05152017 business

business@tribunemedia.net

MONDAY, MAY 15, 2017

$4.20 ‘No balanced Budget’ warning for 2017-2018

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Deputy Prime Minister yesterday warned that the former administration may have “hamstrung” the Government’s goal of delivering a balanced Budget, and meeting its VAT and inner-city tax breaks pledges, in the short-term.

K P Turnquest told Tribune Business he had already seen evidence that the former Christie administration was less than forthcoming with the Bahamian people about the country’s true fiscal position.

The newly sworn-in Minister of Finance, who was reviewing files and being given briefings over the weekend, said he had already “seen something I don’t like” in relation to the Government’s recurrent deficit.

Mr Turnquest did not go into detail or provide any figures, but warned that the new Government may have its “hands tied” for the 2017-2018 Budget year when it comes to balancing the books and delivering on

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Indicates Christie Govt less than candid on position

The Deputy Prime Minister has promised to “roll back” the requirement for Freeport businesses to apply for real property tax exemptions and other incentives, describing this as “a job killer”.

K P Turnquest, also newly sworn-in as minister of finance, told Tribune Business that the Dr Hubert Minnis-led administration would examine the Grand Bahama (Port Area) Investment Incentives Act 2016 in its entirety.

However, he reaffirmed previous pledges that an

BOB, NIB ‘major issues’ its election commitments.

He repeated concerns that the Government may have to pick up numerous blank cheques left by its Christie administration predecessor as a result of all the pay rise, payment, contractual and other commitments entered into in the months and weeks leading up to the May 2017 general election.

And Mr Turnquest also described Bank of the Bahamas (BOB) as “a major issue” requiring the Government’s immediate attention, although he again did not go into detail.

Tribune Business sources close to the See pg b4

Top realtors believe the Free National Movement’s (FNM) election victory has delivered an instant boost to business and consumer confidence, and expressed hope the new administration will produce a more efficient and transparent approvals process.

Peter Dupuch, head of ERA Dupuch Real Estate, told Tribune Business he could “already see” Bahamians had more confidence and “faith in the future” within 48 hours of the FNM’s overwhelming election win.

He argued that the Bahamas had needed a change in political direction “to stop the road we were going down”, and instead create an environment where the private sector could “thrive”.

Mr Dupuch also expressed optimism that the Bahamian real estate See pg b8

$4.35

$4.28

Deputy PM pledges ‘job killer’ roll back

DPM ‘sees something I don’t like’ on deficit

‘Faith in future’ up just 48 hours after FNM win

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.30

New Govt to end Freeport tax break applying ‘Not conducive to stable investment environment’ Entire GB Investment Act to be reviewed K P Turnquest FNM government would repeal or remove the requirement for the Grand Bahama Port Authority’s (GBPA) 3,500 licensees to apply to Nassau for tax breaks they

previously enjoyed by right under the Hawksbill Creek Agreement (HCA).

Asked by Tribune Business whether the new government would hold true to

its promises, Mr Turnquest replied: “Absolutely.”

He added: “We know that the whole approval process is not viable and not conducive to a stable investment environment, so that particular clause will be rolled back.

“That’s the one that requires you to apply for property tax exemptions.

We want to make doing business as easy as possible, as free from subjective decision-making as possible, and to make the whole process of getting into business and doing business easy and transparent.”

On reflection, Mr Turnquest added: “Perhaps I See pg b6

Bahamas ‘risks future’ via 30% ‘C+’ graduates

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Bahamas was yesterday said to be “limiting our economic capacity” and placing the nation’s future at risk through poor educational achievement, with just 30 per cent of high school graduates equipped to be productive citizens.

The Organisation for Responsible Governance (ORG), in a paper that iden-

tifies strategies to improve the Bahamas’ educational outcomes, warns that failure to improve the quality of workforce entrants will “jeopardise the long-term economic viability of the country”.

ORG, which has identified education reform as a priority for improving Bahamian society’s well-being, together with improved GDP growth and better governance, urges this nation to break with past policies

that are no longer relevant to the modern economy.

“Citizens and stakeholders within the Bahamas broadly acknowledge that improving education outcomes is a critical ingredient to the country’s continued development and progress. Failure to do so jeopardises the long-term economic viability of the country,” ORG said in a letter accompanying the release of its study.

See pg b7

‘Economic viability’ in danger from education woe Bahamas ‘stacking deck against itself’ ORG report identifies short-term reform strategies

Top realtors see instant post-elect confidence boost Former Govt ‘did everything to hinder business’ Hope buyers will now ‘pull trigger’ after hold-off

Mike Lightbourn

DPM: ‘We’re breath of fresh air’ for investors

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Deputy Prime Minister believes the new government’s election will produce real economic results within six months, with investors viewing its arrival as “a breath of fresh air”.

K P Turnquest, in what some will see as a swipe at the former Christie administration, told Tribune See pg b6

Sees ‘tangible’ economic boost in 6 months from vote Investors happy to deal with ‘above board’ Govt Impact will ‘lift the spirits of Bahamian people’

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PAGE 2, Monday, May 15, 2017

THE TRIBUNE

Mayaguana’s ‘blank slate’ for investment

By Roderick A. Simms II

holistic improvements to the island’s tourism offerings that are needed to promote Mayaguana’s unique assets and set the island apart from the pack.

Mayaguana remains one of the most pristine and untouched islands in the Bahamas. Yet the island – home to beautiful beaches, unique wildlife and worldclass fishing – has never fully reached its development potential.

Although Mayaguana shares several of the investment hurdles commonly found throughout the Family Islands, it presents many opportunities for Bahamian and international pioneers seeking a virtual blank slate for projects across several growing industries.

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Bahamas Chamber of Commerce director and Family Island division chairperson RASII@ ME.com

Ecotourism Many developers over the years have envisioned large-scale tourism ‘anchor projects’ as the potential foundation for economic

growth on the island, most notably the Boston-based I-Group, which proposed a $1.8 billion development back in 2006. While progress on that and other massive, capital-intensive projects has stalled, Mayaguana still has considerable untapped potential in the tourism industry through

smaller scale developments.

Eco tourism is frequently cited by international tourism organisations as the fastest-growing sector of the industry, as tourists are increasingly drawn to off-the-grid and environmentally friendly boutique resorts. Mayaguana, with its rich national parks and

largely undeveloped land, is ripe with potential for eco tourism expansion.

However, simply providing rooms and basic services will not be enough to attract visitors, as local hoteliers already operating on the island can attest. Compelling excursions and guide companies are just part of the

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With those needs in mind, Mayaguana also presents opportunities for young Bahamians interested in work as licensed guides in flatsfishing and birdwatching.

Charter flats-fishing and deep-sea fishing continue to be quite lucrative for Bahamian guides. The Bahamian government partnered with the Inter-American Development Bank (IDB) in 2014 to bolster the sustainability of the country’s fly fishing sector through a multi-step programme that will provide training and certification guidelines for a new generation of Bahamian fly fishing guides.

The Ministry of Tourism, along with the Bahamas National Trust and the USbased National Audubon Society, also launched a new birdwatching initiative in January 2017, designed to train Bahamian tour guides throughout the Family Islands. Mayaguana’s Booby Cay National Park, which boasts many rare migratory birds, could attract birdwatchers worldwide.

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Although Mayaguana has become less competitive in the yachting industry in recent years due to a lack of adequate refuelling stations, the island remains a convenient half-way stop between yachters sailing between Florida and the eastern Caribbean, including the Turks and Caicos and Puerto Rico. A full-service marina could fill a crucial gap in the south-eastern Bahamas and bring yachters back to Mayaguana in droves as they make their way throughout the Caribbean.

Mayaguana did not receive heavy structural damage during Hurricane Joaquin, unlike many of the other southern Family Islands, meaning that the island’s existing infrastructure remains in relatively good condition for those willing to invest in a marina or other linked small businesses, such as grocery stores and gift shops.

Challenges Investing in Mayaguana is not without its risks, and potential investors should be aware of several key challenges facing start-ups and large-scale developments on the island. Shipping goods and building materials to the island is comparatively expensive given the

island

insights

By Roderick A. Simms II

island’s remoteness and underdeveloped port, meaning high start-up costs for aspiring entrepreneurs.

Bahamasair currently flies to Abraham’s Bay twice a week, while the MailBoat visits the island weekly.

The island’s small population is also both a blessing and a curse for local businesses. With the current population hovering around 200, Mayaguana’s human capital leaves much to be desired, particularly at a management level. However, competition across virtually all industries remains minimal, making it easier for potential investors to stake their claim on the island.

Untapped Potential With its natural beauty, minimal competition and growing support from international development agencies, Mayaguana presents a virgin market for those seeking new opportunities in the tourism and services industries.

Critically, Mayaguana offers prospects for both potential investors in medium-sized projects and entrepreneurs interested in launching their own smallscale tour companies.

Iris Charlton-DePass, a Mayaguana-based small business manager and chairperson of the local civic group, the Coalition for a Better Mayaguana, believes the island holds immense opportunities for those willing to put in the work.

“In order for Mayaguana to move to where it should be, there needs to be more local and outside investments that are carefully planned and marketed, more crucial assistance, and stricter management practices by the Government of the Bahamas,” she said.

“Mayaguana is ideal for entrepreneurs, in my view, because most business fields are untouched. Therefore, persons who wish to start up new businesses can do so without having to deal so much with competition...

It is one of the unpolished gems of the southern Bahamas,” said Charlton-DePass.

THE TRIBUNE

Monday, May 15, 2017, PAGE 3

Doubts over Bahamian vendor Fyre Festival pay

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Local government officials on Exuma are uncertain whether Bahamian vendors to the nowinfamous Fyre Festival have been paid what is due to them, after event organisers warned their own staff they will not be paid.

Fyre Media chief executive, Billy McFarland, informed employees two weeks ago that they would no longer be paid for their work, raising immediate and significant doubts as to whether Bahamians will receive due compensation.

Neil Campbell, island administrator for Exuma, told Tribune Business: “No one really came to the administrator’s office and reported it, so I don’t know if they have gotten paid or not, but no one has lodged anything through my office.”

Reports emerged last week that Mr McFarland, a 25-year-old technology

Bed equipment left behind on Exuma looted entrepreneur who founded Fyre Festival in partnership with hip hop artist, Ja Rule, had spent millions on models, private jets and yachts to promote the event, leading to a funding crisis.

Festival-goers, some of whom had paid $12,000 per head, found none of the promised infrastructure, accommodations and attractions were in place when they arrived on Exuma late last month, while many of the advertised bands had pulled out.

The Ministry of Tourism emphasised that it was not a sponsor of the event, and therefore had no financial involvement, but its previous press releases described it as a “partner” of Fyre Festival, and the liaision with all relevent government and local gov-

ernment entities to ensure the organisers obtained the necessary permits.

The Ministry of Tourism’s director-general, Joy Jibrilu, told this newspaper earlier this month that officials were in the process of determining which Bahamian vendors were still owed money by event organisers, noting that Fyre Festival’s promoters had assured that all outstanding debts will be paid.

Mr McFarland’s comments to his own employees raise significant doubts about that, but attempts to obtain further comment from the Ministry of Tourism were unsuccessful.

Mia Weech-Lange, theMinistry’s spokesperson, implied that is reluctance to speak was due to the blitz of class-action lawsuits filed in the US against Fyre Festival organisers by angry attendees demanding compensation and their money back.

“We have no further comment at this time. This

is now a legal matter in the United States as I am sure that you are aware,” she said.

Meanwhile, concerns have also been raised over the fate of equipment left behind on Exuma the wake of the Fyre Festival ordeal, with suggestions that some of it had been looted.

Mr Campbell said: “I know that they left some items behind. I saw where persons said that they got mattresses and bedding stuff; that’s what I heard via social media.”

Tribune Business previously reported that Fyre Festival organisers approached Bahamas-based suppliers and providers of necessary infrastructure for the concert site some six-eight weeks ago prior to the festival date, but never made the necessary payments or deposits.

Resignations of key support personnel, such as Fyre Festival’s caterers, were also widely known several weeks out. What is

currently not known is the potential financial loss suffered by Bahamian workers and service providers, such as the 10 jitney drivers

Sir Franklyn: ‘It’s time to move on’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A prominent businessman says there is no point in dwelling on the Progressive Liberal Party’s (PLP) crushing defeat at the polls last week, as the “verdict is clear” and “it’s time to move on”.

Sir Franklyn Wilson, the Sunshine Holdings and Arawak Homes chairman, told Tribune Business that the incoming Dr Hubert Minnis-led administration would hopefully be able to execute its plans, which would “see progress for us all”.

Sir Franklin, who has previously been critical of some of Dr Minnis’s policy pronouncements, told Tribune Business: “My thing is that it is appropriate to wish

Sir Franklyn Wilson the new government God’s grace and every opportunity to help build the country and move it forward.”

Referring to the Free National Movement’s (FNM) landslide victory at the polls last week, which saw nearly all of the PLP’s Cabinet ministers and senior MPs

lose their parliamentary seats, Sir Franklyn said: “The people have spoken and there is no point in getting into analysis. The verdict is clear and now it’s time to move on. The governing party issued a manifesto and the people know what they can expect.”

He added: “Obviously they thought that it was sufficient that, if implemented, it could bring about progress. Let’s wish and pray that they can execute their plans as they foreshadowed, and that the proper execution would see progress for us all.”

Sir Franklyn had warned that Dr Minnis’s plans to offer wide-ranging tax breaks “will lead the Bahamas into bankruptcy” if ever enacted, suggesting that his strategy for reducing the cost of living and reviving innercity areas, which would

become tax free zones, coupled with the provision of free tertiary education, would expand the fiscal deficit and undermine consolidation plans.

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induced to take their vehicles from Nassau to Exuma, in the belief they would be providing transportation services for Fyre Festival.

NOTICE CANDLEWOOD HOLDINGS LTD. NOTICE is hereby given as follows: (a) Candlewood Holdings Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 10th day of May, A.D., 2017 Beatus Limited Liquidator

FamGuard Corporation Limited Unaudited Interim Consolidated Statement of Financial Position As at March 31, 2017 (Expressed in Bahamian dollars) ASSETS Fair value through profit or loss Available for sale Held-to-maturity Loans

31-Mar-17 $

Total financial investment assets

12,755,041 13,687,319 159,429,888 77,879,658

$

13,065,957 13,912,881 164,603,183 77,575,014

263,751,906

269,157,035

24,636,903 6,747,544 7,273,183 4,312,906 11,349,768 353,333 34,118,804

16,145,293 7,979,721 6,843,058 4,171,600 8,837,371 378,333 33,745,316

Cash and bank balances Reinsurance assets Reinsurance recoveries Premiums receivable, net Receivables and other assets, net Intangible assets, net Property, plant and equipment, net TOTAL ASSETS

31-Dec-16

$

352,544,347

$

347,257,727

$

201,848,485 18,211,648

$

201,292,443 17,638,441

LIABILITIES AND EQUITY LIABILITIES: Reserves for future policyholders' benefits Other policyholders' funds Policy liabilities Payables and accruals

220,060,133 16,478,844

218,930,885 14,462,724

Total liabilities

236,538,977

233,393,609

10,000,000 2,000,000 10,801,080 16,356,069 41,002,224

10,000,000 2,000,000 10,801,080 16,572,792 40,070,094

80,159,373 35,845,997

79,443,966 34,420,152

116,005,370

113,864,118

EQUITY: Preference shares Ordinary shares Share premium Revaluation reserve Retained earnings Equity attributable to owners of the Parent Non-controlling interests Total equity TOTAL LIABILITIES AND EQUITY

$

352,544,347

$

347,257,727

FamGuard Corporation Limited Unaudited Interim Consolidated Statement of Profit or Loss For the three months ended March 31, 2017 (Expressed in Bahamian dollars)

3 Months Ended 3 Months Ended 31-Mar-17

31-Mar-16

INCOME: Net premium income Annuity deposits Net premium income and annuity deposits Investment income Other operating income

$

Total income BENEFITS AND EXPENSES: Net Policyholders' benefits Operating expenses Commissions Total benefits and expenses PROFIT

23,191,694 1,965,633 25,157,327 3,139,991 394,878

$

22,451,145 4,075,945 26,527,090 3,497,166 404,325

28,692,196

30,428,581

18,381,133 5,834,703 2,902,012

20,767,103 6,032,575 2,853,524

27,117,848

29,653,202

1,574,348

775,379

PROFIT ATTRIBUTABLE TO: Ordinary shareholders Non-controlling interests

$

1,532,129 42,219

$ Earnings per ordinary share

$

$

543,144 232,235

1,574,348

$

775,379

0.15

$

0.05

The complete set of unaudited interim consolidated financial statements is available on

The complete set ofthe unaudited interim website consolidated statements are available on the company's website at ww Company’s at:financial www.famguardbahamas.com

PAGE 4, Monday, May 15, 2017

‘No balanced Budget’ warning for 2017-2018 From pg B1 new administration, but speaking on condition of anonymity, told this newspaper that the new administration “might unfortunately have to” inject more capital into troubled BOB via yet another taxpayer bail-out.

Tribune Business last week exposed how the BISX-listed institution had taken legal action against the Central Bank, seeking Supreme Court protection from the regulator’s de-

2017

mands that it increase loan loss provisioning by $50 million and transform a $10 million government-funded bond issue into the true Tier 1 capital.

Many observers have interpreted BOB’s action as something initiated at the former Christie administration’s request, and a sign that the previous government did not have the available financing to inject into the bank and meet the Central Bank’s regulatory demands.

Meanwhile, Tribune Business was also told that measures to shore up the National Insurance Board (NIB) and its $1.6 billion reserve fund may be required from the new Dr Minnis-led administration.

“NIB is a major issue,” Tribune Business was told.

“The fund is running down much faster than anticipated, faster than thought, so the Government may have to take corrective measures a lot sooner than perhaps thought.”

NIB’s actuarial reviews have frequently warned that the national social security system’s reserve fund will be exhausted by 2029-2030, and have offered numerous corrective policy options.

Successive governments to-date, though, have preferred to ‘kick the can down the road’.

All this highlights the extent of the financial and fiscal challenges facing the newly-elected FNM administration as it seeks to deliver on its election pledges, and create an economic environment that facilitates faster GDP growth and job creation.

“The goal is to produce a balanced Budget, but we will not be able to do that this year,” Mr Turnquest told Tribune Business. “As we move forward, we hope to see some real reductions in the recurrent deficit and the overall debt.”

The Christie-led administration forecast that the Government was going to incur a $350 million GFS

deficit for the 12 months to-end June 30, 2017, prior to being voted out of office, and Mr Turnquest was already sounding warnings yesterday.

“I saw something on my desk yesterday that I didn’t like,” he told Tribune Business. “The recurrent deficit. I saw something that I didn’t like at all. Our hands may be tied for this Budget cycle, but we have to work this out.”

The recurrent deficit measures the difference between the Government’s annual revenues (tax and fee income) and its fixedcost spending, which includes civil service salaries, rents and debt servicing payments.

There are fears that the Christie administration’s numerous pre-election spending commitments, which included promotions and salary increases for Royal Bahamas Police Force (RBPF) and Royal Bahamas Defence Force (RBDF) officers; the payment of police officers; the ‘regularisation’ of hundreds of temporary civil servants as full-time; and numerous persons hired on threemonth contracts in the public sector, may have blown a hole in this figure.

Mr Turnquest said it was “obviously our intention” to deliver on Dr Minnis’s promised VAT exemptions on breadbasket items, utility bills and education, plus inner-city ‘tax free zones’, in the upcoming 2017-2018 Budget.

He reiterated, though, that much depended on the Government’s current fiscal position, and said: “We’re sensitive to the fact that commitments were made in the last couple of months, the last few days really, that may hamstring us and tie our hands.”

Dr Minnis’s inner-city ‘tax free zone’ pledge ran into heavy criticism during the election campaign, but Mr Turnquest came to his defence, saying: “They [the PLP] have their view, we have ours.

“We understand how we’re going to do it, and know what benefits we are seeking to achieve by doing it, and that is to cause job

THE TRIBUNE creation and development in the inner city.

“Again, we have to see where we are in this cycle, a commitment was made to the Bahamian people, and it is a commitment we’re going to live up to.”

Mr Turnquest also promised to improve the ease of paying taxes, and pledged that the new government will “not tax businesses up the backside”.

“What we want to do is certainly see how we can streamline the process using technology that has been introduced, and streamline the various taxes we have to make the points of contact smaller, more coordinated and with less running around,” he told Tribune Business.

“We want to strengthen the collection effort so we collect the taxes already open to us and on the books.

“The whole idea is to raise enough revenues to meet the Government’s commitment to its citizens but not to make a profit, and to the point where we tax businesses up the backside.”

Mr Turnquest also pledged to tackle wasteful spending.

The Christie administration, in its last Budget, projected that the Government would narrow the GFS fiscal deficit (this measurement strips out debt principal repayments) to just $28 million, or 0.3 per cent of GDP, in its 2017-2018 Budget year.

This target, though, is extremely optimistic given that the extra strain imposed on the Government’s finances, as a result of the $600-$700 million damages inflicted by Hurricane Matthew, is likely to still be working its way through.

Simon Wilson, the financial secretary, earlier this year said the Government believes it can “achieve a balanced Budget” within the next four years, meaning the GFS deficit would be eliminated by 2020-2021.

This is less optimistic than the Christie administration’s last Budget forecast, which projected that the Government would run a $68 million GFS surplus in 2018-2019.

THE TRIBUNE

Monday, May 15, 2017, PAGE 5

New BREA president targeting land registry

The Bahamas Real Estate Association’s (BREA) newly-elected president yesterday called for greater cooperation, consultation and participation with the FNM government, declaring that “together, we can help drive one of the most important engines of the Bahamian economy”.

Christine Wallace-Whitfield, head of the 500-plus member association, said she hoped BREA and the Government could strengthen ties to promote, oversee and grow the multibillion dollar industry.

“BREA has a laundry list of issues to deal with, and we look forward to working on those together with the new government,” said Ms Wallace-Whitfield, a broker with Island Living Real Estate.

Chief among those issues, she said, was the creation of a land registry.

“We are one of the last countries in the world that still does not have a land registry. Although the increased use of the Multiple Listing Service is helping greatly in this regard, having a registry will help to elevate the industry to the next level,” she said.

“We are all but using paper and pen in a digital age, and the lack of a registry

prevents us from providing basic information that is available in other places, including comparable prices, length of time property in a certain area remains on the market, and other basics that today’s buyer needs to know. With most property searches starting online, the prospective buyer expects to see this information and we simply have no way to provide it absent a registry.”

Ms Wallace-Whitfield said BREA also wants to see a Real Estate Advisory Board, a concept introduced by another leading broker, Mario Carey, and discussed with the previous administration.

The proposed Board would advise on key issues ranging from shortterm rentals to minimum investment for accelerated consideration of residency; from Stamp Tax matters to ease of refinancing-related requirements; from Crown land to generation property issues.

Ms Wallace-Whitfield said industry ethics tops her personal agenda, adding: “We have excellent cooperation with the AttorneyGeneral’s office on ethics matters when they reach a certain level.

“I want to focus our attention on ethics before

they reach that point. The success of our industry and the confidence people place in Bahamas real estate is tied to perceptions about honesty and integrity.”

Ms Wallace-Whitfield said BREA would consider ways to step up broker responsibility for new agents, both in knowledge and in standards of conduct.

“One new agent I know of, for instance, showed so much promise, passing her real estate exam with flying colours and being greeted with open arms by the firm she joined because she had all the right attributes, enthusiasm, personality, intelligence,” she said.

“And then she went out on her first few visits to take a listing or show a property based on a call that came in to the office, and she felt so lost. Eventually, she just gave up and moved on to something else.

“She was a real loss and it should not have happened to her after all her commitment. But we have no way to ensure proper post-exam training in the field, and other agents often don’t want to impart or share what they have learned. To keep any industry vibrant and vital, you need fresh ideas.”

Scotia appoints new Bahamas chairman Scotiabank (Bahamas) has appointed veteran banker Marianne HasoldSchilter as its chairman and Board director.

Her appointment follows the retirement of Anthony C. Allen after 54 years of service to Scotiabank.

After almost three decades in executive positions, Ms Hasold-Schilter retired on April 30, 2017, as executive vice-president and chief administrative officer of international banking at Scotiabank, a position she held since 2011.

Her responsibilities in that post included retail and small business banking; consumer micro finance; operations; contact centres; finance; mergers and acquisitions; integrations and collections; systems; compliance and marketing for international banking.

Ms Hasold-Schilter joined Scotiabank in 1988, and held senior roles in the areas of audit, electronic

Marianne HasoldSchilter

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banking corporate and commercial call centres, wealth management and human resources.

Her posts included senior vice-president, leadership and top talent management, and managing director and head of Scoti-

aMcLeod Direct Investing.

Ms Hasold-Schilter was also senior vice-president and chief auditor. In 2012 and 2015, she was named one of Canada’s Top 100 Most Powerful Women by the Women’s Executive Network.

NEW BREA BOARD – The Bahamas Real Estate Association (BREA) elected new directors recently.

Pictured L-R, back row: Sally Hutcheson, Mike Lightbourn, Jolika Buckner, Hartman Longley Jr., Stuart Halbert, Anthony Wells, Heather Peterson, Elbert Thompson. L to R, front row: The executive team of Cara Christie, secretary; Laura Kimble, vice-president; Christine Wallace-Whitfield, president; Sara Callender, treasurer. Not pictured, director Helen Dupuch.

PAGE 6, Monday, May 15, 2017

Deputy PM pledges ‘job killer’ roll back From pg B1 shouldn’t be so definitive, but as I sit here today, and having had discussions with businesspeople in Grand Bahama, that is the general thought.

“That clause, in particular, is a job killer and no incentive at all.”

Mr Turnquest’s comments are likely to be wellreceived by the majority of GBPA licensees, given the pervasive uncertainty surrounding the former Christie administration’s demands and legislative impositions.

The major concerns with

the new Act and associated application process involve uncertainty over the length of time for which the tax breaks will be renewed, and the fact this appears left entirely to the discretion of the Investments Board and responsible minister.

There is also the fear that GBPA licensees not planning to expand their business are effectively ‘locked in’ to maintaining their existing employment levels for five years in return for the renewal of their real property tax, capital gains and income tax exemptions.

The application form attached to the Grand Ba-

hama (Port Area) Investment Incentives Act 2016’s regulations divides GBPA licensees into two categories: Those planning a business expansion within the next 12 months, and those who “expect to operate as a going concern and maintain current staffing levels for at least the next five years”.

The latter category appears innocuous, but when the application form is read with the Act, it effectively “locks in” GBPA licensees to maintaining employment levels for a five-year period regardless of whether there are further market or economic downturns outside their control.

Should a licensee be forced to downsize in those five years to survive, the Act’s section six, ‘Failure to

fulfil obligations’, would appear to come into play.

This allows the minister responsible for investments to strip Freeport businesses, partially or in full, of their tax breaks, and even enables them to demand payment of taxes that should have been paid if no concessions were granted.

The Act enables the Minister to “reduce or revoke in full” the tax breaks granted, and even “demand payment in respect of any money that would have been payable had no concessions under the Act been conferred”. In effect, it demands retroactive or ‘back’ taxes.

Mr Turnquest’s statements to Tribune Business touch on a number of these concerns, and he promised that the entire Grand Bahama (Port Area) Investment Incentives Act 2016 would be reassessed as the new administration determined how best to reignite economic growth in Freeport and Grand Bahama.

“As we move forward and take another look at the objectives of the Act, we will determine how we further positively develop the economy of that island,”

the Deputy Prime Minister added.

Mr Turnquest, a former Grand Bahama Chamber of Commerce president with business interests in Freeport prior to entering politics, said the new government was focused on enabling Bahamians, and especially Grand Bahama residents, to “create jobs which are required to build communities”.

The former government recently gave GBPA licensees another two-month extension to apply for renewal of their tax breaks, but only AFTER the previous deadline expired.

Numerous companies, especially foreign-owned entities such as Freeport’s major industrial conglomerates, will all have likely applied by the previous May 4 deadline given that they were the ones potentially exposed to real property tax’s imposition. Given that Bahamian-owned real estate in the Family Islands is exempt from real property tax, the same treatment would likely apply to Freeport.

The Christie administration introduced the Grand

DPM: ‘We’re breath of fresh air’ for investors From pg B1 Business it was “critically important” to improve business and consumer confidence if the Bahamas is to achieve greater GDP growth rates.

“We have been given a tremendous mandate by the Bahamian people, and it’s up to us to deliver and maintain the kind of support and momentum they have give us,” he said, in reference to the FNM winning 35 of the 29 House of Assembly seats.

“Based on preliminary conversations that I’ve had in the last two days, I’m encouraged that people interested in investing in the Bahamas, both local and international, are taking a deep breath of fresh air and are optimistic at working with the new government.”

Mr Turnquest continued: “They are further pleased

to deal with a Government that operates above board, that does not engage in practices that are detrimental to our reputation, and good quality, healthy and sustainable investment.

“I believe, and hope, that over the next three to six months we will see some tangible results from that, which will not only impact the country’s economic circumstances but will lift the spirits of the Bahamian people.”

Mr Turnquest indicated that the biggest boost to private sector and investor confidence would come from the Dr Hubert Minnisled administration delivering on its promises of good governance, particularly greater transparency and accountability in government.

“I think you will see a

THE TRIBUNE Bahama (Port Area) Investment Incentives Act 2016 as a way to bring Freeport’s real property tax, capital gains and income tax exemptions under its control via legislation, after these rights -previously vested in the Hawksbill Creek Agreement - expired on May 4, 2015.

The former government felt that the ‘blanket’ availability of such tax breaks had failed to stimulate economic development in Freeport, with foreign real estate owners, in particular, viewed as ‘buying and holding’ due to the absence of any carrying costs via real property tax.

It appears to have viewed the 2016 Act, and associated application process, as a mechanism through which it could ensure the Bahamas received ‘development in return for tax breaks’.

However, the Christie administration granted Hutchison Whampoa and its Grand Bahama Development Company (DevCo) affiliate, Freeport’s largest landholder, together with the GBPA and its affiliates, a ‘blanket’ 20-year renewal of all their tax breaks. number of actions taken over the next couple of weeks, starting with Cabinet appointments and carrying through to agencies, policies and commitments to term limits, recalls and anti-corruption policies,” Mr Turnquest said.

“You will start to see us fulfilling the commitments we made during the campaign, and ensuring we operate on a firm base in order to do the things we need to do to fulfill our commitments and mandate. If we don’t get the foundation right, nothing will be done right.”

Mr Turnquest said this, in turn, would “give business people confidence that their investments are going to be safe, and never under any danger”.

He added that Bahamian and foreign investors would also have certainty as to ‘the rules of the game’, so they understood how “to do what is needed to be successful in the Bahamas”.

THE TRIBUNE

Monday, May 15, 2017, PAGE 7

Bahamas ‘risks future’ via 30% ‘C+’ graduates From pg B1 With a 2016 World Bank study identifying the difficulty in finding an “employable workforce” as the main obstacle to Bahamian businesses, ORG added: “There is an urgent need to accurately assess, and substantially improve, education outcomes and performance.

“Recent results on the Bahamas General Certificate of Secondary Education reveal a disturbing profile of the under-education of the Bahamian youth.

This has a direct impact on the economic potential of the country. As the larger percentage of the available workforce is only semi-literate and numerate, Bahamian employers are faced with the problem of only being able to provide minimal upward mobility to their employees.

“This phenomenon seriously hinders the normal socioeconomic growth and development of the nation, limits business growth and results in limited national gross domestic product (GDP) outputs. This significant educational imbalance has created an educational gap that has led to a wealth gap that is unhealthy in any society.”

The ORG study, produced by Scott W. Hamilton of Circumventure, an “internationally-recognised expert” on education, noted that 65 per cent of the candidates that sat the 2015 BGCSE language exam in 2015 gained a grade of ‘D’ or below.

As for mathematics, some 75 per cent of the 5,200 candidates who sat the exam earned a grade of ‘D’ or below.

Mr Hamilton’s report pointed out that low academic achievement was exacerbated by the fact that the Bahamian education system was “not yet effectively preparing students” for vocational jobs, with “a majority of youth challenged to compete in the workforce”.

“Although increased literacy and academic performance has been a target of many recent efforts and some gains have been made, this has not proven sufficient to generate the results needed to increase the productivity of the majority of Bahamian students,” Mr Hamilton wrote.

Acknowledging that reform of the entire Bahamian public education system would be too mammoth and costly a task, especially given the entrenched Education and teacher trade union bureaucracies, Mr Hamilton’s study instead recommended that this nation focus on shirt and medium-term strategies to create better opportunities.

He called for the Bahamas to create “a small cadre” of charter or partnership schools to show how success could be achieved outside the standard system, along with ‘low-cost private schools’ that targeted the children of low income families.

Mr Hamilton also suggested that rather than wait

until students graduate from high school, it initiate vocational training in the high schools, so Bahamians can plot career paths and gain the necessary skills at an earlier age.

Matt Aubry, ORG’s executive director, told Tribune Business that because the problems with the Bahamian educational system have been so well identified in previous studies, the organisation wanted to instead focus on options and strategies for solutions.

“Changing the whole system becomes so expensive and so unwieldy that you have very mixed results,” he told Tribune Business.

“Having to work in these areas concurrently, if you are shooting for good governance, shooting for economic growth, you need to have an education system that provides you with the workforce that is going to be available and necessary to move forward.”

Mr Aubry said the Bahamian education system was falling short in providing two-thirds of high school graduates with the basic literacy foundation they needed to become productive, upwardly mobile members of the workforce.

With just 30 per cent graduating with grades of ‘C’ and above, Mr Aubry said that barely one-third were properly equipped to get and hold a job, and many of them were likely to remain outside the Bahamas upon completing college or university education.

As a result of this ‘brain drain’, he added, the Bahamas was losing much of the group that would provide the next generation of leaders, managers and entrepre-

neurs.

“When you look at the rest of the kids, there’s not a lot out there to complete their productivity, so it caps our economic development, Mr Aubry told Tribune Business of the remaining 70 percent.

“If we follow the path of developing a Bahamian workforce, we have to look at short and medium-term gains, because if we don’t, we’re leaving cards on the table..... We’ve got to figure out how to take the bulk of the youth and give them skills to be more productive. Otherwise you stack the deck against yourself.”

Mr Aubry said that while bodies such as the National Training Agency, Bahamas Technical and Vocational Institute (BTVI) and the recent apprenticeship programme, backed by the Inter-American Development Bank (IDB) and private sector, were all doing good work, they were all attempting to tackle the problem to late - “after you get through the education system”.

Mr Hamilton’s report concluded: “Based on new advances and trends drawn from around the world, the future of the Bahamas can be improved by substantially expanding education options for Bahamian students.....

“The above reforms will undoubtedly require significant effort on the part of both private and public sectors. However, the investment of time, effort and resources toward innovation and expansion in the education system will inevitably prove one of the most reliable and valuable investments in the future of the Bahamas and its people.”

China’s Xi says Silk Road plan boosts finance, security ties BEIJING (AP) — Pledging more than $100 billion in financing, Chinese President Xi Jinping called Sunday for closer cooperation across Asia and Europe in areas from anti-terrorism to investment as leaders from 29 countries gathered to promote a Chinese initiative that could increase Beijing’s global influence.

The “Belt and Road Initiative” calls for building ports, railways and other facilities in a vast arc of 65 countries. Other countries welcome the investment, but governments including the United States, Russia and India have expressed

unease that Beijing also might be using the effort to increase its political stature.

Speaking before an audience that included Russian President Vladimir Putin, Xi said his government has “no desire to impose our will on others.” But he called for “economic integration” and cooperation on financial regulation, anti-terrorism and security — fields in which China’s heft as the world’s No. 2 economy would make it a dominant player.

“We should foster a vision of common, comprehensive, cooperative and sustainable security,” said

Xi. He called for steppedup action against terrorism and what he called its root causes of poverty and social injustice.

In a reminder of potential security threats, North Korea test-fired a ballistic missile Sunday that flew for a half-hour and reached an unusually high altitude of 2,000 kilometers (1,240 miles).

The launch was seen as a challenge to a new South Korean president who was elected last week and came as U.S., Japanese and European naval forces gathered for war games in the Pacific.

The “Belt and Road” is Xi’s signature foreign policy initiative. The two-day meeting that started Sunday gives the Chinese president a platform to promote his image as a global leader and free trade advocate in contrast to President Donald Trump, who has called for import restrictions.

NOTICE

NOTICE is hereby given that PAULA PIERRELUS of 6th Street in the Grove, 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 8th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANDRUNIQUE SHEREESE STURRUP of Freeport, Grand Bahama, Bahamas, mother of A’MAIYA ARIANNA JAHNELL ANDERSON intend to change my child’s name to A’MAIYA ARIANNA JAHNELL STURRUP. 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 the publication of this notice.

PAGE 8, Monday, May 15, 2017

‘Faith in future’ up just 48 hours after FNM win From pg B1 market would experience a post-election uptick, after pre-poll uncertainty resulted in many potential buyers “holding off on pulling the trigger”.

His sentiments were echoed by Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, who told this newspaper that the Perry Christie-led administration had “done everything to hinder busi-

ness”.

He added that the Bahamas, and its people, were increasingly feeling as if “everything is wrong going right down the line”, with the problems facing the country getting worse rather than better.

“I think this government is going to be easier to do business with,” Mr Dupuch said of a Minnis-led administration, “and I just hope it will be easier to get things

pushed through in a reasonable amount of time.

“I’m not suggesting anything special, but people get frustrated, and buying and selling a home is already a long process. To get foreign investor approvals always takes a little more time.”

Foreign purchases of Bahamian real estate have to be approved by the Investments Board, in accordance with the International Persons Landholding Act, while residency permits have to go through the Department of Immigration.

Khaalis Rolle, former minister of state for investments, said the Investments

Board had met more frequently when necessary to deal with the volume of applications, and other processes had been implemented to speed up approvals.

However, Mr Dupuch revealed that concerns over the efficiency and transparency of the approvals process continue to persist.

“I was shocked when I spoke to a couple of attorneys,” he said, “and one told me they had been involved in selling a $7 million house and had to facilitate a permanent residency application.

“It had been a year since they applied, and they had

MARKET REPORT FRIDAY, 12 MAY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,889.55 | CHG -0.08 | %CHG 0.00 | YTD -48.66 | YTD% -2.51 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.13 6.76 8.60 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.69 8.50 11.00 2.18 1.31 5.80 7.50 8.56 7.15 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

E J K L M N

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

52WK LOW 100.00 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.39 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.90 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.30 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.90 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 0.00 0.00 0.00

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

VOLUME

NAV 2.05 3.92 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 151.0 15.8 N/M 20.8 N/M N/M -135.0 14.2 14.0 23.4 104.5 22.5 19.4 20.0 18.8 9.4 12.1 23.5 19.7 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 0.0

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 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 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%

20-Nov-2029 15-Dec-2017 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

YTD% 12 MTH% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 28-Feb-2017 28-Feb-2017 24-Feb-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 4.26% 2.61% 3.87% 4.00% 4.10% 0.00% 3.32% 2.03% 5.33% 0.00%

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

not heard from the Government. I hope it does not take that long, they eliminate the red tape and everything is on a level playing field.”

Mr Dupuch added that the real estate market had slowed pre-election, as uncertainty over the outcome prompted potential buyers to hold back.

“There were a lot of people we were showing properties to, and they were right there, ready to pull the trigger, and just holding off,” he told Tribune Business.

“I even heard comments that: ‘I’ve moved away, but maybe I should move back now’. I think we had a brain drain going on.

I know people were sitting on the sidelines, wanting to buy a house, but didn’t know what was going on with the country.

Now, hopefully, they can set down roots. I hope that happens. Our economy sure needs it.”

Mr Dupuch acknowledged that the real estate market still faced obstacles when it came to banks’ reluctance to advance mortgage financing, and the number of things that “can go wrong” in completing a transaction, but expressed optimism that the FNM’s victory will bolster confidence.

“I think people will have more faith in the future, and I can see it already - in two days,” the realtor told Tribune Business. “I think there’s been a good impact on confidence.

“It just shows you how uncertain people were. I didn’t realise. I had someone tell me today that this was the first time he’d voted against the PLP, and they’re my age.

“It was a change we needed; a change that was needed to stop the road we were going down, and hopefully we will go down a new road now. I think it’s going to be great.”

The private sector over the last five years has had to contend with Value-Added Tax’s (VAT) imposition; increased bureaucracy and red tape that has led to the Bahamas dropping to 121st in the World Bank’s ‘ease of doing business’ rankings; Tax Compliance Certificate (TCC) demands; and worker-friendly labour reforms that were watered down at the last minute.

This all served to further chip away at an alreadyfragile business and consumer confidence, which resulted in private capital pulling back from job-creating investments and expansion. This, in turn, helps to explain why the Bahamas has seen no GDP growth for the last four years, with

THE TRIBUNE unemployment remaining in the ‘double digits’.

“That’s what we have to do; facilitate business,” Mr Dupuch told Tribune Business. “We have to make business thrive. They employ people. Businesses have to thrive. If you stifle business, you stifle the country.”

Mr Lightbourn, supporting Mr Dupuch, said the FNM’s election victory and change in government would send a positive probusiness signal to both Bahamian and international investors.

“I think it presents a positive outlook to the outside world because they, the Christie administration, were doing everything to hinder business,” Mr Lightbourn told Tribune Business.

“I think we’ve got a more positive business outlook for the country, which entails real estate and everything else, local and foreign.

“The ease of doing business for Bahamians and foreigners is terrible. It’s so incredibly challenging, which is why I’m hoping the new government will get things done in a more businesslike manner, rather than sitting on their asses waiting for things to be done.”

The former Christie administration’s plans to tinker with the real estate market’s foreign segment, by increasing the permanent residency investment threshold from $500,000 to $1 million, also aroused concern from developers and realtors alike.

The previous government eventually backed off to obtain further advice and feedback, but Mr Lightbourn said: “Things had really gotten bad. The country was feeling as if everything was going wrong; as you go right down the line, everything was going wrong.

“We are 121st in the world for ‘ease of doing business;’, and it is not getting better - it’s getting worse. Everyone’s got their hand out: ‘Want a quick approval, see me’.

“I’m just hoping a new outlook will see people get permits to do things properly. It’s been so bad, the business climate, that it can only go one way, and that’s up.”

Mr Lightbourn confirmed Mr Dupuch’s assessment of the real estate market, noting that activity had “recently slowed up” following a relatively strong start to 2017.

He added that an impending election, and the identity of the party in power, should make no difference to foreign real estate buyers, but “the vibes going out about the former government weren’t that positive”.

THE TRIBUNE

Monday, May 15, 2017, PAGE 9

Log in, look out: Cyberattack havoc may grow at week's start

LONDON (AP) — An unprecedented “ransomware” cyberattack that has already hit tens of thousands of victims in 150 countries could wreak greater havoc as more malicious variations appear and people return to their desks Monday and power up computers at the start of the workweek.

Officials and experts on Sunday urged organizations and companies to update their operating systems immediately to ensure they aren’t vulnerable to a second, more powerful version of the software — or to future versions that can’t be stopped.

The cyberattack paralyzed computers that run Britain’s hospital network, Germany’s national railway and scores of other companies and government agencies worldwide.

The attack, already believed to be the biggest on-

line extortion scheme ever recorded, is an “escalating threat” after hitting 200,000 victims across the world since Friday, according to Rob Wainwright, the head of Europol, Europe’s policing agency.

“The numbers are still going up,” Wainwright said.

“We’ve seen that the slowdown of the infection rate over Friday night, after a temporary fix around it, has now been overcome by a second variation the criminals have released.”

Researchers discovered at least two variants of the rapidly replicating worm Sunday and one did not include the so-called kill switch that allowed them to interrupt its spread Friday by diverting it to a dead end on the internet.

Ryan Kalember, senior vice president at Proofpoint Inc., said the version with no kill switch was able to spread but it contained a flaw that wouldn’t allow it to take over a computer and demand ransom to unlock files. However, he said it’s only a matter of time before such a version exists.

“I still expect another to pop up and be fully operational,” Kalember said.

“We haven’t fully dodged

this bullet at all until we’re patched against the vulnerability itself.”

The attack held users hostage by freezing their computers, encrypting their data and demanding money through online bitcoin payment — $300 at first, rising to $600 before it destroys files hours later.

The 200,000 victims included more than 100,000 organizations, Europol spokesman Jan Op Gen Oorth told The Associated Press.

He said it was too early to say who was behind the onslaught and what their motivation was, aside from the obvious demand for money. So far, he said, not many people have paid the ransom demanded by the malware.

The effects were felt across the globe, with Britain’s National Health Service, Russia’s Interior Ministry and companies including Spain’s Telefonica, FedEx Corp. in the U.S. and French carmaker Renault all reporting disruptions.

Chinese media reported Sunday that students at several universities were hit, blocking access to their thesis papers and dissertation presentations.

Had it not been for a young British cybersecurity researcher’s accidental discovery of a so-called “kill switch,” the malicious software likely would have spread much farther and faster.

The 22-year-old researcher known as “MalwareTech,” who wanted to remain anonymous, said he spotted a hidden web address in the “WannaCry” code and made it official by registering its domain name. That move, which cost just $10.69, redirected the attacks to the server of Kryptos Logic, the security company where he works.

The server operates as a “sinkhole” to collect information about malware — and in Friday’s case kept the malware from escaping.

Security officials urged organizations to protect themselves by installing security fixes right away, running antivirus software and backing up data elsewhere.

“Just patch their systems as soon as possible,” MalwareTech said. “It won’t be too late as long as they’re not infected. It should just be a case of making sure installing updates is enabled, installing the updates, and reboot.”

GN-1881

Ministry of Works & Urban Development Department of Physical Planning The public is hereby notified that a public meeting to review Site Plan Application (SPA/3/2015) on behalf of Blue Illusions Limited for Balmoral Island (also known as Blackbeard’s Cay) is scheduled to be held on Thursday 25th May 2017, beginning at 6.30 p.m. at the office of the Department of Physical Planning located in the Aventura Plaza on J. F. Kennedy Drive and Bethell Avenue.

The development by Blue Illusions Limited includes ocean pens for a dolphin/stingray encounter, a restaurant, swimming and beach facilities, a nature trail, swimming pools and support buildings and utilities.

The Environmental Impact Report and Plans for the project are available for viewing at the Department of Physical Planning, located in the Aventura Plaza, John F. Kennedy Drive, during normal office hours.

Interested persons and organizations are invited to review the information on file and provide written comments prior to the meeting to the Acting Director of Physical Planning within twenty-one (21) days of the date of this notice. Submissions should be made via P.O. Box N-1611, Nassau, The Bahamas, or fax (242)328-3206. Further inquiries should be made to the Acting Director via Tel. (242)322-7550/2 or (242)328-3202 or CHARLESZONICLE@BAHAMAS.GOV.BS Signed Charles B. Zonicle Acting Director of Physical Planning