business@tribunemedia.net
MONDAY, AUGUST 26, 2019
$4.74
$4.74
$4.76
$4.79
Clouds on the horizon Disney unveils cultural theme but Turnquest insists: central to Lighthouse Point project we’re on the right track By NATARIO MCKENZIE
By NATARIO MCKENZIE
Tribune Business Reporter
Tribune Business Reporter
nmckenzie@tribunemedia.net
D
ISNEY Cruise Line said yesterday that work at Lighthouse Point will begin only after an Environmental Impact Assessment (EIA) and Environmental Management Plan are reviewed and accepted by the Government of The Bahamas and public consultation has occurred. Construction could begin in 2020 with completion in late 2022 or 2023. Disney said yesterday its own internal team of animal and conservation experts is working closely with a highly qualified team of Bahamians and an experienced international firm
nmckenzie@tribunemedia.net
AN artist’s rendering of Disney’s Lighthouse Point project. to develop a comprehensive Environmental Impact Assessment and Environmental Management Plan that align with Disney’s
Solar - an absurd lost opportunity By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A WELL-KNOWN environmentalist has slammed as “quite absurd” how solar and renewable energy penetration in this nation has been stymied, stating: “Look where it’s gotten us”. Sam Duncumbe, the reEarth President speaking on Bahamas Power & Light’s power generation crisis said: “Had we looked in a meaningful way at solar I don’t believe we would be in this mess right now.
SAM DUNCOMBE It’s mind-blowing that in a country which has over 315 days of sun a year that we have so very little solar penetration. We continue to stymie solar and renewable penetration in this country. That is a huge problem and it’s quite absurd.” She continued: “Businesses are suffering because they can’t operate properly with the power supply being
SEE PAGE 2
Sherwin-Williams makes it a treble with new superstore By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net PAINT retailer, Sherwin-Williams Paints, has reached a new milestone with the acquisition of a new superstore location. Fully acquired since June 2019, the nation’s largest specialty retailer of paint and painting supplies, as well as artists’ paint and supplies, will be opening its newest location in the former Bahamian Paint building at the roundabout of Tonique Williams Darling highway and Sir Milo Butler Highway.
“We’re delighted and are looking forward to offering our products and services at our new location,” said Reto Giovanoli, SherwinWilliams Bahamas’ General Manager. While currently operational, offering clearance sales on remaining Bahamian Paint stock, as of now only certain Sherwin-Williams-specific art supplies and paint products are available for purchase at the new location, including some paints, primers, coatings and stains.
SEE PAGE 2
“deep and longstanding commitment to the environment”. The company revealed new details surrounding
its plans for Lighthouse Point, Eleuthera, at the D23 Expo. Disney Parks,
SEE PAGE 3
GOVERNMENT must continue to stay the course in the management of this nation’s fiscal affairs, according to Finance Minister K Peter Turnquest who insists: “We are making tremendous progress”. In an interview with Tribune Business Mr Turnquest said: “I think that we are generally pleased with where we are. We must be very diligent about expenditures and must stick to the plan. There will also be circumstances that will arise and we will try to account for those within the confines of our budget but it continues to require the discipline
KP TURNQUEST and patience that we have exercised over the last two years if we are going to achieve our targets. “So far we are pleased where we are and expect that the results will certainly prove that we have been on the right track with respect
SEE PAGE 4
PAGE 2, Monday, August 26, 2019
THE TRIBUNE
Solar - an absurd lost opportunity FROM PAGE ONE continuously disrupted. We should not be in this position right now yet here we are. Successive governments have failed us in terms of keeping us in this energy stranglehold where we are paying exorbitant amounts for electricity.” Last year, Shell North America signed a MoU with Bahamas Power & Light (BPL) for the construction of an LNG plant at Clifton Pier. “We fought LNG tooth and nail for years and kept it out of this country and now the Shell baby has come in and it’s all good. That’s ridiculous. Instead of focusing on LNG where are we not seriously exploring our options with solar, wind turbines, tidal turbines.” Back in early March, BPL executives announced the fast track” of the $95m installation of 132 megawatts (MW) in power generation. The state-owned utility at the time confirmed it had contracted Wärtsilä to supply and install seven new engines in an unused section of its Clifton Pier power plant in a bid to reduce energy costs, eliminate load shedding and blackouts, and boost supply security by ultimately ending reliance on rental generation. BPL chief executive Whitney Heastie said earlier this month the company sits “on the edge every day” with insufficient power being supplied to meet peak demand. He noted the company has been crippled by a decaying generation fleet, parts that can no longer be procured and manufacturers that have not responded to BPL’s requests for help. • See today’s Insight section, page 7
Sherwin-Williams makes it a treble with new superstore FROM PAGE ONE “Without a doubt, the request for SherwinWilliams products and exemplary service levels keeps growing” shared Mr. Giovanoli, “and, in bringing it up to our look and standards, we are currently renovating the new store, selling final inventory of surplus Bahamian Paint products, and we will be completing the transformation of the store in the coming weeks into the new Sherwin-Williams Superstore, with offerings for all budgets - high and low.” “This is our third store in New Providence and it’s more centrally located, which makes us easily accessible to our loyal customers who now have a neighborhood paint store and won’t have to travel across the island for their painting needs.” The Superstore will offer a wide array of high quality Sherwin-Williams paints and products that will include architectural coatings, stains & varnishes, concrete and stucco coatings, industrial & marine coatings, ladders & scaffolding, paint sprayers, floor epoxies, art paints and supplies, and expert advice to ensure customers have the right products for the job. Additionally, Sherwin-Williams Bahamas offers several colour selection tools both in-store and online to simplify the colour selection process, visual inspiration on their social media platforms of Instagram and Facebook, and the store also supports painting professionals and maintenance teams with job site delivery, custom colour matching, specification assistance, and technical advice. Finally, the new location will have approximately eight team members providing local jobs and plans on being engaged in the community. “Sherwin-Williams traditionally gives back to the community and prides itself on being a good neighbour,” said Giovanoli. “We’re planning on being here for many years to come and our philosophy is to support local organisations and support our people.” With the opening of its new Superstore, shifts in the other Sherwin-Williams Bahamas locations will be occurring as well, with the Cable Beach location turning into the first fully dedicated art store in The Bahamas.
THE TRIBUNE
Monday, August 26, 2019, PAGE 3
DISNEY’s planned project for Lighthouse Point in Eleuthera.
Disney unveils cultural theme central to Lighthouse Point project FROM PAGE ONE Experiences and Products Chairman Bob Chapek and Walt Disney Imagineer Joe Rohde revealed how Disney Cruise Line’s plans at Lighthouse Point will celebrate the culture and spirit of The Bahamas. Rohde, whose work includes the design of Disney’s Animal Kingdom theme park in Orlando and Aulani, A Disney Resort & Spa in Hawaii, has embarked on an indepth cultural tour of the Bahamas to meet with local artists and cultural advisers. Together, they have explored arts and cultural sites across New Providence and Eleuthera, from Junkanoo shacks to noted art galleries. “The Bahamas offers a fascinating multi-cultural tradition of food, music, dance and storytelling,” Rohde said. “Eleuthera in particular
is home to many artists and we will be working with painters, sculptors, writers, storytellers, musicians, weavers and artists of every kind, much like we did with Aulani in Hawaii, to create a completely unique experience that is rooted in Bahamian culture and imbued with Disney magic.” Kevin Cooper, a master artist from Eleuthera and Antonius Roberts, an internationally recognised master artist from Nassau, are anchoring Disney’s efforts to work with the local creative community. “Capturing the spirit of Eleuthera is really about the people,” Cooper said. “Our people bring to the table their history, their culture, their food, their dance and more. Working in collaboration with Disney and with other artists is turning into one of the highlights of my 30-year career. Together, we are going to be able to create something
that is very special.” “The essence of Bahamian art is colour, the essence is rhythm, the essence is storytelling and our art reflects the spirit of our people,” Roberts added. “Disney has shown they understand the importance of engaging Bahamians and allowing us to share our stories and love for our country. I have seen how this input is influencing the direction of the design concept for this project and if there is any organisation in the world that can celebrate the best of a place and appreciate and respect the best of its people, it’s Disney.” As part of the event, Disney shared two early conceptual renderings to show how the design will be influenced by both the natural environment of Lighthouse Point and the culture of Eleuthera and The Bahamas more broadly. “The Lighthouse Point
site is so beautiful and so full of nature that we want to preserve this and use our designs to call attention to the extraordinary quality of the place itself – a place of stunning natural beauty with a rich and fascinating cultural tradition,” Rohde said. “We will be directly involved in conservation efforts to preserve and protect the environment that creates this beauty.” Disney Cruise Line completed its purchase of privately owned Lighthouse Point earlier this year and signed an agreement with the Government of The Bahamas that guides the
responsible and sustainable way the site will be developed. “The Bahamian government negotiated a model agreement with Disney – preserving the natural environment of Lighthouse Point and the culture of The Bahamas while growing economic opportunities for Bahamians,” said Bahamas Minister of Tourism Dionisio D’Aguilar, who attended the event. “Disney has done a tremendous job of following through on the commitments it made by taking a thoughtful and comprehensive approach to its environmental impact assessment,
engaging directly with the people of South Eleuthera and creative communities, and maintaining an open dialogue with civic and business leaders in order to maximise future opportunities for Bahamians.” Disney has committed to develop less than 20 percent of the property; employ sustainable building practices, including an open-trestle pier that eliminates the need to dredge a ship channel; establish environmental monitoring programmes during construction and operation; and donate more than 190 acres of privately owned land to government, among other commitments.
PAGE 4, Monday, August 26, 2019
Clouds on the horizon but Turnquest insists: we’re on the right track
FROM PAGE ONE to the management of the fiscal affairs of the country.” Mr Turnquest noted the nation’s economy has benefitted from what he described “tremendous” tourism seasons for the past two years. This has certainly enured to the benefit of our fiscal situation as well as the fact that we have had a drop in the unemployment rate and we have had real GDP growth over the last two years. These are all trending in the right direction. “We know that there are fiscal clouds on the horizon we have to be concerned and aware of. We continue to exercise conservative fiscal policies to ensure we are capable of responding to the challenges that may arise whether it be a natural disaster sort economic shock.” He added: “When we laid out our fiscal plan we said this would be a period of shared sacrifice to account for excesses that we have had for several years. We did not build up the fiscal challenges that we met overnight and they cannot be resolved overnight, however with patience, discipline and shared sacrifice we can get there. We remain
faithful to our promises to the Bahamian people about what we would do with the resources that they have given us to manage.” Mr Turnquest said that while critics have slammed the Minnis administration for bowing to the dictates of international agencies, this assertion was “misleading at best”. “While we are certainly capable of managing our own affairs and have a right to do so we do trade in goods and services internationally. We have to be more mindful that we have to comply with international trading rules particularly as we are a financial services jurisdiction.” He added: “The credit ratings agencies obvious look at our fiscal performance to determine how they access the level of risk for our sovereign bonds traded on the international market. That affects our ability to attract investors and the costs of those bonds. We have to be mindful that we engage this economy not just for our domestic use or internal politics but also because we are a country trading in international community and our sovereign debt is trade internationally and we have to be mindful our obligations as trading partners.”
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Economic storm clouds hovering over Trump and global leaders BIARRITZ, FRANCE Associated Press UNDER the threatening clouds of a global economic slowdown, President Donald Trump is confronting the consequences of his preference to go it alone, with low expectations that the leaders of the richest democracies can make substantive progress on an array of issues at their summit in France. The meeting of the Group of Seven nations — Britain, Canada, France, Germany, Italy, Japan and the US — in the beach resort town of Biarritz comes at one of the most unpredictable moments in Trump’s presidency, when his public comments and decision-making increasingly have seemed erratic and acerbic of late. Trump, who arrived Saturday, and his counterparts are facing mounting anxiety over the state of the world economy and new tension on trade, Iran and Russia. Trump, growing more isolated in Washington, might find a tepid reception at the summit as calls increase for cooperation and a collective response to address the financial downturn. White House aides claimed he engineered a late change to the summit agenda, requesting a working session on economic issues. The economic warning signs, along with Chinese’s aggressive use of tariffs on US goods, are raising the pressure on Trump and his reelection effort. He intends to push allies at the summit to act to promote growth. But Trump’s credibility as a cheerleader for multilateralism is in doubt, given that he has spent the first 2½ years in office promoting an “America First” foreign policy that relying on protectionist measures. Traditional American allies have come to expect the unexpected from this White House; increasingly they are looking elsewhere for leadership. Only hours before his arrival in Biarritz, Trump had threatened anew to place tariffs on French wine imports to the US in a spat over France’s digital services tax; the European
US President Donald Trump and French President Emmanuel Macron greet each other at the G-7 summit before a dinner at the Lighthouse of Biarritz, France, on Saturday. Photo: Andrew Harnik/AP Union promised to retaliate. That was the backdrop for a late addition to his summit schedule — a twohour lunch with French President Emmanuel Macron outside the opulent Hotel du Palais. The summit host said the two men were discussing “a lot of crisis” around the world, including Libya, Iran and Russia, as well as trade policy and climate change. But he also echoed Trump’s calls for Europe to do more to address the global slowdown, including by cutting taxes. “When I look at Europe, especially, we need some new tools to relaunch our economy,” Macron said. Trump insisted that despite tensions, he and Macron “actually have a lot in common” and a “special relationship”. In a later tweet, he said: “Big weekend with other world leaders!” Macron outlined details of a French plan to ease tensions with Iran by allowing Iran to export oil for a limited amount of time, said a French diplomat, who spoke on condition of anonymity in accordance with the presidency’s customary practices. In exchange, Iran would need to fully put in place the 2015 nuclear deal, reduce tensions in the Persian Gulf and open talks. The plan was met with a skeptical reception by Trump, and the White House paid only a cursory mention of the Gulf in its official readout of
the lunch meeting. Trade was clearly on Trump’s mind when he left for France. Trump declared that US businesses with dealings in China are “hereby ordered” to begin moving home. It was a threat to use the emergency authority granted by a powerful, but obscure federal law intended to target rogue governments, terrorists and drug traffickers, and giving presidents wide berth in regulating international commerce during times of declared national emergencies. It was not immediately clear how Trump could use the act to force American businesses to move their manufacturing out of China and to the US, and Trump’s threat appeared premature — as he has not declared an emergency with respect to China. In recent days, Trump has sent mixed signals on a number of policy fronts. At one point, he moved to simmer the trade conflict with China in order to ease the impact on American consumers during the holiday shopping season. At another, he flip-flopped on the need for tax cuts to stimulate an economy that Trump publicly insists is rocketing. Feeding Trump’s anxiety, aides say, is his realisation that the economy — the one sturdy pillar undergirding his bid for a second term — is undeniably wobbly. Trump planned to press leaders about what can be
done to spur growth in the US and abroad, as well as to open European, Japanese and Canadian markets to American manufacturers and producers. Trump has imposed or threatened to impose tariffs on all three markets in his pursuit of free, fair and reciprocal trade. The annual G-7 summit has historically been used to highlight common ground among the world’s leading democracies. But in a bid to work around Trump’s impulsiveness, Macron has eschewed plans for a formal joint statement from this gathering. Last year’s summit, hosted by Canadian Prime Minister Justin Trudeau, ended in acrimony when Trump felt he had been slighted by Trudeau after the president left the meeting. Trump tweeted insults at Trudeau from aboard Air Force One as he flew to a summit with North Korea’s Kim Jong Un. Trump withdrew his signature from the statement of principles that all seven nations had agreed to. Addressing the global slowdown isn’t the only pressing challenge that Trump has discovered requires joint action. For more than a year, his administration has struggled with persuading European leaders to repatriate captured fighters from the Islamic State group. So far his entreaties have fallen on deaf ears.
THE TRIBUNE
Monday, August 26, 2019, PAGE 5
High-stakes gamble: Iranian envoy gets surprise G-7 invite
BEST G-7 CAN DO FOR GLOBAL ECONOMY: JUST DON’T MAKE IT WORSE BIARRITZ, FRANCE Associated Press
CANADIAN Prime Minister Justin Trudeau, second from left, German Chancellor Angela Merkel, left, President of France Emmanuel Macron, second from right, and British Prime Minister Boris Johnson take part in a working session with G7 leaders on the second day of the G-7 summit in Biarritz, France yesterday. BIARRITZ, FRANCE Associated Press A TOP Iranian official paid an unannounced visit yesterday to the G-7 summit and headed straight toward the heart of the city where leaders of the world’s major democracies have been debating how to handle the country’s nuclear ambitions. France’s surprise invitation of Iranian Foreign Minister Mohammad Javad Zarif was a high-stakes gamble for French President Emmanuel Macron, who is the host of the Group of Seven gathering in Biarritz. Zarif spent about five hours in Biarritz after his plane touched down at the airport, which has been closed since Friday to all flights unrelated to the official G-7 delegations. A senior French official, speaking on condition of anonymity to discuss the sensitive talks, said Macron personally informed US President Donald Trump about the invitation to Zarif. The official noted that Macron and Trump met for two hours on Saturday and discussed Iran at length, as well as at the informal group dinner on Saturday night. Another French official said that France “is working in full transparency with the US and in full transparency with European partners.” The Iranian met with Macron as well as diplomats from France, Germany and Britain at the Biarritz city hall, the official said. Zarif, who is under US sanctions, had been scheduled to go to Asia as part of a tour to seek support for Iran amid the American campaign against it since Trump withdrew the US from Tehran’s 2015 nuclear deal. US Treasury Secretary Steve Mnuchin said Trump had not “set preconditions” on negotiations with Iran. Zarif arrived as fissures emerged among G-7 leaders over how to deal with Iran. Macron said the leaders agreed during a dinner the night before that the French president could serve as a G-7 messenger to Iran. Trump denied agreeing to
anything, and Macron was forced to play down his role and acknowledge Trump’s status as “the president of the world’s number one power”. The French official also said that based on Saturday night’s dinner, France considers it important to check in with Zarif to continue to bring positions closer together and ease tensions. The official said the French are not “mediators” but think they can contribute to de-escalation. Macron said he has no formal mandate to speak for the G-7 leaders in delivering a message to Iran, but that he would be able to address the issue in the context of what they agreed to during the dinner. For several months, Macron has taken a lead role in trying to save the 2015 nuclear accord, which has been unraveling since Trump pulled the US out of the agreement. His office said the G-7 leaders agreed he should serve as a gobetween with Iran. “I haven’t discussed that,” Trump said yesterday morning. He described the dinner as “very, very good” and blamed the media for anything that implied otherwise. But it seemed from other accounts that the dinner had been tense, with a clear divide between him and the rest of the G-7. British Prime Minister Boris Johnson, greeting Macron for a morning meeting, congratulated the French president and shook his hand. “Well done. Bien joué,” Johnson said, using the French expression for “well played” often uttered in a successful round of cards. “You did very well last night. My God that was a difficult one. You did brilliant,” he added. Tristen Naylor, deputy director of the G7 Research Group, described the invitation as “a wild-card move”. “The risks to the French president were quite large. He could have evoked a very strong and negative reaction from the American president — everything from outright condemnation to actually the American president just saying enough of this and getting on the plane and
flying away,” Naylor said. But the invitation was also something of a mirror of Trump’s own high-stakes diplomacy. “Something that we’ve learned over the 2 ½ years about the American president is that what works with him, what resonates with him, is surprise, is a big move, something flashy,” he said. “And the French president has taken a page from it, I think, executed a maneuver out of it with great aplomb.” German Chancellor Angela Merkel said Zarif’s presence was parallel to any G-7 events and that everyone agreed to seek more talks rather than tensions. She added: “It is absolutely right to explore every possibility, and what we discussed yesterday — which wasn’t a formal assignment for anyone. But Iran certainly should know what we discussed.” After Zarif left, Macron and Trump had several apparently friendly exchanges as they prepped for the group photo of the leaders. “Maybe Macron jumped the gun and misinterpreted. But we haven’t been hearing howls of fury from the American delegation. It wouldn’t be surprising if this is something which was, if not green-lighted, then not red-lighted by Washington,” said Francois Heisbourg, adviser at the London-based International Institute for Strategic Studies and at the Paris-based Foundation for Strategic Research. “This may not be the best of ideas from Washington’s
standpoint. But it doesn’t hurt the Americans.” The G-7 leaders focused much of yesterday on what they can do to boost growth at a time of heightened uncertainty. Manufacturers around the world are smarting from the trade dispute between the US and China, which has led to new import taxes on hundreds of billions of dollars-worth of goods. Businesses don’t know where tariffs will be imposed next. The White House had said putting the economy on the agenda was Trump’s idea, but the G-7 has for over four decades always included a focus on the economy. It was founded as a response to the Arab oil embargo in the 1970s and the recession that followed. The backdrop is particularly worrying this year, with the US economy slowing and Germany and Italy close to recession. Meanwhile, Britain is due to leave the EU in October, and there is no agreement on how it should happen, raising the possibility of a disorderly exit that could wreak havoc for business in Europe. Johnson said Britain and Europe needed to prepare for that, saying the prospect of a Brexit deal was “touch and go”. The G-7 summit includes the heads of Britain, France, Germany, Japan, Canada and Italy as well as a representative of the 28-country EU. In the nearby town of Bayonne, protesters demanded Macron do more to protect French workers and the planet.
THE global economy craves a double shot of confidence right now but the best that leaders of the Group of Seven can offer is a less intoxicating cocktail: not making things worse. Sharp differences over US President Donald Trump’s trade conflict with China and threats to escalate trade tensions with Europe, along with Britain’s impending departure from the European Union on terms yet to be decided, are making it unlikely the leaders of seven rich democracies can come up with a unified road map on how to help global growth. What the global economy doesn’t need: an outcome like last year’s summit in Canada. Leaders wrestled over a final joint statement, only to have Trump repudiate his signature shortly after leaving the summit and tweet criticism of the host, Canadian Prime Minister Justin Trudeau. This year’s host, French Prime Minister Emmanuel Macron, has indicated he will avoid that possibility by simply not having a statement. Instead, Macron may issue his own careful summary of what was discussed. Even if the leaders, who discussed the economy yesterday morning, issue a final statement, it’s unlikely to contain a solution to what’s deterring investment and dampening business confidence. During Sunday’s meeting on the economy, Trump and the others basically stated their contrasting positions on trade. EU officials pointed out the impact of trade tensions on the global economy and their support for dealing with China within multilateral institutions while Trump restated his US vs. China approach. In some ways the global economy is doing fairly well at the moment, with unemployment low in major economies. Yet world trade and industrial investment and production have slowed sharply
DONALD TRUMP — and those are the forces that could carry forward the decade-long economic expansion since the Great Recession. By imposing tariffs, or import taxes, on Chinese goods, and by threatening to impose new ones on European autos and even French wine, Trump has sown uncertainty among businesses about their supply chains — the paths that raw materials, parts and goods take as they move through the globalised economy. Markets have become volatile, dropping sharply last week after the US and China exchanged more tariffs. Holger Schmieding, chief economist at Berenberg Bank in London, says that while the direct damage from the tariffs is so far limited, the lack of clarity over terms of trade is corroding confidence. “Entrepreneurs and firms only invest when they feel confident about the outlook,” he said. “The pervasive uncertainty about the future of global trade and the resulting need to restructure cross-border supply chains weighs heavily on industrial sentiment and investment.” Business, he noted, is driven by “animal spirits” - a term coined by 20thcentury British economist John Maynard Keynes to describe the optimism needed to take risks and invest. Trump’s unpredictable America-first economic nationalism is upending decades of rules-based economic co-operation rooted in global institutions like the World Trade Organization and the Group of Seven itself.
RECEPTIONIST
WANTED • Personable individual for real estate front office to work directly with office team and public, fielding telephone calls, logging payments, assisting accounts department, sales and support personnel. • Must be organized, efficient, computer proficient and have great people skills. • Vehicle is a requirement Email resume now to: bahamasofficeposition@gmail.com All resumes kept confidential.
PAGE 6, Monday, August 26, 2019
THE TRIBUNE
JOHNSON ACKNOWLEDGES TOUCH AND GO PROSPECTS FOR BREXIT DEAL BIARRITZ, FRANCE Associated Press UK Prime Minister Boris Johnson acknowledged yesterday that the prospect of a Brexit deal was “touch and go”, as other European Union capitals grasp the problems Britain has with the withdrawal agreement. Speaking on the sidelines of the Group of Seven summit, Johnson said that in the last few days, following visits to France and Germany, it has dawned on the EU what “the shape of the problem is for the UK”. Among the key issues is how to prevent the return of a border between EU member Ireland and Britain’s Northern Ireland. As the clock runs down to the Oct 31 exit date, Johnson injected doubt into hopes that a deal might be stuck. “I think it’s going to be touch and go,” he told the BBC. “But the important thing is to get ready to come out without a deal.” And with that, there would be a price. He confirmed, speaking to broadcaster Sky, that he would withhold the bulk of the 39 billion-pound ($48bn) Brexit divorce bill if there is not a deal. The comments came after Johnson won US President Donald Trump’s approval for his approach in talks to leave the EU after a chummy meeting on the sidelines of the G-7 summit in France. Johnson glowed as Trump said he gave him a vote of confidence in his approach
to the Brexit talks. The British prime minister’s promise to bring his country out of the EU on Oct 31 no matter what has raised worries about a disorderly divorce that would see new tariffs and border checks on trade between Britain and the EU, seriously disrupting business. Trump promised that he and Johnson would work out “a very big trade deal” between their nations once the United Kingdom leaves the EU. “I’m very grateful for that,” Johnson said. “And we’re looking forward to having some pretty comprehensive talks about how to take forward the relationship in all sorts of ways, particularly on trade. We’re very excited about that.” But the pair were barely past the elegant winding staircase at the Hotel du Palais when it became clear that each had a different vision of what a trade deal might look like. The United States has said it is ready to negotiate a post-Brexit trade deal with the UK in pieces — rather than London’s wish of a comprehensive pact. Johnson pledged a “fantastic deal once we clear up some of the obstacles in our path”. Trump interrupted, promising “lots of fantastic mini-deals”. The British prime minister badly needs a trade deal with the United States. Supporters of Brexit say a free trade deal with the United States can help make up for any reduction in commerce with the EU after Britain leaves
US President Donald Trump, left, and Britain’s Prime Minister Boris Johnson attend a working breakfast at the Hotel du Palais on the sidelines of the G-7 summit in Biarritz, France yesterday. Photo: Andrew Harnik/AP the bloc’s single market for goods and services. In 2018, Britain did almost half its trade with the EU, while the US accounted for 18% of UK exports and 11% of imports. “We’re working on a very big trade deal and I think it’s going to work out,” Trump said. The meeting between the leaders came a day after Johnson warned that getting a trade deal with the United States won’t be “plain sailing” as he bemoaned barriers to the United Kingdom’s goods in American markets. Speaking to reporters as he flew to France for the Group of Seven meeting, Johnson cited examples small and large of British goods that struggle in US markets for bureaucratic reasons. He cited things like cauliflower, English wine, pillows, rail cars and even parts for showers. It wasn’t just goods on Johnson’s radar, but professional services, which far
and away make up most of Britain’s economy. Accountants, lawyers, architects and others face barriers in providing services to the US that don’t exist the other way around, he said. “If you want to sell insurance in the UK you only need to speak to two regulators,” Johnson fumed. “If you want to sell insurance in the US you have to speak to 50 regulators. The same point can be made about architects and many other professions.” Even though he needs a deal, Johnson was at pains to say he wasn’t giving away the store. Some sectors of the UK economy wouldn’t be part of any pact. Johnson has promised the National Health Service will be off-limits and that animal welfare standards would be safeguarded. The odds don’t look good for Johnson, who holds a majority in Parliament of a single vote and a wish to honor a highly divisive 2016 referendum that resulted in his present course. Nonetheless, whenever cameras are near at least, he remains unflaggingly optimistic. “Let me give you a metaphor,” Johnson told ITV as the waves of the Atlantic Ocean crashed behind him.
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
FRIDAY, 23 AUGUST 2019
(242) 323-2320
“I swam round that rock this morning. From here you cannot tell there is a gigantic hole in that rock. There is a way through,”
he said. “My point to the EU is that there is a way through, but you can’t find the way through if you just sit on the beach.”
NOTICE
NOTICE is hereby given that KLEBER BELLEVUE of,Malcolm Road, 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 19th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE OF DISSOLUTION
Etta Global Inc.
INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), the Dissolution of Etta Global Inc. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 6th day of August.
ALL SHARE INDEX: CLOSE: 2,124.23 | CHG: 0.99 | %CHG: 0.05 | YTD: 14.78 | YTD%: 0.70 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.92 2.60 2.00 2.60 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 7.90 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 4.31 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 8.00 3.01 2.64 10.41 7.00 15.45 9.24 3.40 14.20
CLOSE 4.19 17.43 6.00 5.92 2.46 1.80 2.39 11.05 6.16 4.06 7.90 2.86 2.64 10.35 7.00 15.45 9.24 3.40 14.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.21 0.00 0.00 -0.01 -0.10 -0.15 0.00 -0.06 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
1,000 11,000 1,000
VOLUME
NAV 2.25 4.31 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 0.449 0.184 0.140 0.102 0.467 0.000 0.728 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 -5.5 15.3 13.7 22.1 56.4 28.0 5.7 N/M 9.6 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% 2.96% 0.00% 2.38% 2.27% 3.17% 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 2.15% 1.61% 1.53% 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% 3.88% 4.11% 2.74% 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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
NAV Date 31-Jul-2019 31-Jul-2019 26-Jul-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
LEGAL NOTICE
RAVENSMEAD LIMITED Company No. 573248 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that RAVENSMEAD LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 22nd August, 2019 and Patrick Hüslerof Wengistrasse 1, 8004 Zurich, Switzerland has been appointed as the Sole Liquidator.
Dated this 22nd day of August, 2019 Sgd.Patrick Hüsler Voluntary Liquidator
THE TRIBUNE
Monday, August 26, 2019, PAGE 7
Employees of Big Tech are speaking out like never before SAN FRANCISCO Associated Press WHEN Liz O’Sullivan was hired at the New York City-based artificial intelligence company Clarifai in 2017, she felt lucky to find work at the intersection of two of her main interests: technology and ethics. Two years later, she found herself facing a moral dilemma. Clarifai was developing aerial photography and object detection tools as one of several companies working on Project Maven, a Pentagon drone surveillance programme. After several conversations with friends and colleagues, O’Sullivan realised this type of technology eventually could be used for autonomous weapons. In January, she wrote to Clarifai CEO Matt Zeiler on behalf of a group of employees, seeking clarification on whether the technology would be used to create weapons and asking him to commit to a series of ethical measures. Zeiler later explained at a meeting that Clarifai likely would provide tech for autonomous weapons. O’Sullivan quit the next day. “I was very surprised and had to follow my conscience,” she said. Zeiler and Clarifai didn’t respond to a request for comment from The Associated Press, though Zeiler has previously said the company’s Project Maven involvement aligns with its mission of accelerating human progress with continually improving AI. O’Sullivan, 34, considers herself part of a “growing backlash against unethical tech”, a groundswell in the past two years in which US tech employees have tried to remake the industry from the inside out — pushing for more control over how their work is used and urging better conditions, job security and wages for affiliated workers. While some speak out and others sign petitions and attend rallies, workers are collectively taking action like never before: • Amazon and Microsoft employees demanded the companies stop providing services to software company Palantir, which provides technology to federal agencies including Immigration and Customs
GOOGLE employees hold up signs during a walkout rally at Harry Bridges Plaza in San Francisco last November to protest against what they said is the tech company’s mishandling of sexual misconduct allegations against executives. Employees at Google, Amazon, Microsoft and elsewhere are increasingly speaking out about military warfare, immigration and the environment, and questioning the effects of their work. Experts say it’s an unprecedented trend of activism in Big Tech. Enforcement and the US Army. • Amazon employees also have urged the company to transition to renewable energy and confronted CEO Jeff Bezos at a shareholder meeting. • Following last year’s walkouts over Google’s handling of sexual misconduct cases, employees signed a letter protesting Project Dragonfly, a search engine that would comply with Chinese censorship. • Staff at Salesforce, Microsoft and Google have protested their companies’ ties to Customs and Border Protection, ICE and the military. Despite six-figure salaries and unlimited vacation time, many tech workers are questioning the effects of their work and joining forces with their more precarious blue-collar, service and contract-worker counterparts, pressing for better work conditions and pay. “It’s unprecedented, both the magnitude of the power of these companies and the willingness of white-collar
employees to shake themselves of the privilege that they have and to really see the impact of the work they’re doing,” said Veena Dubal, a professor at the University of California Hastings College of the Law who has interviewed dozens of tech workers involved in organising. They’re feeling emboldened because of national and global “existential crises” and the realisation that tech companies “have more power than any multinational corporation has had in a long time,” Dubal said. The phenomenon is particularly strong in the San Francisco Bay Area, home to Salesforce, Google and Palantir, among others. The bastion of activism and progressive culture has been hit hard by the tech boom’s housing affordability crisis. “There’s a lot of power (that) people are being asked to build for the shareholders of these companies and the management of these companies,” said Ian Busher, 28, a former
contract analyst for Google and an organiser with the Bay Area chapter of Democratic Socialists of America. “If you want to make the world a better place, you should exercise judgment and democracy with the people you’re working with to build these tools.” Facebook and Palantir did not respond to requests for comment. An Amazon spokesperson declined to comment on employee activism but noted the Seattle-based company is committed to sustainability and said it provides good pay and benefits and humane conditions at its warehouses. At the stakeholder meeting, Bezos didn’t directly address employees’ renewable energy demands but referred to some sustainability efforts already underway. A Microsoft spokesperson said the company, headquartered in the Seattle area, appreciates employee feedback, respects differing views and provides “many avenues for all voices to be heard”.
A Google spokesperson did not comment on specific incidents but emphasised that retaliation is prohibited and pointed to CEO Sundar Pichai’s previous statements on worker dissent. “There are many things good about giving employees a lot of voice,” he said at a November conference. “There are decisions we make which they may not agree with.” Congress has begun to aggressively scrutinise the industry in recent years, and the Justice Department last month launched an investigation into big tech companies amid antitrust allegations. A recent Pew Research Center survey indicated Americans have an increasingly negative view of tech’s effect on the country. “As an employee in the tech sector right now, there is a fair bit of guilt or (asking), ‘What is my responsibility?’” said Kellie McElhaney, a professor at the Haas School of Business at UC Berkeley. Amr Gaber, 32, a Google
engineer, was among several tech workers at a July demonstration in front of Facebook’s San Francisco office supporting cafeteria workers seeking a new contract. He said although the white-collar workers are more privileged, they’re all working people. “Our fortunes are tied together,” Gaber said. “If the (companies) can’t even treat the people who work for them well, then how can we expect them to have a positive impact on society?” There’s evidence companies are listening. Google and Facebook pledged to pay contract workers better and provide some benefits. Google ended forced arbitration for sexual misconduct cases after its employees walked out. Following employee outcry, Google declined to renew its contract with the Pentagon for work on Project Maven. When employees asked Microsoft to cancel its contract with ICE, CEO Satya Nadella clarified that the company was not contributing to family separations at the border but supporting email, calendar and document systems. A Salesforce spokesperson said conversations with employees led the company to create the Office of Ethical and Humane Use of Technology and “hire a chief ethical and humane use officer to develop guidelines and evaluate situations around the ethical use and development of our technology”. In the wake of concerns about tech’s impact on the Bay Area housing crisis, Salesforce CEO Marc Benioff this year gave $30m to UC San Francisco to research homelessness, after donating $6m to the city last year to help provide supportive housing for the formerly homeless. Pichai, Google’s CEO, also pledged $1bn to build 20,000 homes over a decade. Such responsiveness is good for business and for building trust with customers and employees who are more inclined to express their demands, according to McElhaney. “Those who are not responding are ... missing a huge ocean liner that’s already left the dock,” she said.