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WEDNESDAY, NOVEMBER 1, 2017
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‘The bleeding’s stopped’ on doing business ease By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
he private sector yesterday warned the Bahamas “can’t jump through hoops” over its rise in the World Bank’s ‘ease of doing business’ index, even though its 119th position means “the bleeding’s stopped”. Edison Sumner, the Bahamas Chamber of Commerce’s chief executive, expressed relief that the two-place improvement from last year’s 121st ranking had ended the “downward spiral” the Bahamas has been on “for too long”. He told Tribune Business he had “feared” for the Bahamas’ reputation among the international
* Bahamas improves - but just 2 spots to 119th * Nation ‘can’t celebrate’; highest category 55th * Reputation ‘fear’ if World Bank fall continued investment community had it slipped further in the World Bank’s index, which measures the efficiency of a company’s permitting/approval systems compared to 189 other nations. The Bahamas has spent multiple years sliding in the ‘ease of doing business’ rankings, having gone from a
SUMNER
position in the top third the 60s and 70s spots - to almost falling out of the middle third last year. While yesterday’s modest improvement has at least ‘stopped the rot’, Mr Sumner and others acknowledged that the Government and private sector together face an “enormous” task to implement further
reforms that will accelerate the Bahamas’ rise up the World Bank index. The Chamber’s chief executive expressed hope that if the two sides could successfully implement some of the reforms now being discussed, the Bahamas’ ranking would enjoy greater improvement in next year’s index - possibly even breaking into the world’s top 100 nations.
SEE PAGE 6
BAHAMAS FACES ‘ENORMOUS’ TASK OVER EASE OF BUSINESS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET Minister yesterday admitted the Bahamas faces an “enormous” task to improve its ‘ease of doing business’, adding: “Our economic survival hinges on it.” Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the Bahamas’ ranking in the World Bank’s index “will only get better” under the Minnis administration due to its “laser-like focus” on the problems encountered by the private sector in interacting with Government. Speaking after the Bahamas moved up a
modest two spots in the World Bank’s rankings, from 121st to 119th out of 190 nations, Mr D’Aguilar said it was imperative for the Bahamas to “get it right” on the ‘ease of doing business’ otherwise its economy will stagnate. He also accused the Christie administration and its predecessors of “paying lip service” to improving the Bahamas’ ease of doing business, and pledged that himself and his Cabinet colleagues would be working “diligently” on the issue throughout their five-year term. “The improvement in the ease of doing business is only going to get better,” Mr D’Aguilar told
WEEK’S ‘BREATHING ROOM’ FOR BTC WORKER DISPUTE By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Telecommunications Company (BTC) has given technicians an extra week to review their new employment terms, lifting - at least temporarily - its threat to terminate 70 workers. Robert Farquharson, director of labour, yesterday confirmed that he had intervened in the dispute between BTC and the technicians whose jobs it had previously outsourced. “The Department of Labour has intervened in the dispute,” he confirmed.
* TECHNICIANS GIVEN 7 DAYS TO STUDY TERMS * LABOUR DEPARTMENT INTERVENES IN BATTLE “BTC has given consideration to extend the period whereby the employees have the option to sign new terms and conditions of employment. The company has indicated that they would like these employees to remain on the job, and so they are flexible in giving them additional time to seek further legal advice.” Mr Farquharson said the workers had been given a
SEE PAGE 5
GOV’T URGED TO IMPROVE ‘GOD AWFUL’ TAX CREDITS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to improve the “God awful” delays and bureaucracy encountered in obtaining tax credits and refunds. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Minnis administration needed to treat taxation as a “twoway street” to improve the Bahamas’ ‘ease of doing business’.
* GOVERNANCE REFORMER SEEKS ‘2-WAY STREET’ * DELAYS DETER SEEKING DUE DUTY, VAT REFUND He disclosed that his own businesses had become so frustrated by the wait for Customs duty, Excise Tax and VAT (at the border) refunds that they rarely bothered to apply for them, even if the Government’s revenue agencies owed them money.
SEE PAGE 3
* MINISTER: ‘OUR ECONOMIC SURVIVAL HINGES ON IT’ * PLEDGES WORLD BANK RANK ‘WILL ONLY GET BETTER’ * GOV’T APPLYING ‘LASER-LIKE FOCUS’ TO PROBLEM Tribune Business, after the Bahamas - albeit barely reversed consecutive years of decline in the World Bank rankings. “This government has applied a laser-like focus to address these poor rankings of the past. For too long the Government has only paid lip service to improving the ease of doing business, but this government, this Cabinet, is focused on addressing the issue. “We’ve had a number of discussions on how to improve this area, and all the Ministers are looking
at how we can improve the process by which the public interacts with the Government.” The World Bank’s annual ‘ease of doing business’ index measures the amount of bureaucracy and ‘red tape’ that businesses/investors encounter in their dealings with the Government and regulatory agencies, pitting nations against each other by assessing how smooth it is to conduct commerce. Excessive bureaucracy, plus lengthy and poorly defined approvals processes
with multiple steps, all cost the private sector time and money, not to mention frustration. Mr D’Aguilar yesterday acknowledged that rapid, significant improvement in the Government’s interaction with the private sector was key to reviving domestic and foreign business confidence in the Bahamas. “We’ve got an enormous way to go,” he admitted, “but we think that once we break down how that [World Bank index] is determined and the ranking, and look at the components of it, we’ll see we can make some enormous strides in improving our ranking.
SEE PAGE 5
$4.29 GB POWER ‘MINING’ $600K SAVINGS VIA PREFERENCE PAYOUT * 43% REDEMPTION TO ‘MITIGATE’ 10% SALES FALL * UTILITY SAYS BENEFITS WILL PASS TO CONSUMERS * CURRENCY RISK ON DRS FOR ICD BUY-OUT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND BAHAMA Power Company will slash annual debt servicing costs by $600,000 through redeeming 43 per cent of its preference shares, with the benefits passed on to consumers. The utility, in e-mailed responses to Tribune Business questions, said December 2017’s $15 million redemption was part of its commitment to “mine savings” and avoid rate increases to recover Hurricane Matthew’s $28 million restoration costs. The $15 million, out of a total $35 million preference share debt, will be replaced by lower cost bank debt, as GB Power exploits the Bahamas’ historically low interest rates to refinance its balance sheet. “The decision to refinance the preferred shares with bank debt was done after an analysis of our balance sheet and capacity to take on bank debt,” GB Power
SEE PAGE 4
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PAGE 2, Wednesday, November 1, 2017
THE TRIBUNE
Colina earns top strength ratings COLINA Insurance has seen its financial strength and creditworthiness confirmed by the global insurance industry’s main rating agency. A. M. Best affirmed the life and health insurer’s A(Excellent) financial strength rating, and ‘a-’ long-term issuer credit rating, while also placing a ‘stable’ outlook on the company due to its capitalisation and operating ratios. It added that Colina’s ratings reflected its financial performance and “leading position in the life/health
market in the Bahamas” as its largest player. These factors, though, were somewhat offset by concerns over delinquencies in its mortgage portfolio and this nation’s economic health. “The rating affirmations for Colina reflect the company’s leading position in the life/health market in the Bahamas, its strong risk-adjusted capitalisation and favourable operating results,” A. M. Best said. “Partially offsetting these strengths are delinquencies in the company’s mortgage loan portfolio and a narrow
geographic profile in the Bahamas. “Colina enjoys a leading market share in the region in its selected segments, and its risk-adjusted capitalisation is appropriate relative to its investment and insurance risks. A.M. Best expects a continuation of a normalised level of profitability based on recent performance measures, including favourable return metrics. “However, given the mature nature of the market, Colina’s top line growth has been fairly flat in recent years.”
“THE RATING AFFIRMATIONS FOR COLINA REFLECT THE COMPANY’S LEADING POSITION IN THE LIFE/HEALTH MARKET IN THE BAHAMAS, ITS STRONG RISK-ADJUSTED CAPITALISATION AND FAVOURABLE OPERATING RESULTS.” The rating agency added: “Economic headwinds within the Bahamas’ economy, and potential mortgage loan delinquencies, continue to pose rating concerns for the company in the near to intermediate term. “While A.M. Best remains concerned over mortgage loan exposures and delinquencies relative to total stockholders’ equity, A.M. Best notes that over the past several years the company has decreased its exposure to such asset classes in the aggregate, and as a percentage of total invested assets.” According to A.M. Best’s ratings methodology, the
‘A-’ rating is assigned only to insurance companies it believes have a strong ability to meet their ongoing obligations. Colina has maintained a rating history of A- (Excellent) since it received its first A. M. Best rating in 2004. A.M. Best also affirmed the ‘bbb-’ long-term issuer credit rating for the company’s BISX-listed parent, Colina Holdings Bahamas, together with a stable outlook. In the financial year ended December 31, 2016, the company disclosed a $15.7 million year-overyear growth in its total asset base.
During the 2017 first half, Colina Holdings expanded its asset base by a further $16.7 million to $743.4 million, with total equity at $186.3 million at June 30. “We are very pleased to have our A- (Excellent) rating affirmed once again,” said Colina Holdings executive vicechairman, Emanuel M. Alexiou. “We continue to maintain a conservative operating philosophy, focused on ensuring Colina maintains the long-term financial strength to honour the financial commitments we make to our policyowners every day. “A. M. Best’s affirmations demonstrate that they have a great deal of confidence in Colina and its financial stability, strategy and prospects for continued growth.”
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THE TRIBUNE
Wednesday, November 1, 2017, PAGE 3
No decision over fly fish regulation repeal By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government has made no decision on repealing the fly fishing regulations, although the Prime Minister’s press secretary yesterday confirmed several industry members had presented on the issue. Anthony Newbold, during his weekly press briefing, said: “I know that there has been a presentation made by several members of the fly fishing industry to the Government. “I know that government is looking at that presentation, but no decision has been made to repeal any part of that Act or the Act at all. I know a presentation has been made because I have seen it, but no decision has been made.” Prescott Smith, the Bahamas Fly Fishing Industry Association’s (BFFIA) president, earlier this week accused ‘special interests’ of pressuring the Minnis administration to repeal the country’s
TAX CREDITS FROM PAGE 1
While agreeing that the Ministry of Finance had moved to make the process of paying taxes easier, Mr Myers said: “They now need to strategise and focus on the tax credits and refunds, because that’s God awful. “They need to do a better job on credits. When they [the Government] owe money, they don’t pay it. We see it all the time. We can’t get refunds from government.” Private sector complaints over the timeliness of VAT refunds and credits have frequently been voiced since the 7.5 per cent levy was introduced on January 1, 2015. Many have attributed the delays to the Public Treasury’s own cash flow issues as a result of the Government’s strained fiscal position, but the wait for due payment results in cash flow problems of their own for businesses. “If four to five items are shown on an invoice, but are not in the trailer when it’s opened for inspection, you’ve already submitted the declaration and paid the duty,” Mr Myers told Tribune Business. “If something on the invoice is not there, we
recently-enacted fly fishing regulations. He confirmed to Tribune Business that “a really urgent meeting” is being arranged between the Government and industry stakeholders on the matter. His comments come on the heels of a statement released on Sunday by Progressive Liberal Party (PLP) leader, Philip Davis, who expressed concern over reports circulating in the fly fishing community that the Government plans to revoke the regulations. “We advise the Government not to do so,” said Mr Davis in the statement, adding: “We urge the Government to proceed carefully and not to proceed with the repeal of any legislation that protects fly fishing for Bahamians.” The fly fishing regulations introduced back in January require anglers over the age of 12, and those who wish to fish in the flats, to apply for a personal angler’s license and pay a set fee. Non-Bahamians will have to pay $15 for a daily license; $20 for a weekly license; $30 for a monthly license; and $60 for an annual license. The regulations also require
a foreign vessel wishing to fish in the Bahamian flats to obtain the usual sports fishing permit, with each person on the vessel also holding a personal license. The regulations ban commercial fishing in the flats. Anglers are only allowed to catch and release when catching bonefish, permit, snook, cobia and tarpon. And a Conservation Fund for the management and protection of the flats and fisheries resources in the Bahamas is to be established. As reported by Tribune Business, when the proposed regulations for the estimated $140 million industry were first unveiled, they created considerable controversy and effectively a divide between the 400 local guides and the lodge owners. The latter were more opposed to the proposals. There was concern that the regulations, as initially drafted, gave the impression that the Bahamas was being too protectionist and restrictive, and anti-foreign, while tying up access by foreign anglers in bureaucracy and red tape.
don’t bother [claiming the tax refund], as it’s so hard to get a credit on the duty. That’s just impossible. We never see it, and if they did give it, it takes a year, yearand-a-half to get it. I’m not sure we’ve ever had one, so we don’t bother. That happens; we know better.” He added: “You can’t change the invoice, but if something extra is shipped and is not on it, they’ll fine you for it. Yet if it’s not shipped, you’ve already paid Customs the duty and the VAT. “A two-way street has got to be done. We get fined, and even jailed, if we were to do something wrong, but if it goes the other way nothing happens. There’s no accountability on the Government side. If I can file and pay [VAT returns] in 21 days, they should be able to do the same. If they don’t, they should get fined.” Mr Myers’s concerns, which are likely to strike a chord with many in the private sector, came as the Bahamas was ranked 55th by the World Bank’s ‘ease of doing business’ index for the ‘ease of paying taxes. That was this nation’s highest individual category ranking, with the World Bank report finding that the 31 tax payments required from a medium-sized Bahamian company was slightly higher than the Latin American and Caribbean
average of 28. The collective 31.5 per cent tax rate faced by Bahamian companies, as a percentage of profits, was lower than both the 46.6 per cent regional average, and the 40.1 per cent for high income OECD economies. This gives weight to those who argue that the Bahamas is not a ‘high tax’ jurisdiction, and the average 233 hours per year spent on paying taxes by a mediumsized Bahamian company was also less than the 332.1 hours in Latin America and the Caribbean. The 12 monthly VAT filings were estimated to take up 157 hours per year, while National Insurance Board (NIB) contributions accounted for another 66 hours.
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PAGE 4, Wednesday, November 1, 2017
THE TRIBUNE
GB Power ‘mining’ $600k savings via preference payout FROM PAGE 1
told Tribune Business. “We are redeeming the preference shares so that we can reduce our debt service cost. “As we committed to following Matthew, we are mining savings out of other parts of our business. This transaction will save us $600,000 annually to help mitigate the downturn in sales being experienced.” GB Power and its 80.37 per cent majority shareholder, Emera, previously told this newspaper that the former’s electricity sales were down 10 per cent year-over-year as a result of the Grand Bahama economy’s ongoing recovery from Hurricane Matthew’s ravages. Its preference shares are divided into two classes, with $32 million in Series A and the $3 million remainder in Series B. GB Power said the decision to only redeem $15 million, or 43
per cent, of the principal on December 20 was based on an analysis of its capacity to “take on new debt and manage our balance sheet”. GB Power also emphasised that the preference share redemption is not related to the proposed buy-out of Bahamian minority shareholders in ICD Utilities, the BISXlisted holding vehicle for a collective 50 per cent equity interest in the energy utility. The 19.63 per cent minority are due to vote on whether to accept Emera’s offer on November 7, amid questions over the latter’s motives and the potential total loss of Bahamian ownership in what many regard as a key Bahamian infrastructure asset. Royal Fidelity Merchant Bank & Trust, in a note to clients yesterday on the proposed transaction, warned that Bahamian investors could be exposed to currency fluctuations if they accept Emera’s Depository Receipts (DRs) - in whole or in part - for their ICD Utilities shares
because the underlying securities are denominated in Canadian dollars. The investment bank, outlining the ‘pros and cons’ of the options offered by Emera, pointed out that because its shares and dividends are in the Canadian currency, DR holders will be “exposed to the benefit or cost of appreciation or depreciation, respectively, of the Canadian dollar against the US dollar”. The Bahamian dollar is pegged one:one to the US dollar, and RoyalFidelity’s client note means that investors who take either of the two options involving DRs will be exposed to currency risk - something few may have accounted for. This, together with the 25 per cent Canadian withholding tax on dividends that will be paid to Bahamian shareholders, makes the DRs a less attractive option than initially thought, and will likely raise suspicions that Emera’s offer is tilted towards nudging investors to accepting the all-cash payout.
TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394 NOTICE ORIENTAL LILLIES LIMITED In Voluntary Liquidation
Bahamian shareholders in ICD Utilities have been given three ‘exit route’ options that may generate increased investment value. They can accept a price of $8.85 per share for their holdings, representing a 26.25 per cent premium to the current $7.01 BISX price, and 33 per cent premium to the “24-month volume-weighted average price”. Alternatively, they can trade their ICD Utilities shares for 0.913 Emera depository receipts, enabling them to switch their narrowly-focused investment in GB Power for an international stock with worldwide utility investments. Four depository receipts will equal one Emera share, giving Bahamian investors exposure to the potential upside generated by the Canadian utility’s spread of assets in Canada and the Caribbean. The third and final choice is to take a combination of cash and depository receipts (DRs). RoyalFidelity, though, said the withholding tax and currency risks were offset by Emera’s strong operating and dividend performances, with the majority of analysts covering the company rating its stock highly. “Emera has a dividend yield of 4.31 per cent for
2017, has increased its dividends on a regular basis in the past, and has already approved an increase of 8 per cent for the next year,” the Bahamas-based investment bank said. While the withholding tax would have slashed the 2017 dividend yield from 4.31 per cent to 3.23 per cent for Bahamian DR holders, RoyalFidelity said Emera’s diversified operations throughout Canada, the US and the Caribbean gave locals the chance to invest in a profitable international company. “Overall, Emera appears to be a fundamentally sound and geographically well-diversified company with room for growth,” RoyalFidelity said. “It has an overall positive outlook by the 16 analysts that closely follow the company. “Eight of 17 analysts rate the stock as a buy, with another eight as a ‘hold’ and the remaining one as a ‘sell’. The average 12-month target price is Canadian$53.79, with a return potential of 10.5 per cent.” Emera’s key assets include Canada’s Nova Scotia Power, and Emera Maine and Tampa Electric in the US. Pipelines also figure among its properties, with Emera’s market capitalisation pegged at Canadian$10.31 billion.
One Bahamian capital markets source, speaking on condition of anonymity, told Tribune Business that ICD Utilities shareholders were being distracted from the merits of Emera’s offer by “the noise in the marketplace”. They added that majority shareholder buy-outs of minority interests in the same company were a relatively routine transaction for global capital markets, and expressed concern over recent government comments suggesting the transaction was still being reviewed despite regulatory approvals having already been granted. “There’s too much noise, and people are getting lost in stupid stuff and missing the key pieces,” the source said, adding that the premium being offered to Bahamian investors was similar to what Emera granted Barbadian shareholders two years ago. “This noise in the marketplace about Bahamians being forced out of this asset, which is already 80 per cent owned by Emera, doesn’t make any sense to me. What’s the difference between zero per cent and 20 per cent? People should be much more aware this [buy-out offer] is the standard, and not try to find fault with what is a straightforward transaction.”
NOTICE
NOTICE
PUFF INVESTMENTS LIMITED
GOLDEN BEAM LTD
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ORIENTAL LILLIES LIMITED is in dissolution as of October 30, 2017
a) PUFF INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
a) GOLDEN BEAM LTD is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
b) The dissolution of the said company commenced on the 26th October, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
b) The dissolution of the said company commenced on the 26th October, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.
c) The Liquidator of the said company is Credit Suisse Trust Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.
Dated this 01st day of November, A. D. 2017
Dated this 01st day of November, A. D. 2017
LI Q U I DATO R ______________________
_________________________________ Octagon Management Limited Liquidator
_________________________________ Credit Suisse Trust Limited Liquidator
KYNETON INVEST & TRADE INC. Company No. 302140 (In Voluntary Liquidation)
GOST INVEST & TRADE INC. Company No. 398570 (In Voluntary Liquidation)
NOTICE TAMPECO MANAGEMENT LTD. In Voluntary Liquidation
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that KYNETON INVEST & TRADE INC. is in voluntary liquidation. The voluntary liquidation commenced on 24th October, 2017 and Querube C. De Nuñez of MMG Tower, Ave. Paseo del Mar, Costa del Este, Panama City, Panama, has been appointed as the Sole Liquidator.
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that GOST INVEST & TRADE INC. is in voluntary liquidation. The voluntary liquidation commenced on 25th October, 2017 and Querube C. De Nuñez of MMG Tower, Ave. Paseo del Mar, Costa del Este, Panama City, Panama, has been appointed as the Sole Liquidator.
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TAMPECO MANAGEMENT LTD. is in dissolution as of September 6, 2017
Dated this 25th day of October, 2017 Sgd. Querube C. De Nuñez Voluntary Liquidator
Dated this 27th day of October, 2017 Sgd. Querube C. De Nuñez Voluntary Liquidator
LI Q U I DATO R ______________________
SHINING BEAUTY ESTATE INC.
NOTICE WISELY INVESTMENTS LTD. In Voluntary Liquidation
DAY CAPITAL CONTINENTAL S.A. Company No. 595136 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that SHINING BEAUTY ESTATE INC. is in voluntary liquidation. The voluntary liquidation commenced on 26th October, 2017 and Stephan Arnet of Sȁnstisrain 8, 8820 Wȁdenswil, Switzerland, has been appointed as the Sole Liquidator.
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, WISELY INVESTMENTS LTD. is in dissolution as of October 30th, 2017. CHONG PUI YIN situated at 1 Raffles Place #39-01, One Raffles Place, Singapore 048616, is the Liquidator.
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that DAY CAPITAL CONTINENTAL S.A. is in voluntary liquidation. The voluntary liquidation commenced on 27th October, 2017 and Radim Servit of Pflugstrasse 10/12, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.
LIQUIDATOR ______________________
Dated this 25th day of October, 2017 Sgd. Radim Servit Voluntary Liquidator
Company No. 1477539 (In Voluntary Liquidation)
Dated this 27th day of October, 2017 Sgd. Stephan Arnet Voluntary Liquidator
ILFER BUSINESS LTD situated at Suite 102, Saffrey Square, Bank Lane & Bay Street, Nassau, Bahamas is the Liquidator.
THE TRIBUNE
Wednesday, November 1, 2017, PAGE 5
Bahamas faces ‘enormous’ task over ease of business FROM PAGE 1 “Our economic survival, our ability to grow our economy, hinges on getting this right. It doesn’t take a brain surgeon to figure out that this is an area where the Government needs to apply a laser-like focus, and this government is doing just that. “In future months you will see a slew of legislation, a slew of changes in policy and regulations, that when you see them you’ll say: Those make sense. If we don’t get this right we can’t get our economy to grow. Everyone in the Cabinet is very mindful of this, and working hard to ensure this is addressed diligently in a timely manner.” The Government’s efforts to improve the ‘ease of doing business’ have
seemingly already started with the Commercial Enterprises Bill’s tabling in the House of Assembly. This introduces a ‘fast-track’ process for targeted industries, viewed as potential growth drivers and foreign exchange earners, where key executives can enter the Bahamas and establish operations before applying for work permits. Brent Symonette, minister of financial services, trade and industry, and Immigration, previously told Tribune Business that the Bill was part of a ‘bigger plan’, something alluded to by Mr D’Aguilar yesterday. “This [the ease of doing business] will be an ongoing thing through our five-year term,” the Minister of Tourism told Tribune Business, “but there are some quick fixes we can apply, some
low hanging fruit we can go after, right out of the starting block.” Mr D’Aguilar said one example of this ‘low hanging fruit’ was the need for businesses to obtain compliance letters, or ‘Certificates of Good Standing’, from agencies such as the National Insurance Board (NIB) when they were seeking Business License renewals and Tax Compliance Certificates (TCCs). This frequently resulted in Bahamian businesses having to make physical visits to NIB to apply for, then pick up, such documentation - creating inconvenience, plus lost time and, potentially, money. Mr D’Aguilar said this extra bureaucracy resulted from the failure of government agencies to “talk to
each other”, pointing out that a business’s compliance with taxes and regulations should be verified by a simple computer check. “This makes it very, very difficult to comply,” he told Tribune Business. “That’s [NIB letters] just one of many, many stupid things that frustrate people every day in their interaction with the Government. “As a businessman, I’m very encouraged in our approach to this problem, and how we’re studying it, tackling it and, over time, improve the ease of doing business. In my opinion, there’s already been a major change that’s instilled some confidence into the economy.” The Bahamas’ individual category ranking in yesterday’s World Bank index was for the ‘ease of paying
Week’s ‘breathing room’ for BTC worker dispute
FROM PAGE 1
seven-day extension to review the terms and conditions of the proposed contract, following claims that BTC had threatened to terminate their employment if they did not sign by today. The dispute has its origins in the “involuntary” separation packages taken by technicians in 2015, which resulted in their status changing from BTC employees to contractors. Following their outsourcing, they complained two years later that they received no paid vacation days, resulting in a dispute that went to the Department of Labour. BTC, though, described the packages accepted by the technicians as voluntary after it took measures to position itself to “effectively and efficiently provide services to the consumer”. The outsourcing is likely to have been a mechanism to enable the carrier to slash costs, and better prepare itself for increased competition, by shedding the benefits it would have to provide for direct BTC employees. Tensions leading to the latest dispute appear to
have been brewing for at last a week. Bernard Evans, the Bahamas Communications and Public Officers Union’s (BCPOU) president, had accused BTC of going back on the arrangement previously agreed, including with the BCPOU, with the technicians. He explained that the workers were told to form themselves into a company to bid on a Request for Proposal (RFP) to be issued by BTC, with the union negotiating a “right of first refusal” for those staff if they made an offer. Mr Evans, though, said BTC was now “not going in that direction”, with an RFP exercise having been launched but never concluded. He added that, instead, it wanted to renegotiate the outsourced workers’ long-term contracts so that it became a ‘pay for performance’ arrangement. “The outside plant, the outside contract workers set up their own company, setting aside some money and time investing in that opportunity,” he told Tribune Business. “The company has changed that to where they’re seeking a collective agreement with
the outside plant workers. “Once they left the company, the salaries they are receiving are pretty much the same. What BTC is saying now is that they want to renegotiate those longterm contracts on a pay for performance basis - you did 10 jobs, you get paid for 10 jobs.” Mr Evans subsequently said the technical contractors had reengaged the BCPOU to oversee negotiations on BTC’s new contract proposal. The company, in a statement last Tuesday night, confirmed that effective November 1 it would be introducing what it called “new entrepreneurial opportunities for technical contractors”. “Essentially, contractors will now have more flexibility and will be able to focus on results-oriented support for business in areas including network maintenance and development, installation and repairs,” the company’s statement read. Mr Evans told The Tribune on Monday that the company had threatened to terminate the contracts of more than 70 workers if they did not sign the agreement by yesterday. Speaking with Tribune
taxes’, where it rated 55th. The only other area where it ranked in the world’s top third was on resolving insolvency (64th), and it made the ‘top 100’ on just two other indicators - obtaining construction permits, where it ranked 86th, and in enforcing contracts where it placed 74th. The Bahamas still found itself in just 108th spot out of 190 on ‘starting a business’. It also remained near-bottom on registering property (167th), due to the time taken on title searches and lodging/recording a conveyance at the Registry of Records. The Bahamas was also ranked 142nd on the ‘ease of getting credit’; 117th for the ‘ease of getting electricity’; 129th on minority investor protection; and
157th for ‘trading across borders’. With its open, services exporting economy, and positioning as an international financial and business centre (IFC), improving the ‘ease of doing business’ is essential for the Bahamas to boost its competitiveness.
TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394
NOTICE
YAKMER INVEST LTD. NOTICE is hereby given as follows: (a) Yakmer Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.
Business yesterday, Mr Evans said: “I had spoken to the Minister to ask him to intervene to grant the extension. The document is a legal document. It took them about a month or two to put that together, and to give these guys a few days to respond is ridiculous. “We were hopeful that they would grant an extension, a minimum of seven working days, so that they could go through the contract.”
(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas. Dated this 31st day of October, A.D. 2017 Beatus Limited Liquidator
THE ANGLICAN DIOCESE OF THE BAHAMAS AND THE TURKS AND CAICOS ISLANDS (Incorporated Trustees Of The Church Of England In The Bahamas) Invites applications for the position of
ACCOUNTS PAYABLE ADMINISTRATOR We require a candidate to work directly with the Financial Comptroller. The ideal candidate should be passionate about becoming a key member in the development of our four Anglican Schools and subscribes to the Anglican ethos. The Role will include: • Review and maintain the Accounts Payable sub-ledger system for the Anglican Diocese and two of our schools. • Post all invoices into the system and reconcile vendor statements. • Preparation of cheques for vendor invoices and monthly standing orders. • Type letters for bank transfers, drafts and exchange forms. • Mail/express mail cheques to vendors. • Bill invoices paid from main fund on behalf of schools. • Bill all department heads and copy receivables for selfsupporting parishes. • Filing and ordering of cheques. • Maintain control over the petty cash. • Assist with payroll when needed. QUALIFICATIONS AND SKILLS • Associate’s degree in accounting desired but not necessary. • Should have at least 3 years relevant experience. • Must have a strong proficiency in Microsoft Office and Peachtree Programs. • Should have strong written and oral communication skills. • Excellent leadership and management skills, with hands on approach. • Should be well-organized and must be committed to timely and accurate reporting. REMUNERATION Remuneration will be based on qualifications and experience. In addition the Diocese provides full pension and health care benefits. APPLICATIONS Applications must contain a cover letter and CV and may be submitted via email to hr@bahamasanglican.org or P.O. Box N-656 no later than November 3, 2017.
PAGE 6, Wednesday, November 1, 2017
THE TRIBUNE
‘The bleeding’s stopped’ on doing business ease FROM PAGE 1 “The fact we’ve moved up two notches is a good thing, but I’d like to see that jump up 10-15 notches in the next year,” Mr Sumner told Tribune Business. “Some of the plans on the drawing board, if followed through and acted upon, should see a significant improvement in our ranking on the ease of doing business.” Acknowledging that ending successive years of decline was “extremely important” for business and investor confidence, he added: “It’s about stopping the bleeding, stopping the downward spiral. “We’ve been on this trend for too long as a country. When we look at other countries in the region, they’ve improved their rankings through greater efficiency, reforms
and new business processes and diversifying their economies. “This is the first step. It’s s significant move for us as a country. I feared that if we declined further in the index, it would have caused a lot of anxiety regarding the country internationally.” Mr Sumner said the albeit modest improvement in the Bahamas’ standing would signal to potential investors that “something that is positive is starting to happen, but reiterated it was vital to “translate” reform ideas into reality. He added that sustained improvement in the ‘ease of doing business’ ranking would “improve the level of confidence the international investment community has in the country. “It shows them the Bahamas is turning the corner, and implementing policies
NOTICE
NOTICE is hereby given that FEDLYNE ALIX of St. Albans Drive, P.O. Box N10622, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
that make consideration of investing in the Bahamas a reality,” the Chamber chief executive said, “and I hope with this that we begin to attract a good quality of investments to the country.” The World Bank’s annual ‘ease of doing business’ index is used as a key indicator by international investors to guide them in their decision-making, as it enables them to gauge how easy it is to conduct commerce in a particular nation. They will be especially wary of allocating capital to projects in low-ranked nations, or those that have suffered consecutive falls such as the Bahamas, as this gives them the impression that their investments will be unsafe, and caught up in too much bureaucracy and red tape. The Minnis administration has placed particular emphasis on improving the ‘ease of doing’ business, both in perception and reality, given that smooth regulatory processes are especially important to a Bahamian economy positioned as an international financial and business centre (IFC). It has appointed a national ‘ease of doing business’ committee, co-chaired by Lynn Holowesko and Bryan Glinton, to develop recommendations and a
NOTICE
NOTICE is hereby given that GEORGE ROYMONVIL of Golden Isle, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
strategy for alleviating bureaucratic bottlenecks and private sector frustration. The Chamber has also created its own committee, which is supplying feedback and ideas to the Government body. The World Bank yesterday appeared to justify the Bahamas’ modest move up the rankings on the basis of reforms that had made it easier to ‘start a business’ and ‘pay taxes’. It highlighted the merger of Business License and Value-Added Tax (VAT) registration, and a reduction in Stamp Duty on the sale of land, as processes that had improved the conduct of business in the Bahamas. However, when it came to the different category rankings, the Bahamas appeared to have largely ‘stood still’. It only ranked in the world’s top third on two indicators - the ease of paying taxes (55th), and resolving insolvency (64th). Despite the Business License/VAT registration process ‘merger’, the Bahamas still found itself in just 108th spot out of 190 on ‘starting a business’. It also remained near-bottom on registering property (167th), due to the time taken on title searches and lodging/recording a conveyance at the Registry of Records.
NOTICE
NOTICE is hereby given that GUSTAVE FRANCIS of Pine Yard Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT TUESDAY, 31 OCTOBER 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,074.52 | CHG -0.04 | %CHG 0.00 | YTD 136.31 | YTD% 7.03 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.16 5.83 8.60 6.30 5.30 14.49 2.59 1.60 6.00 10.05 11.00 4.50 7.25 12.51 11.00
52WK LOW 4.06 17.43 8.19 3.50 1.25 0.12 3.70 8.40 5.83 3.15 9.00 2.18 1.40 5.80 8.78 5.75 3.35 6.61 11.94 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.10 3.98 1.97 176.30 149.66 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.31 17.43 9.09 3.65 1.25 0.15 3.70 8.60 6.10 4.95 9.00 2.50 1.51 6.00 10.00 6.90 4.50 7.01 12.50 10.00 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 LAST SALE 100.00 100.00 100.00 108.87 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.31 17.43 9.09 3.65 1.25 0.15 3.70 8.60 6.10 4.95 9.00 2.46 1.51 6.00 10.00 6.90 4.50 7.01 12.50 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
108.89 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
450 500
900
VOLUME
NAV 2.10 3.98 1.97 176.30 149.66 1.51 1.64 1.59 1.09 6.97 8.00 6.25 10.96 11.60 10.08
EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.196 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.450 0.000 0.120 0.140 0.600 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 0.000
P/E 9.7 18.7 N/M 6.8 N/M N/M -4.3 14.1 10.6 25.3 15.5 24.1 3.9 4.9 13.5 12.0 14.5 -10.5 23.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD 1.86% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.42% 6.33% 2.44% 3.31% 4.83% 4.50% 0.00% 2.67% 2.00% 4.80% 0.00%
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
The Bahamas was also ranked 142nd on the ‘ease of getting credit’; 117th for the ‘ease of getting electricity’; 129th on minority investor protection; and 157th for ‘trading across borders’. The only other areas where the Bahamas made the ‘top 100’ was on obtaining construction permits, where it ranked 86th, and in enforcing contracts where it placed 74th. With the Bahamas lagging in all areas, Mr Sumner yesterday agreed that much remains to be done before this nation gets where it needs to be. “Although we’ve seen a reversal, I don’t think we should be jumping through hoops,” he told Tribune Business. “The trend reversal is good, but there’s a lot of work to do, especially on implementing policies and measuring them. “Right now, we’re not at a place where we can celebrate this improvement because there’s an awful lot of work to be done. It’s a good start, but there’s more to do.” Mr Sumner disclosed that the Chamber’s international contacts had revealed significant foreign investor/ business interest in the Bahamas, but concerns
over numerous were deterring them from pursuing this further. “A lot of companies are looking at the Bahamas as a place they want to do business,” he told Tribune Business, “but challenges remain over the cost and reliability of energy; the cost of labour; the strength of the talent pool; the bureaucracy in terms of getting Business Licenses and investment approvals. “It’s a matter of having confidence in the economy, a matter of having confidence in the administration of the country. When we see there’s a reversal, and we’re moving in the other direction on the ‘ease of business and not declining, it boosts the level of confidence in the Bahamas from the international community that we are taking steps to improve where we are. “If we can demonstrate this in the eyes of the international community, then we will see renewed interest in the Bahamas,” Mr Sumner added. “Some fresh incentives may be necessary, but there has to be a balanced approach so we don’t throw the baby out with the bath water, but nor do we give away the shop.”
NOTICE
NOTICE is hereby given that ROBINSON PIERRE of Golden Isle Road, P.O. Box N7391, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that EDSON POLONG JOSEPH of South Beach Estates, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 25th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that RODLIN LALANE of Palmetto Avenue, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that MIRA DE of Commonwealth Street, Blair Estates, P.O. Box SS-19418, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that OSNEL JEAN of Nassau Village, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that CIRCÉE JEAN DESAUGUSTE of Nassau Village, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Wednesday, November 1, 2017, PAGE 7
PAGE 8, Wednesday, November 1, 2017
THE TRIBUNE