05312017 business

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WEDNESDAY, MAY 31, 2017

$4.20 PROVIDER: AUTOMATIC TAX SHARE BREACHES CONSTITUTIONAL RIGHTS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A VETERAN financial services provider yesterday warned that automatic tax information exchange could breach fundamental rights protected by the Bahamian constitution, while threatening to make this nation a “European satellite”.

Anthony Howorth, president of Euro-Caribbean Management Services, questioned whether the Government and financial services industry had “really thought through” the consequences of bowing to international demands to exchange tax information automatically via a multilateral basis.

He argued that compliance with the wishes of the Organisation for Economic Co-Operation and Development (OECD) and its members would further transform the Bahamas See PG B4

Fears Bahamas will become ‘European satellite’ Asks: Have we ‘really thought through’ effects Suggests alternative that ‘keeps info here’

BAHAMIAN auto dealers are “keeping our fingers crossed” that the 2017 first quarter represents the start of a trend, after new car sales increased 12 per cent year-over-year.

Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, yesterday told Tribune Business that a “pick up” in consumer floor traffic during early 2017 that was providing encouragement that better times may lie ahead for the industry.

He added that he personally was “a bit more optimistic” about the new vehicle market’s immediate future, with the general election outcome also helping to create a more upbeat mood.

TONY HOWORTH

Increase driven by fleet sales But consumer traffic also ‘picks up’ April figures hit by Car Show absence “I think in all in all we’re up about 12 per cent for the first quarter,” Mr Albury said of the collective BMDA member performance. “It’s picked up a little bit.

“A lot of our business has become fleet business, business with the Government and rent-a-car companies.

We’ve also been focusing on service and parts.”

Mr Albury said fleet deals had driven much of See PG B4

Tourism ‘subdued’; LPIA departures decline 3.6%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank yesterday identified a mixed outlook for the Bahamian economy, with increased domestic demand offset by a “subdued” tourism performance that saw air departures shrink by 3.6 per cent.

The regulator, in its report on April economic developments, said the reduction in foreign passengers departing through Lynden Pindling International Airport (LPIA) was led by a 4.5 per cent US drop-off.

“Data available for the first four months of the year still reflected a subdued cumulative outcome for tourism,” the Central Bank said. “Specifically,

$4.15

$4.15

Unlicensed dealers seize 40% auto market share

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to crack down on “out of control” roadside auto vendors, a leading dealer estimating they now accounted for 40 per cent of the total market.

Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business he had already submitted recommendations to the newly-elected Minnis administration on how it could create “a level playing field” for all auto market participants.

He added that the sug-

BMDA chief: Sector ‘out of control’ ‘Depressed’ market, Govt revenues Calls for ‘level playing field’ for all gestions would also benefit the Government, which was losing “considerable” revenue from the proliferation of roadside auto vendors who did not pay the likes of Business License fees, real property taxes, VAT on sales and National Insurance Board (NIB) contri-

butions.

Mr Albury said the recommendations included his previous call for a vehicle import licensing system which, while allowing Bahamian consumers to import used cars, would identify those bringing in multiple vehicles and likely using the trade as a business.

He also called on Customs to certify wrecked vehicles at the point of importation, so that Bahamian consumers, insurance companies and banks were properly protected and new what they were purchasing.

“The biggest pressing issue is this uncontrolled proliferation of unauthorised,

unlicensed brokers importing used cars into this market,” Mr Albury blasted to Tribune Business. “It has depressed the market considerably because it is heavily saturated, and the Government is making little to no revenue from it.

“If you go down to West Bay Street by Perpall Tract, - I call it ‘West Bay Auto’ I counted 10 vehicles before I got to Ferguson Road.

They’re at Montagu, all the roundabouts and anywhere there is a vacant space.

They pay no Business License, no NIB, no VAT and no property tax. It has gotten out of control.

“If you check with United See PG B5

GOV’T CONTAINS EARLY 2017 DEFICIT GROWTH TO $27.9M

‘Fingers crossed’ as new auto sales up 12% in Q1

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.15

US visitor departures down 4.5%

But Bahamian consumer demand up ‘Bad’ loans back up over $1bn mark the number of passenger departures contracted by 3.6 per cent, in contrast to a 2.3 per cent increase in the comparable period of 2016.

“The United States component was reversed to a 4.5 per cent decline, vis-àvis an increase of similar magnitude in the prior year.

In a partial offset, non-US international departures See PG B6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Christie administration contained the fiscal deficit’s February 2017 increase to just $7.6 million, putting it on course to close 2016-2017 near its $350 million target.

The Central Bank’s monthly economic report for April, released late on

Monday night, showed that the fiscal deficit grew from $295.3 million at end-January to $302.9 million by the close of the following month.

With a half-year deficit of $275 million, putting all the figures together showed that the deficit rise by some $27.9 million for the first two months of the calendar year - a period when the

former government was in office.

Should the Treasury maintain that rate of deficit increase for the final four months of the 2016-2017 fiscal year to end-June, the full-year outcome would be just below $359 million - not too far away from the Christie administration’s target set out in the midyear Budget. However, the See PG B5

On course for near$350m target if held But growing inefficient Govt ‘obscene’ Rising spending ‘adds fuel to fiscal fire

PAGE 2, Wednesday, May 31, 2017

THE TRIBUNE

DON’T JEOPARDISE SOVEREIGNTY WITH AUTOMATIC TAX EXCHANGE

The Editor, The Tribune,

Y

OUR article today, headed ‘Bahamas moves to stop ‘devastating’ blacklisting’, is just another step down a road that has already devastated the financial services industry in the Bahamas.

See, for example, the 20 dissolution notices published yesterday in your same newspaper. A loss to the management company of at least $2,000 in fee income per company, or $40,000 per annum plus Government fees of $350 x 20, which equates to $7,000.

Not to mention banking fees and investment management fees, and even trustees’ fees. The effects of this loss will not be felt this year, but next year and each year after that. Has anybody calculated the total loss to our economy of all the companies dissolved, plus the many that are just allowed to be struck off, resulting in no more fees, although not gazetted.

I set out below a letter being sent today to the Minister of Finance, the Minister of Financial Services and the Bahamas Financial Services Board (BFSB), with the request that they step back and negotiate a transparent and workable solution that will not prove to be a costly mistake for the Bahamas, which gains no benefit from exchanges of information on tax matters. On the contrary, we only suffer great expense in responding to any treaty obligations to provide automatic tax information, which banks must give without any knowledge of the true legal position of any discretionary beneficiary of

A veteran financial services provider outlines an alternative approach to preserving the sector a trust, or foundation, that may own the company that has a bank account.

This entire breach of confidentiality is unconstitutional, and will be challenged as illegal in the first place.

My letter states: “This is a plea to ask you and the Government to stand up for the fundamental rights contained in the Constitution of the Commonwealth of the Bahamas, on behalf of all persons residing in the Bahamas, including Bahamian International Business Companies (IBCs), trusts and foundations.

I write to express my concerns that the sovereignty of the Commonwealth of the Bahamas is being eroded.

I look to the new Government, under Prime Minister Dr Hubert Minnis, to reject attempts to cause the rights of all persons and citizens living in the Bahamas, including corporations established here by foreigners, to lose any of their fundamental rights to ‘Life, Freedom, Security, and the protection of the Law’, as well as “freedom of religion, expression, association, and privacy for all persons in their homes and for all their property”.

As a manager and director of over 400 International Business Companies over the past 40 years, a number now reduced to less than 40, the need for the protections granted by the Constitution of the Bahamas have been recognised

by legal advisors all around the world.

Examples of this included the protection of wealth earned all around the world by families who were concerned about four things: 1. Confiscation of assets by governments 2. Abuse of wealth by their own family members 3. Excessive taxation by socialist and Communist governments 4. Confidentiality and Privacy In many cases, the original funds were gifted to a trustee. There is no law in any country that prevents you giving away your assets. If taxes were due or paid before the gift, that is the concern of that jurisdiction. In the UK, for example, a gift no longer attracted death duties if the donor survived for a certain number of years.

The Bahamas sold these trust services, which benefited this country economically. We provided a professional service as International bankers, wealth managers and trustees. But the adverse focus by the media and foreign governments on trying to ‘blacklist’ the Bahamas, by wrongly designating it as a ‘tax haven’, has resulted in a massive loss of legitimate

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:

Anthony Howorth asset protection entities.

It is ironic that many countries now seek to deprive their own citizens of the rights to the fundamental freedoms enjoyed by Bahamians. It is ironic that Wall Street, and financial centres such as London, Switzerland, the European Union (EU) and now the China and the Far East are saying that their own taxpayers are seeking to avoid taxes when most legitimate Bahamian trusts, foundations and their whollyowned IBCs hold assets in these countries, which already impose withholding taxes on dividends as well as on profits, and have the power to charge other taxes in their own country on remittances abroad. In most countries, a gift, whether from an individual or a domestic trust, or by will, is not taxable in that country where the donee is resident in a foreign country.

The US is maybe an exception, and it encourages its citizens and foreigners to form trusts in certain states that are not taxable at all!

There is no register of beneficial interests, and the trust company will issue a letter confirming that no one can find out who is a potential beneficiary, donor, beneficiary or even a director of a company. That is not the case in the Bahamas now, where the Register of Directors and Officers is on public record.

It is therefore ironic that the Swiss banks and others are moving client corporations in large numbers to trust companies in the US, where the laws and regulations make it impossible to obtain information on the ownership, beneficial interests or beneficiaries, while allowing such entities exemption from all US taxes.

No Bahamian financial institution wants to accept anything but good, clean funds, and they take extensive steps to ensure they do not accept monies that are being laundered to hide criminal activity.

This has resulted in cash becoming king, and forged notes are being discovered here in the Bahamas in large numbers. But not in the banks. Many innocent persons will fall victims to this trend. Robberies for cash will increase. But to attack the confidentiality of Bahamian clients and beneficiaries (who are often unaware of their future expectations) by signing an automatic exchange of tax information treaty, which is against every fundamental right provided by the Constitution of the Bahamas, is madness.

CONSEQUENTIAL DEVASTATING LOSS TO THE BAHAMAS Although the previous Government tried to limit the access to information held by banks and others, requiring a court Order and proof of a legitimate reason for the information requested to be given to a foreign nation, its introduction was enough for more than 100 banks, and many many trusts and corporations, to close. The business of managing wealth from the Bahamas has reduced by over 50 per cent, and may never return. Job losses among educated Bahamians, and the knockon effect for landlords, has brought property prices down. This hits all sectors of the economy, as highly paid executives are let go.

The Bahamas must learn

very fast, and the economy must be managed in a way that keeps every dollar circulating in the country. This is economic activity that enhances our GDP. SUGGESTED SOLUTION It is essential that the industry works to craft a solution that puts the Bahamas first. It needs to be negotiated on a ‘level playing field’. If we give up any of our rights, what benefits does the country receive in exchange? Being taken off a ‘blacklist’ is a joke. The industry has already moved to go to other jurisdictions such as Singapore and Hong Kong. We are left with the less sophisticated, smaller clients, who may own a patent or hold long-term investments producing no income. These should all be restructured to avoid being caught in any automatic exchange of information.

The solution is with our own - the accountants, lawyers, bankers, trust companies and regulators, who are all subject to their own codes of conduct.

They can be mandated to inspect the files, and uncover evidence of legal ownership, in a form that would reveal any attempts to avoid taxes. The Bahamas can collect those taxes under contract with each foreign government.

Accountants and lawyers in countries such as the US and Canada are themselves tax collectors for their own revenue authorities by virtue of having to prepare tax returns for cases where a corporation does business in that country.

Please save our financial services industry from this latest attack on the country’s sovereignty.

Yours faithfully ANTHONY HOWORTH, BA (Juris, Oxon), AIBT (UK) (Trustee Diploma).

PRESIDENT EURO-CARIBBEAN MANAGEMENT SERVICES

ASSISTANT MANAGER – MARKET SURVEILLANCE The Assistant Manager is to report to the Manager and is responsible for: Assisting in the oversight and monitoring of activities of market participants (registered firms, investment fund administrators, public issuers and financial and corporate service providers).

• Supporting the Manager by overseeing the Market Surveillance Officers

(MSOs) ensuring that: deadlines are met and MSOs are effectively monitoring their portfolios and providing timely updates to weekly and monthly reports.

• Supporting the Manager regarding the development of policies, rules, and guidelines, as necessary, for observance of international best practices and standards. This also includes assisting in the development of proper risk management systems to assess market participants on an ongoing basis for compliance with solvency and other prudential standards.

•

Principal Responsibilities • Develop guidelines to facilitate regulatory compliance • Assist in the design and implement of the risk management frameworks to assess registrants’ risk, controls and financial position • Implement and maintain programs designed to monitor and evaluate risk and compliance for market participants • Design and develop reports to identify market developments and trends through collection of statistical data from market participants (i.e. surveys, questionnaires, etc.)

• Oversee the review and analysis of interim and audited financial statements and annual reports for compliance with regulatory capital requirements • Review and verify reports of material change notification for compliance with laws, regulations, guidelines and best practice • Provide guidance on the identification and assessment of issues related to market participants and products and make appropriate recommendations • Identify issues and gaps in legislation stemming from surveillance activities • Provide support to onsite surveillance in focusing their work program on areas of high risk and weaknesses • Assist in the promotion and fostering of an environment of open dialogue amongst colleagues • Ability to assist in the orientation, training and coaching of subordinates • Assist onsite surveillance in focusing their work program on areas of high risk and weaknesses • Provide guidance on the proper application and interpretation of laws, rules, regulations and policies • Assist in creation of programs that train subordinates and industry regarding compliance with securities laws • Assist in the development of systems designed to monitor and detect breaches of securities laws • Regular/routine contact with market participants through courtesy call meetings • Advise industry on regulatory developments and policies of the Commission • Monitor developments in the international securities and capital markets to assess the degree of impact and implications • Ability to interpret laws, rules, regulations and policies and make independent decisions • Ability to assign and instruct officers in the preparation of reports and papers 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 • Chartered Financial Analyst (Level 1) would be an asset • Strong knowledge of capital markets, products, legislation and regulatory environment • 5-7 years industry and management 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

Self-starter, Ability to multi-task, Exceptional communication skills, Passionate, Keen attention to detail.

If you possess these qualities, Royal Fidelity invites you to apply for the position of:

Executive Assistant & Administrator Job Summary The Executive Assistant & Administrator will provide administrative support and assistance to the President of Royal Fidelity and the CEO of the Fidelity Group - to facilitate the efficient operation of their offices as well as providing general administrative support services for the business. As an essential point of contact with clients, the Executive Assistant & Administrator is expected to possess a polished professional brand – in both appearance and personality.

Main Duties & Responsibilities: • • • • • • • •

Ensure the professional and smooth running of the President’s and CEO's office Coordinate and prioritize the daily activities of the President & CEO Organize meetings and arrangements; schedule appointments Manage all correspondences; receive and disburse incoming mail Interface and assist with preparation of reports Record and distribute minutes of departmental meetings Coordinate and Monitor staff vacation; maintain staff attendance records Research and prepare materials for presentations, etc.

Requirements / Qualifications: • • • • • • •

Bachelor’s Degree in Business Administration or related field Minimum of 3 years’ experience in similar role High proficiency in Microsoft Office Suite programs Highly organized with effective time management skills Exceptional interpersonal, written and verbal communication skills Ability to work in a self-motivated environment with little supervision Passionate, polished professional and highly confidential

PLEASE SUBMIT BEFORE June 1st, 2017

HUMAN RESOURCES Re: Executive Assistant & Administrator careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

THE TRIBUNE

Wednesday, May 31, 2017, PAGE 3

UNION: NO MORE DOWNSIZES NEEDED FOR BTC COMPETITION

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Bahamas Telecommunications Company’s (BTC) chief executive yesterday said there have been no recent discussions on further staff downsizing, although this was an “open-ended conversation” given increased competition.

Leon Williams said there had been no talks between himself and BTC’s parent, Liberty Global, emphasising: “There have been no discussions of downsizing by my bosses to me.

“Notwithstanding we

have our challenges, I can testify that we have always operated in a very cordial way, and we have always sought the betterment of Bahamians within this country and within this company,” he added.

“Just a few weeks ago, the last seven expats that were on work permits working at BTC exited the company. BTC is now managed purely by 100 per cent Bahamians. It’s probably the first time in more than 30 years that we have no expats at the executive level of BTC.” The company currently has 600 employees, and Mr Williams said BTC is now awaiting an industrial

Top BOB Board members named WAYNE Aranha, the former PricewaterhouseCoopers (PwC) accountant, and ex-Scotiabank chairman, Anthony Allen, have been selected as Bank of the Bahamas (BOB) chairman and deputy chairman, it was confirmed yesterday.

Anthony Newbold, the Prime Minister’s press secretary, confirmed the appointments of Messrs Aranha and Allen.

“The Bank of the Bahamas is not an institution where the Government has the luxury of saying we’re going to let it fail and just let it go. It’s too important a part to the financial system of the Bahamas to let that happen,” said Mr Newbold. The Government owns 79 per cent of BOB via the Public Treasury and National Insurance Board (NIB).

Mr Newbold confirmed that the Minnis administration was also moving ahead with audits of various government departments and entities such as BAMSI, BOB, the Post Office Savings Bank, expenditure of the hurricane relief fund and the Urban Renewal programme.

“No matter how it is spun by the Opposition, audits are going to be conducted across the spectrum of government. That’s the only sensible way to get a handle on the state of where you are,” said Mr Newbold.

LEON WILLIAMS

BERNARD EVANS

agreement proposal from the Bahamas Communications and Public Officers Union (BCPOU), which

represents its line staff.

Bernard Evans, the BCPOU’s president, said the proposal was due to

be submitted yesterday.

He added that he did not anticipate or see the need for any further downsizing despite competition from Aliv in the mobile sector, arguing that previous post-privatization layoffs have already prepared BTC for this.

Describing the issue as “closed for me”, Mr Evans added: “Prior to the sale of BTC, Cable and Wireless told the then-administration that they could not go into competition with the head count so they offered separation packages under the guise that this is why they were offloading.

“Market forces dictate that 30 per cent of the mar-

ket share would go with the advent of the competitor coming in. What happened since 2011 until now is BTC has lost 900, if not 1,000, employees in preparation for competition. As far as we see it, we prepared for that.

“We don’t anticipate, we don’t want it, we don’t see the justification for it. As far as we are concerned BTC made those provisions, anticipating those losses, and so we have made those efforts to ensure that when competition came we would be able to ride out that storm until it levelled off.”

Union chief supports natural gas for BPL

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas would have “a whole new economy” if Bahamas Power & Light (BPL) shifts to natural gas as its primary fuel source, a union leader suggesting this could slash energy costs “in half”.

Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, told Tribune Business: “What we need is to get those engines. I’m not talking about tomorrow; I’m talking about today and that will augar well for our country.

“It has to be natural gas. In that way the bills will be cut in half. This would be a whole new economy if that happens, and that’s what needs to happen. I back that 100 per cent.

We need a new power plant.

Clifton Pier needs to be shut down. We need a new natural gas power plant.”

Mr Maynard’s comments could be interpreted by some as offering support for the deal that the former Christie administration was negotiating with New Fortress Energy, as this involved precisely what the union chief is advocating - the construction and development of new generation capacity to

PAUL MAYNARD supply BPL that will be fuelled

by LNG. It is unclear if the new government, though, will pick up the New Fortress deal and negotiations.

Earlier this month, with summer approaching, BPL

expressed “confidence” in its readiness to take on the peak period through improved generation capability. In a statement, BPL said while it expected the needed power generation this summer to

peak at 255 megawatts (MW), its current generation availability is over 345 MW - a difference of 90 MW. Mr Maynard said BPL’s engines have been strained because the load has increased as summer approaches.

“From time to time you will get an engine trip, and so to prevent the whole island from cascading certain areas go out.

That is by design, but they’re not off for long; they’re usually back on in 15 minutes to half an hour. We do what we can. The guys work very hard; around the clock they’re working,” the union chief said.

Mr Maynard also called on the Government to follow through with plans to downsize the company’s executive committee.

“I don’t know whether the Government is going to keep the plan the Board had to downsize the executive committee to cut expenses. We have too many executive committee members and they were supposed to cut that number in half. They need to downsize. They’re going to have to give them the package, but that needs to happen,” said Mr Maynard.

A leading Investment Company is in search of a

Senior Investment Analyst Position Summary:

Reporting to the President, the Senior Investment Analyst will be responsible for developing suitable investment strategies and providing investment recommendations for all local and international investment portfolios. The successful candidate will also be responsible for conducting financial research/provide associated reports on a wide range of issues.

Essential Duties & Responsibilities: • Acts as the in-house expert on investments and serves as a Voting member of the Investment Committee • Compile advisory reports and make informed recommendations on new investment opportunities that could enhance or diversify local and international portfolios • Examine and assess economic reports and market trends, earnings prospects, financial statements, etc. - to determine investment strategies for the local, regional and international markets • Develop financial models for the local, regional and international markets • Conduct annual reviews of local and international Fund managers • Support new business development, relationship management, marketing, technical and/or product development as needed • Monitor and report on data affecting investment programs, such as price, yield, stability, future trends in investment risks, and economic influences

Qualifications/Experience: • Minimum CFA level II pass required (CFA charterholder preferred) • Bachelor’s Degree in Finance, Economics or Accounting • 3-5 years' experience as an investment analyst • Competent practitioner of econometrics and basic qualitative financial techniques • Excellent financial, analytical, research, presentation and problem solving skills • Well developed interpersonal, written and verbal communication skills

Qualified Applicants may send their Resumes to: investmentcareer@outlook.com.

PAGE 4, Wednesday, May 31, 2017

THE TRIBUNE brought property prices down. This hits all sectors of the economy, as highly paid executives are let go.

The Bahamas must learn very fast.”

Mr Howorth’s remarks to Tribune Business, and letter published on Page 2B today, provide an alternative viewpoint on how the Bahamas should respond to the latest international regulatory initiative targeting its financial services industry.

Both the Minnis administration and its predecessor, and many in the financial services industry, believe the Bahamas cannot afford to resist the pressures to conform to the demands of the OECD, EU and their member states.

The Government and wider sector have taken the position that this nation must avoid ‘blacklistings’, such as the one threatened by the EU, at all costs given the significant reputational damage and loss of access to the global financial system this would inflict.

However, Mr Howorth’s comments are likely to strike a chord with a significant number of Bahamians who believe this nation should stand up to the OECD’s bullying tactics.

This is especially since the numerous regulatory initiatives that have targeted the Bahamas since 2000 are perceived as a thinlydisguised attempt to erode this country’s competitiveness and drive it out of the financial services business.

Mr Howorth himself added that he was greeted with cheers when he expressed the sentiments contained in his letter at a recent Rotary Club meeting.

“This is what the politicians and bankers don’t feel very happy about,” Mr Howorth told Tribune Business yesterday. “In talking to people, some of them

have gone to Hong Kong already, and some have said they’re going to open banks in Shanghai as they feel it’s a more comfortable way to deal with offshore assets in Chinese currency. Others have gone to Singapore.

“You’ll probably find 50 per cent of the business is starting to move, if if has not moved already. The Bahamian people have not been told this, and goodness knows if the government people realise the effect on the economy in the next two to three years.”

He added that the OECD had deliberately mischaracterised the nature of the Bahamas’ International Financial Centre (IFC) model, adding: “We’re not a tax haven; we’re an asset protection haven.”

As an alternative to the Common Reporting Standard’s (CRS) automatic tax information exchange model, Mr Howorth suggested that Bahamian accountants and attorneys be engaged to review account data for such purposes.

He argued that “no date and information should go outside this country”, with home country tax authorities instead having to come to the Bahamas to get the information they need.

“It would be under the supervision of auditors, and take the onus off the banks themselves,” Mr Howorth said. “We don’t know the tax laws of the other countries. Automatic exchange: What the hell does that mean? We don’t know what they want to know. Why should we give information that is not applicable?”

Whether the OECD and its members would agree to the Bahamas remaining an “outlier”, going against its commitments to implement the internationallyagreed CRS standard by September 2018, is another issue entirely.

‘Fingers crossed’ as new auto sales up 12% in Q1

cars and Grand Bahama.

We need to jumpstart the economy there. If we get that going, and keep the Budget under control here, we’ll be on the right track.

While people’s expectations are up, we need to give the new government some time to correct the situation.”

Mr Albury acknowledged that new auto sales for April 2017 were down year-over-year, but attributed this to the fact that the annual Car Show had been postponed due to construction works at the Mall at Marathon venue.

“April is down compared to last year,” he confirmed, “because we couldn’t have the Car Show, and that is not going to happen now until the end of September or early October at the Mall.

“We’re going to do it at the Mall. This is the sort of timeframe we’re getting from them; that the renovations will be done, and we can use the Mall.”

Provider: Automatic tax share breaches constitutional rights From pg B1

AQUAPURE IN AWARD FOR FIVE-STAR QUALITY BAHAMASbased KLG Investments yesterday said it has received a five-star ‘QUDAL’ – QUality meDAL - for its Aquapure brand of bottled water.

The internationally-renowned QUDAL - QUality meDAL - is awarded to products and services that, according to consumers, offer the greatest level of quality.

Christian Knowles, of KLG Investments, said: “Aquapure has a full scale on-site lab which oversees the entire production facility, ensuring water is produced to the highest

international standards.

“We never cut corners.

It is very gratifying to see that our quality assurance has paid off for Aquapure with us being awarded such a prestigious distinction.”

Aquapure received the five-star award based on QUDAL’s DEEPMA consumer research model, which showed the bottled water product maintained high quality when tested.

KLG Investments added that Aquapure placed first in the bottled and noncarbonated water category in the Bahamas.

into a ‘vassal tax collector’ for other countries, while undermining the competitiveness of a sector that underpins this nation’s middle class.

Mr Howorth said the Bahamas had been wrongly characterised as “a tax haven” when it was really “an asset protection haven” focused on legitimate business, and warned that an estimated 50 per cent of this nation’s business was preparing to move as a result of automatic tax information exchange.

“I don’t think people have really thought this through,” he told Tribune Business yesterday. “Do we want to be a sovereign nation, or a satellite country of the European Union (EU)? That’s the main point I’m making.”

Mr Howorth added that automatic tax information exchange “should be challenged” in the courts on constitutional grounds, given that it appeared to breach privacy and confidentiality rights granted to Bahamians - and their clients - by the constitution.

“The more and more I think about it, that’s the

route to take,” he said.

Mr Howorth set out his concerns in a letter to sent to two Cabinet ministers and the Bahamas Financial Services Board (BFSB) yesterday. He told K P Turnquest, the minister of finance, and Brent Symonette, minister of financial services, that automatic tax information exchange was merely the latest in a series of external regulatory impositions that have “devastated” the industry over the past two decades.

Arguing that the Bahamas would only incur greater costs, and no benefits, from assisting other countries with their tax collection, Mr Howorth urged the Government to “stand up for the fundamental rights” of Bahamians and their financial services clients.

“The adverse focus by the media and foreign governments on trying to ‘blacklist’ the Bahamas, by wrongly designating it as a ‘tax haven’, has resulted in a massive loss of legitimate asset protection entities,” he wrote.

“As amanager and director of over 400 International Business Companies (IBCs) over the past 40 years, a number now reduced to less than 40, the need for the protections granted by the Constitution of the Bahamas have been recognised by legal advisors all around the world.

“The business of managing wealth from the Bahamas has reduced by over 50 per cent, and may never return. Job losses among educated Bahamians, and the knock-on effect for landlords, has

From pg B1

GN-1899

GOVERNMENT NOTICE

the year-over-year sales increase, as opposed to sales to private individuals.

However, he added: “In all fairness, floor traffic has picked up a bit.

“Consumers that normally buy new autos have been hanging on to their old cars, but maintenance and mileage have caught up, and a lot of them a coming in now to look at new vehicles.

“Hopefully, we’re on the upswing of the cycle, so we’re keeping our fingers crossed.”

The Bahamian new car industry has struggled for almost a decade to rebound from the effects of the 2008-2009 global recession, with total sales down by more than 60 per cent - almost two-thirds - from their pre-downturn high.

The sector’s rebound efforts were further thrown off-course by the introduction of Value-Added Tax (VAT) on January 1, 2015, which increased the cost of already-expensive products in an envrionment of reduced disposable incomes and low business/consumer confidence.

Mr Albury, though, expressed cautious hope that the three months to endMarch may be the start of an improving trend for new auto sales.

“I’m a bit optimistic about it,” he told Tribune Business. “We’re in a new political cycle, the people have spoken and everybody I speak to is positive about what happened [with the election], so I’m feeling reasonably positive about the situation.

“My concern is the used

THE TRIBUNE

Wednesday, May 31, 2017, PAGE 5

Unlicensed dealers seize 40% auto market share From pg B1 Shipping, which is the agent for cars coming in from Japan, R. H. Curry and Inchcape, a boat came in the other day with 500 used cars. Another boat had come in the previous week with 300 cars, of which only 50 were new. I’d like to see something done.”

Describing the issue as “priority number one” for himself and the BMDA, Mr Albury said the revenue loss to the Government from the proliferation of roadside auto vendors was “well into the millions of dollars”.

“New car sales are down to 1,600 units a year, compared to 4,500 units in 2008,” the BMDA president told Tribune Business.

“If we’re able to get that number back up to 3,000 units, do something about

the age limits of used cars and somebody and enhance the regulations, whatever the Government is getting from used car sales now they could double.

“I’m paying between $500,000 to $800,000 a month in duties. If they could double that from me alone in duties, and whatever they get from used cars, they’d be well on their way to enhancing revenue.”

Mr Albury estimated that used cars now accounted for 80 per cent of all autos sold in the Bahamas, with unlicensed roadside vendors enjoying a 50 per cent share of this - giving them a total market share of 40 per cent.

“It’s got so bad that, going home one night a few weeks ago, there were four used cars coming off the Arawak Cay port with four

Govt contains early 2017 deficit growth to $27.9m From pg B1 deficit for the first eight months was almost as high as the $310 million full-year deficit in 2015-2016.

Despite seeming progress in efforts to contain the deficit, fiscal observers again expressed concern that the increased ‘red ink’ was driven by factors other than Hurricane Matthew.

The Central Bank’s report emphasised that recurrent spending, which is unrelated to Matthew recovery efforts, rose by $44.1 million or 3.4 per cent yearover-year for the first eight months of 2016-2017, driven in part by a $24.7 million increase in Public Hospitals Authority (PHA) subsidies to facilitate the National Health Insurance (NHI) scheme.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the former government appeared to have been using its $756 million net VAT earnings to finance increased spending and social programmes, rather than the initially-stated objective - deficit elimination and debt reduction.

“Adding more fuel to the fiscal issues of this nation is not what we should be doing,” he said. “NHI is a scheme we can only afford to employ when we can afford it. That means getting our fiscal house in order before we spend on such programmes. I don’t think anyone objects to the concept of NHI; it’s when it should happen, and when we can afford it.”

The Central Bank’s report said: “Data on the Government’s budgetary operations for the eight months of fiscal year 2016/-

2017 showed a $54.5 million (21.9 per cent) expansion in the fiscal deficit to $302.9 million, when compared to the same period last year, as the $85.1 million (5.9 per cent) increase in expenditure to $1.518 billion outstripped a $30.6 million (2.6 per cent) gain in aggregate revenue to $1.215 billion.

“The growth in total expenditure was driven mainly by a $44.1 million (3.4 per cent) advance in current outlays to $1.337 billion.

Specifically, transfer payments firmed by $20.9 million (3.3 per cent), led by a $13 million (7.6 per cent) expansion in interest payments.

“Further, subsidies and other transfers grew by $7.9 million - 1.7 per cent — on account of the $24.7 million (16.6 per cent) growth in subsidies to the Public

expatriate guys, Pakistanis and Indians, driving,” he disclosed. “You’ve got expatriates in here on work permits bringing in cars, and selling them at the side of the road.”

Mr Albury said this presented unfair competition to himself and other BMDA members, as roadside vendors were able to undercut them on price by not having to carry the overhead, staff and taxation costs of established dealers with a physical presence.

The BMDA president emphasised that he and his members were only seeking “a level playing field”, and that any regulatory measures also had had to protect the interests of Bahamian consumers.

“We’re offering simple solutions. They [the Government] need to level the playing field without stepping on the toes of consumers who want to import a vehicle for their own use, and take out the ones in

business,” Mr Albury told Tribune Business.

He said the BMDA had recommended to the Government that it introduce a system where Bahamians needed to pay for, and obtain, a license to import a vehicle. Drivers licenses and NIB smart cards would be used to verify identities, and persons limited to importing one vehicle per year.

Mr Albury said this would immediately identify persons importing multiple vehicles for use in a business-type operation, who could then be required to provide Taxpayer Identification Numbers (TINs), evidence of VAT, Business License and NIB requirements, and a physical location.

This would effectively require roadside vendors to formalise their business, and Mr Albury added: “The guys in business now have to do the same thing I’m doing. There has to be

some control at the border.

“I know the Government has to look after the small man, but we are the business places paying their taxes, rather than the informal vendor showing up on the side of the road and selling from there.”

Mr Albury also called on the Minnis administration to better protect Bahamians by improving the regulation of wrecked vehicle imports, suggesting one left the Arawak Cay port at the rate of one an hour on the back of a wrecker.

“We have a new Road Traffic system in place where they are titling vehicles,” the BMDA president explained. “With a salvageable vehicle coming in to be rebuilt, Customs can issue a certificate so that when go to Road Traffic, insurance, they know it was a wrecked vehicle.

“In the US, if you have a vehicle that is damaged and sold to salvage, it’s titled as such, so the consumer is

protected; they know what they’re buying, the insurance company knows what they’re insuring and the bank knows what they’re lending money on.

“If you take out the profit punch it slows down, and consumers will be protected. These are solutions that will definitely change things considerably.”

Mr Albury said he and the BMDA had submitted their recommendations to both the former administration and now the Minnis-led government. While the new administration had been given just three weeks to prepare the 2017-2018 Budget, he expressed hope that some of their reforms could be acted on by the mid-year Budget next February.

“The door is open for conversations on it,” the BMDA president added.

“They [the Government] know what the issues are.

It’s up to them.”

Hospital Authority for the rollout of National Health Insurance (NHI).”

The Central Bank’s revelations, which came on the eve of today’s Budget presentation, also confirmed that the size of government was continuing to dramatically increased. This, coupled with pre-election pressures and the spending commitments subsequently made by the Christie administration, raise significant doubts as to whether the $350 million deficit target for 2016-2017 will ultimately be met.

“Consumption expenditure rose by $23.2 million (3.5 per cent), reflecting an $18.5 million (4.2 per cent) rise in personal emoluments (wages and salaries) and a $4.6 million (2.2 per cent) gain in purchases of goods and services,” the Central Bank said.

“In addition, a $47.5 million (51.1 per cent) increase in capital formation—mainly for hurricane repairs— underpinned a

$61.6 million (51.7 per cent) rise in total capital expenditure, while asset acquisitions grew by $14.1 million (53.9 per cent).”

“The growth in the size of government is not understandable,” Mr Myers told Tribune Business. “That’s fiscally irresponsible. To grow an inefficient government more is obscene. This is the time for austerity, not irresponsible behaviour.

“We have a challenge.

We, the people and the Government, have a challenge. It’s got to be taken seriously, but it’s not doom and gloom. The whole point is to fix it before it becomes doom and gloom and it’s very possible at this juncture to do that. It’s not going to happen by spending irresponsibly.”

The Central Bank

warned that the Minnis administration was still likely to feel some impact from Hurricane Matthew, which would continue to impact fiscal consolidation efforts.

“As regards fiscal consolidation prospects, the outturn will continue to hinge on the success of measures to strengthen revenue administration and contain expenditure growth. Nearterm spending still reflects some pressures from the ongoing cost of recovery from Hurricane Matthew,” it added.

The Central Bank said Value-Added Tax (VAT) revenues were down by $6.2 million or 1.5 per cent to $417.5 million for the eight months to end-February 2017, but total tax receipts were ahead by $16.3 million at $1.082 billion.

“Gains in import and export taxes by $11.3 million (6.5 per cent) and $7.3 million (4.9 per cent) supported a $17.9 million (5.4 per cent) increase in taxes on international trade,” it added.

“Moreover, selective taxes on services firmed by $8 million (78 per cent) to $18.3 million, owing largely to a $7.2 million timing-related increase in gaming tax receipts, while revenues from business and professional fees rose by $8 million (17.2 per cent) to $54.7 million. In addition, receipts from stamp and departure taxes both moved higher by $6.8 million (10.3 per cent) and $5 million (6.4 per cent), respectively.”

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: OFFICER – AUTHORISATIONS DEPARTMENT

WHERE HIT MUSIC LIVES W W W .

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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

PAGE 6, Wednesday, May 31, 2017

Tourism ‘subdued’; LPIA departures decline 3.6% From pg B1 partures firmed by 1.2 per cent, compared to a 7.5 per cent fall-off a year ago.”

April departures through LPIA received a boost from Easter’s timing, as well as the staging of sporting events such as the IAAF World Relays.

“Buoyed by the hosting of several international sporting events, as well as Easter holiday-related tourists, data from the Nassau Airport Development Company (NAD) showed that visitor traffic through the country’s main airport—net of domestic departures—grew by 4.4 per cent in April, yearon-year, a turnaround from a 2.1 per cent decline in the

same month of 2016,” the Central Bank said.

“Underlying this increase, the dominant US market grew by 2.3 per cent, extending the 1.1 per cent uptick noted in the prior period. Moreover, the number of the non-US international travellers improved by 17.9 per cent, a reversal from the year earlier contraction of 18.7 per cent.”

The International Monetary Fund (IMF) has projected the Bahamian economy will expand by 1.4 per cent in 2017, following four consecutive years of negative or no growth.

The Central Bank said it had identified signs of increased Bahamian con-

US CONSUMER SPENDING, INCOMES GREW SOLIDLY IN APRIL NOTICE

NOTICE is hereby given that CHARLLA ANESTIN PIERRE of Blackwwod, Eleuthera, 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 31st day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE sumer demand in April, although it did not identify the driving factors.

“Signs of increased domestic consumer demand were evident from higher private sector spending on travel and imports, both for the month and on a year-to-date basis. This stronger internal demand paced moderately ahead of the improvement in the foreign exchange earnings sectors, influencing a more subdued seasonal accumulation in external reserves,” the Central Bank.

“Expectations are that the domestic economy will maintain a mildly positive growth trajectory in 2017, supported by gains in the tourism and construction sectors, following the phased addition of significant new capacity in New Providence, as well as ongoing work on other smaller-scale foreign investment

projects.

“As a consequence, employment conditions are projected to gradually improve, with the majority of the near-term gains accruing to the tourism and construction sectors.”

However, private sector loan arrears breached the $1 billion mark at end-April following a $19.9 million or 2 per cent increase in ‘bad’ credit for the month.

Loan arrears as a percentage of total outstanding bank credit also increased by 34 basis points to 17 per cent, as nonperforming loans (those 90 days or more past due) grew by $11.8 million to hit $728.4 million. Short-term delinquencies were also up by $8.1 million or 3 per cent to $276 million.

Non-performing loans stand at 12.3 per cent of total bank credit, and

the Central Bank said: “An analysis by loan type showed that the most significant increase occurred for commercial delinquencies, which advanced by $12.3 million (5.7 per cent) to $229.7 million, amid rises in both the short and long-term categories by $7.2 million (24 per cent) and $5.1 million (2.7 per cent), respectively.

“Similarly, consumer loan arrears rose by $5.5 million (2.1 per cent) to $264.7 million, almost all due to the $5.6 million (3.3 per cent) increase in the non-performing loan category, given the mild $0.02 million (0.02 per cent) softening in the 31-90 day segment.

“In addition, mortgage delinquencies firmed by $2.1 million (0.4 per cent) to $510.1 million, reflecting increases in both long-term and short-term arrears of $1.1 million (0.3 per cent)

and $0.9 million (0.6 per cent), respectively.”

Bahamas-based commercial banks increased their loan loss provisions by $2 million as a result, with their ratios to arrears and non-performing loans standing at 47.8 per cent and 66 per cent at month’s end.

“On a year-on-year basis, the total arrears rate lessened by 2.3 percentage points, due solely to a similar fall in the non-accrual rate, while the short-term arrears rate was virtually unchanged,” the Central Bank said.

“In terms of the components, declines were recorded for mortgages (by 3.5 percentage points to 19 per cent), commercial loans (by 1.5 percentage points to 27.1 per cent) and consumer loans (by 84 basis points to 11.1 per cent).”

By MARTIN CRUTSINGER Associated Press

cent of economic activity, grew at the slowest pace in seven years in the first quarter. That was a key reason the economy, as measured by the gross domestic product, expanded by just 1.2 percent at the start of the year.

Economists are hopeful GDP growth will rebound to around 3 percent in the current April-June quarter.

A key inflation gauge preferred by the Federal Reserve edged up a slight 0.2 percent in April, leaving prices rising just 1.7 percent over the past year — the slowest 12-month gain this year and below the Fed’s 2 percent target. Even with tame inflation, economists believe the Fed will raise rates for a second time this year when official meet on June 13-14, especially if the

employment report due on Friday shows job growth remaining strong.

“After a two-month hiatus, consumers were out in force this spring, paving the way for a rebound in economic growth,” said Sal Guatieri, senior economist at BMO Capital Markets.

“The rebound in consumer spending will give the Fed confidence to hike rates in June while low inflation will weigh toward a continued gradual pace of policy normalization.”

The Fed boosted its policy rate in March and many analysts are looking for two more rate hikes this year, in June and September.

With spending and incomes both up 0.4 percent in April, the saving rate was unchanged for a third month at 5.3 percent of after-tax in-

come. It had been 5 percent in January.

The rise in spending was led by a 0.9 percent rise in purchases of long-lasting durable goods, reflecting a rebound in demand for autos after a weak first quarter.

Spending on non-durable goods such as clothing was up a solid 0.6 percent, and spending on services such as utilities grew a moderate 0.3 percent.

The 1.2 percent GDP growth rate in the first quarter was far below the targets set by President Donald Trump. During the campaign, Trump blasted the Obama administration’s economic policies, saying they had contributed to the weakest recovery in the post-World War II period. He promised to double growth from an anemic 2 percent annual rate to above 4 percent with his economic program featuring tax cuts, deregulation and tougher enforcement of trade rules.

However, so far, Trump’s economic program has made little headway in Congress.

He put forward last week a $4.1 trillion budget for 2018, but it has attracted criticism from both Democrats and Republicans for its sharp cuts in the government’s anti-poverty programs.

WASHINGTON (AP) — Americans increased their spending in April at the fastest pace in four months, bolstered by a solid gain in incomes. The strong results underscored expectations that the economy is poised to rebound after a lackluster start to the year.

Consumer spending rose 0.4 percent in April after a 0.3 percent rise in March, the Commerce Department said Tuesday. It was the best showing since December.

Incomes also rose 0.4 percent, double the 0.2 percent March increase.

Consumer spending, which accounts for 70 per-

NOTICE

NOTICE is hereby given that FRENDY ETIENNE of Flint Street, 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 31st day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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.

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

Wednesday, May 31, 2017, PAGE 7

BANKS PULL STOCKS AWAY FROM RECORDS AS 7-DAY STREAK ENDS

By MARLEY JAY Associated Press NEW YORK (AP) — A seven-day winning streak for stocks came to a quiet end Tuesday as banks, especially smaller ones, dropped along with bond yields and interest rates. Energy companies also sank.

Investors snapped up government bonds and highyield stocks including phone companies and utilities. As bond prices rose, yields and interest rates fell. That reduced the profits financial institutions can make from mortgages and other types of loans. Energy companies fell to their lowest prices in a year. Technology companies continued to soar while airlines slumped as investors worried that the government could expand a ban on laptops in passenger cabins during international flights, which could affect business travel.

Still, stocks remain close to their record highs. JJ Kinahan, chief market strategist for TD Ameritrade, said he thinks stocks will stay at high levels until more details about the Trump administration’s tax proposals become public.

“Barring unforeseen events, it’s really going to come down to progress and details about the tax plan,” he said. “We’ve had this run up primarily on the fact that earnings have been good.”

However Kinahan said he thinks it’s likely Wall Street will be disappointed with

any tax cut package that does pass, since the administration’s proposals will likely be scaled back in Congress.

The Standard & Poor’s 500 index lost 2.91 points, or 0.1 percent, to 2,412.91. The Dow Jones industrial average fell 50.81 points, or 0.2 percent, to 21,029.47. The Nasdaq composite dipped 7 points, or 0.1 percent, to 6,203.19. The Russell 2000 index of smaller-company stocks tumbled 11.05 points, or 0.8 percent, to 1,371.19.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.21 percent from 2.25 percent late Friday. With interest rates falling, JPMorgan Chase declined $1.46, or 1.7 percent, to $83.90. Smaller banks fell harder, as Hope Bancorp dropped 67 cents, or 3.7 percent, to $17.48 and First Financial Bancorp sank 75 cents, or 2.9 percent to $25.05.

Oil prices recovered from an early stumble and finished only slightly lower, but energy companies continued to fall. Hess dropped $1.47, or 3.1 percent, to $46.67 and Schlumberger shed 85 cents, or 1.2 percent, to $68.74. The S&P 500 index of energy companies reached its lowest level in a year. Benchmark U.S. crude lost 14 cents to $49.66 a barrel in New York.

Brent crude, the international standard, fell 45 cents to $51.84 a barrel in London.

Technology companies continued to lead the way.

Security software maker Symantec advanced 45

cents, or 1.5 percent, to $30.71. Chipmaker Nvidia gained $3.03, or 2.1 percent, to $144.87 and Micron Technology rose 95 cents, or 3.2 percent, to $30.71.

International airlines slumped as the government considered expanding a ban on laptops from the passenger cabins of flights to the United States. In March the Trump administration said passengers flying from 10 cities, mostly in the Middle East, had to check all devices larger than a smartphone. On Sunday, Homeland Security Secretary John Kelly said that ban might be expanded to all international flights to and from the U.S. Delta Air Lines lost $1.74, or 3.4 percent, to $49.06 and United Continental slid $2, or 2.5 percent, to $79.25.

American Airlines retreated 78 cents, or 1.6 percent, to $47.96.

Online retail giant Amazon.com traded above $1,000 a share for the first time, but didn’t stay there. The stock peaked at $1,001.20 shortly after the market opened and wound up with a gain of 92

THE FACADE of the New York Stock Exchange. U.S. stocks are lower early yesterday, as energy companies once again slump with the price of oil and banks slide in tandem with bond yields and interest rates.

(AP Photo/Richard Drew, File) cents to close at $996.70. The only other S&P 500 company valued at more than $1,000 a share is travel booking site Priceline, which slipped to $1,857.45 Tuesday. Investors value Amazon at about $476 billion and Priceline at $91 billion.

E-commerce and payment services company First Data said it will buy payment processing company CardConnect for $15 a share in cash, or about $468 million. CardConnect’s stock climbed $1.40, or 10.3 percent, to $15.05 and First Data picked up 18 cents, or 1.1 percent, to $16.82.

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:(a) GLOWINGPATCH LTD. is in dissolution; (b) The date of commencement of the dissolution is the 29th day of May A.D., 2017 and (c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

C.B. Strategy Ltd. LIQUIDATOR

NOTICE

NOTICE

WINESGOLD LTD.

MEJARRA LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Winesgold Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 11th day of May A.D., 2017.

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

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Mejarra Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 11th day of May A.D., 2017.

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

Beatus Limited Liquidator

Beatus Limited Liquidator

MARKET REPORT TUESDAY, 30 MAY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,875.01 | CHG 0.01 | %CHG 0.00 | YTD -63.20 | YTD% -3.26 BISX LISTED & TRADED SECURITIES

NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION NAMIBIA (OFFSHORE) LIMITED ____________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 28th day of June, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 31st day of May, A.D., 2017.

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A. N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION NAMIBIA (OFFSHORE) LIMITED _____________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION NAMIBIA (OFFSHORE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 29th day of May, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

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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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 10.52 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 100.00 100.00 100.00 109.05 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.52 10.50 2.35 1.55 6.00 9.75 9.00 9.75 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 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 1,200

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

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 95.5 23.0 19.4 20.0 18.8 9.4 11.9 23.5 20.5 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

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

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

Dated the 31st day of May, 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

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%

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.90% 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% 3.38% 2.03% 5.12% 0.00%

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