08152019 BUSINESS

business@tribunemedia.net

THURSDAY, AUGUST 15, 2019

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Minimum wage rise talk ‘unequivocally not true’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

NATIONAL Tripartite Council member yesterday described the minister of labour’s assertion that it is debating a minimum wage increase as “unequivocally not true”.

Peter Goudie, one of the private sector’s representatives on the Council, told Tribune Business “there’s absolutely no discussion” of a rise because “the last thing we want to do right

• Council member rejects minister’s assertion • Says ‘last thing we want to do right now’ • Council’s productivity focus is real ‘win-win’ now is increase the cost of business.”

Instead, he revealed that the Council’s “number one priority” is the creation of a National Productivity Council and accompanying legislation designed to boost worker and corporate output throughout The Bahamas, with recommendations likely to be ready for presenting to the Government this October.

Mr Goudie’s assertion contradicts comments made

by Dion Foulkes, minister of labour, who told assembled reporters outside Tuesday’s weekly Cabinet meeting that the National Tripartite Council was discussing a minimum wage increase.

Raising worker expectations, especially among those earning at or close to the $210 weekly minimum,

Mr Foulkes said: “There is a discussion at the Tripartite Council level but there haven’t been any definitive recommendations from the council at this point.”

However, Mr Goudie, who said he was personally “not big on the minimum wage” as a concept, dashed any optimism by totally refuting the minister’s statement. “There’s absolutely no discussion

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Customs portal allows boating fee payments PETER GOUDIE at the National Tripartite Council on the minimum wage,” the well-known human resources consultant told this newspaper.

“The reason there hasn’t been is because inflation is very low and there’s very strong concern about the ease of doing business. The last thing we want to do right now is increase the cost of business.”

He continued: “I can tell you unequivocally there’s been no discussion at the National Tripartite Council. I don’t know who’s saying that. If Dion Foulkes

MORE Bahamians are jobless now than when the Minnis administration took office just over two years ago despite the national unemployment rate’s reduction to 9.5 percent.

A closer examination of the May 2019 Labour Force Survey data reveals that some 22,635 Bahamians were looking for work this summer but unable to find

• Some 775 more unemployed compared to May ‘17 • Though rate dropped due to workforce growth • Unions ‘targeting’ $450 ‘liveable’ weekly earnings

BERNARD EVANS

Bran: BPL ‘puts us back in third world’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE DNA’s ex-leader yesterday said Bahamas Power & Light’s (BPL) inability to provide reliable power had “put us back into third world status”, and blasted: “It’s a disaster for the economy.”

Branville McCartney, pictured, speaking to Tribune Business from Florida, where he said the monthly energy bill for a four-storey home was just $200, said BPL’s failure to perform its most basic functions had

also undermined Bahamians’ “way of life”.

“Terrible, it’s a disaster,” he charged of BPL’s current woes. “It’s a disaster for our economy. It’s a disaster for our way of living, and

SEE PAGE 7

Chamber chief: ‘No downside’ to Customs system

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chief executive says “there’s really no downside” to Customs’ new digital system, but called for “patience” as all parties go through their “learning curve”.

Jeffrey Beckles, urging the private sector to stay the course over the Electronic Single Window’s (ESW) roll-out, told Tribune Business that it will ultimately produce “gains and benefits” for both businesses and government by making cross-border commerce

more efficient while cracking down on revenue leakages.

Speaking prior to yesterday’s launch of the ESW’s education and registration drive, Mr Beckles said the Chamber of Commerce was committed to working with Customs and all sides to iron out “any kinks” given that the initiative is a key element in the Minnis administration’s e-government transformation.

“It’s a new process which means a learning curve on both sides of the fence,” he added. “We know it’s a system that works globally,

SEE PAGE 8

it - a figure that was some 755 persons higher than the 21,880 classified as unemployed at the time of the May 2017 survey.

While the national unemployment rate has declined due to the total labour force’s continued expansion, the size of the jobless

workforce backs assertions by several Cabinet ministers that the government has much more work to do in creating a business climate to facilitate faster job creation.

Bernard Evans, the National Congress of Trade Unions (NCTU) president,

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

told Tribune Business that this newspaper’s findings showed that “the devil is in the detail” when it comes to analysing data such as the unemployment figures.

While praising the government for a jobless rate that is “trending in the right direction” and “heading downwards”, Mr Evans argued that the “quality of work” enjoyed by Bahamians - and especially their ability to secure a “liveable

THE Customs Department’s new digital system will allow pleasure craft to apply for cruising and fishing permits, the deputy prime minister said yesterday.​ Announcing the launch of the registration campaign for Customs’ Electronic Single Window (ESW) or Click 2 Clear portal, K Peter Turnquest said it will permit boaters and their vessels to clear Customs and apply for mandatory cruising and fishing permits.​ “We are digitising the entire process to create more security, speed and convenience,” said Mr Turnquest. “We are collaborating with the Association of Bahamas Marinas, the Ministry of Tourism, and the Ministry of Agriculture and Marine Resources to launch this highly-anticipated feature as the industry is keenly awaiting its roll-out.”

Basil Smith, the Association of The Bahamas Marinas (ABM) executive director, previously told Tribune Business that a single electronic portal for the payment of fees such as cruising permits and the yacht charter fee would be a huge step forward for the industry.

SEE PAGE 6

SEE PAGE 4

SEE PAGE 6

More Bahamians jobless than when govt elected

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Thursday, August 15, 2019 RASTERISING is the process of turning vectors, text layers, layer effects or any other type of graphics into a simple bitmap image made of pixels. Raster graphics can be made from vectors and are a collection of coloured pixels that make up images.

Raster-based images have a defined pixel count, so making them larger will affect their visual quality. Vectorbased images, on the other hand, are created with mathematical data that allow them to be displayed at any resolution and without a loss in quality.

Why rasterise an image?

Rasterising is not typically a bad thing, and the shift from a vector to pixel format is generally not noticed. The loss of perfect edges is not noticeable unless you zoom in or blow up the image. If you plan to create a large format print of the image, for example, the pixilation caused by rasterising may become noticeable. However, if the photo remains in a standard size digital format, rasterising will not have a noticeable impact. Ultimately, rasterising

THE TRIBUNE

GRAPHIC DIFFERENCES IMPACT IMAGE TYPES

The Art of Graphix

BY DEIDRE M BASTIAN

an image allows printers to separate colours cleanly, and ensures the print is just as clear and crisp as the design sent.

Is vector or raster better?

Vector-based graphics are more malleable than raster images, so they are much more versatile, flexible and easy to use. The most obvious advantage of vector images over raster graphics is that vector images are quickly and perfectly scalable. There is no upper or lower limit for sizing vector images.

Whether you are an aspiring Pixar animator or a graphics editor, I recommend keeping images in vector format until they need to be edited at the pixel level, in which case rasterising is the only option. Remember, once you have converted the layer you will not be able to go back and change the size or font. Think twice, and save copies of your work as you progress.

What is the difference between vector and raster images?

The main difference

between vector and raster graphics is that raster graphics are composed of pixels, while vector graphics are composed of paths. A raster graphic, such as a gif or jpeg, is an array of pixels of various colours which, together, form an image.

Can raster images be converted to vector?

While it is possible to create a vector image (such as an EPS file) from a raster graphic (a JPEG image), an exact conversion is not possible. Some programs such as Macromedia Flash can create paths from raster graphics so that they can be manipulated as vector images.

What are raster images best used for?

Best use is simple web graphics such as web buttons, charts and icons. A TIF (or TIFF) is a large raster file.

It has no loss in quality, and therefore is primarily used for images employed in printing.

On the web, because of load time, you generally want to use smaller images such as JPG or PNG. How to rasterise an image

The process used to rasterise layers in Photoshop is fairly simple. Rasterising a layer in Photoshop is the process of converting from a vector file to a pixel-based file. The process is sometimes required for certain tools to function properly. The vector-based format maintains perfect resolution on all borders, while the pixel-based version will lose that crisp, perfect edge.

There are a few ways to rasterise in Photoshop, but the easiest is to find the Layer tab on the top menu and then select “Rasterise”. From here, you will have a few options: • “Vector Mask” leaves the fill layer as is, but converts the vector outline into a pixel layer • ‘Fill Content’ leaves the vector mask as is, but converts the fill layer into pixels.

• “Shape” merges the vector mask and fill layer, and then converts them both into one pixel- based layer.

Is Photoshop vector or raster?

At the highest level, the major reason for using

Illustrator over Photoshop is one of image formatting..

Illustrator is built to make vector images, while Photoshop outputs raster images.

When you are prepared to rasterise, make a duplicate of the layer and save the original vector version. This preserves the original along with the option to return to the vector format if the pixel version is substandard quality. Until we meet again, fill your life with memories rather than regrets.

Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M Bastian is a professionally-trained graphic designer/marketing co-ordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

TO

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BAGS

THE TRIBUNE

Thursday, August 15, 2019, PAGE 3

SEBAS’ TITAN GAINS $4.5M FROM OVER 1,000 INVESTORS SEBAS Bastian’s investment house yesterday said its Titan Balanced Fund had “met every expectation and more” by raising $4.5m from over 1,000 investors.

Investar Securities, in a statement, said the fund - which had a lower investment entry threshold in a bid to entice individual Bahamians to invest - had succeeded in attracting many first-time entrants into the capital markets.

“We are pleased to announce that the initial offering period of the Titan Balanced Fund, which made its debut in the investment fund market in June, met and exceeded every expectation,” said Ansel Watson, Investar Securities’ president and chief executive.

The month-long offering for the Titan Balanced Fund, one of two unveiled

ANSEL WATSON

by Investar, was extended by two weeks to mid-July in an effort to attract more investors after it attracted just 400 investors and $750,000 in subscriptions during the first four weeks.

“We are continuing to review the last of the initial applications for shares to ensure full compliance with KYC (know your customer) requirements,” Mr Watson said. “But even with those few still outstanding, the

response to our initial offering was everything we hoped and more.

“The greatest reward was seeing how many average Bahamians who never invested before felt this offer was their opportunity.

The funds were marketed with the inclusive theme ‘wealth within your reach’, and it was good to see that people identified with it.

Our directors deliberately chose to distinguish Titan Funds from others that are often seen as exclusively for the wealthy.”

Hillary Deveaux, Investar Securities chairman, and a former Securities Commission head, agreed with Mr Watson’s assessment by describing the result as “highly satisfactory”.

The Titan Balanced Fund offered shares at a $5 price, with a minimum purchase of 100 or $500. Its

rate of return on investment is projected to be between seven to ten percent, higher than certificates of deposit or most other investment vehicles.

The earnings rate is based on high-yield assets that the fund intends to take positions in, including Playtech Systems Ltd, parent company of Island Luck. The Titan Balanced Fund will also hold properties with long-term government leases, plus corporate and government bonds.

Investar Securities said efforts to market the Titan Balanced Fund produced mixed results.

“I think people in some of the settlements wanted to protect their privacy, so while numbers may have been smaller than we would have liked in a few places, what we found is that after we returned to Nassau the

phone rang with lots of inquiries and a number of applications followed,” Mr Watson said.

“Because each applicant had to prove status and residence, acquiring the KYC documentation after a Family Island trip took longer and accounted in part for the slight delay in the final tally of the first tranches of share offerings. “Given that this is our first race out of the gate, we were extremely pleased with the welcome received.

However, Investar admitted that the reception for the Titan Fixed Income Fund, which was marketed towards the sophisticated or institutional investor, was less satisfactory.

“We believe that institutional investors were targeting the new issues in government securities that were offered recently,

Contractors Board to be finalised soon

To advertise in The Tribune, contact 502-2394

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Board that will oversee the construction industry’s self-regulation could soon be in place, a Cabinet minister has told Tribune Business.

Desmond Bannister, minister of works, said: “Cabinet has made, or is in the process of making, all Board appointments.”​ The Construction Contractors Act, when enforced, will introduce a system of licensing and self-regulation where Bahamian contractors are certified according to their qualifications, as well as the scale and scope of work they are capable of undertaking.

This is designed to place them on a “level playing field” with foreign contractors, enabling them to better compete for foreign multi-million dollar

becoming the first such securities to be traded on BISX,” said Mr Watson.

The Fixed Income Fund’s shares were offered at $10 with a minimum investment of $1,000, and a projected rate of return between five to seven percent. Mr Watson said Investar will now review the offering.

Investors are able to buy and sell shares in the Titan Balanced Fund through Investar’s offices on East Bay Street in the Bethell Estates compound, or through Genesis Fund Services at 308 East Bay Street.

An online subscription application process will also become available.

“We encourage longterm investment for best return. That, and the flexibility to add additional subscriptions at any time in the future, we believe, adds to the attractiveness of the offer,” Mr Watson said.

DESMOND BANNISTER

OFFICE SUITE FOR RENT contracts on foreign direct investment (FDI) projects that come to The Bahamas because their capabilities are certified.​ Michael Pratt, president of the Bahamian Contractors Association (BCA), said it was eagerly awaiting the development. “We

are working hard to get the Contractors Bill and the Board appointments in place,” he said.

“We are hoping to see that finalised. Once that is in place we can move forward with the process of licensing our contractors.

According to the Bill, the

Contractors Association was responsible for recommending six contractors out of 10 for the Board. We have done that already. The Bill outlines how the Board is supposed to be set up and, once that happens, we can begin the licensing of contractors.”

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PAGE 4, Thursday, August 15, 2019

THE TRIBUNE

portal allows Water Corp contractor Customs boating fee payments eyes further loss cuts A WATER & Sewerage Corporation contractor is now aiming to reduce losses from the state-owned utility’s distribution to less than one-third of the level it inherited.

Mario Tavera, project manager for MIYA Bahamas, said it is aiming to reduce water losses to 2m gallons per day as opposed to the 6.87m gallons it faced when its effort to tackle New Providence’s non-revenue water woes began six years ago.

The project, financed by an $83m Inter-American Development Bank (IDB) loan, started in 2012 in a bid to staunch daily water losses due to leaks, wastage, theft, and deteriorating pipes in the Water & Sewerage Corporation’s system.

Upon being awarded a ten-year contract, MIYA Bahamas conducted an eight-month study of the corporation’s system before embarking on a strategy that involved the replacement of thousands of faulty service connections.

This involved the deployment and installation of monitoring equipment to remotely control the water supply, together with the disconnection of illegal and dormant customers and implementation of a

MARIO TAVERA, centre, MIYA Bahamas Project Manager poses along with members of his team. MIYA Bahamas was awarded a ten-year contract as part of efforts to reduce millions of gallons of Non-Revenue Water (NRW) which were being lost daily due to leaks, wastage, theft, and deteriorating pipes in New Providence.

comprehensive maintenance plan.

The latter includes a

NOTICE TO SERIES B NOTE HOLDERS Please be advised that repayment of the principal sum of the Series B Redeemable Floating Rate Notes issued on October 19, 2007 will be made on October 18, 2019.

continuous leak detection campaign, quick repairs and an efficient pressure management. MIYA Bahamas has also implemented a new supervisory control and data acquisition (SCADA) system to better monitor, control and respond to system challenges.

With 32 stations in the distribution system, each one provided with a Pressure Reducing Valve (PRVs) and high tech system for monitoring and controlling water pressure remotely, the Company has met its mandate to create and maintain a more consistent, shock-resistant water supply system.

“When we started, we recorded up 6.87m imperial gallons of daily losses in the system supply with no kind of pressure management or active leak detection being implemented, and a worrying level of intermittent supply actions (cutbacks) that were being done in the system at night on a

daily basis, particularly in inner-city communities,” said Mr Tavera.

“While leaks still occur across the system we are now in a better position to identify and repair them.

Now, with our leak prioritisation plan, we assign a team of inspectors to identify, monitor and work along with the team at Water & Sewerage Corporation to have them repaired quickly and efficiently.”

MIYA Bahamas said its efforts have not only reduced the amount of nonrevenue water losses but also improved water pressure and quality, too.

“We’ve been able to improve the quality of the water in many areas, and replace up to 17,000 defective and leaking service connections, assuring Nassau tap water is safer, cleaner and easily accessible to all households,” said Mr Tavera. During the first phase of the company’s mandate, MIYA Bahamas hired and trained Bahamians to work with their new maintenance project directly and indirectly.

“We currently have a team of 20 people, each of them highly trained on topics related to the project: Nonrevenue water, GIS, water balance, hydraulic works and materials,” Mr Tavera added. “Then we also have 11 leakage inspectors, all of whom are local hires. Over the past four years we’ve also had about 120 Bahamians indirectly hired to make this project a success as well.”

With phase one of the infrastructure project now completed, Mr Tavera said: “We have a maintenance plan which includes lots of proactive fieldwork to ensure that new equipment is being effectively maintained.

“Our overall target is to reduce water losses down to 2m imperial gallons per day.

With over 10bn imperial gallons of water expected to be saved, the project is designed to repay itself within its lifespan, while providing residents in Nassau access to a safer, cleaner and more reliable water supply.”

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K PETER TURNQUEST FROM PAGE ONE He added that marina operators had been advocating for such a platform to make it easier for boaters for many years now. Such a facility, Mr Smith said, would not only benefit boaters but help the government with revenue collection. ​ The government has

announced that it will increase cruising permit fees from $150 on boats up to 34 feet, and $300 on boats 35 feet and over, to a set of rates based on size and length of stay ranging from $150 per three months to $4,000 per year. These rates will become effective January 1, 2020, so as to allow a transition period for the boating industry.​

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THE TRIBUNE

Thursday, August 15, 2019, PAGE 5

AIRBNB UNVEILS OFFERING EXPANSION INTO HOTELS AIRBNB’S expansion into “boutique-type” hotels and local “experiences” was among the items discussed at The Bahamas Hotel and Tourism Association’s (BHTA) recent Board meeting.

A variety of panellists addressed the challenges and opportunities faced by Bahamian entrepreneurs in accessing the “local” tourism market under the topic of Bridging the Gap: Creating linkages to connect Bahamian entrepreneurs with the tourism market.

The panellists included Davinia Blair, executive director of the Small Business Development Corporation (SBDC); Sean O’Connell, general manager and vice-president of food and beverage and culinary operations for Atlantis; Chloe Burke, Airbnb’s public

FROM LEFT: CARLTON RUSSELL, the BHTA’s president; Chloe Burke, Airbnb; Azalea Perez Olivares, Airbnb; Davinia Blair, Small Business Development Centre; Sean O’Connell, Atlantis, Paradise Island; Suzanne Pattusch, BHTA. policy associate for the Car- medium-sized enterprises ibbean and Central America; (MSMEs) in The Bahamas. and Azalea Perez Olivares, She said the Centre aims to Airbnb’s market manager for equip and empower MSMEs the Caribbean and Central to provide employment, America. diversify wealth and drive the Ms Blair addressed the development of a robust and SBDC’s efforts to support the resilient economy through. evolution of micro, small and Mr O’Connell, a

‘TIGHTER CONTROLS’ WITH NEW CUSTOMS SYSTEM

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE introduction of Customs’s new digital system will introduce “tighter controls” and cut fraud and corruption, the deputy prime minister said yesterday.​ Speaking at the launch of a public education campaign and registration drive for the Electronic Single Window (ESW) portal, K Peter Turnquest said once the system is fully implemented, all importers will be operating by the same rules and regulations.

“This is possible because most processes will be digitised and automated. That means they won’t vary from one customs officer to the next or one port of entry to the next,” said Mr Turnquest.​ “Online payments will be accepted 24/7 on the new system. We will have tighter controls and risk management to reduce the opportunities for corruption and fraud, including the ability to transition to a cashless environment.

“The benefits of this

transformation are numerous, as the government will have accurate statistical information for more effective policy making and real time information to assist with better budget planning.”

According to Customs officials, some 5,000 persons and businesses across the country are registered on the portal so far.​ “The phased-roll out of the business trade portal started with air cargo in New Providence 2017. Since

February 2019, it continued in the Family Islands with air and sea cargo. We are currently in Abaco, but have completed Inagua, Exuma, Eleuthera, Cat Island, and San Salvador already,” said Mr Turnquest.

“In early September, the New Providence sea port will be brought on to the new system and Customs will completely cease use of its old system. We will have more to say on this aspect of the platform in September.”

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substantive “wholesale purchaser” with one of the largest resorts in The Bahamas, spoke frankly about the challenges faced by Bahamian businesses in trying to source local goods. He said these included difficulties in consistently obtaining quality-conscious goods that could be sourced in sufficient quantities at an acceptable price point.

The Atlantis executive said opportunities for entrepreneurs to enter the tourism market in The Bahamas did exist, but it was critical that locally-produced goods met international standards.

He also stressed the importance of pricing as hotel guests, who are often unfamiliar with Bahamian products, face additional charges such as 12% VAT and, frequently, a 15% gratuity charge, on top of the

purchase price.

Suzanne Pattusch, the BHTA’s executive vicepresident, called for greater collaboration between the private and public sector to overcome obstacles impeding greater market penetration. This was echoed by a Bahamian entrepreneur, Calae Burrows of Octis Organics, who suggested a “Co-pac” type approach to producing Bahamian-made goods and consumables.

This was described as a communal facility where individuals or clusters of producers could rent equipment and space to “cook, create and package their goods; jams, teas, pepper sauces etc. in sufficient quantities using facilities set up in an environment which met requisite health and safety standards”.

The final presentation was provided by Airbnb’s Chloe

Burke and Azalea Olivares.

They revealed that the international online vacation rental platform is expanding its offerings to include small “boutique-type” hotels, plus “experiences” where a visitor can enjoy a local activity related to the destination’s history, culture and customs.

The presentation was well received, with Bahamian entrepreneurs recognising this as an opportunity to tap into an established brand whose reach could afford them global visibility and sales opportunities.

Airbnb has liaised with Bahamian entities, including the BHTA and the Tourism Development Corporation to heighten awareness and provide opportunities for local SMEs to grow their business through its online marketing platform.

PAGE 6, Thursday, August 15, 2019

THE TRIBUNE

MINIMUM WAGE RISE TALK ‘UNEQUIVOCALLY NOT TRUE’ FROM PAGE ONE

is saying it, it’s not true and I’ll stand by that.

“There has been no discussion on it, and I’m the one who led all the research last time on the minimum wage when it was increased from $150 to $210 per week.

We had considered the idea of reviewing of every couple of years but, because inflation is low and the economy as we all know is awful, it’s not been on our agenda.”

The first, and last, increase in the minimum wage occurred in mid-2015 in a bid to cushion the

impact of Value-Added Tax’s (VAT) introduction and associated cost of living increases - on low income earners.

The 40 percent rise to $210 per week was the first such occurrence since the minimum wage was introduced by law in The Bahamas in 2002. Pressure for further increases has come at regular intervals due to The Bahamas’ economic difficulties over the past decade, especially when factors such as the VAT rate rise to 12 percent reduce household purchasing power.

Many Bahamians argue

that $210 per week, or $840 per month, is not a “liveable” wage and it is impossible to make ends meet with such an income especially if the worker has a family to support - given the constant rise in the cost of living.

However, minimum wage increases come with other consequences. They inevitably increase employer costs, which can result in companies laying-off staff or becoming reluctant to take on new hires.

Given that those earning minimum wage salaries tend to be young workers, such as school leavers, just

SECOND QUARTER INTERIM FINANCIAL REPORT FamGuard Corporation Limited Consolidated Statement of Financial Position As at 30 June 2019 (Expressed in BSD) Unaudited 30 June 2019

31 December 2018

$

$

ASSETS Fair value through profit or loss Available-for-sale Held-to-maturity Loans Total financial investment assets Cash and bank balances Reinsurance assets Reinsurance recoveries Premiums receivable, net Receivables and other assets, net

$12,670,798

11,051,741

13,184,526

143,209,616

185,949,173

86,143,265

86,165,423

259,837,417

297,969,920

13,943,595

9,853,144

5,314,871

5,172,056

5,138,414

7,536,726

5,838,524

4,795,465

6,345,101

6,223,354

37,854,805

37,823,889

$334,272,727

$369,374,554

$217,862,723

$213,300,445

Property, plant and equipment, net TOTAL ASSETS

$19,432,795

LIABILITIES AND EQUITY LIABILITIES: Reserves for future policyholders' benefits Other policyholders' funds Policy liabilities Payables and accruals

18,753,755

19,027,437

236,616,478

232,327,882

Total liabilities

11,502,350

13,702,599

248,118,828

246,030,481

EQUITY: Preference shares

5,000,000

5,000,000

Ordinary shares Share premium Revaluation reserve Retained earnings Equity attributable to owners of the Parent Non-controlling interests

2,000,000

10,801,080

10,801,080

18,638,736

18,605,500

49,714,083

46,536,285

86,153,899

82,942,865

-

40,401,208

86,153,899

123,344,073

$334,272,727

$369,374,554

6 MONTHS to 30 June 2019

6 MONTHS to 30 June 2018

Total equity TOTAL LIABILITIES AND EQUITY

2,000,000

FamGuard Corporation Limited Consolidated Statement of Profit or Loss For the six months ended 30 June 2019 (Expressed in BSD) Unaudited

$

$

INCOME $50,117,217

Net premium income Annuity & other deposits Net premium income and other deposits Investment income

$48,292,133

6,841,817

6,958,410

56,959,034

55,250,543

7,631,590

7,353,005

972,508

721,209

65,563,132

63,324,757

Net Policyholders' benefits

42,535,256

39,509,902

Operating expenses

12,577,546

12,027,363

6,927,667

6,946,320

Other operating income Total income

BENEFITS AND EXPENSES

Commissions Total benefits and expenses

62,040,469

58,483,585

Net income from continuing operations

3,522,663

4,841,172

Net income (loss) from discontinued operations

1,398,885

(163,578)

4,921,548

4,677,594

Ordinary shareholders

$4,777,798

$3,862,916

Preferred Shareholders

143,750

319,007

Net Income PROFIT ATTRIBUTABLE TO:

Non-controlling interests Earnings per ordinary share

-

495,671

$4,921,548

$4,677,594

$0.48

$0.39

The complete set of unaudited interim consolidated financial statements is available on the Company’s website at: www.famguardbahamas.com FamGuard Corporation Limited is the parent holding company of: Family Guardian Insurance Company Limited; BahamaHealth Insurance Brokers Limited; FG Insurance Agents & Brokers Limited

entering the workforce, any reluctance by employers to hire at an increased salary could create barriers to entering the world of work.

There is also a social cost to this, as young, unskilled minimum wage earners are often those responsible for the current level of crime.

Companies could also choose to pass increased minimum wage costs on to consumers, raising the cost of living, while any increase in salary at the workforce’s lower end can result in greater expectations for a rise among higher-salaried workers - leading to costpush inflation.

Jeffrey Beckles, the Chamber of Commerce’s chief executive, last night said the issue of minimum wage increases cannot be viewed in isolation from the problems facing the private sector and wider Bahamian economy.

“My view is the idea of an increase in the minimum wage cannot be seen in isolation,” he explained. “All things considered, the way things have gone in the last three years with the business community, it has to be a discussion in the context of wider issues.”

However, Mr Goudie told Tribune Business that the National Tripartite Council, which was created as the forum for resolving all workplace, industrial relations and labour matters, is sticking to the 16 projects detailed in its three-year strategic plan.

Heading that list is the creation of productivity legislation, and a National Productivity Council to oversee its implementation, in a bid to boost workplace output and enable The Bahamas and its private sector to compete more effectively in a world economy economy that is becoming ever-more technology driven.

The effort is being spearheaded by Edison Sumner, the former Bahamas

Chamber of Commerce chief executive, and his consulting firm, with Mr Goudie yesterday describing the focus on improved productivity as a “win-win” for all given the potential it held to increase worker salaries and incomes.

“The number one priority was setting up the National Productivity Council. That’s the number one priority we are working towards,” he disclosed. “Edison has been working on meeting groups all through the country.

“I’m going with him to Long Island in September, and we are doing everything to make sure we get this right. We’re talking about increasing productivity, not wages. From there Edison will produce his final report and make recommendations to the government for a National Productivity Council.

“That’s our number one priority. There are others, but if we’re going to talk about anything, let’s talk about that. We’re making huge progress on that, consulting with the trade unions, the Chambers of Commerce, civil society.

We’re having town hall meetings in the Family Islands. No one can say they’ve not had their input on this.”

Mr Goudie added that the productivity reform effort was being aided by the International Labour Organisation’s (ILO) Caribbean office, and recommendations were likely to be submitted to the government on the proposed legislation by October.

“Our ranking on productivity is awful, our ranking in the ease of business is awful,” he told Tribune Business. “We have to fix it. People are talking about how workers are so unproductive. We’re awful in this country and have got to fix it. We’ve got to work at this and get the right solutions in place.”

Mr Goudie said The

Bahamas’ effort would seek to learn from other nations that already have Productivity Councils, such as Jamaica and Barbados, and “use it as best practice” in crafting its own solution.

He argued that the emphasis should be placed on productivity, rather than minimum wage increases, because improvements in the former would create a rising tide that ultimately lifts all boats - the economy, individual companies and, eventually, worker earnings.

“I’m not big on minimum wage,” Mr Goudie told Tribune Business. “I’ve always been of the view that if somebody wants to increase their wages, what they should do is make themselves more productive by increasing their education levels and working at it.

“You don’t expect somebody to keep increasing your wages because you are there; you get more money because of the merits of what you bring to your job.... I’m inclined to say: ‘You earn what you deserve’. That’s how I grew up. You get paid for what you produce.

“If you don’t keep on increasing your productivity, why should you get more? You don’t get it when you are lazy, sitting on your backside doing nothing. I didn’t get to be a high level human resources consultant by doing nothing. I went to school, did extra courses.

I worked to get where I’ve gotten, and you did too,” he continued.

“Why should I keep getting increased wages if I’m not increasing my productivity? That’s why we’re focusing on a National Productivity Council so people become more productive, earn more money for their company, everything becomes more productive and they earn more money for themselves. Everyone gains. It’s a win-win situation.”

More Bahamians jobless than when govt elected FROM PAGE ONE wage” - were key labour market factors not assessed by the unemployment survey.

He said the trade union movement was targeting $450-$460 per week as a “liveable wage”, arguing that anything below this level was “insufficient to survive in this country” especially for a household with children.

Still, on the positive side for the government, the unemployment rate and figures represent a marked improvement when compared to previous years.

The total number of 22,635 unemployed persons remains well below the May 2014 and 2016 peaks of 27,000-plus, and is also less than the 23,190 classified as jobless in May 2018.

Mr Evans, though, suggested that the unemployment rate would likely increase once again come the November Labour Force Survey due to the influx of anywhere between 3,000 to 6,000 high school and college graduates entering the workforce for the first time.

Department of Statistics data shows this pattern has been consistently repeated since 2014, with unemployment levels and rates peaking in November only to fall back down in May as more graduates find work. This occurred in 2018, when the unemployment rate rose from 10.1 percent in May to 10.7 percent in November, with the raw jobless numbers rising from 23,190 to 25,135.

Branville McCartney, the former Democratic National Alliance (DNA) leader, yesterday echoed Mr Evans by arguing that November’s jobless numbers will provide “a more realistic” read on how well The Bahamas is making inroads into addressing its

decade-long “double digit” unemployment numbers.

Warning that Bahamas Power & Light’s (BPL) inability to provide reliable energy supply could impair further job creation, Mr McCartney praised the latest drop in the unemployment rate but agreed that “a lot more work needs to be done in that regard”.

“What I would have liked to have seen or heard from the government is what is the plan for a continued reduction of unemployment,” he told Tribune Business. “The bottom line is that people are still suffering, are finding it difficult to put bread on the table and make ends meet.”

With almost one in ten Bahamians looking for work still unable to find it, Mr McCartney said the November 2019 unemployment figures - which will capture the impact of school and college leavers entering the workforce - will provide a more complete picture on whether The Bahamas is meeting the challenge.

Mr Evans, meanwhile, said: “Once the dust has settled we can look at the overall numbers,” Mr Evans said. “I have a lot of people asking me for jobs that can’t find work. It’s the same amount of persons. What you are saying is right on the money. Even though the rate has gone down, there’s more people that are out of work and looking for work than two years ago.

“More and more people are entering the world of work looking for quality jobs and quality pay. I have to keep harping on this liveable wage. It’s a stretch, many of the kinds of jobs that are available.

We don’t have high-paying jobs that are available in mass numbers.

“This is a numbers game but the devil is in the

details. It is the quality of jobs we’re talking about here. We have to look at upward mobility, the ‘decent work’ programme of the International Labour Organisation, and to have a liveable income.

That is what the focus for me ought to be.”

Emphasising that he was “not demeaning” any profession or form of work, as having a job was better than being unemployed, Mr Evans added: “The unions are pushing for a liveable wage around $450-$460 per week. That should be the target as anything else is not sufficient to survive in this country.

“The government needs to hold fast to ensure Bahamians fill [higherpaying] positions and salaries. You can’t just say the unemployment rate is going down, going down.

I have people who are working now and saying: ‘Find me another job’. It’s not so much the sweat of their brow; it’s the takehome pay; people want to advance.

“People are employed but are looking for another job. I’m not knocking their current job. It’s better to have a bird in the hand than two in the bush. It’s better to have $250 a week than nothing at all. It’s a help, but you’re trying to keep your head above water and raise a family, and it’s very difficult to do without a liveable wage.”

Mr Evans reiterated his concerns over what he described as the shrinking Bahamian middle class that is being continually squeezed, describing this as “detrimental to the economy”. He added that lower income workers were earning an ever-reduced share of the economic spoils, while those at the upper end were seeing their share increase.

THE TRIBUNE

Thursday, August 15, 2019, PAGE 7

Bran: BPL ‘puts us back in third world’ FROM PAGE ONE

it’s putting us back into third world status.

“In relation to our economy, persons are losing as a result of not being able to do business, there’s equipment being damaged on a constant basis, not only for local businesses but our tourism industry as well. Even some hotels are having some challenges despite having generators, since these break down as well.”

Mr McCartney continued: “In terms of our enjoyment and way of life, that has been taken away from us and, quite frankly, BPL can’t give us any answers to when there will be some type of relief.

“People in these old people’s homes are suffering beyond comprehension, and it has an effect internationally for us because complaints are being levied by the tourist sector. It is more of a deterrent to the international investor, and to those persons in The Bahamas looking to get into business or expand their business.

“If persons are investing, one essential element for doing business is the reliable supply of electricity. We’ve always had that complaint, not just from international investors but locally, about the cost of electricity but this, more than the cost, is something we cannot afford.”

The former DNA leader, who sat in the last Ingraham administration’s Cabinet for several years, blamed BPL’s generation crisis on “years of neglect” by successive administrations,

BPL HEADQUARTERS including the current Minnis-led government.

Whitney Heastie, BPL’s chief executive, admitted on Sunday that the utility had given itself a wafer-thin margin to meet New Providence’s 250 MW peak summer demand with only 270-280 MW of generation available.

While he argued that the extent of the failure at the Blue Hills power plant, which resulted in three generation units being lost simultaneously, could not have been predicted, Mr Heastie also admitted that some of BPL’s aged infrastructure is 60 years-old - a factor that suggested regular maintenance/repairs would be required.

Mr Heastie confessed that BPL knew it was “walking a tightrope” for summer 2019, which many observers will interpret as an admission that BPL failed to adequately plan for summer demand and all possible scenarios.

With the loss of 70 MW in generation capacity at Blue Hills, the BPL chief executive admitted that the utility only currently has 210 MW

of generation capacity to meet 250 MW peak demand in the Bahamian capital.

He also admitted that BPL’s “decaying” generation fleet contains equipment more than 60 years old where parts cannot be procured and have to be obtained exclusively from manufacturers - thereby making engine breakdowns and off-line maintenance a near 100 percent certainty.

The poor state of BPL’s generation fleet is

highlighted by the fact some 37.5 percent of the 280 MW summer generation capacity is comprised of rental units from Aggreko, with Mr Heastie admitting the energy monopoly is “on the edge, on the cliff” virtually every day.

Immediate solutions were in present little supply from the Prime Minister’s Office, which in a statement last night could only point to nine MW in additional rental generation from

Aggreko, coupled with the arrival of a specialist sixman team from Philadelphia to help restore BPL’s broken down engines, as signs of progress prior to the installation of the utility’s 132 MW from Wartsila.

Mr McCartney, for his part, queried whether the possibility of a cable link-up with Florida, so BPL could receive power from Florida Power & Light (FPL), was feasible in the short-term - as had been mulled some years ago.

He also urged Bahamians to do better in holding the Government to account for BPL’s woes, rather than simply just vote it out at the next general election, given that the Opposition party was equally responsible for the problems.

“I blame it on the

Bahamian people,” Mr McCartney told Tribune Business. “The Bahamian people will complain, complain, complain, but at the end of the day what will they do? They will say this present administration is doing bad, so vote it out and go back to the other party, the PLP, which is partly to blame for this foolishness as well.

“Unfortunately the problems they’re having now did not happen overnight. This particular administration was dealt a bad hand in that regard, but it was in power before.

The Bahamian people need to hold their feet to the fire. They need to insist, especially when it comes down to the supply of electricity, that they do what is in the best interests of the country.”

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

Baha Mar is seeking exceptional talent for a world class experience.

Take a look at the exciting opportunities that we have available.

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Director of Sales & Marketing

Assistant Director of Rooms

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This role is responsible for establishing and directing the internal controls, policies and procedures while maximizing slots profit by constantly testing new machine floor configurations and ideas

SLS at Baha Mar’s Director of Sales and Marketing will work together with the General Manager and is responsible for directing, coordinating, training, and supervising the Sales Managers, Revenue Management team, and the Sales Administration team in all sales-related activities including direct sales efforts, follow-up, and proper sales administration.

Grand Hyatt Baha Mar’s Assistant Director of Rooms will be responsible for ensuring the operation of Front Office, Housekeeping, Reservations departments in an attentive, efficient manner.

This role also involves providing all guests with quality service while maximizing room revenue and productivity.

Mexican Chef De Partie

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Grand Hyatt Baha Mar’s Assistant Food & Beverage Manager will work together with the Food & Beverage Manager to organize and supervise the restaurant operation.

This individual will be actively involved in promoting good relations with guests and staff members.

SLS at Baha Mar’s Sous Chef will work together with the Executive Chef and is responsible for performing all duties to support the seamless running of the kitchen, while establishing and maintaining standards of operation and providing a highly efficient and effective service ensuring that all food production and operation adheres to specified food cost percentage

Visit careers.bahamar.com to complete an online application today!

PAGE 8, Thursday, August 15, 2019

THE TRIBUNE

Chamber chief: ‘No downside’ to Customs system

JEFFREY BECKLES FROM PAGE ONE

www.ub.edu.bs

CAREER OPPORTUNITY

and need to get our minds around it. We’re going to work to strengthen the partnership with Customs to make sure the relationship is as smooth as possible, and make sure users of the system are well versed in how to use it.

“The system is data driven, which means as people use it more often it becomes more efficient. The process should become a lot more seamless and efficient. What’s more important is we want a new system, and the users are a great part of its overall success. We’re working with the Ministry of Finance and Customs to ensure that message is very clear.”

It is doubtful that Abaco’s private sector and shipping/ import community share Mr Johnson’s optimism either. Tribune Business revealed last week how Abaco’s business community was “extremely upset” over “delays and added expenses” created by the transition to the new digital process.

Ken Hutton, the Abaco Chamber of Commerce’s president, warned that unless rectified these issues would increase the cost of clearing goods and, ultimately, the cost of living as any price rises will be passed on to consumers.

“There are still significant delays clearing goods, and there are issues still yet to be dealt with properly. The biggest issue is that the actual workload in clearing goods has increased between 400500 per cent,” he said.

“It’s definitely affecting

the clearance of goods out of the port and, based upon how much extra time and work it’s taking to do these entries on the ESW system, I can foresee that the cost of clearing goods is definitely going to increase and that’s going to increase the cost of living in Abaco. An entry that would normally take three hours is now taking a day-and-a-half. An entry that used to cover one page on a C13 now covers 15 pages or more.”

Lance Pinder, operations manager at Abaco Big Bird, told Tribune Business: “Brokers are working until midnight. We do our own brokerage at the farm so we know. It’s really time consuming and unclear. It was put into effect with almost no warning.

“I have talked with other business people and we expect it will raise prices around 5 per cent. People are having to hire more staff.

People in Green Turtle Cay are having issues because their stuff can’t be cleared in time to catch the weekly mailboat, so it’s stuck in Marsh Harbour for a week.

It’s really putting a mental and physical strain on people here in Abaco.”

Mr Beckles, though, said the chamber planned to work with Customs to “maximise the roll-out as best we can” when the ESW is introduced “seaside” in New Providence next month.

“At the end of the day it’s going to make life easier and more efficient but, like everything else, we have to work out the kinks and encourage people to become as engaged as possible to mitigate the initial challenges

we have,” he told Tribune Business.

“We’re satisfied Customs is working on their side to make sure the infrastructure is in place and that the support is there on the back end. There are shippers and port authorities that have to be involved, so there are quite a number of moving parts that have to work seamlessly to make sure the process works.

“As always patience is needed on everyone’s part.

It’s a nationwide change that’s going to affect everybody, and requires collaboration, patience and commitment to see it through. It’s a huge change.

We’ve not had a system like this before. The country’s made a commitment to digitise and this is one of those steps to that,” Mr Beckles continued.

“There’s going to be tremendous benefits. It allows us to become more efficient, allows us to collect the necessary data. We need to strengthen our data capacity for better budgeting, better analysis of how exports and imports work. It should allow for better analysis and planning.”

Mr Beckles said revenue leakages should also be captured by the ESW, so “there’s really no downside to it. It makes us more efficient, allows us to collect data to provide proper analytics for policies, and shoring up the collection of revenues.

“That’s a good thing,” he added. “It requires us to get to know the system, function with it, and we should see gains and benefits relatively soon.”

Suitably qualified persons are invited to apply for the position of:

Executive Director of Corporate and Foundation Relations in the

Division of Institutional Advancement responsible for managing a portfolio of prospects and working in close partnership with university leadership, academic units and programme leaders to develop and implement strategies to secure funding in alignment with the University’s strategic plan. The duties of this portfolio comprise engaging corporate and foundation funders, fundraising and grant proposal management; coordinating corporate sponsorship strategies in collaboration with academic units and leaders; and stewardship responsibilities. Among other duties, the Executive Director of Corporate and Foundation Relations will maintain a portfolio of 75-150 corporate and foundation prospects; oversee a new Office of Grants (Non-Research Corporate and Foundation Grant Activity); collaborate with University and U.S./Canadian/Bahamian Foundation board members to strategize on corporate and foundation prospects; lead the University’s Corporate Outreach Strategic Task Force (C.O.S.T.); oversee key corporate special events and ensure that reporting requirements are met to sustain successful partnerships and sustained and ongoing support from corporate and foundation funders. A detailed position announcement is accessible at: http://www.ub.edu.bs/about-us/career-opportunities/administration/

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.

Required qualifications include a Bachelor’s degree; a minimum of 10 years’ experience in a higher education setting; experience securing grants and/or fundraising for a non-profit; and demonstrated skills at building collaborative relationships with internal and external constituents.

Some of the Duties:

Interested applicants should submit electronically to the Vice President, Human Resources via hrapply@ub.edu.bs the following documents:

• Oversee the publication of air navigation information in accordance with international standards and requirements for publishing in the national AIP;

• A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed Employment Application Form (www.ub.edu.bs/wp-content/uploads/2017/01/Application-forEmployment-Staff.pdf) • Current Curriculum Vitae or Resume; • Copies of any relevant qualifications and/or Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Copy of Voter’s Card; • At least three (3) written, professional references.

The deadline for submissions is Friday, 23rd August 2019.

• Represent The Bahamas Civil Aviation Authority in work and management groups of international organizations in the field of Air Navigation Services providers;

• 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.

THE TRIBUNE

Thursday, August 15, 2019, PAGE 9

WeWork reveals rapid growth and massive losses ahead of IPO NEW YORK Associated Press WEWORK’S parent company gave investors the most detailed look yet at its finances yesterday, revealing breakneck growth on the back of massive losses as the office-sharing company prepares for a highly anticipated debut on the stock market.

Founded as a co-working space in Manhattan in 2010, WeWork has grown to become among the biggest corporate landlords in some cities. It now has 527,000 members in 111 cities worldwide, according to the regulatory filing by parent firm, The We Company. That’s nearly double the 268,000 members it had in the prior-year period.

WeWork, whose initial public offering is expected in September, will be the latest in a string of large money-losing enterprises to test its luck on the stock market this year, following Uber and Lyft. The company’s revenue has more than doubled annually over the last few years, but its losses have grown just as quickly.

In 2018, it lost $1.61bn while bringing in $1.82bn in revenue. Its latest filing showed the company on track for another year of impressive growth, having generated $1.54bn in the first half of 2019. But it also lost $689.7m in that same period.

Investors are looking for a clearer picture of how the venture capital darling plans to chart a path toward profitability, and whether WeWork’s business model can withstand an economic downturn.

WeWork mostly makes money by renting buildings and dividing them into trendy office spaces that it sublets to members. But the company has branched out widely, from acquiring a marketing software company to launching a business-focused school for children and buying a large stake in a wave pool company.

It has cast itself as transformative force, changing the way people work and live. The company is one of the most highly valued privately held companies in the world, at $47bn.

Alejandro Ortiz, principal analyst at SharesPost, said WeWork’s stunning growth makes it attractive to investors, but the success of its IPO will depend on convincing investors it is more than just a landlord. So far, WeWork has mostly painted a picture of a real estate

ADAM NEUMANN, centre, co-founder and CEO of WeWork, attends the opening bell ceremony at Nasdaq in New York. Office space-sharing company WeWork is getting ready to go public, adding to a growing list of tech businesses making such a move this year. WeWork, which recently renamed itself The We Co, said in a regulatory filing yesterday that it now has 527,000 memberships across 29 countries.

Photo: Mark Lennihan/AP company that integrates technology into its services.

“Are they actually a tech company?”

Ortiz said.

“That’s going to come up in the next six months, and as of now, I’m leaning toward real estate.”

WeWork began by renting office space to freelancers and startups, but a growing part of its customer base are major corporations, which are betting on the model as an efficient way to enter new markets and bring employees closer to clients.

About 40% of WeWork memberships came from companies with 500 or more employees in the second quarter of 2019, up from 30% at the same time last year. Those so-called “enterprise memberships” are valuable to WeWork because they typically sign up for longer-term commitments.

Companies including UBS have contracted WeWork to redesign its existing offices spaces, giving them a hipper vibe with huge multi-functional spaces and wellness amenities. That business could ease WeWork’s reliance on growing its costly real estate footprint.

But the company has at times raised questions about

its direction with investments such as the children’s school.

“What are they actually trying to do there?”

Ortiz said. “In short, I don’t know what those business lines do for the company, but I do know that building out things like that is very expensive.”

In its plans to go public, WeWork outlined a number of risks. It warned that because it has been spending so heavily to grow its business, the company may be unable to achieve profitability. WeWork said it expects to expand aggressively in its existing cities and launch in up to 169 additional cities.

Other risks have to do with its unconventional CEO and co-founder, Adam Neumann, who stirred controversy with his investments in real estate entities that lease to WeWork, setting up potential conflicts of interests.

Also, Neumann has no employment contract with his company and if he ends up leaving his post as CEO, it could hurt the business because he has been critical to setting the company’s vision.

The company further warned investors that Neumann gave media interviews

earlier this year that potentially violated Securities and Exchange Commission protocols about respecting a “quiet period” ahead of IPOs. WeWork had filed confidentially for an IPO in December 2018.

WeWork indicated that it’s organising its shares in such a way that Neumann will control a majority of the voting power, giving him the ability to dictate the outcome of major decisions.

Benchmark, JP Morgan

and Softbank also were listed as major stockholders that own more than 5% of the company, along with WE Holdings, which is also controlled by Neumann.

Investors are often wary of companies that place so much power in the hands of one executive or founder.

But defenders of the practice say it can help the company stick to its longterm vision and shield the company from the shortterm goals of Wall Street.

An Israeli immigrant who partly grew up on a kibbutz, Neumann has tried to position WeWork as a trend-setter for sustainability, including banning meat at employee events.

WeWork said Neumann and his wife Rebekah agreed to contribute at least $1bn to charity by the tenyear anniversary of the IPO, and if that contribution is not met, Neumann’s shares would lose some of their voting power.

PAGE 12, Thursday, August 15, 2019

THE TRIBUNE

RETAILERS WRESTLE WITH A VOLATILE TRADE POLICY WITH CHINA NEW YORK Associated Press

LANCE Ruttenberg knows too well how fast President Donald Trump’s China trade policies can change.

As president and CEO of American Textile Co, he and his team spent weeks on a comprehensive study analyzing how a 10% tariff set for Sept 1 would affect their business, which makes thousands of bedding items for hundreds of retailers.

Then on Tuesday, Ruttenberg learned the tariffs on his type of goods would be delayed until the holidays. And while the news brought momentary relief, he’s still trying to sort out what it all means.

“Everybody is in a confused state,” Ruttenberg said. “We are not afraid of challenges. But it’s hard to address challenges when you have no ability to predict them or anticipate them. This constant uncertainty is a terrible burden to navigate.”

Welcome to the world of Trump’s tariff wars with China, which can turn everything upside-down with just a presidential tweet.

Trying to run a business when the administration’s

SHOPPERS walk through Dolphin Mall on Black Friday in Miami. Retailers and consumer product makers like American Textile may have received some short moment of reprieve after the Trump Administration delayed the 10% tariffs on some products which also include toys, clothing and shoes. trade policy continues to shift almost daily has been difficult, and many retailers and consumer product makers like American Textile say they’re devoting so much time adjusting to each

whim that they can’t focus on other areas like developing innovative products.

Items targeted for tariffs pop up on one list, only to be dropped months later or vice versa. Meanwhile,

businesses are left to change their supply network modelling as often as weekly instead of semiannually or annually, says Fred Baumann, global group vice president at

LEGAL NOTICE

Legal Notice

NOTICE

NOTICE

International Business Companies Act No. 45 of 2000 Mitrana Group HK Ltd. (the “Company”)

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that DESAMIS CORPORATION is in dissolution and the date of commencement of the dissolution is 5th day of June, 2019.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the Dissolution of Mitrana Group HK 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 26th day of July, 2019

Lynn Kelly and Halson Ferguson LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd West Bay Street and Sea View Drive 3rd Floor, Goodman’s Bay Corporate Centre P. O. Box CB 10956 Nassau, Bahamas

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 14 AUGUST 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,159.99 | CHG: 0.98 | %CHG: 0.05 | YTD: 50.54 | YTD%: 2.40 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 2.81 2.64 10.00 7.10 15.60 9.00 3.75 14.20

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 9.17 6.15 3.54 8.53 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

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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

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

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)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 4.19 17.43 6.00 5.92 2.46 1.80 2.18 11.05 6.16 4.30 9.02 2.89 2.40 10.38 7.00 15.45 9.00 3.30 14.20

CLOSE 4.19 17.43 6.00 5.92 2.46 1.80 2.18 11.05 6.16 4.30 9.02 2.86 2.64 10.31 7.00 15.45 9.00 3.30 14.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.24 -0.07 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

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

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

VOLUME

3,000

1,000

VOLUME

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

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 23.4 14.4 28.0 5.7 N/M 11.5 20.8 9.6 16.3 22.5

YIELD 3.82% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.52% 3.57% 2.79% 0.00% 2.38% 2.27% 3.18% 3.43% 3.50% 2.22% 3.64% 4.23%

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

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%

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

JDA, a technology company that works with retailers on their sourcing network.

Company executives also complain that it’s hard to offer financial forecasts, which in turn makes it more difficult to get loans.

“It’s very frustrating,” said David French, senior vice president of government relations at the National Retail Federation, the nation’s largest retail trade group. “Retailers want to get back to competing and driving customers to their stores. Retailers want to be investing to become better retailers, not moving around their supply chain that is subject to a presidential tweet.”

Trump has already imposed 25% tariffs on $250bn in Chinese imports.

The 10% tariffs on about another $300bn would extend import taxes to just about everything China ships to the United States.

The new tariffs are likely to be a game changer: The earlier ones were designed to limit the impact on consumers by targeting industrial goods. The next ones, which target items such as toys and clothing, will hit families in the pocketbook.

Mindful that the latest round of tariffs would raise consumer prices during the crucial holiday shopping season, the administration delayed nearly 60% of them until Dec 15.

Businesses say they spent hours culling through the lists to see which items were delayed and which weren’t.

Meanwhile, analysts will be dissecting comments by retailers over the next couple of weeks when they report fiscal second-quarter earnings to see how the tariffs have been playing out.

Many have not incorporated the last round of tariffs into their financial guidance given the uncertainty. But Macy’s raised a red flag yesterday when it said shoppers don’t have an appetite for higher prices in a ballooning trade war.

The department store chain was forced to raise prices on some luggage, housewares and furniture to offset the costs of the 25% tariff implemented in May and its CEO Jeff Gennette says the retailer is working hard to offset the looming costs of tariffs on shoes and clothing.

Jay Foreman, CEO of Basic Fun, based in Boca Raton, Florida, said that if the 10% tariffs had kicked in in September as previously planned, he would have had to raise prices as well as lay off workers. He also had letters of intent to buy two companies and wasn’t sure if he would have to postpone the acquisitions.

Now with the December delay, he has a little bit more time to work with retailers to negotiate prices for next spring. But he says it’s taking a lot of time out of his schedule to innovate.

Joseph Shamie, president of Delta Children, a New York-based maker of children’s cribs and other baby furniture, said he had already negotiated the costs that retailers, factories as well as his own company would absorb to offset the 10% tariffs he thought would happen this fall. Now, he will have to renegotiate.

“We really thought it would go away,” Shamie said. “Maybe we were naive.”

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.

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 GAREY GLENVILLE GAYLE of P.O.Box CR-56992, Sea Breeze Wind Street, New Providence, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 18, Thursday, August 15, 2019

THE TRIBUNE

Dow slumps 800 points after bonds flash recession warning

By STAN CHOE AND ALEX VEIGA Associated Press THE threat of a recession doesn’t seem so remote anymore for investors in

financial markets.

The yield on the closely watched ten-year Treasury fell so low yesterday that, for the first time since 2007, it briefly crossed a threshold that has correctly

predicted many past recessions. Weak economic data from Germany and China added to recent signals of a global slowdown.

That spooked investors, who responded by

dumping stocks, sending the Dow Jones Industrial Average into an 800-point skid, its biggest drop of the year. The S&P 500 index dropped nearly 3% as the market erased all of its

GN-2276

GOVERNMENT NOTICE

MINISTRY OF PUBLIC WORKS

DEPARTMENT OF PHYSICAL PLANNING

gains from a rally the day before. Tech stocks and banks led the broad sell-off.

Retailers came under especially heavy selling pressure after Macy’s issued a dismal earnings report and cut its full-year forecast.

Investors have been plowing money into the safety of US government bonds for months amid growing anxiety that weakness in the global economy could sap growth in the US. Uncertainty about the outcome of the US trade war with China has spurred a return of volatility to the stock market in August — the Dow has dropped more than 5% and the S&P 500 is down more than 4%.

Economic data from two of the world’s biggest economies added to investors’ fears yesterday. European markets fell after Germany’s economy contracted 0.1% in the spring due to the global trade war and troubles in the auto industry. In China, the world’s second-largest economy, growth in factory output, retail spending and investment weakened in July.

“The bad news for global economies is stacking up much faster than most economists thought, so trying to keep up is exhausting,” Kevin Giddis, head of fixed income capital markets at Raymond James, wrote in a report.

The S&P 500 fell 85.72 points, or 2.9%, to 2,840.60.

The Dow sank 800.49 points, or 3%, to 25,479.42.

The Nasdaq composite lost 242.42 points, or 3%, to 7,773.94. The Russell 2000 index of smaller company stocks slid 43.05 points, or 2.8%, to 1,467.52.

The losses come a day after stocks rallied when the Trump administration delayed tariffs on about $160bn in Chinese goods that were set to take effect on Sept 1.

President Donald Trump took to Twitter to defend his trade policy yesterday, saying “we are winning big time, against China”. But many on Wall Street remain worried that the trade war between the world’s two largest economies may drag on through the 2020 US election and cause more economic damage.

“We still see a substantial risk that the trade dispute will escalate further,” said Mark Haefele, global chief investment officer at investment bank UBS in a note to clients.

Trump also criticised the Federal Reserve for hamstringing the US economy by raising rates “too much & too fast” last year and not reversing its policy aggressively enough — the Fed cut its key rate by a quarter point last month.

Traders tend to plow money into ultra-safe US government bonds when they’re fearful of an economic slowdown, and that sends yields lower. When longer-term Treasurys fall below shorter-term ones, economists call it an “inverted yield curve”. An inverted curve suggests that bond investors expect growth to slow so much that the Federal Reserve will soon feel compelled to slash short-term rates to try to support the economy.

In short, it’s a sign of economic pessimism.

The yield on the tenyear Treasury has dropped from 2.02% on July 31 to

below 1.60% and yesterday, it briefly fell below the two-year Treasury’s yield for the first time since 2007. Each of the last five times the two-year and ten-year Treasury yields have inverted, a recession has followed. The average amount of time is around 22 months, according to Raymond James’ Giddis.

The indicator isn’t perfect, though, and has given false signals in the past.

After its early dip, the yield on the ten-year Treasury stood at 1.58%, even with the yield on the two-year. Meanwhile, the 30-year Treasury yield also hit a record low yesterday.

Other parts of the yield curve have already inverted, beginning late last year. But each time, some market watchers cautioned not to make too much of it. Some say the yield curve may be a less reliable indicator this time because technical factors may be distorting longer-term yields, such as negative bond yields abroad and the Federal Reserve’s holdings of $3.8tn in Treasurys and other investments on its balance sheet.

With bond yields falling, banks took heavy losses yesterday. Lower bond yields are bad for banks because they force interest rates on mortgages and other loans lower, which results in lower profits for banks. Citigroup sank 5.3% and Bank of America gave up 4.7%.

Macy’s plunged 13.2%, the sharpest loss in the S&P 500, after it slashed its profit forecast for the year. The retailer’s profit for the latest quarter fell far short of analysts’ forecasts as it was forced to slash prices on unsold merchandise. The grim results from Macy’s sent other retailers sharply lower, too. Nordstrom sank 10.6% and Kohl’s dropped 11%.

Energy stocks also sank sharply, hurt by another drop in the price of crude oil on worries that a weakening global economy will drag down demand.

National Oilwell Varco slumped 8% and Schlumberger skidded 6.6%.

The price of benchmark US crude slid $1.87, or 3.3%, to settle at $55.23 per barrel. Brent crude, the international standard, dropped $1.82 to close at $59.48.

Wholesale gasoline fell six cents to $1.68 per gallon.

Heating oil declined four cents to $1.84 per gallon.

Natural gas fell one cent to $2.14 per 1,000 cubic feet.

Gold gained $13.70 to $1,515.90 per ounce, close to a six-year high. Investors also bid up shares in mining company Newmont Goldcorp 0.8%.

Silver rose 29 cents to $17.25 per ounce and copper fell three cents to $2.59 per pound.

The dollar fell to 105.88 Japanese yen from 106.68 yen on Tuesday. The euro weakened to $1.1137 from $1.1174.

Overseas, Germany’s DAX dropped 2.3% following the weak German economic data. France’s CAC 40 fell 2.2%, and the FTSE 100 in London lost 1.7%.

In Asia, Japan’s Nikkei 225 rose 1%, the Kospi in South Korea gained 0.7% and the Hang Seng in Hong Kong added 0.1%.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, August 15, 2019, PAGE 19

UK Labour leader lays out plan to stop a no-deal Brexit LONDON Associated Press THE leader of Britain’s biggest opposition party yesterday urged other opposition forces to unite, topple Prime Minister Boris Johnson’s Conservative government and prevent Britain from leaving the European Union in October without a divorce agreement.

The move came after Johnson accused anti-Brexit UK politicians of collaborating with the EU to stymie Britain’s exit from the bloc.

Jeremy Corbyn, who heads the main opposition Labour Party, said he planned to call a no-confidence vote in Johnson’s government “at the earliest opportunity when we can be confident of success” once Parliament returns from its summer break in September.

In a letter to other opposition leaders and pro-EU Conservative lawmakers, the Labour chief said Parliament should then unite behind a Corbyn-led “temporary government” that would seek a delay to Brexit day — currently scheduled for Oct 31 — and call a national election.

The plan is feasible under Parliament’s rules, but is likely to face resistance. The smaller opposition parties agree on the need to avoid a no-deal Brexit, but don’t want to put Corbyn — a veteran left-winger whom many distrust — in power.

Labour, meanwhile, is likely to oppose a politician from any other party heading a national unity government.

Johnson has vowed that Britain will leave the EU on Oct 31 — just 11 weeks away — with or without a divorce deal. He is demanding the EU make major changes to the agreement the bloc made with his predecessor, Theresa May. The EU refuses to renegotiate, so a no-deal Brexit appears increasingly likely.

BRITAIN’s Labour leader Jeremy Corbyn speaks to a young girl, during a visit to Scarborough Public Market to discuss the impact of a no-deal Brexit on food bills, in Scarborough, England.

Photo: Nigel Roddis/AP Johnson claimed yesterday there was “a terrible kind of collaboration” between an intransigent EU and UK politicians who want to prevent Brexit.

“We need our European friends to compromise, and the more they think there’s a chance Brexit can be blocked in Parliament the more adamant they are of sticking to their positon,” Johnson said during a question-and-answer session on Facebook.

Many economists say leaving the EU without an agreement on the terms will trigger a recession and cause economic mayhem, with shortages of fresh food and other goods likely as customs checks snarl Britain’s ports.

Johnson and other Brexit supporters argue that any short-term turbulence will be outweighed by new economic opportunities once Britain leaves the 28-nation bloc and can strike trade deals around the world — notably with the United States. Critics note that the EU accounts for almost half

Iowa governor stops state from challenging Trump coal rule DES MOINES Associated Press IOWA Attorney General Tom Miller, a supporter of clean energy policies reducing greenhouse gases as a way to battle global climate change, said yesterday he was blocked by Republican Gov Kim Reynolds from joining 21 other states in suing the Trump administration over a policy that relaxes restrictions on coalfired power plants.

Miller, a Democrat, said he asked Reynolds in July if he could join attorneys general in the other states and officials from the cities of Boulder, Colorado; Chicago, Los Angeles, New York City, Philadelphia and South Miami, Florida, in the lawsuit.

Reynolds refused to consent, he said.

Her spokesman said yesterday she supports Trump’s policy.

“She does not believe it’s in the best interest of Iowans for the state to join in this lawsuit,” said Pat Garrett in a statement.

Miller reached an agreement with Reynolds in May requiring him to get the governor’s consent before joining such lawsuits. In exchange, Reynolds vetoed a bill lawmakers passed that would have weakened the attorney general’s powers to file out-of-state lawsuits. If signed into law, Iowa would have been the only state with such limits on the attorney general’s powers.

Miller’s spokesman Lynn Hicks said Miller was asked by the other states to join the case but couldn’t when Reynolds didn’t give consent.

Last year Miller supported the Clean Power Plan developed by the US Environmental Protection Agency during President Barack Obama’s presidency.

It would require cutting emissions from fossil fuelburning power plants. It was projected to prevent up to 3,600 additional deaths annually, said California Attorney General Xavier Becerra, one of the attorney’s general filing the lawsuit.

In June, the EPA eliminated the Obama plan and replaced it with Trump’s Affordable Clean Energy rule that gives states more leeway in deciding upgrades for coal-fired power plants.

White House spokesman Judd Deere said Trump’s plan responsibly protects clean air, reduces greenhouse gases, protects jobs, and keeps costs affordable. He called Obama’s rule burdensome and unlawful and said it would have raised energy costs for consumers.

Miller’s spokesman Hicks said Trump’s rule is a step backward.

“The rule fails to promote clean energy, but instead incentivies the use of coalfired power generation,” he said, adding it would do nothing to address climate change harms caused by carbon pollution.

Ironically on Monday Reynolds signed a proclamation at the Iowa State Fair celebrating the state’s progress on reducing reliance on coal energy and expanding wind power.

Iowa is second in the nation in installed wind energy capacity and is projected to produce 40 percent of its electricity from wind turbines by next year.

of Britain’s trade and any new trade deals are likely years away.

Philip Hammond, who was Britain’s Treasury chief until three weeks ago,

accused Johnson yesterday of steering the country toward a damaging no-deal Brexit that isn’t backed by Parliament or British voters.

Hammond, a Conservative legislator who stepped down as finance minister just before Johnson became prime minister last month, told the BBC that Johnson had moved from a tough negotiating stance to a “wrecking” one by insisting on changes to the withdrawal agreement between Britain and the EU that the bloc would not accept.

He said while he believed Johnson wanted a deal, “there are other people around him whose agenda is different” — an apparent reference to advisers such as Dominic Cummings, one of the architects of the country’s 2016 decision to leave the EU. Hammond criticised Johnson’s government for perpetuating “myths” that the British people voted for a no-deal Brexit and that leaving the EU without a negotiated settlement would be painless.

“There is no mandate for leaving with no deal,” Hammond said, adding that

“during the referendum campaign there was virtually no mention made by the leaders of that campaign at all of the possibility of leaving with no deal.”

Johnson has refused to rule out suspending Parliament if legislators try to delay or prevent Brexit in the fall. Hammond said that would “provoke a constitutional crisis”.

House of Commons Speaker John Bercow, who controls the day-to-day business of Parliament, said he would seek to prevent the prime minister from overriding Parliament.

“If there is an attempt to circumvent, to bypass or — God forbid — to close down Parliament, that is anathema to me,” Bercow told the Edinburgh Fringe Festival in comments reported by the Herald newspaper. “I will fight with every breath in my body to stop that happening.”