business@tribunemedia.net
MONDAY, NOVEMBER 6, 2017
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Gov’t targets full WTO membership by 2019 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
he Minnis Cabinet has approved an “aggressive” push for the Bahamas to become a full World Trade Organisation (WTO) member by 2019. Brent Symonette, minister with responsibility for trade and industry, confirmed to Tribune Business that the WTO process was among the Minnis administration’s priorities as it seeks to re-position the Bahamian economy for
* Minister confirms ‘aggressive’ push * Gov’t undertaking revenue study * Part of plan to liberalise, deregulate economy
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growth via liberalisation and deregulation. “The Government of the Bahamas has considered the question of WTO accession,” Mr Symonette told this newspaper, “and reached a conclusion that we will appoint a chief negotiator and negotiating team, made up of different people from the relevant ministries - Ministry of
Finance, Ministry of Financial Services etc - which will look at the current standing of WTO. “The idea is to see if we can be in a position to accede to WTO in 2019, and then in the meantime there will be public consultation.” Mr Symonette told Tribune Business that
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GB Power’s $15m investment to ‘set bar for Caribbean’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GB Power Company will invest $15 million in upgrading its transmission and distribution (T&D) system over the next five years, as it aims “to set the Caribbean bar for energy reliability”. Archibald Collins, its chief executive, told Tribune Business that the planned investment would ensure the utility’s infrastructure was “strong enough to withstand another Matthew and whatever climate change throws at us”. He said that while GB Power’s earnings
* AIMS TO BE REGIONAL LEADER ON ENERGY RELIABILITY * UPGRADING NETWORK TO ‘WITHSTAND ANOTHER MATTHEW’ * UTILITY’S EARNINGS DOWN 10-15% YEAR-OVER-YEAR were down 10-15 per cent year-over-year, due mainly to the Grand Lucayan’s closure and a sluggish economy post- Hurricane Matthew, the company
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BAHAMAS ‘BEHOOVED’ Fire truck woes ground Bimini TO EYE CORPORATE TAX * GOV’T SHIPPING VEHICLE FROM TREASURE CAY By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas has been urged to assess the feasibility of a corporate income tax without being forced into it by the Organisation for Economic Co-Operation and Development (OECD). Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that this nation needed to review corporate income tax and other reform options “outside” the OECD’s Base Erosion and Profit Shifting (BEPS) initiative. And she emphasised that tax reform had to be analysed “in the broader economic context” beyond just the financial services sector, so that other industries and the economy as a whole benefited from whatever was implemented.
* BUT ‘SEPARATE’ FROM OECD PRESSURE * FINANCIAL SECTOR PUSHES FOR TAX REVIEW * URGES DISCUSSIONS TO START ‘NOW’ Ms McCartney spoke out amid concerns that compliance with the OECD’s BEPS initiative may require the Bahamas to implement a low-rate tax on corporate (company) income, something that K P Turnquest, the deputy prime minister, conceded this nation “may have to look at”. “While it may not require us to, it may behoove us to,” the BFSB chief executive replied, when asked whether the Bahamas was being forced to examine such a tax. “Outside of BEPS, we have to
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Minister of Tourism has estimated “way in excess of $200 million” is required to upgrade the 28 Out Island airports, as fire safety woes grounded Bimini’s tourism economy. Dionisio D’Aguilar told Tribune Business that Silver Airways was currently
* AS SILVER AIRWAYS REFUSES TO FLY TO ISLAND * AIRPORT UPGRADE BILL NOW ‘OVER $200M’ refusing to fly into Bimini because the airport’s fire engine is currently inoperable, and it deems the available equipment insufficient for the size of planes it operates. The Minister said he hoped to resolve the
situation by early this week through shipping a fire truck to the island from Treasure Cay, adding that the problems had no impact on Resorts World Bimini’s recent decision to temporarily lay-off more than 150 staff.
Mr D’Aguilar said he had requested preparation of a Cabinet ‘minute paper’ on the age and condition of fire trucks at all Bahamian airports, after a similar break down saw US airlines temporarily suspend all flights to Exuma last week. He added that the Minnis administration hoped to upgrade the fire truck fleet
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BRENT: ‘DAYS OF NOT PLAYING BALL ARE OVER’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Cabinet Minister has pledged that the Bahamas will no longer be “behind the game” on financial services compliance, adding: “The days of not playing ball are over.” Brent Symonette, minister of financial services, trade and industry and Immigration, told Tribune Business that the Bahamas had no choice but to be fully compliant with international regulatory standards and best practices. He emphasised that this nation could not regard itself as “an archipelago all by ourselves”, and had to be part of the international community by embracing reform and change as “the goal posts move”. Mr Symonette also hit out at the former Christie administration for failing to
* BAHAMAS WON’T BE ‘BEHIND GAME’ ON COMPLIANCE * MINISTER: ‘WE’RE NOT ARCHIPELAGO BY OURSELVES’ * HITS AT CHRISTIE ADMINISTRATION OVER BEPS deal with the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative, despite the financial services industry raising the matter with it. The Bahamas now has to state a “definitive position”, outlining how it will comply with BEPS, by December 2017, and Mr Symonette said it was “par for the course with the
SEE PAGE 11
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PAGE 2, Monday, November 6, 2017
THE TRIBUNE
BTC contractors in key meeting today By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Telecommunications Company’s (BTC) contract workers are expected to meet with management today in a bid to resolve their grievances, a trade union leader has revealed. Bernard Evans, the Bahamas Communications and Public Officers Union’s (BCPOU) president, told Tribune Business he had been able to arrange a meeting between management and the technicians. That meeting is scheduled for 10am today, and Mr Evans said: “I was able to broker a meeting for them with management. They will try and resolve the issues that they have. I get the sense that they might be able to work something out. I’m sure they can find some line of arrangement that will be fair to both sides.”
Dion Foulkes, minister of labour, told this newspaper last week that nearly half the 77 BTC contractors who were told to sign new contracts or be terminated have agreed to the company’s new terms. In a statement last week, BTC chief executive, Dexter Cartwright, said that to-date “all of our existing contractors in northern Bahamas and 38 per cent in New Providence have signed the new independent contractor agreement”. BTC management said there have been no terminations as a result of the contract dispute. “The company met with the independent contractors and discussed the terms and conditions of the new contract, which took effect on November 1. “During the meeting, the contractors were advised of the timeframe to review the new contract and provide comments for
consideration,” the BTC statement said. The BTC technicians’ dispute has its origins in the “involuntary” separation packages taken by technicians in 2015, which resulted in their status changing from BTC employees to contractors. Following their outsourcing, they complained two years later that they received no paid vacation days, resulting in a dispute that went to the Department of Labour. BTC, though, described the packages accepted by the technicians as voluntary after it took measures to position itself to “effectively and efficiently provide services to the consumer”. The outsourcing is likely to have been a mechanism to enable the carrier to slash costs, and better prepare itself for increased competition, by shedding the benefits it would have to provide for direct BTC employees.
Land registry key to better growth By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE creation of a land registry is key to spurring Bahamian economic growth, an attorney yesterday noting it would not be an overnight fix. Andrew O’Brien, the Glinton, Sweeting & O’Brien law firm partner, speaking with Tribune Business on the sidelines of the Bahamas
Association of Land Surveyors conference, said the full implementation of a Bahamian land registry could take several years. “It’s something that I think is inevitable just because it makes so much sense,” said Mr O’Brien. “It will facilitate commerce, lower the cost of real estate transactions and make the system much more predictable and organised. It will also help the Government raise taxes as well. We seem to be inefficient but we’re
improving, and a land registry system is one of the steps that will help.” Petrocelli Edwards, an attorney in the Office of the Attorney Genera,l who was a panellist at yesterday’s conference, acknowledged that a land registry could take many years to be fully implemented. “Whatever the Bahamas government does they have to decide whether the system will be voluntary or compulsory,” said Mr Edwards.
THE TRIBUNE
Monday, November 6, 2017, PAGE 3
Harsher penalties urged for unlicensed surveyors By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
* Top Gov’t official backs land registration
A SENIOR government official yesterday called for stiffer penalties to prevent persons acting as unlicensed and unqualified land surveyors. Thomas Ferguson, the Acting Surveyor General, speaking to Tribune Business on the sidelines of the Bahamas Association of Land Surveyors conference, said: “We have unlicensed persons who
are able to go and do work, and we are not able to to regulate them. Perhaps we need to consider heavier fines for those unlicensed and unregulated persons found to be practicing or purporting to be surveyors. It is a prevalent issue, and has caused a lot of problems in many of the land cases that I have seen.
By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE temporary layoff of 152 Resorts World Bimini (RWB) employees will have a negative ‘trickle down’ impact on the island’s economy, its Chamber of Commerce president says. Edward Reckley told Tribune Business: “There’s
“We see that persons who were never truly qualified went and messed up certain areas when you look at the approved plans, and what should have been done on the ground. If licensed professionals did it they would carry insurance, meaning the insurance would have covered the individual who would have been the purchaser.”
Mr Ferguson said the Department of Lands and Surveys endorsed the one-day conference, dubbed a ‘Prelude to Land Registration and Management’, as it was not only topical but critically important to this Bahamas’ economic development. “Land registration would assist in getting the Bahamas more investors,” he said. “You would
clearly know who owns the land. If there is certainty on land ownership it is easier for a competent seller to sell to a competent buyer, and infrastructure projects would be devoid of the squatter issues and the Quieting of Title, which tends to stagnate land development because many of those cases drag on for lifetime.” Mr Ferguson said land registration would assist realtors, lawyers and town planners, and allow for a smoother construction development process.
BIMINI’S ECONOMIC FEARS OVER LAY-OFFS normally a downturn at this time in Bimini. Bimini is the boating capital, and once the weather is bad there is nothing we can really do. “It will definitely have an impact on businesses as far as all the stores and everything else. From a local perspective it certainly will have a trickle down effect.”
Dion Foulkes, minister of labour, confirmed last week that 152 workers will be affected by the lay-offs, with 14 people to be made redundant. He added that 11 workers have voluntarily resigned at the resort. RWB had 600 workers pre-Hurricane Irma, and staffing levels are expected
to return to 575 once staff have been re-engaged. In a statement last week, RWB president, Missy Lawrence, pointed to a dramatic drop in tourism across the entire Caribbean due to a bad hurricane season as she confirmed the “anchor property” has started to “curtail staffing”.
“While Resorts World Bimini is now open and operational, we are still in the process of recovering from the damage caused by Hurricane Irma,” Mrs Lawrence said in a statement. “Commercial airlift
continues to only serve a small portion of our guests, and the current ferry service is limited during the winter months due to inclement weather. As a result, we have made the hard decision to curtail staffing until a time when increased resort visitation warrants a re-evaluation.”
AIRLINE CHIEF: ASK INVESTORS TO HELP ON AIRPORT UPKEEP By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A Bahamian airline executive yesterday said the Government should ask major Family Island investors to contribute to maintaining airports, arguing that it is challenged in meeting international standards. Captain Randy Butler, Sky Bahamas chief executive, spoke out after it was revealed last week that flights from the US to Exuma International Airport had to be suspended for several days because the airport’s fire engine was out of service. The issue was highlighted by Exuma MP, Chester
Cooper, who alleged that the economic impact of the closure would be in the “hundreds of millions of dollars” and adversely impact the island’s tourism product”. Dionisio D’Aguilar, minister of tourism and aviation, said the problem was caused by years of neglect when it came to maintenance of the airport’s fire truck. Tribune Business understands that the issue has since been resolved. Captain Butler said that while domestic flights were not impacted, having an operable fire truck was a requirement outlined by the International Civil Aviation Organisation (ICAO) to operate international flights. “My suggestion was that on
these islands like Exuma, where you have major developers like Sandals, the Government should lease the airport, although the Government would continue to be involved by providing services such as Customs and Immigration,” he explained. “The same could be done on San Salvador, where most of the activities revolve around Club Med. I believe that these developers would be glad to contribute to the upkeep of these airports. There is no way that the Bahamas government could maintain all of the airports across the country to international standards; you can’t afford it.” Exuma investor Burton Rodgers, part of the group that recently acquired the
Peace & Plenty resort, told Tribune Business: “From what I understand the issue has been dealt with. Certainly, there would have been an impact. “Tourism is Exuma’s bread and butter, and anything that affects that is obviously going to have an impact on the local economy. I just hope that the necessary measures are put in place to ensure that we don’t have this kind of thing happening again.”
Invitation for Expression of Interest (EOI)
Project Name: Contract Project Location: Deadline:
EMPLOYMENT OPPORTUNITY Bank of The Bahamas Limited, the institution of first choice in the provision of financial services, seeks to identify suitable candidates for the position of:
OFFICER-IN-CHARGE, BIMINI BRANCH General Accountability
This position is responsible for the overall success of the team. It includes achieving branch goals by planning, monitoring, coaching and executing sales and service activities. This position has responsibility for embedding and sustaining sales and service management activities in the branch as well as selling customized financial solutions using a financial approach to meet customer’s needs.
Key responsibilities: • • • • • • • • • • • • •
Oversees the operations of the branch to ensure that staff have appropriate resources; Works in a supervisory capacity providing instructions to associates, demon strating job requirements and preparing work schedules; Conducts monthly and weekly audits by reviewing the work of team members; Carries out account management such as processing inquires, account up dates, holds, auditing and filing dormant account files; Performs duties of Treasury Custodian; Completes credit applications and forwards to Credit Adjudications for approval; Monitors retail and small business delinquency and overdrafts; Conducts periodic reviews of small business loans and merchant services as required; Manages and monitors the deposit portfolio to hold the bank safe from losses; Develops a branch Business Plan to achieve team goals based on market analysis; Creates an environment of continuous improvement by providing guidance to staff, assisting them in achieving their sales and activity goals; Facilitates weekly sales meetings; Reviews results of Bank’s customer satisfaction survey and leading the development of an action plan to address key issues
Minimum Requirements: • • • • • • • •
Bachelor’s Degree and Accounting background 3 or more years’ experience in Bank Operations In-depth knowledge of governmental laws and Bank policy, regarding credit and financial transactions to ensure branch operations are in order and comply, including RPC policies, current Financial Transactions Reporting Act, Bank and Trust Act, FATF Act to coach staff and ensure all branch operations are in compliance Detailed knowledge of Bank policies and procedures and services to appropriately direct and give guidance to associates and customers Strong supervisory/ managerial skills Proficiency in the use of the Microsoft Office suite of products. Excellent organization, oral and written communication skills Strong accounting skills
Benefits include: Competitive salary commensurate with experience and qualifications; Group Medical (includes dental and vision) and life insurance; pension scheme. Interested persons should apply no later than Thursday November 9, 2017 to: Email: hr.apply@bankbahamas.com
Central Bank of The Bahamas Janitorial Cleaning Market Street, New Providence, Bahamas By 5:00 pm on 10 November, 2017
The Central Bank of The Bahamas (“the Bank”) invites Expression of Interest submissions from suitably competent, professional, and experienced companies for the provision of its janitorial services. Companies must demonstrate expertise, competency and previous experience in delivering services of a similar scope and type, and have local availability of personnel and resources. They should employ their best efforts to perform this work diligently and in an expeditious manner, consistent with the best interest of the Bank. The successful vendor will be required to provide all tasks incidental to cleaning functions that are normally included in general janitorial practices. Companies must provide and demonstrate the following in its EOI submission: • Company profile/history, inclusive of references • Display relevant skills and experience as well as industry knowledge to effectively carry out the services. (Provide references of companies to whom service is currently provided). • Evidence of adequate human and professional resources and associated abilities to meet the service needs. (Provide curriculum vitae of key professional). • Evidence of adequate insurance coverage. • Legal status: e.g. current company documentation and Tax Compliance evidence. The EOI is an invitation to receive responses from prospective parties in keeping with the terms and conditions expressed herein. The Bank is not bound to accept any of the EOI responses received and reserves the right to cancel this EOI at any time or reject any or all EOIs without assigning any reasons thereof. The Bank will consider all EOI responses received and formal tenders will be invited from companies that will be required to complete a Request for Proposal (RFP), which will be available on Monday, 6 November 2017. Failure of a party to provide information that is essential to the evaluation of this EOI may result in rejection. Discovery of incomplete, incorrect or false information will result in immediate rejection. Interested local companies wishing to be considered for inclusion in the Request For Proposal process should submit their EOI in a sealed envelope addressed to: The Central Bank of The Bahamas Administration Department Attention: Mr. Ian B. Scott Fernander, Manager Email: IBFernander@centralbankbahamas.com Frederick & Market Streets Nassau, The Bahamas Tel: (242)-302-9801, Fax: (242)-356-4324 By 5:00 P.M. on 10 November 2017 PROPOSALS WILL NOT BE ACCEPTED AFTER THIS DATE AND TIME
PAGE 4, Monday, November 6, 2017
THE TRIBUNE
Grand Bahama’s cruise tourism rating still ‘subpar’ GRAND Bahama’s ranking as a cruise tourism destination “remains subpar and requires immediate attention”, a senior Grand Bahama Port Authority (GBPA) executive has admitted.
Derek Newbold, senior manager of business development for the GBPA and its Invest Grand Bahama (IGB) affiliate, said this was the message received from the cruise lines, with Carnival revealing that just
25-30 per cent of its passengers purchased tours on the island. The feedback came as the GBPA sought to promote Grand Bahama as ‘open for business’ at the 24th annual Florida-Caribbean Cruise
www.ub.edu.bs
Association (FCCA) conference and tradeshow in Merida, Mexico, last week. A four-member team drawn from the GBPA, Ministry of Tourism and Freeport Harbour Company attended the event to reintroduce the island’s tourism product to the cruise lines, and address some of the challenges facing the destination. “FCCA is a strategic event on GBPA’s promotions calendar; one done in collaboration with our partners at the Freeport Harbour Company and the Ministry of Tourism,” said Mr Newbold. “We had very insightful and productive meetings with several cruise lines, who shared some interesting statistics. For example, Carnival Cruise Lines revealed that of the 25-30 per cent of passengers purchasing tours for Grand Bahama, a high percentage of them are enjoying favourable tour experiences with local operators. “We found this to be very encouraging, as the numbers clearly validate the island’s ability to produce quality experiences for our guests. However, notwithstanding a satisfactory rating on tours engaged, the destination’s overall ranking remains subpar and requires immediate attention. “In years past, there was a certain level of ambiguity when it came to determining how the lines computed destination rankings. We now know exactly what we are being rated on and the industry benchmarks for each category. This provides us with a tremendous opportunity to provide laser focus on those areas where we are under-performing as a destination.” Specialised forums at the FCCA conference address every aspect of the cruise industry, giving attendees direct input from the 19 member cruise lines who decide where ships call, what is sold and used onboard, and how to invest in destinations and infrastructure. Ian Rolle, the GBPA’s president, said a ‘Cruise Excellence Training’, scheduled for November, will focus on building tour capacity as well as diversity. “Grand Bahama needs to
PICTURED from L to R at the Florida-Caribbean Cruise Association (FCCA) conference: Glenda Johnson, director of cruise and maritime development, Ministry of Tourism; Orland Forbes, director of Freeport Harbour Company; Betty Bethel, director at Ministry of Tourism on Grand Bahama; and Derek Newbold, senior manager of business development at the GBPA and Invest Grand Bahama. increase its shore excursion capacity to accommodate more passengers from vessels currently calling on Grand Bahama,” he said. “The ‘Cruise Excellence training’ as presented by Aquila, exclusive training partners of the FCCA, will introduce new tour and product concepts tailored uniquely to our destination, which can become business opportunities for existing or aspiring entrepreneurs. “As a destination located only a stone’s throw away from major South Florida home ports, we have a tremendous opportunity to build our tourism product, rebrand our destination and gain market share within the cruise sector. We must capitalise on this opportunity today.” Betty Bethel, the Ministry of Tourism’s director for Grand Bahama, added: “The FCCA conference and trade show has proven
very productive and fruitful for Grand Bahama, as we’ve gleaned a better appreciation of the expectation of the cruise visitor. We now know without a doubt that our product offering needs to be more diverse, and more heritage and culturally oriented.” “The Minister of Tourism, Dionisio D’Aguilar, has said that one of the Ministry’s goals is to get more passengers off the cruise ships and increase spend on the destination. The Ministry of Tourism is therefore especially pleased to partner with the Grand Bahama Port Authority in the upcoming product development training, which will reinforce and equip tours and attractions entrepreneurs with the skills and techniques required to compete in the competitive cruise environment, while making our destination a premier port of call.”
STAFF Employment Opportunity
Suitably qualified candidates are invited to apply for the following positions available at University of The Bahamas: Receptionist/Clerk I under the supervision of the Vice President Finance. The successful candidate will be responsible for providing clerical assistance which supports the daily operations of the reception area. Among the specific duties and responsibilities are issuing cheques; receiving, screening and directing visitors; responding to general enquiries and answering telephone calls; logging mail and courier packages; assisting with maintenance of the filing system and replying to emails and correspondence as required. Applicants must have at least two (2) passes at B.G.C.S.E level in English Language and Mathematics at Grade “C”. Certifications in the use of Microsoft Office Applications are an asset. Computer Technician II responsible for providing support to the Office of Information Technology in the maintenance and configuring of University computer systems, desktops and peripherals. Specific duties and responsibilities include installing, diagnosing, repairing, maintaining and upgrading all hardware and equipment while ensuring optimal workstation performance; assisting with relocating hardware and accessories; performing computer, printer, copier, scanner and other peripheral maintenance, troubleshooting and upgrades at the University’s main and satellite locations; ensuring that users are able to log-on and open applications on the desktop, and connect to approved network resources and liaising with external vendors. Applicants must have at least an Associate Degree in Computer Studies or equivalent qualifications (in IT or Network Communication Engineering related field or comparable training/experience directly related to telephone repair or equivalent combination of education and experience) AND five (5) years of relevant work experience, as well as a Current A+ Certification. Payroll Assistant in the Office of the Vice President Finance responsible for the timely and accurate input of all payroll transactions. Specific duties and responsibilities include maintaining payroll information by collecting, reviewing and entering data accurately; updating payroll records by entering changes in exemptions, insurance coverage, savings deductions, and job title and department/division transfers; preparing monthly NIB (National Insurance Board) C-10 Forms and requisitions for payment of employee and employer contributions; resolving payroll discrepancies by collecting and analyzing information; providing payroll information by answering questions and requests and assisting with the enhancement of policies and procedures as needed. For full details of each position announcement visit http://www. ub.edu.bs/about-us/career-opportunities/staff/ Applicants should submit the following information to the attention of the Vice President, Human Resources by Wednesday, 8th November 2017 by emailing: hrapply@ub.edu.bs: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • A completed University of The Bahamas Employment Application Form accessible via www.ub.edu.bs/wp-content/uploads/2017/01/Application-for-Employ- ment-Staff.pdf • Current curriculum vitae or resume; • Copies of qualifications and certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date); • Copy of a current N.I.B Card; • At least three (3) written professional references
Electrical Technician -
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Main Duties & Responsibilities: shooting, project and installation work on all plant electrical, instrumentation and continuity of plant operations. Duties include but are not limited to the following: manner. Liaise with Original Equipment Manufacturers (OEMs) on any updates to manuals and/or upgrades to the equipment within the zones thereby ensuring all information
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Ensure the availability of all critical spares parts, tools, manuals and equipment to
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Generate and present reports for management review as required.
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B.Sc. Degree in Electrical and or Electronic Engineering or equivalent production environment Supervisory experience of at least three years
Skills/Core Competencies:
• •
• • • • • •
Good working knowledge of bottling plant machinery and systems Practical knowledge in troubleshooting sophisticated electrical and electronic circuits In depth knowledge of programmable logic controllers Ability to read and interpret electrical and electronics drawings Good problem solving, organizational and communication skills. Strong supervisory skills Computer literacy (Access, spreadsheets, word processing, AutoCAD) function in an intense production environment where timelines Ability to management.
Interested persons must submit resume to the front desk or electronically no later than November 30th, 2017
Caribbean Bottling Co. Sir Milo Butler Highway hradmin@cbchamamas.com
THE TRIBUNE
Monday, November 6, 2017, PAGE 5
Financial sector briefed on profit shift response THE Government has briefed the financial services industry on how the Bahamas plans to respond to Base Erosion and Profit Shifting (BEPS), and other international initiatives. K P Turnquest, Deputy Prime Minister and minister of finance, pledged that the Government would deal proactively with global regulatory initiatives facing the sector, with the BEPS issue now taking priority. The BEPS initiative, which is being driven by the Organisation for Economic Co-Operation and Development (OECD), aims to ensure that the profits of multinational companies are taxed in the country where they are generated. A Bahamas Financial Services Board (BFSB) release, drawing on the OECD’s own language, explained that multinational companies were using often-legitimate tax avoidance strategies to “exploit gaps and mismatches” between different countries’ tax rules and “artificially shift profits” to low or ‘no tax’ jurisdictions. This enables them to minimise their tax exposure by paying a lower rate. More than 100 countries are working together to implement ‘15 actions’ to combat BEPS, which is viewed as depriving developing countries of much-needed tax revenue, while also undermining confidence and compliance with national tax systems.
TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394
The Bahamas has to indicate a definitive position on BEPS by December 2017, and particularly the minimum four standards (out of 15) that it will commit to implementing. The four standards that the Bahamas will likely select are (Action 5): Countering Harmful Tax Practices; (Action 6): Treaty Shopping; (Action 13) Transfer Pricing Documentation and Country-by-Country Reporting; and (Action 14) Dispute Resolution. Brent Symonette, minister of financial services, trade, industry and Immigration, told the seminar that efforts were underway to improve Immigration process efficiency and implement the OECD’s Common Reporting Standard (CRS) for automatic tax information exchange. He added that arbitration, the ‘Centre for Excellence’, and enhancement of government agencies to facilitate the ease of doing business was also underway as the Government sought to reposition the financial services industry for growth.
SHOWN (l-r) are Brent Symonette, minister of financial services, trade, industry and Immigration, K P Turnquest, Deputy Prime Minister and minister of finance, and Carl Bethel, the attorney general, at the briefing. Carl Bethel, the attorney general, gave an update on legislative items that will impact the industry, including the Proceeds of Crime Bill 2017 and the Financial Transactions Reporting Bill 2017. He said the changes are being made to address issues identified during the Bahamas’ recent
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Caribbean Action Task Force (CFATF) Mutual Evaluation, which took place in 2016.
Tanya McCartney, the BFSB’s chief executive and executive director, in response to the industry
briefing, said: “Since the new administration came to office we have been in dialogue on the key priorities for the financial services sector. “We have shared a strategic plan with the Government, which highlights the key levers that must be addressed as we seek to reposition this important pillar of our economy. “We are pleased that ease of doing business and Immigration policy and process reform are being given focused attention. “We also see the need for a review of the Bahamas’ tax system with the objective of rationalising it, enabling the Bahamas to enter into bilateral investment agreements and tax treaties that are beneficial to the overall economy. Further, it is imperative that we get ahead of the regulatory initiatives that face our sector.”
PAGE 6, Monday, November 6, 2017
THE TRIBUNE
Government targets full WTO membership by 2019 FROM PAGE 1 becoming a full WTO member was part of the Government’s strategy to overhaul the Bahamas’ current economic model, and open up new GDP growth possibilities by attracting new industries and businesses to domicile in this nation. “We can’t be over-regulated and controlled, and still join the WTO,” he explained. “The two are totally opposed to each other. “It’s part of the Government’s plan to liberalise the economy and cause growth for future generations. That’s why you see other things like the Prime Minister’s announcement on Immigration changes, the Commercial Enterprises Bill. All of this is part of a repositioning of the Bahamas so that we have other industries. “I’m on my way tonight to Singapore to attend a financial services conference, and while I’m over
there I will be visiting its arbitration centre. That’s another industry we’d like to bring to the Bahamas, so that it creates spin-offs for not just tourism but legal services and other industries.” Mr Symonette also disclosed that the Government was conducting “a revenue review study to see how joining the WTO affects Customs duties and the Budget”. He added: “We obviously cannot do away with certain taxes and not replace them. It has to be revenue neutral.” Import duties and Excise taxes accounted for 27.3 per cent, more than one-quarter, of the Government’s revenue for the April-May 2017 period, the last for which data is available. Translated into the 2017-2018 Budget, this percentage is equivalent to almost $587 million of the projected $2.15 billion recurrent revenue. Given that WTO and other rules-based, liberalised trade agreements view
such ‘border tariffs’ as ‘barriers to trade’, tax reform will become a key issue for the Bahamas if it accedes to full membership given the amount of revenue it needs to replace. This may explain why the International Monetary Fund’s (IMF) recent Article IV report on the Bahamas recommended that this nation introduce a low-rate income tax over the medium term, specifically to replace revenue lost through tariff elimination/ reduction. Other reform options include introducing a corporate income tax (paid by companies on their profits), or increasing the ValueAdded Tax (VAT) rate that is currently at 7.5 per cent and generating 36.2 per cent of government revenues. Mr Symonette’s confirmation of the Government’s WTO accession plan is likely to set off alarm bells in certain parts of the economy, especially among Bahamian workers and small and medium-sized businesses who may
consider themselves unable to compete against larger, deeper-pocketed rivals. Trade unions are likely to fear for their members’ jobs, while industries currently reserved for Bahamian ownership only - such as wholesale/retail operations; real estate; fisheries; public transportation; security services; auto and appliances services; and building supplies distribution - could all be opened to foreign competitors who can establish a physical operation in the Bahamas. The two-year accession timeframe being targeted by the Government is also ambitious, and gives Bahamian-owned companies and workers relatively little time to prepare for what is likely to be a ‘culture shock’ and a complete revamping of the ‘rules of the game’ in terms of the business climate. Mr Symonette, though, pledged that there would be full consultation with the private and public sectors to determine “what the next steps are” on WTO accession before the Bahamas actually takes them. He pointed out that the Bahamas had set a record for the longest-running WTO accession process, having first served notice of
its intention to join under the first Ingraham administration in 2001. “It’s been on the frontburner, off the frontburner, and now we’re just working towards the accession,” Mr Symonette told Tribune Business, emphasising that the Bahamas could not afford to be isolationist. “We are one of the only countries in the region that has not acceded to the WTO. It’s part of being a member of the international community..... It’s going to be an aggressive programme to make 2019.” Mr Symonette added that the private sector’s positions would lead the Bahamas’ approach to the WTO accession negotiations, refuting fears that the Government would determine for itself what was good for local businesses and industries - a concern that was raised under the former Christie administration. “That’s not my way of operating,” he told Tribune Business. “We discuss it and find out the best way forward. The Freeport area and how that fits into it, that’s part of the discussion we have to have; what reservations we need to make in the WTO process and so forth.”
DIVIDEND NOTICE TO ALL SHAREHOLDERS
The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as November 15th, 2017 of $0.14 cents per share
The payment will be made on November 24th, 2017, through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent Robert V. Lotmore Corporate Secretary
The Bahamas will not have to open up all industries to foreign competitors, and reduce/eliminate every tariff line, as it will be able to ‘reserve’ or exempt select sectors from this. But which sectors, and how many, will depend on the skill of this nation’s negotiators. Mr Symonette said the Trade Commission’s chairman, Deloitte & Touche (Bahamas) managing partner, Raymond Winder, will be the Bahamas’ chief negotiator, and his vicechairman his “alternate”, thereby further strengthening Bahamian involvement in the process. The WTO is the rule-setting body for global trade, meaning that the Bahamas and its entire private sector will have to ‘play by the rules of the game’ should this nation accede to full membership. The Bahamas currently has ‘observer’ status. Bahamian businesses will also have to become familiar with terms such as ‘Most Favoured Nation’, ‘national treatment’ and ‘reciprocity’, which all relate to non-discrimination and will mean that this nation cannot - in many instances - treat local businesses and investors more favourably than foreign-owned ones. Many sceptics also believe that full WTO membership will erode Bahamian sovereignty, and the ability of Parliament to set laws in the national interest, as these could be challenged and overridden by disputes resolution panels if they are non-compliant with international trade rules. Others, though, believe WTO membership could open up new markets for Bahamian exports, while also making this nation more attractive to new industries and foreign direct investment (FDI) able to take comfort from greater certainty surrounding this nation’s business climate. The Bahamas remains the only nation in the Western Hemisphere that is not a full member of WTO. There was an 11-year gap between the Bahamas serving notice of its intent to join and the second meeting of the Working Party, made up of nations interested in trading with the Bahamas, which this nation will have to negotiate terms of its membership with. The leading members of this Working Party will thus be the US, European Union (EU), CARICOM and individual Caribbean states, and China. The Bahamas has already submitted its Memorandum of Trade regime document, outlining its current trade regime and laws/regulations, but talks with the Working Party and information exchanges appeared to cease in 2013.
THE TRIBUNE
Monday, November 6, 2017, PAGE 7
GB Power’s $15m investment to ‘set bar for Caribbean’ FROM PAGE 1 had enjoyed its bestever year for generation reliability. Disclosing that customers had enjoyed 55 per cent improvement in reliability over the past five years, Mr Collins said GB Power intended to “build on that success” through investments in renewable energy and training its Bahamian workforce. He added that GB Power had also taken the “bold” and rare move of providing electricity rate stability through 2022, the move having enabled Freeport’s major industrial concerns to better plan their own investments. While the T&D network is stronger than pre-Matthew as a result of its near-$28 million rebuild, Mr Collins said the increased strength and frequency of hurricanes meant further strengthening was required. “We have a plan to invest an incremental $15 million in our T&D infrastructure over the next five years,” he told Tribune Business. “Coming out of Matthew, the system is stronger than before the storm, but is still not where we want to be. “We’re targeting an extra $15 million to get the system to a state where it can withstand another Matthew. We hope there are no more, but our job is
to make the system resilient enough to withstand what climate change is throwing our way.” Mr Collins said the Grand Bahama economy’s resilience, in the face of Matthew’s devastation, had given the utility and its 80.4 per cent majority shareholder, Emera, the confidence to make further investments and offer the $35 million buy-out deal to GB Power’s minority shareholders. Those investors are due to vote on whether to accept Emera’s offer tomorrow evening, and Mr Collins said the Canadian utility believed its actions and behaviour - especially in the post-Matthew rebuild - had shown customers nothing will change if GB Power becomes a 100 per cent privatelyowned company. “Our financial results are down maybe 15 per cent year-over-year,” he revealed of GB Power’s 2017 performance. “Sales are down 7-10 per cent, earnings are down 10-15 per cent. “But we have confidence the Grand Lucayan will be rebuilt and reopened; we have confidence the Freeport Container Port will re-erect the cranes lost and return to where they were. We believe that in 2018 we’ll continue to see that revenue loss shrink. “Financially, 2017’s not been the best year, but it’s better than we thought
it would be,” Mr Collins continued. “That goes back to the elasticity of the market, and from a reliability perspective GB Power has had the best year in its history for reliability. “Generation reliability has been at 98.2 per cent, and it’s harder to get better than that. All things considered it’s been a good year, and we have confidence in the rebound of the economy, otherwise we would never have made the $8.85 per share offer [to Bahamian shareholders].” Mr Collins conceded that Emera and GB Power had been “extremely worried” in Matthew’s aftermath, given the extent of the damage to both the latter’s infrastructure and the wider Grand Bahama economy. However, the speed with which the island’s industrial base rebounded, together with its US proximity and Hawksbill Creek Agreement (HCA) tax advantages, had given GB Power and its majority shareholder encouragement about the island’s long-term growth prospects. “In the aftermath of Matthew we were really worried initially,” Mr Collins said. “If you were an ICD Utilities shareholder you should have been really worried, as you would have had all your eggs in one basket,
and if this economy had languished it would have impacted their shares. “But we saw an economy that was very resilient, unlike in other areas where we do business. Grand Bahama, because it has an industrial-based economy, not a tourism or agriculture base, had a lot of elasticity. “Very quickly on the heels of Matthew, normalcy returned to the economy. This gives us confidence that the way the economy is structured has a lot of resilience, and the ability to withstand natural disasters like Matthew.” Mr Collins argued that GB Power’s improved reliability, rate stability and reduced costs should foster confidence among business and residential customers that nothing will change if the ICD Utilities’ minority buy-out is approved. “Emera takes its job very seriously. In the aftermath of Matthew it pulled out all the stops,” he told Tribune Business. “Whether in Tampa, Nova Scotia or Grand Bahama, customers are all equal, and we had to get every resource to the island that we could. “Emera has tried hard to behave in a way that generates customer confidence. Reliability is significantly better than it was five years ago. Rates are stable to 2022. Not many companies are in a position to make that claim. We’re saying
rates are stable as far as we can see into the future. “Reliability has improved, rates are stable and we’re soon going to be investing in renewables. We just don’t believe that we’ve behaved in a way that Grand Bahama should be worried things are suddenly going to go to hell.” Mr Collins said Freeport’s industrial enterprises were “particularly supportive” of GB Power’s rate stability “as it helps them with investment decisions in their own companies”.
“Reliability has been significantly improved, but we want to go even further,” he told Tribune Business. “That’s what the $15 million investment in T&D is intended to improve, so while a 55 per cent improvement is nice, we think we can set the bar for electricity reliability in the Caribbean. “We’re very focused on that, focused on renewable investments and focused on investing in local employees. Those are the near-term priorities.”
NOTICE
NOTICE is hereby given that Jamesen Excellence of Whitaker, Avenue, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that JULIE J. F. GARCIA of Marsh Harbour, Abaco, 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 6th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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CHEF CONNECT FEATURE
PAGE 8, Monday, November 6, 2017
THE TRIBUNE
Fire truck woes ground Bimini FROM PAGE 1
MARKET REPORT FRIDAY, 3 NOVEMBER 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,074.56 | CHG 0.10 | %CHG 0.00 | YTD 136.35 | YTD% 7.03 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.16 5.83 8.60 6.30 5.30 14.49 2.59 1.60 6.00 10.05 11.00 4.50 7.25 12.51 11.00
52WK LOW 4.06 17.43 8.19 3.50 1.25 0.12 3.70 8.40 5.83 3.15 9.00 2.18 1.40 5.81 8.78 5.75 3.35 6.61 11.94 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 2.10 3.98 1.97 176.30 149.66 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 4.31 17.43 9.09 3.65 1.25 0.15 3.70 8.60 6.10 4.95 9.00 2.39 1.51 6.00 10.00 6.90 4.50 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 100.00 100.00 100.00 109.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.31 17.43 9.09 3.65 1.25 0.15 3.70 8.60 6.10 4.95 9.01 2.36 1.51 6.00 10.00 6.90 4.50 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 0.00 0.01 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
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
109.15 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.05 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
200
3,050
VOLUME
NAV 2.10 3.98 1.97 176.30 149.66 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 0.120 0.140 0.600 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 9.7 18.7 N/M 6.8 N/M N/M -4.3 14.1 10.6 25.3 15.5 23.1 3.9 4.9 13.5 12.0 14.5 -10.5 23.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
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% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 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 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 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 1.86% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.42% 6.33% 2.54% 3.31% 4.83% 4.50% 0.00% 2.67% 2.00% 4.80% 0.00%
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
through the InterAmerican Development Bank’s (IDB) $35 million Airport Infrastructure project, funding for which should be accessed within the next 30 days. The fire truck woes plaguing Exuma and Bimini are a microcosm of the multi-million dollar repairs and upgrades required at numerous Family Island airports to bring them into line with the standards set by the International Civil Aviation Organisation (ICAO) and other global watchdogs. A 2014 report by consultant group, Stantec, had estimated that $187 million would be required to upgrade all 28 Family Island airports identified as potential international gateways, but Mr D’Aguilar said this sum had substantially increased. Acknowledging there would be no Family Island development without airlift to support tourism, the Minister said the Government was seeking as much private sector participation as possible - through public-private partnerships (PPPs) - to mitigate the Public Treasury’s exposure. Mr D’Aguilar said he had been informed that Exuma International Airport’s fire truck had been repaired, and returned to operation, at 1pm on Thursday, ending the three-four day interruption to US flights to the island. “We have another one out in Bimini right now,” he disclosed to Tribune Business. “We have some fire-fighting capacity down there, but Silver Airways is refusing to fly into Bimini because it is not sufficient [for the planes they operate]. “It has to be at a certain level to allow them to fly into that airport. We’re sending a fire truck to Bimini from Treasure Cay. They’ve [Exuma and Bimini] kind of both happened at the same time.” Mr D’Aguilar said Bimini’s fire truck woes had knocked out Silver Airways’ service to the island for four-five days, but he expressed hope that the problem would be “resolved in the early part of next [this] week”. While the problems in Bimini and Exuma occurred at one of the slowest points in the tourism season, the Minister confessed to concerns over the condition of airport fire-fighting equipment generally with Thanksgiving - the start of the winter tourism season - just weeks away. “You’re basically on your pins and needles, hoping and praying nothing goes wrong,” Mr D’Aguilar told Tribune Business. “I’ve requested a Minute Paper on all fire trucks in the system; how old they are, what condition they are in. “We’re hoping to access that IDB project funding in the next 30 days, and in there is is money to upgrade our fire engines. This is a very critical component, and no commercial airline will fly into an airport unless you have a certain size fire engine to deal with the size of aircraft coming in.” While it was “problem solved for now” in Exuma,
Mr D’Aguilar added: “Our entire inventory of fire trucks is very much up in the air, and I think we’ve adopted the approach that when things break down we’ll fix it. That’s a band aid. It’s much less costly to prevent than react.” With many of the Bahamas’ airport fire trucks between 20-25 years-old, sourcing replacement parts was both difficult and expensive, with break downs occurring more frequently. “We need to have a plan of preventative maintenance, and then, when a truck gets to 20-25 years old, you buy a new one,” the Minister added, conceding that areas such as aviation fire safety had previously been under-funded. “It demonstrates that you can have an airport, you can have a runway and you can have a terminal, but if you don’t have a fire truck you don’t have an airport.” The fire safety issue is part of a larger $53.8 million project to upgrade the Bahamas’ Family Island airports, with some $18.8 million in funding set to come from the Government. While the Stantec report pegged the total cost at $187 million, a more recent study by ALG Transportation Infrastructure and Logistics reduced this by 43 per cent to $106 million. The reduction came from the fact that the new San Salvador airport terminal was already under construction at a cost of $13.5 million. And ALG said a further $37 million in construction costs would be saved via its proposal to relocate the North Eleuthera airport terminal rather than build a new runway, while that building - and the new terminal planned for Exuma - would be less grandiose, saving some $5.5 million and $8.5 million, respectively. Mr D’Aguilar, though, told Tribune Business that both reports likely underestimated the true costs. “The amount of work that needs to be done to the airports of the country is financially enormous,” he admitted. “It was around $160 million, but that was in 2014... I think it’s way in excess of $200 million. There’s no way the state can effect all these repairs without help from the private sector. “The report by Stantec says we need to embrace a number of PPPs at our airports. There’s going to be as much private sector participation as we can get to mitigate the amount the state has to come up with, and the state is particularly financially challenged.” The Minnis administration now has to execute on a project for which the financing was obtained by the former Christie administration. Mr D’Aguilar said the priority remained the six airports identified as ‘Tier 1’ - Marsh Harbour, Exuma, North Eleuthera, Bimini, Treasure Cay and San Salvador - with Exuma and North Eleuthera next in line. “You can’t go to a Family Island destination without airlift,” he told Tribune Business. “It’s very, very important, especially for our hotels, to get the airports going. It’s a critical component of development of the Family Islands.”
THE TRIBUNE
Monday, November 6, 2017, PAGE 9
NOTICE
NOTICE is hereby given that Edgar PhiliPPE of Gene Bay Road, North Eleuthera, Eleuthera, 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 6th day of November, 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 CHRISTINA MICHEL PRIDOME of Dundas Town, Abaco, 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 6th day of November, 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 WILDA YOLNIDE LOUIS of #101 Farnham Close, Freeport, 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 twenty-eight days from the 6th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, Valentino Maurice Allen, of Winton Meadows, Nassau, Bahamas, intend to change my name to Emanuel Rahming. 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 the publication of this notice.
NOTICE
Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that, NYGARD TECHNOLOGIES LTD. is in dissolution and that the date of commencement of the dissolution is the 30th day of August A. D. 2017
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
NOTICE
The public is hereby advised that I, Adrianna Felicia Fox, of Kingfisher Island, Sandyport, P.O. Box SS-5685, Nassau, Bahamas, mother of KHADEN ADRIAN PHILIP JOHNSON intend to change my child’s name to KHADEN ADRIAN PHILIP FOX. 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 the publication of this notice.
NOTICE is hereby given that CHANTELLE GUSTAVE of Yellow Elder Gardens, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, Bruce Eugene Brown, of Boston Massachusetts USA, formally of Nassau Bahamas, have changed my name to Eugene Carlos Ruiz through the courts of Massachusetts USA. If there are any comments on the name change, you may write to the chief passport officer, P.O. Box N-742, Nassau, The Bahamas, no later than thirty (30) days after the date of the publication of this notice
NOTICE is hereby given that FRITZNEL CYRIL JR. of Blue Hill South, 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 6th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE
EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (PELICAN SOUTHWEST) LIMITED
EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (FLAMINGO ALPHA ) LIMITED
Pursuant to the provisions 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 13th day of October, 2017
Pursuant to the provisions 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 13th day of October, 2017
Dated the 6th day of November, A.D., 2017.
Dated the 6th day of November, A.D., 2017.
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (PELICAN SOUTHWEST) LIMITED
R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION ROMANIA (FLAMINGO ALPHA) LIMITED
NOTICE
NOTICE
Murphy Wokam Oil Company, Ltd.
Telcom Infrastructure Holdings, Limited
Pursuant to the Provisions 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 4th day of October, 2017.
Pursuant to the Provisions 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 17th day of October, 2017.
Delano Aranha Liquidator of
Delano Aranha Liquidator of
ENERVO ADMINISTRATION LIMITED c/o Montague Sterling Centre East Bay Street Nassau, The Bahamas
Murphy Wokam Oil Company, Ltd.
Telcom Infrastructure Holdings, Limited
SOROR MANAGEMENT INC. Company No. 1558761 (In Voluntary Liquidation)
FRAIN OVERSEAS LTD. Company No. 1908230 (In Voluntary Liquidation)
NOWA HOLDING S.A. Company No. 1871857 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that SOROR MANAGEMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 11th October, 2017 and Dr. WOLFGANG RABANSER of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that FRAIN OVERSEAS LTD. is in voluntary liquidation. The voluntary liquidation commenced on 1st September, 2017 and Ursula Guss of Holbeinstrasse 20, Postfach 9274, 8036 Zürich, Switzerland, has been appointed as the Sole Liquidator.
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that NOWA HOLDING S.A. is in voluntary liquidation. The voluntary liquidation commenced on 11th October, 2017 and Dr. Oliver NESENSOHN of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.
Dated this 12th day of October, 2017 Sgd. Dr. WOLFGANG RABANSER Voluntary Liquidator
Dated this 5th day of September, 2017 Sgd. Ursula Guss Voluntary Liquidator
Dated this 12th day of October, 2017 Sgd. Dr. Oliver NESENSOHN Voluntary Liquidator
THE TRIBUNE
Monday, November 6, 2017, PAGE 11
Brent: ‘Days of not playing ball are over’ FROM PAGE 1
former administration” to leave key global initiatives facing the financial services industry for the Minnis government to deal with. “This is all part of avoiding any blacklisting,” the Minister told Tribune Business of recent BEPS consultations with the industry, “so that we’re ahead of the game, not behind the game and playing catch up. “We need to be in full compliance, and let the OECD know how we intend to do it, when we’re doing it, and to build credibility by doing what we say we’re going to do.” Tribune Business last week reported on the
dilemma facing the Bahamas in trying to meet minimum BEPS’ standards, which require it to adopt four out of ‘15 actions’ listed by the OECD. The four standards that the Bahamas will likely select, according to a Bahamas Financial Services Board (BFSB) statement, are: (Action 5): Countering Harmful Tax Practices; (Action 6): Treaty Shopping; (Action 13) Transfer Pricing Documentation and Country-by-Country Reporting; and (Action 14) Dispute Resolution. However, financial services industry sources told Tribune Business that compliance with Action 5 was especially problematic for the Bahamas, given that
BEPS is designed to counter tax avoidance by large multinational companies. The OECD considers a corporate tax rate of 10 per cent or less to be a ‘harmful tax practice’, but the Bahamas - with no income taxes of any kind - has an effective corporate tax rate of ‘zero’ because it simply does not have this system. As a result, and with the OECD and its G-20 and European Union (EU) members threatening ‘blacklistings’, Tribune Business understands there is significant concern over how the Bahamas will comply and whether it will be forced to adopt a corporate income tax. Brian Moree QC, senior partner at McKinney,
Bancroft & Hughes, told Tribune Business that the Bahamas would “have to assess carefully future tax policy” as a result of BEPS, agreeing that it may require implementation of “new methods of corporate tax”. “I read with interest the comments of the Minister of Finance with regards to BEPS, and the impact that it may have on our current tax platform,” Mr Moree said, responding to K P Turnquest’s confirmation that the Bahamas “may have to look at” a corporate income tax. “It does seem to me that BEPS will require the Bahamas to carefully consider its future tax policy, which may involve the introduction of new methods of taxation,
REQUEST FOR PROPOSALS
REQUEST FOR PROPOSALS
TENDER NO.: 989/17 ARCHITECTURAL/SPACE PLANNING SERVICES PETER I. BETHEL BUILDING, BLUE HILL AND TUCKER ROADS & E. COBURN SANDS BUILDING, BIG POND
Prospective Bidders are required to send an email to bpltenders@ bplco.com, so that the document can be forwarded and any updates, clarifications or responses to questions can be responded to via email. RFPs should be marked as follows
TENDER NO.: 989/17 ARCHITECTURAL/SPACE PLANNING SERVICES PETER I. BETHEL BUILDING, BLUE HILL AND TUCKER ROADS & E. COBURN SANDS BUILDING, BIG POND
Bahamas Power and Light Company Ltd. invites RFPs for the services described below:
Tender No. 986/17 SUPPLY, INSTALLATION & COMMISSIONING OF 150 TON AC CHILLER UNIT AT E. COBURN SANDS BUILDING, BIG POND Prospective Bidders are required to send an email to bpltenders@bplco.com, so that the document can be forwarded and any updates, clarifications or responses to questions can be responded to via email. RFPs should be marked as follows
Tender No. 986/17 SUPPLY, INSTALLATION & COMMISSIONING OF 150 TON AC CHILLER UNIT AT E. COBURN SANDS BUILDING, BIG POND and are to be addressed to:
and are to be addressed to:
The Chief Executive Officer Bahamas Power and Light Company Ltd. Administration Offices Peter I. Bethel Building Blue Hill & Tucker Roads Nassau, Bahamas
The Chief Executive Officer Bahamas Power and Light Company Ltd. Administration Offices Peter I. Bethel Building Blue Hill & Tucker Roads Nassau, Bahamas Deadline for delivery to BPL: On or before 4:00 p.m. on Monday, December 4, 2017
Deadline for delivery to BPL: On or before 4:00 p.m. on Friday, November 24, 2017
BPL reserves the right to accept or reject any or all proposals. Bahamas Power and Light Company Ltd.
BUILDING FOR BETTER
(WTO) membership (see other article on Page 1B). He added that the Minnis administration’s goal is to “fulfill our obligations, live up to our obligations and get ahead of our international obligations”, with the Government now awaiting financial services industry feedback on BEPS following the meeting with government last week. “The days of not playing ball in the international financial community are over,” Mr Symonette told Tribune Business. “We have to be be compliant and fully transparent. “The goal posts in the world are moving, and we cannot pretend to be an archipelago all by ourselves.”
BAHAMAS POWER AND LIGHT COMPANY LTD.
BAHAMAS POWER AND LIGHT COMPANY LTD.
Bahamas Power and Light Company Ltd. invites RFPs for the services described below:
particularly with regard to companies. “This would significantly affect a ‘no tax’ platform, transforming it to a ‘low tax’ platform, and this may even take the whole issue of tax even further. “It seems to me the Europeans are watching our position very carefully, and important decisions have to be made in the next few weeks.” Mr Symonette, meanwhile, suggested that “the future of the financial services industry” was “interlinked” with the Government’s other plans to liberalise and deregulate the Bahamian economy, including the planned accession to full World Trade Organisation
BPL reserves the right to accept or reject any or all proposals. Bahamas Power and Light Company Ltd.
BUILDING FOR BETTER
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PAGE 12, Monday, November 6, 2017
THE TRIBUNE
Bahamas ‘behooved’ to eye corporate tax FROM PAGE 1 determine whether that’s [a low-rate corporate income tax] something we need to do separate and apart from this initiative. “Industry, for some time, has been working on a proposal for a review of our
tax structure. We’ve shared our views with the Government, and they have the matter under review and consideration as to how to proceed with a review of our tax system.” Tribune Business last week detailed the potential dilemma facing the Bahamas as it seeks to meet a December deadline to
state how it plans to comply with the OECD’s initiative, which is intended to crack down on often-legal taxa avoidance schemes used by multinational companies. The Bahamas has to adopt four out of ‘15 actions’ to meet the minimum threshold for compliance. The four that the Bahamas will likely
select, according to a Bahamas Financial Services Board (BFSB) statement, are: (Action 5): Countering Harmful Tax Practices; (Action 6): Treaty Shopping; (Action 13) Transfer Pricing Documentation and Country-by-Country Reporting; and (Action 14) Dispute Resolution. However, financial
services industry sources told Tribune Business that compliance with Action 5 is especially problematic for the Bahamas. The OECD considers a corporate tax rate of 10 per cent or less to be a ‘harmful tax practice’, but the Bahamas - with no income taxes of any kind - has an effective corporate tax rate
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of ‘zero’ because it simply does not have this system. As a result, and with the OECD and its G-20 and European Union (EU) members threatening ‘blacklistings’, Tribune Business understands there is significant concern over how the Bahamas will comply and whether it will be forced to adopt a corporate income tax. “This is what we are still hoping for and advocating for as an industry,” Ms McCartney told Tribune Business. “The review of the tax structure to determine how best to rationalise it, or consider whether some form of corporate tax is feasible; it may be an option. “Outside of BEPS this has to be under active consideration. We ought to look at it. It may be an opportunity to review our existing Business License tax regime.” Chester Cooper, the PLP’s deputy leader and Exuma MP, has also suggested that the Bahamas revise its Business License fee, which is levied on a company’s gross turnover, as part of its strategy to achieve BEPS compliance. Ms McCartney, meanwhile, acknowledged that tax reform could not focus on the benefits/disadvantages that would accrue to just one industry such as financial services. “We need to look at it in the broader economic context, not just confined to financial services,” she told Tribune Business. “We cannot consider it solely in the context of financial services. The preliminary work we have done in industry sought the broader views of other sectors. “The next thing we want to see dialogue and broadbased discussion on is a review of our tax system. We’d love for that dialogue to commence. “We believe that if we start that dialogue now it will be consistent with a proactive approach to reposition the economy as well as the sector.” Some financial services executives, including Paul Moss, principal of Dominion Management Services, have long argued that the Bahamas should introduce a low-rate corporate income tax, as this would enable the country to shed its ‘tax haven’ image and break into the market for investment and double taxation treaties. Ms McCartney, meanwhile, confirmed that BEPS and the Bahamas’ position on it was “initially raised” with the Christie administration, but nothing was done and the matter has now passed to its successor to be dealt with. Many are likely to have considered BEPS as having little relevance to the Bahamas, given that this nation has no corporate - or any form of - income tax, and the initiative is targeted more at institutional business and multinational companies. This country’s financial services industry is focused largely on private wealth management and estate planning for individuals and families. However, yesterday’s ‘Paradise Papers’ revelations, based on leaked documents from the international financial centre (IFC) specialist law firm, Appleby, are likely to intensify pressure on the Bahamas and others to join 100 other nations in complying with BEPS. Ms McCartney said BEPS was an initiative that has been “in train for a very long time”, and she added: “The Bahamas has to be proactive in achieving global regulatory standards. “Very often we find ourselves reacting and assessing compliance after the fact. It’s important for us to get ahead of initiatives such as BEPS.” Concerns about being ‘blacklisted’, she explained, frequently distracted the Bahamian financial services industry from focusing on growth, innovation and service delivery - factors that would improve its competitiveness and ability to attract business.