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FRIDAY, MAY 11, 2018

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Chamber chair: WTO’s ‘red lines’ impossible to set By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

USINESS cannot advise the Government on where to set the WTO “red lines” because of an information vacuum, the Chamber of Commerce’s chairman warned yesterday. Michael Maura, pictured, told Tribune Business that the private sector was unable to determine The Bahamas’ negotiating limits because it lacked the necessary industry-specific analyses to determine the impact of World Trade Organisation (WTO) membership and what the economy will look like post-accession. He expressed concern that this would fuel “a fear of the unknown” that turns many Bahamian businesses

BAHAMAS ‘SLEEPWALKS’ TOWARDS WTO FUTURE * PRIVATE SECTOR IN ‘FULL PANIC MODE’ * ATTORNEY BLASTS ITS LACK OF READINESS * MUST FULLY ENGAGE OR RESULTS ‘NOT PRETTY’

AN EX-PORT Authority (GBPA) attorney yesterday blasted the private sector for “sleepwalking” towards WTO membership, saying he was “astounded” by its “full panic mode” reaction. Carey Leonard told Tribune Business he was “frustrated” by the business community’s failure to pay attention, pointing out that the Government “I’ve suggested over the had given clear signals it years that they contribute was “marching towards” $500 a month to the Chamthis destination through ber of Commerce, so that a legislative reforms enacted consultant can be hired to over the past five to six advise them of the impact years. and what to look He pointed for. For $150,000 to Value-Added to $200,000, you Tax (VAT), can get pretty good advice. the Customs “Now, it’s almost Management as if the horse has Act, a suite bolted, and they’re of intellectual in full panic mode. property-related That does not Acts, and Food bode well for the CAREY LEONARD and Animal negotiations.” protection laws The Bahamas first served as examples of tradenotice of its intent to accede related reforms designed to make The Bahamas compli- to full WTO membership in ant with the World Trade 2001 and, after several false Organisation’s (WTO) starts under successive PLP rules-based regime for and FNM governments, the Minnis administration when the time came. has decided to accelerate Yet Mr Leonard argued the process to completion that many in the private by end-2019 as part of its sector had been “asleep at strategy to restructure and the wheel”, ignoring such reposition the Bahasigns until they realised that mian economy through the Government is serious liberalisation/deregulation. and full WTO accession is This nation now has to upon them. negotiate the terms of its He added that The Baha- accession, including which mian business community industries it liberalises now had little choice but to and “opens up” to foreign “dip into its pocket”, and companies and imports, finance economic impact with a WTO “working assessments and other stud- group”. This will be formed ies which should have been from countries that have an conducted over the past 17 interest in trading with The Bahamas, such as the US, years. “What I’m astounded at Canada, the UK, European is the reaction of the busi- Union (EU), China, other ness community now it’s CARICOM states and, poscoming closer to them,” Mr sibly, Latin America. Mr Leonard yesterday Leonard told Tribune Business. “They have taken no said it was vital the private proactive measures whatso- sector be fully engaged, and ever, that’s what frustrates SEE PAGE 11 me.

* Due to ‘information and trust vacuum’ * Chamber chair warns on ‘fear of unknown’ * Says joining must place Bahamians first

against the WTO, and called for the Government and private sector to urgently partner on an “impact assessment” and post-WTO policy for every industry to address this. Emphasising that neither he nor the private sector were saying “no” to WTO, Mr Maura warned against “betting on a single element of WTO” to put the

Bahamian economy in a better position than it was pre-accession. The Chamber chairman said import tariff reductions would not necessarily translate into lower consumer prices, given that the Government would have to compensate for the lost revenue via tax reforms that were as yet unknown. He also cautioned against focusing solely on WTO’s potential benefits for attracting foreign direct investment (FDI), arguing that this could not be viewed in “isolation” from the domestic economy. Instead, Mr Maura said the overriding objective in joining the rules-based

trading regime should be to ensure “Bahamian investment, Bahamian businesses and the Bahamian people thrive” in the economic climate post-2019’s planned accession. He echoed concerns expressed by others that the Government needed to fix The Bahamas’ “ease of business” concerns before taking the country into the WTO and “lowering the gates” to larger, lower cost and more efficient foreign competitors. And, as the last Western Hemisphere country bidding to join the WTO with the longest-running

SEE PAGE 4

ECONOMY’S ‘BLOOD SUPPLY CHOKED’ BY CUSTOMS PROOF OF EXCHANGE CONTROL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE PRIVATE sector yesterday hailed the Government’s decision to abolish a Customs demand that would have “choked off the blood supply” of the Bahamian economy. Robert Myers, pictured, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the Department’s proposal for all Customs entries to be accompanied by proof of Central Bank exchange control approval would

* ORG chief: would have ‘closed dock’ * Urges Gov’t to ‘think through properly’ * Chamber boss happy move rescinded have “shut down the dock” if implemented. He added that the Government needed to “think it through properly” before introducing changes that completely disrupted The Bahamas’ “ease of doing business”, and urged it to fully consult the private sector and civil society on

such matters beforehand. His reaction was echoed by Michael Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, who praised Marlon Johnson, the Ministry of Finance’s acting financial secretary, and other officials for

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deciding to reverse course over the exchange control demand. Mr Maura, who is also chief executive of Arawak Port Development Company (APD), the operator of Nassau’s commercial shipping port, added that the plan would have have totally disrupted import flows and cross-border

SEE PAGE 5

Companies warned: Don’t lay out ‘hacker red carpet’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIAN businesses were yesterday warned that they are effectively “laying out the red carpet” for hackers if they do not take cyber threats seriously. Mike Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, while closing out its Cyber Security Forum yesterday, said businesses should not take cyber threats lightly as some of the world’s largest companies have fallen victim to such crimes. Calling on the Bahamian

private sector to reduce and mitigate vulnerabilities, he added: “It’s happening to the biggest companies in the world with the largest budgets for ICT.” Mr Maura, also the Arawak Port Development Company’s (APD) chief executive, said the port operator itself had been faced with a ransomware attack in 2011. “We were very fortunate that it was limited to one PC and not tied to the broader network,” he said. “It could have been disastrous, but it did cause us to

CAMPAIGNING for The Bahamas to obtain on the International Telecommunications Council (ITU) is among the sector regulator’s priority projects for 2018. The Utilities Regulation and Competition Authority (URCA), in its recently-released 2017 annual report, said membership of the global body would raise The Bahamas’ credibility and visibility within the sector, and create

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“numerous development opportunities”. Pointing out that the Caribbean had not been represented on the ITU Council since 2007-2011, URCA said membership would also help The Bahamas and wider region address communications regulatory challenges. “The Bahamas obtaining a seat on the ITU Council would significantly enhance the country’s international profile in relation to ICTs (information and communications technologies) and would present numerous

SEE PAGE 12

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THE TRIBUNE

HOW BUSINESS CAN AID POVERTY BATTLE

ecent statistical data indicates that as many as 40,000 Bahamians, or nearly ten per cent of the population, are

living below the established poverty line. This means that a sizeable percentage of Bahamians have issues accessing even the most basic necessities, including

food, shelter, healthcare and clothing. The World Bank indicates that there are varying degrees of poverty and, while we may not

experience “extreme poverty” in The Bahamas, we have very authentic cases of malnutrition, homelessness and many losing their lives because they are unable to access advanced medical care. History indicates that, since the Industrial Revolution, business has been instrumental in reducing poverty, and it still makes a significant impact in alleviating inequality in society today. Yet there is a school of thought that blames business for exacerbating poverty levels even in the workforce. Low wages, poor recruitment practices and minimal benefits restrict many individuals who are employed from truly meeting their basic human needs and wants. Today we turn our attention to what corporate Bahamas can, and must, do in partnership with the Government, civic and religious groups to reduce poverty in our land. 1. Promote Education Education has long been identified as one of the vehicles that has the ability to lift people from the doldrums of poverty. Education reduces poverty, boosts economic growth and increases income. It increases a person’s chances of having a healthy life, reduces maternal deaths, and combats diseases such as HIV and AIDS. Making education available to 100 per cent of

people around the world is one way to ensure that poverty declines. Companies who focus their resources towards training initiatives, partnering with local schools and providing community scholarships for tertiary level pursuits, plus promoting community based self-help projects, assist greatly in the development of their communities and the lives of those living there. 2. Buy locally One of the greatest things local businesses can do to support and strengthen the local economy is to buy Bahamian. In basic economics, the multiplier effect contends that as long as currency remains in the country, exchanging hands from one supplier to another, there is a natural and healthy multiplication that occurs, resulting in job creation, increased wages and an improved standard of living. The multiplier effect further indicates that when businesses look to foreign suppliers, leakage of foreign currency occurs. Increased leakage results in deeper levels of economic deprivation and poverty. 3. Promote Health and Wellness This adage reminds us that the health of a nation is the wealth of a nation. Companies serious about eradicating poverty from

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their communities can encourage healthy living for all community members, beginning with those employed by the company. This begins with ensuring that products and services add health value to the community. Fitness campaigns, investing in fresh drinking water stations, free health screenings, HIV testing, drug and alcohol prevention initiatives, and other similar programmes will all steer a community towards a more prosperous existence. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com

PWC TEAMS WITH GOV’T FOR FORENSICS WORKSHOP PRICEWATERHOUSECOOPERS (PwC) Bahamas teamed with the Attorney General’s Office

on an initiative to boost the forensic and technical capabilities of local regulators. The accounting firm brought in several leading executives from its regional and global advisory units to facilitate the first-ever, two-day Bahamas forensics training workshop. The workshop was facilitated by Tim Abrahams, a PwC US partner, forensic services; Kevin Cambridge, PwC Bahamas director of advisory; Tania Fabiani, PwC global fraud risk and integrity leader; and Glen Ware, principal, PwC global intelligence leader; Jude Vanover, PwC US director of forensics; Sumana Lahiry, PwC US forensics manager; Nikolaos Doukellis, PwC US international anti-corruption and compliance; and Burnadene Falconer, PwC Bahamas senior associate, Advisory. Kevin Cambridge said: “Our goal was to assemble our knowledgeable and experienced PwC team from the network to expose the participants to the global developments in forensics. “We tapped into our network to present relevant topics, and to share insights about the latest strategies in forensics, digital technology, investigative techniques, data analytics and preservation, anti-money laundering and countering-terrorism financing; all timely topics that would benefit the Government bodies.” Jessica Shannon, PwC’s international development and forensics leader for the Caribbean, added: “We are thrilled to see the highimpact work that has been done by our Bahamas advisory team in support of our clients and the community. “We are committed to collaborating with the public sector to deepen our public/ private ties in establishing more initiatives, and providing more training to allow them to develop themselves in the forensic space.” Mr Abrahams, the PwC US partner for forensic services, added: “As the

GLEN WARE, principal, PwC US global intelligence leader explains forensics fundamentals and global intelligence. business world is rapidly becoming more complex, data saturated and globalised, risks related to fraud and corruption are all growing. “Our team was committed to giving every attendee a platform to communicate their concerns, ideas and viewpoints on fighting crime. We are invested in continuing to bring greater awareness to these issues, and equipping our clients with the tools and knowledge needed to mitigate the evolving risks within the global arena”. Regulators representing the different government agencies included the Royal Bahamas Police Force, the Royal Bahamas Defence Force, Bahamas Customs, the Financial Intelligence Unit (FIU), the Registrar General’s Department, Auditor General, Insurance Commission, Securities Commission, Compliance Commission, the Central Bank of The Bahamas, the Ministry of Finance and the Gaming Board. “These local government bodies represent a cross-section of experienced regulators who trust us to share our knowledge to enhance their training capabilities. The success of the workshop was a result of an ongoing relationship with the Attorney General’s Office. Thanks to their support, we were able to share tools, techniques and best practices in the forensics field, and provide real life examples to solving complex problems they face daily,” said Mr Cambridge. The interactive forum also allowed the PwC team to hear the concerns of regulators; many of whom spoke of their experiences and what they hoped to gain from the workshop.

MEMBERS of the PwC regional and global advisory team who facilitated the workshop.

THE TRIBUNE

Friday, May 11, 2018, PAGE 3

POLICE MUST ‘RECRUIT BY NEED’ ON CYBER CRIME

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE ROYAL Bahamas Police Force (RBPF) needs to “build capacity” to handle cyber crimes, a Cabinet Minister said yesterday, adding: “We need to recruit based on needs and not numbers.” Marvin Dames, minister of national security, who was the keynote speaker at the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) Cyber Security Forum, underscored the need for “meaningful partnerships” between law enforcement and the private sector to build capacity and expertise to address such challenges. A report by global cybersecurity firm, McAfee, earlier this year noted that cyber crime has cost businesses close to $600bn globally, up nearly 35 per cent from three years ago. “We understand that we have to build capacity, and we are assessing where we are right now,” Mr Dames said. “Yes, we are moving in the direction of e-government, but we have to ensure everything else moves with it. We are using our capabilities and capacity with the view to keeping pace with the rapid change occurring round us. “We have a cybercrimes unit in the police force, but we need to build capacity

my hope that in the not too distant future we will see a robust cyber security regime which would be capable of dealing with the current challenges we face today. “Many law enforcement agencies understand that with what we are seeing today, we cannot do this in isolation. We need the private sector, where there is a tremendous amount of expertise and experience, to work hand-in-hand in

partnerships to address the issues.” Mr Dames said the Government was committed to doing “whatever it takes” to ensure cyber threats against businesses and The Bahamas as a whole are mitigated. In the 2017 Global Cybersecurity Index (GCI), published by the International Telecommunications Union (ITU), The Bahamas was ranked 129th out of 164 countries for its

commitment and effectiveness in fighting cyber crime. Of the 25 indicators on which countries were rated, The Bahamas scored highly on just two - cybercriminal legislation and its participation in efforts to combat the problem globally. This resulted in the GCI placing The Bahamas among 96 nations said to be in the “initiating stage”, meaning that they have just “started to make commitments in cybersecurity”.

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: MARVIN DAMES, MP because of the sophistica- to even change the way tion of the crimes and the we recruit. Those days are growing threats we face. We gone where we said we had hope to create an agency to recruit by numbers. We to meet these threats head have to recruit by needs if on. Wherever the exper- we are going to keep pace tise exists we need to take with the changes in the advantage of it.” technological world. Mr Dames added: “We “We are building capacunderstand that we have ity as we speak, and it is

• 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

PAGE 4, Friday, May 11, 2018

THE TRIBUNE

CHAMBER CHAIR: WTO’S ‘RED LINES’ IMPOSSIBLE TO SET FROM PAGE ONE accession process, Mr Maura said The Bahamas’ negotiations would likely be subject to “additional stress” because standards had toughened considerably since, for example, its fellow CARICOM members joined in 1994. While appreciative of the Government’s efforts to consult with the private sector, and incorporate its positions into the country’s first WTO offer, the Chamber chairman said the various industry meetings had been more akin to

“presentations” rather than consultation. Explaining that this was not intended to be critical of the Government or the Trade Commission, Mr Maura also commended them for asking industry to provide its “limits” - what absolutely must not be liberalised, and opened up to either foreign companies or imports, as a result of the WTO accession terms. “They want to know, in going in to negotiate, the line they shouldn’t cross that is likely to cause pain to your industry,” Mr Maura explained, acknowledging this showed “sensitivity to

the concerns of Bahamian businesses and the people”. “The difficulty is they’re asking business professionals, industry and sector representatives to identify or forecast where these “red lines” need to be from the standpoint of the future when we’re members of the WTO,” he added. “Because we don’t have sufficient data, analysis and information on any sector we can’t decide where that red line is. While this conversation has ramped up in the last couple of months there is insufficient information in the private sector to interpret, and provide an

appropriate comment, on what to do and what not to do with respect to WTO. “The concern I have, because of the absence of analysis, information on what life will look like post-WTO; the consequence of that is we have a large segment of the business population saying we shouldn’t join, saying: ‘I’m scared, I don’t want to be put out of business’.” Mr Maura said he was unaware of any detailed studies being conducted to determine WTO’s impact on different industries, such as the retail, light manufacturing, construction and hospitality sectors. Although reports such as a “vulnerability study” have been conducted, the Chamber chairman said he had met no one from the private sector who had been involved with such research. This suggested they may have been produced in “a vacuum”, relying heavily on assumptions, with little “real world” interaction or data.

“It’s more of a presentation rather than the private sector industry groups being able to contribute intelligently what they need from WTO,” he told Tribune Business of current interaction with the Government, “because they don’t understand enough about the sector and the impact WTO can have on their sector and their economy. “It comes back to information and trust. If they don’t know, and are not able to understand what our future looks like, they’re less likely to be supportive because they are fearful of what they don’t know. “These are the concerns I have. We are not taking a position of “no”. I’m not against the WTO. There’s more work to be done, and we need more analysis notwithstanding we’ve been at this for 17 years.” The Bahamas first served notice of its intention to accede to full WTO membership in 2001, and Mr Maura said the fact some 160 countries had already

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

EMPLOYMENT OPPORTUNITY Zamar Group Companies, Ltd. is a full service audiovisual and event production company, providing sound lighting & video solutions for clients of all sizes, both locally and internationally. We are currently seeking to identify suitable candidates for the position of:

AUDIOVISUAL & PRODUCTION TECHNICIAN Core Responsibilities: The Audiovisual & Production Technician will be responsible for assisting with the daily operations of the Zamar Group of Companies Limited Audiovisual & Production Department activities, services and functions. Responsibilities will include (but are not limited to): • • • •

Prepare and coordinate equipment for delivery, set up and operation on work sites Maintain equipment and ensure that faults or damages are logged and repaired Properly and safely load and transport AV & Production equipment to and from worksites Ensure equipment is tested, checked and meets the specifications requested.

QUALIFICATIONS: • • • • • •

Demonstrated ability to maintain high levels of productivity A team player with the ability to deliver excellent customer service Proficient verbal and written communication skills Ability to work evenings, weekends and holidays Ability to lift and move heavy equipment Ability to multitask and learn quickly

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High School Graduate Minimum 1-2 years experience preferred, but not necessary. Must possess a valid Bahamian driver’s license.

Resumes should be forwarded to humanresources@zamargroup.com for immediate review and consideration by Friday, May 11th, 2018. Absolutely No Telephone Inquiries.

Robert V. Lotmore Corporate Secretary

joined - including all others in the Western Hemisphere - suggested such a move has “some merit and value”. Despite such a lengthy “lead in”, Mr Maura said: “That doesn’t, in my view, mean we should rush into such a significant decision that will substantially change our economy and likely change the social make-up of our communities. “We can speak about “shame on us”, it’s taken so long. It is what it is, and because it’s 17 years late it doesn’t mean we shouldn’t conduct the appropriate level of due diligence so that we negotiate, capture and deliver the best terms for The Bahamas. “I personally believe WTO has much to offer The Bahamas with the appropriate framework, both creating opportunities for all, and safeguarding and protecting some sectors to ensure that, at the end of the day, we provide continued opportunities for Bahamian businesses and investors, especially small Bahamian businesses.” Mr Maura said uncertainty over tax reform, and the need to improve the “ease” and cost of doing business in The Bahamas prior to WTO accession, were “recurring themes” adding to private sector jitters. While WTO and other rules-based trading agreements often created some “losers”, the Chamber chairman said The Bahamas’ accession terms needed to be such that the “business population” - and wider public - saw a net benefit. He added that WTO accession has to be “more about them than attracting foreign direct investment”, given that the statute-based rules likely to be imposed by the trade regime are often cited as improving The Bahamas’ competitiveness for attracting foreign capital. “We cannot look at FDI in isolation,” Mr Maura told Tribune Business. “We need to make sure WTO allows Bahamian businesses, investors and people to thrive. They need each other. “I agree that we need, and depend on, FDI. In my opinion, what people fail to understand is we’re more dependent on Bahamian businesses. We need Bahamian businesses and investors growing and expanding, and jobs supported by Bahamian businesses, to allow FDI to grow.”

THE TRIBUNE

Friday, May 11, 2018, PAGE 5

ECONOMY’S ‘BLOOD SUPPLY CHOKED’ BY CUSTOMS PROOF OF EXCHANGE CONTROL

FROM PAGE ONE commerce - something The Bahamas cannot afford. Both men spoke out after Tribune Business revealed Customs’ now-halted plan to require all importers to provide proof of Central Bank exchange control approval for all entries with effgect 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 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 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”. Mr Johnson subsequently confirmed that the exchange control “proof” had been dropped following a backlash from furious businesses who obtained a copy of the “public notice”. Tribune Business sources, speaking on condition of anonymity, also suggested Customs had misinterpreted its own Act. They explained that the section cited in the “notice” applied only to “restricted or prohibited” goods, not “all commercial

entries” - something this newspaper’s inspection of the Act and its schedules seemed to bear out. As a result, the sources said Customs’ demand had no basis or justification in law. As a result, they suggested the Department apologise for a “travesty” that had caused unnecessary “confusion” and turmoil within the private sector. Mr Myers, meanwhile, said the episode again showed the Government’s failure to consult and “properly think through” initiatives that threatened to erode The Bahamas’ already-weak ‘ease of doing business’. He likened it to the ongoing fly fishing controversy, where that sector’s new licensing system had not been accompanied by the necessary payment and issuance systems. “What are you going to do when someone pays by credit card? There’s no exchange control approval and the goods are already here,” Mr Myers said of one likely dilemma that Customs’ approach would have caused. “We just don’t think things through. Use the business

community to bounce these ideas off before you effect policy that affects businesses, and take the blood supply out of your economy. Don’t sit there and think you have all the answers. Use all the assets in your tool box, speak to the private sector and civil society, then implement the policy and law. “Don’t put the policy in place that disrupts the lifeline of the economy and cause everyone a headache. There are lots of situations where you’re not going to have a [bank] draft. Why are we making it more difficult for the formal economy?” Mr Myers added that the effect of Customs’ proposal would have been to “shut the dock down”, impeding the timely clearance of imported goods and causing a trailer back-up, with commerce ultimately grinding to a halt. He added that it would have penalised legitimate businesses and commerce, while failing to combat the “informal economy” of persons importing goods under their own name and selling them without a valid Business Licence or paying due taxes.

“It’s more likely the informal economy is cheating on the invoice values and paying off Customs officers,” the ORG chairman said. Urging the Government to stop making decisions “in a vacuum”, Mr Myers added that it and the private sector needed to “learn to talk to each other”. “We’ve got to start being part of the same team, as opposed to government and the private sector being at odds with each other,” he said. “Otherwise

we’re not going to develop as a nation.” Mr Maura voiced similar concerns over Customs’ proposal, saying: “We cannot afford disruption at the border if we are to compete globally. That would have made business more difficult. “In terms of the Central Bank approval, I see that as a disruptor because not everyone goes to the Central Bank or asks for a bank draft. They use their credit card. “I’m happy to hear the

Financial Secretary and Comptroller of Customs rescinded that requirement. I believe that’s the right thing to do.” Mr Maura, though, backed the requirement that all Customs entries be accompanied by a valid Business Licence. “We continue to be challenged in that we have the formal and informal economy, and the informal economy makes it more expensive for the formal economy,” he added.

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.

AUDIOVISUAL & PRODUCTION MANAGER Core Responsibilities: The Audiovisual & Production Manager will be responsible for managing the daily operations of the Audiovisual and Production Operations Department activities, services and functions and will work closely with Executive Management to execute the business strategy and objectives. Additional responsibilities will include (but are not limited to): • Manage the Audiovisual and Production team members • Conduct regular briefings and roll call before and after events • Oversee the maintenance, inventory, upgrading and delivery of equipment • Supervise, train and evaluate technical operations staff • Ensure appropriate event equipment, timelines, and staffing needs for events are met • Create and design programs to motivate, train and develop employees QUALIFICATIONS: • Ability to read and comprehend projects and technical documents, including architectural drawings and schedules. • Must have knowledge of audiovisual and production equipment, set-up, operations and computer applications. • Ability to manage high volume of assets across multiple venues. • Flexible and able to work non-standard business hours, including weekends and holidays. • Must be able to travel as necessary for site visits, training and other priority meetings. • Excellent customer service, interpersonal, oral and written communication skills. • Valid Bahamian driver’s license. REQUIREMENTS: • Demonstrated abilities in management, event planning and staff supervision. • Minimum 3-5 years experience preferred. Resumes should be forwarded to humanresources@zamargroup.com for immediate review and consideration by Friday, May 11th, 2018. Absolutely No Telephone Inquiries.

PAGE 10, Friday, May 11, 2018

THE TRIBUNE

COMPANIES WARNED: DON’T LAY OUT ‘HACKER RED CARPET’

FROM PAGE ONE wake up and to stop and look at what kind of policies and procedures we had internally.” APD has used the services of CQURE, a tech company headquartered in Poland, which offers specialised services in IT (information technology, infrastructure, security, business applications, consulting and advisory services. Ken Wong, CQURE’s chief technology officer (CTO), who addressed the forum yesterday, said many

companies are being hit with ransomware, a technique that uses a computer virus to hold data hostage. “A lot of companies are getting hit, and getting their data encrypted. A lot of IT departments do not know how to handle this. A lot of companies go into panic mode when it hits and don’t know what to do,” said Mr Wong. He stressed the importance of security awareness, and urged companies to be “proactive instead of reactive” when dealing with cybersecurity.

NOTICE

MARKET REPORT THURSDAY, 10 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,938.10 | CHG 0.39 | %CHG 0.02 | YTD -124.41 | YTD% -6.03 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 1.60 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

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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 8.89 6.10 3.85 10.05 2.65 1.50 7.74 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 2.67 1.60 7.66 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 0.00 0.00 0.02 0.10 -0.08 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

109.03 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 100.00 109.09 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

646 1,000 100 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 12.2 18.7 N/M 11.9 N/M N/M -2.3 13.9 10.6 22.5 15.9 26.2 4.8 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% 2.25% 3.13% 1.10% 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

NOTICE is hereby given that sandra perez labanino dorsett of Soldier Road West, P.O. Box GT-2298 New Providence , The 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 11th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that manoucheka demelien of Abaco, The 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 11th day of may, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LINCOLN CARL ST. UBYN HENRY of #14 Maud Street, P.O. Box SS-19463, 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 4th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, LAKIESHA ROLLE and HAROLD WILLIAM JOHNSON II of Queen’s Highway, West End, Grand Bahama, Bahamas, intend to change our child’s name from TATYANNA LASHAWN LAKIESHA ROLLE to TATYANNA LASHAWN LAKIESHA JOHNSON. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KIM BRIDGET MILLER of #6 Bowes Cove, P.O. Box SS-19451, Nassau, The Bahamas intend to change my name to KIM BRIDGETTE MOSS. If there are any objections to this change in name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

THE TRIBUNE

Friday, May 11, 2018, PAGE 11

BAHAMAS ‘SLEEPWALKS’ TOWARDS WTO FUTURE FROM PAGE ONE

advise the Government and its negotiators on the positions they should take, otherwise The Bahamas’ WTO accession terms will “not be a pretty result” for many industries and businesses. The now-Callenders & Co attorney recalled how clients, due to the lack of input at the time, were now complaining about the negative effects of the Economic Partnership Agreement (EPA) with the European Union (EU) on their businesses. Warning that this could happen post-WTO accession, Mr Leonard said: “I think it’s very necessary that the business community fully assist the negotiating team in every

way to give them the necessary arguments to secure a good deal. “It’s going to be tough negotiations, hard work, but businesses are going to have to man up and provide support to the negotiating team, including consultants. The fact of the matter is that unless business gets engaged this is not going to have a nice, pretty result. “Business must get engaged, and they’ve going to have to put their hand in their pocket. We’ve let it go for 17 years, not done what we should, and are now facing the inevitable. It’s like a hurricane, where you have no choice but to go out and buy hurricane shutters.” All Bahamians, and businesses, are going to

be impacted by WTO membership through tax reform, as the Government will have to either eliminate or slash many import tariffs given that these are viewed as ‘barriers to trade’ by rules-based regimes. Those industries most vulnerable are the likes of the domestic manufacturing and retail sectors, which currently enjoy protection - through either high tariff rates or the “National Investment Policy” - from an influx of rival imports or foreign competitors establishing a physical presence in The Bahamas. Mr Leonard, though, said he was “fascinated” by the wider private sector’s failure to pick up on the 14-15 laws passed by Parliament

over the past five-six years that were intended to prepare The Bahamas for its full integration into the global economy and trading system. “We’re racing towards it, and have been for five years, and nobody seems to have paid any attention,” he told Tribune Business. “WTO has been relentlessly marching onwards on The Bahamas. It’s coming. It’s been creeping along, gradually coming to us. Sleepwalking is a good way of putting it.” Mr Leonard warned that, as the last Western Hemisphere nation to seek full WTO membership, The Bahamas will have to meet much higher standards that have evolved since, for example, many of its fellow CARICOM states acceded in the 1990s.

“It’s very important that our negotiating team delivers a good agreement for us, and that’s not going to be easy,” he told Tribune Business. “We’re the last to come to the table. “It’s important for people to realise the standards have changed, and we have to meet the new standards these days.” The Callenders & Co attorney also blasted the GBPA for its perceived lack of involvement in the WTO process, saying: “The GBPA, of all the groups in the Port area, is the one that really needs to do something. “It has to yet to show any form of leadership whatsoever. Their silence has been deafening. It’s a very poor showing by them. The Port should participate on the negotiating team, pay

for and support it. They seem to have buried their heads in the sand and are pretending it’s not going to happen.” The Government’s industry-specific WTO consultations move to Freeport next week, a move that Mr Leonard welcomed, as he described the city as “as good a place as any to deal with WTO”. “The infrastructure is already here,” he added. “It’s much easier if you’re going to be doing production or any services because of the way Freeport is set up,” he added. “The world is going much more global these days, so Bahamians are going to have to look outside their own market as it’s not big enough to sustain a lot of businesses. The world is changing.”

PAGE 12, Friday, May 11, 2018

THE TRIBUNE

BAHAMAS TARGETS SEAT ON GLOBAL TELECOM BODY FROM PAGE ONE further opportunities for development of ICTs in The Bahamas,” URCA said. “Further, the Englishspeaking Caribbean has not been represented on ITU Council since the 20072011 period. The years since have seen significant challenges in ensuring that matters of importance to The Bahamas and the region are given due prominence at the ITU, which can be addressed by The Bahamas as a member of Council.” URCA’s annual report revealed that the campaign for an ITU seat, and

election to the body’s Council, was first approved under the former Christie administration. It has seemingly been given the go-ahead to proceed under its successor. “As the Government’s delegated representative to the ITU, URCA has assumed the administrative and financial responsibility for the candidacy,” the regulator added. “In particular, the activities of The Bahamas at the ITU, as led by URCA, have already increased the profile of The Bahamas in the ICT world and have attracted the interest of several multinational ICT companies, and the support of several regional and international

member states of the ITU. “During 2018, URCA will continue its work in this respect geared toward a successful election at the ITU’s Plenipotentiary Conference, which will be held in October 2018. If elected, The Bahamas will serve a four-year term on the ITU Council.” Other URCA priority projects for 2018 include “a comprehensive update” on the progress of Aliv’s nationwide mobile network roll-out, which is supposed to be completed by endJune in accordance with its licence obligation. The regulator also plans to determine its position on “net neutrality” and

so-called “Over-the-Top” (OTT) services, following industry consultation, as it moves to address an issue that has already caused controversy in the US. “Net Neutrality is the principle that all electronic communications passing through a network should be treated equally regardless of content, application, service, user device, sender address or receiver address,” URCA said. “OTT services are short message, video, audio, and other media services that are delivered over the Internet without the service provider being involved in the control or distribution of the content. Some of the

more popular examples of these products include Skype, WhatsApp, Netflix, Facebook, Lime, and Viber.” Also on URCA’s radar are a final decision and review of Bahamas Power & Light’s (BPL) consumer protection plan, plus the latter’s utility-scale renewable energy plan. Full submission of the latter has not been made by BPL, even though its response was due on November 23, 2017. “URCA considers this output to be critical to achieve the objectives of the NEP (National Energy Plan), and to promote and establish renewable energy as an active component of

the public electricity supply system,” the regulator said. “URCA intends to push for the completion and publication of BPL’s final REP (renewable energy plan) during 2018, and for BPL to begin implementing utility-scale projects immediately upon publishing the REP.”

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