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FRIDAY, FEBRUARY 21, 2020

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QC’s account closures cost Scotiabank $10k By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN QC has won $10,000 in damages from Scotiabank (Bahamas) after it abruptly closed his law firm’s bank accounts without giving any warning. Justice Ian Winder, in a recent Supreme Court verdict, ruled he was “not satisfied” that the alleged failure of Maurice Glinton QC and his law firm to fully meet the bank’s demands to verify their identities “warranted the immediate closure” of their Bahamian and US dollar accounts. He found that Scotiabank

enforce measures” that “prejudice” or deviate from the duties it has to customers it holds banking relationships with, but he only awarded $10,000 after finding the episode had caused Mr Glinton “little by way of actual damage”. While the Freeportbased QC had argued the accounts’ closure had caused him “embarrassment and inconvenience” and “blighted the

DUTCH DEMAND 9% CORPORATE TAXATION TO ESCAPE BLACKLIST By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Netherlands yesterday demanded that The Bahamas implement a corporate income tax at 9 percent or higher as the price to DEPUTY PRIME escape tax non-coopera- MINISTER PETER tion “blacklist”. TURNQUEST K Peter Turnquest, deputy prime minister, told Tribune Business in response to the demand from the Netherlands’ ministry of finance that The Bahamas “will not be dictated to be any foreign state” as to its taxation policy and structure. His comments came after a Dutch finance official, responding to this newspaper’s inquiries, said its tax blacklist criteria is “made up differently” from that of the 27-nation European Union (EU), of which it is a member. The Bahamas was this week removed from the bloc’s

* DPM: ‘We will not be dictated to’ * Says: Not global standard yet * AG seeking to meet Dutch today monitoring ‘grey list’ after being deemed to have fully implemented all the reforms required to address its demands. However, The Bahamas remains on the national blacklists of both France and the Netherlands, and is unlikely to be removed from the latter’s any time soon. The Dutch official said: “A country/ jurisdiction gets a place on the Dutch list when there either is no corporation tax or a corporation tax rate that is lower than 9 percent. “This is the case in The Bahamas, and therefore The Bahamas is - and stays on the Dutch list. We make up this list every year and the end of a year. A country/ jurisdiction can only get from the list if the corporation tax rate is a 9 percent or

CUSTOMS CRACKS DOWN ON ABACO AIRCRAFT ‘ABUSES’ By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

BAHAMAS Customs yesterday said it was cracking down on potential “abuses” by private aircraft in response to concerns that it has grounded Abaco’s only air freight provider post-Dorian. The agency, in a statement issued yesterday, did not say Abaco Freight or its agents were responsible for potential issues its officers had identified through “enhanced monitoring” of incoming flights to the island. Noting that private planes do not have to be registered with its Click2Clear electronic goods clearance system “as yet”, Customs said some appeared to be running “commercial cargo operations” even though the supplies were destined for Dorian recovery and restoration. “In the immediate aftermath of Hurricane Dorian, many private aircraft were transporting humanitarian relief supplies into the country under the various Exigency Orders,” the agency’s statement said. “They were not processed on Click2Clear, and had no need to be familiar with the system because private aircraft are not integrated into the online system as yet. “However, Customs is finding through its assessments and enhanced

TWO INSURANCE SITES EYED FOR HEALTH MINISTRY By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Judge: ‘Not warranted’ on KYC issues * Bank giant had to give ‘reasonable notice’ * Glinton’s ‘blighted reputation’ claim rejected

(Bahamas) was “contractually or otherwise legally obligated to give.... reasonable notice” to Mr Glinton that it was preparing to close the company’s bank accounts - a move that could have potentially crippled its business activities and cost it clients. The Supreme Court justice also determined that the Canadian-owned banking giant cannot “unilaterally impose and

monitoring that some private aircraft may be running commercial cargo operations, even though some of the supplies being transported are for Hurricane Dorian restoration activities. “As a result, Customs is exercising more scrutiny over these operations to prevent abuse of the system under the guise of humanitarian relief. Any abuse of the system does a disservice to Abaco and to the country,” Customs continued. “All commercial operators must follow the same rules when it comes to importing cargo. And if they are unfamiliar with Click2Clear, and if they are not licensed, they have to fulfill the necessary requirements to operate like everyone else.” Customs hit back after Tribune Business yesterday reported fears that its decision to ban incoming Abaco Freight flights until it complied with such decisions would further set back the island’s postDorian recovery. Residents said that blocking Abaco Freight’s regular flights was the latest example of bureaucratic red tape undermining restoration efforts, with Customs demanding that its local agent both pay a bond and go to Nassau to train on the new Click2Clear electronic goods clearance system before it can return. Kimber Mazzeo, Abaco SEE PAGE 6B

SEE PAGE 6B

professional reputation” his firm enjoyed, Justice Winder said banking confidentiality meant details of the affair were only known to the parties involved. His verdict, though, has implications for the wider Bahamian banking industry and its individual and corporate clients, as it means that institutions cannot arbitrarily shut down customer accounts without warning if identity and

MAURICE Glinton QC. other due diligence-related documents have not been provided. The verdict is also likely to strike a chord with many Bahamas-based firms and citizens who, for the past two decades, have had to contend with a Know Your Customer (KYC) due diligence regime that many still regard as overly SEE PAGE 4B

OECD TAX DEMANDS MAY ‘DEVASTATE THE ECONOMY’

* Ex-finance minister on corporate tax peril By NEIL HARTNELL Tribune Business Editor nhartnell@ tribunemedia.net

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nation”. He argued that The Bahamas’ compliance with past OECD and European Union (EU) initiatives THE Bahamas meant it was likely “may devastate the to “resist” the foreconomy” if it surmer’s latest thrust, renders too easily JAMES SMITH which is calling to demands from for all nations to high-tax European nations impose some form of “minifor a corporate income tax, mum level of” taxation on a former finance minister the activities of multinawarned yesterday. tional entities. James Smith, who held The OECD initiative, the post during the first whose headline objective Christie administration, is to prevent tax evasion told Tribune Business that by multinationals who shift the continued pressure profits earned in higher-tax from the Organisation for jurisdictions to those with Economic Co-Operation lower tax rates, is calling and Development (OECD) for the introduction of a and its members was threat- corporate income tax in all ening to “drive us right into but name. OECD literature the ground as a sovereign SEE PAGE 7B

THE Government is in “very advanced negotiations” to move the Ministry of Health into two former insurance buildings in the Palmdale area, a Cabinet minister confirmed yesterday. Dr Duane Sands, minister of health, told Tribune Business that the former CLICO (Bahamas) property on Mount Royal Avenue and exColina Insurance building on Rosetta Street were being eyed as the ministry’s new locations as it seeks to escape the “10 waterfalls” that occur whenever it rains at its existing Meeting Street premises. He added that the Government was looking at two separate locations as “the best fit given the size of the Ministry as there is no single commercial property that fits us”. This further indicates that the Minnis administration has no desire to move into the former Kelly’s Warehouse building on Soldier Road, for which the Government signed an irrevocable lease to house the Department of Public Health in 2014. It is currently embroiled in a multi-million dollar legal dispute over that contract with the property’s landlord, Kingman Ingraham. “The negotiations are very, very far advanced,” Dr Sands told this newspaper over the two former insurance properties. “The issue is neither building is ready for occupancy. These buildings have not been occupied for a while and they will have to be made whole or ready for us to into. Quite SEE PAGE 8B

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THE TRIBUNE

Time management vital to productivity THERE are only so many hours in the day, so making the most of your time is critical. There are two ways to increase your output - either put in more hours or work smarter. Being more productive at work is not rocket science, but it does require being more deliberate about how you manage your time. Here is a ‘Top ten’ list of what we can all do to increase our personal level of efficiency at work: 1. Track and limit the amount of time we spend on each task Create time limits and boundaries for everything from social media usage, creating documents, lunch and each sales call to everything else you do on a daily basis. Do not allow time to run away with you. Learn the art of professionally ending conversations that do not add value to your work life. Set some self-imposed time limits on everything you do. 2. Take regular breaks It sounds counterintuitive but taking scheduled breaks can actually help improve concentration. The adult human brain is said to have the capacity to focus for a period of 18-30 minutes on one task at a time. Switch it up every now and again to keep a keen focus on those critical assignments. 3. Just say no to meetings Meetings are one of the biggest time consumers around, yet somehow we continue to unquestioningly book them, attend them and, inevitably, complain about them. There are far too many unproductive meetings that occur every day in every field of work. Before booking your next meeting, ask yourself whether you can accomplish the same goals or tasks via e-mail, phone, or Web-based meeting (which may be slightly more productive).

4. Hold standing meetings If you absolutely must have a meeting, there is some evidence that standing meetings (they are just what they sound like, everyone stands) can result in increased group attention, decreased territoriality, and improved group performance. For those times when meetings are unavoidable, you may want to explore a maximum 10-minute stand up and share meeting. 5. Stop multi-tasking While we tend to think of the ability to multi-task as an important skill for increasing efficiency, the opposite may in fact be true. Economists remind us that labour specialisation yields the highest results. Make a habit of committing to a single task before moving on to your next project. 6. Take advantage of your drive in to work This may be a great time to establish some pre-planning for the day. Create a ‘to-do’ checklist, respond to some e-mails, schedule appointments, hold a Zoom or Skype meeting. Find productive ways to make the long drive count. 7. Give up on the illusion of perfection It is common for employees to get stuck on attempting to perfect a task. The reality is nothing is ever perfect. Rather than wasting time chasing after this illusion, bang out your task to the best of your ability and move on. It is better to complete the task and move it off your schedule. If need be, you can always come back and adjust or improve it later. 8. Categorise your day Allowing incoming phone calls and e-mails to dictate how you spend your day will mean you do a great job of putting out fires, but that may be all you get accomplished. Establish a time to answer e-mails, return calls,

IAN FERGUSON BY

hold meetings, and brainstorm with the focus group. 9. Give yourself something nice to look at It may sound unlikely, but some research shows outfitting an office with aesthetically pleasing elements, such as plants, can increase productivity by up to 15 percent. Spice up your office space with pictures, candles, flowers, or anything else that puts a smile on your face. Learn to virtually go to your happy place; a picture can certainly help with this. 10. Minimise interruptions (to the best of your ability) Having a colleague pop her head into your office to chat may seem innocuous, but even brief interruptions appear to produce a change in work pattern and a corresponding drop in productivity. Minimising interruptions may mean setting office hours, keeping your door closed, or working from home for time-sensitive projects. • 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.

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Friday, February 21, 2020, PAGE 3

Rogue operators ‘causing much havoc’ for funerals By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

TWO-THIRDS of persons presenting themselves as funeral directors are operating without the necessary standards and qualifications, an industry association’s president warned yesterday. Kirsch Ferguson, the Bahamas Funeral Directors Association (BFDA) chief, told Tribune Business it had submitted to the Government a draft Bill that would make the profession self-regulating along the lines of similar legislation governing the likes of engineers and architects. Speaking to Tribune Business about the draft Funeral Services Bill 2019, which has been provided to Dr Duane Sands, minister of health, the

Bahamas Law Commission and the Attorney General’s Office, Mr Ferguson said: “We are very optimistic about it, and we welcome it with open arms.” He added that the presence of rogue and unqualified operators had prompted the Association’s creation and the draft legislation in a bid to both boost consumer protection and safeguard

the industry’s integrity and reputation. “It is the reason why the draft legislation was presented to the Government in the first place. It was causing much havoc in the industry, and the Bahamian public is suffering because of it,” Mr Ferguson said of the present situation. Estimating that two out of every three funeral directors in The Bahamas lack the necessary qualifications, he added that they used entities that appeared respectable and possessed valid Business Licences - to offer services to bereaved families suffering from the loss of a loved one. “The public is unaware of it because these persons are operating out of firms that have a Business Licence, and they present themselves as funeral directors and

Lucayan sale: Chamber chief wants to see ‘keys handover’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Grand Bahama Chamber of Commerce’s president yesterday said he wanted “to see money and keys change hands” on a Grand Lucayan deal that will have 30 days to close post-March 2. Gregory LaRoda told Tribune Business he understood that while the Heads of Agreement and sales agreement for the resort will be signed on that date, the Government and Royal Caribbean/ITM have given themselves a further window in which to complete all the necessary paperwork and for the $65m purchase price to change hands. “What I understand is that they will be signing the Heads of Agreement (HOA) and the intent to buy [on March 2], and what that means is there is a 30-day window after which the keys and money should exchange hands,” Mr LaRoda said. “Once that happens, everything goes on track. For years we were saying that was going to be a catalyst to jump-start the economy and what we plan to do in Grand Bahama, so I am sure everyone is looking forward to that.” Mr LaRoda added that the sales agreement committed Royal Caribbean and ITM Group’s Holistica joint venture to purchasing the hotel, “but that’s not going to be when keys and money would exchange hands. I was told that’s what that’s going to be, but I want to see money and keys change hands. “I guess it’s just a phase they have to go through,” he added. “So, for all intents and purposes, once they sign on March 2 the deal is pretty much closed and done. That’s not to say that it’s going to take 30 days, but they have until 30 days to finalise every document that needs to be finalised and for money to change hands. That can be a week later or up closer to the deadline.” Mr LaRoda voiced optimism that the Heads of Agreement signing would have an almost-immediate impact on Grand Bahama’s unemployment levels. “My understanding is that after the sale goes through we should really see some movement in terms of construction repairs, renovations and the like. We should start seeing that almost immediately in terms of the workforce,” he added. “It certainly should significantly improve the situation. I know unemployment in Grand Bahama is high, and higher that what anyone would like to see. So this

embalmers,” Mr Ferguson said. “They undermine the pricing structure of established funeral homes, and they conduct business in such a way that is unethical and not in the interest of the public’s health.” Tribune Business obtained a copy of the draft legislation presented to the Government where the BFDA is asking for the creation of a selfregulatory board to govern the industry. The Board’s members will consist of qualified funeral directors and embalmers, and it will have powers to oversee the sector through licensing; mandatory continuing education and training; the ability to revoke and suspend practitioner licenses; and creation of an ethics committee. The draft Bill’s provisions stipulate that only those persons licensed as a funeral director and embalmer, and entered in the register database, shall be able to conduct business as such. A ‘funeral director’ and ‘embalmer’ are defined as any person who is licensed to engage in the practice or profession of funeral directing, and the art and science of embalming. “The first thing is the prerequisite educational requirements for trained personnel, and also having to come to the Association for a vetting process before being presented to the Government for licensure to operate,” Mr

Ferguson explained. The draft Bill also bans licences being transferred from one funeral home to another. And, when a practitioner licensee relocates to another funeral home, they must reapply for a new license before commencing work at the new firm. The legislation prohibits a funeral director and embalmer from advertising, contracting or carrying out business at a location in The Bahamas under a name other than the one that appears on their licence. And all licensees must display, in a conspicuous place on their premises, any license issued by the Registrar. Mr Ferguson said: “We would have given our take on what we would like to see included in the Bill. Obviously, based on the process, the Law Reform Commission has been forwarded a

copy as well as the Attorney General’s Office as well as the Ministry of Health. It was generated from our collective efforts of what we think what was best for the industry moving forward. “As far as we understand the minister has been given a full packet of everything. I know we are awaiting a sit-down meeting with the minister to advance this effort further, and also being able to get clarity on the way forward with the Government concerning it.” Mr Ferguson, adding that the BFDA is waiting on the Government to “find their way clear” on the proposal, said he was hopeful the legislation can be passed this year. “The Government is fully aware of what is happening in the industry,” he added. “Structure is really needed, legislation is required, and it is paramount that we have it.”

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THE GRAND Lucayan Resort. project should put a good dent in that, and should help us slow down the outflow of people from the island looking for employment. Maybe some folks would decide to come back.” Mr LaRoda continued: “When the construction is completed, and it is up and running, the plans call for another shopping area that would be operating on the side of the existing Lucayan Strip, so that is going to bring opportunities in terms of Bahamian ownership for some of those stores. That is going to positive as well. “I think that entire area would be uplifted, and what it would cause is for the existing shopping area [Port Lucaya Marketplace] to up their game because everyone would be competing for the same tourist dollar. “Persons who operate out there now would have to look at their product, and what they offer the tourist and the public, and make sure that they are offering the best. What you would not want is for one area to come up and the other to regress; you would like to see the both of them progressing together.” Mr LaRoda said Royal Caribbean plans to bring in vessels that carry up to to 6,000 passengers per week, providing opportunities to taxi drivers, tour operators, local store operators and persons who provide souvenirs for tourists. “It should jumpstart the tourist business which, if it exists, is really sluggish and is just now trying to bounce back from Hurricane Dorian,” said Mr LaRoda. The Government’s own Fiscal Strategy Report, though, warned in November that SEE PAGE 5B

Straw Market Authority Public Notice Please be advised that the Bay Street Straw Market

will be CLOSED

to the general public from Sunday, 23rd February, 2020 to Friday, 28th February, 2020. The Bay Street Straw Market is EXPECTED TO RE-OPEN on Saturday, 29th February, 2020 at 7:00am. We apologise for any inconvenience caused.

PAGE 4, Friday, February 21, 2020 FROM PAGE ONE bureaucratic, inefficient and time-consuming. The Central Bank has sought to move KYC procedures to a less prescriptive, risk-based approach based on the circumstances and activities of each individual client, but the regime - which was introduced in response to the 2000 “blacklisting” by the Financial Action Task Force (FATF) - remains perceived as inflexible red tape that has undermined The Bahamas’ competitiveness. Mr Glinton yesterday told Tribune Business that his complaint had exposed “a number of breaches”. While he had received the $10,000 damages, the QC has yet to recover his legal costs that the judge also ordered paid to him. Hitting out at the everincreasing volume, and cost, of the fees levied by Bahamian commercial banks on their consumers. Arguing that “most of the banks nowadays are not earning money the traditional way”, via interest income on their loan books, Mr Glinton also criticised the Canadian-owned banks for moving back office functions elsewhere in the Caribbean even though The Bahamas is their biggest profit earner. “What is going on here is not banking,” he argued. “Decisions are made in

QC’S ACCOUNT CLOSURES COST SCOTIABANK $10K Barbados, Trinidad or Jamaica. If you pick up the phone to get in touch with your branch manager, the one who deals with your account, you first have to go to a switchboard that might be in Jamaica and they connect you with The Bahamas.

Industry “I think it is absurd but no one seems to care. At one point in time we used to have a first-rate industry in this country but that is no longer so. Career bankers have long gone.... There’s no doubt that The Bahamas is the major contributor to the bottom line of these banks’ Caribbean operations, yet we’ve allowed the switchboard to be moved elsewhere. You’re creating employment for them and reducing employment here.” Mr Glinton initiated proceedings against Scotiabank (Bahamas) after “the involuntary and without notice closure” of his law firm’s US$ client account on

November 23, 2016, which followed the termination of its Bahamian dollar account six days earlier. The QC “discovered the closure of the US dollar account by chance” when he met with the Scotiabank (Bahamas) branch manager. The US$ account had been opened in January 2000, and Mr Glinton said its use had been uninterrupted apart from one occasion when he failed to provide a Central Bank permit giving him permission to maintain the foreign currency account. “Scotiabank sought to justify its action on the basis of Maurice Glinton’s failure to respond to correspondence requesting updated information,” Justice Winder said. “Scotiabank says that in seeking to comply with its obligation to ensure that it possessed updated KYC information on all its customers, numerous attempts were made to obtain requested information from the plaintiff.” Scotiabank (Bahamas)

said letters written to Mr Glinton and his firm on December 5, 2014, and March 17, 2015, had prompted no response. Sherell Bullard, the small business banking manager for its Freeport branch, and another officer went to his offices on March 18, 2016, in a bid to obtain the requested information but was successful.

Decision The bank admitted that Mr Glinton provided copies of his passport, National Insurance Board (NIB) card and utility bill on April 7, 2016, but six of its nine KYC requested documents remained outstanding. “They say that on November 17, 2016, that its branch and retail management took the decision to close both the accounts of Maurice Glinton,” Justice Winder noted. However, Mr Glinton said he had provided all the necessary KYC paperwork to Scotiabank in mid-2015 in relation to the firm’s Bahamian dollar account apart from a current Certificate of Good Standing and address verification. He argued that as long as the account was not being operated negligently, or in

THE TRIBUNE a fraudulent or criminal manner, Scotiabank was not exposed to risk or potential liability, and therefore did not need to close his company’s bank account. The Freeport-based attorney also contended that exchange control permission was required from the Central Bank to close a US dollar facility. “Maurice Glinton contends that Scotiabank did not exercise any caution or restraint out of respect for the legal obligations and duty it owed to him as its customer,” Justice Winder said. Scotiabank, though, argued that his KYC information had not been updated since 1993 when the Bahamian dollar account was opened, and that he had “stubbornly” refused to co-operate. Justice Winder, in his ruling, said Scotiabank (Bahamas) had failed to show how its Small Business Financial Services Agreement, which allegedly gave it the right to terminate accounts without notice if requested information was not provided, applied to Mr Glinton and his firm. He found there was insufficient evidence to show this agreement had been incorporated into the contract between the parties. Scotiabank (Bahamas) also alleged that it was entitled to close the accounts because they were in deficit, but Justice Winder found that this resulted from the bank debiting fees to settle charges for servicing them. He ruled it should have notified Mr Glinton that

closure would result when the accounts went into a deficit position, which it failed to do. “Additionally, in the case of the US dollar account, some consideration must be made for the fact that Maurice Glinton could not personally put the account into credit, as it required US dollars which could only occur by a deposit by a foreign client,” Justice Winder added. He ruled that customers had a legitimate expectation that Scotiabank would act “reasonably” when exercising the potential remedies available to it on closing accounts.

Complaint “Maurice Glinton’s principal complaint is simply that Scotiabank acted improperly when it closed the accounts and facilities, and terminated the relationship without giving him any notice of its decision and intended action, so as to afford him opportunity to make other accommodating arrangements for the convenience of his firm’s clients,” Justice Winder concluded. “Scotiabank’s failure to give due notice of the closure of the account is compounded by the fact that it also failed to notify Maurice Glinton even after the closure of the account.... I was also not satisfied that Scotiabank’s argument that outstanding matters under the Financial Transactions Reporting Act warranted the immediate closure of the account.”

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By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Grand Bahama Chamber of Commerce’s president yesterday voiced optimism that the planned $100m investment in the Grand Bahama Shipyard will maintain its competitiveness. Speaking after Carnival Cruise Line, a 40 percent shareholder in the Shipyard, confirmed plans to replace the major dock that collapsed last year, Gregory LaRoda said: “I think that really will keep them competitive in terms of getting the business here, and keeping some of the business they already have in this region and, more specifically, on this island. “That’s going to speak well in terms of maintaining employment, and probably getting employment back, because I think they did do some adjustments when they lost that dock in terms of employment levels. “So definitely that will be a positive for the fact that they have decided to go

Friday, February 21, 2020, PAGE 5

$100m investment to regain Shipyard’s competitiveness ahead and replace that.” Giora Israel, Carnival’s senior vice-president of global ports and destination development, recently said the loss of that dock coupled with another that was damaged by Hurricane Dorian - had left Grand Bahama Shipyard operating at 25 percent capacity. “We are determined to make this yard again a great yard, possibly bringing it back to the number one cruise ship repair facility in the world,” Mr Israel said then. “(The dry dock) will be the biggest floating dock to be built in the last decade anywhere in the world, and it’s likely to be built in China. “We are now in a situation that is obviously not very

FROM PAGE 3B a redeveloped Grand Lucayan and Freeport Harbour will not emerge overnight. Construction work will take around two years, meaning that the project’s operational phase should probably launch in early 2022 - potentially just in time for when the next general election is called. “The first phase of the project will feature a $195m initial investment, inclusive of the $65m resort purchase price, and will span over a 24-month period, providing 2,000 jobs,” the Fiscal Strategy Report said. “The project is poised to act as an economic stimulus to Grand Bahama, bringing approximately two million passengers annually to make use of the associated facilities, which will include a five-star hotel property, water-based family entertainment, as well as dining, gaming and other entertainment options.” Mr LaRoda yesterday added that Royal Caribbean must have been given sufficient confidence that Grand Bahama International Airport will be rebuilt to the standard necessary to receive international airlift otherwise it would not have proceeded with the Grand Lucayan deal. “It’s imminent that the Government is going to take ownership of the airport, and then they really have to come up with a good plan in terms of what you build back, where you build it back and how you build it back,” the Chamber president said. “But I think we will be in this temporary situation with the temporary airport.

welcome in Grand Bahama of having the world’s largest cruise ship repair facility really crippled and its production gone down dramatically.” Grand Bahama Shipyard’s shareholders, which include rival cruise line Royal Caribbean with an equal 40 percent stake, and the Grand Bahama Port Authority (GBPA) with the 20 percent balance, have also shared in the millions of dollars that have been lost as a result. Hundreds of expatriates have already been laid off and forced to return to their countries. However, Grand Bahama Shipyard has committed to employing all its Bahamian staff on a 40-hour work week even though it could let go about

Lucayan sale Obviously some improvements need to be done to that facility that we have now, especially with American Airlines coming back. Then you have the Sunwing flights and you have Bahamasair, and then you have Silver Airways all trying to use that small space. There is a lot of congestion.” Mr LaRoda continued: “So some more temporary measures need to be put in place first to the extent that they put in something good enough to allow us to get pre-clearance back. There are some security standards that need to be in place before you can even get pre-clearance. They have to look at all of that and whether they are going to go to that extent before we try to build a new airport. “I’m kind of hoping that they probably would because a new airport is still going to be some time out. They really have to look at what they are going to build and how - all of that type of stuff. So I expect to see some more done at the site where it is now to make it more accommodating. “Even the bathroom facilities are not the best as it is now, especially not for your second largest populated island in The Bahamas. We’re not complaining, but there are some improvements that need to be done in the short term before you get to the new build-out.” Mr Laroda added, “I think Royal Caribbean has been given that confidence that something is going o be done with the airport, so now obviously they are prepared to

100 because of the reduced demand. “We are just sweating it through until we are able to

get the operation back,” Mr Israel said. “We have a lot of pressure from shareholders to support our operating

expenses, obviously labour, but also our debt servicing for the loans that are outstanding at the yard.”

PAGE 6, Friday, February 21, 2020 FROM PAGE ONE Freight’s West Palm Beach-based principal, warned that the ever-growing freight backlog - now standing at three to four plane loads - threatened to delay the planned March 4 reopening of one of the island’s major resorts. She told this newspaper that the flight ban had prevented the delivery of water pumps and other critical equipment essential for the Abaco Beach Resort to resume operations, and pleaded for “leniency” to be shown by the Government given the island’s ongoing plight and the absence of Customs brokers to assist. Ms Mazzeo added that too few persons on Abaco understood how Click2Clear works, as it had only been introduced on the island just weeks prior to Dorian’s arrival, and issues with the system were still being worked out. While Customs yesterday said there are seven licensed brokers, couriers and shipping agents on the island, this is being disputed by residents. Marlon Johnson, the Ministry of Finance’s financial secretary, told Tribune Business yesterday: “I got some

CUSTOMS CRACKS DOWN ON ABACO AIRCRAFT ‘ABUSES’ feedback from our Customs team and I think we understand what transpired. “Just to clarify some of the things that were mentioned, the folks in Abaco got on to the Click2Clear system before Dorian and, after Dorian, since October the system has been back up and operational and handling commercial freight. “That has been a constant and consistent thing, and the persons who are using the system and familiar with it have been using it without any issue.” Speaking to Abaco Freight in particular, Mr Johnson said: “When the flight got in I think there was a mix-up with the requirement, from what we gather, to clear a flight with commercial goods. But I think that was communicated to the operators and I think they understand now what’s required.” When pressed by Tribune Business would be willing to compromise, especially given the Abaco Beach Resort opening date, Mr Johnson said: “The law is the law with respect to clearing

goods and there is a process if companies want to avail themselves of expedited clearances and the like. “But obviously the Customs Department has a role to play and, again, I think in this specific instance it was a ‘one-off’ because there was some confusion on the requirements given the broker or the courier service they were using “I think that was clarified and, as has been the case, there have been tons of goods shipped in and out of Abaco - and which continue to be shipped. So there is no widespread issue or any requirements for leniency.” And Customs reiterated: “No recent changes have been made regarding the use of Click2Clear at ports in Abaco, as the system has been back online for Customs processing since October. Customs had reverted to some manual processes after Hurricane Dorian. However, the online system has been running on island and remotely for months. “Abaco is very equipped to provide licensed brokerage

THE TRIBUNE

and courier services to the business community, and the island is not dependent on a single company for Customs processing. “Most established Abaco businesses are already using Click2Clear successfully. To date, there are seven licensed brokers, couriers and shipping agents in Abaco. “The Department continues to invest heavily in Customs modernisation in order to eliminate all irregular processes that were present in the past. In some of the smaller ports in the country, for example, Customs officers themselves used to assist businesses from time to time with Customs processing,” the statement added. “Customs has put a stop to these informal practices, which means businesses must manage their own Customs processing. Businesses must have a licensed broker or courier to take responsibility for processing their goods.” While relief supplies can still be imported into the Dorian disaster zones without incurring VAT or import duties, Customs added that “all goods must be manifested and declared, whether intended for humanitarian or commercial purposes”.

Maintenance Technician Needed to service and repair washers, dryers, heaters, and boilers.

• Must have strong work ethics and at least 5 years experience. • Must be self motivated and able to work with little supervision. • Must be able to read and write English. • Must be able to read schematics. Send Resume to

NOTICE

INTENT TO CHANGE NAME BY DEED POLL

NOTICE is hereby given that METRETS ROSEMINE of ,P.O.Box East Street, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

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

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.53 11.61 6.00 4.33 6.49 3.65 4.75 11.10 8.00 14.50 9.33 3.70 15.20

CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.53 11.61 6.00 4.33 6.49 3.66 5.06 11.05 8.00 14.50 9.33 3.70 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.31 -0.05 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

1,122 9,500 265 300

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.6 18.7 N/M 18.1 N/M N/M -8.1 16.1 13.4 23.5 46.4 35.9 10.8 17.1 11.0 17.8 9.9 18.2 24.1

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

YIELD 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.77% 0.00% 11.86% 1.19% 2.97% 3.00% 3.72% 2.14% 3.24% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.73% 3.73% 2.93% 2.93% 2.67% 2.71% 5.76% 5.76% 12.81% 12.81% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Dec-2019 31-Dec-2019 27-Dec-2019 31-Dec-2019 31-Dec-2019 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019

MUTUAL FUNDS 52WK HI 2.29 4.37 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.67 1.83 1.76 1.23 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.29 4.37 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TTAHERAH NATAAJAH MCKENZIE of the Sandy Point, Abaco, Bahamas, intend to change my name to TTAHERAH NATAAJAH ADDERLEY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

INTENT TO CHANGE NAME BY DEED POLL

BISX LISTED & TRADED SECURITIES 52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.85 5.60 3.95 6.35 2.53 1.76 8.00 6.40 14.00 6.80 3.01 13.50

The Public is hereby advised that I, SEYMOUR SHAUILLE LEMONT GORDON of the Southern District, New Providence, Bahamas, intend to change my name to SLOANE DE’WINTER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,209.12 | CHG: 1.36 | %CHG: 0.06 | YTD: -22.48 | YTD%: -1.01 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 10.84 3.48 5.06 10.88 8.00 16.99 9.40 3.80 15.20

FROM PAGE ONE above.” The Dutch position adds to the building pressure on The Bahamas and other low or zero-rate tax international financial centres (IFCs) to consider introducing a low-rate corporate income tax. The Organisation for Economic Co-Operation and Development (OECD) is pushing for a “minimum level of” taxation to combat tax evasion by multinationals - a corporate tax in all but name. Mr Turnquest, acknowledging such pressures yesterday, told Tribune Business: “We are a sovereign territory and, as a result, we have the right to determine our tax structure, and we will consider international standards. “To the extent that the international community rises to a minimum tax rate, we will consider that and, if we wish to adjust our system, to reflect that. But to this point we are willing, and we have demonstrated that we cooperate with all international partners on tax matters. We will not be dictated to by any foreign state.” Mr Turnquest added: “To be clear, the AG (Carl Bethel, the attorney general) is requesting a bilateral with the Netherlands today to discuss areas of mutual understanding and consensus. While the international community seems to be moving towards a minimum global corporate tax rate, that is not the current standard and, as such, ought not be the standard by which any country blacklist and thereby harms the reputation and economy of another sovereign state. “The Bahamas, as demonstrated by its commitment and co-operation with the EU and the OECD, and the continued work towards meeting all of the FATF (Financial Action Task Force) criteria, shows that it is a partner in the global fight against anti-money laundering and counter-terrorism financing and harmful tax practices. “We invite all of our partners to engage in fulsome discussion with The Bahamas in respect to their individual concerns, which we are eager to address within the confines of our sovereign right to determine our tax structure, which has been deemed to not be harmful by the Global Tax Forum and now the OECD.” National blacklists, such as those of France and the Netherlands, are not as harmful as initiatives launched by the likes of the FATF and OECD. However, they do pose a potential reputational risk and deterrent to their citizens and companies doing business with this nation. They also risk encouraging other nations to do likewise.

PUBLIC NOTICE

Maintenance2020@gmail.com

THURSDAY, 20 FEBRUARY 2020

DUTCH DEMAND 9% CORPORATE TAXATION TO ESCAPE BLACKLIST

The Public is hereby advised that I, CARAROUND TURNER of the Carmichael Road West, P.O.Box N-9847 New Providence, Bahamas, intend to change my name to CARLA STUBBS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that YOLETTE SAINT-CUR BAPTISTE of , Spanish Wells, Eleuthera, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

30-Sep-2019 30-Sep-2019 30-Sep-2019

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

11th

December

THE TRIBUNE

OECD TAX DEMANDS MAY ‘DEVASTATE THE ECONOMY’

FROM PAGE ONE

says its proposal would reduce the incentive for such profit-shifting by “reducing the tax rate differentials” between countries. Mr Smith, though, urged The Bahamas not to “capitulate” to these demands without a thorough analysis of such a significant change to its taxation regime. He blasted the OECD’s European members for seemingly seeking to “recast our economy in their own image”, adding that this nation’s economic model had worked well for 50 years without income and other direct forms of taxation. Also an ex-Central Bank governor, Mr Smith warned that adopting a corporate income tax could have repercussions for both this nation’s fixed exchange rate regime, and one:one peg with the Bahamian dollar, and its investment incentives framework. He acknowledged that the OECD may be drawing closer to the ultimate objective it had in mind when it launched its so-called “harmful tax competition” initiative some 24 years ago, which is to create a uniform, one-sizefits all global taxation system that eliminates the competitive advantage enjoyed by The Bahamas and other international financial centres (IFCs) with zero or ‘low tax’ regimes. “My own point of view is that The Bahamas elected its own economic model more than 50 years ago, and that did not include income tax,” Mr Smith told Tribune Business. “It seems the Europeans want to remodel our economy in their own image. “It takes away from any form of sovereignty of any country or group of countries are imposing their system or an approach that threatens to deny you access to financial services. On principle we ought to look at it [income tax] very carefully. If a

country can survive on taxation without taking directly from its citizens or corporate entities, so be it. “To pattern our tax system after theirs [the OECD states] needs a lot of thought rather than capitulation. If we thought it was the best alternative, yes, but it should not be imposed on us from outside to satisfy the demand for things such as double taxation treaties. Things are going too far, and they ought to be resisted.” Describing the OECD and EU pressures as a form of “neo-colonialism”, Mr Smith said The Bahamas shared few economic characteristics with their members. He pointed out that this nation was suffering from high unemployment and “low wages for the majority” of Bahamians. “Conceptually the take from an income tax may devastate the economy,” he told Tribune Business, “because we will be unable to capture the taxes we need to run the country through a direct form of taxation. They [the OECD] end up being appeased while we disrupt our own economy. We must change to meet their needs and our economy gets disrupted at what gain? “Another vulnerability we have is we may have to look at the fixed exchange rate regime. If the Government goes ahead without subjecting this to a rigorous analysis we may really end up in more trouble. We’ve not recovered from the VAT rate increase yet.” Mr Smith’s comments highlight the different views and opinions on how The Bahamas should respond by potentially reforming its tax system amid growing external pressures. There is an increasing call for the country to take a serious look at a low-rate corporate income tax as a means to reposition the financial services industry and shed the “tax haven” label.

Such pressures will only increase after the Netherlands yesterday revealed that The Bahamas will not escape its national tax “blacklist” unless it implements a corporate income tax of at least 9 percent. And there are suggestions that switching to an income tax regime will be more fair, equitable and progressive - especially for lower income Bahamians. Persons would pay tax based on their ability to pay, whereas the existing VAT and import duties-dominated system is a a regressive tax on the cost of living that forces lower income classes to pay disproportionately more of their income in taxes. However, acknowledging that he initiated the studies that led to VAT’s introduction while minister of finance, Mr Smith questioned whether income taxes would generate sufficient revenues to meet the Government’s needs given the relatively small 400,000 population size. “I called for the studies, analysis that looked at a whole range of taxes, and we decided that income tax wasn’t the best fit for a number of reasons, including the historical aversion to paying income tax and the fact the base was not large enough,” he recalled. The second Christie administration also rejected income tax on the basis that it would be difficult to administer and involve high collection costs, while also being tough to enforce when it came to preventing tax evasion. Mr Smith, though, agreed that the OECD and its members may be nearing their “end game all along, the idea of a uniform corporate tax”. He added: “We seem to be in the mood to capitulate and take everything they say, and only find out later how disruptive a move that will be. These things are driving us right into the ground as a sovereign nation.”

UNIQUE VACATIONS LIMITED VACANCY

Social Media Manager Unique Vacations is looking for a Social Media Manager who will play a key role in the development, implementation, and optimization of various Social Media marketing initiatives. In this role you will need to handle several different tasks concurrently which requires working closely with management, crisis management, agency partners, and cross-functional teams to coordinate resources and align objectives. The Social Media Manager should have a proven track record, and examples of previous successful campaigns. Job Summary: The Social Media Manager must have solid communication skills and tactical hands on experience optimizing Social Media campaigns. Data and analysis should come easily. You must be dynamic with your strategies and willing to adapt to the everchanging marketplace. You think critically to solve problems and can always find a solution. Areas of Responsibility • Work with management to define and develop a comprehensive Social Media marketing strategy • Manage Social Media initiatives/campaigns to meet the business goals and enhance the customer experience and journey • Incorporate industry best practices and benchmark to competitor websites • Develop and distribute monthly business metrics/dashboards on performance, consisting of web, mobile, and email data • Manage the organization’s social media channels, e.g., Instagram, Twitter, Pinterest, YouTube, Facebook, LinkedIn, and more. Manage the communication of organizational messaging, news, and priorities by leveraging social media messaging • Work closely with the Executive Management team to develop social media campaigns that help to achieve corporate marketing goals • Create, curate, and manage all published content (images, video and written). • Develop relevant Social Media content topics to reach the company’s target customers • Manage and create Social Media publishing schedule • Monitor the company’s social media accounts and offer constructive interaction with users • Develop monthly reports on emerging social media trends that will be submitted to the management and executive teams • Provide training and launch on resort Social Media Photo Contest • Manage and curate all on resort User Generated Social Media Content (images, video and written) • Monitor emerging internet technologies. Identify opportunities to utilize emerging platforms to improve efficiencies • Develop strategies to introduce new methods to increase audience outreach and following, and further develop relationships to increase their engagement in programs • Manage relationships with third-party vendors handling social media management tools • Develop, execute and roll out On Resort engagement and ambassador programs • Effectively communicate the mission, vision, and values, and the importance of programs in public forums, events, and public awareness campaigns • Any other duties/projects as deemed necessary by management Experience/Skills/Qualifications: • 5+ years of Social Media and Content Management on agency or client-side • 5+ Years of Public Relations corporate messaging development including Crisis Management • 3+ Years of maximizing brand presence on various channels (e.g. web, TV and social media) • 3+ Years of cultivating and maintaining relationships with media and influential professional • Master’s Degree in Business/Communications/Media or equivalent • Experience with Social Media software • Experience with Google Analytics • Experience managing a medium-large brand • Ability to work with and lead external vendor/partner relationships including negotiating contracts and terms • Excellent time management, organizational, communication, and analytical

skills • Preferred: travel industry experience • Preferred: Fluent in English, Spanish and French • Ability to travel as required, extended travel may be expected

Only short-listed candidates will be contacted. Interested persons should submit their applications by February 21st, 2020 with curriculum vitae to

hrreport6@gmail.com

Friday, February 21, 2020, PAGE 7

PAGE 8, Friday, February 21, 2020

THE TRIBUNE

TWO INSURANCE SITES EYED FOR HEALTH MINISTRY

FROM PAGE ONE frankly, I don’t know when that work will be done or completed. “I’ve been involved in a lot of discussions about what the ask is, but when the work will be done, I don’t know. We’ll soldier on. We’ve been prepared to leave for many months now and the decision has been made, I’m certain, that this is where we’re going to go. The issue is making the space fit for moving in, given the work the Ministry does, HEALTH Minister Dr Duane making leasehold improve- Sands. ments and so forth.” The Government will have to negotiate the leases, and associated improvements, with CLICO (Bahamas) liquidator, Craig A. ‘Tony’ Gomez, and Colina Insurance Company for the former Canada Life headquarters on Rosetta Street. The Ministry of Health, together with the Ministry of Public Service, is currently a tenant of the National Insurance Board (NIB) at the latter’s Meeting Street property. “The fundamental issue is that the Meeting Street property is badly in need of repair,” Dr Sands told Tribune Business. “They have decided that their building needs a complete overhaul and will not provide for us to stay in the building while the work is being done. It’s that bad. There’s a leaking roof, there are A/C issues, ventilation issues. The carpet needs to be sorted out. There’s a plethora of problems with that building. “It is owned by NIB so they made the assessment that despite the works done immediately after Hurricane Matthew that the roof is still leaking. It’s still a problem that whenever you have rain you have got a waterfall in 10 places in the building,” the minister continued. “The bottom line is that it was determined a long time ago we had to get out. It’s just a matter of time as to when we’re going to move. There were concerns about a disproportionate level of illness among the staff whether or not it was the case. It requires significant attention.”

MORGAN STANLEY TO BUY E-TRADE FOR $13 BILLION By STAN CHOE, KEN SWEET and MICHELLE CHAPMAN AP Business Writers

NEW YORK (AP) — Morgan Stanley, the investment bank for millionaires, big business and megamergers, is buying E-Trade Financial, the online brokerage that encouraged waves of regular investors to get into the market with ads featuring its talking spokesbaby. The roughly $13 billion, all-stock deal would be one of the biggest deals on Wall Street since the financial crisis more than a decade ago, and it would mark the latest chapter in Morgan Stanley’s transformation from a scrappy, deal-doing, stock-trading investment bank to a more well-rounded financial firm more reliant on its asset and wealth management businesses. E-Trade will bring with it 5.2 million client accounts, $360 billion in retail client assets and a pool of customers who may become wealthier and use more of Morgan Stanley’s fullservice offerings. Morgan Stanley has 3 million client relationships and $2.7 trillion in client assets. The deal also gives E-Trade some shelter during a time of massive disruption in the retail brokerage industry. Its rivals Charles Schwab and TD Ameritrade are in the midst of their own merger, and the industry is still absorbing the latest blows from its price war. Brokerages have made it free to trade U.S. stocks and exchange-traded funds online, slashing their commissions to zero in hopes of attracting and keeping customers. Brokerages still make money from account fees and interest earned on customers’ cash, but the price war has hurt revenues. “Between zero trading commissions and competitive yielding savings accounts and cash management products, the competition for consumers’ cash and investments is as fierce as ever,” said Greg McBride, chief financial analyst for Bankrate.com. “And this reaches a broad spectrum of households, it isn’t just the ultra-wealthy that are in demand.” Industry analysts believe the complementary parts of Morgan Stanley and E-Trade make them a

good fit, and E-Trade’s stocks surged 21.8% for the biggest gain in the S&P 500 index Thursday. But Morgan Stanley’s stockfell 4.5%, reflecting investors’ concerns that it may be paying too high a price. E-Trade shareholders will receive 1.0432 Morgan Stanley shares for each share they own. That values each E-Trade share at $58.74, based on Morgan Stanley’s stock price Wednesday. That’s 30.7% more than E-Trade shares closed at Wednesday. E-Trade CEO Mike Pizzi will continue to run the firm once it becomes a division within Morgan Stanley. The companies expect the deal to close in the fourth quarter of this year. Under CEO James Gorman, Morgan Stanley has shifted into new, more universal financial services that can bring in steady revenue when the more traditional parts of the bank’s business — trading and advising clients — slow down or suffer in difficult markets. The strategy has worked. Morgan Stanley’s income has been less volatile, and the bank has been consistently hitting its profitability goals, and the bank had record profits last year. “E-Trade represents an extraordinary growth opportunity for our wealth management business and a leap forward in our wealth management strategy,” Morgan Stanley Chairman and CEO James Gorman said in a prepared statement. Besides the deposits the deal will bring over, which Morgan Stanley can use to start making loans, E-Trade also has a popular online platform that helps businesses manage their employee stock plans, which will be merged into Morgan Stanley’s existing platform. The stock plan administration business could be the most compelling piece of the tie-up. Consolidation has been picking up across many parts of the financial industry, as companies bulk up in the face of customers increasingly demanding lower fees. Just this week, asset manager Franklin Resources said it will buy rival Legg Mason for $4.5 billion. Schwab’s deal with TD Ameritrade, which was announced in November, set off a wave of speculation that E-Trade would also find a partner to better compete.