05292017 business

business@tribunemedia.net

MONDAY, MAY 29, 2017

$4.20 GOVT TO ‘HOLD SPEND IN LINE’ WITH 2016-2017

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Finance has pledged to hold spending “in line with the previous year as much as we can” in Wednesday’s Budget, with any overshooting caused by the Christie administration’s spending commitments.

K P Turnquest sought to send a message of fiscal transparency and prudence ahead of the 2017-2018 fiscal year, as the new government bids to narrow the $300 million-plus deficit and get the Bahamas’ national finances back on track.

He told Tribune Business that the Dr Hubert Minnis-led administration would seek to “hold” public expenditure for the upcoming Budget year in line with 2016-2017, while also signalling the Government’s intent to deliver on its cam-

Former administration leaves ‘overhangs’ Minister: ‘We’ll be as open as we can’ Fiscal Responsibility ‘not going anywhere’ paign promises.

And Mr Turnquest also reaffirmed its commitment to drafting, and passing, a Fiscal Responsibility Act during its five-year term in office, expressing personal surprise that it had not been included in last week’s ‘Speech from the Throne’.

“We’re going to try and hold for the most part,” he replied, when asked about the Government’s spending plans for the 2017-2018 Budget. “Our commitment See PG B7

GOVT URGED: UNLEASH THE FREEPORT ‘STALLION’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A WELL-known QC has urged the Government to follow through with “loosening the reins of control” over Freeport, thereby allowing the Bahamas’ “economic stallion to gallop towards the finish line”.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business he was “on cloud nine about Freeport’s future” following the Minnis administration’s numerous Speech from the Throne pledges to revive the city’s - and Grand Bahama’s - economy.

He said its promised repeal of the Grand Bahama (Port Area) Investment Incentives Act 2016 was key to Freeport’s immediate future, as the legislation had proven “the kiss of death” for the city’s economy See PG B4

QC: Loosen ‘reins of Govt control’ No need for Hawksbill adjustment

$4.15

$4.15

$4.15

Gov’t ‘opening Pandora’s Box’ with VAT breaks plan

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday warned that its VAT ‘exemptions’ plan will “open up a Pandora’s Box” of demands for everincreasing concessions that may undermine the Bahamas’ low-tax model.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Minnis administration’s election campaign promises could turn VAT into an inefficient, complex tax that increased both business and Government administration costs.

And apart from undermining the Bahamas’ lowrate, broad-based 7.5 per

Door ajar for more concession demands ORG chief fears ‘nightmare’ will result Warns of higher prices, business costs cent VAT model, Mr Myers said the Government’s ‘exemptions’ proposal could encourage numerous industries and ‘special interests’ to start lobbying for the same treatment for themselves.

“It seems that they want to go ahead with these VAT concessions, and that makes me nervous,” he told

ROBERT MYERS this newspaper. “I was under the impression that this was going to go away, but it seems now that they’re really looking to advance that.

“I just think, from an ORG standpoint, it may not be the right thing to do. It just complicates the tax sys-

tem that the private sector has to manage.”

Mr Myers added his voice to others expressing concern over the newly-elected government’s VAT plans after last week’s ‘Speech from the Throne’ appeared to confirm its intentions to follow through with campaign trail promises.

The address appeared to narrow, or tone down, the Free National Movement’s (FNM) proposals by stating the Government would “take action to effect a reduction of VAT on breadbasket items” as opposed to its complete elimination on these products.

The scope of the VAT ‘exemptions’ plan also seemed to be reduced, as the Prime Minister had said utility See PG B8

Cut spending 5% per year, Govt is urged

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas needs to cut spending by 5 per cent a year during the Minnis administration’s five-year term in office unless economic growth suddenly picks up, a governance reformer believes.

Robert Myers, a principal

with the Organisation for Responsible Governance (ORG), said such a target was “aggressive but doable” given the level of waste and inefficiency known to exist within the Bahamian public sector.

He added that the Government would be able to “ease off” on the extent of such spending cuts should GDP growth exceed ex-

pectations, but warned that this nation had no choice but to put its fiscal house in order with more than half a billion dollars being spent annually on debt servicing costs alone.

Mr Myers also said there would be “pretty significant cause for concern” if the new government fails to mention the introduction of See PG B6

Slash ‘aggressive but doable’ Could ‘ease off’ if growth faster ‘Major concern’ if Budget omits Fiscal Responsibility

Brands 2016 Act ‘kiss of death’

FRED SMITH QC

MAB chief: Catastrophic health insurance plan can be ‘hammered out’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Medical Association of the Bahamas (MAB) president believes it will be possible to “hammer out” a catastrophic health insurance plan, but emphasised: “You can’t look at healthcare in a vacuum.”

Dr Sy Pierre told Tribune Business that the Minnis administration’s plan for “a progressive and functional” catastrophic NHI programme could be achieved, provided it abandoned its predecessor’s approach and properly involved healthcare industry stakeholders in its creation.

Reiterates: Don’t view health in vacuum Base system on money, not diagnostics Calls for easing of VAT burden Suggesting that the definition of ‘catastrophic care’ was key, Dr Pierre suggested it was better to determine this by monetary value rather than type of See PG B9

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PAGE 2, Monday, May 29, 2017

THE TRIBUNE

MINISTER CALLED ON TO RESOLVE INDUSTRIAL TALKS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A TRADE union leader says he is prepared to give new Labour Minister, Dion Foulkes, a chance to resolve some of the five or six out-

standing industrial agreement negotiations.

Obie Ferguson, the Trade Union Congress’s (TUC) president, told Tribune Business there were several outstanding industrial agreements the umbrella union was hoping to see resolved.

“The first one is the Customs and Immigration industrial agreement, the second one is Water and Sewerage industrial agreement, the third one is the Sandals matter, the fourth is the Kentucky Fried Chicken industrial agreement and you have the Air

Traffic Controllers overtime issue,” Mr Ferguson said. “ Those are some of the major outstanding issues, about five or six, that we hope to meet with the Minister on and try to get resolved.”

Mr Ferguson added: “I

think that the foundation is there to have those issues resolved. He has been very receptive to the issues that we put forward. We want to give the Minister some time to get these issues resolved.

“Some of the issues are complicated, and then some are not so complicated, but we want to work with him and give him a chance to help resolve some of these issues, some of which have been outstanding for quite some time now.”

DION FOULKES

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OSCAR N JOHNSON

Bahamian law firm nominated for award HIGGS & Johnson, the Bahamian law firm, was celebrated as a finalist in the Law Firm of the Year category at the 2017 Lloyd’s List Americas Awards, held in New York on May 25.

The awards recognise the best law firms in shipping in the North American region during the previous year.

Attending the ceremony were Higgs & Johnson’s global managing partner, Oscar Johnson, and partner, Tara Archer-Glasgow, who were nominees for their legal work in court actions that contributed to global admiralty law jurisprudence by clarifying the principle of freedom of contract to limit liability in commercial maritime agreements, and assisting international lenders to enforce their security globally.

Organisers said: “Judg-

ing the merits of so many nominations is never easy, as the standard of application is extremely high. The shortlisted nominees in each of these categories deserve to be proud of their accomplishments and recognition.”

Higgs & Johnson ranked alongside global law firm finalists including Blank Rome, Norton Rose Fulbright, and Reed Smith Shipping Group, which ultimately won the category.

The event was sponsored by Hutchison Ports, the Association of Ship Brokers & Agents (USA) Inc., Safesea Group, North American Maritime Ministry Association, the Women’s International Shipping & Trading Association (WISTA), and other major maritime players.

THE TRIBUNE

Monday, May 29, 2017, PAGE 3

UNIONS ‘NOT SATISFIED’ WITH EMPLOYMENT ACT CHANGES

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Trades Union Congress’s (TUC) president says he is “not at all satisfied” with the Employment Act Reforms passed by the former Christie administration, with redundancy pay “a major issue for us”.

Obie Ferguson told Tribune Business: “I don’t think there is a union that is satisfied with that. As far as we’re concerned redundancy was to be 80 weeks for managerial workers and, for

non-managerial workers, it was 60 weeks. They changed it back to 24 weeks for non-managerial and 48 weeks for non-managers. That was never put to us. I saw it when it was gazetted and that is a major issue for us.”

Key among employer concerns had been the 67 per cent, or two-thirds increase, in the Employment Act’s redundancy pay ‘cap’. Line staff remain entitled to a maximum 24 weeks or six months’ redundancy pay under the reforms, gaining two weeks for each year they have been employed up to the 12year ‘cap’. Managers remain at

a maximum of 48 weeks, or one month for every year worked up to 12 years.

Mr Ferguson added: “We had also asked them [the Government] to put a penalty in the legislation for failing to sit down and negotiate with the union once they have recognition. Even when the unions got recognition they still couldn’t get them to come to the table.

The penalty would have been an incentive.”

Mr Ferguson said trade unions were not seeking to destroy the Bahamas, and added: “Some of the

GBPA licensees offered e-commerce seminar GRAND Bahama Port Authority (GBPA) executives are encouraging licensees to embrace global best practices at its upcoming ‘Business Innovation and E-Commerce Boot Camp’, scheduled for June 8 at the Grand Lucayan Resort.

Ian Rolle, the GBPA’s president, said the event will equip licensees with the tools to compete both locally and globally. “Our Boot Camp will showcase global presenters who will provide best practice insights as to how to effectively start and grow businesses through ecommerce,” he added.

“There will be an introduction to Shopify, which is a global platform used to promote and sell products, accept payments and help merchants grow their businesses while they sleep.

Shopify is one of a few featured presenters, who will deliver an interactive experience, demonstrating practical tools to empower aspiring entrepreneurs and existing business owners.”

Mr Rolle said that in addition to e-commerce, the event will also be promoting diverse business concepts via a presentation by AeroFarms, a leader in ur-

ban agriculture.

“AeroFarms will demonstrate how their patented aeroponic products can grow greens without sunlight or soil. This, we believe, can be a transformational opportunity for the agribusiness sector on Grand Bahama,” the GBPA president continued.

The one-day event aims to empower GBPA licensees, small business owners and aspiring entrepreneurs.

LaShawn Dames, GBPA’s business services manager, said the Boot Camp will showcase exhibits from various Bahamian businesses.

“We have a highly interactive, brain churning event planned for the business community,” said Ms Dames. “Participants can expect excellent networking opportunities, the chance to explore powerful methods of customer engagement and satisfaction, as well as an environment for discovering new prospects for business growth

and profitability. Attendees can expect a highly productive, results driven event.”

As the GBPA encourages licensees to take advantage of technology, the e-Commerce boot camp will be a key learning environment.

Derek Newbold, the GBPA’s senior manager of business development and Invest Grand Bahama, said: “Within our organisation, we are constantly identifying innovative ways to support SMEs, especially our small business sector.

This initiative will be another example of our commitment to enhancing business delivery and diversity here in Freeport.”

Persons wishing to participate should register early as space is limited.

Information on registration can be found at GBPA. com<http://gbpa.com/> or by calling 242-350-9000.

The boot camp is free to Port licensees, and there is a nominal fee of $50 per person for non-licensees.

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problems we have had is where there has been complete disrespect, and you can’t approach things in a dictatorial fashion.

“No one is trying bankrupt this country. We’re just saying let’s sit down and work things out. Let’s come to something that is livable and workable.

The TUC and NCTU are going to work closely together with the Minister towards achieving what is required for workers and, at the same time, we aren’t about to try and do stupid things to undermine the credibility of the country.”

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PAGE 4, Monday, May 29, 2017

Govt urged: Unleash the Freeport ‘stallion’ From pg B1 through the extra bureaucracy and uncertainty it had unleashed.

Mr Smith added that the issue of regulatory responsibility for Freeport’s utilities and web shop gaming industries should not create disputes and tensions, provided the Government respected the Hawksbill Creek Agreement and previous Supreme Court rulings on the matter.

And he resisted suggestions that the Hawksbill Creek Agreement itself needed to be “modernised” to reflect changing times, calling it “visionary from the outset” and a treaty that should be allowed to fulfill its potential free from government interference.

“I am absolutely thrilled that the new government is Freeport-friendly, and appears committed to the renaissance of Grand Bahama,” Mr Smith said following the ‘Speech from the Throne’.

“Key to the economic, political and social future of

Grand Bahama is the repeal of the Grand Bahama (Port Area) Investment Incentives Act 2016, which was the kiss of death for Freeport’s future, and did nothing but bring bureaucratic red tape that is further going to strangle Freeport.”

Based on the agenda outlined in last week’s ‘Speech from the Throne’, Freeport and Grand Bahama appear to be central to the new government’s economic revival strategy.

And among the Minnis administration’s promises was the repeal of the very Act identified by Mr Smith, together with its replacement by something that will ensure the Grand Bahama Port Authority’s (GBPA) 3,500 licensees receive the same ‘tax break’ treatment as their regulator and Hutchison Whampoa.

While the Government has yet to provide details on what it plans to replace the Grand Bahama (Port Area) Investment Incentives Act 2016 with, Mr Smith said it needed to stop

THE TRIBUNE meddling with Freeport and instead work with the GBPA to fulfill the city’s potential.

“I continue to urge the Government to recognise that Freeport and, by extension, Grand Bahama and the rest of the Bahamas, will only prosper if the right reins of central government control are released, so that the Port Authority can be the one-stop shop regulator and development authority that it is supposed to be,” Mr Smith told Tribune Business.

“I am not advocating that central government should take a hands-off approach to Freeport’s future. Obviously, central government and its agencies must play a key role, but if you want your stallion to gallop to the finish line then the central government jockey has to let the reins go.

“Central government should work with the Port Authority to ensure that the GBPA abides by its commitments to promote, develop infrastructure, and maintain and improve beautification, while having Immigration, the Investments Board and BEST Commission take a much more flex-

ible and business friendly approach to licensing, the conduct of business, cultural and environmental issues, and Crown Land,” the Callenders & Co partner continued.

“The regime that will guarantee that Freeport will boom is for government to let go the reins, and hold the GBPA, DevCo and Hutchison to the task of promoting development and management. All of the ingredients are simply waiting for this banquet of expansion.”

Mr Smith’s belief that Freeport, and Grand Bahama, can solve many of the Bahamas’ economic and social challenges was last week shared by Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman.

However, Mr Bowe said that before Freeport could fulfill its economic potential, the issue of who has regulatory responsibility for key industries within the city needed to be “put to bed once and for all” to give the private sector and investors confidence.

And he suggested that the Hawksbill Creek Agreement, whose foundations were laid in the 1950s and 1960s, needed to be “modernised” some 50-60 years later to account for changed domestic and global economic circumstances.

Mr Smith, though, said utilities and web shop gaming regulation need not turn into a dispute between the GBPA and the Government.

Having fought several such cases himself, he told Tribune Business that the Supreme Court had repeatedly ruled that the GBPA had regulatory responsibility within the Port area’s limits, rather than a na-

tional regulator armed with statute law.

“This does not have to be a matter of any dispute,” Mr Smith said, “if we have a government that respects the Hawksbill Creek Agreement, and upholds the Supreme Court rulings and regulatory role of the GBPA, and does not try to undermine it, make it difficult and prevent it from flourishing.”

Stephen Bereaux, URCA’s chief executive, recently told Tribune Business that both communications and energy providers, and the regulator itself, needed “a clear and consistent position across all sectors” as to whether URCA or the GBPA holds supervisory responsibility in Freeport.

In the absence of any Supreme Court ruling on the issue, Mr Bereaux said URCA “has to assume” the authority and responsibility is its own.

He added that URCA was merely following the Communications Act, which mandated that it regulate the sector throughout the Bahamas - with no exemption or ‘carve out’ provided for Freeport.

URCA’s stance, though, conflicts with that of both Cable Bahamas and GB Power Company. They are arguing that Freeport’s founding treaty, the Hawksbill Creek Agreement, effectively usurps URCA’s statutes and makes the GBPA their primary regulator within the Port area.

Similar issues are at play in the web shop gaming industry, with Chances Games having initiated legal action to determine whether it is the GBPA via the quasi-governmental powers bestowed by the Hawksbill Creek Agreement - or the Gaming Board that is its primary regulator.

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EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS

The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the investment funds, securities and capital markets, in or from The Bahamas, as well as the supervision of Financial and Corporate Service Providers, invites applications from qualified individuals for the following position:

The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

Mr Smith, meanwhile, also refuted Mr Bowe’s suggestion that the Hawksbill Creek Agreement needs updating. “There’s nothing to modernise. The agreement was visionary from the outset,” he told Tribune Business.

“The only reason Freeport remains in the doldrums is because the PLP, in particular, and the FNM at times, have refused to allow the GBPA to fulfill the vision of the Hawksbill Creek Agreement. We don’t have to reinvent the wheel. We don’t have to modernise.

We don’t have to review and re-organise. Anyone who’s a student of the Hawksbill Creek Agreement can see that the impact of its very far-reaching provisions will result in a boom town.”

Mr Smith pointed out that the Hawksbill Creek Agreement already provides for the transfer of the GBPA’s quasi-governmental powers to a local authority if four-fifths of licensees agree, and for the imposition of real property-type taxes to finance infrastructure upgrades.

“It has all the ingredients for success,” he said of Freeport’s founding treaty.

“I am resistant and opposed to any further tinkering.

Just look at how the PLP messed up for the last five years to see what tinkering and interference does.

“The Prime Minister in his inauguration, and the Speech from the Throne, committed his administration to respect the rule of law. That must translate into putting flesh on the bare bones construct of what is left of the Hawksbill Creek Agreement.

“If he [Dr Minnis] respects the tripartite Hawksbill Creek Agreement, and works co-operatively with the Port Group and Hutchison, the licensees and residents of Freeport, there will be no looking back. I am confident that with this administration, it’s Freeport’s time and the magic will return to the city. I say to the FNM: Release the reins, and let your stallion fly down the course.”

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THE TRIBUNE

Monday, May 29, 2017, PAGE 5

CARIBBEAN RISK MANAGEMENT PROJECT IS FORMALLY LAUNCHED THE Caribbean Development Bank (CDB) and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have launched an ‘Integrated Sovereign Risk Management in the Caribbean’ project, in a bid to more proactively manage hurricane and other risks facing the region.

The project seeks to enable all Caribbean countries to take a more proactive approach towards country risk management, moving beyond planning for natural disaster risks such as climate change and events like hurricanes and earthquakes.

It also seeks to recognise the linkages between disasters and other types of risk, such as economic, technological and financial risks, and the impacts of these on socioeconomic development.

At the ceremony, held on the margins of the 2017 CDB Board of Governors Meeting, the bank’s president, Dr William Warren Smith, said: “This will help Caribbean governments address their increased vulnerabilities caused by socioeconomic factors, as well as the technological and economic interconnectedness of communities across regions and throughout the world.”

Dr Smith said the CDB had strengthened its risk

LEFT TO RIGHT: Anthony Isaac, chief executive, CCRIF SPC; Dr William Warren Smith, president, CDB, and Malcolm Buamah, chief risk officer, CDB, after launching the Integrated Sovereign Risk Management in the Caribbean Project on May 25, 2017.

nators within countries.

These are senior level positions that will be responsible for managing the overall risk landscape, and ensuring that countries adopt a more proactive, precautionary approach to anticipating future challenges.

CDB’s chief risk officer, Malcolm Buamah, said: “CDB’s success in enterprise risk management, complemented by CCRIF’s success in disaster risk management, can be leveraged and transferred to the country platform to deliver significant economic and developmental benefits across the Caribbean.” management infrastructure over the past few years by adopting an integrated enterprise risk management framework.

The Bank will use this to support a holistic approach to risk management in the Caribbean, as it aims to help maintain sovereign credit ratings; share risk intelligence and mitiga-

tion strategies across the region; and encourage the adoption of a forwardlooking risk approach to country management in a way that will improve economic performance.

Isaac Anthony, CCRIF’s chief executive, said the project “is intended to enable the countries in the region to become more resilient, by enhancing the

capacity of governments to take a portfolio view on risks and include all risk categories – technical, economic, natural and social risks – and their interdependence in a geographic context”.

He added that part of this new integrated risk management framework would be to establish country risk officers or co-ordi-

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

PAGE 6, Monday, May 29, 2017

THE TRIBUNE it (see other article on Page 1B), but Mr Myers and others are watching eagerly to see whether it follows through.

With the Bahamas unable to ‘kick the can down the road’ much longer, Mr Myers told Tribune Business: “It’s pretty significant the reduction in government

Cut spending 5% per year, Govt is urged From pg B1 a Fiscal Responsibility Act, a key campaign pledge, in this week’s 2017-2018 Budget presentation following its omission from the ‘Speech from the Throne’.

K P Turnquest, the Deputy Prime Minister, tells Tribune Business today that a Fiscal Responsibility Act “isn’t going anywhere” and that the new administration remains fully committed to

spending that’s required over time.

“I think we’ve got to do 5 per cent a year over the next five years, and I think that’s doable. That’s aggressive but it’s doable, and that’s the direction that it needs to go in. If we don’t do that, that doesn’t get us where we need to go.”

Based on the 2016-2017 fiscal year’s $2.262 billion recurrent spending, a 5 per cent expenditure cut as suggested by Mr Myers would slash that figure by $113.1 million. The Nassau Institute executive, Rick Lowe, suggested cuts of a similar magnitude to Tribune Business on Friday.

The former Christie administration set an unwanted record by adding more than $2 billion to the national debt during its fiveyear term, taking it past the $7 billion mark where it continues to grow, despite having the benefit of $756 million in net Value-Added Tax (VAT) revenues over the past two years.

With a small, narrowbased economy, the Bahamas cannot withstand the persistent drain of $300 million-plus fiscal deficits for much longer, especially when this is added to its relatively low economic (GDP) growth and continued double-digit unemployment.

“If we don’t get our fiscal house in order we will fail,” Mr Myers told Tribune Business. “Right now we

are looking at 5 per cent per year spending cuts, but if we can get economic growth up significantly - to 5.5 per cent per annum - you can ease off that a little bit.

“But, right now, we need to be at that number. If the economy improves and we get productivity up, and you can see yourself doing better than that, you can slow it down.”

The Bahamas has enjoyed four consecutive years of negative or no GDP growth from 2013-2016. While the IMF projects that this nation’s economy will expand by 1.4 per cent in 2017, increasing to 2.2 per cent in 2018 as Baha Mar becomes fully operational, this is forecast to again tail-off to between 1 per cent to 1.5 per cent - well short of the 5.5 per cent needed to absorb all new workforce entrants and slash the existing jobless rate by 50 per cent.

Mr Myers also pointed to the Bahamas’ “huge” debt servicing costs, which in the 2016-2017 stood at just under $559 million - equivalent to between 6-7 per cent of Bahamian GDP. That represents total debt servicing (interest) and principal repayment costs combined, and these are forecast to remain high, standing at $547 million and $507 million in 2017-2018 and 2018-2019, respectively.

“That’s why the International Monetary Fund (IMF) and the Inter-Amer-

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ican Development Bank say it’s dangerous,” he added, noting that the Bahamas’ debt-to-GDP ratio remains well over 70 per cent. “It’s hard to come back from. It’s a threshold that’s there for good reason. You just can’t catch up. So much of our GDP is going to debt. That’s why you’ve got to keep within those thresholds.”

Mr Myers, meanwhile, suggested that the Speech from the Throne’s omission of a Fiscal Responsibility Act was likely an “oversight”, given that it was a commitment made in the Free National Movement’s (FNM) campaign manifesto.

He added that such legislation would work in tandem with a properlyfunctioning Freedom of Information Act, and said: “Hopefully, the Prime Minister starts talking about a Fiscal Responsibility Act in the Budget.

“I think it’s coming. I hope they’ll bring that up in the Budget remarks. If it’s missed out, there will be reason for some pretty significant concern...If it doesn’t come up in the Budget, there’s reason for concern.”

Mr Myers said the Government did not have to wait for legislation to start acting responsibly over the Bahamas’ finances, adding that demonstrating prudence via the Budget would be especially timely with the international credit rating agencies, Moody’s and Standard & Poor’s, set to visit this nation in the summer.

“If the Budget starts to do the same thing that would one do through a Fiscal Responsibility Act, that also helps,” he told Tribune Business. “If they’re actually responsible regardless of any Act, that’s the start of positive signs.

“It’s not that the Government can’t start acting responsibly and doing the right thing. That will be well received by the rating agencies. Living within our means, and creating accountability and transparency while reducing costs, that will be a stronger indicator to the rating agencies than legislation.”

Career Opportunity Scotiabank (Bahamas) Limited, Freeport Grand Bahama is seeking the services of a

Business Banking Officer Position Summary: The Business Banking Officer is a member of the Small Business Team and is responsible for contributing to the profitable growth of the Small Business portfolio. He/she is responsible for meeting negotiated goals, which include business development, retention and referral goals as well as other objectives related to customer service, operational effectiveness and personal development. He/ she is required to identify, and satisfy customers’ needs by leveraging appropriate sales tools and products.

 



Key Accountabilities for this role:

 

• Management and oversight of the portfolio of Small Business Owner Relationships to ensure the retention and growth of a assigned client portfolio in keeping with the Bank’s Service Standards; • Assisting the Business Banking Manager with portfolio management while developing and maintaining knowledge of customers’ nature of their business, financial position, and business plans; • Providing business/financial advice and responding to requests for service, to ensure customer satisfaction while consistently delivering the desired customer experience during every customer interaction; • Assisting the Business Banking Manager by taking over management of newly acquired Small Business relationships, identifying prospects and developing new customer opportunities through referrals from existing, satisfied clients and other sources; • Managing, overseeing and monitoring the requirements and the reporting/compliance obligations of the assigned portfolio; in addition to completing relationship/ account reviews in a timely and detailed manner and in accordance with Bank Standards; • Developing an understanding of the branch financial and non-financial goals and negotiating aggressive yet achievable financial and non-financial goals; • Adhering strictly to Bank and Branch security procedures and assigned authorities and responsibilities, and reporting any unusual occurrences or fraudulent activity; • Applying the Know Your Customer (KYC) requirements including verifying and documenting Customer identity, source(s) of funds and the nature of the activity that is to be undertaken.

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       

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                                              

                                   

Educational Requirements: • Three to five years of related experience within the finance industry, in a Lending capacity; • Undergraduate Degree in Banking, Business or Economics.

Functional Competencies: • Excellent sales ability and business development techniques; • Thorough knowledge of all Small Business products and services including legal and security documentation of Small Businesses; • Excellent written and oral communication skills, negotiation and analytical skills; • Expert Knowledge of applicable risk management policies and processes; • Thorough Knowledge of KYC and Compliance Responsibilities and activities; • Good technical knowledge of Banking Systems and platforms; • Strong Relationship Management Skills; • Strong Customer Service Skills; • Working Knowledge of economic conditions and political events affecting small businesses.

Qualified candidates should submit C.V. via email to: The Human Resources Dept., Scotiabank: hrbahamas@scotiabank.com on or before June 9, 2017.

Please note: Only candidates short-listed will be contacted.

®Trademark of The Bank of Nova Scotia, used under licence (where applicable).

THE TRIBUNE

Monday, May 29, 2017, PAGE 7

Govt to ‘hold spend in line’ with 2016-2017 From pg B1 is to stay within the previous year’s spending as much as we can, until we have the opportunity to do our own Budget.

“There are some commitments that the previous government signed up to, but by and large we want to stay within the material variances of the previous year.”

Mr Turnquest’s comments are likely to be greeted with cautious optimism by many in the private sector who, together with the IMF and international credit rating agencies, believe the Government needs to immediately seize control of its spending if it is not to squander the benefit of VAT’s revenue windfall.

The newly-appointed Minister of Finance previously blamed pre-election

spending commitments agreed by the former Christie administration for the Government’s likely inability to turn a ‘balanced Budget’ in 2017-2018, suggesting its hands would be ‘tied’ in delivering on its own election manifesto.

“You would have to appreciate that, for the large part, this Budget reflects the estimates of the previous government,” Mr Turnquest reiterated on Friday.

“We have tried to adjust as best we can to signal to the Bahamian people we intend to follow through with the commitments we’ve made.

“There are various overhangs in terms of spending commitments, and we don’t want to cause any kind of abrupt disruption or take any arbitrary action with respect to projects and indi-

TRUMP MAKES G-7 DEAL ON TRADE, TAKES RAIN CHECK ON CLIMATE

By COLLEEN BARRY, SYLVIE CORBET, AND DAVID MCHUGH Associated Press TAORMINA, Sicily (AP) – Seven wealthy democracies ended their summit Saturday in Italy without unanimous agreement on climate change, as the Trump administration plans to take more time to say whether the U.S. is going to remain in the Paris

accord on limiting greenhouse gas emissions.

The other six nations in the Group of Seven agreed to stick with their commitment to implement the 2015 Paris deal that aims to slow down global warming.

The final G-7 statement, issued after two days of talks in the seaside town of Taormina, said the U.S. “is in the process of reviewing its policies on climate change and on the Paris agreement and thus is not

viduals.”

Mr Turnquest suggested Wednesday’s Budget presentation will be split into two parts, with the Prime Minister giving a broad economic and fiscal overview, and himself supplying the detail.

Asked whether the Government would “lay it all out” when it came to the Bahamas’ financial position, the Minister of Finance replied: “We’ll be as frank and candid as we can.... We’ll be as open and transparent with the Bahamian people as we possibly can.”

The former government initially budgeted $2.544 billion in total spending for the 2016-2017 fiscal year, divided into $2.302 billion of recurrent expenditure and $242 million in capital works spending. It subsequently increased recurrent spending without explanation by $232.708 million in the mid-year Budget, takin a position to join the consensus on these topics.”

Trump tweeted he would decide on Paris next week.

The announcement on the final day of the U.S. president’s first international trip comes after he declined to commit to staying in the sweeping climate deal, resisting intense international pressure from his peers at the summit.

Italian Prime Minister Paolo Gentiloni, who chaired the meeting, said the other six “won’t change our position on climate change one millimeter. The U.S. hasn’t decided yet.

I hope they decide in the right way.”

ing that to $2.553 billion.

The Christie administration’s pre-election pay rises and promotions for the security forces, together with temporary public service hires and other contracts, and the ongoing recovery from Hurricane Matthew mean that the new government will face a tough task to hold spending in line with 2016-2017.

Its predecessor projected a $28 million GFS deficit for the upcoming fiscal year, with a ‘break even’ achieved in 2018-2019 - targets that now seem too ambitious, given the $350 million in ‘red ink’ forecast for the year to end-June 2017

due largely to Matthew.

Mr Turnquest, meanwhile, warned against reading too much into the Speech from the Throne’s failure to refer specifically to a Fiscal Responsibility Act. This is being viewed as an increasingly vital tool to rein in public spending, as it will force the Government to return to Parliament and explain why it needs more funding when approved Budgetary limits in certain areas are exceeded.

“I was surprised when it wasn’t mentioned specifically, but we are committed to our campaign promises,” Mr Turnquest told Tribune

Business of a Fiscal Responsibility Act. “It’s definitely on the agenda; it’s not going anywhere.”

He added that the Speech from the Throne was effectively a ‘statement of intent’ by the Government, laying out the general direction of its legislative and policy direction but without going into all the details.

Some have suggested that the Bahamas needs to go further than a Fiscal Responsibility Act and impose so-called ‘fiscal rules’, which in theory would restrict the Government’s expenditure even more by setting debt-to-GDP and other limits that it cannot exceed.

PAGE 8, Monday, May 29, 2017

THE TRIBUNE

Gov’t ‘opening Pandora’s Box’ with VAT breaks plan From pg B1

implied that only basic food

bills (electricity and water), health and education would also be exempt from the 7.5 per cent levy. The Speech from the Throne, though,

staples are now included, although

Deputy

Prime

Minister, K P Turnquest, subsequently affirmed the

Government would live up to its pledges.

Mr Myers, meanwhile, suggested that the Government’s VAT ‘exemptions’ plan would force merchants to increase consumer prices on other products, while also acting as an unnecessary ‘tax break’ for rich and upper middle class

Bahamians.

He argued that it should instead reduce VAT’s burden on poor and lower income Bahamians by redeploying a portion of VAT revenues to “the needy” via an increased Department of Social Services budget - as had been agreed between the private sector and former Christie administration.

“You’re creating a tax break for those that don’t need it,” Mr Myers told Tribune Business. “The higher income people don’t need a tax break on rice and things like that.

“Don’t start complicating the tax system by exempting breadbasket items from VAT, because you’re going to open Pandora’s Box. Someone else will come in and say they need a concession, and the next thing you know we’ll be like the UK, where VAT is enormously complex and they’re trying to simplify it.”

The UK’s standard VAT rate was raised to the current 20 per cent in 2011, making it the complete opposite of the Bahamian model. This nation initially chose the same route, and went for a 15 per cent VAT rate, until the Organisation for Responsible Taxation at the time headed by Mr

YOUR

EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS

Myers - successfully persuaded the Christie administration to go the low-rate, broad-based route with minimal exemptions.

Owen Arthur, the former Barbados prime minister, in a speech delivered in the Bahamas prior to this nation’s introduction of VAT, warned against the exact action now being considered by the Minnis administration.

Mr Arthur said one of his greatest regrets was that his government succumbed to requests for VAT exemptions from Barbados’s key industries and corporate interests, which ultimately resulted in today’s narrower base and higher 17.5 per cent rate.

Barbados’s experience is what Mr Myers fears could happen in the Bahamas should the new government persist, and the ORG principal pointed out that increased exemptions would mean Bahamian retailers and utilities reclaiming a smaller percentage of their VAT ‘input’ payments.

This, he warned, would result in these businesses increasing consumer prices to compensate for higher production costs caused by the lack of VAT ‘offset’.

“They’re going to have to raise prices on other

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the investment funds, securities and capital markets, in or from The Bahamas, as well as the supervision of Financial and Corporate Service Providers, invites applications from qualified individuals for the following position:

things,” Mr Myers explained, “and it makes it very complex for us [the private sector] to manage. You run the risk of opening up a Pandora’s Box and making it an inefficient tax. It will also make it harder for the audit people at the Inland Revenue to track, not just the company. These are concessions, these are not.

“You will reduce the ease of doing business, and increase the cost of doing business. Why does the Government think it knows what the needy or low income people are going to eat? Why do they have the right to dictate what lower income people? Give them funds and an allowance to spend on what they need.

Why should we dictate that they eat corn beef, grits?

“It’s wrong all the way around. It just doesn’t add up. There’s got to be a better way to help the needy.

No one I’ve spoken to is against doing so. We’re all in favour of it. It’s how we go about it.”

Mr Myers suggested that the Government, private sector, civil society and labour work together to develop a “consensus” on “what makes most sense to ease the cost for the needy and low income people”, suggesting Social Services not VAT ‘exemptions’ - was the better delivery mechanism.

With the Bahamas having received international “accolades” for its VAT model and smooth implementation, and the tax “ticking all the boxes”, he added: “Don’t start messing with the VAT. When you start down that road, it’s going to be a nightmare.

“We don’t need to compromise something that so far has been very efficient, very compliant, very effective and simple. Let’s get the stakeholders together and come up with a plan for the needy. We understand the need; they’re right, but let’s do it in a way that doesn’t make everyone’s lives complicated, including the Government’s, because the Government has to keep a handle on all this stuff.”

OFFICER – AUTHORISATIONS DEPARTMENT The Officer is to report to the Manager and is responsible for: • Supporting the operations of the Authorisations Department, carrying out activities/work plans related to the goals and objectives of the department.

• Performing delegated supervisory tasks related to officers within the department.

• Participating in special projects.

Principal Responsibilities • Process applications (performing due diligence, assessing fitness and propriety, etc. in line with department procedures and best practices)

pursuant to the Securities Industry Act, Investment Funds Act and Financial

and Corporate Service Providers Act • Conduct research and analysis on industry developments and policy matters • Identify legislative gaps that require amendment or change • Assist in review and analysis of department policies and procedures and make recommendations for improvements • Assist with fulfillment of internal audit requirements • Prepare and provide statistical data and analysis on industry developments and licensing trends • Prepare and maintain department periodic reports • Maintain current and accurate registrant/licensee information and licensing fees • Manage relationship with Unrestricted Investment Fund Administrators

(UIFA) • Review Licensed by Administrator filings submitted by UIFAs • Maintain custody and tracking of investment fund licenses (as assigned) • Address internal and external queries from industry stakeholders (e.g. market participants, regulators) in an accurate and timely manner in line with department procedures • Facilitate applicant and registrant meetings • Assist in preparation of industry presentations and focus group meetings • Maintain good relationships with domestic and international regulators • Demonstrate ongoing knowledge and ensure compliance with local and

International developments and initiatives (e.g. IOSCO Principles) • Review work of officers assigned to work with or back up • Support the department with any other technical or administrative assignments Knowledge/Skills The candidate must possess strong communication, analytical, organizational skills, time management and decision making skills. The candidate must also be proficient in the Microsoft office suite and be able to work independently. Additionally, the successful candidate should demonstrate: • Strong technical knowledge of the industry and products; including accounting and risk management frameworks • Knowledge of financial services legislation (e.g. Securities Industry Act, 2011

and Investment Funds Act, 2003) Qualifications/Experience • Bachelor’s/Master’s Degree – Finance, Accounting, Economics, Business

Administration, or equivalent.

• Knowledge of capital markets, products, legislation and regulatory environment.

• 2-3 years’ industry experience Compensation and Benefits • Competitive salaries and benefits offered Contact Information: Manager, Human Resources Department Securities Commission of The Bahamas Tel: (242) 397-4100 Fax: (242) 326-4802 E-mail: hrm@scb.gov.bs Deadline for applications: 2 June 2017

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

QUALIFICATIONS, SKILLS AND EXPERIENCE: • A minimum of a Bachelor’s Degree from an accredited

University with 2-3 years’ experience in the field or related

discipline.

• Knowledge of ArcGIS Suite, Maintaining and Editing Data,

Creating Layouts, Geo-registering, Projections and Coordinate

Systems, Working with Orthoimagery.

• Knowledge of Database Design, Field types, Basic

understanding of SQL query language, Fundamentals of DB

design – must understand how and why good databases are created • MS Access Database – Import tables, create new databases,

export data, Photoshop, Adobe Acrobat Professional, and MS

Office Suite.

The successful candidate will be required to perform a variety of functions including, but not limited to, the following: •

• •

•

•

•

•

•

•

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

Augmenting GIS existing datasets with updated information.

Creating Thematic Maps per the specifications of the requesting department.

Conveying the capability of the GIS to end users and customers.

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 29, 2017, PAGE 9

MAB chief: Catastrophic health insurance plan can be ‘hammered out’ From pg B1 illness.

“I guess we have to sit down with them [the Government] and see what they’re calling catastrophic care. It depends on what you define as catastrophic care,” the MAB president told this newspaper.

“You can use a diagnostic code, or [base it on]

the amount of money that breaks a family financially and emotionally.

“It’s probably better to put a monetary value on it rather than a diagnostic code. You have an idea of what it’s going to cost. It’s going to be limited by the amount of money, but if everybody works together it’s doable. If we can work together we can hammer

NOTICE

out a catastrophic healthcare plan.”

The Free National Movement (FNM) has long sought to introduce a catastrophic health insurance programme, the issue having first emerged on the policy agenda under the 1997-2002 Ingraham administration.

It returned in last week’s Speech from the Throne, in which the newly-elected government promised to “oversee the incremental implementation of a progressive and functional National Catastrophic Health Insurance Programme”.

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.

This marks a change of emphasis from the former Christie administration, which was focused on primary care via the $100 million roll-out it initiated just prior to the May 10 general election. While promising not to drop NHI altogether, the new government is promising to make it work better and extend it to secondary and tertiary care.

While intended to save lives, and protect Bahamian families from financial ruin and endless fundraising cook-outs, several health professionals have warned that a catastrophic

NOTICE

NOTICE is hereby given that MARIE VENISIA MOSS of Havens Road off Soldier Road, P.O.Box 51219, New Providence, 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 29th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

FLANDERS HOLDINGS LIMITED

ZIKA LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) FLANDERS HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) ZIKA LIMITED 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 on the 23rd May, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 19th May, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 29th day of May, A. D. 2017

Dated this 29th day of May, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

BISX LISTED & TRADED SECURITIES 52WK LOW 3.30 17.43 8.19 3.50 1.64 0.12 3.80 8.35 5.70 9.00 10.50 2.18 1.31 5.80 7.55 8.56 7.25 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 2.06 3.93 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 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.51 10.50 2.35 1.55 6.00 9.75 9.00 9.75 6.90 12.50 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 100.00 100.00 100.00 109.04 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.53 10.50 2.35 1.55 6.00 9.75 9.00 9.79 6.90 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.04 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

109.04 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 115

1,000 200 751,000 20,750

500 13,300

VOLUME

NAV 2.06 3.93 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

P/E 145.5 15.8 N/M 21.2 N/M N/M -135.0 14.2 14.0 23.4 95.5 23.0 19.4 20.0 18.8 9.4 11.9 23.5 20.5 0.0

YIELD 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.42% 4.67% 2.55% 3.87% 4.00% 4.10% 0.00% 3.37% 2.03% 5.12% 0.00%

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 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% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 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 30-Apr-2017 30-Apr-2017 30-Apr-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

INSURANCE AGENTS

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

BISX ALL SHARE INDEX: CLOSE 1,876.03 | CHG 1.46 | %CHG 0.08 | YTD -62.18 | YTD% -3.21 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.76 8.60 6.10 10.60 14.50 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

tax,” he added. “Something as simple as that would remove a large burden on physicians. Again, you can’t look at it in a vacuum.”

The MAB president said the NHI rates proposed by the Christie administration would have slashed doctors’ hourly pay below that of electricians and plumbers.

“That was ridiculous, $36 per hour,” he told this newspaper. “Something like that was not going to work, no matter how hard you try.’

He also took a swipe at the Christie administration’s last NHI consultants, the KPMG accounting firm, saying they had tried to impose a system based on the UK’s National Health Service (NHS), which is beset by problems - including a physician’s strike earlier this year.

“These are the same people trying to tell us this the system we should have, and theirs seems to be an abject failure,” Dr Pierre said.

“We’re communicating with Dr Sands, and hopefully in the not too distant future the MAB and other stakeholders can sit down and see were we’re going with this, and what the expectations are on their side and what they are on our side.”

Dr Duane Sands, the minister of health, was a major NHI critic while in Opposition. “They’re trying to figure out what was law and what was fluff under the previous administration,” Dr Pierre added.

“They’re trying to get a handle on what was put into law or not, and see where they go from there.”

Growing Insurance Agency is hiring experienced Insurance Agents.

MARKET REPORT FRIDAY, 26 MAY 2017

insurance programme is extremely difficult to design because of the sheer costs involved.

Millions of dollars in costs can be incurred by very few patients, which is why many healthcare professionals queried the limited $20-$25 million sum assigned to cover catastrophic treatments under the Christie administration’s $100 million NHI primary care roll-out.

Dr Pierre, meanwhile, reiterated that healthcare and its affordability was a function of the wider Bahamian economy. “If you have a meaningful economy with good jobs and low unemployment, there’d be no issue,” he told Tribune Business.

“That has to come first.

We need the rule of law, a proper education system, and a diverse and free economy. Once we have those things, healthcare will fall into place, as you have a large captive market for insurance. That’s where people get lost, because you can’t have healthcare in a vacuum. If you have 20-30 per cent of the population trying to fend for themselves, it’s not going to work.”

Dr Pierre also urged the Government to relieve the Value-Added Tax (VAT) burden on the healthcare industry, arguing that the Bahamas was possibly “the only place” where the tax was levied on healthcare and health insurance premiums.

“You can’t ask us to do work for the public and hit us with large amounts of

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

Requirements: Must have own transportation Please email resume to advice1954@yahoo.com Deadline for applications: May 30,2017

NOTICE

ADVANCED METAL LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ADVANCED METAL LIMITED 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 on the 19th May, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Repulse Bay Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023,Nassau, Bahamas Dated this 29th day of May, A. D. 2017 _________________________________ Repulse Bay Limited Liquidator LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Nottingham 2016 Ltd. NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) Nottingham 2016 Ltd. is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 25th May 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 2nd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

Amicorp Bahamas Management Limited Bahamas Financial Centre, 2nd Floor Shirley & Charlotte Streets P.O. Box N-4865 Nassau, Bahamas