business@tribunemedia.net
FRIDAY, SEPTEMBER 14, 2018
$4.90
$4.91
$4.93
DPM: No more VAT hikes before election By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE Deputy Prime Minister yesterday pledged there will be no further VAT increase before the next general election, as he slammed “mischief” and “nonsense” spread by social media. KP Turnquest told Tribune Business that a further VAT rate hike would not occur “in this administration’s term”, identifying ex-Cabinet minister and PLP chairman, Bradley Roberts, for being one of the main culprits behind what
Contractors ‘perplexed’ over GB project silence By NATARIO MCKENZIE
nmckenzie@tribunemedia.net
certainly find it perplexing that something so significant has been mentioned and the Government has not said anything about it,” he said. “It would certainly be something significant for the Government to tout. “Until we see the Government speaking about this, mum’s the word. It is
SEE PAGE 6
Cruise lines ‘not barred’ from port manage bid By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said the cruise lines “will not be barred” from bidding to take over Prince George Wharf’s management, adding: “All offers will be judged on merit.” Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that all-comers were free to submit proposals for taking over operations and management of Nassau’s cruise port, with no contenders “pre-judged”. Asked whether the Government would allow the cruise lines to bid, he replied: “I’m not going to allow someone not to submit a proposal. Whoever wants to submit a proposal, I’m not going to pre-judge or bar anyone from making an offer. “Anybody, any entity that wants to make a proposal, they can, and in the request for proposal (RFP) process and its vetting, we would come to our conclusion and make a determination. We’ll judge every proposal on its merits.” Multiple Tribune Business sources, speaking on condition of anonymity, have confirmed to this newspaper that the major cruise lines which call on Nassau are indeed interested in the prospect of taking over the port’s management themselves when
percent VAT rate until 2022, which is when the Minnis administration’s term in office expires if it runs its full course, and a general election must be called. The Government indicated that the rate hike unveiled in the 2018-2019 budget will be sufficient to pay off its $360m in unfunded arrears, and meet the Fiscal Responsibility Bill’s debt consolidation targets, but fulfilling Mr Turnquest’s
promise will largely depend on avoiding any major performance deterioration or sudden shock to the public finances. The deputy prime minister described the fiscal performance for the first two-and-a-half months of 2018-2019 as “very encouraging”, but declined to provide details before the release of the Government’s first quarterly report that is expected soon after September’s end.
“We want to be transparent, but given the VAT concerns we want to make sure we give it an opportunity to show real results,” Mr Turnquest said. “We don’t want to inundate the public with information either.” The 60 percent rate increase, from 7.5 percent to 12 percent, is projected to increase VAT revenues by a gross $400m and help
The company alleged that Mr Gentile and MintBroker, together with the assistance of unnamed conspirators, breached US securities industry disclosure laws by failing to inform the market of their increasing control of
SEE PAGE 4
SEE PAGE 5
SEE PAGE 4
Broker’s legal advisers slam ‘connoisseur of scams’ slur
DIONISIO D’AGUILAR the contract is put out to public bid. This, though, was described by one source as equivalent to “putting the fox in charge of the hen coop”, given the obvious “conflict” between the cruise lines’ interests and those of the port and wider Bahamas. They added that giving management of Nassau’s cruise port to the lines, its customers, would likely end any prospect The Bahamas has of maximising the economic returns and benefits from the industry’s frequent calls in this nation. Many observers believe the cruise lines’ main focus is to maximise passenger spending and returns for themselves, both on-board and on their multiple private island destinations. This is seen as depriving Bahamian entrepreneurs reliant on the industry, both on Bay Street and in Freeport, and their employees
SEE PAGE 5
ATTORNEYS for the principal of a Bahamasbased broker/dealer yesterday slammed smears that brand him “a connoisseur of scams” as “false and defamatory”. Legal representatives for Guy Gentile, head of Bay Street-based SwissAmerica Securities, said his accusers had already backed down from many of the initial claims made in a lawsuit filed with the southern New York district court on August 13, 2018. Avalon Holdings Corporation, a company listed on the New York Stock
GUY GENTILE in front of a SureTrader billboard. Exchange’s (NYSE) Amex market, first claimed that Mr Gentile and SwissAmerica, now renamed as MintBroker International, had led a conspiracy to seize control of the company’s stock for the purposes of conducting “a pump and dump scheme” - a simple form of securities fraud.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CLOTHING and shoe retailers are warning the Government not to expect the 20 percent Customs duty elimination to translate into consumer price declines of the same magnitude. Michael Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, told Tribune Business that the sector was concerned that the Government expects the duty elimination to result in a “one-for-one” decline in prices. He explained that merchants could not afford such cuts in an environment where energy and other businesses costs continue to rise, as they needed to maintain gross margins and revenues to ensure they covered salaries and business expenses. And, while many clothing, shoe and sporting goods retailers believe the duty elimination has offset the VAT hike’s impact, Mr Maura said some had been deterred by the bureaucracy and other concerns from applying for this exemption. “I’ve seen both sides of
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Tribune Business Reporter
THE Bahamian Contractors Association’s (BCA) president yesterday said it was “perplexing” that the Government had failed to publicise 900 construction jobs being created by a Grand Bahama condo project. Leonard Sands, pictured, told Tribune Business that the BCA reserved comment on the Grande Harbour project’s viability and likely economic impact, but questioned why the Government has not mentioned its existence in the foreign direct investment (FDI) pipeline. “I don’t want to comment on the project itself, but I
Apparel, shoe prices can’t match Customs cut, Govt is warned
* As fiscal governance faces ‘total overhaul’ * Financal Management Bill ‘ready next year’ * Could have prevented prior ‘indiscipline’
he called disinformation. “There is no VAT increase contemplated in the near future or foreseeable future, contrary to the WhatsApp and Facebook mischief put out there,” he told this newspaper. “It’s Obie Roberts and Bradley Roberts running on with this nonsense. It will not happen in the near term, and not in this administration’s term.” Mr Turnquest’s comments appear to rule out any change in the present 12
$4.93
PAGE 2, Friday, September 14, 2018
I
T is critically important for companies to employ web conferencing and virtual meetings when conducting business in this technology-driven world. Virtual platforms such as Zoho Meeting, join.me, GoToMeeting, ClickMeeting, Business Skype, WatchItToo, Infinite and ZOOM have become essential tools for businesses looking to cut costs associated with meetings, conferences and training. This column today describes the viewpoint of ezTalks on the benefits of such tools: 1. Online meetings are more cost effective compared to physical meetings The service only requires a computer or mobile device with Internet connection. On the other hand, a physical meeting requires time and money for travel, hotel accommodation expenses, other meeting facilities and so on. The continued use of online meeting software for virtual meetings could save
VIRTUAL MEETINGS HELP THE COST ENVIRONMENT IAN FERGUSON BY
companies large sums of money that can be used for other priority items. 2. It allows connection from anywhere in the world Technology advances have improved Internet connections such that web users can connect and interact from any part of the world. They also save on space that could have been used for holding meetings, especially where the participants are numerous. This way, you can involve the entire team in business matters no matter where they are. Virtual meeting tools can, therefore, be used in almost every environment, whether for official or personal use. 3. Virtual meetings allow sharing of a broad variety of information in real time with all participants Connecting to the meeting only requires you to click on a specific URL, and enter your username and passwords. The participants can then share information: Whether by text, video or audio, and without the need for expensive
telephone bridge connections. Most web meeting software enables the “pushing” of websites that you can lead your participants through, or they can interact on their own with the sites. Virtual meeting software also enables easy recording of your webinars for future reference, and sharing with those unable to attend the actual real time session. 4. Increased opportunities It is not always possible to attend every meeting you receive an invitation for. For instance, when hosting online meetings for potential clients, the number of attendees is mostly likely to increase if the event is conducted online as compared to traditional meetings. Virtual meetings give people the opportunity to attend from their workspace. They are also a quicker and more efficient way to co-ordinate and conduct urgent meetings with various employees or departments in a company. 5. Increased productivity and efficiency
THE TRIBUNE Virtual meetings depend on the flow of information and ease of communication between participants. They allow interaction through different channels. For instance, easily and directly uploaded PowerPoint files for onscreen viewing, coupled with the projection of you speaking at the side, give attendees the same feeling and personalisation they would get if they were actually in the same meeting room with you. Participants can, therefore, collaborate properly. As a result, business decisions are made faster, projects are completed on time, and there is an increase in overall productivity. 6. Virtual meetings allow effective illustrations White board features enable drawing and typing on-screen, permitting illustrations of ideas and the capture of notes. Textchatting features allow for an easy question and answer interaction, surveys, polls, sharing of website addresses and other information in real time. 7. Contribution to environmental protection Since virtual meetings systems work on green technology, companies reduce the increasing amount of carbon in the environment by holding them. This environment-friendly communication method, which reduces travel and paper printing, can be used by both small and mediumsized businesses. With the availability of tools that support the production of live video footage from anywhere in the world, employees, customers and even students get a chance to contribute to environmental conservation. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.
Let’s make banking an enjoyable experience One that you can do from anywhere and at any time. Effective November 1 all withdrawals below $1,500 will need to be done at the ATM. We look forward to more effectively serving you and assisting with all your other banking needs.
Conditions apply. ®Registered trademark of The Bank of Nova Scotia, used under licence.
THE TRIBUNE
Friday, September 14, 2018, PAGE 3
NASSAU AIRPORT KEEPS WATCHFUL FLORENCE EYE By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net AIRPORT executives yesterday said they were monitoring Hurricane Florence “very closely”, with no inbound flight cancellations to Nassau as a result of the storm up to yesterday. “We have not had any cancellations but we are closely monitoring the situation, and
LPIA AIRPORT I mean very closely,” said Jan Knowles, the Nassau Airport
Development Company’s (NAD) vice-president of
BAHAMAS HOSTS MAJOR INSURANCE CONFERENCE INSURANCE executives from throughout the US and the Caribbean met in The Bahamas last month for the annual Life Insurers Committee (LIC) conference sponsored by BAF Financial. A reception hosting some 30 persons was held on August 13 at the BAF Global headquarters on Independence Highway. The reception preceded the conference, which was held at the Atlantis resort. Dashwell Flower, BAF Financial’s vice-president of sales, and one of the key speakers at the conference, said: “The LIC conference is held every year in the United States, but this year BAF was a major sponsor and it came to The Bahamas. The reception we held was intended tof welcome persons to The Bahamas and give them a taste of Bahamian culture. “The LIC is a committee
to states in Florence’s path through at least tonight. “The Charlotte airport is a key airport. We do have flights from there and it is a hub. We are monitoring the situation closely,” said Ms Knowles. NAD is coming off its “the busiest travel season” in its history, as Ms Knowles previously indicated to Tribune Business. The increased activity
is being credited to the full opening of Baha Mar, and a marketing and promotional ramp-up by the Ministry of Tourism and destination partners, especially in Canada and specific markets in the US and UK. More than 3.3 million passengers pass through Lynden Pindling International Airport (LPIA) every year, with the airport serving 55 destinations via 24 airlines.
ABACO CONFERENCE TO FOCUS ON AIRLIFT, JOBS THE 15th annual Abaco Business Outlook (ABO) conference will address the island’s economic challenges, including reduced airlift and high unemployment, when it is held next Thursday. The forum, which will take place on Thursday, September 20, at the Abaco Beach Resort aims to connect local and external industry experts with stakeholders, allowing them to discuss issues impacting the island and target opportunities for economic growth. This year’s keynote speaker will be Michael Pintard, minister of agriculture and marine resources. Also in the line-up are: Kerry
Fountain, executive director, Bahamas Out Island Promotion Board; James Albury, MP for central and south Abaco; Ken Hutton, president, Abaco Chamber of Commerce; Dr Nicola Virgill-Rolle, director, National Insurance Board (NIB); Patrice Rolle, Sunshine Insurance; Karlos Mackey, principal, Prime Finance and Consulting; Donovan Ingraham, corporate wellness coordinator, Atlantic Medical Insurance; Samantha Williams, Graham Thompson & Company; Alistair Chisnall, Graham Thompson & Company; Kevin Seymour, chief financial officer, PharmaChem Technology.
Joan Albury, creator of the Outlook conference series, believes that under this year’s theme, Creating a world-class Abaco, the event could strengthen the community’s resolve to confront problems. “Many of our islands are experiencing hard times and find themselves struggling to survive,” she said. “Outlook’s mandate is to be a beacon of hope, providing solutions and opening doors of opportunity.” The Abaco Chamber’s Mr Hutton said the island is currently experiencing “many, many, many” challenges, which he plans to address in his presentation.
DASHWELL E FLOWERS, BAF Financial’s vice-president of sales; Jeff Shaw, LIC chairman; Audrey Wittenburgh, LIC secretary; Deborah Parker, BAF vice-president of administration; Sandy Morley, BAF chief operating officer and managing director; Julian Rolle, BAF’s managing director and chief financial officer
An established company is seeking an experienced:
of executives throughout the Americas and the Caribbean, and they meet to discuss marketing strategies on how we can keep the product line very active in the marketplace. We compare notes to see how what new products we can offer. It’s a strategic meeting for the continuity
project finances. This role will include overseeing the tendering process with both subcontractors and suppliers, preparing and executing subcontracts, measuring and placing material orders, processing payments, assessing risk and reporting on financial performance. It is preferable that the successful candidate will hold a university degree in Commercial Management / Quantity Surveying, with a minimum of 15 years working in the construction industry.
of product lines in the insurance business, as well as management and leadership strategies across the Caribbean and America.” Mr Flowers said the conference was a success, with thought being given to bringing it back to The Bahamas again next year.
BDB TREATS PAST TOP EXECUTIVES TO LUNCH THE Bahamas Development Bank’s (BDB) newly-appointed managing director, Dave S Smith, has treated his predecessors to lunch to celebrate the institution’s 40th anniversary. The event was also attended by K Peter Turnquest, deputy prime minister and minister of finance, who discussed how the BDB can further boost economic development throughout The Bahamas. It gave the former managing directors an opportunity to discuss the BDB’s challenges over the years, and reminisce successful business loans that have aided development of the Bahamian economy in various industries. Benjamin Rahming shared one of his memories about how the BDB had impacted tourism through the financing of resorts on New Providence and the Family Islands. The BDB also provided funds to fisherman to purchase boats and other equipment,
marketing and communications. The storm, which weakened from a Category 4 to a Category 2 hurricane, began its assault on the Carolinas yesterday, where it is expected to hover over the US east coast. The storm is expected to bring “life threatening” storm surge and rainfall. Airlines jave already cancelled hundreds of flights
FROM left, front row: Calvin Knowles, past managing director; KP Turnquest, deputy prime minister and minister of finance; Dave S Smith, current BDB managing director; and Arinthia Komolafe, past managing director. From left, back: George Rodgers, past managing director; Benjamin Rahming, past managing director; Anthony Woodside, past managing director. Past Managing Directors missing from photo: Warren Rolle; Paul Major; and Ambassador Sterling Quant. resulting in increased revenue and employment. Anthony Woodside added that the BDB has impacted transportation through financing of the mail boats. The services provided by mail boats remain critical in assisting residents throughout The Bahamas, supporting inter-island transit, goods, materials and passengers.
Mr Smith acknowledged the importance of listening to his predecessors, as he executes the BDB’s strategic plan. Since 1974, the Bank has been the Government’s catalyst for stimulating expansion and diversification of micro, small and mediumsized enterprises (MSMEs), thereby creating employment and increasing opportunities for exports.
Commercial Manager – Responsible for overseeing and managing
Plumbing Manager – Responsible for overseeing and managing
the Plumbing Works. This role will include supervising all plumbing personnel, measuring all plumbing materials required for the project, scheduling, organising and directing work, training personnel, maintain records of jobs performed and hours worked by employees, monitor the works to insure job quality and compliance with job standards, and code compliance. A good general knowledge of Mechanical Services will be advantageous. The successful candidate will require to have worked in the construction industry for a minimum of 20 years.
Electrical Manager – Responsible for overseeing and managing
the Electrical Works. This role will include supervising all electrical personnel, measuring all electrical materials required for the project, scheduling, organising and directing work, training personnel, maintain records of jobs performed and hours worked by employees, monitor the works to insure job quality and compliance with job standards, and code compliance. The successful candidate will require to have worked in the construction industry for a minimum of 20 years. Qualified candidates should submit CVs via email to: hr@wynnbahamas.com . Please note that only those individuals short-listed for an interview will be contacted.
PAGE 4, Friday, September 14, 2018
THE TRIBUNE
Broker’s legal advisers slam ‘connoisseur of scams’ slur FROM PAGE ONE Avalon’s stock. The alleged Gentile-led group at one point owned 60 percent of Avalon, and the company said of the claimed non-disclosure: “These are not mere technical failings but a deliberate and calculated concealment by the defendants of their purchases and sales of [Avalon’s] common stock within periods of less than six months.” Seemingly seeking to irreparably damage the Swiss-America Securities principal’s reputation, Avalon’s lawsuit then alleged: “Guy Gentile is an experienced securities market operator and a connoisseur of scams.” It made much of the recent lawsuits launched against Mr Gentile by both the US federal authorities and capital markets regulators, both of which were dismissed - without any appeal - by the US courts. Adam Ford, Mr Gentile’s US-based attorney, told Tribune Business of the Avalon claims: “The allegations are knowingly false and defamatory.” He and Mr Gentile declined to comment further, given that the lawsuit is still live before the New York court, but hinted at their belief that the character attacks on the Swiss-America Securities principal were motivated by a desire to pressure him
into an early, unfavourable financial settlement. In a rambling 14-page lawsuit that at one point lapsed into Greek mythology, Avalon alleged that Mr Gentile owned Mintbroker International “either directly or through” SwissAmerica Securities, given that its main offices shared the latter’s address at Elizabeth and Bay Streets in downtown Nassau. Mintbroker’s trading activities were compared to “Athena bursting forth from the head of Zeus fully formed”, but Avalon’s latest legal filings reveal it has already mounted a major legal climbdown. The company, in a move approved by the New York court, is dropping the conspiracy/non-disclosure/ and “pump and dump scheme” claims, and only persisting with the argument that Mr Gentile should relinquish more than $5m in estimated “swing-trade” profits from his trading in Avalon’s stock. Despite receiving a major concession before even filing their defence, Mr Gentile’s legal battles are far from over. For he is fighting on another front this time against the Puerto Rico financial services regulator’s rejection of his application for a banking licence in that territory. Mr Gentile and his Mint Bank International, in legal documents obtained
by Tribune Business, are alleging that the Office of the Commissioner of Financial Institutions of Puerto Rico’s (OCFI) denial of their application violates his “rights to freedom of expression and freedom of speech” under the US constitution. They claim that the OCFI’s assertion that Mr Gentile “lacked ‘business integrity’” was based on irrelevant factors, namely his public criticisms of the US federal government over the two lawsuits against him that were dismissed on technical grounds because they were time barred. The Swiss-America chief also alleged that the OCFI ignored these lawsuits’ respective dismissals, and seemingly found that being charged by the US government was good enough to reject the bank licence application despite being declared innocent. However, the OCFI’s decision states that it was Mr Gentile’s failure to fully disclose his past battles with the US government not these fights themselves - that persuaded them to reject the bank licence. Touting his success in the financial services industry, Mr Gentile recalled in his legal filings how he entered The Bahamas in December 2011 with the creation of his SureTrader broker/dealer. That company is now
part of the renamed MintBroker business, and Mr Gentile alleged: “MintBroker, which at one point had almost 75 employees, currently has over 50 employees, and has established itself in a short amount of time as one of the most well-respected and largest broker/dealers in The Bahamas. “Gentile has never received a single customer complaint related to his financial services (or any other) work..... The SureTrader division of MintBroker has enjoyed significant success. In less than a year of operation under Gentile’s leadership, it reported more than 100,000 equity transactions. The success of the division prompted a major expansion to meet scaling demands and the division was set to increase staff by 200 percent during March 2012. By 2012, SureTrader was ranked among Barron’s top online brokers.” The Puerto Rican OCFI has subsequently moved to persuade the courts to dismiss Mr Gentile’s claim, something the broker/ dealer chief is pushing back against. Mr Gentile and SwissAmerica Securities are no strangers to run-ins with regulators, both in The Bahamas and the US. The broker/dealer has just agreed to pay a $120,000 fine as part of an August
30 settlement with the Securities Commission of The Bahamas (SCB) over the findings of a May 2016 inspection of its books and records. “During May 2016 the Commission conducted an inspection for cause and discovered breaches further outlined in the report,” the settlement agreement said. “The issues revealed in the report primarily concerned Swiss-America Securities’ operations and the failure to ensure full compliance with the provisions of the Act, including KYC (Know Your Customer) issues, maintenance of books and records, and failing to notify the Commission of material changes.” The Securities Commission’s report was based on its examination of Swiss-America Securities’ records, and interviews with its employees. The regulator said the violations of Bahamian securities laws were “contrary to the public interest”, and that Mr Gentile’s company “accepts responsibility for its non-compliance.” The fines were spread over ten failings, which included not verifying client accounts; not conducting KYC and risk monitoring of clients; failing to provide details on insurance coverage and an outsourcing agreement; and not notifying the Securities
Commission of its name change and Mr Gentile’s involvement as defendant in a criminal case in the US. Mr Gentile has enjoyed a somewhat colourful stay in The Bahamas, with Tribune Business reporting in 2016 how he and his broker/ dealer, based in the Elizabeth on Bay Plaza on Bay Street, were allegedly used as “bait” by the Federal Bureau of Investigations (FBI) to help snare numerous international securities fraudsters. He claimed that he and his Bahamian businesses were “forced” to play key roles in undercover ‘sting’ operations targeting criminals earning millions of dollars from market manipulation scams. Their participation even extended to the “bugging”, both by video and sound, of Swiss-America’s Bahamian head office in a successful bid to gain evidence against a Canadian fraudster who subsequently pleaded guilty to the charges against him. Mr Gentile also attracted international media coverage after his Russian-born, model girlfriend, Kristina Kuchma, 24, in a fit of rage drove his Mercedes S400 hybrid into the pool at his Ocean Club home after he ended their 18-month relationship by text and allegedly reneged on a promise to provide $50,000 for one of her business ventures.
DPM: No more VAT hikes before election FROM PAGE ONE
narrow the 2018-2019 deficit to a sum equivalent to 1.8 percent of gross domestic product (GDP) - in line with the Fiscal Responsibility Bill’s targets and “glide path” for getting the deficit to 0.5 percent by 2020-2021. Mr Turnquest, meanwhile, said the Fiscal Responsibility Bill was just one element in a four-strong legislative package that is intended to achieve “a total overhaul” of the public
sector’s financial management processes, systems and governance. Pointing to the Public Financial Management (PFM) Bill, as well as the Public Debt Management Bill and Public Procurement Bill, the deputy prime minister said earlier implementation of this legislation may have prevented the fiscal “indiscipline” that threatens to cost Bahamian taxpayers dearly. While the Fiscal Responsibility Bill is due to be laid
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, LISA KNOWLES of Allen Drive off Firetrail Road, New Providence, The Bahamas intend to change my name to LISA LABELLE KNOWLES. If there are any objections to the change of name by deed poll, you may write such objections to the offices of Mortimer & Co., Post Office Box N-7535, Nassau, N. P., The Bahamas no later than thirty (30) days after the date of the publication of this notice. REQUEST FOR PROPOSALS (RFP) – EMPLOYEE FERRY SERVICE
Baker’s Bay Golf & Ocean Club and Starfish Construction (solicitor) are seeking proposals for provision of employee ferry service from Mainland Abaco to Great Guana Cay (and return). Interested parties should send an email requesting the RFP to mmahon@discoverylandco.com Attention: Michael Mahon.
JOB VACANCY
Wholesale Pharmaceutical Sales Representative A leading wholesale company requires the services of an experienced Wholesale Pharmaceutical Sales Representative. It is a fulltime position. Applicants must possess the following MINIMUM qualifications; Associate Pharmacy degree or higher 3 or more years working experience in Wholesale Sales, Marketing, & Trade Promotions Must have an automobile and be 25 years of age or older with a Valid Driver’s License Must be able to multitask and have strong organizational skills Proficiency in Word, Excel, Power Point, & Popular Web-Based Platforms (Face Book, Twitter, etc.) Good Communication Skills (Verbal & Written) Be able to work with little supervision Please do not apply if you do not possess the minimum qualifications Only successful candidates who are short-listed will be contacted Submission deadline is: Friday, September 21, 2018 Submit resume to peter@pghrbahamas.com
in the House of Assembly next week when Parliament resumes sitting, and the Public Debt Management Bill and Public Procurement Bill both tabled before year-end, Mr Turnquest revealed that the Public Financial Management Bill may only be ready in time for the 2019-2020 “budget cycle”. Emphasising the Government’s determination to modernise its financial systems, and come into line with international best practices, Mr Turnquest told Tribune Business: “The Public Financial Management Bill will be a while. We hope we will have that for the next Budget cycle. The Public Debt Management Bill and Public Procurement Bill, hopefully we’re able to lay those before the end of this year.” Describing the Public Financial Management Bill, he added: “It’s a total overhaul of the Financial Administration and Audit Act, contemplating improved financial reporting and exercising some changes
in the way reporting is done. “The bill has some specific parts with respect to improving the management of the fiscal accounts, and will hold accountable those responsible for managing these budgets as well as reporting. Modernising, that is the objective.” The Public Financial Management Bill will set detail accountability expectations for government agencies, and include provisions for sanctions over financial misconduct and crimes. The disclosure requirements for annual Budgets will be enhanced, with the overall objective of improving accountability, oversight, management and control of public funds. Mr Turnquest, meanwhile, said the Public Debt Management Bill was designed to “optimise” the Government’s debt structure by ensuring the interest paid, and maturities (date at which principal must be repaid), were such that the burden on Bahamian taxpayers was kept as low as possible. “It’s about organising our
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, TERRAL McDONALD of Bennett’s Harbour, P.O.Box N8185, Cat Island, of The Bahamas intend to change my name to TERRAL JAMES SEYMOUR. If there are any objections to the change of name by deed poll, you may write such objections to the offices of Mortimer & Co., Post Office Box N-7535, Nassau, N. P., The Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE Re: Supreme Court Equity Action No. 00787/2018 The Petition of James Coakley in respect of ALL THAT parcel of land containing 20,368 sq. ft. being about 255 feet East of Fox Hill Road on the eastern side of a 20 foot public road about 297 feet south of Davis Street in the Eastern District of New Providence and bounded on the NORTH by land said to be the property of Sam Mackey and running 198.77 feet on the EAST by land now or formerly the property of Bruce Davis and running 24.48 feet on the SOUTH jointly by land now or formerly the property of Bruce Davis and land said to be the property of Barry Johnson and running 176.62 feet and on the WEST by land said to be the property of Bertram Davis and running 100 feet the said land being more particularly described by the Plan No. 5895 NP, filed in this action and is thereon coloured Pink. James Coakley claims to be the legal owner in possession of the land and has made application to the Supreme Court under the Quieting Titles Act to have his title to the land investigated and determined in a certificate of title.The filed plan may be inspected during normal working hours at:a) The Registry of the Supreme Court,George Streets, Nassau, N. P., Bahamas; or b) Themis Law Chambers, Liv Building., 7th. Terrace East, Nassau, Bahamas. NOTICE IS HEREBY GIVEN that any person having any adverse claim or claim not recognised in the Petition shall on or before the 26th day of October, A. D. 2018, file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verified by an affidavit to be filed therewith. Failure of any such person to file and serve a statement of such claim on or before the 26th day of October, A. D. 2018, will operate as a bar to such claim.
debt structure, ensuring we have the most optimal terms and maturities; ensuring we’re optimising various elements of the debt structure,” he told Tribune Business. “Hopefully this whole suite of legislation will modernise the governance within the fiscal administration. It will enable participation and direct feedback from the public; it will increase the flow of information to the public, so they will be aware of where we are and the rationale for some of the decisions we make. “There will be more of an insight into the assumptions behind the budget, so the public are aware of what the priorities and considerations of government are. At least they will understand the rationale.” Mr Turnquest said The Bahamas might have prevented the fiscal “indiscipline” that placed the Government in its present predicament, with an $8 billion national debt and $300m-plus annual deficits, had these bills been
designed and implemented earlier. The last Christie administration increased the national debt by $2.2bn over its fiveyear term, despite enjoying around $1bn in net new revenues from VAT over its last two-and-a-half years. That came on top of the $1.5bn worth of “red ink” added by the prior Ingraham administration. “We’ve just come through a period of tremendous indisciplined management of the fiscal affairs of the country,” Mr Turnquest told Tribune Business. “We need to get ourselves on a sound footing for responsible management and good governance. “This legislation is an attempt to improve these standards, so this government and future governments can be guided accordingly. We certainly would have avoided some of these issues we’ve had to confront over the last couple of years and continue to address today.”
LEGAL NOTICE International Business Companies Act (No. 45 of 2000) MBG Investments Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of MBG Investments Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 24th day of August, 2018. Luciane Ribeiro Moreno Liquidator
THE TRIBUNE
Friday, September 14, 2018, PAGE 5
CRUISE LINES ‘NOT BARRED’ FROM PORT MANAGE BID FROM PAGE ONE
of most of the “trickle down” effect from passenger spending, leaving this nation with a small share of the economic benefits. The cruise industry has also embarked on a major expansion of its private island destination network in The Bahamas, with Royal Caribbean investing $200m to upgrade CocoCay; Mediterranean Shipping Company (MSC) developing Ocean Cay near Bimini; and Disney engaged in a controversial search for a second location involving Eleuthera’s Lighthouse Point. Asked whether he
knew of the cruise industry’s interest in Nassau’s port, Mr D’Aguilar replied: “I’m sure they are. Everyone can make a proposal, and the Government will make a decision on what is the best plan for that port.” The Minister declined to commit to a date for when the RFP process will be launched, and when all bids will have to be submitted, along with a timeline for the contract’s award. “We’re anxious to make happen,” Mr D’Aguilar told Tribune Business of much-needed upgrades to Nassau’s cruise port. “We want to see something happen expeditiously. “We’re in the process of constructing, and are about
to release, an RFP. We’re anxious to get the RFP out, and when the proposals come in we’ll determine what the best way forward from there is.” Among the likely leading contenders in any RFP is the consortium headed by Global Ports Holding, which operates multiple cruise ports in Europe and the Far East, together with BISX-listed Arawak Port Development Company (APD) and CFAL (formerly Colina Financial Advisors). That group’s 49-page proposal, obtained by this newspaper, said its plans to transform Nassau’s cruise port will give the economy a $16bn boost spread over
30 years. It added that a $285.7m upgrade of Prince George Wharf through a waterfront entertainment park would inject an extra $216m into the Bahamian economy in the first year alone. Mehmet Kutman, Global Ports Holding’s chairman, wrote in a letter to the Bahamas Investment Authority (BIA) that this nation urgently needed to improve a “greatly underperforming” infrastructure asset if it was to capitalise on the cruise industry’s anticipated growth and increase passenger spending yields to the benefit of local businesses. “Currently, the Nassau cruise port greatly
underperforms as a national asset,” Mr Kutman wrote. “Its infrastructure ought to be significantly improved to ensure the growth of the cruise business by providing a more fulfilling passenger experience in Nassau...” That consortium, though, faces competition from Culture Village (Bahamas), the 50-strong Bahamian investor group headed by former Family Guardian president, Gerald Strachan. Their proposal for reviving both Prince George Wharf and the surrounding area would focus on development consistent with this country’s heritage. “To date we have been fairly quiet about our submission because, as far
as we can tell, it alone captures the culture, history and heritage of The Bahamas, which will give visitors to the redeveloped Prince George Dock a sense of place while solving the most critical problems expressed by our residents, our visitors and the cruise companies,” Mr Strachan told Tribune Business earlier this week. “Beyond that, we see our proposal as a critical catalyst for the redevelopment of the downtown area, and its elements will provide an invitation for our residents and for our visitors from both Cable Beach and Paradise Island to frequent a far less congested city centre.”
Apparel, shoe prices can’t match Customs cut, govt is warned FROM PAGE ONE the coin,” Mr Maura said of clothing and shoe retailers. “Some have complained the paperwork and process required to receive the
duty-free exemption is too much for them. “Some have said they prefer to pay the duty rather than submit the paperwork and confidential information on pricing. Many believe
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
T
he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100
CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus
OPPORTUNITIES • • • •
Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters
BENEFITS
• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115
pricing should be determined by the market, and some are concerned that the Government believes a 20 percent duty reduction should equate to a 20 percent reduction in sales price. “We all have to operate with the cost and ease of doing business, the cost of BPL and real property tax not decreasing,” he continued. “There cannot be a one-for-one clothing, apparel reduction by 20 percent because duty has gone down by 20 percent. You have to keep the gross margins and cover the salaries and business expenses.” Mr Maura said it was too early to draw general conclusions on how the VAT rate hike to 12 percent, and introduction of exemptions (zero ratings) for breadbasket food items and medicines, had impacted businesses, consumers and the wider economy. Acknowledging that “everything has to settle down”, Mr Maura said feedback provided to himself and the Chamber to-date suggested the impact “from a business perspective” had been less painful than when VAT was first introduced in early 2015. He added that the initial 7.5 percent VAT represented an increase that was of much greater magnitude
than the recent 4.5 percentage point jump. “This one was not as bad as it was not to the same degree,” Mr Maura said. “From the businesses I have spoken to, what I have been advised is there has been an uptick in the number of sales transactions at the expense of the dollar value per transaction. While the volume number has gone up, the dollar cost per transaction has declined, and some people believe consumers are buying what they need as opposed to what they want to have.” Mr Maura said the 12 percent VAT hike was implemented during a period, July to August, that was traditionally soft for retailers and merchants apart from those catering to the back to school market. “From a sales perspective I would say overall it’s been a bit of tough period over the last couple of months for retailers,” he added. “Some have been the beneficiaries of not being negatively impacted by the 4.5 percentage point VAT rise because of the reduction on apparel and shoes.” Some also increased their marketing spend in the wake of VAT’s introduction, with discounts also employed to drive traffic. Breaking down businesses he has spoken to
by category, Mr Maura said restaurants had seen a “moderate decline” in patron spending although numbers had not fallen. Consumers, though, were equating a 15 percent gratuity and 12 percent VAT as adding 27 percent to their meal costs. “Spending and the cost of doing business has increased tremendously as VAT has increased the cost of utilities and supplies,” Mr Maura said of the restaurant industry’s message. “Breadbasket items being reduced has not materially helped.” Electrical, paint and building materials stores had informed him of a drop in Saturday and Sunday spending by consumers, with persons adjusting to reduced disposable income by “shifting from purchasing premium brands to purchasing less expensive brands”. The Chamber chairman said the sector had informed him “construction contracts have been a saving grace, as these sales have not changed. Commercial sales have not been impacted significantly as yet, likely due to the Government’s delay in the VAT assessment”. Some inner-city grocery stores had suffered sales declines of 25 percent, though, while costs such as energy had increased.
Mr Maura said he had been informed that consumers were buying “only what they need”, and only coming in if they lived within walking distance. This stood in contrast to grocery stores in more affluent areas, where “higher disposable income and unwillingness to sacrifice preference” meant the expected increase in bread basket food sales had yet to materialise. As for beauty stores, Mr Maura said he had been told that while sales were down by ten to 15 percent in July, August was flat when compared to 2017 numbers. General merchandise stores also reported that July was “very slow”, possibly due to consumers spending heavily prior to 12 percent VAT’s arrival, but August and early September saw improvements. “Pharmaceutical companies are seeing their VAT credit/government receivable climbing,” Mr Maura added. “They wonder if they will see grocery retailers shifting their buying of over the counter medicines from abroad and to the local pharmaceutical sector in order to avoid the payment of VAT at the border. The decision would obviously be influenced by the prices charged by the pharmaceutical wholesalers.”
PAGE 6, Friday, September 14, 2018
THE TRIBUNE
MARKET REPORT THURSDAY, 13 SEPTEMBER 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,952.01 | CHG 2.63 | %CHG 0.13 | YTD -111.56 | YTD% -5.41
FROM PAGE ONE
BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.46 1.26 0.19 3.92 9.22 6.60 5.30 12.50 2.71 1.77 8.21 6.21 13.10 7.00 4.50 13.50
52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.50 8.55 6.09 3.49 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
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
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 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
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########
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
SYMBOL LAST CLOSE AML 4.01 APD 17.43 BPF 9.09 BWL 4.45 BOB 1.01 BBL 0.18 CAB 2.55 CIB 9.17 CHL 6.15 CBL 3.60 CBB 12.42 CWCB 2.81 DHS 1.75 EMAB 7.68 FAM 6.21 FBB 13.06 FIN 6.31 FCL 3.65 JSJ 13.01 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)
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 LAST SALE 100.00 107.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.01 17.43 9.09 4.45 1.01 0.18 2.55 9.22 6.15 3.60 12.42 2.80 1.75 7.68 6.21 13.06 6.31 3.65 13.01
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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
CLOSE 100.00
CHANGE 0.00
107.57 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.22 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
VOLUME
1,000
1,200
VOLUME
EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.171 0.627 0.102 0.231 0.000 0.670 0.679 0.719 0.277 0.631
DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.280 0.500 0.200 0.120 0.590
P/E 15.0 18.7 N/M 14.0 N/M N/M -2.6 13.2 13.9 21.1 19.8 27.5 7.6 N/M 9.3 19.2 8.8 13.2 20.6
YIELD 2.49% 6.48% 0.00% 5.17% 0.00% 5.56% 0.00% 7.70% 3.58% 3.33% 4.99% 2.14% 4.00% 1.09% 4.51% 3.83% 3.17% 3.29% 4.53%
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%
MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
MUTUAL FUNDS 52WK HI 2.17 4.16 2.01 180.30 157.58 1.57 1.70 1.65 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.51 1.62 1.59 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund 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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.17 4.14 2.01 180.30 155.10 1.57 1.68 1.65 1.09 7.36 8.53 6.50 11.41 11.66 10.41 9.93 8.45 11.20
YTD% 12 MTH% 2.24% 4.15% 0.03% 4.59% 1.23% 2.26% 0.90% 3.44% 1.11% 6.05% 2.50% 4.38% -0.75% 3.51% 1.75% 4.07% -0.52% 1.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A
NAV Date 31-Jul-2018 31-Jul-2018 27-Jul-2018 30-Jun-2018 30-Jun-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 30-Jun-2018 30-Jun-2018 30-Jun-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
Contractors ‘perplexed’ over GB project silence
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
just perplexing that something that could be a potentially economy-changing event has not been brought to the fore.” John MacDonald, principal of Grande Harbour at Old Bahama Bay, recently told Tribune Business that he was aiming to negotiate a Heads of Agreement with the Government, and in the process of obtaining all necessary planning, environmental and other approvals for his 460-unit development. He added that he was willing to work with Toronto-based Skyline Investments, purchaser of the former Ginn property, to redevelop Grand Bahama’s West End through their separate projects targeted at high-end clientele. Mr McDonald, owner of three existing condos at Old Bahama Bay, and president of the resort’s operator, explained that his project is earmarked for an 18 acre land parcel acquired from West End Resort Holdings (WERL) Ltd. Pledging that his efforts will soon “be full speed ahead”, he added that Grand Harbour will feature 460 resort-style condos divided into one, two and three-bedroom units. It will
also boast a 78-slip dockaminium, with a combination of fixed and floating docks to accommodate vessels up to 75 feet in length. “There’s going to be roughly 900 construction jobs and a little over 300 full-time employees,” Mr MacDonald told Tribune Business. “Our first phase is going to expand the marina, build a new check-in facility and we immediately want to move on the amenities.” Grande Harbour’s proposed amenities include two infinity pools; hot tubs; a spa; two restaurants; tennis courts; basketball courts; volleyball courts; the “largest fish cleaning station in all of The Bahamas”; a convention hall; gym facilities; and a private members-only club. Mr Sands, meanwhile, said that as the Government progresses with its purchase of the Grand Lucayan, “positive things” will come for local contractors as a result of needed renovations to the property. Tribune Business reported this week that the Government’s $35m Grand Lucayan repair bill is “significantly less” than initially feared, with preliminary engineering estimates finding that roof repairs were the biggest issue for Freeport’s sole mega resort property.
To advertise in The Tribune, contact 502-2394
BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE
SENIOR STAFF ACCOUNTANT A vacancy exists in the Company for the position of Senior Staff Accountant. The incumbent will achieve Company objectives by: • • • • • • • • • • • • • • • • • • • • • • • •
Tracking project cost for projects above $100,000; Providing project cost analysis as requested; Maintaining the capital work order process (This involves opening, preparing costing analysis, and closing work order files); Overseeing the rechargeable and internal work order process; Overseeing the Fixed Asset Register; Maintaining the work in progress reconciliation report; Overseeing the Sundry Accounts Receivable Register; Coordinating financing arrangements with customers (capital contributions); Assisting in preparing monthly management statements; Ensuring timely posting of the General Ledger; Reviewing General Ledger Control Accounts reconciliation; Assisting with the preparation of the annual budget; Assisting with the review and preparation of fuel journal entries; Assisting with the observation of inventory counts; Assisting with observation of year end fuel dips; Assisting with the review of the Salaries vs Overtime analytical report; Assisting with the review of the bank reconciliation reports for Eleuthera and Abaco; Overseeing the accounting aspect of Staff Accountant, Accounting Officers and General Ledger Officers; Assisting in coordinating the corporate annual audit and project audit; Liaising with internal and external auditors; Assisting in preparing the business plan for the department; Assisting in establishing and maintaining written procedures for the department; Managing subordinate staff and administers discipline. Conducting performance appraisals; Recommending specific training for subordinate staff.
Job requirements include but not limited to: • • • • • • • • • • • • •
A minimum of a Bachelor’s Degree in Accounting, Finance, with accounting certifications of ACCA/CPA or equivalent qualifications; Requires 5 years of experience in a corporate financial environment or in a similar management position; Sound knowledge of Generally Accepted Accounting Principles; Sound knowledge of Financial Accounting software and spreadsheet applications; Sound knowledge of project management and related job costing system; Ability to analyze financial reports; Ability to troubleshoot accounting processes as they relate to financial and job costing; software and the system of internal control; Good judgement and sound reasoning ability; Ability to communicate effectively both orally and in writing; Good time management skills; Computer knowledge and proficient in Microsoft Suite; Leadership and management skills; Must be Confidential.
Interested persons should apply to Afuture@bplco.com on or before: September 26th, 2018. 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
PAGE 8, Friday, September 14, 2018
THE TRIBUNE
Congress passes spending deal, bids to avert govt shutdown WASHINGTON Associated Press MOVING to head off a government shutdown that neither party wants, Congress has overwhelmingly approved a compromise spending bill and pledged agreement on a short-term bill to fund the government through early December. Yesterday, the House approved a $147bn package to fund the Energy Department, veterans’ programmes and the legislative branch. The 377-20 vote came a day after the Senate passed the measure, 92-5. The bill now goes to White House, where President Donald Trump is expected to sign it. The quick action in the House and Senate came as legislative leaders announced agreement on a bill to fund the rest of the government through Dec 7. Rep Rodney Frelinghuysen, R-NJ, chairman of the House Appropriations Committee, said the shortterm plan would be added to a separate spending bill that lawmakers are negotiating to cover the defense department and labour, health and education programmes. The stopgap bill would not address Trump’s longpromised wall along the US-Mexico border. GOP leaders have said they prefer to resolve the issue after the Nov 6 elections. It was not clear whether Trump would back this approach, but a Republican aide said the White House had not indicated any immediate opposition. The bill approved yesterday was the first of three spending measures Congress hopes to approve this month to avoid a government shutdown when the new budget year begins Oct 1. Passage was so important to Republican leaders that they moved up the Senate vote, citing the threat of Hurricane Florence bearing down on the southeast coast. The House and Senate
HOUSE Speaker Paul Ryan of Wis, attends a news conference today in Washington. Ryan is rejecting President Donald Trump’s assertion an official government death toll for last year’s hurricane in Puerto Rico is wrong. The Wisconsin Republican says he has “no reason to dispute” a study that found nearly 3,000 people on the island died from Hurricane Maria last year. Photo: Jacquelyn Martin/AP both adjourned for the week immediately following the budget votes. Approval of the spending bill marked a departure from recent years, when Congress routinely ignored agencyspecific spending measures in favour of massive packages that funded the entire government at once. Trump has said he would not sign another bloated bill. The three compromise spending plans, if passed by Congress and signed by Trump, would account for nearly 90 percent of annual federal spending, including the military and most civilian agencies. “This package is not perfect, but that is the nature of compromise,” said Vermont Sen Patrick Leahy, the top Democrat on the Senate Appropriations Committee. Leahy said he was concerned that the bill did not do enough to cover costs associated with a program that allows veterans to receive government-paid health care at private facilities. Across the Capitol, Rep Mark Walker said he and other conservatives were disappointed by the absence of policy add-ons that were in a House-passed version before budget negotiations with the Senate.
“House Republican priorities were shut out across the board,” said Walker, R-NC He said conservatives expect the next round of budget talks to reflect their policy priorities. If not, it will be “difficult to support this funding,” Walker said. House Speaker Paul Ryan, R-Wis, disputed Walker’s characterisation. “I think we got a great amount of victories for our members,” Ryan said. Ryan said the bill includes money for veterans’ health care, military infrastructure, the electrical grid and nuclear weapons programmes, and “represents a return to our most basic responsibility around here: passing appropriation bills.” While generally upbeat about the progress on spending legislation, lawmakers from both parties are wary of a government shutdown, which Trump has threatened unless he gets billions of dollars for the wall. “We still are in favour of the wall, we still want to get funding for the wall, but we think the best time to have that discussion is after the election,” Senate Majority Leader Mitch McConnell told Fox News.
MOBILE
APP
Take us with you Everywhere you go!