Issuu

business@tribunemedia.net

THURSDAY, JANUARY 24, 2019

$3.99

$4.05

DPM praised for Taxpayer ‘on the hook’ putting country for $100m loan liability before politics By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Education Loan Authority’s (ELA) delinquency recovery rate needs to increase seven-fold, a Cabinet Minister admitted yesterday, with Bahamian taxpayers “on the hook for $100m”. Jeffrey Lloyd, minister of education, told Tribune Business that the authority’s board was about to hire a private collection agency “with the teeth” to pursue deadbeat borrowers after its staff found themselves “overwhelmed” by

• Education loan recovery rate must rise seven-fold • Collection agency ‘with teeth’ to pursue deadbeats • Minister targets rise from $1m per year to $6-$7m

JEFFREY LLOYD

Bilateral WTO deals alternative ‘impractical’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BILATERAL trade agreements are an “impractical, cost prohibitive” alternative to full WTO membership for The Bahamas, a well-known attorney argued yesterday. Carey Leonard, the former Grand Bahama Port Authority in-house counsel, told Tribune Business it was “a lot more complicated” to secure market access for this nation’s goods and services exporters outside the multilateral rules-based framework provided by the

CAREY LEONARD World Trade Organisation (WTO). The now-Callenders & Co attorney said negotiating separate deals with multiple countries would require The Bahamas to maintain a 50-60 strong trade talks team on an

SEE PAGE 5

Bahamas ‘shooting in dark’ over WTO By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE DNA’s deputy leader yesterday expressed fears that The Bahamas is “walking in the dark” towards WTO membership without the government “making the case” for joining. Arinthia Komolafe, pictured, told Tribune Business that accession to full

World Trade Organisation (WTO) membership was “not a priority item” for this nation given that it needs to put its own house in order first. Speaking as the party unveiled its WTO “position paper”, Mrs Komolafe said this nation needed prioritise tackling long-standing “structural and systemic deficiencies”

SEE PAGE 4

the sheer magnitude of the task. With legal action as the ultimate recourse, Mr Lloyd said the delinquency recovery rate needed to increase from the present $60,000-80,000 per month to $400,000-$500,000, or from $1m per year to $6-$7m, if the authority is to “put a serious dent” in what it is owed. Warning that his and the authority’s “patience has

simply run out”, the minister slammed the “stubborn and recalcitrant” defaulters who refused to enter even settlement discussions, adding that they faced having their credit standing “permanently tarnished” when The Bahamas’ firstever credit bureau goes live within the next view years. And Mr Lloyd said Tribune Business had “hit

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE deputy prime minister was yesterday praised by a governance reformer for placing “saving the country” over political gain through the government’s economic restructuring plans. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business it was “critical for the survival of The Bahamas” that the entire Minnis administration follow KP Turnquest’s lead even though it may not receive any political benefits from it.

ROBERT MYERS Backing Mr Turnquest as “100 percent correct” in recent remarks to Tribune Business about the size of government, the need to tackle long-standing structural deficiencies in the

SEE PAGE 5

PAGE 2, Thursday, January 24, 2019

THE TRIBUNE

DPM TELLS CHAMBER: ‘THINGS WILL BE OK’ THE deputy prime minister has told Grand Bahama Chamber of Commerce members that “things were going to be OK” on the island in 2019. K Peter Turnquest told the chamber’s 2018-2019 installation ceremony that he was not about to make any big announcements, but said residents should continue to be encouraged about economic developments. Addressing the chamber’s new board, he acknowledged the important mentorship role the organisation plays in the government’s small business programme. “The Grand Bahama Chamber of Commerce has always been committed to growing the small business sector,” Mr Turnquest said. “As you turn over your leadership to a new board of directors and officers, I trust your commitment will not waiver.”

DEPUTY Prime Minister K Peter Turnquest, seated centre, with the directors of the GB Chamber. Grand Bahama Port Authority (GBPA) director Rupert Hayward, past and present chamber directors, members, friends and family were in attendance to support the new executives, who were presented their credentials by immediate past president, Mick Holding.

His successor, Greg Laroda Senior, now the 24th Grand Bahama Chamber of Commerce president, said it was “a privilege and an honour” to be installed in the post. He added that his vision is to grow the chamber’s membership and make it “all inclusive” and truly island

representative, not just Freeport-focused. “Wherever there is commerce on Grand Bahama, the Grand Bahama Chamber of Commerce wants to be there,” Mr Laroda said. “When it comes to covering Grand Bahama from that stand point, let us be like the sun, ZNS, and now the GB

Chamber of Commerce.” During his acceptance speech, Mr Laroda said the chamber’s mission “is to provide the network to sustain, promote and support business development, to encourage growth and expansion in a healthy, clean environment”. He emphasised that community support was important to the chamber’s work, and encouraged persons to assist by volunteering for committees. The newly-elected officers installed for the 2018-2019 term are president Greg Laroda of Buckeye Bahamas Hub; Daniel Lowe of City Associated Enterprises as first vice-president; Dan Romence of Bradford Marine second vice-president; Ormand Saunders, of Conet Bahamas, as treasurer; and Ralph Hepburn of Underwater Explorers Society as secretary. The chamber’s directors are Leslie Davies-Baptista

of Paint Fair, tax and economic research committee; Lawrence Palmer of Freeport Insurance Agents & Brokers, small business development committee; Carmel Churchill of Doncar Management, public relations committee; Dennis Knowles of Microtech Sales, industry and economic development committee; Dave McGregor of Grand Bahama Power Company, industry and economic development committee; Christine Van de Linde of Grand Bahama Port Authority, fundraising committee; and Antoine Brookes of Island Traders Shop & Ship. Serving the second year of a two-year term are directors Charles Pratt of Grand Bahama Port Authority; small business development committee; Kiara Jones of Keys Bahamas Realty; and Adrian Carey of Scotiabank.

Insurers elect new chairman THE Bahamas Insurance Association (BIA) has elected Warren Rolle as its new chairman and Felicia Knowles as secretary. They join the BIA executive team, featuring Anton Sealey, deputy chair for property and casualty insurance; Tina Cambridge, deputy chair for life and health insurance; and Cardinal McCardy, treasurer. “I am honoured to have been elected by members of the BIA to serve as the chairman at this juncture in our association’s history. The BIA serves as the chief advocate for the insurance industry in The Bahamas, and acts as the main liaison with the Government of The Bahamas on matters impacting this important sector of our nation’s economy,” said Mr Rolle. He acknowledged that the Bahamian insurance industry is facing several crucial issues that require ongoing collaboration between the BIA and the government.

WARREN ROLLE “Our industry faces a number of uncertainties in relation to proposed tax reforms and the requirements stemming from anti-money laundering/ countering the financing of terrorism/proliferation financing legislation,” he added. “These initiatives will necessitate close collaboration with the government and regulators to successfully implement.

FELICIA KNOWLES “We look forward to maintaining our working relationships with the government, and relevant agencies and departments, to better serve our members and protect the interest of our clients, the Bahamian public.” Mr Rolle is the managing director of NUA Insurance Agents & Brokers, and also a director of the Bahamas Entrepreneurial Venture

Fund. He recently served as BIA secretary for four years. Ms Knowles is co-owner and chief operating officer of Lampkin Knowles and Company Insurance Brokers & Benefit Consultants. She is also the president of the Bahamas Coalition of Service Industries, and previously served as president of the Bahamas Insurance Brokers Association.

THE TRIBUNE

Thursday, January 24, 2019, PAGE 3

UNEMPLOYMENT RATE RISE CONTRADICTS GOVT ‘GAINS’ By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Chamber of Commerce’s chief executive yesterday said the increased unemployment rate contradicted the government’s recently-touted economic gains. Jeffrey Beckles, the chamber’s newly-appointed top executive, called for the labour force survey to be conducted on a monthly basis rather than the existing six-month frequency as the latter only provides a “snapshot” of The Bahamas’ unemployment woes. “I think it would be easier for us to subscribe to a month-to-month

examination of our employment data,” he explained, “so that we are reviewing it in a bit more of real time, and the decisions that need to be made can be made. “It’s a bit of a snapshot, and that snapshot doesn’t always give you the benefit of analysing the data, as we ought to be able to - in partnership with government - to say what is good and what is not so good. The timelines of how we do our reports and when we do our reports are things we need to look at.” The Bahamas’ unemployment rate increased by 60 basis points over the six months to November 2018 despite the creation of just

over 2,300 jobs, growing from ten percent to 10.7 percent. This increase was driven by the unemployment rate in New Providence climbing from 10.1 percent to 11 percent. Mr Beckles said the increased unemployment rate contrasted with the government’s recentlytouted economic gains. “Another concern that we have is that on one hand unemployment numbers went up, but on the other hand we are reporting a lot of success,” he added. “We’ve heard about double digit increases in tourism arrivals, a strong Christmas and New Year period for hotels, and that the last six months have

been strong, yet still unemployment is up. For the average person out there it doesn’t translate into positive news because, on one hand, we’re celebrating, but on the other hand our unemployment numbers have gone up.” Mr Beckles also questioned the drop in Grand Bahama’s unemployment rate during the six months to end-November 2018. “We are all aware that Grand Bahama has been a destination synonymous with decline, but to come out and say that they are progressing and adding new jobs, it’s difficult to understand when you don’t know where those job gains have taken

place,” he added. “We live in an environment where there is strong emphasis on the accuracy of data. Another concern for us is how the data is being collected, and from whom. We need to look at how we interview, who we interview and the fact that we need to narrow our definitions of what it means to be employed, unemployed, underemployed etc. “The Bahamas needs to move to a monthly analysis; whatever it takes, that’s what we need to do. That job report report is critical to our review of our economy. We can’t get round that. When you talk about analysing the impact on the economy it is so critical

that that information is in real time. It behooves us to to become more focused on not just collecting data, but how and when we analyse the data so that it gets out of this six-month snapshot.” Employment gains were driven by the private sector employees, where the total workforce increased by 3.8 percent to 135,135 persons compared to May. Additionally, the number of self-employed persons stood at 32,475, an increase of 11.9 percent since May. Overall, 210,560 people make up the employed labour force, while some 25,135 Bahamians remain unemployed.

‘CONSENSUS’ REACHED OVER CRUISE PORT BIDS MORTON SALT UNION ‘PUSHED’ INTO ACTION By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE government’s evaluation committee has reached a “consensus” on the three Nassau cruise port bids and is ready to make their recommendation to Cabinet, the Minister of Tourism said yesterday. Dionisio D’Aguilar, the minister of tourism and aviation, said the assessments of the rival offers was “essentially being completed” by the committee headed by Joy Jibrilu, director-general of tourism. Tribune Business sources said Joshua Sears, the prime minister’s senior policy advisor, and Marlon Johnson, financial secretary, were also on the committee. The minister’s comments came as he urged the three bidders to cease a public battle that has seen them criticise their rivals’ offers while promoting the merits of their own, arguing that it was “unnecessary” and “inappropriate”.

Speaking outside the House of Assembly, Mr D’Aguilar said: “The process, I’m advised by the evaluation committee, is essentially being completed. The next step is to bring it forward to Cabinet, and for Cabinet to decide the way forward - either to accept the recommendation of the evaluation committee or not to accept it.” Bids were submitted to the government on December 7 last year, and opened on December 11. The three contenders are the $250m offer from Global Ports Holding, the cruise port operator, and its Bahamian advisors, Arawak Port Development Company (APD) and CFAL; the $225m proposal by Nassau Port Partners, headed by Bahamian investment house, Providence Advisors; and the $125m submission by Cruise Ports International. The latter is a Bahamian group, headed by former Family Guardian president, Gerald Strachan, in alliance with four major cruise lines

- Carnival, Disney, Norwegian and Royal Caribbean. “There were three bidders or companies that submitted proposals, and the evaluation committee has gathered around a consensus and they’re ready to bring it forward for the Cabinet to decide what the next step will be,” Mr D’Aguilar said. Noting the recent media battle involving the trio, Mr D’Aguilar advised them against further such actions. “I would recommend that they cease doing it because it is not going to help the process,” he added. “I just thought that it was unnecessary and, while I was not involved in the evaluation process, it was really the committee who said it was inappropriate and really didn’t help the process. I don’t think it in any way influenced their decision.” Mr D’Aguilar, suggesting that it was unnecessary to engage in a public relations exercise until the government “galvanised” behind a proposal, described the Nassau cruise port redevelopment as a “priority” for

FOCOL HOLDINGS LTD. DIVIDEND PAYMENT FOCOL is pleased to announce a dividend payment of 2 cents per share to all ordinary shareholders of record as of January 31, 2019 payable February 12, 2019 through THE BAHAMAS CENTRAL SECURITIES DEPOSITORY.

“Fuelling Growth For People”

the Minnis administration. “Presently the port is a very chaotic,” he said. “With so many boats coming on stream, and so many ports being developed; even in Miami they are spending billions on redeveloping that port. We have to remain relevant. It behooves us to bring about that investment, and for that redevelopment to take place and hope that it would provide the catalyst for the redevelopment of Bay Street to the west of East Street and, obviously, to the east of East Street.” When asked what the Government is seeking from the successful bidder, Mr D’Aguilar said: “If I had to choose one word it would be ‘transformational’. We want something that really turns the Port of Nassau into something iconic, fresh, new and able to process the 3.6 plus million passengers that come to the Port of Nassau. What we have there now simply cannot process in a sensible way 10,00 passengers a day.”

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE union representing line staff at Morton Salt yesterday said it has been “pushed” to take strike action after the company made no improvements to its purported counter-offer. Jennifer Brown president of the Bahamas Industrial, Manufacturers & Allied Workers Union (BIMAWU), told Tribune Business that the union which represents around

100 line staff at Inagua’s largest employer - was “very disappointed” by the salt harvester’s stance. She told Tribune Business: “They have sent us a counter proposal but there are no changes in it. It’s the same thing as the last one. It’s the same figures. It doesn’t make sense negotiating with these figures. There is no movement. We’re very disappointed, and it looks like they have pushed us to have to use our strike certificate. We

SEE PAGE 5

PAGE 4, Thursday, January 24, 2019

THE TRIBUNE

TAXPAYER ‘ON THE HOOK’ FOR $100M LOAN LIABILITY FROM PAGE ONE

the nail on the head” when this newspaper asked whether too many Bahamians viewed a government loan as a gift, grant or free credit with no obligation to repay “a dime” to the Bahamian taxpayer. His comments came after the Education Loan Authority’s 2017 financial statements, tabled in the House of Assembly yesterday, reinforced the depths of a financial crisis that has suspended its granting of new loans for almost a decade and left Bahamian taxpayers facing another substantial liability they may be called upon to cover. The accounts, audited by the Grant Thornton accounting firm, were heavily qualified as a result of 88 percent of the Authority’s $76.844m gross loan book being in default at June 30, 2017. Some 84 percent, or $64.578m, had been delinquent for one year, with a 12-month incentive programme designed to encourage borrowers to settle their debts or bring them current netting only $3.035m. As a result, the authority sank into a $6.229m total

comprehensive loss for its 2017 financial year compared to the $1.757m worth of “red ink” incurred in 2017. Three single expenses - $3.22m in bond interest; $1.861m in bad debt write-offs; and $1.375m in impairment provisions exceeded its total income of $1.293m. Mr Lloyd yesterday said too many delinquent borrowers had rejected or ignored the authority’s incentives, including “deep discounts of 40 percent”, to come in and settle, get current and/or work out a payment plan. “The Board of the Education Loan Authority is just in the process of finalising a decision on a collection agency,” he told Tribune Business. “We had a request for proposal out, quite a few replies and are about to make a decision on who to select to get these delinquent accounts back in order. “It’s been our intention to start that process as quickly as possible. We are very impressed by the efforts of the staff in collecting monies on a monthly basis, but it was overwhelming. This collection effort is a bit overwhelming for staff. “They’re collecting $60,000-$80,000 a month,

but if you’re touching $100m that’s outstanding and getting around $1m a year, that will take a lot of time to settle these outstanding accounts. We need greater recovery.” Mr Lloyd continued: “It’s important to have this collection agency with the teeth to get out there and take action if people are not responsive, and that’s legal action. “If you look at how bad the situation is, we need to be collecting at least $400,000-$500,000 a month, $6-$7m a year if not more, to put a serious dent in the outstanding balance, which is about $100m and - more importantly - to get the loan process restarted.” The Education Loan Authority has issued no new credit for almost ten years, having ceased doing so in August 2009, due to the high level of delinquencies among prior borrowers. The authority, which was created in 2002 under the second Ingraham administration, was charged with initiating loans to Bahamian students wishing to study at approved universities and colleges. Some $67m was raised via bond issues, with the remaining $33m coming from Bank of

The Bahamas to take the funding pool to the $100m maximum that can be guaranteed by the government. Mr Lloyd, though, said the failure of many recipients to repay their debts was depriving “dozens and dozens” of current Bahamian students of the opportunity for a higher education, and the possibility of acquiring improved skills and higher salaries. While Bahamian taxpayers were “not quite on the hook” for the authority’s operational costs and bond payments, which are being financed from monies it has been able to recover, the outstanding loan balances certainly represent a liability. “It’s regrettable that the Bahamian people loan out $100m or more dollars and we put people out into society, many of whom are working, insistent they’re not going to repay despite the best and Herculean efforts made by the Education Loan Authority,” Mr Lloyd told Tribune Business. “We have been aggressive at times, but have laxed in the effort. With this loan collection agency we’re about to approve our intentions are to be aggressive in pursuit of those who owe money to the Loan Authority.” Many observers, though, and probably the delinquent borrowers, are likely to adopt a “believe it when we see it” attitude to Mr Lloyd’s warning given that he and previous ministers have repeatedly threatened to get tough without any

subsequent action being taken. Mr Lloyd, meanwhile, said too many Bahamians viewed a government loan as free credit - akin to a grant or gift - that does not have to be repaid. He added that this culture extended well beyond the Education Loan Authority, recalling his career at the Sears & Co law firm and what occurred when it was hired to pursue Bahamas Mortgage Corporation debts. “People took out a loan and paid not a single dime for years,” he added. “When contacted by the Mortgage Corporation or ourselves they said the government gave it to us, notwithstanding they signed a mortgage agreement committing them to repay over a number of years. “Their attitude was that it was granted by the government, it’s free and there’s no obligation to pay. That’s prevalent throughout society, and I’m quite sure that attitude has seized a number of our loan holders. No doubt about it. “Our patience has simply run out. We’re going to be aggressive in applying the law in these circumstances, yes.” Mr Lloyd said there had been an increase in delinquent borrowers coming into the authority in the past six weeks to two weeks to settle, come current or agree payment plans. He suggested one factor driving this was the imminent arrival of the credit bureau, and possibility that “there credit profile will be tarnished,

probably permanently, by their situation”. Grant Thornton’s 2017 audit, meanwhile, said it was impossible to determine whether the $16.337m loan provisions taken by the authority were adequate, given that no proper assessment of its credit portfolio had been conducted. It revealed that while the government guarantee for the defaulted loan had ceased due to legislative changes enacted by the former Christie administration in 2015, the one covering the authority’s $68.428m bond debt remained in effect. Divided into three tranches, valued at $20m, $20m and $27m respectively, the first one was due to mature last year. It is unclear whether that happened, but the debt is likely to have been rolled over and the repayment term extended. “Repayments of loans receivables by students have not been sufficient to enable the authority to meet its obligations,” the financials said. “The authority relies on the government subsistence to provide funding to meet its obligations. “Management is of the view, however, that it is the intention of the government to continue to financially support the authority as a going concern. The authority continues to operate at a deficit, and therefore, continued financial support of the government is essential for its operations.”

Bahamas ‘shooting in dark’ over WTO FROM PAGE ONE within its own economy before looking further afield. Pointing out that the benefits from WTO membership have yet to be quantified for the Bahamian people, she expressed particular concern over the government’s failure todate to disclose how it plans to replace the revenues lost from tariff reductions/ eliminations. Mrs Komolafe argued that it was “not very prudent” of the government to suggest only $40m would be foregone in reducing the average tariff rate from 32 percent to 15 percent, given that the exact amount would only become clear after The Bahamas’ WTO accession terms were finally agreed with those nations wishing to trade with it. Suggesting that the Democratic National Alliance (DNA) was likely to “hold fast” to its position no matter the outcome

of negotiations, she said: “There are so many local issues, structural and systemic deficiencies in the Bahamian economy, that this is not the right policy for the government to be pursuing at this time. “Our priority is to address the structural deficiencies in the economy... Our fears is if we walk into this [WTO membership] in the dark, which the government is doing, and we don’t give the Bahamian people an opportunity to weigh in with the vulnerability study, the impact will be unquantifiable. That’s the challenge. “It’s a very tenuous situation. There’s so much that has to be done at the local level before we go full speed into this organisation. There are so many things to take into consideration. They’ve not put put out a revenue replacement policy as to how they’re going to replace the revenue,” Mrs Komolafe told Tribune Business. “It’s not very prudent

for the government to put that out there [$40m revenue loss] without regard to the offer on the table being accepted.” Zhivargo Laing, the government’s chief WTO negotiator, cited this figure as the estimated revenue loss from reducing/ eliminating tariffs, which rules-based regimes such as WTO view as barriers to trade. That, though, is related to The Bahamas’ opening goods and services offers, both of which have yet to be agreed with the WTO Working Party that will negotiate this nation’s accession terms. Previously, government officials referenced studies showing that the import tariff revenue loss could be between $100m-$200m. Mrs Komolafe yesterday expressed concern that the government will turn to regressive forms of taxation, such as value-added tax (VAT), to help fill the revenue gap left by tariff reductions.

THE TRIBUNE

Thursday, January 24, 2019, PAGE 5

DPM praised for putting country before politics MORTON SALT UNION ‘PUSHED’ INTO ACTION FROM PAGE ONE

economy, and provide more help to entrepreneurs, Mr Myers said reforms in these areas “have to get done whether they’re politically favourable or not”. “I’m very pleased to see he’s acknowledging and understanding that because that’s the first step to correcting it,” the ORG principal said of the deputy prime minister’s remarks on the costs imposed by the government’s size. “Getting policymakers and decision-makers to understand that is a significant danger is hugely important. We’re not going to get change unless people acknowledge change is necessary and required.” Mr Myers warned that The Bahamas, especially the private sector and households, could “collapse under the weight of that inefficient government; no doubt about it”. He added that The Bahamas cannot afford to take on any more borrowing to finance increased employment in the public sector and civil service, and said: “They’ve grown the government for political reasons just to create employment because they could not do it otherwise. It’s high time that changes.” Mr Turnquest on Tuesday said The Bahamas needed to address the “tremendous burden” that the government’s size was imposing on the private sector and households to fund it, arguing that this was depriving businesses of capital that could be put to “more productive use”. He added that previous administrations were likely “more pre-occupied” with the political impact of potential reforms, but added that the current

government could ill-afford to adopt the same mindset with the economy’s “twin pillars” - tourism and financial services - coming under ever-increasing competitive and regulatory pressures. “The reality is the government has been the major employer of record for too many years,” Mr Turnquest told Tribune Business, “and the burden of that public sector puts tremendous demands on the system for capital that should be employed in the private sector for more productive use. The deputy prime minister then indicated the Minnis administration was seeking to shed the politically-led decision-making of the past by implementing critical economic reforms that might prove unpopular at first, and where the benefits may take time to materialise rather than provide an instant election winner. “We cannot expect to really remove structural deficiencies in the make up of the economy in two, three, five years, but we have to make a start,” he told Tribune Business. “This is not one where we are going to receive any immediate political benefits from, but it’s absolutely necessary if we’re going to build a sustainable economy going forward. Mr Myers yesterday branded Mr Turnquest’s latter assertion as “absolutely fantastic” and “spot on”, warning that time was rapidly running out to reposition the Bahamian economy for faster GDP growth rates and improved job creation. He added: “He should be commended for his honesty, and hopefully the government can be commended for its work in acting upon that. I’m glad to see there’s

the admittance and understanding of that kind of necessity. “The sands in the hour glass are already running thin. We already have significant debt, so if we don’t start to get that sorted out then our debt-to-GDP ratio will keep rising. “We’re out of time. We don’t have any headroom. If we don’t start resolving that debt we will have to reduce the size of government to get that ratio down. We’re $8bn in debt; we don’t have any more room, so it’s imperative that we get this thing fixed.” Mr Myers continued: “As the deputy prime minister pointed out, it’s not work that helps him but saves the country. Whether the voters understand that or not is a shame for this administration politically but critical for the survival of the nation. “They understand that they may not get the benefit of that but, my God, it’s yeoman’s work. It has to be done. It has to get done whether it’s politically favourable or not.” The Bahamas’ persistently high unemployment rate, which has remained in the “double digits” since the 2008-2009 recession despite Baha Mar’s arrival, is viewed as a sign that the current economic model cannot take the country much further and is in need of major reforms. Many Bahamians, though, remain attached to the “status quo” and are fearful of change - something that was acknowledged by Mr Turnquest this week. With large numbers living pay cheque to pay cheque, and/ or struggling daily to make ends meet, few are focused on the bigger picture and The Bahamas’ economic future.

FROM PAGE THREE

waited and waited, but it looks like we have no choice now. Action has to be taken.” The threat of industrial unrest has loomed over Morton Salt’s Inagua operations since late last year, with the union saying it was “insulted” by the company’s original offer. Ms Brown said Morton Salt is offering a wage increase of 1.5 percent in the first year; 1.5 percent in the second; and 1.7 percent for the third year.

She added that the company was also seeking to increase the medical and life insurance. Morton Salt spokesman, Paul Jackiewicz, said in a previous statement: “Morton Bahamas has actively participated in negotiations with the Bahamas Industrial, Manufacturers and Allied Workers Union since February (2018) in an effort to reach a long-term labour agreement for our Inagua salt production site. “We’ve continued to have productive conversations with the union, and

the parties met in Nassau earlier this week to negotiate in good faith in the interest of a fair and amicable agreement for all involved.” He added: “The company’s offer includes wage increases in each year of the proposed agreement, and updates to the company’s healthcare benefits. We believe the offer is fair and provides for both operational and employee needs in order to preserve good jobs in Inagua.” Morton Salt is a subsidiary of K+S, a German company.

Bilateral WTO deals alternative ‘impractical’ FROM PAGE ONE almost permanent footing, and to do extensive research on a nation-by-nation basis - tasks that he described as extraordinarily “labour and capital intensive”. He added that the concept of Most Favoured Nation (MFN), a widely-used clause in international trade agreements that means The Bahamas cannot discriminate against a country or countries by offering more favourable terms to other states, would force this nation to grant the same deal to all as it had struck with the US - even though the benefits it gets may be less. Both the Democratic National Alliance (DNA), in its WTO position paper unveiled yesterday, and antifree trade activists such as Paul Moss, the Bahamians Advocating for a Referendum on Free Trade (BARF) principal, have argued that The Bahamas should pursue bilateral trade deals with the likes of the US - its major trading partner and others - as an alternative to membership in global trade’ rules setting body. “I understand the idea but don’t think it’s practical,” Mr Leonard told Tribune Business. “It’s a lot more complicated to do each agreement individually. They seem to forget we’d like to do more trade with Central and South America, and would have to go and do separate deals with all those countries. “Those guys that are arguing for it, let them fund the negotiating team and 50-60

people and the research required. To me, the expense is prohibitive and you have to have a lot of research done because you need to know where you’re going - not for the next five years, but the next 20 years. It’s an extremely labour intensive and capital intensive thing to do.” He recalled how Freeportbased Polymers International lost an export contract that would have “doubled” the size of its factory after Mexico abruptly hiked import duties on its Styrofoam products to both protect local producers and keep the Bahamian firm out of its market. Mr Leonard said Mexico would not have been able to take such access had The Bahamas been a full WTO member at the time, as this nation would have been able to file a complaint and seek dispute resolution with world trade’s governing body. Citing this as a salutary example of the lack of protection facing Bahamian exporters outside the WTO, he said adopting the bilateral approach to trade agreements would result in each country approached seeking concessions from this country in order for it receive something in return. “We’re better off within WTO,” Mr Leonard argued. “In dealing with the WTO you have to talk to individual countries and be pushing for different things but, at the end, you have a set framework within which to do it. “With bilateral agreements you’re starting over each time. It becomes prohibitively

expensive, and the cost of doing it far outweighs the benefits. You’re not working within the framework any more so you need a full blown negotiating team doing research all the time.” Potential investors, both domestic and foreign, would also encounter more difficulties in “knowing where they stand” under a series of bilateral trade deals as opposed to WTO membership, Mr Leonard argued, as they would have to study multiple documents to determine whether their business models and strategies were feasible. A long-time advocate of the potential economic benefits that will be felt if The Bahamas finally completes the world’s longest-running accession process, Mr Leonard said the Economic Partnership Agreement (EPA) with the European Union (EU) - the first rules-based trade agreement it has entered - is already delivering benefits. “The EPA required e-government,” he told Tribune Business. “The government would not be as far advanced on e-government were it not for the EPA. We now have a Standards Bureau and similar things, and would not have any of that if not for the EPA and WTO.” Although both agreements were forcing The Bahamas to modernise its economy, Mr Leonard said the economic benefits from full WTO membership were unlikely to materialise in the nearterm but would become more apparent in the long-run.

- CONVENIENCE, PERFORMANCE & STYLE -

DISHWASHERS

ADJUSTABLE FLATWARE THIRD RACK RACK

The holidays are messy, let’s make clean up easy with GE Dishwashers available at Geoffrey Jones. With advanced technology like 102 cleaning jets to ensure that even closely stacked items get thoroughly washed and rinsed; a fullextension smooth-glide, adjustable third rack for cleaning an entire flatware collection or LED interior lighting to illuminate the entire interior, the art of clean has never been made so crystal clear.

SILVERWARE JETS

Sales & Full Service Department Rosetta & Montgomery Streets

T: 322-2188/9

E: geoffjones@comcast.net www.geoffreyjonesandco.com FLUSH-INSET DISHWASHER

LED INTERIOR LIGHTING

PAGE 6, Thursday, January 24, 2019

THE TRIBUNE

Government shutdown poses increasing risk to wider economy WASHINGTON Associated Press AT THIS time of year, John Sprinkle and his wife would normally be planning their summer vacation. Not now. Sprinkle, a furloughed federal employee, is about to miss his second paycheck since the partial government shutdown began just before Christmas. With no end in sight to the longest shutdown in American history, Sprinkle and his family are postponing all manner of spending. “We were thinking of

getting a new computer, but that’s not going to happen,” he said. “We’re not really eating out like we normally would be. We are not going out to events like we would be.” Multiply those decisions by 800,000 federal employees across the country and hundreds of thousands of government contractors who aren’t being paid either, and the shutdown looms as an accelerating threat to the wider economy. The shutdown’s biggest effect on the economy is likely to be the cutback in federal spending. But

HARBOURSIDE MARINE LIMITED is seeking to fill the following • • • •

Parts Sales Personal Technicians Technician Helpers Outboard Sales Personnel

Send all inquiries to: ian@hbsmarine.com

consumer spending, which is critical to growth, is another important factor. When government employees spend less, stores and restaurants that serve them suffer. So do landlords and lenders that do business with federal workers. Though spending and growth will rebound once the government reopens, most of the restaurant meals missed and hotel stays cancelled will never be made up. “Creditors and suppliers hit by the shutdown will become less patient if it drags on,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a research note. “People and businesses are being hurt by the shutdown, and the pain will intensify.” If the shutdown drags on through March, annual economic growth could fall to zero in the first three months of the year. Even if the government reopens by the end of the month, the annual pace of growth could be a meager 1.6 percent — only half the pace of last quarter, said Sal Guatieri, senior economist at BMO Capital Markets. Kevin Hassett, a top White House economist, acknowledged in an interview on CNN that growth could be flat in the first quarter, though Hassett suggested that a “humongous” rebound would follow. Yet some independent economists doubt that the rebound would be enough to offset the initial damage. The economy is already bedeviled

by slowing global growth, ongoing trade tensions and higher interest rates, which contributed to a plunge in home sales last month. Bernard Baumohl, chief economist at the Economic Outlook Group, suggested that once the government reopened, many households would focus on repaying credit card debt and restoring lost savings — trends that would slow the rebound. For now, there are hints that the shutdown is slowing retail sales. A measure of weekly chain store sales fell 1.3 percent last week, its second straight drop. Cold weather likely contributed to the fall, said Michael Niemira, chief economist at the consulting firm Retail Economist, but the shutdown may also have contributed. It’s hard to know just how much the shutdown is depressing consumer spending because the Commerce Department, which compiles and reports such data, was itself closed by the shutdown. Anecdotal evidence, though, suggests that the trend is spreading. Even federal workers with solid finances are holding back. Sprinkle, who lives in Alexandria, Virginia, knows he will eventually be paid, and his wife is still earning a paycheck. Their two children are out of the house, in college, and he knows he could borrow against his home equity if he had to. Still, “the effect is more psychological,” he said. The shutdown began on

the day of his 20th anniversary working for the National Park Service, where he is now a historian. His Mac computer is roughly eight years old and will no longer update with the latest operating software. But he is postponing a replacement. The impact of the shutdown is evident beyond Washington. Officials in New Orleans announced yesterday that they are waiving late fees for federal workers who have fallen behind on their property taxes. Also yesterday, in Philadelphia, a hunger relief organisation set up a market for furloughed federal workers under an Interstate 95 overpass. Stefanie ArckBaynes, a spokeswoman for the group, Philabundance, said they had expected 150 to 300 people. But by 11 am, they had already served 300, and the lines were growing. The organisation extended the hour-long event to meet demand. Tables were set up with lines of fresh produce, bread, milk and canned goods. It was the first time the group had offered an “emergency food response” in Philadelphia in its 35-year history, ArckBaynes said. James Grant was there stocking up on fresh fruits and vegetables. At 64, he is diabetic and must take care with his diet. Grant has worked for 40 years as a maintenance engineer at Independence National

Historical Park, which includes Independence Hall, the First Bank of the United States and the Liberty Bell. The shutdown, of course, also affects millions of relatives of federal workers. Grant has an adult son who is in a nursing home after becoming disabled years ago in a car accident. He said he has had to stop sending him money. In Washington, DC, on Tuesday night, Hannah Perry was one of dozens who lined up at World Central Kitchen, which offered free food and coffee to federal workers. The kitchen is a charity headed by celebrity chef Jose Andres that began in 2010 to feed survivors of a massive earthquake in Haiti. Perry, 23, who works as a program assistant at the National Science Foundation, is struggling to pay her rent, student loans and health care bills. She has applied for unemployment benefits and shifted to a different student loan repayment plan under which she will pay $98 a month, a third less than her previous payment. But that plan required her to accept a higher interest rate that will raise the total cost of the loan, a small example of the potential lingering effects of the shutdown. What will she do if the shutdown continues for weeks on end? “If it extends for a really long time, I have no idea,” she said.

US TO HELP PUERTO RICANS WHO LOST JOBS AFTER HURRICANES SAN JUAN Associated Press PUERTO Ricans who lost their jobs after hurricanes Maria and Irma can start applying for disaster

unemployment assistance after the US doubled the 26 weeks of benefits, officials announced yesterday. The National Employment Law Project estimates that more 10,000 Puerto

Ricans are eligible and that lump-sum payments could total nearly $30m, with overall individual payments ranging from $2,000 to $3,000. But legal advocates

SALES EXECUTIVES

NEEDED

Excellent people skills, organized, highly motivated 75,000k+ per annum earning potential Please Email: youraifactor@gmail.com

NOTICE DIGITAL ASSET MANAGEMENT LIMITED (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on 16th January, 2019. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Lynden D. Maycock, P. O. Box EE-15953, Nassau, Bahamas. All person having claims against the abovenamed Company are required on or before 16th February, 2019 to send their names and addresses and particulars of their debts or claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved. Dated this 16th day of January, 2019 Lynden Maycock Liquidator

worry the conditions set by Puerto Rico’s government will make it hard for many to apply, including that workers have to provide the required documents in person and that internet options are not available. Advocates are trying to reach out to families that qualify but worry they won’t reach many given that more than an estimated 130,000 people fled Puerto Rico after the two major hurricanes hit the Caribbean in September 2017. Natasha Lycia Ora Bannan, with the civil rights organisation LatinoJustice PRLDEF, said in a phone interview that the extension is a recognition by the federal government that people affected by the hurricanes still need help. “Many remain unemployed and are suffering the impact of not having any income,” she said. “We have to continue to look for ways to help them.” Payments will be issued retroactively to cover weeks affected by the disasters for those who qualify. The benefits extension also applies to those from the US Virgin Islands who remain jobless. Hurricane Irma passed near St John and St Thomas on Sept 6, 2017 as a Category 5 storm. Two weeks later, Maria passed south of St Croix and then hit Puerto Rico as a Category 4 storm, causing more than an estimated $100bn in damage.

THE TRIBUNE

Thursday, January 24, 2019, PAGE 7

BRITISH LAWMAKER JACOB REES-MOGG

BRITISH PRIME MINISTER THERESA MAY

Businesses sound alarm as UK says prepare for no-deal Brexit LONDON Associated Press BUSINESSES in Britain and the European Union need to prepare for the possibility the UK will leave the bloc in March without an exit deal, senior British and EU officials warned yesterday, as a growing number of UK firms braced for disruption by stockpiling goods or shifting operations overseas. Last week British lawmakers threw out Prime Minister Theresa May’s EU divorce deal, and attempts to find a replacement are gridlocked. “No deal is a possibility,” said UK International Trade Secretary Liam Fox. “We know that the law in the United Kingdom says that on the 29th of March the European treaties will cease to apply to a UK, so the only way we can stop that happening is to come to an agreement,” Fox told the BBC from the World Economic Forum in Davos, Switzerland. In Brussels, the EU’s chief Brexit negotiator, Michel Barnier, said “preparing for a no-deal scenario is more important than ever — even though I still hope that we can avoid this issue and this scenario.” Most UK business groups fear a “no-deal” Brexit will cause economic chaos by ripping up the trade rulebook and imposing tariffs, customs checks and other barriers between the UK and the EU, its biggest trading partner. The Bank of England has said that in a worst-case scenario, a cliff-edge Brexit could trigger a deep recession, with Britain’s economy shrinking eight percent

within months as unemployment and inflation soar. Carolyn Fairbairn of the Confederation of British Industry said British politicians must rule out a no-deal Brexit, calling it “the only way to halt irreversible damage and restore business confidence”. Warnings from industry have grown louder as Brexit day approaches. Airbus chief executive Tom Enders said earlier this month that uncertainty around the terms of Britain’s exit was “unbearable”. Speaking at a business reception, he urged lawmakers to “stop filibustering around this issue, allow for an orderly, agreed Brexit and find an agreement with Brussels”. So far, he has not been heeded. Britain’s fractured Parliament is due to vote on May’s proposal on Tuesday — and on rival plans, including attempts by groups of legislators to delay Britain’s exit and to rule out “no-deal”. May’s government has rejected both ideas, but a growing number of lawmakers believe Britain will have to ask the EU to delay Brexit past March 29 to solve the Brexit impasse. German Economy Minister Peter Altmaier said any such request “would certainly be considered seriously” by the bloc. “‘No-deal’ Brexit must be avoided — this is the priority,” he said in Davos. Also while attending the Davos forum, Pierre Moscovici, the EU’s top economy official, said an extension request could only be granted by the other 27 member states if it came with some “clarity”. “You cannot just say,

‘Well it’s the 28th of March. We’re not yet there. Give us some time.’ You must clarify some options,” Moscovici said in Davos. May said extending the deadline “does not solve the issue”, and the only way to ensure Britain did not leave the EU without an agreement was for Parliament to pass her deal. “There will always be a point of decision ... no deal, a deal or no Brexit,” she said in the House of Commons. Britain’s pro-Brexit lawmakers accuse those seeking a delay of trying to overturn voters’ 2016 decision to leave the EU. “They are going to do everything that they can in that remaining time not to delay Brexit, not to get a deal, but to keep us bound to the European Union,” said Conservative legislator Jacob Rees-Mogg, a leading Brexiteer. With Brexit just two months away, companies are acting to cushion themselves against disruption. Ferry operator P&O said it would re-register its UK fleet under the flag of Cyprus so it could continue to use EU tax arrangements after Brexit. Electronics firm Sony

announced this week that it will move its European headquarters from London to Amsterdam to avoid potential customs complications after Britain leaves the EU — one of several companies shifting its legal base to an EU member state. Sony said it did not plan to move jobs from Britain. While many firms worry about the impact of Brexit, some senior business figures support it, including James Dyson, founder and chairman of appliance manufacturer Dyson. The vacuum-maker was accused of hypocrisy by Brexit opponents after announcing on Tuesday that it is moving its head office from southwest England to Singapore. The firm said it was making the move because of the growing importance of the Asian market, rather than because of Britain’s impending EU exit. But Solicitor General Robert Buckland, who represents an area near Dyson’s British HQ, said “I’m disappointed to say the least that at this time a company led by a person who advocated Brexit has decided to relocate outside of this country.”

The beautiful 5 Star Cove Resort in Gregory Town Eleuthera Bahamas in Gregory Town Eleuthera Bahamas is seeking to employ immediately, a

HUMAN RESOURCES MANAGER

Required qualifications are:

To advertise in The Tribune, contact 502-2394

Bachelors Degree & four years to ten years related experience. Equivalent combination of Education and experience. Experience with Bahamian Law. Experience with Department of Labour and Work Visa life cycle. Proficient in Micro soft Excel applications. Previous Luxury resort experience preferred. Day hours are Monday to Friday 8:30 a.m to 5 p.m. This position requires long hours and weekend work. Housing and accommodations provided for off Island candidates. Please send email only to rdean@thecoveeleuthera.com

PAGE 8, Thursday, January 24, 2019

THE TRIBUNE

Canadian ambassador: Huawei exec could avoid US extradition TORONTO Associated Press CANADA’S ambassador to China said he thinks a top Chinese executive has a strong case to avoid extradition to the United States and said he hopes she will be released soon in remarks one of his predecessors called “mind-boggling”. Ambassador John McCallum told Chinese language media in Markham, Ontario on Tuesday that Huawei executive Meng Wanzhou has “quite good arguments” including “political involvement by comments from Donald Trump on her case”. Canada arrested the daughter of Huawei’s founder at the request of the US on Dec 1. Meng is wanted on fraud charges that she misled banks about the company’s business dealings in Iran. Trump said last month he would be willing to abandon the Meng case in pursuit of a trade deal with Beijing. That led some to suggest the case has been politicised and the US is loosening its commitment to the rule of law and an independent judiciary. “I think she has some strong arguments that she

HUAWEI chief financial officer Meng Wanzhou arrives at a parole office with a security guard in Vancouver, British Columbia. China on Tuesday demanded the US drop a request that Canada extradite the top executive of the tech giant Huawei, shifting blame to Washington in a case that has severely damaged Beijing’s relations with Ottawa.

can make before a judge,” said McCallum, who is an economist. McCallum also listed two other arguments Meng could use before a judge. If she is extradited to the US, the ambassador said: “That would not be a happy outcome.” “And that would take years before it happens because she would have the right to appeal all the way to the Supreme Court of Canada.” The case has severely damaged Beijing’s relations with Ottawa. China detained former Canadian diplomat Michael Kovrig and Canadian entrepreneur Michael Spavor on Dec 10 in an apparent attempt to pressure Canada to release Meng. A Chinese court also sentenced a Canadian to death in a sudden retrial, overturning a 15-year prison term handed down earlier. Huawei has close ties to China’s military and is considered one of the country’s most successful international enterprises, operating in the high-tech sphere where China hopes to establish dominance. “President Xi Jinping was very angry about this and so others in the Chinese government have taken the

NOTICE IN THE ESTATE of GEORGE WASHINGTON ROLLE Late of the Settlement of James Cistern in the Island of Eleuthera one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE IS HEREBY GIVEN that all persons having any claim against the above named Estate are required on or before the 31st day of January, 2019 to send their names and addresses and particulars of their debts or claims to the undersigned and if so required by notice in writing from the undersigned to come in and prove such debts and claims or in default thereof they will be excluded from the benefits of any distributions made before such debts are proved AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned. HAILSHAMS LEGAL ASSOCIATES Counsel and Attorneys at Law RENALDO HOUSE 10 Queen’s Highway Palmetto Point, Eleuthera, Bahamas P. O. Box SS 5062, Nassau, Bahamas Attorneys for the Administratrix of the above Estate

lead from him,” McCallum said. “I don’t know exactly why. Maybe it’s because Huawei is a national flagship company of China. It’s not just any company.” David Mulroney, Canada’s former ambassador to China, called McCallum’s remarks “mind-boggling”. Mulroney said talking about the merits of the case and saying he hopes Meng should be released is completely inappropriate when the government has been saying that Meng’s extradition is up to judicial authorities. Mulroney said Canadian Prime Minister Justin Trudeau and Foreign Minister Chrystia Freeland have to distance themselves from the remarks of McCallum, who is a former Cabinet minister in the government. “It’s a setback and an unfortunate setback. It undermines that Canada is playing this by the book,” he said. “If it is a strategy it is a remarkably poor one.” Trudeau and Freeland have stressed they can’t interfere politically in the case. Trudeau didn’t answer when asked by a reporter if he agreed with his ambassador that Meng has a strong case not to be extradited. Freeland spokesman Adam Austen said in a statement there has been no political involvement in the Meng case and that Canada is honouring its extradition treaty with the US. McCallum didn’t invite major English-speaking media outlets to his press conference. McCallum said the Meng case “a result of ongoing tensions between China and the United States. Or it may be.” The US Justice Department declined to comment yesterday. Robert Bothwell, a professor at the University of Toronto, said McCallum has always been somewhat autonomous and said his behaviour when he was a lawmaker for Markham is what he would expect from someone who represented a largely Chinese-Canadian constituency. “McCallum may be right on the extradition case, and the arguments to be used for the defense,” Bothwell said. “However, there is the behaviour of the Chinese government subsequent to the extradition, and that should be enough to give anybody pause. It evidently doesn’t take a lot to send the Chinese into hysterics, and when hysterical they like to throw their weight around.”

THE TRIBUNE

Thursday, January 24, 2019, PAGE 9

California city approves 25cent fee on disposable cups SAN FRANCISCO Associated Press PATRONS of restaurants and coffee shops in Berkeley, California, who don’t bring a reusable cup for their beverage will have to pay a 25-cent fee for a disposable cup as part of an ordinance approved by city officials to reduce restaurant waste. Berkeley’s City Council voted unanimously on Tuesday to approve the fee on single-use cups that will take effect January 2020. “The goal is to transition Berkeley from throwaway to reusable food ware, to incentivise people to bring their own cup,” said Councilwoman Sophie Hahn, who co-authored the ordinance with Mayor Jesse Arreguin. The ordinance, called Disposable-Free Dining, also requires restaurants to provide takeout containers that are compostable by mid-2020 and to provide only reusable plates and utensils for those eating in. It also says other disposable items, like lids and stirrers, can only be offered when requested.

FAT Slice pizza employee Gustavo Munoz fills a cup with water yesterday in Berkeley, Calif. Berkeley has approved a 25-cent tax on disposable cups city officials say is part of an effort to eliminate restaurant waste. The City Council voted unanimously yesterday to approve the ordinance that also forces restaurants to provide to-go containers that are compostable by January 2020. Photo: Ben Margot/AP Restaurants would keep all proceeds, and it would be up to them to decide what to do with the extra money. The funds, for example, could be used to replace plastic cutlery for more environmentally

friendly silverware, she added. The single-use cup fee is the latest effort in the socially forward city to reduce waste. Bans on plastic bags received support in the city of 120,000 long

before California became the first state to impose a ban in 2014. The city has also imposed a ban on plastic straws. Berkeley pioneered recycling in the 1970s and banned Styrofoam in the

1980s. But that alone is no longer enough, Hahn said. The hope is to reduce consumption of singleuse containers through a change in behaviour and one day have people bring their own reusable

carry-out containers to restaurants, just like they bring their reusable plastic bags to the grocery store, she said. “We were the first city in the US to do curbside recycling, and people thought we were crazy,” she said “But we pioneered that, and it has become the norm across the world.” Berkeley voters also became the first in the country to approve taxing sodas to curb consumption, after costly campaigns by the soda industry helped defeat similar taxes in more than 30 other cities and states in recent years. A lot of restaurants in Berkeley already use compostable to-go food ware and reusable plates and utensils for dining-in, and the ordinance faced no opposition, she added. Business owners along Telegraph Avenue, a street lined with coffee shops and restaurants that cater to University of California, Berkeley students, support the measure but are still concerned about the financial impact it could have, said Stuart Baker, executive director of Telegraph Business Improvement District.

BAHAMAS AIR NAVIGATION SERVICES DIVISION

JOB VACANCY NOTICE

The Bahamas Air Navigation Services Division (BANSD) was established on October 3, 2016 as the service provider of the aviation sector, independently operating with the responsibility for air traffic services, aeronautical information services, communications, navigation and surveillance, and advisory services. In order to continue the efficient and effective operation of BANSD, we are recruiting motivated and interested persons to join the team as Air Traffic Controllers. AIR TRAFFIC CONTROL TRAINEES Trainees will complete the Air Traffic Controller Training Program based on the International Civil Aviation Organization Standards. All Trainees are required to complete a Class III Medical and a security vetting. Successful Trainees will perform as a Flight Service Officer after certification. Minimum Requirements: • Must be ages 18 – 26; • Successfully pass Five (5) BGCSE with “C” or above including; English and Math; • No speech, sight or hearing impediments. Qualified candidates should submit, in person: a resume, copies of academic qualifications, valid police record (original), valid passport, NIB smart card, three (3) recent passport size photos to the attention of the HR Manager, BANSD, JL Centre 2nd Floor at #26 Blake Road on or before Thursday, January 31st, 2019.

PAGE 12, Thursday, January 24, 2019

THE TRIBUNE

At Davos, battle lines are drawn over trade and co-operation SWITZERLAND Associated Press WORLD leaders in favor of international co-operation and free trade struck back yesterday against the wave of populist nationalism that has featured more prominently than usual at the gathering of elites in Davos, Switzerland. As a dizzying array of heads of state - from Poland to Columbia to Rwanda addressed the political and business tycoons, the question of global co-operation emerged as a dividing line. The leaders of Japan and Germany — countries that have flourished on trade since their devastation under nationalist leaders in World War II — focused on the need for co-operation. It was a not-so-subtle dig at earlier speeches by the populist president of Brazil and US Secretary of State Mike Pompeo, who said governments should focus more on national self-interest over international rules. “I believe that it’s worth bringing together likeminded people around the world, because anything else will lead us into despair,” said German Chancellor Angela Merkel. She said efforts to combat global problems - from an economic slowdown to tensions over trade, Brexit and migration - “will only function if we are able to compromise”.

She cited as a positive example a free trade deal between the European Union and Japan that will take effect Feb 1. Japan’s prime minister, Shinzo Abe, put a similarly strong focus on working together, noting another trade deal, among Pacific Rim countries. He warned, however that there are risks. “US-China trade friction is one of those risks and Japan traditionally has said tit-for-tat trade-restrictive measures are of no benefit,” he said in his first appearance in Davos in five years. The US and China, the world’s two biggest economies, are locked in a major trade dispute and have put tariffs on hundreds of billions of dollars-worth of traded goods. The administration of US President Donald Trump says China is not being transparent on government subsidies it gives Chinese companies and is swiping intellectual property from Western firms. While Abe and Merkel squarely warned against taking punitive measures like Trump has — without going through international institutions like the World Trade Organization to settle disputes — both Japan and European countries have also complained about China. Abe said the WTO needs to be overhauled. “Major changes are

taking place and the WTO is behind the curve — it’s not keeping up with pace,” Abe said in a brief question-and-answer session. “We need to reform it.” Efforts were underway to defuse the US-China dispute, with a high-level Chinese delegation expected to visit Washington on Jan 30. The level of tensions remained intense, however. China’s vice president used his own speech in Davos to take shots at Trump and his administration.

“Shifting blame for one’s own problems onto others will not resolve the problems,” said Wang Qishan. He sought to cast China as a proponent of open markets, though in reality it keeps tight control of its access to foreign investors and companies. “What we need to do is make the pie bigger while looking for ways to share it in a more equitable way,” he said. “The last thing we should do is to stop making the pie and just engage in a futile debate on how to divide it.”

Trump had intended to visit Davos with a big delegation to meet with the Chinese over the trade issues. They cancelled the trip, however, due to the government shutdown. Other major leaders have also had to nix their trip, including those of Britain and France to deal with Brexit and popular protests. The uncertainty over Brexit also featured heavily in talks in Davos as a major risk to global commerce and co-operation. British lawmakers last week voted down Prime

Minister Theresa May’s deal with the European Union. Since then, speculation has risen that Britain could crash out of the bloc without a deal or that end up extending its date of departure from the current March 29. Merkel said she is working for a “well-ordered” Brexit and is looking for a “good” future partnership with Britain not just on trade but issues like security and defence. “The easier the relationship, the easier for all of us,” she said.

NOTICE

UNDERWATER MANPOWER SOCIETY LTD. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 22nd day of January, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is Rodrigo Khouri Duarte of Brazil Dated this 24th day of January, 2019

Rodrigo Khouri Duarte LIQUIDATOR

NOTICE

AMARANTUM LIMITED

UNITY LINK INVESTMENTS LIMITED

DYNAMIC SEASONS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) AMARANTUM LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) UNITY LINK INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) DYNAMIC SEASONS LIMITED 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 15th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 21st January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 15th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 24th day of January, A. D. 2019

_________________________________ Leeward Nominees Limited Liquidator NOTICE SASA TATOU LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SASA TATOU LIMITED 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 17th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas Dated this 24th day of January, A. D. 2019 _________________________________ CST Administration (Bahamas) Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 24th day of January, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator

NOTICE

SING BREEZE SERVICE LIMITED

SOUTHERN ROCK GROUP INC.

N O T I C E IS HEREBY GIVEN as follows:

(a) SING BREEZE SERVICE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SOUTHERN ROCK GROUP INC. 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 17th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 15th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 24th day of January, A. D. 2019

_________________________________ CST Administration (Bahamas) Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

NOTICE

DRAGON GATE HOLDINGS LIMITED

IXIELL HOLDINGS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) DRAGON GATE HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) IXIELL HOLDINGS LIMITED 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 15th January, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 24th day of January, A. D. 2019

_________________________________ Bukit Merah Limited Liquidator

976

STUBBS

THE977 TRIBUNE STUBBS 982 978 979 984 988 986 989 990 992 993 995 994 996 998 999 1000 1001 1002 1003 1017 1013 1005 1014 1006 1015 1007 1010 1016 1011 1012 1018 1019 1020 1021 1022 1023 1039 1033 1035 1030 1037 1024 1041 1036 1025 1038 1026 1031 1027 1028 1034 1029 1040 1032 1044 1045 1046 1047 1051 1048 1052 1050 1049 1053 1054 1056 1055 1057 1058 1059 1060 1061 1062 1063 1064 1066 1067 1068 1069 1070 1071 1088 1072 1073 1074 1093 1096 1085 1094 1097 1098 1089 1078 1090 1079 1091 1080 1092 1086 1081 1082 1083 1087 1084 1099 1100 1101 1104 1102 1103 1107 1108 1110 1111 1112 1116 1113 1114 1115 1117 1118 1119

STUBBS STUBBS STUBBS STURRUP STURRUP STURRUP SWABY SWEETING SWEETING SWEETING SYMONETTE SYMONETTE TAVARIS TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TAYLOR TELUSMA THEOC THOMAS THOMAS THOMAS THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THOMPSON THURSTON THURSTON TIMOTHEE TURQUEST TURNQUEST TLURNQUEST TURNQUEST TURNQUEST TURNQUEST TYNES VOLTAIRE WALKER WALKER WALLACE WALLLAE WALLACE WALLACE WALLACE WALLACE WARD WATKINS WELLS WHITE WHYLLY WHYMNS WHYMNS WILLIAM WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMS WILLIAMSON WILLIAMSON WILLIAMSON WILSON WILSON WILSON WILSON WOOD WOOD WOODSIDE WOODSIDE WORTHY WRIGHT WRIGHT WRIGHT WRIGHT YOUNG YOUNG YOUNG

SHAQUITA SHANIKA DUKE ALLINGTON CHERYL MELVIN BERNARD CORAL BRANDON BERNARD RANDOLPH JOSEPH KATHRINE OLIVE TYRONE CUTEL ADAISMA GEORGE MARK JARADO ALFRED BETHSHEBA ELAINE CORDERA DON KATRINA,PATRICE LATISHA NIOKA QUINTIN SHARON SHERICK VANDYKE ONEIL ZACHARY ALEXANDROVICH NICOLA ELIZABETH PATRICIA ROSELLA ROLANDA OLIVE THEODORA JANE MICHELLE TANYA ELAINE TONY ANTHONY HUBERT KEISHA SIMONE MELISSA C. ALLAN ERNICIA FLORENCE JANETTA KETURAH MAYANN PAULA RICHARD MARVIN CLINT EASTWARD SHANIQUEA VELMA ALTAMESE JESSICA PHILIP SHAWN DEBORAH LOUISE IESHA LITSHAN EUGENE ORAL JUNE PATRICIA ARLINGTON SEAN HAROLD DEBORAH MONIQUE JOZIE ANITA GINGER TAMARA SANDRA ELIZABETH CARLA ALICIA MATTERSON DENZEL MICHELINE MARCIA CLINT BENJOEMENA BERNICE DELVIN DELMON FAETH LINDA MARGARITA TREVOR DAVID SYDIRA JASON JEMAICO HUEDELL ASHLEY GIA OIRSTINA DORVILIEN ANTHON ANTOINETTE BRENTHIA ICELYN JAMES LATEISHA RESHAN SHANTE SHAQUILLE SPRING CAROL ALEXANDRA PRINCESS MINALEE SONIA SOPHIA ADRIAN JAMAL GREGORY JAMES JACQUELINE JERUSHA OMAR KAYAM BETTY ANN DESMOND BRIAN CHERYL DWIGHT ALEXANDER ALEXANDER DWANE DEERECK SOPHIA TENEAL LOUISE HELENA JOSEPH RANDOLPH KENT CRUZ SHELLEY YVETTE MABEL BRIDGETTE CAROLEE FAE HILDERINE AKEISHA MARIA DERON LATERA LEMARR NICOSIA

Thursday, January 24, 2019, PAGE 17

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

PAGE 18, Thursday, January 24, 2019

THE TRIBUNE

Ford posts quarterly loss amid struggles in Europe, China DEARBORN, MICHIGAN Associated Press FORD Motor Co has reported its first quarterly loss in two years due to a pension accounting charge

and poor performances in Europe and China. The Dearborn, Michigan, company yesterday said it lost $116m, or three cents a share, in the fourth quarter, compared with a $2.52bn profit in the same

period a year earlier. The loss included an $877m charge to revalue global pension assets due to a late-year market slide. Excluding one-time items, the company posted a profit of 30 cents per share

from October through December. That fell just short of analyst estimates of a profit of 31 cents. The company still made $3.68bn for the full year, about half of what it made in 2017. Without one-time

items, Ford’s full-year profit was $1.30 per share, in line with the company’s recent guidance but short of Wall Street’s expectations. Analysts polled by FactSet expected $1.32 per share. The company made a pretax profit of $7.6bn in North America for the year, down six percent from 2017. Still, US unionised workers will get profit-sharing checks of $7,600 each in March. But the automaker lost $1.1bn before taxes in its Asia Pacific region including China for the full year. It also posted pretax losses of $398m Europe for the year, $678m in South America, and $7m in the Middle East and Africa. Revenue rose two percent for the year to $160.3bn, topping Wall Street estimates of $155.77bn on stronger prices that customers paid for Ford vehicles, the company said. Ford’s shares rose about one percent in after-hours trading yesterday to $8.42.

Ford is in the midst of an $11bn global restructuring, and last week it announced plans to close factories and lay off workers in Europe. Chief Financial Officer Bob Shanks said the company has a good handle on its underperformance in China and Europe and said it is addressing problems. “It’s not a year that we were happy with,” Shanks told reporters. “I think the fourth quarter kind of continued in that theme.” But he said that, although Ford suffered headwinds of tariffs and extraordinary recall costs including faulty Takata air bags, the company’s performance in North America improved. Ford has identified areas to restructure in Europe and other regions. “The choices that we’ve made in terms of what we’re going to do to improve the business are largely made,” Shanks said. “And now it’s down to execution and implementation.”

Amazon testing delivery by self-driving robots

A SELF-driving delivery robot that Amazon is calling Scout. The online shopping giant says it started to test self-driving robots in Snohomish County, Wash, yesterday that can bring Amazon packages to shoppers’ doorsteps. NEW YORK Associated Press AMAZON is bringing delivery robots to the streets of a Seattle suburb. The online shopping giant says it started to test self-driving robots in Snohomish County, Washington, yesterday that can bring Amazon packages to shoppers’ doorsteps. The robots are light blue, about the size of a Labrador, have six wheels and the Amazon smile logo stamped on its side, according to Amazon photos. Six

of them will be roaming the sidewalks and streets of the neighbourhood. Amazon says a worker will accompany the robots at first, but it didn’t provide additional details of how the service would work. The company did not respond to questions about the test. Several companies have been testing similar delivery robots on college campuses that deliver fast food or snacks to students. Amazon says its robot, which it is calling Scout, can navigate around pets and pedestrians.

Cities appeal dismissal of lawsuits against opioid makers HARTFORD, Conn (AP) — Thirty-seven cities and towns in Connecticut have appealed a judge’s dismissal of their lawsuits blaming Purdue Pharma and other drugmakers for the opioid crisis.

The municipalities appealed to the state Appellate Court on Tuesday. They want to recoup millions of dollars spent responding to drug overdoses and other opioid-related problems.

THE TRIBUNE

Thursday, January 24, 2019, PAGE 19

US stocks waver as signs of future profit growth wobble NEW YORK Associated Press US stock indexes spent yesterday drifting and finished with small gains. While big companies continue to report strong profit growth, investors aren’t sure how much longer it will last. The S&P 500 index rallied 0.8 percent in the morning after fourthquarter earnings from major companies including IBM, consumer products maker Proctor & Gamble, and manufacturer United Technologies. Later, traders focused on some less encouraging quarterly reports and the muddled state of trade talks between the US and China, and the S&P 500 lost 0.8 percent before it gradually turned higher. Corporate profit growth shot higher in early 2018 after the Republicanbacked corporate tax cut, but Liz Ann Sonders, chief investment strategist for Charles Schwab, said corporate profits are now growing at a slower clip because of economic weakness in Europe and China and a steep decline in oil prices. “Even if we end up with the best case scenario on trade, it doesn’t alleviate... global growth slowing, earnings uncertainty with regard or 2019, (or) monetary policy,” she said. The S&P 500 added 5.80 points, or 0.2 percent, to 2,638.70 after a 1.4 percent loss on Tuesday. The Dow Jones Industrial Average climbed 171.14 points, or 0.7 percent, to 24,575.62. The Nasdaq composite edged up 5.41 points, or 0.1 percent, to 7,025.77. Smaller company stocks tend to do worse than larger ones when prospects for profit growth fades. The Russell 2000 index of smaller-company stocks dipped 3.20 points, or 0.2 percent, to 1,454.26 and most of the companies listed on the New York Stock Exchange finished with losses. Energy companies fared the worst as the price of crude oil fell for the third time in four days after a strong start to 2019. IBM rocketed 8.5 percent to $132.89 after its fourth-quarter results surpassed Wall Street estimates. Investors were also pleased with the company’s forecasts for 2019. BMO Research analyst Keith Bachman said critical operations including IBM’s business and technology services divisions did well in the quarter. IBM stock sank 25 percent in 2018. Tide, Bounty and Crest maker Procter & Gamble rallied 4.9 percent to $94.84 after its profit came out ahead of expectations and its sales were well above analyst forecasts as well. The company said its annual profit and sales could be slightly stronger than it previously expected. Elevator and jet engine maker United Technologies staged its biggest rally in almost a decade, rising 5.1 percent to $116.67 following its quarterly report. Media company Comcast jumped 5.5 percent, its biggest gain in almost three years, after it picked up more internet subscribers and got a revenue boost from Sky, its big bet on European TV. The stock closed at $36.89. The corporate tax cut might aid US company profits on a permanent

basis, but as investors compared 2018 to the year before, the tax cut caused a big one-time increase in profit growth. Investors have always known that boost wouldn’t be repeated in 2019, and in recent months they’ve become more pessimistic, wondering if growth will slow down dramatically or if profits might even start shrinking in the months ahead. Sonders, of Charles Schwab, added that consumer confidence has been slipping, and the partial shutdown of the federal government, which has lasted a month, could make matters worse. She said numerous companies that perform contract work for the government might have to start laying off workers soon. Federal employees will miss their second consecutive paycheck on Friday unless there is a deal to end the shutdown before then. Stocks had slumped on Tuesday as investors reacted to signs of slower global economic growth, including a weakened forecast from the International Monetary Fund. They also worried about possible trouble in trade talks between the US and China. White House economic adviser Larry Kudlow denied media reports saying the US had turned down an offer by Chinese trade officials to meet this week, due to a lack of progress on issues such as protection of intellectual property. Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer are scheduled to meet next week. “It’s frustrating for investors who are trying to get a sense of what’s happening when you have members of the administration often contradicting each other,” said Sonders. Other corporate reports were less encouraging. Abbott Laboratories, which makes Ensure and Pedialyte nutritional shakes, heart devices and medications, fell 2.2 percent to $69.91 after its revenue disappointed investors. Credit card issuer Capital One shed 6.2 percent to $78.20 after its profit and revenue both fell short of expectations. Bond prices dipped. The yield on the ten-year Treasury note rose to 2.74 percent from 2.73 percent. US crude oil lost 0.7 percent to $52.62 per barrel in New York. Brent crude, used to price international oils, fell 0.6 percent to $61.14 per barrel in London. The British FTSE 100 gave up 0.8 percent. France’s CAC 40 slipped 0.1 percent and the German DAX shed 0.2 percent. Britain’s FTSE 100 lost 0.5 percent. Japan’s Nikkei 225 index shed 0.1 percent. South Korea’s Kospi rose 0.5 percent and Hong Kong’s Hang Seng was almost flat. The dollar rose to 109.59 yen from 109.30 yen. The euro rose to $1.1383 from $1.1362. In other commodities trading, wholesale gasoline slipped 1.1 percent to $1.39 a gallon and heating oil fell 0.7 percent to $1.89 a gallon. Natural gas shed 2 percent to $2.98 per 1,000 cubic feet. Gold was unchanged at $1,284 an ounce and silver rose 0.4 percent to $15.38 an ounce. Copper slipped 0.2 percent to $2.65 a pound.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CAMERON ANTONIUS MILLER of South Beach Estates, P.O.Box N-9398, Nassau, Bahamas intend to change my name to CAMERON MILES CARTWRIGHT. 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.

To advertise in The Tribune, contact 502-2394

MARKET REPORT WEDNESDAY, 23 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,101.13 | CHG 0.04 | %CHG 0.00 | YTD -8.32 | YTD% -0.39 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.39 1.60 0.56 3.68 10.20 6.60 4.85 12.50 2.74 1.78 8.21 6.30 13.20 6.99 4.48 13.50

52WK LOW 3.50 19.17 4.90 3.34 0.90 0.18 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.25 12.51

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 4.43 17.43 7.00 5.39 1.60 0.56 2.30 10.20 6.16 4.44 11.00 2.50 1.78 8.40 6.30 12.85 6.98 3.62 13.01

CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.30 10.20 6.16 4.44 11.00 2.50 1.78 8.45 6.30 12.85 6.98 3.62 13.01

CHANGE 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 0.05 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

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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

3,455 100

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 30.1 18.7 N/M 16.7 N/M N/M -4.4 14.6 12.8 28.8 17.5 24.5 8.5 N/M 13.1 16.9 12.1 13.1 20.6

YIELD 2.71% 7.23% 0.00% 4.45% 0.00% 3.57% 0.00% 6.96% 3.57% 2.70% 5.64% 2.40% 3.37% 0.99% 4.44% 3.89% 2.15% 3.59% 4.61%

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 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.62 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 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 7.43 8.57 6.57 10.37 11.68 10.32 9.92 8.69 11.79

NAV Date YTD% 12 MTH% 3.57% 4.03% ############### 1.65% 1.76% ############### 2.18% 2.45% ############### 2.08% 3.47% 30-Sep-2018 30-Sep-2018 3.35% 5.94% 31-Dec-2018 4.30% 4.30% 31-Dec-2018 2.60% 2.60% 31-Dec-2018 3.40% 3.40% 31-Dec-2018 1.46% 1.46% -1.08% 1.77% ############### -5.96% -3.05% ############### 1.90% 4.59% ############### 7.24% 11.96% ############### 2.77% 3.88% ############### 3.94% 4.69% ############### 30-Sep-2018 -0.71% 0.16% 30-Sep-2018 3.96% 7.75% 8.34% 14.88 30-Sep-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

PAGE 20, Thursday, January 24, 2019

THE TRIBUNE

Q&A: A look at what happens when drones get near airports By DAVID KOENIG Associated Press THE ability of drones to interfere with airliners — and inconvenience their passengers — has now been demonstrated on two continents, and the problem is likely to get worse as the number of small, unmanned devices multiply. Law enforcement authorities are trying to figure out who flew a drone so high and so close to Newark Liberty International Airport that incoming flights were held up briefly during a peak hour at one of the nation’s busiest airports. Flights resumed within about 30 minutes — much more quickly than after a similar incident last month at London’s Gatwick Airport. Here are some common questions readers have about these incidents and brief answers. WHAT HAPPENED IN NEW JERSEY? The pilots of both a Southwest Airlines flight and a United Airlines flight reported seeing a drone around 3,500 feet above Teterboro, New Jersey, about nine miles from the Newark airport, on Tuesday. As a precaution, the Federal Aviation Administration held up 43 flights already in the air and bound for Newark; nine landed instead at other airports. Another 170 Newarkbound planes were briefly delayed on the ground before taking off from other airports around the country. No video of the reported drone has surfaced. WHO WAS OPERATING THE DRONE? Authorities have not determined that. The FAA alerted New Jersey State Police and the FBI.

likely not have those same safety features. WHAT’S BEING DONE TO PREVENT DRONES FROM INTERFERING? DJI says it has developed technology to track nearby drones — their flight path and the operator’s location — using mobile, groundbased units. The technology is currently only used to identify other DJI drones, not home-built devices, although drone experts said they believe DJI already has the ability to expand it to track machines made by other manufacturers.

A DRONE operator helps to retrieve a drone after photographing over Hart Island in New York. Drone sightings reported by airline pilots over New Jersey renew questions about how to accommodate the popular devices into the nation’s airspace. The ability of drones to interfere with aviation is likely to get worse as the number of machines multiplies. Many store-bought drones come with technology to prevent owners from flying them near airports, but there are hacks, and home-built machines don’t necessarily include those protections. Photo: Seth Wenig/AP CAN WE BE SURE THERE WAS A DRONE? Some drone operators are skeptical about a drone reported at 3,500 feet and whether pilots in a fastmoving jet could accurately identify such a tiny object. Vic Moss, a founder of Drone U, a drone-operator school based in Albuquerque, New Mexico, said many consumer drones are restricted from going that high, although home-built devices or older drones are not. There are, however, videos online showing drones at such altitudes. “It’s possible, but it’s just incredibly unlikely that it was an actual drone,” Moss said. “Drones are the new UFO.” WHAT HAPPENED IN LONDON? In mid-December, hundreds of flights were cancelled and more than

100,000 people were stranded or delayed over two days after reports of drones spotted near the runway at Gatwick Airport, a major international hub. A few days later, police arrested two men living near the airport but later cleared them, and no other suspects have been identified. Police also said that two drones found near the airport were not involved in the disruption. A few weeks later, a reported drone sighting briefly halted flights departing from London’s Heathrow Airport, one of the world’s busiest. WHY IS THIS HAPPENING? If the intrusions in New Jersey and London were deliberate, the motives are not clear. Officials in London said there was no indication that the Gatwick

incident was terror-related. A criminal investigation has been opened into the Heathrow incident. WHAT ARE THE LAWS ABOUT FLYING DRONES NEAR AIRPORTS? Federal rules forbid operating a drone within five miles of most airports or above 400 feet without a waiver from the FAA. ARE DRONE MANUFACTURERS RESPONSIBLE? Devices from the biggest maker of consumer drones, DJI, include so-called geofencing — technology designed to prevent the aircraft from taking off near an airport. A drone that is launched properly but enters a no-fly zone will return to its launch site and land by itself. Owners say DJI can

take days to unlock no-fly restrictions around even small airports. However, many drones offered for sale don’t include such restrictions: They have no GPS or geofencing. CAN OPERATORS DISABLE SAFETY SYSTEMS? Yes. There are online discussions in which drone operators talk about hacks, but they involve some level of technological sophistication. “The geofences (from manufacturers like DJI) are in place, but in some cases they can be defeated — it’s not easy,” said Tom Kilpatrick, a drone pilot who founded a drone company in Oklahoma. “They are designed to prevent the average drone operator from flying near an airport.” Home-built drones would

WHAT ARE AIRPORTS DOING? The Port Authority of New York and New Jersey, which operates the Newark airport, said in a statement that agency officials met last week with counterparts from the FAA, FBI and Homeland Security Department “to review and enhance protocols for the rapid detection and interdiction of drones”. A spokesman would not provide specifics and declined to say whether the airport has any anti-drone technology. After the Gatwick incident, British officials said they have deployed dronedefense equipment at other UK airports, although they gave few details. ARE TOUGHER RULES IN THE WORKS? Late last year, Congress gave the Homeland Security and Justice departments authority to develop and deploy a system to identify drones and disable — even destroy — drones that authorities consider a threat. FAA spokesman Greg Martin said any such system has to be designed carefully so that it doesn’t interfere with navigation equipment used by planes.