08082019 BUSINESS

business@tribunemedia.net

THURSDAY, AUGUST 8TH, 2019

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BRANVILLE MCCARTNEY

Compass Point owner ‘speaks for 85% of us’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COMPASS Point’s owner is speaking for “85 percent of business persons in The Bahamas”, the DNA’s exleader asserted yesterday, adding: “I sympathise with him big time.”

Branville McCartney told Tribune Business that Leigh Rodney’s decision to go public through a full-page newspaper advertisement suggested he was “trying every which way possible to get the attention of the government” so that his ease of doing business concerns were finally addressed.

Revealing that he was all-too familiar with the “feeling of frustration” likely being endured by the US investor, Mr McCartney argued that his resort closure threat should be “a wake-up call” and urged the government to “take

SEE PAGE 5

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$580m project fears on ‘over-taxed’ BEST

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

O

PPONENTS of a $580m south Abaco resort project yesterday voiced a lack of confidence in the ability of “over-taxed and underresourced” government agencies to properly assess its impacts.

The Sustainable South Abaco coalition, in e-mailed replies to Tribune Business questions, said it was “not confident at all” that the Minnis administration and its regulatory bodies are equipped with the depth of expertise and analytical tools they need to make the correct decision on whether to approve the Tyrsoz Holdings development.

The group expressed particular alarm over the Bahamas Environment, Science and Technology (BEST) Commission’s capabilities to assess the project’s potential effects on south Abaco’s land and marine ecosystems given the multiple developer Environmental Impact Assessments (EIA) that it is already reviewing.

“We are concerned that the BEST Commission is over-taxed and under

• South Abaco opponents ‘not confident’ in agency • ‘Dismayed’ by developer’s lack of financing detail • Warn: Can’t separate environment from economy

AN ARTIST’s impression of the site in South Abaco. resourced given the high number of developments currently under the EIA review process in The Bahamas, especially given all the other responsibilities that they must manage,” Sustainable South Abaco argued. “We also worry that the BEST Commission may not be able

to effectively review each of these as thoroughly as they should.”

BEST frequently hires outside consultants, such as Black & Veatch, to review EIA’s and subsequent Environmental Management Plans (EMPs) submitted by developers for

Bahamas-based projects.

However, as a non-statutory agency, meaning that it has no standing in law, BEST can only advise the government on environmental matters its recommendations are not binding.

SEE PAGE 4

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Sky chief: ‘If it’s me I’ll step down’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SKY Bahamas principal last night vowed to step aside if he was the only obstacle to the airline restarting operations, revealing he had told his managers to prepare for a Saturday resumption.

Captain Randy Butler, speaking after he met with the airline’s 63 staff yesterday afternoon, told Tribune Business that the monthlong wait for Sky Bahamas to receive a renewed Air Operator Certificate (AOC) from Bahamian aviation regulators has yet to end.

While the Bahamas Civil Aviation Authority (BCAA) conducted the scheduled “on-site inspection” last Thursday at Sky Bahamas’ facilities to determine whether it had satisfactorily addressed the safety concerns that led to the July 8 order to stop flying, Captain Butler said neither the findings nor a renewed AOC had been produced.

With financial losses “already in the millions” due to Sky Bahamas’ inability to carry fare-paying passengers, he added that

SEE PAGE 6

BTC’s parent ‘confident’ on 2020 revival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Telecommunications Company’s (BTC) ultimate owner yesterday voiced optimism its mobile business will deliver an “improved performance” heading into 2020 despite further subscriber losses.

Balan Nair, Liberty Latin America’s chief executive, told analysts during a conference call to discuss its 2019 first half and second quarter results that it had been “very focused” on BTC and was “confident” it now has the right strategy

and management team in place.

“We have been very focused in The Bahamas, and although we saw net losses again in the second quarter we are confident that we have the right plan, management team and priorities that we expect will lead to an improved performance as we move to 2020,” Mr Nair said.

Chris Noyes, Liberty Latin America’s chief financial officer, added that mobile revenues were particularly challenged at BTC and the group’s Panama

SEE PAGE 4

Many Labour on Block hires ‘temporary’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net “MANY” of those hired through the government’s Labour on the Blocks initiative were only employed temporarily, the director of labour revealed yesterday.

John Pinder, pictured, said the Department of Labour’s follow-up inquiries with employers showed many persons hired at these job fairs had subsequently been released, although he attributed the 25 percent year-over-year decline in

work permits granted in 2018 to the initiative.

Department of Statistics data released last week revealed that some 10,225 work permits were issued in 2018, a 24.69 percent decline compared to the

SEE PAGE 5

PAGE 2, Thursday, August 8, 2019

THE TRIBUNE

EY JOINS WESTERN EXODUS AS CAVES OFFICE ‘ANCHOR’ THE Ernst & Young (EY) accounting firm has become the latest corporate name to move west as the anchor tenant for one of Caves Corporate Centre’s new buildings.

Bahamas Realty’s commercial division, NAI Bahamas Realty Commercial, yesterday confirmed EY has signed a lease to move from its present offices at Montagu in eastern New Providence and become the major tenant in a 25,000 square foot office building.

Caves Corporate Centre is currently under construction by Mosko United Construction Company.

Located at the corner of West Bay Street and Blake Road, only the 7,000 square foot ground floor remains available for rent.

“We’re pleased to have had a hand in helping EY find a new location for their offices in the fast-growing western district of New

FROM left: Larry Roberts, consultant/director, Bahamas Realty; Toby Hayes, development manager, The Mosko Group; Michelle Martinborough, sales associate and operations manager, NAI Bahamas Realty Commercial; Donald Martinborough, chief executive, Bahamas Realty/ NAI Bahamas Realty Commercial.

Providence,” said Donald Martinborough, NAI

Bahamas Realty Commercial’s chief executive. “This

is a great location for this prestigious firm.”

The office is one of two buildings being built next to

Caves Village, which houses numerous restaurants, shops, a fitness centre, childcare facilities, businesses and banking facilities.

Besides the many residential developments nearby, including Caves Point and Caves Heights, Blake Road has seen an increase in commercial office development and has become a hub for medical services in the west.

“This lease is the latest of several recent major transactions we’ve represented in the capital,” said Mr Martinborough. “We’re seeing a trend of businesses seeking locations which suit their employees’ lifestyle, and taking into consideration nearby amenities and services that appeal to their workforce when making the decision to move or expand. This trend mirrors what is happening globally, and shows positive growth in the Bahamian business sector.”

THE TRIBUNE

Thursday, August 8, 2019, PAGE 3

FARMERS URGED: ‘TAKE THE BULL BY THE HORNS’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN farmers have been urged to “get on one accord” and tackle The Bahamas $500m food import bill, amid warnings that the “livelihood of our nation depends on it”.

Caron Shepherd, the Farmers United Co-operative president, told an agricultural conclave held this week at Baha Mar that Bahamian farmers need to “take the bull by the horns” and “take the industry where it needs to go”.

“We will access our land mass, create a land mass bank. We will discover who

LABOUR CHIEF’S CONCERN FOR DOMESTIC WORKERS

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government’s top labour official yesterday said he is open to working with the Department of Immigration to prevent exploitation of domestic workers - the labour category in greatest demand.

John Pinder, director of labour, said his interest had been sparked by the fact 65-70 percent of labour certificate approvals are granted for domestic workers. He acknowledged the International Labour Organisation’s (ILO) concerns over the vulnerability of domestic workers, which comprise a significant part of the global workforce.

Such persons are often employed for private households, often without clear terms of employment, and have a range tasks that include house keeping, cooking, washing, ironing clothes and taking care of children.

“At least 65 to 70 percent of labour certificate approvals have to do with domestic work, gardeners, cooks, handymen and live-in maids. I think that given the international

concerns over forced labour and human trafficking, we certainly need to ensure that these employers are not benefiting from these people in other ways.

I don’t have any facts to prove otherwise, but I would say that it is something that has certainly piqued my interest,” said Mr Pinder.

“I know I had a situation with some construction workers where the employer was holding a portion of their salary until they left the country.

There are now a number of non-Bahamians working in Bahamian restaurants.

That may be because the employers are comfortable paying foreigners the minimum wage and the Bahamians simply want more; I’m not sure.

“The thing is we don’t have the authority to investigate these things; that’s the Immigration Department’s work. We don’t issue work permits; we approve labour certificates. What would be good I think, is if other departments could work closely together to really look into these sort of things.”

NOTICE ARKSATAK LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

ARKSATAK LIMITED 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 02nd August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 8th day of August, A. D. 2019

_________________________________ Leeward Nominees Limited Liquidator

NOTICE CORACERO LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

CORACERO LIMITED 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 02nd August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 8th day of August, A. D. 2019

_________________________________ Leeward Nominees Limited Liquidator

is good at growing which crops and producing what livestock. We will conceptualise a plan which will work for us,” said Ms Shepherd.

“Agriculture can, and will, become one of the leading pillars of our economy. Do you know we have some of the smartest people in the world? Yes, we do, and you all are a part of this

group. The United Nations has indicated as one of their sustainable goals that by the year 2030 no one will be left behind, and we should have food security. By then the world’s population will have increased by three billion people.”

Ms Shepherd said that moving forward with crops such as onions, Irish

potatoes, lettuce, tomatoes, carrots, cabbage, bell peppers, hot peppers and pigeon peas, Bahamian farmers could put a “serious dent in our imports”.

She included celery, lemons, cucumbers, oranges, plantains, grapefruit, goat pepper, garlic, key Limes, watermelon, cantaloupe, broccoli, mangoes and

cassava in this.

“Once we are all on one accord we can put a dent in the import bill,” said Ms Shepherd, adding: “The responsibility is on your shoulders to revolutionise this sector. Only you can do this. You must set the pace and make this bold move and take your industry to new heights.”

BIMINI ‘GETTING BACK ON TRACK’ AFTER BPL ISSUES

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BIMINI’s Chamber of Commerce president yesterday voiced optimism that the island’s economy will “get back on track” despite taking a “hit” from recent energy woes.

“Things have normalised to a certain degree,” Edward Reckley told Tribune Business of the frequent power outages that

resulted from the fire which destroyed Bahamas Power & Light’s (BPL) two most efficient generation engines.

“Right now everyone knows that BPL has their challenges. Normally round the summer time we have outages based on the power load here now. BPL has done a good job in terms of providing the power since the fire. Right now I think they are doing the best they can, although we are still having some outages.

“There are obviously some complaints, but I believe you have to roll with it because there is only so much they can do. New Providence, which is the capital, is having its own challenges.”

A fire at BPL’s Bimini power station last month destroyed almost nine megawatts (MW) of generation capacity. “We had some issues as a result of the fire. We had visitors who cancelled and we had some

who made up for cancellations,” Mr Reckley added.

“We tried to put the message and the information out there as quickly as possible that power was restored.

It’s doing much better from having a plant on fire to seeing what it is today. I think we can get back on track. Most of our business comes from Florida. It’s only the weather conditions that slow things down. As far as business is concerned I would call it fair.”

BAHAMIAN INSTITUTE TEAMS FOR SCHOLARSHIP INITIATIVE

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Institute of Business Technology (BIBT) yesterday unveiled a new scholarship programme with DeVry University, a US higher learning institute founded in 1931.

Called “Bridge to Brilliance”, the programme offers online undergraduate and graduate certificate and degree programmes through DeVry, together with a complimentary first academic session for qualifying residents.

“We are thrilled to announce the new Bridge to Brilliance scholarship programme to the students and residents of the Bahamas,” said Deswell Forbes,

president and founder of BIBT. “At the Bahamas Institute of Business & Technology we are committed to providing affordable and comprehensive training programmes that support the socioeconomic, educational and cultural needs of our country.”

“We’ve worked closely with the Bahamas Institute of Business & Technology to create an opportunity for residents to continue their education online, while making it affordable for eligible students at the same time,” said James Bartholomew, president and chief executive of DeVry University.

“This scholarship programme allows residents to embark on an education programme that can fit within their budget,

their plans and their life.

We are tremendously proud to offer DeVry’s career-focused, real-world degree programmes and certificates to the people of The Bahamas.”

DeVry University offers undergraduate and graduate certificates, associate, bachelor’s and master’s degree programmes in

areas such as accounting, business, technology, healthcare, liberal arts and media arts and technology.

BIBT is a registered degree-granting institution through the National Accreditation and Equivalency Council (NAECOB), and DeVry University is a recognised institution with NAECOB.

NOTICE

We the Executive Members of The Bahamas National Council for Disability wish to inform the general public that Mrs. Monique Roker Carey is no longer the President of the Bahamas National Council for Disability effective July 12, 2019.

Therefore, she is not authorized to conduct any business on behalf of the said organization.

PAGE 4, Thursday, August 8, 2019

THE TRIBUNE

$580m project fears on ‘over-taxed’ BEST FROM PAGE ONE Sustainable South Abaco, which said its member organisations have significant experience in researching, living and working in south Abaco, pledged to share information with the government and be available to help with any aspect of Tyrsoz Holdings’ environmental review.

“In the interest of transparency, we strongly recommend that a group of outside experts should be involved with reviewing those two documents [the EIA and EMP] to assist the government in their decision making process,” the group added. “An economic analysis may also be warranted to determine what surety bonds the government should require of the developer.”

Tyrsoz Family Holdings and its principal, Ronnie Ben-Zur, have repeatedly emphasised that addressing all environmental concerns is at the top of their agenda.

The developer’s promotional material promises to create “a world-class, environmentally-sustainable luxury island retreat with local appeal via the participating community while, importantly, maintaining South Abaco’s natural charm”.

However, Sustainable South Abaco said it had been “dismayed” by its

meeting with Mr Ben-Zur and voiced concerns over whether he has the necessary financing to pull-off the 1,100-acre “greenfield” site development.

It added that the developer had informed them that funding would come from both his family and pre-sales of units to wealthy investors, but no further details were provided.

Describing this as “alarming”, Sustainable South Abaco alleged that the area’s economy would be dealt a “devastating blow” if the Tyrsoz Holdings project was started but not completed.

“In addition to the environmental and cultural concerns explained in both our petition and letter to the government, we fear that if the large-scale, 1,100acre greenfield construction project is started but not completed the resulting blow to the economy of South Abaco will be devastating,” the group argued.

“After meeting with Mr Ben-Zur we were dismayed by his lack of construction experience and what is likely insufficient financing to succeed in developing a multi-site project of this scale anywhere, much less in the remote and fragile habitat of South Abaco.

“Mr Ben-Zur claims some of the funds will come from his family and that ground won’t be broken until prospective buyers

are identified with pre-sale financing for construction.

With no supporting evidence of financial liquidity or performance bonds to guarantee completion of the project, his statements are alarming, and suggest that Tyrsoz Holdings lacks the financial resources to complete the $580m project as proposed,” Sustainable South Abaco continued.

“There are many examples of failed or struggling developments all over The Bahamas. Once the land and surrounding waters are destroyed, the ecosystem is altered permanently. As a result, our financial concerns are ultimately based upon a more fundamental set of ecological concerns which, if realised, will seriously degrade the culture and livelihoods of local Bahamians.”

A spokesman for Mr BenZur declined to comment when contacted by Tribune Business over Sustainable South Abaco’s concerns.

This newspaper understands the Tyrsoz Holdings principal is reluctant to speak until progress has been made in obtaining the necessary permits and approvals for the project.

However, one source familiar with developments, and speaking on condition of anonymity, argued that Sustainable South Abaco and others were “premature” in their concerns given that the EIA - while

underway - has yet to be completed.

Agreeing with Ken Hutton, the Abaco Chamber of Commerce president, who previously said the development’s approval depended almost entirely on the EIA findings and subsequent EMP, the source said the fact Mr Ben-Zur had received the go-ahead from the Bahamas Investment Authority (BIA) to conduct the necessary assessments suggested the government felt he was a legitimate investor with the required financial means.

“The government has already done sufficient due diligence to feel he’s a sound investor,” they added. “He’s not so much a construction expert as a financier and fund raiser. That’s his specialty. He’ll also get a brand to manage it when completed.

“What they’re attacking him on now is par for the course. A deep analysis was done that showed perhaps ten people from Abaco signed [the Sustainable South Abaco] petition and the rest were from America or elsewhere. They’ve not been to The Bahamas.

“It’s the same with the petition against the Disney project at Lighthouse Point.

Around 75 percent of signatories were people who do not live here or are expatriates that do. They’re not thinking about the local people and the need for

jobs. It’s not really doing the Bahamian people any good.”

Mr Ben-Zur’s career has largely involved transforming existing resort properties, such as the Radisson at JFK Airport and multiple hotels in Atlanta and Florida, rather than the “greenfield” property earmarked for the Tyrsoz Family Holdings project.

The developer is pledging to create 600 full-time jobs, and inject $2bn into south Abaco’s struggling economy, during the development’s first ten years in operation.

But Sustainable South Abaco, a grouping of local and international organisations including the Abaco Fly Fishing Guides Association; Abaco Lodge; Bahamas Marine Mammal Research Organisation; Bairs Lodge; Bonefish and Tarpon Trust; Fisheries Conservation Foundation; Friends of the Environment; Islands by Design; and Delphi Club, said the environmental impact could not be separated from the economy.

“In an island nation like The Bahamas that relies primarily on tourism and fisheries, there is no reason to separate environment and economy, especially when it comes to sustainable living for Bahamians,” it argued.

“As a nation, we benefit

greatly from the ecosystem services, resources and aesthetics of our environment, our shorelines, fresh water resources and sea food, as well as beautiful beaches for tourists to visit. So, if we want to be considerate of South Abaco’s economic needs in a long-term sense, then we also need to consider the long-term protection of the environment upon which it depends.”

Sustainable South Abaco also argued that there was no need to wait for the Tyrsoz Holdings’ project’s EIA and EMP because there were already three known aspects - the project’s “excessive scale”, as well as golf course and marina - that were “fundamentally flawed”.

It added: “In response to our initial statement of concerns, the developer said that he would not minimise the size of the development nor eliminate either the golf course or the marina.

“Sustainable South Abaco is supportive of small-scale, boutique style developments (more than one) in South Abaco and will work with Mr Ben-Zur or any other developer and the government to make sustainable developments a success.”

The group added that it had gone public after failing to receive a response to its concerns from the Prime Minister, Dr Hubert Minnis, or his office.

BTC’s parent ‘confident’ on 2020 revival FROM PAGE ONE operations due to the impact of competition on both pricing and market share.

“As in the prior quarter mobile revenue remained challenging year-over-year, especially in Panama and The Bahamas, although sequentially from the first quarter we saw signs of revenue stabilisation reflecting the impact of our commercial offers.”

Tribune Business revealed earlier this week that BTC suffered a $13.6m revenue decline for the 2019 first-half, as its top-line dropped by 11.4 percent year-over-year to $106.1m compared to $119.7m the year before.

The Bahamian communications carrier’s revenues

for the 2019 second quarter, which includes the three months to end-June, were also off 7.4 percent year-over-year at $52.5m compared to $56.7m for 2018.

The top-line declines appear to have been driven by a further 9,300 net loss of mobile subscribers during the 2019 second quarter, which challenges the optimism expressed by Garfield “Garry” Sinclair, BTC’s chief executive, that market share declines were starting to “plateau” in his recent interview with Tribune Business.

Data provided by Liberty Latin America showed that a modest gain of 700 postpaid mobile subscribers was more than offset by the loss of another 10,000 pre-paid customers during the three

months to end-June 2019.

This left BTC with some 213,500 mobile subscribers as at June 30, split between 188,000 pre-paid customers and 25,500 post-paid subscribers, with the numbers providing further evidence that its upstart rival, Aliv, continues to eat into its market share and legacy monopoly.

Mr Nair confirmed the continuing slippage, and BTC’s two trade unions are also likely to query his assertion that the Bahamian carrier now has the correct strategy and management team in place given their recent hostility towards Mr Sinclair and filing of a trade dispute over negotiations for a new voluntary separation package (VSEP).

The Liberty Latin America chief was himself

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recently embroiled in a controversy that forced him to make a written apology to Prime Minister Dr Hubert Minnis, after a video showing him questioning the productivity and work ethic of BTC staff before the group’s Jamaican employees went viral.

Liberty Latin America’s results announcement reiterated that BTC continues to be a drag on the performance of Cable & Wireless Communications (CWC), its immediate parent, which was acquired by the former some years after the 2011 privatisation.

It said of CWC: “Mobile revenue attrition of nine percent on a rebased basis was partly offset by rebased revenue growth of four percent in B2B (business) and one percent in residential fixed.

“The reduction in mobile revenue year-over-year was primarily attributable to lower service revenue in Panama and The Bahamas, where continued competition drove decreases in ARPU (average revenue per user) and the average number of subscribers.”

BTC’s subscriber

numbers showed virtually no positive improvement elsewhere. Customer numbers excluding mobile fell by 2,900 during the 2019 second quarter, with TV/ video and Internet subscribers declining by 500 apiece and fixed-line telephone customers down by 1,900.

While BTC’s infrastructure passes some 128,900 Bahamian homes, it had just 6,100 TV/video and 25,700 Internet customers at end-June 2019. Telephone customers totalled 44,400, bringing BTC’s non-mobile revenue generating units to 76,200.

THE TRIBUNE

Thursday, August 8, 2019, PAGE 5

Compass Point owner ‘speaks for 85% of us’ FROM PAGE ONE heed” and meet privately with Mr Rodney to resolve the matter.

The former Democratic National Alliance (DNA) leader, arguing that the Compass Point owner’s “sentiments” align with the “majority of business persons in The Bahamas”, described the ease of conducting business currently as “nightmarish”.

Mr McCartney, whose business interests include the Halsbury Chambers law firm, real estate, education and pharmacy retail, added that the past few years had been “the worst” in 29 years of being in business.

He urged the Minnis administration to “stop pussy footing around and doing the same thing over and over”, only to achieve the same inadequate results, and instead hire whatever expertise is necessary to remove the obstacles facing the Bahamian private sector.

“I’ve never seen an advertisement in that regard,” Mr McCartney said of Mr Rodney’s Tuesday publication in The Tribune, “but that tells us something is amiss.

What he’s done and said, that’s just the sentiments of perhaps 85 percent of business persons. He just put it out big time in an advertisement.

“I sympathise with him big time. I know the feeling, feeling the frustration, and I’m sure 85 percent of business people in the country do. I do hope the government would respond; not publicly, but to his concerns. I do hope they would take the initiative, reach out to him, meet with him and listen to what he has to say and his suggestions.

“There’s no ‘if’s, and’s or but’s about that. Eighty-five percent of business people understand exactly what he’s speaking about; 85 percent or more. It’s rough, man, it’s rough. You have to have fortitude to really even be in business in this country.”

Mr Rodney had alleged in his advertisement that the Minnis administration was reneging on its promise to make doing business easier in The Bahamas, and that it had failed to act on his request to set up a committee - including himself - to make recommendations for improving existing laws and regulations.

To advertise in The Tribune, contact 502-2394

He warned: “If the FNM wins the next election without acting upon the promise they made when they were elected two years ago, the Compass Point owner does not want to continue to do business in this country and will therefore close his business.”

Enacting major reforms to facilitate the smooth conduct of commerce by removing unnecessary bureaucracy and “red tape”, thereby improving The Bahamas’ 119th ranking in the annual World Bank standings, was a major thrust of the FNM government’s election campaign and appeal to the private sector.

While some changes have been implemented, the reform effort drive to have eased in recent months. Lynn Holowesko, chair of the governmentappointed ease of doing business committee, told a recent accountants’ conference that it was disappointed more of its recommendations were not incorporated into the 20182019 budget.

“He’s not the only one concerned about doing business in this country,” Mr McCartney said yesterday of Mr Rodney. “I’ve said it over and repeatedly that there seems to be no type of ease, notwithstanding that this administration come in with, I thought, the expertise and knowhow to try and ensure it is addressed.

“That has not happened.

Doing business over here is a nightmare - from trying to get information, appointments with the government agencies, many of them not knowing what to do and the left hand not knowing what the right hand is doing. It is nightmarish.

“I’ve been here in business for 29 years, and the last few years have been the worst for doing

business over here. For young people coming out and wanting to start their own business in this country, like I did 29 years ago, it’s very daunting.”

Recounting the obstacles he has experienced, Mr McCartney added: “I’ve been doing business with this bank for 29 years. I started a new company and wanted to open a bank account. It took three months-plus to open an account with a bank I’d been doing business with for 29 years since I came home, and I was one of the attorneys for the bank.”

Describing Mr Rodney’s need to take out an advertisement as “amazing”, the ex-DNA leader said he is increasingly seeking investment opportunities “outside the country” in industries such as US real estate and licensed, legitimate medical marijuana production in Canada.

Tribune Business reported yesterday that Mr Rodney’s complaints centre on the hotel licensing process, which he regards as unnecessary and a duplication of effort given that Bahamian resorts also have to pay for Business Licence fees.

He is understood to have been unhappy about the Hotel Licensing Authority’s insistence that certain signage and minor tiling repairs be done at Compass Point, although its chairman, Ethan Adderley, last night said he ultimately complied with these requirements that are imposed at all Bahamian hotels.

The Compass Point owner is also understood to have wanted to implement specific security arrangements for the resort, particularly for the resort’s parking lot which lies across the road from the West Bay Street resort, and was unhappy at being told to

deal exclusively with the Police Staff Association (PSA) - which he regards as a monopoly for this type of work.

And this newspaper was also told he wanted the Road Traffic Department to take action to stop vehicles speeding on the section of West Bay Street directly outside the resort, amid fears that it was only a matter of time before pedestrians were seriously injured in crossing from the parking lot over to the property.

The combination of these concerns, and frustration that the government appeared not to be taking them and his desires for an improved “ease of doing business” seriously, are thought to have prompted the advertisement - especially since he was being passed between different ministers and agencies, and not receiving any formal responses.

Mr McCartney, arguing that Mr Rodney had “just regurgitated the thoughts of most business persons”, said: “I do hope the government really takes heed.

This is one voice, but he has the majority of business persons behind him in terms of his sentiments, and if you called other business people most would cite the same sentiments.

“He is a business person who has a good business.

It’s a business that’s in the number one industry in our country, tourism, so that ought to be very telling for him to be doing this... I hope this is a bit of a wakeup call for the government, and I do hope the hotel, the resort, would not close.

I do hope and pray that is not the case. It would be very, very sad if that were to happen.”

Many Labour on Block hires ‘temporary’ FROM PAGE ONE 13,578 issued in 2017. The report, which was compiled from data collected from the Department of Immigration, indicated that the largest category of work permits was issued for domestic workers, followed by the hotel industry and then the construction sector.

Some 3,816 work permits, or 37 per cent of the total, were issued to Haitians. This was followed

by Filipinos at 1,206 or 12 per cent of the permits issued. Jamaican nationals received 1,187 or another 12 per cent.

“The Labour on The Blocks initiative provided a number of Bahamians the opportunity to fill positions that I believe could have gone to foreigners,” Mr Pinder said. “I believe that was the main reason for the decline in work permits.

“A number of local employers hired persons at

the various Labour on the Block job fairs. We were trying to track them and follow-up with the employers but found, in many instances, that many of the persons hired had been let go.”

Mr Pinder added: “I can’t speak to every circumstance but a number of those jobs proved to be temporary.

For instance, a construction company would have hired some persons to assist with a big project, and when that was done they let them go.

Similarly, during the Christmas time a retailer would have brought on a few individuals to help handle the Christmas rush.”

Dion Foulkes, minister of labour, said back in June that around 1,600 job seekers had obtained employment through the government’s Labour on the Blocks job fairs. It used community parks to register job seekers in the Department of Labour’s database.

LEGAL NOTICE

NOTICE International Business Companies Act (No.45 of 2000) ASK GESTOrA dE rECurOS LTd. Notice is hereby given that, in accordance with Section 138(8) of the International Business Companies Act No. 45 of 2000, the Dissolution of ASK Gestra de Recuros Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 23rd day of July, 2019

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PAGE 6, Thursday, August 8, 2019

THE TRIBUNE

Sky chief: ‘If it’s me I’ll step down’ FROM PAGE ONE

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he was prepared to step down if he personally was the reason why the AOC had not been renewed.

Captain Charles Beneby, the BCAA’s directorgeneral, did not return a message seeking comment before last night’s press deadline. However, Captain Butler said he had told Sky Bahamas staff - many of whom have not been fully paid from mid-July due to the flying suspension - that he was willing to sacrifice himself to save the business.

“We went through every communication and every document,” he told Tribune Business of yesterday’s staff meeting. “They were saying we can’t keep this up for very long. I’m not going to be in the way of their livelihoods and building a great company.

“If I am the problem then whatever it takes to deal with me; I’ll get out the way and let somebody else be there so people can earn a living, it can be a productive corporate citizen and fulfill some of the plans we had.”

Captain Butler and Sky Bahamas are bitterly contesting the findings of a May 2019 safety inspection, the findings of which were cited as justification for not renewing the airline’s AOC - the approval it needs to carry fare-paying passengers on commercial flights.

The carrier is alleging that it properly addressed the findings via written replies prior to the July 8, 2019, letter from the Bahamas Civil Aviation Authority that ordered it to stop flying because the AOC had not been renewed.

CAPT RANDY BUTLER Captain Butler is challenging this, pointing to language in Sky Bahamas’ AOC that he alleges allows it to remain in effect until either suspended, terminated or revoked - none of which has occurred.

He told Tribune Business last night that he and the airline’s employees had agreed to prepare to resume flying on Saturday morning, albeit more in hope than expectation, given that there has been no indication from the Bahamian aviation regulator when or if a new AOC will be issued.

“I’ll tell you this,” Captain Butler said. “I asked, and they asked, and we said: ‘Let’s look at Friday at last thing believing we can have our AOC. I said to the managers: You plan your departments, staffing for a Saturday morning start.

That’s what we’re planning.”

He added that he “laid everything out” for Sky Bahamas’ employees so they could see the airline’s current situation, and determine for themselves how they needed to move forward. “These are real people being affected,” Captain Butler said. “We don’t know when we’re going to start again.

“Some folks are really concerned about the wellbeing of each other and the company. We have gone above and beyond. We haven’t been a perfect airline, but the staff did not think we’d done anything in any of our sectors to warrant any of this. They wanted to know what else they can do.

“They are concerned about the business and passengers in islands who traditionally do business with us. There’s no reason for me not to be flying, and they [the BCAA] never said they were not going to give our AOC back. I’m waiting, sitting at my desk every day continuing this business, talking to creditors, talking to vendors, working to keep this thing going.”

Captain Butler revealed that Sky Bahamas’ travails had already interested industry predators and other corporate raiders seeking to cherry-pick the companies’ best assets for themselves, such as its hangar and maintenance facilities.

“I’ve had people asking to sell,” he disclosed. “They now think there’s going to be a fire sale. I’ve always been open to a strategic partner; I’ve been open to that for years, even partnering with Bahamasair. It’s someone who can add value to what we’re planning, and expansion and development.”

Captain Butler said the airline’s predicament had largely been met largely with understanding from its creditors, adding: “Most of them, with the relationship we have and the understanding, we were pretty much in line.

“There’s one local one becoming impatient, but everyone else has been dealing with me for 11 years.

Some are getting a little tense, asking me to keep them in the loop.”

Sky Bahamas and other airlines are also subject to constant surveillance yearround by the Bahamas Civil Aviation Authority, with inspectors going on flights and attending training programmes. Captain Butler has queried why no issues that could affect the AOC renewal were raised during that time, and why concerns are suddenly appearing now.

Caves Village

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NOTICE

LUSH FAIRWAYS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

LUSH FAIRWAYS LIMITED 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 02nd August, 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 8th day of August, A. D. 2019

_________________________________ Bukit Merah Limit Liquidator

NOTICE AN XIN MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

AN XIN MANAGEMENT LIMITED 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 02nd August, 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 8th day of August, A. D. 2019

_________________________________ Bukit Merah Limit Liquidator

THE TRIBUNE

Thursday, August 8, 2019, PAGE 7

Business owners recruit nonstop - even on a drive-thru line NEW YORK Associated Press AS DEBORAH Sweeney placed her order in the drive-thru of a Starbucks near her home, she was impressed by the barista’s attitude and attention to detail. At Sweeney’s next visit, the staffer remembered her name.

Sweeney, CEO of MyCorporation.com, was so amazed that she hired the young woman, first as a receptionist and then in customer service for the Calabasas, California-based online business consultancy.

“She ended up being a rock star,” says Sweeney, who sensed that the barista “could manage an environment where there’s a lot coming at you and be able to stay responsive and keep a good attitude.”

Small business owners looking for new staffers in a tight job market have to be creative to compete with big companies that can offer higher salaries and better benefits.

Some owners are giving up on online job boards and recruiters and relying on happenstance and good instincts to find good candidates. They’re doing more networking, and some of it, like Sweeney’s strategy, is off the beaten track and serendipitous. With a national unemployment rate of 3.7%, qualified candidates are hard to come by.

Sweeney has hired two other baristas for her company, and her operations manager found several other staffers during visits to yogurt stores.

“You can meet someone once and just say goodbye — or you see a pattern of great behaviour,” Sweeney says.

Rachel Charlupski looks for candidates for her babysitting service

DEBORAH SWEENEY “everywhere”. And she found one during the holidays last December, at a car rental counter. She was impressed with the employee who dealt with an irate, ranting customer with calm and poise.

“She was so extremely professional that I said to her once he left, ‘I need you to work for me. The phone calls we get aren’t half as bad as that was, but if you can handle someone at that level, you can work for us,’” recalls Charlupski, owner of The Babysitting Co. With 3,000 babysitters in major cities as well as an administrative staff, Charlupski is always recruiting.

Although a job candidate’s having experience with children is important, “equally important is good and positive demeanor, professional under pressure, energetic and helpful,” says Charlupski, who’s based in Miami.

Clients who need help with their children are understandably emotional and under stress at times, and she watches staffers in restaurants and stores to see if they might be a good fit for her business.

Sometimes owners find hires through interactions with other business people, even customers. Carol Galle won’t actively recruit employees of the companies that are her clients, but if she’s approached by a staffer, she’s willing to say yes. Galle owns Special

D Events and The Anniversary Co, two corporate event planning businesses in the Detroit area that work on long-term projects, giving her ongoing contact with clients’ staffers.

“The clients we work with get to know our staff, learn how we work and typically like what they see. By the end of the project, we know each other quite well and usually keep in touch,” Galle says. Six of her employees joined her companies after being clients.

Although Avi Sinai finds cold calls from salespeople annoying, he listens to their pitches — and sometimes finds a staffer.

“Sometimes, the person on the other line is good on the phone, persistent without being rude — just like the salesperson I am looking for,” says Sinai, owner of HM Capital, a real estate lender based in Los Angeles. And, if they follow up with another call or an email, which is good practice for people in sales, Sinai is interested in them, even if he doesn’t care about what they’re trying to sell. He’s hired two sales staffers this year based on their calls to him.

Sinai finds this way of recruiting to be better than more traditional ways like using online job sites. He has a staff of four including the salespeople who coldcalled him.

Networking with friends and business associates is a tried-and-true strategy for finding good candidates — owners routinely ask other, “do you know anyone?”

Joshua Stein, a commercial real estate attorney in New York, uses the people in his network not for referrals, but to work for him.

His recent hires include a former law school student and a former associate at a big firm where Stein used

to work. He prefers to hire in an organic way, when the time is right for his company and the person who wants to work for him.

“I’ve never gone out with the intent of hiring someone,” Stein says.

Brian Conyer also networks and also uses one online tool, LinkedIn. His

approach is more about relationship-building rather than recruiting for current openings. Conyer, co-founder of Los Angelesbased Giblib, a company that creates instructional videos for doctors, reaches out to people who might be a good fit, introducing himself and giving them a

snapshot of the company.

He’ll stay in touch, sending news about Giblib, and engages prospects in an ongoing conversation.

“When I know they’re a good candidate, that’s when I pass their names along to my team. It’s been really effective,” Conyer says.

PAGE 8, Thursday, August 8, 2019

THE TRIBUNE

UK FOOD INDUSTRY LOOKS TO AVOID SHORTAGES IN NODEAL BREXIT LONDON Associated Press THE UK food industry is urging the government to set aside competition rules so companies can coordinate supply decisions to combat food shortages if Britain leaves the European Union without an agreement on trade relations.

The Food and Drink Federation said yesterday it had asked the British government to direct the Competition and Markets Authority to relax rules that prevent such coordination. It hasn’t yet received a response.

Prime Minister Boris Johnson says Britain will leave the EU on the

scheduled date of Oct 31, with or without a divorce deal. Many economists say a no-deal Brexit will trigger a recession and cause economic mayhem, with shortages of fresh food and other goods likely as customs checks snarl Britain’s ports.

The food and drink federation said Britain’s decision to delay Brexit until Oct 31 from the original date in March is makes it more difficult for supermarkets to keep shelves filled because normal stockpiling for the Christmas season means there is less warehouse space available in the fall.

“If the government wants the food supply chain to work together to tackle

A FRUIT stall displays fruit at a market in London yesterday. The UK food industry is asking the government to set aside competition rules so companies can coordinate supply decisions to combat shortages in the event Britain leaves the European Union without an agreement on future trade relations. likely shortages — to former chairman of North- to that, but I’m very condecide where to prioritise ern Foods, one of the cerned about the groups shipments — they will have country’s largest suppliers who aren’t in the superto provide cast-iron written of package foods, said panic market chain, how they will reassurances that competi- buying is possible. deal with things.”

“We could be in a sort tion law will not be strictly Michael Gove, the Cabiapplied to those discus- of wartime situation of a net minister in charge of sions,” said Tim Rycroft, limited amount of food preparing for a no-deal the federation’s chief oper- rationing,” he told the Brexit, said Britain had “a ating officer. “Without BBC. “Those who can very resilient food supply such assurances, any such remember the war, that system.” collaboration would risk took a long time to put into “But of course, we’re incurring large fines” from place and it was pretty hap- constantly talking to superhazard and pretty unfair. the regulator. markets, food distributors Christopher Haskins, a “I don’t think we’ll get and others to see what more

the government can do to help,” he said.

Johnson has ordered British officials to “turbocharge” preparations for a no-deal exit, setting aside more than 2 billion pounds ($2.4bn) to hire more border officials, stockpile medicines and prepare for backlogs of trucks around the major Channel port of Dover.

He and other Brexit supporters argue that any short-term turbulence from Brexit will be outweighed by the economic opportunities ahead once Britain leaves the 28-nation bloc and can strike new trade deals around the world.

Critics note that the EU accounts for almost half of Britain’s trade and argue that any new trade deals are likely years away.

UK Foreign Secretary Dominic Raab, on a visit to Washington, was upbeat about the chances of a free trade deal with the United States.

“There’s a huge appetite on both sides to achieve that,” said Raab, who met President Donald Trump at the White House on Tuesday.

JOB VACANCY NOTICE The Bahamas Civil Aviation Authority (BCAA) advises that a vacancy exists for Chief Inspector Air Navigation Services in the Safety Oversight Department of the BCAA. In this regard, suitably qualified serving officers and others are invited to apply for the position outlined below: Key Responsibilities: Formulate, implement, monitor, review and update policies and procedures leading to the effective safety oversight of air navigation services providers.

Minimum Requirements: • At least 5 years’ experience as an air traffic controller in one of the three specialties; and • Five (5) years of experience in managing an air navigation services operation.

Some of the Duties: • Represent The Bahamas Civil Aviation Authority in work and management groups of international organizations in the field of Air Navigation Services providers; • Oversee the publication of air navigation information in accordance with international standards and requirements for publishing in the national AIP; • Plan and assign work to be accomplished by assigned air navigation inspectors based on priorities, taking into consideration the complexity and requirements of the assignments and capabilities of the employee; • Review and approve, if merited, requests for construction, installation and placement of objects that may constitute obstacles to aircraft operations; • Review and accept, if justified, ANS providers’ operations manuals as regards functions, responsibilities and qualifications of managerial and line staff, standard procedures for personnel in daily operations and internal quality control system.

Qualified candidates should submit via email, a Resume along with copies of academic qualifications and training, to the attention of the Director General of the Bahamas Civil Aviation Authority, at hrd@bcaa.gov.bs, on or before August 21, 2019.

YOUR

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COMMONWEALTH OF THE BAHAMAS

2016/CLE/gen/00693

IN THE SUPREME COURT Common Law & Equity Division IN THE MATTER OF property comprised in an Indenture of Mortgage dated 7th day of March, A.D., 2011 between Charles Algreen and Portia Algreen of the one part and Scotiabank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 11372 at pages 350 to 368.

BETWEEN

SCOTIABANK (BAHAMAS) LIMITED AND CHARLES ALGREEN AND PORTIA ALGREEN ________________ NOTICE ________________

TO:

Plaintiff First Defendant Second Defendant

CHARLES ALGREEN PORTIA ALGREEN

TAKE NOTICE that: 1.

A Notice of Appointment to Hear Originating Summons filed on the 21st day of July, A.D., 2016 has been issued against you in the Supreme Court of The Bahamas being Action No. 2016/CLE/gen/00693 by Scotiabank (Bahamas) Limited, the Plaintiff herein and which was scheduled to be heard on Monday the 29th day of July, A.D., 2019 at 9:30 am before Justice Indra Charles will now be heard on Thursday the 10th day of October, A.D., 2019 at 2:30 pm, in the after-noon whose chambers is located in the Supreme Court Building, Bank Lane, Nassau, The Bahamas.

2.

You must attend the above-mentioned hearing otherwise an Order may be granted in your absence.

Dated the 8th day of August, A.D., 2019

GRAHAM THOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas.

Attorneys for the Plaintiff

THE TRIBUNE

Thursday, August 8, 2019, PAGE 9

Trade war escalation comes at inopportune moment for economy WASHINGTON Associated Press THE escalation of the US-China trade fight comes at a particularly inopportune moment for the global economy, threatening to turn a period of slower growth into recession.

In the past week, President Donald Trump has said he will impose new taxes on hundreds of billions of dollars of Chinese imports. Beijing responded by halting purchases of US farm goods and allowing the value of its currency, the yuan, to fall to an 11-year low. Trump, in turn, labeled China a currency manipulator, a step that has little immediate effect but could lead to future tariff hikes.

The rapid-fire sequence of events “shatters confidence, trust and expectations,” said Sung Won Sohn, an economist at Loyola Marymount University in California. World stock markets tumbled Monday — the Dow Jones Industrial Average lost 767 points or 2.9% — before rebounding on Tuesday.

The Dow recovered from a steep fall yesterday morning and was down 68 points in afternoon trading.

The prospects for a trade deal, which appeared bright as recently as midMay, have dimmed to near-invisibility.

“They are all moving in the wrong directions,” Sohn said. “I don’t think the Chinese are looking for a trade deal during the current term of President Trump. They have decided he is too unpredictable to negotiate with.”

When companies across the world lose confidence or certainty about global trade policies, they tend to postpone plans to invest,

expand and hire. Spread across the global economy and over time, those trends can trigger a severe economic downturn.

The trade dispute has already had spillover effects across the globe.

In Germany, Europe’s industrial powerhouse, factory output fell in June for the second time in three months, partly because its exports to China have fallen. China is purchasing less manufacturing equipment from Germany as its own economy weakens.

And Japan’s exports have fallen for seven straight months, partly because Japanese factories ship electrical components and semiconductors to China for assembly into smartphones and other tech gadgets.

Barely a month ago, Trump and President Xi Jinping announced a truce in their battle over allegations that Beijing forces foreign companies to hand over trade secrets, unfairly subsidises Chinese companies and engages in cyber-theft of intellectual property.

The cease-fire broke last week when Trump, professing frustration that 12 rounds of negotiations had failed to break the impasse, said he would impose tariffs Sept 1 on $300bn of Chinese imports that he previously left untouched.

Those duties would cover mostly consumer goods, such as toys, clothes, and smartphones, products that were largely spared in the Trump administration’s earlier rounds of tariffs.

That could raise prices for US consumers just in time for holiday shopping.

The world economy hardly needs the strain. The International Monetary Fund, the World Bank and other forecasters have all

downgraded their forecasts for global growth this year.

It isn’t just the trade war.

Manufacturers around the world have allowed their inventories to build up and now are slowing production to bring their stockpiles closer to customer demand.

JPMorgan’s global manufacturing index fell in July for the third straight month to the lowest level since 2012. Moody’s Investors Service predicts that global auto sales will drop 3.8% this year.

The prospect that Britain will leave the European Union without a trade deal — a risk that seemed to rise after Boris Johnson became prime minister last month —imperils Europe’s economic prospects. And Japan is preparing to raise its consumption tax in October, which could stifle its economy.

Global trade investment has chilled because of Trump’s decision to impose

tariffs on foreign steel, aluminum, dishwashers, solar panels and hundreds of Chinese imports — and the retaliation those steps have drawn from other countries. Companies are waiting to see whether and how the disputes work out.

“There are considerable downside risks with an escalation of protectionism,” said Sara Johnson, executive director of global economics at the research firm IHS Markit. “We’re disrupting supply chains, and tariffs ultimately lead to less efficient global production.”

Oxford Economics says business pessimism has risen sharply: 56% of the companies it surveyed from July 12 to Aug 1 said the risk of a sharp global slowdown has risen, up from 32% in the spring.

The tit-for-tat exchange on Monday over China’s currency brought a new, dangerous element into the

mix: the prospect of a currency war.

“We haven’t been on this terrain since the 1930s,” said Joe Brusuelas, chief economist at the consultancy RSM. Trump has made clear he wants to see the US dollar drop against the yuan, the euro and other currencies. That’s one reason he’s applied relentless pressure to the Federal Reserve to cut US interest rates — a move that tends to drive the dollar lower. (The Fed last week cut its key interest rate for first time in a decade.)

“The president has signaled that he has no problem with a weaker dollar,” said Joe Manimbo, senior market analyst at Western Union Business Solutions. “This is certainly unprecedented in modern times.”

Turning a trade war into a currency war shifts the battlefield to currency

markets, where policymakers have much less control.

“Currency wars take on a life of their own,” Brusuelas said.

In the 1997-1998 Asian financial crisis, traders dumped Asian currencies and delivered devastating recessions to Thailand, Indonesia and South Korea, where borrowers struggled to repay US dollar-denominated loans and left local banks drowning in bad debt.

Indeed, a dollar-versusyuan fight is unlikely to remain confined to the United States and China.

If other countries see Chinese or US exporters gaining a currency advantage, they will feel pressure to respond by pushing their currencies lower, too.

“Currency wars are guaranteed not to stay twoparty affairs,” Brusuelas said.

LEGAL NOTICE

NOTICE

Karen Tinny Evans

is no longer employed with Migrafill Security International Limited and is not authorized to conduct any transactions on our behalf.

Signed Management

NOTICE is hereby given that PRIMO Investment Strategy Fund Limited (the “Company”) intends to register as a Segregated Account Company under the Segregated Accounts Companies Act. Any creditor of the Company that wishes to object to such registration must do so within fourteen days of the date of publication hereof.

Any such objection is to be addressed to the Company in care of Credit Suisse AG, Nassau Branch, Bahamas Financial Centre, 4th Floor, Charlotte & Shirley Streets, P.O. Box N-4801 , Nassau, Bahamas.

PAGE 12, Thursday, August 8, 2019

THE TRIBUNE

Largest US immigration raids in a decade net 680 arrests MORTON Associated Press US immigration officials raided numerous Mississippi food processing plants yesterday, arresting 680 mostly Latino workers in what marked the largest workplace sting in at least a decade.

The raids, planned months ago, happened just hours before President Donald Trump was scheduled to visit El Paso, Texas, the majority-Latino city where a man linked to an online screed about a “Hispanic invasion” was charged in a shooting that left 22 people dead in the border city.

Workers filled three buses — two for men and one for women — at a Koch Foods Inc. plant in tiny Morton, 40 miles east of Jackson.

They were taken to a military hangar to be processed for immigration violations.

About 70 family, friends and residents waved goodbye and shouted, “Let them go! Let them go!” Later, two more buses arrived.

A tearful 13-year-old boy whose parents are from Guatemala waved goodbye to his mother, a Koch worker, as he stood beside his father. Some employees tried to flee on foot but were captured in the parking lot.

Workers who were confirmed to have legal status were allowed to leave the plant after having their trunks searched.

“It was a sad situation inside,” said Domingo Candelaria, a legal resident and Koch worker who said authorities checked employees’

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Probate Side In the Estate of JAMES JULIUS CATALYN, late of Bar 20 Corner, Pyfrom Road, Eastern District, New Providence, The Bahamas, deceased.

TWO people are taken into custody at a Koch Foods Inc plant in Morton, Miss, yesterday. US immigration officials raided several Mississippi food processing plants and signaled that the early-morning strikes were part of a largescale operation targeting owners as well as employees.

Photo: Rogelio V Solis/AP identification documents.

The company did not immediately respond to an emailed request for comment.

About 600 agents fanned out across the plants involving several companies, surrounding the perimeters to prevent workers from fleeing. They occurred in small towns near Jackson with a workforce made up largely of Latino immigrants, including Bay Springs, Carthage, Canton, Morton, Pelahatchie and Sebastapol.

Matthew Albence, US Immigration and Customs Enforcement’s acting

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to contact the undersigned on or before the 23rd August, 2019 at the e-mail address below, after which date the Personal Representative will proceed to distribute the assets having regard only to the claims of which they shall then have had notice AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

director, told The Associated Press that the raids could be the largest such operation thus far in any single state.

Asked to comment on the fact that the raid was happening on the same day as Trump’s El Paso visit, Albence responded, “This is a long-term operation that’s been going on. Our enforcement operations are being done on a racially neutral basis. Investigations are based on evidence.”

The sting was another demonstration of Trump’s signature domestic priority to crack down on illegal immigration. While planned

NOTICE

NOTICE is hereby given that CHERRY BLONDING SAINTFLEUR of Union Village 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 1st day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

INGRID GINA CATALANO-PIERI executrixjjc@yahoo.com Nassau, THE BAHAMAS

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 7 AUGUST 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,179.80 | CHG: -0.02 | %CHG: 0.00 | YTD: 70.35 | YTD%: 3.33 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.92 2.60 2.00 3.00 11.75 6.17 4.64 12.50 2.74 2.41 10.00 7.10 15.60 9.00 3.75 14.00

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 9.17 6.13 3.54 8.59 2.35 1.75 7.51 6.10 11.25 6.20 3.01 13.00

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

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 4.19 17.43 6.00 5.92 2.49 1.80 2.18 11.05 6.16 4.43 9.02 2.79 2.40 10.18 7.00 15.45 9.00 3.41 14.00

CLOSE 4.19 17.43 6.00 5.92 2.46 1.80 2.18 11.05 6.16 4.11 9.02 2.79 2.40 10.16 7.00 15.45 9.00 3.41 14.00

CHANGE 0.00 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 -0.32 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 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

LAST SALE 100.00

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

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

6,071

300 1,000

VOLUME

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.467 0.000 0.611 0.743 0.939 0.203 0.631

DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.600

P/E 17.5 18.7 N/M 18.3 N/M N/M -5.0 15.6 12.8 22.3 14.4 27.4 5.1 N/M 11.5 20.8 9.6 16.8 22.2

YIELD 3.82% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.52% 3.57% 2.92% 0.00% 2.44% 2.50% 3.23% 3.43% 3.50% 2.22% 3.52% 4.29%

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

0.00% 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

MUTUAL FUNDS 52WK HI 2.25 4.29 2.06 191.61 158.55 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.63 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.64 1.08 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 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

NAV 2.25 4.29 2.06 191.61 158.33 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.57 9.92 8.68 11.38

YTD%12 1.86% 1.25% 1.35% 3.85% 7.12% 1.57% 0.99% 1.32% 3.22% 3.25% 3.82% 2.59% 8.44% 3.87% 1.84% -0.71% 7.40% 10.20%

MTH% 3.97% 4.23% 2.73% 6.28% 2.08% 4.58% 4.25% 4.12% 5.64% 6.65% 8.36% 4.81% 0.78% 4.17% 2.29% 0.16% 2.70% 1.30%

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

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

NAV Date 30-Jun-2019 30-Jun-2019 28-Jun-2019 30-Jun-2019 30-Jun-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

months ago, it coincided with the day that Trump was to visit El Paso to offer his condolences to the majority-Latino city after a gunman linked with an antiHispanic post online fatally shot 22 people on Saturday.

Such large shows of force were common under President George W Bush, most notably at a kosher meatpacking plant in tiny Postville, Iowa, in 2008.

President Barack Obama avoided them, limiting his workplace immigration efforts to low-profile audits that were done outside of public view.

Trump resumed workplace raids, but the months of preparation and hefty resources they require make them rare. Last year, the administration hit a landscaping company near Toledo, Ohio, and a meatpacking plant in eastern Tennessee. The former owner of the Tennessee plant was sentenced to 18 months in prison last month.

A hangar at the Mississippi National Guard in Flowood, near Jackson, was set up with 2,000 meals to process employees for immigration violations yesterday. There were seven lines, one for each location that was hit. Buses had been lined up since early in the day to be dispatched to the plants.

“I’ve never done anything like this,” Chris Heck, resident agent in charge of ICE’s Homeland Security Investigations unit in Jackson, told The Associated Press inside the hangar.

“This is a very large worksite operation.”

Koch Foods, based in

Park Ridge, Illinois, is one of the largest poultry producers in the US and employs about 13,000 people, with operations in Mississippi, Alabama, Georgia, Illinois, Ohio and Tennessee.

Forbes ranks it as the 135th largest privately held company in the US, with an estimated $3.2bn in annual revenue. The Morton plant produces more than 700,000 tons of poultry feed a year, company officials said in February. The company has no relation to prominent conservative political donors and activists Charles and David Koch.

Agents arrived at the Morton plant, passing a chain-link fence with barbed wire on top, with a sign that said the company was hiring. Mike Hurst, the US attorney for Mississippi, was at the scene.

Workers had their wrists tied with plastic bands and were told to deposit personal belongings in clear plastic bags. Agents collected the bags before they boarded buses.

“This will affect the economy,” Maria Isabel Ayala, a child care worker for plant employees, said as the buses left. “Without them here, how will you get your chicken?”

Immigration agents also hit a Peco Foods Inc. plant in Canton, about 35 miles north of Jackson. The company, based in Tuscaloosa, Alabama, says it is the eighth-largest poultry producer in the US. A company representative did not immediately respond to a telephone call or email seeking comment.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARGARET CHRISTINE CURTIS,Walnut Street, Pinewood Gardens New Providence, Bahamas intend to change my name to MARGARET CHRISTINE MOXEY. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that GEORGETT CLEMENTINE BURROWS of #345 Prince Charles Drive 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 1st day of August, 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 of High DELORIS BROWN Vista Dr. P.O.Box N-3451Nassau, 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 1st day of August, 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 MARIA MERLIEN of Treasure Cay Abaco, Bahamas. is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Thursday, August 8, 2019, PAGE 13

New Mexico governor seeks changes in utility regulation ALBUQUERQUE Associated Press NEW Mexico Gov Michelle Lujan Grisham is questioning recent decisions by a powerful regulatory commission as it weighs the pending closure of a major coal-fired power plant in a case that will test the state’s new energy transition law.

The first-year governor says reforming the Public Regulation Commission is needed to ensure the success of the landmark legislation that sets more ambitious renewable energy goals and charts a course for shuttering the San Juan Generating Station.

Lujan Grisham, during an energy summit on Tuesday, announced her intention to have lawmakers consider commission reforms during the next legislative session.

“If our goal is to protect ratepayers, create economic opportunities for New

Mexicans and take advantage of our state’s renewable energy potential, we have too much at stake to sit on the sidelines,” she said in a statement.

Lujan Grisham said reforms should be aimed at restoring what she called “sound decision-making” and that the commission should be “reliable and professional”.

Commissioners were unable to comment yesterday, citing a policy that prevents them from discussing issues that are related to pending cases.

The governor’s office didn’t propose any specific reforms but plans to take comments from stakeholders ahead of the January session.

The fight over regulatory oversight comes as the Public Regulation Commission embarks on what environmentalists, consumer advocates and others

say is a watershed case that will determine how New Mexico implements the Energy Transition Act signed into law earlier this year.

Public Service Co of New Mexico recently submitted its application for closing the San Juan Generating Station near Farmington. The filing includes a mechanism for financing the closure and providing benefits and training to the workers who will be displaced. It also outlines options for replacing the lost power. All the elements hinge on the new law.

In addition to mandating emissions-free electricity by 2045, the law allows PNM and other owners of the San Juan plant to recover investments and decommissioning costs by selling bonds that are later paid off by utility customers.

The Public Regulation

Employment Opportunity Compliance & MLRO Officer

Financial Institution (FI) seeks qualified candidate to fill the position of Compliance/MLRO Officer. The successful candidate will be appointed as a Compliance/ MLRO Officer for the FI’s compliance with all regulatory and legal requirements.

MLRO/Compliance Duties

• Monitoring changes in AML legislation and updating AML/CFT policies and procedures as necessary; • Conducting AML/ CFT checks and due diligence enquiries in respect to the operations of the FI; • Onboarding of new clients of the FI; • Ensuring compliance with regulations and internal policies; • Arranging for annual and or periodic training of staff; • Liaising with the regulators in regards to their onsite and offsite monitoring of the FI; • Filing STRs as necessary to the Financial Intelligence Unit (FIU).

Selection Criteria

• Possession of a recognized Compliance/AML diploma either the ICA or ACAMS; • Requirements of the successful candidate to become a member of BACO; • In-depth knowledge of the Central Bank of the Bahamas’ regulations and applicable legislation; • Excellent attention to details; • Excellent oral and written communication skills; • Excellent time-management skills; • Proficient in Microsoft Office; • Minimum of three (3) years previous experience

Interested, qualified, candidates should email to: Attention: General Manager to the following address: info@pwccu.com or via P. O. Box N-1986; Nassau, Bahamas; on, or before, August 19th, 2019. No phone calls will be accepted. And, only qualified candidates will be contacted.

NOTICE

NOTICE is hereby given that JAMEKA ALYAH GORDON of Yellow Elder East, Dennis Court 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 8th day of August, 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 NIGEL NICHOLAS ATKINS of South Beach, Mary Gold Lane 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 1st day of August, 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 ROBEN VERSANNES of West End Street 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 1st day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Commission opted to consider a portion of PNM’s application as part of an ongoing case that involved abandonment of the power plant, raising questions as to whether the new law would be applied to the decision-making process since it took effect after that case began.

That move drew criticism from the governor’s office, some lawmakers and environmentalists.

Others have voiced concerns about whether the energy law could ultimately result in higher energy costs by stripping the commission of its authority and responsibility to balance shareholder interests with those of customers and the environment.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LEAH DIANE TRECOVOISIN, of the Western District Nassau, Bahamas, Mother of LAYLA DIANE TRECO-VOISIN, a minor, intends to change her name to LAYLA DIANE TRECO. 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 publication of this notice.

NOTICE

NOTICE is hereby given that LOUDLINE FRANCIS of Eleuthera close off Market Street. 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 1st day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 14, Thursday, August 8, 2019

THE TRIBUNE

WHY A US-CHINA DEAL THAT ONCE LOOKED CLOSE NOW SEEMS FAR OFF WASHINGTON Associated Press A DEAL seemed so close.

As recently as May, the Trump administration and China seemed on the verge

of resolving their dispute over Beijing’s combative trade policies.

Then it all collapsed.

A cease-fire, declared by Presidents Donald Trump and Xi Jinping in June,

failed to stick.

Now, global financial markets are shaking and central banks across the world are trying to cushion their economies from the worst by slashing interest

rates — all in the expectation that a trade war between the world’s two biggest economies will continue to rage, probably through the 2020 US presidential election.

“The US-China trade talks are in serious trouble,” said Wendy Cutler, a former US trade negotiator who is now vice president at the Asia Society Policy Institute. “There is less and less trust on both sides, coupled with a growing sense in both Washington and Beijing that they may be better off without a deal, at least for the time being.”

The past week has been especially rocky. A week ago, Trump abruptly announced that starting Sept 1, he would impose tariffs on the remaining $300bn in Chinese imports that he’s so far spared. On Monday, Beijing struck back: It halted purchases of US farm products — a blow to a critical Trump political base in the Midwest — and let its currency sink to its lowest level in 11 years. A lower-valued Chinese currency, the yuan, gives its exporters a competitive edge over foreign rivals.

Beijing’s currency move led the US Treasury Department to declare China a currency manipulator for the first time since 1994. That step could eventually pave the way for additional sanctions. But for now, it stands mainly as a symbol of the increasingly rancorous feud between Washington and Beijing.

“Both sides are retrenching,” said Timothy Keeler, a former chief of staff at the Office of the US Trade Representative and now a partner at the law firm Mayer Brown.”

The prospect that the USChina trade war will go on indefinitely poses a serious threat to a global economy that was already weakening. It rattles financial markets, discourages trade and paralyses businesses that must decide where to situate factories, buy supplies and sell products.

When companies caught in the crossfire put such plans on hold, they collectively depress trade and growth.

The International Monetary Fund expects world trade to slow in 2019 for a second straight year.

Central banks are moving to try to limit the economic damage, although reducing borrowing rates provide only a limited benefit when rates are already low.

The Federal Reserve last week cut a key US interest rate for the first time in a decade. yesterday, the central banks of Indonesia, New Zealand and Thailand announced rate cuts of their own.

“We’ll be talking about China and the tradewar dynamic over the next decade,” predicted Nate Thooft, head of global asset allocation at Manulife Investment Management. “It’s not going away permanently.”

The Trump administration and Beijing are fighting over a thorny set of issues.

The US side says the Chinese are cheating in their drive to dominate such cutting-edge technologies as artificial intelligence and quantum computing. In particular, the administration alleges that Beijing is stealing trade secrets, forcing foreign companies to hand over technology and unfairly subsidising Chinese tech firms while burying foreign competitors in red tape.

Reaching a substantive deal was bound to be difficult, not least because it would require China to scale back its economic aspirations — aspirations that have become central to its self-identity. Yet at the start of May the two sides seemed to be moving toward some kind of meaningful agreement.

Abruptly, Trump accused Beijing on May 5 of reneging on commitments it had made earlier and said he would raise tariffs on $200bn in Chinese products, a threat he made good on five days later. The administration also began readying tariffs on an additional $300bn in Chinese goods — an escalation that would target virtually everything China sells the United States.

“People were way too optimistic in early May,” said Philip Levy, chief economist at the San Francisco freight company Flexport who was an adviser in President George W Bush’s

administration.

Trump and Xi offered a respite in June. Trump agreed to delay the new tariffs while broken-off talks resumed. After a 12th round of negotiations in Shanghai last month made scant progress, Trump busted the truce and said he’ll tax the $300bn on Sept. 1. He accused Beijing of trying to slow-walk the talks until 2020 in the hope that he would lose the election and they could negotiate with a Democratic president instead.

Whether or not Trump is correct, there is little doubt that his mercurial style has made him difficult to trust in negotiations.

Trump “remains a New York real estate salesman whose abrasive tone and slippery style of haggling is not suitable for international negotiations and diplomatic relations,” said Jeff Moon, a former US diplomat and trade official specialising in China.

Beijing might have drawn a lesson from Trump’s dealings with Mexico: After pressuring Mexico into agreeing to a revamped North American trade deal last year, Trump refused for months to lift tariffs on Mexican steel and aluminum.

Finally, in mid-May, he announced that he was dropping those tariffs, restoring harmony to regional trade ties — only to turn around two weeks later and threaten Mexico with new tariffs in a dispute, later resolved, over immigration.

“I’m sure the Chinese were watching the Mexican experience,” Levy said. “From the Chinese perspective, it was getting harder and harder to see what a deal would look like that would buy you trade peace.”

Other factors, too, are working against a compromise. As the 2020 election near, Trump may have less incentive to reach a trade deal that would likely draw fire from Democratic presidential candidates.

Xi, meanwhile, has his own reasons for avoiding concessions that might make him look weak. His regime faces protests in the semi-autonomous region of Hong Kong. And this fall, he will oversee the 70th anniversary of Chinese Communist rule — a time for patriotic chest-beating, not compromising with a foreign rival.

“Washington’s repeated bullying has made it meaningless to continue trade talks in the short run,” tweeted Hu Xijin, editor-inchief of China’s nationalistic newspaper Global Times.

“China is mobilising internally to fight firmly with the US.”

OFFICE SUITE FOR RENT Location: Parkgate Road, Nassau Space Features: Receptionist area, conference room (furnished), male/female restrooms, kitchen with refrigerator, four offices (furnished), four waiting nooks, fresh inviting aesthetic.

Property Features: Newly built, gated backup generator, security cameras, ample parking, water included.

Call: 394.0245/6 for further details

THE TRIBUNE

Thursday, August 8, 2019, PAGE 15

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

T

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

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

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

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

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

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

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

OPPORTUNITIES • • • •

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

BENEFITS

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

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

PAGE 16, Thursday, August 8, 2019

THE TRIBUNE

By ALEX VEIGA Associated Press STOCKS overcame a big loss on Wall Street yesterday, though the market’s recovery left plenty of signs of worry among investors that the fallout from the trade war between the US and China will spread.

A late-afternoon rally lifted most of the major stock indexes out of the red, reversing most of the early slide that briefly pulled the Dow Jones Industrial Average down more than 580 points. Technology and consumer staples stocks powered much of the gains, offsetting losses in banks, energy companies and other sectors.

Even so, the moves in the bond and commodities markets signaled that investors are nervous that the escalating trade war between the US and China may derail the global economy.

US stocks erase most of an early loss as volatility surges Bond yields sank around the world, something that happens when investors see a weaker economy and low inflation on the way. The price of oil tanked and the price of gold shot up to its highest level in six years as traders sought safe-haven holdings.

“You did see buyers come back to the market, which is a good sign for the market in the near term,” said Lindsey Bell, investment strategist with CFRA Research. “Investors need to buckle in for some volatility here in the next couple of months.”

The S&P 500 index eked out a gain of 2.21 points, or 0.1%, to 2,883.98. The index had been down 2% during the heaviest bout of selling.

The Dow dropped 22.45 points, or 0.1%, to 26,007.07. It had been down as much as 589 points.

The Nasdaq led the market’s upward swing, climbing 29.56 points, or 0.4%, to 7,862.83. The Russell 2000 index of smaller companies lost 1.40 points, or 0.1%, to 1,500.69.

The market has been roiled the past couple of weeks by growing anxiety as the US and China clash over trade.

Last week, President Donald Trump rattled markets when he promised to impose 10% tariffs next month on all Chinese imports that haven’t already been hit with tariffs of 25%. China struck back on Monday, allowing its currency, the yuan, to weaken against the US dollar.

China stabilised the yuan on Tuesday and that helped lift US stocks a day after they endured their worst day of the year. But the markets turned volatile again early yesterday after central banks in New Zealand, India and Thailand cut key interest rates.

The surprise rate cuts triggered a slide in bond yields around the world as investors scrambled for safety.

The yield on the ten-year Treasury touched its lowest level in nearly three years, falling as low as 1.60% from 1.74% late on Tuesday, before climbing back to 1.73%. It was above 3% in late November.

Some investors saw the big drops yesterday morning as an opportunity to buy stocks at cheaper prices.

“I see some stocks that look great that I’m buying

today,” said George Young, portfolio manager at Villere & Co. “I just can’t make much of a case for bonds right now.”

The market’s turbulent turn comes less than two weeks after the benchmark S&P 500 hit an all-time high.

While investors have been scrambling to adjust to the turns in the trade conflict, the broader US economy continues to grow and add jobs. Unemployment is at the lowest level in decades and consumer confidence remains strong.

Corporate earnings, meanwhile, have been coming in better than expected.

Still, the bond market continues to flash a warning signal of recession. The gap between the yield on the three-month Treasury and the ten-year Treasury widened further.

It’s a rare occurrence because investors usually demand bigger yields for tying up their money for longer periods of time, and one rule of thumb says a recession may hit about a year afterward if the gap, or spread, between those two rates persists.

A three-month Treasury was yielding 0.28 percentage points more than a ten-year Treasury as of yesterday afternoon.

It was 0.36 points earlier in the day, the widest gap since the spring of 2007, less than a year before the Great Recession.

Investors are increasingly betting that the Federal Reserve will need to cut short-term interest rates to support the economy given all trade tensions, and traders see a nearly 50% chance of three cuts or more by the end of the year. A month ago, they projected that probability at less than 9%.

US stocks have been on a wild ride since Jan 22, 2018, when Trump first imposed tariffs on solar products and washing machines to help US manufacturers, but they’re virtually back to where they started.

The S&P 500 closed at 2,832.97 that day and has since been down as much as 17% and up as much as 7%, with moves often driven by waxing and waning worries about the trade war. The S&P 500 ended yesterday up 1.8% from that early 2018 starting point.

Since Trump tweeted in March 2018 that “trade wars are good, and easy to win” after raising tariffs on steel and aluminum, the S&P 500 is up 7.2%, though that gain has nearly halved in the last couple weeks as worries about the trade war have surged.

Banks sustained some of the worst losses yesterday.

Lower bond yields mean lower interest rates on mortgages and other kinds of loans, which mean lower profits for banks. JPMorgan Chase fell 2.2%.

The dimming expectations for global growth also send the price of crude oil down $2.54, or 4.7%, to settle at $51.09 a barrel.

Brent crude fell $2.71 to $56.23 a barrel.

Wholesale gasoline fell seven cents to $1.62 per gallon. Heating oil declined seven cents to $1.75 per gallon. Natural gas fell three cents to $2.08 per 1,000 cubic feet.

Gold rose $34.90 to $1,507.30 per ounce, silver rose 75 cents to $17.16 per ounce and copper rose two cents to $2.57 per pound.

The dollar fell to 105.69 Japanese yen from 106.52 yen on Tuesday. The euro strengthened to $1.1234 from $1.1200.

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Teaching Positions Available Small private school seeks to employ experienced, innovative, and inspiring High School History and Primary French teachers effective September 2019.

Successful candidates must hold a degree in education, will ideally have a proven track record with relevant curriculum material, and a genuine desire to become involved in a programme aimed at inspiring and engaging our students beyond the classroom.

We are looking for exceptional, visionary, and adventurous teachers who genuinely want to make a difference.

Resumés should be sent to

teachingbahamas@gmail.com

THE TRIBUNE

Thursday, August 8, 2019, PAGE 17

LYFT POSTS LOSSES DESPITE REVENUE GROWTH, IMPROVES OUTLOOK

THE

PRESS BOX GHT Y

NEW YORK Associated Press LYFT continued to bleed money in its second quarter but says it expects to stem some of those losses, raising its outlook for 2019.

The ride-hailing company yesterday posted revenue of $867.3m, up 72% from the same time last year.

But the San Franciscobased company lost $664.2m in the quarter, which was worse than the $445m loss that analysts polled by FactSet expected.

More than a third of the loss, or $296.6m, came from stock-based compensation Lyft paid out after its initial public offering in March.

The company also lost $141.1m due to changing requirements for liabilities for insurance.

Even so, the company improved its outlook for 2019. Lyft now predicts it will lose between $850m and $875m after expenses such as interest, taxes, depreciation and amortization in 2019, an improvement from the previous predicted loss of $1.15bn to $1.175bn.

With the revised guidance, the company estimates that 2018 may have been the peak loss year, and expects to lose less money in 2020, said Brian Roberts, chief financial officer, in a conference call with investors.

“As a result of our strong top line growth and an improving market environment we generated significant operating leverage,” said Logan Green, CEO, on the conference

WITH

NAU

call. “This was a milestone quarter on our path to profitability.”

The rollout of Shared Saver, which offers riders a more affordable ride if they walk a short distance to the car, led to improvements in system-wide efficiency and monetisation, Green said. The company also has been offering public transit information in its app in eight markets, which can be combined with Lyft’s shared bikes or scooters, he added.

Lyft has been investing to grow its share of its more valuable offerings such as premium, business and airport rides, Roberts said.

“We are focused on driving profitable growth, not growth at all costs,” Roberts said.

The company’s growth in active riders — and revenue per active rider — was better than expected, which drove its revenue growth, Green said. Lyft’s revenue per active rider was $39.77, up 22% compared to the same time last year.

The quarter turned out “much better than feared,” said Daniel Ives, managing director of equity research at Wedbush Securities Inc. “The company

is showing where they’re cutting expenses relative to expectations, and that’s important to putting them on the eventual path to profitability,” he said.

Uber, which is Lyft’s main and much larger rival, is set to report earnings today.

Lyft’s stock price has fallen sharply since its debut. Its shares rose 3% to about $63 in after-hours trading yesterday, which is down 13% from its IPO price of $72.

It was the first of the major ride-hailing companies to go public, beating Uber to its stock market debut. Early enthusiasm among investors quickly fizzled, along with the stock price. The company has not turned a profit or demonstrated a path to profitability. However, its losses were steeper last quarter, when the company was hit with more expenses from stock compensation related to its IPO. Its adjusted net loss, after accounting for the stock compensation, insurance change and other expenses, widened to $197.3m, from the $176.5m adjusted net loss it posted during the same quarter last year.

LIVEN UP YOUR SUNDAY WITH SPORTING WIT AND WISDOM FROM KISS FM’S RESIDENT ’SPORTS JOCK’ NAUGHTY TUNE IN TO FIND OUT WHAT’S HAPPENING IN LOCAL AND INTERNATIONAL SPORT

EVERY SUNDAY - 10AM TO 1PM

Consolidated Statement of Changes in Equity (Unaudited) For the Six Months Ended 30 June 2019 (Expressed in Bahamian dollars)

Fidelity Bank (Bahamas) Limited

(Incorporated under the laws of the Commonwealth of The Bahamas)

Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Reserve for Credit Losses $

Retained Earnings $

Total $

20,380,694

15,000,000

330,695

-

54,156,529

89,867,918

Net income

-

-

-

-

13,082,355

13,082,355

106,498,105 83,057,535 439,699,830 4,668,546 13,319,401 215,957 10,441,514

Total comprehensive income

-

-

-

-

13,082,355

13,082,355

Depreciation transfer

-

-

(21,490 )

-

21,490

-

Total transfers

-

-

(21,490 )

-

21,490

-

29,356

-

-

-

77,394

106,750

657,900,888

Dividends – preference shares

-

-

-

-

(483,493 )

(483,493 ) (8,371,334 )

Consolidated Statement of Financial Position (Unaudited) As of 30 June 2019 (Expressed in Bahamian dollars)

As of 1 January 2019

2019 $

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets Assets held for sale Investments in joint ventures Property, plant and equipment

171,216,069 86,548,648 430,337,028 2,086,540 14,344,133 209,407 10,105,895

Total assets

714,847,720

2018 $

Comprehensive income

Transfers

Transactions with owners Issuance of ordinary shares

Dividends – ordinary shares

LIABILITIES Deposits from customers Accrued expenses and other liabilities Debt securities

584,771,928 1,748,884 34,124,712

532,734,531 1,333,981 33,964,458

Total liabilities

620,645,524

568,032,970

EQUITY Capital – ordinary shares Capital – preference shares Revaluation reserve Reserve for credit losses Retained earnings

20,410,050 15,000,000 309,205 58,482,941

20,380,694 15,000,000 330,695 54,156,529

Total equity

94,202,196

89,867,918

714,847,720

657,900,888

Total liabilities and equity

As of 30 June 2019 Dividends per share

-

-

-

-

(8,371,334 )

29,356

-

-

-

(8,777,433 )

(8,748,077 )

20,410,050

15,000,000

309,205

-

58,482,941

94,202,196

0.29

0.32

Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2018 (Expressed in Bahamian dollars) Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

Reserve for Credit Losses $

Retained Earnings $

Total $

20,363,328

15,000,000

373,659

4,090,372

49,489,244

89,316,603

-

-

-

(4,090,372 )

(1,803,042)

(5,893,414 )

20,363,328

15,000,000

373,659

-

47,686,202

83,423,189

Net income

-

-

-

-

22,364,469

22,364,469

Total comprehensive income

-

-

-

-

22,364,469

22,364,469

Depreciation transfer

-

-

(42,964 )

-

42,964

-

Total transfers

-

-

(42,964 )

-

42,964

-

As of 31 December 2017 Effects of changes in accounting Policies As of 1 January 2018 Comprehensive income

Consolidated Statement of Comprehensive Income (Unaudited) For the Six Months Ended 30 June 2019 (Expressed in Bahamian dollars) 3 Months Ended 30 June 2019 $ INCOME Interest income Bank deposits, loans and advances Investment securities

Total transactions with owners

6 Months Ended 30 June 30 June 2019 2018 $ $

Transfers

Transactions with owners

16,591,173 915,604

33,144,928 1,845,602

30,821,218 1,781,275

Issuance of ordinary shares

17,366

-

-

-

48,562

65,928

Dividends – preference shares

-

-

-

-

(975,000 )

(975,000 )

17,506,777

34,990,530

32,602,493

Dividends – ordinary shares

-

-

-

-

(15,010,668 )

(15,010,668 )

Interest expense

(3,215,027 )

(6,281,552 )

(6,790,557 )

Total transactions with owners

17,366

-

-

-

(15,937,106 )

(15,919,740 )

Net interest income

14,291,750

28,708,978

25,811,936

20,380,694

15,000,000

330,695

-

54,156,529

89,867,918

728,848 54,663

1,439,774 20,156 127,903

1,383,569 40,313 381,054

0.52

0.65

15,075,261

30,296,811

27,616,872

EXPENSES Salaries and employee benefits General and administrative Provision for loan losses Depreciation and amortisation

3,305,420 3,219,125 2,427,070 374,776

6,276,624 6,192,802 5,059,338 720,901

5,572,726 5,884,574 6,658,423 734,717

Total expenses

9,326,391

18,249,665

18,850,440

Operating profit

5,748,870

12,047,146

8,766,432

-

10,476

-



To comply with the capital requirements set by the Central Bank of The Bahamas (the Central Bank).

5,748,870

12,057,622

8,766,432



500,001

1,024,733

1,396,807

To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and

6,248,871

13,082,355

10,163,239



To maintain a strong capital base to support the development of its business.

28,815,779

28,810,442

28,801,947

0.21

0.44

0.34

Fees and commissions Rental income Other income Total income

Share of profits of joint ventures Net income from continuing operations Profits of assets held for sale Net income and total comprehensive income

Weighted average number of ordinary shares outstanding Earnings per share

As of 31 December 2018 Dividends per share

Notes to the Consolidated Financial Statements (Unaudited) For the Six Months Ended 30 June 2019 (Expressed in Bahamian dollars) Corresponding Figures Where necessary, corresponding figures are adjusted to conform with changes in presentation in the current year.

Further, corresponding figures presented in the consolidated statement of financial position and related notes are as of 31 December 2018.

Capital Management The objectives of Fidelity Bank (Bahamas) Limited (the Bank) when managing capital, which comprises total equity on the face of the consolidated statement of financial position, are:

Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank, including quantitative and qualitative measures. The required information is filed with the Central Bank on a quarterly basis.

The Central Bank, the Bank’s principal regulator, requires that the Bank maintains a ratio of total regulatory capital to risk-weighted assets at or above a minimum of 14.00%. For the six months ended 30 June 2019 and the year ended 31 December 2018, the Bank complied with all of the externally imposed capital requirements to which it is subject.

PAGE 18, Thursday, August 8, 2019

THE TRIBUNE

FedEx to end ground delivery business with Amazon NEW YORK Associated Press

FEDEX says it will no longer make ground deliveries for Amazon as the online shopping giant builds its own fleet and becomes more of a threat to delivery companies.

The announcement yesterday comes two months after FedEx terminated its air delivery contract with Amazon. FedEx said dumping Amazon is part of its plan to go after more e-commerce deliveries from other companies.

Traditional retailers like Walmart and Target want to sell more of their goods online, which in turn allows FedEx to distance itself from Amazon.com without suffering the same competitive damage it might once have.

TENNESSEE Gov Bill Lee addresses reporters at a news conference announcing an investment by shipping giant FedEx Corp of $450bn to help modernise its Memphis hub on Friday in Memphis, Tenn.

Photo: Adrian Sainz/AP “This does not come as a surprise to us,” Citi Research analyst Christian Wetherbee said in a note to clients. “The company is clearly trying to move away from its partnership with Amazon and we believe it is using this move as a selling point to win new non-Amazon business.”

Cowen analyst Helane Becker said FedEx’s profit margin on Amazon shipments is probably in the “very low single digits”, and she believes the company can replace those packages with more profitable business from other retailers.

Amazon is growing its own fleet of air and ground transportation, giving it more control of how its packages are delivered while reducing its reliance on FedEx, UPS and the US Postal Service. The Seattle-based company has leased jets, built packagesorting hubs at airports and launched a programme to let its contractor drivers start their own businesses delivering packages in vans stamped with the Amazon logo.

Last month, FedEx warned for the first time

in a government filing that Amazon’s fledging delivery business could lower prices, hurt its revenue and “negatively impact our financial condition and results of operations”.

It was a departure from previous statements by FedEx officials — and those at UPS — who have long downplayed the idea that Amazon could become a competitor in the delivery business. They noted that it took many years and billions of dollars for their companies to build extensive, worldwide networks of planes and delivery trucks.

“I mean, we look at Amazon as a wonderful company and service, and they’re a good customer of ours,” said FedEx Chairman and CEO Fred Smith during an earnings call in December. “We don’t see them as a peer competitor at this point in time. For many reasons, we think it is doubtful that that will be the case.”

In a regulatory filing in February, Amazon tweaked the description of its business to say that competitors include transportation companies so FedEx “is taking

them at their word and dropping them as a client,” Becker said.

“We think (FedEx) is treating Amazon like any other competitor. They wouldn’t carry competitor packages, like UPS, so why would they carry Amazon packages?” she said.

Amazon spent $27.7bn on sorting and shipping costs last year, up from $16.2bn two years earlier. Amazon doesn’t say how much of its packages flow through FedEx, but it’s likely a much smaller amount compared to UPS and the US Postal Service.

FedEx said that Amazon made up just 1.3% of its total revenue in 2018, or about $850m.

“Nothing but respect for FedEx but they were very small piece of our network and vice versa, we wish them nothing but the best (conscious uncoupling at its finest),” tweeted Amazon executive Dave Clark, who oversees the company’s warehouses and delivery business. “We have great strategic partners who are part of our long term plan and we appreciate what they do for customers.”

Besides building its own delivery business, the online retailer wants to drop off packages to its shopper’s doorsteps even faster, which is proving to be a bigger expense than expected. Last month, Amazon admitted it would cost more than the $800m it had said it would spend to switch its Prime two-day delivery promise to one-day delivery. The higher costs were related to reconfiguring its warehouses and moving products and goods to facilities that were closer to its customers.

Analysts said FedEx would still have a role in moving some Amazon packages, but it would be an even smaller part of its business.

“This will make it not worth mentioning,” said Stifel analyst David Ross, in a note to clients.

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