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MONDAY, SEPTEMBER 24, 2018
$4.90 Cabinet-approved PPP policy set for imminent release
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET-approved Public-Private Partnership (PPP) policy document is set for imminent release as the Government moves “to ensure we get taxpayers value for money”. KP Turnquest, pictured, deputy prime minister, told Tribune Business that the Government wanted to move away from the previous administration’s ad-hoc approach to PPPs by developing a standard set of objectives and criteria to regulate such projects. He explained that such an approach would improve the evaluation of private sector bids on major public contracts and infrastructure projects, while helping to better align their goals with those of the Government’s desire to protect the Bahamian people’s interest. Mr Turnquest said PPP projects, if crafted correctly, could help “accelerate the pace of development and infrastructure” build-out throughout The Bahamas, especially since the Government’s fiscal problems mean it will be impossible for the cash-strapped Public Treasury to finance all these needs. He declined, though, to place a dollar value on The Bahamas’ current infrastructure needs, which the KPMG accounting firm pegged at around $2.1bn almost a decade ago for physical assets such as schools, hospitals, ports, roads and airports. “We have a number of PPPs with different terms and methodologies, and we want to see if we can come up with a standard approach,” Mr Turnquest told Tribune Business of the rationale for the policy’s development. “We’re trying to ensure we get value for money for the Bahamian people. If we have a standard policy that addresses the way we will engage in partnerships we have better control over the process.” Marlon Johnson, the Ministry of Finance’s acting financial secretary, said the PPP policy had been approved by Cabinet and is set for imminent public release - possibly as early as this week.
SEE PAGE 4
$4.93
$4.86
‘An inconvenient truth’ for govt, developers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE government and developers can no longer ignore The Bahamas’ key planning law as “an inconvenient truth” after the Supreme Court ordered a key element be enacted by July 1, 2019. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that one of the multiple rulings involving Nygard Cay would impose “the rule of law, and regulate development in The Bahamas in a real way”, by forcing the Government to implement laws passed by Parliament. He spoke out after Justice Rhonda Bain ordered the Government
FRED SMITH QC
THE Government has been urged to step back from direct involvement in the agriculture sector amid a “disconnection” between policy goals and budget spending allocations. A newly-published InterAmerican Development Bank (IDB) analysis of Bahamian agricultural and fisheries policy has called on the Government to reduce the role it plays in a sector that generates just 1.6 percent of annual GDP and instead “incentivise” the private sector to fill the void. The report, obtained
- something it branded as especially “damaging” for low income households. “State involvement in markets and trade creates an obstacle for development by crowding out private investments,” the IDB analysis said. “The procedures and policies for investment incentives are established, but their implementation is not efficient, mainly due to excessive regulations and a lengthy process for obtaining the benefits. Excessive administrative obstacles
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SEE PAGE 7
SEE PAGE 3
SEE PAGE 5
* Low income persons, demand hit * IDB report urges govt step back * ‘Disconnect’ between goals, spending by Tribune Business, said that despite their relatively small GDP contribution the agriculture and fisheries industries still represented a key source of Bahamian economic diversification if their potential was fully exploited. It found that support provided to Bahamian farmers was equivalent to 19.08 percent of gross farm receipts between 2012-2014, with government policy resulting in consumers “paying higher prices” for local produce
BPL oil theft exposed by sex in truck
must be identified and removed for farmers to access incentives.” Government support for Bahamian farmers “is mostly financed by consumers who pay higher prices for farmers’ output”, the report said, adding: “Consumers pay higher prices for local output as a result of government policy, which is damaging for low-income populations and limits local demand
due process” to The Bahamas’ physical planning processes. He argued that it will put the Government, developers and associated professions - especially attorneys, realtors and financiers - on notice to abide by a law that has not been properly enforced. “The Planning and Subdivisions Act is an inconvenient truth that has now been judicially pronounced upon,” he told Tribune Business. “Parliament has long passed the Act, and the branch of government which is supposed
Consumers ‘pay the price’ for supporting agriculture By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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A MAJOR oil theft from Bahamas Power & Light (BPL) was only exposed when the thief was distracted by having sex in his truck. Pericles Maillis, the well-known attorney and environmental activist, revealed the bizarre episode to illustrate how Bahamian households and businesses are having to pay for “tremendous wastage and stealing” through higher BPL bills. His account, given at a town meeting last August, was attached to the Utilities Regulation and Competition Authority’s (URCA) just-released “statement of results and final decision” over the public consultation on BPL’s consumer protection plan (see inside articles on Pages 2-3B). Mr Maillis, in his contribution, described how he, his family and the Bahamian people “are in a state of terror” over the rising costs of BPL’s service, adding: “I don’t believe that our prosperity is going to be sustainable. “Electricity cost has wrecked the hotel, the chicken farm [Gladstone Farms]. I’ve watched it ruin small restaurants. As a lawyer I hear and see it all, including very close to me. I would hope that, at the end of the day, the main focus of BPL and URCA and government would be to work, strive to get the cost of electricity and these prices down. The real terror is the fuel surcharge.” Turning to the latter, Mr Maillis said he was personally aware of numerous spills and thefts from BPL’s
* Judge orders Nassau Land Plan by July 2019 * QC: ‘Rule of law’ hits planning ‘in a real way’ * Govt must implement Act developers dislike to comply with the Planning and Subdivisions Act by preparing a “Land Use Plan” for New Providence, setting a deadline of July 1 next year for this to be approved. “The court is mindful that the preparation of a Land Use Plan would require time, consultation and public meetings,” Justice Bain ruled. “The court therefore orders that the Land Use Plan should be approved before July 1, 2019.” Mr Smith hailed Justice Bain’s August 3 verdict, and its implications, for bringing “transparency and
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Govt WTO negotiators ‘armed and dangerous’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s WTO negotiating team will be made “armed and dangerous” through the highest possible level of private sector support, the Chamber of Commerce’s chairman is pledging. Michael Maura told Tribune Business that the business community’s increasing collaboration with the Government, an effort that started one month ago, is intended to help The
* Private sector pledges strongest-ever collaboration * Chief negotiator promises in-meeting consultation * Businesses urged: ‘What can we get out of it?’
MICHAEL MAURA
ZHIVARGO LAING
Bahamas achieve the best possible World Trade Organisation (WTO) membership terms by providing advice based on “fact not emotion”. He was echoed by Zhivargo Laing, the country’s chief WTO negotiator, who said private sector involvement in the process is “absolutely critical” to maximising the potential benefits
from The Bahamas’ entrance into the rules-based global trading regime. He promised that the Government would return the business community’s support in-kind, even to the extent of negotiating team members stepping out of key WTO meetings to confer with private sector representatives on particular issues and positions before any agreement is reached. The former Cabinet minister said the Minnis administration was also
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PAGE 2, Monday, September 24, 2018
THE TRIBUNE
REGULATOR MANDATES BPL CONSUMER PLAN OVERHAUL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
REGULATORS have ordered Bahamas Power & Light (BPL) to improve an inadequate consumer protection plan by including “best practice” reliability standards and consumer dispute processes. The Utilities Regulation and Competition Authority (URCA), in a decision the state-owned utility must comply with or face a fine up to ten percent of “relevant turnover”, identified nine areas where BPL’s consumer protection plan remained deficient despite revisions that were submitted to the regulator in January 2018. URCA is mandating that BPL “include reliability indicators as overall standards in accordance with
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industry best standards” and “provide a detailed process to resolve consumer disputes”, including a speedier process for resolving disagreements over billing. Breaking down its analysis of BPL’s offering, the regulator said the utility did not include standards or benchmarks to measure its quality and reliability of service - even though this had
been requested by URCA. It pointed to indicators such as System Average Interruption Duration Index (SAIDI) and the System Average Interruption Frequency Index (SAIFI), which measure how long power outages last on average and how frequently they occur, respectively, as the type of benchmarks that should be included in the
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example, in Jamaica the target for responding to emergencies is 12 hours, while visits to households with voltage complaints are carried out within 24 hours after the complaint is lodged.” URCA is also encouraging BPL to shorten the timeframe for reconnection, following a “wrongful disconnection”, to “no more than six hours” rather than the eight hours included in its consumer protection plan. “URCA finds that BPL complied with its request to set a timeframe for the reconnection after wrongful disconnection (one working day) after a customer application is made,” the regulator added. “URCA also finds that BPL specified the $20 compensation will be credited to the customer’s
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account and not be paid in cash. “URCA notes that in the revised consumer protection plan, BPL extended the timeframe to compensate consumers from four hours to eight hours. This standard compares poorly to other Caribbean countries. For example, in Jamaica the reconnection after wrongful disconnection is carried out within five hours of notification by the consumer.” BPL, though, was given credit for changing the time to respond to customer voltage complaints. Visits were reduced from within five working days to two working days; an assessment will now be made within five working days instead of 15; and the issue will be resolved within 45 days instead of 60.
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consumer protection plan. URCA also found BPL guilty of “not providing a detailed process” for how consumer complaints will be resolved, describing its consumer protection plan as seemingly “arbitrary” and “confusing” on this issue. There was also no timeframe provided for addressing billing disputes. And, while branding BPL’s revisions to its “overall standards” as “acceptable for the moment”, URCA then warned: “URCA considers that BPL needs to work on improving the proposed target for responding to emergencies (24 hours) and for responding to voltage complaints (visit within two days). “URCA finds these targets compare poorly with other Caribbean utilities’ response times. For
UNLICENSED businesses operating in unregulated districts on Abaco are one of the biggest problems “plaguing” the island, its Chamber of Commerce president believes. Ken Hutton, pictured, while addressing the Abaco Business Outlook conference, lamented the rise of unlicensed businesses operating in settlements such as The Mud and Pigeon Pea. “Unlicensed businesses and competition are probably one of the biggest problems here,” he argued. “These unregulated settlements have their own energy generation, barber shops,
food stores and supply depots, none of which are licensed or pay VAT. This is a completely unregulated economy taking away from registered businesses. This is something the Chamber is very concerned about. We are hopeful and want to work with the Government to bring these unregulated neighbourhoods and developments into compliance.” Mr Hutton also highlighted the non-payment of taxes on rental properties. “We support regulated legal businesses. There are a lot of second homes on Abaco and, fortunately, most of their homes are managed by companies here on Abaco,” he said. “There are a few, however, renting their properties through overseas websites and never give the Government its due. This hurts existing businesses that are
paying their taxes and shortchanges the Government of needed tax revenue. There has to be a regime where any kind of non-occupied home must register.” Mr Hutton said the push back over real property tax reforms had created a sense of insecurity and instability in the economy among second homeowners. “A lot of second homeowners were taken aback. There was a lot of appraisals that came in that were rather out of the park. There was no structure as to how those taxes were calculated and renegotiated,” he said. “I believe that is now being handled, but the biggest problem it created was a sense of insecurity and instability in the economy. The second home ownership is the driving force of this economy right now, and when you throw something like an increase in real property taxes of something like 1,500 percent people get scared and start to rethink their current and future investment.” Mr Hutton also cited access to banking facilities and the lack of rental accommodation as issues affecting Abaco.
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THE TRIBUNE
Monday, September 24, 2018, PAGE 3
WEB SHOPS: WE HAD 3-MONTH ‘TAX HOLIDAY’
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Government’s changes to the web shop industry’s “sliding scale” tax structure will not prevent the sector moving forward with its legal challenge, a wellknown QC says. Wayne Munroe, pictured, who is representing several web shops in their fight against the budget’s tax measures, said he expects to file a constitutional motion today targeting what the industry still sees as the main issue the “discriminatory” nature of the hikes. He told Tribune Business
that last week’s changes to the Gaming House Operator Regulations had remedied drafting errors, but did not affect the concerns of his clients. Mr Munroe, who represents The Island Game, Paradise Games and A Sure Win, told this newspaper: “I saw that they have amended the regulation, which is good. What that does in effect is void the previous one, and the minister is correct that it would have come into effect the day it was laid. “Our position was that there was no valid tax regime. From July 1 to September 20 would have been a ‘tax holiday’ for the gaming
houses. They have put in the new regulations but all that does is remedy the improper drafting; not the matter of substance, which is the taxes being discriminatory, expropriatory and made for an improper purpose. “I expect to be filing a constitutional motion as well. We will now challenge the new law on its substance. I had said from the outset that they could correct it by regulation but we have a claim for constitutional infirmity.” Dionisio D’Aguilar, the minister responsible for gaming, had told Tribune Business that the web shop industry’s “sliding scale” tax structure took effect last Wednesday following changes to address operator concerns over its legality.
He explained that the amendments which introduced the “sliding scale” tax structure with May’s budget had used “the wrong terminology” to describe what should be used as the basis for calculating the amount web shops must pay. Mr D’Aguilar added that the definition previously employed could have been interpreted as meaning that the different sliding scale rates, from 20 percent up to 50 percent, should be applied to “all the money” that patrons pay. Instead, it should actually be based on that sum minus the winnings paid out by web shops, so the Government has moved swiftly to remove the term “revenue collected” from Regulation 57 and replace it with “all taxable
BPL OIL THEFT EXPOSED BY SEX IN TRUCK FROM PAGE ONE
fuel line between the Clifton Pier and Blue Hills power stations. Thieves, he added, had been so bold as to cut into the line, install their own valves and pipes, and siphon off oil whenever - and how much - they wanted. “While you have been putting up the fuel surcharge, there has been tremendous wastage and stealing of BEC (Bahamas Electricity Corporation) fuel,” the well-known attorney disclosed, recounting several incidents that had affected his and neighbouring properties in the Adelaide Village/Albany area. Calling for URCA to mandate that BPL improve its security and environmental practices, Mr Maillis recalled how in early 2017 he found diesel oil from the utility’s pipeline “pouring into the corner of my property”. He described the resulting “oil field” and how he reported the matter to
BPL’s security and New Providence Development Company, who informed him it had resulted from theft. Revealing that he had the pictures to prove it, Mr Maillis told the Town Meeting: “The people had actually dug under the road, put in a valve, run a pipe out to the edge of the bush, then run another pipe out to the back. The truck would go out to the back (and) fill up when it wanted. “According to the New Providence Development Company security guard, it only came to light by accident because the same thief who was stealing the diesel was having sex with a girl in the truck while the truck was being loaded, and it started pouring all over the ground. That is how it came to light. “That is diesel going and going all that time, and we don’t know how long it was going, and we the public are paying for the fuel surcharge. So that one got sealed off with concrete.” Mr Maillis recounted
other incidents, and said: “For a very long time the public has been paying fuel surcharge, and the fuel is being stolen or wasted. Where it is wasted into the ground, it brings us cancer, pollution and contamination. “So when you [URCA] finish the drafting of this, please mandate BPL they have got to get these kinds of things under control, and they have to maximise security because we should not have to be paying for stolen or wasted fuel... “I want someone to go to jail for these stealings. I am going to ask the Government; we need a House [of Assembly] committee with power to send for people and persons to bring to light to how many breaches are known of this pipeline; how many millions of gallons are missing. We need it stopped. And who is covering it up? “We need BPL to get its operations honest, streamlined, cheaper, so that those expenses of capital improvements and fuel expenditures don’t have to
come back to us. We’ve got to get our cost down.” URCA, in its response, said it sympathised with Mr Maillis’s concerns but that BPL’s consumer protection plan was not the best place to address them. It indicated it would look at other ways to deal with the matter through its powers as energy sector regulator. “URCA is sympathetic to Mr Maillis’s comment regarding fuel spill, wastage and fuel theft, and agrees that BPL should work towards maximising the security and safety of its consumers,” the regulator said in its just-released results statement. “However, the focus of this document are the standards of service, quality and safety of the electricity service provided directly to the consumer, such as how the company deals with voltage deviations and disputes with consumers. URCA will take into consideration Mr Maillis’s comments in the exercise of its functions as the regulator of the electricity sector.”
revenue”. Sebas Bastian, Island Luck’s principal, in an affidavit supporting his firm’s separate Judicial Review action argued that the “revenue collected” definition was so vague as to make it “unenforceable” and contrary to the Gaming House Operators Regulations. He used it as a minor part of Island Luck’s Judicial Review, urging the Supreme Court to grant “a declaration that Regulation 57 (1) of the Gaming House Operator (Amendment) Act 2018 containing the term “revenue collected” is “vague and therefore unenforceable”. Mr Bastian had earlier alleged: “The Gaming Operator (Amendment)
Regulation 2018 provides that the purported sliding scale gaming tax on gaming house operators from 20 percent to 50 percent shall be assessed on the ‘revenue collected’. ‘Revenue Collected’ is not defined in the Gaming Act or the Gaming House Operator Regulations. “In fact, Regulation 57 of the Gaming House Operator Regulations 2014 assesses tax on the basis of, and percentage of, ‘taxable revenue’ or a percentage of earnings before interest, taxes, depreciation and amortisation generated by the operations of the licensee. This term appears, I am advised by counsel, to be vague and ultra vires the Gaming House Operators Regulations 2014.”
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PAGE 4, Monday, September 24, 2018
THE TRIBUNE
Cabinet-approved PPP policy set for imminent release FROM PAGE ONE Speaking from Geneva, where he was part of the Government’s World Trade Organisation (WTO) accession delegation, Mr Johnson said: “We have a Cabinetapproved PPP policy that we will publish. We haven’t put it out yet. “Cabinet has approved a PPP policy and we do intend to go public with it in very short order. We have circulated it internally to heads of departments and heads of agencies.” He declined to comment further. However, the PPP policy has already come under fire. Mick Holding, the Grand Bahama Chamber of Commerce’s president, in a statement issued last week called for the document to be amended because it was “overly bureaucratic” and “cumbersome”. He also expressed concern that the policy called for all PPPs to have a $10m “minimum” investment value or “floor”, while arguing that opening up projects to bids from international companies and investors was “detrimental” to the needs of small and mediumsized (SMEs) Bahamian enterprises.
“I support the principle of Public-Private Partnerships,” Mr Holding said. “I think it’s a very effective way for government to get capital projects underway in an efficient and cost-effective manner. I also think that’s it’s a sensible idea for government to have a policy so there’s consistent approach to PPPs, giving accountability and transparency.” The statement said the PPP policy was “quietly released” by the Ministry of Finance earlier this month, although Mr Turnquest and Mr Johnson both said this has yet to happen. Mr Holding, though, appears to have obtained an advanced copy as the statement quotes several passages said to be in the policy. The sectors targeted for PPPs include electricity generation and distribution, especially renewable energy sources in the Family Islands. Ports, airports, roads, bridges, urban renewal, information and communications technology (ICT) and government buildings/facilities. “The use of PPPs will be focused on those sectors and services that are currently under-performing, or where The Bahamas could benefit
most from introducing private sector and international experience and expertise,” the policy says, according to the statement. “This would include sectors where there is a need for expansion, innovation and/or the adoption of new technology.” Mr Holding then detailed his worries, saying: “It appears to me to be overly bureaucratic, just looking at the process and not having gone through it. There are many checks and balances in place, which may be necessary, but it does make it a time-consuming, cumbersome, bureaucratic process in my opinion.” He also called for Bahamian groups to take the lead on all PPP bids, with foreign entities only allowed to participate as their junior partners. “I think that is detrimental to the development of small and medium-sized Bahamian businesses,” the GB Chamber chief added of foreign entities being allowed to bid. “If a Bahamian company needs to use a foreign company for technical expertise, that should be allowed, but the Bahamian company should always take the lead. I would have thought
it would be quite acceptable to have an international junior partner. I don’t think it should be open to international companies to tender.” Mr Holding is also a director of the Bahamas Striping Group of Companies, the company created from a $5,000 self-starter grant under the last Ingraham administration. Bahamas Striping has previously made no secret of its desire to engage in further PPPs with the Government for roads, parking lots and airports. Mr Turnquest, responding to Mr Harding’s concerns, said the PPP policy provided sufficient flexibility for the Government to consider “worthwhile” proposals below the $10m valuation “floor”. He also argued that the “checks and balances” were critical to protecting Bahamian taxpayer interests. “If I recall the policy, discretion can be used for worthwhile projects below that threshold, and not necessarily in the Government’s priorities and spending envelope. There’s nothing to preclude that,” Mr Turnquest told Tribune Business. “Again, the objective from the ministry’s standpoint is to protect the return on investment for the Bahamian people. To the extent there may be some checks and balances in the process, that’s the reality.” The release including Mr Holding’s statement, though, also objected to how the PPP policy deals with so-called “unsolicited” proposals - project submissions and ideas that have not been requested by the Government, but are sent in anyway. “Unsolicited proposals may allow The Bahamas to benefit from private sector innovation, and new ideas on ways to meet infrastructure needs. However, they also bring their own unique challenges, principally regarding transparency and VfM [Value for Money],” the policy is said to read. “The Government will therefore consider unsolicited proposals that are demonstrated to be of public interest, but only under a framework that preserves competitive pressure, transparency, and fiscal discipline.” The release interpreted this as suggesting PPP contracts will not be awarded to parties that first proposed an idea, thereby “penalising innovation” and allowing others to benefit from their intellectual property. Such concerns have already been expressed over the imminent Request for Proposal (RFP) for the Nassau cruise port’s management, with some fearing the “unsolicited” offers by Global Ports Holding and Cultural Village (Bahamas) will be used to develop the bid document’s contents. The PPP policy, though, does refer to a winning bidder having to compensate the group who first thought
of a project idea, with the sum agreed in advance between the Government and all sides involved. PPPs are a now wellestablished global model for mobilising private financing and expertise to develop major, capital intensive infrastructure projects that are designed to benefit society. Mr Turnquest conceded that the Government, still trying to restore discipline to the public finances and facing an $8bn national debt, would be unable to meet all The Bahamas’ economic and social needs in this area. “As we try to minimise our loans and financial obligations, to the extent we can use private sector money we can be more efficient and hopefully get their faster,” he told Tribune Business. “When you look at the vast areas of the country, there are opportunities to accelerate the pace of development and infrastructure throughout The Bahamas. We see it as a benefit, and are looking for - and will welcome - creative projects. “Ideally, the PPPs work when there is a revenue component where the project pays for itself. We’re more inclined to do those, but we do realise there are some PPPs where there is no revenue generating component. We have to look at those carefully to ensure we’re getting a return on the monies invested.” PPP arrangements are not without risk. The private sector’s desire for profit is not necessarily always aligned with the public interest, for instance. They also came under the spotlight, and significant criticism, in the UK this year due to the collapse of Carillion, a multi-billion conglomerate that made its living through government contracts. Mr Turnquest, though, said the “checks and balances” complained of by Mr Holding will act as a safeguard to prevent any Carillion-style debacle in The Bahamas. “Once we have a standardised policy we will have something to objectively look at these proposals against,” he said. “We can mark against the standards we have set for ourselves and benefits to the Bahamian people in the long run.” Both Arawak Port Development Company (APD) and the Nassau Airport Development Company (NAD) are examples of existing Bahamian PPPs. Besides Nassau cruise port, the Government is also exploring such arrangements for the redevelopment of key Family Island airports in a bid to bring them up to international standards - a project that could require up to $200m in investment. Tribune Business previously reported that the Government hired the Caribbean Development Bank (CDB) to help develop
a “properly structured” legal and risk management framework for PPPs, with meetings held with the private sector on the issue earlier this year. This came after six PPP contracts entered into by the former government came under heavy fire from the Minnis administration, which inherited them upon being elected to office on May 10. Carl Bethel QC, the Attorney General, told the Senate on June 22, 2017, that all were placed under review to determine if the Government was getting value for money and they were in the Bahamian people’s best interests. He identified the contracts as including proposals to “construct an administrative office building on 30 acres of prime agricultural Crown Land on Gladstone Road; reconstruct an administrative office for the administrator and police Station in Harbour Island, entered into with the same company that had agreed to build the Gladstone Road complex”. Mr Bethel said the emorandums of Understanding (MoUs) for these two projects were combined, adding: “That MOU called for the 30 acres to be granted to the builder by a Crown Grant, so that it could then lease the same land back to the Government. The transfer of title was said to be so as to enable that builder to borrow necessary funds from a bank to fund the construction.” The Attorney General did not identify the developer involved, but Tribune Business previously revealed Sebas Bastian’s Brickell Management Group (BMG) as the private sector partner behind the Harbour Island project. The other PPPs referred to by Mr Bethel included a new administration complex and police station in Eight Mile Rock; the new General Post Office at the Independence Drive Shopping Plaza; the proposed new Road Traffic Department building on Tonique Williams Highway and Knowles Drive; and contractual works for the Fox Hill Community Centre. Scott Godet, principal of Scottdale Bedding and National Fence Company, and a major landlord to the Government, was the principal behind the Post Office PPP. Desmond Bannister, minister of works, subsequently revealed that now-Exuma MP, Chester Cooper, was leading the $24.5m Road Traffic PPP, while New Providencebased Top Notch Builders raised $25m to finance the Eight Mile Rock complex. The Eight Mile Rock project was subsequently given the go-ahead to proceed, but the fate of the others has been unclear.
THE TRIBUNE
Monday, September 24, 2018, PAGE 5
‘An inconvenient truth’ for govt, developers FROM PAGE ONE to put it into effect - the executive has simply failed to abide by its provisions since 2012. “The PLP pretended as if it did not exist, but we relied upon it in litigation and were successful. Until it’s put into effect, and the Government populates the Department of Physical Planning with physical and human resources, and skilled land planners and inspectors, no development in The Bahamas can lawfully occur without the required Land Use Plans mandated by Parliament.” Justice Bain’s verdict stemmed from a Judicial Review challenge to the then-Christie administration’s decision to launch a new round of public consultations over Peter Nygard’s applications for building permit, seabed leases and future buildings at his Nygard Cay property. Besides breaching an existing injunction on granting the Canadian fashion tycoon any such permits, Mr Smith and the Coalition to Protect Clifton Bay argued that the new consultation was “illegal and/ or irrational and/or ultra vires” because the Government had failed to follow the Planning and Subdivisions Act - especially the requirement to develop a Land Use Plan for New Providence. Justice Bain noted that the Act requires a Land Use Plan to be developed for every Bahamian island, not just New Providence, which was described as an approved policy document “showing existing and future planned land users land to be protected from development”. Land Use Plans are supposed to designate areas identified for residential, commercial, industrial and other purposes, while also segregating areas that should not be developed. The Act also mandates significant public consultation before any Plan is approved. Finding that these obligations are “mandatory”, and that Land Use Plans are essential “as a guide to development” in The Bahamas, Justice Bain said the Government gave no explanation for why it had failed to develop such a plan for New Providence. The Supreme Court’s upholding of the Planning and Subdivisions Act and its provisions, and Order for the Government to
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enact it, will likely shock many developers - especially those who have been calling for major changes to it. Sir Franklyn Wilson, Arawak Homes’ chairman, in a 2014 interview with Tribune Business urged the Government to fix the Act “sooner rather than later” otherwise all development projects would become bogged down in “never ending Judicial Review” actions. He argued that the Government “absolutely cannot” enforce and implement the statutory processes in the Planning and Subdivisions Act 2010 due to a lack of expertise, resources and manpower. Effectively implying that it will cost the Government money it does not have to uphold its own laws, Mr Wilson backed Michael Major, the then-director of physical planning, as “dead right” for his alleged assertion that properly applying the Planning and Subdivision Act would send the administration “bankrupt”. Mr Major, according to documents filed with the Supreme Court as part of the Judicial Review action challenging the permits/ approvals granted to the
Blackbeard’s Cay project, allegedly told activists from the ReEarth environmental group that it was “too costly to hold public meetings on every development” and “if we were to do that we would be bankrupt”. However, Mr Smith lauded Justice Bain’s ruling, and said properly implementing the Act will prevent the Prime Minister’s Office and other government agencies from “blindly approving projects and transactions” without reference to laws passed by Parliament. He added that it would also give investors/ developers certainty over the rules surrounding their investments. “This refusal by the executive to abide by the rule of law is at the root of a lot of the challenges The Bahamas faces in achieving prosperity,” he told Tribune Business. “There are a lot of developments that have occurred unlawfully, and some of the financing arrangements will be in jeopardy because proper permits may not have been obtained as required under the Planning and Subdivisions Act.” Mr Smith called on conveyancing and transactional attorneys to be especially
mindful, given that agencies such as the Bahamas Investment Authority (BIA) and Bahamas Environment, Science and Technology (BEST) Commission do not exist in law. As for the implications of Justice Bain’s ruling, and enforcement of the Act, the outspoken QC said: “It would bring transparency. It would bring due process. It would bring protection to environmental issues. It would ensure proper consultation with third parties, and be part of a Land Use Plan governing everybody’s prospective development and investment. “It brings the rule of law and regulated development in a real way to The Bahamas. It’s a very good piece of legislation; one which developers and the executive don’t like because it shackles them to process, thereby depriving both sides of secrecy. “If the Planning and Subdivisions Act was properly applied, the director of physical planning becomes one of the most important persons that every domestic and foreign developer must turn to. It’s a very powerful position that all the nonstatutory executive agencies will have to turn to.”
YOUR
CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, SANTOINE ALLEN of East St. South, New Providence, Bahamas, intend to change my name to SANTOINE MAJOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
PAGE 6, Monday, September 24, 2018
THE TRIBUNE
GOVT WTO NEGOTIATORS ‘ARMED AND DANGEROUS’
Reputable and Growing Gaming Company, accepting resumes for
Director of Media Operations
FROM PAGE ONE
Essential Duties & Functions: (Includes but not limited to)
prepared to show the Chamber and private sector representatives a “sampling” of the goods and services offers already submitted, especially those areas “of potential concern” to specific Bahamian industries. With the Bahamas’ WTO accession momentum starting to accelerate following last week’s Third Working Party meeting in Geneva, Mr Maura said the Chamber had formed its own Working Group to help the Government advance this nation’s economic interests. With the WTO having scheduled approval of The Bahamas’ full membership bid for June 2020, the Chamber chairman said the advocacy body was preparing to take “a deep dive” into the economy by conducting an impact analysis of its own to “understand how it ticks”. “We’ve created this WTO Working Group, and ourselves and the Government’s negotiating team, led by Zhivargo Laing, have agreed to collaborate and work together as the Government advances accession
• Oversee staff in Radio, Production, News and Web that coordinate content both internally and externally. • Works closely with senior office leadership to define overall strategic direction within the company. • Develop clear best practices and guidelines for how the agency uses different digital media channels and/or delivers different objectives that can drive performance. • Develop and present Media Strategy briefs based on market research, digital media best practices, and input from media buyers. • Lead operational excellence, helping to drive flawless execution in media placement as well as appropriate staffing and resourcing to deliver on agreed scopes of work. • Collaborate on the establishment of internal team processes, and help review existing processes, so that the workflow of the team is efficient, streamlined, and ensured to produce quality outputs. • Strategize campaign development, and then manage results through performance analysis and optimization efforts. • Establish guidelines, specifications and standards for the Media Operations groups to ensure a consistently high level of performance (e.g. error rates, quality of service.) • Ensure strategic success by creating and reviewing project plans, timelines, estimates, and requirement documents. • Support Broadcast Operations as it relates to the delivery of content and live event ingest
Interested candidates are required to possess the following managerial skills and qualifications:
and discussions at the WTO,” Mr Maura said. He added that the Chamber-commissioned study will support the Government’s own “comprehensive analysis of our economy”, and was intended to assist in finding “the best trade regime for The Bahamas” under the rules-based system enforced by the WTO. “It will identify those areas that are a lag on growth to looking at those things we should be encouraging and facilitating and investing in, and enhancing those areas,” Mr Maura told Tribune Business. “What we’re looking at in the Chamber analysis will be a review of our legal framework and potential changes required to ensure we optimise the benefits coming to The Bahamas from trade liberalisation. “While we’re keenly interested in the impact of any tariff reductions, changes and amendments may have, of equal importance is our legal framework that directly impacts the conditions of trade and business. We can then ensure that as we’re making these changes to the system from a border
LEGAL NOTICE
NOTICE OF DISSOLUTION
• A minimum of 5 years experience in media operations managing workflows and creating content for multiple platforms.. • Must have strong Excel, PowerPoint, Visio, Project, SharePoint knowledge. • Demonstrates ability to successfully coordinate requirement across departments and levels of management. • Outstanding inter-personal and communication skills (verbal and written), must exhibit diplomatic, collaborative mentality in a team driven environment. • Staff development, performance evaluations, resource allocation and project scheduling. • Support Broadcast Operations as it relates to the delivery of content and Live even ingest.
LENZBURG MANAGEMENT HOLDINGS LIMITED Notice is hereby given that pursuant to Part IX, Section 138(4) liquidation of the above company commenced on the 20th day of September, 2018. Octagon Management Limited of The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company.
Interested qualified candidates may submit their resume via email to info@242careers.com. Deadline for submissions – September 25th, 2018
_________________________________
Octagon Management Limited Liquidator
Only successful candidates will be contacted.
MARKET REPORT THURSDAY, 20 SEPTEMBER 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,948.90 | CHG -4.41 | %CHG -0.23 | YTD -114.67 | YTD% -5.56 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 13.20 7.00 4.50 13.50
52WK LOW 3.50 19.17 7.50 3.32 0.90 0.15 2.30 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 AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ 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)
LAST CLOSE 4.01 17.43 9.09 4.45 1.01 0.18 2.55 9.22 6.15 3.60 12.42 2.76 1.75 7.71 6.21 13.06 6.31 3.65 13.01
CLOSE 4.01 17.43 9.09 4.46 1.01 0.19 2.30 9.22 6.15 3.60 12.42 2.86 1.75 7.66 6.21 13.06 6.31 3.65 13.01
CHANGE 0.00 0.00 0.00 0.01 0.00 0.01 -0.25 0.00 0.00 0.00 0.00 0.10 0.00 -0.05 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
CLOSE 100.00
CHANGE 0.00
107.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
1,000 2,000 1,500
VOLUME
EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.231 0.000 0.670 0.701 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 14.1 N/M N/M -2.3 13.2 13.9 23.4 19.8 28.0 7.6 N/M 9.3 18.6 8.8 13.2 20.6
YIELD 2.49% 6.48% 0.00% 5.16% 0.00% 5.26% 0.00% 7.70% 3.58% 3.33% 4.99% 2.10% 4.00% 1.10% 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
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
or services perspective that the intended objectives are realised as we have the legal framework to support them.” Mr Maura said the Chamber’s work aimed to provide the Government with the fact-based, data-driven economic evidence it needed when negotiating this nation’s terms of trade with other WTO members. “Our efforts are intended to provide further information, further analysis to the Government and Zhivargo’s team so that they’re armed and dangerous going into these negotiations,” Mr Maura told Tribune Business. “It’s important to get this economic analysis complete as you can’t negotiate from a place of emotion; you have to negotiate from a place of data and facts.” Mr Laing, in a separate interview, said he and the Government were firmly aware that The Bahamas’ successful accession to the WTO hinges on constant, two-way communication between themselves and the private sector. “Not only did I make a commitment to that openness in that meeting,” Mr Laing said of recent talks between the two sides, “but we made provision for the Chamber to get a full briefing not only on the strategies but the contents of the offer itself; what was put forward, and eye balling what the indicative offer was.” With “time of the essence”, Mr Laing said it would not be possible to go through every line item in The Bahamas’ goods and services offers, but the Government would provide “a sampling” of what had been submitted to the WTO. Included in this sample, he added, were “the ones that certainly will be of potential concern and interest to see exactly what we’re doing on those”. “On an ongoing basis it is my expectation that as we get into the throes of these negotiations in more detail that we will have the ability to confer with Chamber representatives while still in attendance at these meetings,” Mr Laing added. The former minister said private sector involvement with the WTO process was “absolutely critical”, given that The Bahamas’ will
be negotiating with countries whose representatives will largely by advocating for their own business communities. “I want to be in the same position in our negotiations,” Mr Laing told Tribune Business. “I want our stance to reflect the input of the private sector. We will not get all we want, and the other side will not get what they want. It means getting as best we can what was agreed between the public and private sectors, and the best outcome for The Bahamas.” Darron Pickstock, who heads the Chamber’s trade and investment division, told Tribune Business that private-public sector collaboration was “paramount” if The Bahamas was to “get the best possible outcome” from WTO membership. Pointing out that it was businesses who trade, not the Government, Mr Pickstock said the Chamber was “very encouraged” by the Government’s commitment to openness and transparency over the process. He called on the private sector to look beyond potential negatives associated with WTO membership to instead focus on the positives, especially how the negotiations could be used to open up access to foreign markets and provide certainty to incoming foreign direct investment - thereby positioning the Bahamian economy for future growth. “One of the things we focus a lot on is the change and negative impact of WTO,” Mr Pickstock told Tribune Business. “We’re really not putting enough focus on what we can get out of this.” The Chamber has hired the KPMG accounting firm to assist with selecting a company to do its economic analysis. Mr Laing said the Government’s own study had modelled the consequences of multiple accession outcomes on indicators such as growth, revenue and jobs. The Chamber’s WTO working group includes both Mr Maura and Mr Pickstock, Robert Myers, Ed Fields, Franklyn Butler, Anthony Ferguson and Karla Wells from Caribbean Bottling.
NOTICE Notice is hereby given that RAYMONVIL REGGIONEL of 5th Street, The Grove, 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 signed statement of the facts within twentyeight days from the 24th September, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES, ACT 2000
CARDINAL TRADING SERVICES LTD
NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:a) CARDINAL TRADING SERVICES LTD. is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 18th September 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited, whose address is 3rd Floor, Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-4865, Nassau, Bahamas.
AMICORP BAHAMAS MANAGEMENT LIMITED Bahamas Financial Centre, 3rd Floor Shirley & Charlotte Streets P.O. Box N-4865 Nassau, Bahamas
THE TRIBUNE
Monday, September 24, 2018, PAGE 7
Consumers ‘pay the price’ for supporting agriculture FROM PAGE ONE for agricultural and fisheries production. “The continued reduction of price support to producers (MPS), which is the most distorting and not the most efficient form of support, will benefit consumers and does not directly require additional fiscal resources, although it implies a decrease in tariff revenues.” The IDB analysis then called for greater efficiency in Government spending on agriculture through the introduction of performance monitoring programmes for particular policy initiatives. “There is a disconnect between the goals and budgeting of agricultural policy planning in The Bahamas, as major mid-term planning documents do not include budget projections,” the IDB report warned. “The structure of budget classification includes only broad categories that do not allow any detailed analysis of spending. “The majority of the Ministry of Agriculture and Marine Resources (MAMR), Department of Agriculture (DOA) and Department of Marine Resources (DMR) budgets go to administration - mainly salaries and building maintenance - and are not allocated to any particular projects or programme.” It continued: “Although the government’s shortterm development goals are detailed in the budget communication documents, agriculture is rarely mentioned in such documents. Agricultural development is considered in the framework of the human capital development strategy (BAMSI) and the development of small and medium-sized enterprises. “The list of the ‘measures’ included in Vision 2040 [the National Development Plan] is comprehensive. However, they lack specific actions and often describe the Government’s best intentions without spelling out the actions and resources required to achieve them.” The IDB report said the
absence of long-term agriculture planning, especially when it came to vital industry-supporting infrastructure, was creating uncertainty for farmers and making them reluctant to invest. “Agricultural access roads, harbours, irrigation, as well as post-harvest infrastructure in The Bahamas are areas that should receive more attention from the Government,” it urged. With the absence of data and information making it hard for the Government to make “informed policy decisions”, the IDB report’s authors added: “Measures focused on the profitability and productivity of the sector, such as enhanced research, development and extension support, creation of efficient post-harvest value chains, pest, disease and quality management systems, and risk management support programmes will help create a possibly small but efficient agricultural sector and exploit some specific competitive advantages in a few niche sub-sectors.” Some three percent of the Bahamian workforce is currently employed in agriculture but, while the sector has room for growth in niche markets, the IDB document said this nation had to bow to the inevitable and realise it “will still have to rely on imports for
most of its food supplies. “Agricultural land is concentrated on the New Providence, Abaco, Andros, and Grand Bahama islands, while consumption takes place mostly on New Providence and Grand Bahama islands, making the efficiency of inter-island transportation crucial,” it added. Fisheries, though, played a key trade role for The Bahamas by accounting for 15 percent of total merchandise exports even though this had declined from $90m in 2013 to just over $60m two years later. “Fish and crustaceans account for over 90 percent of agri-food exports and are exported to the European Union (EU), US and Canada,” the IDB report said. “The Bahamas is a net importer of agri-food products: The country imports meat and dairy, fruit and vegetables, prepared food and beverages. The agrifood import bill increases constantly, reaching $623m in 2015. “Support to producers averaged 19.08 percent of gross farm receipts in 20122014, and a significant share of support (29 percent ) was provided in the form of transfers to general services. At the same time, total transfers arising from agricultural policy reached only 0.28 percent of the national GDP.
E.C. MOSS GAS CO. LTD.
•
• • • • • •
The incumbent will achieve Company objectives by: • • • • • • • • • • • • • • • • • • • • • • • •
• •
• • •
If therefore any customer, when receiving a supply of LP gas, has any doubts or questions as to who the actual supplier is, that customer should immediately telephone either Mr. Michael Moss or Mr. Andy Thompson of E.C. Moss Gas Co. Ltd. at 361-1849 before accepting any such supply.
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:
Please be advised that E.C. Moss Gas Co. Ltd. has no business relationship with any other LP gas distributors in The Bahamas, and therefore no such ‘other’ company is authorized to conduct business on its behalf.
• • • • • •
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
BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE
BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE
UTILITYMAN CHARGEHAND
FINANCE ASSISTANT
Performing distribution line work, for example, troubleshooting and executing distribution system repairs (conductor repairs, transformer changes, tree trimmings); Up-keeping the power plant grounds; Leading team in the distribution of electrical services. This involves planning the work of related staff on a daily basis, and rearranging work schedules to address emergency or rush assignments; and Assisting with engine operation and maintenance such as: assisting with the start-up / shut-down, loading, and routine maintenance (for example, filter and oil changes).
A vacancy exists in the Company for the position of Finance Assistant. The incumbent will achieve Company objectives by: • • • • • •
Successful completion of a Formal Apprenticeship or Technical School Program or equivalent qualifications; A minimum of 3-4 years of experience; Knowledge of electrical principles, local distribution systems, lineworks and diesel engines maintenance and repairs; Requires climbing skills, line troubleshooting and pole top inspection skills for conducting line work repairs, and leadership skills; The ability to read revenue meters; Proficiency in the use of specialized tools e.g., multimeters, cut-out sticks, hand tools, and light machinery; and A valid driver’s license.
Interested persons should apply to Afuture@bplco.com on or before: September 28th, 2018.
Preparing bank reconciliation for assigned bank accounts; Maintaining the reconciliation investigations file; Preparing journal entries for accounting adjustments and banking transactions (e.g. transfers between bank accounts, bank charges, and returned checks); Entering cash receipts postings in journals for proper allocation within the general ledger; Acting as liaison between the Finance and Customer Services Departments to prepare listings of returned checks; and Maintaining procedures filing system for such items as cancelled checks, bank advice, memos and statements.
Job requirements include but not limited to: • • •
Job requirements include but not limited to: •
A vacancy exists in the Company for the position of Senior Staff Accountant.
• •
The incumbent will achieve Company objectives by:
• •
SENIOR STAFF ACCOUNTANT
NOTICE TO OR VALUED CUSTOMERS
A vacancy exists in the Company for the position of Utilityman Chargehand – Abaco
•
BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE
• • • • • •
Completion of an Associate of Arts Degree in Business Administration/Management or equivalent qualifications; A minimum of 3 – 4 years of experience; Thorough working knowledge of the check reconciliation module within the H T E environment and the interface between the General Ledger and the Customer Information System; Detailed analyses and research skills relevant to accounting entries affecting all bank accounts for reconciliation purposes; Accounting and arithmetic skills to reconcile bank accounts and ensure the accuracy of transfers, charges and other adjustments; Proficiency with the use of the imaging system; Written and verbal communication skills to interact effectively with staff and the public (e.g. banks, vendors, auditors); Computer skills and the use of related software (e.g. cash management software) and computerized spreadsheet tools to prepare reconciliation and bank transfer schedules; & Ability to operate standard office equipment.
Interested persons should apply to Afuture@bplco.com on or before: September 28th, 2018. Only candidates meeting the criteria will be contacted.
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
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.
Bahamas Power and Light Company Ltd.
BUILDING FOR BETTER
BUILDING FOR BETTER