02012018 business

business@tribunemedia.net

THURSDAY, FEBRUARY 1, 2018

$4.34

$4.39

$4.48

‘Flagship’ manager hits Scotia with $2.4m claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

S

cotiabank (Bahamas) has been hit with a $2.4 million wrongful dismissal claim from an ex-manager of its “flagship” branch, who claims he was forced out after being identified as “a problem”.

Darron Bowe, who headed its Rawson Square outlet, is alleging that the bank moved to push him out after he objected to a performance review (PAR) that failed to account for the impact of a 16-month construction project on his branch’s operations.

Claiming that this exposed both staff and customers “to potentially hazardous materials, including asbestos”, Mr Bowe said his refusal to participate in a scheme where Scotiabank (Bahamas) staff sold customers “products they did not necessarily need” also contributed to his demise.

* Rawson Square chief: Bank forced me out * Seen as ‘problem’ over health, asbestos worry * And refusal to ‘push products customers didn’t need’ Mr Bowe’s ‘statement of claim’, filed on January 30, 2018, alleges: “The plaintiff was constructively dismissed by the defendant [Scotiabank] in August 2016 on the basis that he had become a ‘problem’ to the defendant by refusing to partake in a scheme whereby unsuspecting customers... were sold financial products they did not need.”

He claimed this was tied to a staff compensation arrangement where employees would be paid “based on the marketing of units..... in order to meet unrealistic sales goals”.

The former branch manager also argued that his performance review was carried out incorrectly, and was “inaccurate and inconsistent” with appraisals

MINISTER ‘DETESTS’ CONTRACTOR CHIEF’S TALKING THROUGH MEDIA

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET Minister yesterday blamed the Bahamian Contractors Association (BCA) for the sector’s delayed regulation, saying he “detests” how its president is talking to him through the media.

Desmond Bannister, minister of works, said the

* BLAMES BCA FOR FAILURE TO IMPLEMENT ACT * NO BOARD MEMBERS; CAN’T MOVE ON REGULATIONS * WTO ‘OF NO CONCERN’ TO BCA PRESIDENT SEE PAGE 7

NIB VIABILITY THREAT EXPOSED BY $13.4M ‘DEFICIT’ ON PAYOUTS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE growing threat to the National Insurance Board’s (NIB) future viability has been underscored by the $13.4 million ‘deficit’ between income and benefits payouts in 2016.

NIB’s annual report for that year, tabled in Parliament yesterday, revealed that it suffered the largest decrease in annual social security contributions for nine years despite the midyear wage ceiling increase.

“Contribution income

SEE PAGE 6

DPM: BLOCKCHAIN COULD HAVE HALTED JEAN-RONY’S EXILE

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Deputy Prime Minister yesterday said blockchain technology can revolutionise the way business is done in the Bahamas, and pledged: “We can be the digital leaders in this region.”

K P Turnquest, speaking at the opening of an Inter-American Development Bank (IDB) seminar on ‘Understanding Blockchain Technology’, suggested its use could have helped prevent the muchpublicised deportation fiasco involving Jean Rony

SEE PAGE 4

carried out for similar branches.

And his “refusal to be silent when there were real concerns about the health and safety of the defendant’s staff and customers at Main Branch”, due to the ongoing construction project, was identified as a further strike against him.

Sean Albert, Scotiabank (Bahamas) managing director, did not respond to Tribune Business’s phone and e-mail messages seeking comment before press deadline last night.

However, it is thought that the Canadian-owned commercial bank will vigorously refute Mr Bowe’s allegations and challenge his $2.4 million claim.

It is understood that Scotiabank (Bahamas) and its attorneys, Graham,

Thompson & Company, believe there is nothing in the law to support the sum the ex-Rawson Square branch manager is seeking.

The bank is also thought to believe its compensation offer to Mr Bowe is far more generous than what is required under the Bahamas’ governing statute law, namely the Employment Act 2001 and its subsequent amendments.

Mr Bowe, though, only initiated legal action after efforts to broker a resolution via the Department of Labour’s conciliation services failed to produce a satisfactory outcome.

Speaking briefly to Tribune Business yesterday, Mr Bowe, a 27-year Scotiabank veteran, blamed a change in the bank’s culture that had seen it move from a people,

customer-focused organisation to one solely motivated by profits.

“I joined the bank back in September 1989, and from when I joined the bank it was a family-centred institution,” he recalled.

“It has changed now to a profit-driven institution, concerned only about the bottom line.

“The bank is interested in sales, not people. If you want to get a loan for a car, they will drive you to get the car, but if you want a loan to start a business they want every form of collateral you and your family have.”

Mr Bowe argued that he, and his Rawson Square staff, were “not treated favourably and equitably”

SEE PAGE 5

$4.39 POLYMERS URGES: ‘JUMP ON BOARD’ WITH LNG FIRST * STRIKES SUPPLY DEAL WITH PLP’S BPL ‘PARTNER’ * INDUSTRIAL GIANT EYES ‘RETURN WITHIN A YEAR’ * URGES GB POWER: ‘LOOK AGAIN’ AT FUEL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net POLYMERS International yesterday said it will reap “a return on investment within a year” from becoming the first Bahamian company to import liquefied natural gas (LNG) to run its processes.

Greg Ebelhar, the Freeport-based industrial giant’s chief operating officer,

SEE PAGE 15

PAGE 2, Thursday, February 1, 2018

THE TRIBUNE

‘Hot shot’ program stands test of time CORELDRAW, still a ‘hot-shot’ program, was first released in January 1989, running on the Windows 2.x operating system.

Today, the software is still used by many people, with

the latest version primarily still designed for Windows.

There were several releases for macOS and macOS X, but poor sales resulted in their discontinuation. There was also a port to Linux in 2000, requiring a

modified version of Wine to run the software.

CorelDraw in the professional world As a vector graphics editor, CorelDraw is used primarily for marketing and

advertising businesses, particularly those that specialise in print advertising development. Outside of logos, CorelDraw is a program used to create brochures, newsletters and various other printable documents using its page layout features as well. The program is also used to create complex drawings.

As a design program, CorelDraw provides users with different tools to create original images or drastically edit them. Some of the things users are able to do with the program are QR code generation, page layout and adding various special effects.

Furthermore, CorelDraw is also compatible with other programs in the CorelDraw Graphics Suite, such as Corel PHOTO-PAINT, which allows users to create even more complex images.

As of 2015, CorelDraw X7 is one version of the program and it is available for Windows operating systems.

CorelDraw (styled CorelDRAW) is a vector graphics editor developed and marketed by Corel Corporation.

It is also the name of Corel’s Graphics Suite, which bundles CorelDraw with bitmap-image editor, Corel Photo-Paint, as well as other graphics-related programs Vector Graphics Editor Vector graphics use primitives of geometry, such as curves, shapes and lines.

These primitives allow the user to create images that can be magnified without reducing quality. In addition to this, images exported from the program keep their vector graphics qualities and can be used in other forms of editing software as well.

Simply put, CorelDraw as a vector graphics editor is made for users to create logos for use in various images and items, such as posters, logos and business cards.

Working with CorelDraw One of the key components of CorelDraw is its

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brushes. CorelDraw uses specially-designed brushes to help with detailed image creation. These brushes give the designer the ability to create realistic or incredibly stylised images.

In addition to its various brushes, CorelDraw also incorporates the use of layers.

Through such layers, graphics designers are able to create pictures that overlap each other without interacting. Layers help with different aspects of image creation, such as shading and colouring.

Using CorelDraw with other programs CorelDraw is made to work with other programs.

Some of these programs, such as Corel PHOTOPAINT, are intended to make design easier in CorelDraw with its ability to do more with graphic design and editing outside of the use of geometric primitives.

Images created in CorelDraw are usable in other programs as well. CorelDraw images may be exported in formats such as PNG and CDR, which can be opened in programs such as Adobe Illustrator. These formats make collaboration with other designers, and the alteration of images on other devices, easier.

Advantages of using Corel Draw Moving towards the cyber world is the ‘in thing’ now, and Corel Draw is one such move. The canvas, paper, ink and pencil functions of media are now replaced by Corel Draw, a computer program for people to express their ideas in picture and graphic form. Several advantages can be obtained where one uses Corel Draw, such as: * For a program of its size, Corel Draw uses very limited computer memory on any machine. This means the machine works to its full capacity, requiring much less down time, and the performance never is an issue. It

The Art of Graphix

BY DEIDRE M BASTIAN

is also very easy to install on most machines and is OS independent. You could be using a Windows OS, Linux or any other, but your work still gets done with equal speed and dexterity. * For a program of its size and capabilities, Corel Draw is rather easy to learn. It is partly due to the way it is structured and, in equal measure, is due to its extremely good tutorial and help guides. * As widely-used software, the number of publications catering to it is huge.

One can have any number of books on the subject, according to your needs and understanding capabilities.

• The creators of this excellent program have seen to it that future versions support work done in older ones, and have made the entire processing and saving a delight. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, February 1, 2018, PAGE 3

NASSAU-BASED MARKETER TARGETS TURKS EXPANSION DPM HAILS VACATION

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net A NASSAU-based boutique marketing agency has continued its expansion across the Bahamas, and is now setting its sights on the Turks an Caicos.

T.A.H.M. Management & Marketing Consultants’ top executive, Marc Hohnstein, says the company has to-date “tripled” its exposure across its digital advertising platforms.

He told Tribune Business that the company will soon add another 10

buses equipped with digital monitors, and will also be introducing outdoor digital boards this spring.

“We currently have 30 jitneys equipped with monitors. Adding 10 more will broaden advertisement opportunities for other small businesses across the island. We also have 32-50 inch digital advertising monitors in over 35 locations and businesses throughout Nassau and Abaco,” Mr Hohnstein said.

“Everyone knows that in business, 30-40 per cent of a company’s annual budget

can go towards marketing.

Our platforms are targetoriented, which means every company can, without a doubt, find a platform to advertise on.

“What we offer allows a business to channel their advertisement to a specific audience, making it highly effective.

“It also allows the business to display advertisements on a flat screen placed in their own establishment, and enables them to update their digital promotions and change their ad displays in real time at no additional cost.”

Mr Hohnstein says the company plans on expanding to the Turks and Caicos Islands with “a huge bang”.

“My business partner, Arthur ‘Ray’ Thompson and I, are still looking into other Caribbean islands, but which ones is still to be decided,” he added.

The company is already present in Europe via its parent Modinet (Modern Digital Network), which Mr Hohnstein also chairs. That company is based in Germany and will soon be expanding to three additional European countries as well as Africa.

TWO YEARS FOR CREDIT BUREAU TO START WORK

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net A Bahamian credit bureau will take 18-24 months to become operational once supporting legislation is enacted, the Deputy Prime Minister said yesterday.

During his contribution to the House debate on the Credit Reporting Bill and accompanying regulations, K P Turnquest said: “This is an important piece of legislation aimed at strengthening the stability of the financial sector and supporting credit growth.

“It will place the Bahamas’ financial infrastructure in a much better position, and hopefully encourage a restart of bank lending that is so important for our economic growth objectives, during which time consumers will have an opportunity to make further adjustments to their borrowing profiles that would enable them to successfully access the credit markets.

“The Central Bank would commence an appropriate consumer education and information campaign about the operations of the proposed credit

bureau, their rights and obligations.”

The commercial banking industry and other formal lenders are likely to welcome the Government’s move to enact the long-awaited Credit Bureau legislation, which has been several years in the making.

The House debate comes just one day after Tim Rider, Royal Bank of Canada’s (RBC) Caribbean senior vice-president of sales, identified the absence of a Credit Bureau as one example of inadequate market infrastructure that had resulted in the bank’s “diminshed appetite” to lend to middle and lower income mortgage borrowers.

“The current mortgage lending infrastructure has substantially diminished RBC’s appetite for mortgages to the average Bahamian, and forced our focus up-market to those borrowers who are more affluent and have proven ability to repay their debt,” Mr Rider told the RoyalFidelity Economic Outlook conference.

“The mortgage lending infrastructure, and lending infrastructure in general in this country, needs to improve so that we can

actually open the lending books.”

Mr Rider said the absence of a a Credit Bureau made it nearly impossible for Bahamas-based lenders to truly understand the level of indebtedness of a potential client. “This means decisions are based on significantly imperfect and much more narrow information than we are used to having in Canada, the US and Europe,” Mr Rider said.

“While I know it is on the legislative docket, an expedited focus would be highly recommended.”

The Bahamas’ Credit Reporting Project was launched by the Central Bank in 2010, in a bid to establish a national credit reporting system in the Bahamas, including a Credit Bureau. The Bill and regulations were issued for public consultation in September 2014 and have been further revised since then, before finally being brought up for debate and passage in Parliament yesterday.

“We are advised that, based on the operating experience of existing Credit Bureaus, a sustainable credit reporting service provider needs

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in excess of 250,000 credit inquiries per annum, otherwise the capital cost of entry is too high and the subsequent cost of individual credit reports prohibitively expensive,” Mr Turnquest said.

“Given this, the IFC has recommended a ‘Hub & Spoke’ operations model for Credit Bureau implementation in the Bahamas, where an existing provider would leverage its systems to service operations for several countries.”

Mr Turnquest added: “In this model, the information held by the Credit Bureau on the consumers of each jurisdiction would be stored in the the Credit Bureau’s database, but on a segregated basis with access provided to authorised persons only.

“Additionally, the Credit Bureau operator would be required to establish a physical presence in each country for the purpose of providing service to customers.”

Mr Turnquest said confidentiality provisions in the Banks and Trust Companies Regulation Act 2000, and the Data Protection Act 2003, currently impede the sharing of a borrower’s information with third

EXPRESS GB RETURN

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Deputy Prime Minister has hailed Vacation Express’s return with additional flights as a “good sign” for Grand Bahama’s tourism sector.

“I think it is an indication that a number of travel agencies and booking agencies recognise that Grand Bahama is a valuable and valued destination, with a lot of opportunities and they are expressing their confidence ahead of the Grand Lucayan opening in that product,” said K P Turnquest. “I think it’s a good sign, and speaks to the confidence they had with respect to the product, the people and tourism in Grand Bahama.”

According to a press release from the Ministry of Tourism, a total of eight non-stop flights departing

parties. “To overcome this issue, the Clearing Banks Association was invited to draft a consent clause to permit credit providers to obtain the credit reports of their customers from the Credit Bureau, which may be used by lenders throughout the credit reporting sector to obtain consumer consent,” said the Deputy Prime Minister.

He added: “The Credit Bureau will capture both positive and negative data, which studies have shown provides lenders the ability to predict borrowers’ future payment behaviour. Consumers will have the right to dispute information held by the Credit Bureau that they perceive to be inaccurate, incomplete or out of date in a timely and low cost manner.

“The Data Protection Commissioner has the responsibility for enforcing the provisions of that Act with respect to protecting

from various US cities will begin their flight schedules to Grand Bahama as soon as May 2018. Flights from Detroit, Chicago, Nashville, Pittsburgh, Newark, Baltimore, Cincinnati and Dallas will be operated

by Swift Air LLC on a Boeing 737-300 aircraft.

“One of the issues we have had on Grand Bahama for the year is the airlift to support the tourism infrastructure,” Mr Turnquest said.

“When you look at the Grand Lucaya it requires a certain amount of airlift, and even when it was open it was largely dependent on Sunwing as its main supplier and they did a fantastic job, but we need more in order to fill all the rooms we have, ensure that we can drive up the occupancy rates, which in turn drives up the yield and the opportunity for Bahamians to be engaged in the industry.” the personal data of individuals, and it is proposed that the Data Protection Commissioner’s powers and responsibilities be extended to protecting consumers rights with respect to disputed credit reporting information.”

The Bill also allows consumers the right to know that their information is being shared with the Credit Bureau, and know who has requested a copy of their credit report. They can also receive a free credit report annually upon request from the Credit Bureau.

The Bill also prohibits the Credit Bureau from disseminating data subject information to third parties without the subject’s consent, and provides for the establishment of a Credit Reporting Review Commission to review any action taken by the Bureau as it relates to its clients or underlying data subjects.

PAGE 4, Thursday, February 1, 2018

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THE TRIBUNE

DPM: BLOCKCHAIN COULD HAVE HALTED JEAN-RONY’S EXILE FROM PAGE 1 Jean-Charles.

He argued that it could have helped establish a record of his status in the Bahamas from the outset, given that blockchain is a record of digital events and transactions that occur across a network.

“There is no reason why a child that is born in the Bahamas cannot have a digital record established right then and there, and that record is transferred and travels with them as they grow. Agencies that need to add to the record can update the record,” said Mr Turnquest.

A Supreme Court judge on Tuesday ordered the Bahamian-born Mr JeanCharles be returned from

Haiti to the Bahamas at the Government’s expense, and that he be granted legal status within 60 days.

He was arrested and detained by Immigration officers during a routine status check on Fire Trail Road last September, and deported to Haiti having been being unable to provide officials with any documents or proof concerning his lawful presence in the Bahamas.

He was never served with a deportation or detention order, and had never been outside the Bahamas.

“Blockchain technology will enable us to establish a record from the outset so we can avoid these types of issues,” added Mr Turnquest. He said blockchain can “revolutionise the way

we do business in the Bahamas”, and propel this nation from where it is presently to become “true leaders in terms of technology and the way we do business”.

The Deputy Prime Minister said: “We are talking about putting the Bahamas on the cutting edge of technology and the way we do business”. He added that cryptocurrency was one aspect of blockchain, and government is doing its research on ways to use this.

Mr Turnquest said he was “tired” of this nation seeking to emulate Singapore, noting that Singapore is chasing Estonia.

“We want to be ahead of Estonia,” said Mr Turnquest, adding: “We can be the digital leaders in this region.”

THE TRIBUNE

Thursday, February 1, 2018, PAGE 5

‘Flagship’ manager hits Scotia with $2.4m claim FROM PAGE 1 over the 16-month construction project’s impact.

He argued that Scotiabank’s main Barbados branch, where similar renovation work was carried out, was allowed to alter its financial targets accordingly but not his.

“It was not a good environment, and they pushed us to get 100 per cent of our targets in loans and revenues,” he said. “Because we didn’t achieve that, we were rated accordingly. They gave us a poor rating, and that affects your livelihood.

“The year before the construction we did excellent.

The year after the construction, the bank [Rawson Square] did excellent.

During the construction we did not do excellently. The component was the banking environment. That was the main thing you have to look at.”

Mr Bowe’s lawsuit alleges that the construction work at Rawson Square lasted from late October 2014 to February 2016, and its negative effects would have likely been known by both Scotiabank’s regional and global head offices.

“These works impacted severely on the ability of Main Branch to operate at full capacity,” the action alleged. “This fact is singularly recorded as early as March 23, 2015, by Colleen Daniels, sales manager and service coach in the Bahamas managing director’s office, in her Branch Review Tool Report who noted ‘major renovations which have significantly impacted the customer experience’.”

Scotiabank presented him with a completed PAR of his performance in late 2015. No review meeting was held, and Mr Bowe was allegedly told to sign-off on it. He refused, disagreeing with both the contents and absence of a review.

Mr Bowe laid out his concerns “in no uncertain terms” in a December 15, 2015, e-mail. These included the replacement of his personal banking manager and personal banking officer with allegedly inexperienced trainees who he had to “hand hold” and train on the job, placing himself and Rawson Square at “a disadvantage” due to the importance of these posts.

The former manager added that Rawson Square was also impacted by Scotiabank’s branch consolidations, alleging: “The plaintiff had inherited branches around the country that were located in non-performing areas and with less staff.

“This had a huge impact on the goals that the plaintiff had been set, as the goals did not take into account the underperformance of those branches.”

With Scotiabank (Bahamas) allegedly continuing to insist that he sign-off on his PAR, Mr Bowe wrote to the bank’s global chief executive, Brian Porter, on January 25, 2016, after concluding that his “legitimate and constructive

concerns” relating to these issues and the construction works were not being taken seriously.

Mr Bowe’s letter set out his concerns that “his name had been muddied within the bank”, with the performance appraisal making no mention of “the hazardous conditions” that were impacting staff working conditions and financial performance at Rawson Square.

He alleged that such conditions included Scotiabank staff “performing janitorial duties in a vain attempt to make Main Branch look presentable”; a lack of phone and computer services at times during working hours; a lack of ceiling lighting and air conditioning during summer months; exposure to hazardous materials including asbestos; construction noise, dust and odors.

Mr Bowe said staff attempted to come into work at the weekend in a bid to catch up, only to find the same construction work was going on.

“One staff member, who the managing director’s office had no space for, was assigned to work from a desk at the Main Branch in its back office,” he alleged.

“He stayed at the Main Branch for only two hours and requested to be moved as he could not stop coughing due to the dust from the construction works.”

Mr Bowe’s letter informed Scotiabank’s global chief executive about the potential health hazards to staff and customers, and the alleged absence of a “containment plan”, with the conditions “clearly in breach of health and safety standards”.

He also complained that the Cable Beach and Freeport branches had been rated as ‘meeting expectations’ in their PARs, despite not hitting their financial targets - even in the absence of similar construction works.

Mr Bowe alleged that no response was received from Scotiabank’s Canadian head office, and instead he received a reply from Keenan Johnson in the bank’s Bahamas head office on February 12, 2016.

None of his concerns were purportedly addressed, which was described as “an incredible state of affairs”. And, on the same day, he received an e-mail from the same Mr Johnson saying the bank wanted him to take 60 days’ vacation.

“This was clearly in response to his concerns about Main Branch and the PAR, and is evidence that the defendant was beginning the process that would result in his constructive dismissal,” the lawsuit alleged.

“Mr Bowe also believes this request was linked not only to his concerns about the PAR and safety conditions of Main Branch, but also because he had refused to partake in a sales scheme whereby the bank encouraged its staff to sell products to customers which they did not necessarily need.”

The former manager alleged that Scotiabank staff were offered incentive-based commissions dependent on the number of financial products they sold to customers. If “dollar and unit” targets were exceeded in a particular year, an employee would receive a salary increase and be awarded with a bonus.

“Therefore, many members of staff in other branches forced products on to customers and were encouraged to do so by the defendant,” Mr Bowe’s lawsuit alleges. “The mandate was a minimum of three units per customer.

“Units help the bank earn non-interest revenue, and if the member of staff did not do this they were placed on the Performance Improvement Programme.

This programme prevented the member of staff from getting any loans, salary increases or bonuses from the bank.

“The programme would then be used to fire that member of staff the following year if he or she did not achieve 100 per cent in all areas. An example of how this worked in practice and affected customers was in one instance where a customer came into the bank wishing to open a deposit account,” the claim continued.

“The customer wished to deposit $10,000 with the bank. Instead of opening one deposit account, that customer was convinced to open up 10 separate accounts, thereby earning the staff member 10 separate units and credits accordingly. Mr Bowe had vocally refused to implement that policy, and believes as a result he was seen as a problem within the bank.”

Mr Bowe’s lawsuit likened the “sales scheme” to events at Wells Fargo in the US from 2011 to 2016, when bank employees created more than 1.5 million unauthorised deposit accounts and 500,000 credit card applications in a bid to hit sales and fee targets. That bank paid $185 million in fines as a result.

Believing his concerns had been “swept under the carpet”, Mr Bowe met with Mr Albert in late July 2016.

The latter gave him three options: Accept the PAR and stay in his post; relocate to another branch and “in effect take a demotion”, or accept early retirement.

Mr Bowe, in an August 2, 2016, letter accepted early retirement believing “he had no choice but to take this option”.

However, he requested a $2.4 million pay-off - a sum representing one year’s salary for each year worked.

Scotiabank (Bahamas), though, offered him $126,323, which included an ex-gratia payment of $29,723.

As a result, Mr Bowe is claiming damages for constructive and wrongful dismissal, and for breach of his employment contract.

He is being represented by attorney Michael Scott of Scott & Co.

Classic + COOL

NOTICE In the Estate of JOANNA ELIZA MILLER late of White Acre Road, Golden Gates Estates No. 2 on the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above-named Estate are required to send the same to the Undersigned on or before the 5th day of March, A.D., 2018, and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the under-signed on or before the date hereinbefore mentioned.

Dated the 1st day of February A.D., 2018.

CAMPBELL CHASE LAW, Chambers, Nora Leonie, Mount Royal Avenue at Rosetta Street, P. O. Box N-4447, Nassau, Bahamas.

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PAGE 6, Thursday, February 1, 2018

THE TRIBUNE

NIB viability threat exposed by $13.4m ‘deficit’ on payouts FROM PAGE 1 decreased by $2.4 million or 0.9 per cent when compared to 2015,” the annual report said of the drop to $258.877 million.

“The reduction in contribution income is due to the combined effect of the continued weakness in the Bahamian economy, challenges related to the implementation of the Insurance Administration System (V3), and the devastating impact of Hurricane Matthew in the fourth quarter of 2016.

“This represents the largest decrease in the contribution income since 2008 when the fund experienced a slight decline of 0.3 per

cent against the prior year.”

The NIB annual report said the drop in social security contributions also came against the background of an enhanced compliance/ enforcement crackdown against delinquent employers and self-employed persons.

In contrast, NIB’s benefits payouts grew by $12.7 million or 4.9 per cent yearover-year to $271.5 million, resulting in the scheme’s expenditure surpassing contribution income by $13.4 million.

“The increase in expenditure is due to the expected upward trend in pension payments as a result of the aging of the Bahamian population, and the legislated biennial cost of living adjustment, which

increased payment to all pensioners up to 3.1 per cent, starting in July 2016,” NIB’s annual report revealed.

Contributory pension payments increased by $12.5 million to $187.6 million in 2016, while assistance pensions fell by $0.4 million to $14.9 million.

Benefits payouts “increased in all categories” except short-term benefits, which fell by $2.3 million or 6.2 per cent to $34.2 million at year-end 2016.

While NIB’s challenges are little different from similar government-run social security schemes, the 2016 figures indicate that the scheme is close to the ‘tipping point’ where annual benefits payouts will start to

Job Fair McDonald’s Job Fair Saturday, February 17, 2018 • 12:00 noon – 4:00 p.m.

McDonald’s Head Office, 111 East Hill Place Market Street North (Opposite Government House)

Recruiting Customer Centric Individuals for the following positions: 3 Restaurant Shift Managers 3 Hostesses 3 Line Staff Including Crew Persons, Maintenance and Trailer

Please bring along your resume and the following Documents: • Copy of Valid Passport • Original Police Certificate • Three Reference Letters • Copy of National Insurance Card • Original Health Certificate (Food Handlers Certificate) • Two Passport Photos • Bank Account Information For Further information call

325-4444

between the hours of 9:00 a.m. and 5:00 p.m.

Monday through Friday

consistently exceed contribution income.

Successive actuarial studies have estimated that the $1.709 billion reserve fund will be exhausted by 2029, and the latest annual report indicates that the ‘window’ is rapidly closing on the Government’s ability to ‘kick the can down the road’ on enacting fundamental NIB reforms to ensure the social security scheme’s viability - but which might prove painful for many Bahamians.

The 2016 annual report again referred to the last NIB actuarial report, which forecast that the scheme will have a $10.546 billion deficit by 2071 and be unable to pay its obligations unless reforms are enacted now.

As it is, NIB suffered a $15.351 million comprehensive loss for 2016, representing a near $42

million reversal from the prior year’s positive $26.494 million bottom line. Total expenses, when factoring in investment income and administrative expenses, exceeded income by $18.847 million.

Administrative expenses, which exceeded investment income by $4.1 million or 8.3 per cent, is something the Government has long been urged to get under control by the IMF and others.

These expenses jumped by 12.5 per cent to $53 million in 2016, which was blamed on the implementation of NIB’s new administration system and extra hirings to facilitate the ‘Smart Card’ drive.

This, together with retroactive payments to the Public Officers Union, resulted in staff allowances and benefits increasing by 16.1 per cent year-over-year.

NIB’s investment income, meanwhile, shrunk by almost $20 million or 29 per cent to $48.9 million compared to $68.8 million in 2015. The drop was blamed on price volatility among Bahamian equities, with its significant holdings in Bank of the Bahamas, Cable Bahamas and Commonwealth Bank all impacted by stock price declines.

Contributing employers and self-employed persons fell by 7.1 per cent and 6.8 per cent to 12,521 and 9,631, respectively, in 2016, while long-term benefit claims jumped by 16.2 per cent to 3,385.

Approved prosecutions of delinquent employers and self-employed persons declined by 50.8 per cent year-over-year, from 1,083 to 533. Some $427,132 was collected by NIB as a result of settlement agreements with defaulters during 2016.

THE TRIBUNE

Thursday, February 1, 2018, PAGE 7

Minister ‘detests’ Contractor chief’s talking through media FROM PAGE 1 failure to implement the Construction Contractors Act was due to the BCA’s seeming inability to nominate private sector members of the Board that will oversee its enforcement.

The Association is supposed to nominate six members from various disciplines within the Bahamian construction industry, but Mr Bannister said the only submission it made lacked the necessary variety.

He told Tribune Business that the BCA had yet to submit revised nominees since the rejection of that first list four to five months ago, and emphasised that no progress could be made on finalising the regulations accompanying the Act until the Board was completed.

Mr Bannister hit out at BCA president, Leonard Sands, after the latter warned that implementation of the Act was “critical to our survival” when the Bahamas became a full member of the World Trade Organisation (WTO).

With the Government planning to accede by 2019, Mr Sands expressed concern that the Bahamian construction industry was in danger of being overwhelmed by foreign competitors without enactment of regulation that would certify/license local firms according to their ability and size of jobs they can complete.

Mr Bannister, though, said the WTO was “not a concern” for Mr Sands, and argued that he should instead focus on submitting names for the Construction Contractors Board rather

than act as “a one-man band”.

While Mr Sands told this newspaper he had sent a letter to Mr Bannister yesterday, outlining the BCA’s WTO concerns and requesting a meeting, the Minister said no such document had been received.

“I detest how certain people, every time they want something, go running to the media instead of communicating,” Mr Bannister told Tribune Business. “There should be some trust in communication.

“When I here from the media before I actually receive correspondence, and it continues to happen, there cannot be trust in communication. I haven’t received the letter. When I do get it, it will get an appropriate response as it always does.”

Mr Bannister said the BCA, rather than the Government, was to blame for the delayed implementation and enforcement of the Construction Contractors Act. “The Ministry has been trying to get the Contractors Association to recommend members to the Board that they have to recommend for months now,” he told Tribune Business.

“They have to come from different disciplines within the profession. They did initially send us one [list], which was restricted to a particular discipline. That must have been four to five months ago and we have not got a response from them yet.

“This is one of the sad things about communicating in the media. Mr Sands can communicate with me.

There is no difficulty doing that. I get amazed when people conduct themselves in this manner.”

Mr Bannister acknowledged that the Act’s regulations have yet to be finalised, but said this could only happen when a Board is in place.

“We are trying to take one step at a time,” he told this newspaper. “The first step was a Board so we could communicate on the composition of the regulations, and it has taken months now to try and get the Board.

“We still don’t have it, and we may go into the next Budget period before we get it. It would be good if the president sat down and did what he has to do in terms of communicating with us. Once the Board is in place we can communicate with anybody in a professional manner and move ahead.”

As for the BCA president’s WTO concerns, Mr Bannister added: “This is not a concern Mr Sands

should have. It has nothing to do with anything he’s doing as president of the Contractors Association.

“When the country becomes a full WTO member then all the relevant and necessary legislation required will be put in place. It’s not a concern for Mr Sands. Mr Sands, his membership should be represented, and part of that requires he has honest and frank dialogue with his partners, one of which is the Ministry.”

Mr Bannister said the necessary dialogue between the Government and construction industry over the Bahamas’ WTO accession terms, and to what extent the industry will be opened up to foreign competitors, “will come at some stage”.

Yet, in relation to Mr Sands, he added: “He can’t have that dialogue, be a one-man band and not give us the Board members.”

OFFICE ADMINISTRATOR Needed for small company Responsibilities include:

-Quick Books data entry/Accounts Receivable -Inventory checking/Stock taking -Assisting w/cashing when necessary -Creating invoices in Quick Books -Ordering Materials -Filing -Post cash book & Ledger balance/Journal -Entries & Paying bills -Proficiency in Quick Books is a MUST Please send resumes to: newjobapplicant2018@gmail.com

PAGE 10, Thursday, February 1, 2018

THE TRIBUNE

PUBLIC NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, LUCILLE ELOISE VANESSA MORRISON of #32 Davis Street, Hawthrone Rd., Nassau, Bahamas intend to change my name to VERONICA KASE PERRAN. 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 the publication of this notice.

The Public is hereby advised that I, FA´BREA KRISTEN ALEXANDER LEWIS intend to change my name to FA´BREA KRISTEN ALEXANDER BAIN . 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 the publication of this notice.

NOTICE

NOTICE MADRIGAL ROCKYSKY INC. In Voluntary Liquidation

NOTICE is hereby given that Romain Natanial White of 6 Vanria Dr. Sunet Park, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MADRIGAL ROCKYSKY INC. is in dissolution as of January 25, 2018

NOTICE

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

FOR SALE

BY OWNER

12 Acres Queen’s Highway Palmetto Point, Eleuthera Contact 242-470-9024

NOTICE

NOTICE is hereby given that JOEL RYAN PRENELUS of Sea Grape, Eight Mile Rock,Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE TUTAN DYNASTY INC. In Voluntary Liquidation

NOTICE is hereby given that Melody Barbara Johnson of Butterfly Clove, Nassau, Bahamas is applying to

the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LIQUIDATOR ______________________

Notice is hereby given that in accordance

with Section 138(4) of the International Business Companies Act. 2000, TUTAN DYNASTY INC. is in dissolution as of January 25, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE OF DISSOLUTION NOTICE IS HEREBY GIVEN as follows: a)

b)

c)

MARKET REPORT WEDNESDAY, 31 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,039.88 | CHG -0.05 | %CHG 0.00 | YTD -23.69 | YTD% -1.15 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.93 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 8.76 5.82 8.78 5.67 3.35 12.01 10.00

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 Premier Real Estate

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.47 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.70 9.01 2.68 1.50 9.10 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.70 9.01 2.68 1.50 9.04 6.00 10.45 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.57 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.39 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

110.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

400

2,000

750

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.171 0.631 0.102 0.330 2.670 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.565 0.290 0.500 0.150 0.120 0.580 0.000

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 27.5 14.3 26.3 4.5 3.4 5.3 14.3 12.9 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.55% 7.66% 2.24% 3.33% 6.25% 4.83% 4.78% 2.40% 2.68% 4.64% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 4.34% 4.34% 1.83% 1.83% 3.30% 3.30% 4.03% 4.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - 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

Bluepalm International Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of said company commenced on the 15th of January 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of said company is Petaluma LTD, PO Box SP-63146, Nassau, Bahamas.

All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before February 16th 2018.

Dated this 16th day of January 2018. ______________________ Petaluma LTD Liquidator

NOTICE PEGASUS ASSETS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) PEGASUS ASSETS 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 30th January, 2018 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 1st day of February, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Thursday, February 1, 2018, PAGE 13

SUPPORT THE BLOOD BANK

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THE TRIBUNE

Thursday, February 1, 2018, PAGE 15

POLYMERS URGES: ‘JUMP ON BOARD’ WITH LNG FIRST FROM PAGE 1

expressed hope that others will “jump on board” with a venture designed to provide “significant cost savings” and reduce its environmental footprint by more than 4,000 tonnes of greenhouse gas emissions per year.

He was speaking after Polymers revealed it had signed a multi-year agreement with New Fortress Energy for the latter to supply it with LNG, and replace diesel as the main fuel source for the four boilers that run its processing equipment for heating.

New Fortress, which was the company behind the Christie administration’s secretive fuel supply and power plant deal for Bahamas Power & Light (BPL), has supplied cryogenic tanks - each with a capacity of 60,000 gallons - to enable Polymers International to store LNG at its Freeport headquarters.

It will resupply the Grand Bahama-based manufacturer on a weekly basis from its Miami LNG terminal, with Mr Ebelhar telling Tribune Business that Polymers International was acting as a trailblazer on an initiative that could be a “win-win” for all.

Disclosing that Polymers had become frustrated with the wait for Grand Bahama Power Company to embrace cleaner fuels and renewable energies, he added that New Fortress was still looking to develop an LNG terminal in Freeport if there was sufficient demand from the private sector.

“First off, LNG is a cheaper fuel source for us in use in our boilers,” Mr Ebelhar said. “We operate on close margins. What we sell is not a big profit margin driver, and any

place we can save money we look to do so.

“It gives us an opportunity to reduce our environmental footprint, as diesel fuel is not the cleanest option to burn in boilers. This is critical to industry, having a cheaper fuel source than right now.

I’m breaking ground on this, and jumping in first.

“It has not been easy, but we’re bringing it in and hopefully will see some others around here jump on board. In the future, New Fortress would like to have a terminal here. All the way around it’s a win-win for Grand Bahama.”

Mr Elbelhar urged Grand Bahama Power Company and its new 100 per cent owner, Emera, to “look again” at diversifying its fuel sources away from a reliance on fossil fuel and produce cleaner, cheaper power.

The two utilities had previously obtained the necessary federal and state approvals to import LNG to Grand Bahama from West Palm Beach, but the plan was ‘mothballed’ after energy market economics changed through the reduction in global fuel prices.

With the anticipated savings from switching to LNG no longer available, the GB Power/Emera initiative “fell apart” in Mr Ebelhar’s words. He revealed that, had it proceeded, the utility would have run a pipeline extension to Polymers International’s headquarters to enable the company to receive a direct supply.

“It just didn’t make sense to make the investment to put in the equipment and everything, and try to get a return off the investment,” the Polymers chief said of the past.

But, turning to the present, he added: “This is something the power company needs to look at again.

When there’s a virtual pipeline for LNG coming here [via New Fortress], they

might want to look at LNG to generate electricity so the entire island gets lower power rates.”

Energy costs are arguably the greatest impediment to the Freeport industrial sector’s competitiveness, with prices five-six times higher than rival US rates deterring existing companies from job creating-expansion and new ones from coming.

Mr Ebelhar indicated that the city’s existing industrial conglomerates might still challenge GB Power’s monopoly if reduced electricity costs are not forthcoming, although he conceded that reliability and performance had improved since Emera took majority control.

“Since Emera first came in we have - the industrial group - been basically rattling our sabres. We need cheaper power or we will be looking at challenging the exclusivity of Grand Bahama Power,” he told Tribune Business.

The New Fortress deal merely involves Polymers running its boilers off LNG, not that it will be able to disconnect from the GB Power grid. “We’re still one of their largest customers, and the bills are still quite high,” Mr Ebelhar confirmed.

He did, though, credit GB Power and Emera with improving supply reliability and stabilising energy prices through their fuel hedging programme.

But, not satisfied, Mr Ebelhar revealed that Polymers International is “researching” the possibility of solar power generating electricity for its manufacturing facility, thereby lowering fuel and energy costs even further.

“There is lots of available land here for solar,” he told Tribune Business, adding that a possible solar partnership between GB Power and Polymers - discussed some three years

ago - was currently “off the table” after the idea “kind of disappeared”.

‘In business every day is a battle. You have to kind of take your destiny in your own hands,” Mr Ebelhar said. “It’s going to be less than a year before we get a return on investment [with LNG].

“I believe that once others see the benefits of this, especially the Power Company, we’ll have a lower cost of power here on the island. I’m campaigning for it, and hopefully we’ll see it.

“We work on very small margins on anything, and when I can reduce costs by

a faction of a cent per product and produce millions a year it adds up. We’re in cost reduction mode around here; anywhere we can find ways of doing it.”

Mr Ebelhar said Polymers International’s boilers had been running off LNG for around a week already, and added that the fuel cost savings would help ensure the company’s continued economic viability and sustainability.

“We’ve been here for 20 years, and plan on being here for another 20 years,” he added, describing Polymers International’s LNG partnership as “the catalyst” for energy reform and

opening “a new chapter in the diversification of energy sources for industrial purposes in the country”.

“We’re proud to partner with Polymers International to introduce clean, reliable and affordable natural gas to the Bahamas and contribute to Grand Bahama’s economy,” said Wes Edens, founder and chairman of New Fortress Energy.

“As we’ve seen with many other markets, the introduction of LNG for power generation and industrial uses can be a catalyst for energy transformation, economic growth and significant environmental gains.”

PAGE 16, Thursday, February 1, 2018

THE TRIBUNE