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MONDAY, APRIL 24, 2017
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Low growth linked to cronyism, blasts reform campaigner By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A governance reformer has directly linked the Bahamas’ poor GDP growth and low business confidence to nepotism, cronyism and political favouritism impacting how commerce is conducted. Robert Myers, the Organisation for Responsible Governance’s principal, told Tribune Business that business confidence was undermined, and people reluctant to invest, when they had to compete directly with rivals who enjoyed the right political connections. Disclosing that his own businesses had encountered competitors with such advantages, Mr Myers said the Bahamas needed a complete cultural overhaul, given that such business practices had almost become accepted as “the norm” by many. “If members of the Government are out there wheeling and dealing with foreign investors, or meddling in business, it doesn’t make for a very level playing field or give once confi-
ORG chief: Investor confidence being undermined His, other businesses fight on ‘uneven play field’ Bahamians urged to stop seeing favouritism as ‘norm’
The Bahamas lost an international shipping company’s investment to a rival Caribbean destination because of a “restrictive” work permit policy, an international consultant recommending this be restructured to drive economic See pg b5
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Bahamas goes 4 years without GDP growth By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Bahamas has just suffered its fourth consecutive year with no economic growth, prompting the Chamber of Commerce’s chairman to call for “methodical plans to bring the economy back”. Speaking after the International Monetary Fund (IMF) projected that the Bahamas endured zero GDP growth in 2016, Gowon Bowe told Tribune Business that “meaningful, sustained dents in unemployment” were impossible with such a “lethargic” economic performance. Data contained in the IMF’s recently-published
IMF drops 2016 forecast to zero; Bahamas flat-lined Chamber chair: We need plan to ‘bring economy back’ Need 5% at least to make ‘meaningful jobless dent’ Gowon Bowe World Economic Outlook shows that economic growth in the Bahamas flatlined last year, standing at 0 per cent. While this represented an ‘improvement’ upon the prior two years of recession,
the Bahamian economy having contracted by 0.5 per cent and 1.7 per cent in 2014 and 2015, respectively, the 2016 performance was still below the Government’s own 0.5 per cent growth projection.
And, given that IMF data shows the Bahamas also enjoyed 0 per cent GDP growth in 2013, this nation has gone four years - most of the Christie administration’s term in office - without positive economic growth. The IMF paper provided no explanation for the Bahamas’s failure to meet initial 2016 GDP growth projections, although this is likely to have been caused by Hurricane Matthew’s initial impact. The immediate outlook for the Bahamas, though, is brighter, with the IMF forecasting GDP growth of 1.4 per cent and 2.2 per cent for this year and 2018, respectively. The former is higher See pg b7
Governance study’s multi million diversifying boost Robert Myers dence to invest,” Mr Myers told Tribune Business. His comments came after The Tribune last week disclosed e-mails sent by Jerome Fitzgerald, See pg b7
Work permit ‘restrictions’ cost shipping investment By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Bahamas could enjoy a multi-million dollar jobs and economic diversification boost with policy reforms to facilitate targeted investment in key industries, amid warnings that “major economic assets are at risk”. A report commissioned by the Bahamas-based Or-
ganisation for Responsible Governance (ORG), released yesterday, described the economy as “at a crossroad” and “underperforming”, with real GDP per capita now lower than it was in 2000. The report, produced by the Oxford Economics consultancy, suggested that reforms to facilitate agriculture/manufacturing import substitution, shipping and logistics investment and
boutique hotel/vacation home expansion would generate both much-needed diversification and economic growth for the Bahamas. Noting that visitors to the Bahamas spent $496 million on purchasing food and manufactured goods in 2015, the report for ORG said $103 million of this sum was spent on goods “in which the Bahamas has See pg b4
ORG report calls for logistics, vacation rental focus Warns Bahamas’ ‘key economic assets at risk’ Govt ‘must restore faith’ in our economic future
‘Short-term’ focus drove project to Caribbean rival Bahamas urged to make policy shift on issuance Link permits to Bahamas jobs, not training successors
Bran: Govt opposed Baha Mar Chapter 11 to hide self-dealings By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader believes the Government so vehemently opposed Baha Mar’s Chapter 11 filing because it feared contracts held by public officials, and their families and associates, might be exposed in the US courts. Branville McCartney told Tribune Business that by helping to secure the dismissal of Sarkis Izmirlian’s bankruptcy protection bid, then instigating windingup proceedings against the former developer in the Supreme Court, the Christie administration had “covered up” any incriminating evidence. “Had the Chapter 11 gone through in Delaware, then all of these contracts would perhaps have come to light with these government officials,” Mr McCartney said. “This is why the Government filed windingSee pg b6
Feared contracts would come out in US courts Jerome actions ‘totally contrary’ to Minister manual DNA leader: Commission call strengthened
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PAGE 2, Monday, April 24, 2017
THE TRIBUNE
Central Bank warns over ‘repeat findings’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Central Bank has warned licensees that it has seen “a significant incidence of repeat findings”, where issues identified by regulators in on-site examinations have not been resolved despite assurances to the contrary. Abhilash Bhachech, the Central Bank’s inspector of banks and trust companies, warned licensees in an April 21, 2017, letter that the regulator may impose fines should it find “material repeat findings” in onsite examinations. “In the course of our onsite examinations, we assess the completeness and effectiveness of [a] licensee’s resolution measures in addressing our supervisory findings,” Mr Bhachech wrote. “In this context, we note a significant incidence of repeat findings on matters
Some exam issues not resolved despite assurances ‘Significant incidence’ of problem sees fines warning that have not been satisfactorily resolved, contrary to what was reported to the Central Bank in some responses to the Reports of Examination. “Licensees must ensure accurate reporting of resolution measures pertinent to examination findings. In the event that our on-site examination identifies material repeat findings, the Central Bank may impose monetary penalties for the deficiencies.” Elsewhere, Mr Bhachech noted that the Central Bank and other financial services regulators, together with the Ministry of Finance
and Attorney General’s Office, were preparing for the third and latest round of the Organisation for Economic Co-Operation and Development’s (OECD) Global Forum Peer review. This will occur in July, and will assess the Bahamas’ compliance and co-operation with global standards on tax transparency and the exchange of tax information. Mr Bhachech noted that the implementation, and roll-out, of the OECD’s Common Reporting Standard (CRS) for the automatic exchange of tax information, was one of “the most prominent” challenges facing the industry. “Externally generated challenges to the industry remain, one of the most prominent being the uncertainty underlying the global rollout and impact of the OECD’s Common Reporting Standards (CRS) on tax cooperation,” he wrote. “From a financial perfor-
mance perspective, banking assets continued to grow, whereas the revenue margins remain stressed due to competitive pressures, emergence of low-cost business models and market volatility. “As a result, our licensees continue to seek operational efficiencies through cost reduction, outsourcing, standardisation, shared services and value-added automation.” Mr Bhachech said the Central Bank also planned to enhance its cyber-security supervisory regime, given the significant focus this was receiving in risk mitigation by banks. “Given the focus on increased digitisation of operations, and management of client data, transaction monitoring, analytics and reporting requirements, the data integrity and prevention of internal and external cyberattacks are major imperatives going forward,” Mr Bhachech said.
‘De-risking’ hits Bahamas costs clearance times By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Bahamian financial institutions have incurred higher customer due diligence costs, and experienced longer transaction clearance times, due to global correspondent banking ‘de-risking’ trends. A newly-published International Monetary Fund (IMF) paper ranked the Bahamas among those nations which have either seen ‘no significant impact’, or just ‘a moderate impact’,
from the increasing tendency of developed country banks to reassess relationships with their Caribbean counterparts. It suggested that the main impact on Bahamian financial institutions related to efficiencies and cost structures, with a wide range of products and services required by local businesses and residents in the conduct of every-day commerce affected. Likely drawing on previous Central Bank of the Bahamas findings, the IMF report said: “Adverse im-
pacts on bank operations have been reflected mainly in prolonged clearance procedures and higher investment and staffing costs, stemming from additional reporting requirements and scrutiny. “Business segments that have been affected include credit card payments, cash management services, investment services, clearing and settlement, international wire transfers and remittance services.” Describing the impact on the Bahamas and its financial services industry in more detail, the IMF added: “In the Bahamas, six institutions, mainly standalone international banks and a
few domestic commercial banks, together representing a small share of total banking system assets, have recently lost correspondent banking relationships (CBRs). “All of them had additional CBRs, found replacements, or were able to negotiate a continuation in service (including against an additional annual fee). Canadian banks and other international banks maintained direct or indirect access to US dollar CBRs as they are able to rely on the sound anti-money laundering and counter terror financing frameworks in place across the group as a See pg b8
‘No one should pull against Baha Mar’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
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Baha Mar is “no saviour” despite its potential to be a top GDP producer for the Bahamas, the Chamber of Commerce’s chairman predicting the project will be a ‘case study’ for how this nation manages such developments. Gowon Bowe told Tribune Business that “there should be no one pulling against” the mega resort development’s success, with job creation and other spinoffs set to positively impact this nation’s economy. Prime Minister Perry Christie noted during Baha Mar’s official opening last week that more than 1,500 Bahamians, along with 100 expatraite staff, have been hired to work at Baha Mar, excluding those employed at the Melia property. Mr Christie said Baha Mar is expected to generate over $700 million in direct annual economic output and $45 million in taxes annually. He also noted that, at full opening, Baha Mar is projected to generate an additional 315,000 air passenger seats annually. When fully opened, Baha Mar is expected to create 5,000 direct jobs. The new developer, Chow Tai Took Enterprises (CTFE), is pushing for a full opening in March 2018. Baha Mar includes a 300room SLS resort, a 200room Rosewood Baha Mar property, the 694-room
all-inclusive Melia Nassau Beach Resort, and the 1,800 Grand Hyatt. Mr Bowe said: “We need to look at it on face value. It’s a tremendous property that was not being utiliaed for an extended period of time, and effectively a constant reminder of prosperity that has not yet been achieved. “I think what’s important is that it is certainly going to be a case study in years to come in terms of what we do in managing these types of developments, in terms of how we grade and evaluate concessions. “The development has gone through its challenges. If we set aside all of the hoopla, is is a positive thing. When we have new employment and new revenue streams, that is a positive regardless of what we think about how we got to this point. There are many things that we can look at. In the end, history will look back and judge but, for right now, yes, is it going to be positive.” Mr Bowe said both the Government and credit rating agencies “put too much into Baha Mar”, but expressed hope the property’s opening would aid the Bahamas’ sovereign creditworthiness. “We have to look at the momentum that this builds and look at how we can learn from these missteps when looking at future developments and what mechanisms to put in place,” said Mr Bowe.
THE TRIBUNE
Monday, April 24, 2017, PAGE 3
Downtown killing lays foundation to ‘destroy economy’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Minister of Tourism is “deeply concerned” after a minibus driver was shot and killed in downtown Nassau last week, warning that such incidents are laying the foundation “for the total destruction of our economy”. Obie Wilchcombe told Tribune Business: “I am deeply concerned because we have to recognise that if we are categorised as a destination where crime is high, then not withstanding that it might be domestic crime, it hurts your destination. “What we have to do is work even harder. We have to continue to call upon the people, the church, the
schools, and we have to have a change of attitude. We have to introduce a revolution of peace and love, and if we can’t do that then we must appreciate that we will do more damage to ourselves.” Hans Neely, a transportation supervisor at Stuart Cove’s, was reportedly shot while driving a bus in the area of East Street north, near Prince George’s Wharf, an area normally populated by tourists, cruise ship passengers and downtown shoppers. The Downtown Nassau Partnership (DNP), in a statement following the incident, said: “The Downtown Nassau Partnership (DNP) has as its mandate the revitalisation of downtown, which means to maintain a safe, clean and fun
environment. This incident is certainly not the norm for downtown. Over the past few years, there has not been an incident of this sort occurring in our city centre.” It added: “Business and property owners are certainly concerned about protection of the city for use and enjoyment by residents and visitors alike; for commerce, dining, touring and its historic charm. “DNP will continue to support our key stakeholders, the Royal Bahamas Police Force and, in particular the Tourism Police Unit, in efforts to prevent or avoid this from happening again, and help to provide the safe environment which everyone can enjoy.”
Minister seeks more airlift for Baha Mar
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Baha Mar’s opening will usher in a new era in Bahamian tourism, a Cabinet Minister has promised, as his Ministry seeks out additional airlift to support the $4.2 billion development. Speaking with Tribune Business at Baha Mar’s recent ‘soft opening’, Obie Wilchcombe, minister of tourism, said his ministry was working to develop the 315,000 additional airline seats per annum that the property requires. “We have the available number of airline seats for the rooms we have even with this open there,” he said. “What we need to do now is think about the future and we have to get
more airlift, so we’re opening more markets. “Flights will be coming in direct from Germany later this year. That is to be in time for the opening of the other two properties. We are going to intensify our reach in the United States of America. We also have to get Bahamasair to do more.” Baha Mar was originally scheduled to open at the end of 2014. It was further delayed after the resort’s original developer, Sarkis Izmirilian, filed for Chapter 11 bankruptcy in the United States in June 2015. He eventually lost control of the mega resort after legal wrangling in the US and the Bahamas. The new developer, Chow Tai Took Enterprises (CTFE), is now pushing for a full opening in March 2018.
Baha Mar includes a 300room SLS resort, a 200room Rosewood Baha Mar property, the 694-room all-inclusive Melia Nassau Beach Resort and the 1,800 room Grand Hyatt. CTFE’s Bahamas president, Graeme Davis, believes the travel industry has a short term memory with regard to the resort’s past issues. “I believe that in the travel industry, certainly the traveling public has a short-term memory,” he said. “It’s very unfortunate that, in the past, Baha Mar has certainly affected vacationers and spoiled people’s memories. We certainly look forward to returning the trust and the integrity of Baha Mar with our travelling partners, the travelling public and future guests.”
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PAGE 4, Monday, April 24, 2017
Governance study’s multi million diversifying boost From pg B1 no production” - such as watches and gasoline. It added that most of the remaining $393 million came from imports but, if just 10 per cent of this was shifted to Bahamian-produced goods and food, this nation would see a $21.8 million GDP boost. Manufacturing would receive the bulk of this, at 51 per cent, the ORG study projected, with another 25 per cent aiding the agriculture industry. “This corresponds to 489 new jobs, 40 per cent in agriculture and 36 per cent
in manufacturing,” Oxford Economics said in the study for ORG. “It is worth noting that the $5.4 million impact on the agriculture sector represents a 4 per cent increase in the Bahamas’ current agriculture GVA (gross value added) of $143 million.” The ORG study recommended that the Bahamas focus on import substitution, and Bahamian manufacturers and farmers supplying domestic needs, rather than targeting export markets where they will have to compete with rivals who have greater economies of scale.
H E L P
When it came to shipping and logistics, the ORG report urged the Bahamas to exploit existing infrastructure in Nassau and Freeport to target the ‘break bulk processing’ market, where container loads were broken down and repackaged into smaller consignments before heading to their final destination. The Oxford Economics analysis suggested that an investment in this sector, sufficient to create 100 jobs, would boost economic output (GDP) by $7.2 million and lead to the addition of 47 indirect jobs. “The largest impact is in the transport, storage, and communication sector, which alone accounts for 78 per cent of the GDP and 74 per cent of the employment
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PROPERTY MANAGER AND ASSISTANT Seeking a HUSBAND & WIFE TEAM to manage private island. A) As PROPERTY MANAGER the candidate must have a minimum of 5 years experience in the capacity, preferably in the Caribbean or a similar tropical island destination. The candidate will be responsible for the full and detailed running of the island including overseeing the management of boats, generators, construction, landscaping, purchasing, accounting and to act as boat captain on yachts in the Bahamas and to and from the United States. B) As ASSISTANT TO PROPERTY MANAGER the candidate must have a minimum of 5 years experience managing facilities preferably in the Caribbean or a similar island destination. Must be able and qualified to manage accounts, prepare for guests, arrange guest activities, manage food and beverage provisions for staff and guests and monitor guests while on island. Assist property manager with all duties including as mate on yachts.
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gain,” the report for ORG predicted. “Additionally, as we discuss above, development of break-bulk cargo processing might also lead to the development of allied manufacturing in the Freeport area. Therefore, we also model an expansion of manufacturing activity in the Bahamas equivalent to 200 new manufacturing jobs, which we estimate corresponds to approximately $28 million in new manufacturing output. “This scenario results in a GDP impact of $18.8 million, including direct, indirect, and indirect effects, 68 per cent of which is in the manufacturing sector and 10 per cent in the business services sector. This corresponds to 343 new jobs overall, 63 per cent of these in the manufacturing and 11 per cent in the wholesale and retail trade sectors.” Freeport, with its existing harbour and port facilities, and tax advantages under the Hawksbill Creek Agreement, has long been seen as suited for a logistics industry that could exploit trade liberalisation and rules-based agreements that the Bahamas is entering into. However, little has been done to examine such an opportunity. Meanwhile, the ORG study also called for the Bahamas to exploit the growing second home and vacation rental market, suggesting the benefits could be “quite substantial” for government taxes, land values, construction and foreign currency inflows. “According to the Airbnb data, there are currently 908 active Airbnb rentals in the Bahamas with an occupancy rate of 17 per cent,” the study said. “This implies a total of 56,000 room days of rentals. We further assume an average of two people per Airbnb property, and a total of 6.7 nights per visitor to the Bahamas, for a total of 16,700 tourists to the Bahamas currently staying in Airbnb out of 1.5 million overnight visitors. “With an average spending of $1,500 per overnight visitor to the Bahamas, this implies spending of $25
THE TRIBUNE million by those staying in Airbnbs, including their spending on the Airbnbs themselves.” The Oxford Economics study said an increase in visitors equivalent to 50 per cent of current Airbnb activity would add 8,350 tourists annually, and $13 million in visitor spending. Excluding 50 per cent of that $13 million from its analysis, as that represented lease costs, the ORG study said: “The full economic impact - direct, indirect, and induced - of additional spending by these new tourists is estimated at $9.8 million of additional GDP and 225 new jobs. “The sectors most affected are community, social and personal services, which receives 35 per cent of the GDP impact and 50 per cent of the jobs impact, and hotels and restaurants, which receive 23 per cent of the GDP and 18 per cent of the jobs impact.” To unleash these potential growth opportunities, the ORG study said the Bahamas needed to tackle structural impediments such as high energy and labour costs, and relatively low productivity. It noted how one Bahamas-based manufacturer revealed for every $100 it made in gross margin (sale minus raw material costs), electricity costs were absorbing $33 or one-third of cash flow total. “Such a sizeable impact on potential profit would have been enough to undermine the viability of the whole operation were it not for the fact that, in this example, the company received a substantial tax benefit as a consequence of its location in Freeport,” the study for ORG added. When it came shipping and logistics, “corruption and inefficiency” at Customs were cited as major obstacles, with 100 per cent of cargo inspected compared to the 2 per cent in “modern sampling techniques” elsewhere in the world. The study suggested that the law and rules surrounding vacation homes also needed to be simplified to encourage investment in these areas.
Explaining that the three industries studied were chosen because of their potential and lack of previous work, the ORG report said “bold new steps” were required to turn the Bahamas’ economic trajectory around. “The economy of the Bahamas is at a crossroad,” it warned. “Many of its key economic assets are at risk. The country’s position as an international financial centre, its tourism, shipping and manufacturing industries all face multiple pressures. The potential for damaging consequences was highlighted dramatically in December 2016 when Standard & Poor’s downgraded the country’s bonds to junk status..... “The consistent message from over a dozen business leaders throughout the Bahamas was a sense of discouragement, frustration at the difficulty of doing routine business, and a lack of confidence in the economic future of the country. “At the same time, many of these leaders argued that bold new steps could re-engage investors in the economic future of the Bahamas, and they articulated a range of insightful and proactive ways to help turn the situation around,” the study added. “The most pressing concern, which ultimately trumped all others, was a perceived lack of confidence by investors in the integrity and efficiency of government economic development programmes. Without this, it will be all but impossible to attract the level of investment needed for the Bahamas to reach its full potential.” Still, finishing on a positive note, the ORG study said: “The Bahamas does face economic challenges but its core competitive strengths remain intact. “What we believe would be most effective for improving investor confidence is for the Government to begin taking measured steps to introduce at least some of these measures so that business leaders and the public regain confidence in the Bahamas ‘economic future.”
Dependable, Highly Organized, Multi-Tasker, Attention To Detail. If you possess these qualities, we invite you to apply for the position of:
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THE TRIBUNE
Monday, April 24, 2017, PAGE 5
Work permit ‘restrictions’ cost shipping investment From pg B1 growth. Oxford Economics, in a report commissioned by the Bahamas-based Organisation for Responsible Governance (ORG), called on this nation to tie foreign work permits to increased Bahamian employment, rather than identifying and training a local successor to take over. The report, which examined three sectors - agriculture and manufacturing, shipping and logistics, and boutique hotels and vacation rentals - for their potential to grow and diversify the Bahamian economy, said the Government’s current work permit policy had “seemingly frustrated” most lost businessmen interviewed by Oxford Economics. Demonstrating, in practical terms, how the Bahamas may be losing jobs, investment and economic activity as a result, the report said: “A shipping executive described how his company genuinely wanted to consolidate an international planning function in the Bahamas, but was thwarted by the foreign permit restrictions. “The function was to be staffed by very senior shipping personnel (often with previous experience as ship captains). Reportedly, only short-term work permits were offered, and even then on condition that local Bahamas’ residents be trained in the positions. “Senior executives were unwilling to relocate families to the Bahamas if their long-term stay was in
doubt, and the company was unwilling to replace highly-skilled shipping executives with freshly trained local workers. That project reportedly went to another Caribbean location in nearly the same form as was proposed for the Bahamas.” The company involved was not named in the report, but Oxford Economics is a highly-respected international consultancy that has worked frequently in the Bahamas, estimating the impact of major foreign direct investment (FDI) projects such as Baha Mar and also working for the Government on issues such as the Hawksbill Creek Agreement reforms. Its report said that reform to the Government’s work permit policy “might prove effective” in encouraging economic growth, acknowledging that the issue is “always contentious” - and not just in the Bahamas. Oxford Economics suggested the Bahamas could adopt a visa programme similar to the Canadian Provincial Nominee programme, assigning a specific number of work permits per industry for specialised positions that were hard to fill. “Moreover, rather than making permit award conditional on specific matching of demand to training, it might prove more effective to link the award of work permits to a commitment by the receiving company to increase the number of Bahamas residents that it employs,” the report for ORG suggested.
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“For example, the receiving company would hire a certain number of residents, even if those residents work in positions that differ from those in which the work permits were issued. “This flexibility might help address concerns about disincentives to investment while also encouraging receiving companies to hire additional local workers.” The report concluded: “A better balance between the need for businesses to bring in specialised foreign talent, and the concern that foreigners not take jobs away from Bahamas citizens, needs to be reached. “Linking foreign work permits to increases in local employment at the job site - as opposed to focusing on training residents in highly specialised functions - would seem to offer a much more constructive approach.” Basing its findings on interviews with more than a dozen Bahamian business executives, Oxford Economics said labour availability was a critical issue when it came to companies being able to expand and attract investment.
“This constraint has been long recognised in the Bahamas with the result that foreign work permits are made available,” the report for ORG said. “Married to this approach has been a commitment to make the availability of foreign work permits conditional on the requirement that a local resident also be trained in the specific function for which the permit has been issued, with the objective of quickly replacing the foreign worker with a newly-trained Bahamian replacement. “This approach has seemingly frustrated most parties,” the report added. “One of the most contentious issues brought up during the interviews was the appropriateness of issuing foreign work permits for specific high profile projects. “Opinions expressed ranged from incredulity that permits were not issued for projects being considered in the Bahamas (including several that reportedly went elsewhere when permits were not issued) to outrage that permits had been issued for projects that seemed not
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to be making any effort to train replacement Bahamian workers.” Breaking down the 9.208 work permits issued by the Department of Immigration in 2015, the Oxford Economics report said 42 per cent - some 3,870 - were issued for ‘elementary’ positions, with the largest source of such workers being Haiti. Haitians were the largest source of workers for four out of the nine work permit categories identified, with agriculture, services and sales and professionals each accounting for a 10 per cent share of permits issued. Americans produced the largest share of professional and managerial work permits, with Canada the top source country for foreign technicians, and China providing most service workers. “Both feedback from our interviews and the data suggest that the policy to enforce a specific link between foreign worker permit functions, and training local residents to perform the same function, does not seem to be working particularly effectively,” the report for ORG said.
“For example, approximately 50 per cent of the work permits issued in 2015 would, according to this data, appear to require little specific skills training. Rather, these permits (for less skilled positions) seem to reflect employer difficulties in enticing local residents into accepting lower-paid positions in agriculture and low-end service occupations.” Given the struggles to obtain sufficient quality high school graduates from the Bahamian education system, the Oxford Economics report added: “Trying to use the foreign work permit programme as a type of apprenticeship ‘on-the-job training’ programme is unlikely to work for high-skill positions in which the employer has highly specialised requirements that cannot be satisfied by the local workforce. “In other situations, such as technical skills, the foreign work permit programme should not be designed to serve training purposes for which technical schools would be much better suited.”
RBC Royal Bank (Bahamas) Limited is presently considering applications for:
Trading Assistant Capital Markets What is the opportunity? In this role, you are contributing to the management of a multi-billion securitized products investment portfolio. You will be using state-of-the art financial technology and learning investment strategies to build stable investment income for RBC. What will you do? • Assist with analyzing credit & market risk in CLOs, CMBS, & ABS and GNMA securities • Develop/revise models/tools for purchase analysis and portfolio management • Perform ad hoc analysis for Portfolio Managers as requested • Track/summarize sell side research • Maintain Front Office books and records estimates, including reporting P&L and portfolio metrics • Act as Front Office liaison with Middle Office Risk, Operations, and other internal support groups. What do you need to succeed? • Fundamental knowledge of finance, capital markets, and bond cash flows • Strong attention to detail, accuracy of work, and capacity to learn • Desire to contribute to a team environment Must-have • Undergrad or Graduate degree in Business or highly quantitative subject (Engineering, Physics, Math) • Ability to source data from the internet as well as various technology publications on Bloomberg • Ability to work independently, under time constraints and with attention to details • Self – starter, must be organized and able to prioritize work and responsibilities • Good interpersonal skills and the ability to work and coordinate effectively within a team environment Technical requirements • Advanced Excel skills: pivot table, Bloomberg formulas • VBA: Ability to develop, update and maintain macros • SQL and database management software • Statistics: linear and logistics regression, fixed effects, quantiles Nice-to-have • Ability to develop, update and maintain macros in Excel based financial models • Knowledge of programming languages and familiar with database management What’s in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver outstanding financial results. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual: • A comprehensive Total Rewards Program including competitive compensation, bonuses, and flexible benefits • Continued opportunities for career advancement • World-class sales training, coaching, and development opportunities • Support from a dynamic, collaborative, progressive, and high performing team, as well as world-class tools and training • Opportunity to achieve great success and grow your career with RBC Interested persons should apply by May 1, 2017 and forward your resume to:tt-ec-bbrecruitmentjobpostings@rbc.com
www.rbcroyalbank.com/caribbean
® / ™ Trademarks of Royal Bank of Canada. Used under licence.
PAGE 6, Monday, April 24, 2017
Bran: Govt opposed Baha Mar Chapter 11 to hide self-dealings From pg B1 up proceedings to protect themselves from becoming exposed in the Delaware court. They would have come to light.” The DNA leader even suggested that, had the Chapter 11 process proceeded, ministers and government officials may have been called before the US federal bankruptcy court “to explain how they got contracts with this company”. “They did everything to
cover up the contracts they controlled and had at Baha Mar,” Mr McCartney blasted. “This is what happened. It’s all coming to light three weeks before an election.” Mr McCartney was speaking after it was revealed last week that Jerome Fitzgerald, minister of education, science and technology, personally lobbied Mr Izmirlian in a bid to secure lucrative Baha Mar contracts for his family’s customs brokerage and limousine firms. E-mails disclosed by The Tribune revealed that Mr
Fitzgerald, while also asking Mr Izmirlian to use his influence with China Construction America (CCA), Baha Mar’s main contractor, was effectively exploiting his ministerial position for private advantage, and to derive financial gain for his family. Mr McCartney told Tribune Business that Mr Fitzgerald’s actions “go completely contrary” to ministerial ethics, as set out in the Manual of Cabinet and Ministry Procedure. Its Article 40 (b) states that ministers must not “solicit” any benefit or advantage for themselves, their family or business interests from persons who have a “contractual or special relationship” with the Govern-
HELP WANTED
MAINTENANCE SUPERVISOR for private island. The candidate must have a minimum of 5 years experience in the capacity, preferably in the Caribbean or a similar tropical island destination. The candidate will be responsible for the full and detailed hands on running of the island including maintenance of all buildings, boats, generators, desalination equipment, construction, docks and landscaping. RESPOND TO: Island application, P.O. Box N-272 Nassau, Bahamas.
ment. “When you become a Minister of the Government, you are given a manual, and that [Mr Fitzgerald’s actions] is in complete contradiction of the manual,” the DNA leader added. “Ministers are not supposed to solicit business, and use their power to solicit business for themselves and their families. It would be best for Jerome to be quiet.” That, in effect, is what Mr Fitzgerald has done. While confirming the authenticity of the e-mails, he has refused to comment on the matter beyond saying no contracts were awarded to his family’s companies by Baha Mar. The Government, Progressive Liberal Party (PLP) and Mr Fitzgerald’s fellow ministers have adopted a similar stance, using the argument that ‘no contracts were awarded’ to downplay and deflect attention from the issue, shrugging it off and hoping it will ‘get lost’ amid the fanfare surrounding Baha Mar’s first phase opening. Mr McCartney said the controversy surrounding Mr Fitzgerald had “most absolutely” strengthened the DNA’s campaign pledge for a Commission of Inquiry to investigate the Baha Mar debacle. He also questioned whether Prime Minister Perry Christie had been
THE TRIBUNE aware of Mr Fitzgerald’s contract lobbying, noting that the latter had been one of the Government’s principal negotiators in the deal with the China ExportImport Bank and CCA to complete the $4.2 billion development. Mr McCartney, though, said ‘conflicts of interest’ were not exclusively confined to the PLP, pointing to similar accusations made against FNM ministers and officials over the years. “You have it on both sides,” he argued of the two major parties. “The pot cannot call the kettle black. “Yes, it is bad what was done [by Mr Fitzgerald]. There’s conflict there and there should be consequences for it. But if Minnis is calling for Jerome to resign, what about his position when he was Minister of Health and rented his building to the Public Hospitals Authority? What is the difference.” Dr Minnis previously addressed this in 2015, acknowledging that Leechez Investments, a company in which he is a shareholder, leased the Stat Care building to the PHA. The FNM leader added that his interest in Leechez Investments was disclosed when he became a Cabinet Minister in 2007 Mr McCartney, meanwhile, said that while all Bahamians wanted Baha Mar to succeed, the next government could not afford to give the Christie administration a ‘free pass’ on how it had handled the dispute between Mr Izmirlian and his Chinese partners. With details of the agree-
ment between the Government and China ExportImport Bank still sealed despite the Government’s promises that they would be disclosed, the DNA leader said it was hard to trust the Christie administration in such circumstances. “What is the deal with Baha Mar, especially since they have it sealed?” Mr McCartney asked. “It casts more suspicion as to what is going on with this Government and the Chinese. This government cannot be trusted. “There’s no doubt we want Baha Mar to be successful, get Bahamians back to work, but the new administration has to see where we are. It’s almost like shooting in the dark without knowing what the deal is. “The new administration must go on the premise that we need to make Baha Mar work, but we also need to see what’s there.” Mr McCartney added: “If there’s been wrongdoing by persons in this government, they’re going to have to be prosecuted. “We’ve got to make sure we go about it the right way. That’s going to take reviewing all the documents, and ensuring what’s there at Baha Mar is ultimately for the benefit of all parties concerned, including the Bahamas, which is the priority. “We want to see Baha Mar open, see it successful, but if there’s any wrongdoing heads will have to roll, there will be consequence, and the chips will fall where they may.”
Notice The Long Island Museum will be closed beginning Monday 24th April 2017 to allow for outstanding repairs to be completed. The Antiquities, Monuments and Museum Corporation appreciates the cooperation of the public and patrons as we work towards improving our facilities for pubic and staff use. thank you
THE TRIBUNE
Monday, April 24, 2017, PAGE 7
Bahamas goes 4 years without GDP growth From pg B1 growth is likely connected to Baha Mar’s opening, with the property’s full impact set to be felt next year when it becomes fully operational, in line with the IMF’s forecast. However, the Fund is also predicting that Bahamian GDP growth rates will slacken off following Baha Mar’s first year unless new sources of impetus are found, with this nation’s economy forecast to expand by just 1.3 per cent in 2022. Even at the Baha Mar post-opening ‘peak’, such growth rates remain woe-
fully short of the 5.5 per cent that the Fund said was needed to both absorb all new entrants into the Bahamian workforce and cut existing jobless rates in half. Mr Bowe, speaking after Baha Mar’s ‘soft opening’ on Friday, said that while the $4.2 billion property’s economic impact should be significant, it was “not the be all and end all” for the Bahamas in terms of generating sufficient GDP growth. “We have to have methodical plans to bring the economy back,” the Chamber chairman told Tribune
Low growth linked to cronyism, blasts reform campaigner From pg B1 minister for education, science and technology, in which he used his Ministerial position for private, financial advantage by lobbying Sarkis Izmirlian, Baha Mar’s original developer, for contracts for his family’s customs brokerage and limousine businesses.
“I own a brokerage and trucking company,” Mr Myers added. “I own a landscaping company that competes with politically connected people. “It doesn’t give me a lot of confidence. It’s very difficult to compete on a level playing field when they’re wielding their political might and influence. “It’s criminal and has to
Business, suggesting that the Bahamas needed to focus on improvements to the ‘ease of doing business’ and further exchange control liberalisation. “The National Development Plan is going to be critical for any administration to say that this is the way we’re going to climb out of this,” he added. “We need to look at long-term plans and not get concerned by bumps in the road. If we move along without concrete plans, every time there’s a negative element, it seems more grandiose than it might be.” Mr Bowe said the Bahamas also needed to develop its own reliable statistical mechanisms rather than rely on outside projections, thus giving this nation a sta-
tistical basis from which to dispute such findings. However, he acknowledged that the IMF’s growth projections fell well short of what the Bahamas required to sustain economic and social stability. “We had identified, based on empirical evidence, that to make meaningful, sustained dents in unemployment we had to be growing at 5 per cent or more,” Mr Bowe told Tribune Business. “It’s now probably nearer 7 per cent. As long as we stay around lethargic growth levels of 1-2 per cent, that will be a challenge for any administration to be grappling with.” Mr Bowe’s concerns were echoed by Organisation for Responsible Governance
(ORG) principal, Robert Myers, who said the zero GDP growth for 2016 was “not surprising” given the continued wait for Baha Mar’s opening. “If Baha Mar comes online it could add 1 per cent or more,” Mr Myers told Tribune Business, “and hopefully we get some growth elsewhere. “But that’s not enough to deal with unemployment and the national debt. It’s not enough,” he added of the Bahamas’ GDP growth projections. “We need to be at a minimum 5.5 per cent to deal with unemployment, the fiscal deficit and the debt. “Another several thousand kids will be coming out of high school in the summer looking for work, who
are under-qualified and going to be hitting the streets. “I don’t think you’re going to see any consumer confidence or business confidence unless we start to see the Government acting on a Freedom of Information Act and Fiscal Responsibility Act, and starting to do something about education,” Mr Myers continued. “The next government has got to take fiscal responsibility, governance and accountability seriously, and to improve workforce development and productivity.” The official unemployment rate has remained stubbornly in double digits ever since the 2008-2009 recession, although the latest statistics showed it had dropped to 11.6 per cent.
stop. It’s been going on for far too long, and people have clearly accepted that it’s the norm. It’s got to stop. We’ve got to change the tone.’ Mr Myers emphasised that he was not picking solely on the Progressive Liberal Party (PLP), and that his concerns went “across all fronts” to include rivals, noting how a former BEC Board member was convicted last year for accepting bribes over a generation supply contract. “None of that is good for private sector confidence and consumer confidence,
and that’s why businesses don’t go expanding,” he told Tribune Business. “The next government has got a lot of work to do to rebuild consumer and private sector investment confidence. That’s a big issue, because that drives markets.” Mr Myers said ‘intangibles’ were critical to business and investor confidence and job creation, pointing to how recent gains in the US stock market and economic environment appeared to have come from Donald Trump’s election and his pro-business message. “Instead, we’re sending a message that suggests our Government is corrupt, its not willing to put in place a Freedom of Information Act, is not interested in a Fiscal Responsibility Act,” Mr Myers said. “Our debt has climbed by $2 billion over the last five years, yet our revenue has gone up by $1 billion and we’re still fiscally challenged. Where’s the next government telling me we’re going to do better? That’s what we need to be hearing in a major way.” Tribune Business reveals
today (see other article on Page 1B) that the Bahamas has suffered four consecutive years of no GDP growth, with two of those years - 2014 and 2015 - actually resulting in the economy contracting, or going into recession again. The zero GDP growth projected by the International Monetary Fund (IMF) for 2016 is lower than the Government’s own 0.5 projection in last May’s Budget, and Mr Myers suggested there was a direct link between this nation’s poor economic performance and political influences and interferences. “It’s good business practice for them,” he said of the politicians and those with the right family and political connections, “but damns and torpedoes the rest of us. “There’s no confidence in the economy when that’s going on. We can’t compete with that. While it may be good for them, it’s why we’re having this systematic contraction of growth. “It goes on and on. It’s torpedoing the economy. You’re not getting work based on merit and productivity; you’re getting it because of political connections. How does that work for the rest of us?” The long-standing practice of rewarding governing party supporters with government contracts also un-
dermines ‘value for money’ for the Bahamian taxpayer, with work not going to the best candidates, resulting in wastage, inefficiencies and poor workmanship. Mr Myers said the situation surrounding Mr Fitzgerald “needs to be dealt with”, and called for “the equitable enforcement of the law” to apply. “We need to enforce the Public Disclosures Act and other laws that regulate government, and the people now know why,” he added. “Both ruling parties have been shown to be violators of existing laws and the people must demand one specific change to the laws. “We have to make governments accountable to the people, and do so at our discretion and not theirs. There must be laws, funding and a mechanism in place that allows the public to act when corruption is suspected. In so many instances the fox is guarding the hen house.” Mr Myers added that The Tribune’s e-mail revelations suggested Mr Fitzgerald was worrying less about the Bahamas, its education system and the overall private sector, and more about his own family and family businesses.
LEARN TO NAVIGATE!! Class B Captains liCense Course Registration going on now for persons interested in their boatmasters license. Course commences april 25th, 2017.
Topics covered include: *basic seamanship *basic chart plotting *marine weather *tides *bouys *rules of the road
The course is $999 including all books. Payment Plans available. FOR MORE INFORMATION PLEASE EMAIL info@shipmateltd.com or call 698-6283.
advertise today! call the tribune today @ 502-2394
Passionate about customer service, Keen attention to detail, Ability to multi-task, Excellent communication skills If you possess these qualities, we invite you to apply for the position of:
Teller Supervisor JOB SUMMARY: Fidelity Bank (Bahamas) Limited is currently seeking qualified candidates to fill the role of Teller Supervisor. This position is responsible for providing teller services while meeting Teller Performance Standards.
Main Duties and Responsibilities: • Training, coaching, and supporting staff • Researching/resolving teller differences and client concerns • Assure operational integrity and risk management by ensuring that procedural requirements and processes are known and utilized • Oversees the staffing and performance management of all tellers • Participate in the daily teller activities needed to meet the demands of the Branch including processing teller transactions and performing standard teller activities • Meets established sales goals and acts as a leader in the Branch
Minimum Requirements & Qualifications: • Associate Degree from recognized tertiary institution - or a minimum High School Diploma along with three years’ experience in the Financial Services Industry • 3 years of cash handling experience • 2 years of supervisory experience in a cash handling position • General working knowledge of the Bank’s products and services • Excellent written and verbal communication skills • Demonstrated leadership skills • Professional appearance • Proficiency in Microsoft Office applications PLEASE SUBMIT BEFORE May 5th, 2017 to:
HUMAN RESOURCES Re: Teller Supervisor careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
PAGE 8, Monday, April 24, 2017
Ivanka Trump's brand ramped up China trademark work in 2016 SHANGHAI (AP) — Ivanka Trump’s brand intensified its work in China as her father closed in on the Republican nomination for U.S. president, with her company applying for nearly twice as many trademarks in a fivemonth span as it had in the preceding eight years. Ivanka Trump Marks LLC applied for 36 trademarks in China between March and July of last year. From 2008 through 2015, it applied for a total of just 19 trademarks, China’s trademark database showed .
Three of the 2016 applications were granted preliminary approval on April 6, the same day Ivanka Trump dined with China’s President Xi Jinping at Mar-a-Lago, The Associated Press revealed this week in an article that documented how Ivanka Trump’s brand has continued to expand even as she builds a new political career in her father’s administration. Ivanka Trump still owns her brand, but has stepped back from management and put its assets in a family-run trust. China’s foreign minis-
try has said that the government treated Ivanka’s trademarks just like everyone else’s. Ethics experts have questioned whether that’s possible, particularly in a country where the ruling Communist Party influences the courts and bureaucracy. Politically sensitive decisions on, for example, the intellectual property of the family of the U.S. president, may well have been subject to high-level political review. “She needs to be very careful to make sure she’s on the right side of the
law,” said Norman Eisen, who served as chief White House ethics lawyer under Barack Obama. “Personally, I find it unlikely that there is no element of Chinese favoritism in the handling of her requests.” Eisen is part of a lawsuit brought by Citizens for Responsibility and Ethics in Washington, a watchdog group, against President Trump for alleged violations of the emoluments clause of the U.S. Constitution, involving, among other things, his China trademarks. Eisen argues that if President Trump or his daughter received special treatment from China in winning intellectual property protection, it would be a violation of the Constitution, which bars federal officials from accepting gifts from foreign governments unless approved by Congress.
THE TRIBUNE
‘De-risking’ hits Bahamas costs clearance times From pg B2 operators have also been affected. One domestic bank closed its Western Union money transfer franchise in summer 2015, while another money transmission operator provider had been notified about a possible termination of its banking relationship.” To counter this trend, the IMF report said of the Bahamas: “In addition to engaging with regional stakeholders, authorities have been strengthening their overall risk-based framework for regulation and supervision, and the Central Bank of the Bahamas has finalised amendments to its anti-money laundering and counter terror financing guidelines and introduced
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL www.ub.edu.bs
PUBLIC NOTICE University of The Bahamas is seeking qualified Bahamian contractors to submit proposals on the design/build of a multipurpose sports court on the Oakes Field Campus. Interested contractors may collect RFP packages from the Office of the Vice President of Operations. Location: Room A85, Oakes Field Campus Pick-up times: 9:00 a.m. to 5:00 p.m. (April 19th – 24th, 2017) Site review/walkthru – April 26th, 2017 at 10:00 a.m. at the Harry C. Moore Library and Information Centre.
The Public is hereby advised that I, RAMON CARLTON DEVEAUX of Cockburn Town, San Salvador, Bahamas intend to change my name to RAMON CARLTON BROWN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that MERLINE LOUISSAINT of #68 Miami Street, 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 24th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Baùcolina Corp.
Company No. 467711 (In Voluntary Liquidation)
BREWSTER TRADING CORP. Company No. 1039976 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Baùcolina Corp. is in voluntary liquidation. The voluntary liquidation commenced on 16th February, 2017 and Rahel Ruth Kieber of Dorfstrasse 7a, 9495 Triesen, Principality of Lietchenstein, 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 BREWSTER TRADING CORP. is in voluntary liquidation. The voluntary liquidation commenced on 11th April, 2017 and Manuela Koch of Puntenstrasse 37, 8143 Stallikon, Switzerland, has been appointed as the Sole Liquidator.
Dated this 16th day of February, 2017 Sgd. Rahel Ruth Kieber Voluntary Liquidator
Dated this 12th day of April, 2017 Sgd. Manuela Koch Voluntary Liquidator
NOTICE REDROSE SPRINGS INC. In Voluntary Liquidation
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
new wire transfer regulations.” Banks in major industrialised countries have embarked on an increasing trend of severing correspondent relationships with foreign banks, and the Caribbean region is among those that have been most heavily impacted. The move is being driven by the ‘risk/reward’ analysis, with developed country banks perceiving correspondent relationships with their Caribbean counterparts as too ‘high risk’ when measured by the financial rewards. They are particularly concerned that Caribbean banks are susceptible to financial abuses, such as money laundering and anti-terror financing, which could lead to financial sanctions being imposed on themselves by home country regulators. Correspondent bank ‘de-risking’ has potentially major ramifications for the wider Bahamian economy, given that this nation’s model is that of an international business and financial services provider, which also imports the majority of what it consumes. Bahamian banks rely on foreign correspondents, which are often major developed world banks, to clear foreign currency transactions and payments on behalf of their local clients. While the ‘de-risking’ impact has yet to truly bite, it could - if it becomes more widespread - threaten to cut off Bahamian banks and businesses from the international finance and commerce systems, undermining the economy’s very existence.
LEGAL NOTICE
RFSC LTD.
(In Voluntary Liquidation)
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, REDROSE SPRINGS INC. is in dissolution as of April 20, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
TAKE NOTICE is hereby given that by a resolution passed on the 10th day of March, 2017 the above-named Company was put into voluntary liquidation. AND FURTHER TAKE NOTICE that BCS Corporate Group Ltd., Cumberland House, 15 Cumberland Street, P.O. Box SS6836, Nassau, Bahamas was appointed voluntary liquidator of the Company. AND TAKE NOTICE that any creditors having debts or claims against the Company are required to send particulars to the Liquidator of the said Company and in default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
LIQUIDATOR ______________________
Dated this 24th day of April, 2017
NOTICE STEPPARD COUNTY LTD. In Voluntary Liquidation
LULLIPORT MANAGEMENT INC. Company No. 502021 (In Voluntary Liquidation)
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, STEPPARD COUNTY LTD. is in dissolution as of April 21, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
BCS Corporate Group Ltd. Liquidator
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that LULLIPORT MANAGEMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 7th April, 2017 and NINA RACCIATTI of Talstrasse 83, 8036 Zurich, Switzerland, has been appointed as the Sole Liquidator. Dated this 10th day of April, 2017 Sgd. NINA RACCIATTI Voluntary Liquidator
NOTICE PIZ MUNDAUN INVESTMENT LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PIZ MUNDAUN INVESTMENT LIMITED is in dissolution as of April 21, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
THE TRIBUNE
Monday, April 24, 2017, PAGE 9
a flag flies on Capitol Hill in Washington. Lawmakers return to Washington this week to a familiar quagmire on health care legislation and a budget deadline dramatized by the prospect of a protracted battle between President Donald Trump and congressional Democrats over his border wall. (AP Photo)
Possible shutdown, health care quagmire awaiting Congress WASHINGTON (AP) — Lawmakers returning to Washington this coming week will find a familiar quagmire on health care legislation and a budget deadline dramatized by the prospect of a protracted battle between President Donald Trump and Democrats over his border wall. Trump’s GOP allies control Congress, but they’ve been unable to send him a single major bill as his presidency faces the symbolic 100-day mark on April 29 — the very day when the government, in a worst-case scenario, could shut down. Feeling pressure to deliver results, Trump wants to revive a troubled health care measure from House Republicans to repeal and replace President Barack Obama’s Affordable Care Act. Trump also hopes to use a $1 trillion catchall spending bill to salvage victories on his promised U.S.-Mexico border wall, a multibillion-dollar down payment on a Pentagon buildup, and perhaps a crackdown on cities that refuse to cooperate with immigration enforcement by federal authorities. Congress faces a midnight Friday deadline to avert a government shutdown. But negotiations on the spending measure, a huge pile of leftover business from last year that includes the budgets of almost every federal agency, have hit a rough patch. Rank-and-file Republi-
ic demand is for cost-sharing payments to insurance companies that help low-income people afford health policies under Obama’s health law. The payments are a critical subsidy and the subject of a lawsuit by House Republicans. Trump has threatened to withhold the money to force Democrats to negotiate on health legislation. Trump’s presidential victory makes it “completely reasonable to ask and to insist that some of his priorities are funded,” White House budget director Mick Mulvaney said in an interview. “We are more than happy to talk to the Democrats about some of their priorities but we encourage them to recognize that they are a minority party.” Both the White House and Democrats have adopted hard-line positions on Trump’s $1 billion request for a down payment on construction of the border wall, a central plank of last year’s campaign. Talk of forcing Mexico to pay for it has largely been abandoned. But in an interview with The Associated Press on Friday, Trump stopped short of demanding that money for the project be included in the must-pass spending bill. Health care is on a separate track and facing trouble, too. The White House is pressing House Republicans to rally behind a revised bill so GOP leaders
“We are more than happy to talk to the Democrats about some of their priorities but we encourage them to recognize that they are a minority party.” cans received few answers on a Saturday conference call by top House GOP leaders, who offered little detail and said deals remained elusive on both health care and the catchall spending measure, with no votes scheduled yet. It’s looking like a one- or two-week temporary measure will be needed to prevent a shutdown and buy time for more talks. Negotiations have faltered because of disputes over the border wall and health law subsidies to help low-income people afford health insurance. Trump’s Capitol Hill allies had been tempering expectations that the president will win much in the budget talks. Democratic support will be needed to pass the spending measure and Republicans fear taking the blame if the government shuts down on their watch. “We have the leverage and they have the exposure,” House Democratic leader Nancy Pelosi of California told fellow Democrats on a conference call Thursday, according to a senior Democratic aide. Pelosi wants the spending bill to give the cashstrapped government of Puerto Rico help with its Medicaid obligations, and Democrats are pressing for money for overseas famine relief, treatment for opioid abuse, and the extension of health benefits for 22,000 retired Appalachian coal miners and their families. An additional Democrat-
can schedule a vote this coming week that could let Trump fulfill a 100-days promise. A quick vote, let alone approval, seems unlikely. GOP leaders have shown no desire to revisit the issue until they’re assured they have enough votes to succeed, a point House Speaker Paul Ryan, R-Wis., reiterated to lawmakers Saturday, according to participants in the call. An initial attempt in March ended in a legislative train wreck, stinging Trump and Ryan. The measure would have repealed much of Obama’s 2010 overhaul and replaced it with fewer coverage requirements and less generous federal subsidies for many people. As part of the White House drive to resuscitate the bill, members of Trump’s team including Vice President Mike Pence and chief of staff Reince Priebus have made multiple calls to Republicans. Two leaders of the House GOP’s warring moderate and conservative factions devised a compromise during Congress’ recess to let states get federal waivers to ignore some requirements of the health law. Those include one that now obligates insurers to cover specified services such as for mental health, and one that bars them from raising premiums on seriously ill patients. But there are widespread doubts that the new attempt has achieved the support it needs.
PAGE 10, Monday, April 24, 2017
MARKET REPORT FRIDAY, 21 APRIL 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,891.30 | CHG 0.01 | %CHG 0.00 | YTD -46.91 | YTD% -2.42 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 9.30 6.90 12.01 11.00
52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.79 8.56 7.11 6.35 11.92 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
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
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.25 1.55 6.00 9.75 9.00 9.30 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 107.84 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.26 1.55 6.00 9.75 9.00 9.30 6.90 12.01 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 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
107.86 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.02 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
4
VOLUME
NAV 2.05 3.92 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 104.5 22.2 19.4 20.0 18.8 9.4 11.3 23.5 19.7 0.0
YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.26% 2.65% 3.87% 4.00% 4.10% 0.00% 3.55% 2.03% 5.33% 0.00%
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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 28-Feb-2017 28-Feb-2017 24-Feb-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
THE TRIBUNE
Global finance leaders dodge conflict with Trump White House WASHINGTON (AP) — Global finance leaders sought to avoid conflict with the Trump administration over trade and environmental policy and welcomed signs the world economy is pulling out of the doldrums. The International Monetary Fund dropped a sharp condemnation of trade protectionism and references to climate change from a statement at the close of its spring meetings with the World Bank. Gone was a call for nations to “resist all forms of protectionism” that had been in an October communique. During the presidential campaign, Donald Trump threatened to impose tariffs on China and Mexico and called global warming a hoax. Since taking office, Trump has slashed environmental regulations, and his administration has planned big cutbacks at the Environmental Protection Agency. The meetings of the 189-nation IMF and World Bank, which wrapped up Saturday, were dominated by concerns over the rising anti-globalization tide that carried Trump to the White House and set the stage for Britain to leave the European Union. Skepticism over the benefits of free trade persists despite signs of economic improvement. The global economy is finally recovering from a long period of economic languor that IMF managing director Christine Lagarde labeled “the New Mediocre.” The IMF expects the world economy to expand 3.5 percent this year, up from 3.1 percent in 2016, helped by rising commodity prices and the surprising resilience of China’s economy. But Lagarde and World Bank President Jim Yong Kim said world governments needed to do a better job helping those being left behind economically. Otherwise, a backlash against globalization could pressure governments into adopting protectionist policies that would harm world trade and
growth. In its communique Saturday, the IMF urged nations to avoid “inward-looking policies,” but did not include the stronger language of the October communique. At a closing news conference, Lagarde and Agustin Carstens, head of the Bank of Mexico and chair of the IMF’s policy committee, sought to downplay the changes. Lagarde noted that a separate document setting out the IMF’s policy agenda did retain strong language condemning protectionism and promoting efforts to combat climate change. Carstens said that it was important to recognize the viewpoints of different countries. “We all want free and fair trade and that is what is reflected in the communique,” he told reporters when asked why the language on protectionism had been dropped. A similar change on the issue of protectionism was made in a communique that the Group of 20 major economies issued last month in Baden-Baden, Germany. Steven Mnuchin, attending his first international gathering as Trump’s Treasury secretary, had defended the change in the G-20 communique at the German meeting by saying, “The historical language was not really relevant.” Eswar Prasad, a trade economist at Cornell University, said the changes in the IMF and G-20 communiques reflect the Trump administration’s determination to undo decades of American policy in favor of everfreer trade. “The G-20 consensus on issues such as free trade and combating climate change is crumbling in the face of the Trump administration’s hostility to those positions,” Prasad said. “The notion of allowing for freer trade has run up against the Trump administration’s conviction that its major trading partners are manipulating trade and currency policies to their own benefit.”
Organized, Self-Motivated, Results Driven, Excellent Communicator. If you have it, we want you.
Royal Fidelity invites applications for the position of:
CLIENT SERVICES REPRESENTATIVE Job Summary This role performs administrative and clerical support functions, including answering of incoming calls, receiving/directing clients, providing information regarding the Bank’s products and services, etc. This role is also responsible for the preparation of accounting entries and the processing of account opening documents. As the first point of contact with customers, the Client Services Representative is expected to be courteous, helpful, articulate and professionally dressed at all times.
Requirements/ Qualifications: • Bachelor’s Degree in related field • Minimum of 2 years’ administrative experience • Excellent interpersonal and effective communication skills (verbal and written) • Proficient in Microsoft Office Suite programs • Ability to work in a self-motivated environment with little supervision • Ability to manage the administration of multiple tasks • Polished physical appearance
PLEASE SUBMIT BEFORE May 5th, 2017
HUMAN RESOURCES Re: Client Services Representative careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.