business@tribunemedia.net
MONDAY, JULY 2, 2018
$4.74
AML chief apologises for ‘early’ 12% VAT * PROVIDER ALTERED RECEIPTS TOO SOON * BUT CUSTOMERS ONLY CHARGED 7.5% * RETAILERS RENEW ‘EXCLUSIVE’ PRICE CALL By NEIL HARTNELL and NATARIO MCKENZIE Tribune Business Reporters AML FOODS chief executive yesterday apologised to Freeport consumers for “any distress caused” after provider error resulted in store receipts showing a 12 percent VAT two days early. Gavin Watchorn explained to Tribune Business that the mistake resulted from a third-party provider uploading the “amended receipt” for the increased VAT rate too soon. He added that this resulted in no loss to customers, as they were charged the now-expired 7.5 percent VAT rate rather than the 12 percent shown on the receipt. “We had a bit of an issue in Freeport, where the provider uploaded the amended receipt early,” Mr Watchorn said. “While it was billed at 12 percent, the VAT charged was still at 7.5 percent. “It was corrected on Friday evening. The wording was 12 percent, the calculation was 7.5 percent. I apologise for any distress it may have caused, but once we saw it it was very quickly corrected.” Claims that AML Foods’ Freeport stores were charging 12 percent VAT before the July 1 implementation date were circulated widely on social media, with some shoppers even displaying their receipts as evidence for the world to see. One, who had shopped at Solomon’s Lucaya at 6.14pm on Friday, wrote: “Solomon’s Lucaya already charging 12 percent VAT and today is June 29, 2018. I got do right in.” Mr Watchorn said that apart from the Freeport receipt issue, the BISXlisted food retail and franchise group’s adjustment to the VAT rate increase had “gone well to the best of my knowledge”. He added that it was too soon to determine the
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Bahamian group’s $30m challenge to GB Power By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
BAHAMIAN group says its solar proposal can reduce energy costs by 40 percent, and create up to 100 jobs, if permitted to take over power supply to Grand Bahama’s East and West End. Dr Carlton Bosfield, principal of Northern Bahamas Utilities (NBU), told Tribune Business that its planned $30m investment in two utility-scale solar plants would ultimately enable residents in both areas to “own a piece of their energy”. He disclosed that NBU, founded by ex-Grand Bahama Power Company (GB Power) executives, had been working for three years to realise an opportunity that depends entirely on the government ending their former employer’s 25-year monopoly. GB Power’s agreements to supply East and West End expire within months, and Dr Bosfield urged the Minnis administration to introduce competition into Grand Bahama’s energy sector through a cleaner, more environmentally friendly solution that is Bahamian driven and majority-owned. Having initially received what he described as an encouraging reception, Dr Bosfield said NBU was “starting to get concerned” by the government’s recent silence on the matter, which has persisted for more than three months.
* Says solar offer can cut power costs 40% * And create 100 jobs in West, East End * Concern at govt ‘silence’ on renewal issue * Pledge shares for locals, URCA oversight
GB Power company building. He disclosed that Senator Kwasi Thompson, minister of state for Grand Bahama, had informed NBU in March that it would be allowed to present its proposal to a technical committee that the prime minister’s office was forming to assess the power supply issue. GB Power was to make its case for renewing the power supply agreements to the same committee, and Dr Bosfield said he was informed by Mr Thompson that the presentations
would take place within three to four weeks. But NBU has heard nothing since. Its bid is being backed by Pastor Eddie Victor, and his Coalition of Concerned Citizens (CCC) advocacy group, which has been a “thorn in the side” of GB Power since it launched its campaign for lower energy costs on Grand Bahama in September 2012. The Coalition has helped to organise town meetings to build public support for NBU’s proposals, with
Pastor Victor describing Dr Bosfield and his fellow principals - Rodger Johnson, Alexander Brown and Leon Cooper - as “the best ones” to provide a utilityscale solution outside the Hawksbill Creek Agreement (HCA) area. “What we have proposed to them [the government] in the first phase is that we’d build a six megawatt (MW) solar plant, backed up by ten MW of cleaning burning propane, and supply power to residents in West End,” Dr Bosfield told Tribune Business. “We’re looking at dropping the per unit price of electricity from 35 cents per kilowatt hour (KWh), where it is presently, to 20 cents per KWh, which represents about a 40 percent drop.” Emphasising that NBU’s solution was “scaleable” according to customer base and demand, Dr Bosfield said the group plans a smaller solution for the less populated East End. It plans a three MW solar plant, with six MW of propane back-up, which will generate power at the same all-in cost of 20 cents per KWh. “The project we’re looking at is $30m; $20m for the west, and $10m for the east,” Dr Bosfield said. He
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$4.79 Bahamas needs ‘urgent work’ on civil service pension reform * IDB WARNS ON ‘INVESTOR SENTIMENT SHIFTS’ * FDI DROPPING AS CURRENT ACCOUNT FUNDER * TOXIC BANK LOANS AT ‘LOWEST FOR A DECADE’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS must undertake “urgent work” to reform civil service pensions and “restrict” further government support for state-owned enterprises (SOEs), a multilateral lender is warning. The Inter-American Development Bank (IDB), in its latest Caribbean Regional Quarterly Bulletin, also warned that The Bahamas was becoming increasingly reliant on private capital inflows and government’s external borrowings - rather than “stable foreign direct investment” - to finance its current account deficits. It also indicated just why the government decided to arrest its spiralling debt in
SEE PAGE 3
Minister ‘not thinking’ of tourism fall-out from boat tragedy * CHAMBER CHIEF: NEGATIVE IMPACT A ‘POSSIBILITY’
Miller blasts BOB bail-out entity for selling his plaza By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
* AS HE TALKS TO GOVT ON LEASING IT * TWO EX-MINISTERS LINKED TO BAD LOANS * TOP OFFICIAL: ‘FULL SPEED’ ON ASSET SALES
A FURIOUS Leslie Miller yesterday slammed the Bank of the Bahamas (BOB) bail-out vehicle for trying to sell his multi-million dollar plaza while in the middle of talks with the government. The former MP and Cabinet minister said it appeared that “the right hand does not know what the left is doing”, given that his family is negotiating with the government to lease the Summerwinds Plaza on Tonique Williams SHANE Highway to a variety of GIBSON public sector agencies.
LESLIE MILLER
ALGERNON ALLEN
Mr Miller hit out after Bahamas Resolve, the vehicle to which BOB’s “toxic” loans have been transferred, advertised his Summerwinds Plaza for sale to interested buyers via a newspaper advertisement in Friday’s edition of The Tribune. He questioned “who the hell’s talking to who”, given that he was speaking to the prime minister, minister of works and attorney general about the plaza’s potential lease to the government, and accused the Ministry of Finance - which has direct ministerial responsibility for Resolve - of “doing its
THE MINISTER of Tourism last night said he “doesn’t want to believe” that the weekend’s boating tragedy in Exuma will result in any negative fallout for The Bahamas’ main industry. Dionisio D’Aguilar, pictured, told Tribune Business that he was “not thinking” that the accident would deter visitors from coming
SEE PAGE 5
SEE PAGE 7
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE TRIBUNE
Monday, July 2, 2018, PAGE 3
Bahamas needs ‘urgent work’ on civil service pension reform FROM PAGE ONE the 2018-2019 budget by revealing that it grew by an annual average of three per cent of GDP since the 20082009 recession. Still, pointing to signs of improvement, the IDB added that non-performing loans in the Bahamian commercial banking system are “at their lowest level in almost a decade” due to the accelerated sale and write-off of toxic credit especially by the likes of Bank of The Bahamas and Scotiabank. However, the IDB assessment warned of more pain and challenges to come even if the 12 percent VAT produces the targeted fiscal consolidation, suggesting this was the first step in addressing imbalances and “structural deficiencies” that impede economic growth. “Economic projections for the near term are strong, but structural deficiencies remain an obstacle,” the IDB said. “The successful implementation of public financial management reforms and adherence to Fiscal Responsibility legislation targets in the
near and medium terms will help reduce the wage bill, achieve greater efficiency with state-owned enterprises, boost capital spending on key infrastructure projects, and place the economy on a sustainable path. “Beyond the medium term, urgent work is needed to reform the public employee pension system and to restrict any further escalation of the contingent liabilities of state-owned enterprises (SOEs).” The IDB assessment backs the International Monetary Fund’s (IMF) recent Article IV report, which warned that the unfunded civil service pension liabilities alone are projected to hit $3.7bn by 2030 if no corrective action is taken. It warned that the current system - where civil servants contribute nothing to funding their retirement - is “unsustainable”. The IMF said: “Government employees draw pensions at retirement without contributing to the system while employed. “Staff analysis in the 2016 Article IV Staff report noted that accrued government pension liabilities
totaled B$1.5bn in 2012, and would rise to B$3.7bn by 2030 as the population ages.” The IMF called for reforms that involve “moving to a contributory regime in the near term, and to a definedcontribution scheme in the medium-term”. This would require civil servants to contribute a portion of their salary to funding their retirement, rather than having this financed 100 percent by the taxpayer through the budget - as is done currently. Meanwhile, the IDB said central government debt, coupled with borrowings guaranteed on behalf of SOEs, stood at “roughly 60 percent of GDP” in the 2017-2018 fiscal year, representing a slight increase. It added that the primary deficit, or the excess of recurrent spending over revenues (even stripping out interest payments), and external borrowings drove the rise. Central government debt stood at 55 percent of GDP, as opposed to the 50 percent target set in the draft Fiscal Responsibility Bill. “A decomposition of The Bahamas’ public
debt suggests that the primary fiscal deficit was the main driver over the past five years up to the end of 2017,” the IDB report added. “After 2009, more than half of debt creation was led by the fiscal stance, with an annual change in the debt-to-GDP ratio that averaged three percent. “Higher interest payments also contributed significantly to the change in debt, and their impact is expected to continue as payment obligations increase. Interest payments grew from 1.8 percent [of GDP] in 2015 to 2.2 percent, almost 13 percent of
government revenues in fiscal year 2017.” The IDB, though, then warned that The Bahamas seemingly faces “increasing risk from shifts in investor sentiment” as a result of FDI’s reduced role in financing its current account deficits. “The country has been increasing its reliance on private capital inflows (8.3 percent in 2018) and on sovereign bond issuance, rather than stable foreign direct investment (FDI) inflows (4.2 percent), suggesting increasing risks from some shifts in investor sentiment,” the IDB said.
“Private capital inflows contributed on average 13.2 percent of GDP, while FDI was 2.5 percent for the 2013–2017 period. However, due to inflows related to several capital projects (Baha Mar and other tourism-related infrastructure) there is an expectation of a rebound in the contribution of FDI as the medium-term forecast improves. “Equity investment has gradually started to strengthen, reaching two percent of GDP at the end of 2017, and is projected to reach 3.3 percent of GDP in 2018.”
BPL moves forward on utility-scale renewables By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMAS Power and Light (BPL) is trying to complete the framework for its utility-scale renewable energy generation, its top executive, noting there is significant interest in the sector. Whitney Heastie, BPL’s chief executive, said the utility was is looking at renewables, particularly in the Family Islands, given that utility-scale solar on New
Providence is challenging due to the lack of available land. BPL’s former manager, Power Secure, had ruled out a $140m solar farm investment in its business plan, finding that the 40 megawatt (MW) facility was not an “economically viable” investment in the near term. “There are two aspects of renewables. There is firstly the small-scale renewable generation, which has been in place since about March of last year. A lot of people are taking advantage of that,” said Mr Heastie. BPL
announced the start of its renewable energy grid tieins for residential customers last April. “The other aspect is the large scale. We are trying to get the framework completed on that because there is a lot of interest in the market place for the megawatt size generation tied to the grid. We are looking obviously at more renewables where we can. Certainly in Nassau we are challenged with putting renewables on the ground, but in the islands we will look at renewables,” added Mr Heastie.
PUBLIC NOTICE MINISTRY OF PUBLIC WORKS
REDEVELOPMENT OF THE SOUTHERN RECREATION GROUNDS The Government of The Bahamas through the Ministry of Public Works seeks to engage suitable contractors for Phase 1 of the Redevelopment of the Southern Recreation Grounds located Baillou Hill Road, and Cockburn Street. Schedule for Tender Opening Companies interested in tendering may obtain Tender Documents at: Architectural Section Department of Public Works 1st Floor North Wing Ministry of Public Works John F. Kennedy Drive Nassau, Bahamas
CAREER OPPORTUNITY The National Art Gallery of the Bahamas (NAGB) has a vacancy for a professional Office Manager and Administrator. The successful candidate will have superior interpersonal and communication skills, an excellent understanding of accounting systems (Quickbooks), record keeping and file management; and will preferably have a passion for Bahamian art and culture. The individual will become a full-time employee of The National Art Gallery of The Bahamas (NAGB) for a Monday-Friday 40-hour workweek, with the possibility of flex-time, and would manage the general office and facilities of the NAGB, including the supervision of some staff. The Office Manager and Administrator will also assist the Director of the NAGB with administrative functions to keep operations running smoothly. A detailed job description including the positions key accountabilities may be downloaded via this link http://www.viviangroupbahamas.com/wp-content/uploads/2018/06/Job-DescriptionOFc-Mgr-Admn.pdf. Interested persons must meet the following minimum criteria: An undergraduate degree or certified training in a related field with a minimum of three years of experience. Previous working experience in a fast-paced environment. Excellent communication skills, including written and oral skills. Excellent organizational and interpersonal skills. Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint). Good understanding of accounting (knowledge of Quickbooks). Ability to plan, prioritize and manage workloads. Previous experience as a supervisor and/or project team leader. A team player with the ability to work on own initiative to drive results. All applicants must submit the following by email, to nagbmanager@viviangroupbahamas.com, no later than 5:00 p.m. Friday July 13th: Cover letter highlighting the applicant’s interest in the position. Current résumé. Copies of qualifications and certificates. Three (3) professional references. Copy of one form of national ID, including either National Insurance Card, Passport or Driver’s License. Queries may also be sent to nagbmanager@viviangroupbahamas.com.Incomplete applications will not be processed for consideration. Application Deadline: 5:00 p.m. Friday July 13th
A compact disc containing the Tender documents may be collected between the hours of 9 a.m. and 5 p.m. for a non-refundable fee of $25.00 as of Tuesday, 25th June, 2018. Applicants will be responsible to print hard copies of the Tender Documents for their use. Documents are to be completed in accordance with the instructions therein. The non-refundable fee must be paid in cash at the Accounts Section on the 3rd floor of the Ministry of Public Works Building, John F. Kennedy Drive. All tender bids must include the following: Completed Tender Document Completed pre-qualification document Current Business License, Current National Insurance Compliance Letter Value Added Tax Registrant Number or Tax Identification Number (T.I.N.) Registrant Number. • Current Tax Compliance Certificate. • Proof of ability to obtain Contractors All Risk Insurance for the contract value and period. • • • • •
Sealed Tender submissions should be addressed to the Permanent Secretary Ministry Of Public Works and are to be deposited in the Tender Box located at: Tenders Board Ministry of Finance Ground Floor Sir Cecil Wallace Whitfield Building West Bay Street Nassau, Bahamas Tender submissions will be received no later than 10:00 am, Tuesday 24th July 2018. All persons who submit bids are invited to attend the Tender opening at 10:00am, 24thJuly 2018. Please note the Ministry Of Public Works reserves the right to reject any or all tenders.
PAGE 4, Monday, July 2, 2018
THE TRIBUNE
Bahamian group’s $30m challenge to GB Power FROM PAGE ONE
added that Providence Advisors, the Bahamian investment house headed by Kenwood Kerr, had agreed to raise the necessary financing from local and international investors. The NBU principal said the project’s ownership will be split 80/20 in favour of Bahamians, and it had supplied “letters of intent” from both Providence Advisors and the foreign investment component to the government as proof it has the necessary financing. “If we can get an approval from the government, we can start generation from six to eight months from a transition plant,” Dr Bosfield told Tribune Business. “All our financial models show we can reduce the cost of energy to residents in these areas to 20 cents per KWh. That’s a 40 percent per KWh reduction.”
“Our alternative is the best... It is a profitable venture with a measurable rate of return.” However, Archibald Collins, GB Power’s former chief executive, told Tribune Business last year that it was “hard to imagine the business case would work” for anyone else but the utility to continue supplying East and West End. He argued that “economies of scale” made it extremely difficult for another energy provider to step in, given the relatively small customer base in both areas, which made it difficult to price competitively and achieve a sound investment return. “We believe that, and we would have every intention to seek an extension of the East and West End agreements. We’re confident that stakeholders will recognise that is in the best interest of those communities, but
we’ve not had those discussions [with the government] yet,” said Mr Collins then. Dr Bosfield, though, said NBU’s projected price directly contradicted Mr Collins’ argument as GB Power was not dropping its all-in energy costs to consumers. While there were between 2,600 to 3,000 potential customers outside the Port area in West End, and around 200-250 in the east, he argued this was enough to support NBU’s proposal. “If you look at the construction, operation and maintenance of the plant, there will be 40-60 permanent jobs in the West,” Dr Bosfield said of the group’s plans. “In the east we’re talking 60-70 percent of that. Even though its a smaller plant for MW output, the way it’s laid out we’ll carry a similar-sized manpower content.” He explained that NBU, if successful, would seek to
www.ub.edu.bs
CAREER OPPORTUNITY Suitably qualified applicants are invited to apply for the following position: Cafeteria Manager at University of The Bahamas-North in East Grand Bahama responsible for the successful daily operation of the campus’ Hawksbill Hall cafeteria. The Manager is expected to recruit and manage staff, oversee the procurement and preparation of food, ensure excellent health standards, as well as manage the budget of this vital operation with a view to maximizing efficiencies and revenue generation. Specific duties and responsibilities include maintaining consistency in food preparation and service to students, staff and other constituents; monitoring inventory, ordering cafeteria supplies and preparing food orders, as needed; managing unit personnel, monitoring equipment and making recommendations on the purchase of equipment and supplies. A Bachelor’s degree in Business Administration, Hospitality Management, Restaurant Management or a related discipline, or the equivalent, AND at least four (4) years’ post-qualification work experience are required, among other competencies. The detailed position announcement is available online at http://www.ub.edu.bs/about-us/career-opportunities/staff/ .
acquire GB Power’s transmission and distribution infrastructure - wires and poles - outside the Port area, and link these directly to its solar plants. NBU is also offering to sell any surplus solar energy to GB Power at a price of 15 cents per KWh. Dr Bosfield said NBU was eyeing a 51-acre parcel of land, known as Pelican Lake and close to West End, for its western plant. As for the east, it was looking at 25 acres of land adjacent to Statoil’s South Riding Point or large tracts in the same area that are owned by private citizens. GB Power, then Freeport Power, agreed to expand beyond the Port area in 1993 to meet the then-Ingraham administration’s desire for the electrification of East and West End. Tribune Business has obtained copies of the two 25-year agreements, one dated June 23, 1993, and the other August 31, 1993, that effectively gave it a 25-year monopoly on Grand Bahama’s energy market. Using virtually identical language, the agreements gave GB Power “the sole right” to supply electricity outside the port area. And it was granted similar tax breaks as those enjoyed within Freeport, including exemptions from Customs duty, stamp duty and business licence fees, along with the use of so-called “bonded” goods without penalty. Both agreements give GB Power an option to renew for a further 25 years, “upon the same terms and conditions”, provided it gives notice of its intention to do so some 60 days before the existing deals expire. The existence of this “option” creates a potential obstacle for NBU and any other challengers, with the West and East End supply agreements due to expire on September 1, 2018, and New
Year’s Day 2019, respectively. GB Power is thus unlikely to give up its existing supply agreements, and monopoly, without a fight. West End, in particular, holds out the potential of being an extremely lucrative supply market as a result of the Ginn sur mer project’s seemingly imminent revival under the new ownership of Toronto-based Skyline Investments. The Carnival cruise port proposed for eastern Grand Bahama, together with the much-maligned Oban Energies project, also present profitable energy supply opportunities if they ever come to fruition. However, Dr Bosfield and Pastor Victor cited numerous benefits to breaking up GB Power’s energy monopoly and allowing independent power producers (IPPs) such as NBU to compete with it. Pointing out that GB Power was now 100 percent owned by Emera, the Canadian utility that last year bought out the Bahamian minority in BISX-listed ICD Utilities, the duo said granting approval to NBU would also align with the government’s policy of having one, national regulator for the energy sector. GB Power, supported by its current regulator, the Grand Bahama Port Authority (GBPA), is resisting the Utilities Regulation and Competition Authority’s (URCA) efforts to take on this role via the Supreme Court. Handing NBU the power supply deal would weaken its fight by bringing East and West End under URCA’s remit. “I think it’s important to note that here, now, we’re dealing with a company that is 100 percent foreignowned, and a Bahamian company that has the experience and financial backing to do the project,” Dr Bosfield told Tribune Business.
Interested persons should submit the following electronically to the Human Resources Department via hrapply@ub.edu.bs by Friday, 6th July 2018. • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed Employment Application Form (www.ub.edu.bs/wp-content/uploads/2017/01/Application-for-Employment-Staff.pdf)
• Current Curriculum Vitae or Resume; • Copies of Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • At least three (3) written, professional references.
“We have to take note of what this means. We would come under the regulation of URCA. Presently, GB Power and the Port Authority has URCA in the Supreme Court challenging their ability to regulate in Freeport. “We’re also talking about circulating the money in the local economy as opposed to exporting it to a foreign parent not located in The Bahamas.” Licensed Bahamian engineering companies were “on board” to assist with NBU’s plant infrastructure buildout and maintenance, and Dr Bosfield revealed there were “longer term” plans to offer shares in the project to East and West End residents. “The ultimate goal is to reduce energy costs, reduce emissions, lower the carbon footprint, and have citizens in that area own a piece of their energy,” he told Tribune Business. “We’ve had a couple of Town Meetings and been received very favourably by folks in the west, who recognise that if we get the all-in cost of energy down it will open up that area economically where people will not spend so much money on energy costs.” Dr Bosfield said NBU had been working on its plans since 2015, although the former Christie administration had urged it “not to go public” with its efforts. The group, together with Pastor Victor, then approached the Minnis administration following the May 2017 general election, and several correspondences and meetings followed. NBU submitted its formal application in October 2017, but has heard little from the government since. “We got an update from the minister of state for Grand Bahama [Senator Thompson] in March,” Dr Bosfield recalled. “He said the prime minister’s office had decided to put together a committee of technical folks to evaluate the proposal for the government, and we would be allowed to make a presentation to them. They also told us they were going to allow GB Power to make a presentation to the same committee as to why they should get a renewal rather than give it to someone else.” He added: “He said that should happen in three to four weeks. That was in March this year, and we’ve not heard from them since... We started to get concerned by the silence of the government in the last few weeks.”
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THE TRIBUNE
Monday, July 2, 2018, PAGE 5
Miller blasts BOB bail-out entity for selling his plaza FROM PAGE ONE own thing”. Mr Miller’s assertion, though, was emphatically rejected by a highly-placed government source, who revealed that Bahamas Resolve and its board “got explicit directions from cabinet” to pursue recovery of the collateral for these toxic loans regardless of the borrowers’ identities. This, they added, was done to reassure that political connections, wealth and “membership of the elite” will not stand in the way of efforts to recover assets for the Bahamian taxpayer, who has been saddled with multi-million dollar liabilities as a result of the “toxic” loan transfer to Resolve and subsequent injection of government bonds to shore up BOB’s balance sheet. “The Board of Resolve is pushing through and liquidating all assets without consideration of who may be owners of the underlying properties,” the source said. “That helps a lot, as they’re not having to tiptoe around the politics of it.” Marlon Johnson, the Ministry of Finance’s acting financial secretary, and who is also secretary to the Resolve Board, declined to respond to Mr Miller’s comments or speak to specific loans being targeted for collection. Raymond Winder, the former Deloitte & Touche managing partner who administered Resolve, was similarly tight-lipped when contacted by Tribune Business. However, this newspaper’s real estate contacts yesterday revealed that Mr Miller was far from the only prominent deadbeat borrower featured in Friday’s newspaper advertisement. For it exposed two former cabinet ministers,
and an ex-Bank of The Bahamas managing director, as being among those whose delinquent loans were transferred as part of the BISX-listed institution’s rescue, further burdening an already-strained taxpayer with responsibility for their collection. Tribune Business was pointed to Destini Lakes, the South Westridge community being offered for sale off Gladstone Road. This newspaper was told that the project’s principals included former Cabinet minister Shane Gibson, which was confirmed by sources familiar with the matter on condition of anonymity. Also featured was a Coral Harbour-based community called “Coral Dreams”. Realtors told Tribune Business this development is, in fact, “Coral Breeze”, whose principals were former Cabinet minister, Algernon Allen, and his sister, ex-Bank of the Bahamas managing director, Pauline Allen-Dean. Previous news articles confirmed this, and other well-placed sources added that regardless of which community was in the paper, “Coral Breeze” is among the delinquent Bank of the Bahamas (BOB) commercial loans transferred to Bahamas Resolve. The government has twice bailed-out Bank of The Bahamas via Bahamas Resolve, removing “toxic” loans from its balance sheet in exchange for two injections of promissory notes or government bonds, valued at $100m and $167m each. Resolve is supposed to service the interest payments due to Bank of The Bahamas on these bonds, but has been unable to do so because of difficulties in realising the security for the loans it has received. This means the Bahamian taxpayer has been called on to fill the gap to the
tune of $25.805m in the 20182019 budget. And although “toxic” loans were transferred to Resolve at “face value”, both the IMF and the government have estimated they are worth 20 percent of this figure at most - leaving taxpayers to shoulder a potentially enormous liability. Mr Miller, meanwhile, blasted Resolve for seeking to sell the Summerwinds Plaza from under him at the very moment he was trying to secure its lease to the government. “I don’t think the right hand knows what the left hand is doing,” he told Tribune Business. “We are negotiating with the prime minister, minister of works [Desmond Bannister], and attorney general [Carl Bethel], and these other fellas are doing what ever they want to do. “It’s obvious to me that these guys, Marlon Johnson and the Minister of Finance [KP Turnquest], are doing their own thing irrespective of what the prime minister, cabinet and everyone else is doing. There’s no doubt about it.” Mr Miller said he had hired Damien Gomez QC, the former minister of state for legal affairs, to represent him in a matter where the Summerwinds Plaza’s lease to the government was discussed just two to three weeks ago. “They [the government] requested a timeframe for the leases to be completed and for a new road to be put in place on the western side of the property,” he told Tribune Business. “We wrote to them and were having ongoing discussions. In the meantime, Resolve looks like they’re on their own road.” Mr Miller added that the situation had placed him and his family in “a bad and very tenuous position” in the talks with the government, but pledged to “see it through”. Mr Miller has previously repeatedly denied to Tribune Business that Resolve
had placed the Summerwinds Plaza in receivership, and appointed a manager to run both it and his family’s Mario’s Bowling and Entertainment facility. Sources close to Resolve, though, have been equally emphatic that this is correct. Companies owned by Mr Miller and his family, according to documents seen by Tribune Business, borrowed between $25-$28m from Bank of The Bahamas, which was secured on the Summerwinds Plaza and associated real estate assets. The commercial mortgage was “upstamped”, or increased, repeatedly, with this practice at its most frequent during the last Ingraham administration something that does not fit the narrative of politicallybased loans. The Minnis administration previously suggested a ten-year lease of the plaza, agreed by its predecessor, was among the deals it
blamed for “handcuffing” its financial plans. But Mr Miller described the lease - entered into by the former Christie administration in 2016 - as “a win-win” for all parties given that the rental rate was 45-55 percent lower than that typically enjoyed by the government. The outspoken ex-MP told Tribune Business that the main potential tenant was the Immigration Department, which had been lined up to lease some 98,000 square feet at the former Robin Hood store. Other government departments supposed to join it are the Registrar General’s Department, Public Parks and Beaches Authority and Parliamentary Registration (voting) Department. Mr Miller emphasised there was “nothing underhand” about the lease deal, which he said had been vetted by the Attorney General’s Office. Yet the arrangement had run
into trouble under both the Christie, and now Minnis, administrations. Meanwhile, Mr Johnson said Resolve and its Board were firmly focused on the recovery of all collateral assets securing the “toxic” loans. “I can’t comment on any of the specific transactions, but what I will say is that the Board of Resolve is going through the terms of its engagement, which is to ensure all outstanding matters turned over to it are liquidated to recover the value of the assets,” he told Tribune Business. “The Board, with the full support of the government, has been moving at full speed to address all outstanding matters, realise the assets on these distressed properties, and recover taxpayer money consistent with the law. The Board is following through on the mandate the company has, and doing so with the full support of Cabinet.”
PAGE 6, Monday, July 2, 2018
THE TRIBUNE
NOTICE
AML chief apologises for ‘early’ 12% VAT
NOTICE is hereby given that GREGORY DECIUS of Markert Street, P.O.Box SS-6582, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 25th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
FROM PAGE ONE
NOTICE
TURQUOISE GROUP LTD. NOTICE IS HEREBY GIVEN as follows: (a) TURQUOISE GROUP LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 27 day of June, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
NOTICE
NOTICE is hereby given that VERONICA CHERFILS, Hunter, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of June, 2018 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Freeport, Bahamas.
MARKET REPORT THURSDAY, 28 JUNE 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,974.75 | CHG 6.50 | %CHG 0.33 | YTD -88.82 | YTD% -4.30 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 9.10 6.60 5.30 11.00 2.71 1.77 8.21 6.10 11.48 7.29 13.67 12.51
52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50
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
1050.00 1000.00 1000.00 1000.00
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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
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) 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
MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 1.55 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.49 1.62 1.58 1.07 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.40 17.43 9.09 4.00 1.01 0.18 3.00 8.98 6.12 4.20 10.90 2.58 1.72 7.85 6.10 11.00 6.32 3.44 12.51
CLOSE 4.40 17.43 9.09 4.00 1.01 0.18 3.00 9.10 6.12 4.20 10.90 2.60 1.75 7.88 6.10 11.00 6.32 3.44 12.51
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.12 0.00 0.00 0.00 0.02 0.03 0.03 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
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
CLOSE 100.00
CHANGE 0.00
107.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
107.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
3,000 8,500
2,000
5,000
VOLUME
EPS$ 0.361 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.610 0.277 0.631
DIV$ 0.080 1.130 0.000 0.230 0.000 0.010 0.000 0.320 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580
P/E 12.2 18.7 N/M 14.1 N/M N/M -3.0 14.3 10.7 24.6 17.4 25.5 7.6 N/M 11.2 16.2 10.4 12.4 19.8
YIELD 1.82% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.52% 3.59% 2.86% 5.69% 2.31% 4.00% 1.07% 5.25% 4.55% 3.16% 3.49% 4.64%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 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 Prime + 1.75% 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%
NAV 2.15 4.12 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.15 8.14 6.41 11.26 11.68 10.24
YTD% 12 MTH% 1.55% 4.09% -0.45% 4.34% 0.84% 2.31% 0.39% 5.05% -0.25% 4.57% 1.29% 4.18% -0.61% 2.84% 1.02% 3.84% -0.87% 1.82% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
MATURITY 19-Oct-2022 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 NAV Date 31-May-2018 31-May-2018 31-May-2018 31-Mar-2018 31-Mar-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
extent of any sales spike from a pre-VAT shopping rush, as the implementation weekend coincided with the month’s end, although there was a sense AML Foods’ stores were “busier” than normal. Food and housewares stores appeared to see a spike in sales and shopper numbers in the final hours as the clock ticked down to the VAT increase’s arrival. Kelly’s Home Centre at the Mall at Marathon, both in the parking lot and at the check-out, was as busy as Christmas Eve when Tribune Business was there in the early evening. Bahamian retailers, meanwhile, continue to call for VAT exclusive pricing, arguing that this would be “far more practical” and result in more government revenue by not deterring consumer purchasing. They have been given until August 31 to adjust their prices to reflect the VAT increase from 7.5 percent to 12 percent. Jason Watson, president and managing director of Automotive Industrial Distributors Ltd (AID), described this task as “very frustrating”. “It is a huge task and an unnecessary waste of resources. VAT exclusive pricing is far more practical and would actually produce more tax revenue due to consumer behavior, but unfortunately the Ministry of Finance made a poor policy choice during the introduction of VAT,” said Mr Watson. The business community had lobbied the government, to no avail during VAT’s initial roll-out, to make their prices VAT exclusive, with some arguing that uncompetitive “inclusive” price comparisons would likely drive more Bahamians and tourists to shop in the US as opposed to locally. The private sector had been pushing for the New
Zealand model, which mandated neither VAT “exclusive” or “inclusive” pricing. New Zealand only requires that merchants ensure that consumers have a complete understanding of pricing, and whether it includes VAT or not. The government’s original VAT legislation, released in November 2013, had opted for “exclusive pricing” where the product price and amount of due tax were shown separately on the label. It then reversed this position in the legislation that passed through the House of Assembly. “AID will need to change tens of thousands of price labels on the retail floors of all seven locations. In addition there are hundreds of thousands of items in warehouses and in transit that were produced for AID with the price label on the package. Besides price labels all radio, TV and newspaper ads must be changed because they mention specific prices,” said Mr Watson. SuperValue’s owner and president, Rupert Roberts, told Tribune Business: “If government allowed exclusive pricing there wouldn’t be a need for re-pricing. It’s going to be really expensive to re-price. Then there is the perception issue with VAT inclusive pricing. Inclusive pricing doesn’t help sales because customers think they are being charged VAT twice.” Mr Roberts also argued that government’s decision to eliminate VAT on breadbasket items could result in significant revenue loss. “The government is going to lose a lot of revenue. I don’t think they realise that the food industry is going to collect a lot less VAT because the breadbasket items make up the bulk of our sales,” he added. Mr Roberts said merchants also want a list of medicines, such as aspirin and cough syrup, that are non-VATable.
THE TRIBUNE
Monday, July 2, 2018, PAGE 7 Legal Notice
NOTICE
NOTICE IS HEREBY GIVEN as follows: (a) INBA LIMITED is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on June 29, 2018 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 July 30, 2018 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. June 29, 2019 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY
NOTICE
Notice is HEREBY GIVEN that OBEN DESIR of Cowpen Road, Nassau, The Bahamas is applying to the Minister responsible for a Certificate of Nationalisation, for naturalisation as a citizen of The Bahamas, and that any person who knows of any reason why naturalisation should not be granted should send a written and signed statement of the facts within twenty-eight days from the 2nd day of July, 2018 to The Minister responsible for Nationality and Citizenship, P. O. Box N-7147, Nassau, The Bahamas.
VACANCY A leading well established research based Education/Therapy institute is seeking certified teachers with at least 2 yrs experience and teaching assistant with a minimum of high school graduate. Interested, qualified persons should send their current CV electronically to email sieeu242@gmail.com
NOTICE
NOTICE is hereby given that ALINE SAINT SURIN of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
FISHERMEN: ‘ONLY STRONG WILL SURVIVE’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMIAN fisherman have still not fully recovered from the impact of Hurricane Irma, with one industry representative telling Tribune Business: “Only the strong will survive.”
Keith Carroll, vicepresident of the Bahamas Commercial Fishers Alliance (BCFA), told Tribune Business the sector would feel the impact of the VAT increase “like everyone else”, acknowledging that fuel prices were a major concern. “It’s mostly fuel price that concerns us,” he explained. “It will affect us but there’s nothing we can do but roll with the punches. It will affect us just like everyone else. The way I look at it if you want the Defence Force to patrol, taxes have to be paid and the government
needs money to run the country. “Fuel is the biggest cost of our operation. Most times when my boats go out to sea, I’m putting in 2,000 gallons of diesel. That’s almost $9,000. If you have two boats, that $18,000. That’s money you spend not knowing if you will make it back. If you don’t catch anything you don’t make any money,” said Mr Carroll. He added that many fishermen are still trying to recover from Irma’s impact in 2017. “We’re just taking it one day at a time. We haven’t caught ourselves
yet from Hurricane Irma. I lost 4,000 traps. I’m probably back halfway now; I got 2,000 back and I’m trying to get another 2,000 before September,” Mr Carroll said. “The boat is only a part of the business if you have no traps to work with. Without traps it’s like you have a big empty building with no stock to sell. It’s hard to make it with no traps. It put us back a lot, I can tell you that. Some boats got no traps back. I would say about 40-50 percent of the fishermen still haven’t gotten their traps back. They may go out to fish but don’t have traps.”
Minister ‘not thinking’ of tourism fall-out from boat tragedy FROM PAGE ONE to The Bahamas with its cause currently unknown. Emphasising that he was “not trying in any way to belittle” the incident, the Minister said The Bahamas was a safe and enjoyable destination for almost all the six million-plus tourists who visit it on an annual basis. “I don’t think so and I don’t want to believe so,” Mr D’Aguilar replied, when asked whether the tragedy
could damage The Bahamas’ overall tourism product. “The cause of the accident is not yet known. “It was just that; an accident. There’s always going to be, in every destination in the world, an accident from time to time. It is extremely unfortunate what has happened, and my deepest sympathies go out to those that have suffered injury and loss of life. It’s awful. “Not to belittle it in any way, but accidents happen, and we try in every way to
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, COLLINGWOOD ARRINDALE LOCKHART, of Rock Clove off Farrington Road intends to change my name to COLLINGWOOD ARRINDALE WALLACE. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that KELSIE AZIZA THOMAS of 78 Falcon Crest, Eastern Road, 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 2nd day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Excellent Administrative And Interpersonal Skills, Ability To Prioritize And Meet Deadlines, Analytical With Keen Attention To Detail
avoid or mitigate them,” he continued. “Every destination in the world will, from time to time, experience these types of events and hopefully they’re very few and very far between. “I’m not thinking this will deter people from making plans to come to The Bahamas. More often than not, for 99.9 percent it’s a safe and fun place to come and spend a holiday. It’s awful; just awful what has happened. We’re trying as best we can to comfort and console the families. My best wishes and sympathies go out to them. I can’t imagine what they’re going through.” Pedro Rolle, the Exuma Chamber of Commerce’s president, told Tribune Business that the “possibility exists” that the tragedy, which left one visitor dead and ten others injured, could negatively impact both the island’s and wider tourism industry depending on how it is covered in the international media. “Whenever you’ve got situations like this the possibility exists, depending on what actually happened and how it is portrayed in the media,” he said. “That’s going to make the determination. If something comes up that’s negative in nature it’s going to have a negative impact. “We still don’t know what caused this, but any tragedy has a negative impact on the business side of it. If people
worry about it, it’s going to impact their decision to come, unfortunately.” While the accident’s cause is still undetermined, it has resulted in extra scrutiny being applied to The Bahamas. It is bound, in the short term at least, to raise questions over whether greater oversight and regulation of tour, attraction and excursion providers - especially in the Family Islands - is necessary, along with vessel maintenance and safety issues. The accident was yesterday a lead featured item on the local Florida news and throughout the US, as well as international media, with the striking pictures of the vessel on fire and video of rescue efforts proving a strong draw for both print, online and TV mediums. Three American visitors remained at Princess Margaret Hospital (PMH) last night, two of them in the Intensive Care Unit. The deceased, a woman, and the others have not been publicly identified. Some had stayed at the Sandals Emerald Bay resort. The group was touring with Exuma’s largest tour operator, Four C’s Adventures, when one of the boat’s engines exploded, police said, causing a fire that sent thick smoke billowing into the air and unleashed a frantic effort to save lives. The explosion happened within minutes of the tour’s launch.
Self-starter, Ability to multi-task, Exceptional communication skills, Passionate, Keen attention to detail. If you possess these qualities, Fidelity Bank invites you to apply for the position of:
If You Possess These Attributes, We Invite You To Apply For The Position Of:
JUNIOR ACCOUNTANT SOFTWARE DEVELOPER
Job Summary: The Junior Accountant will provide assistance with the maintenance of financial records and support schedules for entities within the Fidelity Group of Companies. Also, produce monthly net asset valuations and assist with internal and external reporting.
JOB SUMMARY: • Responsible for analyzing, resolving and testing custom built applications.
Main Duties & Responsibilities:
MAIN DUTIES AND RESPONSIBILITIES: • Manage and implement technical aspects of IT related projects. • Work with application vendors to test and implement application fixes and business enhancements. • Work with our standard suit of development tools, Visual Basic, SQL Server, etc. to develop stored procedures and custom applications as required.
• • • •
Assisting with client accounting on a monthly basis for Fidelity mutual funds and pension plans Preparation of monthly net asset valuations. Preparation of Fund reports Preparation of financial statements and supporting schedules
• Assisting with the maintenance of schedules and reconciliations for accounts including:
• Evaluate, troubleshoot, document, upgrade and build up maintenance procedures for Applications.
•
• Prepare references for users by writing operating process mappings. • Be primary support for IPBS application and working with the vendor to resolve issues on
•
a timely basis. • Work as on-call support for non-business hours and weekends.
REQUIREMENTS/QUALIFICATIONS:
Accounts Receivable, Pre-Payments
•
Fee Income
& Refundable Deposits
•
Allocation of Costs
Accounts Payable, Deferred Income
•
Subscriptions & Redemptions
& Dividends Payable
•
Assisting with external audit requests,
•
Fixed Assets & Depreciation
•
Inter-Company Accounts
documents, schedules, and reports.
• Assisting with reporting requirements including:
• Must have excellent communication skills (verbal and written).
•
Cash Liquidity Reports
•
Financial Statements
• Ability to work in a self-motivated environment with little supervision.
•
Central Bank Reports
•
Net Asset Valuations
• Minimum of a Bachelor’s degree in Information Technology/Computer Science or equivalent.
Requirements/Qualifications:
• Ability debug and code in C, Java and VB. • Advanced SQL DB Management Skills, with experience in a clustering environment. • Knowledge of SQL Core Banking systems, specific knowledge of Phoenix and/or IPBS a plus. • Experience in creating reporting using Crystal and SQL Reporting Services. • Web Application debugging and testing experience is a must.
PLEASE SUBMIT BEFORE July 6st, 2018 to:
HUMAN RESOURCES Re: Software Developer careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package (including base salary and commissions) will be commensurate with relevant experience and qualification.
• • • • • •
Bachelor’s Degree in Accounting or related field Prior Accounting, Administrative or Banking experience High proficiency in Microsoft Office Suite programs Highly organized with effective time management skills; ability to multitask Exceptional written and verbal communication skills Ability to work in a self-motivated environment with little supervision
PLEASE SUBMIT BEFORE July 6th, 2018 to:
HUMAN RESOURCES Re: Junior Accountant careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification.