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MONDAY, JUNE 21, 2021

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Playing ‘catch up’ on $200m clinic needs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Bahamas will always be “playing catch up” with public health infrastructure needs that could amount to $200m just to upgrade community clinics, a former Cabinet minister has revealed. Dr Duane Sands, former minister of health, told Tribune Business that heightened expectations especially in Family Islands demanding medical services of a quality that matches Nassau - meant the pressure will continually be on the government to improve the public healthcare system. Acknowledging that human capital, and not just physical infrastructure, requires upgrading, he added that the $975m financing offer made by the P3 Group at the Hurricane Dorian pledging conference in 2019 was an accurate reflection of how much investment the Bahamian

• Ex-minister: Health financing ‘not doing job’ • $975m Dorian pledge ‘not plucked from space’ • NHI debate ‘fraught with political land mines’

DR DUANE SANDS public healthcare system actually requires “if you could have everything you wanted”. Speaking as 50 percent of a $40m Inter-American Development Bank (IDB) loan is set to be allocated to replacing and/or rebuilding nine Family Island clinics, Dr Sands said The Bahamas had “done as well as we could” in maintaining those facilities given the “incredible” cost even though at

‘Back to drawing board’ over home porting departures By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must “go back to the drawing board” on the departure experience for Royal Caribbean’s home porting passengers after many were forced to wait two hours or longer to check-in with Bahamasair. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business yesterday that this was “one glitch” in an otherwise “seamless” inaugural home porting experience that requires rapid review to ensure it does not occur again.

DIONISIO D’AGUILAR He suggested that Bahamasair “probably under-estimated” how many disembarked Royal Caribbean passengers would arrive at Lynden Pindling International Airport (LPIA) after their sevenday voyage on Adventure of the Seas ended on Saturday,

SEE PAGE 7

Businesses face fire amid COVID vaccine ‘games’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE director of labour yesterday accused the Opposition of “playing political games” over COVID-19 vaccinations as businesses come under increasing fire for encouraging staff to become inoculated. John Pinder, who is said be be the FNM’s likely Fox Hill candidate, told Tribune Business he had “not heard any of the hierarchy of the opposition” encourage their supporters and the wider

JOHN PINDER Bahamian public to tax the AstraZeneca vaccine even though it was “the only thing we’ve got” to end the pandemic and restore the Bahamian economy.

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least one is currently housed in a condemned building. He conceded that the government’s present mechanism of financing public healthcare via the Public Treasury/taxpayers “is not going to do the job”, and reiterated that user fees for those who have insurance or “the ability to pay” but currently do not will have to be levied at the Princess Margaret Hospital. Describing the debate around healthcare financing as “fraught with political land mines”, especially as National Health Insurance (NHI) continues to roll-out, Dr Sands said The Bahamas will likely have to “bite the bullet” in meeting the demands and expectations of its population. “This is an ever-evolving situation, and when you look at the number of clinics

- just shy of 100 around The Bahamas - with changing codes in terms of what is the standard, it’s incredibly hard to keep up,” Dr Sands said of maintaining multiple facilities scattered across the archipelago. “The expectations that would have sufficed ten years ago, now communities demand more. The expectation is that the high level care provided in The Bahamas happens not only on New Providence and Grand Bahama. What was fine ten years ago is no longer good enough. I think we’re going to be on this road for ever of catch up, catch up, but the goal posts keep moving.” Citing the desire of Family Island mothers to give birth in those locations as one example of increased

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BREA chief: Do ‘admirable thing’ for existing deals By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Real Estate Association’s (BREA) president says it will be “the admirable thing to do” for the government to “honour” current VAT rates on high-end deals agreed before the budget’s unveiling. Christine Wallace Whitfield, pictured, told Tribune Business it was “a huge concern” for many realtors that $2m-plus transactions already in process prior to the end-May budget communication could suddenly incur extra tax if they fail to complete before the new fiscal year’s July 1 start. Disclosing that she planned to write to the government on the matter, Mrs Wallace-Whitfield said that suddenly applying a 12 percent VAT rate to the portion of a real estate transaction valued at $2m and above threatens to disrupt such deals by forcing buyers or sellers - and possibly both - to come up with extra monies to cover the additional tax at the last minute. While BREA and its members had no difficulty with the government seeking to increase taxes

on high-end real estate deals, given that the parties involved likely have the ability to pay more, she argued that it was “not fair” to spring such an increase on the sector given that deals often take up to 90 days to close. “That has been a huge increase for the real estate community,” she added of the 12 percent VAT’s imminent July 1 imposition. “I think it’s only fair that the government honour existing sales contracts in the pipeline. They could have said that in 60-90 days it will come into effect, but this came on us suddenly. “I don’t have a problem with what’s happening, but with these people they need to honour their agreements. They have budgeted what they have to pay and shell out at closing already.”

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THE TRIBUNE

BAHAMAS AND ALL IFCS TO FEEL TAX COMPLIANCE PINCH

HE past decade has witnesses an historically significant increase in international tax compliance measures. Due to the intensification of globalisation and digitisation, and the ease with which cross-border transactions occur in business, these measures have been implemented by international and national regulatory bodies. The international tax compliance landscape has become progressively complicated, and is often unclear for jurisdictions such as The Bahamas. This

BY THAMARA SAUNDERSMUNNINGS

is a direct result of the proliferation of domestic and international measures, in some cases with extraterritorial applications, such as FATCA

(the US Foreign Account Tax Compliance Act), CRS (Common Reporting Standard) and our Register of Beneficial Ownership Act just to name a few. These measures mandate that enterprises with a multinational presence must comply across the countries in which they operate. Earlier this month, the meeting of G-7 finance ministers and Central Bank governors unanimously reached agreement on international tax reform, stipulating that all multinational companies shall pay a minimum tax rate of

ML Foods is pleased to announce the appointment of Scott Miller to the position of Chief Operating Officer. Scott joins the company with more than twenty-years of experience in the retail food industry, providing progressive leadership and driving operational excellence for both small and large international grocery store chains. In his role he will be responsible for aligning the company with industryleading operational practices as well as the strategic management of food operations, buying & merchandising, logistics, inventory management, facilities, and marketing. As a senior member of the executive team, Scott will report directly to the CEO.

15 percent on their profits. The G-7 comprises Canada, France, Germany, Italy, Japan, the UK and the US. Potential reform of the international business tax regime has encompassed two main policy objectives, coined “Pillar One” and “Pillar Two”. The Pillar One discussions focus on amending the nexus and profit allocation rules to make multinational groups, which operate digitally, pay taxes in jurisdictions where their customers are located, rather than where their headquarters are. Pillar Two aims to agree a global minimum business tax rate, ending the “race to the bottom” on tax rates. This is where countries undercut each other’s tax rates in a bid to attract large companies to choose their jurisdiction as a home base. The global rate proposed by Pillar Two would also end tax avoidance techniques that seek to exploit the differences between countries’ tax systems. Further, the profit allocation rules agreed by the G-7 shall apply to firms with at least a ten percent profit margin. This deal empowers countries to tax 20 percent of the profits of “the largest and most profitable multinational enterprises” that have profit margins of at least ten percent. Therefore, 20 percent of any profits made above the ten percent margin shall automatically be confiscated from the jurisdiction of domicile and taxed in the jurisdiction where they operate. Moreover, Pillar Two is the gift that just keeps giving. It also contains an enforcement mechanism. This is activated for jurisdictions that decide not to sign up to the minimum tax rate agreement. They subsequently fall “under the minimum tax

payment rule”. Pressure is to be levied on those countries to either comply with the corporate minimum tax, or contribute via the direct income of companies that are domiciled, headquartered and currently making profits in those jurisdictions. It is undeniable that this deal is an immense step forward in the solidifying the global tax system for the digital age. However, many challenges remain. They encompass the responsibility of the G-7 group of countries to “sell, hook, line and sinker” the very notion of this “15 percent corporate minimum tax” to the finance ministers of the G-20 nations next month in Italy. The final deal must also be signed and finalised by the G20 leaders when they reconvene in October 2021. The wider approach by the US, the UK and countless other countries aims to ultimately end the practice whereby multinational companies and/or individuals transfer their assets anonymously between jurisdictions to lessen and/ or evade the payment of taxes in the countries where they make their profits. These so-called “tax havens” have been placed on a list of annihilation. The fear is that the tax base of all countries is rapidly being eroded by wealthy individuals who are accumulating capital in low-tax environments such as The Bahamas. The same tactic is being used by multinational companies, distorting competition by paying less and less tax through engaging in tax arbitrage between rival jurisdictions. In recent years it has become evident that national tax laws have not kept pace with globalisation. Consequently, most governments have become concerned about the deterioration of their national

tax base and earning enough revenue to deliver essential services for citizens, such as education, health care and policing respectively. This concern was among the many factors that led to the G-7 finance ministers and central bank governors unanimously reaching an agreement on international tax reform. The G-20 group has already asked the Organisation for Economic Co-operation and Development (OECD) to develop an action plan on how governments might obtain the tax revenue they require on a global basis, while permitting businesses to invest and grow. That report, now published, identifies 15 specific actions to stop corporations from paying little to no taxes under international double tax rules that date from the 1920’s. It concentrates on the digital economy and its ability to empower goods and services to be provided in ways that do not fall within the traditional scope of any tax regime. The OECD report recommends that a new set of standards be established to prevent double non-taxation. Moreover, there should be more intricate international efforts so that income does not disappear from the reach of tax authorities. Often times, this transpires by companies calculating the use of multiple deductions for the same expenditures, but in different jurisdictions. There is uncertainty around whether all governments will be minded to agree and make the necessary changes to execute the proposed plan of action. Nevertheless, the fact that numerous leading nations have fundamentally acceded to the principles involved suggests

SEE PAGE 4

THE TRIBUNE

Monday, June 21, 2021, PAGE 3

IDB GUARANTEE SOUGHT FOR $700M BORROWING By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is seeking a $200m guarantee from the Inter-American Development Bank (IDB) to underwrite the bulk of its foreign currency borrowing in the 2021-2022 fiscal year, it was confirmed yesterday. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business the Government had issued a Request for Proposal (RFP) seeking bids from major financial institutions to act as placement agents and financial advisers to a proposed $700m capital raise in the international markets. The government is targeting late September/early October for the finance raising, which is likely to take the form of a sovereign bond, although the bidders are being asked to provide what they believe is the “optimal” time, pricing and structure for the issue. “The Government of The Commonwealth of The Bahamas is considering

MARLON JOHNSON an international capital market transaction as part of its fund-raising activities for fiscal year 2021-2022, and has requested a policy-based guarantee from the Inter-American Development Bank (IDB) to support a sustainable and inclusive economic recovery programme,” the RFP document, details of which were leaked online, said. “The indicative size of the transaction is $700m, with the IDB providing a guarantee of up to $200m. The Ministry of Finance is pleased to invite your financial institution to submit proposals that would deliver the optimal structure(s) and splits in terms of placement and

BTC: 7,000 homes on fibre by 2021 end By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Telecommunications Company’s (BTC) chief executive says 7,000 homes will be added to its new fibre technology network by the end of 2021. Andre Foster, addressing a product launch last week, said: “We’re committed to the fact that we are keeping these communities connected. We’re committed to the fact that we’re going to continue to invest heavily in our communities. “As we continue to grow that fibre footprint, we expect to have over 7,000 new homes by the end of this year with our new fibre network. So today, if you’re in San Salvador, you can get a fibre-to-the-home service. If you’re in Bimini, you can get a fibre-to-thehome service.

“So we are working very hard to make sure we continue to restore the confidence in the community that BTC is going to take back, within the community, the services that we once provided to everybody.” Mr Foster previously said he is aiming to have 60 percent of subscribers migrated from BTC’s legacy copper network to its new fibre infrastructure in areas where both have been deployed, with a particular focus on eastern New Providence and its population density. He estimated that some 45,000-46,000 homes were passed by BTC’s fibre-tothe-home infrastructure at the end of April 2021, and the carrier is presently “adding a couple of thousand per month”. Mr Foster added: “Last year, we doubled the speeds on our fibre network for

pricing, and maturity.” The Ministry of Finance urged bidders to give “comprehensive coverage” in their submissions to “market conditions and timing” and the “structure/ pricing” of any issuance. “The government is contemplating a launch of late September/early October,” the RFP added. ‘Please indicate views on the optimal timing for execution of the transaction, along with...... any potential challenges that might influence the timing. “Without being prescriptive, the government is seeking the most optimal pricing structure(s). Please provide indicative pricing for transaction(s).” Mr Johnson yesterday confirmed that the RFP was genuine, telling Tribune Business when the details were read to him: “That sounds correct.” He indicated that the IDB guarantee was not unusual, adding: “It’s a standard product that the IDB has to support sovereign lenders.” The proposed $700m bond comes as little surprise, our customers to make sure that they got through the pandemic so that they could work from home, they can educate from home, they can also get entertained at home. It was about keeping our people safe. “A few weeks ago, we then furthered that and we have announced an ‘elevate’ campaign. We have elevated our network experience. So that experience now took the bandwidth, where our minimum bandwidth was 100 megabytes on our fibre product. And we are committed to drive innovation around the foundation of that fibre network. “So if you had 150 megabytes we doubled your bandwidth to 300 megabytes. If you had 300 megabytes, we gave you 600, and that had no additional cost to you as a consumer. So our upload speeds are up to 100 megabytes on our business package; that’s 100 megabytes upstream. Our competitor doesn’t even offer download speeds as fast today.”

given that the government has a $951.8m fiscal deficit to cover for fiscal year 20212022, and with the prime minister having said in the budget that the bulk of its borrowing would again be done in foreign currency. However, it appears the government is already making plans ahead of the Budget’s approval by Parliament. The September/ October timing indicates that the Ministry of Finance believes international capital market conditions have improved from the same time last year, when The Bahamas placed a $600m sovereign bond with an attached interest rate coupon of 8.95 percent. Then-deputy prime minister, K Peter Turnquest, said The Bahamas and its taxpayers had paid a higher price “than we would like” for that financing, as the interest rate was almost three percentage points higher than the six percent rate obtained the last time the country placed such a sizeable foreign currency bond issue in late 2017. This represented a

near-50 percent increase in the interest rate that Bahamian taxpayers, via the Public Treasury, have to service compared to what the government would likely have been required to pay in pre-COVID and “junk” downgrade times. A “back of the envelope” calculation showed just how much damage COVID-19 and the credit rating downgrades have inflicted. If the $600m bond had been priced at the six percent rate obtained in late 2017, annual debt servicing costs would have amounted to $36m. But, at almost nine percent, the annual cost to Bahamian taxpayers will be around $54m - an $18m per year increase. This will amount to $180m in total extra interest costs over the first ten years of what is a 12-year bond, with the principal due to be repaid in three equal $200m annual installments beginning in 2030. Ultimately, the extra debt servicing costs that Bahamian taxpayers will have to finance compared to what

BTC’s senior leadership team from left: Nicole Watkins, director, legal and regulatory affairs; David Hanna, deputy chairman, board of directors; Andre Foster, chief executive; Carol Barnett, senior manager, marketing, Indira Collie, senior manager, communications; and Darron Turnquest, director, people. Mr Foster said upload speed was “absolutely critical” for persons in the creative industries and those who engage heavily in social media. “We definitely have the fastest

upload speeds married to the fastest download speeds. Our speeds will vary for anywhere from 50 megabytes down to 100 megabytes down, depending on the package

was obtainable back in 2017 are likely to total close to $200m unless that bond is refinanced at a later date. However, the government subsequently exploited “more favourable market” conditions to “re-open” the $600m bond and raise a further $255m in US dollars at a lower eight percent just months later. One goal from the planned $700m capital raising will likely be to further boost The Bahamas’ foreign currency reserves and at least partially makeup the reduction in inflows until tourism has recovered from COVID-19. While the government has little choice but to do this in the short-term, some observers are likely to become increasingly concerned about the increasing medium and long-term strain this could impose on tourism and other export industries to generate sufficient inflows to service a foreign currency debt that at end-December 2020 accounted for almost 45 percent of direct government liabilities. that you choose,” said Mr Foster. “From our perspective, we didn’t do it just for our consumers. We did it for the SMB, our small to mediumsized businesses. They have also benefited from the fact that we’ve done significant infrastructure upgrades around fibre and building a stronger fibre backbone. “I’m really pleased to say that over the past two years since Dorian we continue to lay hundreds of miles of fibre across, not just in New Providence and Grand Bahama, but even in places like the Exumas, making sure that comes back stronger. Our fibre backbone has been really strengthened over the past few years.”

Career Opportunity Scotia Wealth Management is seeking the services of an

AML Officer Position Summary: Contributes to the overall success of the IWM AML Program by ensuring the specific plans & initiatives relating to the successful implementation of Scotiabank’s AML/ATF Program are executed within agreed timelines in the Business Units. To support the program sustainment, the role provides ongoing specialized guidance to the Business Units. Ensures all activities conducted are in compliance with applicable governing legislation/ regulations, as well as internal policies & procedures.

Key Accountabilities for this role: w Provide direction to the Business Units in order to operationalize the AML Program components with reference to the specific products/services/clients. w Ensure appropriate action is taken to close identified AML Policy compliance gaps by developing and tracking project roadmaps. w Manage all aspects of the AML Program deliverables and develop relationships with matrix partners e.g. AML PMO, AML IT, GAMLU, EDDU, 1B Testing, in EO and locally to oversee and support all phases of the Program. w Escalate AML issues, red flags, and Policy variances and exceptions, as necessary, and assuring that the Business Units Management and the AML Executive Committees are fully informed of significant AML issues and/or gaps on a timely basis. w Monitor the progress of the implementation of the AML Program, develop and provide deliverables and status reports to the IWM AML Office; provide ongoing guidance to help the local teams overcome roadblocks. w Support the development and delivery of specialized training sessions to Business and Operations Units on AML concepts and AML Risk Management procedures, when training gaps are identified. w Deliver advice and interpretation on the application of the Policy and other relevant AML Policy documents and related documentation; and provide ongoing guidance to ensure the Business Units adopts the observations and recommendations made by Business Management, AML Advisor, and the AML team. w Work with the Business Units to ensure the provision of advice and guidance on developed procedures and processes to implement the KYC requirements. w Oversee the Annual AML/Sanctions Risk Assessment process ensuring the Business Units meets the established deadlines and standards for response and provide support in completing the assessment and associated responses. w Demonstrate leadership in championing a high-performance environment and implementing a people/HR strategy that attracts, retains, develops and motivates the team by fostering an inclusive work environment, effectively communicating vision/values/strategy and managing succession and development planning for the team.

Educational/Competency Requirements: w E xcellent interpersonal, communication and negotiation skills in order to build consensus and obtain cooperation. w Excellent understanding of the Business’ operations/ structure/ products & service models w Experience in managing complex projects and initiatives to completion within tight timelines, across different businesses and cultures. w Broad knowledge of Operational Risk Management practices. w Project Management skills and experience w Ability to think and respond quickly, able to adapt to change readily. w ICA/ACAMs Certification or bachelor’s degree (University Degree) in business administration, finance, or law with minimum 3 years of experience in AML, Compliance and/or Risk Mgmt capacity in a financial institution, or its equivalent in education and work experience w Strong understanding of the AML Enterprise and Local country regulatory landscape

Qualified candidates should submit C.V. via email to: hrbahamas@scotiawealth.com on or before June 21st, 2021. Please note that only those individuals short-listed for an interview will be contacted.

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

PAGE 4, Monday, June 21, 2021

GOVT TOUTS 14,000 NEW SMES CREATED By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government yesterday sought to show its small and medium-sized enterprise (SME) focus is delivering results by reiterating that almost 14,000 such businesses have been

formed since the 2017 general election. Drawing on business licence data, the Ministry of Finance said the 58 percent increase in SME numbers between 2017 and 2020 had helped to sustain economic activity and create new jobs amid

THE TRIBUNE the COVID-19 pandemic’s devastating impact on tourism. “Since coming to office we have dedicated an unprecedented amount of resources to support the start-up and expansion of SMEs. We are prioritising private sector development because we understand SMEs are crucial for sustainable economic growth,” said Kwasi Thompson, pictured, minister of state for finance, in a statement. “The Bahamian entrepreneurial spirit has always been a backbone for our

country’s economy, but for the first time the government has recognised this by targeting millions of dollars in investment to ensure that spirit continues to flourish and lift up our economy.” The Ministry of Finance statement is a repeat of what the prime minister said in leading-off the budget debate in the House of Assembly. “When this administration came to office, the business license register reflected a total of 24,241 small and mediumsized businesses,” Dr Hubert Minnis said then. “I am proud to say that the efforts made to support small businesses by this administration have been fruitful. The number of registered small and medium-sized businesses has grown by 58 percent since 2017, from 24,241 to 38,227 at the end of 2020.” However, the data does not show the net increase in SMEs established in The Bahamas over this period. The “net” is calculated by subtracting those businesses that failed or closed down over that four-year period from the ones that were newly-created. Meanwhile, the Ministry of Finance said the Access Accelerator

Small Business Development Centre (SBDC) had approved nearly $60.5m in funding for SMEs as at September. It acknowledged that this funding was largely allocated as part of the “Resilient Bahamas” budget strategy for fiscal year 2020-2021, which focused on keeping small businesses afloat. The Ministry of Finance pointed out how this support will continue, with the government allocating $35m in the upcoming 20212022 fiscal year to support SMEs as part of the $250m it has committed to provide over the next five years. “We are not only relying on direct financing. Our budget is leveraging the use of tax concessions to promote the continued development of the private sector. We’re providing incentives to expand your business operations through duty-free imports of first stock inventory and other products necessary to small business development,” Mr Thompson added. “Specifically, in our southern Family Islands, we’ve created tax-free zones to encourage economic growth by way of concessions on materials needed for residential and

commercial development and tax breaks on business license fees.” The government is also planing to expand financing options for SMEs with the imminent crowdfunding regulations, which will allow small businesses access to capital-raising mechanisms that were previously limited to larger firms. Under these new regulations, small businesses will be able to raise up to $5m in capital. The Ministry of Finance added that the government is also looking to SNE growth to tackle unemployment. Through the government Employee Incentive Programme, businesses can apply for tax credits of up to $400 per week to fund the payrolls of up to ten new employees. The government is hoping to create up to 2,500 new jobs created from this initiative.

BAHAMAS AND ALL IFCS TO FEEL TAX COMPLIANCE PINCH

of the OECD and G-20 can be persuaded to adopt these new tax principles. The territories set to feel the first pinch of these new policies are most likely to be the UK’s overseas territories in the Caribbean, especially Bermuda, the British Virgin Islands (BVI) and the Cayman Islands who went to great lengths to legitimately establish a quite sophisticated legal environment with the encouragement of the UK government. This empowers low or no-tax operations through a myriad of offshore financial vehicles. Undoubtedly, The Bahamas will not be too far behind, and most likely will be forced to implement a “low tax” - not a “no tax” - regime to fall in line with other CARICOM nations to and stave off continued blacklisting by the OECD. Caribbean nations offering financial services will not

remain immune indefinitely, as it is likely they, too, will follow in short order. These regions will be forced to contemplate how to beneficially align their offshore and onshore regimes so they can comply with the OECD’s and G-20’s current approach. NB: Thamara Saunders-Munnings is an attorney, called to both the Bars of England and Wales and The Bahamas respectively. She began her practice as an associate at Davis & Co in November 2005. She was junior counsel to Philip Davis in the Pinewood and the Marco City election court cases. She has years of experience in the financial services industry as in-housecounsel, and is distinguished as an exemplary compliance specialist with diverse international accolades. She is currently the tax compliance consultant at the law firm of ParrisWhittaker.

FROM PAGE TWO

an imminent transformation in the way in which sovereign states tackle taxation and tax competition. Especially when they are faced with the fact that globalisation, offshore centres and digital insurgency are being used to facilitate huge sums of money being moved around the world beyond their fiscal reach. In this vein, it is projected that all OECD members and G-20 countries will develop their plans within the next two years. The process to implement this change will be fraught with difficulty, especially the uncertainty as to whether nations beyond the scope

Career Opportunity Scotia Wealth Management is seeking the services of a

Senior Client Accounting Officer Position Summary: Contributes to the overall success of the Client Accounting Department in The Bahamas ensuring specific individual goals, plans, initiatives are executed / delivered in support of the team’s business strategies and objectives. Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures.

Key Accountabilities for this role: w Champions a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems and knowledge. w Ensure prompt and accurate preparation of financial statements for trust, company and agency accounts. w To comply with and contribute to the maintenance of effective internal controls relating to accounting by ensuring the: • accurate and timely completion of work-papers. • forwarding of all financial statement drafts for review by the supervising client accountant to ensure accuracy, and forwarding in a timely manner completed work-papersfor review by the respective account administrator. • monitoring of the progress and status of working papers and financial statements through the preparation cycle to ensure accounts are finalized within the specified time period. • closing and adjusting entries are prepared in a timely manner. • reviewing of trial balances with administrators to ensure accurate closing. w Provide effective assistance to account administrators. w Contribute to the development of Client Accounting Section. w Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions. w A ctively pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework , Regulatory Compliance Risk Management Framework , AML/ATF Global Handbook and the Guidelines for Business Conduct. w C hampions a high performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment; communicating vison/ values/business strategy and managing succession and development planning for the team.

Educational/Competency Requirements: w T he incumbent requires a thorough knowledge of accounting principles and applications for trusts and companies incorporated in various jurisdictions. w He/she should have a sound knowledge of international reporting standards and must know how to utilize computer systems. w A bachelor’s degree or other similar qualification, with emphasis on accounting is beneficial for this position. w The incumbent requires the ability to perform in-depth analysis of information received from time to time, which may arise as a result of inquiries made. w The greatest challenge the incumbent faces is applying proper accounting principles and treatment to more complex situations, ascertaining the accuracy and proper categorizing of information to be included in financial statements, and ensuring the accurate and timely production of all financial reports and statements. Qualified candidates should submit C.V. via email to: hrbahamas@scotiawealth.com on or before June 21st, 2021. Please note that only those individuals short-listed for an interview will be contacted.

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

THE TRIBUNE

THE RETURN OF OIL

AN OFFSHORE oil rig. ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs BARELY 14 months ago, oil traders were paying almost $40 to anyone willing to accept delivery of

a barrel of crude by the end of May 2020. Such had been the pandemic’s impact in the demand for the black gold, that storage reached full capacity and those who, acting as middlemen, had secured

Monday, June 21, 2021, PAGE 5 large quantities of oil, were unable not just to resell it but even to keep it stored at a suitable location. Today the story is very different. By mid-last week the barrel of crude was traded at almost $73, a multi-year high, threatening to break through the $76 resistance and reach for maximums not seen since 2014. So, what is driving this sudden escalation in prices? There are several factors; demand is obviously increasing, as the global economy roars back to life following the stagnation experienced during the lockdown months. And, while consumption increased, supply did not. A mix of unusual cohesion among producing countries, who in the past rarely stuck to supply controls when prices started rising, and lack of investment in infrastructure, means that there just isn’t enough oil in the market to

satisfy all orders. Capital investment in the industry has been shrinking, from the $400bn of 2016 to less than $100bn in 2020, due to estimates (now appearing off the mark) that peak consumption would be reached during the 2020s. The impact such disinvestment is having in the availability of supply, with green alternatives not yet sufficient to cover the shortfall in fossil fuels, could trigger an uncontrolled escalation in prices. Some analysts go as far as predicting that oil may soon reach and surpass $100 per barrel, a price not seen since 2014, as demand is likely to continue to increase in the aftermath of the pandemic, boosted by ambitious stimulus programmes deployed by governments around the world.

Ironically, the planned spending on green infrastructure, as a way to reignite the economy, could become a major driver for oil demand. Recently, a leading analyst at Goldman Sachs predicted that every $2tn of investment in environmentally sustainable economic activity would drive an increase in demand of around 200,000 barrels per day. Oil demand will continue to surge and is expected to exceed pre-pandemic levels by year end, with specialists predicting that it will peak by 2030, before green alternatives become dominant. Meanwhile,

some industry giants, such as BP and Royal Shell, plan to start tapering production over the next few years, due to shareholders demanding a shift to renewables. At a time when the spectre of inflation hangs over the heads of central bankers, having already forced the Fed to adopt a more hawkish tone by cutting off a year of its dot plot, the last thing we need is an uncontrollable rise in oil prices. Such scenario could force an untimely tapering of the ongoing stimulus and potentially damage the economic recovery.

www.ub.edu.bs

CAREER OPPORTUNITY Suitably qualified candidates are invited to apply for the position of: Assistant Vice President of Human Resources (AVP HR) responsible for managing the daily operations of the Human Resources Department and contributing to the overall strategic objectives. The AVP HR will assist the Office of the Vice President, relative to the coordination and implementation of HR policies, programmes and initiatives that will improve recruitment, employee development, retention and the overall efficiency of major HR functions. Among the specific duties and responsibilities are recruiting, selecting, orienting, training, coaching, counseling, and disciplining staff; planning, monitoring, appraising, and reviewing staff job contributions; maintaining compensation; determining production, productivity, quality, and customer-service strategies; designing systems; accumulating resources; resolving problems; and implementing change. Further details are outlined in the position announcement available at https://www.ub.edu.bs/about-us/ career-opportunities/ Interested applicants should submit the following information electronically to hrapply@ub.edu.bs by the deadline of 28th June 2021: • A letter of interest highlighting work experience and accomplishments relevant to the position; • A curriculum vitae or resume; • Copies of all academic qualifications with transcripts (original transcripts will be required upon employment), certificates; and • The names and contact information of three professional references.

PAGE 6, Monday, June 21, 2021

BREA chief: Do ‘admirable thing’ for existing deals FROM PAGE ONE

Marlon Johnson, the Ministry of Finance’s acting financial secretary, referred Tribune Business to Kwasi Thompson, minister of state for finance, but he could not be reached for comment. Mrs Wallace-Whitfield, meanwhile, argued that all high-end real estate transactions for which a signed sales agreement existed prior to the May 26 budget announcement should still attract the present ten percent VAT rate even if they

close prior to July 1. All those signed afterwards, she added, should attract 12 percent on the $2m and upwards portion if they are not closed by the 2021-2022 fiscal year’s start. While cash buyers had the ability to close their purchases within 30 days, the BREA president said it was those requiring mortgage financing who may be challenged if they have to adjust the sums require to accommodate the extra tax. “A loan does not happen overnight,” she added. “If they honour those

THE TRIBUNE agreements made preannouncement that would be very doable, and people would be more satisfied. The real estate agents and brokers would definitely be more satisfied if they honour those preannouncement agreements. It’s just the admirable thing to do. That’s the bottom line.” Mrs Wallace-Whitfield said first time foreign buyers were especially vulnerable to being caught by the 12 percent VAT as they have to undergo the Know Your Customer (KYC) due diligence process with the Bahamas Investment Authority (BIA) and Investments Board to obtain the necessary permits under the International

Persons Landholding Act. This process can often push closings beyond the standard 90 days. However, the BREA chief acknowledged that the government would want proof of when real estate sales agreements were signed, and conceded that it had legitimate concerns that some attorneys, realtors and clients could seek to “back date” contracts to avoid the extra tax. The reforms to the VAT Act, which will introduce the 12 percent rate on the portion of a real estate transaction worth more than $2m, are due to take effect from July 1, 2021, to coincide with the start of the new fiscal year. And, given that the government expects to raise just an additional $4m from the increase, many observers will likely argue that the wealthy participants in such transactions will not be deterred by such a relatively modest increase

especially since buyer and seller are likely to split it 50/50 - meaning they each pay the equivalent of just an extra one percent of the purchase price. However, Andrew O’Brien, attorney and partner with the Glinton, Sweeting & O’Brien law firm, told Tribune Business he was “hopeful there may be an extension” for highend real estate transactions and that the government would give them extra time to close after July 1 without levying the additional tax. “I think attorneys and clients are stressed with trying to meet the deadline or close early, and some are just not going to be able to do so,” he said. “We’re trying to expedite those that we can, and just deal with it as best we can. “I feel like a broken record on this issue. It’s just unfortunate. For whatever money we may be making, I think it leaves a negative impression for those

investors coming into the country anew. I think everybody understands it’s just being caught by surprise and for existing transactions it leaves a sting if you have this extra short notice. “The concept of the higher tax rate, I think everybody understands it. If everybody has notice you can make a decision and accept it. This is an instance where you don’t have notice, and have to live with it, and for doing business certainty is always beneficial. This creates some general uncertainty in our market.”

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THE TRIBUNE

Monday, June 21, 2021, PAGE 7

‘Back to drawing board’ over home porting departures

FROM PAGE ONE

which resulted in check-in hold-ups and flights departing one after for Florida. “I think the home porting experience went very well,” the minister told this newspaper. “There was one glitch on the outbound. I think Bahamasair probably under-estimated the time to check those people in and their bags. “That will be the first debrief. People taking two hours to check-in. We have to go back to the drawing board and see how to make that work. Bahamasair management were challenged to deal with that. They didn’t envision or think through this last component of home porting.

They pitched up at Bahamasair all at once.” However, Mr D’Aguilar said all other aspects of the airport departure experience seemed to function well. Despite having voiced concerns just a week earlier that US Customs and Border Protection (CBP) had left LPIA’s pre-clearance facility under-staffed, the Biden administration had “stepped up to the plate and addressed that” in time for Royal Caribbean’s first home port sailing. “Airport security processed them at speed allowing them to proceed to CBP. The airport worked very well apart from checkin at Bahamasair. We have to look at that,” he added, disclosing that LPIA had also developed a “cultural

EMPLOYMENT OPPORTUNITY Ambulatory Medical facility in Freeport is seeking, Qualified and Registered Pharmacist with a minimum of 5 years experience.

Contact Human Resource Manager 373-7400 ext. 235 or accounts@lucayanmedical.com

garden” where passengers could relax before boarding their flight. Still, conscious that Bahamasair check-in could have impacted the passengers’ final experience of The Bahamas, Mr D’Aguilar said: “We have to keep on our game to review and make the process as seamless as possible. When dealing with as many cruise passengers as a ship disembarks at once, you have to keep on your game. “Overall I’ve been very pleased with the whole experience. I understand Bay Street had a little buzz going on and that the British Colonial Hilton was very busy. Home porting has been a shot in the arm.

When they arrive in the country they have to get transported to the ship, a lot of them stay in the hotel overnight. “They may go to a restaurant, retail store, go to a bar or gamble in a casino. Then they have to get transported to the ship in the morning. I understand a number of them went on excursions. The economic impact of this has been tremendous, and a lot of people are happy that while we wait for the return of cruises from South Florida this is a good shot in the arm.” However, a posting on the “Royal Caribbean blog”, which is described as an online source covering the cruise line and its

various experiences, said they were debating whether to return to Freeport as there was little to do when Adventure of the Seas called on Friday. “Would I go back? I am debating that right now for our next sailing. It sounds like a lot of other cruisers did not enjoy their tours, so we may just stay onboard ship next time,” wrote the author, Matt Hochberg. In response, Mr D’Aguilar said: “We obviously need to review that and see what’s happening there, and why they came to that conclusion.” Russell Benford, Royal Caribbean’s vice-president of government relations for the Americas, said after

the ship arrived in Freeport that the cruise line is close to finalising the agreement with the government for the redevelopment of Freeport Harbour and the Grand Lucayan. He added that the cruise line plans to develop five new berths to accommodate the largest cruise ships in the world, which will result in 250 additional annual ship visits to Grand Bahama and more than 1.5 million cruise passengers annually. “What this represents for The Bahamas over the next quarter of a century is projected to be a $12bn increase in gross domestic product,” Mr Benford said.

PAGE 8, Monday, June 21, 2021

Playing ‘catch up’ on $200m clinic needs FROM PAGE ONE

public demands, Dr Sands said necessary improvements were not just restricted to “bricks and mortar”. He added that The Bahamas presently lacked the “clinical expertise” to operate the mini-hospitals in Abaco and Exuma as there were simply no x-ray technicians, pharmacists and lab technicians available to staff them. Pointing to the shortage of nurses as another “human capital” deficiency, the former Cabinet minister said “more than a couple hundred million” may be required to resolve all the

public health clinics’ needs. And to complete Princess Margaret Hospital’s maternal health tower, new ward and emergency room would likely run into another $250m. “A decision was made a very long time ago to bite these needs off in chunks we can digest,” Dr Sands told this newspaper. “At the Dorian conference there was a lender that pledged $900m or so, P3. That number did not come out of space. That number was a reflection of if you could have everything you wanted in The Bahamas in terms of health infrastructure, what would it cost. “That’s where that $900mplus came from. That would have been based on conversations that would have

THE TRIBUNE been had, and determinations that if money was no object, we would do this, this and that.” The government ultimately did not take up the P3 offer, which was more a public-private partnership (PPP) financing arrangement, but Dr Sands said providing Nassau-type medical services in the Family Islands “comes at a cost” especially when air evacuations and ground transportation are brought into the equation. The IDB report justifying the proposed $40m loan exposed the significant physical deterioration of several public health clinics, with the facility located at Smith’s Bay, Cat Island, presently housed in “a condemned building”.

The Fresh Creek clinic in Andros, meanwhile, is based in a property that is “in a severe state of disrepair”. Both areas are to get brand new clinics, while the facilities at Black Point in Exuma, Mangrove Cay in Andros and Rock Sound in Eleuthera will also be replaced by new builds. The former two are presently based in “inadequate rental” accommodation. Besides the five new facilities, which will cost between $1.63m and $3.6m to construct, the clinics in Abaco, Andros, Long Island and Bimini will also be retrofitted and upgraded. Abaco’s primary health centre was damaged by Hurricane Dorian, while

Bimini’s has “a leaky roof” that requires repairs. Asked whether the government had done a poor job in maintaining these facilities, Dr Sands pointed to the challenge of maintaining the same infrastructure across multiple islands given the government’s limited finances. “I don’t think so,” he replied. “I wouldn’t say we have failed to maintain them It’s just been incredibly expensive. We’ve done as well as we could. As we introduce the concept of universal health care, that concept requires improvement.” With NHI just one part of healthcare financing reform, Dr Sands said The Bahamas has to “collect more from persons who have the ability to pay” for using public healthcare services as well as repatriate some of the hundreds of millions of dollars that Bahamians spend on medical treatments abroad to “take the load off the public purse. “It really is appreciating that the current method of healthcare financing is

not going to do the job,” he said, “and we have to define a different way that is not only economically acceptable but socially and politically palatable. I suspect this debate is going to have to continue for a while, but that we will have to bite the bullet and do it. This is a challenging issue, and has so many things mixed into it because of the politics of healthcare financing.” Arguing that The Bahamas was no different from the US and UK, with Medicare/Medicaid and the National Health Service (NHS) respectively, Dr Sands added that “NHI is fraught with political land mines. When you start promising everything to everybody for nothing, you end up not providing much to most people”. He said The Bahamas needed to make healthcare financing “palatable for everyone”, with NHI requiring much planning as primary care is made accessible to all ahead of the hoped-for introduction of secondary treatments.

CABLE: OUTAGE IMPACTED SOME 25% OF CUSTOMERS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AROUND 25 percent of Cable Bahamas’ New Providence customers yesterday experienced “an extended disruption” to their services when the company conducted a scheduled network upgrade. The BISX-listed communications provider, in an e-mailed apology to affected subscribers, said it had “encountered unforeseen

complications during the early morning maintenance” although it did not supply precise details of what had occurred. Stephen Curran, Cable Bahamas chief technology officer, said: “We experienced difficulties with underground cabling and, when combined with the inclement weather, resulted in the extended delays. Our team of engineers worked through the night to restore services as quickly as possible.”

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THE TRIBUNE

Businesses face fire amid COVID vaccine ‘games’ FROM PAGE ONE “It’s kind of sad some persons are resistant. I believe politics is being played in this,” Mr Pinder asserted. “Politics is being played. Even though some opposition leaders have taken it, they’re not encouraging their supporters to take it. “I have not heard of any of the hierarchy of the opposition make a plea to Bahamians to take it. They’re using it as a political game. It’s sad but it would be good if we were all of the same accord with this. I feel like we’re not of the same accord. I encourage Bahamians to continue to do research on it. “Nobody has come up with any other idea or suggestion. It’s the only thing we’ve got, and we have to go with it.” Mr Pinder spoke out after Bahamian businesses came under attack for following the lead established by Atlantis

Monday, June 21, 2021, PAGE 9 in informing staff that after a certain date it will no longer pay for workers who remain unvaccinated to take a weekly COVID19 rapid antigen test so that they can report to work. Tribune Business has seen social media messages posted over the weekend threatening to boycott CBS Bahamas (Commonwealth Building Supplies) after it told staff it will cover the rapid antigen test costs for non-vaccinated staff until August 16, after which they will have to cover the $22.40 weekly cost themselves. Brent Burrows, CBS Bahamas president, could not be reached for comment yesterday despite this newspaper leaving several messages. However, in its staff letter, dated June 18, the company said: “As The Bahamas continues to struggle with the COVID19 pandemic, we at CBS Bahamas must take the steps necessary to protect both our team members and our customers.... “Effective July 1, any employee that has not received the COVID19 vaccination will be required to submit to a weekly COVID-19 rapid

antigen test. These tests will be administered by Doctor’s Hospital at the Town Centre Mall drive through location and will be paid for by CBS Bahamas.” The company added that employees who receive their first vaccine jab will no longer be required to take the rapid antigen test some two weeks after that date, but it then said: “Effective August 16, 2021, the above weekly testing will still apply but CBS Bahamas will no longer bear the costs of these tests and employees will be responsible for this cost which at present is $22.40 per week.” This sparked a negative social media reaction, with one post warning: “Please take notice that effective August 16 we, the Bahamian, will boycott your business if you decide to put in place any policy that will adversely affect our families which is our brothers and sisters..... Hopefully you would rethink this latest policy before you try to implement it.” The response further illustrates the hesitancy and resistance among many Bahamians to taking the COVID-19 vaccine.

However, Mr Pinder and Peter Goudie, the Chamber of Commerce’s labour relations specialist, both said businesses were trying to incentivise staff to become inoculated while also complying with the Occupational Health and Safety at Work Act’s requirements to provide a healthy and safe environment for workers and customers. Mr Goudie added that the annual cost of taking a rapid antigen test would exceed over $1,000.

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www.ub.edu.bs

CAREER OPPORTUNITIES University of The Bahamas invites suitably qualified candidates to submit applications for the following positions: Associate Vice President of Development and Grants responsible for establishing, cultivating and sustaining relationships with individual, corporate and foundation prospects, managing a portfolio of prospects and working in close partnership with university leadership, academic units and programmes to develop and implement strategies to secure funding in alignment with the university’s strategic plan. The Associate Vice President participates as an active member of the Institutional Advancement team, serves on and leads the Major Gifts Team and Grants Team, and reports directly to the Vice President of Institutional Advancement and Alumni Affairs. Further details are outlined in the position announcement available at https://www. ub.edu.bs/about-us/career-opportunities/ . Executive Director, Climate Change Adaptation and Resilience Research Centre responsible for providing strategic direction for the centre and leading research, policy engagement, education and outreach in addition to managing a team of researchers. The successful candidate will be expected to build a strong, externally funded research programme and develop collaborations and synergistic activities at UB and with regional and international partners. The Executive Director will lead, contribute to and ensure fulfillment of awarded research grants and consultancies; effectively represent and promote the CCARR Centre nationally, regionally and internationally; and lead research teams over multiple projects. Further details are outlined in the position announcement available at https://www.ub.edu.bs/about-us/career-opportunities/. Director of University Police/Security responsible for developing and recommending systems, policies and procedures expected to control access to and from the grounds and buildings of The University and its satellite properties. The Director will also develop and implement systems and procedures pertaining to safety measures for students, faculty and staff; supervise all security and university police personnel; and enforce strict safety practices in accordance with the university’s safety standards. Further details area outlined in the position announcement available at https://www.ub.edu.bs/ about-us/career-opportunities/. Assistant Director, Office of Information Technology with supervisory responsibility for computer technicians at the UB-North Campus in Grand Bahama as well as oversight for team planning. The Assistant Director is also responsible for support and maintenance of mobile devices, desktop and laptop computers, printers, scanners and multifunction devices, software, network components (LAN, WAN, Wi-Fi), audiovisual and lighting equipment, tools and accessories; establishing policies and procedures necessary for the department to provide stable enterprise mission-critical services; and serving as project manager for multiple projects which require collaboration. Further details are available at https://www.ub.edu.bs/about-us/ career-opportunities/ . Interested applicants should submit the following information electronically to hrapply@ub.edu.bs by the deadline of Wednesday 23rd June 2021: • A letter of interest (highlighting work experience and accomplishments relevant to the position); • Current Curriculum Vitae/Resume; • Copies of all academic qualifications with transcripts (original transcripts will be required upon employment), certificates; and • At least three (3) written professional references.

PAGE 10, Monday, June 21, 2021

THE TRIBUNE

BTC TOUTS SAVINGS FROM ‘REVOLUTIONARY’ TECHNOLOGY

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas Telecommunications Company (BTC) says its subscribers will enjoy “tremendous savings” from the launch of its “revolutionary” Fixed Mobile Convergence (FMC) technology. Andre Foster, BTC’s chief executive, said its newly-launched package of bundled communications services marked the carrier’s latest effort to improve value for its subscribers. Mr Foster said: “It’s not about just providing connectivity in the home. It’s also about making sure you have connectivity on the go. “What that means is when you bundle our services together, you’re getting the fastest broadband, coupled with the fastest mobile experience of the largest amount of data allocation, as well as voice usage, as well as SMS (Text), as well as roaming. This gives our customers tremendous amounts of savings.” FMC allows telecommunications companies to provide subscribers with services that interact with, and use, both fixed-line services, cable networks and the cellular infrastructure of mobile operators. BTC customers will also receive roaming capabilities throughout the US and other Caribbean markets, in addition to all services being integrated

BTC ‘ABSOLUTELY CONFIDENT’ AT PEAK NETWORK RESILIENCE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Telecommunications Company’s (BTC) chief executive says it has “put as much resiliency as we humanly can” into its nationwide network in preparation for the 2021 hurricane season. Andre Foster, speaking at a BTC product launch, said: “We are absolutely confident that we have put as much resiliency as we humanly can into every part of our network. From the perspective of the fibre-to-the-home service, it’s not really dependent on anything other than our central office being operational, and our central office always has redundant power.” Mr Foster said BTC’s fibreto-the-home network infrastructure, which it continues to roll-out across New Providence and the rest of The Bahamas, will more resistant to major storms

into “one single bill”. Mr Foster added: “We have similar plans for B2B (business) customers that focus very much on giving them great converged value. “So from the perspective of what we offer, and who’s eligible for the service, we try to show our customers who are with us the love first. So we’ve offered huge incentives for customers on our fixed services to add mobile services.” Some of those incentives include reduced rates for an introductory period inclusive of the value customers receive when they have a converged bundle on their post-paid mobile account. Mr Foster said subscribers that opt for FMC will enjoye faster speeds for fixed services at home, such as broadband Internet, along with the added value they will receive on their mobile services. “We’ve also introduced these plans as standalone plans so that if you don’t want to take our fixed services, we still have what’s considered a family plan,” said Mr Foster Calling this a “first” in The Bahamas, he added: “There are no other providers that provide family plans that allow you to share unlimited data and unlimited voice on a single account, and BTC is the first one to deliver value to our subscribers. “Every household can take advantage of these plans today. So we will map our FMC plans and our new bundle plans with any fixed service. So whether it’s on DSL or on fibre, we offer the greatest speeds on our fibre network, but on our DSL network, we do offer very competitive speeds also.” - and enable the company to restore services faster than the legacy copper wire technology it has traditionally employed. He said the new technology will “allow for more back-up batteries”. BTC’s services were rendered inoperable, and out of service for an extended period of time, when Hurricane Dorian slammed into Abaco and Grand Bahama in September 2019. Mr Foster, though, added: “With this fibre-to-the-home network, it’s all passive to the household. “Customer care is one of our biggest focuses. Everything that we do here, the customer is at the heart of what we focus on. Our contact centres have been expanded to support this. We’ve tried to make sure that our installation and repair times have improved. “The other thing that we have focused on is making sure that we have a lot more self-service, like the virtual store and the concierge service. So we are now coming to customers rather than expecting them to come to us. So there’s a big focus on making sure that customers are serviced where they are and in a rapid time frame.”

NOTICE

NOTICE is hereby given that TAMEKA RASHEDA WALKER, of Millennium Gardens, P.O. Box SB51709 Nassau, The Bahamas 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 21th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

WAHTAN INTERNATIONAL LTD.

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: A)

WAHTAN INTERNATIONAL LTD., is in dissolution under the provision of the International Business Companies Act, 2000.

The dissolution of the said Company commenced on 29th April, 2021.

The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau Bahamas.

THE TRIBUNE

NOTICE

NOTICE is hereby given that RENE RICOLETTE LATOYA DAWKINS of #12 Sea View Drive of West Bay 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 21st day of June, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Monday, June 21, 2021, PAGE 11

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, HENRYK MAREK KANIA of Harbour Road, Paradise Island, New Providence, Bahamas, intends to change my name to MARK WELCHAR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742 and the Director of Immigration, P.O. Box N-7147, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

The Public is hereby advised that I, DINNA NORD aka DINNA DIEUVEUILLE aka DINNA DIEUVEUIL of #4 Johnson Estates, Nassau, Bahamas intend to change my name to DINNA DIEUVILLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that CORRINE ANDREA ROBOTHAM, of #17 Sea Breeze Lane CB-12806, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE

NOTICE

NOTICE is hereby given that CLIFTON OMAR WALKER, of Millennium Gardens, P.O. Box SB51709 Nassau, The Bahamas 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 21th day of June 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE JPS HOLDINGS LTD. ___________________ Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 27th day of April, 2021. AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR Of JPS HOLDINGS LTD

MARKET REPORT www.bisxbahamas.com

FRIDAY, 18 JUNE 2021

BISX ALL SHARE INDEX:

CHANGE

1969.18

0.08

%CHANGE

YTD

YTD%

0.00 -123.28

-5.89

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 6.29 33.95 1.62 2.90 1.78 6.00 6.96 3.60 6.00 3.98 6.16 12.00 2.75 7.55 10.71 9.01 14.60 4.10 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.00 15.20

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson

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

LAST CLOSE 6.29 39.95 1.50 2.61 1.44 6.00 6.96 3.53 4.25 2.85 5.95 9.98 2.48 7.55 11.41 9.01 14.00 3.75 8.19 15.50

CLOSE 6.29 39.95 1.60 2.61 1.44 6.00 6.96 3.53 4.25 2.85 5.95 9.98 2.47 7.55 11.25 9.01 14.00 3.75 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS750241 BSBGRS880378 BSBGRS900283 BSBGR1322498 BSBGR1341506

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.56 100.00 100.14 100.98 100.00

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

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 101.00 100.49 100.74 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.60 100.00 100.14 100.00 100.00

52WK HI 2.43 4.47 2.17 202.18 190.86 1.69 1.81 1.78 1.16 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

Special Dividend Notice To All Shareholders The Board of Directors has declared another special dividend of 2 cents per share to all shareholders of record 24th June, 2021. The payment of this special dividend will be made along with the regular dividend on June 30th, 2021 through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent

MUTUAL FUNDS

MARKET TERMS

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS75024 BGRS FL BGRS88037 BGRS FL BGRS90028 BGRS FX BGR132249 BGRS FX BGR134150

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global 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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

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

CHANGE 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 (0.16) 0.00 0.00 0.00 0.00 0.00

VOLUME 17,465

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

NAV 2.43 4.47 2.17 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 26.3 42.9 N/M N/M N/M N/M 18.9 -8.1 30.4 15.5 13.3 13.8 24.2 16.2 17.4 12.4 17.2 18.5 8.7 24.6

YIELD 2.70% 3.15% 1.25% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.21% 3.70% 7.21% 17.57% 0.79% 2.92% 2.66% 3.86% 3.20% 2.44% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.50% 4.43% 4.39% 5.65% 5.69%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 7-Sep-2024 26-Jul-2037 10-Dec-2028 15-Oct-2049 17-Jan-1950

YTD% 12 MTH% 1.85% 4.26% 0.77% 1.44% 1.14% 2.84% 0.14% 5.02% 3.25% 31.13% 0.91% 0.68% -2.55% -3.02% -0.27% -0.27% -2.20% -7.62% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%

MATURITY

NAV Date

31-May-2021 31-May-2021 28-May-2021 31-Mar-2021 31-Mar-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

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

Brent Roberts Secretary TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

THE TRIBUNE

Monday, June 21, 2021, PAGE 13

NORTH KOREAN LEADER SWEARS TO OVERCOME ECONOMIC HARDSHIPS SEOUL, SOUTH KOREA Associated Press

NORTH Korean leader Kim Jong Un, pictured, “solemnly swore” to navigate his country out of deepening economic troubles as he concluded a major ruling party meeting, acknowledging food shortages and urging officials to prepare for both dialogue and confrontation with the US. North Korea’s state media released Kim’s comments shortly before President Joe Biden’s special representative for North Korea, Sung Kim, arrived in South Korea

Kim Jong Un had presided over a four-day plenary meeting of the ruling Workers’ Party’s Central Committee, which he summoned to discuss efforts to salvage a dismal economy, hurt by years of mismanagement and US-led sanctions that were made worse by pandemic border closures. As he closed the meetings on Friday, Kim “solemnly swore” on behalf of the Central Committee that the party “will surely break through head-on the difficulties lying in the way of the revolution,” the Korean Central News Agency reported. Kim earlier ordered his

on Saturday for talks over stalled nuclear diplomacy with the North.

government to prepare for both dialogue and confrontation with the United States, which has been urging the North to abandon its nuclear weapons ambitions and return to talks. Kim has threatened to bolster his nuclear deterrent and says the fate of diplomacy and bilateral relations depends on whether Washington abandons what he calls hostile policies. Kim opened the Central Committee plenary on Tuesday by warning of potential food shortages, urging officials to find ways to boost agricultural production because the

situation “is now getting tense”. He said the country should brace for extended COVID-19 restrictions, suggesting it would extend border closures and other steps despite the stress on its economy. The economic setbacks have left Kim with nothing to show for his ambitious summitry with former President Donald Trump, which derailed over disagreements in exchanging the lifting of sanctions with the North’s denuclearisation steps. US officials have suggested President Joe Biden would adopt a middle ground policy between his predecessors — Trump’s

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 92° F/33° C Low: 74° F/23° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Breezy in the morn‑ ing; some sun

Mostly cloudy and warm

Breezy and pleasant with some sun

Clearing and a t‑storm in the area

A t‑storm; breezy in the morning

Breezy in the morning with a shower

High: 90°

Low: 79°

High: 89° Low: 79°

High: 89° Low: 78°

High: 88° Low: 78°

High: 89° Low: 77°

AccuWeather RealFeel

100° F

87° F

99°-85° F

98°-83° F

97°-81° F

98°-82° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 86° F/30° C Low: 79° F/26° C

8‑16 knots

High: 90° F/32° C Low: 80° F/27° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 89° F/32° C Low: 81° F/27° C

E S

WEST PALM BEACH

uV inDex toDay

TUESDAY

| Go to AccuWeather.com

TONIGHT

High: 90° F/32° C Low: 79° F/26° C

High: 88° F/31° C Low: 78° F/26° C

MIAMI

High: 90° F/32° C Low: 81° F/27° C

7‑14 knots

KEY WEST

High: 88° F/31° C Low: 82° F/28° C

High: 90° F/32° C Low: 79° F/27° C

High: 86° F/30° C Low: 79° F/26° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

5:02 a.m. 5:45 p.m.

2.6 3.3

11:17 a.m. ‑0.4 ‑‑‑‑‑ ‑‑‑‑‑

Tuesday

6:01 a.m. 6:41 p.m.

2.6 3.5

12:13 a.m. 0.0 12:12 p.m. ‑0.5

Wednesday 6:58 a.m. 7:35 p.m.

2.6 3.6

1:11 a.m. ‑0.2 1:06 p.m. ‑0.7

Thursday

7:54 a.m. 8:29 p.m.

2.7 3.7

2:06 a.m. ‑0.3 2:00 p.m. ‑0.7

Friday

8:49 a.m. 9:21 p.m.

2.7 3.6

3:00 a.m. ‑0.4 2:54 p.m. ‑0.7

Saturday

9:43 a.m. 10:14 p.m.

2.7 3.5

3:53 a.m. ‑0.4 3:48 p.m. ‑0.5

Sunday

10:38 a.m. 11:05 p.m.

2.7 3.4

4:45 a.m. ‑0.3 4:42 p.m. ‑0.3

sun anD moon Sunrise Sunset

6:21 a.m. 8:03 p.m.

Moonrise Moonset

4:52 p.m. 3:26 a.m.

Full

Last

New

First

Jun. 24

Jul. 1

Jul. 9

Jul. 17

CAT ISLAND

High: 86° F/30° C Low: 79° F/26° C

8‑16 knots

10‑20 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 81° F/27° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 80° F/27° C Precipitation As of 2 p.m. yesterday .................................. trace Year to date ................................................. 6.54” Normal year to date ................................... 11.98”

ELEUTHERA

NASSAU

direct dealings with Kim and Barack Obama’s “strategic patience”. But some experts say Washington won’t likely provide the North with meaningful sanctions relief unless it takes concrete denuclearisation steps first. During his stay in South Korea, Sung Kim will meet with South Korean senior diplomats and participate in a trilateral meeting that includes Japanese nuclear envoy Takehiro Funakoshi today. His travel emphasises the importance of three-way co-operation in working toward complete denuclearisation of the Korean Peninsula, the US State Department said.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 79° F/26° C

High: 86° F/30° C Low: 80° F/27° C

High: 88° F/31° C Low: 80° F/27° C

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 79° F/26° C

8‑16 knots

MAYAGUANA High: 86° F/30° C Low: 80° F/27° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C

High: 86° F/30° C Low: 79° F/26° C

GREAT INAGUA High: 88° F/31° C Low: 80° F/27° C

12‑25 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS S at 8‑16 Knots SSE at 8‑16 Knots SE at 8‑16 Knots SE at 8‑16 Knots ESE at 8‑16 Knots ESE at 10‑20 Knots ESE at 12‑25 Knots ESE at 10‑20 Knots SE at 8‑16 Knots SE at 10‑20 Knots S at 8‑16 Knots SSE at 8‑16 Knots SE at 10‑20 Knots ESE at 10‑20 Knots SE at 12‑25 Knots ESE at 12‑25 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots SE at 8‑16 Knots SE at 8‑16 Knots SE at 12‑25 Knots ESE at 10‑20 Knots SE at 8‑16 Knots ESE at 10‑20 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 3‑6 Feet 3‑6 Feet 1‑3 Feet 1‑3 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 82° F 83° F 86° F 86° F 85° F 85° F 82° F 82° F 84° F 84° F 83° F 83° F 85° F 85° F 82° F 82° F 82° F 82° F 81° F 81° F 83° F 83° F 83° F 83° F 82° F 82° F