03042019 BUSINESS

business@tribunemedia.net

MONDAY, MARCH 4, 2019

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Lucayan ‘finalists’, union offer under scrutiny this week

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE best bids for the Grand Lucayan, and the government’s voluntary separation offer to its managers, will both be discussed tomorrow as efforts to resolve the resort’s future heat up.

Michael Scott, pictured, chairman of Lucayan Resorts Holding, the government-owned special purpose vehicle (SPV) that owns the Freeport-based property, confirmed to Tribune Business that it had already narrowed the initial 60 offers down to those considered worthy “finalists”.

“We’re down to considering the finalists with a view to making a series of recommendations in the next two weeks, and in a month everybody will know what the deal is looking like,” he said,

SEE PAGE 5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

KEY privatisation target’s payroll costs now equal 99 percent of revenues, a Cabinet minister has revealed, as he confirmed: “We’re trying to outsource as many entities as possible.”

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that his ministry was “close to moving” the proposed Nassau Flight Services (NFS) privatisation before Cabinet for a decision on whether to pursue the initiative.

He added that the ministry was “still proceeding with the intent” that the company, which provides ground handling services at Lynden Pindling International Airport (LPIA), will be privatised through selling it to a wholly-owned Bahamian group with the ability to operate it “more efficiently and cost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

NZIA Ltd from among 30 bidders to be the preferred technology solutions provider for the digital currency.

NZIA, a joint venture between IBM and

SEE PAGE 8

Fixed light bills urged for small Out Island firms

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FAMILY Island commercial leaders have called for small business electricity bills to be fixed amid rising fears over Bahamas Power & Light’s (BPL) imminent mass disconnection exercise.

Pedro Rolle, the Exuma Chamber of Commerce’s president, suggested to Tribune Business that small businesses in remote Family Islands agree with BPL to pay a fixed monthly sum that is based on their historical energy usage.

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Privatisation targets wages 99% of income

Digital B$ ‘pilot’ ready for 2020 THE Central Bank’s governor has revealed that the Family Island communities where it will test the first version of a digital Bahamian dollar will be selected before the end of April 2019.

John Rolle, pictured, responding to Tribune Business’s questions, said the regulator expects to have “the piloted version” in use by next year after selecting

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This, he argued, would transform electricity from a variable to a fixed, predictable cost for small businesses, start-ups and entrepreneurs, thereby preventing them from running up huge power bills they are unable to afford.

Mr Rolle explained that this fixed monthly sum could be adjusted annually according to each business’s consumption patterns, with an additional charge/credit given if the prior year’s usage underestimated or exceeded what had been agreed.

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DIONISIO D’AGUILAR effectively” than the government can.

Mr D’Aguilar indicated that the Nassau Flight Services effort was part of a wider push “to put as many companies (state-owned enterprises) as possible in the hands of the private sector”, boosting Bahamian entrepreneurship and

BPL to unveil $95m power plant boost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

especially given that the business is of a size that puts it within range of Bahamian investor groups and companies.

Confirming that his thinking is unchanged, the minister told Tribune Business: “It’s a relatively small company, with annual revenues in the $8m range, so the government feels it is ripe for privatisation.

“Payroll costs have risen to 99 percent of revenues, so clearly we’ve not been running it well, and I think it would fulfill the mandate of the Minnis administration, which is to put it in the hands Bahamian business persons.

“The government should not be running these types of businesses. It’s small enough that a mid-sized Bahamian company will be willing to

BAHAMAS Power & Light (BPL) will today unveil a $95m deal for a major upgrade of its New Providence generation capacity to take effect by summer’s end.

Tribune Business sources, speaking on condition of anonymity, said the stateowned utility monopoly has signed an agreement to install more than 100 megawatts (MW) of new multi-fuel turbines at its existing Clifton Pier plant.

The deal is designed, they said, to improve the reliability and cost of power supplied to New Providence residents and businesses, alleviating frequent load-shedding and blackouts while also reducing soaring BPL fuel costs that drove major increases in customer bills towards the end of 2018.

It is understood that the new generation capacity, while also compensating for the over 60 MW taken off-line by last September’s fires at Clifton Pier, will

SEE PAGE 6

SEE PAGE 8

• Nassau Flight Services ‘close’ to going to Cabinet • Minister: We’ll outsource ‘as much as possible’ • Taxpayers ‘want better service at better price’ wealth creation/distribution while also delivering better value for money and reducing the burden on hard-pressed Bahamian taxpayers.

“We’re doing all the necessary groundwork to determine how best to proceed with that matter, putting together the financials and all the documents necessary to facilitate such a sale,” Mr D’Aguilar said.

‘We’re still proceeding with that intent.

“Valuations, financials, requests for proposals; all of that needs to be done.

It’s proceeding nicely, and ultimately we’ll take it to Cabinet for approval. The government is not there yet.”

Mr D’Aguilar identified Nassau Flight Services as a prime privatisation candidate during his contribution to the 2017-2018 debate,

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PAGE 2, Monday, March 4, 2019

THE TRIBUNE

FOCOL names sixth tanker after Bradley FOCOL Holdings last week commissioned its sixth tanker at Prince George Wharf, naming the vessel after former company director and Cabinet minister, Bradley Roberts.

The 459-foot tanker, M/T Brad Sun, will serve the BISX-listed petroleum products supplier’s operations in The Bahamas and Turks & Caicos. Hartlyn Roberts, the former MP’s widow, was named “Godmother” of the vessel.

The tanker, to be operated by BTI Shipping

Company (BTI), has an 11 foot draught, which permits it to navigate the shallow waters of the two countries, lessening the possibility of environmental damage. The vessel’s 12 cargo tanks have a total capacity of 2.232m gallons, which is around ten times’ greater the capacity of the legacy fuel tankers in the country. It has a cargo discharge capacity of 211,338 gallons per hour.

FOCOL has been joined in BTI by two coinvestors. One, according to FOCOL chairman, Sir

Franklyn Wilson, is a Norwegian, while the other is Norberto Alphonso, a permanent resident of The Bahamas, who has spent 43 years in the shipping business. Mr Alfonso has been involved with the Bahamas Maritime Academy, through which many Bahamians have received professional maritime training.

The commissioning was held under the patronage of Governor-General Dame Marguerite Pindling, who was present at the event.

Also attending were former

FROM left: FOCOL president and chief executive, Anthony Robinson, and his wife, Christine Robinson; Hartlyn Roberts, godmother of M/T Brad Sun, and widow of the late Bradley BE Roberts; Dame Marguerite Pindling, governor-general; Lady Sharon Wilson with her husband, Sir Frankyln Wilson; Most Rev Patrick Pinder, archbishop of the Roman Catholic Archdiocese of Nassau; and Martha and Norberto Alfonso, partners in BTI Shipping Company. prime minister Perry Christie and other dignitaries, including Mrs Roberts along with family and friends; representatives of the Sunshine Group of Companies, the largest corporate investor in FOCOL, along with some of the group’s 1,400 shareholders.

In his address, Sir Franklyn said the Brad Sun’s addition to FOCOL’s fleet was to “the common good of all peoples of both the Commonwealth of The Bahamas and the Turks & Caicos Islands”.

“This is so because it marks a significant advancement of the mission of FOCOL, which is ‘fuelling growth for people’,” he added, recalling the role FOCOL played in restoring vital services following Hurricane Matthew in 2016.

“At the time of the most recent hurricane, one impact on residents of New Providence was a degree of panic which gripped the motoring public, leading to the long lines at service stations,” Sir Franklyn said.

“Fortunately, the lines did not continue for any significant period of time. A key reason was that the FOCOL group had ensured that one of its tankers had been filled with supply and sent to safe harbour, enabling it to get to Clifton as soon as was possible, once the ‘all clear’ had been given.”

In a further reference to October 2016, Sir Franklyn said the company’s commitment to The Bahamas was “dramatically demonstrated when the jetty at Clifton Pier was destroyed, and the fuel supplier to BPL invoked the ‘force majeure’ clause in the supply contract. It was the Bahamian engineers and managers of the FOCOL Group who found an alternative that averted a serious national disaster.

“With the addition of this ship, M/T Brad Sun, the FOCOL Group now has the capacity to execute this strategy at different parts of The Bahamas archipelago and the Turks & Caicos as a hurricane moves about.

“This is supremely relevant noting that, with the addition of this ship, the FOCOL Group has the capacity to maintain inventory levels required to meet the needs of the country for up to one month. Heaven forbid, but still comforting, in the event of a series of hurricanes coming our way in a given season.”w Anthony Robinson, FOCOL’s president and chief executive, said: “I have had the good fortune of working with the partners of FOCOL for 28 years. The accomplishment that we are most proud of occurred in 1999, when we took the company public

and over 1,400 Bahamians bought shares in FOCOL. “One thousand shares purchase for $5,000 in 1999 is worth $38,400 today.

The owner of those shares received $14,950 in dividend payments as of 25 February, 2019. I am often asked: ‘What is the key to FOCOL’s success?’ In my opinion, we are successful because the partners are intentional in their efforts to manage their relationships and partnership for the mutual benefit of the organisation. By managing their relationships well for over 37 years, the partners created a stable environment with ample resources for management to succeed.”

Sir Franklyn shared the story behind the naming of the Brad Sun, and how important Mr Roberts was to the FOCOL partnership. He said the former director was a founding member - and became the first chairman of Sunshine Holdings, which has become the legacy company from that group.

“The Directors of both Sunshine Holdings and FOCOL Holdings affirmed the resolution to honour the legacy of Mr Roberts via this naming,” Sir Franklyn said. “This reflected the shared view of company leaders that Mr Roberts’ life’s work manifested a commitment to the core values of both companies.”

THE TRIBUNE

Monday, March 4, 2019, PAGE 3

GOVT URGED TO TRANSFER SOES TO PRIVATE SECTOR

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government has been urged to shift stateowned enterprises (SOEs) to the private sector and remove their multi-million dollar losses from its balance sheet.

Robert Myers, pictured, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business: “If they don’t

make money they should at least not lose money. It’s costing the taxpayers and it’s extremely unfortunate.

It’s not going to help us get out of the fiscal crisis we are in.

“You could take significant losses off the table and make the government money, as opposed to losing money, by slowly moving those SOEs over to PPPs (public-private partnerships) or the private sector. What you would be doing is shifting the burden on to the private sector and taking the losses off the government

balance sheet.”

During his mid-year budget statement last week, deputy prime minister K Peter Turnquest unveiled the Minnis administration’s plans to ensure that the government gets “value for money” from the near$400m in annual subsidies it pumps into state-owned enterprises (SOEs).

Mr Turnquest lamented that while some $398m in recurrent spending was allocated to SOEs for the

2018-2019 fiscal year, an amount equal to 15.4 percent of its total outlay, there was no framework to properly monitor whether these entities are spending taxpayer monies wisely. He said the government will this month launch a project to evaluate its state-owned enterprises.

“We are encouraged to see they are actually going to try and figure that out, and we hope they will make that shift, which will have a

pretty significant impact I assume on the budget. More than likely if they go to the private sector they will be more efficiently managed, and there would be an ease in the cost of doing business,” said Mr Myers.

“What we’re not talking about is the billions of dollars in unfunded pension liabilities. It just keeps growing. That is highly irregular and irresponsible from a management and fiscal standpoint.”

Union chief ‘amazed’ at WTO non-involvement

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A TRADE union leader yesterday said he was “amazed” that the Bahamian labour movement has not been asked to contribute more meaningfully to the World Trade Organisation (WTO) debate.

Obie Ferguson, the Trade Union Congress (TUC) president, told Tribune Business: “We were the first organisation to have a major seminar on WTO; I think in 2003. For some reason, during these discussions we have not been invited as a meaningful contributor.

OBIE FERGUSON “The record will show that in 2003 the Commonwealth of The Bahamas Trade Union Congress put on a massive seminar. For some reason they have chosen not to consult with the Trade Union Congress (TUC). I just find it very amazing.”

Mr Ferguson said “the people must be prepared” if The Bahamas is to become

a full WTO member, and said: “I think that we have to make sure that our people are ready for what will come as a result of WTO. “We just can’t say that we are going to enter into WTO. We have to prepare.

That’s one of the problems that I have. Are we preparing our people for this?

This is a major decision that will have tremendous ramifications for this country and the people.”

Around eight countries have expressed an interest in The Bahamas’ initial goods and services offers to the WTO, according to the country’s lead negotiator, Zhivargo Laing. The

Small Business Centre chief chosen for US programme THE Small Business Development Centre’s (SBDC) executive director has been chosen to participate in a US government leadership programme.

Davinia Blair will join US State Department’s International Visitor Leadership Programme (IVLP), with a focus on Entrepreneurship as the engine of prosperity and stability, small business development.

The programme will run from March 16 to April 6, 2019. Prior to her departure, Ms Blair visited the US Embassy and met with US chargé d’affaires, Stephanie Bowers, and representatives its political/ economic and public affairs sections.

Ms Blair will be among 30 professionals participating in the programme from countries including Slovenia, Thailand, Italy, Mexico, Pakistan, Saudi Arabia, Portugal, Israel, Bangladesh and Sri Lanka. The three-week exchange will include visits to Washington DC; Boston, Massachusetts; Seattle, Washington; and Austin, Texas.

The IVLP is the State Department’s premier professional exchange programme. This particular exchange will examine the role of small business in driving sustained economic growth and prosperity, and honing skills to

US chargé d’affaires Stephanie Bowers with IVLP participant, Davinia Blair, at the US Embassy in Nassau. encourage entrepreneur- models that support small ship development. business growth and ecoMs Blair and her counter- nomic development to parts will explore business benefit local communities.

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Minnis administration is working toward becoming

a full WTO member by mid-2020, but Mr Laing has

previously said accession is not a done deal.

PAGE 4, Monday, March 4, 2019

THE TRIBUNE

Bahamians urged to fill the ‘skills gap’ BAHAMIAN students have been urged by the acting director of labour to ready themselves to fill the country’s skills gaps and reduce employer demand for work permits.

John Pinder, addressing the first Bahamas National Technical College Fair, said: “There are many opportunities in medical technology, engineering, nursing, teaching, welding and a number of other technical skills that we normally have to approve a labour certificate for, which leads to a work permit for nonBahamians to work in our country.

“If we are going to fill the skills gap we have to encourage our children to follow the protocol in ensuring that they are

educated enough that, when these persons advertise positions, they are qualified and have the technical skills to fill the positions.”

The Fair, an event produced by the Ministry of Education, the Ministry of Labour and the Bahamas Union of Teachers, attracted more than 1,000 high school students.

Mr Pinder added that a major challenge existed in finding Bahamians who can speak a foreign language so that they can fill bilingual positions.

“We need to encourage our children to speak more than one language.

We live in a society that, for the most part, only speaks English, but we do business with a number of foreign

persons, and oftentimes employers receive these labour certificates simply because Bahamians only speak English,” he said.

“When an employer is looking at how they can best take advantage of the bottom line, being their profit, they are trying to get one person to do more than one task. We have to encourage our citizens, our students, that as they study to recognise that they have to be able to multi-task to keep up with the global market that we find ourselves in today.

“No longer do we live in a vacuum where The Bahamas has the opportunity to just employ Bahamians.

We had that opportunity in years gone by; to have a job description with one

particular task to carry out.

Nowadays, in order for us to keep ourselves competitive, we have to be able to multi-task,” Mr Pinder continued.

“This will lead them to, when they finish their studies, come back home and get gainful employment to help to bridge the skills gap that we have, and to also ensure that Bahamians are given an opportunity to perform in their own country to make a living and raise families.”

The Department of Labour has now embarked on an initiative to ensure Bahamians possess the skill sets necessary to qualify for positions when they become available.

“We want to ensure that when we see the criteria

John Pinder, director of labour.

Photo: Raymond A Bethel, Sr/BIS for a position, if that skill set is not offered in The Bahamas, we can approach institutions like yourself and our local institutions to put those type of courses on so that Bahamians can qualify for those positions,” Mr Pinder said.

“We believe that it is very important to ensure that, at the end of the day, we don’t end up with a brain drain, where our citizens go

to universities abroad and cannot find employment when they return home, [so] they remain and build other countries to ensure they advance.

“We want to ensure that our children are kept on the cutting edge of technology, and the only way to do that is to ensure that our students are given this type of opportunity that we see presented here today.”

THE TRIBUNE

Monday, March 4, 2019, PAGE 5

Bahamian-founded firm expands by acquisition

To advertise in The Tribune, contact 502-2394

ARMALY Sponge Company founder, WJ Armaly, at his packing house on East Bay Street in the early 1900s.

A SPONGING company founded in The Bahamas in 1908 is targeting further expansion through the acquisition of a major natural sponge distributor.

The Armaly Sponge Company has announced that it has acquired Acme Sponge Company.

The Tarpon Springs, Florida-based entity is a leading distributor of natural sponges globally and in the US, and traces its roots back four generations to sea sponge merchants and divers in Greece.

The acquisition will increase Armaly Sponge Company’s market share in the natural sponge segment, and provide it with new distribution opportunities and

logistical efficiencies with retailers. It also provides an additional growth platform for other Armaly-branded products.

“We are excited to combine our unique assets and expertise with that of Armaly Sponge Company to create an even stronger company with the same family values upon which both companies were founded and have thrived,” said Jim Cantonis, president of Acme Sponge Company.

“It’s an exciting time at Armaly Brands as we continue to grow our portfolio of brands and products.

The acquisition of Acme Sponge Company provides a combined legacy of over 180 years in the

natural sponge business and aligns with our growth strategy of becoming No.1 in all segments of our business through providing the consumer with innovative quality products and a great value, all while maintaining our family culture and values,” said John Armaly, president of Armaly Sponge Company.

“Acme Sponge Company is the perfect fit for us today, and we look forward to continuing the successful growth with future product innovation.”

Armaly Sponge Company has been familyowned and operated for 110 years, and is a worldwide producer of natural sponges.

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Lucayan ‘finalists’, union offer under scruting this week FROM PAGE ONE declining to comment further or give additional details.

Mr Scott spoke after wellplaced Tribune Business sources confirmed that the Lucayan Renewal Holdings Board was due to meet this Tuesday to examine the most credible, interesting offers to acquire a property deemed vital to reviving Grand Bahama’s resort-based tourism sector and the island’s wider economy.

Several suggested that the leading contender was likely to be the proposal by the Mexican cruise port developer, ITM, which has partnered with Royal Caribbean in a bid to both acquire the Grand Lucayan and develop adventure-based water theme parts around the resort and Freeport Harbour.

“The board is going to look at the offers formally this week,” one contact, speaking on condition of anonymity, told this newspaper. “I expect it [ITM] will be the top one. I think it deserves to be.”

Tribune Business exclusively revealed the existence of the ITM bid last month.

While other media reported the value of its proposal at $130m, this newspaper understands that figure did not include the purchase price for the Grand Lucayan or associated renovation costs which are likely to collectively total between $100m-$150m.

That means the capital investment and spend

by ITM/Royal Caribbean will likely be significantly in excess of what has been disclosed so far, increasing potential worker for Bahamian contractors and other vendors.

Another source, also speaking on condition of anonymity, said: “The [Lucayan Renewal Holdings] Board is going through its final checks and interviews, but they’re down to the wire.

“That hotel is costing the government and Bahamian taxpayer some $1m a month.

It’s declining now because 130 line staff accepted the voluntary separation packages, but is still significant, so the board is moving things along.

“It’s counting the pennies, watching things very carefully, and hopefully will be able to present the country with much more positive news shortly.”

The Lucayan Renewal Holdings Board had been aiming to provide its recommendations on a preferred bidder to the government by

OBIE FERGUSON month’s end, with Mr Scott’s comments indicating they remain very much on track to hit this timetable.

The Grand Lucayan’s $1m per month losses are similar to the rate incurred by former owner, Hutchison Whampoa, which typically experienced annual “red ink” ranging from $11m to $20m. That, though, was achieved when all three properties were open.

Just one, the 196-room Lighthouse Point, is functioning and open under the government.

Meanwhile, Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business he will be taking the “first flight” to Freeport tomorrow to brief members of the Bahamas Hotel Managerial Association (BHMA) on the government’s latest offer.

He revealed that the latest voluntary separation package offer had been received from Dionisio D’Aguilar, minister of tourism and aviation, on February 27, but declined to provide details on the basis he did not want to “pre-empt” the meeting tomorrow.

“I have received an offer from the minister of tourism, and I am having a meeting with the managerial workers on Tuesday morning at 8am,” Mr Ferguson said.

“I’m going to Freeport on the first flight. The purpose of that meeting is to apprise them of the offer so they’d be fully aware and take it from that point.

“My role as president of the union, and as attorney, is just to advise them what the law is in terms of their benefits. It’s their decision. I don’t want to pre-empt that. The minister indicated that was the government’s position that has been put forward, and that he was following the law.

“I’m taking the government’s position to them, and don’t want to do anything to persuade them one way or another. It’s a policy and posture I’ve adopted. The person that’s affected, let them decide what’s in their best interests and whether to accept it.”

Mr Ferguson confirmed that around 90 of the BHMA’s 114 managerial members at the Grand Lucayan remain interested in taking the voluntary separation packages.

The Lucayan Renewal Holdings Board initially offered the BHMA members a package worth $2.6m, before upping the offer to around $3.1m. The BHMA and Mr Ferguson, though, were seeking $4.1m, leaving a gap of around $1m.

The departed line staff have already received their funds, leaving the BHMA as the only settlement outstanding. Tribune Business understands that the Board views the BHMA talks as a “sideshow” best left to the government and is focused instead on the Grand Lucayan’s sale.

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PAGE 6, Monday, March 4, 2019

THE TRIBUNE

Privatisation targets wages 99% of income FROM PAGE ONE take this on, and look for a quality of service and cost the government is unable to achieve.

It is unclear why Nassau Flight Services’ costs have soared to the extent that payroll consumes virtually all the company’s income, although it recently signed a new industrial agreement with the Airport, Airline and

Allied Workers Union, which represents its employees.

However, the fact that just one expense item equals top-line revenues is unlikely to make Nassau Flight Services attractive to potential buyers. Given all the other costs it will incur, this implies Nassau Flight Services is running at a significant loss, as indicated by an annual taxpayer subsidy of around $2m.

This has been trimmed to $1.8m for this year’s budget and 2019-2020, but is projected to rise back to $2m in 2020-2021. All told, purchasers will likely have to downsize Nassau Flight Services and/or find new revenue streams - possibly by expanding to other Bahamian airports - given that they will also inherit the existing industrial agreement.

But state-owned enterprises (SOEs) where payroll alone exceeds the entity’s income is nothing new for The Bahamas. Tribune Business reported last year how the Bahamas Agricultural and Industrial Corporation’s (BAIC) wage bill increased by more than $600,000 over a two-year period to the point where it was equivalent to 141.5 percent of total operating revenue.

Mr D’Aguilar, meanwhile, said the proposed Nassau Flight Services privatisation was part of the government’s wider efforts to reduce the multi-million dollar taxpayer subsidies that prop up loss-making SOEs. This will involve either finding buyers or private sector managers to take over their operations via a form of public-private partnership (PPP). ‘“I think we’re trying to put as many companies as possible into the hands of the private sector,” he told Tribune Business. “Government feels they will run it more efficiently than we will, and that they will deliver better service at a better price.

The taxpayer demands of us better service at a more affordable cost.

“We’re going to see what people bid. Let’s see what people come in at. We’re close to moving it [Nassau Flight Services] forward to the full Cabinet for them to opine on whether it’s something they want to proceed with or not based on the information.”

Pointing to the PPPs that the government is looking to enter into for the redevelopment of Nassau’s cruise port and several Family Island airports, Mr D’Aguilar reiterated that it was “looking at whatever companies it can to privatise under the belief that the private sector will run it more efficiently and cost effectively for the Bahamian taxpayer”.

His comments reflect a strong belief among many that The Bahamas’ size of government is too large, and must be reduced together with the burden on Bahamian taxpayers to fund it.

The government has long

been urged to “get out of business”, with the public sector seen as too involved in owning/running entities best left to the private sector.

KP Turnquest, in unveiling the mid-year budget last week, unveiled an 18-month initiative designed to ensure SOEs deliver “value for money” and enhanced public services given that they are collectively projected to consume $398m - or 15.4 percent of total government spending - in this year’s budget.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the SOE reforms were “long overdue”. He said: “I’m glad to hear it. The lack of management and accountability in those sectors is appalling.”

Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, agreed that reducing the burden SOEs impose on Bahamian taxpayers must be a key government objective.

“We have to be very, very focused on removing them as a burden to the public purse,” he told this newspaper. “We have, in all areas, an ability to remove these into a competitive framework.”

Mr Bowe pointed to the airline sector (Bahamasair), and utilities such as Bahamas Power & Light (BPL) and Water & Sewerage Corporation, as industries where it was possible to introduce competition.

He argued that the government had often retained 100 percent state ownership as a form of “providing social services”, holding prices artificially low to the point of being unable to recover costs.

The BICA chief argued that it should instead follow the model established with VAT, and ensure social assistance was provided to those that need it. “Sometimes they’ve held the ownership as a way to provide social services,” he said.

“The government should be looking at how to deploy resources to social assistance, rather than running a social initiative. It’s far cheaper to

get resources to those who need it to support their purchasing power than to run inefficient programmes that cost even more.”

The government has a fitful track record when it comes to privatisation, outsourcing and public-private partnerships (PPPs). Its first such effort was the Bahamas Telecommunications Company (BTC) privatisation, which took some 13-14 years - and covered three different administrations - before it was finally completed in 2011.

Cable & Wireless Communications (CWC) ultimately acquired a majority 51 percent stake in BTC for a purchase price that was ultimately less than the initially-advertised $200m. Its equity holding was reduced to 49 percent in a deal with the Christie administration, and many observers would likely argue the deal has not produced the anticipated commercial benefits for BTC. The government has since favoured PPPs, where it either retains full or partial ownership of the underlying asset while bringing in private sector managers to operate them on its behalf.

But even here the record has been mixed.

While the arrangements with the Nassau Airport Development Company (NAD) and Arawak Port Development Company for LPIA and the container port, respectively, appear to have enjoyed some success, the outsourcing of Bahamas Power & Light’s (BPL) management to PowerSecure was abandoned after just 18 months.

The government has since sought to separate power generation from distribution via the power plant deal with Shell, a model it has employed in the water industry by placing production in the hands of Consolidated Water and others.

The potential PPP with Global Ports Holding for the Nassau cruise port represents the latest outsourcing effort.

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THE TRIBUNE

Monday, March 4, 2019, PAGE 7

Fixed light bills urged for small Out Island firms FROM PAGE ONE That way, he suggested, BPL would receive due compensation for all energy consumed, while another option was for small businesses to pay more in winter - when power usage is traditionally lower - to make up for higher demand in summer.

“For the Family Islands, maybe put in place a system where it’s determined by their usage,” Mr Rolle told Tribune Business. “Let them pay a fixed amount every month or, in the winter months, pay a bit more.

“When businesses factor in the cost of doing business, this becomes a fixed cost of doing business. This is something based on history with BPL. Both sides are able to agree, at the end of the year, if there is a substantial difference [between billed amount and usage] to factor that in when they do the average for the next year.

“This way small businesses know this is a fixed cost of doing business, so they are not hit with a $500 bill and cannot afford it, and pay nothing.”

While beneficial for small businesses that form the majority of Family Island economies, Mr Rolle’s proposal is unlikely to be accepted by BPL. The stateowned utility monopoly is currently at the mercy of global oil prices and suppliers, and thus would be unlikely to agree to any fixed-billing arrangement in advance due to unknown future fuel costs.

The Exuma Chamber of Commerce chief’s proposal may make more sense, though, in an environment where BPL “hedges” its fuel purchases and thus would know the medium to long-term costs of its fuel.

However, for the present BPL will argue that its priority is to generate

the cash flow necessary to remain a viable operation and keep the lights on. To do so, it must collect on all monies owed to it - especially from delinquent residential and business consumers - given that it has been incurring annual losses at around the rate of $20m per year.

The utility’s 100,000-plus Nassau customers also subsidise the Family Islands, and BPL has become increasingly frustrated over the failure of residents and companies in the latter locations to consistently pay their bills.

As a result, it has been warning customers in Exuma and Ragged Island, and the MICAL constituency - Inagua, Mayaguana, Acklins and Crooked Island - that it plans to begin mass disconnection exercises in these areas from March 15 onwards for any customer in arrears for 60 days and owing more than $300 on their account.

BPL’s plans have sparked alarm, with Mr Rolle among those warning that the utility risks being seen as “the big bad bully” in hard-pressed Family Island economies where small businesses are struggling to survive.

While acknowledging BPL has a case from a pure business perspective, the Exuma chamber chief said: “The reality is this is going to be a challenge from small business, which is a big concern in the Family Islands.

“It’s a huge concern for Exuma. I think individual homeowners can manage and figure out how to use their power, but for small businesses it’s another story.

It’s an absolute necessity to use power to run their businesses and, when power becomes more expensive, you don’t see that reflected in what they can charge for their products and services.”

With small businesses unable to increase prices to compensate for increased

electricity costs, Mr Rolle called on BPL to work out payment plans with delinquent customers rather than immediately move to mass disconnections.

“To me, it’s going to have a negative impact on the way they manage their business,” he told Tribune Business. “It’s going to put a dampener on the economy because, for the most part, Exuma is small businesses.

“There are a few large businesses here and, if you are a Sandals or Grand Isle, these things are reflected in your room rates. But as a small businessman you don’t have much leeway in what you charge for goods and services. You have to compete.

“I don’t like a threat.

There ought to be a better way to develop relationships with your customers rather than: ‘Pay me or I’ll shut you off’. You’re the big bad bully, and there’s no other option here.”

Mr Rolle also warned BPL against implementing a “one size fits all” policy, pointing out that Family Island economies were vastly different from prevailing commercial conditions in Nassau, especially since their cost of living was even higher.

His concerns were echoed

by Roderick Simms, former head of the Chamber of Commerce’s Family Island division, who warned that BPL’s threatened mass disconnection could exacerbate the depopulation of remoter islands as persons left for Nassau and other population centres to search for work.

Pointing out that he was not objecting to BPL collecting what it was owed, he said it was the method the utility is using that will attract scrutiny. He also called on BPL to agree payment plans with delinquent customers first, and only move to disconnections if they failed to live up to their obligations.

“Most of the islands are not doing well in terms of their economies, and since the last hurricane [Irma] two years ago some have not fully recovered,” Mr Simms said. “There should be some consideration.

Instead of mass disconnections there should be payment plans first to give them some to make their accounts current; give them the opportunity.”

He added that

perishables, frozen foods and other inventories could be lost at businesses which are disconnected, and warned: “People are migrating to different islands because there are no jobs or not many at all on the islands they live on. People are trying, but it is a tough economy. They will relocate to where they can operate in a normal fashion.

“I’m not saying don’t collect your money. It’s the

way you’re going about collecting the money that is the concern. It’s difficult to treat the Family Islands like Nassau. It’s more expensive to live there. Everyday feeding is a challenge.

Sometimes it’s why utility bills do not have the same priority as putting food on the table. It’s like being in a desert on many of these southern islands with little to no activity.”

PAGE 8, Monday, March 4, 2019

BPL to unveil $95m power plant boost

THE TRIBUNE

Digital B$ ‘pilot’ ready for 2020 FROM PAGE ONE

BPL Clifton Pier site during a past fire.

FROM PAGE ONE ultimately end BPL’s eightyear reliance on rental generation capacity to underpin New Providence’s energy demand.

The new engines are also designed so they can be seamlessly incorporated into the new multi-fuel power plant that will be designed, owned

and operated by Shell North America, and which is due to come online by 2022. BPL and Shell are still negotiating the terms of that deal.

Whitney Heastie, BPL’s chief executive, told Tribune Business last September that the utility would seek help from Shell as its long-term generation partner to bridge any generation capacity

shortfall as a result of the Clifton Pier fires.

Asked how BPL planned to cope with the potential loss of 63 MW in generation capacity, Mr Heastie replied: “We’re relying on our partner, Shell, to come to us and make recommendations as to what they’re planning to do to help in the short-term. They would be the ones providing, as the selected preferred

bidder, the generation assets for any shortfall we may have.

That is the plan.

“Coming off peak, power needs are not as great, but we do need to make sure we have the power to get us through next year... And the question is, getting into the winter overhaul, how many generation [units] can we take out. That becomes more of an issue than anything else that we will have to look at closely and see how we do that.”

Tribune Business then revealed one month later that BPL had hired an extra ten megawatts (MW) of expensive diesel-burning generators to supplement its generation capacity at Clifton Pier.

Mr Heastie said it had “no option” but to install additional temporary generation capacity to prevent New Providence being plagued by summer 2019 blackouts.

He acknowledged that the move could further increase already-high Bahamian electricity bills, given that the Aggreko units use the most expensive fuel available, but said this was the same for all rival proposals.

Arguing that criticism of BPL’s selection “falls by the wayside” as a result, Mr Heastie further highlighted the increasingly fragile nature of New Providence’s energy supply infrastructure by confirming that the extra ten MW could bring the amount of electricity generated by temporary units close to 50 percent.

Aggreko already provided 80 MW of temporary generation at BPL’s Blue Hills plant, and Mr Heastie said the additional capacity had been wrapped into the two sides’ existing deal. While Bahamian consumers will see no electricity tariff increase as a result, the BPL chief admitted it would further “strain” the utility’s finances since it would have to absorb this extra cost.

a Singapore-based software company specialising in blockchain solutions, will now be tasked with designing and implementing “the digital fiat currency system for The Bahamas”.

Mr Rolle said the digital Bahamian dollar, whose creation has been given the name Project Sand Dollar, will be rolled-out beyond the test communities after 2020. It is a key element in the Central Bank’s drive to modernise The Bahamas’ payment system, and moving consumers away from an historical reliance on cash to electronic payments.

Asked when the regulator plans to select which communities will be used to test the digital Bahamian dollar, Mr Rolle replied: “The communities will be identified before the end of April.

“We have set a target of 2020 for the piloted version of the currency to be in use.

Expanding beyond the pilot will happen after 2020.”

He revealed that the Central Bank received 30 responses to its original Expression of Interest (EOI), with the field ultimately reduced to six shortlisted finalists from which emerged NZIA Ltd. “We had 30 responses to the EOI invitation,” Mr Rolle confirmed. “After the first evaluation a shortlisted set of six were invited respond to the detailed Request for Proposals or RFP. NZIA proposed the most comprehensive technology solutions according to the specifications of Project Sand Dollar’s RFP requirements.”

The Central Bank and NZIA Ltd now have to finalise commercial terms and the scope of the latter’s work. Mr Rolle provided no details on this or the likely length of negotiations, but said the project was intended to ensure Bahamians - especially those in remoter Family Island communities - maintain access to financial services via electronic means, “Project Sand Dollar expects to deliver digital payments infrastructure that reduces service delivery costs of physical cash, increases transactional efficiency and improves the overall level of financial inclusion in communities throughout the Bahamas,” the Central Bank governor said.

This echoed the regulator’s release on the NZIA Ltd selection, which said: “The Central Bank expects

that at the conclusion of this project all residents in The Bahamas will have equal, expanded access to modernised digital payments capabilities. A concurrent reduction in cash transactions is also expected “Appropriate policy and legislative reforms will accommodate the functional aspects of a digital currency.

The draft Central Bank of The Bahamas Bill, 2019, now before the government, anticipates this framework, and will provide for the development of regulations to govern the instrument.

“The regulatory framework will include safeguards to satisfy exchange control regulations; monitoring and controls against money laundering and terrorist financing; and specifications to ensure complementarity as opposed to material substitutability for existing banking services.”

The Central Bank, in an Expression of Interest (EOI) tender unveiled last August, which sought bids for the design and implementation of a digital currency, said it was targeting the launch of an electronic Bahamian dollar by 2021. Mr Rolle’s comments indicate it is still very much on track to hit this timetable.

The regulator added that it was aiming to roll-out a trial version “within 30 months”, with the move central to its efforts to “accelerate” payments system modernisation and introduce technology-based financial services (fintech) to reduce Bahamians’ reliance on cash and combat the loss of physical bank branches as institutions withdraw from the Family Islands.

The Central Bank’s EoI document suggested it was becoming “increasingly less feasible” for commercial banks to provide a physical presence in sparsely populated islands. The solution to “financial inclusion”, it added, was through the provision of electronic and digital payment services, possibly using technology such as blockchain.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Monday, March 4, 2019, PAGE 9

UK trade official sees hope in Brexit hard-liners’ proposals LONDON Associated Press BRITAIN’S international trade secretary yesterday welcomed proposals drawn up by hard-line Brexit supporters that outline what it would take for them to support Prime Minister Theresa May’s deal with the European Union.

Liam Fox told the BBC that the European Research Group’s proposals, published in the Sunday Times, could be seen as an attempt to find common ground on the sticky issue of the Irish border.

“I hope it’s a genuine attempt, and I think it is, to try to map out ground where we can have common territory” before the House of Commons votes on the deal next week, Fox told the BBC. Parliament rejected May’s deal in January, largely because of concerns about the so-called backstop, which is designed to prevent

the need for physical border checks along the Irish border if negotiators fail to agree on a free-trade deal. Lawmakers on all sides opposed the provisions because they could leave Britain tied to the EU indefinitely.

In its published proposal, the European Research Group demanded a “clear and unconditional route out of the backstop”.

While the group didn’t detail how its goal should be achieved, it said the change must be contained in a treaty-level clause that “unambiguously overrides” the text of the current agreement.

Graham Brady, chairman of the influential 1922 Committee of Conservative lawmakers, expressed optimism that a breakthrough was close. Brady suggested he could back May’s deal if the right compromise on the backstop emerged.

“The whole country is tired of vacillation and delay,” he wrote in the Mail yesterday, adding that “this

The beautiful, luxury 5 star cove resort in Gregory Town Eleuthera is presently looking for trained and experience personal to commence the following work positions immediately.

*Food And Beverage Manager *Restaurant Manager *Assistant Food And Beverage Manager Bachelor’s Degree from four–Year College or Bachelo University: or equivalent related work related experience and/or training. Prior food and Beverage Management experience and simular preferred.

Preper 3+ Years’ prior supervisory skills and hotel/resort food and beverage operations experience. Must have strong organizational skills, excellent written and verbal communication skills and be able to perform and prioritize multiple tasks with ease. Computer skills required, strong guest and team member relation skills.

Must maintain current food handlers certification.

Please contact the human resources department at telephone number 242-335-5141-3, or send resume to email address Amunroe@Thecoveeleuthera.com

THE FLAG of the European Union and the British national flag are flown during a demonstration by “remain in the EU supporters” outside the Palace of Westminster in London, on Wednesday. British Prime Minister Theresa May says she will give British lawmakers a choice of approving her divorce agreement, leaving the EU March 29 without a deal or asking to delay Brexit by up to three months.

is not a time to make the best the enemy of the good.”

“We know what is needed to shift the logjam,” he said.

“The attorney general needs to give a legally binding guarantee that the backstop is temporary.”

Meanwhile, the opposition Labour Party remained divided over its next moves after party leader Jeremy Corbyn last week supported calls for a second Brexit referendum.

John McDonnell, Labour’s spokesman on treasury issues, signaled yesterday that the party was likely to force its lawmakers to back legislation on a new

referendum. But former minister Caroline Flint told Sky News that up to 70 of Labour’s lawmakers would oppose any such move.

Corbyn had an egg thrown at him yesterday during a visit to a north London mosque. The Labour leader was not hurt and met with constituents at the Finsbury Park Mosque and Muslim Welfare House as planned, according to Britain’s Press Association.

A 41-year-old man was “quickly detained” and arrested on suspicion of assault, the Metropolitan Police department said.

PAGE 10, Monday, March 4, 2019

THE TRIBUNE

Huawei CFO suing Canada, its border agency and the RCMP TORONTO Associated Press AN EXECUTIVE of Chinese tech giant Huawei is suing the Canadian government, its border agency and the national police force, saying they detained, searched and interrogated her before telling her she was under arrest.

Lawyers for Meng Wanzhou said yesterday they filed a notice of civil claim in the British Columbia Supreme Court. Canada arrested Meng, the daughter of Huawei’s founder, at the request of the US on Dec 1 at Vancouver’s airport. She is wanted on fraud charges that she misled banks about the company’s business dealings in Iran.

The suit alleges that instead of immediately arresting her, authorities interrogated Meng “under the guise of a routine customs” examination and used the opportunity to “compel her to provide evidence and information”.

The suit alleges Canada Border Service Agency agents seized her electronic devices, obtained passwords and unlawfully viewed the contents and intentionally failed to advise her of the true reasons for her detention. The suit said only after three hours was she told she was under arrest and had right to counsel.

“This case concerns a deliberate and pre-meditated effort on the part of the defendant officers to obtain evidence and information from the plaintiff

The beautiful, luxury 5 star cove resort in Gregory Town Eleuthera is presently looking for trained and experience personal to commence the following work positions immediately.

HUAWEI chief financial officer Meng Wanzhou leaves her home to attend a court appearance in Vancouver, British Columbia. Canada said on Friday it will allow the US extradition case against Wanzhou to proceed. She is due in court on March 6, at which time a date for her extradition hearing will be set. Meng is wanted in the US on fraud charges that she misled banks about the company’s business dealings in Iran. in a manner which they knew constituted serious violations of the plaintiff’s rights,” the claim says.

Meng is out on bail and living in Vancouver awaiting extradition proceedings.

On Friday, Canadian Justice Department officials gave the go-ahead for her extradition proceedings to begin. Meng is due in court on Wednesday to set a date

for the proceedings to start.

It could be several months or even years before her case is resolved.

Meng’s arrest set off a diplomatic furor and severely strained Canadian relations with China.

Beijing has accused Washington of a politically motivated attempt to hurt the company.

NOTICE

1st Mate

NOTICE is hereby given that WESLEY CALIXTE of Fire Trail Road, P.O. Box N-1918, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.

• Boat experience in an Assistant to the Captain role • Sea experience vital – time on the boat, fishing, snorkeling, spearfishing etc.

• Very hands on deck, must be able to assist in the maintenance of boats and boat equipment • Great positive personality • Willing to learn • Looking to work under a strong Captain, to develop gro and grow.

Please contact The Human Resources Department at Telephone Number 242-335-5141-3, or send resume to email address Amunroe@Thecoveeleuthera.com

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

BISX ALL SHARE INDEX: CLOSE 2,064.80 | CHG 6.80 | %CHG 0.33 | YTD -44.65 | YTD% -2.12 52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

LAST CLOSE 4.37 17.43 7.00 5.39 1.78 0.80 2.28 9.85 6.16 4.29 10.99 2.63 1.78 8.63 6.40 14.10 6.98 3.05 13.85

CLOSE 4.37 17.43 7.00 5.39 1.78 0.80 2.28 9.85 6.16 4.29 10.99 2.64 1.78 8.70 6.40 14.10 6.98 3.20 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.07 0.00 0.00 0.00 0.15 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

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

VOLUME

4,019

250

5,000

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.104 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.150 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 27.9 17.5 25.9 8.5 N/M 13.3 18.5 12.1 11.6 21.9

YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.80% 5.64% 2.27% 3.37% 0.97% 3.75% 3.55% 2.15% 2.81% 4.33%

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

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

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

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

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 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 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RONEISHA PHILINCIA SAMINA BAIN of Garden Hills #3, Violet Avenue, P.O. Box SP-63933, Nassau, Bahamas, intend to change my name to SAMINA CATALEYA CASTILLO. 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.

INTENT TO CHANGE NAME BY DEED POLL

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.80 0.80 3.68 10.20 6.60 4.74 12.50 2.74 1.81 8.50 6.40 14.10 6.99 4.47 13.85

PUBLIC NOTICE

PUBLIC NOTICE

MARKET REPORT THURSDAY, 28 FEBRUARY 2019

China detained former Canadian diplomat Michael Kovrig and Canadian entrepreneur Michael Spavor on Dec 10 in an apparent attempt to pressure Canada to release Meng.

A Chinese court also sentenced a Canadian to death in a sudden retrial, overturning a 15-year prison term handed down earlier.

Kovrig and Spavor haven’t had access to a lawyer or to their families since being arrested.

Nicolas Dorion, a spokesman for the Canada Border Services Agency, said it’s

not a practice of the agency to comment on legal matters that are before the courts. A justice department spokesman referred comment to the border agency, and a spokesman for the Royal Canadian Mounted Police said they were unlikely to comment yesterday.

Gary Botting, a Vancouver extradition lawyer who is not representing Meng, said Canada’s Border Services Agency tends to overstep.

“They took her under custody without telling her why,” Botting said. “They disguised the real reason why they detained her. Her rights were violated.”

Botting said they had no reason to detain her as she had travelled to Canada many times before. “They are trying to get all this information ahead of time and they know ultimately an arrest was in the works,” he said.

Julian Ku, senior associate dean for academic affairs at Hofstra Law, noted the civil action is separate and apart from Meng’s extradition proceeding. He said the lawsuit will allow her to argue she is being unfairly treated and support her broader public relations claim that the detention is part of a US and Canadian political conspiracy against Huawei.

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

The Public is hereby advised that I, TROYDESHA LATOYA STUBBS of Pinewood Gardens, Sappodilla Blvd., Nassau, Bahamas, intend to change my name to DAHLIA-RAE HEPBURN. 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.

PAGE 12, Monday, March 4, 2019

THE TRIBUNE

China considers legal changes on technology to placate US BEIJING Associated Press

DELEGATES look at their ballots during a plenary session of China’s National People’s Congress (NPC) at the Great Hall of the People in Beijing. In an unusual step, China’s ceremonial legislature is due to endorse a law meant to help end a bruising tariff war with Washington by discouraging officials from pressuring foreign companies to hand over technology. Photo: Mark Schiefelbein/AP Beijing’s drab winter, drawing tech billionaires,

movie stars and ethnic minorities in distinctive

traditional dress.

That gives President Xi

economic official.

State media have cited other potential topics including revising China’s patent law — another source of foreign complaints — and measures to encourage foreign investment in agriculture and technology and developing free-trade zones.

Chinese officials deny Beijing steals or pressures companies to hand over trade secrets and technology. But they are trying to mollify Trump and other governments by promising better legal protections.

“I think the (American and European) complaints have been reflected in the revision of the law,” said Citigroup economist LiGang Liu. Under the proposed law, officials would be barred from using “administrative methods to force technology transfers”.

The chairman of the American Chamber of Commerce in China, Tim Stratford, called the measure a “step forward”. But business groups say they need to see how it will be enforced.

It was unclear whether the vaguely worded measure would appease Trump.

The American Embassy in Beijing said it had no comment.

Companies have been disappointed in the past after “hearing positive words”, said Stratford, a former deputy US trade representative.

The European Union Chamber of Commerce in China said the law’s “vague language” gives regulators too much discretion.

The focus on “administrative methods” would leave officials free to use other pressure tactics, it said.

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IN AN unusual step, China’s ceremonial legislature is due to endorse a law meant to help end a bruising tariff war with Washington by discouraging officials from pressuring foreign companies to hand over technology.

The battle with China’s biggest trading partner is overshadowing the National People’s Congress, the country’s highest-profile event of the year. It brings 3,000-plus delegates to the ornate Great Hall of the People in Beijing for two weeks of speeches, meetings with senior leaders and political ritual to endorse the ruling Communist Party’s economic and social welfare plans.

A gathering of noncommunist groups held at the same time brightens

Jinping’s government a platform for advertising changes aimed at ending the fight with President Donald Trump that has disrupted trade in goods from soybeans to medical equipment.

The technology measure is part of a proposed law on foreign investment that aims to address complaints

by Washington, Europe and other trading partners that China’s system is rigged against foreign companies.

Trump cited complaints Beijing steals or pressures companies to hand over technology when he slapped punitive tariffs on $250bn of Chinese imports in July. Europe, Japan and other trading partners disapprove of the tariff hikes but echo US complaints.

China has balked at changing its strategy for nurturing technologies that American officials worry might challenge US industrial dominance.

But communist leaders face pressure to reach a settlement after economic growth sagged to a threedecade low of 6.6 percent last year.

On the domestic front, companies and investors are hoping officials announce details of how Beijing will carry out promises to curb the dominance of state industry and support entrepreneurs who generate much of China’s new jobs and wealth. They are looking for details of a promised cut of up to 1.3 trillion yuan ($200bn) in value-added and other taxes.

The congress opens on Tuesday with an annual “work report” on government plans by Premier Li Keqiang, the number two ruling party leader behind Xi and China’s top

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