05222017 business

business@tribunemedia.net

MONDAY, MAY 22, 2017

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VAT tops ‘laundry list of complaints’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Rupert Roberts

Supervalue’s owner has urged the Government to make a ValueAdded Tax (VAT) review its top priority, disclosing that the requirement for inclusive pricing had slashed the supermarket chain’s sales by 10 per cent.

Rupert Roberts told Tribune Business that the former administration “shot itself in the foot” by mandating

that retailers shift to VAT-inclusive pricing, as the reduction in sales automatically equated to a reduction in potential tax revenues.

Mr Roberts also lamented the absence of a clearly-defined VAT appeals process, where businesses could challenge fines they thought were unfair and unjust.

He argued that the VAT and Inland Revenue Departments were too eager to fine businesses for infractions, suggesting that the Government sought See pg b6

Supervalue chief: Inclusive pricing cut sales 10% Urges quarterly Business License fee paying New Govt’s task ‘boggles the mind’

Ja Rule

Dept won’t release equipment until all taxes paid

Supervalue’s owner is “100 per cent” sure the new government’s election will boost business and consumer confidence, but warned: “We have to work our way out of the graveyard.”

Rupert Roberts told Tribune Business that while he viewed the Dr Hubert Minnis-led administration’s election as “totally positive”, it faced much work to revive a still-struggling economy.

While acknowledging that Baha Mar’s opening and anticipated ramp-up to employ 5,000-plus Bahamians will help, he added that SuperValue’s own performance showed the economy was “dragging”.

While sales for the supermarket chain and its Quality Supermarkets affiliate were keeping pace with last year, Mr Roberts said both were having to be “aggressive” and ensure they “didn’t miss a trick” in the

Organisers said to owe Govt almost $400k in duty

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘100%’ sure of post-election confidence boost Supervalue ‘not missing a trick’ to match prior year Urges civil servants: ‘Take boots off our necks’ absence of help from the wider economy.

The Supervalue owner said that while voters had “chased out” the former Christie administration, there were still civil service officials who needed to “take their boots off the necks” of Bahamian businesses and consumers if the economy was to revive.

“We’re a good barometer of the economy,” Mr Roberts told Tribune Business of Supervalue, “and the economy is really dragging.

“Unless we have a pick up, we’re going to have See pg b5

The newly-elected Minnis government has been urged to adopt a “zero sum” approach to next week’s Budget, with every department and ministry having “to justify every single cent” they demand.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that all public sector agencies, especially heavy loss-makers such as ZNS and Bahamasair, should be required to “justify your existence”.

He suggested that the likes of ZNS be privatised through management or employee led buy-outs, and added that with a $7 billion national debt and $300 million-plus annual deficits, the Government had to

And loss-making entities must ‘justify existence’ send the signal it was not Budget ‘business as usual’.

Urging the new government to adopt private sector budgeting and management techniques as a first step towards tackling the fiscal crisis, Mr Myers acknowledged that it was “very difficult” for any administration to put its own stamp on the Budget in just three weeks.

“If it were me going in there, I would start from zero,” he told Tribune Business. “There’s an adage in See pg b4

William McFarland

Customs ‘on hook too’ over $10m in Fyre Festival gear

Govt urged to adopt ‘zero sum’ Budgeting Roberts: ‘We must work Reformer: ‘Justify every our way out of graveyard’ single cent’ spent

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Chamber chief: $8.4m land claim ‘not true’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Minister of Finance yesterday said Customs will not release $10 million of equipment imported for the ill-fated Fyre Festival until thousands of dollars in outstanding taxes are paid, adding: “We’re on the hook, too.”

K P Turnquest told Tribune Business that event organisers, hip hop artist, Ja Rule, and his friend, William McFarland, needed to “meet their commitments” to the Government as the persons See pg b5

Govt structure aids financial services Immigration ‘lever’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government’s has been praised for bundling Immigration with financial services in the same ministerial portfolio, a senior executive suggesting it would help “leverage real international business” for the Bahamas.

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that the ability to use Immigration as an economic and business development tool had been enhanced by placing it under Brent Symonette.

With financial services also under Mr Symonette’s ministerial responsibility, Ms McCartney indicated the industry is hopeful that residency-related permits can be used to attract both high net worth clients and international businesses to domicile in the Bahamas.

See pg b6

Sector boost from Brent getting both portfolios BFSB chief: ‘We need to get beyond’ blacklist threat Reform business model, define ‘value proposition’

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PAGE 2, Monday, May 22, 2017

THE TRIBUNE

Aliv: ‘Hundreds’ of mobile users porting

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Aliv’s top executive said yesterday it has seen “hundreds” of customers switch to their network since number portability

launched last month, telling this newspaper that the subscriber boost would keep the company in line with its targets.

“It’s going well now.

Most of the kinks have been worked out. We have had hundreds do it now,”

said Damian Blackburn. “I don’t know the exact number but it’s been hundreds.

“It’s increasing all the time. We’re starting to get more and more people every day. I think this will keep us in line with our targets for subscribers.”

The Bahamas Telecommunications Company’s (BTC) immediate parent, in announcing its results for the three months to end-March 2017, said Aliv’s entrance into the mobile market had cost it 6,000

subscribers quarter-overquarter.

Mr Blackburn told Tribune Business that BTC’s subscriber numbers were in line with his own forecasts, adding that he expected the incumbent to reprt a greater reduction when unveil-

ing numbers for the three months to end-June 2017.

The Aliv chief explained that “time lags” made it difficult to determine the true change in subscriber numbers, as companies continued to count persons as See pg b4

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Executing the IT application and general controls reviews portion of the Internal Audit Quarterly Audit Plan; and producing IT Audit Reports; Assisting other members of the audit team in the developing and launching automated IT audit procedures; and obtaining or generating reports for various audit assignments; Providing advice and counsel on new systems, initiatives, and IT services under development from an internal controls perspective; Assisting the AGM-Chief Internal Auditor in the coordination of IT audit activities, including internal controls assessments with the External Auditors; Effectively and efficiently managing the IT audit functions and resources; Assisting with the hiring, training, and professional development of non-managerial employees; Overseeing the quality of work performed by the IT internal audit team, ensuring compliance with applicable standards;

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A Bachelor’s degree in IT, Accounting or other business related discipline; Requires 3 – 5 years’ post-certification experience in IT, auditing or general accounting; Professional certification (such as: CISA, CA, CPA); Understands and applies all related IT Audit Standards inclusive of ISACA, IPPF and International Accounting Standards. Strong knowledge of the CobiT and COSO internal controls frameworks; Strong knowledge and understanding of the current IT technical environment, including database systems, telecommunications, and IT change controls; Sound knowledge and experience with regulatory rules and requirements affecting the internal auditing and IT management practices; Good investigative, interviewing and analytical skills. Also possess good management, leadership, problem-solving and supervisory and Risk Management Assessment skills; Understands systems development life cycle (SLDC) processes for the implementation and building of business application systems; Programming or coding techniques sufficient to construct and implement computer assisted audit procedures appropriate to the enterprise environment (Using ACL and the H.T.E system report generation tools to conduct audits); Able to understand and explore newer and evolving technology concepts, such as storage management virtualization.

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BUILDING FOR BETTER

CFAL chief warns that ‘private banking dead’ CFAL’s president believes “private banking is dead”, and that Bahamian financial services needs to “hit the reset button” and determine its future identity.

Anthony Ferguson last Thursday gave the Bahamas Millennials Society (BMS) a blunt insight into the financial services industry’s challenges, warning that global regulatory initiatives meant “we are at a crossroads and need to hit the reset button, and determine where we want to go” as an international financial centre (IFC).

Mr Ferguson described some of the challenges facing the industry aas the cost of doing business in the Bahamas; de-risking; the changing landscape and the impact of technology on financial services; and increased global regulation.

He added that the Bahamas needs to effectively implement policy to support growth in the financial services sector.

Mr Ferguson said that despite the challenge, there were opportunities the Bahamas can leverage in the short to medium-term to re-

main competitive.

He encouraged millennials to take advantage of the opportunities in investment management, including middle office functions, trading houses and asset management.

After his presentation the floor was opened to the audience for questions, where matters concerning the impact of the Common Reporting Standard, the role of compliance functions and whether there is opportunity in the insurance industry were addressed.

The Bahamas Millennials Society (BMS) is a voluntary membership-based programme open to millennials (persons born between 1979–1993) who are employees of BFSB member firms, and to students studying fulltime or part-time in a degree related to financial services, law, technology or real estate, either at the College of the Bahamas or abroad.

BMS was established in November 2014, and the three key objectives that underpin the BMS programme are exposure, networking and mentorship.

THE TRIBUNE

Monday, May 22, 2017, PAGE 3

Bahamas tops Caribbean with $387m from aviation

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net THE Bahamas is ranked number one in general aviation arrivals in the Caribbean in terms of dollar value, earning a whopping $387 million annually, according to a senior tourism executive.

Bahamian pilot Captain Greg Rolle, senior director sales marketing and sports at the Ministry of Tourism, said this was accomplished within five years following the launch of its Flying Ambassador Programme in Florida.

St Maarten comes closest

to the Bahamas in the region, earning $100 million annually from general aviation traffic, Capt Rolle said.

The flying ambassadors are private pilots who live in the state of Florida and love to come to the Bahamas and organise group flyingins to the islands.

Capt Rolle said: “It (the flying ambassador programme) made so much sense and we saw the Bahamas was such a good fit for private pilots, and so we made it increasingly easy for them to fly in the Bahamas.”

In 2010, the government also made certain policy changes in aviation that al-

lowed experimental light sport and special aircrafts to fly to the Bahamas without prior permission.

“When we took over aviation we had a lot of policies in place and we put some things in place and within five years the Bahamas became number one in general aviation arrival in terms of dollar value. We earn $387 million from general aviation traffic,” Mr Rolle said.

Mr Rolle said the flying ambassadors have a vast network within the Florida area, and they bring people from Naples, Orlando, Tampa and other parts of the state to the Bahamas which has paid off in a ma-

jor way.

With Grand Bahama’s proximity to Florida (50 miles), Mr Rolle said the island should be brimming over with private planes who can fly to Freeport in 25 to 35 minutes.

“The Grand Bahama Air Show (May 19 and 20) is the second step in terms of bringing the novelty of what private pilots and visitors can experience in this destination,” he said. “I am excited about GB being the mecca for airshows in the future, he said. With the partnerships, we have made (in aviation) and the team, we can make it happen. I want to make the Bahamas the best aviation-friendly

destination in this hemisphere, and with the work we have done with Mike Zidzunias we now have a relationship with Sun ‘n Fun, the largest aviation show in the United States.”

Mr Zidzunias, one of first flying ambassadors for the Bahamas, said they were thrilled when the Bahamas government revolutionised its aviation and allowed experimental light sport and special aircrafts to flying without permission in 2010.

“I could hardly believe it and when it was announced in Oshkosh (Wisconsin) I jumped in my plane and flew over here right away in a light sport airplane,” he said.

Mr Zidzunias said Mr Rolle contacted him about organising the first light sport fly-in to the Bahamas.“I agreed to help him and I was happy to do it. We brought 18 light sport airplanes in the December, 2010, for a fly-in to the Bahamas to show the world how easy it is to fly to the Bahamas and what a wonderful experience we had.

Mr Zidzunias has also implemented the Young Eagles for Bahamian students and has flown approximately 50 Bahamian students. The initiative is to inspire young Bahamians interested in aviation.

Govt spending controls will require ‘innovation’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

From L to R: Angelique Sawyer, financial and trade officer, Ministry of Financial Services; Sherrylee Smith, permanent secretary, Ministry of Financial Services; Brent Symonette, minister of financial services, trade and industry and Immigration; Antoinette Russell, chairman, BFSB; Tanya McCartney, chief executive and executive director of BFSB; Michael Paton, former chairman of BFSB; and Bruno Roberts, co-chairman, AIBT.

Minister meets with financial services Financial services industry representatives from the Bahamas Financial Services Board (BFSB) and the Association of International Banks and Trust Companies (AIBT) called on Brent Symonette, minister of financial services, trade and industry and Immigration, on Friday.

They outlined the key priorities for the sector and committed to continued collaboration to ensure its sustained growth and development.

On the agenda were international initiatives, Immigration policy and the strategic measures needed to reposition the jurisdic-

tion from offshore to ‘midshore’.

Antoinette Russell, the AIBT’s chairman, said: “We welcomed the opportunity to meet with Mr Symonette and to apprise him on the areas that require policy focus for the sector.

It is particularly important that we do not lose momentum with respect to the international initiatives that we are facing.”

Tanya McCartney, the BFSB’s chief executive, added: “BFSB looks forward to continued collaboration with the Government on the critical issues facing the financial services sector.”

THE Government’s ability to implement spending controls “will require innovation”, the Chamber of Commerce’s chairman arguing that it must demonstrate its commitment to balancing the Budget without damaging the economy.

Gowon Bowe told Tribune Business that with a significant percentage of government revenue going towards debt repayment, as well as public sector salaries, the Government will need to be creative in designing and implementing spending controls.

“Government must demonstrate its commitment to balancing the Budget without damaging the economy.

They must look at austerity measures and be practical in terms of action taken,” said Mr Bowe.

“Government has to be methodical in its approach.

Priorities have to be set in terms of what are the primary objectives in the next year, two years, three years.”

Around 80-85 per cent of the Government’s Budget goes on civil service sala-

ries, rents and accommodations, and debt servicing, which are all fixed costs and obligations that have to be met. As a result, its room for spending cuts and controls has long been considered limited without resorting to salary cuts.

Mr Bowe, meanwhile, urged the Government to make use of the National Development Plan (NDP).

“They should ensure that the objectives are followed through to effectively identify and determine the identity of the Bahamas going forward,” he said.

“They must be looking at the country’s future prosperity and not just how to get through a five-year term.”

The NDP represents the first co-ordinated effort to plan the Bahamas’ development in a systematic manner using empirical data and analyses, while also obtaining input from pri-

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vate sector and civil society organisations.

Labelled ‘Vision 2040’, the Plan aims to break with the Bahamas’ past ad hoc approach to national growth by setting a clear path towards a more sustainable future.

The NDP sets out a ‘road map’, containing measurable goals and objectives for the Bahamas to attain, so that this nation’s progress towards achieving its development targets can be judged according to set timelines.

Vision 2040 focuses on

four main policy pillars the economy, governance, social policy and the environment, both natural and built.

Mr Bowe said Bahamians have expressed their dissatisfaction with the ‘status quo’, and called for greater accountability and transparency in government.

“We use the term ‘transparency’, but in the simplest terms the public wants to know what decision sare being made, how, and demonstrate that they were made in the best interest of the country,” Mr Bowe said.

PAGE 4, Monday, May 22, 2017

Govt urged to adopt ‘zero sum’ Budgeting From pg B1 the corporate world: Zero sum budgeting.

“Rather than say how much you spent last year, and how much you need this year, ‘zero sum’ means you’ve got to justify every single cent, and cent of

spending, and how that delivers value for the enduser.

“That’s tough, but somewhere between there and a normal Budget is what needs to happen, as the Government is clearly overweight and inefficient, and not serving the customer

well, which is the public.”

The incoming administration will have inherited the former Christie government’s Budget, which will have been prepared by the Ministry of Finance’s technical team as well as senior officials at the major ministries and departments.

With just three weeks between the general election and May 31 Budget presentation in the House of Assembly, the new gov-

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ernment has limited time in which to ensure the 20172018 Budget reflects at least some of its policy priorities and legislative agenda.

Still, Mr Myers urged it to focus on perennial lossmakers such as the Broadcasting Corporation of the Bahamas (BCB) and Bahamasair, which typically suck around $30 million in annual subsidies combined out of the Public Treasury.

“In some areas where we’re losing millions of dollars a year, ZNS being one of them, I’d go back in there and say: ‘You’re costing us a fortune, and what service is the public getting from this entity?’” Mr Myers told Tribune Business.

“I would start with a zero sum Budget; how do you think you will keep your doors open, and how will you get results? Do the same with Bahamasair.

What is it you’re providing?

You have to justify your existence and justify your Budget.”

Mr Myers added that there was “a bunch of places” where the Government should implement ‘zero sum Budgeting’, and suggested it could even “highlight the opportunity” for certain functions or agencies to be outsourced, privatised or run as a private-public partnership (PPP).

He argued that ZNS was but one example, where an employee or managementled buyout would enable staff “to work for them-

THE TRIBUNE

Robert Myers selves as opposed to the Public Treasury”.

Questioning why the Government felt the need to own a television and radio station, especially with so many private sector competitors present, Mr Myers told Tribune Business: “What the new government should be focused on is to go back in and say: ‘We’re not going to do it that way’.

‘You’ve got to justify your existence, justify your cost.

Just because you spent $5 million last year doesn’t mean you’re getting $6 million this year. You’ve got to justify each line item of your Budget.

“That’s the responsible

Aliv: ‘Hundreds’ of mobile users porting From pg B2 clients for 60-90 days after they last used their services.

Mr Blackburn said the 2017 second quarter would provide “a bit more of a read” on how much of BTC’s market share and subscriber numbers Aliv was taking following the arrival of number portability, and added: “The end of the September quarter will be when we get a proper read.

“There’s still a lot of promotional stuff going on. I’m not expecting to get a firm

read until the end of the Sepetmber quarter.”

Number portability is a process that will give the country’s 315,000 plus mobile subscribers the ability to change service providers without having to change their telephone number.

The Bahamas has benefited from number portability in respect of fixed-line telephone numbers since December 2013.

Mr Blackburn added that Aliv is anticipating a full network roll-out by year’s

thing to do. That’s what we do in business, and things like, it to run a business more efficiently, create economies of scale, work together to eliminate gaps and create better purchasing power,” Mr Myers added.

“That’s how we do it in business, and that’s the same way the Government’s got to do things. There’s not a system for the Government and a system for the rest. That’s how we budget, to keep yourself lean and mean, and the Government does not have the money to waste. Every cent is worth fighting for.” end. “We’ll be in Andros, Exuma and Bimini in the summer some time, probably August,” he said.

“We expect to have a full roll-out by year’s end.”

Mr Blackburn previously told this newspaper that the new mobile operator is targeting a 25-35 per cent market share by year-end.

The company currently has more than 60,000 subscribers, figures it expects to be boosted by number portability.

In March, BTC announced that it had reached a co-location agreement with Aliv, which allows the latter to position its network equipment on its cell towers.

Notice of Vacancy A vacancy exists at The Grand Bahama Port Authority, Limited for one (1) Geographical Information Systems Analyst.

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• Knowledge of Database Design, Field types, Basic

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Creation of GIS Data from hard copy maps and field captured data.

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Assisting in synergizing GIS datasets with other platforms that exist in the Department or Company.

Archiving plat maps, re-subdividing, and if the Archivist is unavailable, Architectural Documents.

Recording requests for plat maps, architectural documents and maps.

Maintaining the GIS Databases, including performing regular maintenance and providing consultation to approved firms when necessary.

Interacting with internal and external customers with GIS needs, and the administration and processing of sales of maps and architectural plans.

Résumés with supporting documentation should be submitted to: Human Resources Department The Grand Bahama Port Authority, Limited P.O. Box F-42666 Freeport, Grand Bahama BAHAMAS OR Email: hr@gbpa.com On or before May 31, 2017

THE TRIBUNE

Monday, May 22, 2017, PAGE 5

Roberts: ‘We must work our way out of graveyard’ From pg B1 a long, hot summer.... If you’re sure you’ll make $1 in the future, you’ll spend the $1 you have. That seems to be the new outlook on life.

“Our economy at the moment is depressed, and we’ll have to build on top of a depressed economy and get that going.”

Asked whether the gen-

eral election was likely to boost Bahamian business and consumer confidence, Mr Roberts replied: “I want to answer that with figures instead of words.

“Answering that in figures, I’d say 100 per cent.

I don’t know how to put that in words. I think everybody’s thinking it’s a totally positive move.

“It’s a new day, new Min-

Customs ‘on hook too’ over $10m in Fyre Festival gear From pg B1 responsible for importing the impounded items into the Bahamas.

He was speaking after the co-owner of a Miami-based production company, which supplied Fyre Festival with $10 million in stage, lighting and sound equipment, expressed concerns to the international music press that the Government might auction off his gear to recover the outstanding Customs duties.

Luca Sabatini, co-owner of Unreal-Systems, pegged the Customs duties owed by Ja Rule and McFarland at $390,000, and said he was as much a victim as the attendees and Bahamian vendors.

Mr Turnquest said that while he sympathised with Mr Sabatini and others caught up in the fiasco, there were taxes due and owing to the Government that needed to be paid.

“I’m certainly sympathetic,” the Deputy Prime Minister told Tribune Business, “but we are on the hook just as well as they are in terms of outstanding monies due.

What we know is that Customs duties are due on the imports, and that’s what we’re concerned with.’

Mr Turnquest, while not confirming the amount of import taxes (Customs duty and VAT) outstanding, said the obligation to pay rested with the importers - namely Fyre Festival organisers, Ja Rule and McFarland.

Given that McFarland has said he is unable to pay staff at the organising company, Fyre Media, there is considerable doubt as to whether the organisers can meet their other obligations, including the monies due to the Government, Bahamian vendors and local staff.

Mr Turnquest declined to comment on whether he had confidence the Fyre Festival organisers will honour their Bahamian obligations, but said he expected them to do so.

“It’s a matter for Customs,” he told Tribune Business. “There’s an outstanding bill that needs to be paid, and we’ll expect them to meet their commitments.

“The Customs Department is actively engaged in this matter, and there are

some regulations on the importation of equipment that need to be met. Where it goes from here, Customs has its procedures and I’m sure they will handle the matter in the most appropriate way.”

Mr Turnquest indicated that while he had been briefed on the situation, neither himself nor the Ministry of Finance had gotten involved, instead leaving it to Customs.

“They have an obligation to the Department of Customs and the Bahamas Government,” the Minister reiterated of the Fyre Festival organisers.

“They would have understood the circumstances when they imported the goods, so Customs would expect to be compensated for the amount outstanding.”

The fate of the stage equipment suggests that the Fyre Festival casualty toll continues to mount, with numerous victims - both in the Bahamas and US - unpaid by organisers of a fiasco that collapsed into chaos and continues to threaten this nation’s tourism reputation.

Mr Sabatini told the international music press that he was losing significant income from Customs impounding the equipment in the Bahamas, as it cannot be redeployed at other festivals in the US. And he revealed that Unreal-Systems was being hit with numerous late fee payments, as some of the equipment the Bahamas has retained was leased from other companies.

Sabatini was also quoted as saying that Exuma homeowners, who rented out their homes to Fyre Festival production staff, along with labourers who worked to prepare the site, have yet to be paid by the organisers.

And another Miamibased company, Eventstar, which supplied Fyre Festival’s tents, was said to be in the same position as Unreal-Systems - equipment impounded in the Bahamas due to non-payment of import duties.

The Customs situation contrasts with the glowing picture painted by Ja Rule and McFarland, who in a

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ister of Tourism, increasing and expanding the tourism industry. We have new ministers. There were a lot of things pending, and we hope they’re approved and get started.”

While Baha Mar’s phased opening should boost job creation and economic activity, Mr Roberts estimated the unofficial unemployment rate was closer to 20 per cent, as opposed to the official 11.6 per cent statistic.

“We’re keeping up with last year only because we’re so aggressive,” he told Trib-

une Business of Supervalue’s financial performance.

“We have to keep our hands on the switch and handle, and not miss a trick. We’re struggling to keep up with last year.

“We have to work our way out of the graveyard.

We have to rebuild the country, rebuild the economy, rebuild everything that’s been deteriorating for a while now.”

Suggesting that many Bahamian investors and businesses had held off, and adopted a ‘wait and see’ attitude until the general elec-

tion was over, Mr Roberts added: “I don’t think we’ve had that much in tourism in the past five years, and not too much new investment.

“I think from the beginning of the year, investors and everybody have been waiting on the election.

Now that’s over, we may know where we’re going.

It gives everybody hope. It will create a lot of consumer confidence.”

Mr Roberts urged the newly-elected government to ensure it took the civil service bureaucracy with it, especially when it came to

improving the ‘ease of doing business’ and reducing the taxation/compliance burden on Bahamian businesses.

“Let me say publicly, and please quote me,” he told Tribune Business.

“The politicians have been chased out, but the civil servants still have to become more subdued and take their boots off the necks of the taxpayers.

“We had the courage to vote for change, and I think we’re going to get it.”

‘question and answer’ pamphlet for attendees assured they had taken care of all Customs and Immigration requirements.

The document, which has been seen by Tribune Business, said “the Bahamian army” - presumably meaning the Royal Bahamas Defence Force (RBDF) would provide security at the festival site.

That did not happen, and there were even suggestions that Fyre Festival had arranged for attendees to be ‘pre-cleared’ by Immigration while in mid-air enroute to Exuma.

Meanwhile, further doubts on Fyre Festival’s claim to have been “given” $8.4 million worth of Bahamian land in exchange for holding the festival were case by the island’s Cham-

ber of Commerce president.

Pedro Rolle, who is a realtor on Exuma, told Tribune Business “there’s no way” the claim can be true, adding that “a hell of a lot” of land and beach would be needed to reach that valuation.

A private placement memorandum (PPM), or offering document, that Fyre Festival’s organisers were using to pitch the event to potential investors in their search for additional financing claimed: “Fyre has been given $8.4 million of market value land on Black Point, Exuma, in exchange for hosting the festival and advertising the island.”

This assertion was described as “absolute bull s***” by the Minister of Tourism, Dionisio D’Aguilar, and Mr Rolle

agreed with this assessment.

“I can’t envision that being true; it’s not true,” he said of the $8.4 million claim. “They just cleared down the land they used.

There’s nothing special about it. To have $8 million of land it’s got to be a hell of a lot of land and a hell of a lot of beach. There’s no way that’s possible.”

Mr Rolle said he understood that Fyre Festival leased a portion the land it was using from a local Bahamian, meaning that it did not own the property.

Yet one investor, Oleg Itkin, is alleging that he loaned McFarland and Fyre Media some $700,000 on the basis of written representations that the event organisers had been granted Bahamian real estate worth $8.4 million.

Itkin’s lawsuit alleges that the land’s valuation was more than 25 per cent, or one-quarter, of Fyre Media’s claimed assets.

“It’s impossible for them to produce any document showing they have ownership of the land,” Mr Rolle charged. “I can’t see how that could be on any balance sheet, because leasing it, how can that be considered an asset?”

He added that the Government needed to “give more credence” in future to concerns being raised by persons “on the ground” when it came to Fyre Festival-type events, as there had been warning signs one to two months out that the Festival was headed for disaster.

“It didn’t make any sense to us,” Mr Rolle said.

PAGE 6, Monday, May 22, 2017

VAT tops ‘laundry list of complaints’ From pg B1 to penalise firms whenever it needed extra revenue.

Calling on the Dr Hubert Minnis-led administration to reform Business License fees as well as VAT, the Supervalue owner said “it boggles the mind” when the number of issues facing the new government are assessed.

He added that there was “a laundry list of complaints” from the private sector that needed to be addressed, and said: “You don’t have enough Tribunes to go down the list of what is wrong in this country.”

The new administration is set to unveil its legislative and policy agenda on Wednesday, with the opening of Parliament and ‘Speech from the Throne’, and Mr Roberts urged it to tackle long-standing business grievances over taxation.

“When the new Government gets their feet on the ground, they have such an enormous job,” he told Tribune Business,”but they

seem to be out the gate very early. I’m surprised they’re moving so fast, but they have so much to do that it boggles the mind.

“I think that the VAT legislation has to be reviewed.

I will give you an example. We started out pricing [VAT] inclusive and noninclusive. I came to the conclusion that the non-inclusive pricing we started out with was breaking the law.

“After a while, the VAT Department came in and fined us $75,000, saying we were breaking the law [with non-inclusive pricing].”

Criticising the absence of a proper VAT appeals process that businesses can use to challenge such penalties, Mr Roberts said the imposition of VAT-inclusive pricing created unintended consequences for both private sector and the Government.

With VAT’s introduction on January 1, 2015, merchants were given a transition period during which they were to convert all product labelling to inclu-

Govt structure aids financial services Immigration ‘lever’ From pg B1 She suggested that the structure of government, as it relates to financial services and Immigration, was especially timely given the Bahamas’ need to “look beyond” the immediate ‘blacklist’ threat towards the industry’s long-term repositioning.

While the Bahamas’ approach to automatic tax information exchange, and avoiding a possible European Union (EU) ‘blacklisting’, was the immediate priority, Ms McCartney warned that this nation could not afford to ignore reforming its financial services business model.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 BERKLAY GLOBAL FUND LIMITED (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that in accordance with Section 138 (4) of the International Business Companies Act, 2000, as amended, BERKLAY GLOBAL FUND LIMITED is in dissolution.

The dissolution of the said Company has commenced on 08 May 2017 when Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is DFS Consultants Ltd. with David Peter Martin Blair serving as the authorised person, the address of which is Place de Saint Gervis 1 1211 Geneva 1 Switzerland.

DFS Consultants Ltd. Liquidator

THE TRIBUNE

sive pricing, meaning the 7.5 per cent levy was incorporated in the shelf price seen by consumers.

“We started pricing inclusive, and sales dropped 10 per cent,” Mr Roberts told Tribune Business. “We sell jumbo melons and cantaloupes for $2.99, and the consumer knew they had to pay an extra 7.5 per cent at the register.

“They made us instead price at $3.21, and the consumer had in the back of their minds that they still had to pay 7.5 per cent at the register. They thought they couldn’t afford it.

“Our sales are off 10 per cent because of VAT inclusive. Our VAT returns to the Government also dropped off 10 per cent.

They blew their head and foot off.”

Mr Roberts contrasted the Bahamas’ seeming lack of flexibility on VAT retail pricing with New Zealand.

He added that Dr Don Brash, one of the New Zealand advisers to the Government on the new tax, had disclosed that companies in his country had the freedom to adopt inclusive or non-inclusive pricing provided they were transparent.

“There’s a laundry list of complaints that the business community presently have that need to be corrected.

There’s a lot of problems,” the Supervalue owner told Tribune Business, turning to Business License fees.

“I can give you another complaint. The Internal Revenue Department fined us $317,000 for late payment [of Business License fees] because the legislation doesn’t allow you enough time to audit your sales.

“Our auditors had to audit 300 cashiers and over $200 million in sales, and that takes time. And, when they did sign off, the Inland Revenue took two weeks to respond to us,” Mr Roberts continued.

“They can find us, but we can’t find them. We’re getting the impression that every time the Government needs money, instead of going to the bank they go to Supervalue.”

SuperValue’s last Business License fee was $3.18 million, and Mr Roberts said the supermarket chain was informed that five letters it sent to the Inland Revenue on the matter received no response because they were not sent via the correct filing system.”

Business License fees have become increasingly perceived as a regressive tax, as they are based on top-line revenues and fail to account for a company’s profitability.

They penalise high turnover, low margin businesses such as food stores and gas stations, imposing a disproportionate burden on them when compared to low turnover, high margin companies.

Business License fees also further complicate matters for companies under price controls, often with the result that many companies pay more of this tax to the Government than they make in annual profits.

“What I hate about it is the more sales you do, the more you have to pay,” Mr Roberts told Tribune Business. “Once you get up to a certain level of sales, the Business License should level off. It’s like income tax; the more you make, the more you have to pay.

“Please quote me on this.

Our small merchants find it very difficult to meet the Business License fee. Almost 18 months ago, Robert D’Albenas, head of the Bahamas Wholesalers Association, Philip Beneby,

president of the Retail Grocers Association (RGA), and myself as secretary of the RGA, met with Roger Forbes and his assistant at the Inland Revenue.

“We said: ‘There’s this big pill for our members to swallow, and hopefully you could let them pay quarterly. He was adamant it [Business License fees] had to be paid annually,” he continued.

“This was while Michael Halkitis [former minister of state for finance] was saying if you can’t pay all at one time, pay what you can.

On the meantime, we knew companies that are paying quarterly and still are.

“I recommend that the new government make that one of the changes to the Business License pretty quickly.”

Noting that SuperValue and its Quality Supermarkets affiliate were one of the Government’s larger taxpayers, Mr Roberts added: “We’re hoping for better co-operation from the people that we pay our taxes to.

“If we don’t demand better co-operation, it’s our fault.”

Speaking after she and other industry executives met Mr Symonette on Friday, Ms McCartney said: “What we’re pleased about, particularly in financial services, is that the portfolio of financial services is matched with Immigration.

“We believe Immigration is a lever that can be used to develop real international business in the Bahamas and strengthen financial services as a whole.

“We feel that with those two portfolios together, we can leverage both to underpin financial services and support financial services.

We have the right forum where both matters can be looked at side by side under one minister.”

Ms McCartney said Immigration, and associated permanent residency and other options, were especially important “when you look at opportunities to attract individuals to come here to create businesses in financial services”.

The Bahamian financial services industry has long viewed Immigration, and associated residency options, as something that could spur faster growth and the development of a new business model.

Many sector executives believe the future lies in attracting high net worth clients to follow their assets here by choosing the Bahamas as their primary domicile.

Besides potentially in-

sulating them and their wealth from home country tax authorities, such individuals may also eventually follow the lead established

by Sarkis Izmirlian and Joe Lewis and invest in the domestic Bahamian economy, creating hundreds of local jobs.

The presence of more high net worth clients in the Bahamas would also attract more providers to service their financial needs, creating the middle class and higher-paying jobs that this nation desperately needs.

And, in turn, an increase in financial services providers would create more businesses with a physical presence in the Bahamas, and doing real business - such as the family offices that provide services to high net worth clients.

Many in the financial services industry, though, believe that such goals have been impeded by concerns over the Immigration process, and whether it is sufficiently transparent, efficient and free from political interference.

Bahamian attorneys have frequently complained that they are unable to advise foreign high net worth clients on the timeline for obtaining residency and investment approvals, with the resulting uncertainty ‘bad for business’.

Immigration has also sometimes suffered an ‘identity crisis’ from its dual role as a law enforcement/

national security agency on one hand, and as a business/ residency facilitator on the other.

It has often been bounced around to different ministerial portfolios under different governments, the former Christie administration placing it under Fred Mitchell, minister of foreign affairs.

Ms McCartney, meanwhile, told Tribune Business that the Bahamas’ meeting its obligations under the Common Reporting Standard (CRS), the global standard for automatic tax information exchange, was “top” of the issues discussed on Friday with Mr Symonette.

She added that there would have been “no surprises” for the new government, as the BFSB and other industry organisations had fully briefed it on the CRS and other financial services issues when in Opposition.

“All in government were aware of what we needed to do to remain in good standing,” Ms McCartney said.

“It’s just a question of maintaining the momentum we have built.

“At the moment the priority is responding to the global initiatives that face us. The key priority is to make sure we implement the CRS, and we every confidence the Government will take the steps necessary to ensure we meet our commitments.’

The Bahamas is currently isolated as the only nation

seeking to implement CRS on a bilateral basis, a position that has drawn a warning from the Organisation for Economic Co-Operation and Development (OECD) that this nation could again be ‘blacklisted’ unless it changes course.

The EU is already planning to publish such a list of countries it deems ‘noncooperative’ on tax matters by end-2017, but Ms McCartney said the Bahamas needed to raise its head beyond the immediate threat.

“We have to get beyond this,” she told Tribune Business. “An adverse listing is one thing, and that not ought to be the sole thing driving us.

“What we need to be concerned with is that this is a whole new world when it comes to co-operation, which impacts the Bahamian business model for financial services.

“We need to get beyond implementation, do what it takes and get on with reforming our business model for long-term growth and stability, and ensure there is a financial services industry for future generations,” Ms McCartney continued.

“We need to get on with being definitive as to what our value proposition, and get beyond any questions as to why they should choose the Bahamas for financials services.”

THE TRIBUNE

US stocks close broadly higher as oil rises

By ALEX VEIGA AP Business Writer

Industrial companies led U.S. stocks higher Friday, giving the stock market its second gain in two days.

The rally was broad, with all 11 industry sectors in the Standard & Poor’s 500 index closing higher. That included energy stocks, which climbed as the price of crude oil rose.

The gains helped trim some of the losses that traders booked two days earlier when the stock market posted its worst day in eight months amid deepening political turmoil in Washington.

Investors appeared to shrug off those concerns on Friday, preferring instead to focus on the latest batch of corporate earnings, which included solid results from Deere & Co. and other companies.

“If you took a week off, you probably thought you didn’t miss much, because we’re at about the same levels today as we were last Friday,” said Sean Lynch, co-head of global equity strategy at Wells Fargo Investment Institute. “And yet, we spiked to a new alltime high on the S&P on Monday, we suffered the worst decline of the year on Wednesday, and again we’re back within 1 percent of that all-time high today.”

The S&P 500 index rose 16.01 points, or 0.7 percent, to 2,381.73. The Dow Jones industrial average added 141.82 points, or 0.7 percent, to 20,804.84.

The Nasdaq composite index gained 28.57 points, or 0.5 percent, to 6,083.70.

The Russell 2000 index of smaller stocks picked up 6.25 points, or 0.5 percent, to 1,367.33.

Four stocks rose for eve-

a sign for Wall Street carved into the side of a building in New York. Stocks are edging higher in early trading on Wall Street, Friday, May 19, 2017, as traders look over a mixed bag of earnings reports. (AP Photo/Mark Lennihan, File) ry one that fell on the New York Stock Exchange. Still, indexes ended the week lower.

Bond prices edged lower.

The 10-year Treasury yield rose to 2.24 percent from 2.23 percent late Thursday.

Investors had grown concerned Wednesday that President Donald Trump’s pro-business agenda could be hindered by fallout from allegations that he asked the FBI to end an investigation into former National Security Adviser Michael Flynn, sparking the steep sell-off.

But they remained in a buying mood Friday, nudging U.S. stock indexes higher early on, extending modest gains from the day before.

“It’s clearly been a roller coaster week, with equities being swayed between political uncertainty and improving fundamentals,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Despite the tumult in Washington, “President Trump’s pro-growth agenda of tax reform, less regulation, infrastructure spend and the like, in our

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

view, still remain drivers of higher stock prices.”

Traders bid up shares in several companies like Deere & Co. that reported solid quarterly results Friday.

The heavy equipment maker’s shares jumped $8.23, or 7.3 percent, to $120.90.

Autodesk vaulted 14.7 percent after the design software company raised its earnings forecast for the year and reported a loss in its latest quarter that was narrower than analysts were expecting. The stock was the biggest gainer in the S&P 500, adding $14.08 to $109.91.

McKesson jumped 8.2 percent after the prescription drug distributor reported earnings for its latest quarter that easily beat Wall Street’s forecasts. Its shares gained $11.57 to $153.01.

Ross Stores rose 1.9 percent after the discount retailer also reported quarterly results that beat Wall Street’s estimates. The stock picked up $1.13 to $62.20.

Some companies turned in disappointing results.

2013/CLE/qui/No.1332

IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER of ALL THAT piece parcel or lot of land being Lot Number 1300 in the Subdivision called and known as Golden Gate Estates Section Two Addition bounded Northwestwardly by Mulatto Place and running thereon Sixty (60.00) feet Northeastwardly by Lot Number 1299 of the said Subdivision and running thereon One hundred (100.00) feet Southeastwardly

by Lot Number 1303 of the said Subdivision and running thereon Sixty (60.00) feet and Southwestwardly by Lot Number 1301 of the said Subdivision and running thereon One hundred (100.00) feet.

AND IN THE MATTER of the Petition of VERLENE BULLARD N O T I C E THE PETITION OF VERLENE BULLARD in respect of: ALL THAT piece parcel or lot of land being Lot Number 1300 in the Subdivision called and known as Golden Gate Estates Section Two Addition bounded Northwestwardly by Mulatto Place and running thereon Sixty (60.00) feet Northeastwardly by Lot Number 1299 of the said Subdivision and running thereon One hundred (100.00) feet Southeastwardly by Lot Number 1303 of the said Subdivision and running thereon Sixty (60.00) feet and Southwestwardly

by Lot Number 1301 of the said Subdivision and running thereon One hundred (100.00) feet.

VERLENE BULLARD claims to be the owner of the unencumbered fee simple estate in possession of the said parcel of land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and Plan of the said land may be inspected during normal office hours in the following places: 1.

The Registry of the Supreme Court, 1st Floor, BAF Building, Marlborough Street in the City of Nassau, Bahamas; and 2.

The Chambers of Lockhart & Co, No.35 Buen Retiro Road, off Shirley Street, Nassau, Bahamas.

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

LOCKHART & CO. CHAMBERS 35 BUEN RETIRO ROAD OFF SHIRLEY STREET Nassau, Bahamas Attorneys for the Petitioner

Monday, May 22, 2017, PAGE 7

PAGE 8, Monday, May 22, 2017

Senators run into obstacles, consider options on health bill

Career Opportunity

WASHINGTON (AP) — Remember the Republican health care bill?

Washington is fixated on President Donald Trump’s firing of FBI chief James Comey and burgeoning investigations into possible connections between Trump’s presidential campaign and Russia.

But in closed-door meetings, Senate Republicans are trying to write legislation dismantling President Barack Obama’s health care law. They would substitute their own tax credits, ease coverage requirements and cut the federal-state Medicaid program for the poor and disabled that Obama enlarged.

The House passed its version this month, but not without difficulty, and now Republicans who run the Senate are finding hurdles, too.

A look at some of those obstacles and what senators are trying to doing about them:

Job title: Location Supervisor Closing date: Monday, May 22nd, 2017 Salary Range: $20,500 - $24,500 per annum A growing retail company is looking for an energetic Location Supervisor to become an integral member its Store Operations Team.

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providing assistance and support to Location Manager and to members of the Operations team; assisting with the training and oversight of Customer Service team members; providing efficient processing and coordination of cash handling, sales, and customer service processes; and assisting with reporting and processing related to administration and back office support.

• • •

Candidates should possess an Associate’s degree (Bachelor’s degree preferred) in Business Administration, Finance, or a related subject and a minimum of three (3) years’ experience in a similar position. Candidates with frontline experience in commercial banking, retail administration, money transfer business, bill payment services, or commercial aviation will be given serious consideration. Cash handling experience, MS Office suite proficiency, and the ability to quickly learn different POS, accounting, and inventory management systems are highly valued. Candidates must be able to successfully operate under pressure during peak business periods and must be able to pleasantly and firmly deescalate situations with difficult customers.

SHORT-TERM FIX?

Candidates must have good communication skills, be flexible and have a positive attitude. Candidates will be required to undergo a thorough background check and must provide suitable character and employment references.

Please submit resumes to employed242@gmail.com.

Candidates submitting resumes must be prepared to begin their tenure with the Company within two weeks of employment offer.

GOP senators say they’re discussing a possible shortterm bill if their health care talks drag on. It might include money to help stabilize shaky insurance markets with subsidies to reduce out-of-pocket costs for low-earning people and letting states offer skimpier, and therefore less expensive, policies.

It’s unclear Democrats would offer their needed cooperation, but Republicans are talking about it.

“We’ve discussed quite a bit the possibility of a twostep process,” said Sen. Lamar Alexander, chairman of the Senate Health, Education, Labor and Pensions Committee. “In 2018 and ‘19, we’d basically be a rescue team to make sure people can buy insurance.”

That could mean Republicans might even temporarily extend Obama’s individual mandate — the requirement that people to buy coverage or face tax

MARKET REPORT FRIDAY, 19 MAY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,889.00 | CHG -0.58 | %CHG -0.03 | YTD -49.21 | YTD% -2.54 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 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 3.30 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.70 8.99 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 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 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE 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 2.33 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 100.00 100.00 100.00 109.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.36 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00

CHANGE -0.16 0.00 0.00 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME 1,000

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

1,000

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

VOLUME

109.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.06 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 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

1,000 600 2,000 1,490 434 1,400

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 145.5 15.8 N/M 21.2 N/M N/M -135.0 14.2 14.0 23.4 104.5 23.1 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

YIELD 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 4.26% 2.54% 3.87% 4.00% 4.10% 0.00% 3.32% 2.03% 5.33% 0.00% 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

THE TRIBUNE

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

penalties. It’s perhaps the part of Obama’s law that Republicans most detest.

But it does prompt some people to purchase insurance, which helps curb premiums and make markets viable.

Alexander, R-Tenn., said there’s a “strong bias” to address short- and longterm problems in a single bill.

“If we can’t do the real thing, we’d have to do the next best thing,” Senate Finance Committee Chairman Orrin Hatch, R-Utah, said of short-term legislation.

TIME IS TICKING Because Democrats oppose the repeal effort unanimously, Republicans will need 50 of their 52 senators to back their overhaul so Vice President Mike Pence’s tie-breaking vote would clinch passage. GOP senators show no signs of producing a bill soon.

Time is important, especially with Trump’s problems distracting lawmakers.

Insurance companies could grow increasingly spooked by the uncertainty and make health care markets even worse by raising premiums or pulling out.

Also, the longer it takes Republicans to write the legislation, the less time they’ll have for tax cuts and other GOP priorities.

GOP DIVISIONS

The House version would end in 2020 the extra federal payments that states get under Obama’s law for expanding Medicaid to additional people. Senate conservatives prefer to start phasing out that money next year. But 20 GOP senators come from states that expanded Medicaid and want to protect those voters, so many would rather reduce the payments over many years.

Conservatives and moderates are also bickering over how tightly to cut future spending on the entire Medicaid program.

Many Republicans want to refocus the House’s health care tax credits, which grow with people’s ages, by boosting subsidies for lower earners. Eager to reduce premiums, many want to roll back Obama mandates such as requiring insurers to cover specified services, including substance abuse counseling, but there are questions about how far to go.

Decisions await on helping states subsidize people with costly medical conditions and keeping insurers from fleeing unprofitable markets.

Making Medicaid, the tax credits and other programs more generous than the House will cost many billions of dollars. Senators will need ways to pay for that.

BUDGET UNCERTAINTY The Congressional Budget Office plans to release its estimate Wednesday of the House health care bill’s cost and how it would affect coverage. Those numbers will give senators a starting point and could be a big deal.

Congress’ nonpartisan budget analyst projected in March that an earlier House version would mean 24 million additional uninsured people. That scared off many Republicans and complicated House leaders’ job of passing their legislation.

Senators will examine whether the House bill still cuts Medicaid by $840 billion over a decade and reduces taxes — largely on higher earners and health industry sectors — by around $1 trillion. Democrats targeted both reductions as unfair.

Also being watched is whether a number of late changes in the House bill will force the House to vote again on the legislation. That would be a major problem for the GOP, which nudged the measure through the House by four votes.

The budget office said the earlier House bill had $150 billion in 10-year deficit reduction. But that was before House leaders added extra money and provisions letting states reduce coverage requirements to win votes.

Congress approved special rules that will block Democrats from using a Senate filibuster to kill the health bill. To retain the filibuster protection, the bill that the Senate receives from the House must reduce the deficit by at least $2 billion, including $1 billion each from two Senate committees, over a decade.

If the final House bill doesn’t meet those targets, the filibuster protections will vanish unless the House approves a new version that does.

That wouldn't be easy.

NOTICE

NOTICE is hereby given that JEAN POINT-DU-JOUR of Village Rd., 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 22nd day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Monday, May 22, 2017, PAGE 13

Interest rate risk Interest rate risk is the risk that the future cash flows or the fair values of financial instruments will fluctuate because of changes in market interest rates. The Group takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow risks. Interest margins may increase as a result of such changes but may reduce gains or create losses in the event that unexpected movements arise.

The Group does not attempt to hedge specifically against the impact of changes in market interest rates on cash flow and interest margins and relies on the fact that the loan portfolio generally is based on variable interest rates linked to the US$ LIBOR or prime interest rates in the countries in which the Group operates that generally reset within three (3) months of any change in these rates and has financial liabilities that finance these loans but at lower interest rates, which too are based on US$ LIBOR or prime interest rates in the countries in which the Group operates and can be reset following the maturity of any deposits. The Group maintains a general policy of fixing the interest rate spread between interest earned on financial assets and interest incurred on financial liabilities.

The table below summarises the Group’s exposure to interest rate risks, and includes the Group’s financial instruments at carrying amounts categorised by the earliest contractual repricing dates.

Immediate Repricing $

Up to 3 months $

3 to 12 months $

12 months to 5 years $

More than 5 years $

Non-interest bearing $

Total $

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets

1,818,211 41,507,106 202,724,047 -

2,056,330 35,168,628 392,380 -

7,390,182 13,819,614 6,047,546 -

17,508,364 68,412,245 -

29,146,661 259,496,153 -

111,043,021 5,194,386 6,396,749

122,307,744 137,150,173 542,266,757 6,396,749

Total financial assets

246,049,364

37,617,338

27,257,342

85,920,609

288,642,814

122,634,156

808,121,623

230,778,542

136,327,491

243,261,913

57,474,476

-

11,222,525

679,064,947

29,843,715

-

5,059,444

13,989,371

-

4,965,091 -

4,965,091 48,892,530

Total financial liabilities

260,622,257

136,327,491

248,321,357

71,463,847

-

16,187,616

732,922,568

Interest repricing gap

(14,572,893)

(98,710,153) (221,064,015)

14,456,762

288,642,814

106,446,540

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets

5,457,632 41,775,819 215,797,967 -

2,128,126 20,416,104 436,335 -

7,353,975 34,486,531 5,590,433 -

510,685 65,658,243 -

24,755,080 226,038,471 -

99,893,759 5,031,176 5,101,777

114,833,492 121,944,219 518,552,625 5,101,777

Total financial assets

263,031,418

22,980,565

47,430,939

66,168,928

250,793,551

110,026,712

760,432,113

237,512,064

126,526,573

240,653,314

32,210,933

-

8,428,303

645,331,187

29,800,054

-

-

18,996,090

-

5,136,647 -

5,136,647 48,796,144

267,312,118

126,526,573

240,653,314

51,207,023

-

13,564,950

699,263,978

14,961,905

250,793,551

96,461,762

31 December 2016

LIABILITIES Deposits from customers Accrued expenses and other Liabilities Debt securities

31 December 2015

LIABILITIES Deposits from customers Accrued expenses and other Liabilities Debt securities Total financial liabilities Interest repricing gap

(4,280,700)

(103,546,008) (193,222,375)

As of 31 December 2016, an increase/decrease in market interest rates by 0.50%, with all other variables remaining constant, would decrease/increase net income by $166,400.

Price risk Price risk is the risk that the fair values and/or amounts realised on sales of financial instruments may fluctuate significantly as a result of changes in market prices. Price risk arises from the Group’s investments in government debt securities. The Group has significant concentration risk because a significant amount its investment securities are issued by the Government of The Bahamas or its related entities. Trading levels in The Bahamas, whether on the Bahamas International Securities Exchange or over-the-counter markets, are generally low and therefore, the ability of the Group to liquidate large positions may be difficult and prices received may be severely impacted. The Central Bank has created a secondary market for certain debt securities issued by the Government of The Bahamas, and prices currently being observed in this market and over-the-counter are the face values of such securities.

The remaining investment securities have high credit ratings and short terms to maturity. Accordingly, price risk is considered to be limited.

Liquidity risk Liquidity risk is the risk that the Group is not able to meet its financial obligations as they fall due or can do so only at an excessive cost. The Group’s liquidity policy is to maintain sufficient liquid resources to cover cash flow imbalances and fluctuations in funding, to retain full public confidence in the solvency of the Group and to enable it to meet all financial obligations. This is achieved by maintaining a prudent level of liquid assets through management control of the rate of growth of the business and maintaining high levels of capital.

The table below analyses financial assets and liabilities into relevant maturity groupings based on the remaining period to the contractual maturity dates as of the date of statement of financial position and represent undiscounted cash flows.

31 December 2016

Repayable on demand $

Up to 3 months $

3 to 12 months $

12 months to 5 years $

More than 5 years $

Total $

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets

112,861,232 40,693,682 -

2,056,330 26,382,350 16,634,746 6,396,749

7,390,182 26,224,193 72,671,684 -

39,996,787 353,231,401 -

77,637,058 421,955,971 -

122,307,744 170,240,388 905,187,484 6,396,749

Total financial assets

153,554,914

51,470,175

106,286,059

393,228,188

499,593,029

1,204,132,365

LIABILITIES Deposits from customers Debt securities Accrued expenses and other liabilities

260,971,421 -

128,787,061 4,965,091

247,153,966 8,070,000 -

59,389,001 43,330,000 -

10,600,000 -

696,301,449 62,000,000 4,965,091

Total financial liabilities

260,971,421

133,752,152

255,223,966

102,719,001

10,600,000

763,266,540

Net liquidity gap

(107,416,507)

(82,281,977) (148,937,907)

290,509,187

488,993,029

Loan commitments

Trump tried to avoid certifying financial disclosure as true WASHINGTON (AP) — President Donald Trump’s attorneys initially wanted him to submit an updated financial disclosure without certifying the information as true, according to correspondence with the Office of Government Ethics.

Attorney Sheri Dillon said she saw no need for Trump to sign his 2016 personal financial disclosure because he is filing voluntarily this year. But OGE director Walter Shaub said his office would only work with Dillon if she agreed to follow the typical process of having Trump make the certification.

The Associated Press obtained the letters under a Freedom of Information Act request.

Trump led his family’s private company until becoming president, and even now maintains financial ties to it. He has avoided full transparency about his finances by breaking the long tradition of major-party political candidates making their tax returns public.

Trump has routinely pointed to his previous public financial disclosures to justify his billionaire status and to dismiss calls for him to provide more information to the public. The filings are self-reported, though, making the personal certification all the more important to show the president is attesting for their accuracy.

The documents indicate that after OGE pushed back, Trump now plans to certify the information by mid-June. But his attorney’s effort to sidestep certification of his personal financial disclosure marks another departure from the norm. Each year, the OGE processes thousands of those forms, all of which are certified.

“This is not at all typical; in fact I’ve never heard of anyone trying this,” said Marilyn Glynn, an OGE employee for 17 years be-

18,296,382

105,351,391 41,912,273 -

2,128,126 21,657,553 16,025,966 5,101,777

7,353,975 37,173,154 70,311,544 -

21,214,718 333,701,273 -

74,408,187 386,953,464 -

114,833,492 154,453,612 848,904,520 5,101,777

Total financial assets

147,263,664

44,913,422

114,838,673

354,915,991

461,361,651

1,123,293,401

LIABILITIES Deposits from customers Debt securities Accrued expenses and other liabilities

266,272,125 -

109,166,854 5,136,647

244,258,467 3,260,000 -

37,192,799 31,800,000 -

31,250,000 -

656,890,245 66,310,000 5,136,647

Total financial liabilities

266,272,125

114,303,501

247,518,467

68,992,799

31,250,000

728,336,892

Net liquidity gap

(119,008,461)

(69,390,079) (132,679,794)

285,923,192

430,111,651

A vacancy exists at the Bahamas Power and Light Company Ltd. for an Internal Auditor in the Internal Audit Division.

Responsibilities of the position include, but are not limited to the following:

Currency risk

•

Currency risk is the risk that the fair values and/or amounts realised on sales of financial instruments or the settlement of financial liabilities may fluctuate due to change in foreign exchange rates. The Group is not exposed to currency risk, as its financial instruments along with financial activity are predominantly denominated in B$, and Cayman dollar (KY$). The remaining financial instruments and financial activity are denominated in the United States dollar (US$), and currency risk is mitigated because the B$:US$ and B$:KY$ exchange rate is fixed at 1:1 and 1:1.20, respectively.

•

Fiduciary Risk Management

•

Producing audit programs and submitting the same for approval of the Chief Internal Auditor; Conducting complete risk assessment for areas being audited; Conducting financial, operational and ITS audit assignments in accordance with established audit programs. Producing audit reports on audit concerns, their causes, effects and the audit recommendations in accordance with the IIA Standards; Conducting some audit investigations, evaluating findings and producing investigation reports; exercising the IA’s ethical standards; Conducting reviews of budgetary systems (including variances analysis), policies, manpower efficiency and new computer applications; Discussing audit concerns with the relevant Department/Section Head and seeking agreement to implement recommendations; Producing audit reports and submitting the same to the Chief Internal Auditor for review and releasing to management and the Audit Committee; Training, coaching and directing the activities of the Audit Clerks, and offering general supervision and technical support to the Assistant Internal Auditor(s); Conducting corporate research, investigations on vendors, and fraud investigations, and producing associated reports; Assisting the AGM/Chief Internal Auditor with the annual audit planning exercise and offer direct assistance on major investigations; Conducting audits in conjunction with the External Auditors and producing working papers for the External Auditors year-end audit; Conducting stock taking observation exercises, Family Island audits and special assignments;

•

Preparing monthly and quarterly reports on audits performed;

Loan commitments

16,144,174

The maturity analysis above is representative of the discounted cash flows.

• • • • •

Regulatory authorities set limits for liquidity balances. The Group was in compliance with these requirements during the year.

• •

The Group is susceptible to fiduciary risk, which is the risk that the Group may fail in carrying out certain mandates in accordance with the wishes of its customers. To manage exposure, the Group generally takes a conservative approach in its undertakings.

Fair Values of Financial Instruments Financial instruments utilised by the Group comprise the recorded financial assets and liabilities disclosed in the consolidated financial statements. The Group’s financial instruments are principally short term in nature, have interest rates that reset to market rates, or are carried at fair value; accordingly, their fair values approximate their carrying values. For long term financial assets and financial liabilities with fixed interest rates, despite a change in market rates since the issuance of the financial liabilities there has been no observable change in fair values; accordingly, the carrying values approximate fair values.

Financial instruments are principally Level 2 in the fair value hierarchy. The fair value of the financial assets and liabilities disclosed under that category have been determined considering, amongst other factors, discounted cash flows, with the most significant input being the US$ LIBOR, KY$ primate rate and B$ Prime rate as the discount rate. The US$ LIBOR and KY$ prime rates have not experienced significant changes, however B$ Prime rate was reduced by 0.50% effective January 2017, and prior to this change B$ Prime rate had not experienced any changes since the year ended 30 June 2011.

23.

Corresponding Figures The corresponding figures were adjusted to classify certain investment property with a carrying value of $925,000 that was previously presented in property, plant and equipment to investment properties. The change in classification did not impact total assets, total equity or net increase in cash and cash equivalents as of and for the year ended 31 December 2015. Accordingly, a consolidated statement of financial position as of 31 December 2014 has not been presented.

24.

nancials by mid-June — an indication that she agreed to the requirement.

Dillon also stressed in her letter, dated May 9, that Trump is under no obligation to file a financial disclosure this year and is doing so voluntarily. “President Trump welcomes the opportunity to provide this optional disclosure to the public, and hopes to file it shortly,” she wrote.

A person familiar with the matter said Dillon expressed concern in a meeting with OGE officials about the certification process because virtually everything on the new personal financial disclosure is now held in and managed by a trust overseen by people other than the president.

Dillon questioned how Trump could certify something he wasn’t supposed to have “direct, contemporaneous knowledge” about, the person said.

Shaub assured her that other wealthy employees had certified as true their reports even though they didn’t independently verify every single underlying asset in them, said the person who demanded anonymity because the person was not authorized to discuss the interactions between Dillon’s law firm and OGE.

INTERNAL AUDITOR INTERNAL AUDIT DIVISION

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets

22.

fore retiring in 2008. Her positions included acting director and general counsel.

“It would be as unusual as not signing your taxes.”

The certification means that if a person knowingly included incorrect financial information, the OGE can seek a civil penalty such as a fine, or even make a referral to the Justice Department for criminal prosecution.

Glynn said OGE has indeed used those tools to enforce the integrity of certification.

The letters indicate Shaub and Dillon talked through the importance of Trump presenting true information and signing off on it as such. OGE typically works with federal employees and their representatives and also certifies the financial disclosures.

“As we discussed, OGE will provide this assistance on the condition that the President is committed to certifying that the contents of his report are true, complete and correct,” Shaub wrote in a May 10 letter.

“When we met on April 27, 2017, you requested that he be excused from providing this certification.”

In her letter to Shaub, Dillon said the president will “sign and file” documents regarding his 2016 fi-

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

31 December 2015

21.

President Donald Trump speaks in the East Room of the White House in Washington. Trump’s attorneys originally wanted him to submit an updated financial disclosure without certifying the information as true, according to correspondence with the Office of Government Ethics. (AP Photo/Susan Walsh, File)

Subsequent Events Subsequent to 31 December 2016, the Directors approved dividends of $225,000, representing $0.19 per share, on Class C preference shares.

• •

Job requirements include but are not limited to: • • • • • • • • •

A Bachelor’s degree in Accounting or other business related discipline; A minimum of 5 years of post-certification experience in auditing and general accounting; Experience in interviewing, producing reports and making verbal presentations; Professional accounting certification (for example, CA, CPA,), in addition completing the CIA would be highly desirable. Management and supervision skills; The ability to conduct financial, operational and ITS audits and investigations and exercise strict audit code of ethics (for example, confidentiality); Understands and applies Internal Audit Standards and International Accounting Standards; Good investigative, interviewing and analytical skills and ability to lead and training subordinate staff; Knowledge of Microsoft Word & Excel computer programs. Also knowledge of audit software and a good working knowledge of the H.T.E system are required; The ability to conduct complete risk analysis for all major areas within the Corporation.

Interested persons should apply by completing and returning an Application Form to: Manager – Human Resources Department, Bahamas Power and Light Company Ltd., Blue Hill & Tucker Roads, P.O. Box N-7509, Nassau, Bahamas on or before: May 26, 2017.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER