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THURSDAY, MAY 10, 2018

$4.68

Town planning ‘U-turn’ on $50m Sebas project By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

EBAS Bastian yesterday cited Town Planning’s rapid six-day “U-turn” on his $50m office complex as “proof of my suspicions” that he was being treated unfairly. The Island Luck chief told Tribune Business it was “almost a penalty to be successful in The Bahamas” after the Government authority finally removed an eight-month “Stop Order” on the project and granted approval for it to proceed. He added that the Town Planning Committee had “done in six days what it couldn’t do in eight months”, with the abrupt change in its stance on approvals for

* Rapid approval reversal ‘proof of my suspicions’ * Island Luck chief: ‘It’s a penalty to be successful’ * Eyes instant restart due to ‘lost ground’

SEBAS BASTIAN the Veridian Corporate Centre coming less than a week after Mr Bastian and his attorneys threatened legal action. The reversal also occurred just four days after Tribune Business exclusively revealed the brewing

BTC OWNER PREDICTING ‘LIGHT AT END OF TUNNEL’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Bahamas Telecommunications Company’s (BTC) ultimate owner yesterday said there was “light at the end of the tunnel” in its battle to fight off Aliv’s competitive threat. Balan Nair, Liberty Latin America’s chief executive,

* LIBERTY CHIEF ‘ENCOURAGED BY NUMBERS’ * MOBILE CLIENT DROPOFF LOWEST SINCE END-2016 SEE PAGE 6

Web shops: Up to 50,000 gambling By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net WEB SHOPS yesterday estimated that between 30,000-50,000 Bahamians engage in gambling, as the sector formally launched its anti-addiction initiative. The Bahamas Gaming Operators Association’s

* SECTOR LAUNCHES ANTI-ADDICTION INITIATIVE * DESCRIBES MOVE AS ‘RED LETTER DAY’ (BGOA) Responsible Gaming and Addiction Prevention Programme will

SEE PAGE 10

MARGIN SQUEEZE MEANS SUMMIT WON’T PEAK IN ‘18 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN insurer yesterday said it is unlikely to match last year’s 173.4 per cent profit increase due to a “margin squeeze”

* REINSURANCE RISE NOT MATCHED LOCALLY * INSURER’S PROFITS UP 173% IN 2017 SEE PAGE 11

controversy between Mr Bastian and the Town Planning Committee, which had potentially cost the former $25m in sales and forced the lay-off of 57 Bahamian workers. Sources close to the Committee previously suggested the “Stop Order” was imposed in early October 2017 because Mr Bastian’s companies, Veridian Development Group and Brickell Management Group (BMG), did not have all the necessary building permits. But Mr Bastian yesterday said the Town Planning Committee’s sudden

“U-turn” left him feeling that his initial suspicions of “foul play or gross negligence”, in terms of how he and the project were being treated, were correct. He revealed that yesterday’s confirmation of the building permit’s approval had left him recalling Majority Rule Day, and a feeling that he and other Bahamians were still “discriminated” against in their own country whereas “the red carpet is rolled out” for foreign investors.

SEE PAGE 3

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Customs drops new demand following business pushback By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GOVERNMENT has dropped demands for Bahamian importers to supply proof of exchange control approval for each Customs entry following an outcry from furious businesses. Marlon Johnson, pictured, the Ministry of Finance’s acting financial secretary, told Tribune Business that the Customs Department had “modified” requirements it was set to impose from this Monday, May 14. A “public notice”, signed by Dr Geannine Moss, the Customs comptroller, stated: “The public is hereby advised that as of the 14th of May 2018, all

* SOUGHT EXCHANGE CONTROL PROOF OF ‘ALL ENTRIES’ * ‘MODIFIED’ AFTER PRIVATE SECTOR ‘RED TAPE’ FEAR * OFFICIAL: SUSPICIONS OVER ‘LARGE TRANSACTIONS’ commercial entries submitted to Bahamas Customs must be submitted with current Business Licence.” Dr Moss said such requirements were enshrined in law by the Customs Management Act’s section 208 (2), “item nine”, which states that “goods imported for the purpose of

SEE PAGE 7

THE TRIBUNE

Thursday, May 10, 2018, PAGE 3

Town planning ‘u-turn’ on $50m Sebas project FROM PAGE ONE While praising the Minnis administration for its focus on improving the “ease of doing business”, Mr Bastian said it seemed as if “the system is designed to hammer and slam” Bahamian entrepreneurs once they reach a certain level of success. With the Veridian Corporate Centre having “a lot of lost ground to make up”, the lsland Luck chief said he would be placing a call to Bahamas Hot Mix in the hope they could re-start work “right away” and help claw back lost office space sales. With the deadline for Mr Bastian’s threatened legal action set to expire last night, the Department of Physical Planning yesterday informed his attorney, Alfred Sears QC, that the sought-after building permit had been approved the previous day. Charles Zonicle, acting director of physical planning, told Mr Sears: “I wish to inform you that the Town Planning Committee reviewed the building permit application relative to the above captioned proposal at the meeting held on May 8, 2018. “The Committee resolved to grant approval for the proposed office park subject to the following conditions. One, the applicant must adhere to the requirements of the Ministry of Public Works relative to junction improvements and on-site drainage controls. “Two, the applicant must adhere to the landscape plan and the requirements of the Forestry Unit.” Mr Zonicle added that the Veridian file was now being sent to the Department of Environmental Health Services (DEHS) “for their necessary action”. Mr Bastian, expressing relief that his West Bay Street development can finally proceed, told Tribune Business it had been “a long eight months” following the “Stop Order’s” imposition,

and various subsequent demands from the planning authorities. “This is just proof that my initial suspicions were correct,” he said of Town Planning’s “about turn”. “It was either gross negligence or foul play. They have demonstrated, just two working days after you wrote your story, that they could do in two days what they couldn’t do in eight months. That’s because it became a matter of public discussion.” The reasons for Town Planning’s course reversal were not disclosed in Mr Zonicle’s letter, and the Committee and its members will vehemently reject Mr Bastian’s claims of unfair treatment. However, Mr Sears, in his May 2 letter to Desmond Bannister, minister of works, demanded that the planning authorities “cease and desist from what appears to be disparate, discriminatory and biased treatment of our client in the approval process”. His letter alleged that rival corporate office developments in western New Providence were being treated “more favourably” than the Veridian project, which is located on a 10-acre land parcel off West Bay Street, opposite Old Fort Bay and just west of the Serenity gated community’s access road. The former attorney general argued that competitors, who started later than Mr Bastian, had been able to progress further than Veridian as a result of the “Stop Order”. And, setting out the latter development’s chronology, he suggested his client had been forced to “jump through” numerous unnecessary obstacles. Mr Sears questioned whether rival projects were “similarly required to provide a traffic impact study, dust minimisation plan, landscaping proposal, excavation plan, boundary survey, civil aviation approval, Forestry Department approval, on

the imposition of a “Stop Order””. Despite yesterday’s approval confirmation, Mr Bastian said he was unable to shake the feeling he had been “discriminated” against. “It reminded me more of Majority Rule Day, or something like that,” he told Tribune Business. “I walk around with my passport in my pocket sometimes to remind myself I’m a Bahamian. It’s unfortunate in 2018 that I should still be faced with discrimination in my own country. “The system is not getting any better, and foreign investors coming in receive the “red carpet” roll-out. I invest as much as them in my own country, and I get blocked. I am astonished. In 2018 I can’t believe stuff like this just happens.” Mr Bastian said Bahamians all too-often liked to “pull back down” fellow countrymen who were successful. “I genuinely feel that when you are a successful person of colour some strange things happen in the economy,” he added. “A lot of people don’t realise it. I see it more and more each day. It’s almost a penalty to be successful in The Bahamas. They inspire you, say go out and be successful, be an entrepreneur, and when Bahamians get up there the system is designed to hammer them and slam them back down.” Mr Bastian argued that he had never seen what happened to the Veridian project occur with a foreign investor, and added: “It happens to certain people. But it’s a new day, and I’ll continue to bring awareness to unfair treatment. “I’m hoping the attention and awareness brought to my situation will bring relief to others going through what I went through. I want them all to succeed - white and black Bahamians. There’s room for more than one car on the highway. That’s my story, and I’m sticking to it. “That’s also why it’s

important to get the “ease of doing business” right. I applaud the Minnis administration for putting that in place. It’s definitely needed.” Veridian’s civil works had been in progress for seven months prior to the “Stop Order’s” issuance, and Mr Bastian served notice of his intent to resume construction as rapidly as possible now the building permit was confirmed. “I’ve got to round up everybody and get those jobs back,” he told Tribune Business. “I had to lay-off 57 people, and have to get them back on the job and get it started. I’m going to have a phone call into Bahamas Hot Mix today and see how quickly they can get mobilised. “Hopefully they can start right away, and will be able to mobilise tomorrow [today]. I’ve got to make up a lot of lost ground. Hopefully this delay will not have any further affect on our sales; it has already hurt, and hopefully we will be able to get those back.” Mr Bastian said Veridian aimed to capitalise on the Government’s push for international businesses to establish a physical presence in The Bahamas - a drive that is tied to this country’s efforts to comply with the European Union’s (EU) anti-tax avoidance demands. Shell is already planning to relocate its Caribbean regional headquarters to The Bahamas, and is understood to be looking for office space and rental accommodation in New Providence - all of which will boost demand for Mr Bastian’s and rival projects. “This project was initially designed to fill the void in office space in the western market,” Mr Bastian said. “There’s demand for this product out there. Because IBCs and others are going to be required to have a physical presence in The Bahamas, the demand for physical office space is going to see a jump.”

CONTRACTOR CHIEF HOPES FOR AFFORDABLE HOMES BOOST By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE BAHAMIAN Contractors Association’s (BCA) president yesterday said the Government’s Affordable Homes initiative could potentially provide an immediate housing sector boost, although the legislation needed more examination. Leonard Sands, pictured, spoke out as the House of Assembly yesterday debated and passed the Access to Affordable Homes Bill 2018, which seeks to promote greater access to lower-cost housing through the grant of certain tax exemptions for the building of homes on land within a government-owned subdivision. It would apply where the subdivision has been provided with all the necessary infrastructure for essential services and utilities. Dr Hubert Minnis, the Prime Minister, said the first service lots will be released for sale in June or July this year. Public officers, such as police, Defence Force and prison officers, will be among the first to have the ability to purchase such lots. “I will have to look at the legislation to understand

more fully how this works,” Mr Sands told Tribune Business. “It could have a fairly significant impact on the sector when you look at the persons who would be able to purchase these lots in the first instance. “If they can purchase the lots and be able to qualify for a mortgage, then certainly within a matter of months we could see construction happening and that would be good for the sector. If persons can get the land for cheap and then qualify for a $100,000-$150,000 mortgage for the house, I think we could see some things happening, especially if you can get a significant number of persons to qualify.” The Access to Affordable Homes Bill 2018 provides Customs duty and Excise Tax exemptions on construction materials. These apply for a period of two years from the date of the approval from the minister, or within the extended period. A Certificate of Occupancy must also be issued. The legislation, once passed, will also provide for a resumption of title by the Minister of Housing, and possible equal restitution, should a person fail to complete a home within the specified period.

NOTICE Annual General Meeting to be held May 29, 2018 at the office of Project Read Bahamas Located: Village Rd. South of Queen’s College entrance at 6pm.

BAHAMAS MEDICAL CENTRE BLAKE ROAD, WESTERN OPPORTUNITY LAND - 3.02 +/- ACRES / 131,777 SQ. FT. BLDG. A – 10,140 SQ. FT. I BLDG. B – 10,295 SQ. FT. BLDG. C – 11,094 SQ. FT. I FULLY OCCUPIED I GENERATOR SECURITY BOOTH AT ENTRANCE I CLOSE TO LPIA I CALL FOR PRICE

EMAIL: morleyrealty@morleyrealty.com | CALL 242-394-7070 BAHAMAS FINANCIAL CENTRE DOWNTOWN

ONE MARINA DRIVE CLASS ‘A’ OFFICE

702 SQ. FT. THIRD FLOOR OFFICE SPACE I SECURITY I ELEVATOR AND STAIRS COVERED PARKING AVAILABLE I GENERATOR I FIRE & ALARM SYSTEMS

3,921 SQ. FT. THIRD FLOOR I ELEVATOR AND STAIR ACCESS I 24 HOUR SECURITY I GENERATOR I HARBOUR VIEWS I PARADISE ISLAND LOCATION

NORFOLK HOUSE FREDERICK STREET

CABLE COTTAGE OFFICE SPACE

5,860 SQ. FT. 2ND FLOOR LOCATION I CITY VIEWS I GENERATOR I SECURITY I DOWNTOWN LOCATION I EUROPEAN COURTYARD

820 SQ. FT. 2ND FLOOR SPACE WITH 3 OFFICES, RECEPTION AREA, BATHROOM AND BALCONY OVERLOOKING WEST BAY STREET

EAST BAY SHOPPING CENTRE EAST BAY STREET

MADEIRA PLAZA PALMDALE

585 - 1,500 SQ. FT IDEAL OFFICE, SERVICE OR RETAIL LOCATED CLOSE TO PARADISE ISLAND AND DOWNTOWN I NEWLY RENOVATED I DUAL ENTRY & EXIT

1,835 SQ. FT. BUSY PALMDALE PLAZA NEAR TO BANKS, SHOPS & PARKING I IDEAL OFFICE, RETAIL OR SERVICE I KITCHEN, STORAGE & 2 BATHROOMS

PAGE 4, Thursday, May 10, 2018

THE TRIBUNE

FIVE REALTORS HONOURED BY INTERNATIONAL FRANCHISE FIVE agents at Better Homes and Gardens MCR Bahamas Group have been recognised by the international real estate franchise for outstanding sales performance. The four-tier, performance-based award system bestows Silver, Gold, Platinum and Emerald Elite honours on sales associates and teams that exceed targets, thereby taking their firm to the next level. “I’m proud of all my team members who continue to demonstrate their commitment to the profession and to the company,” said Mario Carey, MCR Bahamas Group’s chief executive and broker. “As a team we are all successful when the noted top performers excel.” Mr Carey added that the franchise provides his agents with global recognition. Sheldon Pitt and Tim Rodland were recipients of the Platinum Award, which recognised the top three per cent of

all affiliated agents and teams in the Better Homes and Gardens Real Estate Franchise nationwide and internationally. “It’s a pleasure to be recognised at the top of thousands of agents in the world. It took hard work and a lot of patience,” said Mr Pitt, a Bimini native who found his passion for real estate flipping homes in Toronto. In less than a year in the Bahamian real estate market, he has reached over $1m in sales. Although flattered by the accolade, agents have not taken the recognition for granted. “I was just focused on doing the best I can and making my clients happy,” said broker Tim Rodland, a member of The Institute of Luxury Home Marketing. The only woman in the group, Samia Donaldson, received a Gold Award, which is given to those in the top five per cent in the BHGRE franchise. The Freeport native was among the youngest agents

MARIO Carey (right), president and founder of Better Homes and Gardens MCR Group Real Estate, with his five winning agents. All captured top awards from global franchise. From left: Daniel Lowe, Antoine Adderley, Samia Donaldson, Tim Rodland and Sheldon Pitt.

at MCR when she was dubbed “the rental queen” for signing 13 residential and commercial property contracts in 15 days. “It’s an honour to be in the top five per cent

of 15,000 top producing agents in the Better Homes & Gardens Real Estate Franchise worldwide,” said Ms Donaldson. Both Danny Lowe and Antoine Adderley received

a Silver Award, signifying their place in the franchise’s top 15 percent of agents. “Last year was a great year, and I’ve already sold more this year than last. You always want to

demonstrate progress and improve your performance, and I’m set to do just that,” said Mr Lowe. Likewise, Mr Adderley feels 2018 is off to a good start, even though he is not in it for the awards. “I do it for the joy of satisfying the needs of persons looking for a home. It feels good to take their dreams of home ownership and turn them into reality,” he added. MCR Bahamas Group was the first firm outside the US granted a franchise for Better Homes and Gardens Real Estate, a brand that links property purchases with “how-to” helpful hints via its online and social media presence. MCR Bahamas Group is a full-service real estate firm handling sales and rentals, commercial and residential property management, luxury property marketing, vacation rentals, expedited financing assistance and relocation services.

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

A leading vacation resort seeks to employ a

SR. DIRECTOR HOTEL OPERATIONS FRONT OFFICE DEPARTMENT Job Summary: The Senior Director of Hotel Operations is ultimately responsible and accountable for the daily operations of all aspects of the Front Office, and serves as the senior operating executive in the absence of the Vice President & General Manager of Harborside Resort. This person is instrumental in providing leadership, training, and is responsible for the safety and security of all guests; which is coordinated through the Hotel Assistant Managers. Main Duties and Responsibilities: • Plans and manages the Front Office Operations and related areas of operations to achieve guest satisfaction and quality • Drives the Guest experience to ensure that the company and divisional goals of 100% or better are met. • Provides guidance and leadership to all aspects of the operations, including Housekeeping, Procurement and consistent compliance of hotel policies and quality customer service while maximizing departmental profits. • Conducts ongoing training and development programs; works directly with Department Heads. • Displays outstanding interviewing skills and applies behavioral interview methods when interviewing. • Develops Annual Financial Budgets for related departments for VP of Hotel Operations Review. • Manages annual performance review process for all related departments. Required Qualifications: • Seasoned professional with at least five years’ experience as a department head in front office, reservations and/or housekeeping in a large resort property or in a department that is proven to be complex. • Demonstrated evidence of strong leadership and communication (written & verbal) skills • Competent in the execution of employee recognition and discipline matters. • Thorough working knowledge of the Labour Laws and the Union Employee Industrial Agreement. • Competent in Process Improvement Projects and Root Cause Analysis • An in depth knowledge of managing a divisions profit and loss statements with the ability to drive changes and hit new targets as they become necessary. For consideration please forward resumes to:

Jacquelyn.Gardiner@harborsideresort.com

THE TRIBUNE

Thursday, May 10, 2018, PAGE 5

DESIGNING ON THE FLY WILL NEVER WORK A FLYER can often be a cheap but cheerful way to get your brand before customers. Flyers can also be great at promoting special events or offers, providing customers with more information on a specific product or service you are providing. But making your flyer stand out to hit all the right notes is not as easy as it seems and, over the years, I have seen examples that really could have used a little more care. To assist with design ideas for your next flyer, I am suggesting the “top six” things to avoid. If some seem surprising and make you reconsider your design, you can thank me later. Here they are:

TOO MUCH INFORMATION The worst thing you can do with your flyer is fill it with information just for the sake of filling space. Give your flyer room to breathe and only include the most necessary points. If you are looking to promote a new product then you may want to include the name, a price and a few key points. Do not start to write a story on its great benefits. Your customer may only be interested in knowing the cost and what it does; almost like if you are promoting your business or service. Your customers lead busy lives, so they do expect information quickly. This means only including key points that a reader can easily scan through and digest. LONG HEADLINE If too much information is the worst thing you can have in a flyer, then a long headline is a close second (which is why I placed it as number two). Your headline needs to be short and right to the point. Moreover, a headline should be something that can instantly grab the customer’s attention and encourage them to want to read more. Keep words to a minimum in your headline; at least two lines at the very most. And before you send your flyer to print, put a draft in front of some colleagues to see their response. Does the headline grab their attention? LOW QUALITY IMAGES If you are using images for your flyer make sure they are high quality. Low quality, pixelated images will make your flyer look unprofessional and can cheapen the way customers view your brand. Avoid copying images straight from the website, as they will be lower quality and a different resolution

The Art of Graphix BY DEIDRE M BASTIAN

(RGB rather than CMYK). If you have access to quality stock images for a product or even have your own digital camera (or smartphone), use them. A quality picture can really help set a flyer on fire. TOO MUCH COLOUR We all know that a little colour is important in helping an advertisement stand out, but be sure to remember the word “little”. Do not go overboard and become “colour happy” because you feel bright, vibrant colours can give more impact. Too much colour can make a flyer confusing, especially if you use lots of colour in the text. Try to focus on colours that complement each other, and work well with your brand image and your logo. When using text in your logo, a consistent approach is always the best way. Try to use the same colour for all text, although you can use a different colour to help make a heading, price or special offer stand out. SMALL TEXT Text is important when it comes to your flyer, and using the right fonts is also something you need to consider. There is no point spending time designing a flyer and printing it, only for your customers to struggle with reading. Your headline should be the largest text size, with all other information consistent in size. Sub-headings and prices, or key points, can be a little bigger than the main content body size, but it should never exceed the size of your headline text. Try to avoid going below “point 10”, especially when printing white text on to a black background. POOR SPELLING This may seem like a surprising inclusion to the list, but poor spelling, grammar and wrong information are things we have all come across at some stage when looking at a flyer, haven’t we? Be sure to proof read your flyer at every stage of the design process, and get

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DELICIA CANTER of 3A Thompson Avenue, Stapledon Gardens, P.O. Box CR-56069, Nassau, Bahamas, intend to change my name to DELICIA DEONDREA CANTER. 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.

Dr. Shaneeta Johnson

SCHOLARSHIP

Dr. Johnson MD, is pleased to offer a full-tuition scholarship to Bahamas Academy of Seventh-Day Adventists for Grades 10-12.

Grade 9 students from public or private schools may apply. Application forms are available at Bahamas Academy on Marshall Road, or the South Bahamas Conference of Seventh-Day Adventists, Tonique Williams Highway. Application deadline is June 15, 2018.

your colleagues to double proof before final print. Be sure to check the more sensitive information, such as dates, prices and contact details, for once they are printed the only way to change them is to print again. This is a further expense you can avoid. Finally, when designing your next flyer, think of those that have managed to grab your attention in the past. What was it that grabbed your attention? And be sure to remember those flyers that you placed in your bin, and immediately threw a match on. What did they have that made you do this? One final tip: Always encourage feedback from your customers. Do not be afraid to ask them what worked, and be sure to use these findings to improve your next design. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Ms. Deidre Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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PAGE 6, Thursday, May 10, 2018

THE TRIBUNE

BTC OWNER PREDICTING ‘LIGHT AT END OF TUNNEL’ FROM PAGE ONE

told a conference call it was “encouraged” by BTC’s numbers on both its fixedline and mobile segments, with the subscriber loss in the last category the lowest it has been since Aliv entered the market in the 2016 fourth quarter. Speaking as he unveiled Liberty Latin America’s (LiLac) 2018 first quarter results to analysts, Mr Nair said: “On BTC we are encouraged by the numbers there, both on the fixed side and on the mobile side as well. “You’ll see the lowest [quarterly] loss since our

competitor showed up on the island. Is it sustainable going forward? We think we see light at the end of the tunnel there, and we have a new management team on the ground, on the island. “We’ve done a significant... a very good job, both commercially as well as the cost structure for that business, so I think we’re seeing some positive signs out of that.” The Liberty Latin America chief was responding to a question by analyst Kevin Rowe, of Rowe’s Equity Research, who asked whether BTC’s reduced rate of subscriber loss

during the 2018 first quarter was evidence that it was “at or near stability” in terms of customers switching to Aliv. Mr Nair did not name the “management team” he was referring to, but presumably this is the allBahamian duo of chief executive, Dexter Cartwright, and chief operating officer, Andre Foster. His comment on the “cost structure” also likely alludes to the latest voluntary separation package (VSep) offered to BTC employees, which was taken up by around 95-100 persons - including around 20 managers - as the carrier

continues to realign its business model following the recent loss of its mobile monopoly. Earlier in the conference call, Mr Nair said Aliv’s continued inroads into BTC’s market share were partly responsible for Liberty’s net loss of 11,000 mobile subscribers during the three months to endMarch 2018. Cable & Wireless Communications (CWC), BTC’s immediate controlling shareholder that Liberty acquired in May 2016, saw total mobile subscribers fall by 20,000 during the 2018 first quarter. “Compared to the prior

three quarters at CWC, the aggregate mobile attrition reflects a modest improvement driven in part by The Bahamas. They experienced the lowest quarterly loss since the 2016 fourth quarter,” Mr Nair said. He added that CWC also saw a three per cent “rebased decline in mobile residential revenue due to the competition in The Bahamas”. Not everyone is likely to be convinced by Mr Nair’s assertion that there is “light at the end of the tunnel”, and that BTC has turned the corner on the threat posed by Aliv which is already thought

DIVIDEND NOTICE TO ALL SHAREHOLDERS The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as of May 18th, 2018 of $0.09 cents per share The payment will be made on May 30th, 2018 through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent

to have gained 30 per cent market share. Tribune Business yesterday revealed how BTC’s net profits fell by at least $30 million, or 75 per cent, year-over-year in 2017 as a result of competition’s pressure on not just subscriber numbers but pricing and margins. BTC’s 2017 full-year net earnings were down 71.3 per cent at $11.4m, compared to the $39.7m profit it enjoyed for the last nine months of 2016 - the last period in which it enjoyed a mobile monopoly prior to Aliv’s launch in November 2016. This suggests that BTC’s full year-over-year profits comparison could have been down by as much as 80 per cent, given that the telecommunications carrier was likely on track for a near-$50m “bottom line” in 2016 based on its ninemonth performance. The figures also revealed that the Government and “BTC Foundation”, as non-controlling BTC shareholders, received no dividend in 2017 compared to the $12.6m payout they collectively enjoyed in 2016. BTC’s total mobile subscriber base stood at 251,100 at the end of the 2018 first quarter, with pre-paid customers having fallen by 3,400 to 224,700 since the start of the year. Post-paid subscribers were down by 400 to 26,400. Excluding its mobile business, BTC’s customer numbers (revenue generating numbers) were said to have grown by 1,200 during the first quarter, with video (TVB) subscribers up by 800 and Internet increasing by 500. Fixed-line phone customers fell by 100, but the data shows BTC is finding it tough going to make inroads into a TV and Internet market dominated by Cable Bahamas, Aliv’s controlling and managing shareholder.

Robert V. Lotmore Corporate Secretary

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

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

BETWEEN

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 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

TAKE NOTICE that on the 18th April, 2017 the ORDER following Order was granted to the Plaintiff upon app ORDER ORDER Originating Summons and Affidavit both filed on the 2nd day of November, 2016 before the Honour 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 appl 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 Honoura Justice Renae Mckay. Originating Summons Affidavit filed Originating Summons andand Affidavit both both filed on theon 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 Mortga Renae Mckay. Justice Renae Mckay. th day IT11 WAS HEREBY ORDERED: - made between Raquel Tiffany Johnson of the one part and Scotiabank (Baham of December 2007, 1. That the Defendant do deliver tointhe vacantofpossession Mortgage the P IT WAS HEREBY ORDERED: - up of the other part and recorded thePlaintiff Registry Records of in the theproperty City ofcomprised Nassau inona the Islanddated of New IT WAS HEREBY ORDERED: - between 11th 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 1.Volume That the Defendant do 94 deliver up Registry to the ALL Plaintiff vacant possession comprised in a Mortgage of other partatand recorded the of Records in the City theScotiabank Island ofLot New Providence in H 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(Baham the Is 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 dimen of the other part and 94 recorded in the Registry ofhas Records City of Nassau on the Island ofofNew Pro 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 shown on the diagram or plan annexed to a Conveyance dated the 10 of August, A.D., 2005 between Thirty-seven (237) situated in the Jubilee Gardens Subdivision Phase III in the Western District of the Island of New Hu on the diagram plan annexed Conveyance dated the 10thshape dayPhase offor August, 2005 between The Minister Thirty-seven (237) situated in the Jubilee Subdivision III inA.D., the Western District ofby Isla of shown Housing and National Insurance and The Minister Responsible Housing and the Borrower Mond Providence which saidor piece parcel orto lota of landGardens has such position boundaries marks and dimensions asthe are th day of Housing anddiagram National Insurance and toThe Minister Responsible for and theA.D., Borrower by Monday, 17Minister thHousing shown on the or plan annexed a Conveyance dated the 10 day of August, 2005 between The Providence which said piece parcel or lot of land has such position shape boundaries marks and dimens of of July, 2017; July, 2017; th day of Housing and The Minister Responsibledated for Housing Monday, shown on and the National diagramInsurance or plan annexed to a Conveyance the 10thand daytheofBorrower August, by A.D., 2005 17 between T of July, 2017; of Housing and National Insurance and The Minister Responsible for Housing and the Borrower by Monda 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% r 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; unt 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 rat 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 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 Forbe 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 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 Gu FURTHER TAKE NOTICE that on the 9th day of November, A.D., 2017 His Lordship Mr. Andrew Forbes 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 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 Gua 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

THE TRIBUNE

Thursday, May 10, 2018, PAGE 7

Customs drops new demand following business pushback

FROM PAGE ONE any business” can only be cleared by production of a valid Business Licence and “proof that exchange control approval was obtained by the importer from the Central Bank of The Bahamas permitting the expenditure of foreign currency for the purchase of the goods”. Customs’ demands yesterday provoked a backlash from the private sector, who argued that the extra bureaucracy and “red tape” it would create ran contrary to the Government’s efforts to improve the “ease of doing business”. Businesses told Tribune Business they had never been asked previously to supply proof of Central Bank foreign exchange control approval to accompany each Customs entry, and warned that the proposal threatened to slow down the cross-border commerce on which the Bahamian economy heavily relies. Mr Johnson, responding to the concerns, yesterday said Customs would not be proceeding with the exchange control approval requirement. However, he said the “valid Business Licence” demand would remain given that it was a critical tax enforcement measure, helping to match import volumes to a certain company and then cross-check this against filed ValueAdded Tax (VAT) returns. The Financial Secretary

said Customs also had concerns about several recent “large transactions” that could be involved in tax evasion and fraud schemes, with the Business Licence requirement seen as vital to both prevent and detect such crimes. “We had some discussions about that internally, and we’ve modified the requirements to take away the foreign exchange element of it,” Mr Johnson told Tribune Business of Customs’ public notice. “On the Business Licence side, it’s something that Customs are checking periodically to make sure persons transacting business do have a valid Business Licence. We want to make sure people are licensed to conduct business, and it helps in tracking data to tie a particular business back to a particular transaction. “We want to ensure the transactions coming through are valid. It’s really important in the VAT environment. The entries people put in at Customs indicate the volume of business they are conducting, and help us evaluate their VAT returns.” Mr Johnson acknowledged private sector frustrations at the continued paper-based system, and failure to link government departments and agencies - especially those involved in revenue collection and enforcement - through technology so as to eliminate the need to

produce documents such as Business Licences with every transaction. “Over time, we want it to become electronic as part of the whole “ease of business”, so that we do these things digitally,” he conceded. The Financial Secretary then identified several recent transactions that had aroused Customs’ suspicions. While not identifying them, he said the Department was concerned some had been structured to disguise the true importer’s identity - possibly in a bid to lower their VAT and other tax bills. “The reality they are facing now is they have seen some transactions that give them pause,” Mr Johnson disclosed. “So Customs is taking some steps to do extra enforcement that will get streamlined as they gain confidence the transactions were legitimate. “They have information and intelligence that people transacting large transactions are not properly licensed, or businesses are trying to shield themselves and go through someone else. This helps us in enforcement and preventing fraud.” He added that the Government remained fully committed to improving the “ease of doing business”, and said: “That’s the delicate balance. We are still marching fully-fledged ahead with the ease of business initiative. “There’s no back tracking

there, but there are steps we have to take to periodically make sure persons transacting and transacting fully above board.” Businessmen yesterday said Customs’ demand for foreign exchange control approval proof would have partially reversed the Central Bank’s liberalisation efforts, which include the ability for Bahamian companies to hold US dollar-denominated accounts domestically. Rick Lowe, Nassau Motor Company’s (NMC) operations manager/director, told Tribune Business that Customs had never previously asked his company for such documentation on any of its auto and parts-related imports. Disclosing that he first became aware of Customs’ plans when NMC’s courier forwarded the public notice to him, Mr Lowe said: “We don’t go to the Central Bank. We send in our invoices for payment by the [commercial] bank. “Bahamians are now authorised to operate US

dollar bank accounts. They release the burden of Central Bank approval on one hand, and on the other increase it.” Mr Lowe said NMC also supplied Customs with a copy of its valid Business Licence every year, questioning why the agency needed it to be supplied with every import transaction. “It doesn’t make sense,” he told Tribune Business. “If they have a copy of the Business Licence, why do they need it for every single entry? “It’s supposed to be the “ease of doing business”.... It’s just another cog in the wheel.” Mr Lowe also queried why the Department of Inland Revenue was requiring companies to submit three months’ worth of Customs entries when conducting tax audits, arguing that these were all available electronically in Customs’ system. “It’s just a burdensome nightmare,” he added.

International Financial Institution is looking for a

Relationship Manager for Private Banking 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

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.

PAGE 10, Thursday, May 10, 2018

WEB SHOPS: UP TO 50,000 GAMBLING FROM PAGE ONE be funded by its members as part of a $7.1m commitment to civic and corporate responsibility. “Gaming is a form of entertainment, and it should be viewed as such,” said the Association’s chief executive. “It should be enjoyed as a form of entertainment,

and it should only be played against one’s budget or allocated disposable income. “It should never be played against funds allocated for priority spending like one’s rent, mortgage, school fees, car payment, grocery bill, insurance, savings and the like.” There have been frequent complaints from Family Islands, such as Long Island, that

web shop gaming addiction has left some residents unable to pay such bills and put food on the table. “This marks a red letter day as the start of the Association’s formal public relations and messaging campaign to ensure we promote greater awareness, education and advocacy,” Mr Major added. “We will be advocating

government to make it easier for family members and/or loved ones to facilitate the exclusion process of persons who may not otherwise seek help or recognise that they may need help. “In terms of the number of persons who game in The Bahamas, the specific number varies, but if I put it in a range it’s probably between 30,000-50,000. We

THE TRIBUNE are very mindful of our corporate and social responsibility as an industry to provide a safety net for those persons who may fall prey to abusing this form of entertainment,” he continued. “We believe theirs is a nominal number as it may be purported in the public space. That will be further supported by the research and data that we will be pursuing in the near future to make sure we are able to support exactly what that figure is but, more important, is the fact that we wouldn’t want to wait for that. It’s important to put the safety net in place now and say that we are doing our part to deal with addiction in general.” Mr Major explained that the programme has already started among the Association’s members. “Prior to the Association approaching this collectively as an industry, the individual licencees already had in place a number of responsible gaming initiatives and programmes,” he said. “If you look on their websites, each licensee has a responsible gaming programme very visible on their websites.” Mr Major added: “There are self-imposed limits, so if someone determines they want to play a certain amount of dollars a week, that can be put in the system as the limit and that is all

they will be allowed to play. “There’s also self-exclusion, where if someone believes they have reached that point where they have to stop then they go on to a self-exclusion list, which can be a year, five years - up to a lifetime. That’s already in place. “That list then goes to the Gaming Board, the regulator, which then has to oversee that list and ensure the veracity of that list is maintained by the licensees. There is signage in the locations and education materials that were always given out.” Mr Major said cost “is no factor”. “Whatever the cost is, the Association covers,” he added. “That is why we made arrangements to retain the professionals and to expand this programme across The Bahamas. We are simply standardising the process and making it consistent across the industry.” The Sandilands Rehabilitation Centre is assisting the Association’s programme, along with psychiatrists Dr Timothy Barrett and Dr David Allen. The BGOA yesterday presented a cheque for $30,000 for the further training of professionals in the anti-addiction fight. “They will attend several training and seminar workshops in the United States between the months of July and October of this year,” said Mr Major.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANISHKA VANESSA LATISHA BOWE Maternal mother and Legal guardian of JAH-NI´ AKACHI TAFARI EVANS of Butler Way of the Southwest District of the island of New Providence, The Bahamas intend to change my child’s name to JAH-NI´ AKACHI TAFARI BRENNEN 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 10, 2018, PAGE 11

MARGIN SQUEEZE MEANS SUMMIT WON’T PEAK IN ‘18 FROM PAGE ONE imposed by increased reinsurance costs. Timothy Ingraham, Summit Insurance Company’s president, told Tribune Business that the property and casualty underwriter was unlikely to scale 2017’s peak because a five to ten per cent increase in reinsurance costs is not being matched by Bahamian consumer premiums. “For most of us we’ve incurred some fairly significant reinsurance costs which we’re not seeing translated on the ground, so there has been an increase in costs

relative to the insurance rates charged to the customer,” he explained. “Our reinsurance costs have increased by more than we see the consumer premiums increasing, so that will narrow margins a bit for 2018. Costs have increased more than rates have increased. Rates are fairly flat at the moment, so we will see a narrowing of the margins.” Mr Ingraham said the increase in costs had been closer to the top end of the five to ten per cent range, with some underwriters suffering “more than that in some instances” depending on their reinsurance partner and treaty structure.

“When you put your costs together and add them up, every little bit counts in your margins,” he told Tribune Business. “The economic outlook generally is cautious optimism. But insurers locally will be challenged with rising reinsurance costs not being matched on the consumer side. “You will see margins under pressure. We were lucky to have the year we did last year, and this one may not be so magnificent when all is said and done.” Reinsurance costs, and availability, are the biggest factor in determining the home and auto insurance premium rates paid by

US RELEASES PUERTO RICO DEBT CRISIS REPORT, OFFERS SOLUTIONS SAN JUAN Associated Press A US GOVERNMENT report on yesterday detailed how Puerto Rico accumulated some $70bn in public debt and suggested ways federal officials could help avoid a repeat of the crisis, such as removing a triple-tax exemption on the island’s bonds and requiring local investment companies to disclose risks associated with those bonds. The report comes nearly two years after Congress enacted a law to help Puerto Rico restructure a portion of its debt and establish a federal control board to oversee the island’s finances amid what is now a more than decade-old recession. It also allowed the Government Accountability Office to

examine what led to Puerto Rico’s crisis and actions the US government could take. “From highlighting the stifling debt, to identifying the systemic financial malpractice of the Puerto Rico government over the past half century, the GAO report reiterates why Congress passed (the law) two years ago,” said US Rep Rob Bishop, chairman of a committee that has jurisdiction over Puerto Rico affairs. The report found that the island’s public finance problems are partly a result of government officials who overestimated revenue, overspent, did not fully address public pension funding shortfalls and borrowed money to balance budgets. It said the government overestimated revenue in eight of the 13

years analysed, by as much as 19 percent in one year. As a result, this allowed Puerto Rico’s legislature to increase appropriations to agencies that in turn overspent an average of nearly $460m annually in nine of the 13 years. The report said Puerto Rico’s Treasury Department was not always aware of this practice because government agencies used a variety of accounting systems that prevented it from tracking those expenses. Puerto Rico also made agreements with certain corporations to reduce their tax rates but then did not maintain an inventory on those details, preventing treasury officials from taking them into account when estimating revenues, the report said.

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

Bahamian consumers in any given year. Bahamian insurers have no choice but to purchase huge quantities of reinsurance annually, as their multi-million dollar capital bases pale into comparison to the multi-billion dollar risks they underwrite. This effectively makes them a “price taker” from reinsurers, which cover the bulk of these risks and their value, and therefore dictate the premium rates charged locally. Reinsurers are currently seeking to recoup the collective $130bn loss suffered in the 2017 hurricane season and other natural disasters

and this, together with The Bahamas’ increased risk, means the premiums they receive from local insurers will rise. Summit, meanwhile, recovered from the multimillion dollar claims payouts stemming from Hurricane Matthew to near-triple its 2017 profits, which increased year-over-year from $974,295 to $2.664m. This was largely driven by an underwriting gain that more than doubled to $4.054m, aided by a $3.3m fall in total expenses (including claims). “We were fairly close to what we had anticipated, and it was probably a little bit over where we expected we’d be,” Mr Ingraham told Tribune Business. “We won’t complain. It was a pretty good year. We’ll take that.

“You have with these years to make up for the years that were not so good to remain a viable company in this market. It’s critical. These are the years when you build up your reserves for the years when you have hurricanes. “If you are not having consistent, positive results in the good years you’re going to have difficulty building up reserves to carry you through the lean years.” Mr Ingraham said Hurricane Matthew’s devastating impact in October 2016 had likely convinced many Bahamians to ensure they were fully covered in 2017, which he attributed to the $910,000 increase in Summit’s gross written premiums (GWP) to just under $30m.

PAGE 14, Thursday, May 10, 2018

THE TRIBUNE

MARKET REPORT TUESDAY, 8 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,938.77 | CHG 4.76 | %CHG 0.25 | YTD -124.80 | YTD% -6.05 BISX LISTED & TRADED SECURITIES 52WK HI 4.40 19.17 7.50 3.76 1.64 0.19 4.50 8.90 6.60 5.30 11.50 2.71 1.56 8.21 6.10 11.48 7.29 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 2.30 1.40 7.25 6.00 8.78 5.67 3.35 12.01

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ 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 1.55 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 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 3.85 10.05 2.67 1.50 7.71 6.10 10.44 6.43 4.20 12.51

CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.89 6.10 3.85 10.05 2.65 1.50 7.74 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 0.09 0.00 0.00 0.00 -0.02 0.00 0.03 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.09 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.67 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

LAST SALE 100.00 100.00 109.76 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 115

1,800

12,550 710

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 12.2 18.7 N/M 11.9 N/M N/M -2.3 13.9 10.6 22.5 15.9 26.0 4.5 N/M 5.4 14.1 7.7 14.3 23.0

YIELD 1.82% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.60% 3.61% 3.12% 6.17% 2.26% 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

0.0 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 1.55 1.68 1.63 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 1.04% 4.26% -1.06% 2.15% 0.58% 3.61% -0.48% 4.84% -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-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

WEB SHOP LOCATIONS DECLINE NEAR 60% By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

WEB shop locations have decreased by some 60 per cent since the industry’s regulation, it was revealed yesterday, with the industry’s Association dismissing the perception of “proliferation”. Gershan Major, the Bahamas Gaming Operators Association’s (BGOA) chief executive, said that despite the impression that web shops have expanded since the industry’s legalisation, this was not the case. “Prior to regulation it was 645; now it is 257, which is less than half,” Mr Major said of physical web shop locations. “There is the public perception that there is this major proliferation, but the facts bear out that this is not the case.” He was speaking at a press conference to formally launch the industry’s Responsible Gaming Programme. Dionisio D’Aguilar, minister of tourism, who has responsibility for gaming, in January indicated that government had placed a ban on opening new web shop locations. He acknowledged concerns over its ability to enforce zoning regulations designed to prevent web shops from operating near schools, churches and in residential areas. Mr Major said yesterday that gaming house operators were still assessing the industry’s overall economic impact. “We are looking at that empirically. The industry employs nearly 3,000 Bahamians directly across a varied professional line of skill sets,” he added. “When we look at the industry we normally limit the industry to cashiers, security guards, etc. It also

GERSHAN MAJOR

employs highly skilled accountants, compliance professionals, attorneys and computer programmers, network engineers. It is incredible to see the skill set, and the range of skill sets, that this industry employs and is also attracting. One of the benefits of the gaming industry is the level of job creation it provides.” Mr Major added that despite being exempted from the benefits of the Minnis administration’s “Over-The-Hill” revitalisation initiative, he recently had an informal conversation with financial secretary, Marlon Johnson, on the desire of gaming operators to be a part of the consultative process.

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