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WEDNESDAY, AUGUST 21, 2019

$4.74 Ex-senator: Put $20m job spend to solar loans

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER FNM senator yesterday urged the government to make Bahamians “energy producers” by redirecting its $20m annual job allocation to solar loans.

John Bostwick II told Tribune Business that true “liberalisation of the energy sector” would allow Bahamian businesses and consumers to “get OUT”, with the latter word standing for the country’s motto of “onwards, upwards, together”.

Describing The Bahamas as “the world’s solar capital”, he said its energy future lay in the government incentivising the adoption of this renewable energy form by providing low-interest, guaranteed loans to purchase the necessary equipment.

Mr Bostwick said Power Secure, Bahamas Power & Light’s (BPL) former manager, had got it wrong by suggesting New Providence lacks sufficient vacant land to facilitate the development of utility-scale solar energy.

Instead, he argued that rooftop space on homes and businesses will more than compensate for the lack of vacant land, and added: “It’s very much in out interests to be the world’s leader on renewable energy.”

Branding solar energy as “the long-term solution” for The Bahamas, Mr Bostwick told Tribune Business: “It’s the liberalisation of the energy sector to allow every Bahamian- and it’s important for me to get this out - to get onwards, upwards together; the ‘get out’.

“We need to be put in a position that any capable homeowner and business owner is incentivised to the extent of no interest, government guaranteed loans.

No more $20m job incentive programmes.

“Put all that directly into a solar incentive programme allowing me to borrow $25,000-$30,000 to get off the grid, put solar panels on the roof and car port, and bring in the storage batteries to allow me to become an energy producer not consumer.”

Mr Bostwick added that Bahamians would move from being energy dependent to an actual asset if the government passed net metering or billing legislation, and allowed homeowners and businesses to sell excess energy stored in their batteries back to the grid.

“There’s studies showing that with solarisation of 75-80 percent of roof tops in New Providence you effectively power the grid that way,” he said. “If we take that philosophy and

SEE PAGE 5

$4.74

$4.76

BPL’s energy crisis ‘refloats’ prior offer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

FLOATING Power Plant solution to New Providence’s energy crisis has been “dusted off”, with its advocates telling the government yesterday: “Send us a signal if you’re interested.”

John Bostwick II, pictured, who acted as legal adviser to the group that first proposed such a plan in 2012, told Tribune Business that the frequency and severity of power outages “most definitely calls” for such a scheme to be re-floated.

The former FNM Senator added that while no formal proposal had been made to the government, he intends to determine if there is any interest from

the Minnis administration in reviving an offer that was submitted three times to its predecessor between 2012 and 2014.

“I am at least going to ask the question: Are you

AN OUTSPOKEN QC yesterday said a recent Court of Appeal ruling has “sounded the death knell” for public interest legal challenges to major Family Island developments.

Fred Smith QC, the Callenders & Co attorney and partner, argued that the decision to uphold a $250,000 “security for costs” payment in the fight over the Abaco Club’s proposed Little Harbour marina threatens to undermine the ability of Out Island communities to “stand up for their rights”.

FRED SMITH QC

Tribune Business Reporter

nmckenzie@tribunemedia.net

SEE PAGE 4

SEE PAGE 2

SEE PAGE 3

• Says now harder to ‘stand up for local rights’ • Appeal Court upholds $250k ‘security for costs’ • Adds that Little Harbour JR ‘unlikely to succeed While he and his client, Responsible Development for Abaco (RDA), determine whether to appeal the latest verdict, Mr Smith accused the government of “doing a disservice to your own people by depriving them of their day in court” through teaming with developers to create “procedural” hurdles to Judicial Review challenges.

Sir Michael Barnett, who wrote the unanimous verdict backed

By NATARIO MCKENZIE

by his two fellow Court of Appeal judges, conceded that there was “a public interest element in it”. Yet he found that was unable to “immunise” RDA’s action from providing “security for costs” as this would mean its litigation would be risk-free.

“The applicant [RDA] is a non-profit company which relies upon donations from third persons,” Sir Michael

persons in Cabinet when we sat at different tables. We are hoping that there would be further interest in the same expressed by the Government of The Bahamas so that they’d [the group] be comfortable they are not wasting time and money again. Knowing and watching what the government is doing, it’s hard to convince interested parties.”

Mr Bostwick represented the SGI Global Holdings consortium over its $250m proposal to moor two barge-based power plants at Arawak Cay when the Christie administration was in office.

QC: ‘Death knell sounds’ for public interest actions

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Minister open to meet Compass Point’s owner A CABINET minister yesterday said that while he is open to meeting with Compass Point’s owner over his concerns, they need to be addressed in a wider discussion with the private sector.

Dionisio D’Aguilar, minister of tourism and aviation, indicated his position has softened slightly by signalling a willingness to meet Leigh Rodney along with other resort sector stakeholders given that the issues raised affect everyone “industry wide”.

Speaking before yesterday’s Cabinet meeting, Mr D’Aguilar said: “He is insistent on having a meeting and, as a businessman, if you are that insistent on having a meeting I will certainly afford you another meeting if you are so minded.

“There are certain conditions he is imposing on the meeting. We are working through those to allow that meeting to happen.

However, as a government minister I don’t want to be dealing with a single operator. Some of his complaints and issues with the ease of doing business are industry-wide.”

Mr D’Aguilar added: “Government has to be widely consultative. I’m encouraging him to come as part of The Bahamas Hotel and Tourism Association and the Bahamas Chamber of Commerce.

“These are private sector organisations that have this concern. I don’t want to limit myself to having a discussions with one operator; it should come as part of a body that will ensure that those persons are in the room when we have the meeting.”

Mr Rodney earlier this month placed an advert in The Tribune threatening to close Compass Point on the

• Floating Power Plant proposal ‘dusted off’ • Govt told: Let us know if you’re interested • Ex-Senator: ‘I’m going to ask the question’ interested?” Mr Bostwick confirmed to this newspaper. “I think most definitely the situation calls for the re-emergence of the Floating Power Plant idea, and I really don’t know if there’s anything similar that could be such a holistic or complete solution, if only on a temporary basis.”

Asked if the Floating Power Plant proposal had been formally submitted, he replied: “The straight answer to that is: No. We have dusted off the plan, yes, but have not formally re-presented it to this government although members of this administration are purportedly aware of it.

“I personally gave it to

$4.79

Minimum wage can’t be raised ‘in vacuum’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE minimum wage cannot be increased “in a vacuum”, the Chamber of Commerce’s chief executive warned yesterday, with the “ramifications” for the private sector requiring careful study.

Jeffrey Beckles told Tribune Business that The Bahamas needed to move away from analysing such moves “in isolation”, and instead adopt a more holistic approach where the interests and concerns of all affected parties were addressed.

Pointing out that “timing” was often key in determining the extent of any initiative that results in increased business costs, Mr Beckles said many in the

• Beckles: ‘Ramifications’ for all must be assessed • Businesses already ‘struggling’ in harsh climate

JEFFREY BECKLES private sector - especially small and medium-sized enterprises (SMEs) were “finding it very difficult to survive” in an environment where daily power outages were only exacerbating difficulties.

He added that a “good example” of “arbitrary” decision-making would be the fall-out from any public sector wage increase, since the government would inevitably have to fall back on a taxpayer community already complaining it is “over-taxed” to finance this.

Responding to trade union calls for the minimum wage to be increased to between $250-$300 per week, up from the present $210, Mr Beckles told this newspaper: “Firstly, timing is everything.

“I don’t think the issue is whether the minimum wage ought to be increased. The issue is timing, and we can’t have this conversation in

a vacuum. We’ve seen the results of decisions made without considering the ramifications. I think everyone agrees we have to get out of that mode, sit down, table the issues and talk with the stakeholders and financial analysts.”

Mr Beckles, arguing that the projected impact of any minimum wage rise needed to first be established for the private sector, workers, trade unions and the wider economy, continued: “We can’t do it in isolation.

“Bear in mind that the same [business] community is finding it very difficult to survive in the environment we’re in now. That has nothing to do with whether the

minimum wage is increased or not. We’re in a very challenging time.

“We have to dot the ‘i’s’, cross the ‘t’s’m, fact check and make sure it’s palatable,” he added. “If it’s agreed that the minimum wage is to be raised, where is the government going to come to pay that difference?

“They’re coming back to you and me for that money.

Bahamians are already screaming about being taxed and over-taxed. That’s a good example of why you can’t arbitrarily raise the minimum wage.

“You have to consider the small and medium-sized businesses of the country that are already struggling.

It’s not about whether we agree or disagree. We have to assess the impact across

SEE PAGE 4

PAGE 2, Wednesday, August 21, 2019

Legal directory names GB law firm in top 50

THE TRIBUNE

MINISTER: SKY BAHAMAS WOE ‘HAS BEEN MOUNTING’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

JACY WHITTAKER A GRAND Bahamabased law firm yesterday announced it has been named as one of the top 50 global firms by LegalComprehensive.com.

“Nobody at our firm chose this profession to win awards or accolades.

We’re all here to help people. However, when things like this do happen, it’s a sign that we are doing the right things and we can be proud of the work we do every day,” said Jacy Whittaker, founding partner of ParrisWhittaker.

“This recognition helps us validate the work we do.

And this will help serve as an extra motivator to push us to continue to offer the highest level of service, innovation and diligence.”

A guide to legal and financial practitioners throughout the world, LegalComprehensive’s

directory features 12,000 attorneys, 2,000 law firms, and 4,000 corporate finance and taxation experts.

The directory is used to shortlist the best practitioners and top firms. LegalComprehensive’s ranking process reviews each nomination using their own independent research and editorial teams. They then create a shortlist of up to five potential winners in each category.

Candidates are judged on service type and range; business type; geographic location; how the business operates; and the expertise they offer.

The shortlisted firms are then reviewed by an independent awards panel in each country, with the eventual winners chosen by that independent panel.

A CABINET minister yesterday suggested that Sky Bahamas’ inability to secure a renewal of its air operator certificate (AOC) is not the sole factor behind its potential demise.

Dionisio D’Aguilar, minister of tourism and aviation, said that “bills and operational difficulties” appeared to “have been mounting” for some time prior to the airline’s clash with the industry regulator over alleged safety deficiencies that resulted in it being told not to fly from July 8.

Speaking before a Cabinet meeting yesterday Mr D’Aguilar said: “Sky Bahamas, I understand, is still having its operations reviewed and its air operator certificate evaluated. I think the regulator is probably close to making that decision.

“I want to dispel the notion that somehow this process of applying for an air operator certificate led to the demise of Sky Bahamas. Certainly the action taken by Nassau Airport Development Company (NAD) at the airport would have been building for some time.

“NAD took Sky Bahamas to court and received an award for the ability to take the action they have.

I guess the bills have been mounting, operational difficulties have been mounting.

I have said it before and say it again.”

The airline and Lynden Pindling International Airport (LPIA) operator have been in dispute over a longstanding six-figure sum in

DIONISIO D’AGUILAR passenger facility user fees and security fees allegedly owed by Sky Bahamas.

It emerged last year that the airline owed NAD some $621,691 as at January 9, 2018, although this was cut to $454,015 by June 29 last year. NAD at the time had threatened to terminate the airline’s licence to operate at LPIA over the arrears.

Captain Randy Butler, Sky Bahamas’ principal, downplayed the issue when it surfaced last year. He recently told Tribune Business that the carrier had paid some $1m to NAD over the past year in an effort to catch up, blaming some arrears in free flights provided to political party members in the run-up to the 2017 general election.

However, NAD has now obtained a Supreme Court Order, dated July 23, where Justice Diane Stewart required Sky Bahamas to

“cease all operations at the Lynden Pindling International Airport (LPIA) and vacate property leased to it” by NAD within 14 days.

However, NAD subsequently gave Sky Bahamas some 90 days to vacate in an August 9 letter.

The Bahamas Civil Aviation Authority’s (BCAA) order that Sky Bahamas cease commercial flights from July 8 has cost the airline millions of dollars in lost revenue and reputational value. The company has been unable to pay staff, resulting in some employees filing a trade dispute with the Department of Labour, while a notice posted at the weekend suggests Sky Bahamas has been evicted from its head office.

“Effective Saturday, August 17, 2019, the previous tenant of these premises, Sky Bahamas Airlines, has been evicted and the premises have been

secured and reoccupied by the owner, AOG Maintenance Company. The contents of the premises are presently destrained for rent,” the notice said.

“Access to, and entry upon these premises for any reason by any person is forbidden save with the express permission of AOG Maintenance Company...

Trespassers will be prosecuted to the fullest extent of the law.”

Mr D’Aguilar yesterday reiterated that he will not personally intervene in the dispute between Sky Bahamas and the Bahamas Civil Aviation Authority. “As any sensible minister, this is not a process that I as a political appointee will get involved in,” he added.

“This is strictly between an operator and regulator in a very technical field. I must allow that process to take its course. I’m certainly in the background trying to ensure the process is fair and the evaluation is happening as fast as it can.”

Mr D’Aguilar said it would be “naive” to suggest Sky Bahamas’ absence has not been felt. “Obviously when you are an airline out of a particular route there is going to be an impact,” he added.

“It would be naive to say there hasn’t been an impact. A number of foreign visitors have come to the country, have purchased tickets on Sky Bahamas looking to get on that plane, and then finding it’s not in operation and having to go to alternative means.

Competitors are obviously moving to fill that void.”

Minister open to meet Compass Point owner FROM PAGE ONE next general election date if the government fails to implement the ease of doing business reforms he wants.

Such a move would leave 60 Bahamian employees out of a job.

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

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

Mr Rodney added that current and past prime ministers, Dr Hubert Minnis and Hubert Ingraham, as well as Mr D’Aguilar were well aware of his concerns.

Tribune Business reported that Mr Rodney’s complaints centre on the hotel licensing process, which he regards as unnecessary and

a duplication of effort given that Bahamian resorts also have to pay for Business Licence fees.

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

The Compass Point owner is also understood to have wanted to implement specific security arrangements for the resort, particularly for the resort’s parking lot which lies across the road from the West Bay Street resort, and was unhappy at being told to deal exclusively with the Police Staff Association (PSA) - which he regards as a monopoly for this type of work.

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

THE TRIBUNE

Wednesday, August 21, 2019, PAGE 3

BPL’s energy crisis ‘refloats’ prior offer

BTC TO SHRINK RETAIL NETWORK TO 11 SITES

FROM PAGE ONE

THE Bahamas Telecommunications Company’s (BTC) chief executive yesterday said it will likely reduce its retail footprint on New Providence to 11 locations in a bid to “optimise” its network.

Garfield “Garry” Sinclair, in an e-mailed response to Tribune Business inquiries, confirmed the rationalisation as BTC negotiates with the franchisee that operates the Harbour Bay store.

“Harbour Bay is a franchise store and the lease is controlled by the franchisee,” he said. “We’re negotiating with the franchisee to ensure that the store is optimised in accordance with our new franchise contracts or, alternatively, to take over the store if the franchisee is willing.”

Mr Sinclair said the negotiations remain a “work in progress”, with Harbour Bay remaining a franchise store for the moment. BTC announced in April that it had closed several of its franchise locations and master distributors in order to “manage our customer support more effectively”.

BTC said at the time that it had been in the process of transforming its “touch points” in order to retain market share.

Mr Sinclair told Tribune Business yesterday: “We just had too many New Providence locations, compared to our competition with only six unique locations in New Providence.

Once we’re done we’ll be

The project, billed as reducing New Providence’s energy costs by 50 percent through the supply of up to 272 megawatts (MW), was submitted to the previous government three times - in September 2012, May 2013, and again in 2014.

The lack of progress under the former PLP administration, Mr Bostwick said, was one reason why the group he represents wants to see tangible signs that its successor is interested in the Floating Power Plant idea before it commits to re-engaging with the government.

Tribune Business sources, though, have indicated that the government has already explored the idea of bringing in a Floating Power Plant to stabilise BPL’s New Providence generation supply but decided against it on economic and technical grounds.

It is understood that the best place for such a solution to connect with BPL’s distribution grid is Clifton Pier, but this location has been ruled out because of the rough seas that occur in the area during bad weather.

Coral Harbour, with its newly-expanded Royal Bahamas Defence Force (RBDF) base, was also mulled as an alternative site but rejected because of the amount of time required to set it up. The government is understood to believe that by the time a Floating Power Plant was ready to go, BPL’s newly-purchased 132 MW of new generation capacity will also be installed.

Finally, Tribune Business sources said the government had determined there was just one Floating Power Plant facility available that met New Providence’s needs. The 100 MW plant, though, was only available for sale and not rental. And, with a purchase price of $100m or $1m per MW, the cost and total investment involved was not economically feasible.

K Peter Turnquest, deputy prime minister, yesterday indicated the government will seek to make available whatever financial resources BPL needs to end its present 40 MW generation shortfall and eliminate power outages/load shedding on New Providence.

This, he added, would involve either additional borrowing beyond levels set out in the 2019-2020 budget or a repurposing of alreadyallocated fiscal resources.

Should the government have to do this, Mr Turnquest signalled it would have to return to Parliament to obtain approval for this and any breach of the

targets set out in the Fiscal Responsibility Act. Mr Bostwick, meanwhile, argued that BPL’s newlyacquired Wartsila engines are “not the be all and end all” when it comes to solving New Providence’s generation supply capacity. He said the state-owned utility monopoly was bound to “need more” than the 132 MW that will provide.

BPL’s current New Providence supply capacity stands at 210 MW to meet 250 MW of peak demand, with the 40 MW shortfall giving it no choice but to load shed in three-hour blocks around the clock.

Wartsila’s 132 MW will be supplemented by a further 90 MW from Shell North America and incorporated into the latter’s new multifuel New Providence power plant, which is due to be completed by end-2021.

That investment is designed to provide lower cost, more reliable and cleaner energy supply for the Bahamian capital, but the Shell plant’s total 220 MW is still short of the island’s peak demand.

BPL, which is supposed to be getting of the generation business to focus on transmission and distribution, and customer service, has yet to explain how that shortfall will be made up.

This summer has already proven the folly of relying on BPL’s existing aged, poorly maintained and past useful life generation equipment, while Aggreko’s rental generators are no long-term solution. Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, previously said a 300 MW plant is required for New Providence.

Especially since the island’s population and economy are only growing. BPL, and its generation partners, will have to meet ever increasing load demand from projects such as Hurricane Hole, GoldWynn, Albany and Sarkis Izmirlian’s The Preserve, meaning more and more capacity will likely be needed.

Mr Bostwick yesterday questioned the wisdom of installing BPL’s new Wartsila engines on “the site of an environmental catastrophe” that is BPL’s Clifton Pier plant.

He added that the SGI Global Holdings project he advised had included remediation of that location in its initial Floating

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Power Plant proposal.

“All of this is part of one big picture,” Mr Bostwick told Tribune Business.

“You can’t put new engines in a contaminated field site.

You have to find a way to shut those sites down, completely shut-off the engines that are there, remediate the site - which is going to take months to a year-plus and prepare the site for new generation.”

Arguing that heavy fuel oil (HFO) and diesel generators should not be installed “anywhere in The Bahamas”, Mr Bostwick argued that the Wartsila engines and installation were from “the same old playbook we’ve been using for 60 years”.

He added that the SGI Holdings’ Floating Power Plant proposal had incorporated other features, such as $50m to upgrade BPL’s transmission network and an electricity price - set under a Power Purchase Agreement (PPA) - that would have effectively seen the group assume responsibility for paying BPL’s legacy debt.

The group had initially sought a seven-year agreement for generation assets that would have used compressed natural gas (CNG) as their primary fuel, but Mr Bostwick said the terms would have been negotiated according to the Government’s preference on prices and costs.

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

down to about 11 in all in New Providence, meaning nearly double the coverage of the competition.

“In this current phase we are empowering all of our franchised stores to provide end-to-end support for all fixed, broadband and mobile solutions. Additionally, we are increasing the use of technology and introducing kiosks to enable bill payment and top-up transactions.

“We are also assessing our current franchise and

GARFIELD SINCLAIR master distributor footprint to ensure that we are in the right locations, and that we are able to efficiently meet the needs of our customers. In this regard, we have reduced the number of franchise locations and master distributors.”

Nassau Darts Association Notice of 2019/2020 Annual General Meeting

Date: Wednesday 4th September 2019 Time: 7:30 PM Team Registrations Meeting begins at 8:00PM Venue: Brother Eddie’s Kitchen, Arawak Cay Fish Fry, West Bay Street

Persons wishing to submit amendments to the NDA Bye-Laws, Constitution or Playing Rules must submit same to the NDA Secretary by 21st August 2019.

PAGE 4, Wednesday, August 21, 2019

THE TRIBUNE

QC: ‘Death knell sounds’ for public interest actions FROM PAGE ONE

This is to advise the general public that

Kermit Ferguson is NO LONGER employed at

Bahamas Waste Limited and is NOT authorized to conduct any business on our behalf.

Signed: Management

wrote. “The only asset the applicant has revealed that it has is an untaxed claim for costs in excess of $1m.

“Presumably that receivable, when crystallised after taxation, will be matched by a payable to the applicant’s lawyers. Taxed costs represent costs that the applicant has incurred. The evidence shows that the applicant relies upon “Go Fund Me” to finance its operations.

“In my judgment that is credible testimony which a court may rely upon to find that the applicant’s assets ‘may be insufficient’ to satisfy a claim as to costs. In the circumstances, the jurisdiction exists to make an order requiring the applicant to provide security for costs.”

However, the Court of Appeal’s verdict did not sit well with Mr Smith, who blasted: “Successful security for costs motions by the government and developers are sounding the death knell for public interest and environmental litigation in The Bahamas.

“It creates a huge financial challenge for grassroots organisations to fight and stand up for their rights, or to demand - particularly in the Family Islands - that developers and the government respect the locals.

“In The Bahamas, where we have no civil legal aid, grassroots organisations and non-governmental organisations frequently must rely on the support and financial assistance of Family Island communities.

“This mischief in the courts allows the government and developers to stymie grassroots organisations with security for costs FROM PAGE ONE the board, and that can only be done by engaging all stakeholders who are affected.

It’s about the impact, and there’s a lot to take into consideration.”

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demands which really prevent ordinary people, who come together, from protecting their local interests.”

RDA was ordered

by Supreme Court Justice, Petra Hanna-Weekes, to pay the Abaco Club $150,000, and the government a further $100,000, as “security for costs” in a November 2017 ruling Developers and the government will likely argue that they are justified in demanding “security for costs” payments given the legal expenses they incur in combating Judicial Review challenges, many of which they view as frivolous and having no chance of success.

For developers, in particular, requiring environmentalists and other activists to make such payments into escrow is also a means by which they can secure compensation for costs and time-related delays that are incurred if they have to cease construction activity.

However, Mr Smith and other activists view “security for costs” demands as a tactic designed to knock Judicial Review actions out at an early stage and create obstacles to their progress by imposing onerous financial demands on poorly-resourced communities and activist groups.

Describing Little Harbour as “a gem” and “pristine”, and “the only carbon-free community in The Bahamas”, Mr Smith said the Court of Appeal’s verdict threatens to leave it and other Family Island locations “vulnerable” to “arbitrary” government decision-making and developer actions that occur without locals being consulted or given prior warning.

RDA is opposing The Abaco Club’s plans to construct a 44-slip marina, along with a supplies shop, private restaurant, 6,000 square foot covered car park, generator, desalination plant and waste treatment facility.

The proposed development will measure 320 feet across the outside piers, 210 feet between the two parallel main piers, and will extend 270 feet into Little Harbour, with the intent for it to accommodate boats up to 60 feet.

However, RDA fears that if the project goes ahead it will completely change the environment and character of Little Harbour, a 50-home community that runs entirely off solar power.

Besides its environmental concerns, RDA is claiming that the relevant government agencies did not hold proper consultation with the Little Harbour community before issuing the grants, permits and approvals required by the Abaco Club for the project’s construction.

The group is also alleging that the government agencies have withheld information, thereby depriving it of its statutory rights and/or legitimate expectations to contribute to any consultation process.

RDA previously received Supreme Court permission to proceed with its Judicial Review challenge to the marina plans, but Mr Smith yesterday said the “security for costs” demand meant his client was trapped “in a pincer movement” by the government and Abaco Club.

“I am very disappointed that the Court of Appeal did not seed through this

ruse by the government and the developer to effectively deprive RDA of its day in court,” he charged. “This is not a complicated case.

“This is a very sad day indeed for public interest litigation when the Supreme Court and the Court of Appeal allow the government and the developers to ambush communities in the Family Islands with security for cost matters.

“I would like to send a message to the government: You do a disservice to your own people when you allow lawyers to mount procedural challenges like security for costs to deprive your own citizens of their day in court.”

Mr Smith and RDA had railed against the lateness of both the Abaco Club’s intervention in the case, with its own “security for costs” demand made just one day before the matter was heard by the Supreme Court.

This, though, was rejected by Sir Michael and the Court of Appeal on the basis that RDA had suffered “no prejudice” or extra costs as a result.

“Despite the urging of counsel [Mr Smith] for the appellant, I cannot say that there is a high probability of success for this judicial review application,” Sir Michael added.

Still, Mr Smith argued yesterday: “I understand security for costs may be awarded but, as we argued in this case, the courts should not allow developers to intervene unnecessarily and nor should they order security for costs in such vast amounts related to these issues that NGOs are shut out from having their day in court.”

Minimum wage can’t be raised ‘in vacuum’

absorb because most were “doing well”.

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 $150 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 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 cost-push inflation.

Trade union leaders on Monday said they were pushing for a minimum wage increase to be formally discussed at the National Tripartite Council, the body created to resolve all labour, workplace and industrial relations issue in The Bahamas.

Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that such a rise was justified by persistent cost of living increases that had been further exacerbated by the VAT rate hike to 12 percent.

Branding the existing $210 weekly minimum wage as “inadequate” for the “average” Bahamian household, Mr Ferguson argued that his proposed increase of between 19 percent to 43 percent would not be too burdensome for Bahamian businesses to

THE TRIBUNE

Wednesday, August 21, 2019, PAGE 5

Huawei expects no relief from Ex-senator: Put $20m US sanctions but is confident job spend to solar loans SHENZHEN Associated Press THE founder of Chinese tech giant Huawei said yesterday he expects no relief from US export curbs because of the political climate in Washington but expressed confidence the company will thrive because it is developing its own technology.

Ren Zhengfei also said he doesn’t want relief from US sanctions if it requires China to make concessions in a tariff war, even if that means his daughter, who is under house arrest in Canada on US criminal charges, faces a longer legal struggle.

In an interview with The Associated Press at Huawei’s sprawling, leafy headquarters campus in the southern city of Shenzhen, the 74-year-old Ren said Huawei expects US curbs on most technology sales to go ahead despite Monday’s announcement of a second 90-day delay. He said no one in Washington would risk standing up for the company.

The biggest impact will be on American vendors that sell chips and other components to Huawei, the biggest maker of network gear for phone companies, he said.

Washington has placed Huawei on an “entity list” of foreign companies that require official permission to buy American technology.

“Whether the ‘entity list’ is extended or not, that will not have a substantial impact on Huawei’s business,” said Ren. “We can do well without relying on American companies.”

Huawei Technologies Ltd, China’s first global tech brand, is at the centre of a battle over trade and technology that threatens to tip the global economy into recession. American officials

HUAWEI’s founder Ren Zhengfei, looks on during an interview at the Huawei campus in Shenzhen in Southern China’s Guangdong province yesterday. Ren said he expects no relief from US export curbs due to the political climate in Washington but expresses confidence the company will thrive with its own technology.

Photo: Ng Han Guan/AP accuse the company, also the number two global smartphone brand, of stealing technology and facilitating Chinese spying. Huawei denies those accusations.

Huawei’s chief financial officer, who is also Ren’s daughter, is fighting extradition from Canada to face US charges related to possible violations of trade sanctions on Iran. Beijing arrested two Canadians in a possible attempt to force her release.

Ren looked relaxed and confident throughout the two-hour interview at a palatial new building in neoclassical European style where Huawei entertains customers. The atmosphere was a striking contrast from a June 17 news conference at which Ren compared the company to a “badly damaged airplane” and warned US sanctions would cut Huawei’s projected smartphone sales by $30bn over the next two years.

President Donald Trump has suggested controls on Huawei might be lifted if Beijing agrees to a deal on

trade and technology disputes that led to US tariff hikes on Chinese imports.

Ren rejected that. He said Huawei couldn’t ask for favors that might hurt the interests of China’s poor majority.

“I couldn’t take it if those poor people sacrificed their own interests for the benefit of Huawei,” said Ren. “Maybe my daughter will suffer more. But I would rather do that instead having the poorer people in China sacrifice for Huawei’s survival and development.”

The May announcement of export curbs prompted warnings that sales of Huawei smartphones and other products that use US chips and other technology could be devastated. The curbs also mean a loss of billions of dollars in potential annual sales for American vendors.

Even before the announcement, Huawei was working on developing

its own chips, software and other technology that might reduce reliance on American vendors. The company spent $15bn last year on research and development, more than Apple Inc or Microsoft Corp.

Huawei reported sales in the six months through June rose 23.2% over a year earlier. Its chairman, Liang Hua, said in July that Huawei was reviewing its core products to make sure they all could be delivered to customers without American components.

“At a strategic level, the US entity list is helpful to Huawei,” said Ren. He said the company has responded by eliminating “marginal, unimportant businesses or products” and focusing resources on “major products”.

“The whole company can focus more on our most competitive products,” he said.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that LEMIRE ESTATE INC. is in voluntary liquidation. The voluntary liquidation commenced on 15th August, 2019 and GELSOMINA GUTHAUSER of Hohlstrasse 473, 8048 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Dated this 16th day of August, 2019 Sgd. GELSOMINA GUTHAUSER Voluntary Liquidator

empower people to put it on their roof, and gain an income from having done so, you could effectively power New Providence with a clean and green solution to a large extent.

“We are in the world’s solar capital where the Tropic of Cancer passes right through the heart of this country, right through Exuma and Long Island, and gives us more hours of sun than any other country in the Western Hemisphere other than a strip of land in Mexico.

“We have a greater saturation of solar energy than

anywhere else, and we don’t yet seek to embrace a technology proven in Germany and the Northern Hemisphere all the way down to Aruba. We’re not sitting down thinking we can be an example to the world,” Mr Bostwick continued.

“We should be seeking to be the world leader in renewable energy. It’s very much in our interests.

That will give us access to carbon credits, which are immensely valuable in today’s world. We can trade those with other countries that are polluters, and it will massively assist our credit rating.”

To advertise in The Tribune, contact 502-2394

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

PROFICIENT FINACELL LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Proficient Finacell Ltd., has been completed and the company has been struck from the Register on the 1st day of August, 2019.

AVALON GUNGADIN INVESTMENTS LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Avalon Gungadin Investments Ltd., has been completed and the company has been struck from the Register on the 30th day of July, 2019.

Shareece E. Scott Liquidator

LEGAL NOTICE

LEMIRE ESTATE INC. Company No. 1933580 (In Voluntary Liquidation)

FROM PAGE ONE

Shareece E. Scott Liquidator UNIQUE VACATIONS LIMITED VACANCY Senior Oracle Developer/DBA

Unique Vacations Limited, the exclusive worldwide representative for Sandals and Beaches Resorts, is seeking an experienced Oracle Developer/DBA to join our executive team.

POSITION SUMMARY The Senior Oracle Developer/DBA will have a comprehensive knowledge of the design build process within Oracle. The Senior Oracle Developer/DBA will also develop, coordinate, analyze and assist in the design and implementation of projects to automate processing and improve business systems. He/She will focus on developing and improving business processes, assist with the development of metrics, both within the technology and business organization, identify, proposes and influence business solutions, negotiate deliverables and ensure that the design and integration of proposed systems and software solutions leads to the development and growth of the business through effective use of technology.

ESSENTIAL RESPONSIBILITIES AND DUTIES: include the following. Other duties may be assigned.

• • • • • • • • • • • • • • • • • • •

Oracle PL/SQL Expert Development Team management Provide system administration, security compliance, and secure configuration of assigned Oracle Systems.

Provide Level III support and problem resolution Perform OS system software standards review and enforcement Provide overall application and Database Health Updates to senior leadership Deploy/Install fixes or updates as needed Develop and publish relevant operating procedures Proactively consult with other DBA’s and functional team members providing information and direction to address customer issues, performance, and future database needs Develop and implement resolutions to identified problems, and follows standard practices and procedures.

Build, test, and maintain databases that meet business requirements and platform standards Build, test, and maintain Oracle hardware and software infrastructure components Ensure that infrastructure systems are designed, implemented, and supported to meet company's internal and external standards Provide monitoring, coaching, and knowledge transfer to less experienced employees Will be expected to develop and participate in solutions-based Engineered Systems training and problem resolution skills development.

Ability to engage or escalate to Oracle Support to resolve more complex issues.

Accept escalated requests from other technical team members as the subject matter expert.

Identify and document with management to proactively revise current procedures and tools to improve customer satisfaction.

Develops broad knowledge of the organizations and relates it to day-to-day issues.

COMPETENCE REQUIREMENTS • • • • • • • • • • • • • • • • • • •

Oracle 11g and 12c database experience UNIX System Administration experience Oracle Real Application Clusters (RAC) experience Oracle 12c Cloud Control experience Oracle RMAN and Data Pump Export experience Oracle database, application, and PSU patching (Database Lifecycle Management) Ability to run Oracle AWR Reports, SQL Tuning Advisor, and SQL Profiler and analyze the results Oracle OID/LDAP experience SQL and PL/SQL query languages Database and SQL Performance Tuning Oracle Active Data Guard experience Proficient in MS Office (Word, Excel, Outlook, PowerPoint, Access, Visio) Oracle eBusiness Suite Application (EBS) application/database experience (preferred) Experience utilizing database partitioning techniques (preferred) Able to manage and lead key database projects/initiatives and report out to senior leadership Strong presentation and leadership skills Assertive (yet diplomatic) personality and the ability to handle and manage change Excellent written and verbal English language communication and documentation skills Ability to travel as required

Education and/or Experience: •

Education:

•

Experience:

BS in Computer Science or Management Information Systems Post-graduate qualification highly desirable – (e.g. MBA, PhD, LLB, CA, CPA, etc.).

10+ years of experience as an Oracle Application Developer 10+ years of experience in Systems Analysis and Design

Only short listed candidates will be contacted. Interested persons should submit their applications

by August 23rd, 2019 with curriculum vitae to hrreport6@gmail.com

PAGE 6, Wednesday, August 21, 2019

THE TRIBUNE

Trump attacks on Google recycle baseless claims SAN FRANCISCO Associated Press PRESIDENT Donald Trump, pictured, has been on a tear about Google that traces back to a series of unfounded claims about the technology giant circulating among conservatives.

Among those claims: that Google interferes with US elections, is biased against conservatives and prefers working with the Chinese military over the Pentagon.

In several tweets issued this August, Trump assailed Google for alleged electoral interference and again brought up claims of its alleged secret involvement with the Chinese government. On Monday, the president reiterated a baseless claim that Google had “manipulated” the 2016 election in favour of Hillary Clinton, which his campaign’s Twitter feed also picked up.

All of these claims emerged from reports and commentary from conservative pundits and Trump supporters, none backed by convincing evidence.

Google has also denied them.

“Distorting results for political purposes would harm our business and go against our mission of providing helpful content to all of our users,” Google spokeswoman Julie Tarallo said.

Here’s where these claims emerged and what’s known about them.

ELECTION INTERFERENCE On Aug 6, Trump implicitly suggested that Google had favoured Clinton’s 2016 campaign over his and that the company planned to “illegally subvert” the 2020 election as well. On Monday he made the first part explicit, referencing

an unspecified study that, he claimed, showed that “Google manipulated from 2.6 million to 16 million votes for Hillary Clinton in 2016 Election”.

Trump won the presidency with an Electoral College majority but lost the popular tally to Clinton by almost 2.9 million votes.

Trump has falsely insisted for years that he actually won the popular vote.

The president’s campaign Twitter feed suggested on Monday that Trump referenced a 2017 study by psychologist Robert Epstein that found Google showed more pro-Clinton results to undecided voters than pro-Trump results.

Google and others have questioned the methodology of the study, which was not peer reviewed by other researchers.

In its final paragraph, the four-page study extrapolated experimental findings from a small group of 21 undecided voters to the electorate as a whole using mathematical models Epstein reported in an earlier paper. Reached by phone, Epstein said his results only showed that search results were biased toward Clinton, not that Google was doing so intentionally to sway elections.

Epstein also noted that those extrapolated findings suggested a pro-Clinton vote shift of 2.6 million to

false,” Google’s Tarallo said.

Cernekee’s situation reflects a larger belief among conservatives that major platforms such as Google and Facebook are biased against conservative viewpoints, both internally and on their public services.

Republican legislators have convened several hearings on the subject.

But experts say there’s little evidence to support such claims, which the companies themselves have long denied.

“Trump wants to remind (big tech) that he is watching them,” said Frank Pasquale, a law professor at the University of Maryland and an expert on algorithms and society. He pointed out that some also claim that Google-owned YouTube funnels viewers to far-right videos and conspiracy theories.

All these allegations, Pasquale said, “assume that neutrality or objectivity means having half negative and half positive results”.

But if more negative pages about a person or topic exist on the web, he said, a search result will likely produce more negative results.

Cernekee’s personal situation may also be more complex than it first appeared. On Aug 5, the conservative publication The Daily Caller published posts Cernekee made on Google message boards in which he called for a fund to help white nationalist Richard Spencer after he was punched by a protester.

Cernekee told The Associated Press in a statement that he has “always supported free speech and opposed white nationalism”, and that he spoke in opposition to other employees who supported Spencer getting punched.

GOOGLE AND CHINA Trump also indirectly

ten million votes, not the 16 million cited by Trump.

Even that may be too much of a stretch, said Ramesh Srinivasan, an information-studies professor at UCLA, who noted that the study’s finding of alleged search-result bias doesn’t account for other possible influences on voters. “We can’t jump to conclusions that it gave any a candidate millions of votes,” he said.

Like other researchers, Epstein and Srinavasan emphasise that they remain concerned about the opacity of tech platforms like Google and Facebook and their unbridled power to influence elections.

CONSERVATIVE BIAS In his early August tweets, Trump singled out former Google engineer Kevin Cernekee, who claims Google fired him for posting Republican viewpoints on internal message boards.

Google said Cernekee was fired for downloading confidential company documents onto a personal device.

Cernekee apparently drew Trump’s attention after he told Fox News host Tucker Carlson on Aug 2 that Google executives “really want Trump to lose in 2020. That’s their agenda”. Cernekee offered no evidence for his claim.

“The statements made by this disgruntled former employee are absolutely

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 20 AUGUST 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,137.15 | CHG: 4.49 | %CHG: 0.21 | YTD: 27.70 | YTD%: 1.31 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.92 2.60 2.00 2.75 11.75 6.17 4.64 12.50 2.81 2.64 10.00 7.35 15.60 9.30 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 11.70 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 4.07 9.02 2.97 2.64 10.49 7.00 15.45 9.24 3.30 14.20

CLOSE 4.19 17.43 6.00 5.92 2.44 1.80 2.18 11.05 6.16 4.12 8.55 2.98 2.64 10.47 7.00 15.45 9.24 3.40 14.20

CHANGE 0.00 0.00 0.00 0.00 -0.02 0.00 0.00 0.00 0.00 0.05 -0.47 0.01 0.00 -0.02 0.00 0.00 0.00 0.10 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 345 1,000 115 1,446 1,000

100 2,000

4,500

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 0.610

P/E 17.5 18.7 N/M 18.3 N/M N/M -5.0 15.3 12.8 22.4 13.6 29.2 5.7 N/M 11.5 18.9 9.8 16.7 22.5

YIELD 3.82% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.52% 3.57% 2.91% 0.00% 2.28% 2.27% 3.13% 3.43% 3.50% 2.16% 3.53% 4.30%

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

referred on Aug 6 to another unfounded claim gaining currency among conservatives, which is that Google is spurning the US military and instead working with the Chinese. In mid-July, he tweeted about unsupported claims to that effect by technology investor Peter Thiel, a Trump supporter who is also a board member of Google rival Facebook.

In an appearance on Fox News, Thiel offered

no proof for claims that Google is working with the Chinese government on artificial intelligence projects and has “likely” been infiltrated by Chinese agents.

Google left China in 2010, and confirmed this summer in a congressional hearing that it shut down an experimental programme to relaunch a censored version of its search service in the country.

Legal Notice

FRUCHTSAFT TRADING GMBH NOTICE IS HEREBY GIVEN as follows:

(a)

The above Company is in voluntary dissolution under the provisions of Section 138 of the International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 15th day of August, 2019,when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Kofi Bain of Bayview House, Bay Street, P.O.Box N-8166, Nassau Bahamas.

Dated this 19 th day of August,A.D. 2019.

Kofi Bain Liquidator

NOTICE

NOTICE is hereby given that MICHELINE JOSEPH of, Palmdale, 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 14th 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 joel ceus of, Zirconia Court, 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 14th 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 MARVIN AUGUSTIN of, Parker Street of Meadow 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 14th 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 JESSICA ALCINOR of, Second Street Grove, 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 14th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

MAJOR US STOCK INDEXES FINISH LOWER, SNAPPING A 3-DAY RALLY

BY ALEX VEIGA Associated Press STOCKS fell broadly on Wall Street yesterday after another slide in bond yields and a mixed batch of corporate earnings weighed on the market.

The selling pulled every major sector lower, snapping a three-day winning streak for the S&P 500.

Financial sector stocks bore the brunt of the decline as investors reacted to lower yields. Technology stocks, which like banks have tended to lead the market’s gains recently, gave up an early gain.

Home Depot climbed after the home improvement retailer reported earnings that topped Wall Street’s forecasts. But two other big retailers didn’t fare as well. Investors sent Kohl’s and TJX lower after their latest quarterly report cards fell short of analysts’ expectations.

Yesterday’s market slide is the latest twist for stocks, which have been caught in the grips of volatile trading all month as anxious investors alternate between seeking shelter in bonds and pouncing on stocks when prices slump.

“The market is taking a little bit of a breather here,” said Tony Roth, chief investment officer at Wilmington Trust. “You’re getting just a little bit of consolidation after the rally we’ve had over the last three or four days.”

The S&P 500 fell 23.14 points, or 0.8%, to 2,900.51.

The Dow Jones Industrial Average slid 173.35, or 0.7%, to 25,962.44. The Nasdaq, which is heavily weighted with technology stocks, dropped 54.25, or 0.7%, to 7,948.56. The Russell 2000 index of smaller

Wednesday, August 21, 2019, PAGE 7 company stocks gave up 10.84 points, or 0.7%, to 1,498.01.

All four indexes are on track to finish the month with losses.

The market has been highly volatile all month as investors try to parse conflicting signals on the US economy and determine whether a recession is on the horizon. A key concern is that the escalating and costly trade conflict between the world’s two biggest economies will hamper growth around the globe.

Earlier this month, President Donald Trump announced plans to extend tariffs across virtually all Chinese imports, many of them consumer products that were exempt from earlier rounds of tariffs.

Uncertainty over trade clouded an otherwise strong quarterly report card from Home Depot.

The home improvement retailer cut its sales expectations for the year yesterday, citing declining lumber prices and the potential impacts to the US consumer arising from recently announced tariffs.

That didn’t scare off investors. Home Depot shares jumped 4.4%, the biggest gain in the S&P 500, as investors focused on the company’s solid quarterly results. Lowe’s rode its rival’s surge, finishing with a 3% gain.

Kohl’s, meanwhile, was the biggest decliner in the S&P 500. The department store operator reported a sharper than expected decline in sales at established locations during the second quarter. The stock lost 6.9%.

Another decline in bond yields also weighed on the market yesterday. The yield on the ten-year Treasury slipped to 1.55% from 1.59% late on Monday.

When bond yields fall, it pulls down the interest rates that banks pocket on mortgages and other consumer loans. That helped pull financial stocks lower.

Bank of America dropped 2%.

Technology stocks, which like banks have tended

to lead the market’s gains recently, also fell after briefly turning higher in the middle of the day. Western Digital dropped 1.9%.

Some chipmakers continued to rise on news Monday

that the US gave Chinese telecom giant an extension to buy more supplies from US companies. Qualcomm added 1.6%.

Household goods makers and communication

services stocks were among the decliners. Energy stocks also fell.

Last week, many stock indexes around the world struck their lowest levels this year, before a late rally

suggested some calm was returning to the markets in what is a traditionally lowvolume time of the year.

Analysts say the concerns that drove last week’s sell-off could resurface at any time.

PAGE 8, Wednesday, August 21, 2019

THE TRIBUNE

TRUMP ACKNOWLEDGES CHINA POLICIES MAY MEAN US ECONOMIC PAIN WASHINGTON Associated Press PRESIDENT Donald Trump acknowledged yesterday his aggressive China trade policies may mean economic pain for Americans but insisted they’re needed for more important

long-term benefits. He contended he does not fear a recession but is nonetheless considering new tax cuts to promote growth.

Asked if his trade war with China could tip the country into recession, Trump brushed off the idea as “irrelevant” and said it was imperative to

“take China on”.

“It’s about time, whether it’s good for our country or bad for our country short term,” he said.

Paraphrasing a reporter’s question, Trump said, “Your statement about, ‘Oh, will we fall into a recession for two months?’ OK? The fact is somebody had

to take China on.”

The president indicated that he had no choice but to impose the tariffs that have been a drag on US manufacturers, financial markets and, by some measures, American consumers.

Trump was clear that he didn’t think the nation is at risk of a recession and that a

PRESIDENT DONALD TRUMP

boom was possible if the Federal Reserve would slash its benchmark interest rate.

“We’re very far from a recession,” Trump said. “In fact, if the Fed would do its job, I think we’d have a tremendous spurt of growth, a tremendous spurt.”

Yet he also said he is considering a temporary payroll tax cut and indexing to inflation the federal taxes on profits made on investments — moves designed to stimulate faster growth. He downplayed any idea that these thoughts indicate a weakening economy, saying, “I’m looking at that all the time anyway.”

Asked about his remarks, White House spokesman Judd Deere said, “The president does not believe we are headed for a recession. The economy is strong because of his policies.”

Trump faces something of an inflection point on a US economy that appears to be showing vulnerabilities after more than ten years of growth. Factory output has fallen and consumer confidence has waned as he has ramped up his trade war with China. In private, Trump and his advisers have shown concern that a broader slowdown, if not an outright recession, could arrive just as he is seeking reelection based on his economic record.

Trump rattled the stock and bond markets this month when he announced plans to put a 10% tax on $300bn worth of Chinese imports.

The market reaction suggested a recession might be on the horizon and led

Trump to delay some of the tariffs that were slated to begin in September, though 25% tariffs are already in place for $250m in other Chinese goods.

The president has long maintained that the burden of the tariffs is falling solely on China, yet that message was undermined by his statements to reporters yesterday prior to a meeting in the Oval Office with the president of Romania.

“My life would be a lot easier if I didn’t take China on. But I like doing it because I have to do it,” Trump said.

The world economy has been slowing in recent months, and recent stock market swings have added to concerns that the US economy is not immune. A new survey on Monday showed a big majority of economists expecting a downturn to hit by 2021.

Addressing that possibility, Trump focused anew on pressuring the Federal Reserve to cut interest rates. Presidents have generally avoided criticising the Federal Reserve publicly, but Trump has shown no inclination to follow that lead. Rather, he’s positioning Fed Chairman Jerome Powell to take the fall if the economy swoons.

“I think that we actually are set for a tremendous surge of growth, if the Fed would do its job,” Trump said. “That’s a big if.”

Trump recommended a minimum cut of a full percentage point in the coming months.