MONDAY, JULY 4, 2016
business@tribunemedia.net
Govt sought BPL fix in 12-months By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government wanted Bahamas Power & Light’s (BPL) manager to guarantee its facilities would match the operational standards of comparable energy utilities within a year of taking over, Tribune Business can reveal. A draft copy of the management agreement between BPL, the Bahamas Electricity Corporation’s
(BEC) operating subsidiary, and PowerSecure shows that the Government wanted the latter to fulfill some challenging criteria in return for a guaranteed $2 million per year. In particular, the Christie administration and BPL Board wanted the Carolinas-based provider to bring all BEC’s legacy generation and transmission and distribution (T&D) equipment up to a reliable level of performance within 12 See PG B10
Year for PowerSecure to bring up to standard Draft deal gave Board power on disconnections Also had authority on rates, redundancies
Bahamas facing downgrade threat within two months By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas faces the prospect of a fresh credit rating downgrade within the next two months, after Moody’s was stunned by data showing two consecutive years of recession. The Wall Street rating agency announced on Friday that it was placing the Bahamas “on review” for a potential downgrade, due to both its unexpected economic contraction and further deterioration in the Government’s fiscal posi-
Govt urged: ‘Change air cargo fines today’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Bahamian courier: 25% C10 fee ‘ridiculous’
THE Government has been urged to “amend right away this Monday” the new and increased Customs sanctions on air cargo operators, a Bahamian courier company branding them “ridiculous”. Alan Burrows, proprietor of Tropix Express and Tropix Air, told Tribune Business that the fines introduced with the 2016-2017 Budget showed the Government had little to no understanding of the air cargo and logistics industries. He added that last-minute changes to cargo manifests via the Customs C10 form had been made virtually impossible by the 25 per cent “processing fee” that
Says courier licensing forms not ready And shows Govt doesn’t understand sector will now be levied on the value of the relevant cargo. Suggesting that such a fine would deter “emergency” shipments to the Bahamas, Mr Burrows also hit out at the Government’s failure to properly consult the industry on the changes. He revealed to Tribune Busi-
Reform progress ‘a lot slower’ than Bahamas desires By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chairman yesterday admitted the Bahamas’ economic and fiscal reform process was moving “a lot slower” than desired, as he called for unity to ward off a threatened downgrade. Gowon Bowe urged all the political parties to “work hand in hand” to present the Bahamas “in the most favourable light” possible, after Moody’s placed this nation’s credit rating on a two-month review. With the Bahamas facing a downgrade of its sovereign creditworthiness to possible ‘junk’ status by end-August, Mr Bowe acknowledged that the constant revisions to its GDP growth and fiscal numbers had done the country no favours. “All of the rating agencies are going to be cognisant that the fiscal balance and deficit have been projected out a further year from where it was,” he told Tribune Business. This newspaper last week revealed how the Government had pushed back the timeline for eliminating the GFS deficit by three full fiscal years to 2018-2019. It had originally projected that the ‘red ink’ would be over by the 2015-2016 fiscal year, but has been forced to revise these projections after it became apparent that the pace of consolidation was much slower than desired. See PG B10
Chamber chair urges unity on downgrade threat Calls for all political parties to work ‘hand in hand’
GOWON BOWE
$4.15 $4.20 $4.21
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ness that while Customs did call a meeting to discuss the new and increased fines, it was unaware of their magnitude at that stage. And Mr Burrows that the C71 forms for couriers to fill out to obtain a licence from Customs “don’t exist yet”, and have not been signed off by Prime Minister Perry Christie. “I think it’s going to affect the docks more than anywhere else,” the Tropix proprietor told Tribune Business of the changes. “No one is going to put in a C10 for 25 per cent of the value. That needs to be amended right away. It needs to be done by Monday next week [today]. They should sit down and have a proper meeting, and understand the effect of them [charges.]. “You can’t put in charges See PG B9
tion. Moody’s move appears to have been sparked by Prime Minister Perry Christie’s affirmation of official Department of Statistics data showing that the Bahamian economy contracted by 1.7 per cent in 2014, following a 0.5 per cent shrink in 2014. This contrasted sharply with previous positive growth estimates by both the Government, itself and the International Monetary Fund (IMF), prompting Moody’s to determine that the Bahamas is “unlikely” to hit its 1.5 per cent GDP See PG B8
Moody’s spooked by negative growth revision Concern on increasing ‘debt accumulation’ And ‘effectiveness’ of government policy Nation faced possibility of two ‘junk’ cuts
Govt ‘oblivious’ to fiscal, economic woe By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Democratic National Alliance’s (DNA) leader yesterday accused the Government of being “oblivious” to the Bahamas’ economic and fiscal woes, describing the latest downgrade threat as “scary stuff”. Branville McCartney warned of “daunting implications” should Moody’s carry out its threat to possibly cut the Bahamas’ sovereign creditworthiness to so-called ‘junk’ status by the end of August. Conceding that a rating downgrade was likely given the Bahamas’ current fundamentals, Mr McCartney told Tribune Business the situation would deter both foreign and local investors, who would feel there was “no light at the end of the tunnel” to See PG B4
Bran blasts ‘out of touch’ administration Turnquest: Moody’s action a ‘wake-up call’ Fears ‘devastating effects’ on Budget
BRANVILLE MCCARTNEY
PAGE 2, Monday, July 4, 2016
THE TRIBUNE
Ex-Senator renews call for Bahamian industry ownership By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMIANS must have ownership of key economic sectors “from the top straight through the supply chain”, a former FNM Senator is arguing, adding that this would protect the “haemorrhaging” foreign currency reserves. John Bostwick II, during a recent presentation to the Trades Union Congress (TUC) and its affiliates, said the earnings from tourism and financial services were largely leaving the Bahamas and being repatriated overseas. “It does nothing for us because it’s all sent out. We must own all industries at the top and through the supply chain. It is one of the ways to stop the haemorrhaging of our foreign currency reserves,” said Mr
Bostwick. “Foreign entities own and control our banking sector, although we claim that banking and financial services is our second major industry. We do not own the industry and its profits are sent out of the country.” Mr Bostwick argued that contraction in the hotel and financial services sectors could provide an opportunity for Bahamians to make inroads into ownership. “We have lost thousands of jobs in the hotel, banking sector and financial services sector. You can take, say persons from five offshore banks, five of whom who have been in various disciplines from compliance to trust officers,” he added. “With their collective experience they could become a banking services company, very employable anywhere in the world, especially if they go south of
here.” Mr Bostwick continued: “While our dollar still has some value, we can move our banking expansion south. There should be a Bank of the Bahama in Port-au-Prince, in Kingston, in Havana. Mr Bostwick added that the Bahamas had not begun to scratch the surface of its tourism ownership potential. “We haven’t begun to scratch the surface in terms of what we can sell in tourism. We haven’t sold our history. We should be ensuring the production of smaller boutique resorts,” he said. “We should have our own Sandals and Breezes owned by Bahamians. These chains could exist within the Bahamas and the outside of the Bahamas.”
Businesses monitor air cargo fall-out By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMIAN busineses are continuing to monitor the fall-out from new and increased Customs fines on the air cargo industry, which has prompted some carriers to threaten to withdraw from this market. “There’s been a lot of noise in the market about these Customs amendments. We are definitely monitoring the situation,” said one local businessman, speaking on condition of anonymity. “I don’t think they have been very clear on this whole thing. There is certainly a great deal of concern over any additional costs at this time. We are going to watch and see how things play out, but more fees, added costs are not what anyone - and most definitely not the consumer - is going to want to hear. They are the ones who are going to feel the pinch in the end.” Bahamians were last week
warned that the cost of imported air freight will increase “tremendously” as a result of the new Customs fees and fines set to be imposed on operators from July 1. The warning came as Florida-based air cargo companies confirmed Tribune Business’s exclusive Thursday article that a withdrawal from the Bahamas market remains an option should the amendments to Customs regulation 147 not be reversed. “I have been hearing lot of things. We got some flowers this week, but that was through Sonic and there wasn’t much kickback from that. Sometimes the other freight forwarders have their issues. We have to get our flowers in because we have clientele we have to service,” said a Bahamas-based florist. Jim Whitehead, owner and operator of Nassau Florist ,told Tribune Business: “We haven’t had any problems. It hasn’t really affected me to this point. Everything
seems to be OK. We really don’t have a lot of freight coming in.” The shipping/cargo/logistics industry has been thrown into turmoil by the Budget amendments. In common with the ocean shipping industry, the cargo airlines are especially concerned about the changes to regulation 147 in the Customs Management (Amendment) Regulations. This requires all cargo planes to submit their C7 general declaration forms to Customs, detailing all freight items they are bringing in one hour before touching down in the Bahamas. While this will incur a $75 processing fee, any C7s submitted less than an hour before arriving in the Bahamas will be subjected to a $2,500 charge. Air cargo operators will be subjected to a $5,000 per item fine for every “prohibited or restricted good” found on board. A fine equivalent to 25 per cent of the value will also be incurred for every item not declared prior to landing in Nassau.
THE TRIBUNE
Monday, July 4, 2016, PAGE 3
De-risk ‘client migration’ to benefit larger banks By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CORRESPONDENT bank ‘de-risking’ could drive another wave of Bahamian financial services consolidation by sparking “client migration” to larger institutions, a former finance minister has warned. James Smith, also a former Central Bank governor, told Tribune Business that the increasing tendency of developed country banks to terminate correspondent relationships with their Caribbean counterparts was “a very great concern” for standalone Bahamian institutions. He suggested that these would struggle most to both maintain, and replace, correspondent banking relationships, which are vital for their clients to have access to the global financial system and capital markets. Mr Smith added that banks unable to provide correspondent services would likely witness a “client migration” to those who could, effectively driving business to larger, bettercapitalised institutions. Those best-placed to exploit such trends, in a domestic context, would be the Canadian-owned banks, Royal Bank, Scotiabank and CIBC FirstCaribbean, all of whom would be assured of continued correspondent services via their parent’s worldwide network of branches and subsidiaries. “That’s a very great concern but, more particularly, to any offshore banks that are kind of standalone banks that don’t have a parent in the developed world,” Mr Smith said of the ‘derisking’ initiatives by major global institutions. “The large banks that have branches and subsidiaries in the Bahamas, it won’t affect them, but there are small and medium-sized banks that do rely on correspondent relationships and
Correspondent withdrawal may trigger new consolidation wave Smith agrees ‘great concern’ for independent institutions don’t have a parent. “That, for them, could be a severe blow [if they lose a correspondent relationship], as they then have to find another bank to do the same activity.” Mr Smith, now chairman of CFAL, pointed to the Central Bank of the Bahamas’ mid-2015 survey, which found that Bahamian financial institutions were being subjected to greater scrutiny by their correspondent counterparts. Abhilash Bhachech, the Central Bank’s inspector of banks and trust companies, said then that while the impact was not systemic, some correspondent relationships with Bahamas-based banks had been “reduced”.
JAMES SMITH The findings also backed Mr Smith’s views, as those institutions impacted the most were local commercial banks and standalone international banks. “While four banks reported having a correspondent banking relationships terminated, all were able to find replacements,” Mr Bhachech said. “However, the level of difficulty or ease with which they were able to replace their correspondent bank was due in part to the nature of their operations, as well as the foreign correspondent bank’s onboarding requirements.” He added: “In the event of a withdrawal of a correspondent bank, 15 banks
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(or 30 per cent) indicated that they had a contingency plan in place for its replacement. “Thirty-five banks indicated they had no contingency plan in place.” Echoing the survey results, Mr Smith told Tribune Business: “I’m just guessing that the banks which have a relationship with a parent in money centres like London, New York and Europe will not be affected to the same degree. “It will be the banks lacking a deep-pocketed, money centre parent who will be affected by this, as well as having to find another correspondent bank to do the same thing for them.” Correspondent banks are those foreign entities that allow Bahamian financial institutions to provide services in their own countries, using their physical and electronic banking infrastructures. They give Bahamian
banks, and their clients, access to the international capital markets and financial system, enabling transactions to clear and be settled on a timely basis, and foreign currency deposits to be taken. Foreign correspondent banks thus provide the key gateway to the world economy and financial system, lubricating the conduct of international commerce by Bahamian companies - an access that is now being threatened region-wide. Such access is vital to an economy that imports virtually all it consumes, and Mr Smith said any “cut off” of correspondent services for one Bahamas-based institution will likely drive its client base to competitors. “If you cut that off, you can’t service clients, and clients have to go some place else where they can be serviced,” the former finance minister added. “It would be a migra-
tion to the money-centred banks in the Bahamas. There’s no cut-off for those banks. That [correspondent banking] will continue to be done by RBC, CIBC or Scotiabank, or a Citibank or J P Morgan Trust.” The three Canadianowned commercial banks, RBC, CIBC and Scotiabank, account for between 75-80 per cent of banking assets in the Bahamas, according to a recent International Monetary Fund (IMF) report. While they will still enjoy correspondent relationships through their worldwide affiliates, all the evidence suggests that the greater pressure will fall on the three BISX-listed, Bahamian-owned institutions - Commonwealth Bank, Bank of the Bahamas, and Fidelity Bank (Bahamas). The former two, however, both stated earlier this year that their correspondent See PG B5
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music, VO and trademarks. Skills and Qualifications: Preferred • Strong media or related Bachelor’s degree. • Proficiency in website maintenance and emerging technologies for proactive communications such as blogging, social networking, etc. • Familiarity with CRM tools. Please email photovideobahamas@gmail.com for more information. Be sure to include a copy of: Resume Current list of camera equipment & accessories you are trained in using Portfolio or samples of previous work
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Key Accountabilities for this role: • Identifying and satisfying the financial needs of potential customers; • Listening to and fully identifying the customer’s needs to link the identified need to appropriate solutions; • Using the Bank’s referral process when a referral opportunity is identified; • Initiating calls to a predetermined group of customers to retain and expand banking relationships, by offering customized solutions to customers; • Developing new customer opportunities through referrals from existing, satisfied clients and other sources; • Consistently delivering the desired customer experience during every customer interaction; • Applying the Know Your Customer (KYC) requirements including verifying and documenting Customer identity, source(s) of funds and the nature of the activity that is to be undertaken.
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Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before July 8, 2016 Only candidates short-listed for an interview will be contacted.
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PAGE 4, Monday, July 4, 2016
Govt ‘oblivious’ to fiscal, economic woe From pg B1 this nation’s problems. He was backed by K P Turnquest, the Free National Movement’s (FNM) deputy leader, who argued that Moody’s warning on Friday should again serve as a “wake-up call” to the Government. He urged the Christie administration to “get serious” on delivering its economic and fiscal reform commitments to both the Bahamian people and international agencies such as Moody’s. Mr Turnquest described the implications of another downgrade as “very, very worrisome”, given that it would impact both the Bahamas’ ability to borrow, and the cost of that borrowing, on the international markets.
With investors demanding greater compensation for the higher risks involved with investing in Bahamian sovereign bonds, Mr Turnquest warned there could be “devastating effects” for the public finances. Michael Halkitis, minister of state for finance, did not respond to e-mail messages seeking comment on the Moody’s action before press time last night. However, both Opposition parties wasted little time in using the Moody’s warning as a tool to slam the Government’s economic and fiscal policies. Accusing the Government of being out of touch with reality, Mr McCartney blasted: “The Government seems to be oblivious to all this; they things are rosy, when they are far from it.” Describing the Moody’s
downgrade warning as “scary stuff”, the DNA leader said of the Christie administration: “They seem to be oblivious to the fact that the economy continues to shrink, that more people are losing their jobs, doing business has become a nightmare in this country, and FDI investors have said: ‘No, thank you’ at this stage to investing in the Bahamas. “It’s not a good thing. The Government has failed to diversify the economy, failed in management of the country, and wastage continue to be the order of the day in these government departments. “Lack of accountability continues to be something this Government thrives on, and corruption continues to rear its ugly head. Yet the Government wants us to think everything’s good,” Mr McCartney added. “Those at the top don’t know the stress of keeping your doors open, deal-
ing with the red tape and bureaucracy to renew your Business Licence, dealing with the many departments of government. “You call them and they fail to answer their phones. As simple as that. Frustration no end.” Mr McCartney said the outcome of any Moody’s review of this country’s economic and fiscal situation “looks pretty bad”. This, he argued, was because there appeared to be no short-term developments capable of altering the Bahamas’ path, especially given the ongoing impasse surrounding the $3.5 billion Baha Mar project. “There’s nothing there that looks good for us,” Mr McCartney said. “There’s nothing there that the Government has put forward that’s going to cause us to improve. “This [Moody’s warning] is something we’ve almost been forecasting in light of how the economy has been
THE TRIBUNE handled for the last few years. “It’s concerning to say the least. It puts our borrowing capacity in a bad light, and causes foreign investors to take another look at the Bahamas and whether they wish to invest here. There’s hardly been any foreign direct investment in the Bahamas in the last few years.” Warning that the implications of a further sovereign downgrade, especially to ‘junk’ status, were “daunting”, the DNA leader added: “When you think business in this country is bad now, it seems as if it’s going to get worse. “For Bahamian investors, it causes you to think twice about investing. It causes you to step back, and with no light at the end of the tunnel, you see with this advisory that investing in your country may not be the prudent thing to do.” Mr Turnquest, meanwhile, described Moody’s two-month downgrade review as “very, very worrisome, but unfortunately not unexpected”. He agreed that the rating agency appeared to have been ‘spooked’ by revised GDP growth data that showed the Bahamian economy had contracted for two successive years in 2014 and 2015 when all parties including the Government and Moody’s - believed it had expanded. “The growth prospects have been over-estimated for a number of years,” Mr Turnquest said. “They’re [Moody’s] looking at that and the continued prospects for Baha Mar, and all the other projects the Government has talked about that can’t come to fruition. “They’re tying that to growing unemployment numbers, and to the national debt. It doesn’t paint a very bright picture, and is cause for serious concern.” Mr Turnquest said the Government now needed to respond very quickly to reassure both the credit rating agencies, and international and Bahamian inves-
tors, that it was committed to bringing public spending and the $6.6 billion national debt “under control”. “There’s probably a message in this warning,” he told Tribune Business. “The Government needs to get serious about the commitments it has made to all these agencies. “Going forward, this has to be a wake-up call, and the Government has to get very serious about its spending and protecting its revenue to ensure that it maximises the yield without causing harm, and practice some basic fiscal discipline. “When you look at the revenue side and the taxation resources they’re putting in place, you worry about the survivability of a number of businesses and their ability to retain all their staff.” Mr Turnquest said the Christie administration had reduced the fiscal deficit at a much slower rate than initially planned. And it had achieved this via increased taxation (VAT) rather than reduced spending, which had undermined economic growth. He added that a Moody’s downgrade could both impede the Bahamas’ ability to borrow on the international capital markets, and raise the price (interest coupon) investors would demand in return. “We continue to be in a situation where we have to borrow funds to pay current maturities, as well as make interest payments,” Mr Turnquest told Tribune Business. “The ability to acquire that borrowing, or the significant increase in the cost of that borrowing, can have devastating effects on our Budget. That has a knockon effect on the economy and services the Government can provide. “We need to take this very seriously, and it’s time to recognise where we are and make concrete, disciplined steps to reverse our course.”
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Monday, July 4, 2016, PAGE 5
De-risk ‘client migration’ to benefit larger banks From pg B3 relationships are continuing as normal. And Fidelity Bank (Bahamas) has given no indication yet that it has fallen victim to the ‘de-risking’ trend. As for the international or ‘offshore’ sector, most of the Central Bank’s 250 bank and trust company licensees are subsidiaries or branches of global parents. Only a few, such as The Private Trust Corporation and Ansbacher (Bahamas), are independent, Bahamianowned institutions that are potentially more vulnerable. Mr Smith suggested that correspondent ‘de-risking’ was “the second wave” of financial services consolidation set to hit the Bahamas, following the fall-out from the 2000 ‘blacklisting’ and subsequent reforms. “We’ve seen this before, with the beginning of the OECD tax initiatives back in 2000 and everything coming from that,” he told Tribune Business. “We saw a reduction in the amount of financial institutions doing business here and throughout the Caribbean, and as well we noticed a migration of that business back to London, New York and places like Delaware.
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enced additional scrutiny of their correspondent banking relationships, although only in a few cases has this resulted in temporary disruptions of correspondent banking services,” the IMF said. “Five financial institutions (representing about 19 per cent of the assets of the banking system) have recently lost one or more correspondent banking relationships.” The IMF added that the money transfer and remittances business has been impacted as well, along with business lines including credit card payments, cash management, invest-
“One wonders if this [correspondent bank derisking] is not part of a further similar move by the OECD.” A recent IMF analysis backed up both Mr Smith and the Central Bank, finding that while Bahamian institutions have come under greater scrutiny from their correspondents, there has been “temporary disruption” in only a few instances. “Financial institutions in the Bahamas have experi-
ment services, and clearing and settlement. “Although the impact has been limited so far, further pressure on correspondent banking relationships could have an adverse effect on the financial sector and increase costs of outgoing remittances in the Caribbean,” the Fund said. “Indeed, the Bahamas is a source of remittances to other countries. In Haiti, for example, the impact of this spillover would be immediate, as about 75 per cent of remittances from the Bahamas to Haiti are paid and received in the same day.”
Fidelity Bank & Trust International last year terminated its near 20-year Western Union franchise, saying it was part of a plan to “de-risk” its business. Anwer Sunderji, Fidelity’s chairman and chief executive, told Tribune Business then that the bank decided to exit the money transmission services market because it was generating too little reward for the risk involved. With money transmission deemed ‘high risk’ for anti-money laundering purposes, Mr Sunderji said it potentially jeopardised Fidelity’s correspondent relationships with foreign
banks. He explained that compliance costs were ever-increasing for a low margin, high volume business where the regulatory risk simply did not justify the expense. Mr Smith said money transmission ‘de-risking’ would impact those who could least afford it the most, such as migrant workers and low income persons. He added that it could force such persons to open accounts with established banks and pay increased fees for wire transfers, with some even possibly unable to qualify for bank accounts in the current environment.
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PAGE 8, Monday, July 4, 2016
Bahamas facing downgrade threat within two months From pg B1 growth potential in the short-term. Apart from its shock at the revised negative growth numbers, Moody’s ‘review’ also appears to have been sparked by concerns that the Christie administration’s consolidation plan has yet to arrest the growth in the $6.6 billion national debt and related ratios. It pointed out that “debt accumulation” has continued to increase, with the Government’s direct debtto-GDP ratio growing by five percentage points in two years to hit 65.2 per cent at the June 30 end to the 2015-2016 fiscal year. And Moody’s also appears concerned that the Christie administration consistently fails to hit its Budget projections, and the adequacy and effectiveness of its policy responses to the Bahamas’ problems. “The decision to place the ratings on review was prompted by the continuing rise in risks to the country’s medium-term economic prospects and to its fiscal strength, notwithstanding the Government’s ongoing fiscal consolidation pro-
gramme,” Moody’s said on Friday. “The review will allow Moody’s to assess the likelihood that economic growth prospects will improve, debt metrics will stabilise and government policy will effectively address its macroeconomic and fiscal challenges.” Of particular concern to the Bahamas and its economy, Moody’s warned that any potential downgrade could be “by one notch or more”. It currently has a ‘Baa2’ rating on this nation, meaning the Bahamas is two notches away from being cut to so-called ‘junk’ status - a position where it will lose its existing investment grade status. Moody’s announcement on Friday thus bring it more into line with its ‘fellow traveller’, Standard & Poor’s (S&P), which presently has the Bahamas just one notch above ‘junk status’. This thus raises the possibility that the Bahamas could be downgraded to ‘junk’ by both international credit rating agencies almost simultaneously.
The country has until August to convince Moody’s otherwise, and is also in the middle of the ‘six-24 month’ period set by S&P to determine whether it, too, will follow through on the “greater than one-inthree chance” of a Bahamas downgrade. Much will now depend on what happens when both Moody’s and Standard & Poor’s (S&P) visit the Bahamas this month to conduct their annual economic and fiscal assessments, and meet with key Government and private sector officials. The key will be for the Christie administration to convince both rating agencies that its economic growth and fiscal policies are up to the task, and will deliver the results promised to both them and the Bahamian people. The loss of ‘investment grade’ status would be highly damaging for the Bahamas and its economy, as it signals to the international capital markets that this nation’s creditworthiness is slipping. As a result, the Government will have to pay more for current and future debt issues, raising its debt servicing (interest) costs, and sucking money away from essential public and security services. A downgrade to ‘junk’ could also deter investors assessing the Bahamas as a place to invest, as it raises questions about the Government’s economic management. Moody’s on Friday confirmed that the potential downgrade was in the offing between now and August, and that “the change could be by one notch or more”. “On 30 June, 2016, a rating committee was called to discuss the rating of the
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Project:
Request for Proposals and Qualifications Hotel Renovations
Bahamas Government,” it added. “ The main points raised during the discussion were: The issuer’s economic fundamentals, including its economic strength, have decreased. The issuer’s fiscal or financial strength, including its debt profile, has decreased.” Moody’s continued: “Moody’s could downgrade the rating if the review were to conclude that government policy and strategy is unlikely to lead to a stabilisation in the debt trajectory over the next two years. “Evidence of further shocks to growth that would make further fiscal adjustment more difficult would also be credit negative. More generally, indications that the slowdown in growth will be even deeper and more protracted than currently expected would be negative for the rating.” The Bahamas’ sovereign creditworthiness would stabilise at the current ‘Baa2’, Moody’s added, “if the review were to conclude that the Government’s policy response will support the strengthening of the Bahamas’ economic and fiscal strength” such that it comes into line with similarly rates nations. Top of Moody’s ‘priority list’ is to determine whether the Bahamas’ medium-term economic growth prospects will improve. The Government is projecting a modest GDP expansion of 0.7 per cent in the upcoming 20162017 fiscal year, followed by a slightly more robust 1.6 per cent in 2017-2018. “The first driver for the review is to allow Moody’s to assess the likelihood that the decline in the Bahamas’ economic strength will be reversed over the medium term,” the rating agency said on Friday. “According to the latest national accounts report published by the Bahamas’ Department of Statistics in June 2016, the Bahamian economy grew on average by 1.2 per cent in 2010-2013, and then output contracted in both 2014 and 2015 by 1.1 per cent on average. “This contrasts with previous assessments published in 2014 and 2015, when GDP had been estimated to have grown on a consistent basis.” After getting over its shock at two years of consecutive recession, Moody’s turned to the symptoms of the Bahamas’ economic malaise. “The worsened economic
THE TRIBUNE performance is characterised by persistently high levels of unemployment, stagnant credit to the private sector and declining investment, in part explained by the indefinite opening of the Baha Mar mega resort,” it said. “Additionally, structural constraints related to the energy sector and labour market negatively impact costs for the tourism sector, which accounts both directly and indirectly for about 50 per cent of GDP. “Given that these conditions are likely to persist in 2016 and 2017, Moody’s considers that it is unlikely that the Bahamas will return to its potential growth rate of about 1.5 per cent in the short-term.” Moody’s pledged that its review “will assess the volatility in GDP estimates reported in recent years”, implying that it will review its own projections as well as those given by the Government and Department of Statistics. It will also “examine the Government’s plans to put forward growth-supporting reforms, including the upcoming National Development Plan and a mortgage relief plan, to boost economic performance past 2017”. “Moody’s review will also look at the Bahamas’ level of competitiveness relative to other similar economies to gauge the effect this has on its economic strength,” the Friday release added. Given that Moody’s will be probing ‘sensitive’ areas where the Bahamas has not fared too well in recent years, a downgrade appears increasingly likely. The rating agency, though, said the second area it will focus on is how likely the Christie administration is to “stabilise its deteriorating debt metrics and restore fiscal strength”. “The second driver of the review is to allow Moody’s to assess whether the Government’s debt ratios are likely to stabilise,” it explained. “The Bahamas’ government debt-to-GDP ratio has continued to rise since we downgraded the sovereign’s ratings to Baa2 and stabilised the outlook to an estimated 65.2 per cent of GDP by the end of 20152016, from 60.2 per cent in 2013-2014. “Although the Government has been able to reduce its fiscal deficit by introducing a Value-Added tax in January 2015, debt
accumulation has persisted, weakening the Bahamas’ fiscal strength relative to Baa-rated peers. At low (-), the Bahamas’ fiscal strength is the lowest in the Baa rating category.” Moody’s is thus the latest to state that VAT by itself is not a ‘cure all’ for the Bahamas’ fiscal woes, and its statement will again raise questions as to whether the increased revenues are being applied to reduce the deficit and national debt. “Moody’s will examine the macroeconomic and fiscal conditions that would support the stabilisation of the Government’s debt metrics,” the rating agency said. “Moody’s will also assess the Government’s plans to rein in expenditures over the medium-term and what, if any, additional revenue measures may be implemented to further support the fiscal consolidation efforts.” The Christie administration has pledged to reduce recurrent ‘fixed cost’ spending as a percentage of GDP from a peak of 25.3 per cent in the upcoming fiscal year to 22.8 per cent by 20182019. However, recurrent spending for 2016-2017 is forecast to rise by $166 million year-over-year, or 7.7 per cent, increasing from $2.155 billion to $2.321 billion. Moody’s said the third, and final, strand of its review will be to assess the effectiveness of the Christie administration’s policy response to its economic and fiscal challenges. “The third driver of the review is to allow Moody’s to assess the Government’s policy credibility and effectiveness in response to the ongoing macroeconomic and fiscal challenges,” it said. “During the review, Moody’s will examine fiscal performance in recent years relative to Budget targets, and the effectiveness of fiscal measures introduced to support deficit reduction efforts. “Moody’s will also look at banking sector regulation given the persistent high level of non-performing loans, as well as the Bahamas’ anti-money laundering/counter-terrorism financing framework in the context of heightened scrutiny of offshore centres and de-risking in correspondent banking.”
CORAL TOWERS ATLANTIS PARADISE ISLAND, BAHAMAS dck Bahamas Inc. is hereby soliciting contractors interested in providing qualifications and proposals for renovation work for the above referenced project.
Project Description
the project consists of refurbishing and renovations to Guestrooms and corridors, ocean tower, Lagoon tower, and coral towers Main Lobby. the Guestroom work includes demolition, millwork, electrical, HVAc, paint and tile. the Lobby will be refinished with new materials. this is a phased project and will be turned over to the owner progressively. All locations will be worked on at the same time.
Proposal Request
this project may require that the contractor provide a Performance and Payment Bond or Surety Letter of credit for the value of the work. the owner and construction Manager reserves the right to accept a proposal that is in the best interest of the owner. the Atlantis is a World class Facility and has expectations of the highest quality of work. Interested parties should send an email to the address noted
SMOAtlantisBahamasRenovation@dckww.com by July 15, 2016.
EmploymEnt opportunity
Electrical Technician Main Duties & Responsibilities: The Electrical Technician shall be responsible for the maintenance, repair, troubleshooting, project and installation work on all plant electrical, instrumentation and electronic equipment, in order to improve operational efficiency and maintain continuity of plant operations. Duties include but are not limited to the following: Ensure the mechanical efficiency targets as defined by management are attained by effectively troubleshooting and rectifying all machinery related issues in a timely manner. Liaise with Original Equipment Manufacturers (OEMs) on any updates to manuals and/or upgrades to the equipment within the zones thereby ensuring all information is current and upgrades effectively implemented. Ensure the availability of all critical spares parts, tools, manuals and equipment to ensure all efficiency targets are met. Generate and present reports for management review as required. Ensure the calibration program is done effectively and in a timely manner. Training of technicians and operators to be more proficient. Qualifications & Experience: B.Sc. Degree in Electrical and or Electronic Engineering or equivalent A minimum of five years relevant work experience in an intense or high speed production environment Supervisory experience of at least three years Skills/Core Competencies: • Good working knowledge of bottling plant machinery and systems • Practical knowledge in troubleshooting sophisticated electrical and electronic circuits • In depth knowledge of programmable logic controllers • Ability to read and interpret electrical and electronics drawings • Good problem solving, organizational and communication skills. • Strong supervisory skills • Computer literacy (Access, spreadsheets, word processing, AutoCAD) • Ability to effectively function in an intense production environment where timelines and efficiency are critical, and with minimum or no supervision from plant management. Interested persons must submit resume to the front desk or electronically no later than July 30, 2016
Caribbean Bottling Co. Sir Milo Butler Highway Nassau, The Bahamas vbain@cbcbahamas.com
THE TRIBUNE
Monday, July 4, 2016, PAGE 9 Describing this as “a very common thing going on for years”, Mr Burrows said the business model would now be forced to change by the 25 per cent ‘penalty’ - based on the good’s value - for each manifest change. He pointed out that on a $200,000 container, such a fine would be equivalent to $50,000. “It’s a bill that no one can afford to pay,” Mr Burrows said. “We barely make $5,000-$6,000 per container in the first place. Where are we going to get the extra 25 per cent to pay Customs? “There’s no way a C10 cannot be used, but for 25 per cent of the cost, that’s impossible. No way can we pay that. How can you shut down an entire operation?” Mr Burrows said he would also refuse to pay the $2,500 charge for failing to file the C7 form one hour before the plane arrived in the Bahamas, describing this as “ridiculous” in cases of last-minute “emergency” shipments. Correspondence is circulating among south Florida-based air cargo/freight companies, urging them to “be prepared to withhold your services” if it becomes
Govt urged: ‘Change air cargo fines today’ From pg B1 without understanding the impact on persons,” Mr Burrows added. “These amendments need to be done right away. Somebody must have the common sense to sit down and say this is not going to work. “This should not have been passed by somebody sitting behind a desk, making a decision without understanding the shipping industry.” Both the courier companies and cargo airlines are especially concerned about the changes to regulation 147 in the Customs Management (Amendment) Regulations. This requires all cargo planes to submit their C7 general declaration forms to Customs, detailing all freight items they are bringing in, one hour before touching down in the Bahamas. While this will incur a $75 processing fee, any C7s submitted less than an hour before arriving in the Bahamas will be subjected to a $2,500 charge. Air cargo operators will be subjected to a $5,000 per item fine for every “prohibited or restricted good” found on board. A fine equivalent to 25 per cent of the value will also be incurred for every item not declared prior to landing in Nassau. Tribune Business revealed last week how some cargo operators, chartered by companies in Nassau to bring in goods and services for their clients, were threatening to boycott the Bahamas because of the new fines and sanctions. The amendments introduced by the Christie administration effectively hold the air cargo firms liable for the goods they are shipping, but the firms argue that they have “no control” over what clients want to import into the Bahamas. The Government believes that placing the compliance burden on air freight companies will better deter tax evasion, fraud and the smuggling of contraband goods, especially firearms, into the Bahamas. Customs also believes that the early filing of manifests will better prepare them to assess cargo, and ensure all due revenue is collected, while helping them to conduct better ‘risk analysis’ on all parties - couriers, cargo firms and importers - involved in the supply chain. The air cargo operators, though, are arguing that the amendments are forcing
them to do Customs’ job for it, making them ‘freight inspectors’ before even touching down in Nassau. They last week warned Bahamians, via Tribune Business, that import costs could rise “tremendously” as a result of all this, indicating that any fines/sanctions would be passed on to the ultimate owner of the goods involved. Mr Burrows agreed, telling this newspaper: “With all the charges passed on to the customer, that can’t afford to ship with all the foolishness they are doing. “They’ve just put into law something that they don’t understand what it is. They don’t know what they were putting into law. They should have come and sat down and talked with the industry.” Mr Burrows said Tropix typically brought in 40-foot shipping containers by sea in its own name, and used the C10 form to make the necessary alterations showing Customs the goods belonging to each client.
Isn’t Your Health Worth It?
Career Opportunity
Imaging Technologist In the Imaging Department of Doctors Hospital
Qualifications
EDUCATION • Graduate of an approved Associate or Baccalaureate degree program in Radiography (RT). •
ARRT registered or registry eligible in Computed Radiography (CT).
•
ARDMS registered or registry eligible in Abdominal, OB/GYN and Vascular Ultrasound.
EXPERIENCE • Minimum of two years experience in a hospital setting in radiography, CT and ultrasound. LICENSURE • Licensed under (Bahamas Health Professions Council). TRAINING • Ability to work independently. Excellent customer service skills. Excellent written and oral communication skills.
Position Summary
The successful candidate will: •
Responsible for performing a variety of imaging procedures for diagnostic interpretations in order to p support quality patient care and service. Responsible for patient safety protocols. Functions as the first line interface with customers in the successful accomplishment of their imaging needs. Participates in Continuous Quality Improvement activities.
Salary commensurate with experience Only short-listed candidates will be contacted for interviews. Application deadline: Friday, July 22nd 2016 Email resume to hr@doctorshosp.com with subject line: Imaging Technologist
Please submit resume to: The Human Resources Department Doctors Hospital P.O. Box N-3018 Nassau, Bahamas Fax us at: (242) 302-4738 Email: info@doctorshosp.com Website: www.doctorshosp.com
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necessary to force the Government to repeal changes that accompany the 20162017 Budget. The letter, addressed to “all carriers to the Bahamas”, and copied to the many local couriers and import brokers they serve, warns that the potential liabilities from the new Customs penalties “are more than any reward our airlines can make”. It was unclear whether a widespread boycott had been initiated on Friday, although one business told Tribune Business they had been informed an expected order would not materialise because “no one’s flying”. Mr Burrows said Tropix would be unaffected by any boycott, as it has its own fleet of planes. Together with Zip-X, they are the only two Bahamas-based courier companies operating their own aircraft. The Tropix proprietor indicated he sympathised with the ‘boycott’ call, adding: “I can understand the guys not wanting to do the flights. They’re held liable for what’s put in on the
manifest.” He added that fees, fines and taxes imposed on the aviation industry by the Bahamas Government has risen tremendously within the last several years. Apart from the $150 ‘inbound and outbound’ passenger manifests, Mr Burrows said cargo planes also incurred a $100 Customs inspection fee. For inspections after 5pm, a $180 additional fee is levied. Criticising the absence of proper consultation on the latest fines and fees, Mr Burrows said: “They [Customs] called a meeting but didn’t know what the charg-
es were. “They also said couriers will have to be licensed by Customs. I got my police record, but the form they put in place, C71, doesn’t exist yet. And it’s not been signed-off by the Prime Minister. “What they actually need is to let Customs do its job and keep the shipping going. We need shipping. Putting a handicap to it is definitely a problem.’ Customs wants to license courier companies to ensure they are on a ‘level playing field’ with import brokers, and that they are also legitimate businesses.
NOTICE
NOTICE is hereby given that JOLETTE THOMAS JOSEPH of Robinson Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PAGE 10, Monday, July 4, 2016
Reform progress ‘a lot slower’ than Bahamas desires From pg B1 And one year after touting that the GFS deficit for 2014-2015 was lower than projected at $198 million, Prime Minister Perry Christie revealed that the gap was actually $381 million - a near $200 million revision. “The revisions to prior year estimates are going to be a concern because that leads to changes in where the Government’s deficit numbers will be,” Mr Bowe acknowledged. “I would imagine that anyone analysing the fiscal indicators would be cognisant, and very wary, of changes to these previous numbers. No doubt that will be one element of it [with Moody’s].” Moody’s announced on Friday that it was placing the Bahamas “on review” for a potential downgrade, due to both its unexpected
economic contraction and further deterioration in the Government’s fiscal position. Moody’s move appears to have been sparked by Prime Minister Perry Christie’s affirmation of official Department of Statistics data showing that the Bahamian economy contracted by 1.7 per cent in 2014, following a 0.5 per cent shrink in 2014. This contrasted sharply with previous positive growth estimates by both the Government, Moody’s and the International Monetary Fund (IMF), all of whom believed the Bahamian economy had expanded over those two years by between 1-1.5 per cent of GDP. With both Standard & Poor’s (S&P), and now Moody’s, threatening downgrades that could drop the Bahamas’ to ‘junk’ creditworthiness and cost it
Govt sought BPL fix in 12-months From pg B1
months of its February 9, 2016, management takeover. “After an initial period of 12 months, the service provider [PowerSecure] warrants that the owner facilities shall be in such condition and state of repair and maintenance (including having an adequate spare parts inventory) as would be expected of a facility of comparable age and design, which has been operated and maintained in accordance with prudent utility practices for a similar number of equivalent operating hours, and which is located in a similar region of the world,” the draft management agreement, seen by Tribune Business, states. Such a deadline, and requirement, is likely to be extremely tough to meet, given that BPL has suffered several New Providencewide blackouts and outages already during early sum-
mer 2016. The aged, inefficient generation assets inherited from BEC, in particular, will be difficult to bring up to the standards demanded by BPL’s Board and the Government, especially given the lengthy maintenance and repair backlog they have endured. The draft seen by Tribune Business dates from late 2015, some eight to nine weeks before PowerSecure signed the finalised management services agreement (MSA) with the Christie administration on February 9. While it is unclear whether the 12-month ‘infrastructure upgrade’ was ultimately agreed, the final MSA is unlikely to be radically different from the draft, and gives a good indication of both parties’ thinking and where they were headed. Several clauses, though, raise questions about how much autonomy and freedom PowerSecure will
NOTICE
NOTICE is hereby given that KIRK O’BRIEN WILLIAMS of #2a Adventure’s Way, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 27th day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
its investment grade credit rating, Mr Bowe said national unity was more important than ever. “In reality, it’s how we sell our story and how committed we are to the plans we’ve set out,” Mr Bowe said, alluding to how the Bahamas could ‘persuade’ Moody’s not to downgrade. “We’ve committed quite a lot to the balance and the fiscal deficit, and are going to be continually assessed on how we’re doing there.” He continued: “This is where we, as a collective grouping, the political parties, persons that are pro or against some of the initiatives, should be working hand in hand to position ourselves in the most favourable light, as the implications are far-reaching. “I’m not one to panic in this regard. We are moving in the right direction, albeit a lot slower than we’d like, myself included.” Mr Bowe said the Bahamas also needed to “challenge the credibility of the rating agencies with the
emphasis on Baha Mar”, suggesting both were placing too much focus on the impasse surrounding the $3.5 billion project. The Chamber chairman and others, including the Government, have frequently argued that Baha Mar should be viewed as a ‘bonus’ to the fiscal consolidation push, as the Bahamas has been making progress without it. Mr Bowe added that while the Bahamas needed to be careful, “as we’re not the ones carrying the stick”, it could also challenge Moody’s over why its own GDP growth estimates for this nation had been so far out. He added that the Department of Statistics and Ministry of Finance also needed to assess what had happened with the GDP growth projections, and why initial positive estimates had turned to contractions of 0.5 per cent and 1.7 per cent, respectively, for 2014 and 2015. “All parties should be
feeding from the same type of numbers,” Mr Bowe said of both the Government and external agencies. “We can debate about fiscal policies, the strategy, but shouldn’t be having a debate about actual events that took place. “I certainly believe this is one area we should be revisiting to understand why the numbers are so different, particularly when they are around the edges of negative and positive growth,” he added. “The Ministry of Finance and Department of Statistics should want to be having accurate numbers where GDP growth is concerned.” Apart from its shock at the revised negative growth numbers, Moody’s ‘review’ also appears to have been sparked by concerns that the Christie administration’s consolidation plan has yet to arrest the growth in the $6.6 billion national debt and related ratios. It pointed out that “debt accumulation” has continued to increase, with the
Government’s direct debtto-GDP ratio growing by five percentage points in two years to hit 65.2 per cent at the June 30 end to the 2015-2016 fiscal year. And Moody’s also appears concerned that the Christie administration consistently fails to hit its Budget projections, and the adequacy and effectiveness of its policy responses to the Bahamas’ problems. “The decision to place the ratings on review was prompted by the continuing rise in risks to the country’s medium-term economic prospects and to its fiscal strength, notwithstanding the Government’s ongoing fiscal consolidation programme,” Moody’s said on Friday. “The review will allow Moody’s to assess the likelihood that economic growth prospects will improve, debt metrics will stabilise and government policy will effectively address its macroeconomic and fiscal challenges.”
have to manage BPL as a business, and whether their efforts will be free from political interference given that the Government has retained 100 per cent ownership of BEC. For starters, the draft agreement appears to give the Government-appointed and controlled BPL Board the ‘final say’ over the energy monopoly’s disconnection policies. “The service provider [PowerSecure] acknowledges that owner [BPL] provides an essential public service throughout the Bahamas, and will rely on the performance by the service provider of its obligations thereunder,” the draft MSA states. “Owner acknowledges that this provision does not preclude service provider from disconnecting customers who are in arrears or operating in violation of owner’s customer payment or operating policies, once such policies have been approved by the Board and are in accordance with the business plan.” This appears to create the potential for a ‘disconnect’ between PowerSecure and the BPL Board/ Government over how to treat customers with substantial arrears, especially those with the right political or family ‘connections’. Customer disconnec-
tions already appear to have provoked a division, with Deputy Prime Minister Philip Davis talking about an initiative to aid 3,000 disconnected BPL customers, yet the utility responding by saying nothing of the kind was in place. One source familiar with arrangements between BPL and PowerSecure, and speaking on condition of anonymity, said of the MSA: “It’s more a consultancy agreement than a management agreement.” Indeed, PowerSecure appears to have far less autonomy and flexibility than the Nassau Airport Development Company (NAD) and its partner, Vantage Airport Group, which are the managers for Lynden Pindling International Airport (LPIA). The so-called ‘NAD model’ was said to be the inspiration for the Christie administration’s decision to reverse course with its BEC/energy reform process, where it aborted the Corporation’s split into separate generation and T&D arms in favour of retaining 100 per cent ownership and finding a private sector manager. The draft MSA, though, gives BPL and the Government “ultimate authority and control” over all the utility’s assets, together with “continuing oversight
responsibilities”. The BPL Board has the final say over “the determination of all fees, rates and charges” related to the energy monopoly’s facilities and operations. Bahamians have already seen this operate in practice with the Government’s rejection, via the Board, of a proposed increase in BPL’s base rate tariff. Youri Kemp, the Democratic National Alliance’s (DNA) economics spokesman, in a statement issued over the weekend took issue with the “arbitrary scuttling” of BPL’s proposed rate increase by the Christie administration. “Not only did you go through an expensive and laborious process to have a private company installed to manage BEC, you have now essentially wasted the Bahamian taxpayers’ time and resources to go ahead and rule arbitrarily over the heads of that management company and URCA, its main regulator,” Mr Kemp said. Emphasising that the DNA as not against the move, but the way it was prevented, Mr Kemp described the proposed rate increase as “insensitive and ill-timed”. He added that it was even “more startling” that the Government, and not BPL, had proposed the initiative to reconnect 3,000 BPL customers. “No analysis, no rationale given; no timeline and no phasing mentioned,” Mr Kemp said. “Just turn them on, and let BPL sort it out.”
Meanwhile, the draft management agreement seen by Tribune Business also shows that the Government and BPL Board wanted “the right to be consulted, review and comment on with reasonable notice, the details and execution of staff redundancies as outlined in the business plan, and other redundancy initiatives which are not in the ordinary course of doing business”. This is the first confirmation that BPL’s business plan was examining layoffs among BEC’s legacy workforce, although the former’s new chief executive, Pam Hill, recently said she was looking more to redeploy staff than terminate them. The draft MSA, meanwhile, also gives the BPL Board “the right to review and approve procurement policies for all procurement, including but not limited to fuel supply and equipment purchases, and selection of insurance providers”. Tribune Business understands that the composition of BPL’s Board was another key issue in the negotiations between the Government and PowerSecure, with the latter wanting an additional seat for every extra director appointed to represent the state. BPL’s Board is understood to have opposed this, wanting to stick to the original format, where there were eight directors split six:two in favour of the Government.
NOTICE
NOTICE is hereby given that ROSEMARY AMBROISEJOHNSON of Farrington Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 27th day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that SONIA DATIS of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Vacancies Career Opportunity
Medical Technologist In the Labatory Department of Doctors Hospital
Qualifications
EDUCATION • Graduate from an Accredited College or University with a B.SC. in Medical Technology, Certification (ASCP or AMT) required EXPERIENCE • One or more years working as a generalist in all areas of the Lab including Phlebotomy, Chemistry, Hematology, Blood Bank and Microbiology LICENSURE • Bahamas Health Professions Council License is mandatory.
We are currently accepting applications for the following positions: 1. 2. 3. 4. 5. 6.
Prep cooks cooks stewards sous chefs Barbacks cashiers
Position Summary
The successful candidate will: •
Perform and report laboratory tests in the section that encompass a broad range of technical sophistication.
•
Assist in quality control studies, research, development of new procedures, teaching of students and orientation of new personnel.
Salary commensurate with experience
Applicants must have at least 3 years restaurant or hospitality experience with clean police record.
Only short-listed candidates will be contacted for interviews. Application deadline: Friday, July 22nd, 2016 Email resume to hr@doctorshosp.com with subject line: Medical Technologist
Please submit resume to: The Human Resources Department Doctors Hospital P.O. Box N-3018 Nassau, Bahamas Fax us at: (242) 302-4738 Email: info@doctorshosp.com Website: www.doctorshosp.com
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Interested candidates may send CV to: afeisha@portstarboardltd.com
on or before July, 7th 2016.