08162019 BUSINESS

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FRIDAY, AUGUST 16, 2019

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DPM: Union pay talks a ‘fly in fiscal ointment’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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UBLIC sector pay negotiations are a potential “fly in the ointment” that may cause the government to miss its one percent deficit target for 2019-2020, the deputy prime minister warned yesterday.

KP Turnquest told Tribune Business that the “active union negotiating season” represented an unknown “that can throw you out” in terms of fiscal projections depending on the salary arrangements agreed with public sector worker representatives.

• Could ‘throw out’ 1% deficit target • Moody’s deficit miss ‘fair judgment’ • GDP goal beaten ‘if it all kicks in’

KP TURNQUEST

And, with global economic risks rising due to this week’s stock market sell-off and the continuing US-China trade war, Mr Turnquest said the Bahamian economy “could be a victim” of such forces.

He pledged to update the Bahamian people should this nation’s fiscal and economic outlook change, but voiced optimism that the country was “still on track” to achieve the 1.8 percent economic expansion for 2019 projected by

the International Monetary Fund (IMF) in its latest forecast.

Speaking after Moody’s, the international credit rating agency, reiterated its belief that the government will miss its one percent of gross domestic product (GDP) deficit forecast for the 2019-2020 fiscal year, Mr Turnquest acknowledged that there were several factors that could throw this

SEE PAGE 4

Moody’s predicts $82m fiscal deficit overshoot

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MOODY’S is predicting that the government will overshoot its 2019-2020 deficit target by more than $82m and take longer than anticipated to produce the budget surplus it is seeking.

The international credit rating agency, in its latest update on The Bahamas’ sovereign creditworthiness, forecast that the deficit for this current fiscal year will come in at 1.6 percent of economic output - a sum equivalent to $219.2m.

This is some $82m higher than the $137m worth of “red ink” projected when the Budget was unveiled in May, with the government then voicing its optimism that the deficit - which measures by how much government spending exceeds

Taxi union in compliance row with NIB

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE taxi cab union is in a “chokehold”, its president said yesterday, as he threatened legal action against the National Insurance Board (NIB) for allegedly failing to provide it with a letter of good standing.

Wesley Ferguson told Tribune Business: “We are intending to take legal action against NIB. It seems like they are trying to put us out of business. We inherited an astronomical bill

• Forecasts will come in at 1.6%, not govts 1% • But holds to 1.8% GDP growth projection • Warns fiscal consolidation may hit growth revenue - would hit the one percent of GDP demanded by the Fiscal Responsibility Act. Moody’s, though, justified its more cautious assessment of The Bahamas’ push to slash nine-figure annual deficits on the basis of the government’s consistent past inability to hit its fiscal objectives.

“The government is targeting a deficit of one percent in 2019-2020, and 0.5 percent in 2020/-2021,” Moody’s said. “Because the government has not yet established a track record under its new fiscal rules, our baseline projections are slightly more conservative from our predecessor. We went into NIB when we came into office, we presented ourselves and asked them to give us a payment plan.

“Since then we have been behind them to get a payment plan. NIB is refusing to give the Bahamas Taxi Cab Union (BTU) a payment plan. We are right now in debt. We have done a whole lot of work, mostly with the Bahamas government, Ministry of Tourism.

We cannot now do business extensively because NIB will not give us a certificate of compliance so the government could pay us what they owe.

“As a business entity you have to be NIB compliant. NIB has us in a bind.

We have had numerous

SEE PAGE 5

DPM: Just 50% of registry firms deemed ‘active’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

JUST 50 percent of companies listed on the registry are thought to be “active”, the deputy prime minister said yesterday, as thousands of entities were informed of their removal.

KP Turnquest told Tribune Business that the “gazzetting” of their removal under recent reforms made to the Companies Act was intended to clean-up the registry and bring The Bahamas into compliance with its obligations under the Register of Beneficial Ownership Act.

“This is all a part of the beneficial ownership registry,” he explained. “We have an obligation to know who the beneficial owners of all these companies are.

A lot of them are companies that have been inactive and not met their commitments in terms of fees and filings. We can’t find the people responsible, so are just striking them according to the law.

“They have to be registered. We need to know who’s who and what they’re trying to do; all of it. I believe there’s about 80,000

SEE PAGE 7

than the government’s.

“We expect a fiscal deficit of 1.6 percent of GDP in 2019-2020, and deficits slightly wider than the government’s targets in subsequent years.” The rating agency expressed similar sentiments about the justcompleted 2018-2019 fiscal year, suggesting the government may again have overshot its deficit target this time by $63.6m to take it to $292.6m.

“We expect the deficit to have reached 2.3 percent of GDP in fiscal 2018-2019, which is above the budget’s target of 1.8 percent of GDP but below the 3.4 percent recorded in 2017-2018,

as the government recognised 1.4 percent of GDP in arrears and took new expenditure-increasing initiatives, despite raising the VAT rate to 12 percent from 7.5 percent previously,” Moody’s said.

“During the first nine months of the fiscal year, government revenues grew by 15 percent whereas expenditures increased by five percent compared to the same period in the previous fiscal year. VAT receipts increased by 20 percent as a result of the tax hike whereas capital expenditures contracted by

SEE PAGE 6

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‘Stupid is as stupid does’ on BPL crisis

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A GOVERNANCE reformer yesterday blasted The Bahamas’ tendency to only address key problems “in a crisis” as he blamed its energy woes on “irresponsible governance” and bad fiscal habits.

Robert Myers, pictured, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the country’s fiscal ill-health is directly linked to the Government’s seeming inability to do anything substantial about Bahamas Power & Light’s (BPL) New Providence generation shortfall in the near term.

With all fiscal “headroom” used up by the spending of previous administrations, Mr Myers argued that BPL’s daily load shedding and outages represented part of the “pain and suffering” Bahamians must endure to place their country back on the right path.

He added that BPL’s problems were a prime example of the lack of accountability that plagues governmentowned corporations, and highlighted the “negligence” of successive governments - PLP and FNM - in not addressing the state-owned utility’s mounting financial and energy infrastructure challenges even though they were becoming increasingly obvious to all.

Mr Myers also warned it would be “a real disaster” if BPL’s load shedding and outages continued through November-December 2019 as that period represents the start of “peak tourism season” when “most businesses earn the majority of their money”.

Edmund Phillips, Wartsila’s business development manager, this week said installation of BPL’s new 132 megawatts (MW) of

generation capacity is likely to be completed by mid-December, meaning that all hopes for an end to load shedding in time for Thanksgiving may have to pinned on milder weather and a corresponding reduction in electricity demand.

Meanwhile, Mr Myers said the unreliable energy supply had impacted his own group of companies by shutting down the Automatic Transfer Switch (ATS) that brings power back up after an outage. This, he added, had forced him to send head office and retail employees home two to three times, while also costing his businesses “tens of thousands of dollars”.

Tying BPL’s crisis directly to poor governance and fiscal polices, the ORG chief blasted: “If you go back to the core of it: Are their accountability issues? Are their management issues?

Are their money issues? Yes, there are all those things.

The core is if people were accountable, and we were fiscally prudent, we would not have these problems.

“A lot of these things stem from decades of poor accountability, poor governance and no fiscal prudence.

Just spend, spend, spend until we can’t spend any more, and that’s where we’re at. We’ve got to work ourselves back into some sort of responsible pattern or we will create more pain.

“This [BPL’s crisis] is the pain I’ve been talking about.

We’re not going to get

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PAGE 2, Friday, August 16, 2019

THE TRIBUNE

DO NOT LEAVE EMPLOYEE FOREIGN MINISTER TO LEAD ABACO SUMMIT PERFORMANCE TO CHANCE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

IAN FERGUSON BY

E

VERY progressive business establishes improving worker performance as a primary goal. Greater productivity and efficiency results in increased profit and market share; it’s that simple. When workers are not learning or improving, and are not motivated and committed to their assignment, the objectives, targets and business suffers.

Employers across the world have been lamenting that employees seem challenged in consistently meeting business demands.

Employers repeatedly report they have difficulty finding workers with the skills needed for today’s jobs, particularly those in areas such as technology.

We must ask why we are so challenged, and how we can begin to address these concerns in the workplace.

Here are some thoughts: 1. Learning gaps Some of the issues facing employers seem to stem

from skills deficiencies in the school system and, by extension, colleges and universities. Somehow an employee with a degree in Computer Information Systems today still has so much learning to do when they take an information technology job in the “real world”. Bridging content and methods used in high school and colleges with what is being experienced in the workplace must become the goal of industry. The transition from knowledge to application is crucial if the college-educated are to experience success and be seen as valuable players.

2. Lack of training in the workplace In-house training programmes across the Bahamian corporate landscape are extremely low in number. Employers expect employees to have the skills required to perform.

Research has indicated that companies with solid hard and soft skills programmes outperform those that lack them. Sometimes, the failure of the team and individual employee to perform is really the failure of the company to invest in training initiatives.

3. No reinforcement of skills It is often a poor learning environment that is responsible for the lack of skills on the team. If the company’s culture for learning is poor, and there are no opportunities for enhancing

skills, employees will underperform. The regular work assignments for each employee should prove sufficiently challenging that they result in periodic growth spurts. Mundane, routine and non-intellectually stimulating tasks lead to boredom and disengagement.

4.

Poor assessment processes Perhaps the greatest tragedy in the workplace is a system that allows an employee who fails regularly at their work assignment to perfect that failure. Far too many employees live in perpetual disillusionment thinking they are more than they really are. The new normal seems to be to promote the average and give the below average a pass. A raising of the standards must occur in the performance management systems we employ at work.

A failure of management to objectively and systematically evaluate employees has resulted in a weak and limping workforce.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@ bahamas.com.

THE Minister of Foreign Affairs will deliver the keynote address at the 16th annual Abaco Business Outlook conference, which will be held on September 5 in Marsh Harbour.

Darren Henfield, also the north Abaco MP, will lead the speaker line-up at the Abaco Beach Resort for an event that will be held under the theme Connecting resources, maximising opportunities, transforming Abaco.

Other presenters include Maxine Duncombe, administrator, Central Abaco; Ken Hutton, president, Abaco Chamber of Commerce; Gaynell Rolle, chief valuation officer (acting) at the Department of Inland Revenue; Donovan Ingraham, wellness co-ordinator, Atlantic Medical; Delmaro Duncombe, senior Aliv business partner; Dave Smith, managing director, Bahamas Development Bank; Dr Keenan Larry Carroll, president/owner, The Sandpiper Inn and president of the Bahamas Out Island Promotion Board; Jevon Butler, chief sales officer, Kanoo; André Knowles, chief commercial officer, BTC; Rochelle Roberts, technical manager, NUA Agents & Brokers; and Noelle Nicholls, consultant, communications entre, Ministry of Finance.

Joan Albury, president of the TCL Group

and chief Business Outlook organiser, said: “We are looking forward to a wonderfully exciting Abaco Business Outlook this year.

The conditions are highly conducive. We made sure to put together a group of presenters covering key points of the economic spectrum.

“The areas represented align with those opportunities and concerns most closely related to business development in Abaco - matters relating to taxation and ease of doing business, for example. Who should attend? Anyone who is interested in business opportunities, because tourism in Abaco has been described as ‘hot’.

“The Abaco mainland and the Cays are experiencing record numbers of visitors, and visitor satisfaction is high. Added to this bonanza, seasonal closures of resort properties have been at a minimum.

Furthermore, the tourism forecast is green-lighting the upcoming fall season,” she continued.

“Also factoring in the buoyancy of the Abaco economy is that island group’s performance in the second and vacation home markets. Agriculture is also doing well. Opportunities for investment are abounding, as there is a rising demand for more rental homes, energy resources and eco-resorts. There is opportunity in agriculture, especially now that BAIC is granting Crown land.”

Mrs Albury said the conference will also discuss the

challenges Abaco shares with other parts of the country.

“It is vital to discuss also the challenges to the continued quality growth of the Abaco economy,” she added. “We want, especially, to highlight those issues that are relevant to the entire Bahamas. Ease of doing business is still lagging. All over the country, business people, investors and ordinary citizens are complaining of too much red tape and the need for better scheduling of government agency inspections and connectivity among government agencies.

“Processes need to be simplified generally if we are to gain in the international ranking in this regard, which serves as prime factor in attracting quality investment.

We have been told that the Customs roll-out of its Electronic Single Window (ESW) is still experiencing road bumps, and Customs brokers are frustrated.

Access to capital is also still a major challenge to economic growth, so we have made sure to include a representative of Bahamas Development Bank among our presenters.”

Mrs Albury continued: “As the organisers of Business Outlook, we at TCL believe that many of Abaco’s more significant concerns are - or should be - shared by the nation as a whole, because other islands are beset by the

SEE PAGE 4

THE TRIBUNE

Friday, August 16, 2019, PAGE 3

BPL CRISIS SPARKS SURGE IN RENEWABLE ENERGY DEMAND

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net RENEWABLE energy providers yesterday said they have seen an increase in demand for their products in the wake of Bahamas Power & Light’s (BPL) ongoing energy supply crisis.

Guilden Gilbert, vicepresident of Alternative Power Sources, told Tribune Business: “Clearly people are frustrated. I have seen quote activity increase. We have had requests from people looking to get off the grid. Most of what we do is battery-based systems anyway, which provides energy autonomy.”​ Phil Holdom, head of Alternative Power Supply, said: “We have seen more people wanting to go off-grid or have battery-based backup. I would say it’s definitely more than usual.​” However, Zoltan Szasz of Bahamas Energy Solar Supplies said he had not seen any noticeable increase in inquiries, noting that “few can afford the upfront cost” associated with renewable solutions. ​ 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 planned 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. Aggreko is currently producing 50 percent of BPL’s total New Providence supply.

INDUSTRIAL TRIBUNAL IN CARIBBEAN FIRST THE Industrial Tribunal was yesterday hailed as a Caribbean leader for this week’s launch of electronic case filing and management services.

The National Tripartite Council, in a statement, said one of its executive members, Rionda Godet, became the first attorney to digitally submit a case to the Industrial Tribunal on Monday.

The council, which was created as the forum for resolving all workplace relations and labour matters in The Bahamas, said the new system will allow employers, workers and their respective attorneys to better manage industrial disputes as they progress through the Tribunal’s system.

Documents can be filed and accessed from anywhere in The Bahamas, which the council said will provide a more efficient and productive mechanism for dealing with industrial disputes by reducing delays, time and costs associated with the process. It will also save Family Island litigants having to travel so frequently to Nassau.

The council added that The Bahamas is the first English-speaking country in the Caribbean to digitise its Industrial Tribunal, an initiative that aligns with plans recently announced by the newly-appointed Chief Justice, Brian Moree QC, to introduce e-filing and e-case management throughout the Supreme Court system.

The Industrial Tribunal’s e-filing system was implemented by APEX, a Caribbean-based nonprofit technology company established in 2017 by

the Caribbean Court of Justice (CCJ) to support modernisation of the region’s judicial systems.

Indira Francis, the Industrial Tribunal’s president, said: “We were able to implement the solution in under a month. This was due to the fact that the Tribunal was in a state of readiness for computerisation, and had recently completed its case backlog exercise. However, we were also well assisted by our dedicated staff and by the team from APEX.” Bevil Wooding, APEX’s executive director, added: “With the new e-filing system, the Industrial Tribunal can provide faster, more efficient and costeffective service. Lawyers can use the new e-filing platform to submit case documents and keep track of already filed documents.

“Judges and registry staff also have secure access to filed documents at the Tribunal, as well as on their mobile phones and tablets.”

The chief justice, in a recent meeting with the National Tripartite Council, also voiced his support for a system of binding arbitration as a way to reduce the volume of employeremployee disputes making their way to the Industrial Tribunal.

In a recent interview with Tribune Business, he unveiled ambitious plans for the total digital transformation of the Bahamian court system through a multi-year “e-services” rollout designed to “catch up with where the rest of the world is” The first reforms will focus on eliminating the bureaucratic, paper-based

filing of court documents and replacing this with a technology platform that will allow them to be submitted electronically.

Chief Justice Moree, arguing that it was “simply impossible” to run the judicial system without such a platform, said the initiative will “reconstitute” all court registries in The Bahamas and lead into the development of electronic case management, fee payment, scheduling and other digital services.

Pledging that all changes will be “sustainable” and implemented over a two to three-year period, he said the objective was to provide swifter, more efficient and less costly access to justice for all.

Chief Justice Moree added that this would boost The Bahamas’ ability to attract the high-end, legitimate international business that the economy needs by demonstrating its ability to swiftly resolve complex commercial disputes, while also reducing legal costs faced by local investors.

And, by contributing to the speedier resolution of criminal cases, he said the judicial reforms will aid “peace, order, governance and stability” in Bahamian society by taking wrongdoers off the streets more quickly.

“We are contemplating a major, substantial programme of reform throughout the judiciary,” Chief Justice Moree told Tribune Business.

“We have a system that is in great need of reform and modernising, and we think that if we succeed it will bring great benefits to Bahamian society and The

Bahamas as a jurisdiction.”

“First and foremost we have to establish a modern technology platform which will be implemented throughout the entire judiciary. It is simply impossible to continue to manage the courts in the absence of a sophisticated, modern technology platform which will allow us to launch e-services in the discharge of the duties and functions of the court.”

Explaining how such a “platform” will act as the foundation to revolutionise all Magistrate and Supreme Court processes, Chief Justice Moree added: “For example, we have to introduce e-filing of court documents.

“At the moment, the entire system for filing court documents in the Magistrate’s Court and Supreme Court is manual, and it’s a laborious and outdated system. We hope to introduce an e-filing system where all court documents can be filed electronically via a laptop, and make electronic payments of case filing fees.

“We also hope to introduce an electronic case management system,” he continued. “That will be enormously helpful in managing cases through our system, tracking the progress of a case throughout its life. It will provide a powerful management tool to more effectively manage the resources of the court.”

The e-services roll-out will also extend to electronic scheduling of court dates, with attorneys able to apply for hearing dates electronically and receive confirmations via the same route.

To advertise in The Tribune, contact 502-2394

PAGE 4, Friday, August 16, 2019

FOREIGN MINISTER TO LEAD ABACO SUMMIT FROM PAGE TWO same problems and some represent a threat to our way of life.

“Illegal immigration and overfishing, and poaching in our waters, are still vexing issues, as are lack of preparation for hurricanes and bush fires and the risk of inappropriate development driving off existing business for lack of proper zoning policies, especially in communities such as Hope Town on Elbow Cay.”

Those interested in attending the Abaco Business Outlook may register/contact: The Abaco Chamber of Commerce at e-mail: info@ abacochamber.org Tel. 3675822; Wynsome Ferguson, Ministry of Tourism, Abaco, e-mail: wferguson@bahamas. com, Tel. 242-669-152 or 242669-0161; Margaret Albury, The Counsellors Ltd., e-mail: malbury@tclbahamas.com, Tel. 242-322-7505. Online registration is available at www. tclevents.com

THE TRIBUNE

DPM: Union pay talks a ‘fly in fiscal ointment’ FROM PAGE ONE

prediction off-course.

“The other fly in the ointment in terms of meeting the one percent projection for the fiscal year is its an active union negotiating season,” he told Tribune Business.

“That’s one of the things that can throw you out.

“The other thing, as we look out to the horizon, is what’s happening globally with the US-China back and forth, which we could become a victim of. We have to bear these things in mind.”

Pressure for wage and benefits increases has been mounting throughout the public sector in recent months. Kimsley Ferguson, the Bahamas Public Services Union’s (BPSU) president, last week said it had received no response for ten weeks to its proposal for salary increases, lump sum payments and salary reviews for members across the public sector.

Brensil Rolle, the Cabinet minister responsible for the public service, hit back earlier this week by arguing that the government was negotiating in good faith with the BPSU. However, he conceded that the counter-proposal to the union’s salary demands was still being developed as the Ministry of Finance had yet to go through the numbers and cost to the Public Treasury.

“I think what has not been concluded yet is the salary package that everyone has been talking about,” Mr Rolle said, “and I said to the president that I could not confirm the salary side of the discussion until the minister of finance [Mr Turnquest] has done his homework and that is an understanding I think we’ve had for the last couple of weeks.”

Besides the civil service itself, unions and their members have also been pushing for salary and benefits increases at government-owned corporations and entities such as the National Insurance Board and the Public Hospitals

Authority (PHA).

Mr Ferguson and the BPSU, which represents the latter’s workers, have made no secret of their demands for two lump sum payments and a salary increase. As the PHA is financed by a $219m annual subsidy from the Bahamian taxpayer, any salary and benefits increase will have to come directly from the Public Treasury.

Mr Turnquest, meanwhile, said Moody’s prediction that the government will miss its 2019-2020 deficit target was “fair” given The Bahamas poor track record when it comes to achieving its fiscal goals.

The rating agency is projecting that the 2019-2020 deficit will come in some $82.2m higher than the government’s own estimate of $137m, reaching $219m.The latter produces a ratio equivalent to 1.6 percent of GDP as opposed to the government’s one percent, which is the goal it has to meet as per the Fiscal Responsibility Act. “It’s a fair judgment,” Mr Turnquest conceded. “One of the things we’ve consistently been saying is our track record of meeting our commitments and projections is pretty poor. It’s a fair assessment.

“One of the things that we’re trying to do is build a positive track record so that we build credibility with all these agencies. That redounds not only to our ratings but the perception of investors - both bondholders as well as potential foreign direct investors.

“We’ve got to change that perception. That’s a fact. We can’t change the past, but going forward remaining faithful to our consolidation plan will build the track record the perception and scrutiny we continually

find ourselves under.”

Moody’s, though, maintained the same 1.8 percent GDP growth expectation for The Bahamas in 2019 as that of the IMF. And, even if the US economy slowed as predicted, it said The Bahamas would be able to partially offset any fall-out and maintain annual economic growth of between one to two percent due to the tourismrelated investments in the pipeline.

This is also traditionally the time that the Ministry of Finance keeps a close eye on the weather as the Atlantic hurricane season looms, with its potential for throwing out even the best-laid fiscal plans.

Mr Turnquest confirmed that the Government was also closely watching the implications of this week’s global stock market sell-off, and added of international developments: “It is a real and present threat but we know we have to be focused on the factors we are in control of and ensure we are doing the best we can to secure our growth.

“We are putting in place as many conservative positions as we can so if the unexpected happens we are able to have a stimulus or ride out whatever the circumstances may be. That’s a key part of the fiscal plan we put in place last year; to put in place resources and headroom we need to respond without subjecting ourselves to harsh and unexpected borrowing.”

The deputy prime minister added that the government’s finances had been “tracking according to plan” during the first six weeks of the 2019-2020 fiscal year, and said: “We’re looking good, although with the September period coming along things can slow down.”

L E G A L NOT IC E COMMONWEALTH OF THE BAHAMAS

2011/CLE/gen/01497

IN THE SUPREME COURT Common Law & Equity Division IN THE MATTER OF ALL THAT piece parcel or lot of land containing 4,679 square feet being property situate on the Southern Side of Cameron Street about 160 feet Eastward of Baillou Hill Road in the Southern District of the Island of New Providence.

AND IN THE MATTER OF the Quieting Titles Act 1959 AND IN THE MATTER OF the Petition of Gregory Thompson NOTICE THE PETITION of GREGORY THOMPSON of Western District of the Island of New Providence, in one of the Islands of The Commonwealth of The Bahamas in respect of: ALL THAT piece parcel or tract of land containing 4,679 square feet being property situate on the Southern Side of Cameron Street approximately 160 feet Eastward of Baillou Hill Road in the Southern District of the Island of New Providence one of The Commonwealth of The Bahamas GREGORY THOMPSON claims to be the beneficial owner in fee simple in possession of the parcel of land hereinbefore described and such ownership arises by virtue of possession of the said land.

Copies of the filed plan may be inspected during normal office hours at: 1.

The Registry of the Supreme Court, Ansbacher House, East Street North, Nassau, N.P., The Bahamas;

-2The Chambers of Aksum Law Chambers, Aksum House, Okra Hill Road, Nassau, N.P., The Bahamas; recognized in the Petition shall on or before the 30th day of August A.D., 2019 file in the Supreme -2-or right to dower or adverse claim or a claim not NOTICE is given that any person having dower Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form, recognized in the Petition shall on or before the 30th day of August A.D., 2019 file in the Supreme verified by an Affidavit to be filed therewith.

Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form, Failure by any person to file and service a statement of such claim on or before the 30th day of verified by an Affidavit to be filed therewith.

August, A.D., 2019 will operate as a bar to such claim.

Failure by any person to file and service a statement of such claim on or before the 30th day of 2.

August, A.D., 2019 will operate as a bar to such claim.

AKSUM LAW CHAMBERS, Aksum House, Okra Hill Road, AKSUMN.P., LAWThe CHAMBERS, Nassau, Bahamas Aksum House, Attorneys for the Petitioner Okra Hill Road, Nassau, N.P., The Bahamas Attorneys for the Petitioner

THE TRIBUNE

Friday, August 16, 2019, PAGE 5

‘Stupid is as stupid does’ on BPL crisis FROM PAGE ONE

through it without pain. It sucks. It’s rough on business.

It’s rough on homeowners.

It’s shame. It’s just upsetting that so many people were so negligent in their duties. It’s a culmination of an incredible amount of negligence by BPL and successive governments. It sucks.”

Emphasising that blame for BPL’s predicament cannot be laid solely on BPL’s present Board or management, or the Minnis administration, Mr Myers said that without improved governance and accountability “we end up in this crisis management”.

BPL’s road to its present ruin can be traced back to the 2004 cut in its base tariff, which generates all its profits and cash flow. This cut left BPL’s predecessor, the Bahamas Electricity Corporation (BEC), selling electricity below cost and ultimately plunged it into multi-million dollar losses from 2006 onwards - making it one of the world’s few loss-making monopolies.

Faced with annual eightfigure losses, among the first items to go were regular maintenance of BEC’s generation fleet and investment in new, more efficient engines. As a result, BEC was left with an aged, poorlymaintained and decaying

Taxi union in compliance row with NIB FROM PAGE ONE meetings with NIB officials.

To this day it has been to no avail. I interpret this as an act of aggression against the BTU and we are going to take this to court.”​ According to Mr Ferguson, The government owes the union around $20,000.

“We inherited a bill for $770,000 which goes back decades. NIB now has us in a chokehold,” he added.​ Tribune Business reached out to NIB director, Dr Nicola Virgill-Rolle, but she declined to respond on the basis that NIB could “not comment on individual registrants”.

Philip Watkins, immediate past-president of the BTU, offered a slighlty different perspective on the matter, telling Tribune Business: “When my administration took over, NIB presented us with an outstanding debt for a very large sum of money.

It was quite a bit of money.

generation capacity as well as a deteriorating transmission and distribution network by being starved of investment capital.

Michael Moss, appointed as BEC executive chairman by the last Ingraham administration, was able to claw back some of the base rate reduction and return the corporation to “break even” with a $1,000 profit in 2011.

However, his departure following the 2012 general election promptly plunged BEC back into “the red” with $20m losses.

Several reform efforts initiated under the Christie administration were never seen through to fruition.

While the Minnis administration selected Shell North America as the preferred bidder to build, construct and operate a new power plant for New Providence, it left a three-year gap until this comes on stream.

Mr Myers, meanwhile, argued yesterday that the cash-strapped Public Treasury is a further obstacle to the government’s ability to immediately tackle the present generation shortfall.

“The big overriding issue is they’ve [successive governments] spent us into a hole that’s very difficult to get out of,” he charged. “If we didn’t have a debt-to-GDP ratio of 60 percent-plus the government might have some headroom, but they’ve spent I can’t recall the exact figure but it was a large sum.

“I don’t know how they accounted for it but the administration prior to mine had worked out an agreement with NIB that they didn’t seem to live up to.

We went in and made an agreement to pay for the time being $500 a month on whatever they say the balance was, and also to keep current with the staff going forward.

“We did an excellent job with that. We were able to get a letter of good standing when we were in office, Mr Ferguson came in and took the attitude that he didn’t know anything about these bills and wasn’t paying any bills he didn’t create. He wants to start from zero but business doesn’t work like that.”​ Mr Watkins continued: “The union has been around since 1940, and there were about 50 to 60 good solid years the union had. In the late 1990s the union began to run into all kinds of financial problems, but prior to that the union was in the black. When we took over in 2014 we met the union in $3.2m in debt, and a part of that debt was to National Insurance.”

us into a hole so there’s no catastrophe funding.”

Mr Myers, voicing concern over PLP chairman, Fred Mitchell’s, recent refusal to commit the party to upholding the principles of fiscal responsibility, added: “That’s the danger. You can be irresponsible and kick the can down the road, but you can only kick the can down the road so much until the IMF, IDB and World Bank come in and say you must do these things.

“Your fiscal mechanisms have completely failed, investors don’t have any confidence in your country, and you’re up the creek without a paddle. We’ve got to be disciplined and stick to the plan. There’s going to be pain and suffering. These [BPL] are the kind of incidents that create pain and suffering. The money’s not there to fix it. We’ve got to hold the course.”

Otherwise another “crisis” is inevitable, Mr Myers warned, as he urged BPL and the government to ensure daily load shedding and outages are a thing of the past before the winter 2019-2020 tourism season.

“We don’t want to see it go into December; that would be a real disaster,” he told Tribune Business. “It’s peak season, so we’ve got to get it done before November. Kick whatever ass is needed before peak season - Thanksgiving, Christmas, New Year. We can’t have this crap going on in peak season. That’s when everyone makes their money.

“They need to get the right planning and management in there [BPL] to make sure we don’t come back here ever again. They have to have money for parts, go to pre-paid metering and collect their receivables. You can’t run a business where you’re owed something like $100m and can’t collect it. We’ve just got to get through it.”

Mr Myers said the importance of reliable, lower cost energy supply to the Bahamian economy’s competitiveness had been brought home to previous governments by studies such as the Oxford Economics report for the Chamber of Commerce, which highlighted the hundreds of millions of savings if power

FOR SALE ( 8 ) acres waterfront property in Acklins 242.85 ft by 1440 ft

$245,000

Priced for Quick Sale Willing to Negotiate

prices were reduced to around 21 cents per kilowatt hour.

He argued that this made it all the more baffling why reforms had not been implemented sooner, and added: “It’s simple straight stupidity

NOTICE

NOTICE is hereby given that CHI KEUNG YUEN of, Treasure Cove #75 Yamacraw Road, P.O.Box N-1394 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 16th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

SERIOUS BUYERS ONLY PLEASE

Email

Acklins242@yahoo.com

NOTICE

NOTICE is hereby given that PIK MAN LAM of, Treasure Cove #75 Yamacraw Road, P.O.Box N-1394 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 16th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

not to deal with it as as early as we can. It’s just not been a high enough priority.

“In typical Bahamian fashion we deal with it in a crisis. It’s sad, but unfortunate. Stupid is what stupid does.”

NOTICE is hereby given that SCHACKAR NALINE SHAKES of, Stapleton Gardens, P.O.Box CB-11559 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 16th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE

QUARTZ PTC LTD. (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 9th day of August, 2019. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas

To advertise in The Tribune, contact 502-2394

GALNOM LTD. Liquidator

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.

PAGE 6, Friday, August 16, 2019

Moody’s predicts $82m fiscal deficit overshoot FROM PAGE ONE

THE TRIBUNE

31 percent during the first nine months of fiscal 2018-2019.

“Moreover, revenue collection for 2018-2019 likely missed the initial budgeted forecast due to delays in implementation of new tax initiatives (for example, on gaming houses), as well as lingering collection issues for some taxes such as property taxes.”

Moody’s nodded its overall approval of the government’s fiscal consolidation plan, predicting that the reduced fiscal deficits

coupled with slightly higher economic growth will start to lower The Bahamas’ debt-to-GDP ratio, although improvement will be slow and take some time to come within range of the Fiscal Responsibility Act’s 50 percent target.

“Notwithstanding the slow growth recovery, we expect the government’s fiscal consolidation efforts, supported by the new fiscal rules, to contribute to a stabilisation of the debt trend,” the rating agency added.

“We forecast the

debt-to-GDP ratio to peak at 59.6 percent in fiscal 20182019, which remains above the 53 percent median of Baa-rated peers, before declining to 59.1 percent and 57.3 percent in fiscal 2019-2020 and 20202021, respectively.”

Moody’s also hailed The Bahamas’ 1.6 percent GDP growth for 2018 as “credit positive”, even though this came in below the rating agency’s own two percent estimate. It is holding to the same 1.8 percent GDP expansion forecast for 2019

as the International Monetary Fund (IMF), believing there are sufficient foreign direct investment (FDI) projects in the pipeline to offset the impact of any US or global slowdown.

“In 2018 the economy started to recover by reporting an expansion of 1.6 percent in real terms, up from 0.1 percent one year earlier. Although the final growth figure came below our estimate of about two percent, this recovery after several years of subdued economic performance is credit positive,” Moody’s argued.

“We expect the economy to expand by 1.8 percent and 1.7 percent in 2019 and 2020, respectively, supported by tourism and foreign direct investment. Fiscal consolidation, both in terms of restrained public spending and higher taxes on consumption, however, may weigh on growth over the coming years.

“The anticipated slowdown in US growth will likely also weigh on The Bahamas’ economic outlook. However, this will be partially compensated by the development of the new tourism-related projects that will allow economic activity to remain around its growth potential of one to two percent,” the rating agency continued.

“Growth has been driven by the tourism sector and foreign investments that have fuelled construction. Tourist arrivals by air increased by 13.8 percent in 2018 after contracting 0.8 percent in 2017. International passenger departures from the Nassau airport were the highest since 2012, supported by the opening of the Baha Mar.” Moody’s also zeroed in on Project Sand Dollar, the Central Bank-driven initiative to improve access to financial services and social inclusion by creating a digital version of the Bahamian dollar.

Echoing the IMF’s recent assessment, it said: “Through the issuance of an e-currency, the Central Bank intends to improve access to financial services, increase the efficiency of the payments system and reduce cash transactions to tackle money laundering.

“The digital version of the Bahamian dollar can be used for both retail and wholesale purposes and will rely on block-chain technology. The IMF has pointed out that the adoption of an e-currency could entail risks related to cybersecurity and financial stability, and therefore requires compatibility with the current financial infrastructure.”

NOTICE

NOTICE is hereby given that Sonette JoSeph of Poitier Ave Chippingham 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 9th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 15 AUGUST 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,129.68 | CHG: -30.31 | %CHG: -1.40 | YTD: 20.23 | YTD%: 0.96 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

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

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 2.86 2.64 10.31 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 4.07 9.02 2.99 2.64 10.33 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 -0.23 0.00 0.13 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

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

14,366

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 0.722 0.480 0.184 0.627 0.102 0.467 0.000 0.611 0.816 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 15.3 12.8 22.1 14.4 29.3 5.7 N/M 11.5 18.9 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% 2.95% 0.00% 2.27% 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

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

NOTICE is hereby given that ADNER ARCHANGE of Soldier Road Nassau, Bahamas. is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

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

SCHWESTERNBANDE 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 14th August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.

Dated this 16th day of August, A. D. 2019

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

_________________________________ CST Administration (Bahamas) Limited Liquidator

THE TRIBUNE

Friday, August 16, 2019, PAGE 7

Google employees call for pledge not to work with ICE SAN FRANCISCO Associated Press HUNDREDS of Google employees are calling on the company to pledge it won’t work with US Customs and Border Protection or Immigration and Customs Enforcement. It’s the latest in a year full of political and social pushback from the tech giant’s workforce.

A group of employees called Googlers for Human Rights posted a public petition urging the company not to bid on a cloud computing contract for CBP, the federal agency that oversees law enforcement for the country’s borders.

Bids for the contract were due Aug 1. It is not clear if Google expressed interest.

The company did not return a request for comment.

More than 700 Google employees had signed the petition by Tuesday afternoon. Citing a “system of abuse” and “malign neglect” by the agencies, the petition demands Google not provide any technical services to CBP, ICE or the Office of Refugee Resettlement (ORR), which provides services for refugees, until the agencies “stop engaging in human rights abuses”.

“In working with CBP, ICE, or ORR, Google

would be trading its integrity for a bit of profit, and joining a shameful lineage,” the organisers wrote.

They cited federal actions that have separated migrant children from parents and set up detention centers with poor conditions.

Google employees have led a growing trend in which some tech-company employees have taken public stances against their employers’ policies. Thousands of Google employees walked out last fall to protest the company’s handling of sexual misconduct claims.

Employees also protested a Pentagon contract last year over work that used artificial intelligence technology to analyze drone footage.

The protests have chalked up some success.

After the walkout, Google announced new sexual misconduct guidelines, although some employees say they don’t go far enough. And the company

did not renew the Pentagon contract after significant pushback.

Responding to some employee pressures has added fuel to claims from Republican pundits and lawmakers that the company is building its products

to be biased against conservatives — an unfounded claim that has spawned multiple congressional hearings, although none that have produced evidence of bias.

Google was hit with criticism by President Donald Trump last week when the president tweeted he was “watching Google very closely” after a former employee claimed on Fox News — without evidence — that the company would try to influence the 2020 election against Trump.

Google has denied claims of political bias in its popular search service and other products.

DPM: Just 50% of registry firms deemed ‘active’ FROM PAGE ONE

companies on the registry and about 40,000 are regarded to be active.”

Mr Turnquest was speaking after Sallyann Lockhart-Pratt, the registrar general, in newspaper advertisements yesterday confirmed that the 90-day notice period for companies to pay fees and submit filings more than 20 years’ outstanding had expired.

With the relevant Companies Act amendment having come into force on April 30, Ms Lockhart-Pratt said she was now exercising her legal powers to “remove a company from the register which is, for more than 20 years, in default” without giving prior notice or warning. Those listed in the paper yesterday have now been struck from the Register

of Companies as of that date.

Mr Turnquest told Tribune Business that the “scale” of yesterday’s registry clean-up had likely never been seen before in The Bahamas. Suggesting that it was “a long time overdue”, he added: “This is something that should have been happening on a continuous basis.”

The Bahamas enacted the Register of Beneficial Ownership Act as part of the package of legislation required to satisfy the demands of the Financial Action Task Force (FATF) and Organisation for Economic Co-Operation and Development (OECD).

The law deals with access to beneficial ownership information for all corporate entities domiciled in this jurisdiction.

Such information will not be publicly available, as access will be restricted to law enforcement authorities and financial services regulators as they seek to meet their international co-operation obligations.