11252016 business by tribune242

FRIDAY, NOVEMBER 25, 2016

business@tribunemedia.net

$4.10 PM: Tax breaks ‘not as effective’ for getting FDI By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Prime Minister last night admitted that the Government’s tax incentives are “no longer as effective” in attracting multimillion dollar foreign direct investment (FDI) flows, as the Bahamas faces a “dramatic” increase in global and Caribbean competition. Perry Christie, in a letter addressed to organisers of today’s ‘We March’ protest, spelled out some of the painful realities facing today’s Bahamas as he conceded that this nation’s high cost, inefficient economy

Christie: Bahamas faces ‘brutal’ economic realities Must compete on business efficiency, productivity But labour, construction costs ‘highest in Caribbean’ had left it struggling to cope with a ‘globalised’ world. In particular, the Prime Minister said the Bahamian See pg b4

CWC ‘backdoor’ was ‘red flag’ for BTC privatisation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Cable & Wireless Communications (CWC) “backdoor” entrance should have been “a red flag” to the Ingraham administration that the Bahamas Telecommunications Company’s (BTC) 2011 privatisation was illtimed, a well-known businessman said yesterday. Sir Franklyn Wilson, who headed the committee that negotiated the ‘2 per cent BTC Foundation’ deal on behalf of the Christie administration, said that among the unresolved questions arising from the privatisation was whether the timing was “appropriate”. He suggested to Tribune Business that a better purchase price and terms may have been sacrificed by the Ingraham administration for reasons of “political expediency” when it came to the timing of BTC’s 51 per cent sale. See pg b5

Sir Franklyn: Showed sale was poorly timed Suggests ‘political expediency’ influenced past Govt

$4.14

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Treated as ‘gangsters, crooks’ on VAT errors By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

land Revenue Department officials seemed to automatically consider businesses who make simple VAT return mistakes as “crooks and gangsters trying to cheat the Government” out of its due revenue. The Superwash president, confirming that he had received notice of the seven-day ‘cut’ to the VAT payment window, said it was “mind-boggling that the Government is living

An FNM candidate yesterday pledged he would make it his “life’s job” to slash the bureaucracy facing the private sector if elected, as he slammed the Government’s “unforgiving” approach to even minor VAT errors. Dionisio D’Aguilar told Tribune Business that In-

hand-to-mouth” when it had collected $852 million in new revenue during the tax’s first 18 months. Mr D’Aguilar suggested that the 21-day payment/ filing window, which will take effect from January 1, 2017, was another sign of the Government’s “antibusiness” approach. He added that it would be easier for the 6,000-plus VAT registrants to swallow See pg b3

D’Aguilar: Govt ‘unforgiving’ on minor mistakes Govt ‘cash crunch mind-boggling’ given VAT $852m Pledges ‘life’s work’ to cut bureaucracy if elected

Minister says: ‘We want web shops to succeed’ By NATARIO McKENZIE

To address ‘licence moratorium’ next week

Tribune Business Reporter

and NEIL HARTNELL Tribune Business Editor

The Minister of Tourism yesterday pledged to address the web shop industry’s ‘market saturation’ concerns when he meets its members next Wednesday, adding: “We want to give them a fair opportunity to succeed.” Obie Wilchcombe, responding to the Bahamas Gaming House Operators Association’s (BGHAA) call for a 10-year moratorium on all new web shop

Market many not be ‘as supportive’ as needed ‘Consensus’ needed on 10-years, location limits licenses, said the Government wanted sector operators to “sustain” their op-

erations and employment. “I’m going to meet with the Association next week Wednesday, during which time I intend to listen to the arguments they’ve presented in relation to a 10year moratorium and not to issue another licence,” Mr Wilchcombe, who has ministerial responsibility for gaming, told Tribune Business. “We will see how best we can arrive at a consensus that we can all work with.” The existing web shop operators, seven of whom received their full licenses last week, fear that permit-

ting the entrance of another player will overcrowd or saturate the market - especially given that the zoning requirements for the industry, which are intended to stop the proliferation of web shops throughout Bahamian communities, have yet to be addressed. Should such a scenario occur, the existing web shop chains fear they will be unable to earn an adequate return on their investment, especially given the additional costs and taxes they have had to bear as the price of being legalised. See pg b6

Urges ‘non-partisan’ approach by select committee

Sir Franklyn Wilson

PM: ‘Urgent need’ to resolve land problems By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Agrees Land Registry required

The Prime Minister last night admitted there was “an urgent need” to resolve land-related issues, especially the granting of Crown Land to Bahamians and transparency associated with this process. Mr Christie, in an open letter sent yesterday to organisers of the ‘We March’ protest planned for today, promised to “move in earnest” to create a Land Registry, on the grounds that this would clarify ownership and prevent disputes. “My government recog-

And better Crown Land allocation, transparency Outlines public sector, governance reform plans nises that land for Bahamians is essential for economic development and social progress, and that there is an urgent need to resolve land See pg b4

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PAGE 2, Friday, November 25, 2016

THE TRIBUNE

Bridging generational gaps in the workplace As healthcare improves across the world, people are living longer and healthier lives. Advancess in medicine and technology have increased the life expectancy for many persons. More persons, then, will naturally arrive at the age of retirement and live beyond the time when they are released by their employers. But today, thousands of individuals aged 60 years and over find themselves in the workforce. The reasons why they continue to work are varied. For many, it is a matter of necessity if they are to remain financially secure and independent, while others work to stay active and engaged in their

communities. There are often mixed feelings regarding the presence of mature persons in the workplace. The commonly-expressed view is that these individuals have already made their contribution and need to head off gracefully into the sunset, making room for a new generation of workers. This mindset has unfortunately led to a growing rift between senior workers and their younger counterparts who, in many cases, are far more technologically advanced and desirous of immediate change in procedures. Research shows that healthy work environments require a ‘passing of the

baton’ from accommodating senior employees, sharing knowledge, to motivated young workers who prepared to receive vital information from their precedecessors. Where there is little to no ‘bridge building’, and each group treats the other with disrespect and disdain, efficiency is undermined. Here are some of the positives from embracing seniors in the workplace, and responsibly helping them transition into retirement: * Experience: The institutional knowledge that older employees bring often far exceeds the technical skills and theoretical applications that younger employees

To Celebrate International Day of Persons with Disabilities,

The National Commission for Persons with Disabilities, Disability Aﬀairs Division and Disability-Related NGOs, Schools & Centres Invite you to an

Saturday December 3rd, 2016 ~ 10:00 AM to 3:00 PM Stapledon School Auditorium, Dolphin Drive, Nassau

“Achieving 17 Goals for the Future We Want”

* * * *

/ŶƚĞƌŶĂƟŽŶĂů ĂǇ ZĞŵĂƌŬƐ ďǇ dŚĞ ,ŽŶ͘ DĞůĂŶŝĞ 'ƌŝĸŶ͕ Minister of Social Services & Community Development /ŶƐƉŝƌŝŶŐ ^ƉĞĂŬĞƌƐ͕ WƌĞƐĞŶƚĂƟŽŶƐ Θ ǆŚŝďŝƚƐ͊ On-ƐŝƚĞ ZĞŐŝƐƚƌĂƟŽŶ ǁŝƚŚ ƚŚĞ ĞƉĂƌƚŵĞŶƚ ŽĨ >ĂďŽƵƌ & the Commission (bring your Passport & NIB Card)! Live Entertainment! Prizes & Surprises!

17 SUSTAINABLE DEVELOPMENT GOALS

*The Public is Invited!

“The future starts NOW!”

FOR MORE INFORMATION CONTACT:

The Disabilities Commission Secretariat Tel: 397-8618 or Text/WhatsApp (for Deaf) 376-8328 Email: disabilitiescommissionbahamas@gmail.com

dream up. * Loyalty: For many senior employees, work is life. They pride themselves in giving an honest day’s work. The value of hard work was deeply embedded in them. * Stability: Older generations typically do not leave their place of employment on a whim. When they settle, they typically stay in place for the long haul. * Work Ethic: Older persons have usually perfected their patterns and cycles of movement. They typically show up on time, and can be relied upon to be present when it counts. * Maturity: Senior employees typically bring less drama to the workplace.

They usually mind their own business and stay out of other people’s affairs. They are less likely to bring outside issues on the inside, and communicate with a higher degree of decorum and discipline. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Ian ferguson

THE TRIBUNE

Friday, November 25, 2016, PAGE 3

Treated as ‘gangsters, crooks’ on VAT errors From pg B1 if the Inland Revenue’s “unrelenting” approach to imposing fines eased. And, pointing out that ever-growing bureaucracy was “turning people off from going into business”, the Superwash chief said it seemed as if the civil service had “hijacked” the Government with onerous compliance processes. “I don’t see why the Government is making this big ‘hoo ha’ about seven days,” Mr D’Aguilar, the FNM candidate for Montagu, said of the reduced VAT filing/ payment time. “They should give people enough time to prepare the returns and make sure everything is correct, because the VAT Department [Inland Revenue] is very unforgiving and unrelenting if you get it wrong. “There’s a tendency by government servants to think that if you make a mistake, you’re trying to cheat the Government out of its money, and they’re unforgiving in terms of putting in penalties.”

Mr D’Aguilar said Superwash had “run afoul” of the Inland Revenue Department once, when it missed a payment deadline by five minutes. “The penalties are huge, extraordinary ones,” he added. “It’s 10 per cent of the tax due, and 18 per cent interest accrued. “One can understand the size of the penalties and interest if there is sufficient time provided to VAT registrants to pay. “It’s another demonstration of the anti-business sentiments of the Government. This government is unrelenting on business, believing we’re all a bunch of crooks and gangsters, and the level of regulation and reporting is growing by leaps and bounds every day,” Mr D’Aguilar continued. “One of the biggest complaints of people in business today is the level of reporting, the level of paperwork, just the bureaucratic nature that business in the Bahamas has become. It’s become overwhelming. The

Tax Compliance Certificate is the most hated document. “I can tell you one thing: If God blesses me to win a seat, and the FNM wins the Government, I will make it my life’s job to cut this bureaucracy.” Mr D’Aguilar revealed that he and Superwash ran into further difficulties with the VAT Department over a “large credit” that was owed to the laundromat chain. Rather than wait for the Government to process the refund, Mr D’Aguilar said Superwash instead netted off the amount due against its VAT bill over the course of several months. “They [Inland Revenue] tell you point blank: You want your money back, you’ll be waiting a very long time, and will have to prove you don’t owe the Government a dollar,” he told Tribune Business. “The mid-level bureaucrats tell you that. If you want your money back, they don’t make it easy for you. “ Mr D’Aguilar said Superwash had effectively “prepaid” its VAT for several months as a result of the credit, but ran into trouble when it “made an error in how we applied it and accounted for it.

Ex-minister lashes ‘unfair’ BPL bills By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A former Cabinet minister yesterday said it was “unfair”for Bahamas Power & Light (BPL) to impose a major increase in electricity costs post-Hurricane Matthew, as it seeks to recover amounts ‘underestimated’ or ‘under-billed’ in October. Phenton Neymour, who had ministerial responsibility for the then-BEC under the former Ingraham administration, told Tribune Business: “We have gone through this before. When

we were the Government we were faced with a hurricane and hurricane damages. We did not put this burden on the Bahamian people like they are attempting to do right now.” For last month’s billing cycle, BPL gave an estimate “using the average consumption” because employees were not able to read meters during the first few days of October, as is customary, because of Matthew’s passage. However, many have complained that this month’s billing is higher than normal. Some have even insisted that they have

never seen bills so high. Mr Neymour told Tribune Business: “PowerSecure is meant to take the brunt of the criticism from the Government for their bad decisions. “When I left, BEC was breaking even. BEC is broke again. We are going to have to fix it again at a cost to the Bahamian people, but it is not fair. “I don’t think this is a cost of doing business. I think it’s unfair. The Government should at this time contribute to the rehabilitation efforts with all of the utilities.”

“They said: You made a mistake. You owe us this amount of interest and penalties,” the FNM election candidate said of the Inland Revenue’s stance. “I said: How can I owe you if we pre-paid you? I had to make an appointment, go down there, put myself in front of the VAT Comptroller. He said: ‘Oh no, we’ve made a mistake’. “That took time and energy. Our ease of business is getting worse, and everyone knows it. It’s as if the civil service has hijacked the Government, and doing business in this country is almost impossible.” Mr D’Aguilar said he

had been informed that Michael Halkitis, minister of state for finance, told the recent Bahamas Institute of Chartered Accountants (BICA) conference that the Government needed to cut the VAT filing/payment window to boost cash flow and enable it to meet the monthly $50 million civil service payroll. “It’s mind-boggling that the Government is living hand-to-mouth in such a way, having collected $852 million in VAT revenues in the last 18 months,” he told Tribune Business, “or $600 million plus a year. “This new tax is a vast, enormous increase in rev-

enue, and they’re still challenged to meet the monthly payroll, once again giving credence to the fact they’re not managing the people’s money properly. “We were certainly meeting Government payroll before this tax came in, and the fact they’re still facing a cash crunch demonstrates their failure to manage the people’s money properly.” Mr D’Aguilar said there was little point in reducing the VAT filing/payment deadline from 28 days to 21 if it increased the private sector’s struggles to comply, and obtain other necessary permits and approvals, especially TCCs.

PAGE 4, Friday, November 25, 2016

PM: Tax breaks ‘not as effective’ for getting FDI From pg B1 economy’s ‘twin pillars’ - tourism and financial services - were struggling to adjust to increased competition and global consolidation trends. Acknowledging that the Bahamas had suffered “setbacks”, the Prime Minister argued that many were “beyond our control” - a nod to the global economic environment and industry trends, as well as natural disasters such as Hurricane Matthew. “As for Bahamian workers, we need to remind ourselves that they have been dealt a series of brutal external economic blows... in recent times as our nation struggles to cope with the forces of globalisation and industry consolidation, particularly as they affect out tourism and financial services sectors,” Mr Christie wrote. He then acknowledged

PM: ‘Urgent need’ to resolve land problems

that the Bahamas’ proximity to the US, a long-cherished competitive advantage, had been much eroded by “decreasing costs of air transportation”. This had made rival Caribbean tourism destinations just as accessible as the Bahamas for US, Canadian and other tourists, and ensured it was “just as cost effective to place a hotel in other parts of the region”. “We operate with the reality that intra-regional competition has increased dramatically,” the Prime Minister conceded. “Incentives and concessions, although important, are no longer as effective as they once were as other governments in the region are even offering tax-free concessions as consumables.” Mr Christie thus admitted that several of the Bahamas’ key competitive advantages are no longer From pg B1 issues in the country,” the Prime Minister wrote. He said the National Development Plan, which is being crafted with in-

NOTICE

NOTICE is hereby given that Rodachena Charles of Podoleo St., P.O. CR-54895, Nassau, Bahama 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 25th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

relevant, or no longer apply, given that rival destinations are employing similar investment strategies and, in some cases, are doing it better. As a result, the Prime Minister said the Bahamas would have to compete on other factors, such as labour productivity and business efficiency and ease - indicators that have never been this nation’s strong point, and which continue to slip as shown by recent World Bank reports. “More and more we must compete on our business environment, and the efficiency and the productivity of our labour force,” Mr Christie wrote, as he urged the trade unions to “bear in mind that our construction and labour costs are higher than elsewhere in the region”. The Prime Minister’s letter, once all the dots are connected, gives a realistic appraisal of the Bahamian economy’s current predicament, and its vulnerabilities and weaknesses. The public release of

his letter, which sought to defend his administration’s work and point to its ‘achievements’, appears to be a last-ditch effort to dissuade organisers of the ‘We March’ protest from carrying out their plans. The Prime Minister places particular emphasis on the National Development Plan (NDP), and repeatedly refers to improving government accountability and transparency - two issues that are high on the agenda for many Bahamians. They, though, are likely to view the Prime Minister’s letter as ‘too little, too late’, given the growing demand for the Government to take concrete action to address these concerns, rather than simply make vague promises. Mr Christie’s letter is long on promises and short on specifics, and many Bahamians are likely to view it as another example of the Prime Minister ‘talking a good game’ without providing specific execution plans and deliverable goals. The letter’s publication,

especially so late in the day, may also create the impression that the Government has been rattled by the ‘We March’ organiser and their initiative, which seems to have garnered relatively wide public support. Conceding that the Bahamas “spends more than we take in with taxes”, Mr Christie said “some significant success” had already been enjoyed in managing government spending. He did not define this ‘success’, and the Government’s annual recurrent spending has continually increased year-over-year, topping out at this year’s projected $1.72 billion. Mr Christie also pledged that “one of my priorities” is to “manage” growth of the $6.695 billion national debt, “and the implementation of measures aimed at reducing unnecessary expenditures as well as the enforcement of tax compliance”. “The reality is that our fiscal system requires further reform to be sustainable,” the Prime Minister

conceded. “We must therefore continue to manage carefully our expenditures, and ensure that we receive the best value for money in all government contracts, while also ensuring that we are all paying our fair and equitable share of taxes.” A number of these objectives have yet to take effect, as have improvements to the ‘ease of doing business’ - a key private sector priority. Mr Christie said the Government was “actively working” to simplify the process of getting into business, although he did not say how, while also focusing on improve access to capital for Bahamian entrepreneurs. Suggesting he wanted to develop an “ownership economy”, Mr Christie added: “We must also empower Bahamians by engendering a culture of savings and investment from an early age so that our collective capital can be used to create an economy that is for Bahamians and owned by Bahamians.”

put from the private sector and civil society, had made recommendations on how to resolve land ownership disputes, particularly those impacting commonage or generational properties. “It also makes recommendations for improving the allocation of Crown Land to deserving Bahamians who have a serious and viable plan for putting the land to productive use,” Mr Christie said. “We also need to improve the transparency of all Crown Land matters, and we are determined to do so. The Government also intends to move in earnest towards the creation of an

efficient Land Registry to reduce land disputes, and to clarify who owns the land in the Bahamas.” Some observers are likely to wonder why it has taken a protest march to encourage such pledges from the Prime Minister, given that Bahamians have been screaming for decades about the need for greater transparency in the granting of Crown Land. Calls for a Land Registry are also nothing new, and many are likely to treat these renewed promises with scepticism until the Government follows through with action, rather than ‘empty pledges’ or ‘hot air’.

Transparency and accountability, long neglected by successive PLP and FNM administrations, was a recurring theme in Mr Christie’s letter. Describing a “governance reform agenda” as set out in the fledgling National Development Plan, Mr Christie said this focused on public sector reforms that include revisions to General Orders - the rules and regulations that govern the civil service. This, the Prime Minister added, would “ensure greater accountability and transparency in the delivery of public services”. He also promised an Open Government Strat-

egy, alongside a Freedom of Information Act, to produce “greater transparency”, plus ‘conflict of interest rules’ that would govern government and opposition figures, and civil servants. Campaign finance reform and improved fiscal management, “so as to ensure the prudent, efficient and honest use of public funds and all levels of the Government”, were also outlined as key reforms by Mr Christie. “I believe that we can, and must, continue to develop our philosophy of governance, emphasising increased accountability and transparency,” he said.

Alcester International Inc. Company No. 1462053 (In Voluntary Liquidation)

NOTICE OF DISSOLUTION

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Alcester International Inc. is in voluntary liquidation. The voluntary liquidation commenced on 21st November, 2016 and Martin Elzi of Talstrasse 83, 8001 Zurich, Switzerland has been appointed as the Sole Liquidator.

ALPERN GLOBAL LIMITED

Notice is hereby given that pursuant to Part IX, Section 138(4) liquidation of the above company commenced on the 24th day of November, 2016. Triangle Administration Limited of The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company.

Dated this 22nd day of November, 2016 Sgd. Martin Elzi Voluntary Liquidator

__________________________________ Triangle Administration Limited Liquidator

NOTICE RESIL GLOBAL GROUP LTD. In Voluntary Liquidation

NOTICE HARESFORT INVESTMENT INC. In Voluntary Liquidation

BOHETAN INVESTMENT LTD. Company No. 1582587 (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RESIL GLOBAL GROUP LTD. is in dissolution as of November 23, 2016.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, HARESFORT INVESTMENT INC.is in dissolution as of November 23, 2016.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that BOHETAN INVESTMENT LTD. is in voluntary liquidation. The voluntary liquidation commenced on 16th November, 2016 and NICOLAS MÜLLER of Talstrasse 83, 8001 Zürich, Switzerland has been appointed as the Sole Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

WELCAPE UNITED GROUP INC. Company No. 1507969 (In Voluntary Liquidation)

TERVADE BUSINESS INC. Company No. 1507932 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that WELCAPE UNITED GROUP INC. is in voluntary liquidation. The voluntary liquidation commenced on 15th November, 2016 and GALINA SATO of Seidengasse 13, 8001 Zurich, Switzerland has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that TERVADE BUSINESS INC. is in voluntary liquidation. The voluntary liquidation commenced on 15th November, 2016 and GALINA SATO of Seidengasse 13, 8001 Zurich, Switzerland has been appointed as the Sole Liquidator.

Dated this 15th day of November, 2016 Sgd. GALINA SATO Voluntary Liquidator

Dated this 16th day of November, 2016 Sgd. NICOLAS MÜLLER Voluntary Liquidator LEGAL NOTICE

BEAVERLODGE RESOURCES INC. (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Directors of the above-named company by Resolution passed on the 4th day of November 2016 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas. All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 28th day of December 2016, after which date the books will be closed and the assets of the company distributed. Dated the 22nd day of November 2016. Bennet R. Atkinson Liquidator

THE TRIBUNE

Friday, November 25, 2016, PAGE 5

CWC ‘backdoor’ was ‘red flag’ for BTC privatisation From pg B1 Sir Franklyn, while agreeing that no one associated with BTC’s privatisation should be “condemned” for permitting CWC’s late admission, argued that the inability to conclude a deal with any of the original bidders should have warned the-then government not to proceed. “I certainly don’t condemn anyone who sought to entice CWC to come in, but the fact it was proving so difficult to get credible bids was reason enough to ask: Are we doing it at the right time,” Sir Franklyn told Tribune Business. “That was a red flag, a sign that we should slow down, forget philosophy.” CWC was not among those who responded to the Government’s initial ‘beauty contest’ process for BTC’s privatisation. The Ingraham administration eventually acceded to its requests to enter the process late, although it is unclear whether this occurred before all other offers had

been rejected. Julian Francis, the former BTC chairman, who headed the privatisation committee, told Tribune Business at the time that it had tried hard - but failed - to reach acceptable terms with the lead ‘beauty contest’ bidder, the JP Morgan/Vodafone group. He explained that a potential deal broke down over Vodafone’s refusal to take an equity stake in the bid - something the Government was insisting on to give it confidence that BTC would have consistent operator support. It was then that the Ingraham administration turned to CWC. Sir Franklyn, whose negotiating committee had been the first urged the formation of a select committee to probe the BTC deal, said the former government could not be faulted for this. “They got into the process pretty much through the back door,” he said of CWC. “In my humble opinion, no one’s to be condemned for that.

“You set out a certain process, and if the outcome is not producing the results you want, you tweak it a little bit. I don’t condemn them; in fact, I commend them, those involved with the process, for trying to do the best they could in the circumstances.” Sir Franklyn, though, accused the Ingraham government of “political expediency” when it came to the timing of its decision to sell a 51 per cent controlling interest in BTC to CWC. “It was just unwise public policy that said: ‘We have to do it now’,” he told Tribune Business of the April 2011 privatisation. “Frankly, the lesson for the Government is that sometimes with public policy you could have an idea, but timing is not irrelevant to an idea. “The fact you want to sell this asset: That’s a decision to be made, but when you’re doing something is not irrelevant,”he added. “The question is: Was that a reasonable, appropriate time to do it? That’s relevant in public policy, as political expediency comes into play as a factor that influences public policy.” Sir Franklyn also echoed

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the concerns raised by current government ministers over the total $1.5 million in bonuses paid to 15 BTC executives for work carried out to assist the privatisation, questioning if the payments were designed to silence internal dissent at the communications carrier. And he suggested that the sales price received from CWC significantly undervalued BTC, with the Bahamas receiving relatively little despite the $206 million that the former paid for its 51 per cent equity holding. In particular, Sir Franklyn said the CWC deal’s benefits had been undermined by allowing the former BTC pension plan’s deficit to soar to near-$100 million. “When people today ask what the country got from it, you scratch your head,” he told Tribune Business. “What did we get? What did we net? The answer is: Not a lot. “It was an horrendously unwise transaction - not from a matter of philosophy, but from a matter of execution, and if the country can understand that it will be better off.” The House of Assembly

this week approved the creation of a select committee to investigate BTC’s 2011 privatisation, headed by Shane Gibson, the minister of labour and national insurance, and former head of the union that represented the carrier’s line staff. The other governing party members are Cleola Hamilton, the South Beach MP, and Leslie Miller, the representative for Tall Pines. The Opposition members are Loretta Butler-Turner and Richard Lightbourn. The FNM, and many observers, regard the timing of the committee’s formation as political, and designed to distract public attention from the Bahamas’ many current problems with a general election just six

months away. Sir Franklyn urged the select committee to avoid a “partisan political approach”, and instead concentrate on resolving the unanswered questions stemming from the privatisation and what the country can learn. And as to whether the select committee is too late, given that the BTC privatisation was completed more than five-and-a-half years ago, he added: “It’s never too late to do the right thing. “It’s obviously the sooner the better, but there’s validity in the position that it’s never too late to do the right thing, so let’s see where it goes.”

NOTICE

NOTICE is hereby given that DEBORAH SUZANNE NOGUEIRA of P.O.Box SS-19270 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 18th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 6, Friday, November 25, 2016

Minister says: ‘We want web shops to succeed’ sion not to proceed with obtaining a full license. “They may be concerned about their returns, the market not being as supportive as they thought, and bringing another in might affect their ability to survive,” Mr Wilchcombe said. “We know how business people are going to seek the leverage they want. They

From pg B1 Mr Wilchcombe, though, pointed out yesterday that eight licenses was the number “agreed” between the Government and web shop industry as part of the process to legalise, regulate and tax the sector. He added that the opening had been created by Asue Draw + Spin’s deci-

want to have the market.” The Gaming House Operators Association’s call for a moratorium on new licenses is likely to surprise many observers, especially the 10-year length, and the fact that it was previously agreed that eight licences would be issued. Some will view the Association’s position as anticompetitive, and a sign they want to have the multi-million dollar market for themselves and keep out new entrants. However, it may also be

MARKET REPORT THURSDAY, 24 NOVEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,943.62 | CHG 5.17 | %CHG 0.27 | YTD 119.67 | YTD% 6.56 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.18 8.28 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.00 11.00 8.69 6.90 12.25 11.00

52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.66 13.05 2.18 1.31 5.60 6.60 8.56 6.12 6.23 11.81 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

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

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

LAST CLOSE 4.06 15.85 9.09 3.52 1.96 0.12 5.60 8.50 5.83 10.49 13.98 2.22 1.55 5.82 9.00 10.95 8.69 6.61 11.93 10.00

CLOSE 4.06 15.85 9.09 3.52 1.96 0.12 5.60 8.50 5.83 10.49 13.98 2.22 1.55 5.82 9.00 10.95 8.69 6.61 11.93 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 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

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

110.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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 0.00

E J K L M N

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

52WK LOW 100.00 100.00 100.00

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

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 13.4 11.7 8.4 16.0 N/M N/M 30.3 15.4 11.5 19.4 26.5 23.6 9.3 11.4 14.7 11.4 13.4 9.4 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 4.36% 2.70% 2.58% 4.12% 3.06% 0.00% 3.22% 1.82% 5.36% 0.00%

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

0.0 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

MUTUAL FUNDS 52WK HI 2.01 3.91 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.94 11.15 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.40 1.61 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57

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

NAV 2.01 3.90 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.59 11.15 9.57

YTD% 12 MTH% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 2.86% 3.86% 2.64% 3.93% 2.51% 3.63% 5.44% 4.48% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%

NAV Date 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-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

a signal that the regulated environment is not working out as anticipated, and that the additional compliance and taxation costs have imposed a heavier-thenexpected burden. The move to a legalised, regulated web shop gaming environment has already been responsible for industry consolidation, with Island Luck acquiring a majority 65 per cent stake in Bahama Dreams, and Asue Draw + Spin seeking an exit route. Gaming house operators are required to pay 11 per cent of their taxable revenue or 25 per cent of earnings before interest, taxes, depreciation and amortisation (EBITDA), depending on which one is greater. They have also paid $40 million in ‘back taxes’. “We do want to ensure that we control the proliferation of gaming houses, and to ensure that all of the houses in the business are able to work, sustain their operations and continue to

provide employ for the hundreds of Bahamians working in the industry,” Mr Wilchcombe told Tribune Business. “We don’t want to have too many houses and have a situation where some have to close because they can’t meet their obligations. We want to give them a fair opportunity to succeed.” The Gaming House Operators Association also argued that allowing a new entrant into the industry at this time would be unfair given that they would not share the burden of starting up the industry. Mr Wilchcombe responded: “They were the trailblazers, the pioneers. That’s the price you pay for being the pioneers. We did that to normalise the industry, and to accepted global standards and best practices.” The Minister also branded as “a reasonable argument” the suggestion by FML Group of Companies chief, Craig Flowers, that each licensed web shop

THE TRIBUNE chain be allowed a maximum of 20 New Providence stores to start with, and just 10 agent stores. However, hinting that self-interest may be behind Mr Flowers’ suggestion, Mr Wilchcombe said other web shop chains may feel differently. “He has less than 20,” the Minister said of FML’s locations. “The question is how the others will feel. Island Luck has 50-60. We’re going to have to get them to agree to a number.” The Gaming Board recently confirmed in a statement that the existing gaming house licensees have been inspected and certified by independent international agencies, and officially granted licenses. FML Web Shop, A Sure Win, Chances Games, Paradise Games, Island Luck, Percy’s at the Island Game, Asue Draw + Spin, and Bahama Dreams were all granted conditional gaming house licenses last October.

BFSB briefs FNM on automatic tax exchange legislation The Bahamian financial services industry yesterday briefed the Official Opposition on the legislation required to implement this nation’s Common Reporting Standard (CRS) commitments. The Bahamas Financial Services Board (BFSB) and the Association of International Banks and Trust Companies (AIBT), together with industry stakeholders, met with FNM MPs to review draft legislation that will give effect to the automatic exchange of tax information. Dr Hubert Minnis, and his colleagues, were told why the Bahamas is moving rapidly to implement the CRS standard for au-

call 502-2394 to advertise in the tribune today!

tomatic tax information exchange before year-end. They were given updates on the implementation plan, and reviewed the provisions of the draft Automatic Exchange of Financial Account Information Bill 2016. The forum was held in collaboration with representatives from the Ministry of Financial Services and the Office of the Attorney General. Industry representatives informed the MPs that the Bahamas had committed to a 2018 deadline for CRS implementation through a bilateral approach, after industry consultation. They added that implementing the CRS standard would show the Bahamas was a responsible and compliant international financial centre (IFC). At the end of the CRS briefing, industry repre-

sentatives updated the FNM on the current state of the financial services sector, and discussed some key policy considerations as the industry to seeks to reposition itself for longterm growth and sustainability. Dr Minnis indicated his commitment to the financial services sector, and acknowledged its importance to the overall economy. Tanya McCartney, the BFSB’s chief executive and executive director, said: “Financial services is a critical plank in the Bahamian economy. Hence, there has to be consensus and bipartisanship on those matters that impact the sector. “Financial services contributes 15 -20 per cent of our gross domestic product, and employs a considerable amount of Bahamian professionals”.

EMPLOYMENT OPPORTUNITY

Landscape Special Projects Supervisor The Landscape Special Projects Supervisor will be the hands-on leader of a special projects landscape crew. He/She must have the ability to lead, supervise and instruct 15 to 20 persons at any given time. Additionally, the Landscape Special Projects Supervisor must be capable of reading and scaling landscape and architectural plans, installing materials and must have a comprehensive understanding of Plant species and their Latin and Common names. Summary of Responsibilities: o Must be able to layout palms, trees and shrubs based upon plans o Must be capable of performing a wide variety of horticultural tasks to ensure an attractive landscape and an optimal level of plant health, including weed control, certain perennial cultural practices, pruning, pest treatments, and other routine lawn-care activities o Experience in design and layout without the reference of plans o Expert ability to operate backhoes, skid steer, trenchers, forklifts and tele-handlers o Must possess a high level of knowledge of both landscape lighting installation and irrigation installation and layout o Plan and organize crews daily, weekly and monthly schedule o Maintain and submit all paperwork and computer work associated with supervising work crew o Manage daily payroll and associated invoicing of daily works o Develop and manage weekly maintenance of Estate homes o Communicate to Maintenance Director and Landscape Director effectively on daily production o Assist in scheduling and running training programs for employees and implementing additional programs with management Skills and Qualifications: o Must have held a similar position for at least ten (10) years at supervisory level o Excellent time management skills o Knowledge and experience using Microsoft word, excel, Outlook, and Jonas POS systems o Excellent attendance and punctuality record o Proven ability to effectively manage, train and coach team o Must have excellent organizational, communication and interpersonal skills Education Must possess FNGLA certifications in CHP and CLT Interested applicants may forward their resumes on or before: 2nd December, 2016 to: hr@bakersbayclub.com Landscape Special Projects Supervisor Baker’s Bay Golf & Ocean Club Great Guana Cay, Abaco