10202017 business

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FRIDAY, OCTOBER 20, 2017

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Investment bar cut for troubled Family Islands

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Government was yesterday said to be “putting the meat on the bones” of plans to lower the permanent residency investment threshold for economically-depressed Bahamian islands.

Brent Symonette, minister of financial services, trade and industry and Immigration, confirmed to Tribune Business that the Minnis administration had already “agreed” to move away from the ‘one size fits all’ approach to real estate-related permanent residency investments.

While the Government is proceeding with plans to raise the threshold from

* Gov’t ‘agrees’ to different residency thresholds * ‘Putting meat on bones’ of policy changes * But eyeing increase to $750,000 for Nassau $500,000 to $750,000 for more vibrant real estate markets, such as Nassau and Abaco, Mr Symonette said it would “more than likely come down” for certain struggling island economies.

“That’s already been given consideration,” Mr Symonette replied, when questioned by Tribune Business. “That’s been agreed. Certain areas will not go up, and will more than likely come down.

“There will be areas that are not as developed and

THE Government’s ‘fasttrack’ work permit process aims to remove bureaucratic obstacles to attracting “a large amount” of new industries to the Bahamas, a Cabinet Minister said yesterday.

Brent Symonette, minister of financial services, trade and industry and Immigration, told Tribune Business that the Commercial Enterprises Bill was part of “a larger plan” to

revitalise the economy by boosting growth and Bahamian employment.

Emphasising that it was designed to eliminate overregulation and “nuisances” to the ‘ease of doing business’, Mr Symonette said the ‘fast track’ process was targeted at specific industries identified by the Minnis administration as growth and job drivers.

While there is a heavy weighting towards financial services, the Minister said the Bill was focused on segments without a significant presence in the Bahamas.

Exumians ‘locked out of prosperity’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net EXUMA’S MP yesterday lamented that many islanders feel “locked out of prosperity” due to the “imbalance” between human capital investment and Public Treasury contributions.

Chester Cooper, the keynote speaker at the 10th Exuma Business Outlook conference, said: “We’ve seen the growth in Exuma over the years; the steady interest from foreign direct investors, which is certainly

* MP: ISLAND SUFFERS ‘IMBALANCE WITH OPULENCE’ * GOV’T TAKING OUT MORE THAN IT PUTS IN welcome, but we haven’t seen the growth and investment in Exuma for her people. We have Exumians who are waiting around, hoping for a job at some developments that, of late, seem stuck in the pipeline.

And many developments are reportedly coming.”

SEE PAGE 6

Good labour Exuma’s ‘greatest limitation’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE imbalance between Exuma’s economic potential and shortage of skilled labour is its “greatest limitation”, the Ministry of Tourism’s director-general warned yesterday.

Joy Jibrilu, addressing the 10th annual Exuma Business Outlook conference, said: “Skilled labour will become very competitive, as a number of school leavers continue to enter the labour force with minimal qualifications.

* TOURISM CHIEF: TARGET DIASPORA * ISLAND SET FOR NEW AIRPORT IN 2019 * SANDALS INVESTMENT AT $140M, 650 STAFF “That means that Exuma’s greatest limitation will perhaps be a disproportionate growth between Exuma’s economy and the supply of skilled labour. A significant portion of the resident population is well up in age, and Exuma will

SEE PAGE 3

* MINISTER: ‘FAST TRACK’ PART OF ‘LARGER PLAN’ * BILL DESIGNED TO BOOST GROWTH, LOCAL JOBS * AND DIVERSIFY FINANCIAL SERVICES INDUSTRY He hinted that international regulatory pressures would force this nation to adjust its financial services model to incorporate these sectors.

“This is part of our attempt to liberalise the economy to new business,” Mr Symonette said of the Commercial Enterprises Bill. “This was part of our agenda. A lot of the

industries in the schedule aren’t here. “We’re looking to increase employment opportunities and the economy in the Bahamas.

It’s also part of our ‘ease of doing business’. We can’t expect to attract new industries here and expect them to wait an extraordinarily long time for work permits.

This, and other changes at Immigration, will affect the

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

perception of doing business in the Bahamas.”

The process contained in the Commercial Enterprises Bill, which was this week tabled in the House of Assembly for its first reading, allows senior foreign management and key personnel to enter the Bahamas and establish physical businesses - in the targeted industries only without possessing a work permit.

The Bill, if passed into law as is, would enable a

SEE PAGE 7

SEE PAGE 5

SEE PAGE 4

‘NEW INDUSTRIES CAN’T WAIT LONG FOR WORK PERMITS’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TOURISM: 30 PER CENT OF MARKETING ‘NOT PUTTING HEADS IN BEDS’ THE Minister of Tourism yesterday said 30 per cent of his marketing spend is tied up in longterm contracts that are failing “to put heads in beds”.

Dionisio D’Aguilar told Tribune Business that the Bahamas’ sponsorship of sporting events and teams was preventing him from “reallocating” desperately needed promotional dollars to market the Bahamas online.

With the Ministry’s visitor data showing that almost two-thirds of the Bahamas’ stopover visitors arrange their vacations via online booking engines and social media, Mr D’Aguilar effectively warned that this nation is being outspent by rivals in a key area.

The Minister raised his marketing concerns just as data from the Bahamas Hotel and Tourism Association (BHTA) showed most of the industry’s indicators were heading in a negative direction during the first eight months of the year.

Room revenue, room nights and air arrivals were all down by between 5-7 per cent for Nassau/ Paradise Island hotels for the year to end-August, with occupancies, revenue per available room (RevPAR), and average daily room rate (ADR) also off against 2016 comparisons.

resilient as Nassau, so we’re outlining those areas at the moment.... We’re working out the details of that plan, and will give it to you shortly. $750,000 in Nassau is a lot different from $750,000 in Freeport, where the duty and tax structure is totally different. It’s just a question of putting the meat on the bones.”

The Minister reiterated that the initiative had moved past the “consideration” stage, and added that FINANCE MINISTER BRENT SYMONETTE

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PAGE 2, Friday, October 20, 2017

THE TRIBUNE

Perfecting the skills granted for working MUCH has been said and written about unlocking the motivation to accomplish great things in the workplace. We often talk about the external motivators, and how both employers and employees must consistently find stimuli that will propel them to greater levels of achievement.

Strong encouragement is necessary to find the strength within, and resilience to withstand, the negative influences.

This week we will focus on ways to embrace our best selves.

• Here are eight tips for both employees and employers when it comes to perfecting the gifts we have received: 1. Recognise that you have a set of talents different from others. Your measure of gifts, and types of gifts, are never to be

measured against another person’s. Embracing your best self allows you to come to the conclusion that your gifts are tailor made just for you.

2. Work the gift as often as you can. Make them multiply, and be prepared to see your gifts develop in the life of another person. Do not allow your gifts and talents to be buried.

3. Remove the weed and detractors in your life. This may require a change in your environment. Do everything you can to allow positivity into your immediate surroundings. Surround yourself with people who celebrate you, and ditch the losers who make you feel less than your worth and value.

4. Reconcile past failures, and allow yourself to release the demons of the past. Forgive yourself and

“REMOVE THE WEED AND DETRACTORS IN YOUR LIFE. THIS MAY REQUIRE A CHANGE IN YOUR ENVIRONMENT. DO EVERYTHING YOU CAN TO ALLOW POSITIVITY INTO YOUR IMMEDIATE SURROUNDINGS. SURROUND YOURSELF WITH PEOPLE WHO CELEBRATE YOU, AND DITCH THE LOSERS WHO MAKE YOU FEEL LESS THAN YOUR WORTH AND VALUE.” prepare to move on. Emotional wellness is one of the keys to a brighter future.

Hurting people hurt people, but well people are a nourishment to others.

5. Commit yourself to targeted development. Personal development plans are to be worked on daily.

Establish goals/objectives, and work on an action plan

to strategically accomplish them.

6. Stretch and challenge yourself. Take on projects that allow you to do things you have never done before.

Take calculated risks.

You never know what greatness you can accomplish if you try to venture out.

7. Have fun and enjoy life in the process. Evaluate those things that do not bring you enjoyment, and determine their overall value to your life. Be brave and make the necessary adjustments.

8. Take care of yourself (mind, body and spirit).

Take your vacation. Find your happy place often.

IAN FERGUSON Do not take everything so seriously, and do what you must to keep your mind and body well. Shalom!

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com

THE TRIBUNE

Friday, October 20, 2017, PAGE 3

GOV’T, BANKS AGREE COMMITTEE ON FEES BAHAMAS CONVERTS FINLAND

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government and commercial banks yesterday agreed to create “a working committee” to examine the industry’s fees and charges, although few details were released.

Dion Foulkes, minister of labour, told Tribune Business that all parties present had agreed to keep their discussions confidential and not saying anything beyond last night’s short press release.

He had previously informed this newspaper that the Government was “serious” about addressing Bahamian consumer concerns over the continuous rises in bank fees, and it is unclear whether last night’s

statement will satisfy the public.

The only development of note was the supposed working committee’s creation, with Mr Foulkes trying to strike a balancing act by saying he “understood the challenges of the banks, and also appreciates the concerns of consumers”.

Mr Foulkes met yesterday with Ian Jennings, Clearing Banks Association (CBA) chairman, and representatives of the six clearing banks, including Royal Bank of Canada, Scotiabank, Fidelity Bank, Commonwealth Bank, Bank of the Bahamas and CIBC First Caribbean Bank.

Also in attendance were representatives from the Bahamas Chamber of Commerce and Employers Confederation (BCCEC); the Trade Unions Congress

(TUC) and the National Congress of Trade Unions; the Prices Commission; the Consumer Protection Commission; and the Bahamas Bureau of Standards and Quality Services.

The talks were describes as “frank and open discussions on the recent increases in banking services”.

Mr Foulkes also met with the governor of the Central Bank of The Bahamas, John Rolle, in a separate meeting.

The Central Bank, the banking industry’s regulator, has previously stated its opposition to imposing price caps on commercial bank fees, warning that this could have unintended negative consequences for consumers.

It has exhibited a preference for addressing the issue via greater competition and consumer education.

EXUMA LEADS GROWTH VIA 14% STOPOVER INCREASE

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net EXUMA is experiencing the fastest growth rate of any multiple-island destination in the Bahamas, with its 46,000 stopover arrivals year-to-date representing a 14 increase.

Joy Jibrilu, the Ministry of Tourism’s director-general, told the 10th Exuma Business Outlook conference that the increase had been largely driven by the introduction and reliability of jet service such as Air Canada from Toronto; American and Silver Airways from Florida; American Airlines from North Carolina; Delta from Atlanta; and Bahamasair and Sky Bahamas providing lift from Nassau.

“Their combined efforts have generated just over 46,000 stopover arrivals year-to-date, which is 14 per cent more business

FROM PAGE 1 have to target its young diaspora in New Providence and other regions, and attract talented, young, skilled entrepreneurs to energise these efforts and deliver the economic growth that is to come.”

Mrs Jibrilu said the Government has signalled its intentions to aid small business development through financial and technical support programmes, initiatives to attract skilled Bahamians working abroad, and the concept of public-private partnerships (PPP).

“It is my hope that the paradigm of public-private partnership, which is exhibited in the high level of collaborative engagement between the Chamber, the Government, investors and civil society, and which is so palpable and already in play in Exuma, and layered with the entrepreneurial spirit of Exumians, will continue to lower barriers and promote more fluid, responsible, dynamic and successful development of this unique and very special tourism destination,” she said.

“International air access and international publicity are the levers which have been operating to organically position and propel Exuma on the world stage.

From all of our experiences with the Fyre Festival, and with Hurricane Matthew, we all now know the pitfalls of siloed communication.

“This can be countered by close stakeholder collaboration and selective engagement to ensure that, moving forward, Exuma capitalises on only those business opportunities that uphold and protect the brand’s image and reputation in the marketplace.”

Mrs Jibrilu said Sandals Emerald Bay continues as the leading tourism anchor in Exuma, with around 650 employees and more than $140 million invested in Exuma’s economy.

She added that the $20 million Exuma International Airport is expected to be completed in 2019, with the new design and management to improve operating efficiency and sustainably manage current and forecasted growth over the next 10 years.

delivered this year than over the same period last year,” said Mrs Jibrilu.

She added that complementing the airlift to Exuma were numerous upgrades to the tourism plant throughout the destination.

Mrs Jibrilu said February Point, one of the legacy high-end resorts of Great Exuma, is undergoing a $40 million expansion and nearing completion on development of its 40-boat marina.

“Last year, February Pointe opened its Welcome Centre, restaurant and spa, and construction has now commenced on the first phase of a 20-unit condominium complex, six penthouses, warehouse and dry-dock storage rack for boats,” she said.

“The operators of February Point have been stellar corporate citizens through financial contributions made to local public health and emergency

management agencies, and a generous donor to the Cancer Society of Exuma, local schools, sporting clubs and local events.”

Mrs Jibrilu also highlighted boutique developments such as Peace ‘N’ Plenty and Lumina Point on Stocking Island, which opened in February.

Lumina Point is a 12-room solar-driven retreat that caters to an eco-conscious clientele.

Mrs Jibrilu said the $250 million Children’s Bay Cay and Williams Cay project, by Swiss businesswoman Donna Bertarelli, is under development and expected to employ 200 Bahamians when operational.

She suggested these projects will drive the migration of Exumians back home, and provide small business opportunities in farming, boat tours, ferry transportation, marina services, spa and wellness and retail.

GOOD LABOUR EXUMA’S ‘GREATEST LIMITATION’

TAXATION DEAL TO AUTOMATIC THE Bahamas yesterday upgraded its tax information exchange agreement with Finland to the automatic variety, as it bids to meet global standards by September 2018.

K P Turnquest, deputy prime minister, signed the Protocol to Amend the Tax Information Exchange Agreement between the Bahamas and Finland, with the latter’s ambassador to the Caribbean, Jukka Pietikäinen, signing on behalf of the European nation.

Mr Turnquest said: “By the implementation of the Common Reporting Standard, the Bahamas shows its intent on remaining a well-regulated, compliant and legitimate international financial centre with a strong anti-money laundering (AML) and counter-financing of terrorism (CFT) regime.”

Yesterday’s signing ceremony upgrades the first Tax Information Exchange Agreement (TIEA) with Finland, which facilitates the exchange of information on request.

The agreement now facilitates the automatic exchange of tax information, bringing it into compliance with the Organisation for Economic Co-operation and Development’s (OECD’s) Global Common Reporting Standard (CRS)- the new global standard.

Mr Turnquest said the Bahamas’ Automatic Exchange Financial

Account Information Act came into effect on January 1, 2017, with the accompanying regulations approved and brought into force on March 7, 2017.

“The Bahamas will commence exchanging financial account information with its AEOI (automatic tax information exchange of information) partners in September 2018,” he added. “By signing this protocol today, the Bahamas and the Republic of Finland will now be AEOI partners.”

Mr Turnquest said that at the outset, the Bahamas chose the OECD Global Forum’s bilateral approach as the method for automatically exchanging information. However, on May 29, 2017, the Government formally indicated to the OECD its interest in becoming a party to the Multilateral Convention for Mutual Assistance on tax matters.

“The Bahamas will continue assisting and co-operating with jurisdictions in the effort to deter and prevent tax evasion and avoidance, and increase transparency and exchange of information for tax purposes,” he said.

Mr Turnquest added that tax evasion and avoidance were common problems experienced by many countries, and eroding the basis of tax systems and destroying the reputation of legitimate international financial centres (IFCs).

PAGE 4, Friday, October 20, 2017

THE TRIBUNE

Investment bar cut for troubled Family Islands FROM PAGE 1 lower permanent residency investment thresholds could be applied to parts of an island - not just a whole island.

The Government’s policy initiative will likely be warmly welcomed by realtors, attorneys and other Bahamian professionals who benefit from the second home market, some of whom have called for just such an approach in recent weeks.

It also ties into the Commercial Enterprises Bill, which establishes ‘specified commercial enterprise zones’ “for the purposes of rationalising infrastructure investment, efficient land use or the encouragement of clusters of commercial development”. Investment incentives specific to each zone can be developed.

George Damianos, Damianos Sotheby’s International Realty’s president, urged the Government to be “a little more creative” with the permanent residency product in a recent Tribune Business interview, and move away from the ‘blanket’ threshold standard.

The rationale behind Mr Damianos’s proposal was that lower permanent

residency thresholds for struggling island economies would entice wealthy foreign buyers to those locations, spreading them throughout the Bahamas and helping to distribute economic activity more evenly, given that the spending generated by their presence will create jobs and boost businesses.

He was backed by Terence Gape, senior partner at Dupuch & Turnquest, who told Tribune Business that the Government needed to use permanent residency as an economic stimulus tool and cut the threshold to $350,000 for Freeport.

Tribune Business understands that $350,000 is the number being considered by the Government for Freeport, and the ‘horses for courses’ threshold approach has received further backing from prominent realtors and Chamber of Commerce executives.

Mario Carey, chairman of Better Homes and Gardens MCR Bahamas Group, told Tribune Business in a recent interview that he “totally agrees one size doesn’t fit all”.

“Every island should have its own threshold based on activity,” he suggested. “Every location,

every island, has its own market. That’s very real.

How come we’ve been so closed-eye to that, and thinking that, for so long. It makes a lot of sense.

“To buy a property for $500,000 in Long Island, it would be one of the most expensive properties there.

You’re not going to spend that; are you ever going to get out? We’re in a very competitive market, and a lot of people are going after these investments. We’re not in a bubble.”

Roderick Simms, head of the Chamber of Commerce’s Family Island division, told Tribune Business that a properly “tailored” permanent residency policy could help the Bahamas “get a return” on its considerable infrastructure investments throughout the archipelago.

He argued that residency certificates for Family Island homeowners mandate that they live on a specific island for at least nine months of the year, otherwise these and other benefits will be taken away.

“We have to attract people to other parts of the country, as the growth of the Bahamas is in the Family Islands, not in Nassau,” Mr Simms said. “Maybe you need to decrease it to $150,000 for Inagua, $250,000 for Mayaguana.

“The investment policy needs to be tailored to each island; the permanent residency threshold needs to be tailored to each island economy. They have reside on a particular island for nine months of the year, and if they violate that the residency permit is null and void. “It can’t be transferred

around the country. You have to stay in that island.

We can’t allow people to come through Inagua to Nassau. Your permanent residency is married to the island that you invest in.”

Mr Simms added that the Bahamas needed to “decentralise” its economy, and attracting second home owners and foreign investors to the Family Islands could provide the taxes necessary to sustain their infrastructure.

“We’re too Nassau-centric,” he added, “and we have so much infrastructure on these islands as it is. We have to find ways to get a return on the investment we have in the Family Islands.

“We have millions of dollars in electricity lines, water lines. We have to find ways to get a Return on Investment (ROI) back. We have to look at them individually; we have to look at them as island states.”

Mr Symonette, though, strongly hinted that the Government plans to increase the permanent residency investment threshold from $500,000 to $750,000 for New Providence and stronger island markets.

He emphasised that the threshold only applied to second homeowners/ investors seeking speedy approval of their permanent residency applications, and was not meant to be a deterrent or bar.

“If you look at the value of housing in the Bahamas, $750,000 is not out of line,” Mr Symonette told Tribune Business. “I’ve met with people who raised objections, I see their

NOTICE

NOTICE is hereby given that CHRISTINE ELOISE HANNA of Pine Forest, Eight Mile Rock, Grand Bahama, 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 twentyeight days from the 20th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JOHN SEJOUR of Minnie Street off Balfour Ave., New Providence, 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 twentyeight days from the 20th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

concerns, and we’ll take a look at whether or not we can accommodate them with what we are trying to achieve.

“We’re trying to attract wealthy clients that bring something to the Bahamas by way of permanent residency. When you look at the real estate market and see what $500,000 buys you, and what $750,000 buys you, it’s pretty clear where we want to be.”

The Bahamas Real Estate Association (BREA), and its members, have been opposed to any increase in the real estate investment threshold for expedited permanent residency applications. They were against the former Christie administration’s plans to raise this to $1 million, and have taken a similar stance on its successor’s plan - albeit that the proposed increase is 50 per cent less.

Tribune Business understands that the Government has been asked to consider a smaller increase to $600,000, with real estate and other industries’ concerns centred more on ‘the bigger picture’.

They believe the increase to $750,000 cannot be

viewed in isolation, and has to be compared to the thresholds/benchmarks established for permanent residency and citizenship in other Caribbean jurisdictions - especially given the background of ever-increasing competition for foreign direct investment (FDI) and second homeowners.

With the likes of Antigua & Barbuda, St Kitts and Nevis and St Lucia all around $200,000-$250,000, the private sector’s fear is that the Bahamas will become uncompetitive and price itself out of this market.

Mr Symonette, though, said the Government had to ensure the permanent residency system was not abused when it came to real estate investments.

He pointed to cases where foreigners bought Bahamian real estate, only to immediate sell or ‘flip’ it for profit, yet clung on to their permanent residency status.

“We have to make sure there are added benefits to permanent residency, and that it’s not being used as an added tool in their toolkit,” Mr Symonette told Tribune Business.

NOTICE

NOTICE is hereby given that CLEMENT VILCIN of Charles Vincent Street, New Providence, 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 twentyeight days from the 13th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SELAVIE NANNO of Lewis Street, New Providence, 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 13th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ANDRE JUNIOR PREDELUS of Roman Street, Fox Hill, New Providence, 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 twentyeight days from the 20th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

HELP WANTED ULTRASOUND TECHNICIAN To all our valued customers

Fulltime Ultrasound Technician needed for Abaco clinic.

• Housing provided • Attractive benefits

will be closed for inventory Friday, October 20.

We will reopen for business Monday, October 23.

We apologize for any inconvenience caused.

-Management

Please call 821-8822 NOTICE

VNTAR LIMITED N O T I C E IS HEREBY GIVEN as follows: a) VNTAR LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. b) The dissolution of the said company commenced on the 18th October, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 20th day of October, A. D. 2017 _________________________________ Octagon Management Limited Liquidator

THE TRIBUNE

Friday, October 20, 2017, PAGE 5

Tourism: 30 per cent of marketing ‘not putting heads in beds’ FROM PAGE 1 Mr D’Aguilar told Tribune Business that the figures were “a concern”, but blamed the negative trends on a combination of Baha Mar’s phased opening and loss of room inventory due to refurbishments at Atlantis’s Coral Towers and the RIU Paradise Island.

He reaffirmed his primary goal of increasing higher-spending stopover visitor numbers, but indicated his marketing efforts were being frustrated by a lack of available funds.

“We’ve devoted everything, it seems,” he told Tribune Business. “An enormous amount of funds has been devoted to sporting events, and sponsoring sporting teams. I don’t think it’s generated heads in beds, and there are a lot of funds in these contracts.”

With almost two-thirds of the Bahamas’ stopover visitor market booking online, Mr D’Aguilar added: “It shouldn’t be difficult to work out that you have to focus on targeting engines like Expedia.

“This is where we need to direct our available marketing dollars, because this is where people go to search for vacations. We need to reallocate, but we’re locked into these long-term contracts which don’t allow things to adjust; LPGA, football teams...... Everyone knows of the Bahamas, but we need to go where people search for vacations.”

While declining to reveal a dollar figure, Mr D’Aguilar told Tribune Business that around 30 per cent of his Ministry’s marketing budget was locked

into contracts ranging from two to five years in length.

The Minister’s comments highlight the difference in tourism marketing approaches between Mr D’Aguilar and his predecessor, Obie Wilchcombe. The former is focused on targeting the online and social media space, like the last FNM tourism minister, Vincent Vanderpool-Wallace, while the latter was focused on a physical office network of Bahamas Tourism Offices (BTOs) and attracting major sporting events/ teams to the Bahamas.

The latest marketingrelated controversy has surfaced just as BHTA data shows the major Nassau/PI properties trending in the wrong direction. Room revenue for the eight months to end-August 2017 was down 7 per cent year-over-year, with only April (Easter’s timing) and June posting like-for-like increases.

Stopover visitors to New Providence were off 6 per cent for the same eightmonth period, with only April producing a yearover-year increase, while room nights sold were off for every single month - finishing August down 5 per cent for 2017 to-date.

RevPAR, a key indicator of hotel performance as it measures yield from available room inventory, was also down 8.7 per cent for the eight months to endAugust, standing at $172.28 compared to $188.68 for 2016. RevPAR was off in seven out of eight monthly comparisons, only increasing in April due to the Easter timing.

Occupancies were also down for all eight months of 2017 to-date, closing the period at an average of

70.4 per cent compared to 75.4 per cent in 2016. While average daily room rate (ADR) was down slightly for the period, standing at $244.60 compared to $250.18, it did beat 2016 comparisons in four out of eight months.

Mr D’Aguilar, meanwhile, expressed concern again that the Bahamas’ overall promotional efforts were too fragmented and thinly spread between the hotels, Promotional Boards and the Ministry.

“Our punch, our weight out in the field is spread between a number of engines,” he told Tribune Business. “Whereas if you’re Aruba, Jamaica or a single island destination, you’ve got one marketing product.”

The Minister said the Bahamas’ $50 million marketing spend was split between four vehicles in the shape of his ministry and the Promotion Boards, contributing to a lack of cohesion.

Mr D’Aguilar expressed optimism that “Nassau will be corrected when Baha Mar comes along”, adding: “I’m anxious to get that online as quickly as possible.”

He also took comfort in the improved Family Island performance, where resorts with 50 or more rooms had enjoyed a collective 25.2 per cent increase in room nights sold, and 10.7 per cent growth in available room nights, year-over-year for the eight months to endAugust 2017.

Hotels in the northern and central Bahamas with less than 50 rooms had also enjoyed 12.1 per cent and 7.5 per cent increases, respectively, in room nights sold for the same period.

Career Opportunity Scotia Wealth Management is seeking the services of a

Senior Manager Wealth Compliance Position Summary: The incumbent is part of the Compliance and AML/ATF 2nd line of defense team in The Bahamas that provides oversight of the Wealth management businesses in the North District which includes Trust, Private Banking and Investment. He/she contributes to the success of the Compliance, AML/ATF Enterprise and Ethical Conduct programs by ensuring specific reporting, testing, training, and other initiatives are executed / delivered in support of business strategies and objectives and that all activities conducted are in compliance with governing regulations, internal policies and procedures.

Key Accountabilities for this role: • • • • • • • • •

Oversees and monitors The Bahamas Wealth Management businesses regulatory compliance and AML/ ATF programs to identify areas of regulatory compliance or controls risk, with the view to implementing the necessary enhancements.

Provides support to the Director Compliance in the Northern Caribbean District to monitor the businesses’ Compliance and AML/ATF operations to ensure that regulatory risks are managed effectively and efficiently and in accordance with the firm’s Risk Appetite.

Provides advice and counsel to the Bahamas Wealth Management businesses with respect to regulatory compliance and AML/ATF, products, programs, policies and procedures.

Identifies trends and/or gaps across Wealth Management businesses and reports findings with recommendations on how to improve the effectiveness of first line controls to Compliance and AML/ATF in the northern Caribbean District and Senior Management.

Identify and investigate any systemic issues and trends; determining solutions; preparing writings to Senior/ Executive Management and assisting to ensure approved solutions are implemented.

Manage and coordinate various regulatory requirements as requested by the Central Bank of The Bahamas and The Securities Commission of The Bahamas/OSFI/CBA/Internal Partners (GRM/Risk/) and provide operational support to the Compliance department and other Bank units.

Provide training to the businesses on emerging issues, regulatory trends, and industry best practices.

Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.

Works closely with counterparts in Compliance across Global Compliance and GAMLU to share best practices, avoid silos, and ensure consistency and alignment to the Enterprise Compliance and AML/ATF Framework

Educational/Competency Requirements: • • • • • • • • • • •

A minimum of five (5) years’ experience in the field; Formal training in Compliance and Membership in a recognized professional compliance association (e.g.

Association of Certified Anti-Money Laundering Specialists (ACAMS), International Compliance Association ICA, ); Proficient legal training and knowledge that can be leveraged to support the business.

Post-secondary education with relevant experience in the financial services industry, preferably within a regulatory compliance, audit or risk management function.

Extensive knowledge of securities trading, money-laundering and settlement risks would be an asset.

Strong analytical skills, results orientation and data driven approach in decision making (via KPIs and Metrics); Ability to drive success in a high performing, flexible and small team environment; Excellent knowledge of Wealth Management business and regulatory compliance requirements; Strong analytical and communication skills, results orientation and data driven approach in decision making; Experience with providing insights to and interacting with the business; Experience using analytics to identify areas of risk and opportunities for improvement;

Functional Competencies: • • • • • •

Strong Administrative and reporting skills Excellent communications skills, both written and oral, as well as analytical and negotiation skills, Strong interpersonal and organizational skills , Excellent relationship building and interpersonal communication skills Excellent presentation skills High degree of computer literacy.

Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before October 27, 2017.

Note: Only persons short-listed for an interview will be contacted.

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

PAGE 6, Friday, October 20, 2017

THE TRIBUNE

MARKET REPORT WEDNESDAY, 18 OCTOBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,004.95 | CHG 35.27 | %CHG 1.79 | YTD 66.74 | YTD% 3.44 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.15 5.83 8.60 6.30 4.60 14.49 2.59 1.60 6.00 10.00 11.00 3.95 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.26 0.12 3.80 8.40 5.83 3.15 10.00 2.18 1.40 5.80 8.75 6.38 3.35 6.61 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

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 2.09 3.96 1.97 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.28 17.43 9.09 3.65 1.26 0.15 3.92 8.60 6.10 4.30 10.01 2.58 1.40 6.00 9.75 6.38 3.85 7.01 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 1.00 LAST SALE 100.00 100.00 100.00 109.59 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.65 1.26 0.15 3.92 8.60 6.10 4.54 10.01 2.57 1.40 6.00 9.75 6.38 3.95 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.24 0.00 -0.01 0.00 0.00 0.00 0.00 0.10 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 1.00

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.41 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.18 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

400 5,000

500 470 1,000

VOLUME

NAV 2.09 3.95 1.97 174.30 146.25 1.51 1.64 1.59 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.196 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.450 0.000 0.113 0.140 0.600 0.000

P/E 9.6 18.7 N/M 6.8 N/M N/M -4.6 14.1 10.6 23.2 17.2 25.2 3.6 4.9 13.1 11.1 12.7 -10.5 23.0 0.0

YIELD 1.87% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.64% 5.69% 2.33% 3.57% 4.83% 4.62% 0.00% 2.86% 2.00% 4.80% 0.00%

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

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

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

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 2.92% 4.43% 0.98% 1.19% 1.54% 2.45% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Aug-2017 31-Aug-2017 25-Aug-2017 30-Jun-2017 30-Jun-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

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 - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

Exumians ‘locked out of prosperity’ FROM PAGE 1 He continued: “We’ve seen Exumians locked out of prosperity because of an imbalance of government investment in infrastructure, education and training, compared to the many millions of dollars Exuma pours into the Public Treasury each year.

“Let’s forget, for a moment, the unpaved roads, the spotty Internet, the lack of cable services in many areas. Let’s forget the historic lack of investment in an international airport that has seen increased traffic, again taxes pouring in, but not being properly reinvested.”

Mr Cooper acknowledged that a new airport was in the pipeline, but said Exuma’s mini-hospital still needs to be fully opened and functional. “I am convinced that once it is, this will allow us to be a hub for the south-east Bahamas, and can serve as the platform for a medical school and also medical tourism,” he said.

“I went along the campaign trail and talked to so many people who had nothing to do, no connection to the opulence of Exuma, just miles away from people who have waited years for taxi plates to service the increasing volume of visitors. We are home to multi-millionaires and billionaires, perhaps more per capita than anywhere else in the Bahamas – perhaps anywhere else in the world.

“Exuma is home to celebrities and world-famous colonies of swimming pigs, some of the best fishing and most beautiful water on planet earth, just miles away from settlements where young men have no access to capital to buy boats, or training to man them to conduct tours.

There is an imbalance in Exuma; one that I would be foolish to ignore and disingenuous not to point out.”

Mr Cooper said more Exumians must reach positions of economic ownership and partnership with major development projects. “Exumians don’t want handouts; we simply want access,” he added.

“We want to be a part of this growing economy.

Does that mean we don’t want foreign direct investment? Of course not; that would be foolish. When we look at Exuma and the projects coming in, the money being spent, we want our partners and our government to understand that we want investment in this economy, too.”

Mr Cooper said that while jobs would be a good start, Exumians want more. He encouraged residents, and descendants of Exumians, to return home to seize opportunities that now exist as well as create new ones.

Outlining his eVision2030 plan, Mr Cooper said it calls for striking a balance between making Exuma the most attractive place in the Bahamas for investment with fast approvals; the use of local skilled labour; education; training; infrastructure; and massive development of ports and Elizabeth Harbour.

Arguing that Exuma needs sustainable economic development, participation by Exumians and a skilled labour force, he added: “With respect to eVision 2030, in an affirmation that I believe in these programmes I am prepared to put my money where my mouth is, and I am pleased to announce that I have already committed 100 per cent of my MPs salary will come back to Exuma and Ragged Island for these programmes.”

THE TRIBUNE

Friday, October 20, 2017, PAGE 7

‘New industries can’t wait long for work permits’ FROM PAGE 1 ‘specified commercial enterprise’ to obtain an Investments Board certificate granting it a specific number of work permits for certain positions. A special unit within the Investments Board, called the Commercial Enterprises Facilitation Unit, will be created to oversee this process.

The ‘certificate’, which will initially be issued for one year and can be renewed, would allow key personnel to set up the company’s physical operations in the Bahamas before they obtained a work permit.

Such a permit must be applied for within 30 days of their entry, and the Bill mandates the Director of Immigration to make a decision on approval within 14 days of receiving the application. Should the Director not respond within that timeframe, the work permit is “automatically deemed to have been granted”.

Work permits issued under the Bill’s provisions will be for a three-year period, and are renewable for the same duration. They can only be revoked on grounds of “public safety, public morality or national security”.

The legislation is thus designed to bring certainty and predictability to the work permit approval process, something often cited as a major impediment to the smooth conduct of commerce in the Bahamas.

The ‘specified commercial enterprise’ legislation is targeted at industries that are foreign exchange earners, and which have been cited by the Minnis administration as part of its economic growth and diversification strategy.

Financial services leads the way with reinsurance; captive insurance; investment fund administration; arbitration; wealth management; international trade and international arbitrage included in the ‘fast track’ work permit sectors.

Also listed in the Bill are technology-related industries such as computer programming; software

design and writing; bioninformatics and analytics; nano technology; and biomedical health facilities.

The Government has targeted Grand Bahama as a technology hub, and the inclusion of ‘boutique health facilities’ on the ‘fast track’ list adds to the focus on health. Data storage and warehousing are also present, as is aviation registration and ‘approved’ aviation maintenance operations - again sectors that have been identified by the Minnis administration as potential growth drivers. The list is concluded by ‘call centres’ and manufacturing and assembly/ logistics businesses.

Mr Symonette told Tribune Business yesterday: “The spin-off effects will be that managers and secretaries rent offices, buy cars, go to grocery stores..... the whole gambit.

“It [the Bill] goes along with other aspects of rationalising the Immigration process, which we’ve been working on, and the ease of doing business so that we can gradually get rid of some of the nuisances out there that get in people’s way.

“These matters are being taken into consideration, and it all goes hand in hand.

It’s part of a larger plan that will become apparent going forward.”

The Government’s strategy is that through attracting new industries, the private sector and Bahamian economy will expand and create jobs once again. Their presence will boost employment and activity in other sectors, as ‘a rising tide lifts all boats’, and the Government will in theory - see an increase in tax revenues, reduced deficits and less reliance on the public sector for jobs.

Mr Symonette said the Bill sought to safeguard Bahamians interests, as the focus on particular industries means not every expatriate will be able to enter the country without first possessing a work permit.

And, apart from a minimum $250,000 investment, companies applying for

NOTICE

NOTICE is hereby given that CHARLES ST.JEAN DORELUS of Burial Ground Cr. New Providence, 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 20th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SAMUEL SIMEON of

Minnie Street off Balfour Ave., New Providence, 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 20th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

the ‘specified commercial enterprise’ status must produce a business plan detailing the training and knowledge-transfer opportunities for Bahamians.

“You can’t come here and 30 years later be doing the same thing,” Mr Symonette said. “You have to qualify staff locally and train Bahamians. If we see, in 15 years’ time, a company still with 15 expatriates and no Bahamians, I don’t have to say much. We’ll know it has not achieved what it sought to achieve.”

He suggested that the Bill also offered opportunities to diversify the financial services industry, which is under continuous tax and anti-money laundering pressures, away from its current model.

“We need to make sure the economy continues to grow, and you know better than I do that the financial services industry has been mired in the Common Reporting Standard (CRS) and the like, and countries are concerned about the future of their industries,” Mr Symonette told Tribune Business.

“We have to make sure we diversify, and look at creative ways that bring new industries into the Bahamas to continue the employment of many Bahamians.”

Mr Symonette said the Bill allows the Minister responsible, currently himself, to increase the number of eligible industries without having to go to Parliament. He added that ‘specified commercial enterprise zones’ allowed the Government to designate specific incentive packages for businesses that elected to base themselves in specific locations outside Nassau and Freeport.

Career Opportunity Scotiabank (Bahamas) Limited is seeking the services of an

Manager Enterprise Compliance Position Summary: Leads and oversees a team responsible for Enterprise Compliance Program in (Country), which are the central Regulatory Compliance and Conduct programs and includes responsibility for the e-RCM system identification of new regulatory requirements, managing regulatory reviews and follow up of regulatory issues ensuring compliance risk assessments are current, implementing Scotiabank Enterprise-wide programs including conduct, anti-corruption, FATCA, Volcker, compliance programs and oversight for corporate functions, assisting in compliance training, organizing all compliance reporting to local committees, Boards of Directors and to Scotiabank Global Compliance

Key Accountabilities for this role: • Oversees and monitors Country regulatory compliance program to identify areas of regulatory compliance and conduct risk.

• Provides support to the Country Compliance Director Compliance to monitor the businesses’ Compliance operations to ensure that regulatory risks are managed effectively and efficiently and in accordance with the firm’s Risk Appetite.

• Identifies trends and/or gaps across businesses and reports findings with recommendations on how to improve the effectiveness of first line controls to the Director and Senior Management.

• Works with Country management to implement regulatory change, and to enhance controls for existing regulatory requirements.

• Pro-actively identifies potential violations of regulatory requirements, ethical conduct, internal policies and procedures, in a timely manner and makes recommendations to mitigate business, compliance and operational risk.

• Works closely with counterparts in Compliance across Global Compliance to share best practices, avoid silos, and ensure consistency and alignment to the Enterprise Compliance Framework.

• Maintains deep knowledge & understanding of industry issues and practices, regulatory requirements and associated changes.

• Provides training to the businesses on emerging issues, regulatory trends, and industry best practices.

Educational Requirements: • A minimum of five (5) years’ experience in the field; • Formal training in Compliance and Membership in a recognized professional compliance association (e.g. Association of Certified Anti-Money Laundering Specialists (ACAMS), International Compliance Association ICA, ); • Proficient legal training and knowledge that can be leveraged to support the business.

• Post-secondary education with relevant experience in the financial services industry, preferably within a regulatory compliance, audit or risk management function.

• Extensive knowledge of local regulators, requisite regulation and policy as it pertains to area of expertise is preferred.

• Strong analytical skills, results orientation and data driven approach in decision making (via KPIs and Metrics); • Ability to drive success in a high performing, flexible and small team environment; • Experience with providing insights to and interacting with the business;

Functional Competencies: • • • • • •

Strong Administrative and reporting skills Excellent communications skills, both written and oral, as well as analytical and negotiation skills, Strong interpersonal and organizational skills , Excellent relationship building and interpersonal communication skills Excellent presentation skills High degree of computer literacy.

Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before October 27, 2017.

Note: Only persons short-listed for an interview will be contacted.

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

PAGE 8, Friday, October 20, 2017

THE TRIBUNE