03042020 BUSINESS

business@tribunemedia.net

WEDNESDAY, MARCH 4, 2020

$4.43 ‘Vulnerable on several fronts’ to coronavirus

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN risk management specialist yesterday warned that this nation is “vulnerable on a few fronts” to the coronavirus outbreak, adding: “This is a storm of its own before hurricane season.”

Emmanuel Komolafe told Tribune Business that the continued spread of the COVID-19 virus, which has now reached Florida and the Dominican Republic, called for The Bahamas to expand its national risk management framework beyond hurricanes to account for events such as pandemics and cyber attacks.

He added that the coronavirus had also highlighted the need to extend risk planning past the national level to individuals and businesses, who will be in “unfamiliar territory” given the potential impact on workplace health and corporate travel.

Warning that The Bahamas “doesn’t have the luxury of time” given the increasing number of infections and countries affected, Mr Komolafe argued that this nation itself needs a “more comprehensive and holistic approach” that reaches beyond health issues given the COVID-19 virus’s potential to impact almost every part of this nation’s economy and society.

Noting that Dr Duane Sands, minister of health, had said it is a question of “when”, not “if”, the coronavirus reaches this nation, he added that The Bahamas’ reliance on tourism, status as a small, open economy, and near total-reliance on imports for everything it consumes were all critical areas of vulnerability.

“This may be a storm of its own before hurricane season,” Mr Komolafe told Tribune Business. “This is not something we’ve dealt with before. It’s a different kind of risk. It’s not just a test for the country’s risk management framework, but entities and individuals.

“We don’t have the luxury of time. We’re quite vulnerable on a few fronts. We’re a country that depends on tourism and last year welcomed 7.2m visitors, the majority from the US. This is definitely something worth watching and paying serious attention to. I see where a number of companies associated with travel and tourism have been taking a hit from cancellations. In that regard it could have a significant impact.

“Reluctance or fear of travel could impact arrivals and inflows, local businesses, workers and government revenue.

We are also a nation that imports almost all that we consume. Hence a disruption in international trade and global supply chain will eventually impact us.”

Mr Komolafe said any fall-out for the Bahamian economy depended on how long the COVID-19 virus outbreak lasts, the extent of its spread, and whether any cases emerge in The Bahamas. “If it’s extended it definitely will be a concern, not just for food,” he added.”It goes beyond food. We’re a country that imports most of what we consume. It’s far ranging.

“The most concerning part is how long this goes on for. If it’s extensive there will be more impact on other sectors and the economy. It could still potentially drive the US into recession.” The US Federal Reserve cut

SEE PAGE 6

$4.45

$4.45

Royal Caribbean in $50m PI investment

By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net

R

OYAL Caribbean will invest around $50m to develop its Royal Beach Club project on Paradise Island, its chief executive has revealed, having set a late 2022 target date for its opening.

Michael Bayley, who is also the cruise line’s president, told Tribune Business while in Grand Bahama on Monday that all employees who work there will be Bahamian although he gave no figure for the number of likely hires.

“We are still working through all of the details of the Royal Beach Club, and the investment will be at a minimum at $50m, and that’s not including the cost of acquiring the land.

So, it is a fairly significant

• Royal Beach Club to open in late 2022 • Will increase ships coming to Nassau • Pledges ‘wonderful attribute to tourism’

project,” he said.

Royal Caribbean is understood to have spent around $54m on acquiring a series of residential properties at the western end of Paradise Island. Tribune Business exclusively revealed earlier this week that the cruise line has submitted an application to lease around ten acres of crown land in the Colonial Beach area, which it will combine with its private acquisitions to form the Beach Club.

Mr Bayley voiced optimism that the Royal Beach Club will be a top-class addition to Nassau’s tourism sector, offering visitors a “Bahamian beach club”

THE Bahamian construction industry is being “killed and decimated” by the largescale importation of foreign workers for jobs that are not being made known to locals, it was argued yesterday.

Leonard Sands, the Bahamian Contractors Association’s (BCA) immediate past president, told Tribune Business that the government should impose “a moratorium on on all work permits for Abaco until all residents are gainfully employed” after it was disclosed that the Baker’s Bay Golf & Ocean Club was seeking to bring in 135 Mexican workers to kick-start post-Dorian reconstruction.

Voicing doubts over whether the development had advertised such posts locally to see whether Bahamian contractors and tradesmen with the necessary skills were available and

STEPHEN WRINKLE

willing to work, Mr Sands argued that the local industry was being denied opportunities and treated as “second class workers” through such practices that are “becoming the norm”.

He added that, “working across multiple construction industry disciplines”, he was used to “an environment” where the ratio of expatriate workers was one for every

19 Bahamians. Asserting that labour certificates and work permits are “granted too easily” in the sector, Mr Sands said this resulted in significant monies leaving the Bahamian economy via expatriate remittances to their homeland.

Urging Baker’s Bay to “revisit” its decision, the former BCA president called for the necessary

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

SEE PAGE 4

SEE PAGE 4

• Ex-BCA chief calls for Abaco ‘moratorium’ • Urges Baker’s Bay to ‘revisit’ Mexican move • But predecessor says ‘two sides of the coin’

LEONARD SANDS

KWASI THOMPSON

“political will” to implement legislation mandating developers and project managers to “exhaust every opportunity” to locate and hire appropriately-qualified Bahamian contractors and skilled workers before bringing in expatriates.

Elsworth Johnson, minister of financial services, trade and industry and Immigration, yesterday suggested that The Bahamas stood on the edge of a potential “construction boom” due to a combination of post-Dorian rebuilding and upcoming investment projects such as the Royal Caribbean/ITM and Carnival developments in Freeport (see article on Page 3B).

Construction ‘being killed’ by large-scale expat hiring

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Insurance to give govt full $65m on Grand Lucayan

A CABINET minister yesterday said Dorian-related insurance claims will ensure the government receives the full $65m Grand Lucayan purchase price, adding: “Now is time to invest in Grand Bahama.”

Kwasi Thompson, minister of state for Grand Bahama, explained: “The chairman (Michael Scott) and the minister (for tourism and aviation, Dionisio D’Aguilar) were quite clear in terms of the government is going to receive in total the $65m.

“The $50m is the amount which is credited, or takes into the account the credit, as a result of the damage from the hurricane. As we indicated, we wanted $65m. The hurricane took place during the time of negotiation.

“The hotel was damaged during that time so we did take into account that damage. What’s also important is that the insurance will be kept by the government, and we anticipate that those insurance proceeds will total the $65m that will be received by the government.”

The $65m purchase price to be paid by the ITM Group/Royal Caribbean joint venture was a key objective for the government, particularly when it came to countering critics of its decision to buy the Grand Lucayan in September 2018, as it matches the sum paid to Hutchison Whampoa for the property.

All existing Grand Lucayan staff will be made redundant, and receive due severance pay and benefits, prior to the ITM/Royal

SEE PAGE 5

THE PARADISE Island lighthouse.

$4.39

Insurance VAT can cover public assets, govt told

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government was yesterday urged by a top insurer to use the VAT monies it is earning on insurance premiums to purchase coverage for its buildings and public infrastructure assets.

Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that this alternative to simply applying these revenues to the consolidated fund would aid the government’s risk mitigation efforts and reduce the reconstruction burden for Bahamian taxpayers following hurricanes and other natural disasters.

He suggested that this proposal would have greater impact than an Inter-American Development Bank (IDB) report’s call for the government to extend the elimination of insurance premium VAT beyond homeowners to micro and small business owners, in a bid to make coverage more affordable.

The same report also suggested that the government

• RoyalStar chief: ‘Best advice I can give’ • Property owners ‘must take responsibility’ • Call to link cover to property tax discounts could achieve this objective by providing subsidies to Bahamian homeowners and small businesses in an effort to increase insurance penetration, but the RoyalStar chief argued against relying on it to solve all problems.

Warning that the same homeowners and small businesses would likely end up paying for this via new or increased taxes, Mr Saunders said all Bahamians “must take personal responsibility for protecting their own assets”.

While sympathising over catastrophic insurance costs and affordability, he argued that - with Hurricane Dorian’s devastation fresh in many minds - both persons and companies had to “understand they have to make a sacrifice” to protect the largest investments they will ever make.

However, one aspect of the IDB report that Mr Saunders did agree with is the need for the

government to take out insurance on key public infrastructure assets, as has been done in nations such as Ecuador, rather than rely on contingency facilities, borrowing and, ultimately, the taxpayer to finance restoration.

“From the inception of VAT we asked the government not to include the insurance industry because of the administrative complexities from our side and the government’s side,” he told Tribune Business.

“The government has taken it off on the residential side, but it is still there on the commercial side. If I was the government, collecting VAT on commercial property premiums and also on motor vehicle premiums, I would take that money and buy some insurance for the country.

“If I was the government I would earmark that, get some professionals around the table and see what I

could buy to insure public assets and infrastructure.

That’s the best advice I can give them. They’re collecting that money right now.

“Use it to buy some insurance for the country, your public assets and infrastructure. There’s enough professional insurance people in this town who would gladly give them advice on how to go about it.”

The IDB, in its recently-published report, concurred, saying: “The purchase of insurance for public sector infrastructure should be further considered and the culture of insurance should be promoted.

“Financial protection should be established starting with new public works.

For this, it is important to conduct negotiations with private insurance companies to include costs that the government would incur when buying this service. This policy is followed

in other countries, such as Ecuador, where the purchase of insurance for public infrastructure is mandatory.”

Mr Saunders, though, disagreed with the suggestions to increase private sector insurance penetration through either eliminating VAT on business premiums or offering taxpayer subsidies to make it more affordable.

“Every businessman goes into business knowing his costs, and they should factor insurance into their costs,” the RoyalStar chief argued.

“Nothing the government per se does is going to help alleviate them of what they should be doing.

“They should factor that into their costs, charge an appropriate price for their product, and buy insurance if they deem it necessary.

For homeowners, the small businesses, we understand it is an affordability issue, we understand premium costs are high...

“But we all have to understand there’s been a $2bn [Dorian] loss that we have to pay back, and we

SEE PAGE 5

PAGE 2, Wednesday, March 4, 2020

THE TRIBUNE

BTC OPENS NEW ABACO LOCATION THE Bahamas Telecommunications Company (BTC) has opened a new 440 square foot retail store in Marsh Harbour just six months after Hurricane Dorian’s passage.

Garfield “Garr”’ Sinclair, BTC’s chief executive, said: “This investment definitely reaffirms our commitment to rebuilding and reinvesting in Abaco while restoring the island to its glory. We are the first telecommunications company to do this, and this is really an exciting opportunity for us.

“We are encouraged that milestones like these help to restore confidence and aid in returning the island to a semblance of normalcy. We are also happy to move our team members into this new facility.”

The new retail store, opened on February 29, is located in Maxwell’s Plaza, which also houses Maxwell’s Supermarket and Commonwealth Bank. The store is operated and managed by an all-Abaconian team of three customer service representatives. There are also five Abaco-based technicians on the ground, accompanied by BTC’s hurricane restoration team.

Andre Foster, BTC’s director of technology operations, said: “As a company we are coming back stronger, and we are doing a number of upgrades to make sure that our network is more resilient.

We are currently burying our fibre, and increasing LTE (long term evolution) capacity.

ABACO store manager, Carmen Williams, and Denvar Miller, head of retail operations, perform the official ribbon cutting for the BTC Marsh Harbour opening.

“In areas where we haven’t yet restored fixed services we are providing a wireless solution, which allows customers to get their fixed-line service on a wireless network, providing the same home phone service but on a device that’s portable. Thankfully, we had no network issues in southern Abaco. From Sandy Point up to Cherokee and

CUSTOMERS purchased phones and ported services during the BTC Marsh Harbour store opening.

DENVAR Miller and Carmen Williams present Pastor Ryan Forbes with a device.

Casuarina, there have been no service challenges.”

BTC also has two Abacobased business customer representatives to provide

on-island support for small and enterprise customers. Kendrick Knowles, its senior Manager for B2B, said: “The restoration

of this environment heavily depends on the return of businesses to the community.

“BTC has a long history with the business community, and this opening definitely demonstrates our commitment as a partner in the redevelopment of Abaco.

As soon as any member of the business community is ready we can come directly to you - with a solution - to get you back in business.”

ARAWAK CAY UNDERGOES MANAGEMENT CHANGES ARAWAK Cay vendors have been urged to bring rental payments current, and warned that stall subleasing must end, as the popular destination’s management has changed hands.

Michael Pintard, minister of agriculture and marine resources, told vendors at a Wednesday night meeting that Arawak Cay’s management has been transferred from the Department of from Lands and Surveys to his ministry with immediate effect.

He revealed that surveys will be conducted to determine Arawak Cay’s perimeter boundaries, and those for each store, to ensure they have the correct footprint. Mr Pintard said vendor lease agreements will be reviewed and updated, and warned that the practice of sub-leasing must stop.

The minister warned that

MICHAEL Pintard and team meeting with Arawak Cay vendors. all outstanding rental arrears must be brought current on a case-by-case basis because there were significant differences between stalls. He added that a survey of the Arawak Cay Fish Fry was critical to accommodate other developments planned for the area.

“Meetings will be held with each lease holder to ensure that the highest

standards are maintained as we work to identify challenges and to solve them in an amicable and peaceful way”, Mr Pintard said.

He added that the Arawak Cay vendors “play a pivotal role” in creating employment, and reassured them that the vendors will work on their behalf to ensure they are successful.

GOVT AGENCIES IN ARAWAK CAY TOUR ARAWAK Cay’s manager, Paul Willie, led officials from the Ministry of Agriculture, the Ministry of Works, the Department of Environment Health and Bahamas Health and Food Safety Authority on a tour and inspection of the popular destination last Friday.

The visit took place after Arawak

Cay’s management was transferred to the Ministry of Agriculture and Marine Resources from the Department of Lands and Surveys.

Pictured from left are: Mr Willie; Renia Rolle, Ministry of Agriculture; Dr Patricia Johnson, Bahamas Agriculture Health and Food Safety Authority;

Donnalee Bowe, Ministry of Agriculture; Christine Dean, Department of Environmental Health; Nicola Oliver, Ministry of Agriculture; and Nigel Lowe, Ministry of Works.

A survey of Arawak Cay and all stalls will be conducted to determine the square footage being occupied by each one.

THE TRIBUNE

Wednesday, March 4, 2020, PAGE 3

CONTRACTORS PREPARING SKILLS DATA FOR ‘CONSTRUCTION BOOM’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamian Contractors Association (BCA) is developing a database of construction firms and skilled workers to ensure Bahamians do not miss out on a building boom, its president said yesterday.

Michael Pratt told Tribune Business that the absence of such information, detailing the qualifications Bahamian contractors and tradesmen possess, the scope of work they can perform and whether they are available, meant he and the BCA are “not certain at this point exactly who we do have available” to meet the demands of both foreign development projects and post-Dorian reconstruction.

“What we are doing right now is we are building

our database to be able to answer that properly, and we have a lot of contractors right now registering on our database and registering their skill sets,” Mr Pratt said. He added that the BCA would be a position to say how many contractors and workers are ready and able to work in a matter of weeks.

The BCA chief spoke out after Elsworth Johnson, minister of financial services, trade and Immigration, responded to recent concerns voiced over the Baker’s Bay Golf & Ocean Club’s plans to import 135 Mexican construction workers by suggesting that The Bahamas simply “doesn’t have the volume of workers” to meet the project’s demands and those of other investors.

Acknowledging this issue, Mr Pratt said: “We

recognise that a lot of our people have been relocated after the storms. They have gone to other islands, and especially Nassau. Some of them have gotten involved in other jobs and some of them still sit unemployed.

But the problem we have is getting a collective database so everyone can know what’s going on.”

Revealing that the BCA is working with the Ministry of Labour to construct this database, Mr Pratt added: “Hopefully when people apply they can call us and, from our database, we can speak quickly to who we have available.”

Mr Johnson, meanwhile, addressing concerns over Baker’s Bay’s demand for foreign construction workers, said: “We only want fit and proper persons to come into The Bahamas. There is a due diligence that we go

through to see whether or not we have the necessary skill sets to do the work. In the initial phase I know that they are bringing in their technocrats to see how they can rebuild the facility. They have said to us that within a year to a year-and-a-half they are going to have Baker’s Bay up and running.”

Suggesting that postDorian rebuilding, together with recently-announced investment projects, meant that The Bahamas was on the verge of a “construction boom”, Mr Johnson said: “With the reconstruction of Abaco, with the agreement we just signed on Monday with Royal Caribbean and Carnival, we are saying to Bahamians to come forward and let us know what you are able to do.

“Take your information to the employment

exchange so that when applications are made they can be dealt with justly. At the end of the day, with the volume of work that we have to do, I don’t know with a 400,000 population - some old, some are senior, some are young - whether or not we have the population to rebuild with the speed that the investors are saying they want to build at.

“Carnival and Royal Caribbean are suggesting to us that by 2021, 2022 they want to be up and running,” Mr Johnson added. “I want to reassure the Bahamian public that the government will not allow Bahamians to be displaced, but we must come to grips with the idea that with the volume of work we have to do, I don’t know that we have the mass to deal with it.”

The BCA’s Mr Pratt told

Tribune Business: “We have been hearing about not having a massive amount of skills sets for years in The Bahamas. That’s why a lot of people have been allowed to come in and do their different projects on their own. We are trying to counteract that now by letting them know who we have available, where they are and what education and skill-set they have.”

He added that the BCA also wants to provide contractors with “short skills through different certification programmes”, and said: “We are going to certify them in certain speciality areas, because this seems to be the trend now.

So we can also say that we have these people available and they also do have the special skills that you are looking for.”

Airbnb: Vital to expose the students to tourism

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

DESMOND BANNISTER

BPL: 50MW unused in Abaco on low demand

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMAS Power & Light (BPL) has 50 megawatts (MW) of unused generation capacity in Abaco because there is “insufficient” demand post-Dorian, a Cabinet minister said yesterday.

Desmond Bannister, minister of works, said that “most of the cays are on now” in terms of power restoration. He added: “Elbow Cay has specifically asked us not to do the above ground wiring because they have some proposals where they have funding, and they want to do the underground wiring. They are prepared to work with what they have until such time as they have that.”

Tribune Business understands that, on Man-O-War Cay, electrical cables still have to be run from Marsh Harbour - work that is some 30 days out from being

completed. The island is also considering following Elbow Cay’s lead with underground wiring.

“In Marsh Harbour itself the progress is phenomenal,” Mr Bannister added. “They [BPL] connected the supermarket there, they have connected the hotel there.

They are going into communities and they are connecting.

“Whatever challenges they have in connecting individual homes has to do with restoration of those homes.

Before they can connect a home it has to be certified by the Ministry of Public Works that it is safe to do so.

“So, as people rebuild their homes, BPL will be able to reconnect them. The power load is still not sufficient for us to turn on the main power sources in Abaco. We have 50 MW of power that we can turn on but the load is not sufficient for that. So, as they continue to develop, BPL is going to be able to reconnect more people.”

To advertise in The Tribune, contact 502-2394

AN AIRBNB executive yesterday said it was critical to expose Bahamian students to tourism opportunities as part of its responsibility as a “21st century company”.

Chloe Burke, the vacation rental facilitator’s public policy associate with responsibility for the Caribbean and Central America, teamed with the Bahamas Hotel and Tourism Association (BHTA) to host a special assembly at CC Sweeting High School to highlight potential careers with Airbnb.

Explaining that the event had two goals, she said these were “one, that you learn something new, and that there are other opportunities, and two, it is important to see people that look like you. It is a good reference point.

“This is really important to me, and really important to the company. We are really committed to being a 21st century company, and that means working with diverse stakeholders including those in the communities that we serve and operate in.”

Ms Burke added: “For me, I get to work in a number of projects of all scales, and this is one of the most fulfilling. I am delighted to be here, and I think what we are seeing from the surveys some students gave in is that someone they knew in the tourism sector was just a valet or someone who worked in the restaurant sector. But now they have met an engineer and would consider careers along those avenues, so that’s exciting.”

Suzanne Pattusch, the BHTA’s executive vice-president, told Tribune Business: “We are here because we definitely think this is important. You heard a lot of the kids today asking about how do we get there, and what advice do you have and what can you share with us.

“Consistent with the same mandate that the BHTA has with its junior hotelier programme and the teacher’s internship programme, which strives to connect industry with students, this follows that same concept... because Airbnb is definitely

one of the most dynamic and strong players in their space in our tourism economy.

“Being able to give them that real life insight, and that portal of understanding for how do I get there, what is expected of me and what opportunities are available,

from an employment standpoint is important.”

Ms Pattusch said students could “grow” into becoming Airbnb hosts or influence someone in their network that they can assist with entering the vacation rental market.

PAGE 4, Wednesday, March 4, 2020

THE TRIBUNE

URCA reinforces role on consumer protection THE Utilities Regulation and Competition Authority (URCA) returned to Eleuthera to reinforce its message of consumer protection and upholding service standards.

Addressing two town hall meetings, one in Governor’s Harbour and the other in Rock Sound, outgoing URCA chief executive, Stephen Bereaux, said Bahamians must insist their rights as consumers are being heard and protected.

“We must ensure that residents throughout the country feel connected to URCA and understand our role,” he explained.

“In particular, we want residents and business persons to know that we are here to protect them and regulate services they are paying for. If there are issues, they have recourse and they need to use it.”

The regulator shared with Eleuthera residents the proposed amendments to the rules governing broadcast content and consumer protection for both the electronic communications and electricity sectors.

URCA has also

Insurance to give govt full $65m on Grand Lucayan FROM PAGE ONE

Caribbean takeover in line with standard practice for such acquisitions.

Mr Thompson, meanwhile, described the signing of the Heads of Agreement and sales agreement for the hotel as “a significant achievement”. He added that the Minnis administration “purchased he hotel in order to sell the hotel, but this deal was far more than just a purchase and sale of a hotel.

This really was about creating a new destination for Grand Bahama, and that really was

A TEAM of URCA representatives arrives in Eleuthera for two town meetings and a series of one-onone pop-up sessions for the island’s residents.

Photo: Barefoot Marketing suggested changes to the advertising, political broadcasts and complaints handling sections of the broadcast rules. The addition of the electricity sector to the consumer protection regulations is among a series of proposed changes to that document.

“Visiting at least six islands is a major part of our 2020 plans,” said Mavis Johnson-Collie, URCA’s corporate and consumer

relations manager. “We are a people separated by water. New Providence consumers have much more access to URCA and its personnel.

“We want residents throughout The Bahamas to see us as their ‘security guards’ in the regulated sectors; that we are here to listen, to take complaints, to help fix those issues we can, and to learn of those ‘pockets’ of service issues

in the communities.”

Shevonn Cambridge, URCA’s director of utilities and energy, added: “On the islands we often hear of issues about power outages and possible appliance damage that may be related to the inconsistent supply of power. What we need residents to do is note the time, length and date of issues, and log it so we can investigate and try to bring relief to residents.”

the overall vision.

“Yesterday was a very, very good day,” Mr Thompson continued. “The government signed the Heads of Agreement along with the Bahamas Investment Port Group, which is a group made up of ITM and Royal Caribbean. We also signed the purchase and sales agreement, which was an agreement between the government and the same group to purchase the Grand Lucayan.”

Describing the Grand Lucayan sale as an “exit strategy”, Mr Thompson said the plan was to “purchase and sell it to someone who was a significant developer. We believe we have been able to achieve that”.

He added: “What is also important from Monday

is that we have two significant investors, Royal Caribbean who has done major work in The Bahamas, and ITM, which has a number of cruise ports and they really have shown a significant degree of investor confidence in Grand Bahama.

“We hope that the trend continues in terms of the investor confidence, because we really believe that now is the time to invest in Grand Bahama.”

Mr D’Aguilar said yesterday: “I’m optimistic about Grand Bahama. We are signing this deal with Royal Caribbean and the ITM Group. It is going to bring 2.5m foreign visitors to Grand Bahama. You add that to the 1m that the Carnival transaction is going to bring to

Grand Bahama, right now they have 600,000-plus foreign visitors there, so that’s 3.5m extra cruise passengers.

“You have a vision for the hotel. The hotel is going to get a new owner, going to bring about substantial investment, going to bring the more attractive stopover visitors to the destination.

There is hope. There is optimism. We have a plan.”

“Over the next couple of years as the construction of these projects get underway and, ultimately, at the end of the day when they become operationalised and they start to employ Bahamians and start to create opportunities for business and entrepreneurs in Grand Bahama, there is a way forward. I see a vision. I see a plan. I am optimistic.”

Construction ‘being killed’ by large-scale expat hiring FROM PAGE ONE He suggested a “labour shortage” may result if The Bahamas relied solely on its own workforce to meet these demands, and indicated that developers such as Baker’s Bay - which he added wants to be back in operation within 12 to 18 months - may have no alternative but to apply for expatriate workers en masse to meet these aggressive timelines.

However, developers seeking to hire expatriate workers are supposed to advertise such positions locally first, and connect with the Department of Labour’s jobs/skills exchange, to see if there are any qualified Bahamians willing and able to do the work first. Once they demonstrate none are available, a labour certificate is issued and the work permit application begins.

Mr Sands said this was vital “to determine if there is a labour shortage”, adding that he was unaware of Baker’s Bay advertising the posts it is seeking to fill with Mexicans. “We’ve got to stop this practice of making Bahamians second class when they should be first class,” he blasted to Tribune Business.

“You cannot start thinking of employing foreign workers unless you can show that you’ve exhausted the potential pool locally.

This is killing our industry; literally killing it. I have sub-contractors calling me left, right and centre looking for work. They’re at home, and can’t pay their mortgages and children’s school fees, and yet they say they are bringing in 135 workers?

“It’s erroneous and we have to stop that. It’s killing our economy. Eighty cents out of every $1 that’s made here by foreign workers is repatriated. Just 20 cents of every $1 goes into our GDP in a positive way.”

Dr Livingston Marshall, Baker’s Bay’s senior vice-president for environmental and community affairs, yesterday confirmed to Tribune Business that the developer, Discovery Land Company, was seeking to hire the Mexican workers to help lead reconstruction at the luxury Guana Caybased development.

Defending the move, he said the developer was hoping their skills will provide a boost in rebuilding what was the so-called “anchor project” for north Abaco.

Agreeing that Baker’s Bay would seek to ensure knowledge and skills transfer to Bahamian construction workers, Dr Marshall reaffirmed: “They’re specialist workers. They’re not here yet.”

He declined to comment further.

Mr Sands, meanwhile, argued that the solution was for Parliament to pass legislation mandating that all options for hiring Bahamians be exhausted before expatriates were employed, but questioned whether there was sufficient “political will” to do this.

“I work across multiple construction industry disciplines, and I’m not saying there are not instances where you need to hire a foreign worker,” he said.

“But the environment I’m in is five percent foreign to 95 percent local.”

The ex-BCA president, who has made vociferous complaints that downtown Nassau’s Pointe development has failed to comply with the 70 percent Bahamian/30 percent Chinese construction labour ratio stipulated in the Heads of Agreement with the government, argued that labour certificates and work permits are being “granted too

easily” with respect to the construction industry.

He added that the inability of Bahamians to find construction work had a direct link to crime levels and other social ills, given that the sector played a vital role in employing semiskilled and unskilled labour.

A strong construction industry, Mr Sands argued, correlated with lower crime.

“This is a national issue,” he told Tribune Business.

“Construction is the third pillar of the economy generating billions of dollars in revenue, and we put the local contractor, tradesman, artisan, labourer where all of them are pushed to the back of the line waiting for opportunities that may never reveal themselves.

“It’s not a progressive Bahamas, it’s regressive.

I hope Baker’s Bay will revisit their decision. I’m hoping the minister of labour [Dion Foulkes] will fly to Baker’s Bay and ask them where they looked for locals before seeking to hire foreigners. If they can’t show this, the labour certificates should be rejected.

“I have friends in Abaco who are looking for jobs.

When did they ask them?

It’s really a travesty. We’re in a very difficult place as a nation when our citizens are no longer given the first option for engagement. This cannot continue this way if we want this country to be as successful as we can be.”

Stephen Wrinkle, also an ex-BCA president, yesterday told this newspaper that balancing the interests of foreign investors with the Bahamian construction industry’s needs had always been a challenge that needs to be addressed by both sides.

Acknowledging the likely labour shortage created by Hurricane Dorian reconstruction, Mr Wrinkle said: “It takes negotiation and working in partnership...

We have a population that’s not really interested in the trades, not really interested in working in the fields by and large, and I don’t think any concerted effort has been made to rebuild the construction industry since the 2008-2009 recession.

“Unless we make a concerted effort to rebuild it from the inside out, the ground up, this problem will be repeating itself over and over again. The real problem is raising the level of Bahamian participation. If we sit on the sidelines as Mexicans and Filipinos do all the work we’re not going to have a Bahamian workforce.

“It’s a multi-faceted problem that needs to be addressed and has been festering for decades. It’s not a simple solution, but a real effort needs to be made to wrap our hands around it and decide a course of action that benefits everyone. We’ve all got to put our heads together to make it work.”

Mr Wrinkle, who acknowledged that “there’s two sides of the coin”, added that developers such as Baker’s Bay were often faced with having to hire expatriate contractors and labour if there were simply not enough qualified Bahamians to perform the task that was needed.

He added that Mexican construction workers were known as skilled tradesmen, and viewed as particularly good in producing the highend finishes required on the multi-million dollar homes that have to be rebuilt for Baker’s Bay and their clients.

The former BCA chief, though, urged that an “excellent opportunity for skills and knowledge transfer” not be wasted at Baker’s Bay. And he also questioned whether the developer had advertised the posts and made efforts to recruit Bahamian labour.

Maintenance Technician Needed to service and repair washers, dryers, heaters, and boilers.

• Must have strong work ethics and at least 5 years experience.

• Must be self motivated and able to work with little supervision.

• Must be able to read and write English.

• Must be able to read schematics.

Send Resume to

Maintenancetech2020@gmail.com

THE TRIBUNE

Wednesday, March 4, 2020, PAGE 5

GB POWER WILL REVEAL NEW FEE’S SUM RAISED

GRAND Bahama Power Company has been ordered by its regulator to publish quarterly reports showing how much it has collected from its Dorian reconstruction levy, it was revealed yesterday.

The Grand Bahama Port Authority (GBPA), in a

(SRS) levy.

In particular, the GBPA pointed to the regulatory framework and operating protocol implemented in 2013 to guide oversight of GB Power’s operations, service standards and rate-setting protocols, as containing the necessary tools to deal with

the new levy.

Karla McIntosh, the GBPA’s general counsel, said: “The framework has been in existence since 2013.

Amongst other obligations, the framework also requires GB Power to have its accounts audited by professional auditors, licensed to

practice in The Bahamas, at the end of its financial year and submit the results of such audit to GBPA. This recentlyimplemented charge will be no different.

“GBPA has also mandated that GB Power provide quarterly reports, which will be

published on our website, advising the total funds collected. This provides an objective and transparent process for the recovery of funds by GB Power, and it also establishes a regime of efficiency designed to secure greater levels of customer protection.”

Royal Caribbean in $50m PI investment

to directly contradict the strategy and rationale for embarking on the Nassau cruise port upgrade in the first place. It was billed as the catalyst for kick-starting the much-talked-about revival of Bay Street and the downtown Nassau area, improving the port’s competitiveness, enticing more passengers off the ships and improving visitor spending yields with local businesses.

This could all be undermined if Royal Caribbean automatically directs, and takes, all its passengers to a destination that it controls on Paradise Island.

Apart from uncertainty over whether Bahamians would have access, the cruise lines typically dictate marks-ups, margins and pricing to any locally-owned businesses that operate in their private locations.

Royal Caribbean’s

interest in having its own private destination in Nassau is thought to have been sparked by the success Atlantis has enjoyed in attracting cruise passengers to its water park on day passes. It now wants to retain all this income, and appears likely to end up competing directly with Bay Street and Bahamian-owned businesses to achieve this.

Bay Street and downtown Nassau businesses have already reacted with fury to Royal Caribbean’s plans. Leon Griffin, Treasure Bahamas general manager, queried “how will Bay Street businesses survive” if Royal Caribbean’s ambitions are realised.

He said: “We depend solely on the cruise passengers and those who are residing in the hotels who come downtown to purchase.

“But if they have their

own spot, like how they have got the different cays, and when you go on the different cays nobody else benefits except themselves [the cruise lines], how could the Government of The Bahamas allow such a thing to happen?”

“It’s terrible. It’s going to affect the whole of Bay Street whether we like it or not, and this government needs to rethink what they are doing because they are not thinking for the people.

I’m p----- off about it to be honest with you.

“When I heard about it I didn’t understand what they were doing, but now I realise. How could the government do something like that? They continue to give away the people’s properties, and yet when Bahamians apply for crown land it’s a hell to get through with.”

FROM PAGE ONE experience. He added that all the employees who will work there will be Bahamians.

“It is a beach club experience, and people want to have a Bahamian beach club experience,” he said. When asked about the amenities that will be offered, Mr Bayley said Royal Caribbean was not quite ready to talk about that aspect, but plans to reveal images, concepts and descriptions of the experience they are going to create in the coming months.

“We expect it to be up and running by hopefully late 2022,” Mr Bayley said of the Paradise Island project. “We acquired land over a period of a few years actually on Paradise Island, and we have been working on this concept for quite some time – the Royal Beach Club on Paradise Island.

“We think it is going to be yet again another wonderful attribute to tourism in Nassau. It is going to allow Royal Caribbean to increase the number of ships that we bring to Nassau and The Bahamas, even more than we do today.

“I think now in 2019 we are the number one cruise company bringing tourists to The Bahamas. We think it is part of the ongoing development of attractions

statement seeking to reassure the utility’s customers amid the ongoing controversy surrounding the new charge that will be added to their bills from April 1, said mechanisms were already in pace “to ensure the transparency” of the Storm Recovery and Stabilisation

and destination experiences that really are critical if you want to be a world-class vacation company. And so we are very excited about this opportunity.”

Mr Bayley added that Royal Caribbean is in talks with various stakeholders to ensure the project is successful and welcomed by all.

“We are in discussions with all types of different communities and groups because, again, we want the Beach Club to be a win-win,” he said. “It will be a win for the local community, it will be a win for the folks who are engaged in the Lighthouse Project.

And that is our intention to find a way so that everybody leaves the table and is involved in something that is regarded as successful.”

Mr Bayley’s comments came as after Tribune Business reported complaints earlier this week by Toby Smith, the Bahamian principal of Paradise Island Lighthouse & Beach Club Company, that the government was pressuring him to accept an “inferior” crown land parcel to the one contained in a lease agreement issued to him just two months ago so that Royal Caribbean’s desires can be accommodated. The Royal Caribbean chief’s remarks, though, indicate that the cruise line may be amenable to a better compromise solution with him.

However, Royal Caribbean’s plans and the

Insurance VAT can cover public assets, govt told FROM PAGE ONE all have to understand that we have to make a sacrifice... There has to be some sacrifice by the Bahamian population, the homeowners, the business community, to say that insurance is necessary, an essential tool and what I need,” Mr Saunders continued.

“If we keep saying ‘government must, government must’, all of us will still have to pay for it. Let’s step back and take some personal responsibility for protecting our own assets. I start from there. Every insurance company has to buy hundreds of millions of reinsurance to ensure clients are protected during storms.”

Homeowners, businesses and property landlords whose buildings are being used as security for a mortgage loan are mandated by the contract’s terms to secure full catastrophic insurance on an annual basis to ensure the lender’s risk is protected. Failure to do so will see the lender take out coverage on their behalf, adding the premium sum - together with the principal - to the mortgage.

It is those properties that are not being employed as collateral where full catastrophic insurance has been seen as optional, especially given the escalation in premium costs in recent years.

One insurance industry source, speaking on condition of anonymity, suggested to Tribune Business that The Bahamas examine offering real property tax discounts to owners who both took out the necessary insurance cover and paid their taxes in full

and on time.

Besides incentivising the purchase of insurance, they argued that such a strategy would also boost the government’s revenues and cash flow through encouraging compliance with a tax that past history has shown is problematic.

However, the source cautioned: “All these things have to be underwritten by somebody, and somebody has to carry the risk. The problem in The Bahamas is we don’t have the capital here to cover the risk; we have to keep going to reinsurers. A small country like The Bahamas would still rely on overseas capital to support any such programme. That’s where this becomes really difficult.”

They agreed with the IDB’s assessment that VAT’s removal from homeowner insurance premiums has yet to spark an increase in residential coverage penetration, and said: “We have to think creatively.”

government’s actions raise multiple questions that have yet to be answered.

Not least is the fact that the private properties that the cruise line has acquired are all residential, meaning that the area would have to be re-zoned for commercial use under planning laws.

It is unlikely Royal Caribbean would have proceeded without assurances this would happen.

Carl Bethel QC, the attorney general, also told this newspaper yesterday that allowing Royal Caribbean to have its own private Paradise Island destination is required to improve the cruise visitor experience in Nassau, and effectively represents a trade-off for the increased port and tourist fees that will finance Prince George Wharf’s $250m upgrade by Global Ports Holding.

However, this appears

To advertise in The Tribune, contact 502-2394

PAGE 6, Wednesday, March 4, 2020

THE TRIBUNE

‘Vulnerable on several fronts’ to coronavirus

To advertise in The Tribune, contact 502-2394

FROM PAGE ONE interest rates yesterday after the coronavirus wiped billions of dollars in value off stock markets around the globe, but the move appeared to have little to no initial impact on stock prices.

Mr Komolafe, pictured, meanwhile, agreed it was “a valid point” as to whether the Bahamian public healthcare system, “already under pressure on a daily basis”, would be able to cope with a major outbreak of the COVID-19 virus in this nation.

“It’s a wake-up call and eye opener,” he added, “and we have to expand our thinking beyond hurricanes and natural disasters, and do a proper risk analysis of cyber attacks, identifying all these things.

NOTICE NOTICE is hereby given that YOLETTE SAINT-CYR BAPTISTE of , Spanish Wells, Eleuthera, 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 21st day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

BRUSSELS Associated Press

INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

CLIMATE activists and Green members of the European Parliament are urging the European Union to be more ambitious as the bloc gets ready to unveil plans for a climate law to cut greenhouse gas emissions to zero by mid-century.

While the Greens urged the 27-nation bloc to raise its 2030 climate targets, a group of 34 youth climate activists, including Greta Thunberg, wrote an open letter yesterday to EU leaders explaining why they think the planned law is “a surrender”.

European Commission President Ursula von der Leyen, who has put climate change at the top of her priorities and pledged to make Europe the first climate

MINING MEDIA INTERNATIONAL LTD. IBC No. 155952 B (In Voluntary Liquidation)

NOTICE is hereby given that as follows: That MINING MEDIA INTERNATIONAL LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 26th day of February 2020 when the Articles of Dissolution were submitted and registered by the Registrar General.

(c)

The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(d)

Any person having a Claim against the above name Company are required on or before the 26th day of March 2020 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

Sterling (Bahamas) Limited

neutral continent by 2050, will present her plans today.

To add luster to the event, she has invited Thunberg to discuss the climate legislation with her and EU commissioners.

In light of the tone of the letter, it’s unlikely that Thunberg will only sit and watch.

“Any climate law or policy that is not based on the current best available science and does not include the global aspect of equity or climate justice – principles at the very heart of the Paris Agreement – will do more harm than good,” the group said. “Such a law sends a strong signal that real, sufficient action is being taken when in fact it’s not.”

The group stressed that instead of setting long-term goals, the EU should focus

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 3 MARCH 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,212.23 | CHG: 1.01 | %CHG: 0.05 | YTD: -19.37 | YTD%: -0.87 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.77 6.17 4.50 10.75 3.64 5.10 10.88 8.00 16.99 9.40 3.90 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.77 0.67 2.00 9.91 5.60 3.95 6.10 2.53 1.76 8.00 6.40 14.00 6.80 3.14 13.85

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)

impacted countries has been growing.

“Then there is the potential impact on operations, budgets (revenue and expenditure) and strategy which must all be considered. In essence, Boards and executive management must ensure that their entities are prepared and positioned to address any potential fallout and impact from COVID-19.”

Urging all Bahamian companies to develop a business continuity plan if they have not done so already, Mr Komolafe said supply chain disruption for retail and services operations could be “massive” depending on how long COVID-19 remains a threat.

“On the public health front, it is apparent that we welcome millions of tourists from around the world annually,” he added. “This naturally makes us vulnerable and exposes the Bahamian public in the event that there is a global pandemic or outbreak of a disease. The potential strain on an already stretched

healthcare system and impact on productivity, as well as government expenditure, cannot be overstated.

“While the 2020 hurricane season approaches, we face a more imminent threat with the COVID19, and the consequences of inadequate preparation or a deficient plan could be dire. Perhaps there is a comprehensive plan and, if that is in fact the case, that is commendable. However, if there isn’t one or there are gaps in the existing one, we need to address this matter urgently.”

Greens, Thunberg say EU climate law lacks ambition

NOTICE

(a)

“COVID-19 will test the business continuity plans and, by extension, the risk management frameworks of entities within the public and private sectors. The time to activate contingency plans and make some decisions to mitigate this risk is now. That being said, organisations will have to be agile, flexible and ready to adjust their operations as this situation evolves.

“Measures aimed at enhancing workplace health and safety (for example, dispensable hand sanitizers) as well as protocols around business travels, meetings, sick leave and remote working arrangements will need to be established and implemented as necessary to minimise the impact of COVID-19 and any potential disruptions,” Mr Komolafe continued.

“Training and awareness is also an important part of any plan. The reality is that for many entities, this is unfamiliar territory.

Hence we must be willing to learn from others and stay informed on new developments as the number of

LAST CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.21 11.61 6.00 4.32 6.10 3.45 5.06 10.54 8.00 15.08 9.33 3.87 15.20

CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.21 11.61 6.00 4.32 6.10 3.47 5.06 10.64 8.00 15.08 9.33 3.89 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 0.02 0.00 0.10 0.00 0.00 0.00 0.02 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

93,000

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 -7.3 16.1 13.4 23.5 43.6 34.0 10.8 16.5 11.0 18.5 9.9 19.2 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% 2.78% 0.00% 12.51% 1.19% 3.08% 3.00% 3.58% 2.14% 3.08% 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% 0.37% 3.81% 0.24% 4.38% 0.23% 2.75% 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-Jan-2020 31-Jan-2020 31-Jan-2020 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

on the “CO2 budget which applies for today”.

Such C02 budgets are used to measure the additional emissions that can enter the atmosphere without global warming exceeding a certain level.

World leaders agreed five years ago in Paris to keep global warming below two degrees Celsius (3.6 Fahrenheit), ideally no more than 1.5 C (2.7 F) by the end of the century. But scientists say countries will miss both of those goals by a wide margin unless drastic steps are taken to begin cutting greenhouse gas emissions this year.

“Distant net-zero emission targets will mean absolutely nothing if we just continue to ignore the carbon dioxide budget – which applies for today, not a faraway future,” the climate activists said. “If high emissions continue like now, even for a few years, that remaining budget will soon be completely used up.”

According to a leaked draft of the proposals establishing the 2050 goal, the European Commission is proposing a mechanism for regularly raising the EU’s emissions reduction target over the next three decades, but there is no plan for an

increase of the EU’s overall emissions goal for 2030.

In the draft, the European Commission said it will review the EU’s current target of a 40% greenhouse gas reduction and “explore options for a new 2030 target of 50% to 55% emission reductions compared with 1990 levels.”

Both environmental group Greenpeace and Green lawmakers in the European Parliament say that delaying an upgraded 2030 target will have damaging political consequences.

Michael Bloss, a lawmaker with the German Green Party, said it’s essential that the 2030 target should be fixed well ahead of the UN climate talks that will be held in Glasgow in November if Europe wants to apply pressure on bigemitting countries such as China.

“We need our European goal published as soon as possible,” he said yesterday.

“The commission’s delaying tactics in putting forward the updated 2030 target is irresponsible.

Emissions must be reduced by at least 65%by 2030 and could should be phased out by 2030 at the latest if we are to comply with the Paris Climate Agreement.”

LEGAL NOTICE

N O T I C E ESSO CHINA UPSTREAM LIMITED Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P. O. Box N-624, Nassau, Bahamas on or before 30th day of March, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 4th day of March, A.D., 2020.

M. Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

MUTUAL FUNDS 52WK HI 2.30 4.38 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 3.30 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 2.30 4.38 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

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

LEGAL NOTICE

N O T I C E ESSO CHINA UPSTREAM LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ESSO CHINA UPSTREAM LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 2nd day of March 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is M. Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 4th day of March, 2020.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

THE TRIBUNE

Wednesday, March 4, 2020, PAGE 7

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

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

PAGE 8, Wednesday, March 4, 2020

THE TRIBUNE

Virus spread prompts Fed to slash rates in surprise move WASHINGTON Associated Press IN A surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point yesterday in an effort to support the economy in the face of the spreading coronavirus.

Chairman Jerome Powell said at a news conference that the virus “will surely weigh on economic activity both here and abroad for some time”.

It was the Fed’s first move since last year, when it reduced its key short-term rate three times. It’s also the first time it’s cut rates between policy meetings since the 2008 financial crisis, and it is the largest rate cut since then.

The Dow Jones Industrial Average, which had been down as much as 356 points shortly before the Fed’s announcement, initially jumped on the news.

The surge was short-lived.

By late afternoon, the Dow had tumbled more than 600 points in a sign of nagging worries about economic damage from the virus. Still, on Monday, the Dow had rocketed up nearly 1,300 points — its largest percentage gain since 2009.

The yield on the ten-year Treasury note briefly fell below 1% for the first time ever. Investors around the world bid up bond prices — which move in the opposite direction of yields — as they sought safety from the stock market’s turmoil.

The fear that coursed through financial markets after the Fed’s announcement underscored the worry that there are limitations to what the Fed and other central banks can do to resolve a crisis of this kind. Powell acknowledged as much

FEDERAL Reserve Chair Jerome Powell speaks during a news conference yesterday to discuss an announcement from the Federal Open Market Committee, in Washington. In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell noted that the coronavirus “poses evolving risks to economic activity”.

Photo: Jacquelyn Martin/AP when he observed that the “ultimate solution to this challenge will come from others, most notably health professionals”.

Indeed, the Fed’s announcement of a steep rate cut signaled its concern that the coronavirus, which is depressing economic activity across the world, poses an escalating threat and could trigger a recession. Rising uncertainty about how and when the threat will be resolved is pressuring markets. Powell said that since last week, when several Fed officials had said they saw no urgent need to cut rates, “we have seen a broader spread of the virus”.

“So, we saw a risk to the economy, and we chose to act,” he added.

At the same time, Powell sought to balance those concerns by noting that US economy remained sturdy, with unemployment low and consumer spending solid.

“The economy continues

to perform well,” he said.

“We will get to the other side of this.”

The Fed’s statement announcing its rate cut said it would “act as appropriate to support the economy”, which economists saw as a sign it’s leaning toward an additional rate cut, perhaps at its next policy meeting in two weeks. Emergency cuts like yesterday’s have typically been followed by further reductions soon afterward. Yesterday’s move, which the Fed’s policy committee backed unanimously, lowered its benchmark rate to a range of 1% to 1.25%.

Yesterday, Australia’s central bank announced that it was cutting its official rate by a quarter-point to a record low of 0.5% and cited the coronavirus’ “significant effect” on the economy as the reason. Just as in Australia, central banks in Japan and Europe have almost no more room to provide stimulus through rate cuts because

their benchmark rates are at or near zero — or even below.

The result is that pressure is rising on governments across the world to supply economic help through tax or spending policies.

China has taken action on several fronts to ease credit and stabilise the world’s second-largest economy in the face of the coronavirus.

Members of the US Congress are finalising a $7.5bn emergency bill to fund the government’s response to the coronavirus outbreak in a rare act of bipartisan cooperation. The legislation would speed development of a coronavirus vaccine, pay for preparedness by states and localities, help other countries fight the outbreak and seek to ensure that the vaccine is affordable when it’s ready, though that could take a year.

Powell acknowledged that there are limits to the Fed’s influence to deal with

the economic repercussions of the virus — from closed factories to cancelled business travel to disrupted company supply chains.

But he said lower rates can help keep credit flowing, particularly to struggling businesses already laden with debt that would otherwise face higher borrowing costs. And he suggested that the Fed’s intervention would boost consumer and business confidence and provide “a meaningful boost to the economy”.

Many economists do see some benefit from the Fed’s move.

“The Fed obviously cannot address the virus itself by cutting rates, but they can hope to shortcircuit the potential for a negative response in financial markets that could make the economic impact of the virus even worse,” said Eric Winograd, senior economist at AB. Across the world, business is slowing and in some places stopping altogether as a consequence of the virus.

Factories in China have been struggling to grind slowly back to life. Many European vacation destinations have been all but deserted as leisure and corporate travel has diminished. And major companies around the world bracing for the risk that the economic landscape could worsen before it improves.

Indeed, Powell noted that “you are hearing concerns from people in the travel business, the hotel business and things like that.”

“We expect that will continue and probably will grow,” he said.

Google told its 8,000 full-time staffers and contractors at its European headquarters in Dublin to work from home yesterday.

Irish news reports have said that a Google staffer is being tested for coronavirus. But the company issued only a brief statement that said it was continuing to take precautionary measures to protect the health and safety of its workforce.

President Donald Trump, who has repeatedly attacked the Fed and Powell in particular for not cutting rates more aggressively, doubled down in a new tweet after the Fed’s announcement, saying, “More easing and cutting!”

Powell said the central bank is focused on its goal of supporting the economy and said, “We’re never going to consider any political considerations whatsoever.”

Earlier yesterday, seven major economies had pledged to use “all appropriate tools” to deal with the spreading coronavirus but announced no immediate actions.

The group of major industrial countries, referred to as the G-7, said it was “ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy.” The joint statement from the United States, Japan, Germany, Britain, France, Italy and Canada followed an emergency conference call among the finance ministers and central bank presidents, led

by Powell and US Treasury Secretary Steven Mnuchin.

The G-7 has issued similar joint statements during periods of extreme market turmoil, such as the Sept 11, 2001, terrorist attacks and the 2008 financial crisis.

Last week, the Dow plunged 14% from recent highs, its worst week since the 2008 global financial crisis.