02182020 BUSINESS

business@tribunemedia.net

TUESDAY, FEBRUARY 18, 2020

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ZHIVARGO LAING

Ex-FNM minister: 6% unemployment rate ‘improbable’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE prime minister’s pledge that the unemployment rate will be slashed to a 21st-century low of six percent within 18 months was yesterday branded “highly improbable” by an ex-FNM Cabinet minister.

Zhivargo Laing, former minister of state for finance in the Hubert Ingraham administration, told Tribune Business: “I think that anything is possible, but I think it is highly improbable.

“You have to have substantial investments take place. I’m talking about substantial investments.

You are creating thousands of jobs over the next 18 months, and then those jobs can’t merely be construction jobs. You can have a project take place, and a construction team in place for six months, seven months, eight months, and the job can come to an end.

“But for the next several months there might not be anything to take them up, so when they are asked ‘are you working’ or ‘are you looking for work’, they might say ‘yes’ [to the latter] and they would be regarded as unemployed even though they worked the previous months before,” Mr Laing continued.

“So you have to have a net sustainable number of permanent workers engaged at the time of an employment survey in order to calculate and register an unemployment rate of the order of what the prime minister mentioned.”

Pointing to the period between 1992 to 1997, Mr Laing said: “The unemployment rate dropped from 14.8 percent to about just under ten percent, so you are looking at a four percentage point drop in unemployment, or basically a little around a percentage point per year.

“If you look at the economy’s growth at that time, you were having growth on an average of maybe of 2.5 to three percent. This was during the period of Atlantis. In that period of time, given that enenormous

SEE PAGE 5

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‘North of $120m’ offer for Out Island airports

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE government’s aviation chief yesterday said he has received a Bahamian-generated offer to provide the “north of $120m” financing needed to kickstart overhauls of the major Family Island airports.

Algernon Cargill, director of aviation, told Tribune Business he will later this week start to schedule meetings with the Ministry of Finance to select, and gain approval for, the best private-public partnership (PPP) funding proposal while describing the Bahamian package as “more complete”.

Declining to name the source of this offer, he revealed that the government is seeking to finance the redevelopment of the Exuma, north Eleuthera, Long Island (Deadman’s Cay) and Great Harbour Cay (Berry Islands) airports in this financing round, as well as essential repairs to Abaco’s Leonard Thompson International Airport post-Dorian.

ALGERNON CARGILL Pegging the north Eleuthera and Long Island costs at $65m and $15m, respectively, Mr Cargill said the PPP financing also needed to provide the $37m “balance” of the $55m price tag attached to Exuma’s new airport.

The remaining $18m will come from an aviation sector-related Inter-American Development Bank (IDB) loan, while Great Harbour Cay’s transformation will require a further $3m to $4m. And Dionisio D’Aguilar, minister of

tourism and aviation, yesterday told the House of Assembly that the Leonard Thompson International Airport is in line for a $3m post-Dorian injection.

Asked whether the government was seeking around $120m to finance the first round of airport transformations, Mr Cargill revealed it will “probably be a little more than that”. He emphasised, though, that this will not add to the soaring national debt due to the planned off-balance sheet financing structure, with the monies set to be repaid from the income stream generated by passenger user charges.

“We have been talking to local capital providers, and we have a proposal from them to provide the funding required to support the IDB monies for the redevelopment of the airports,” Mr Cargill confirmed to this newspaper. “The next step will be for me to meet with the Ministry of Finance

A BISX-listed bank’s loan book has performed “better post-Dorian” than before the storm, a top executive revealed last night, adding that it has set an initial $26m profit target for full-year 2020.

Gowon Bowe, Fidelity Bank (Bahamas) chief financial officer, told Tribune Business that the commercial institution was “confident” it can replace the annual profit income lost from selling its 50 percent stake in former merchant banking affiliate, RoyalFidelity Merchant Bank & Trust.

Disclosing that this would put the bank “on target” for $26m-$26.5m in 2020 annual profits if expectations are met, Mr Bowe added that the bottom line outcome could be even greater

to approve the funding that will support what we already.

“We have a very good proposal from a local provider which I’m happy about. We have a local proposal that provides support for all of them [airports].

We have a lot of interest, but there is one from a local provider that is more complete. It’s a comprehensive proposal for all airports.”

The “provider” referred to by Mr Cargill is likely to be one of the major investment houses, such as RoyalFidelity Merchant Bank & Trust, CFAL, Providence Advisors, Leno Corporate Advisors or even a consortium of them working in tandem to raise the necessary financing.

The aviation director, though, said the government was open to receiving multiple offers as he revealed that international proposals and expressions of interest

SEE PAGE 2

Bahamian airline defeats GB airport’s $372k claim

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Airport Company’s demand that a prominent Bahamian airline pay it $371,353 in “outstanding airport fees” has been rejected by the Supreme Court.

Senior justice Estelle Gray-Evans ruled that the Grand Bahama International Airport operator had failed to prove its claim that Western Air owed this debt for “services rendered” after the airline moved into its own purpose-built terminal on September 5, 2015.

The verdict comes after both sides’ facilities received a devastating blow from Hurricane Dorian’s storm surge in early September 2019, forcing each to operate from temporary facilities. It has also been handed down as the airport company’s 50/50 owners, Hutchison Port Holdings and the Grand Bahama Port Authority

• Western Air’s terminal move sparked dispute • Supreme Court: Airport failed to supply proof • Allegedly pressured airline to use its services

THE WESTERN Air terminal at GB airport after Dorian.

(GBPA), mull selling the vital infrastructure asset to the government.

The airport’s dispute with Western Air centred on seven invoices issued over a twomonth period between mid-February and mid-April 2016, which was several months after the airline relocated from Grand Bahama Airport Company’s facilities into its own $6m terminal.

The move followed a

lease and operating agreement signed between the two parties on October 1, 2009, which gave Western Air a three-acre site next to the airport’s domestic terminal park lot for a 20-year term.

The deal also set out the terms of their relationship, and it was only after the airline discontinued its presence in Grand Bahama International Airport’s terminal buildings following its

• BISX-listed bank eyes $26m full-year profit • ‘Confident’ of replacing merchant bank’s effect • Pledges not to sacrifice profits for loan growth

GOWON BOWE depending on how the wider Bahamian economy performs post-Dorian.

He revealed that Fidelity Bank (Bahamas) had taken a relatively firm line with delinquent borrowers impacted by Dorian, using insurance proceeds to settle or pay down

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Minister: No WTO membership ‘for at least five years’

• Bahamian proposal ‘most complete’ • Aviation chief seeks Finance approval • Five-strong package won’t hit govt debt

Fidelity’s loan portfolio ‘better than pre-Dorian’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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non-performing loans that had been past due for a long time.

Mr Bowe also explained that the bank had tailored loan payment “waivers and holidays” to the particular client’s circumstances, rather than give an automatic exemption to all borrowers in Abaco and Grand Bahama, as this created an opening for potential abuse.

Reiterating Fidelity Bank (Bahamas) stance that it was not sacrifice profitability for the sake of growth, he added that it would be happy “to observe a slight contraction” in its $432.336m lending portfolio to escape being on “the wrong side” of any economic slowdown.

“Looking forward we

know Hurricane Dorian is going to have some impact in the wider economy,” Mr Bowe told Tribune Business. “Our underwriting policies to-date have proven to be prudent. The loan portfolio has performed better post-Dorian than pre-Dorian. Some of that is due to insurance proceeds being used to settle longstanding non-performing loans, which is not a popular move.”

Mr Bowe, though, said Fidelity Bank (Bahamas) and its fellow commercial banks were justified in taking such action if delinquent borrowers had made no effort to come bank into

SEE PAGE 4

September 5, 2015, move that the legal battle began.

Senior justice Gray-Evans said the seven invoices sent

by Grand Bahama Airport Company were for security, passenger facility usage and departure fees allegedly incurred by Western Air from the period October 2015 to April 2016. After the airline refused to pay, it claimed it was in breach of both the lease and operating agreement and initiated legal proceedings.

Western Air admitted in its defence that the Grand Bahama Airport Company had offered to reduce these charges by $6, from $18.50 per passenger to $12.50 per passenger, which it rejected with a

SEE PAGE 4

IRAM LEWIS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday said full Bahamian membership of the World Trade Organisation (WTO) “cannot happen for at least within the next five years”.

Elsworth Johnson, minister of financial services, trade and industry and immigration, told the House of Assembly: “Recently we had the experience with the World Trade Organisation, and I note that there was a lot of furore in the community as to whether or not The Bahamas would join or not join, but now we know that that cannot happen for at least within the next five years.”

Mr Johnson’s views echo those previously voiced by the government’s WTO chief negotiator, Zhivargo Laing, who said that joining in the current administration’s term was “95 percent unlikely”. He also added that it may not happen within the next decade.

Meanwhile, Mr Johnson also said: “Our international partners as well as our chief negotiator and my predecessor in office [Brent Symonette] all recognise that the accession process to WTO was purely aspirational. But coming out of that experience we have to continue our educational process in terms of how we approach the whole question of how we join the WTO.” Noting that The Bahamas is the only country in the Western Hemisphere that is not a full WTO member, Mr Johnson said this will affect The Bahamas whether it is “at the table or whether you are not at the table.

“There is a number of legislation that are important to our way of life in The Bahamas, and I would just like to

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PAGE 2, Tuesday, February 18, 2020

THE TRIBUNE

Bahamas must ‘rethink’ all planning in Dorian’s wake THE Bahamas must “rethink” every aspect of its infrastructure and planning regulations following Hurricane Dorian’s devastating $3.4bn impact, a government minister said yesterday.

Iram Lewis, minister of state for disaster preparedness, management and reconstruction, said the government was continuing to strengthen national disaster management mechanisms in the category five storm’s aftermath.

He spoke at a workshop on disaster recovery policies and planning. The event followed a meeting involving University of the West Indies (UWI) consultants, Dr Asad Mohammed and Evangeline Inniss-Springer, and Bahamian officials from January 13-18.

This was designed to support the United Nations Development Programme’s (UNDP) work on post-Dorian recovery.

Facilitating the workshop were the Ministry of Disaster Preparedness, Management & Reconstruction, the UNDP and UWI. “With the assistance of its partners, the Ministry of Disaster Preparedness,

IRAM LEWIS, minister of state for disaster preparedness, management and reconstruction, left, and Jeremy Collymore, an honorary research fellow at the UWI’s Institute for Sustainable Development (ISD), interact at the opening of the workshop.

Photos: Lindsay Thompson/BIS

PARTICIPANTS at a workshop on disaster recovery policy and planning. Also pictured are Captain Stephen Russell, director, the National Emergency Management Agency (NEMA); Gayle OuttenMoncur, acting deputy permanent secretary, NEMA; Carl Smith, permanent secretary, Ministry of State for Disaster Preparedness, Management and Reconstruction; and John Michael Clarke, chairman of the Board of Directors of the Disaster Reconstruction Authority.

Management and Reconstruction will review policies and strategies against regional and international standards, and develop appropriate institutional arrangements that will address national and regional planning and support,” Mr Lewis said.

“We have to update and improve our laws, policies, procedures and state agencies for these times. We must

With gusts of 220 miles per hour, and a 20-plusfoot storm surge, Dorian destroyed homes, businesses and communities. “The Government of The Bahamas knew right away that no small island developing state could respond alone to a storm like Dorian,” Mr Lewis said.

“We welcomed assistance from partner countries, international NGOs, churches,

rethink where we put infrastructure. We must rethink how close our communities are to the coast.”

Mr Lewis recalled that Hurricane Dorian, with its maximum sustained winds of 185 miles per hour, was tied with the 1935 Labour Day hurricane that hit the Florida Keys as the strongest storm to make landfall in the Atlantic and, specifically, The Bahamas.

businesses, multilateral institutions and individuals. That combined effort continues to this day to help those who lost so much.”

He added that the Government also realised that the historic scope of Dorian’s destruction required new state structures. It established the Ministry of Disaster Preparedness, Management and Reconstruction among

its first responses.

An Act of Parliament also created the Bahamas Disaster Reconstruction Authority to manage restoration in the Dorian disaster zones. While the Authority is focused on leading reconstruction in these areas, the National Emergency Management Agency (NEMA) is focused on preparation for - and mitigation against potential future disasters.

BOATING SHOW TO DONATE $110K TO RANFURLY HOME ALL proceeds from an upcoming yacht, boating and marina showcase will be donated to the construction of a transitional home on the grounds of the Ranfurly Homes for Children.

The Bahamas Charter Show, which will be held from February 27

to March 1, will aid an initiative that is part of Ranfurly’s Step programme. This is designed to give young adults aged 18 and over a platform for the next phase of their lives.

The Bahamas Charter Show, which is being organised by Worldwide Boat,

an international charter company, is hoping to raise $110,000 towards the effort.

The inaugural event is being held in conjunction with the Ministry of Tourism and Aviation, Association of Bahamas Marinas and The Pointe.

Katja Kukovic, Worldwide

Boat’s charter director, said: “We want the event to make a very tangible contribution to the local community, and so we decided to donate all the proceeds from the boat show to Ranfurly.

“We thought of Ranfurly because it is very close to our hearts. I have been involved with foster care over the past five years, and I know the struggle that children who transit to adulthood from foster care face. We hope to continue this contribution to Ranfurly every year; after every boat show.”

Joey Premock, Ranfurly Homes for Children’s vice-president, said the donation was sorely needed. “The Step programme is new in the country. It is something new that we can take on and something we are hoping will grow in the foster care system in The

‘North of $120m’ offer for Out Island airports FROM PAGE ONE

- some involving the provision of management services for Family Island airports had also been received.

“We have received a lot of indicative international offers,” Mr Cargill disclosed, “but the main proposal we have is local. We are receiving offers internationally also to provide funding and management for the airports.

“We are looking at all these proposals, and will determine the best offer and decision to recommend on behalf of the Government of The Bahamas. We have funding proposals in place that we have to advance to the Ministry of Finance. The ministry will want us to review more than one proposal. Once we can get their approval we can move ahead.

“We have a lot of interest. We don’t want to close the door to anyone else who comes forward to the government.”

With the government’s direct debt set to exceed more than $8.2bn by endJune 2020, and increase by a further $1bn over the next three years, Mr Cargill said a special purpose vehicle (SPV) will be created to borrow the PPP funding and keep it off the Ministry of Finance/ Treasury balance sheet.

A similar structure is also

KATJA KUKOVIC AND JOEY PREMOCK Bahamas,” she said.

“The occupants of the pod will live there with minimal rent and still be able to be mentored as they take the next step in their lives. Once they are 18, and they are no longer a part of social services, it is very tough for them to

go out into the world after they were cared for. It is something that is desperately needed.”

The Bahamas Charter Show, which is designed to bring more yachting business to The Bahamas, will attract 22 yachts, 55 brokers and 107 crew.

being employed for the Bahamas Power & Light (BPL) $580m refinancing, but the aviation chief said the debt incurred to redevelop the Family Island airports will be paid-off via an income stream generated by the imposition of a passenger facility charge at these airports.

“It’s important to emphasise this will not be a debt borne by the government,” Mr Cargill told Tribune Business. “This will be an SPV we’re going to recommend be created. The debt will not be on the government’s balance sheet at all.

“The government will not be borrowing; a separate entity will be borrowing and will recoup the debt from a passenger facility fee. It has nothing to do with any increase in the government’s debt.”

The latest moves are an attempt to execute on the long-standing need to improve air access to the Family Islands if they are ever to fulfill their commercial and touristic potential. Aviation consultants, Stantec, estimated in 2013 that a $180m total investment was required to bring all 28 Family Island airports up to international standard, and this figure is now thought to easily exceed $200m.

Mr Cargill yesterday confirmed that the new Deadman’s Cay airport is in the design phase, but Exuma will be the first to see construction activity and the replacement of an existing facility that was yesterday described as an “embarrassment” by the island’s Chamber of Commerce president.

Pedro Rolle told Tribune

Business that the island’s main aviation gateway should have been overhauled “at least five years ago”, adding that present conditions left a poor first and last impression in the minds of visitors.

“If we simply get this airport off the ground that would further boost the economy,” Mr Rolle said. “If they can get it started it would be wonderful. It’s overly important. We’re constantly embarrassed at weekends about the conditions our guests and visitors have to deal with.

“Sometimes they have to stand on the line and we don’t have enough seating.

What we have in the departure lounge, it’s embarrassing on that end, and extremely embarrassing when they come in and have to go through the international section.”

Describing Exuma’s airport as “a few years past its sell-by date”, Mr Rolle said any investment in its upgrade would provide returns to the island, country and the government. “I think this is something Exuma needed at least five years ago to put it mildly,” he added of a project that has been put out to bid. “It could well have been longer.

“If we give a good impression not only will visitors want to come back but they will tell others to return. Not only will they want to come back, but they will tell others about it.

If the last impression is of a shoddy place, it’s not an incentive for them to return. We don’t want people to come despite the challenges. We want them to come and be enthusiastic about doing so.”

THE TRIBUNE

Tuesday, February 18, 2020, PAGE 3

NASSAU/PI RESORTS ENJOY 24% INCREASE IN ‘MICE’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Nassau/Paradise Island resort industry last year enjoyed a “24 percent increase” in its meetings, incentives, conferences and events (MICE) business, a Cabinet minister revealed yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, told the House of Assembly: “Our meetings, incentives, conferences and events or ‘MICE’ sector registered a 24 percent

DIONISIO D’AGUILAR increase over [the previous] year to Nassau, Paradise Island. This represented some 312,000 room

nights and room revenue of approximately $94.7m, and an average room rate of $304.”

Mr D’Aguilar also hailed the Ministry of Tourism’s success in driving romance, wedding and honeymoon business to The Bahamas, adding that this sector “ended exceptionally well in 2019 with an increase of over 16 percent - from 164,000 visitors in 2018 to 192,000 in 2019”.

He added: “A major focus of my Ministry’s thrust is driving tourism business to our Out Islands.

The boating, private aviation and dive markets, in particular, have proven to be high performing revenue earners for our Out Island communities.

“To this end, the Ministry’s global sales team capitalises on every opportunity to stage an impressive showcase for The Bahamas at the most prestigious boating, air and dive shows.”

Highlighting international sporting events that took place in The Bahamas, Mr D’Aguilar said the Atlantis Crown

Gymnastics Invitational generated “estimated visitor expenditure” of $5.5m over a five-day event.

He added that the Sunshine Marathon Bahamas event had produced “an estimated tourism expenditure of $2.1m”.

Mr D’Aguilar also updated Parliament on the Ministry of Tourism’s latest advertising and marketing campaigns in the UK and Canada. He said: “The UK team just recently launched a major brand image campaign takeover of shopping centres,

London train stations and underground stations, as well as fully-wrapped double decker busses showing commuters and visitors that our islands are open for business.”

“Our Canadian markets have responded well to our messaging post-Dorian.

Our Canada office conducted a series of trade and media interviews and events called Canada tour in Montreal, Vancouver, Calgary and Toronto” that were attended by 500 travel agents and 90 media personnel.

BOB profits decline $1m Critical Marsh Harbour on 141% credit loss rise assets eyed for move

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A 141 PERCENT increase in loan loss provisions due to Hurricane Dorian and new accounting treatments have been blamed for cutting Bank of The Bahamas’ first-half profits by more than $1m.

The BISX-listed institution, unveiling its results for the six-months to year-end 2019, revealed that total comprehensive income fell by 31 percent to $2.449m, compared to $3.553m the prior year, as the provisioning increase wiped out an improved showing across all revenue and operating income streams.

Kenrick Braithwaite, Bank of The Bahamas’ managing director, sought to send an upbeat message to shareholders by pointing to the operating income increases of 19.37 percent and 13.8 percent, respectively.

Total operating income rose by $1.9m to $11.55m for the three months to end-December 31, 2019, and also grew by $2.7m for the half-year to finish the period at $22.166m as opposed to $19.478m.

Mr Braithwaite added that this improvement was “explained largely by the $1m increase in net interest income and $0.9m increase in net non-interest income for the quarter, and $2m and $0.8m increases in net interest income and noninterest income year to date, respectively”.

“The positive variance in net interest income year-todate was due to an increase in interest revenue by $1.3m primarily from consumer loans’ interest income as a result of the bank’s consumer loans campaign, and

lower interest expense by $0.7m due to certain interest rates and deposit base reduction,” he continued.

“The bank’s net noninterest income also increased year-to-date primarily due to the gain on the sale of the bank’s trust business and higher fees and commission income.”

Mr Braithwaite said increased hires produced an operating expense rise of $0.6m, or 8.39 percent, for the 2020 second quarter, and $1.3m or 9.81 percent for the first half, as part of an “initiative to support the planned growth”.

However, Bank of The Bahamas’ improved top-line showing was undermined by the more than doubling of first half loan loss provisions, which surged from $2.111m in the prior year to $5.078m this time.

“Net credit loss expense for the quarter ended December 31, 2019, increased by $1.5m or 143.89 percent compared to the quarter ended December 31, 2018, and $3m or a 140.51 percent increase for the six months period ended December 31, 2019, versus December 31, 2018, due to the provision impact of the last hurricane and the IFRS 9 provision impact related to the overall portfolio growth,” Mr Braithwaite conceded.

Still, he emphasised that Bank of The Bahamas was maintaining the consistent profitability it has achieved since 2018 following the second of two taxpayerfinanced bail-outs and a rights issue that pumped more than $300m into the troubled institution to save it from collapse and protect the wider Bahamian financial system.

“Returning Bank of The Bahamas to a level of profitability and implementing effective overall management were our initial steps to achieving long-term sustainable growth,” Mr Braithwaite said. “We have made considerable strides to achieving all of our strategic goals.

“However, there is much more that is required to ensure that this trend of profitability and growth will be maintained for many years to come. Our quest has not been an easy one” given the five consecutive years of losses incurred prior to 2018.

And while Bank of the Bahamas’ results and balance sheet look in better health than when it was at near-insolvency, problem signs remain not too far from the surface. In particular, non-performing loans still remain at an elevated 24.23 percent of the $363.24m net loan book, indicating close to $90m remains 90 days or more past due.

This indicates that Bank of The Bahamas has yet more work to do to straighten out its residential mortgage portfolio, with the toxic credit transferred to the Bahamas Resolve bail-out vehicle largely featuring bad commercial loans. Loan loss provisions of more than $61m are equivalent to 17.37 percent of the net loan portfolio.

As for the balance sheet, Bank of The Bahamas’ total liabilities would still exceed its assets without the continued injection of some $167.627m worth of government bonds via the second bail-out. The $134.597m accumulated deficit shows how far the bank still has to travel to fully recover.

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By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE government needs the co-operation of private property owners and other stakeholders to move Marsh Harbour’s town centre further inland, a Cabinet minister said yesterday.

Iram Lewis, minister of state for disaster preparedness, management and reconstruction, said the port was also likely to be relocated as part of efforts to make Abaco more resilient against future natural disasters following the devastation inflicted by Hurricane Dorian.

“Marsh Harbour is a special area in that most of the properties are privately owned,” he said. “So if it was government crown land, or a government subdivision, we can go in there and do as we please, but we must have meetings with all of the necessary stakeholders, most of them being private citizens.

“So when you talk about redesigning Marsh Harbour, one of the things that immediately comes to mind is that you must shift the town centre more inland but, again, that’s on

private property.”

Ken Hutton, the Abaco Chamber of Commerce’s president, told Tribune Business that Mr Lewis’ comments were “the first I have heard” about relocating central Marsh Harbour. However, he added: “Overall I don’t think it’s a bad idea. I think it is something that they definitely have to consider.

Further inland and higher ground.

“A lot of what they are talking about is not private land, from what I understand. A good chunk of where The Mudd used to be is crown land. There is a portion that is private land, and that is Key’s tract, but that is much further away - a part of the Key family land.”

Mr Lewis, though, reiterated: “So the discussions must be had with private property owners so that they will all be in agreement and, if we must trade off, how do they agree and be comfortable with whatever trade-off may come.”

In response, Mr Hutton said: “Speaking on behalf of the chamber, I think that it would behoove the minister to have more discussions with the private sector in Abaco before any

decisions are made because we have a unique perspective on things.”

The minister, though, also suggested that the port was likely to be shifted. He said: “With respect to Marsh Harbour dock itself, based on the fact that the terminal buildings - the international, the domestic and the administrative buildings right on the harbour itself - are too close to the coast, they are now being demolished as we speak, actively being demolished.

“We will not put those buildings back in those same locations. We will push those away from the seafront, allow us more apron and working space at the harbour itself, and put those at a more elevated area.”

Mr Hutton, too, said this suggestion by Mr Lewis was “news to me”. He added: “I do believe that it’s probably not a bad idea, considering now that there is additional acreage that’s available due to the absence of The Mudd Maybe a redesign can take that into account, but the chamber has not been involved in any discussions about that. It’s not a bad idea.”

PAGE 4, Tuesday, February 18, 2020

THE TRIBUNE

Bahamian airline defeats GB airport’s $372k claim FROM PAGE ONE counter-offer to pay $4 per passenger.

Grand Bahama International Airport has long been criticised for having among the highest passenger and airline fees in the region, which tourism officials view as a cost deterrent to attracting more airlift and stopover visitors.

Western Air, though, justified its stance by arguing that the Grand Bahama Airport Company had “refused to fully express what services” had been supplied to the airline to earn the fees claimed. Arguing that the demand was “not justified”, Western Air denied that the monies claimed were owing because it no longer used the services that underpinned them.

Chanan Jones, Grand Bahama Airport Company’s airport director, alleged that

Western Air had “erroneously” refused to pay the fees demanded on the basis that its used its own terminal and provided its own security services.

“The airport fees, however, comprise more than the two mentioned items that the defendant asserts as the reasons why they ought not to pay the airport fees levied by the company,” Ms Jones alleged in her witness statement, pointing to fire and crash rescue services, the control tower and navigation upkeep, facility security and runway/taxi maintenance.

She added: “The truth is the defendant, in furtherance of its obligation under the operating agreement, collected airport fees from each of its passengers but, instead of turning those fees over to the company, pursuant to its obligation then and presently, it instead collected and pocketed the

airport fees that were rightfully due to the company.”

However, Sherrexcia Rolle, Western Air’s vicepresident of operations and general counsel, countered: “In the days leading up to Western Air’s relocation to its private terminal, the plaintiff [Grand Bahama Airport Company] sought to require Western Air to continue to use its services in order to ensure that the plaintiff continued to receive fees for such services.

“Western Air refused to agree to use the services of the plaintiff after moving into its own facility.

The operating agreement provided that Western Air would pay the plaintiff ‘for services rendered’ only.”

Ms Rolle added that the airline worked with the Royal Bahamas Police Force and a US Transport Security Administration

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(TSA) instructor to set up its own baggage screening facilities, and it invested in other technology such as surveillance and camera systems, water tanks and power supply units for its planes.

The first disputed invoice arrived at Western Air’s terminal one month after the airline’s move, and Ms Rolle said Grand Bahama Airport Company was immediately told it was inaccurate as it had “billed for services which the plaintiff was no longer providing”.

She added that nothing further was heard for three months as Western Air paid down more than $2m in fees owed to the airport operator from when it used its facilities. This balance was reduced to zero, Ms Rolle alleged, but shortly thereafter Grand Bahama Airport Company began asserting its demand for fees allegedly owed after the move.

2019/CLE/qui/01383

IN THE MATTER of Quieting Titles Act, 1959 AND IN THE MATTER OF the Petition of Joseph Bain AND Schedule ALL THAT piece parcel or acreage of land containing 2.83 Acres and situate approximately 1,200 feet Northeastwardly of Behring Point Bridge in Behring Point in Andros one of the Islands of the Commonwealth of The Bahamas and which said piece parcel of land has such position boundaries markers and dimension shown on the Plan coloured Pink.

NOTICE JOSEPH BAIN, the Petitioner claims to be the owner of the piece parcel or acreage of land hereinbefore described and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said piece parcel or acreage of land investigated and the nature and extent thereto determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the Act. Copies of the Plan showing the position boundaries and shape marks and dimensions of the said piece parcel or acreage of land may be inspected during normal working hours at the following places:(1) The Registry of the Supreme Court, British American Financial Building, George Street, Nassau, N.P., The Bahamas (2) The Office of the Administrator, Fresh Creek, Andros; and (3) Trinity Chambers, Norfolk House, Frederick Street, Nassau, N.P., The Bahamas.

Notice is hereby given that any person or persons having a right of Dower or an adverse claim not recognized in the Petition shall within thirty (30) days after the appearance of the Notice herein file in the Registry of the Supreme Court in the City of Nassau aforesaid and serve on the Petitioner or the undersigned a statement of his claim in the prescribed form, verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of Claim within (30) days herein will operate as a bar to such claim.

Dated this 10th day of February, A.D., 2020 Trinity Chambers TRINITY CHAMBERS. 1st Floor, Norfolk House Frederick Street Nassau, N.P., The Bahamas Attorneys for the Petitioner

behalf of the plaintiff”.

As a result, she found that Western Air was not indebted to Grand Bahama Airport Company for the claimed $371,353, and also determined that the latter had failed to supply evidence showing it had “rendered services” justifying the sums demanded from the airline.

“It is, in my view, unclear from the evidence exactly what services are covered by the charges in the aforesaid seven invoices,” senior justice Gray-Evans ruled. “In the absence of evidence as to the specific services provided by the plaintiff to the defendant during the period post September 2015 for which the aforesaid seven invoices have been issued, I am unable to find that the defendant is obligated to pay the sum of $371,353 as claimed by the plaintiff pursuant to clause 2 (7) of the operation agreement.”

Fidelity’s loan portfolio ‘better than pre-Dorian’ FROM PAGE ONE

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division BETWEEN

Senior justice Gray-Evans said “the real issue between the parties” was whether the 2009 operating agreement required Western Air to pay the sums claimed. “Under cross examination, Ms Rolle admitted that while the defendant operated from the plaintiff’s domestic terminal facility, the defendant collected airport charges on behalf of the plaintiff,” she found.

“However, she said that was because the defendant’s passengers used the plaintiff’s terminal facility, and that since moving the defendant no longer collects such charges on behalf of the plaintiff as the plaintiff no longer renders the services therefore.”

Senior justice GrayEvans ruled that “nowhere in the operating agreement is there a provision which imposes an obligation on the defendant to collect airport charges/airport fees on

compliance with their contractual obligations under the loan agreement.

And he added that the BISX-listed bank had done “very little” in terms of extending moratoriums on debt repayment in the Dorian-impacted zone as borrowers “for the most part” have continued to service their loan requirements.

“While some of our competitors gave blanket waivers, we feel that if you don’t grant waivers tailored to individual circumstances, people will take advantage of it,” Mr Bowe explained.

Looking ahead to Fidelity Bank (Bahamas) 2020 prospects, he said it was presently forecasting a slight rise in profits compared to 2019 that could be raised depending on how well the overall economy performs during Dorian reconstruction activity.

“What we are planning for is to be very diligent in monitoring the economic situation and not becoming too aggressive because of slow loan growth,” Mr Bowe told Tribune Business. “Our underwriting policies have served us well to-date, and if it means slower growth so be it.

“What we are looking at firstly is we are confident we will certainly be able to replace the share of profits from RoyalFidelity. What we’re really targeting is replacing the profitability that will not be there from

RoyalFidelity, so we’re effectively putting ourselves on target for $26m-$26.5m profit.”

That slightly exceeds the $24.946m that Fidelity Bank (Bahamas) earned from continuing operations for the 12 months to year-end December 2019, which itself was a 23.3 percent on the prior year’s $20.24m bottom line.

The $7.561m gain on the sale of its RoyalFidelity stake, and $1.591m share of the merchant bank’s profits that were “held” for the now-closed sale, ultimately took 2019 net income to $34.097m thanks to those two one-off gains from the now-closed sale.

Mr Bowe said Fidelity Bank (Bahamas) will be better able to assess its 2020 growth prospects within the next “four to five weeks”, when it will have a better handle on loan portfolio growth outlook following both Dorian and the traditional post-Christmas lending lull.

“Our board of directors clearly articulated at the annual general meeting that we’re not going to grow at the expense of profitability,” he told Tribune Business.

“We’re continuing to make sure our underwriting policies are beneficial, and if there is any slight contraction in the loan book we are prepared to observe that to make sure we’re not on the wrong side of any slow growth in the economy.”

Mr Bowe added that with Fidelity Bank (Bahamas)

risk weighted capital assets in excess of the 20 percent regulatory target, it was possible the bank could return capital to shareholders.

However, he described this as unlikely as the loan portfolio was “stable and still growing moderately”.

He also branded the $165.446m cash position at year-end 2019 as “misleading” on the basis that $50m of that sum has now been deployed in interest-earning term deposits. Fidelity Bank (Bahamas) is also contributing $15m towards the commercial banking sector’s $200m Dorian loan to the government, while other banks are set to reduce their deposits with it by $20m.

“When you look at the cash position we’re actually in the best position than we have been for a long time,” Mr Bowe said. He added that 2019 loan book growth would also have looked much better if the commercial bank had not been required to redeem a $10m “reverse purchase agreement” with its former RoyalFidelity affiliate.

THE TRIBUNE

Ex-FNM minister: 6% unemployment rate ‘improbable’ FROM PAGE ONE robust growth taking place in the United States of America and enormous investments taking place, you were able to at that point achieve a drop in unemployment of a percentage point per year.”

Mr Laing said The Bahamas would need to double the rate of unemployment reduction achieved during 1992-1997 to achieve Dr Minnis’ target, and said: “So if you don’t have that now matching, then what is now being said would amount to......

“I think we are at around 10 percent now, and you are talking about a 4 percentage point drop. You are talking about twice the unemployment drop per year to meet that target. That’s why I said based on our historic performance that is improbable.”

He added: “Now you

could have a circumstance where, for instance, in Grand Bahama and Abaco large numbers of people have been displaced by the hurricane and large numbers of them drop out of the labour pool, or are regarded as discouraged workers, and that could drop your unemployment rate.

“So let’s say the projects the Prime Minister mentioned achieve a drop in unemployment of, let’s be generous and say two percentage points, putting you at 8 percent. You could get 6 percent if a further two percentage point of people dropped out because of their discouragement.

“But I don’t know if that’s what the Prime Minister was talking about. I thought he was talking about the kind of unemployment drop as a result of job creation, not as a result of people dropping out due to discouragement.”

Minister: No WTO membership ‘for at least five years’ FROM PAGE ONE speak to a few of them,” he added. “You have the tariff rate quota regulations, the animal health food and safety and plant regulations, the Protection of New Plants Varieties Bill, the Procurement Bill and a number of others.

“The Customs Management regulations. The intellectual properties regulations. We have drafted the Bill so we need the regulations. For too long we have allowed people to abuse our intellectual properties.”

Speaking to the aperitif, Campari, as an example, Mr Johnson said The Bahamas produces the bark that is used to create it, but has allowed others “just to use

it” and “doesn’t have a copyright on it”. He also spoke to Bahamian rake n’ scrape group, Lassie Doe and the Boys, whose music is not protected by copyright.

Mr Johnson said: “We have to move quickly, and everything about joining the WTO wasn’t wrong. There was the report produced by the Chamber of Commerce, an excellent report that outlined what the effects were from, joining the WTO.” In May 2019, international consultancy firm, Oxford Economics, commissioned by the Bahamas Chamber of Commerce and Employers Confederation, released a paper detailing the possible effects on industry the Bahamas faced when joining the WTO.

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, VERONIQUE NOTTAGE of New Providence, Bahamas, Parent of JAMAL JADON REMOND NOTTAGE intend to change my child’s name from JAMAL JADON REMOND NOTTAGE to JAMAL JADON REMOND WALLACE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE IN THE ESTATE OF ERIC HERMAN STURRUP, late of 18th Street in the Settlement of Spanish Wells on the Island of St. George’s Cay one of the Island of the Commonwealth of The Bahamas, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 5th day of March A.D. 2020 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 or any distribution made before such debts are proved; AND NOTICE is hereby given that all person indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 4th day of February, A.D. 2020 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

Tuesday, February 18, 2020, PAGE 5

PAGE 6, Tuesday, February 18, 2020

THE TRIBUNE

SOME WORRY IF NEW YORK’S COMING PLASTIC BAG BAN IS ENOUGH ALBANY Associated Press

NEW York retailers have begun giving up single-use plastic bags as the state prepares for the March 1 implementation of a ban aimed at reducing pollution, but many of those who support a move away from plastic are worried the new law doesn’t go far enough.

The law bars many types of businesses from using the thin plastic bags that have been clogging up landfills, getting tangled in trees and accumulating in lakes and seas. Single-use paper bags will still be allowed, but counties have the option of imposing a five cent fee.

As the deadline to drop plastic bags nears, though, not all environmentalists are ready to celebrate.

Some worry the state’s

new regulations include a loophole that could allow stores to skirt the ban by handing out plastic bags thick enough to be considered suitable for multiple uses.

“It is a giant loophole which they should close in the future,” said Judith Enck, a former administrator of the US Environmental Protection Agency who now leads the environmental advocacy group Beyond Plastics. “It’s not good for the environment if you go from thinner plastic bags to thicker plastic bags.”

A final version of the regulations was released Monday and removed some provisions that plastic bag critics found objectionable, but they said the rules still fell short.

The regulations allow stores to hand out plastic

bags if they are washable, can be used at least 125 times, carry 22 pounds (10 kg) over at least 175 feet (53 meters), and have an attached strap that doesn’t stretch with normal use.

Regulators also proposed that any reusable plastic bags be at least one-hundredth of an inch thick.

That’s thicker than required in California, which also limits the use of single-use plastic bags.

A spokesman for New York Gov Andrew Cuomo, who signed the ban last year, dismissed concerns about the regulation being too flexible.

“These groups should stop promoting baseless conspiracy theories and focus their efforts on helping New Yorkers transition to re-usable bags,” spokesman Jason Conwall said.

Shoppers are encouraged to start using sturdy reusable bags, such as those made of canvas or polyester, said Basil Seggos, commissioner of the state’s Department of Environmental Conservation. His agency says the plastic industry probably lacks the machinery to produce thicker plastic bags that meet New York’s proposed standard and still be cost-effective.

“There’s always a period of transition where there’s resistance or uncertainty,” Seggos told The Associated Press.

Some environmentalists also worried that the rules, as initially proposed, allowed state regulators to make exemptions for thin plastic bags “for which there is no reasonable or practicable alternative”.

That phrase was deleted

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 17 FEBRUARY 2020

BISX LISTED & TRADED SECURITIES 52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.35 2.53 1.76 8.00 6.40 14.00 6.80 3.01 13.50

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

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

1000.00 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 Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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 3.50 17.43 6.00 6.68 2.10 1.62 3.53 11.61 6.00 4.34 6.49 3.63 4.60 10.95 7.70 14.00 9.33 3.70 15.20

CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.53 11.61 6.00 4.34 6.49 3.63 4.75 10.96 8.00 14.50 9.33 3.70 15.20

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 0.15 0.01 0.30 0.50 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

2,500 5,100 5,000

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.6 18.7 N/M 18.1 N/M N/M -8.1 16.1 13.4 23.6 46.4 35.6 10.2 17.0 11.0 17.8 9.9 18.2 24.1

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

YIELD 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.76% 0.00% 11.96% 1.26% 2.99% 3.00% 3.72% 2.14% 3.24% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 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% 3.73% 3.73% 2.93% 2.93% 2.67% 2.71% 5.76% 5.76% 12.81% 12.81% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Dec-2019 31-Dec-2019 27-Dec-2019 31-Dec-2019 31-Dec-2019 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019

MUTUAL FUNDS 52WK HI 2.29 4.37 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.67 1.83 1.76 1.23 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 Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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 2.29 4.37 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

LLP, said it’s unclear how exactly the ban will impact the market for paper bags, though it is clear that “New York will be adding an enormous amount of retail outlets who are using paper bags.”

Plastic bag manufacturers are also calling for New York to delay or weaken its ban because of concerns over the supply of multiuse bags.

“Retailers who typically buy their bags months in advance are staring down the barrel of implementation that they just cannot comply with,” said Matt Seaholm, executive director of the American Recyclable Plastic Bag Alliance.

Seggos said his agency is aware of concerns about paper bag shortages and has purchased over a quarter-million reusable bags the state will give out to food pantries and shelters.

“The industry has known this has been coming for tenmonths,” he said.

NOTICE

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,208.96 | CHG: 8.49 | %CHG: -0.39 | YTD: -22.64 | YTD%: -1.01 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 10.84 3.24 5.06 10.57 8.00 16.99 9.40 3.80 15.20

in the final regulations released yesterday, and a list of specific exceptions was narrowed. There are still exemptions for pet stores to sell goldfish in plastic bags or dry cleaners to slip a plastic bag over a garment, among other exceptions.

Several major chains, including the grocer Wegmans, have already made the switch away from plastic.

Convenience store owners want to be exempt them from the ban, which already excludes bags used for restaurant takeout food, plastic bags used to wrap meat, and bags used for prepared food.

Jim Calvin, president of the state Association of Convenience Stores, said owners of small convenience stores are also feeling “anxiety” about having enough paper bags to go around by March 1.

Matthew Hamory, a managing director in the retail practice at AlixPartners

30-Sep-2019 30-Sep-2019 30-Sep-2019

NOTICE is hereby given that NERLINE GUILLAME of ,P.O.Box Marsh Harbour, Abaco, 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 18th day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that MARIO ST.CHARLES of Pinewood Gardens,P.O.Box SP-61998 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 18th day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that PHILIP DACK of 3E Caves Point, P.O.Box N7776 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 18th day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Tuesday, February 18, 2020, PAGE 7

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YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PAGE 8, Tuesday, February 18, 2020

THE TRIBUNE

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

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

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

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

OPPORTUNITIES • • • •

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

BENEFITS

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

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