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THURSDAY, MARCH 14, 2019
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‘I cannot go further with people’s funds’ on Grand Lucayan By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said the $5.5m payout demanded by Grand Lucayan managers was based on “faulty analysis”, and blasted: “I can go no further with the people’s money.” Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business he was “confused” as to how the Bahamas Hotel Managerial Association (BHMA) and its president, Obie Ferguson, had concluded that the 91 members seeking to leave were due “the same lucrative privileges” as those offered by the government in previous voluntary separation (VSEP) exercises. Arguing that the union was employing incorrect comparisons, Mr D’Aguilar said the Grand Lucayan was not a state-owned enterprise (SOE) similar to the Bahamas Telecommunications Company (BTC) and Bahamas Power & Light (BPL) - whose previous VSEPs it frequently cites to justify its demands. Pointing out that the resort’s present immediate owner, Lucayan Resort Holdings, was a
SEE PAGE 4
Tribune Business Reporter
nmckenzie@tribunemedia.net REGULATIONS governing crypto assets and related instruments must be “entrepreneur friendly”, a local industry advocate urged yesterday, saying: “We have a unique opportunity before us.” Wayne Johnson, a
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Moody’s: Govt to miss balanced budget goal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
M
OODY’S yesterday warned the government it will likely miss its target of generating a small budget surplus by 2020-2021, predicting it will still be running a deficit equal to one percent of GDP. The credit rating agency, explaining how its sees The Bahamas’ fiscal and economic prospects to global investors and capital markets, credited the government for reform measures that had set it on
new fiscal rules, our baseline projections are slightly more conservative than the government’s. We expect a fiscal deficit of two percent of GDP in 2018-2019, and deficits slightly wider than the government’s targets in subsequent years,” Moody’s said in an analysis obtained by Tribune Business. KP Turnquest, deputy prime minister, in the midyear budget statement forecast that 2018-2019’s
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas has been “left in a Mickey Mouse state of governance” by the continuing silence over the Renward Wells Letter of Intent (LOI) controversy, the DNA’s ex-leader blasted yesterday. Branville McCartney told Tribune Business that the failure of the now-Cabinet minister, and both major political parties, to provide
corporate manager for the Zucaz Group, told Tribune Business: “Even though we are going to have a regulatory regime we need to ensure that we provide entrepreneurial opportunities for Bahamians to bring initial coin offerings (ICO), for instance. “A lot of Bahamians are
SEE PAGE 5
RENWARD WELLS
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SEE PAGE 6
SEE PAGE 10
fiscal deficit will come in $5m-$10m below the originally projected $237m. The latter figure is equivalent to 1.8 percent of Bahamian gross domestic product (GDP) or economic output, although a figure around $230m is now forecast. Moody’s deficit analysis yesterday, while not representing a material deviation from the government’s
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• Bran blasts affair’s ‘bad precedent’ • Ex-DNA chief: ‘It’s the people who suffer’ • Answers likely to be ‘swept under rug’
BRANVILLE MCCARTNEY
RBC FINCO: We ‘underperformed’
a complete explanation for the affair that resulted in his departure as Ministry of Works parliamentary secretary had set “a bad precedent” that continues to haunt The Bahamas.
• Projects 1% deficit, not surplus, for 2020-2021 • Will need extra one-two years to reach targets • Bahamas beats ‘average’ for first time since 2012 the right path to addressing numerous deficiencies. However, it suggested that the fiscal consolidation targets were overly-aggressive given The Bahamas’ poor track record of meeting annual budget projections, and warned it may take one to two years longer than planned to achieve these goals. “Because the government has not yet established a track record under its
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ROYAL Bank of Canada’s (RBC) Bahamian mortgage arm has warned it will “continue to be challenged” with low growth and bad loans that, at $124.3m, exceed industry averages. Top Finance Corporation of The Bahamas (FINCO) executives, writing in the BISX-listed lender’s annual report, revealed that nonperforming mortgages were equivalent to 15.7 percent - close to one out of every six dollars lent - of its total portfolio at the October 31, 2018, year-end. This represented a slight increase upon the $120.9m worth of non-performing mortgages on FINCO’s books at year-end 2017, equivalent to 14.4 percent of its outstanding portfolio, indicating that an end to The Bahamas home financing woes remains some way off. Robert Johnston, FINCO’s chairman, bluntly told shareholders: “Operating in a low growth economy with high unemployment, RBC FINCO will continue to be challenged with mortgage growth and credit losses resulting from high levels of non-performing mortgages.” FINCO’s non-performing mortgage ratio continues to exceed the Bahamian commercial banking industry average of 12.09 percent, with its 15.3
‘Mickey Mouse governance’ is Wells LOI price
Crypto regulation must be ‘friendly’ to entrepreneurs By NATARIO MCKENZIE
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PAGE 2, Thursday, March 14, 2019
THE TRIBUNE
PRACTICE FOR DIFFERENCE RATHER THAN PERFECTION SOMEONE once said: “Practice makes perfect”. But is this really true? Does it make us experts or picture perfect? Perhaps the jury is still out on this but, for argument’s sake, let us all agree that this is based on a flawed premise because perfection does not exist. Indeed, repetition accounts for part of what makes people good at what they do, but this is not enough. An important part of the equation is missing. For it may be better to say that: “Conscious practice makes perfect.” As designers, we all aim at getting better at what we do. We surf the Internet daily for hours trying to find useful tips and tricks to enhance our design skills. But what if we spent less time surfing for inspiration, and more time creating and designing? Would that make us perfect or better? Researchers recently analysed the results of 88 different
The Art of Graphix BY DEIDRE M BASTIAN
studies on practice and performance in areas such as music, sports and education. All these studies involved looking at people who were acquiring a new skill, and assessed factors including how much they practiced and how good they
eventually became at their new skill. Just how big a role did regular practice/training really play? Well, practicing a new skill did play an important role in the learning process. However, researchers found that practice alone only accounted for an average of 12 percent of individual differences in performance across various domains. Practice accounted for 26 percent of the variance in games; 21 percent in music; and 18 percent for sports. But when it came to education and workplace professions, practice made far less of a difference, accounting for just four percent of the variance. So if practice is only one piece of the puzzle, what other factors contribute to learning and skill development? Our overall intelligence; how early you start learning a new skill; memory capacity; and innate talent. The right kind
of practice is another element that really matters when trying to maximise learning and increase skills. Another important influence is mental practice, which involves imagining the procedures you must go through to perform a task. For example, a pianist might mentally practice a piece of music, while an actor might mentally rehearse his role in a play. The way a person practices influences how well a skill is learned as well. So, how can you practice in a way that will effectively foster skills development? Some ideas include: • Spend time early on becoming familiar with the process and tools you need to perform the skill • Vary your practice sessions early on to help maintain interest and enjoyment • While practice might not necessarily make perfect, it is an important piece of the learning puzzle • Do not be afraid to make mistakes; research has shown that optimal learning often requires making errors • Exploration is an important part of learning any new skill By balancing methods that include mental rehearsal, hands-on practice, exploration and other forms of learning, you can optimise skill development and become a more efficient learner. As a final point, while practice will not mean perfect for all, it will surely make us better. 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 Marie Bastian is a professionallytrained graphic designer/ marketing co-ordinator with qualifications of MSc, BSc, ASc. 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, and Certified Life Coach.
Bahamian firm teams for AI road inspections A BAHAMIAN construction firm is joint venturing with a foreign provider to offer artificial intelligence (AI) based road assessments to the government. Bahamas Industries & Construction Company is partnering with RoadBotics, a road assessment company that already performs such work in countries including the US, Australia, New Zealand, India and Europe. “This will be a huge asset to the Bahamas,” said Timothy Clarke, Bahamas Industries & Construction Company’s president. “Artificial intelligence will make assessing road conditions in The Bahamas quicker and more effective for government decision-makers, who have the difficult task of managing hundreds of miles of roads across multiple islands. “With the RoadBotics technology, government officials will have reliable information about our roads, which will ultimately help them make data-driven decisions to improve the condition and safety of our roads.” “We’re looking forward to working closely with Bahamas Industries & Construction Company to maintain and enhance the quality of roads across The Bahamas,” said Mark DeSantis, chief executive of RoadBotics. “Our hope is that RoadBotics will not only help tackle expensive current road challenges like
potholes, but will also help the Ministry of Works develop future maintenance plans that will save taxpayers enormously and improve the quality of the roads across the entire country.” The Bahamas Industries & Construction Company is ultimatey hoping to expand the RoadBotics technology’s use to the wider Caribbean. ““By using cutting edge AI that countries across the world are already implementing, we will not only improve the condition and safety of our roads, but also become a leader in road management across the Caribbean,” Mr Clarke added. Using a “one to five” rating system, RoadBotics is can provide condition data for an entire road network, making it possible for governments to make datadriven decisions on where to allocate funds or prevent further road damage. “RoadBotics provides road assessments that are more time-effective and affordable than traditional visual inspections or high-tech sensor vans,” said Desmondo Bootle, a senior engineering student at the University of Bahamas and business partner at Bahamas Industries & Construction Company. RoadBotics is an infrastructure technology company that was founded by Mark DeSantis, Dr Benjamin Schmidt and Dr Christoph Mertz. It was originally spun out of Carnegie Mellon’s Robotics Institute.
THE TRIBUNE
Thursday, March 14, 2019, PAGE 3
Taxi drivers resolve issues at Baha Mar
Union boss doubles down on BPL generation warning By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
BAHA MAR RESORT By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Bahamas Taxicab Union’s (BTU) president yesterday said it had reached what he described as an amicable resolution over the working conditions for drivers operating at Baha Mar. Wesley Ferguson told Tribune Business he had met with Baha Mar executives last week to address the matter, and said: “I told them what we wanted and what our issues were. Right now they are in the process of rebuilding the taxi holding area to meet the standards of those across New Providence. I’m satisfied so far.” Taxi drivers had long complained that the holding area was too far away from the resort, had no enclosure to protect drivers from the weather, and that the area was prone to robberies and other criminal attacks. Meanwhile, Mr Ferguson told Tribune Business the union was set to rollout a brand new call-up system for taxi drivers at Prince George Wharf.
“We have already provided the Ministry of Tourism with a separate taxi booth which they had required,” he said. “It’s out there and it’s operational. I met with the dock workers on Tuesday and we hashed out the logistics of how the new system will work. That is just waiting an approval from the Ministry of Tourism.” Mr Ferguson had previously said changing the “system” at Prince George Wharf is the “first step” towards revamping the industry’s image. He added: “One of the first things we are doing is changing the systems at the dock to prevent drivers from sleeping out there. The dock is a pressing issue for us. That area is about to undergo a transformation, and so we need to ensure that we are conducting our affairs properly. “We need to present ourselves as legitimate business persons so that when everything comes on stream we can demand what is rightfully ours and not be left behind. We need to demonstrate that we have done our part.”
A TRADE union leader yesterday reiterated that he will “accept nothing less” than Bahamas Power & Light (BPL) training his members to operate New Providence’s new generation plant. Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, doubled down on his argument that BPL must prepare Bahamians to run the 132 megawatts (MW) of extra generation capacity that is being acquired from Wartsila, the Finnish-headquartered manufacturer, in a $95m deal. “They know from last July that they were getting at least 60 MW,” Mr Maynard argued. “The protocol is for them to immediately identify staff they are going to put into those stations. To this day they have not done that. “Everyone is clowning and no one knows the process. They’re [BPL] bringing in consultants from all over the place and they don’t know the process. There are several persons who they could have brought in to explain how the process goes.” The union chief continued: “If they made a deal where training doesn’t come with it, that’s their weakness. Every other time we bought engines it included training for the people who run the [BPL] stations. That’s the way it should be and we’re
PAUL MAYNARD
WHITNEY HEASTIE
accepting nothing less. “They need to get with it and don’t tell me we don’t know how to handle fourstroke engines. Don’t tell me that nonsense. The engines are in poor condition today, and it has nothing to do with our staff. The issue is poor planning. Poor planning cost it. They weren’t able to do proper maintenance on time. Don’t blame us because the station is in poor condition.” BPL confirmed earlier this month that it had contracted Wärtsilä to supply and install seven new engines in an unused section of its Clifton Pier power plant in a bid to reduce energy costs, eliminate load shedding and blackouts, and boost supply security by ultimately ending reliance on rental generation. BPL executives also revealed that they had moved to “fast track” the $95m installation of the trifuel plant, which will be capable of using heavy fuel oil, diesel, and liquefied natural gas when it becomes locally available. Whitney Heastie, BPL’s chief executive, last week told Tribune Business that the state-owned utility will likely seek an ownership interest in the new 220 MW
power plant to be built by Shell North America at Clifton Pier in return for its $95m investment. The Wartsila engines will ultimately be rolled into, and incorporated in, the new Shell plant, with the latter said to have been intimately involved in the technology selection and planning for the initial 132 MW. “What we’re doing is outsourcing the operation and maintenance of that plant to Wartsila, or a Wartsila-qualified service provider will be operating that facility,” Mr Heastie told Tribune Business of the 132 MW. “They’re going to be responsible for providing the training for persons to operate that facility. “We have stipulated that the majority of personnel are Bahamian. We would
prefer them to hire individuals with diesel plant generation experience and train them on the fourspeed engines. There’s no one in New Providence today with that experience on four-speed engines.” Mr Heastie said the new power plant operator will be held accountable by having to meet key performance indicators, such as reliability, availability and cost, which will be based on global energy industry standards. He added that, once the 132 MW becomes operational in OctoberNovember 2019, BPL will be able to reduce its reliance on the Blue Hills power station that burns the more expensive diesel fuel. The utility is currently generating 80 percent of New Providence’s energy needs from Blue Hills, which is why customer fuel charges have soared, a situation not helped by last September’s Clifton Pier fires that took out 63 MW of BPL’s most efficient engines.
PAGE 4, Thursday, March 14, 2019
THE TRIBUNE
REALTOR EXPANDS AHEAD OF ITS 10TH ANNIVERSARY BAHAMAS Islands Realty has unveiled expansion plans just short of celebrating its tenth anniversary “success as a small firm with large talent”. The real estate firm’s founder, Carmen Massoni, a 25-year industry veteran and broker, said: “We are all very excited about the new direction rising from a well-established reputation for personal attention to clients and dedication to service. “We opened our doors not long after the economic downturn of 2008 and our associates, several of whom took a chance going with a new agency, proved their mettle through the local and global challenges. They will do even better with additional strength on the team as we prepare to celebrate our success as a small firm with large talent by expanding and adding new depth and dimensions to our marketing and our services.” Among the new additions is Ryan Knowles,
BAHAMA Islands Realty has expanded its team through the additions of Kelli Wells-Sadowski, who will spearhead recruitment and direction, and Ryan Knowles, who will lead sales and marketing innovation. who has moved to Bahama Islands Realty from rival realtor HG Christie. Mr Knowles, 33, who was the youngest person in Bahamian history to earn a real estate license, has a personal track record of more than $100m in transactions over a ten-year period, including a single private residence that
sold for $16m at Ocean Club Estates. “We are very happy to add Ryan to our mix, and know he is prepared to hit the ground running,” said Ms Massoni. “He brings with him an impressive sales record and a reputation for innovation. “We’re confident that his knowledge and experience
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will be a perfect fit, and positively impact the restructuring exercise the company is undergoing. We are especially excited about the innovation he plans to implement in marketing.” While Mr Knowles focuses on sales and marketing, Kelli Wells-Sadowski will take on broader responsibilities by helping to spearhead growth, technology, recruiting and administration as well as continuing in her role as sales associate. She holds a Master’s degree in industrial and organisational psychology, academic training that Ms Massoni said will be invaluable in the new role. “Kelli (Wells) has been under my tutelage for decades, and in real estate for the last five years. She is the perfect candidate to spearhead new directions. She is diligent, astute and hard-working with a great eye for detail, and we are all delighted that she has agreed to assume a larger role in the firm,” said Ms Massoni. “These are exciting times, with lenders more willing to write mortgages, lending rates remaining affordable and several new developments in New Providence and the Family Islands in every conceivable price range either on the drawing board or already rising from the ground. “I can think of no better time in the history of Bahamian real estate to be in the business for those who are willing to work hard and give it their all. With this new team in place and other changes in the pipeline, Bahama Islands Realty is well-positioned to become one of the region’s top real estate firms.” Mr Knowles said: “Bahama Islands Realty has the potential to become one of the top firms in the region, and I am excited about getting in on the ground floor while working alongside the pro’s pro, Carmen Massoni, and the talented Kelli Wells. The road ahead looks very promising.”
‘I cannot go further with people’s funds’ on Grand Lucayan FROM PAGE ONE special purpose vehicle (SPV) designed primarily to ensure its rapid sale to a new private owner, the minister said the government “cannot burden the taxpayer any more” in saving Freeport’s tourism/ hotel industry and wider economy.’ Mr D’Aguilar added that the Minnis administration had already committed an extra $500,000 of taxpayer monies over and above what BHMA members are due under the law in a bid to settle, and was not prepared to go beyond its latest $3.1m-$3.2m offer. While acknowledging that Mr Ferguson was bound to seek the best deal for his members, Mr D’Aguilar said he and the government are “charged with looking after the interests of 400,000 Bahamians”. Backing the stance taken by Michael Scott, the Grand Lucayan’s chairman, the minister told Tribune Business: “Mr Obie Ferguson keeps making reference to the fact the managers at the Grand Lucayan should be afforded the same privileges given to employees at stateowned enterprises. “He often makes reference that the settlements are not as lucrative as those given to employees at BTC, BPL and the like, and former Hotel Corporation properties. I’m confused as to how he substantively believes that the managers at the Grand Lucayan, which up until September 10, some six to seven months ago, was owned by a private company, can suddenly be offered the same lucrative privileges and settlements that were afforded long-standing employees of state-owned enterprises.” “I don’t understand how he [Mr Ferguson] drew the conclusion, given that the government acted in the interest of saving the hotel from closure and dereliction similar to that experienced by the Royal Oasis, that this should somehow burden the taxpayer with huge, costly,
increased expenses relating to a settlement.” Distinguishing the government-owned special purpose vehicle (SPV) that controls the Grand Lucayan from previous VSEP offers, Mr D’Aguilar added: “The Grand Lucayan is not a state-owned enterprise. “Lucayan Renewal Holdings was really set up to facilitate the onward sale from one private employer to another, and were those employees still employed by Hutchison Whampoa they would have received what they were entitled to under the law [Employment Act], which is what the government is proposing to do plus add an additional $500,000 of taxpayer monies to encourage them to take advantage of the VSEP. “I don’t understand where he suddenly draws the conclusion that they’re entitled to the lucrative severance packages that may have been offered at SOEs in the past. That’s a faulty analysis and faulty conclusion.” Tribune Business reported earlier this week that Mr Ferguson and the BHMA had gone back to the Industrial Tribunal in Freeport to seek redress for their grievances after rejecting the government’s latest $3.1m payout offer, which was submitted via a letter from Mr D’Aguilar on February 27. The two sides are still $2.4m apart on their valuations of the voluntary separation packages (VSEPs). The government and Grand Lucayan Board say the union’s comparisons with previous VSEPs are also inappropriate because those involved operating businesses in the process of being sold or restructured while the Grand Lucayan has yet to be disposed of. The government is also basing the VSEP offers on the Employment Act, which caps payouts at 12 years of service, but the BHMA and its 114 Grand Lucayan members are arguing that this applies only to redundancy/terminations - not voluntary departures. The union’s total $5.5m payout figure also includes the workers’ retirement annuity, but the Grand
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PLEASE NOTE THAT THIS IS A GENERAL NOTICE PROPERTY OWNERS/HOME OWNERS IN THE WEST WINDS SUB-DIVISION PLEASE NOTE THAT THERE WILL BE AN ANNUAL GENERAL MEETING (AGM) DATE: THURSDAY 4TH APRIL 2019 TIME: 6:30 PM VENUE: PAVILION POOL SITE WESTWINDS PLEASE NOTE THAT PROXY VOTING FORMS WILL BE AVAILABLE AT THE OFFICE AND VIA EMAIL Email address: westwindemail@gmail.com Telephone #’s: 677-0202 & 327-3159 THANK YOU FOR YOUR CO-OPERATION WESTWINDS MANAGEMENT TEAM
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Thursday, March 14, 2019, PAGE 5
WATER & SEWERAGE IN OUT ISLAND OUTSOURCE THE Water and Sewerage Corporation (WSC) has signed a contract with Sun Island Transfers (SunCash) to collect Family Island customer payments and move them to New Providence. Adrian Gibson, the Water & Sewerage Corporation’s chairman, and Barry Malcolm, chief operations officer for Sun Island Transfers, signed the two-year agreement during a brief ceremony at the corporation’s headquarters on Tuesday. The deal took effect as of yesterday. “I anticipate us having a good relationship over the next two years as you assist the Water & Sewerage Corporation with its collection efforts and safely getting our monies to New Providence,” said Mr Gibson. “This agreement will call for Sun Island Transfers to establish various outlets, which I believe they already have in place throughout the islands. These islands have the ability to pay Water & Sewerage Corporation bills. The agreement for
us is quite fair.” Sun Island Transfers will be responsible for staffing; security of license approvals; training; marketing and public relations strategies; collections; security; establishment of standard operating procedures; preserving and protecting client data; and client confidentiality. Mr Gibson described the contract signing as a “momentous” occasion, and said he anticipates a long-standing relationship with Sun Island Transfers as a result of the Family Island payments collection outsourcing. “As you are all aware, Royal Bank and Scotiabank pulled out of various islands, including Long Island. We have had persons concerned with cash, the collection, movement and storage of cash, given that circumstance,” he added. Elwood Donaldson, the Water & Sewerage Corporation’s general manager, said all the technical issues have been resolved, and the service is tested and ready to run.
going forward,” said Mr Donaldson. Mr Malcolm said his company was “excited” to add the Water & Sewerage Corporation to the services that Sun Island Transfers/ Sun Cash offers. “Over the last year-anda-half we have built an extensive network of services in the Family Islands particularly. We are in Nassau, Grand Bahama and Abaco in a big way, but for us the focus has been on getting in the Family Islands over the last year-and-a-half.” BARRY MALCOLM, chief operations officer for SunCash, signs the agreement as Adrian Gibson, Water & Sewerage Corporation chairman, centre, and Elwood Donaldson, Water & Sewerage Corporation general manager, look on. Photo: Derek Smith/BIS “Persons are able to pay starting tomorrow using the service. It is very beneficial to us. The issues in our southern islands and more remote islands in collecting cash - this will help the corporation in the long run
Commonwealth Bank officer passes Series 7 A CREDIT officer at Commonwealth Bank, Ashley Archer, has passed the Series 7 general securities exam after training with the Nassaubased Nastac Group. The training provided an understanding of securities regulations and investment products. Mrs Archer can now apply to the Securities Commission of The Bahamas to be licensed as a broker and financial advisor. Reece Chipman, The Nastac Group’s president and chairman, is pictured congratulating Mrs Archer on her achievement.
Crypto regulation must be ‘friendly’ to entrepreneurs FROM PAGE ONE involved in the token economy. We need to drive innovation and creativity in this space, and allow Bahamians who are innovative and have global connections to participate. It shouldn’t be that you need $500,000 or $1m to participate. We have a real opportunity before us here. Just look at what Barbados, Cayman and Bermuda are doing. We just need to have the right legislation and promote entrepreneurial opportunities. The legislation has to be entrepreneur friendly.” Mr Johnson’s spoke out after K Peter Turnquest, deputy prime minister, this week revealed that legislation to govern the cryptocurrency industry in The Bahamas is being drafted through the Securities Commission and should be available for public consultation shortly. “The whole issue around cryptocurrencies and assets
is a very dynamic and moving initiative,” said Mr Turnquest. “There is legislation being drafted through the Securities Commission, and we hope to have the first draft for public consultation very shortly, once it’s been presented to Cabinet and approved. Hopefully we will have the framework around that in short order.” He added that cryptocurrency exchanges and companies operating within this space have expressed interest in setting up operations in The Bahamas, and said: “We want to make sure we have the right regulatory environment set so we don’t end up with disastrous situations where we have shysters or con men taking advantage of a lax regulatory environment.” The Central Bank of The Bahamas, responding to a rash of companies promoting initial coin offerings (ICOs) and crypto/Blockchain solutions, last year moved to warn Bahamians of the risk
involved in investing in a still-evolving industry. “The Central Bank of The Bahamas wishes to advise the public that no licence has been granted to cryptocurrency operators by the bank or any other financial regulator to offer digital currency, or to provide such services such as cryptocurrency exchanges, crypto loans or crypto and fiat processing in or from within The Bahamas,” the Central Bank warned. “Persons investing in such products and services do so at their own risk.” The Central Bank added that crypto/ digital currencies were not legal tender in The Bahamas, are not issued or backed by it, and are not legal foreign currency either.
PAGE 6, Thursday, March 14, 2019
THE TRIBUNE
‘Mickey Mouse governance’ is Wells LOI price FROM PAGE ONE Speaking after the Supreme Court last week struck out the LOI-related $727.364m claim against Mr Wells and two codefendants, Mr McCartney agreed that the controversy was now likely to be “swept under the rug” and forgotten as a result of that verdict. He added that the case brought by Stellar Energy, which had proposed developing a $600-$650m waste-to-energy plant at the New Providence landfill, had likely represented the Bahamian people’s best hope of uncovering the truth surrounding the controversy that erupted in summer 2014. Mr McCartney said the veil of silence drawn over the matter by both the Progressive Liberal Party (PLP) and Free National Movement (FNM), together with Mr Wells
himself, had made a mockery of “transparency and accountability” in government with the Bahamian people the “biggest losers” as a result. With the prospects of Stellar appealing the Supreme Court’s ruling thought to be remote, the potential end to its action means further answers to the LOI controversy will not emerge via the legal discovery process. However, Mr McCartney told Tribune Business: “That does not take away from the fact there was a lack of transparency and openness to the Bahamian people at the time the LOI was signed. “At the time it was signed the then-PLP government was very quiet on it and said nothing up until the 2017 general election. During that time, the thenopposition, which is now the government, was very adamant about knowing
what happened and why is was signed. “But, when Mr Wells decided to go over to the FNM when it was still in opposition, notwithstanding there was a previous cry by them regarding those questions, they then said they were satisfied with the explanation he gave - which has been kept quiet, and unknown, until this day.” Mr Wells, who is currently minister of transport and local government, became embroiled in controversy in mid-July 2014 when the LOI he signed with Stellar over its wasteto-energy project was leaked to the media. He was accused of signing it on the government’s behalf without proper authorisation, and departed his post as Ministry of Works parliamentary secretary some 80-90 days later. Mr Wells and fellow MP, Andre Rollins, ultimately switched sides from the
BOUYGUES BATIMENT INTERNATIONA BAHAMAS BRANCH, MSC Ocean Cay Marine Reserve is looking for candidates to work on Ocean Cay, a remote island, located 35 miles south Bimini. You will be required to live and work on Ocean Cay for weeks at a time. Accommodation and meals are provided free of cost. At this moment we are seeking to fill the following positions: HEAVY EQUIPMENT OPERATOR Candidate must be able to operator one of the following equipment’s: Backhoe, Telehandler, Dump Truck Operator certification is a requirement CRANE OPERATOR Candidate must be well experienced in operating moving crane Crane Operator license is a must SKILLED EQUIPMENT MAINTENANCE EXPERT Candidate will be responsible to review and complete list of equipment spare parts. Revise job site equipment to determine which ones are needed. Organize maintenance process, etc. SKILLED MECHANIC Experience working on hydraulic; truck engine and boat engine SKILLED ELECTRICIAN Candidate must have knowledge of 3 phase electricity; generator; able to do installation; understanding of blue print SKILLED PLUMBER Candidate must have knowledge of pipe work and installation as well as understanding of pitch QUANTITY SURVEYOR • Liaise and collaborate with the construction and design teams in all aspects of contractual activities. Take ownership for maximizing commercial results for allocated projects, to represent and meet client expectations • Prepare the cost / value reconciliation reports accurately • Agree final accounts with subcontractors to maximise project margins • Prepare or assist with cost/value reconciliation reports on a monthly basis • Agree final accounts with subcontractors to maximise project margin under direction of line manager CAD TECHNICIAN • Responsible of translating project requirements into drawings/models • Collaborate with other designers, engineers and architects to convert information into layout designs, drawings and models using REVIT and AutoCAD • Understand and operate according to project scope, specifications and design criteria • Ideally candidate will have at least 5 years of experience, knowledge of construction field, reading blueprints and architectural drawings preferred or equivalent combination of education and experience PROJECT QUALITY OFFICER • Assist with job site incident reporting, corrective action follow up, audits and advisory functions • Monitors job site development and implement Corrective and Preventive Action track quality control • Ensure that management system requirements are implemented and maintained • Maintain a system of reporting job site incidents and recommend solutions to rectify deviations • Conduct weekly and monthly inspections and audits based on project requirements • Bachelor’s degree on Quality Management / Health & Safety is required • Good knowledge on Health & Safety Management System & OHSAS 18001 Standards • Working knowledge of ISO 9001 requirements and Local Bahamians Regulations If you are interested in these great opportunities, please submit your resumé to: recruitment@bouygues-construction.com
PLP to the FNM but even that failed to produce an explanation for the affair. Despite describing the LOI sage as a “tempest in a teapot” and “storm in a team cup”, suggesting it was much ado about nothing, Mr Wells has failed to detail the events leading up to the LOI’s signing to this day. Dr Hubert Minnis, then Opposition leader, said at the time the FNM knew what had happened but provided no details or further comment. “The issue of transparency and accountability is at the foundation of all of this,” Mr McCartney said yesterday. “It is fundamental and still outstanding. It just tells us that talk is cheap and money buys land. “We as the Bahamian people still don’t know what that’s [the LOI] all about. It’s amazing in this country. In other countries the people would be screaming to get answers, just like we ought to be screaming to get answers to many things, and there ought to be consequences for those in authority that fail to give answers. “It’s the people’s money, it’s the people’s business. In many instances it’s the people’s land, and I hate to be funny, but it’s the people’s time.” The former Democratic National Alliance leader added that episodes such as the LOI controversy, where there was no accounting to the Bahamian people for actions in public office, inevitably undermined good governance and trust in government. “I think it’s going to be a dead issue,” Mr McCartney told Tribune Business, referring to Stellar’s court defeat, “like others that had fundamental consequences for transparency and accountability. This matter will be swept under the rug. “This particular one is quite unique because both administrations are culpable in not giving information. The governing
party, the PLP, and a few months later the FNM as opposition. The FNM took ownership of it [after Renward Wells joined them] and did exactly what the PLP were doing and felt it was OK.” Mr McCartney said the LOI saga had “set a precedent” that continues to sour the political climate, with the two major parties constantly trading barbs over the other’s alleged poor governance - as illustrated by Disney’s Heads of Agreement for Lighthouse Point. “It positions the political dynamic in a way where: ‘You did it,so I can do it too’,” he argued. “Who suffers for it? The Bahamian people, and it certainly doesn’t advance our country as a result. It’s sad, man. It’s a sad situation. “You know what it does? It keeps us in a Mickey Mouse state of governance. Look at us. We’re not modernising, we’re not progressing in that regard in ensuring good governance and true accountability and transparency. We have not progressed.” The LOI controversy abruptly resurfaced this week after the Supreme Court dismissed the $727.364m damages claim brought against Mr Wells and two co-defendants, former Cabinet minister Algernon Allen and Frank Forbes. Stellar Energy launched its ill-fated lawsuit in September/October 2016, claiming damages for loss of opportunity/profits, and seeking declarations that the government both “honour” the LOI contract and not award a wasteto-energy contract to any other company until it received those funds. But Carol Misiewicz, the deputy Supreme Court registrar, found that Stellar Energy and its affiliates were “from any angle unable to sustain an action on the basis of the LOI”. “In any event the LOI, for whatever it was worth,
automatically expired one year from the date of its execution, which was on July 3, 2015,” the deputy registrar found. “It was a discussion document, subject to contract and was not binding in law. Approached from any angle, the plaintiffs [Stellar] are unable to sustain an action on the basis of the LOI.” The best explanation for the LOI affair came from Mr Wells’ former parliamentary colleague, Dr Andre Rollins, who described it as a “manufactured political controversy”. That matched evidence uncovered by Tribune Business, which suggested Mr Wells became a “fall guy”, or “sacrificial lamb”, in a battle between different Christie Cabinet factions over the New Providence landfill. These factions were backing different private sector offers to take over the landfill, and the LOI is thought to have been leaked by one side in a deliberate effort to scupper Stellar’s chances by embroiling it in a firestorm of political controversy. This newspaper obtained a May 26, 2014, letter written by Michael Halkitis, then-minister of state for finance, to the Inter-American Development Bank’s (IDB) Bahamas country representative stating that “the government has issued an initial LOI” to Stellar Energy. That letter was dated some five to six weeks BEFORE Mr Wells signed the LOI, suggesting key members of the Christie Cabinet knew of its existence in advance and of the government’s intentions - at least at that point - to sign it. There is nothing, though, to suggest Mr Halkitis did anything wrong. All involved with the Stellar LOI and subsequent court case, along with both major political parties, are likely to welcome the Supreme Court ruling given their eagerness to put the matter behind them.
THE TRIBUNE
Thursday, March 14, 2019, PAGE 7
Moody’s: Govt to miss balanced budget goal FROM PAGE ONE forecasts, is nevertheless some 20 basis points higher. This, if it comes true, would add around $26.5m to the “red ink” incurred during the 2018-2019 fiscal year, taking the deficit to around $263.5m. The credit rating agency said future deficits will also come in higher than those set out in the Minnis administration’s three-year fiscal consolidation plan. While the government is forecasting a deficit equal to one percent of GDP for 20192020, keeping it in line with the Fiscal Responsibility Act’s requirements, Moody’s is projecting that it will be around 1.8 percent. As for the government’s ambition to run a GFS surplus of $10m in 2020-2021, likely the first time this would happen in modern Bahamian history, Moody’s dashed
those hopes by projecting it would still run a deficit close to one percent of GDP. “Nevertheless, even under our more conservative deficit estimates we expect a stabilisation in the government’s debt burden over the coming years,” it said, confirming that the Minnis administration is on track to achieve its goals - just not as quickly as thought. Moody’s is forecasting that The Bahamas’ debt-to-GDP ratio will reduce from just over 58 percent presently to 56 percent by the end of the 2020-2021 fiscal year, setting it firmly on a downward trajectory but just not as rapidly as the government’s 54 percent goal is projecting. Praising the fiscal consolidation achievements to-date, Moody’s said yesterday: “We expect the fiscal profile to strengthen over time. When the current administration took office in 2017, it vowed
to consolidate government finances and has been relatively successful in doing so. “The fiscal deficit narrowed to 3.3 percent of GDP in 2017-2018 from 5.5 percent in 2016-2017 thanks to a series of revenue-enhancing measures and expenditure controls. The deficit reduction took place even as the government cleared arrears equivalent to 1.6 percent of GDP (more than $200m)... “By 2021, the government also plans to rein in current expenditure growth in line with limits set in the fiscal rules (once the fiscal deficit reaches 0.5 percent of GDP, current expenditure growth will be capped at the rate of nominal GDP growth).” Turning to the present, Moody’s added: “The government so far appears to be on track to achieve its targets. In the first six months of 2018-2019, the fiscal deficit narrowed to 1.3 percent of GDP from two percent in the same period a year earlier (down 31 percent year-overyear in nominal terms). “Although there have been delays to implementing higher gaming
taxes, revenue increased by 14.7 percent year-overyear, driven primarily by the higher VAT rate. At the same time, expenditures only rose by 4.4 percent, and the increase primarily reflected higher spending on goods and services related to the clearing of arrears, which remains a key priority for the government. Spending on wages and capital expenditures fell in nominal terms.” Recalling the $760m in unfunded arrears identified by the government upon taking office, Moody’s reaffirmed that The Bahamas’ fiscal credibility will strengthen in time if it executes - and sticks to the measures contained in the Fiscal Responsibility Act, pledges to introduce accrual-based accounting in the public sector by 2022, and more frequent fiscal reporting. “Historically, budgetary outcomes in The Bahamas were revised on an almost yearly basis because of a combination of weak public accounting practices, a lack of transparency and a lack of proper guidelines for fiscal policy outside of the medium-term fiscal consolidation plan, which itself was
revised on a yearly basis,” the rating agency added. “Increased periodicity (releasing quarterly data rather than annual data) and timeliness (releasing the data within four weeks after the end of the referenced quarter) will strengthen transparency and accountability of fiscal policies, and support evidence-based policymaking. “From a monitoring perspective, it will allow for a better understanding of the effect of in-year fiscal developments that may lead to deviations from the budget. This is particularly relevant for The Bahamas given its exposure to climate-related events, mainly in the form of hurricanes.” Turning to economic growth, Moody’s said The Bahamas in 2018-2019 had exceeded its long-run average growth potential of 1.5 percent for the first time since 2012 - a gap of six to seven years. While shaving the International Monetary Fund’s (IMF) growth projections of 2.3 percent for 2018, and 2.1 percent for 2019, Moody’s nevertheless confirmed that the Bahamian economy was set to enjoy its most
consistent expansion since the 2008-2009 recession. “Although we expect economic growth to remain low on a comparative basis, at around 1.8 percent this year and 1.6 percent in 2020 – driven largely by tourism and FDI-related construction projects – it will be higher than potential growth, which we estimate at around 1.5 percent,” the rating agency added. “Potential growth is constrained by structural factors including high energy costs, low credit growth and a difficult business environment (as evidenced by low rankings in the World Bank’s ease of doing business rankings). “Although the Government has made some progress in reducing red tape, it has not yet been sufficient to improve the overall business environment. Issues that affect the energy sector will take years to address and to translate into lower energy costs. The government established a credit bureau this year, which aims to improve credit conditions by providing lenders with enhanced information about borrowers, but we only expect results to materialise in the medium term.”
PAGE 10, Thursday, March 14, 2019
THE TRIBUNE
RBC FINCO: We ‘underperformed’ ‘I cannot go further with people’s funds’ on Grand Lucayan
FROM PAGE ONE
percent year-over-year net income improvement to $25.318m driven almost entirely by a 55.1 percent decline in loan loss provisioning. “Our core earnings underperformed and continue to be under pressure from lower mortgage growth, lower mortgage interest rates and high levels of delinquent and non-performing mortgages,” Mr Johnston told investors. “Other operating costs remained relatively flat year-over-year with a three percent reduction.” Nathaniel Beneby, FINCO’s managing director, said the mortgage lender “remains competitive” and is “maintaining market share” after all lenders were hit by a contraction in the mortgage market. “Competition not only from our traditional competitors, but from non-financial lending institutions also has an impact on growth,” he added. “In addition, Bahamians are highly leveraged with consumer debt, and when the national Credit Bureau is fully functional, this could further slowdown credit growth in the country.” FINCO informed
shareholders: “The loan portfolio contracted to $704.8m (decrease of $53.3m or seven percent) compared to $758.1m in 2017. This decline is a result of loan write-offs and increased provisions for credit losses. “The total allowance for loan losses is 11.8 percent of the total loan portfolio and 76.3 percent of non-performing loans, compared to 8.9 percent and 61.7 percent, respectively, for the fiscal year 2017.” The lender also took an early $22.2m increase in provisions as a result of changed international accounting standards. FINCO has gradually reduced the size of its workforce as its operations have become ever-more integrated with those of RBC, its 75 percent majority shareholder, in a bid to reduce costs and create efficiencies. The previous financial year was no different as staff numbers fell from 31 to 27, leaving FINCO’s workforce less than half the size it was in 2015 when it stood at 63. FINCO’s efficiency ratio fell by 160 basis points to 31 percent as a result of its revenues declining, but return on equity improved to 12.3 percent due to the 15.3 percent jump in profitability compared to 2017.
FROM PAGE FOUR Lucayan Board’s position is that it needs to take this issue up with Hutchison Whampoa - not the government. Some observers will likely argue that the government should have left the staff payouts to the Hong Kong conglomerate rather than take responsibility itself, as this could have avoided the present impasse. Mr D’Aguilar, though, affirmed that the Minnis administration will be resolute in protecting the Bahamian public’s wider interests by minimising taxpayer exposure to the Grand Lucayan. “The government is just not wanting to burden the taxpayer with any more than it has to in facilitating the onward sale of this hotel,” he told Tribune Business. “It wants to be fair, give what everyone is entitled to under the law, have a little additional amount to encourage the staff to take the VSEP, and the only thing standing between the distribution of $3.1m to 90 workers... “Mr Ferguson is hoping to get far more than the government is prepared to
NOTICE
IN THE ESTATE OF CAROL MOSS late of Chester’s Acklins, one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 28th day of March, 2019 to send their names, addresses and particulars of their debts or claims to the undersigned and if so required by notice in writing from the undersigned, to come in and prove such debts or claims or in default thereof they will be excluded from the benefit of any distribution AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned AND NOTICE is hereby given that the expiration of the date hereinbefore mentioned, the assets of the Estate of the said CAROL MOSS, deceased, will be distributed among the persons entitled thereto having regard only to the claims of which the Administrators of the Estate shall then have had notice. DATED the 7th day of March A.D., 2019 PROVIDENCE LAW 16 Samana Hill Village Road North New Providence, Bahamas Attention: Mr. Merrit Storr
give. The government has gone as far as it can with the people’s money. It has taken the bold step of saving the hotel and preparing it for its onward sale, but it really doesn’t want to burden the taxpayer with any more than it absolutely has to. “While Mr Obie Ferguson is looking out for his 91 members, the government is charged with looking after the interests of 400,000 Bahamians.” The government is now taking increasing fire from the opposition over the costs it is incurring over the Grand Lucayan’s purchase, and operations, as it bids to secure a buyer that will transform the resort into a profitable, sustainable tourism destination. The Minnis administration’s six-month “fiscal snapshot”, covering the first half of the 2018-2019 fiscal year, revealed that it injected $45.4m into the Grand Lucayan resort, including $13m to cover its operational costs, during the period to end-December 2018.
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Bluechord Ventures Ltd. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 8th day of March, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas). Dated this 11th day of March, 2019 (AMICORP BAHAMAS MANAGEMENT LIMITED)
LIQUIDATOR
THE TRIBUNE
Thursday, March 14, 2019, PAGE 11
Howard Schultz offers vision for an independent presidency
MIAMI Associated Press FORMER Starbucks CEO Howard Schultz yesterday offered his vision for what an independent presidency could look like, even though he still hasn’t decided whether to enter the White House race himself. In a speech at Miami Dade College, Schultz laid out his plans for protecting democracy and free enterprise and sought to show how a president elected outside the twoparty system could repair the current dysfunction in Washington. Schultz also vowed to sign only legislation that has bipartisan support and to not put forward any Supreme Court nominee who cannot be confirmed by two-thirds of the Senate. “The courts have become
FORMER Starbucks CEO Howard Schultz delivers a speech at Miami Dade College. yet another battlefield in the ongoing war between Democratic and Republican leaders,” Schultz said. “These battles have undermined our faith in the rule
of law and the impartiality of the entire judicial system. All of this has to change.” Schultz also said that he would assemble a Cabinet that includes members from
across the political spectrum and consists of a larger share of women than that of any previous president. In an explicit contrast to President Donald Trump, Schultz argued that he’ll nominate “the most qualified people, period” and that he won’t “humiliate them on Twitter or make decisions so outrageous that they feel compelled to resign in protest”. Trump’s Cabinet has been plagued by regular turnover and scandal. The 65-year-old billionaire also highlighted his difficult upbringing in a New York City public
housing project. Rothschild Toussaint, an economic major who attended Schultz’s speech, said the former CEO’s centrist message is one that could unify the country during a time of extreme divide. Although he is a registered Democrat, Toussaint, who immigrated to the US from Haiti, said he is “open to all possibilities” for the upcoming presidential election. “It seems like a lot of self-interest is starting to pull apart politics, especially along Democrat and Republican lines,” he said Schultz has been
exploring a potential independent candidacy for months, to the dismay of some Democrats who say that an outside independent candidacy could have a spoiler effect, handing Trump a second term. Schultz, a lifelong Democrat who recently registered as an independent, has said he would do nothing to help re-elect Trump. He has said that Democrats and Republicans are equally to blame for repelling voters at the centre of the political spectrum, and he has argued that an independent candidacy like his could reengage them.
PAGE 12, Thursday, March 14, 2019
THE TRIBUNE
Countries and carriers around globe ground Boeing 737 Max SINGAPORE Associated Press A GROWING number of airlines and countries around the world have grounded Boeing 737 Max jets or banned them from their airspace following the crash of an Ethiopian Airlines plane that killed 157 people on Sunday, five months after a similar Indonesian Lion Air jet plunged into the ocean, killing 189. A look at those countries and airlines: • AUSTRALIA Australia has announced a temporary ban on flights by 737 Max aircraft, although none of its airlines currently operate them. The Civil Aviation Safety Authority said on Tuesday that the ban will affect two foreign airlines — SilkAir and Fiji Airways — that use them for flights to Australia. • BRAZIL Brazil’s Gol Airlines has suspended the use of seven Max 8 jets. The airline said it hopes to return the aircraft to use as soon as possible. Gol said it has made nearly 3,000 flights with the Max 8. • CANADA Canadian yesterday closed its airspace to the Max 8. Canadian Transport Minister Marc Garneau said a comparison of vertical fluctuations found a “similar profile” to the Lion Air crash that killed 187 people in October. Canada lost 18 of its citizens in Sunday’s crash, the second highest number after Kenya. • CAYMAN ISLANDS Cayman Airways, a Caribbean carrier, has stopped using its two Max 8 jets. President and CEO Fabian Whorms said the move starting on Monday will cause changes to flight schedules. Cayman is the flag carrier of Cayman Islands, a British overseas territory. • CHINA China has 96 Max 8 jets in service, belonging to carriers such as Air China, China Eastern Airlines and China Southern Airlines. The civil aviation authority directed the planes to be grounded indefinitely on Monday. There were eight Chinese citizens on the Ethiopian Airlines flight that crashed shortly after taking off on Sunday. • ETHIOPIA A spokesman for Ethiopian Airlines said it grounded its remaining four Max 8 jets as an “extra safety precaution” while it investigates Sunday’s deadly crash. The airline is awaiting the delivery of 25 more Max 8 jets. • EUROPE The European Aviation Safety Agency has issued a directive grounding all 737 Max 8 and Max 9 aircraft. EASA said in its emergency airworthiness directive on Tuesday that “at this early stage” of the most recent investigation, “it cannot be excluded that similar causes may have contributed to both events.” The grounding applies to all European Union airspace. • FIJI Fiji has suspended all Max 8 flights in and out of the country. The decision only affects one operator, Fiji Airways. • HONG KONG Hong Kong has banned the operation of all 737 Max aircraft “into, out of and over” the key Asian aviation hub beginning last evening. The announcement from the Civil Aviation Department said the ban would continue “until further notice”. It said the department has been in close contact with the two airlines, SpiceJet of India and Russia’s Globus Airlines, that use the aircraft to operate flights into and out of Hong Kong International Airport. • ICELAND Icelandair Group has temporarily suspended operations of its three 737 Max aircraft until further notice. President and CEO Bogi Nels Bogason said on Tuesday that the temporary suspension won’t impact the company’s operations, as it only affects three aircraft out of a fleet of 33.
• INDIA India has grounded all 737 Max 8 planes. A statement late on Tuesday said the planes “will be grounded till appropriate modifications and safety measures are undertaken to ensure their safe operations”. The statement did not say how many planes were affected. • NEW ZEALAND New Zealand has suspended Max 8 flights in and out of the country. The decision only affects one operator, Fiji Airways. No New Zealand airlines use the Max 8 planes. • MALAYSIA The Civil Aviation Authority said no Malaysian carriers operate the Max 8, but that foreign airlines are banned from flying the plane in Malaysia, and from transiting in the country, until further notice. • MEXICO Mexican airline Aeromexico has suspended flights of its six Max 8 jets. Aeromexico said it “fully” trusts the safety of its fleet but ordered the grounding to ensure “the safety of its operations and the peace of mind of its customers”. It said other planes will take over the routes usually flown by the Max 8. • OMAN Oman and the United Arab Emirates have barred flights by Max 8 and Max 9 aircraft. Oman’s Public Authority for Civil Aviation made the sultanate’s announcement, without elaborating on its reasoning. State-owned Oman Air operates five Max 8 aircraft and said it was rescheduling other planes for its flights. • PANAMA Copa Airlines has temporarily suspend operations of its six MAX 9 planes until the cause of the Ethiopian crash is known. • SINGAPORE Singapore has temporarily banned Max 8 jets — and other models in the Max range — from entering and leaving the country. SilkAir, a regional carrier owned by Singapore Airlines, has six Max 8 jets. It said the ban “will have an impact on some of the airline’s flight schedules”. • SOUTH AFRICA Comair, the operator of British Airways and Kulula flights in South Africa, has grounded its Max 8 while it consults with Boeing, other operators and technical experts. Its statement did not say how many planes were affected. It said the decision was made without intervention from regulatory authorities. • SOUTH KOREA South Korean airline Eastar Jet has suspended operations of its two Max 8 planes and replaced them with Boeing 737-800 planes starting yesterday on routes to Japan and Thailand. The airline said it hasn’t found any problems, but is voluntarily grounding the planes in response to customer concerns. • TURKEY Turkish Airlines has suspended all Max flights. In a statement on Tuesday on Twitter, CEO Bilal Eksi said the suspension would continue until the “uncertainty affecting safety is cleared”. • UAE The UAE’s General Civil Aviation Authority has banned the aircraft from its airspace in what is said was “a precautionary measure”. The Max is the workhorse of the Dubai governmentowned budget carrier FlyDubai. It operates 11 Max 8 and two Max 9 jets. Its total fleet is around 60 aircraft, including other models of the 737. • UNITED STATES The US Federal Aviation Administration grounded the MAX yesterday, saying “new information” indicated some similarities with a Lion Air crash in the Java Sea that killed 187 people in October. The agency suspended the jets while investigators determine whether there was a shared cause of the two crashes. The FAA had been criticised for allowing the planes to fly while dozens of countries suspended their use.
THE TRIBUNE
Thursday, March 14, 2019, PAGE 13
Big tech companies cast as monopolies in UK government study LONDON As soc iated Pres s FACEBOOK, Google, Amazon and Apple are once again being cast as monopolies that have become too powerful for society’s good, a recurring theme that’s increasing the pressure to rein them in. A 150-page report commissioned by the British government depicts big digital companies in search, social media, advertising and e-commerce as threats to competition, innovation and personal privacy. Meanwhile, the music streaming service Spotify filed an antitrust complaint in Europe against Apple, accusing it of stifling competition through its control over the iPhone’s operating system and app store. Yesterday’s dual attacks provide more fodder in a loudening worldwide debate about whether stricter rules need to be drawn up to handcuff or even break up leading tech companies as they try to extend their tentacles into new market. “What you’re seeing is a broad recognition that there is a problem,” said Matt Stoller, a fellow at Open Markets, an institution that studies corporate monopolies and advocates for more competitive markets. In the US, Democratic presidential candidate Elizabeth Warren last week proposed breaking up the biggest US tech companies, slamming them for having too much market and political power. That high-profile missive further emboldened longtime critics such as US Labor Secretary Robert Reich, now
a professor of public policy at the University of California, Berkeley. He likens Facebook, Google and Amazon to “robber barons” that built vast business empires on innovations in the late 19th century, an era that became known as the Gilded Era. “We’re now in a second
LEGAL NOTICE
NOTICE JABECCA FOREVER LTD. N O T I C E IS HEREBY GIVEN as follows: (a) JABECCA FOREVER LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 13th March, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c)
The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
Dated this 14th day of March, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator
Gilded Age, ushered in by semiconductors, software and the internet, which has spawned a handful of (hightech) behemoths and a new set of barons,” Reich recently wrote in The Guardian, a British newspaper. The British government’s new report was led by
Harvard University professor Jason Furman, who was a chief economic adviser to former US President Barack Obama. The report found that global tech giants don’t face enough competition and said that existing rules are outdated and need to be strengthened.
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NOTICE
NOTICE is hereby given that MARCELLIN ETIENNE of Peter Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.
Legal Notice
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 Notice is here by given that WARWICK MANN INTERNATIONAL INSURANCE BROKERS LTD is in dissolution and the date of commencement of the dissolution is the 14th March 2019. The Liquidator of said company is ELCO CORPORATE SERVICES LTD. Located at Loyalist Plaza, Don Mackay Blvd. P.O. Box AB 20377 Marsh Harbour, Abaco, Bahamas
PAGE 14, Thursday, March 14, 2019
THE TRIBUNE
6 THINGS SMALL BUSINESSES CAN DO TO IMPROVE CYBERSECURITY
Assistant Claims Manager
NEW YORK Associated Press
Are you a people person? Join a team where people come first.
SMALL businesses can be more vulnerable to cyberattacks than larger companies because they often don’t have sophisticated and comprehensive systems to protect themselves from hackers, viruses, malware and what’s called ransomware. And owners who are focused on customers and employees may not ensure that their defenses are up to date. But there are things small businesses can do to improve cybersecurity. Here are six: • Don’t do it alone. Small companies, if they can’t afford their own in-house technology experts, should hire consultants who specialise in helping small businesses build and maintain their defenses. • Think beyond your system. Companies can be attacked through other businesses or computer users including vendors and online storage services. Small business owners should ask anyone who
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A member of Colonial Group International Ltd. Insurance, Health, Pensions, Life Security & General Insurance is rated A (Excellent) by AM Best
MARKET REPORT t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,114.08 | CHG 0.03 | %CHG 0.00 | YTD 50.51 | YTD% 2.45 BISX LISTED & TRADED SECURITIES 52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
LAST CLOSE 4.37 17.43 6.49 5.39 1.95 0.96 2.28 9.85 6.16 4.50 10.65 2.63 1.79 9.00 6.40 15.60 6.98 3.34 13.85
CLOSE 4.37 17.43 6.49 5.39 1.95 0.96 2.28 9.85 6.16 4.50 10.65 2.63 1.79 9.02 6.40 15.60 6.98 3.34 13.85
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
VOLUME 115
10,000
886
VOLUME
EPS$ 0.147 0.932 -0.306 0.323 0.104 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631
DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.150 0.090 0.600
P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 29.2 17.0 25.8 8.6 N/M 13.3 20.5 12.1 12.1 21.9
YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.08% 0.00% 7.21% 3.57% 2.67% 5.82% 2.28% 3.35% 0.93% 3.75% 3.21% 2.15% 2.69% 4.33%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79
YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
The Public is hereby advised that I, SHANVANTI ASHLEY CLEARE of Prince Charles, Nassau, Bahamas, intend to change my name to SHAVANTI ASHLEY CLEARE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that JEFFREY PETITEFRERE of Finlayson Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.
SECURITY & GENERAL INSURANCE COMPANY LIMITED Atlantic House, 2nd Terrace & Collins Avenue, P.O. Box SS-5915, Nassau, The Bahamas tel. 326 7100 www.cgigroup.com
52WK HI 4.50 20.91 7.50 5.50 1.95 0.96 3.68 10.20 6.60 4.64 12.50 2.74 1.81 8.50 6.40 15.60 6.99 4.47 13.85
and patches downloaded and installed. • Get an EIN. Owners need to guard against a stolen identity from affecting their business accounts. So instead of using a Social Security number for business, they should have an Employer Identification Number. It’s easy to obtain one from the IRS website, www.irs.gov. • Beware of phishing scams. These are invasions that are often delivered by email with links or attachments. Owners and all employees need to be aware that cyberthieves are sending emails that look legitimate; when the links or attachments are clicked on, destructive malware enters the computer or network. Barry Kelly, CEO of technology consultant Kelser Corp, has training emails sent internally to staffers to help them sharpen their ability to detect phishing emails. That includes Kelly himself. “I got caught three months ago” and clicked on one of emails, he admits.
PUBLIC NOTICE
property and casualty insurance company providing general insurance to personal and
WEDNESDAY, 13 MARCH 2019
links into their computers about the steps they take to protect everyone’s data. “It’s not OK to just contract with a firm. It’s also doing due diligence,” says Diana Burley, a professor at George Washington University’s Graduate School of Education and Human Development, whose expertise includes cybersecurity. • Back up everything. When Marcos Francos’ company, Atlanta-based Mighty Clean Home, was attacked by ransomware, his files were rendered inaccessible. But because he had backed up all of his data, he didn’t have to pay the ransom demanded by cyberthieves to unlock the files, and he was able to restore his system. The best way to back up files is on an off-site system that continually creates new versions of all of a company’s data. • Stay current. Software and hardware manufacturers routinely issue updates and what are called patches to improve security. Every device at a small business needs to have all updates
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE NOTICE is hereby given that ALEXANDRA DORMAIVIL of Mildred Avenue, Carmichael Road, 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 7th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that IRALIA GARCON of Turtle Drive, off Carmichael Road, 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 7th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that JOHN RICHARD GARCON of Cowpen Road, 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 7th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Thursday, March 14, 2019, PAGE 15
PAGE 16, Thursday, March 14, 2019
THE TRIBUNE
UK lawmakers to vote on requesting delay as Brexit day nears LONDON Associated Press BRITISH lawmakers have gone on record saying they don’t want the UK to leave the European Union without a divorce agreement in place, increasing the odds that Brexit won’t take place as planned at the end of the month. With the approaching deadline intensifying fears that economic and
personal turmoil might follow a “no-deal” withdrawal by Britain, Parliament voted 321-278 yesterday to rule out the possibility. However, Prime Minister Theresa May and the European Union noted the decision wasn’t legally binding. She offered the House of Commons another chance to try to stop the countdown by voting today on whether to ask the EU for a delay. A look at what
might happen: DELAY, DELAY, DELAY Now that the House of Commons gave leaving the EU without an agreement a thumbs down, they are scheduled to vote again on the EU to delay Brexit by up to three months. This option is likely to prove popular, since politicians on both sides of the Brexit debate fear time is running out to secure an orderly withdrawal by March 29. Extending the timeframe for Brexit requires approval from all 27 remaining EU member countries. They have an opportunity to grant such a request at a
BRITISH PRIME MINISTER THERESA MAY
March 21-22 summit in Brussels. But the rest of the EU is reluctant to postpone Brexit beyond the late May elections for the EU’s legislature. The UK won’t be represented in the European Parliament after
it quits the EU; its seats already have been given to other countries to fill in the elections. French President Emmanuel Macron, one of the EU’s strongest supporters, said yesterday that a request for a postponement would be considered, but not granted automatically. Macron said the British government has “to explain to us what the point of it is, and in particular whether it adds anything”. CONTINUING CRISIS Whatever Parliament decides this week, it won’t end Britain’s Brexit crisis. Both lawmakers and the public remain split between backers of a clean break from the EU and those who favor continuing a close relationship, either through a post-Brexit trade deal or by reversing the June 2016 decision to leave. May also is unwilling to abandon the hard-won deal with the EU on Britain’s
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withdrawal and future relationship with the bloc. Parliament voted it down twice, and May might try to put it to a third. She told lawmakers after their vote yesterday they are down to two choices: approving a withdrawal agreement in coming days and requesting a short delay to Brexit, or requesting a “much longer” extension from the EU in hopes of negotiating a new arrangement. The prime minister warned that a long extension would mean Britain would have to take part in the European elections. May said the House of Commons had to “face up” to the consequences of the decisions it made. Some think the only way forward is a snap election that could rearrange the forces in Parliament and break the political deadlock. May has ruled that out, but could come to see it as her only option. And anti-Brexit campaigners haven’t abandoned efforts to secure a new referendum on whether to remain in the EU. The government opposes the idea, which at the moment also lacks majority support in Parliament. However, the political calculus could change if the paralysis drags on.