April19business

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THURSDAY, APRIL 19, 2018

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Price controls ‘out window’ with WTO

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Bahamas Motor DealersAssociation’s (BMDA) president yesterday expressed hope that WTO membership will result in price controls “going out the window” to be scrapped.

Fred Albury told Tribune Business he was optimistic that these regulations, which restrict the prices merchants can charge to a set percentage mark-up on price-controlled items, will be “over and done with” once the World Trade Organisation (WTO) accession is completed in late 2019.

He argued that the Bahamas’ long-standing price control regime was incompatible with liberalised, rules-based trading regimes such as the WTO because they disrupted competition

* Auto chief hopes entry leads to scrapping * To again ‘push’ for bonded warehouse * Concern on transition’s existing stock effect between private sector companies.

“I think price control needs to be reviewed or out the window,” Mr Albury told this newspaper. “I think price controls will go away because in a WTO environment that goes against competition.

“I would like to think that price controls on things like automobiles and automobile parts would be over and done with.”

Price controls, and whether the Bahamas’ full WTO membership could lead to the regime’s abolition, are among the top questions auto dealers will pose to the Government when the two sides meet

BANK PAYMENT CHARGES NEED ‘LEGITIMATE REDRESS’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank yesterday appeared to concede that fees for payment services were too high and “require legitimate redress”, a view shared by 78 per cent of Bahamians.

The regulator, unveiling its 2018 survey of

‘customer satisfaction’ with the commercial banking industry, said its “planned acceleration” of reforms to the Bahamas’ payments system - together with the increasing shift to electronic banking would help “address these particular concerns”. However, it again expressed its

SEE PAGE 11

INSURERS: DON’T LEAVE US ALL ‘HALF PREGNANT’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Attorney General yesterday confirmed general insurers “are out” of anti-financial crime legislation, as the industry urged: “We can’t be half pregnant.”

Carl Bethel QC, in a What’s App exchange with

Tribune Business, confirmed that general, or property and casualty insurers, are not included in the definition of ‘financial institutions’ in the Financial Transactions Reporting Bill that was passed yesterday by the House of Assembly.

Yet Mr Bethel, in forwarding a copy of the

SEE PAGE 6

QC: CORPORATE TAX IS ‘NOT INEVITABLE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was yesterday urged to see its European Union (EU) pledges through to completion, a well-known QC

arguing that corporate taxation is “not inevitable”.

Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, told Tribune Business that the Bahamas’ seemingly

SEE PAGE 4

early next week for their first consultation on this nation joining the trade rules-setting body.

Rick Lowe, the BMDA’s secretary, confirmed to Tribune Business that “taxation and the price control regime” were likely the two biggest WTO-related impacts for the automobile industry.

“If they’re [the Government] going to reduce import duties and all that as they say, price controls really don’t fit with a corporate tax or income tax regime,” he said.

“Price controls would be one of the things I would think have to go. It’s a question I want to ask on

Tuesday. That’s the only major change I see coming, unless I’m missing something, so hopefully they will give us enough insight on Tuesday so we can plan.”

Mr Albury’s expectation that price controls may be abolished post-WTO accession is likely to alarm consumer activist groups, who view the regulations as essential to protecting lower income Bahamians from potential exploitation by the private sector.

Apart from automobiles and associated parts, price control restrictions also apply to ‘everyday essentials’ such as gasoline and

SEE PAGE 5

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Blockchain to solve Bahamas’ ‘major workforce waste’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s firstever use of blockchain technology will tackle what was yesterday branded “an enormous waste of human capital”.

The Inter-American Development Bank (IDB), unveiling a $200,000 ‘technical co-operation’ project, revealed that the Minnis administration plans to deploy the technology as a way to determine the success of an apprenticeship programme targeted at 1,350 Bahamians aged between 16-40 years-old, and who are either unemployed or school leavers.

Documents obtained by Tribune Business reveal that the Government is also looking to blockchain to combat the widespread problem of lost/missing student records and certifications, which the IDB described as a major constraint to developing a

* TECHNOLOGY TO MEASURE APPRENTICESHIP SUCCESS * AND FILL HOLES IN BAHAMIAN ACADEMIC RECORDS skilled, productive Bahamian workforce.

“Currently, the certification process in the Bahamas lacks technological advances,” the IDB report said. “Today, student records management is a lengthy and cumbersome process. Students do not own their own records of achievement, depending on issuing institutions to verify their achievements throughout their lives.

“This results not only in a verification process that can last weeks or months, and involves hours of human

SEE PAGE 13

PAGE 2, Thursday, April 19, 2018

THE TRIBUNE

Getting your branding embedded in the mind BRAND positioning is one of the single most important factors any business must account for. Yet it is sometimes the most ignored, especially by small businesses who understand its value only after the results are in.

An effective brand strategy provides companies with a major edge in an increasingly competitive market. Nonetheless, before we move any further, let us define ‘Branding’. Simply put, your brand is your promise to your

customer. It tells them what they can expect from your products and services, and differentiates your offering from that of your competitors. Your brand is derived from who you are, who you want to be and who people perceive you to be.

This process involves selecting a unique name and image for a product that will driven into the consumer’s mind, mainly through advertising. Is your product the high-cost, high-quality option, or the low-cost, high-value option? You

cannot be both, and you certainly cannot be all.

It is also easy to say: ‘This is our position’, or ‘This is where we want to be’. But a problem arises is if there is already someone there who is bigger, better or far more financially endowed.

Thus you may need to shift positions.

We all know that positioning can be tough because it may reveal your golden egg is not really golden; perhaps tinged a little with bronze. We would all like to believe our ideas

are completely original, but sometimes they are not so original. Brand positioning brings to light the viability of your product or service.

It can also show alternate paths, and even reveal new opportunities.

Brand positioning is a difficult task that can rarely be completed by one person alone. Good brand positioning requires hours and days of intense research, along with a ton of true objectivity. It works well when using a designer and

client relationship to blend ideas together.

However, before investing, ask yourself: Is your idea unique? Determine whether or not other companies are marketing the same product or service.

If your product is totally unique, then you may have hit a home run. If there are other products just like it, you may have to reposition yours as being different in one important way, which can capture the attention of your audience and garner enough sales to justify the effort.

Do not forget that we all face competition…. everyone does. All great athletes have competitors, and strong competitors are a valuable asset. Therefore, if a larger competitor has the marketing budget to oust you at every crucial step, you may need to change strategy and consider a different position.

Brand positioning is often a hard process, especially when you are excited about getting your business started or launching a new product. I highly recommend teaming up with a brand consultant or graphic designer who truly understands branding. At the end of the process, you should have a summary that clearly states your market position and can guide your product development and marketing.

While a brand’s positioning should be fairly enduring, it can (and often

The Art of Graphix

BY DEIDRE M BASTIAN

should) change over time to reflect changes in the marketplace, including the arrival of new competitors, new technological advances and new benefits being sought.

I think ‘brand’ is one of those words that is widely used but misunderstood.

Your ‘brand’ is what your prospect thinks of when he or she hears your name. It is everything the public thinks it knows, and only exists in someone’s mind. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback atdeedee21bastian@gmail.com ABOUT COLUMNIST: Ms. Deidre Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

LEFT to Right: co-MC Janetzy, Discover the Palm Beaches; Jorge Pesquera, chief executive, Discover the Palm Beaches; Manuel Almira, director of the Port of Palm Beach; Dr. Jean Landfair Enright, chair of the Board of Commissioner; Kevin Sheehan, president, Bahamas Paradise Cruise Line; Captain Meinhardt Jakup Hansen; Oneil Khosa, chief executive of Bahamas Paradise Cruise Line; Melissa McKinlay, mayor of Palm Beach County; Kwasi Thompson, minister of state for Grand Bahama; and co-MC TA Walker

CRUISE LINE TAKES GRAND BAHAMA CAPACITY TO 500,000 BAHAMAS Paradise Cruise Line has expanded its two-day ‘cruise and stay’ to Grand Bahama offering with the addition of its new vessel, the MV Grand Classica.

Described by the company’s president, Kevin Sheehan Jr, as “our Italian beauty”, the new ship allows the cruise line to potentially deliver as many as 500,000 passengers to Grand Bahama annually from the Port of Palm Beach.

The Grand Classica and its sister ship, The Grand Celebration, will continue making two-night cruises to the Bahamas with the option for a stayover at one of Grand Bahama’s resorts, doubling the cruise line’s business.

The ship, which can accommodate 1,680 passengers, features a crew of some 600 persons from almost 60 countries. The refurbished 27-year old vessel boasts 10 decks, a large casino, spa, pools, eight dining options, live entertainment, shopping and various lounges. Its 658 staterooms include spacious interior cabins, ocean views and some suites.

The inaugural ceremonies and ribbon cutting in the ship’s ‘Legends Theatre’, was attended by business and political leaders from the

Palm Beach area, including travel agents, media and guests of the cruise line.

They included one couple who, over the past seven to eight years, have cruised with Bahamas Paradise up to 175 times.

Melissa Mckinlay, Palm Beach County’s mayor, said her community had declared Friday, April 13, as MV Grand Classica Day. She added that the doubling of Bahamas Paradise Cruise Lines’ fleet represented a $75 million impact for Palm Beach County.

Kwasi Thompson, minister of state for Grand Bahama, said the island’s Grand Lucayan Resort should be re-opening within the year. He added that negotiations to achieve this should be completed within the next few months.

“Grand Bahama is the best Island in the Bahamas for all those companies interested in investing in technology, interested in investing in cryptocurrency, interested in blockchain technology,” Mr Thompson said.

“Grand Bahama is the place for you to visit, come and get some sand between your toes, and the beach experience. You can come and enjoy a wonderful experience and get some business done at the same time.”

THE TRIBUNE

Thursday, April 19, 2018, PAGE 3

DPM: Business Licence fee is ‘inherently unfair’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government is examining how to adjust a Business Licence fee that the Deputy Prime Minister yesterday branded “inherently unfair” to firms with high turnover and low profit margins.

K Peter Turnquest, who is also minister of finance, described as “misinformation” any suggestion that the Government has committed to the European Union (EU) that it will introduce a corporate tax or income tax.

Speaking with Tribune Business outside the House of Assembly, Mr Turnquest said: “We recognise that the turnover tax or the Business

Licence fees are inherently unfair to businesses that have a high turnover and low profit margin, and we are looking at ways of potentially adjusting that model so it’s more fair to all businesses, and so that we as a government do not contribute to losses by these entities.

“We are studying models in that regard to see how we can adjust without causing

ACTIVIST SLAMS SHELL LNG DEAL AS ‘REGRESSIVE STEP’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

A WELL-known environmentalist yesterday said the adoption of liquefied natural gas (LNG) as the Bahamas’ main power source is a “huge regressive step”, questioning why the Government was not aggressively pursuing solar energy.

Sam Duncombe, reEarth’s president, who campaigned against the AES LNG pipeline project more than a decade ago, blasted: “What are we thinking about?

Speaking with Tribune Business on the recent announcement that Shell North America has been confirmed as the preferred bidder to construct a 270 Mega Watt (MW) LNG fuelled power plant at Clifton Pier to supply Bahamas Power and Light (BPL), Mrs Duncombe said: “This is another huge regressive step.

“ReEarth spent six years fighting the AES pipeline that would have taken natural gas from a re-gasification facility on Ocean Cay to Florida, so that we wouldn’t become basically Florida’s gas station. All of the safety concerns are still there.”

She added: “You are now talking about putting an LNG plant right next to Mount Pleasant, Adelaide,

Albany and Lyford Cay. All of those communities are in potential danger.

We have so many issues to deal with in this country that to go back and rehash stuff we have already dealt with is so backward and so discouraging. The lack of transparency around these deals, the Oban deal, the LNG deal is discouraging.”

Mrs Duncombe argued that this nation should be aggressively pursuing renewable energy solutions to address its energy needs.

“We live in a country that has 315 days sunshine and nine average hours sun a day,” she said. We were promised renewable energy.

“We’re getting tiny little bits of that, and this government’s focus seems to be continuing on with fossil fuels and that is a very disturbing trend to me. We should be moving away from those fuels into renewable energy. LNG is a fossil fuel. What are we thinking about? We should be taking steps to reduce our fossil fuel consumption and the amount of emissions being released in the atmosphere.”

Mrs Duncombe added: “I am disgusted and very concerned about the lack of forward thinking, transparency and accountability.

Many will say now the LNG is for us, but it’s still the wrong direction. The thing is if LNG is released into the atmosphere it is 25 times as potent as carbon dioxide

in terms of trapping gas in the earth’s atmosphere.

“While it’s cleaner on one hand, it’s not so much cleaner on the other. We already have so many issues associated with Clifton and the constant oil coming out there.

“How do we figure that somehow we are going to do it better than we have done the oil situation? I just don’t see that happening.

Why haven’t we aggressively gone after companies that are doing solar? We act as though we don’t know solar energy works.”

Former Cabinet Minister and businessman, Leslie Miller, who strongly advocated for LNG during his tenure as minister of trade and industry under the first Christie administration, hailed the recent announcement that Shell North America has been confirmed as the preferred bidder.

He said it was a “crying shame” that the Bahamas “missed the boat” on LNG 15 years ago, and questioned: “Where are the critics now?”

disruption and for businesses without creatinvolved in agriing even bigger culture and bureaucracy.” fisheries proDespite a duction; food, rate slash last meat and fruit year, the private processing; and sector has been independent advocating for a fuel distributors holistic approach in the Family to reforming Islands. the Business MeanLicence fee while, with structure, which the EU having is levied annuofficially recomally on gross mended that turnover. the Bahamas be TURNQUEST The Governremoved from ment reduced its ‘blacklist’, Mr the maximum rate for Busi- Turnquest addressed queness Licences from 1.75 per ries over the commitments cent of turnover to 1.5 per this nation has given. cent, while further reduc“In terms of the criteria ing rates to 0.75 per cent for the European Union,

they have not asked us for - nor have we given them - any commitment to introducing a corporate or income tax. That is misinformation to suggest that we have been asked, or it’s been demanded of us to introduce any kind of income or corporate tax,” said Mr Turnquest.

“We are again hopeful that this entire process will come to an end in a substantive way on May 25, and we continue to work with our industry partners to ensure that we meet all of our requirements. We have submitted a working plan. We continue to work towards ensuring that we meet our commitments come December 2018.”

EMPLOYMENT OPPORTUNITY Comfort Suites Paradise Island is looking for an ambitious career-oriented individual for the following position:

SOUS CHEF

The role of the Sous Chef is to prepare culinary delights for our guest and execute the menu, ensuring a high level of performance, guest satisfaction and profitability.

ESSENTIAL DUTIES AND RESPONSIBILITIES • Assist with the management of the day-to-day operation of the kitchen, coordinate food production schedules and ensure the highest level of food quality, taste and presentation.

• Participate in actual food preparation, produce food of consistently high quality, taste and presentation.

• Assist with the creation of new menus.

• Control food cost by assisting in training kitchen staff on the proper methods of food preparation and handling.

• Assist with the anticipation of trends, enacting approved profit-oriented and cost saving ideas/activities.

Position Requirements: • A minimum of three (3) years of Culinary and supervisory experience required.

• An associate’s degree from a Culinary School of Arts or an equivalent is required.

Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resumes via e-mail to rmunroe@comfortsuitespi.com

PAGE 4, Thursday, April 19, 2018

CORPORATE TAX ‘NOT INEVITABLE from PAGE 1

imminent removal from the EU ‘blacklist’ was just the “first step” in a long-running process that must be completed by year-end to address the 28-nation bloc’s concerns.

Emphasising that the Bahamas could not afford to become complacent, Mr Moree nevertheless suggested this nation’s likely delisting would boost financial services industry and investor confidence, and mitigate “any fall-out” from its March 13 ‘blacklist’ inclusion.

Backing arguments that the introduction of corporate taxation is unnecessary to appease the EU, Mr Moree said its implementation

THE TRIBUNE should “not be accepted as inevitable”.

Should the Bahamas ultimately decide to go this route, he argued that corporate taxation should be adopted “on its merits” for the Bahamian economy and not as a “reaction” to external pressures on this nation.

Speaking after K P Turnquest, the Deputy Prime Minister, revealed EU officials had confirmed the Bahamas had been

recommended for delisting, Mr Moree expressed hope this would occur “speedily”.

He said: “I think the removal of the Bahamas from the ‘blacklist’ is extremely important for the Bahamas in terms of our reputation as a premier, well-regarded, fully compliant international financial centre (IFC).

“The removal of the Bahamas should reassure any of the multinational banks, financial institutions and other companies doing business in this jurisdiction that the Government is committed to fully complying with international standards. It should also ameliorate any fall-out from the earlier blacklisting.”

Mr Turnquest on Wednesday expressed optimism that the Bahamas will escape the ‘blacklist’ no later than May 25 - the day when the EU’s Economic and Financial Affairs Council (ECOFIN) should meet to ratify the delisting recommendation made by officials on their Code of Conduct Group.

Tribune Business exclusively revealed last week the Government’s hope that the Bahamas, if not delisted at the Group’s April 12 meeting, it would make significant progress towards escaping the nine-nation strong EU ‘blacklist’ - a wish that appears, at least in part, to have been granted.

The Bahamas’ immediate fate now rests in the hands of ECOFIN’s members. But, beyond the delisting, this nation has until December 31, 2018, to implement measures that address the EU’s concerns.

Should it fail to do so, the Bahamas’ potential ‘blacklist’ escape could only be a temporary reprieve if it fails to deliver on these commitments.

This was acknowledged by Mr Moree, who told Tribune Business: “It’s [the delisting] the first step in a continuous process which has to be completed before the end of this year.

“I would just mention that it is obvious to everyone involved in the process that we’ve still got a great deal of work to be done to address the issues concerning ‘economic presence’ and the BEPS initiative, and it is important for us as a country to formulate and implement

policies to address these matters.”

The EU formally ‘blacklisted’ the Bahamas on March 13, justifying its decision on the basis that it had not received a sufficiently ‘high level political’ commitment to address concerns that this nation’s corporate vehicles could be used for tax avoidance purposes.

In particular, the EU said there is nothing that requires Bahamas-domiciled entities to maintain a physical presence, or conduct real business activities, within the jurisdiction. The absence of such ‘economic substance’, it argued, could allow multinational entities to artificially shift profits and revenues from other countries to the Bahamas in a bid to avoid taxes in those jurisdictions.

The EU was also exercised by the existence of ‘ring fencing’, or preferential tax regimes for non-resident entities and foreign investors, which it also wants to see the Bahamas eliminate.

Mr Turnquest told Tribune Business that the Government plans to address the EU’s ‘economic substance’ and ‘ring fencing’ concerns through legislation requiring companies to have a physical presence in this jurisdiction, rather than through the implementation of any corporate taxation.

Central to the Government’s legislative response to the EU is the Multinational Entities Financial Reporting Bill, which seeks to eliminate ‘ring fencing’ and provides the Minister of Finance with the option of implementing corporate taxation on a host of financial services products in a manner and time of his choosing.

The same Bill also tackles the country-by-country profit/loss reporting required by the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative.

Mr Moree told Tribune Business that the potential introduction of corporate taxation needed to be handled in “a thoughtful and careful way”, adding: “It should not be regarded as inevitable.

“I don’t think it should be accepted as a given that corporate taxation is inevitable. This is not necessarily

required to solve this problem [with the EU].”

He continued: “We have to continue the process, meet our deadlines, develop policies to address these issues and see it through to the finish.

“Corporate taxation should not be viewed as inevitable; it needs to be considered in the context of the Bahamian economy and its people. Whether or not we should do it, it should be decided on its merits and not merely a reaction to some development that has occurred.”

Arinthia Komolafe, the Democratic National Alliance’s (DNA) deputy leader, yesterday welcomed the Bahamas’ imminent delisting but called on it to develop a long-term strategy that sheds the ‘tax haven’ label.

“The short period of time between the inclusion of the Bahamas on the infamous blacklist and the recommendation for the Bahamas’ removal suggests that we ought not to have been placed on the list in the first place,” she said.

“The impact on our nation’s reputation because of the EU’s action cannot be quantified or ascertained.

However, we are optimistic that this will also serve as a wake-up call to the Government to ensure that there is no miscommunication or inadequate responses to requests for information in future.”

Mrs Komolafe called for the Bahamas to “look beyond” the ‘blacklisting’ and EU’s December 31 deadline to develop a growth plan for the financial services industry.

“We cannot always be in a reactive mode to international pressures on our financial services industry,” she said. “Rather, we must chart our own course for the future. The ever-changing goal posts of international agencies and groupings demand that our focus is much more than avoiding or being removed from one list after the other.

“It is time to embark on initiatives for our own sake and place us on a path to progress and prosperity. These initiatives must involve a deliberate strategy to shed the tax haven label currently attached to the Bahamas.”

THE TRIBUNE

Thursday, April 19, 2018, PAGE 5

Price controls ‘out window’ with the World Trade Organisation FROM PAGE 1 so-called food ‘breadbasket’ items, although the composition of the latter could soon be subject to radical change if Dr Duane Sands, minister of health, is able to shepherd through planned reforms.

Price controls were introduced in the 1970s as a means to ensure Bahamians, especially those on low incomes, were able to enjoy a reasonable standard of living and could afford to purchase the items necessary to support this.

The regime subsequently evolved to the point where a Price Control Commission now acts as its regulatory overseer, with businesses exposed to fines for breaching the mark-up restrictions on controlled items.

However, many in the Bahamian private sector argue that price controls are an anachronism that should be done away with.

They view them as an obsolete, unnecessary regulatory restriction that creates multiple unintended, negative consequences for the business community.

With the price-controlled mark-ups often insufficient to cover costs, they force merchants to sell a significant portion of their inventory at a loss. This, in turn, forces companies to raise the cost of nonprice controlled items to compensate, while also discouraging merchants from stocking those that are subject to the regime.

This can potentially lead to product shortages, harming consumer, while further supporting the private sector’s belief that price controls disrupt normal market workings at time when there is sufficient

competition to keep prices keen without them.

Dr Sands earlier this year told Tribune Business that food retailers had made “a reasonable case” for price controls to be eliminated, but it remains to be seen whether WTO membership will have this impact given that the Bahamas’ ‘terms of accession’ have yet to be negotiated. There is little doubt, though, that the Bahamas will have to modernise its economy, and some traditional practices will either have to be adjusted or eliminated.

Auto dealers, meanwhile, told this newspaper that their exclusive contractual relationships with manufacturers meant they were unlikely to be impacted should the Government decide to open the sector to potential entry by foreign competitors.

Taxation, and especially the potential transition to lower Excise Tax/import duties post-WTO accession, are the key issues impacting the sector. The BMDA’s Mr Albury told Tribune Business he would “push” for the creation of a ‘bonded warehouse’ to prevent dealers being “caught offguard” with inventory upon which higher-rate taxes have already been paid at the time of the Bahamas’ joining.

“One of the things we’ve been advocating for was for the Government to give us some bonded facilities, so that if they reduce import taxes we’re not caught offguard too badly, having paid higher taxes on existing inventory and then the rates are subsequently reduced,” Mr Albury explained.

“That would be something we would push for.

That would be the biggest issue we have to deal with out there; how we structure

it so that we’re not caught with high-priced inventory we can’t sell, and we transition into whatever it is going to be without incurring tremendous losses.”

He was backed by Mr Lowe, who said: “My main concern for us and competitors is that if we have a lot of import taxes paid on inventory in stock already, we can’t simply write it off as we’ll all be bankrupt.

“Is there a plan in place? Is the Government going to give is a credit to write-off against the Business Licence fee once they decide to change the tax regime. We’re sort of advancing the Government money until we collect it from our customers, both on automobiles and parts.

It’s a significant chunk of change. On a $50,000 car there’s about $20,000 in taxes. Those are the two killers.”

Some of the Government’s highest tax rates are levied on automobiles, and the last Ingraham administration moved the sector into the ‘Excise Tax’ regime to help safeguard it from potential cuts under the WTO and other rules-based trading regimes.

It is unlikely that the Bahamas will have to either eliminate or slash existing tariff rates immediately, and in ‘one go’, upon joining the WTO. The Economic Partnership Agreement (EPA) with the European Union (EU), for example, allows the Bahamas to phase-in cuts to affected tariff rates over a multi-year period.

Mr Lowe, though, said his concerns also extended to Business Licence fees, telling Tribune Business: “We’re really concerned about how they may apply Business Licence fees.

What they’re doing now is inequitable. They’re charging us, in effect, more than

we’re making in net profit, so it’s causing us to lose money.”

Both Messrs Albury and Lowe said the geographical exclusivity provided by their dealer contracts with auto manufacturers meant BMDA members were protected from foreign rivals

establishing a physical presence in the Bahamas.

“As far as competition, our contract with Toyota, for example, is exclusive, so they won’t allow another Toyota dealer to come into the marketplace,” Mr Albury explained.

The BMDA president said next week’s consultations will be “more of a sit and listen situation”, and added: “Some industries will probably be impacted more than others. It’s a changing world; fast-changing world, out there.”

PAGE 6, Thursday, April 19, 2018

INSURERS FROM PAGE 1

recommendations issued for non-life insurers by the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and counter terror financing regulations, drew attention to the insurance industry’s ongoing obligations to report suspicious financial activity - regardless of whether they were included in the Bill or not.

The Attorney General, in particular, referenced sections seven and eight of the FATF guidance. These called on non-life insurers, including the property and casualty sector, to file suspicious transactions reports (STRs) on questionable dealings “in accordance with local regulatory requirements”.

And, if the policy premium was “unusually large” and there were signs of money laundering/terrorism financing activities by a customer, property and casualty insurers are required to perform “ongoing monitoring” and customer due diligence.

The FATF guidance also outlined “a limited number of scenarios” in which general insurance could be abused for such purposes, such as the overpayment of a large premium and demand for its return; intentionally-caused claims; and inflated and fraudulent claims.

Asked whether Bahamian property casualty insurers were ‘in or out’ when it came to being included in the Bill’s list of ‘financial institutions’, Mr Bethel replied: “They are out. But as the

THE TRIBUNE recommendations plainly show, they are not immune from antimoney laundering and counter terror financing obligations where they find a suspicious transaction.

“It [the FATF recommendations] shows some kind of obligation to be aware of issues and to act.” The Attorney General then suggested that the Bahamas Insurance Association (BIA) and its chairman, Emmanuel Komolafe, possessed the FATF document but had not mentioned its contents.

Mr Bethel then reiterated his position as outlined to Tribune Business on Wednesday, adding that it was “too late” to now change the Financial Transactions Reporting Bill but he would seek to give the general insurance industry “protection”.

“The point is that it is too late at this stage to make changes to the Bill,” he said. “But I have it being reviewed. We will see what can be done and when to give them some protection.”

Mr Bethel was speaking after controversy erupted over an earlier reply by his Office to the BIA’s request for clarity on purported amendments to the Financial Transactions Reporting Bill that seemingly removed property and casualty insurers from the list of ‘financial institutions’.

The BIA and its members had previously argued that the sector’s inclusion represented ‘regulatory overreach’, as this was not required by the FATF, and would unnecessarily increase cost and ‘red tape’ by requiring Know Your Customer (KYC) due diligence to be undertaken on all customers.

Mr Bethel, in a late February 28 interview with Tribune Business,

indicated that the Government had acceded to the insurance industry’s wishes and removed property and casualty insurance from the ‘financial institutions’ list.

However, the early April note sent to the BIA by the Attorney General’s Office appeared to exempt property and casualty insurance from some, but not all, KYC and customer due diligence requirements under the Bill.

Tribune Business was yesterday told that this position, and Mr Bethel’s comments to Tribune Business on Wednesday, had left the Bahamian insurance industry in “a state of shock” and unable to plan due to the uncertainty surrounding the property and casualty sector. “Persons are lost, confused and wondering what is happening,” one source told Tribune Business. This was confirmed

by Anton Saunders, RoyalStar Assurance’s managing director, who told Tribune Business that the move to exempt general insurers from some - but not all - provisions in the Bill had left the sector “half pregnant”.

“It is becoming confusing, and the message the insurance industry is getting is becoming confusing,” he told Tribune Business. “We’re either in [the Bill] or out. We can’t have a situation where it’s left to the interpretation of someone as to whether we’re in or not.

“We need clarity on the situation. The insurance industry has already gone through another situation where we didn’t have clarity on the law and regulations. We have seen this play out with VAT, where we didn’t have clarity in what we’re doing, and we’re seeing this coming with another Bill.”

Including property and casualty insurance as ‘financial institutions’ in the Bill would force the sector “to change our business model”, Mr Saunders admitted, but it would at least give the industry certainty. “We’re not asking for any favours from government or anyone,” he said. “We just want to know if we’re in or out. You cannot continue to run a business in a country where you don’t have clarity on what the regulations are that control your business. That goes for any industry.

“We can’t be half pregnant.

Everyone, just please let us know: We’re in or we’re out. We can’t be half-way. The uncertainty means you don’t know whether to go left or right. You don’t know how to plan. ‘You’re in a worse position with uncertainty. Right now, your plans are on hold. They [the Government] have to understand people are running real businesses, and impacting real lives on this side. We have to know what we’re doing to protect the business and its customers. These are real life decisions we have to make based on regulations.”

An April 16, 2018, letter from the BIA to Mr Bethel notes that, based on his Office’s response, property and casualty insurers will only be required to undertake Know Your Customer (KYC) verification, customer due diligence and file suspicious transactions reports (STRs).

Industry sources, speaking to Tribune Business on condition of anonymity, said this created a messy half-way house that threatened to expose property and casualty insurers to even greater complexity and problems than

before. “What happens by limiting these sectors is you create a bigger problem,” one source said.

They explained that the general insurance sector, for instance, was seemingly excluded from provisions that protect the identity of persons involved in STRs and those submitting them; exposed to liability for breaching customer confidentiality; and removed from safeguards designed to prevent the ‘tipping off’ of suspects.

The source also suggested it was illogical to exempt general insurers from the requirements to conduct risk assessments and appoint compliance officers, for instance, given that there was “no way of complying” with the mandated provisions other than to follow these procedures.

These issues were raised in the BIA’s April 16 letter, signed by co-ordinator Rhonda ChipmanJohnson, which warned that the changes flagged by the Attorney General’s Office earlier this month left general insurers “in a worse off position” than other industries subjected to the Bill. “It is apparent that the selective application of certain sections of the Financial Transactions Reporting Bill to general insurers has created more complications and problems for the industry, albeit these may have been unintended by the Attorney General’s Office,” Ms Chipman-Johnson wrote.

“These complications have created inconsistencies within the draft legislation which appear to put general insurance companies in a worse off position than other financial institutions subject to the Financial Transactions Reporting Bill.”

Vacancy for

Chief engineer A fast growing company is seeking to hire a proven individual to fill the role of Chief Engineer. The successful candidate will be responsible for the management and maintenance of all aspects of an industrial production facility with state of the art electrical and mechanical equipment.

He/she will also be responsible for mechanical troubleshooting, overseeing the upkeep and preventative maintenance process and schedule for the operation, manage all related systems and be proficient in software applications and possess the aptitude to learn and train others, while leading and supervising the work performance for assigned personnel.

The candidate must have electrical and plumbing experience, and be knowledgeable in dealing with high voltage, high heat and pressure, with at least 2-3 years of experience in management position and leader of team members. Salary will be commensurate with experience.

Interested candidates should forward their resumes’ on or before April 23, 2018, to cleanjobsbahamas@gmail.com.

THE TRIBUNE

Thursday, April 19, 2018, PAGE 7

PAGE 10, Thursday, April 19, 2018

THE TRIBUNE

Tourism’s output to grow 3.4% in 2018 THE tourism industry’s contribution to Bahamian GDP is forecast to grow by 3.4 per cent to $1.784 billion in 2018, as the sector shrugs off the impact of recent hurricanes.

Tourism’s benefits were discussed at last week’s 63rd regional meeting of the United Nations’s World Tourism Organisation

(UNWTO), for which the Bahamas’ minister of tourism and aviation, Dionisio D’Aguilar, is the chairman.

The Minister was represented at the meeting in Asunción, Paraguay, by Joy Jibrilu, the Ministry of Tourism’s director-general.

It was attended by 16 ministers of tourism from

countries including Argentina, Brazil, Colombia, Chile, Paraguay, Uruguay and Jamaica.

Ms Jibrilu also represented the Caribbean Tourism Organisation (CTO) in Buenos Aires, Argentina, at a press conference held by the World Travel and Tourism Council (WTTC) to discuss the

impact of hurricanes on the Caribbean region.

The WTTC is estimating that travel and tourism’s direct contribution to Bahamian GDP in 2017 was $1.726 million or 19 per cent of total economic output. This figure is forecast to rise by 3.4 per cent to $1.784 billion in 2018.

“This primarily reflects the economic activity generated by industries such as hotels, travel agents, airlines and other passenger transportation services excluding commuter services.

“But it also includes, for example, the activities of the restaurant and leisure industries directly supported by tourists,” the WTTC reported.

Studies from Tourism Economics, an Oxford University subsidiary, show that travel and tourism is one of the most important economic sectors in the Caribbean, contributing 15.2 per cent of the Caribbean’s GDP and 13.8 per cent of its employment.

However, in around half the countries analysed, the sector accounts for over 25 per cent of GDP – more than double the world average of 10.4 per cent.

The analysis showed that, in 2016, 46.7 million persons visited the Caribbean with a spend of $31.4 billion, supporting 2.4 million jobs.

Meanwhile, WTTC officials said the 2017 hurricane season resulted in an estimated loss of 826,100 visitors, who would have generated $714 million in economic activity and supported 11,005 jobs throughout the Caribbean.

WTTC officials believe it ultimately caused the Caribbean a $3 billion loss.

“Quantifying the impact on travel and tourism post-crisis provides a level of understanding of the enormous economic contribution that the sector brings to the region and the impetus for recovery,” the report said.

“Natural disasters will continue to hit the Caribbean, perhaps on an increasingly frequent basis as a result of climate change. As the economies of islands grow ever more reliant on the sector, it is critical that governments and destination management organisations develop strategies to minimise the long-term impact of natural disasters and encourage visitor spending to return to pre-hurricane levels of growth.”

Ms Jibrilu added: “The events of last fall were tragic for so many across our Caribbean region, and our thoughts are still very much with the countries, businesses and families that are rebuilding their lives now.

“The best, most effective way to support this endeavour is for all of us to work together. This partnership must bring together public and private entities in our countries and region, and we must also be mindful that the progress of one country will tend to benefit our marketplace position as a region.”

HELP WANTED

Administrator/Receptionist required for a small Offshore Company. Must be proficient in Excel & Word, with a basic knowledge of accounting. A working knowledge of QuickBooks would be an asset. Must have excellent communication skills, and the ability to manage the office.

Previous experience in the financial industry an asset but not a must.

Email resume to:”employ2018@outlook.com”

THE TRIBUNE

Thursday, April 19, 2018, PAGE 11

Bank payment charges need ‘legitimate redress’ FROM PAGE 1

preference for a solution based on increased competition, better information access and consumer education to resolve Bahamians’ complaints about the level of bank fees, with 49 per cent of survey respondents arguing these charges are “too high” and another 29 per cent finding them “somewhat high”.

Outlining the survey’s findings, the Central Bank said they also showed some Bahamians felt it was too difficult to switch commercial banking providers - something that could restrict sector competition and inhibit consumer choice.

“This survey provides a strong basis for interventions to improve consumer education around bank fee structures in the Bahamas,” the regulator concluded. “It also underscores the scope for more effective practices around notification of fee changes, and stronger mechanisms to allow consumers to compare fee across institutions.

“Scope also exists to reduce constraints, perceived or otherwise, on the ease of switching between financial institutions for products and services. Also, concerns around the level of fees concentrated most on payments and transactional facilities where average costs require legitimate redress.

“The planned acceleration of the Central Bank’s payments system modernisation initiative should begin to address these particular concerns.”

The survey, conducted in January 2018 by the Public Domain firm, canvassed opinions from 1,007 Bahamians, less than 5 per cent of whom did not have access to banking services in any form.

The Central Bank, though, argued that this likely “understated” the level of so-called ‘financial exclusion’ in this nation given that low income and immigrant populations were not fully represented among survey respondents.

“Also evident from the survey results, the demographic divide between income and age groups also has to be factored into policy approaches to financial literacy and inclusion, with vulnerability evident in some cases for older customers of financial institutions, and in other cases more so for lower income households,” the regulator concluded.

Turning to commercial bank fees, which remain the ‘hot button’ issue among the Bahamian public, the Central Bank said most persons surveyed understood that such charges were required to cover costs incurred by institutions in processing transactions.

“However, the ability to distinguish between direct government taxes and the institutions’ own charges is only possible for an estimated 42 per cent of the banking public,” the Central Bank found.

“In the meantime, the view is pervasive that fees are too high, with the most common products singled out being those related to payments services (ATM use, cheque cashing and deposits of cash and cheques.”

The Central Bank said the survey results showed Bahamians were

“polarised” on the issue of whether banks deliver ‘value for money’, adding: “Thirty-two per cent of respondents agree that they receive value for money, while 29 per cent strongly disagree that they receive value for money.

“Similar disparities exist when the data is analysed on the consumers’ admitted understanding of why banks charge fees. Forty-six per cent understand why they are charged vis-à-vis 40 per cent that do not understand at all. In the middle ground, 14 per cent of respondents only partially understood why fees were charged.”

Nathaniel Beneby, Royal Bank of Canada’s (RBC) Bahamas managing director, revealed last December that the bank had introduced a $15 fee for cashing a non-customer’s cheque as a “deterrent”, hoping it would drive persons to use their own bank.

He suggested that moving customers to electronic and mobile banking, where fees are typically lower, would ease public concerns and pressure over ever-increasing bank charges and combat “all the noise in the marketplace”.

RBC and other Bahamas-based commercial banks have come under increasing public fire over ever-increasing fees in recent years, which a Central Bank survey in 2017 found had increased by up to 43 per cent within a sixmonth period.

Many Bahamians view the increases as tantamount to price gouging and exploitation in an alreadydepressed economy where wages are stagnant, and their protests were sufficient for the Government to announce the formation of a tripartite-style committee featuring representatives from the private sector, trade unions and government - together with the banks to investigate the issue.

But the fee increases are also a likely banking industry response to reduced interest income stemming from the industry’s near-$1 billion past due loan pile, as well as the 3 per cent ‘Business License’ fee that the former Christie administration imposed on the sector in the 2014-2015 Budget.

The Central Bank, now moving to take the pulse of consumers, said that while fees were seen as too high there was no unified public view “on the direction in which they should be adjusted”.

“Forty-nine per cent of respondents opined that bank fees are too high, while another 29 per cent felt that fees were somewhat high,” the Central Bank said. “Although multiple products could be identified, ATM withdrawals was the most commonly viewed service as costly (21 per cent), followed by the monthly fees for checking account (9 per cent) and savings accounts (8 per cent).

“Disagreement with the level of fees charged was most concentrated for ATM withdrawals (41 per cent), check cashing services (23 per cent) and cash and cheque depositing (19 per cent). On average, about 49 per cent of those surveyed expressed a preference for bank fees to be adjusted downward versus 31 per cent that indicated no adjustment was necessary.”

Almost two-thirds of Bahamians, some 62 per cent, were found to hold the perception that bank fees in the Bahamas are higher than elsewhere in the Caribbean. And four out of every 10 Bahamians complained they were never notified of pending fee changes.

“By law, banks are required to give advance notice of fee changes on products, although awareness of when such change occurred, or whether such notifications were practiced, was limited,” the Central Bank said.

“Of persons surveyed, 43 per cent acknowledged that their bank did give notice of fee changes, while a separate 42 per cent indicated that they were not notified of fee changes.

These outcomes could reflect how such notices are being made.

“Notably, respondents with experience of the process cited postal letters (29 per cent) and e-mail notices (29 per cent) as the two most common communication channels, versus 8 per cent that indicated being notified through the respective provider’s website. Other clients (24 per cent) indicated that they learn about fee changes inside the branch.”

The survey found that online/electronic banking penetration was on the rise, especially among Bahamians aged between 18-34

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years-old, with 51 per cent of respondents revealing they had access to online banking. However, use of such channels was less frequent or ‘mostly never done’ for 38 per cent.

This age group was also found to switch banking provider the most, but the Central Bank added of the data: “It suggests that

between 15 per cent to 20 per cent of customers view the process of changing banks as being too cumbersome. This, therefore, impacts the mobility of customers across the banking system.”

As for the 33 per cent, or one-third of Bahamians, dissatisfied with their bank, the Central Bank said:

“The top reasons chosen included unsatisfactory customer service, high service fees and long wait-time in branches.

“Another source of dissatisfaction is the difficulty experienced in obtaining credit, although only as highlighted by 8 per cent of respondents.”

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PAGE 12, Thursday, April 19, 2018

THE TRIBUNE

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

Our lending institution is looking for a

Junior Accountant/Accounting Clerk

to provide support to the financial department by performing daily accounting tasks.

The ideal candidate will be well-versed in accounting principles and able to work comfortably with numbers and attention to detail. The goal is to contribute to the overall efficient operation of the department and help the company be fully aware of its financial condition.

Responsibilities: ➢ Analyze and reconcile bank statements and general ledger ➢ Post and process entries to ensure all business transactions are recorded ➢ Update accounts payable and perform reconciliations ➢ Maintain and record fixed assets preparing fixed asset depreciation and accruals ➢ Check figures, postings, and documents for correct entry, and accuracy ➢ Classify, record and summarize numerical and financial data to compile and keep financial records ➢ Assist in the processing of balance sheets, income statements and other financial statements according to legal and company accounting and financial guidelines ➢ Assist with reviewing of expenses as assigned ➢ Update financial data to ensure that information will be accurate and immediately available when needed ➢ Prepare and submit weekly/monthly reports ➢ Assist with other accounting projects Skills, Experience & Qualification Required: ➢ Excellent communication skills; both written and verbal ➢ Proficient in QuickBooks ➢ Proficient in Microsoft Office Site, with solid systems experience ➢ 3+ years’ related experience preferred ➢ Bachelor’s Degree in Accounting or related field ➢ Know basic accounting principles ➢ Ability to multi-task

Interested persons must submit a current resume and photograph to hremploymentnow@gmail.com no later than 25th April 2018.

THE TRIBUNE

Thursday, April 19, 2018, PAGE 13

Blockchain to solve Bahamas’ ‘major workforce waste’ FROM PAGE 1 labour and (fallible) judgment, but also creates inefficiencies in placing new students and processing transfer equivalencies.

“In extreme cases, when the issuing institution goes out of business, loses their records or is destroyed due to natural disasters, students have no way of verifying their achievements and must often start from nothing. This results in an enormous waste of human capital.”

The IDB report said the Bahamas was now “in a singular position to highlight the value of blockchainbased digital records for both students and institutions”, with the technology seen as a mechanism for Bahamians to possess and share records of their educational achievements.

Blockchain technology allows information to be recorded, shared and updated by a particular community, with each member maintaining their own copy of data that has to be verified collectively.

Anything that can be described in digital form, such as contracts,

transactions and assets, could thus be suitable for blockchain solutions. And Blockcerts, the open-standard for creating, issuing and verifying blockchainbased certificates, ensures they are tamper-proof.

“Not only does the Blockcerts standard (open standard for digital documents anchored to the blockchain) allow Bahamian institutions to prevent records fraud, safeguarding and building confidence in their brands, but it allows them to leapfrog the digitisation process, skipping many of the interoperability issues associated with legacy digital formats (i.e.

PDF, XML),” the IDB report said.

“Blockcerts provides students with autonomy, privacy, security and greater access all over the world, while allowing the Bahamian government to consolidate and streamline its credentialing operations in a way that produces real return on investment over a period. Primary use cases include: Student diplomas, professional certifications, awards, transcripts, enrollment verification, employment verification,

verifications of qualifications, credit equivalencies and more.”

The Government has recently latched on to blockchain technology as part of its efforts to develop a so-called ‘technology hub’ in Grand Bahama, while also suggesting it could provide the solution for poor, paper-based recordkeeping that is prevalent throughout ministries and departments.

The creation of a Land Registry, and system of registered land, is one initiative that could be aided by blockchain. K P Turnquest, Deputy Prime Minister, even suggested earlier this year that the technology could have helped prevent the Jean Rony Jean-Charles matter through the maintenance of comprehensive, easily accessible birth and Immigration records.

The IDB paper, though, said blockchain’s use in this project will be restricted to evaluating the success and sustainability of the Government’s apprenticeship initiative, and issuing “industry recognised” e-Certificates for those who graduate from it.

Revealing that the programme could become a ‘model’ for the Latin American and Caribbean region, the IDB paper said: “More evidence on apprenticeships’ effectiveness is needed for supporting the implementation and continuity of these programmes in [the region] and the Bahamas.

“Better technology and optimised certification processes are needed.

Blockchain technology is ideal as a new infrastructure to secure, share, and verify learning achievements...

“Digital certificates, which are secured on a blockchain, hold significant advantages over ‘regular’ digital certificates in that they cannot be forged.”

The IDB-financed apprenticeship initiative is designed to improve the Bahamian workforce’s skills and productivity, and is targeted at three sectors - medical services, maritime and IT/ telecommunications.

Some 1,100 Bahamians will undergo a job readiness Pre-Apprenticeship programme through the National Training Agency (NTA), focused on technical and soft skills. Those that qualify will then proceed to the full apprenticeship initiative, which will provide 80 per cent ‘on-the-job’ training to some 1,350 persons.

“Human capital shortages impose challenges to productivity in the Bahamas,” the

IDB said. “Although the enrollment rate in primary education in the Bahamas is almost universal (97.5 per cent), enrollment rate in secondary education considerably reduces to 82.7 per cent.

“Additionally, according to the World Bank’s Enterprise Survey, employers report the lack of specific skills as the most important barrier to recruit workers (34 per cent), followed by applicants’ lack of experience (29 per cent) and applicants’ lack of soft skills (28 per cent).

“Skills gaps are also perceived by 24 per cent of firms as a main barrier to productivity, while problems with soft skills are the main cause of dismissals and turnover in firms.”

PAGE 14, Thursday, April 19, 2018

NOTICE

NOTICE is hereby given that MACKNI LORFILS of 1107 NW 6TH Street, Apt E, Gainesville, Fl 32601 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 19th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KENNY ANTOINE of Pigeon Peas, Marsh Harbour, Abaco, 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 19th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JEFFERY JOSEPH of Pigeon Peas, Marsh Harbour, Abaco, 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 19th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LEAPLENA ROLLE of Sappodilla Blvd and Bay Geranium Ave. intend to change my name to LEAPALENA KATRINA ROLLE. If there are any

NOTICE

THE TRIBUNE

NOTICE is hereby given that JASMINE ALCIME of Queen’s Highway, Governor’s Harbour, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE IN THE ESTATE OF CHARLENE LAVERNE STYLES, # 47 Charles Drive, Southern District, New Providence, The Bahamas.

NOTICE is hereby given that all persons having any claims against or any interest in the above-named Estate are required on or before the 6th day of April 2018 to deliver their names, addresses and particulars of their debts, claims or interest to the undersigned and to come in and prove such debts, interest or claims, or in default thereof they will be excluded from the benefit of any distribution AND NOTICE is hereby given that at the expiration of the date hereinbefore mentioned, the assets of the Estate of the said late, CHARLENE LAVERNE STYLES, deceased, will be distributed among the persons entitled thereto.

objections to this change of name by Deed Poll, you may write

DATED the 20th day of March, 2018

such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of

Personal Representative of the ESTATE OF CHARLENE LAVERNE STYLES

publication of this notice.

c/o MITRE COURT Suite 227, 2nd Floor Island Lane Building Olde Towne, Sandyport Nassau, The Bahamas Attn: Attorney Hepburn

WDI CARIBBEAN LTD (The “Company”) (In Voluntary Liquidation) Reg. No. 60677 Final Meeting Notice Notice is hereby given pursuant to Section 222(2) of the Companies (Winding Up Amendment) Act 2011 that the final meeting of shareholders of the Company will be held at the offices of Intelisys, 15 Caves Professional Centre, Caves Village, Nassau, Bahamas on 14 May 2018 at 10:00am to consider the following matters: 1.

2.

3.

MARKET REPORT WEDNESDAY, 18 APRIL 2018

4.

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

BISX ALL SHARE INDEX: CLOSE 1,972.10 | CHG -0.45 | %CHG -0.02 | YTD -91.47 | YTD% -4.43 BISX LISTED & TRADED SECURITIES 52WK HI 4.31 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.30 5.30 11.50 2.59 1.56 9.25 6.10 10.55 8.10 13.67 12.51 11.00

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.18 1.40 7.30 6.00 8.78 5.67 3.35 12.01 10.00

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 Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

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

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) 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 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

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

MUTUAL FUNDS 52WK HI 2.13 4.14 1.99 178.69 153.40 1.54 1.70 1.62 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 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.25 17.43 9.09 3.34 1.00 0.18 3.35 8.80 6.10 4.13 10.07 2.90 1.50 7.88 6.10 10.44 6.23 4.30 12.51 10.00

CLOSE 4.25 17.43 9.09 3.34 1.00 0.18 3.35 8.80 6.10 4.13 10.07 2.89 1.50 7.88 6.10 10.44 6.23 4.29 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 -0.01 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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.15 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

110.22 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 Royal Fidelity Int'l Fund - High Yield Fund Strategies Fund

VOLUME

100

2,000

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.293 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.084 0.300 0.500 0.150 0.120 0.570 0.000

P/E 11.8 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.6 24.2 16.0 28.3 4.5 N/M 5.4 14.1 7.5 14.6 23.0 0.0

YIELD 1.88% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.64% 3.61% 2.91% 6.85% 2.08% 3.33% 1.07% 4.92% 4.79% 2.41% 2.80% 4.56% 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 6.00% Prime + 1.75% 6.95% 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%

NAV 2.13 4.12 1.99 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

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

MATURITY 31-May-2018 19-Oct-2022 20-Nov-2029 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 NAV Date 31-Jan-2018 31-Jan-2018 26-Jan-2018 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

The final accounts and final report of the Company showing the manner in which the winding up of the Company has been concluded by the Liquidator and any property of the Company disposed of; The rate at which the Liquidator’s remuneration and expenses (if any) were calculated and particulars of the work done; The hearing of any explanation that may be given by the Liquidator in respect of the winding up of the Company; and The manner in which the books, accounts and records of the Company and of the Liquidator should be maintained and subsequently disposed.

Dated this 19th day of April 2018 Edmund L. Rahming Voluntary Liquidator Contact for Enquiries: Email to: Georgette Smith:

By Hand or Mail to:

gsmith@intelisysltd.com

Attn: WDI Caribbean Ltd. c/o Intelisys P.O. Box SP-64064 Nassau, Bahamas

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Thursday, April 19, 2018, PAGE 15

PAGE 16, Thursday, April 19, 2018

THE TRIBUNE