Requirements: • A minimum of three (3) years of Culinary and supervisory experience required.

• An associate’s degree from a Culinary School of Arts or an equivalent is required.

Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resumes via e-mail to rmunroe@comfortsuitespi.com

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT

Legal Notice

COMMON LAW AND EQUITY DIVISION COMMONWEALTH OF THE BAHAMAS

2016

CLE/GEN/01459 2016

IN THE MATTER of the property comprised a Mortgage dated the 11th day of December 2016 2007 made between Raquel Tiffany Johnson as Borrower and Scotiabank (Bahamas) COMMONWEALTH OF THE BAHAMAS 2016 as Lender.

IN THE SUPREME COURT COMMON LAWLimited AND EQUITY DIVISION CLE/GEN/01459

IN THE SUPREMEOFCOURT COMMONWEALTH THE BAHAMAS

IN THE SUPREME COURT COMMON LAW AND DIVISION CLE/GEN/01459 th day AND IN THE MATTER the Conveyancing Law ofdated Property Chapter 138 of INEQUITY THE MATTER of theofproperty comprised aand Mortgage the 11Act, of December

COMMON LAW AND EQUITY DIVISION the2007 Revised Statute Laws of theTiffany Commonwealth The Bahamas. made between Raquel Johnson asofBorrower andCLE/GEN/01459 Scotiabank (Bahamas) IN THE MATTER of the property comprised a Mortgage dated the 11th day of December Limited as Lender.

2007 made between Raquel Tiffany Johnson as Borrower and Scotiabank IN THE MATTER of the property comprised a Mortgage dated the 11th day of(Bahamas) December BETWEEN Limited as Lender.

2007 made between Raquel Tiffany Johnson as Borrower and Scotiabank (Bahamas) AND as INLender.

THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of Limited SCOTIABANK (BAHAMAS) LIMITED AND THE MATTER the Conveyancing and Law of Property Act, Chapter 138 of theINRevised StatuteofLaws of the Commonwealth of The Bahamas. the Revised LawsofofthetheConveyancing Commonwealth TheofBahamas.

AND IN THEStatute MATTER andofLaw Property Act, Chapter 138 of

BETWEEN

BETWEEN

BETWEEN

the Revised Statute Laws of the Commonwealth of The Bahamas.

AND SCOTIABANK (BAHAMAS) LIMITED RAQUEL TIFFANY JOHNSON SCOTIABANK (BAHAMAS) LIMITED

SCOTIABANK (BAHAMAS) LIMITED AND

AND

ANDORDER RAQUEL TIFFANY JOHNSON RAQUEL TIFFANY JOHNSON RAQUEL TIFFANY JOHNSON

Plaintiff Plaintiff

Defendant Defendant

Plaintiff

Plaintiff Defendant

Defendant

TAKE NOTICE that on the 18th April, 2017 the ORDER following Order was granted to the Plaintiff upon application by ORDER ORDER Originating Summons and Affidavit both filed on the 2nd day of November, 2016 before the Honourable Acting Justice Renae Mckay.

TAKE NOTICE that on the 18th April, 2017 the following Order was granted to the Plaintiff upon application by th both filed Originating Summons and Affidavit the following 2nd Order day ofwas November, Honourable Acting TAKE NOTICE that the Order was 2016 granted tothe the Plaintiff upon application by TAKE NOTICE that onon thethe 18th18 April,April, 2017 2017 the on following granted to thebefore Plaintiff upon application by IT WAS HEREBY ORDERED: nd day of November, 2016 before the Honourable Acting Justice Renae Mckay.

Originating Summons and Affidavit both filed on Originating Summons and Affidavit both filed on the 2ndthe day2of November, 2016 before the Honourable Acting 1. Justice That the Defendant do deliver up to the Plaintiff vacant possession of the property comprised in a Mortgage dated the Renae Mckay.

Justice Renae Mckay. th day IT11 WAS HEREBY ORDERED: - made between Raquel Tiffany Johnson of the one part and Scotiabank (Bahamas) Limited of December 2007, 1.

That the Defendant do deliver tointhe vacantofpossession Mortgage the Providence in ITofWAS ORDERED: - up theth HEREBY other part and recorded thePlaintiff Registry Records of in the theproperty City ofcomprised Nassau inona the Islanddated of New IT WAS HEREBY ORDERED: - between 11 day of Decemberdo2007, made Raquel Tiffany Johnson of of the the one part and Scotiabank (Bahamas)dated Limited 1.

That the Defendant deliver up to the Plaintiff vacant possession property comprised in a Mortgage the 10301 pages toin111 being THAT piece parcel oroflotthe of property land being Numbered Two and 1.Volume That the Defendant do 94 deliver up Registry to the ALL Plaintiff vacant possession comprised in a Mortgage dated the of other partatand recorded the of Records in the City theScotiabank Island ofLot New Providence in Hundred th day 11the of December 2007, made between Raquel Tiffany Johnson of of theNassau one partonand (Bahamas) Limited th Thirty-seven (237) situated in the Jubilee Gardens Subdivision Phase III in the Western District of(Bahamas) the IslandLimited of New 11 day of December 2007, made between Raquel Tiffany Johnson of the one part and Scotiabank Volume 10301 at pages 94 to 111 being ALL THAT piece parcel or lot of land being Lot Numbered Two Hundred and of the other part and recorded in the Registry of Records in the City of Nassau on the Island of New Providence in Providence which said piece parcel orALL lot of land such position boundaries marks and dimensions as inare of the other part and 94 recorded in the Registry ofhas Records City of Nassau on the Island ofofNew Providence Thirty-seven (237) situated in Jubilee Gardens Subdivision Phase III theshape Western District of the Island New Volume 10301 at pages to the 111 being THAT piece parcel orin lotthe of in land being Lot Numbered Two Hundred and th day Providence which said piece parcel or lot of land has such position shape boundaries marks and dimensions as are Volume 10301 at pages 94 to 111 being ALL THAT piece parcel or lot of land being Lot Numbered Two Hundred and shown on the diagram or plan annexed to a Conveyance dated the 10 of August, A.D., 2005 between The Minister Thirty-seven (237) situated in the Jubilee Gardens Subdivision Phase III in the Western District of the Island of New on the diagram plan annexed Conveyance dated the 10thshape dayPhase offor August, 2005 between The Minister th day Thirty-seven (237) situated in the Jubilee Subdivision III inA.D., the Western District ofby Island of New of shown Housing and National Insurance and The Minister Responsible Housing and the Borrower Monday, 17 Providence which saidor piece parcel orto lota of landGardens has such position boundaries marks and dimensions asthe are th day of Housing anddiagram National and toThe Minister Responsible and theA.D., Borrower Monday, 17Minister thHousing shown on the orInsurance plan annexed aorConveyance dated the for 10position day of August, 2005 by between Providence which said piece parcel lot of land has such shape boundaries marksThe and dimensions as are of of July, 2017; July, 2017; th day th of Housing and The Minister Responsibledated for Housing Monday, shown on and the National diagramInsurance or plan annexed to a Conveyance the 10 and daytheofBorrower August, by A.D., 2005 17 between The Minister of July, 2017;and National Insurance and The Minister Responsible for Housing and the Borrower by Monday, 17th day of Housing 2. 2.That the Plaintiff be at liberty to enter Judgment against the Defendant for the sum of $137,261.93 at the That the Plaintiff be at liberty to enter Judgment against the Defendant for the sum of $137,261.93 at the rate of 8.25% rate of 8.25% thth day of atJuly, 2017; the 18 daybe of 2017 thereafter at the rate of 6.75% from theofdate of Judgment until paid in full; until paid in full; as at the ofApril 2017 and thereafter atstatutory the rate of 6.75% from the date ofrate Judgment 2. as That the18 Plaintiff atApril liberty toand enter Judgment against thestatutory Defendant for the sum $137,261.93 at the of 8.25% and andas at the 18th day of April 2017 and thereafter at the statutory rate of 6.75% from the date of Judgment until paid in full; 2. and That the Plaintiff be at liberty to enter Judgment against the Defendant for the sum of $137,261.93 at the rate of 8.25% 3. That Defendants do April pay the Plaintiff’s costs of thisataction to be taxed if not 6.75% agreed.from the date of Judgment until paid in full; asthe atthethe 18th day of and thereafter 3. That Defendants do pay2017 the Plaintiff’s costs ofthe thisstatutory action torate beoftaxed if not agreed. and the Defendants do pay the Plaintiff’sthcosts of this action to be taxed if not agreed.

3. That AND FURTHER TAKE NOTICE that on the 9 day of November, A.D., 2017 His Lordship Mr. Andrew Forbes, Justice of

AND FURTHER TAKE NOTICE that the 9th of day ofwas November, A.D., 2017 Hisway Lordship Mr. Andrew Forbes, Justice of the Supreme Court, ordered that that service of the Order to be effected upon you by of publication onJustice Monday AND FURTHER TAKE NOTICE on on the 9th said day November, A.D., 2017 Lordship Mr. Andrew Forbes, of 3.

That thefor Defendants do pay the Plaintiff’s costs of this action to beHistaxed if not agreed. and Thursday two (2) consecutive weeks in the newspapers Tribune and The Guardian. the the Supreme thatservice service of said thelocal said Order to beThe effected upon you by way of on Monday SupremeCourt, Court, ordered ordered that of the Order was to was benamely, effected upon you by way ofNassau publication on publication Monday and Thursdayfor fortwo two (2) (2) consecutive weeks in theinlocal namely, The Tribune andTribune The Nassau andAND Thursday consecutive weeks thethnewspapers local newspapers namely, The and Guardian.

The Nassau Guardian.

FURTHER TAKE NOTICE that on the 9th day of November, A.D., 2017 His Lordship Mr. Andrew Forbes, Justice of Issued the 11 day of April A.D., 2018

the Supreme Court, ordered that service of the the11said Order was to 2018 be effected upon you by way of publication on Monday th Issued April A.D., Issued theday 11ofthnewspapers day of April A.D., 2018 MITRE COURT and Thursday for two (2) consecutive weeks in the local namely, The Tribune and The Nassau Guardian.

Chambers MITRE COURT MITRE Chambers Issued theCOURT 11th day of April A.D., 2018

Chambers

Suite 227,COURT 2nd Floor, MITRE Island Lane Building Chambers Olde Towne, Sandyport, West Bay Street Nassau, The Bahamas Attorneys for the Plaintiff

PAGE 6, Thursday, May 3, 2018

THE TRIBUNE

DPM ‘NOT RESTING ON LAURELS’ WITH DEFICIT ON TARGET FROM PAGE ONE

consumption-based taxes, plus commercial vehicle “licensing month” at the Road Traffic Department.

While the 2017-2018 deficit’s progress almost exactly matches where the Government is in its fiscal year, Mr Turnquest said the national debt and continuing $300 million-plus deficits give the Ministry of Finance little room for manoeuvre - especially given The Bahamas’ vulnerability to external economic shocks and natural disasters.

“We are doing our best to be as prudent as we can, to go after the revenue as best we can, and to try and control expenditure as best we can,” he told Tribune Business.

“This is very much a long-term effort. We’re facing an almost $8bn debt, and a deficit that is stubborn. This is a very complex technical issue

where we’re trying to actually grow the economy while reining in expenditure, and trying to satisfy the demands of the public without blowing the deficit.

It’s not easy.”

The Central Bank’s economic developments report for March revealed that the Government’s deficit at end-February, with two-thirds (66 per cent) of the fiscal year gone, was equivalent to 70 per cent of the full-year target - placing it on track to come in close to the $323m of “red ink” projected, with the traditional March/April revenue boost yet to come.

“At the eight-month point of the fiscal year, the Government’s deficit was approximately 70 per cent of its target for fiscal year 2017-2018,” the Central Bank said.

“Estimated capital outlays were less than half of the allocated total, while current spending comprised 60.7 per cent of budgeted approvals.

Similarly, both non-tax and tax revenues were approximately 67.2 per cent and 56.5 per cent of the respective forecasted amounts.”

Although the numbers suggest the Minnis administration’s fiscal plans are on track, Mr Turnquest said: “Quite frankly, I’m reluctant to mark my own homework. I’m conservative by nature. We’ll see at the end of the year when the accounts are produced where we end up.”

The Deputy Prime Minister will unveil the 2018-2019 Budget before month’s end, and he yesterday confirmed the Government’s “intention” to release its draft Fiscal Responsibility legislation and associated ‘fiscal rules’ at that time.

Mr Turnquest added that the Budget should contain no major shocks or surprises, and said: “You’re going to see us produce a Budget that demonstrates a commitment to our promises as well as efforts

International Financial Institution is looking for a

Relationship Manager for Private Banking

to stimulate and incentivise the local business community.”

The Central Bank’s data backs Mr Turnquest’s concerns over the “stubborn” deficit, given that its year-over-year decline stemmed largely from a $100m decline in capital spending. Hurricane Matthew recovery elevated that expenditure in the prior year, and the $29.3m rise in recurrent spending highlighted the ongoing difficulties the Government faces in trying to cut its fixed costs - chiefly the $900 million-plus civil service wage bill and benefits, plus its rental expenses.

“During the first eight months of fiscal year 20172018, the deficit contracted by $84.1m (27.2 per cent) to $224.7m when compared to the same period of the prior year,” the Central Bank said. “Underlying this development, total expenditure fell by $70.8m (4.6 per cent) to $1.453bn, while aggregate revenue firmed by $13.3m (1.1 per cent) to $1.229bn.

“The decline in total expenditure reflected mainly a halving in capital outlays to $98.3m from $198.2m, as the unwinding

in hurricane–related spending led to a $74m (46.8 per cent) reduction in capital formation. Similarly, asset acquisitions decreased by $25.9m (64.4 per cent).

“In a partial offset, current expenditure rose by $29.3m (2.2 per cent) to $1.355bn, due mainly to a $45.1m (6.6 per cent) increase in consumption outlays. In terms of the various categories, both personal emoluments and purchases of goods and services moved higher, by $21.5m (4.7 per cent) and $23.6m (10.8 per cent), respectively,” the Central Bank continued.

“In contrast, transfer payments contracted by $15.8m (2.4 per cent) as the $25.3m (5.4 per cent) decrease in subsidies and other transfers - owing mainly to reduced subsidies to the Ministry of Tourism - outpaced the rise in interest payments by $9.6m (5.3 per cent).”

On the revenue side, the Government’s ValueAdded Tax (VAT) revenues increased by $13.2m to $430.7m yearover-year. “In contrast, declines were noted for property taxes, by $8.5m (11.9 per cent); taxes on

international trade, by $8.1m (2.3 per cent), owing to reduced import duties; receipts from business and professional fees by $7.3m (13.3 per cent) and selective taxes on services by $1.5m (8 per cent),” the Central Bank added.

Its 2017 annual report, meanwhile, showed that the national debt grew by almost $832m or 11.8 per cent during the 2017 calendar year, hitting $7.882bn - a figure equivalent to 67.8 per cent of GDP - as a result of Hurricane Matthew and the Christie administration’s pre-election spending splurge.

This rate of increase was more than double the prior year’s $390.3m, or 5.9 per cent, rise, which resulted in the national debt expanding by 5.2 percentage points during the year.

To advertise in The Tribune, contact 502-2394

Core Responsibilities Expand the client base through the identification and acquisition of new clients. Promote the jurisdiction and the institution and its services in developing markets, possess a book of clients and reports to the Head Private Banking.

The position is open to candidates who match the following profile: • Bachelor’s Degree in Business or Finance • Minimum 7-10 years advanced experience in, and excellent knowledge of private banking • Has established networks with existing portfolios • Willing to travel • Ability to work under pressure • Flexibility in office hours and hands-on approach when required • Goal oriented, self-motivated, positive attitude and outlook • Excellent oral and written communication, public presentation and client relationship management skills • Proficiency in Microsoft Office • Fluent in English, Spanish, French and Italian Interested persons should submit their curriculum vitae along with a cover letter by May 15th, 2018.

Private & Confidential Relationship Manager c/o The Tribune Box DA No. 109193 P.O. Box N-3207 Nassau, The Bahamas

KINGSWAY ACADEMY

Teacher Applications for September 2018 - 2019 Kingsway Academy invites applications from highly qualified and experienced candidates who are committed to the spiritual, intellectual and social development of students, and who are willing to enrich our school community beyond the classroom.

Elementary School •

General Elementary Studies Grades 2 through Grade 6

English Language/Literature Family & Consumer Science General Science Health Science Social Studies

Successful candidates will meet the following criteria: • • • • •

A specialist, international, boutique law firm is currently searching for a graduate calibre secretary and paralegal with at least five years of prior experience.

You will provide support to a corporate and commercial Litigation Principal.

Responsibilities include: -

Drafting engagement letters Liaising with clients Managing payments and expenses Dictation (correspondence and emails) Diary management Office management

Further, you will receive a hands-on opportunity to learn:

High School • • • • •

CAREER OPPORTUNITY

An academic degree in the area of specialization A teaching certificate Strong oral and written communication skills Interest in and skills to participate in extra-curricular activities or committees Be a born-again Christian with high standards of morality

A complete application package includes the following: A completed Kingsway Academy application form, a detailed resumé with cover letter, a recent photo, a legible e-mail address, working telephone contacts, and three reference forms - one being from your church’s minister, a police record and a health record. The application and reference forms are accessible at the school’s website at www.kingswayacademy.com click on About Us or at the school’s Business Office located on Bernard Road.

Packages should be forwarded to: Kingsway Academy Employment Kingsway Academy P O Box N-4378 Nassau, The Bahamas E-mail: employment@kingswayacademy.com To ensure consideration, application packages must be received by Friday, May 11, 2018 at the Herbert L. Treco Administration Building at the school.

- How to carry out corporate transactions, from beginning to completion - How to open and close case files This role is ideal for a legal professional seeking to expand their career horizons, and wanting to learn how to become a successful litigator themselves. it is expected that you will be passionate about Commercial Litigation. You will be supporting a busy and active litigator who often goes to court. If invited to interview, you should expect to answer questions concerning your knowledge of Commercial Litigation and why you have chosen this career path.

Above all, emphasis will be placed upon the candidate’s drive, eagerness, attitude and willingness to learn. It is a fast-paced, energetic position which will challenge you to succeed. You must be motivated, self—directed and a lateral thinker.

Requirements: - Undergraduate degree - Prior paralegal, administrative and secretarial experience - Must have secretarial litigation experience - Trust administration experience preferred - Proficient in Microsoft Office Suite (Mac also preferred) - Excellent command of the English language

Contract type: Permanent Hours: Full-time If interested, please send an updated copy of your CV and a current photo to: slegalofficebah@gmail.com Applicants who fail to include a current photo will not be considered.

THE TRIBUNE

Thursday, May 3, 2018, PAGE 7

INVESTOR’S $50M IMPACT BOOST FOR GB ‘TECH HUB’ FROM PAGE ONE “GIBC anticipates that for each skilled job created, another 2.5 jobs will result in our local service and tourism sectors, resulting in an estimated economic impact of over $10m in the first year alone.

“Further, GIBC has expressed plans to expand its Bahamian operations to over 150 employees and build a state-of-the-art, sustainable data and artificial intelligence centre within three years, bringing an economic impact of $50m by 2020.”

GIBC Digital’s investment is likely to be especially important for the Minnis administration given that it marries three key initiatives - establishing Grand Bahama as a “technology hub”; the Commercial Enterprises Act; and encouraging international companies to establish a physical presence/real operations in The Bahamas.

Mr Thompson confirmed that GIBC Digital was “among the first companies” to apply for, and be approved, under the Commercial Enterprises Act, which aims to smooth the path for investment in targeted industries by easing Immigration bureaucracy and “red tape”.

The Act allows approved companies to send key personnel to The Bahamas, and establish operations, without first being in possession of valid work permits. Such permits must be applied for within 30 days of these executives’ arrival in The Bahamas and, should no reply be received from the director of Immigration within 14 days, the permits are automatically deemed to have been granted.

The Act, together with the Grand Bahama “technology hub” initiative, are major components in the Government’s plan to restructure and reposition the Bahamian economy by diversifying away from its reliance on tourism and financial services.

With liberalisation/deregulation, and full World Trade Organisation (WTO) membership, other important elements, the Minnis administration is focusing on attracting knowledgebased industries with the potential to be major foreign exchange earners and creators of high-paying jobs.

Mr Wood, GIBC Digital’s chief executive, said this was exactly what his company will bring to Grand Bahama. “We are hiring local people and providing them with the skills they need to be part of the digital workforce,” he said in a statement. “We aren’t just creating jobs; we are creating in-demand, highpaying careers. The positive economic impact for Bahamians will be incredible.”

He added: “We are excited to be a part of the Minnis administration’s vision to make Grand Bahama a tech hub. Ten years from now, it will be thought of as the Silicon Valley of the Caribbean.

This is the perfect time to be part of the growth and reinvigoration that’s taking place here.”

Mr Wood’s statements are strikingly similar to Mr Thompson’s prepared press conference remarks, with the Government hoping GIBC Digital’s arrival will send a signal to the global technology industry that The Bahamas is open for business and merits consideration as a location for physical presence.

GIBC Digital was founded by Mr Wood in 2011 as an enterprise focused on the provision of operational and information technology (IT) strategy, with a focus on regulatory-driven change. As client demands changed, its business model has evolved into a focus on other sectors, including cyber security and fraud prevention, plus data intelligence.

The company’s website describes it as “having more than 35 people around the world”, indicating that the Freeport expansion may double the existing workforce. Clients are said to

have included many of the world’s major financial institutions, including Citibank, J P Morgan, HSBC, UBS, Credit Suisse, Barclays, Deutsche Bank and AIG. Former high-ranking UBS and Citigroup staffers are said to be among its executives.

Apart from its New York headquarters, GIBC Digital also has offices in Boston, Stamford, Tampa, London, Hong Kong, and Singapore.

Besides Freeport, it also plans to establish a presence this year in Dublin, Toronto, Johannesburg and Lagos this year, according to its website.

Tribune Business sought to contact and interview Mr Wood on the company’s Freeport plans yesterday. However, despite corresponding with GIBC Digital executives on the matter, no interview was arranged before press time.

Mr Thompson yesterday expressed hope that GIBC Digital’s investment signals Grand “is an ideal place for technology companies to set up an office, and investors have the confidence to do so”.

He added: “I think it sends a very positive message out to the rest of the world, for technology companies, when it comes to what Grand Bahama has to offer. They’ve [GIBC Digital] obviously seen there’s some strategic benefit from setting up an office, not just in The Bahamas but Grand Bahama.

“We hope this really signals to other, major technology companies; global technology companies, that Grand Bahama is a good space to be in and an ideal location to be in. We hope; we can’t obviously make any concrete predictions, but we’re very hopeful this goes to provide the necessary incentive for others to come in.”

The Government has invested significant resources in establishing Grand Bahamas as a socalled “technology hub”, and the “capture” of GIBC Digital provides some early reward for its efforts and boosts the initiative’s credibility.

“We are at the beginning stage of this technology hub initiative,” Mr Thompson told Tribune Business.

“It’s a positive sign to have a global company like this; it’s a really positive sign for the jurisdiction.

“We’re going to continue to work; continue to plan. It’s reinforcing and

confirming we’re on the right track with this initiative. It motivates us to double our efforts because we’re making good progress. It’s a positive start.”

Mr Thompson confirmed that the Government is continuing to follow the recommendations of its “technology hub” steering committee, which identified numerous reforms - ranging from “ease of business” and regulatory improvements, to training, education and access to funding - as necessary to position Grand Bahama as a location for this industry.

He will say today: “In keeping with the recommendations made by our Technology Hub steering committee, the Government will host a blockchain

and crypto-currency conference in June of this year.

“The purpose of this conference is to introduce The Bahamas, particularly Grand Bahama, as a jurisdiction which is favourable for investors, and to present Grand Bahama as an ideal location for technology companies and those focused on block-chain, cryptocurrency and fin-tech solutions.”

Mr Thompson yesterday told Tribune Business that the conference, which is currently “in the planning stages”, was intended to both promote Grand Bahamas as a location and bring together technology startups and entrepreneurs with potential financiers, such as venture capitalists and “angel investors”.

Mick Holding, the Grand Bahama Chamber of Commerce’s president,

yesterday told Tribune Business he had met GIBC

SEE PAGE 11

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PAGE 10, Thursday, May 3, 2018

THE TRIBUNE

AMAZON HALTS SEATTLE CONSTRUCTION PROJECT AHEAD OF TAX VOTE PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ISIS DARVILLE of Nassau Village, Nassau, Bahamas, P.O. Box SB-52706, intend to change my name to ISIS DAMES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT

No. 45 of 2000

SEATTLE Associated Press AMAZON has halted construction planning on a new high-rise building near its headquarters while it awaits the outcome of a Seattle city proposal to tax worker hours.

The Seattle City Council is considering a “head tax” on high-grossing businesses to raise about $75m a year for affordable housing and homelessness services.

Supporters say businesses that have benefited most from Seattle’s economic boom should help solve urgent problems that

Prinma Invest Limited (the ”Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the Dissolution of Prinma Invest Limited has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the April 23, 2018.

have come with it, such as soaring rents and a spike in people living on the streets.

Amazon, which employs more than 45,000 workers in Seattle, is estimated to pay more than $20m under the proposal. The employee-hours tax would apply to companies with gross annual income of more than $20m, which would apply to about 585 businesses.

Amazon vice president Drew Herdener said in a statement yesterday that the Seattle-based online retailer has put on hold construction planning for a 17-story tower, pending a

council vote on the tax. In addition, he said the company is evaluating options to sublease all space it recently leased in another downtown skyscraper under construction.

The two office spaces would accommodate about 7,000 new Amazon jobs in more than 1.1 million square feet (0.1 million sq. meters) of office space. The Seattle Times first reported the news. Amazon also recently announced plans to add thousands of workers in Boston and Vancouver, British Columbia.

In Seattle, the proposed head tax is roughly 26 cents per employee hour, or roughly $540 a year per worker. By 2021, the tax would switch to a .07 percent tax on the business payroll.

At a council committee meeting on yesterday, councilmember Kshama Sawant said it’s critical that “we not accept this extortion”.

She called the tax “pocket change for these businesses” and said

“Amazon is perfectly capable of paying that”.

Last month, Amazon reported that its firstquarter profit more than doubled from a year ago, fueled by the growth of online shopping and the cloud-computing service it provides to businesses and government agencies.

Overall revenue jumped 43 percent to $51bn.

The company earned $1.63bn in the three months ending March 31. It’s the second time Amazon’s quarterly profit has topped $1bn. In the previous quarter, which included the busy holiday shopping season, it had a profit of more than $1.8bn.

Many social service workers and others supported the tax yesterday, saying the city needs to add affordable housing and address the wealth disparity.

Councilmember Lorena Gonzalez, a co-sponsor of the tax measure, tweeted her support yesterday

SEE PAGE 11

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Accountant Skills and Qualifications: Bachelor in Accounting or Banking & Finance At least 4 years’ experience in accounting

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Email resume to: Tresorrarebahamas@gmail.com

IN THE MATTER OF ALL THAT piece parcel or portion of a lot of land situate in Sandilands Allotment in the Eastern District of the said Island of New Providence being a portion of Allotment Number Thirty-four (34) and bounded on the NORTH by a reservation commonly known as Pine Yard Road and running thereon Thirty (30) feet and on the EAST by land the property of Kendel Lynden Hanna and Lyndell Sandrina Hanna and running thereon One hundred (100) feet on the WEST by a Thirty (30) feet wide road reservation and running thereon Ninety-four and Sixty-one hundredths (94.61) feet.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Mantra Investments LLC NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows:

AND IN THE MATTER OF The Quieting Titles Act, 1959 AND IN THE MATTER OF The Petition of Kendel Lynden Hanna and Lyndell Sandrina Hanna

a) Mantra Investments LLC is in dissolution under the provisions of the International Business Companies Act, 2000.

NOTICE OF PETITION

b) The dissolution of the said Company commenced on the 19th day of February, 2018.

Pursuant to an Order of The Supreme Court dated the 25th day of October A.D., 2016. The Petition of Kendel Lynden Hanna and Lyndell Sandrina Hanna both of the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas showeth in respect of:ALL THAT piece parcel or portion of a lot of land situate in Sandilands Allotment in the Eastern District of the said Island of New Providence being a portion of Allotment Number Thirty-four (34) and bounded on the NORTH by a reservation commonly known as Pine Yard Road and running thereon Thirty (30) feet and on the EAST by land the property of Kendel Lynden Hanna and Lyndell Sandrina Hanna and running thereon One hundred (100) feet on the WEST by a Thirty (30) feet wide road reservation and running thereon Ninety-four and Sixty-one hundredths (94.61) feet.

The Petitioners, Kendel Lynden Hanna and Lyndell Sandrina Hanna herein claim to be the owner in fee simple in possession of the said piece parcel or lot of land and has made an Application to the Supreme Court of The Bahamas under Section 3 of The Quieting Titles Act, 1959 to have their title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the plan showing the position boundaries shape marks and dimensions of the said piece of land may be inspected during normal working office hours at the following places:(a)

(b)

The Registry of the Supreme Court, The British American Building, Marlborough Street, Nassau, The Bahamas; The Chambers of Seymour & Co, 101 East Hill Place , East Hill & Market Streets, Nassau, The Bahamas

NOTICE is hereby given that any person having a Dower or a right to Dower or an Adverse Claim to or a Claim not recognized in the Petition shall on or before The expiration of Thirty (30) days after the final publications of these presents file at the said Registry of The Supreme Court of The Commonwealth of The Bahamas and serve on the Petitioner or the undersigned a Statement of his/her Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his/her Claim on or before the final publications of these presents shall operate as a bar to such claim.

SEYMOUR & CO. Chambers 101 East Hill Place East Hill & Market Streets Nassau, The Bahamas Attorneys for the Petitioners

c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 2nd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

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• Assisting with preparation of documents, reports and presentations using Microsoft Word, Excel, PowerPoint and Power BI. • Maintaining client files in accordance with KPMG guidelines.

• Compiling and maintaining electronic data rooms.

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• Maintaining and developing market research and industry research databases.

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Applicants should submit a cover letter, resume, transcript and a copy of professional license by Friday, 11 May, 2018 to: Human Resources Manager, KPMG, P.O. Box N123, Nassau, Bahamas or hrbahamas@kpmg.com.bs. © 2018 KPMG, a Bahamas partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

THE TRIBUNE

INVESTOR’S $50M IMPACT BOOST FOR GB ‘TECH HUB’ FROM PAGE 7 Digital’s executives at last week’s business-to-business expo, where they briefly

AMAZON HALTS SEATTLE CONSTRUCTION PROJECT AHEAD OF TAX VOTE

Thursday, May 3, 2018, PAGE 11 spoke and informed him of their plans.

“It’s a start,” he said of the company’s investment.

“Every initiative has to start somewhere. To have one of that size coming here within a relatively short time of it [the technology hub] being launched will hopefully encourage others to follow.

“They’ve obviously done

their due diligence on coming here, and it opens the door for others. If companies like that think this is a great move, why wouldn’t it be good for someone else.

It’s positive. It’s got to be.

“They’re a large company, as far as I’m aware.

They seem very enthusiastic about coming to The Bahamas, and hopefully

narrowly rejected a smaller tax proposal last fall.

“Today’s announcement shows that Seattle cannot

take its economic prosperity for granted,” said Marilyn Strickland of Metropolian Chamber of Commerce.

FROM PAGE 10 morning saying, “To address the massive humanitarian crisis our city is experiencing, we MUST create sustainable revenue sources to fund effective solutions that will get our Seattle residents off the streets.”

Businesses have been pushing back on the idea since it first surfaced last year. The City Council

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Essential functions include; • • • • • • • • • • • • • • • • • • • • •

Responsible for employment contracts, ensuring that contracts are compliant with relevant legislation.

Liaise with Partners to inform them of employees’ upcoming contract and work permit end dates to determine renewals and liaises with employees to ensure ample notice to complete the process.

Responsible for tracking upcoming employee retirement dates, advising the appropriate Partner(s) and preparing notification letters.

Prepare Immigration applications and responsible for work permit process Provide support on posting job ads, renewals and promotions in the local newspaper (as applicable).

Stay current with any new policy changes, keep team members informed of the changes and provides employees with information related to Immigration, work permits, benefits and contract matters.

Provide administrative support on system including data entry into the system maintenance of personnel records and system reports, as well as any physical employee files/records.

Conduct audits of absence records and reporting and recommends any corrective action.

Prepare recruitment related documentation including employment ads. and offer letters etc.

Assist with recruitment events, including student recruitment coordination and preparation.

Arrange hotel, travel and ground transportation for new hire arrivals.

Support with staff onboarding and exit procedures.

Tracks compliance with firm and various learning requirements; communicates status to learning leaders.

Coordinates in-house classroom training including registration, ordering material, room set up, catering etc.

Provides general employee support including drafting bank letters, and maintaining employee files.

Schedule, participate in and take minutes at various firm committee meetings.

Tracks rewards and recognition of all employees via SharePoint, coordinates purchases, and distributes rewards to employees and reports on progress to the Talent Advisor monthly.

Provides assistance with the rollout of any new Talent initiatives or regional support as needed.

Support the enrollment of staff in the provident Fund.

Support to ensure staff receives Pension Fund statements as per plan rules.

Works with Finance to assist with payroll employee benefits, and pension’s administration for all employees.

The successful candidate will possess: • Associates or Bachelor’s degree with a specialization in Business Administration or Human Resources and/or minimum of two (2) years’ experience in HR, Learning and Development or a related field required.

• Previous experience and knowledge of work permit procedures is preferred.

• Proficiency in Microsoft Office Suite.

All applications should be submitted online at: https://jobs2.deloitte.com/bs/en Keyword: BS149515KW Please note to apply for this position you will need to submit a cover letter and CV through the above link.

Talent Deloitte Ltd. 2nd Terrace West Centreville Nassau N-7120 Bahamas Telephone: (242) 302 4800

they’re going to be the first of many.”

However, some in the Bahamian technology industry reacted with caution to GIBC Digital’s potential investment. One source, speaking on condition of anonymity, argued that “Grand Bahama is not ready for it right now”

because the island lacks the necessary supporting IT and other infrastructure to provide the proper supporting platform.

They warned that if the expectations of GIBC Digital and other “early movers” were disappointed, it could undermine the whole “technology hub” strategy. “Yes,

it could work, but do you have the housing, the restaurants, are bank accounts going to be open in time?” the source said.

“Why would a company go to Grand Bahama when it is far more expensive?

Living costs are expensive, and the “ease of doing business” is non-existent.

THE TRIBUNE

LPIA DEPARTURES HIT 10-YEAR HIGH FROM PAGE 5

to the private sector dropping by $53.7m.

Mortgage and consumer credit fell by $12.3m and $41.4m, respectively, while commercial credit improved marginally by $200,000.

Still, the aggressive restructuring and sale of non-performing loans (NPLs) by commercial banks dropped “bad credit” to below ten per cent by end-March 2018.

“At end-March 2018, arrears and NPL rates stood at 15.1 per cent and 9.9 per cent, respectively,” the Central Bank said.

“This is higher than the 7.8 per cent and 4.1 per cent recorded in the pre-recessionary period of March 2007, but significantly below the 21.5 per cent and 16 per cent at endMarch 2014 (when rates were near their peaks).

“Arrears and NPLs are anticipated to continue their downward trajectory, amid banks’ asset sales and sustained debt restructuring measures.”

The Central Bank added that the external reserves increased by $189.1m during the 2018 first quarter to hit $1.597bn. “At end-March, reserves were equivalent to approximately 6.4 months of total merchandise imports, compared to 3.7 months in 2017,” the Central Bank said, adding that the “benchmark” is three months’ coverage.

“Reserves also represented 100.6 per cent of demand liabilities, compared to 70.5 per cent at end-March 2017.”

Thursday, May 3, 2018, PAGE 13

Contractors chief: Redo The Pointe deal if breached FROM PAGE ONE

yesterday.

Speaking at the BCA’s monthly luncheon meeting, Leonard Sands, pictured, said: “The major issue we have is not with development at the Pointe, but how development is going on and the lack of information and clarity on how Bahamian contractors and employees are to be involved in it.

“One of the things the BCA continues to get is concern from our members over the fact that there is no way to find out at what point, and what stage, do Bahamian contractors have an opportunity to engage in the project.”

The Heads of Agreement for the Pointe, tabled in Parliament last year,

granted CCA between 400500 work permits for the $200m development. The deal, dated June 18, 2015, stipulated that Bahamians would comprise 70 per cent of the total construction workforce, once those employed by local sub-contractors were included in the calculation.

Bahamian subcontractors were supposed to receive “approximately 40 per cent of development work.... in various classifications”, although these were not listed.

The Heads of Agreement requires 70 per cent Bahamian labour on the project’s construction. The Department of Labour recently conducted a workforce census at the development, although its findings have not yet been released.

“From day one we were

We’re hiring Risk Manager The opportunity A Manager will understand our clients’ operations, their industry and the issues they face in order to provide risk and other advisory services. The combination of our specialist skills, industry expertise and on-going investment allows us to anticipate complex business problems for our clients and recommend preventative action. The incumbent will be responsible for developing and maintaining a portfolio of clients on a day to day basis which will include planning, day to day management of the team including review of testing and reports, liaison with key client staff and the management of the reporting process. The incumbent will be expected to drive quality and client service excellence, actively develop and mentor their team and participate actively in business development opportunities. Essential functions include; • • • • • • • • • • • • • • •

Manage a portfolio of clients to involve planning, budgeting, work in progress management, management of the team, allocation of resources, reviewing work papers and reporting Assist in developing and implementing existing and new market propositions across a number of industry sectors Employ a structured approach to project management to ensure complete client satisfaction and project profitability, review and finalize written reports on findings and recommendations from team’s project work Understand our clients’ business environment and leading risk management approaches, building and developing long term relationships with senior stakeholders across our client organizations Have a broader perspective of potential issues encountered when managing diverse teams and the strategies to overcome them Promote and enforce compliance with mandated professional practices and maintain a comprehensive understanding of leading edge tools and methodologies Collaborate with the broader Risk Services and Deloitte team to provide a whole of firm/value added service to our clients Understand complex business management processes, demonstrating an advanced understanding and the ability to advise clients on business processes, internal control risk management and related standards Identify and evaluate complex business risks, internal controls which mitigate risks, and related opportunities for risk management improvement Facilitate use of technology-based tools or methodologies to review and assess risk, assess the strength of relevant controls, products and processes Develop an expertise in a specialization and reputation as a business advisor, with the ability to leverage cross-geography insights and practitioners to enhance client service delivery Develop an advanced level of understanding in key industry(ies) and trends of focus to drive the development of impact sustainable risk management solutions Play an active role in practice growth and business development through various marketing activities (proposal writing, events, public speaking, article writing, targeted marketing initiatives, account plans) Focus on managing the practice to include budgeting, profitability, strategy, developing capabilities, recruitment, training, competitor analysis and managing quality and risk Drive Deloitte’s risk mechanism for client and engagement acceptance

The successful candidate will possess: • Strong academics, including a minimum of a Bachelor’s degree: Business/ Accounting or Risk related field is strongly preferred • Qualified in a minimum of one or more of the following designations: ACCA, ACA, CPA, CA, CIA, CISM, CISA, CISSP or other relevant professional designations • 5+ years practical experience working in business or technology risk within a professional services firm or large scale business; 3+ years post qualification experience preferred All applications should be submitted online at: https://jobs2.deloitte.com/bs/en Keyword: BS149323CA Please note to apply for this position you will need to submit a cover letter and CV through the above link.

Talent Deloitte Ltd. 2nd Terrace West Centreville Nassau N-7120 Bahamas Telephone: (242) 302 4800

saying there is a red flag that should be going up because we don’t see that 70/30 ratio being represented there,” Mr Sands said. “We understand that the Ministry of Labour did a survey, and they are going to report

back to Cabinet.

“We hope that they come back to us and tell us something, because it seems to me that there is a violation of the Heads of Agreement.

If there is a violation there needs to be a discussion on

concessions; do they get renegotiated? I think the Government should, if it is found that that Heads of Agreement terms are not being met, renegotiate that Heads of Agreement with The Pointe.”