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THURSDAY, MARCH 5, 2020
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Island Luck TV affiliate uses ‘void’ radio licence
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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RADIO station controlled by Sebas Bastian’s Brickell Management Group (BMG) is broadcasting using a licence that was “voided” by the sector’s regulator, the Court of Appeal found yesterday. Justice Stella Crane-Scott, in a unanimous verdict backed by her two fellow appeal judges, slammed the Utilities Regulation and Competition Authority (URCA) over how the licence for the 103.5 FM radio spectrum was transferred to a company that is 51 percent majority controlled by BMG’s corporate vehicle, Neman
• Appeal court slams URCA over transfer • Denied rival owner claim ‘natural justice’ • Broadcaster admits ‘afraid to celebrate’
SEBAS... I’m not a shareholder or director of station. Networks Ltd. Noting that URCA had itself admitted the licence,
originally granted to Olympic triple jump medallist Frank Rutherford and the late Phil Smith, was noncompliant with the law because it had been issued in the name of individuals rather than a corporate entity as mandated by the Communications Act, Justice Crane-Scott said the process had denied “natural justice” to a rival ownership claimant. She cited Navette Broadcasting and Entertainment Company’s “good prospects of success” as a critical
factor in her decision to give the company an extra 14 days to file its appeal over a Supreme Court’s decision denying it permission to bring Judicial Review proceedings against URCA over the 103.5 FM licence’s transfer. Justice Crane-Scott said the dispute revolves around whether Navette, or Messrs Rutherford and Smith, were the original owners of the 103.5 FM spectrum licence. The latter duo were granted
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‘No technical obstacles’ to $3.5bn BISX trading By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters THE $3.5bn government debt market’s trading launch on the Bahamas International Securities Exchange (BISX) is “very close”, its chief executive confirmed yesterday. Keith Davies, BISX’s chief executive, told Tribune Business all technical “impediments” to the trading of Bahamian dollardenominated bonds had been eliminated and the only remaining obstacles were “operational issues the Central Bank has to wrap its head around”. Speaking after the House of Assembly yesterday debated legislation to demutualise Bahamas Government Registered Stock (BGRS), Mr Davies hailed the move as “long overdue”
KEITH DAVIES
K PETER TURNQUEST
and something that had been discussed when BISX was first launched more than 20 years ago. He described the Bahamas Registered Stock (Amendment) Bill, which eliminates the need to issue/hold physical certificates to prove ownership of government bonds, as “one component” needed to further modernise the local capital markets in the digital age.
“That’s one aspect of the modernisation of BGRS,” Mr Davies added. “It wasn’t done specifically for BISX. It was done to modernise that part of the capital markets because moving away from a paper-based environment to electronic is where the world is going in this day and age. “That’s a first step. It will assist with the development of the market because we no longer have to rely
‘Slow ramp up’: Tax cheat combat unit collects first $15m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday said the government had expected a “slow ramp up” by its tax compliance enforcers after the unit collected just $15m in the 2019-2020 first half. Marlon Johnson, the acting financial secretary, nevertheless told Tribune Business that the Revenue Enhancement Unit (REU) was “making its mark” as it continues to add personnel to lead the crackdown on tax cheats and dodgers. He argued that the unit had already achieved a
psychological effect by making its presence felt on the ground, as the Department of Inland Revenue (DIR) was already fielding increased inquiries from companies and entrepreneurs seeking to ensure they were properly registered to pay VAT and other taxes. Still, many are likely to compare the latest Revenue Enhancement Unit’s impact with that of its predecessor which, according to a Moody’s report, had yielded collected some $90m in revenues during its first six months in existence. If correct, this meant the
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‘We’ll do whatever’s necessary to defeat coronavirus threat’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE government will “provide whatever resources are required” beyond the extra $4m allocated yesterday to combat the coronavirus threat, the deputy prime minister pledged yesterday. K Peter Turnquest told the RoyalFidelity Bahamas Economic Outlook that the current global outbreak represented “an immediate threat to the near-term performance of our economy. “Given the serious health impact of the virus on individuals, and the
understandable concerns of people everywhere, the government is continuing to exercise an abundance of caution to ensure that we mitigate the growing risk,” he added. Addressing the issue later in the House of Assembly, where he presented the mid-year budget performance report, Mr Turnquest confirmed that the Ministry of Finance is presently processing a contingency funding application to provide the Ministry of Health with an extra $4m to prepare for the virus’s arrival.
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on a paper-based system. There are lost certificates, destroyed certificates, and you have to publish in the newspapers that they were lost before you can effect transactions with them.” The move to digitalbased administration and management of the government’s domestic paper market is but one more element designed to bring The Bahamas into the 21st century, especially given that BGRS securities represent the deepest local debt market. Mr Davies, branding it “a needed step”, added: “We’ve been talking about this for a long time since the day BISX was constituted, and this will aid people in listing and trading government securities on the exchange.
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Govt revenue ‘holding’ as January falls $10m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday said it was “encouraged that revenue collections are holding up” despite a $10.3m yearover-year decline in January. Marlon Johnson, the acting financial secretary, told Tribune Business that the initial fiscal figures for 2020’s first month had given the government optimism “we will not do worse than we have budgeted for” over the remainder of the 20192020 fiscal year. He admitted, though, that the Ministry of Finance was engaged in “an ongoing exercise” to provide fiscal options for the Minnis administration should the worldwide coronavirus outbreak result in a tourism slowdown or further depress already-tepid post-Dorian economic growth forecasts. K Peter Turnquest, deputy prime minister, in delivering the mid-year budget statement in the House of Assembly had highlighted an “upward trend” in revenues that placed them some $79.3m higher than prior year comparatives for the seven months to end-January 2020. However, research by Tribune Business showed the government’s income had actually been $89.674m ahead of the prior year period at the mid-point of the 2019-2020 fiscal year at end-December 2019. This means that revenues actually declined by $10.3m year-over-year in January 2020. Mr Johnson told this newspaper that this was “a correct inference” to draw, attributing the decline to the post-Dorian tax breaks implemented in Abaco and Grand Bahama ever since Dorian struck in early December. Reiterating that the government was giving up
MARLON JOHNSON significant income, especially after the Economic Recovery Zones were formalised in both islands in December, the acting financial secretary said January’s performance was still being viewed positively. “We are encouraged that revenues are holding the way they are,” he told Tribune Business. “We have budgeted for a tapering off in revenue flows through the tax incentives we have put in place, so we do anticipate a substantial moderation in revenue flows. “But so far, based on the preliminary results from January, we will not do worse than budgeted for. The January numbers are encouraging.” Mr Johnson acknowledged that the government is now in the critical period that will largely determine 2019-2020’s fiscal outcome, and whether it can hit its revised post-Dorian deficit, revenue and spending targets. Besides the projected fiscal deterioration to a $677.5m annual deficit as restoration-related expenditure ramps up, the government is also in its peak revenue-earning time. The first four months of every calendar year include the peak winter tourism season, together with Business Licence fee payments, the bulk of real property tax earnings, and commercial vehicle licence month. “I think this is our critical period,” Mr Johnson agreed. “The bulk of revenue comes
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PAGE 2, Thursday, March 5, 2020
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HE clone stamp tool is the oldest and most widely-known replicating device in the Photoshop tool box. The clone stamp is used in digital image editing to replace information from one part of a picture with information from another part. In other image editing software, its equivalent is sometimes called a rubber stamp tool or a clone brush. The basic concept is to duplicate certain portions of an image using a source, destination and brush. A hard brush creates noticeable seams, leaving visible edges along the path of the clone. While a soft, round brush is recommended for basic cloning, a number of interesting effects can be created using alternate brushes. For instance, a scatter-shaped leaf brush can add some visual interest to the photo. However, the clone stamp tool was developed to allow for more subtle image editing. It is beneficial to
THE TRIBUNE
Stamping your mark on digital image edits experiment with the opacity, blending mode and brush flow for an even wider variety of results. The Clone Stamp’s basic settings The first setting you will want to familiarise yourself with is the brush. Photoshop does not restrict cloning to a basic default brush. Instead, it allows you to use any brush desired and create an unlimited number of
effects. You can choose to ignore adjustment layers when cloning. Digital photographs are made up of tiny pixels, allowing the clone stamp tool to be used to copy a group of pixels and paste them over another group of pixels. As a result, the retouched area blends seamlessly with the rest of the image. Other Photoshop tools such as the pattern stamp, the healing
GB enthusiastic over Grand Lucayan deal
for a long time. I feel positive about it. It was not just a Heads of Agreement, but also the agreement for the sale and purchase, and I feel like it is only a matter of time before we really start seeing some shovels in the ground.” The ITM Group/Royal Caribbean joint venture, known as Holistica, will invest $300m to transform the Grand Lucayan,
By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net THE Grand Lucayan resort’s sale has brought renewed confidence and optimism to Grand Bahama’s struggling business
community, which had been awaiting Monday’s deal completion for months. Greg LaRoda, the Grand Bahama Chamber of Commerce president, said: “It is something we were looking forward to on the island
brush, and the patch tool all derive from the clone stamp. It is therefore beneficial to learn how to use them all. How to use the Clone Stamp tool in photoshop To use the tool, click and hold the rubber stamp in the toolbox. Then select “clone stamp tool”. With the clone stamp tool selected, position the cursor over the area you want to clone and then alt-click (Windows) or option-click (Mac) to define the clone source. You can then adjust the brush size and shape, opacity, flow, and blending modes in the tool options bar at the top of the work space. If you want to copy an exact area, leave the opacity, flow and blending mode at their default settings. As you employ the tool more often, you will find yourself adjusting these settings. For example, when retouching an area, opacity of 20 percent or lower will lightly blend it to an even tone. You may need to clone it
more times, but the effect will be smoother. By checking the box beside “aligned” in the tool options bar, your target will follow the movement of your cursor as you retouch. This is often desirable because it uses multiple points for the target. To make the target remain stationary, uncheck the “aligned” box. The “clone stamp” is great for eliminating bits and pieces you may not want on an image. For example, you can remove trees from a mountain view by copying parts of the sky over them. It is an awesome tool, actually one of my favourites for colour and correcting digital images in Photoshop. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game! NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/ marketing
co-ordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
Freeport Harbour and surrounding area into a destination product that will attract 2.5m extra cruise visitors annually. However, the resort’s sale is now in a 90-day closing period with construction work set to begin in four to five months. With redevelopment likely to take between 20 to 24 months, the project’s full opening is unlikely to occur before mid-2022. Nevertheless, tourist arrivals to Grand Bahama are expected to increase six-fold when the passenger increase generated by the completed ITM/ Royal Caribbean development is combined with the additional one million passengers expected to be brought to the island by Carnival’s separate cruise port. This will generate 3.5m in new visitors compared to the 600,000 Grand Bahama currently receives. Mr LaRoda believes the project will be “positive boost” to the Grand Bahama economy, given its focus on a massive water and adventure-based theme park, shopping village, and a 40,000 square foot convention centre. Three new
additional berths capable of accommodating the largest cruise ships in the world will be built in the first phase, together with shopping outlets and restaurants. “It will bring lots of jobs as was mentioned in all different areas, and directly impact the hotel workers, taxi cab drivers, tour operators, and straw vendors,” the GB chamber chief said. “There will be a lot of trickle-down potential as a result of this project, and I am looking forward to it. I believe it will provide that spark for the economy that we were all looking for, and I’m sure there are lots of good investors out there that have been taking a wait and see approach. “But now that a project of this magnitude is about to take off, together with what is happening with Carnival in the east, I think a lot of persons will take a real serious look at GB now.” Numerous Port Lucaya Marketplace vendors were present at the Heads of Agreement signing ceremony. Lauren Wells, the owner of Freeport Jewellers, said: “I like what I heard from the chief executive of Royal Caribbean (Michael
Bayley), who gave his commitment to seeing the project through to fruition.” She added that she had managed to keep her business open despite the challenges faced following the Memories resort’s closure following Hurricane Matthew. “I feel very positive, but it would be good for us when we see work started over there. We have been in this position before where there have been promises after promises, but the CEO said he would not let this project fall, and he brought us confidence,” Ms Wells added. Noel Clarke, operator of Agave Latin Restaurant, added: “I am very optimistic about it in terms of tourism, and its impact on other sectors. It would not only be felt in Port Lucaya but island-wide. It will touch every industry. We are indeed looking forward to this project getting off the ground,” he said. Ivan Moss, director of Port Lucaya Marketplace, said: “They say we will get some 2.5m visitors. That will benefit us greatly, not just at Port Lucaya, but in all GB. The tenants here are happy, and they now have great hope.”
The Art of Graphix BY DEIDRE M BASTIAN
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Thursday, March 5, 2020, PAGE 3
Small Business Centre aids 6,700 entrepreneurs By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net MORE than 50 percent of the financing approved by the Small Business Development Centre (SBDC) has gone to Hurricane Dorianimpacted entrepreneurs, the deputy prime minister said yesterday. K Peter Turnquest, pictured, tabling the midyear budget performance report in the House of Assembly, said $4.6m of the $8m in total funding provided through the SBDC for micro and small businesses had gone to storm victims. “The SBDC has made significant progress in transforming the lives of many young and talented Bahamians,” he said. “From its inception to-date, the SBDC has helped approximately 6,675 Bahamian entrepreneurs with over 900 hours of training, and approved funding in the neighbourhood of $8m, including $4.6m to businesses impacted by Hurricane Dorian in Abaco and Grand Bahama.” “In addition, as I foreshadowed in the 2019-2020 budget communication, and during the supplementary budget debate, the government will bring to Parliament a resolution for
a $25m loan from the InterAmerican Development Bank (IDB) to facilitate the enhancement of access to financing for micro, small and medium-sized enterprises (MSMEs), as well as to finance training and advisory services for these businesses.” Mr Turnquest continued: “As the backbone of the private sector, empowering these entities will ultimately enhance economic development and promote sustainable growth. It is important to point out – given the propensity of some to engage in undue mischief – that the financial impact of this facility has already been factored into the borrowing and debt plans of the government as outlined in our budgets and our fiscal strategy report. Thus, this operation will not add any additional amounts to the
sums already projected in the budgets and reports reviewed by Parliament.” Chester Cooper, the opposition’s deputy leader, responded by calling for greater transparency over which entrepreneurs and businesses were receiving grant, equity and/or debt financing through the SBDC. “In relation to the SBDC we have requested before, and we ask again, for the full listing of all of the persons who benefited from the SBDC, whether by loans or whether it’s by grants,” he added. “We understand there is a facility for a grant of up to $5,000, and we invite the Bahamian people - and we invite the residents of Exuma and Ragged Island and others across our country - to access this facility. We further ask that the minister release, on a monthly basis, all individuals who benefit as a result of these grant facilities.” Mr Cooper added: “We have great confidence in the executive director, we have great confidence in many of the independent Board members. However, on the basis that the Prime Minister has indicated that election campaign season is upon us it is important that we have transparency and accountability on all grants awarded by the SBDC.”
Bahamas must be ‘global climate change advocate’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas and other vulnerable small island states need to become “global advocates” in the battle against climate change, a former Cabinet minister said yesterday. Zhivargo Laing, former minister of state for finance, told a panel discussion at the RoyalFidelity Bahamas Economic Outlook conference that the private sector should take the lead by encouraging employees to adopt sustainable living practices. “Governments listen to
ZHIVARGO LAING voters every five years, but they listen to the business community during the five
years,” he said. “It’s not so much the business community coming together, but more in terms of businesses using the platform of their organisation to encourage their employees to act in a certain way or even train them or make them more sensitive. “Because employees are going to pay attention to what their employers are saying, and if they give them the time to learn, and to train and develop skills, the employees will more than likely take advantage of that opportunity.” Mr Laing continued: “Climate change is a real issue that countries like
DIGITAL B$ CRITICAL TO DISASTER STRATEGIES By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamian digital dollar is part of the government’s strategy to create “sustainable solutions” for Dorian-type natural disasters, the deputy prime minister said yesterday. K Peter Turnquest, addressing the RoyalFidelity Bahamas Economic Outlook conference, said: “As a country we are leveraging technological innovations to advance financial sector resilience. We are working with the Clearing Banks Association and domestic micro financing institutions to promote and facilitate the transition to a cashless economy. “Cashless commerce and other innovative technological solutions can allow commercial banks to operate without the need for a physical presence, which is critical in our archipelagic context. As we know all too well, in disasters, banking services are often disrupted. On the other hand, telecommunications systems are often the first to be restored. “With the move to cashless commerce, communities can have rapid access to the financial system to rebuild their lives. The Bahamas is truly leading the way in this respect, being the first country to introduce a digital currency. More specifically, a Central Bank
digital currency, which is not to be confused with a cryptocurrency.” Referring to the launch of the Bahamian digital currency, known as Project Sand Dollar, in Abaco, Mr Turnquest described it as “a monumental initiative that will create sustainable solutions to the risk associated with natural disasters, strengthening financial inclusion and resilience”. He added: “The Sand Dollar is equivalent in every respect to the paper currency with its value fully-backed by the external reserves of the Central Bank. Through the Sand Dollar, Abaconians can now make payments at local grocers or gas stations right through their mobile devices in real time. The Sand Dollar also allows for fee-less peer-to-peer transfers.” Mr Turnquest said “legal frameworks and regulatory systems” are needed to support technological innovations in the financial sector, and added: “The Bahamas has been ahead of the curve as, in 2016, the Central Bank issued a set of technology-risk management guidelines to provide guidance and oversight for the advancements taking place domestically in social media, Internet banking and mobile technology. These guidelines help to mitigate IT and cyber security threats that undermine
system soundness, customer data confidentiality and overall financial stability.” The deputy prime minister confirmed that The Bahamas is developing a comprehensive disaster risk framework for better fiscal management, which includes different types and sources of financing such as grants, loans, proceeds from dormant accounts in the commercial banking system, donations and catastrophic bonds “The challenge we face is pushing multilateral bureaucracies to make changes to the institutional policies that determine which countries have a right to access concessionary financing. We need more equitable and accurate means of assessing countries, particularly SIDS (small islands developing states),” Mr Turnquest said. “The rigid methodology that exclusively looks at GDP per capita is a poor proxy for determining the needs of countries, particularly those with heightened vulnerability to exogenous shocks such as catastrophic natural disasters. “An effective response to the climate crisis demands a more holistic approach to graduation policies that factors in a range of vulnerability measurements, including exposure to natural disasters and the disproportionate economic impact they have.”
The Bahamas have to be global advocates for, ensuring that larger countries and ourselves are more responsible for mitigating he effects. “We have to find ways to adapt to the consequences of climate change. We have to impose on our governments the need to do something about it because it is a structural issue that requires real and genuine action by governments.” Responding to concerns that The Bahamas is too small to lead meaningful change, Mr
Laing replied: “Small is one thing. You can be small, but your voice and your passion and your intelligence - along with your initiatives - can be big to help yourself out to begin with, and then to help the world. “So it is not a question of looking at yourself in terms of size, but what you know you can do and leaving the outcomes to those who experience, observe, hear and see what you do.” Also speaking on the panel was Ruenna Haynes, international climate law and governance specialist.
Responding to a question from the audience on Guyana’s transition to becoming an oil economy, and whether or not it should “leave their oil in the ground” given the current climate change initiatives, she said: “I am in no position to tell any country to leave their oil in the ground.”
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PAGE 4, Thursday, March 5, 2020
THE TRIBUNE
Island Luck TV affiliate uses ‘void’ radio licence FROM PAGE ONE
conditional approval by URCA’s predecessor, the Public Utilities Commission (PUC), for a broadcast licence to operate an FM radio station covering New Providence in February 2007. The Communications Act’s introduction in 2009 resulted in a revised application that named Mr Rutherford as the applicant, Mr Ferguson as the contact person, and Navette as the applicant’s address. The necessary spectrum and class operating licences were duly issued in January 2010, and ZSR Sports Radio continued using the 103.5 FM frequency. URCA’s argument is that Mr Smith’s wife and Mr Rutherford are the licence co-owners, and that Navette was only operating the station on their behalf without an equity interest. However, Navette’s position is this could never be as the Communications Act mandates that all licences had to be issued to corporate entities such as itself. In particular, Navette is pointing to language in the licence that states it was issued to “Messrs Frank Rutherford and Phillip Smith for Navette Broadcasting & Entertainment” as a clear indication that it is the true licence owner URCA issued the relevant permissions to it in compliance with the Act. Justice Crane-Scott said the ownership dispute was ultimately triggered by the February 14, 2017, “change of control” application submitted by Brickell Management Group on behalf of its Neman Networks affiliate and Mr Rutherford/Mrs Smith. This proposed transferring ownership of the 103.5
FM licence to another entity, Paramount Systems, which would be 51 percent majority-owned by Neman Networks. Mr Rutherford and Mrs Smith would retain a minority 49 percent interest. Despite Navette’s representations, URCA revealed its decision to re-issue the licence to Paramount Systems on June 15, 2017. It also confirmed its previous position, stated in a June 15, 2009, that the original licence was “void” because it breached the Communications Act. “That being so....., URCA had no jurisdiction to entertain the change of control application from the Brickell Management Group since a ‘void’ licence was incapable of amendment or variation as URCA subsequently purported to do,” appeal justice Crane-Scott ruled. “Even assuming the correctness of URCA’s assertions, it appears to us that upon discovery of its erroneous grant in 2010 of a ‘void’ licence to Messrs Rutherford and Smith in breach of the Act, the proper course which URCA ought to have taken was to refuse the change of control application submitted by the Brickell Management Group and to notify all relevant parties (including Navette) of its intention to treat the licence as ‘void’ and thereafter invite submissions on its intended course of action. “Instead, without notifying either Frank Rutherford, Blossie Smith or Navette of its intention to treat the licence as ‘void’, URCA simply sought comments on the proposed change of ownership application and, thereafter, unilaterally amended/varied ownership and control of the licence, effectively transferring a
‘void’ licence to Paramount Systems.” The licence, and 103.5 FM frequency, have subsequently been used by Paramount Systems to launch The Beat radio station, which broadcasts from the same complex as Island Luck TV (cable channel 224) located at the Thompson Boulevard/JFK Drive roundabout. The Beat’s on-air talent includes well-known social activist, Rodney Moncur, and his Freedom March show that is also a regular on channel 224. Mr Bastian, who is also the Island Luck web shop chain’s principal, yesterday told Tribune Business he was neither a shareholder nor director of Paramount Systems when contacted for comment on the Court of Appeal ruling. Yet he promised to ask Alfred Sears QC, the former attorney general, to call this newspaper in his capacity as Paramount’s legal representative. Mr Sears, who also acts for Island Luck and Adrian Fox, the business partner who worked with Mr Bastian to make it the dominant web shop chain in The Bahamas, said he would review the Court of Appeal ruling before advising Paramount Systems on the legal options available to it. While Navette’s action is at an early stage, and the legal skirmishes over its Judicial Review bid preliminary to-date, Mr Sears added that “obviously our client is an interested party”. Should there be a substantive hearing on the case’s merits, he added that “certainly our client will have the right to join and seek leave to intervene, and have their arguments heard”. Appeal justice CraneScott, meanwhile, said URCA should not seek
to argue that Paramount Systems’ rights will be prejudiced should Navette get extra time to file its appeal. “URCA declared Navette’s license ‘void’ but subsequent thereto granted the ‘void’ license to a third party,” she ruled. Regardless of whether Navette owned the 103.5 FM licence, or was just its mere operator, appeal justice Crane-Scott added: “Navette was clearly a legal entity likely to be adversely affected by URCA’s decision to treat the licence as ‘void’. “Natural justice required that it ought to have been notified of URCA’s decision to treat the 2010 licence as ‘void’, and to be heard on that issue before any action adverse to it was taken. It goes without saying that Navette would undoubtedly have had the necessary standing to commence judicial review proceedings to vindicate its position.” Ruling that Navette “has a good prospect of success on appeal”, she added that Navette felt it had been “deprived of its broadcasting licence”. Appeal justice Crane-Scott continued: “Navette alleges that URCA has unlawfully taken the licence under which it operated and given it instead to a third party, Paramount Systems Ltd, effectively shutting down its business. “In a related complaint, Navette further claims that following the re-issuance of the licence, URCA subsequently seized its broadcasting equipment and continues unlawfully to retain possession of the same.” Vann Ferguson, Navette’s president, yesterday told Tribune Business he was “afraid to celebrate” the Court of Appeal’s verdict, but described himself as
“elated” after the company’s attorney, Khalil Parker, informed him of the decision. Revealing that he had been “walking on egg shells” in relation to Navette’s court battle, Mr Ferguson said all he wanted was for the merits of his case “to be heard” after running into multiple legal technicalities and procedural obstacles to-date. “It’s been such an up and down experience for the past two years,” he revealed. “We have never been heard. We need to get heard, and that’s what I’m trusting will happen this time around. I won’t celebrate. I’m hoping the process will at least go forward and be heard. “That’s all we wanted. We wanted the substantive case to be heard. Once that happens we will be comfortable going forward. At least we’ll feel some form of justification that justice has been served. “Our case has always been around the issue of a void licence. If you voided it, what is that? You cannot issue a void licence. There are so many other technicalities the legal team are discussing that they cannot believe went as far as it did. That’s all we ask. We now get a chance to hear what really went on.” Given the URCA’s “selfimposed” moratorium on issuing further New Providence radio licences, given that the market was over-saturated, Mr Ferguson argued that URCA seemed to have gone beyond the call of duty to find an existing one that Brickell Management Group could take over. “We were the weakest link,” he added. “I guess they pushed on us.”
Govt revenue ‘holding’ as January falls $10m FROM PAGE ONE in by the time we get through March and beyond. This is the crux of the budget year for us. This is the critical period with the ramp up of expenditure associated with the hurricane.” Mr Turnquest, in his House of Assembly address, said of the increased $79.3m revenue over the period to January 2020: “Driving these gains, tax receipts widened by $98.8m over the first seven months of fiscal year 2019-2020, relative to fiscal year 2018-2019, with collections from VAT, gaming taxes, excise taxes and international trade taxes all posting gains over the corresponding period of the prior fiscal year. “Expenditure trends for the seven months of the fiscal year up to January reveal a $104.2m expansion in outlays, primarily underpinned by the $56.6m rise in recurrent spending due to the $31.2m rise in personal emoluments, again largely reflective of the one-time boost in December due to the union negotiated lump sum payment. In addition, capital spending rose by $47.6m, owing to spending related to hurricane recovery.” However, The Bahamas now has to contend with the uncertainty produced by the coronavirus outbreak. “We are looking at contingencies and different scenarios,” Mr Johnson admitted. “That’s an active exercise ongoing in the Ministry of Finance right now so we can inform the policymakers what will likely happen. “If the coronavirus leads to a slowdown in travel, a slowdown in tourists coming here..... We are working through these scenarios to inform the policymakers of what the options would be fiscally. We are watching it very carefully. “We are watching it very carefully. We remain hopeful it can be contained, and the impact to the economy and tourism is minimal, but we want to be prepared for any eventuality as far as this is concerned.”
THE TRIBUNE
Thursday, March 5, 2020, PAGE 5
‘No technical obstacles’ to $3.5bn BISX trading FROM PAGE ONE “We are already trading debt securities. We’re looking forward to bringing these on to the market like the others. It’s a larger volume, and we’re looking forward to the Central Bank becoming an active trading member of the exchange. They are already a member.” Asked how near BISX and the Central Bank are to completing all processes required to launch government debt trading on the exchange, Mr Davies replied: “We’re looking forward to getting this market going like we have been for 20 years. “We are close. Technically there are no impediments. There are some operational issues that the Central Bank has to wrap its head around, and once they understand how the market operates we will be in a good position to move forward.” K Peter Turnquest, the deputy prime minister, yesterday voiced optimism that government debt trading on BISX will encourage more Bahamians to participate as investors in the local capital markets. “The primary benefit is it will allow for better price discovery,” he told Tribune Business of the imminent trading launch. “Obviously if we start to engage more of the population in these securities it will give a better opportunity for individuals to participate in the market and will hopefully lead to a bigger capital market.”
Mr Turnquest, in earlier introducing the Bahamas Registered Stock (Amendment) Bill to the House, said the elimination of paper-based record-keeping would boost efficiency in the local government debt market by reducing time and costs associated with its administration. “The purpose of the Bahamas Registered Stock Amendment Bill is quite simple but extremely significant to increasing the efficiency of the government’s securities market, which is managed by the Central Bank of the Bahamas on behalf of the government,” he said. “Essentially this Bill provides for the dematerialisation of government securities, which is the issuance and recording of securities in electronic form, and therefore represents a move away from the existing paper-based system.” Mr Turnquest described the present system as a “time consuming and inefficient way of conducting transactions”. He pointed to Marlon Johnson, the Ministry of Finance’s acting financial secretary, who was sitting in the House gallery, and added: “He’ll tell you how many trees have been sacrificed in the name of good governance.” Pointing out that electronic systems are a staple in “the modern world of securities administration”, the deputy prime minister said the current Central Bank-managed system framework’s “operational inefficiencies and inconsistencies” also presented operational risks.
‘We’ll do whatever’s necessary to defeat coronavirus threat’ FROM PAGE ONE
The extra $4m will be used to expand the preparation of quarantine and isolation facilities for potential victims; to purchase protective gear for health workers and medical supplies for infected persons; to provide funding for ground transportation and air ambulance services for quarantined and infected persons; and to fund the expansion of health care facilities via temporary arrangements should it become necessary. He added: “Our ongoing task in the public and private sectors is to manage the impact of these global forces as they collide with our own national development interests. Our economic livelihood is heavily dependent on both trade and travel, and the global turmoil we see spiralling around us poses serious potential risks to those sectors, in particular. “While we expect some deterioration in the fiscal performance in the second half of the fiscal year, as hurricane spending is accelerated consistent with the government’s revised budget, we are confident that the policies we have set in place will provide some cushion to the incremental spending, thereby
supporting a possible improvement in the projected deficit. “However, the associated downside effects of the recent coronavirus could place a potential drag on spending and on revenue if the travel sector is impacted materially. We will continue to monitor these developments closely, in conjunction with the Ministry of Health.” Mr Turnquest continued: “It is important for all Bahamians to understand that in respect to the coronavirus outbreak, the government places the safety and welfare of all citizens and residents as its very top priority. “Thus, while the immediate additional funding allocation is for $4m, the government will assess the situation as it evolves. If necessary, the government will supplement this funding to provide whatever resources are required to avoid, or in a worst case, to minimise the infection and the spread of the virus throughout the population. “With approximately 3,115 deaths and over 90,000 cases recorded in 73 countries and territories globally as of this past Monday, March 2, the novel coronavirus poses a number of downside risks to the macroeconomic landscape, both globally and domestically.”
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Mr Turnquest said physical certificates proving ownership of government bonds have to “be prepared, checked and signed before they are issued to investors, which takes time and presents a real risk of fraudulent activity”. He added that the loss of such certificates “happens with some regularity”, which forces investors to advertise in the daily newspapers and wait for four weeks for a new one to be issued. This, Mr Turnquest said, “denies investors access to assets and funds”, while they also faced the inconvenience of having to physically go to the Central Bank to trade in government paper. “The present system does not facilitate sales and transfers of government paper, bonds and Treasury Bills. If they want to use their bonds as collateral or sell their holdings they must first deliver the certificate to the Central Bank to do so,” the deputy prime minister added. He explained that the Bill sought to address such “outdated practices” and bring The Bahamas into line with international best practices on government debt administration. To effect this, the Central Bank has developed a Central Securities Depository, an electronic repository that will record all holders of government debt and transactions in these securities. Mr Turnquest said the reforms were given extra importance by the fact that the government’s domestic paper (bond) market has become its primary source of financing, while
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also providing a key source of liquidity for Bahamian investors as the deepest, broadest form of securities in the Bahamian capital markets. “At the end of February 2020, the stock of domestic bonds outstanding totalled some $3.568bn held by 19,000 investors, representing a broad mix of the market, inclusive of banks, pension funds, business and private individuals,” he said. “The treasury bills (short-term debt) had an outstanding value of $759.7m at the end of February 2020 and are held by 34 investors that are mainly institutional in nature... The government is keen to promote and deepen domestic bonds by encouraging more
Bahamians to invest in government paper.” Mr Turnquest said the demutualisation move was also “a natural offshoot” of the government’s initiatives to improve the ease of doing business and to digitise the public sector. He praised the new system as a development that “will reduce the manpower and transactional cost incurred by the Central Bank and the government in issuing, transferring and distributing securities. Risk of loss, theft and damage associated with holding securities in physical form are completely eliminated. “Investors looking to buy or sell securities will now reduce the need to visit the Central Bank to execute transactions as they can operate from anywhere,
as the system will now be electronic.” “Investors will be able to avail themselves of loans against their dematerialised holdings, as it will be easier to have these taken as collateral. Paperless certificates will facilitate trading, as the brokers will be able to confirm beneficial ownership of these securities with the [Securities Depository] immediately,” said Mr Turnquest “It will increase trading in the secondary market for banks, and bring efficiency in securities options and processing of maturity and interest payments, and the processing times will be significantly reduced which will allow investors access to liquidity within hours instead of days of any transaction.”
PAGE 6, Thursday, March 5, 2020
THE TRIBUNE
‘Slow ramp up’: Tax cheat combat unit collects first $15m FROM PAGE ONE Christie administration’s version was collecting $15m a month, not $15m every six months, putting it on target then to generate $180m in extra annual income for the Public Treasury. However, the first unit was disbanded by the Minnis administration on the basis that its creation had not been enshrined in law or a formal Cabinet conclusion. With no legal basis for its activities, the present government argued that the initial Revenue Enhancement Unit was “almost exclusively madeup” of expatriates sourced
NOTICE
FOCOL HOLDINGS LTD. invites all shareholders to attend its
ANNUAL GENERAL MEETING 6:00 pm on Thursday, March 12, 2020 in the RBC Auditorium Franklyn R. Wilson Graduate Centre University of The Bahamas Oakes Field Campus Nassau, The Bahamas Shareholders will be admitted beginning 5:00pm
by the global management consultancy, McKinsey, to whom the government was paying a fee of $1m per month from the revenue being collected. Mr Johnson yesterday said the government was getting closer to achieving its objective of a Revenue Enhancement Unit comprised entirely of Bahamian professionals, and added: “It is early days but we are pleased with the momentum. Some of these VAT auditors, some have experience in the private sector but not the public space, and they’re being trained on the job. “We knew there would be a slow ramp up, but they’re making their mark. One of the things we’ve noticed with the Customs team on the investigative side, and the VAT audit side, is the spin-off effects because persons know the enforcement regime is much more obvious. “As people talk in the community how the Customs team and the VAT auditors are going around, through awareness of that the compliance levels are also improving. People are coming in and wanting to set up VAT registration, get it done properly and operate within the parameters of the law. People
are asking questions about it: The team has seen an uptick in that.” K Peter Turnquest, deputy prime minister, addressing the House of Assembly’s in tabling the mid-year Budget performance, said: “By end-December 2019, the Revenue Enhancement Unit had collected just over $15m for the Public Treasury. “Of this total, approximately $9.5m had been collected in real property tax receipts, while the remaining $5.5m represented VAT and Business Licence collections. During the same period, the Revenue Enhancement Unit identified an additional $31.2m in tax arrears, which will be pursued over the second half of the fiscal year. “I am pleased to advise the Bahamian public that our revenue collection efforts are robust – and getting stronger. And it is happening largely with Bahamian led managers and Bahamian talent.” Mr Johnson confirmed that the latest Revenue Enhancement Unit only became fully operational this fiscal year, one year later than planned. The intention had been to have it functioning during the 2018-2019 fiscal year, but he added that while “persons were already working in that space” it was not completely established in time to meet
the government’s original timeline. However, Mr Turnquest said yesterday: ‘The Revenue Enhancement Unit is now staffed with a total of 36 employees, 21 of which are Bahamian. This includes, but is not limited to, 14 auditors, three collection officers, 12 real property tax officers, and five VAT/Business Licence officers. This complement will expand by an additional seven employees in April 2020.” Elsewhere, the deputy prime minister added that the $7.2m initiative to modernise the New Providence real property tax rolls had collected data on almost 50,000 land parcels to-date. “With a staff complement of 45 local employees, approximately 50 percent of the data required to proceed to the second phase of the project has been collected,” he said. “In fact, data has been collected on nearly 50,000 parcels stretching over 330 neighbourhoods, including nearly 39,000 residential or owner-occupied homes, over 2,400 commercial spaces and over 8,800 vacant lots. “As a result, over 500 new properties were added to the tax role as of October 2019, with more to come once phase one has completed its life span of approximately two years.”
THE TRIBUNE
Thursday, March 5, 2020, PAGE 7
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PAGE 8, Thursday, March 5, 2020
THE TRIBUNE
Looking for hand sanitizer? Good luck finding it NEW YORK Associated Press THE hand sanitizers on Amazon were overpriced. A Walmart this weekend was completely sold out. Only on his third try was Ken Smith able to find the clear gel — at a Walgreens, where three bottles of Purell were left. He bought two. “I didn’t want to hoard,” says Smith, a retired biomedical technician in Wichita Falls, Texas. Fear of the coronavirus has led people to stock up on the germ-killing gel, leaving store shelves empty and online retailers with sky-high prices set by those trying to profit on the rush. More is on the way, although it’s not clear how
long it will take retailers to restock. Sales of hand sanitizers in the US were up 73% in the four weeks ending Feb. 22 compared to the same period a year ago, according to market research firm Nielsen. The alcohol-based gunk is convenient, but hand sanitizer isn’t the best way to clean your hands. For that, soap and water still reigns supreme, according to the US Centers for Disease Control and Prevention. The agency recommends first washing hands with warm or cold water and then lathering soap for 20 seconds to get it on the backs of hands, between fingers and under finger nails before rinsing off. If you’re not near a sink,
hand sanitizer will do. But keep in mind that it doesn’t kill all germs, the health agency says. Read the label and make sure you’re using one that has at least 60% alcohol. After applying it, rub it all over your hands until they’re dry. Another tip: don’t touch your face, since health officials say viruses could enter your body from your eyes, mouth or nose. Hospitals are more concerned about a shortage of face masks, which people have also been snatching up despite pleas from health officials. Patient and treatment rooms in hospitals always have a sink and soap to wash hands, says Nancy Foster, the American Hospital Association’s head of quality and patient safety. But there are no
good alternatives to masks for nurses and doctors. Malls and sports arenas are adding more hand sanitizer stations. And some workplaces have said they are stocking up, too. Purell, the best-selling hand sanitizer, is pumping up production. Walmart and other stores say they are talking to suppliers to stock up bare shelves, but didn’t say how long that could take. Kroger, which runs nearly 2,800 supermarkets across the country, is limiting the amount of hand sanitizer shoppers can buy to five. Purell says it has seen higher demand from health care facilities in addition to stores. It is adding more shifts and having employees work overtime at the two Ohio facilities where most Purell is made, says Samantha Williams, a spokeswoman for its parent company Gojo Industries. Others are trying to keep up, too. Coperalcool, a brand of hand sanitizer
in Brazil, says it sold one million bottles last month, up from 200,000 in February 2019. The company that makes the brand says it is adding another shift at its factory in Piracicaba, Brazil. And it is considering exporting it for the first time after being approached by companies in China, South Korea and Thailand. In the US, Bath & Body Works, which sells hand sanitizers with scents like “vanilla rose” and “pineapple colada”, says its been able to keep bottles in stock at its 1,700 stores. An executive for Bath & Body Works owner L Brands said last week that hand sanitizers made up 5% of its total business and that it’s growing “at a very high rate”. Walmart has seen higher demand for cleaning supplies and other items, similar to when shoppers start preparing for a hurricane. The world’s largest retailer says it is working with suppliers to stock
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up again on those items, including hand sanitizer. At a Costco in Los Angeles Tuesday, hand sanitizer was gone and shoppers clogged the back of the cavernous store where workers were wheeling out pallet after pallet of bottled water. “Don’t believe the hype,” one worker shouted. On Amazon, most hand sanitizers were gone. Ones that remained were seriously overpriced, even though the company has said it is policing its site for price gougers. Two 8-ounce bottles of Purell, for example, were being offered for $119 by a third-party seller; such vendors can list their items for sale on Amazon. com directly. Gaelen Gates says she trekked to two Walgreens, a Safeway and a CVS this week and couldn’t find any hand sanitizer. The attorney, who lives in San Francisco, is not worried about the new virus, she’s just trying to avoid getting a cold at a music and film festival she plans to attend later this month in Austin, Texas. If she can’t find any by the time of her trip, she has a plan: wash her hands more frequently and “try not to touch anything”.
THE TRIBUNE
Thursday, March 5, 2020, PAGE 9
Ukraine prime minister ousted, president seeks ‘new brains’ KYIV, UKRAINE Associated Press UKRAINIAN lawmakers overwhelmingly voted yesterday to accept the resignation of the nation’s prime minister after a sixmonth tenure in which his performance came under severe criticism from President Volodymyr Zelenskiy. The president’s Servant of the People party dominates the Ukrainian parliament and took the lead in relieving Oleksiy Honcharuk of his post. Forty lawmakers abstained from the vote but the message of the 353-0 tally was clear. Lawmakers later approved Deputy Prime Minister Denys Shmygal to be the new prime minister. Addressing lawmakers before the resignation
UKRAINIAN President Volodymyr Zelenskiy gestures as he addresses the Ukrainian parliament yesterday. Ukraine’s parliament has endorsed the resignation of Prime Minister Oleksiy Honcharuk. Photo: Efrem Lukatsky/AP vote, Zelenskiy said Honcharuk, 35, failed to halt an industrial slump or meet tax collection targets. “We need new brains and new hearts in the government,” the president said.
Shmygal, 44, who was named deputy prime minister last month, previously served as head of the regional administration in Ukraine’s western IvanoFrankivsk region. “The citizens’ expectations are enormous and their patience is running out,” he told lawmakers, adding: “We need results today.” Honcharuk first offered his resignation in January after he was caught on tape saying Zelenskiy — a former sitcom star with no previous political experience — knew nothing about the economy. Zelenskiy called the situation “unpleasant” but asked Honcharuk to remain prime minister. Two key Cabinet members also lost their posts in a broader government
shakeup. Dmytro Kulba, the vice-premier for European affairs, was named the new foreign minister. The new defense minister is Andriy Taran, formerly the ministry representative in Ukraine’s United Nations delegation. Zelenskiy said that while members of Honcharuk’s Cabinet weren’t mired in corruption, their efforts to eradicate graft haven’t been strong enough. “It’s not enough not to steal,” he said. “We promised citizens to win the fight against corruption, and it hasn’t even been a tie.” During a short speech to lawmakers, Honcharuk cited low inflation and macroeconomic stability as among his achievements. He praised Zelenskiy’s leadership. “We have a good
president. He’s a decent and honest person,” he said. Zelenskiy’s approval ratings have dropped significantly since his landslide victory in Ukraine’s April 2019 presidential election. Former Ukrainian President Petro Poroshenko described the Cabinet reshuffle as an attempt by Zelenskiy to shore up his sagging popularity by “shifting blame for his own failures”. Zelenskiy, 42, campaigned on promises to end the war with Russia-backed separatists in eastern Ukraine and combat the country’s endemic corruption. Zelenskiy initiated a new round of talks to settle the conflict and an exchange of war prisoners, but clashes in the east have persisted. Over the past few months, Zelenskiy also
found himself embroiled in the impeachment case against President Donald Trump, who was accused of withholding around $400m in military aid to Ukraine to pressure it to investigate Democratic presidential rival Joe Biden. Trump was impeached in December on two counts by the Democratic-run House, but the Republican-run Senate acquitted him on both counts. Volodymyr Fesenko, head of the Penta Center think tank based in Kyiv, said he thinks the Cabinet retooling is Zelenskiy’s response to growing public dissatisfaction. “The main reason is disappointment and discontent, not just with Honcharuk, but with the government as a whole,” he said.
PAGE 12, Thursday, March 5, 2020
THE TRIBUNE
GM SHOWS 13 ELECTRIC VEHICLES AS IT TRIES TO RUN WITH TESLA DETROIT Associated Press GENERAL Motors, trying to refashion itself as a futuristic company with technology to compete against Tesla, rolled out plans yesterday for 13 new electric vehicles during the next five years. The company touted an exclusive new battery technology that could propel some of the vehicles as far as 400 miles on a single charge as it tries to capture electric vehicle enthusiasm that has brought wild growth to rival Tesla’s share price. At an event for investors, dealers and analysts at its sprawling technical center in the Detroit suburb of Warren, Michigan, GM executives said the new vehicles would be built using modular chassis and drive systems for manufacturing simplicity. GM will be able to build trucks, cars, SUVs and even an autonomous shuttle based on the new systems, the company said. The global vehicles will include affordable transportation, work trucks, luxury SUVs and performance vehicles.
GENERAL Motors shows GM’s all-new modular platform and battery system, Ultium, at the Design Dome on the GM Tech Center campus in Warren, Mich yesterday. GM rolled out plans for 13 new electric vehicles during the next five years as it trying to refashion itself as a futuristic company with technology to compete against Tesla. The company yesterday touted an exclusive new battery technology that could propel some of the vehicles as far as 400 miles on a single charge. Photo: Steve Fecht/General Motors/AP CEO Mary Barra said GM will be able to build at a large scale, similar to its profitable full-size truck business. “We want to put everyone in an EV, and we have what it takes to do it,” she said at a presentation for investors. Some of the new vehicles will be able to go from zero to 60 mph in as little as three seconds — performance
that rivals electric vehicle sales leader Tesla Inc. New all-electric models will come from the Chevrolet, Cadillac, GMC and Buick brands starting this year, beginning with the Cadillac Lyriq luxury SUV to be unveiled in April. A new Chevrolet Bolt small SUV comes in the summer of 2021. There’s also the GMC Hummer EV
pickup coming to dealers in the fall of 2021. GM also has plans for three more Cadillac SUVs, a midsize Chevrolet SUV, two Buick SUVs, a GMC Hummer SUV, a Chevrolet full-size pickup with 400 miles of range, a luxury Cadillac car and the Cruise Origin, an autonomous electric shuttle. With fewer parts than
petroleum-powered vehicles, electric vehicles will be much cheaper and simpler to build, reducing manufacturing costs, GM said. The company plans 19 different battery and electric motor and transmission combinations, compared with 550 internal combustion powertrain combinations available today. The company said a joint venture with Korean battery maker LG Chem will use a low-cobalt chemistry to drive down battery costs to below $100 per kilowatt hour. Executives told the group that the next generation of GM’s electric vehicles will be profitable. Barra said the new vehicles can increase sales and market share, and the batteries and drive units could be licensed to other companies to bring in more revenue. She said the company plans to sell more than 1 million electric vehicles in North America and China by the middle of the decade. To get there, GM will spend more than $20bn developing the vehicles through 2025, she said. Electric vehicle sales will
have to grow substantially both worldwide and in the US for GM to meet its targets. Last year manufacturers sold just over 236,000 fully electric vehicles in the US, about 1.4% of total new vehicle sales, according to Autodata Corp. GM is making a huge investment ahead of consumer demand, said Jeff Schuster, senior vice president of the consulting firm LMC Automotive. “They’re going to need to weather that, not only with investors, but just from an overall financial standpoint,” he said. The announcement also comes at a time when the global economy is slowing, in part due to the coronavirus outbreak. LMC on Wednesday reduced its 2020 US new vehicle sales forecast from 16.8 million to 16.5 million, according to Schuster. LMC expects automakers to sell 17 million fully electric vehicles by 2030, or about 16% of worldwide demand. It will be 25% to 30% of the market in Europe, 20% in China and 8% in the US, LMC estimated.
Vacancy Announcement
The American Embassy in Nassau is accepting applications for the following position: Duties:
Safety Program Coordinator
Incumbent serves as the Safety Program Coordinator with responsibility for assisting the Post Occupational Safety and Health Officer (POSHO) in carrying out the day-to-day functions of the Safety, Health and Environmental Management (SHEM) and Fire Protection Division (FIR) programs at post as required by 15 FAM 900 and 15 FAM 800; assures that all governmentowned and leased property in country meet the requirements of 15 FAM 253.5, 15 FAM 432, 15 FAM 840, and 15 FAM 950, as well as other related Departmental requirements which may exist. Incumbent reports directly to the Post Occupational Safety and Health Officer. Interested candidates are required to possess the following skills and qualifications: • Education: Completion of High School education, additionally, the candidate must have completed a two-year vocational/trades school training in facilities maintenance, environmental safety, construction or any of the building trades, such as mechanical, electrical or structural. • Experience: Minimum three (3) years of experience in the maintenance or construction field performing repair work or in the field of occupational safety, to include work experience as a construction supervisor or quality control assurance inspector with experience in managing people and resources. • Language: English level IV (Fluent) reading/writing/speaking is required. The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery. Deadline: Friday, March 06, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
THE TRIBUNE
Thursday, March 5, 2020, PAGE 13
Stocks soar on plans for more stimulus measures, Biden wins By STAN CHOE AND ALEX VEIGA Associated Press THE Dow Jones Industrial Average soared more than 1,100 points, or 4.5%, yesterday as governments and central banks around the globe took more aggressive measures to fight the virus outbreak and its effects on the economy. The gains more than recouped the market’s big losses from a day earlier as Wall Street’s wild, virusfueled swings extend into a third week. Stocks rose sharply from the get-go, led by big gains for health care stocks after Joe Biden solidified his contender status for the Democratic presidential nomination. Investors see him as a more businessfriendly alternative to Bernie Sanders. The rally’s momentum accelerated around midday after House and Senate leadership reached a deal on a bipartisan $8.3bn bill to battle the coronavirus outbreak. The measure’s funds would go toward research into a vaccine, improved tests and drugs to treat infected people. Investors are also anticipating other central banks will follow up on the Federal Reserve’s surprise move on Tuesday to slash interest rates by half a percentage point in hopes of protecting the economy from the economic fallout of a fastspreading virus. Canada’s central bank cut rates yesterday, also by half a percentage point and citing the virus’ effect. “The fact that you get an $8bn bill, that’s money that will be spent, hopefully, on something that really will have an impact on mitigating the effects on the economy,” said Tom Martin, senior portfolio manager with Globalt Investments. Some measures of fear in the market eased. Treasury yields rose but were still near record lows in a sign that the bond market remains concerned about the economic pain possible from the fast-spreading virus. Companies around the world are already saying the virus is sapping away earnings due to supply chain disruptions and weaker sales, with General Electric becoming the latest to warn its investors. Even though many investors say they know lower interest rates will not halt the spread of the virus, they want to see central banks and other authorities do what they can to lessen the damage. The S&P 500 sank 2.8% on Tuesday after a brief relief rally triggered by the Fed’s rate cut fizzled. “Monetary policy can only take us so far, but at least it’s a step,” said Jack Ablin, chief investment officer at Cresset. “Investors will take comfort in coordinated central bank action. I take comfort in knowing this isn’t the plague, we’ll eventually get through this.” The Bank of England has a meeting on March 26 on interest rates. The European Central Bank and others around the world have already cut rates below zero, meanwhile, which limits their monetary policy firepower. But economists say they could make other moves, such as freeing up banks to lend more. An indicator of fear in the market, which measures how much traders are paying to protect themselves from
future swings for the S&P 500, sank 14.1%. Health care stocks in the S&P 500 jumped 5.8% for the biggest gain among the 11 sectors that make up the index. UnitedHealth Group jumped 10.7%, Cigna climbed 10.7%. and Anthem soared 15.6%, the biggest gainer in the S&P 500. A Biden nomination would be more welcome on Wall Street than a nod for Sanders, who is campaigning on a proposal to enact “Medicare For All”. “It’s probably a trend toward more of the same in terms of the market and the regulatory and business environment,” said Ablin. “I don’t think investors are looking for revolution.” Data reports released yesterday painted a US economy that was still holding up, at least as of last month. The country’s services industries grew at a faster rate last month than economists expected, according to a report from the Institute for Supply Management. Hiring at private employers was stronger than expected in February, according to a report from payroll processor ADP, though slower than January’s pace. That could be an encouraging sign for the comprehensive jobs report coming from the government at the end of the week. Markets have been on edge for two weeks, with the S&P 500 down 7.6% from its record on Feb 19, amid worries about how much economic damage the coronavirus will do. The big swings in recent days will likely continue until investors get a sense of what the worst-case scenario really is in the virus outbreak. They need to see the number of new infections at least slow its acceleration, analysts say. Indexes jumped on Monday, and the Dow had its best day in more than a decade on rising anticipation for coordinated support from the Fed and other central banks. That followed a dismal week that erased gains for 2020. MARKET ROUNDUP: The S&P 500 rose 126.75 points, or 4.2%, to 3,130.12. The benchmark index has had five days in the last two weeks where it swung by more than 3%. In all of last year, it had just one. The Dow gained 1,173.45 points to 27,090.86. The Nasdaq climbed 334 points, or 3.8%, to 9,018.09. The index, which is heavily weighted with technology companies, now has a slight gain for the year. The Russell 2000 index of smaller company stocks rose 45.11 points, or 3%, to 1,531.20. The tide also rose for stocks around the world yesterday. In Europe, Germany’s DAX climbed 1.2%, the French CAC 40 rose 1.3% and the FTSE 100 in London gained 1.4%. In Asia, South Korea’s Kospi jumped 2.2%. Japan’s Nikkei 225 inched up 0.1%, the Hang Seng in Hong Kong slipped 0.2% and stocks in Shanghai rose 0.6%. The yield on the ten-year Treasury rose to 1.06% from 1.01% late on Tuesday after earlier dipping back below 1%. Yields tend to rise with expectations for the economy and inflation. Shorter-term yields fell as traders increased bets for more rate cuts from the Fed later this year. The two-year Treasury yield fell to 0.69% from 0.71%.
NOTICE International Business Companies Act (No. 46 of 2000) EDL BAHAMAS INC. Registration Number: 151556 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that EDL BAHAMAS INC., has been dissolved and has been struck off the Register of Companies with effect from the 16th day of December, 2019.
________________________________ GSO Corporate Services Ltd. Liquidator
In commodities trading, benchmark crude oil fell 40 cents to settle at $46.78 a barrel. Brent crude oil, the international standard, dropped 73 cents to close at $51.13 a barrel. Wholesale gasoline rose three cents to $1.56 per gallon. Heating oil was unchanged at $1.53 per gallon. Natural gas rose three cents to $1.83 per 1,000 cubic feet. Gold fell $1.40 to $1,643 per ounce, silver rose six cents to $17.25 per ounce and copper rose one cent to $2.59 per pound. The dollar rose to 107.33 Japanese yen from 107.24 yen on Tuesday. The euro weakened to $1.1139 from $1.1176.
PAGE 14, Thursday, March 5, 2020
THE TRIBUNE
FBI working to ‘burn down’ cyber criminals’ infrastructure
FBI Director Christopher Wray. CHESTNUT HILL Associated Press TO THWART increasingly dangerous cyber criminals, law enforcement agents are working to “burn down their infrastructure” and take out the tools that allow them to carry out their devastating attacks, FBI Director Christopher Wray said yesterday. Unsophisticated cyber criminals now have the power to paralyse entire hospitals, businesses and police departments, Wray said during a conference on cybersecurity at Boston College. The ever-changing threat has forced law enforcement to get creative and target the dark web sites and other tools at hackers’ disposal, he said. “The reality is we are long past the days where we can fight this threat just one by one, one bad guy at a time ... one victim company at a time. We’ve got to figure out ways to tackle the cyber threat as a whole,” Wray told the crowd of FBI agents, university officials and others on the Chestnut Hill campus. The US saw a nearly 40 percent increase in ransomware attacks between 2018 and 2019, said Joseph Bonavolonta, the head of the FBI’s office in Boston. There was an even more dramatic uptick in such attacks in just the four states -- Massachusetts, Maine, Rhode Island and New Hampshire -- that the Boston office covers, he said.
“The threat of ransomware is continuing to grow and evolve and we are seeing a shift to more sophisticated, smaller scale ransomware campaigns, which maximizes the impact on the victims to extort higher ransoms,” Bonavolonta told the conference. Foreign actors, especially those from China, are also using cyber attacks to steal research from the defense contractors and other companies to “avoid the hard slog of innovation,” Wray said, adding that the thieves are then turning around and using that information to compete against the very companies they ripped off. “In effect, they are cheating twice over,” Wray said. Wray stressed the importance of indicting cyber criminals, even when they are outside the grasp of US law enforcement in places like Russia, China or Iran, saying such criminals must be held accountable “no matter where they are”. Those countries “aren’t the tourism destinations they used to be and one day they will slip up and when they do, we are there. Because the FBI has a broad reach and an even broader memory,” Wray said. Assistant Attorney General for National Security John Demers was among other speakers expected at the conference, which was organized by the FBI and the Masters in Cybersecurity Policy and Governance Program at Boston College’s Woods College of Advancing Studies.
PAGE 20, Thursday, March 5, 2020
THE TRIBUNE
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, EVELYN SHARMAINE CAREY of Pinewood Gardens Nassau, Bahamas, parent of MEGAN AVA JOHNSON a minor intend to change my child’s name to MEGAN TALIA AVA CURTIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that CLAUDE SAUVEUR LAURISTAN of #55 Meeting Street, P.O.Box SB-50707 Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of March 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE
NOTICE Chevron Bahamas Holdings Limited NOTICE IS HEREBY GIVEN as follows: (a) Chevron Bahamas Holdings Limited is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 27 February, 2020, when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, The Bahamas. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
MARKET REPORT www.bisxbahamas.com
LEGAL NOTICE
(242) 323-2330
WEDNESDAY, 4 MARCH 2020
(242) 323-2320
NOTICE
ALL SHARE INDEX: CLOSE: 2,200.58 | CHG: -11.65 | %CHG: -0.53 | YTD: -31.02 | YTD%: -1.39 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)
LAST CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.21 11.61 6.00 4.32 6.10 3.47 5.06 10.64 8.00 15.08 9.33 3.89 15.20
CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.00 11.61 6.00 4.32 6.10 3.61 5.06 10.89 8.00 15.08 9.33 3.71 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.21 0.00 0.00 0.00 0.00 0.14 0.00 0.25 0.00 0.00 0.00 -0.18 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 115
1,000
1,800
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 -6.8 16.1 13.4 23.5 43.6 35.4 10.8 16.9 11.0 18.5 9.9 18.3 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% 12.02% 1.19% 3.01% 3.00% 3.58% 2.14% 3.23% 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
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
30-Sep-2019 30-Sep-2019 30-Sep-2019
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
To advertise in The Tribune, contact 502-2394
TEXACO INTERNATIONAL LIMITED NOTICE IS HEREBY GIVEN as follows: (a) TEXACO INTERNATIONAL LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 27 February, 2020, when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, The Bahamas. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company