Issuu

business@tribunemedia.net

FRIDAY, MARCH 31, 2017

$4.10

PM’s Office sees budget quadruple By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government has quadrupled the 2016-2017 Budget for the Prime Minister’s Office to $79.947 million, an increase that was yesterday branded “absolutely crazy” by its political opponents. Details of the Government’s half-year fiscal performance, tabled in the House of Assembly, reveal a $62.532 million increase in anticipated recurrent spending by the Prime Minister’s Office compared to initial Budget estimates. The increase is not explained, save for the fact it relates to ‘grants, fixed charges and special financial transactions’. But what it clearly does is expand the budget for the Prime Minister’s Office from the $17.069 million approved by Parliament in June 2016 to $79.947 million - a more than four-fold

Spending to increase from $17m to near-$80m

Tribune Business Reporter

Businesses blast ‘constant chaos’

The Road Traffic Department’s top executive yesterday pledged it will “burn the midnight oil” to alleviate a massive licensing backlog caused by March being commercial vehicle month. Ross Smith, the Department’s controller, acknowledged that it was “facing some challenges” due to the sheer volume of vehicles arriving for their annual inspection and licensing. This has combined with Road Traffic’s new computer registration system to produce what one businessman yesterday described as “constant chaos” over the

Commercial vehicle month creates problems

nmckenzie@tribunemdia.net

License plate shortages, bureaucracy slammed past week as March comes to a close. Tribune Business was informed by several sources that the Road Traffic Department has run out of the new vehicle license plates See pg b5

Bahamas ranked low on financial stability reporting’s quality By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Central Bank has been criticised by an International Monetary Fund (IMF) paper over the quality of its Financial Stability Report, which was ranked fourth-bottom out of 20 Latin American and Caribbean nations. The IMF paper, which assessed the countries’ Reports for transparency, content and quality, said the Bahamas ranked below the

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Proves need for greater ‘clarity’ on VAT money use increase. Most of this sum, some $71.033 million, was spent during the first half of the 2016-2017 fiscal year, and together with the $145.976 million increase in the Ministry of Finance’s Budget accounts for the bulk of the $232.708 million spending rise unveiled by the midyear Budget. K P Turnquest, the FNM’s finance spokesman, blasted the expanded budget for See pg b4

IMF paper places nation fourth-bottom in region Central Bank governor declines comment region’s average score of 2.23 out of 4. “The top group includes the six best reports (Brazil, Chile, Colombia, Jamaica, See pg b6

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Aliv’s bond offering ‘100% oversubscribed’

FNM deputy says rise ‘absolutely crazy’

Road Traffic pledges to ‘burn midnight oil’ over vehicle backlog By NATARIO McKENZIE

$4.14

Gravette Brown

The Bahamas’ new mobile operator yesterday said it had received “a resounding vote of confidence” from local investors, after its $30 million bond offering was “100 per cent oversubscribed”. Gravette Brown, Aliv’s chief business developer, told Tribune Business that

the offering closed two days ahead of schedule, after institutional and high net worth investors subscribed for $60 million. “We closed our books on Wednesday,” she said. “We are 100 per cent oversubscribed. We went out for $30 million and raised $60 million in the end. “We had that in the bag by Tuesday afternoon, and had to turn away See pg b4

Mobile operator gets ‘resounding vote of confidence’ Investors part with $60m; issue closes two days early Result gives ‘very comfortable financial buffer’

Bahamas needs $160m primary balance swing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas needs a $160 million “adjustment” to its primary fiscal balance if this nation’s debt-to-GDP ratio is to achieve long-term sustainability, the InterAmerican Development Bank (IDB) has warned. The bank, in its latest Caribbean Quarterly Bulletin, emphasised that the Bahamas’ 2016 year-end

debt-to-GDP ratio of 74 per cent was above the ‘danger threshold’ set by the International Monetary Fund (IMF). “Central government and publicly guaranteed debt decline by 1 per cent (to 74 per cent of GDP end of 2016),” the IDB said. “Central government debt alone was 65 per cent of GDP, and above the targeted level within the [Government’s] medium term fiscal consolidation plan.

“It is above the threshold at around 70 per cent of GDP for market access countries used as the operational target for the IMF and World Bank. Simulations show that the Bahamas would need to adjust the primary balance by 2 percentage points of GDP to stabilise its debt-to-GDP ratio in the long run.” Given that the Bahamas’ GDP is estimated to be between $8 billion to $9 See pg b5

IDB: 2% of GDP change needed to arrest debt rise Debt-to-GDP ratio above IMF safety levels Reserves below three-month import minimum

PAGE 2, Friday, March 31, 2017

Let workers know you value them

Despite all the books, articles and scholarly works on leadership, the basic principles are sometimes missed by those holding senior roles in business. World-class leadership calls for many defining qualities, and while some possess many of the characteristics, others are challenged to demonstrate ‘the principal thing’. That is, impactful leaders value and esteem others. It is that simple. Leadership is all about people. How we build relationships with them, how we develop their gifts and talents, and how we motivate them to accomplish tasks and business objectives. The leader who is respected and regarded as impactful is one who has a track record of building team members. Valuing the worth of team members must be constant and consistent. It must be deliberate and it must be intentional. There must be no confusion in the mind of the employee as to whether or not they are valuable to the company they work for. Employees always know if they are respected and valued, and they can certainly read the signals when they are not. This goes beyond the rhetoric. Talk is cheap. Valued employees are developed, acknowledged and rewarded. In the absence of these, it is all talk. Esteem for others begins with the acknowledgment that within each human being there is great potential. To esteem an employee is to value who they are as op-

THE TRIBUNE

posed to what they can do, or how they can add value to what you do. Here is a simple equation for letting employees know you hold them in high esteem:

1. Solicit their opinion

People enjoy greatly having their opinion requested and considered. Simply asking a team member for their opinion sends the message that what they have to say contributes to something you consider meaningful. The simple activity of moving around the room, and having each person share their thoughts, goes a long way to making people feel valuable.

2. Pay attention to their responses

Soliciting an opinion is one thing. Listening, accepting and using what they give is another. It becomes quite offensive to the employee when the democratic leader solicits feedback and then disregards it as insignificant. He or she has then done more harm than good. Your response and actions send the message that you hold what the employee has said in high esteem. When you speak to a team member, it will be apparent by your attitude, posture and deference that you hold them in high regard.

3. Recognise and appreciate their individual differences.

Every employee is different and should be assessed based on the established standards attached to their

Ian ferguson job details, not other employees (even in the same or similar roles). When we are busy comparing employees to their counterparts, we send the clear message that some are valued and others are not. With care and caution, even the employees who we deem ‘rough around the edges’ and in need of development should be seen in light of the contributions they make to the team. • 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.

Bahamas major player at cruise conference The Bahamas was a major presence at the 33rd annual Seatrade Cruise Conference in Fort Lauderdale recently, hosting three receptions and co-sponsoring the Florida-Caribbean Cruise Association’s (FCCA) gala dinner. Seatrade is an international exhibition and conference event that brings buyers and suppliers together for a week of networking, sourcing, innovation and education. There are more than 700 exhibitors and12,000 visitors. Erica Ingraham, the Ministry of Tourism’s senior director of cruise and maritime development, said she was “committed to inclusion and synergy, which brokers co-operative liaisons and partnerships with key stakeholders, both

tnternational and domestic”, to ensure the Bahamas is recognised as a leading cruise destination. The Ministry co-sponsored the first official Cruise Line International Association (CLIA) business-to-business networking, and Seatrade’s speakers reception for delegates on the opening night. The reception was jointly sponsored by the Bahamas Maritime Authority and the Ministry of Tourism, helping the Bahamas gain the ‘right of first refusal’ for the event in 2018. Charles Albury, the Ministry of Tourism’s permanent secretary, said: “The Bahamas will engage fully in all related initiatives to advance the cruise sector.” During Seatrade Cruise Global, he and his team connected with cruise

andmaritime stakeholders. They were hosted by Michael Bayley, president and chief executive of Royal Caribbean International. The Bahamas contingent at Seatrade 2017 included Lorraine Armbrister, permanent secretary, Ministry of Transport and Aviation; Anthony Kikivarakis, chairman, the Bahamas Maritime Authority; Commodore Davy F. Rolle, managing director and chief executive, the Bahamas Maritime Authority; Charles Albury, permanent secretary, Ministry of Tourism; tourism’s deputy director -general, Ellison Thompson; the Ministry of Tourism’s communications director, Mia WeechLange; and Glenda Johnson, director of cruise.

Pictured from left to right: Commodore Davy F. Rolle, Managing Director & CEO, Bahamas Maritime Authority; Anthony Kikivarakis, Chairman, Bahamas Maritime Authority Board; Adam Goldstein, President & COO, Royal Caribbean Cruises; Gary Christie, Board Member, Bahamas Maritime Authority; and Lorraine Armbrister, Permanent Secretary, Bahamas Ministry of Transport and Aviation. Photo/Andrew Milne

THE TRIBUNE

Friday, March 31, 2017, PAGE 3

Carnival suffers 50% Gov’t subsidy slash By NATARIO McKENZIE

nmckenzie@tribunemedia.net

Moving ‘speedily’ on event’s privatisation

Bahamas Junkanoo Carnival yesterday confirmed that its government subsidy has been cut by 50 per cent compared to 2016, with organisers reaffirming that they are “moving speedily” towards privatisation of an event now in its third year. Roscoe Dames, the Bahamas National Festival Commission’s (BNFC) chief executive, said that as a result of the reduced subsidy it had to “streamline” its operations for the 2017 version. The festival is scheduled for April 2829 in Grand Bahama, and the main event, May 4-6 at ‘Da Cultural Village on Arawak Cay. “Compared to last year, with the streamlining of

our operation and financial constraints, the Bahamas Junkanoo Carnival will be hosted in one location which is Arawak Cay,” Mr Dames said. “Clifford Park is no more. All the activities for Thursday, Friday and Saturday will be held in Da Cultural Village in Nassau. “There has been a significant budget reduction. We have cut the Government subsidy 50 per cent over last year.” Mr Dames added that while the Commission’s operations have been streamlined significantly, the quality of the production will not be adversely impacted. The Christie administration’s subsidy to the event

Tribune Business Reporter

over the inaugural two years has been almost $20 million, with $11.3 million and $8.1 million spent in 2015 and 2016, respectively. Mr Dames said yesterday that the international marketing for Bahamas Junkanoo Carnival had never stopped, with an “intense” four-week local marketing campaign planned. “People in the country have known that Junkanoo Carnival dates were set from last year. Everyone in the domestic market knew what was happening,” Mr Dames said, adding: “Our marketing has never stopped in the international arena.” Mr Dames said the Commission was moving speedily towards privatising Bahamas Junkanoo Carnival. “It has always been the mandate of the Bahamas Festival Commission to pri-

vatise Bahamas Junkanoo Carnival,” he said, adding that all the Carnival band companies were privately owned. “There was no subsidy last year and there is no subsidy this year. We are moving speedily towards privatisation,” Mr Dames said. The Festival Commission’s analysis came up with figures showing the 2016 Carnival had a ‘direct economic impact’ of $17.795 million, which was then ‘multiplied by four’ to derive the $70 million overall GDP impact. The figures also revealed that, in return for its $8.111 million subsidy, the Government received $6.347 million in tax revenue meaning it had to spend $1.28 for every $1 it earned. Ultimately, it suffered a near $1.8 million ‘loss’.

Bahamian firm earns its Caribbean ‘stripes’ A Bahamian company created through a $5,000 self-starter grant has completed its first project outside the Bahamas, with a five-figure contract to mark seven miles of Turks and Caicos Island roads. “Since establishing Bahamas Striping seven years ago, my goal has always been to expand the company internationaly,” said president Atario Mitchell. “This significant milestone gave me a great sense of Bahamian pride to obtain and execute our first international contract. We are definitely moving in the right direction. “As Bahamians, we don’t typically think of ourselves as exporters of technical skills. To witness our young Bahamian staff training Turks islanders is truly a demonstration of what is possible.” The project involved striping the reconstructed Lighthouse Road in Grand Turks. Bahamas Striping was contracted to stripe centre lines, install reflective road studs, pedestrian crossings, school zones, rumble strips and bus stop markings, and to serve as a consultant to the contractor. Rhone Kelly’s Island Drilling was awarded the contract to upgrade the road to a modern standard, with an asphalt cement surface contained by curbs - a sidewalk on one side and a cycle path on the other. “To put the icing on the cake we said we needed professional stripers in here,” said Mr Kelly, in explaining how he located his Bahamas Striping subcontractor. “The Bahamas Striping Group’s online visibility, reputation for international quality work and their commitment to community made them a good fit for our project, so there was not even a second thought in terms of looking further north.” He added: “My client, the Ministry of Works, is extremely pleased and so are we. The quality and standard of the work goes beyond the highest international standard.” Mr Mitchell led a team of

Turks and Caicos Islands’ premier, Sharon Cartwright-Robinson, stripes her first line. She visited the site to view the Bahamian company’s work first hand. From L to R: Eleuthera’s Teiko Moss; Bahamas Striping’s president, Atario Mitchell; Premier Robinson; and North Caicos trainee, Cameron Gardiner. four, including his training manager, Brian Bostock, and two young Bahamians, neither of whom completed their high school education. “This, to me, is the Bahamian dream,” said Mr Mitchell. “While on the ground, two of our guys, a 19-yearold and a 23-year-old, were able to assist with training six residents of Turks island, including a St Lucian and a Haitian national, in the striping business,” added Dominic Sturrup, Bahamas Striping’s senior vice-president of business development. “That gave our guys a great sense of pride, the knowledge transfer be-

tween them and the Turks Island residents who were much older.” The striping project was completed in two-and-ahalf weeks. The only challenges were occasional bad weather and the logistics involved in getting equipment to the island. With no direct transportation by sea, the company had to ship to Miami and then to Grand Turks, a 15day journey for their striping machinery. “We were pleasantly surprised to find our reputation preceded us,” said Mr Mitchell. “They knew about our quality of work, our employment track record, our philanthropic efforts with

call 502-2394 to advertise today! PUBLIC NOTICE

HEALTH PROFESSIONS COUNCIL All registrants with 3 or more years of outstanding fees are advised that they are at liberty to take advantage of a 40 percent discount on the total amount owed if the balance amount is paid between March 13 - 31, 2017. This amnesty period and discount IS A ONE TIME OFFER. The names of all persons who fail to address outstanding amounts owed to the Health Professions Council and thereby fail to make their licensure or registration current and found to be practicing without the requisite licence and/or registration will be submitted to the Office of The Attorney General for prosecution. REGISTRAR HEALTH PROFESSIONS COUNCIL

basketball court makeovers and our ‘Dollar That Could’ charitable initiative.” Fred Mitchell, minister of foreign affairs, travelled to Grand Turks to view Bahamas Striping’s work firsthand. “They do a lot of good work in the Bahamas,” he acknowledged. “In the Caribbean context we have been talking a lot about spreading the expertise around. There is a lot of work in Haiti, projects in Jamaica and further south, so it’s good they started here in Turks and Caicos. They are our brothers. We are really one country.” Also inspecting the striping work was the island’s first female premier, Bahamian-born Sharlene Cartwright-Robinson. “I’m very, very impressed with the work I see here,” said the leader of the People’s Democratic Movement. She welcomed the training provided to Turks residents and praised the company for providing a free, striping face-lift to a local basketball court. “Having the opportunity to visit Grand Turk and Providenciales, we see lots of opportunities for us and other Bahamian companies,” Mr Mitchell said. “The people were friendly and hospitable. We were truly blessed by our experience.”

overnor’s Harbour Store

Eleuthera mobile stores come Aliv The Bahamas’ second mobile provider, Aliv, has continued to expand its footprint through the opening of two stores on Eleuthera this week. Outlets opened on Monday in Spanish Wells and Governor’s Harbour, with official openings for both sites scheduled for April 1. Damian Blackburn, Aliv’s top executive, said: “Our company remains committed to quickly delivering on its mandate to provide superior products and services in the Bahamas. “As a result, Aliv has met the URCA requirement for 99 per cent coverage two months ahead of time on this island. With two LTE networks that deliver superfast speeds, crystal clear calls and reliable service, we were able to capture 28 per cent of the available prepaid market. We are also proud to have more than 50,000 subscribers todate. “These results are due to critical steps that were taken to ensure financial viability. We have received a total funding of $135 mil-

Damian Blackburn, chief Aliv officer lion from shareholders, and have invested $120 million in our network system and infrastructure. We have also secured significant vendor financing from our technology partner, Huawei. This funding is in excess of $30 million.” Aliv also has retail stores and authorised dealers on the islands of New Providence, Grand Bahama and Abaco, and 135 live sites throughout these islands and Eleuthera. Out of the 135 live sites, 16 are in Eleuthera. Coverage on the Aliv network in Eleuthera spans from Spanish Wells in the north to Princess Cay in the south.

NOTICE

FOR SALE - Double Apt 65/66 Silver Point Condo Property unit being sold subject to lien dated 20th March 2017. Interested parties should submit offers to purchase in a sealed envelope with an email address, phone contact and P.O. Box address to: The Board of Directors / Manager Silver Point Condominium P.O. Box F40825 Freeport, GB The right is reserved to reject any and all offers. Last date for offers April 15th, 2017.

PAGE 4, Friday, March 31, 2017

Aliv’s bond offering ‘100% oversubscribed’ From pg B1 substantial investors who wanted to make substantial investments. We’re very happy with the response.” Ms Brown said Aliv was especially gratified that it had provoked such a reaction from sophisticated investors, interpreting this as a sign that its business model, vision and services were understood and gaining rapid acceptance. “We feel this result is really a statement of investor confidence in our brand and business model,” she told Tribune Business. “We think it’s resounding support for the business model, and gives us the ability to execute on the business plan we’ve had for the past five months. “We’re a start-up company, and very early to go to the market, so for investors to support us in this way, it invigorates the brand. “We’ve been working day and night to deliver this company and model, and this is just a resounding confidence vote in Aliv’s performance in a short period

of time. It shows that we’ve done everything right from a network, business model and people perspective.” Ms Brown said Aliv’s bond issue had effectively been oversubscribed in just four working days, as the private placement memorandum (PPM) disclosing all material details to investors was only released last Thursday. The $30 million issue was scheduled to close today, but the investor response was such that it closed on Wednesday morning, some 48 hours ahead of schedule. Ms Brown said that while Aliv was still effectively a ‘start-up’ company, the bond offering’s oversubscription showed Bahamian investors believed in its strategy and business plan. “It really is a signal from the investor community that a 14-15 week start-up has a great future,” she added. “While we are a start-up, we behaved as a mature company that can deliver and execute on a business plan. “It’s been recognised by the Bahamian investment

community that we are a solid enterprise with a solid network and solid business plan.” Ms Brown said the bond offering’s success also “sends a very clear signal” to Aliv’s detractors, some of whom have engaged in social media postings amounting to a smear campaign or vendetta against the operator. “It sends a very clear signal to everyone else in the market that has an opposing view,” she told Tribune Business of the 100 per cent oversubscription. “It draws a line under the naysayers.” Ms Brown said the extra capital raised would enable Alive to “proceed very comfortably” with its network infrastructure and services roll-out across the Bahamas. She added that it would provide a further “buffer” against any unexpected challenges the new mobile operator may encounter, with Aliv remaining “conservatively leveraged”. “It will just enable us to proceed very comfortably,” Ms Brown told Tribune Business of the $30 million oversubscription. “We are very conscious of the responsibility we have.

We remain a conservatively leveraged company, with $135 million in equity versus $60 million in debt. We are in a pretty comfortable position to start executing on the business and value proposition going forward.” She continued: “We will be able to easily surmount challenges. We know there’s competition, and that there’s quite a pathway to go in terms finishing, but we’re very confident we will be able to surpass our targets and any hurdles thrown up in the way. “It gives us a very nice cushion, and that additional funding will allow us to comfortably execute going forward for the next three to five years easily. “The fact we’re able to still remain conservatively leveraged, and have a pretty good buffer for contingencies, means the financial strength and financial health of the company’s future is well assured.” The $30 million bond issue is supposed to be followed by Aliv obtaining a $20 million line of bank credit, but Ms Brown declined to comment on whether this is still in the plans given the offering success.

PM’s Office sees budget quadruple From pg B1 the Prime Minister’s Office, and called for greater transparency surrounding the increase. “That is absolutely crazy,” he told Tribune Business. “I will certainly have to ask for an explanation for that... “It’s interesting that kind of increase would show up in the Office of the Prime Minister’s budget. What increased, and what’s he [the Prime Minister] in charge of so that warrants that, as opposed to individual ministries.” Mr Turnquest speculated that the spending increase could relate to Hurricane Matthew, with the Prime Minister on Wednesday disclosing that the Government had spent $35 million

on storm repairs and rebuilding to-date. He added, though, that the mid-year Budget’s projected spending increases beyond what Parliament approved in June 2016 - a $232.708 million increase in recurrent expenditure, and $52.562 million capital spending rise - highlighted why more transparency was required over how ValueAdded Tax (VAT) monies have been used. “This is what makes the whole VAT explanation so unsatisfactory,” Mr Turnquest told Tribune Business. “We need much more detailed analysis on where the money’s been spent and why it’s been spent.” The $232.708 million in recurrent spending is equivalent to 10 per cent of the parliamentary-approved

RBC Royal Bank (Bahamas) Limited is presently considering applications for:

Point of Sale Support Agent What is the opportunity? Our Technology Unit is looking for full\time contract officers who are customer service oriented with IT experience and is flexible. What will you do? • Download, configure and test point of sales (POS) devices • Install POS terminals at merchant locations • Train merchants on the use of their POS terminals • Maintain installation logs and forward to reporting officer at the end of each day • Create and update merchant profiles on the various POS systems • Contact merchants to schedule site visits. What do you need to succeed? Must-have • 4 BGCSE’s of which Math and English is compulsory, grades of C and above • Must own or have access to a vehicle (with a valid Driver’s License) • Must be computer and technically literate • Ability to travel to Family Island • Friendly and well spoken • Work with little or no supervision • Team player • Flexible • Self- motivated Nice-to-have • Customer Service experience What’s in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual. • The advantage of working with a dynamic, collaborative, and high performing team. • Innovative mobile technology to ensure your success Interested persons are to submit their resume to the following email address by April 4, 2017. ttrecruitmentjobpostings@rbc.com

www.rbcroyalbank.com/caribbean

® / ™ Trademarks of Royal Bank of Canada. Used under licence.

K P Turnquest

Perry Christie

sum, thus representing a material sum, which takes total recurrent (fixed cost) spending for 2016-2017 to $2.553 billion. With Mr Christie acknowledging on Wednesday that the Government’s revenues are unlikely to recover sufficiently from Hurricane Matthew to hit

their full-year $2.176 billion target, Mr Turnquest said the mid-year Budget figures hinted at a massive deficit. Suggesting that the Government’s revised $350 million GFS deficit projection for 2016-2017 was also “blown”, the FNM deputy leader told Tribune Business: “It is very much un-

Compliance Officer The Compliance Officer will be responsible for providing overall support to the Head, Compliance and the Compliance Department. Requirements • A diploma in compliance from the ICA as first option or alternatively an advanced certificate in compliance also issued by the ICA; • At least three years of experience in a related field; • High work ethics and reliability; • Attention to detail; • Ability to plan, and prioritize; • Ability to work in a team structure; • Ability to manage and oversee projects as designated by the Head, Compliance; • Ability to take initiative and propose recommendations to enhance existing or, developing new procedures; • Proficiency in Microsoft Office Suite; and • Self-motivational work attitude and absolute honesty. Send resume to: c/o The Tribune P.O. Box N-3207 DA# 113762 Nassau, Bahamas

NOTICE

THE TRIBUNE Aliv’s $30 million bond issue was split into two equal $15 million tranches. One tranche, with a 10-year term, carried an interest coupon of 8 per cent. The second tranche, which had a 15-year maturity term, carried a dividend of 8.5 per cent to compensate investors for the longer term and extra risk. Ms Brown did not detail how the $60 million was split between the two tranches, but she emphasised that Aliv spent much time at its ‘investor roadshow’ last Tuesday answering all questions from attendees. Disclosing that the event attracted triple the audience expected, with 150 persons present, she added: “People came up to us at the end and said: ‘We understand so much more about the company. The vision you have, we get it’. That’s effectively what people were saying at the end of the day.” Aliv, which has gained more than 50,000 subscribers to-date, reaffirmed it had a 28 per cent share of the market currently available to it - mainly pre-paid subscribers. It is now starting to penetrate the corporate and post-paid segments, while

the arrival of number portability on April 25 will enable it to target the estimated 100,000 mobile users who will not switch operator unless able to retain their existing number. Ms Brown said Aliv’s performance to-date matched, and was even slightly ahead, of what had occurred in other Caribbean countries when a second entrant came into newly-liberalised mobile markets. “There is an incredibly solid business plan, the funding has always been there,” she told Tribune Business, “but this offering is a very Bahamian vote of confidence for a 100 per cent Bahamian-owned company for what it has done in 14 weeks, and what it will do in the future.” Aliv, which only launched services in late November 2016, is 48.25 per cent owned by BISX-listed Cable Bahamas, which has Board and management control. The majority 51.75 per cent equity stake is held by HoldingCo, which is currently owned 100 per cent by the Government, prior to its own shares being sold to Bahamian institutional investors.

likely that the Government is going to be able to rein in expenditure to overcome that revenue shortfall. “The Government has not shown any kind of fiscal discipline over the last five years to give us confidence that they will be able to show that kind of expenditure control. “We know they’ve been bragging about signing contracts on some projects. We need much more clarity on what they have spent the money on rather than these generic, superficial explanations that don’t provide any more clarity than when we started.” Mr Christie on Wednesday did his best to ease public concerns over how the Government has used the $1.14 billion in gross VAT revenues collected in the tax’s first two years, acknowledging the “vital importance” of fiscal transparency and accountability to proper governance. Although agreeing that both issues “most definitely need to be addressed and clarified” for the benefit of Bahamians, Mr Christie made no mention of a Fiscal Responsibility Act - something that has long been pushed by the private sector as a mechanism for ensuring greater accountability and transparency over how taxpayer monies have been used.

And, in explaining how the VAT monies have been used, Mr Christie said 40 cents out of every $1 collected had helped to narrow the fiscal deficit by financing more government spending from revenue cash flows as opposed to borrowing. Of the balance, the Prime Minister said 30 per cent of VAT monies had replaced some $344 million revenues foregone as a result of taxes eliminated, lowered or adjusted when it was introduced in January 2015. The final 30 per cent, or “$256 million”, have gone on ‘general expenditures’ such as new social programmes and the hiring of new security services personnel. Besides the discrepancies between the $344 million and $256 million figures, both cited as being ‘30 per cent’ of VAT monies, the hirings cited by the Prime Minister come to less than $17 million in additional wage costs per annum. This sum pales in comparison to the $1.14 billion gross, and $756 million net, VAT revenues collected, and seems to back Mr Turnquest’s argument that more explanation on the Government’s spending is required. Mr Christie said VAT’s introduction had narrowed the fiscal deficit by a collective $500 million since its introduction.

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) DIROMA GROUP LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The Dissolution of said Company commenced on March 30, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before May 1, 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. March 31, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-

GUSHER CORPORATION has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 6th February, 2017.

CATCH ON KWIK LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 24th February, 2017.

C.B. Strategy Ltd. LIQUIDATOR

THE TRIBUNE

Friday, March 31, 2017, PAGE 5

Bahamas needs $160m primary balance swing From pg B1 billion, such an adjustment would require the Government to achieve a $160-$180 million ‘swing’ with regard to its primary fiscal balance. The primary balance measures the difference between recurrent revenue and recurrent spending, but strips out interest payments to service the Government’s existing debt. The mid-year Budget figures, released on Wednesday, show that the Christie administration ran a $387 million recurrent deficit for the first six months of the 2016-2017 Budget year. Recurrent revenues of $855 million were dwarfed by $1.242 billion in fixedcost spending. However, the latter figure includes debt servicing (interest) payments, meaning that the primary deficit will be less than the $387 million figure recorded. The IDB, meanwhile, said the primary surplus initially targeted for the 20162017 fiscal year was “ambitious” to put it mildly, given the $300 million blow that Prime Minister Perry Christie says has been inflicted on the Government’s finances by Hurricane Matthew. “The Bahamas’ fiscal position improved, but at a slower pace than forecasts in the medium–term fiscal consolidation plan,” the IDB said. “The targeted primary surplus for 2016-2017, at 1.9 per cent of GDP, would be ambitious considering the projected deficit of -0.3 per cent of GDP, impacted in part by Hurricane Matthew and increased spending on transfers and subsidies.” The IDB added that the Bahamas’ gross external reserves, standing at $902 million at year-end 2016, were slightly below the IMFrecommended minimum of three months’ import coverage. The $902 million was equivalent to 2.6 months’ worth, and the IDB added: “Reserves were supported

by external borrowing at commercial rates and improved tourism receipts (year-to-date). “On broad money, which includes assets that are highly liquid, reserves are 1.6 months. Reserves are above 100 per cent of the short-term debt (GuidottiGreenspan ratio), as is the case with the adjusted ratio, which also includes interest payments. However, when adding to the denominator the current account deficit obligations, the indicator falls short at around 0.4.” The IDB continued: “The IMF notes that the country would benefit from additional reserves accumulation, given its exposure to external shocks and natural disasters, and increased reliance on more volatile nonforeign direct investment (FDI) capital flows in recent years. “Additionally, efforts to improve competitiveness through structural reforms, accompanied by fiscal consolidation, are needed to address these vulnerabilities.” The IDB also predicted that unemployment will “likely remain in the double digits”, hitting a full-year average of 14.5 per cent for 2016, despite the decline to 11.6 per cent in November. “Domestic demand remains less active than expected due to lower employment and household deleveraging,” it added. “The high share of personal non-performing loans, particularly mortgages (54 per cent for non-accrual loans), had negative wealth effects on domestic demand. “Achieving a higher growth trajectory is the greatest challenge the Bahamian economy faces. Tourism capital–related investments will help maintain a medium-term growth rate of 1.6 per cent. Consideration can be given as to ways to further enhance human capital and improve cost efficiency.”

Road Traffic pledges to ‘burn midnight oil’ over vehicle backlog From pg B1 on several occasions. Auto dealers are understood to have encountered delays in having leased vehicles licensed and inspected, causing problems when it comes to returning them to clients. And the Government’s desire to close off tax loopholes has added to the bureaucracy, with companies needing to prove they have paid Business License fee and National Insurance Board (NIB) contributions before their vehicles are inspected. “We are facing some challenges but it’s nothing that we can’t handle,” Mr Smith reassured yesterday. “We are prepare to work overtime to ensure that we meet all deadlines. That is what we are doing.” He added that the Department had extended its operating hours to 12.30am to facilitate vehicle licensing and inspection, but acknowledged that the backup was due in large part to the fact that March is the month for company vehicles. “With a new system in place, and trying to input all of that information about every company, it can be very challenging. We are prepared to work overtime to ensure that we meet the deadline and get everyone covered,” Mr Smith told this newspaper. Bahamas Bus & Truck’s general manager, Ben Albury, told Tribune Business: “It just feels like constant chaos. Several times they have run out of license

plates. I have had a gentleman there to license a vehicle. He’s been there since 10am in the morning and it’s mid-afternoon, and he’s still there. “The problem, too, I feel is that there is a lack of training. No one seems to understand what the requirements are. You’re back and forth for information that should or shouldn’t be provided. For some other dealers they’re requiring certain information, and for me it’s something else. “We knew that transferring to the new system there should be improvement, but this has been months now. Bureaucracy is something that we are not short of in this country.” A letter writer, Simon Rodehn, recently expressed similar frustration with the documentation requirements to license six commercial vehicles. In his letter to The Tribune, Mr Rodehn said: “Road Traffic officials tell me that in order to license my vehicles I need to prove all the things I needed to prove for my Business License all over again, even though I have provided them with my Business License, including whether I have paid my employees’ National Insurance. “I am in no frame of mind to go through the list of things they need just to pay them a considerable amount (+$3,000) in license fees to use my vehicles on the road. This is outrageously stupid that our Government, which is the epitome of inefficien-

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cy and non-productivity, should introduce redundant waste of time systems that do nothing other than tie business people up in red tape to collect fees.” Mr Smith told this newspaper yesterday: “If you own a business you have to bring in a Business License. You can’t just come in and say that you are a business. We are pushing people to ensure that they bring in those supporting documents.” The manufacturing of vehicle license plates will now be done by inmates at the Bahamas Department of Corrections, in a bid to ad-

dress shortages and reduce costs. At a press conference yesterday morning on the issue, Mr Smith said: “I believe there’s going to be significant savings; one because we have up-to-date equipment, not the old antiquated equipment. “And so once you have equipment that is more up to date, 21st century focused, we should be able to produce plates much cheaper than we ordinarily produce them. With the actual raw material being used, along with the labour, we should be well under $10 for the production of plates.”

POSITION AVAILABLE Well established, ethical Optometry practice desires full-time experienced and personal optician to join our expanding and dynamic optical practice. Must be:

Enthusiastic A Team Player An Excellent Communicator Detail Oriented Self-Motivated Have ability to multi-task Have ability to work alone Must be confident with computers Dependable transportation necessary Please include cover letter detailing experience with practice management software, fitting and dispensing frames, cutting and edging lenses, any knowledge of insurance, and whether you are able to work on Saturdays. E-mail:

opticalpositionbahamas@gmail.com

PAGE 6, Friday, March 31, 2017

Bahamas ranked low on financial stability reporting’s quality From pg B1 Mexico (CB) and Trinidad and Tobago), with overall scores between 2.5 and 3,” the IMF paper said. “The middle group in-

cludes seven reports (Argentina, Barbados, Bolivia, Honduras, Mexico-CESF, Paraguay and Peru) that obtained an overall score between 2 and 2.5. “The bottom group in-

cludes seven reports (Ecuador, El Salvador, Guatemala, Nicaragua, Panama, the Bahamas and Uruguay) that obtained an overall score below 2 (but higher than 1.5).”

The Financial Stability Reports were ranked for their overall assessment; coverage of issues; use of data and tools; and structure. Explaining why the Bahamas and its two ‘offshore’ counterparts, Panama and Barbados, had not fared well, the IMF report said: “Reports issued by the

THE TRIBUNE three offshore centres or dollarised economies do not score as well. “There are several possible explanations for this. For one, although in offshore centres the size of the financial sector is large relative to the domestic economy, most of it is ‘ringfenced’ and has little impact on the domestic financial system. “In dollarised economies, the Central Bank has no independent monetary policy responsibility, and tends to become a think-tank that is less involved in day-to-day surveillance, which could adversely affect its capacity to analyse potential risks, especially if the relationship with the supervisor is not strong.” John Rolle, the Central Bank of the Bahamas’ governor, declined to comment on the IMF paper’s rankings and findings in an e-mailed reply to Tribune Business’s questions. However, the IMF paper described Financial Stability Reports as a key tool for greater financial transparency, given their ability to alert investors, analysts and the general public to “potential and emerging risks”. It added that these Reports also enabled Central Banks to be held accountable for their policy responses and actions, and said: “By anticipating systemic risk and promoting a public debate about policies, Financial Stability Reports would encourage

more prudent behaviours and prompt the authorities to take actions that enhance financial system stability.” The IMF paper added that the timing of its quality analysis was especially important, explaining: “The Latin American and Caribbean region is undergoing significant financial deepening and development, and banks are becoming increasingly integrated across borders through financial conglomerate structures. “With the region coping with slower growth and volatile capital flows, it is important for central banks and regulatory authorities to closely monitor financial trends and emerging risks, and to develop a better understanding of the underlying structure of domestic and global financial markets.” The paper showed the Bahamas as having the highest GDP per capita out of the 20 countries, at more than $20,000 per annum, while its financial services sector was the region’s sixth largest in proportion to domestic GDP. The Bahamian financial services industry, due to the so-called ‘offshore’ sector, has assets equivalent to between 150-200 per cent of GDP. This nation was also said to have a higher ratio of bank branches to population that in many other Latin American and Caribbean countries.

Company seeking to employ an

Experienced Security Officers

YOUR

Interested and serious persons should submit their resume, clean police record, NIB card, a recent photo and copy of passport and references to Chances Head office, Prince Charles Road (across from Restview)

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

NOTICE

MARKET REPORT THURSDAY, 30 MARCH 2017

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

BISX ALL SHARE INDEX: CLOSE 1,902.75 | CHG -0.82 | %CHG -0.04 | YTD -35.46 | YTD% -1.83 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 5.83 10.00 11.00 9.30 6.90 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.79 8.56 7.00 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB17 FBB18 FBB22

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

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.46 11.86 2.25 1.55 5.83 9.75 9.85 9.25 6.90 12.01 10.00 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 LAST SALE 100.00 100.00 100.00 105.60 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.44 11.86 2.29 1.55 5.83 9.75 9.85 9.25 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

105.78 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME 2,500 100

2,000

VOLUME

NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000

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

P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.2 107.8 22.5 19.4 19.4 18.8 10.3 11.3 23.5 19.7 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 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

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

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.45% 4.13% 2.62% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00%

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

NOTICE is hereby given that JEAN LUC RICHE of P.O.Box General Delivery, Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MATHESH TOUSSAINT of TW Alley, North Palmetto, 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 24thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DANE G. WILLIAMS of P.O.Box SB-50922 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 31st day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CAMELIA AUGUSTE of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, REYO KOLTON COX of West Ridge, Nassau, Bahamas intend to change my name to REYO IVERN MILLER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

THE TRIBUNE

Friday, March 31, 2017, PAGE 7

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BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

AUDIT ASSOCIATE I INTERNAL AUDIT DIVISION

LEGAL OFFICER LEGAL SERVICES DIVISION

Vacancies exist at the Bahamas Power and Light Company Ltd. for Audit Associates I, in the Internal Audit Division. Responsibilities of the position include, but are not limited to the following: • • • • • • • • • • •

Performs compliance and substantive tests. This includes conducting research of the Corporation’s files and records to retrieve information / data needed to support audit programs and conducting research to assist with investigations; Inputs audit data into the department’s database (Audit Monitors); also learns and applies audit diagnostic tools (computer applications); Consults with the Assistant Internal Auditor / Internal Auditor or Chief Internal Auditor to resolve queries or obtain guidance on audit assignments; Drafts the Audit Concern Memorandums, and drafts the Audit Concern, Cause, Effect and Recommendation sections of the Audit Report for the assigned section(s); Produces audit working papers for the assigned section which include but is not limited to manual and computer spreadsheets, and document audit findings and results; Prepares audit working papers that evidence completion of the assigned section and which form an adequate basis for reporting; Assembles Audit File including referencing and cross-referencing, whether hard-copy or softcopy; Prepares monthly and quarterly reports for the Chief Internal Auditor on audit activities; Assists with the assembling of quarterly department reports; Conducts interviews with employees of the Corporation when required in order to complete audit procedures Assists with the execution of financial, operational and ITS audits at Corporate Head Office and the Family Islands, and special assignments.

• • • • •

Responsibilities of the position include, but are not limited to the following: • • • • •

An Associate’s Degree in Accounts or Computer Science or Business Administration, A minimum of 2-3 years of audit experience; Knowledge of basic accounting and auditing standard to assist with audit activities; Computer skills and proficiency in Microsoft Words and Excel to input data retrieve and analyze information to assist with the preparation of Audit schedules and reports; Analytical skills to analyze information/data gather for reports; Excellent grammatical, verbal and written communication to interact effectively with coworkers, conduct interviews with internal customers and produce high quality working papers; Confidentiality skills for the sensitive nature of the departments’ work; Required to take initiative and be assertive in getting co-workers to provide relevant information on a timely basis; Required to follow specific audit procedures or audit methods.

Carriage of Magistrate Court matters and other matters assigned by the General Counsel; Tracks litigation matters with external counsel, insurers and the labor board; Prepares periodic litigation/judgment reports and status reports; Conducts review of Tender Documents and Letters of Awards Drafts and vets contracts.

Job requirements include but are not limited to: • • • • •

Job requirements include but are not limited to: • • • •

A vacancy exists in the Company for a Legal Officer in the Legal Services Division.

• • • • • •

A minimum of a Bachelor’s degree in Law Litigation experience in labor law, personal injury and contract law is a plus Admission to the Bahamas Bar A minimum of 5 years of practical experience Familiarization with the laws and regulations affecting the Electricity Act and the industry Proficient legal research skills Legal drafting skills Sound reasoning and analytical skills Excellent verbal and written communication skills Strong organizational skills Ability to interact effectively with others from varied disciplines, including internal and external clients

Interested persons should apply by completing and returning an Application Form to: Manager – Human Resources Department, Bahamas Power and Light Company Ltd., Blue Hill & Tucker Roads, P. O. Box N-7509, Nassau, Bahamas on or before: April 11, 2017.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER