10032019 BUSINESS

business@tribunemedia.net

THURSDAY, OCTOBER 3, 2019

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Minister hails ‘feather in cap’ of Chinese air deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday hailed the signing of an air services agreement with China as an “additional feather in the cap” for The Bahamas and its tourism product.

Dionisio D’Aguilar, minister of tourism and aviation, confirmed to Tribune Business that the two countries had laid “the foundation and groundwork” for direct flights between them through their bilateral deal signed last Thursday.

While conceding that such direct service may still be some way off, Mr D’Aguilar said the agreement will smooth the process for when it actually happens. He added that it also “plays into” the significant Chinese ownership in the resort industry at Baha Mar and the British Colonial Hilton/The Pointe, which are controlled by Chow Tai Fook Enterprises (CTFE) and China Construction America (CCA), respectively.

“We did indeed sign a bilateral air services agreement with China,” the minister said, when contacted by this newspaper.

“This obviously governs the rules under which Chineseflagged airlines fly to The

SEE PAGE 6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

BISX-listed firm yesterday said it is aiming to grow Premier Travel’s annual revenues by between ten to 15 percent following the completion of its first-ever venture capital investment.

Julian Brown, Benchmark (Bahamas) president and chief executive, told Tribune Business it anticipated “doubling” the travel agency’s business volumes within two years following its $1.3m capital injection into the firm.

Confirming that its venture capital arm, Benchmark Ventures, has the option to convert its investment into equity ownership after two years, Mr Brown said the goal was to marry the traditional travel agency model with the “convenience” of an online booking platform.

Confirming that Benchmark has taken full management control of what it described as “the oldest Bahamian-owned and operated travel agency”, he added that Premier retains “a lot of growth potential” given the $1bn air travel market “in and out

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BRIAN MOREE QC and e-mail communications to obtain court dates.

He added that the other targets involved the introduction of software modules dealing with bail applications for criminal cases and

SEE PAGE 7

Freeport store releases 22 due to 90% fall-off

By YOURI KEMP

A MAJOR Freeport hardware and supply store has been forced to let more than one-third of its employees go after Hurricane Dorian wiped out 90 percent of its revenue and inventory.

James Rolle, the Dolly Madison Home Centre’s general manager, said the store re-opened last week Monday but is only able to sell products for outside lawn care in addition to batteries and lights.

He disclosed that the company was left with no choice but to release 22 staff due to the depressed business

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Premier Travel: 15% growth is Benchmark

Chief Justice eyes ‘five major reforms’ before 2019 ends THE chief justice has revealed that “five significant” reform initiatives will be unveiled before 2019 year-end to start bringing the judicial system “in line with 21st century best practices”.

Brian Moree QC, addressing new attorney admissions to the Bahamas Bar Association, disclosed that they involved the use of technology to tackle the shortage of court reporters in the Magistrate’s Court and Supreme Court; the completion of new Supreme Court rules; and the use of technology

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levels, while another two relocated to New Providence because they lost their homes in the storm. Dolly Madison is currently operating with 39 staff compared to a pre-Dorian level of 63.

“We’re just selling the basic household things that people need, including motor oil and butane gas for portable stoves,” Mr Rolle said. “We opened a small portion of our store last week Monday.

“We have staff still in the main store area organising space and cleaning up after the flooding. We will activate

SEE PAGE 6

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SIR FRANKLYN WILSON

Change Missing • BISX-listed firm invests $1.3m in travel agency Person law over • First venture capital play eyes volume ‘doubling’ Dorian hardship • Aims to marry traditional model with online

JULIAN BROWN of The Bahamas”.

Mr Brown said an estimated $200m-$250m of that figure was captured by Bahamian-owned airlines, and by “innovating” Premier and educating persons on the “value” added by traditional agencies - especially during emergencies - the agency could be restored to former glories.

Revealing that Benchmark had been helping to “restructure” Premier for some 12 months prior to making its investment, Mr Brown said the long-term goal could be to take the firm public via an initial public offering (IPO) once it was ready.

“It’s representative of the economy. We’re a tourist destination,” Mr Brown

told Tribune Business of Premier. “We think it’s a business that has very, very high growth potential. At the moment we’re restructuring, but don’t see why we can’t in the next two years double the volume of the business.

“We’re down to where the restructuring is not interfering with the revenue. The business was still turning revenue somewhat before we got involved and started the restructuring. It’s has no advertising and we’ve not talked about it.

“We’re now talking about it, focusing on the topline and believe ten to 15 percent growth a year is reasonable. Air travel is a very big industry, and we believe it offers significant growth potential for businesses in The Bahamas, Premier and the travel business in total.”

Premier Travel and its eight-strong staff had already been relocated from their former Collins Avenue office to the Benchmarkowned office complex at the corner of Carmichael and Fire Trail Roads prior

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

to the BISX-listed firm’s investment.

Mr Brown said the move placed the agency closer to Benchmark’s controlling and managing minds, and added: “We believe there’s close to $1bn of air travel in and out of The Bahamas on an annual basis. That’s an awful lot of money.

“If you look at domestic travelling airlines they’re probably bringing in over $200m-$250m of that a year.

There’s a lot of opportunity. We think there’s a lot of growth potential. There’s been a migration from the agency to the online business, and we’re going to do our best to bring those together in Premier, where you have a travel agency operational and the convenience of being able to book from and secure reservations online.”

Benchmark’s investment is not without risk. The global travel and tour operator industry has largely moved from brochures to online bookings, which can

A WELL-KNOWN businessman yesterday warned that the financial hardship faced by relatives of those missing in Hurricane Dorian could be exacerbated without changes to Bahamian law.

Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, told Tribune Business that the historic seven-year wait for missing persons to formally be declared dead could now prevent hundreds of Bahamians and their families from accessing much-needed life insurance payouts and bank accounts belonging to their deceased relatives.

With hundreds of Abaco residents, especially, feared dead and swept out to sea where they may never be found, Sir Franklyn called on the government to change laws relating to missing persons so that hundreds are not further financially disadvantaged by the category five storm.

SEE PAGE 5

SEE PAGE 4

PAGE 2, Thursday, October 3, 2019

THE TRIBUNE

DORIAN RECOVERY ZONES EXTENDED TO COVER GB

By YOURI KEMP

THE prime minister yesterday confirmed that the post-Dorian Economic Recovery Zones will be extended to cover Grand Bahama entirely – albeit only for one year.

Dr Hubert Minnis, addressing the House of Assembly upon its return from summer recess, made an announcement that will likely be greeted with relief

by Freeport and West End homeowners, not to mention businesses based in those areas.

The initial threeyear Economic Recovery Zones, unveiled last month, covered only east Grand Bahama and Abaco and the surrounding cays. Freeport

and Grand Bahama’s West End were excluded, with many believing the decision not to include the former was because it already enjoyed many of the tax breaks unveiled by Dr Minnis under the Hawksbill Creek Agreement.

However, Tribune Business sources have questioned why Bahamian and expatriate homeowner residents of Freeport were not being given any tax breaks or incentives to aid their rebuilding efforts as a result of being excluded from the Economic Recovery Zones.

The benefits of Freeport’s “bonded goods” regime, upon which the recovery zones are modelled, are only targeted at businesses within the port area. They

are not available - or cannot be accessed - by residents for use outside a business.

As a result, some suggested Freeport homeowners were being discriminated against in comparison to their counterparts in east Grand Bahama and Abaco.

Gregory LaRoda, the Grand Bahama Chamber of Commerce’s president, told Tribune Business last week: “You cannot exclude Freeport from those types of incentives. Just moving around the Freeport area I see the devastation. They would think Freeport was not hit that hard, but a lot of them [businesses] are still closed due to flooding.

Some are saying they are not even going to open any more.”

DORIAN CAN ‘ACCELERATE’ GB TECH HUB PLANNING

By YOURI KEMP

DR HUBERT MINNIS The prime minister appears to have heard those calls based on his announcement yesterday, as he also detailed how the government’s initial post-disaster financing will be spent. The majority of the $100m InterAmerican Development Bank (IDB) credit line will be used to finance utilities restoration, debris clean-up and increased social services spending.

Some $30m will go to electricity restoration; $15m to water restoration; $30m for extra social welfare spending; $15m for debris removal and clean-up; and $1m for reimbursement of evacuation and shelter costs.

A further $9m will remain unallocated.

Dr Minnis said the Central Bank had recommended that the government use no more than 50 percent of the funds it is holding from dormant bank accounts for Dorian relief.

This means that around $20m of the $40m it is holding will be available.

These monies will finance the $10m equity and loan facility being made available for small business restoration, with a further $5m going towards temporary housing accommodation in the Dorian-hit areas. The $5m balance will be used for purposes yet to be determined.

The government also has access to the $12.8m payout from the Caribbean Catastrophic Risk Insurance Facility (CCRIF), plus some $5.159m in monetary donations received by the National Emergency Management Agency (NEMA).

THE government’s focus on restoring information and communications services to small Bahamian businesses in Dorian’s wake links directly to the restart of its “technology hub” plan, a Cabinet minister said yesterday.

Senator Kwasi Thompson, minister of state for Grand Bahama, who hosted the first postDorian meeting between the government and ‘technology hub’ stakeholders at the British Colonial Hilton yesterday, revealed that Facebook and other international players were also in talks over the initiative.

“Today we are focusing on how we enhance and assist small businesses with their ICT (information, communications and technology) needs, which goes completely towards enhancing he tech hub initiative,” Mr Thompson told Tribune Business.

“There are a number of international firms that are in discussions with us right now. One would be Facebook that is in conversation with us. There are a number of NGO’s (non-governmental organisations), particularly tech NGOs, that are on the ground now in Abaco and Grand Bahama.

“We have also been in communication with the ITU (International Telecommunications Union), which is the technology arm of the United Nations. They will be in the country this week, and they will be touring the islands from a communications standpoint. They will also be a part of the recovery and relief efforts.”

When asked about the marketing focus for the “technology hub”, Mr Thompson replied: “Remember, the tech hub initiative had a number of different components. The tech hub initiative had, as a component from the

KWASI THOMPSON education standpoint, how do we develop the UoB (University of The Bahamas), the BTVI (The Bahamas Technical and Vocational Institute) and other partnerships so that we can enhance the technology training.

“It also had as a component dealing with bringing in different investors, who are technology companies. It also is: How do we develop small businesses and tech entrepreneurs, and how do we develop them in the country.”

The minister added: “What the hurricane has brought is an opportunity to accelerate. You have a number of businesses that need to rebuild, so what better way to rebuild than utilising the latest technology to rebuild?

“You have a lot of homes that need to be repaired and rebuilt, so what better way to utilise the latest technology to rebuild? The entire east end of Grand Bahama needs to be rebuilt, and what better way than to use the latest technology in that rebuilding?

Mr Thompson said: “What we are also talking about now is rebuilding and utilising technology for resilience. So one of the things we must be focused on is if we are inviting investors to come, we must be able to say to them that if you come here we can provide you with the necessary resilience to protect from hurricanes or to function in the midst of the hurricane area.

THE TRIBUNE

OPINION

W

HAT happened in the aftermath of Hurricane Dorian makes it imperative that the Government of The Bahamas makes a compulsory acquisition of The Grand Bahama Port Authority.

In my opinion, inaction has been the hallmark of the Port Authority since Dorian. Instead of doing its job as a “regulator/city manager”, it has been busy issuing press statements in which it shamelessly tries to take credit for bringing the various rescue and reconstruction non-profit organisations to Freeport.

In addition, the Port Authority is trying to give the impression it is deeply involved with local companies such as Grand Bahama Shipyard, BIT and GB Power who, immediately after the storm, started to work together to restore power to the island. These and other industrial companies, such as PharmaChem, then went to the rescue of a woefully under-prepared GB Utility Company to ensure water was restored.

The Port Authority talks about partnering with all of the above to get the island back up and running. All this was nothing more than the Port Authority trying to acquire the look of efficiency, piggy-backing on the hard-work and diligent efforts of those who reacted quickly and methodically, laying out a well-regulated system of recovery that was not demonstrated by the Port Authority.

Thousands of homes were severely impacted by flood water. Within the first five days following Dorian’s passage, the Port Authority should have had a team of specialists on the ground visiting the flooded neighbourhoods, going door-to-door and explaining to the owners exactly what steps they needed to take in order to make their houses

Thursday, October 3, 2019, PAGE 3

DORIAN SHOWS WHY WE MUST RETAKE THE PORT

By CAREY LEONARD Former GBPA counsel

CAREY LEONARD ready for occupancy inspection. Such people should have been sourced from the US, where they have dealt with hurricane flooding such as New Orleans experienced with Hurricane Katrina.

The list of steps to be taken is extensive but includes: • What needs to be done first if you are insured, pictures and leaving carpeting outside so that the adjusters can see the damage for themselves.

• Flooded carpets and rugs are best replaced since flood water may contain contaminants.

Flooded carpet pads should always be discarded and replaced.

• Remove water-logged rugs, carpets and pads within 48 hours after flooding subsides.

• All upholstered furniture and mattresses contaminated by flood water should be discarded. If an upholstered furniture piece is valuable, the stuffing and upholstering will need to be replaced. Solid wood, metal and plastic furniture may be cleaned and restored. Hose off any mud, clean, sanitise and let dry completely out of direct sunlight.

• Aggressively control mold in the weeks and months after the flood.

• In an non-air conditioned home, open windows and use fans to circulate air.

• Turn on electric lights in closets, and leave doors open to facilitate drying.

• Try to reduce activities that add moisture to the indoor air, and use exhaust fans when cooking and bathing.

• One-half cup of household chlorine bleach to a gallon of water can be used on non-metallic, colorfast surfaces as a disinfectant (to kill surface mold and bacteria) after cleaning, but it will not prevent new mold growth on materials that stay damp.

• Dry thoroughly and quickly. If the utilities are on, use the air conditioning or heater, fans, and a dehumidifier or desiccants to speed drying.

There are many other useful pieces of information for flood-affected homeowners.

It should have been clear that, considering the extent of the flooding, the Port Authority’s local staff would never be able to keep up even if they worked 24 hours a day seven days a week. The Port Authority did nothing, even though it is the city manager and is duty-bound to provide these services to the public.

Today, three weeks later, people have yet to be advised what is required.

Where are the 20 or 30 additional qualified personnel that the Port Authority should have brought in to advise these owners?

Most owners have done the best they can based on what they either know or have been told by friends.

Many are still waiting for electricians to come and see if what the owner has done is correct, and that they can be hooked back up to the power supply GB Power has already restored to the area.

Indeed, the efficiency of GB Power is in stark contrast to the inefficiency of

the Port Authority. GB Power’s importation of additional crews, and a massive effort to bring in a large number of badly-needed vehicles (they had lost their entire fleet to the flood), enabled them to quickly restore power to thousands of customers and make supply available to those who are still waiting for the Port Authority.

The Hawksbill Creek Agreement says: “(10) Cause all buildings and structures erected within the Port Area, and all machinery and apparatus installed in or about any such buildings and structures to be so built, installed and maintained so as to provide properly for the health and safety of employees and the general public, and for good public sanitation within the Port Area.”

In my view those in charge of the Port Authority have clearly neglected to do their job. Unlike GB Power, the Port Authority, like a deer caught in the headlights, did nothing.

Then there is the question of the water company, GB Utility, a company controlled by the same owners as the Port Authority and a company that comes under the regulation of the Port Authority.

Water is even more important than power, and yet the Port Authority, as regulator, has failed to take any steps to ensure that the supply of water is not disrupted. And, if it is, that it is kept to a minimum.

It is important to remember that the Port Authority is responsible for the health and safety of all residents in the Port Area. The Hawksbill Creek Agreement is the document that sets out the responsibilities of the Port Authority, and it says: “(7) If and when the Port Authority construct and operate any utilities within the Port area, construct the same in a good, proper and workmanlike manner having due regard for the safety of persons working and/or residing with the Port area, and after construction operate the same in accordance with good operating practice and in a fit and proper manner having

due regard for the safety of persons working and/or residing with the Port area.”

GB Utility has not yet taken any action, and has not been made by the Port Authority, its regulator, to deal with the effects of hurricanes. GB Utility has had 15 years to get it right, and the regulator has had 15 years to make GB Utility get it right. Following Hurricane Frances in 2004 it was well over a week before they got the water flowing. They said that they had to wait for GB Power to restore power all the way across the Lucayan Water way, and past what is now the University of The Bahamas, in order to pump water.

After Hurricane Matthew they again had to wait for assistance from GB Power.

Two excuses were given.

First was that although they had installed a generator, they had run the electricity to the pumps by overhead lines and they got blown down. What else did they expect would happen to overhead wires exposed to hurricane force winds? Why did the regulator not ensure that they had provided the power by waterproof underground lines, as has been done in some of the subdivisions? The second excuse was that the generator they installed was not big enough to power up enough wells to supply the public. Why did the Port Authority not require them to deal with this?

Dorian comes along, and for a third time the public was left without potable water. Yes, the wellfields may have been flooded, but they had been flooded in Frances as well. The difference this time was the overwhelming flooding and salt contamination of the wellfields. Many thanks to the Rotary clubs and Polymers for all the drinking water they supplied, and continue to supply.

This time the public was made to wait ten long days before the water began to run. Three weeks later we still have heavy salt content.

The Port Authority, the regulator and city manager, has yet to tell the public what it is doing to reduce the salt content or when the water

will no longer have to be boiled.

• Who (experts) have the Port Authority brought in to test the water?

• What are the experts’ findings?

• What is their advice?

It is the duty of the Port Authority to tell us these things. It is their duty because they are responsible for the health and safety of the employees and general public of the Port area.

To rub salt into the wounds of Freeport businesses, the Port Authority’s very own licensees and the ones who pay the Port Authority business license fees every year, after three weeks of struggling on their own the Port Authority sent out a team to visit those businesses to ask if they needed anything. The businesses are open, all the heavy lifting has been done by those businesses without any assistance from the Port Authority, and now they ask if anything is needed.

The Port Authority should have been there the very next day after the storm, not three weeks later.

It begs the question: “What do they do all day in the Pink Building?” And: “Is anybody home?” The effectiveness of other companies, most notably GB Power with the co-ordinated assistance of the alreadymentioned industrial companies (GB Shipyard, Bahamas IT, PharmaChem, Polymers and QSL, shows what proper management is able to achieve when the going gets tough.

As the current ownership and management has clearly run down the value of the Port Authority a compulsory acquisition (meaning that the owners must be paid fair value for the company) by the government should not cost the country that much. And the same, if run properly, could prove to be extremely beneficial and profitable to the entire country.

It is clear that a change is needed. Imagine if the Port Authority was run by a company that could quickly adjust to a crisis such as Emera did with GB Power.

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PAGE 4, Thursday, October 3, 2019

THE TRIBUNE

SCOTIA RESUMES FREEPORT BANKING FROM BAF’S HQ SCOTIABANK has resumed banking services in Freeport from September 18 using temporary facilities provided by BAF Financial & Insurance.

The commercial bank said its Freeport branch sustained severe damage during Hurricane Dorian, with the property forced to close for repairs and renovations.

“While we at Scotiabank were impacted by Dorian, we wanted to do our part to help Bahamians restore their lives to a sense of normalcy, and we realise that access to banking services plays a vital role in this process,” said Roger Archer, Scotiabank’s vice-president and district head for Caribbean North.

“We are working towards reopening our Freeport branch in the upcoming weeks, and in the meantime

FROM left: Davonia Archer, acting branch manager, Scotiabank Freeport branch; Na-amah Rahming, director of retail banking, Scotiabank; Sandy Morley, managing director and group chief operating officer, BAF; Nakera Symonette, director of business support, Scotiabank.

Change Missing Person law over Dorian hardship FROM PAGE ONE

“One of the things I’d recommend to the government is to alter the law relating to missing persons,” he told this newspaper.

“The rationale when that law was introduced, I don’t think Parliament envisaged the circumstances we have today in the country with the number of persons we have missing after Dorian.

“To take on the question of life insurance policies, if we’re talking of hundreds of people missing there’s reason to assume a goodly number of them had some type of life insurance policy.

The first challenge is for that policy to stay in force and the family to get any benefit from that.

“There’s a seven-year period where the law says you must wait. During that seven-year wait you’ve got to keep the policy in force.

This circumstance, I can see in and of itself where it will create a lot of hardship.”

Sir Franklyn added that it was possible the relatives and dependents of those missing as a result of Dorian may not know the likely-deceased had a life insurance policy, and there is a possible claim against it.

There were also laws and regulations preventing

life insurance companies from disclosing such information, the businessman adding: “Why should they disclose people’s business to someone who may be a total stranger?

“I put this forward as to why it may be prudent to revisit these laws relating to missing persons. This may be the highest immediate priority that is practically impactful.

People with missing relatives may have to wait seven years before they can touch money in the bank. There are lots of issues there.

“My point is there’s a need to review the law.

Change the law on missing persons. That has practical short-term implications.

This extends to National Insurance Board (NIB) benefits claims, bank accounts and life insurance policies.”

While the “seven-year wait” is not long enough to place bank accounts within range of the recentlyrevised dormant accounts regime, which requires that 17 years elapse before such monies come under the Public Treasury’s control, Sir Franklyn is warning that many Dorian victims could be denied legitimate funds critical to their survival, rebuilding and efforts to get their lives back on track.

Sir Franklyn’s analysis was backed by a Bahamian attorney who, speaking on condition of anonymity, said: “Numerous common law jurisdictions have

we are grateful to BAF for allowing us to open to the public so quickly.”

The temporary service centre, located in BAF’s Grand Bahama office at No 1 Queen’s Highway, has been able to provide critical banking services to hundreds of customers in Freeport including debit card replacements, cheque cashing and wire transfers.

“With more than 30 years in Grand Bahama, and as we approach 100 years in The Bahamas, BAF continues to be community minded. We are happy to demonstrate this yet again through our partnership with Scotiabank as we all work to recover from the effects of Hurricane Dorian,” said Sandy Morley, BAF’s managing director and group chief operating officer. moved to pass legislation to address the disappearance of persons, and to codify the laws related thereto.

“The English statute passed in 2013. These modern laws are comprehensive in their scope and address all matters related to presumed death including dealing with insurance policies.”

Turning to The Bahamas’ current predicament, they added: “It is most ‘unusual’ that the government would take the position that it should have the families of the missing use the existing legislative framework for this unprecedented event.

“The historical convention has always been a seven-year wait, and there is tremendous uncertainty as to how or if these matters can be addressed in the way contemplated by the government using the existing law.

Additionally, and more seriously, the Coroners Court, which was overwhelmed and backlogged before this tragedy, simply cannot investigate this volume of deaths and issue certificates - certainly not without further changes to the law and additional resources.

“Parliament should with priority move to pass a Presumption of Death Act, and provide the judicial resources necessary to ensure that these matters are expeditiously addressed so that we do not exacerbate the pain and anguish to families.”

THE TRIBUNE

Thursday, October 3, 2019, PAGE 5

Premier Travel: 15% growth is Benchmark FROM PAGE ONE be fatal for companies that fail to keep up with such trends. This was graphically illustrated last week when the UK travel and tour operator, Thomas Cook, went bust and left thousands of tourists stranded across the globe.

And Premier Travel seems to be an exact match for the type of companies Mr Brown said Benchmark Ventures would target when he announced its creation earlier this year. He promised it would target established businesses that need new “capital, management and direction to thrive in the 21st century economy”.

The Benchmark chief yesterday agreed that many travel agencies had “failed to transfer to the new economy”, with cutthroat competition within the sector also responsible for many business closures as revenue streams shrunk - caught between pricing pressures and the availability of online bookings.’

However, Mr Brown argued: “I think there’s a lot of ‘value added’ in the agency business. If you’re booking in premier class, if you’re booking as a group travelling, if you’re booking as a family it’s still easier to book through an agency.

We also think agencies are the best place to resolve any problems that may arise when you are travelling.”

He said this was brought home to him first-hand when his mother tragically passed earlier this year, and he was in Canada while his sister was in Orlando. Both needed to revise their travel plans and return home, and Mr Brown said a travel agency was able to get them both on a flight and back home that same day even though they had no reservations or plans to do so.

“We were also able to use

the agency to recoup some of our tickets that were still valid and pending because of the emergency to return home,” he added. “That’s the value of having travel agencies.

“People that are frequent travellers appreciate that if you are away from home and things change, and you have to revise what you had planned, speaking to somebody in an agency has very significant value which you can’t get by using Expedia or Travelocity because no one is there.”

Mr Brown said the market needed to be educated on the value of a travel agency, particularly Bahamian millennials who were thrilled at the convenience of online bookings.

With Premier Travel having “both elements” and the same service standards, he argued that customers will ultimately not know the difference. “That’s where we’re going to target Premier Travel,” he said.

With plans to improve Premier Travel’s technology platform, and grow its reach, the Benchmark chief said his company’s investment would enable it to bring the full range of its structural, financial and operational management skills to bear.

Benchmark Bahamas Limited is please to announce it first Venture Capital investment through its wholly own subsidiary Benchmark Ventures Limited.

The deal, completed on September 30 with Premier’s parent, Sandman Ltd, saw Benchmark invest $1.3m via a twoyear convertible preferred note. This means it has the option to convert its investment into equity within two years, while also giving it preferred status in any creditor’s queue. Benchmark currently has no seats on the Premier

or Sandman Boards.

“The long-term goal for us is to innovate it, and once we do that consider whether or not the market is ready for a travel agency that could go public,” Mr Brown told Tribune Business.

“That’s the way we’ll look at all deals. We look to get the option to put capital in, spend time understanding the business, and then make a decision to convert or get out. In the case of Premier, there’s a very high possibility we’ll convert. This is the next phase of the development of the capital markets in The Bahamas.”

Benchmark Ventures is targeting an under-served niche given that the Bahamian economy has traditionally lacked private equity/venture capital finance in a substantial, organised form.

These funding forms effectively represent a missing link in business financing needs. While the government and its various agencies, including the Entrepreneurial Venture Fund and Small Business Development Agency (SBDC), are focused on entrepreneurs, start-ups and micro businesses, there is little attention being paid on graduating small businesses to become medium-sized or even larger companies.

That is typically where private equity/venture financing comes into play in developed countries, with pooled investor capital taking ownership positions in companies in a bid to generate higher profits and returns. This sometimes involves major corporate turnarounds, and the installation of new management teams to effect the desired revival.

This is the space Benchmark (Bahamas) is now seeking to fill with its new subsidiary.

To advertise in The Tribune, contact 502-2394

BAHAMIAN DISTILLERY’S RUM HITS DOUBLE GOLD

A BAHAMIAN distillery yesterday announced that two of its rum brands, pictured, have won “double gold” and “silver”, respectively, at an international industry conference held in Florida.

John Watling’s Distillery, located at the 1789 Buena Vista Estate in downtown Nassau, said its Single Barrel rum had taken top honours while its Pale won silver at the International Rum Conference held in Coral Gables, Florida.

The International Rum Conference, formerly known as the Congreso del Ron, moved from Madrid to Coral Gables in its eighth year to be closer to the core rum manufacturing territories. It is co-directed by industry veterans Javier Herrera and Jorge Galbis.

The conference, which ran from September 25-28, saw John Watling’s Distillery, which is named for a 17th century buccaneer, partner with the Ministry of Tourism.

It provided the National Association of The Bahamas (NAB), a voluntary organisation working for a better Bahamas, with a booth for Hurricane Dorian relief.

A five-judge panel conducted blind tastings and evaluated each of the rums for visual, olfactory, taste and general impressions.

Both John Watling’s rums

competed in the Molasses or Cane Derivatives Classification. They are crafted from hand-cut, choice sugarcane molasses sourced from different Caribbean islands.

The company’s Single barrel rum was awarded the highest prize in the special harvest/single cask category.

Its Pale rum took silver in the white rum category.

PAGE 6, Thursday, October 3, 2019

THE TRIBUNE

Minister hails ‘feather in cap’ of Chinese air deal FROM PAGE ONE

Bahamas and Bahamianflagged aircraft fly to China.

“Obviously we’re much more interested in them flying to us than us flying to them. This is an additional feather in the cap. The agreement with China was under negotiation for many, many years. This is an additional feature that will help to attract Chinese visitors to our country.

“Were Chinese airline companies wishing to fly to

MINISTER DIONISIO D’AGUILAR, centre left, with representatives during signing meeting.

The Bahamas this facilitates the whole process. It would be very simple and straightforward. If Chinese airline companies were to show up the rules under which they fly to The Bahamas have been negotiated already.”

Mr D’Aguilar said The Bahamas had already eliminated the need for Chinese

visitors to obtain visas to come here if they were travelling through the US, Canada, the UK and the European Union (EU).

The Bahamas to-date has sought to target the Chinese market by encouraging those travellers to the US and Canada to extend their stays and fly to The

Bahamas for several days.

While the distance between the two countries likely acts as a potential barrier to direct flights, Mr D’Aguilar said this nation could not afford to ignore the wealth and scale of the outbound visitor market.

Predicting that direct flights will eventually come,

he told Tribune Business: “The Chinese tourist market is probably the fastest growing tourist market in the world at 1.4 billion. Obviously The Bahamas is quite distance from China... but when the time comes around to make the long trek all the foundations and groundwork to accommodate that are now in place.

“China is growing in wealth every day, becoming an economic power, and as the wealth of its citizenry increases their desire to travel also increases. Obviously we are nestled next to the wealthiest country in the hemisphere, the US, but it behooves us as China begins to grow in wealth and people travel more for us to be positioned to take advantage of that when it arrives.”

Mr D’Aguilar said The Bahamas had long pursued a policy of signing as many bilateral air services agreements as it possibly can, and estimated that they now number around 60-70.

He revealed that The Bahamas also signed an air services agreement with Saudi Arabia during last week’s International Civil Aviation Organisation (ICAO) general assembly that was held in Canada.

“It also provided us with an opportunity to meet with other nations and explain the plight we’ve gone through with Hurricane Dorian, and seek assistance - whether technical or monetary - to help us enhance and grow our aviation sector,” Mr D’Aguilar said of ICAO. “It was very much a worthwhile venture.”

Freeport store releases 22 due to 90% fall-off FROM PAGE ONE and expand when we get things all cleaned up. We have lost about 90 percent of daily revenue. Our offerings are very limited now.”

Mr Rolle identified “house and kitchenware supplies, like pots and pans along with pillows and spreads, all of it is not available to us”, as areas where the revenue and inventory loss is occurring.

Asked by Tribune Business when Dolly Madison will be fully open

and restored, he added: “We can’t say at the moment.

Everything has to happen in stages. We can’t just open the store at one time; it has to be a gradual process.” Mr Rolle said about 90 percent of Dolly Madison’s entire inventory was wiped out by Hurricane Dorian.

“The immediate step is to deal with the insurance company,” he added. Mr Rolle said that he and his staff also have to see what the family of the late Don Roberts Snr, their owner, intend to do, particularly his wife, who

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is now the principal of the building and company, along with the board of trustees.

“Prior to the storm we employed 63 persons, and there was a decision made to keep everyone on to help clean up and to help us see the way forward,” Mr Rolle said. “But, last week Friday, we had to let go 22 people in addition to having two others persons having to leave the company and island of Grand Bahama altogether for them to relocate to New Providence due to home loss after the storm.

“So we are currently working with a team of 39 employees total right now. We simply could not keep that additional 22 staff members on with the money we are currently making.

We are using the persons retained in the reorganising and cleaning-up of the store now.”

Mr Rolle continued: “We had no communication with the Port Authority on any business restoration matter.

What I understand is that the Port Authority may be working with the Chamber of Commerce here, but I have heard nothing else.

“But I just want to say that Dolly Madison’s owners and trustees really feel as though the company is going to be here for a while, and the business resilience is going to be here and we will come back stronger than before.”

THE TRIBUNE

Thursday, October 3, 2019, PAGE 7

Chief Justice eyes ‘five major reforms’ before 2019 ends FROM PAGE ONE maintenance/financial support orders in the Family Court, describing the latter as a “challenging area”.

“You are entering the legal profession at a very interesting time as we are engaged in a major programme of substantial reform and modernisation in the Court system,” Chief Justice Moree told the new attorneys.

“Put simply, our objective is to bring the judiciary and our courts into the 21st century in line with best practices. In this regard we are looking at a wide range of issues in the criminal, civil, commercial and family divisions.”

Chief Justice Moree identified case management rules and procedures; how cases are listed for hearing; the operations of the court registries; “the heavy and cumbersome reliance on large volumes of paper throughout the system”; the payment of fees and fines; cutting the backlog of cases; and the creation of an information and communications technology (ICT) platform.

Specialist courts are also on his agenda, and he added: “In the short term, between now and the end of this year, we expect to introduce at least five significant initiatives in our reform programme.

“The first one is a new software module dealing with bail applications in criminal cases. The process will be automated through a customised e-application with a web-based portal for lawyers and other users, together with physical stations located in the Criminal Registry and the Bahamas Department of Correctional Services.”

Arguing that this would improve system efficiency, the Chief Justice added: “The second initiative is a software module for use in the Magistrates’ Family Court dealing with maintenance payments and other financial support orders for parties involved in proceedings before that court.

“Historically this has been a challenging area dealing with a very large volume of cases, where money is paid into court pursuant to a court order for ultimate onward payment to the receiving party. Currently the processing of the orders and disbursement of funds involve unacceptable delays and inconvenience for both paying and receiving parties.

“Under the new procedure parties will not have to go to the Magistrates Court complex on Nassau Street to make payments or collect monies. The procedure

will be automated and operate similar to the topping up of telephone cards through compact terminals in retail outlets and other public buildings. This will save an enormous amount of time and inconvenience for the public.”

Emphasising his desire to embed “a more serviceorientated culture” in the Bahamian judiciary, Chief Justice Moree added: “The third project relates to the recording of proceedings in the Magistrates Court and the Supreme Court. Currently there are no court reporters in the Magistrates Court, and therefore magistrates have to keep a handwritten record of the proceedings.

“This is inefficient and substantially delays the course of cases in those courts. In the Supreme Court there is a shortage of court reporters which, again, impedes the

efficient disposition of cases and applications. We will be introducing a technological solution which will address these matters.”

Besides finalising the new Supreme Court rules, the Chief Justice said the fifth project involves “an initial pilot programme which will change the way in which matters are listed before the courts to utilise e-mail communications and a shorter turnaround time for obtaining fixture dates for applications.

“We will also introduce motion judges for certain interlocutory applications and duty judges for urgent applications,” he said. “You will be hearing more about these initiatives in the coming weeks and months as I issue new practice directions in the roll-out of the components of the reform and modernisation programme.”

PAGE 10, Thursday, October 3, 2019

THE TRIBUNE

US TARIFFS ON EU GOODS WOULD INCLUDE CHEESE, WINE, AIRCRAFT WASHINGTON Associated Press THE Trump administration plans to impose tariffs on $7.5bn worth of European imports - from gouda cheese to single-malt whiskey to large aircraft - beginning Oct 18 to retaliate against illegal European Union subsidies for aviation giant Airbus.

The latest escalation in the administration’s tariffs will open a new chapter in the trade wars that are depressing the world economy and heightening fears of a global recession. It comes just as the Trump administration is in the midst of trying to negotiate a resolution to its high-stakes trade war with China.

The administration

received a green light for its latest import taxes yesterday from the World Trade Organization, which ruled that the United States could impose the tariffs as retaliation for illegal aid that the 28-country EU gave to Airbus in its competition with its American rival Boeing.

The WTO announcement culminates a 15-year fight over EU

subsidies for Airbus.

EU aircraft will face a 10% import tax; other products on the list will be hit with 25% tariffs.

The administration insists that it has the authority to increase the tariffs whenever it wants or to later the products in its list.

President Donald Trump called the WTO ruling a “big win for the United States” and asserted that

it happened because WTO officials “want to make sure I’m happy”.

“The WTO has been much better to us since I’ve been president because they understand they can’t get away with what they’ve been getting away with for so many years, which is ripping off the United States,” Trump said at a joint White House news conference with President Sauli Niinisto of Finland.

Stock markets around the world, which were already down on concerns for the world economy, added to their losses on the news.

Yesterday’s award follows a WTO ruling in May 2018 that the EU had illegally helped Airbus with subsidies. It does not, however, end the long-running trans-Atlantic dispute over aircraft. WTO arbitrators are expected to rule next year about how much the EU can impose in tariffs following a separate decision that went against Boeing.

The EU’s top trade official had said the bloc would prefer to reach a settlement with the United States to avoid a tariff war but that it will respond if Trump imposes new duties on EU products.

Speaking after the WTO’s ruling Wednesday but before the Trump administration announced the new tariffs, EU Trade Commissioner Cecilia Malmstrom said a tariff war “would only inflict damage on businesses and citizens on both sides of the Atlantic, and harm global trade and the broader aviation industry at a sensitive time”.

“If the US decides to impose WTO authorised countermeasures, it will be pushing the EU into a situation where we will have no other option than to do the same,” she said.

Italian Foreign Minister Luigi Di Maio, who was meeting with US Secretary of State Mike Pompeo in Rome yesterday, vowed to “defend our businesses”.

Italian wine and cheeses could face an impact from US tariffs.

Unlike Trump’s unilateral tariffs on billions of dollars-worth of steel, aluminum and other goods from China, the EU and elsewhere, the retaliatory tariffs authorised in the Airbus case have the stamp of approval from the WTO, an organisation that he has repeatedly criticised.

German Chancellor Angela Merkel acknowledged “we have lost a matter under WTO law”.

“This means it’s not some sort of arbitrary question but a verdict according to international law that now weighs on Airbus, one must sadly say,” she told reporters in Berlin. “We have to see how the Americans will react now.”

The WTO in May 2018 found that EU aid for Airbus had resulted in lost sales for Boeing in the twin-aisle and very large-aircraft markets.

The ruling centered on Airbus’ 350XWB - a rival of Boeing’s 787 - and the double-decker A380, which tops the Boeing 747 as the world’s largest commercial passenger plane.

Airbus and Boeing dominate the market for large airliners, and Boeing’s deliveries have plummeted this year because of the grounding of its 737 Max jet after two deadly crashes.

This limits options for airlines looking to expand their fleets to accommodate increased air travel.

US airlines have argued against tariffs on planes and parts that they buy from Europe, and they have mobilised supporters in Congress. In a letter this week to Trade Representative Robert Lighthizer, 34 congressional Republicans and Democrats expressed opposition to tariffs on imported airplanes and parts. And they suggested that if the tariffs were imposed that they apply only to future orders.

The lawmakers noted that because aircraft orders usually stretch out years, it’s hard for airlines to change or cancel them. Tariffs on European planes “would simply make these aircraft more expensive ... and would do nothing to encourage the EU to end the illegal subsidies,” they wrote. By contrast, they said, imposing tariffs only on future orders from the EU would give airlines an incentive to buy US-made planes.

The case itself dates to 2004, a testament to the plodding and thorough rhythm of the Genevabased trade body.

Rod Hunter, a partner at the law firm Baker McKenzie and a former White House economic official, saw three possible outcomes: The EU can end the offending subsidies to Airbus, decide to absorb the tariffs or try to reach a negotiated settlement with the Trump administration.

In a statement, Lighthizer said, “We expect to enter into negotiations with the European Union aimed at resolving this issue in a way that will benefit American workers.”

The $7.5bn represents a fraction of EU exports to the United States, which last year amounted to $688bn.

But the specter of more tariffs comes at a sensitive time. Trump’s aggressive use of tariffs - especially against China - has shaken financial markets, hobbled global trade and hurt manufacturers paralysed with uncertainty about where to buy supplies, situate factories and sell their products.

On Tuesday, a private index of US manufacturing output dropped to its lowest level since the recession year 2009.

“The market effect could be larger than just the impact on the European exports and their US customers,’’ Hunter said.

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Bachelor’s degree from four-year College or university; and work-related experience and/or training.

•

Prior food & beverage management experience and Sommelier preferred.

•

Prefer 3+ years’ prior supervisory skills and hotel/ resort food and beverage operations experience.

•

Must have strong organizational skills, excellent written and verbal communication skills and be able to perform and prioritize multiple tasks with ease.

•

Computer skills required. Strong guest and team member relations skills. Must maintain current food handler’s certification

All interested applicants can forward their Resume and Cover Letter to

Human.Resources@thecoveeleuthera.com.

THE TRIBUNE

To advertise in The Tribune, contact 502-2394

Thursday, October 3, 2019, PAGE 11

PAGE 12, Thursday, October 3, 2019

THE TRIBUNE

STOCKS DROP AGAIN TO WORST LOSS IN WEEKS ON ECONOMY WORRIES NEW YORK Associated Press STOCKS tumbled again yesterday as worries about a weakening global economy boomeranged around the world.

For a second straight day, the S&P 500 dropped to its worst loss in five weeks.

The latest wave of selling came after a report showed hiring by US companies slowed more than economists expected last month, with mining and manufacturing particularly weak.

It added to worries that shook markets a day earlier, when a reading on US

manufacturing showed the sharpest contraction in a decade.

The reports underscored that President Donald Trump’s trade war with China is continuing to drag on exports and raised the worry that the weakness could spill over into other areas of the economy. The concerns sent markets around the world reeling, with losses sweeping from the United States on Tuesday into Asia and through Europe yesterday.

The S&P 500 lost 52.64 points, or 1.8%, to 2,887.61.

It was the first back-to-back loss for the index of more than 1% since late last year,

when fears about a possible recession seized markets.

The Dow Jones Industrial Average fell 494.42, or 1.9%, to 26,078.62, and the Nasdaq composite dropped 123.44, or 1.6%, to 7,785.25.

Adding to the market’s uncertainty was a ruling by the World Trade Organization that cleared the United States to impose tariffs on up to $7.5bn of goods from the European Union to make up for illegal subsidies given to plane-maker Airbus. The Trump administration said it would begin them on Oct 18.

Even investors who are optimistic that the US economy isn’t facing an

imminent recession were struck by Tuesday’s surprisingly weak manufacturing report.

“Manufacturing, that data point does give me further pause,” said Adrian Helfert, director of multi-asset portfolios at Westwood.

The weakness puts an even brighter spotlight on the federal government’s more comprehensive report on the jobs market, which is scheduled for Friday. It measures hiring across the economy, and economists expect it to show an acceleration in hiring last month.

If hiring remains strong, it would support what’s been the stalwart of the economy despite the trade war: healthy consumer spending. If households continue to spend, it can lead to a cycle where stronger sales for companies push them to invest more in their businesses, which creates more jobs and leads to even more consumer spending.

“We still are a consumption-led economy,” Helfert said. “I’m watching that

very closely. I am looking for that virtuous cycle.”

Another report that could move markets is today’s reading on the US service sector. Further down the calendar, US and Chinese envoys are expected to discuss their trade disputes next week, and markets have been quick to move on any hint of the chances of a possible deal between the world’s largest economies.

But the weaker-thanexpected reports so far this week have rattled investors.

Prices fell across the stock market yesterday, and all 11 sectors that make up the S&P 500 lost ground from stodgy utilities to go-go technology companies. Roughly seven stocks fell for every two that rose on the New York Stock Exchange.

In search of safety, investors piled into US government bonds and sent yields sliding for a second straight day. Gold also rose, while oil sank after a report showed that the amount of crude supplies in inventories swelled last week.

Investors also increased their bets that the Federal Reserve will slash interest rates at its next meeting to shield the economy from slowing growth abroad and the effects of the trade war.

Markets are pricing in a 75% probability that the Fed will cut short-term rates by half a percentage point at its Oct 29-30 meeting. A week ago, markets were seeing it closer to a coin flip’s chance. The Fed hasn’t cut rates by that large a margin since the financial system was melting down in 2008.

Financial stocks were laggards yesterday as bond yields continued to slide.

Lower interest rates can crimp the profits banks make from lending, and the yield on the ten-year Treasury fell to 1.60% from 1.64% late on Tuesday.

European markets also dropped more than US indexes, with Germany’s DAX losing 2.8%, France’s CAC 40 dropping 3.1% and the FTSE 100 in London down 3.2%.

THE TRIBUNE

Thursday, October 3, 2019, PAGE 13

Shoppers have more To advertise in The Tribune, contact 502-2394 options to return online purchases MARKET REPORT NEW YORK Associated Press

AHEAD of the holiday season, shoppers have more options to return unwanted items bought online as retailers look for new ways to drive traffic.

Plenty of retailers like Target and Walmart allow shoppers to easily drop off online returns at their stores. But now, a growing number of retailers are accepting rivals’ returns.

Nordstrom’s new service hubs in Los Angeles and Manhattan accept returns of online orders from any retailer. In July, Kohl’s started accepting Amazon returns in all 1,100 stores, up from 100 previously.

Meanwhile, Happy Returns, a Santa Monica, California-based startup that works with about 30 online retailers, more than doubled the number of drop-off locations to 700.

The moves come as retailers aim to reduce costs while making it easier for shoppers to return online items. The average return rate for online transactions is 25% compared with 8% for store purchases, according to Forrester Research’s online analyst Sucharita Mulpuru.

Package delivery giant UPS is adding 12,000 pickup and return locations inside CVS, Michaels and Advance Auto Parts stores.

The new locations will bring to 21,000 the number of pickup points UPS has in the US.

“Returning a product is annoying,” said Neil Saunders, managing director of GlobalData Retail. “If you can take some of the hassle by giving customers lots of options, that’s really customer service.”

But Saunders and others note that shoppers need to make sure that they didn’t miss the return deadline.

They also need to check other things like whether the items were bought on a retailer’s marketplace of third-party sellers and also how fast can they get the refund. Also, some services like Happy Returns allows shoppers to return online orders in person without a box or label. For others, you need the packaging.

Here are three tips for returning online orders: • KNOW THE RULES WHEN RETURNING GOODS FROM RIVALS. • LOOK FOR ECO-FRIENDLY ALTERNATIVES. • CONSIDER RETURN SERVICE AT HOME. Many digital natives are offering free in-home return pick up services, according to AlixPartners, a consulting company. For example, online mattress company Casper offers a 100-night free trial for its mattresses.

If someone would like to return their mattress, its customer service team takes care of removing the mattress from the customer’s home at no cost and issuing a full refund. The returned mattress does not go in a box when picked up, according to Casper.

www.bisxbahamas.com

NOTICE

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,173.30 | CHG: -0.13 | %CHG: -0.01 | YTD: 63.85 | YTD%: 3.03 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 20.91 7.00 5.92 2.60 2.00 5.47 11.75 6.17 4.64 12.40 2.81 3.50 10.18 7.35 16.50 9.30 3.65 14.20

52WK LOW 3.50 19.17 4.90 4.46 1.01 0.22 2.00 9.17 6.15 3.60 6.75 2.35 1.76 7.51 6.10 12.10 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 2.26 4.31 2.07 191.61 158.55 1.63 1.77 1.71 1.17 8.01 9.60 6.83 11.39 12.30 10.68 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.65 1.09 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

Legal Notice

(242) 323-2330

WEDNESDAY, 2 OCTOBER 2019

LAST CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.80 11.06 6.16 4.00 7.26 3.25 3.50 10.75 7.00 16.50 9.27 3.47 14.20

CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.80 11.06 6.16 4.00 7.26 3.23 3.50 10.62 7.00 16.50 9.27 3.47 14.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 -0.13 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

VOLUME

NAV 2.26 4.29 2.07 191.61 158.33 1.63 1.77 1.71 1.17 8.01 9.60 6.83 11.30 12.30 10.68 9.92 8.68 11.38

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 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 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

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

R. Clive Moore Liquidator LEGAL NOTICE

NOTICE HDL LTD. (in Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 3rdday of October, 2019.Articles of Dissolution have been duly registered by the Registrar. The Liquidator isLynden D. Maycock, P. O. Box EE-15953, Nassau, Bahamas.

All person having claims against the above-named Company are required on or before the 4th day of November, 2019to send their names and addresses and particulars of their debts or claims to the Liquidator of the Company or, in default there of, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 3rd day of October, 2019 Lynden Maycock Liquidator LEGAL NOTICE

NOTICE GUDICO S.A. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GUDICO S.A. is in dissolution as of October 1st, 2019.

International Liquidator Services Inc. situated at 3rdFloor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

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 MTH% 2.46% 3.85% 1.61% 3.28% 1.78% 2.75% 3.85% 6.28% 7.12% 2.08% 1.91% 4.55% 1.45% 4.30% 1.67% 4.21% 4.75% 7.44% 7.17% 8.76% 11.07% 12.58% 3.50% 4.96% 8.92% -0.97% 5.22% 5.44% 2.95% 2.64% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Aug-2019 31-Aug-2019 30-Aug-2019 30-Jun-2019 30-Jun-2019 31-May-2019 31-May-2019 31-May-2019 31-May-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

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

NOTICEIS HEREBY GIVEN as follows: Ozone Fund Ltd. has been dissolved on the 4th day of October, 2018 under the provisions of the International Business Companies Act, 2000.

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 3.90% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 3.00% 0.00% 13.44% 1.71% 3.09% 3.43% 3.27% 2.16% 3.46% 4.30%

INTEREST Prime + 1.75%

Ozone Fund Ltd.

(a)

P/E 17.2 18.7 N/M 16.0 N/M N/M -11.0 15.3 13.7 21.7 51.9 31.7 7.5 16.4 9.6 20.2 9.9 17.1 22.5

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

PAGE 14, Thursday, October 3, 2019

THE TRIBUNE

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

T

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

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

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

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

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

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

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

OPPORTUNITIES • • • •

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

BENEFITS

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

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

THE TRIBUNE

Thursday, October 3, 2019, PAGE 15

Boris Johnson: UK is offering Brexit ‘compromise’ to EU MANCHESTER Associated Press THE UK offered the European Union a proposed last-minute Brexit deal yesterday that it said represents a realistic compromise for both sides, as British Prime Minister Boris Johnson urged the bloc to hold “rapid negotiations towards a solution” after years of wrangling.

With Britain due to leave the bloc at the end of this month, Johnson said in a letter to European Commission President Jean-Claude Juncker that not reaching a deal would be “a failure of statecraft for which we would all be responsible”.

He did not mention that the EU and the UK did reach a deal in 2018 _ only for it to be rejected, three times, by Britain’s Parliament.

The EU gave the proposals a guarded welcome and said the two sides would negotiate over the coming days. Juncker said he welcomed Johnson’s “determination” to make progress but noted there were still some “problematic” areas.

Finland, which currently holds the EU presidency, said the 27 other member states would “engage actively” with the UK proposals, and chief negotiator Michel Barnier said they represented “progress”.

The new proposals focus on maintaining an open border between the UK’s Northern Ireland and EU member Ireland _ the key sticking point to a Brexit deal. The UK proposes to do that by keeping Northern Ireland closely aligned to EU rules for trade in goods, possibly for an extended period.

The proposals, and Johnson’s letter, were conciliatory, despite having been billed by Johnson’s office as a take-it-or-leave it “final offer”.

Instead, Johnson used a speech to his Conservative Party to implore the bloc, and Britons, to end more than three years of acrimonious wrangling over the terms of the UK’s exit from the EU. “Let’s get Brexit done,” was the repeated refrain to delegates at the conference in Manchester, northwest England.

British voters in 2016 narrowly chose to leave the EU but the country remains deeply divided over how to do it. In his speech, Johnson said people who voted for Brexit “are beginning to feel that they are being

UK PRIME MINISTER BORIS JOHNSON taken for fools”. He warned of “grave consequences for trust in our democracy” if Britain did not leave the EU on the scheduled date of Oct 31.

He said the government was offering “constructive and reasonable proposals” to the EU. The plan is “a compromise by the UK And I hope very much that our friends understand that and compromise in their turn,” Johnson said.

But the plan is likely to face deep skepticism from EU leaders, who will need to be convinced the UK has a workable proposal to avoid checks on goods or people crossing the Irish border.

A Brexit agreement between the EU and Johnson’s predecessor, Theresa May, was rejected by the UK Parliament, largely because of opposition to the “backstop”, an insurance policy designed to ensure there is no return to customs posts or other infrastructure on the Irish border.

An open border underpins both the local economy and Northern Ireland’s peace process. But Johnson and other British Brexit supporters oppose the backstop because it would keep the UK tightly bound to EU trade rules in order to avoid customs checks — limiting the country’s ability to strike new trade deals around the world.

Johnson insisted that “we will under no circumstances have checks at or near the border in Northern Ireland”.

The British proposal involves “an all-island regulatory zone on the island of Ireland, covering all goods including agrifood”.

That would keep Northern Ireland in a regulatory

zone with the EU for food, agricultural and industrial products, removing the need for checks.

The UK proposal does not put a time limit on that status, though it would have to be renewed every four years by the Northern Ireland Assembly. However, that assembly has been suspended for more than two years by a dispute between the main Unionist and Nationalist power-sharing parties.

Under the plan there would still need to be customs checks, but Johnson suggested they could be carried out away from the border at “other points on the supply chain”.

The Irish government said Prime Minister Leo Varadkar spoke to Johnson by phone yesterday. It said that while “the proposals do not fully meet the agreed objectives of the backstop”, Varadkar would “study them in further detail”.

Johnson has vowed that Britain will leave on Oct 31, with or without a Brexit deal.

In yesterday’s speech he repeated his contention that the UK can handle any bumps that come from tumbling out of the bloc without a deal, which would mean the instant imposition of customs checks and other barriers between Britain and the EU, its biggest trading partner.

A no-deal Brexit is “not an outcome we want ... (but) it is an outcome for which we are ready,” he said.

But the UK government and businesses both say the disruptions would be substantial, with the flow of goods coming into Britain through the major Channel port of Dover cut in half.

Many lawmakers want to prevent a no-deal exit,

and have passed a law that compels the government to seek a delay to Brexit if it can’t get an agreement with the EU by Oct 19. Johnson says he won’t do that _ although he also insists he will obey the law. He has not explained how doing both will be possible.

Johnson also suffered a major setback when the UK Supreme Court ruled last week that his attempt to shut down Parliament for five weeks was unlawful because it had the effect of frustrating Parliament’s ability to scrutinise the government’s Brexit plan.

The British government said yesterday it will

ask Queen Elizabeth II to suspend Parliament again next week - but just for a few days ahead of a speech on Oct 14 laying out the administration’s plans. A short suspension of that kind is routine and usually happens about once a year.

Johnson, who has had a tumultuous 70 days in office, is eager to refocus attention away from Brexit. Yesterday he delivered a speech peppered with puns, grand claims about Britain’s greatness and jokes at the expense of his opponents - chiefly leftwing Labour Party leader Jeremy Corbyn, whom he dubbed a “communist cosmonaut”.

PAGE 16, Thursday, October 3, 2019

THE TRIBUNE

Who inspires business owners?

It’s not always big successes NEW YORK Associated Press THE risks Richard Branson has taken as he’s gone from founding the Virgin record label to planning space flights have been an inspiration for Elizabeth Babinski in her wedding business.

When she recently redid her website, which appeals to LGBTQ as well as heterosexual couples, Babinski knew it was “drastically

different” but thought, “how would Richard Branson approach this?”

“It pushed me to think to just do it and not compare it to what everyone else is doing,” says Babinski, a wedding officiant and owner of Minneapolis-based Liz Rae Weddings.

The people who inspire small business owners can range from famous billionaires to former bosses to parents who dealt with failures as well as successes.

Here is a look at the people

OPRAH Winfrey smiles during a tribute to Nelson Mandela and promoting gender equality event at University of Johannesburg in Soweto, South Africa. Winfrey began her career in the mid-1970s as a TV news anchor, moved on to host a talk show for decades and became a media executive and billionaire. Her ability to evolve and remain a force in American culture inspires Shari Coulter Ford, who’s also had a long business career and now co-owns Tohi Ventures, maker of Tohi, a beverage sold online.

Photo: Themba Hadebe/AP who inspired and mentored seven small business owners: LESSONS FROM A CRISIS When seven people died in 1982 after taking Tylenol capsules tainted with cyanide, then-Johnson & Johnson Chairman Jim Burke ordered a recall of millions of bottles of the drug. In 1986, after another death, Burke pulled his company’s over-the-counter capsules off the market permanently. The recalls cost J&J nearly $600m in 2019 dollars, and J&J’s creation of tamper-proof packaging added to those costs.

Burke’s response is widely considered a standard of responsibility other businesses should strive for. Mike Graffeo learned about Burke while working at J&J. When Graffeo started his medical devices company last year, he adopted the same attitude.

“It starts with the patients, the people who need what we’re taking to the marketplace, and employees,” says Graffeo, whose company, FluidForm 3D Bioprinting, is based in Acton, Massachusetts. “Only when we do right by those constituents do we have the right to earn a fair return for our shareholders.”

RELEVANT AND AUTHENTIC Oprah Winfrey began her career in the mid-1970s as a TV news anchor, moved on to host a talk show for decades and became a media executive and billionaire.

Her ability to evolve and remain a force in American culture inspires Shari Coulter Ford, who’s also had a long business career and co-founded Tohi Ventures, maker of Tohi, a beverage sold online.

“Over time, you really have to understand your audience, the market you’re going after, the technology changes and how it’s relevant to you,” says Ford, who sees Winfrey as having achieved those goals.

Moreover, Ford says, Winfrey isn’t afraid to show her vulnerable side, helping her win the loyalty of her audience.

“It hasn’t been so long ago that people started talking about emotional intelligence,” says Ford, who’s based in Kansas City, Missouri. “She exhibited that

before that was popular in business.”

WATCHING A FATHER SUCCEED AND FAIL As Kent Mages grew up in Chicago in the 1980s and ’90s, his father had a successful printing business. But as the growth of personal computers decimated the printing industry, the company failed. In the ensuing years, Mages, who’s had his own failures before launching his current business, learned about perseverance from his father.

“My dad never lost his desire to build something of his own, to take risks,” says Mages, owner of Custom Color 3D Printing. “Sometimes they panned out, sometimes they didn’t. But he never gave up.”

SPIRITUAL AND BUSINESS ROLE MODELS Cecy Martinez has been inspired by very different leaders: Norman Vincent Peale and Steve Jobs.

Martinez, who sells handbags under the label Cecy, discovered Peale in middle school. She learned from the late minister and author of “The Power of Positive Thinking”, “if you think you can, you can”.

“It really marked my attitude toward life, definitely toward business,” Martinez says. She realised she could leave a corporate job and start her Palm Beach Gardens, Florida-based company.

Jobs’ widely quoted admonition that “the only way to be truly satisfied is to do what you believe is great work.

And the only way to do great work is to love what you do” resonated with Martinez. So did his perseverance.

“He totally believed in what he was doing when everyone around him was saying no,” Martinez says.

VALIDATION VIA TYLER PERRY When Donny O’Malley founded Vet TV, a streaming channel aimed at veterans, he believed in his project although he kept getting suggestions that he target a more mainstream audience.

Recently, O’Malley began looking at the career of filmmaker Tyler Perry, who got his start in the early 2000s aiming his work at African American audiences.

“He found enormous

success as an artist and entrepreneur without trying to be mainstream,” says O’Malley, who’s based in San Diego.

O’Malley felt validated in his decision to keep focusing on veterans.

“Tyler’s right. We’re not changing a damn thing,” he says.

AN UNEXPECTED CONNECTION Al DiGuido was just a local guy who owned an ice cream shop and started a nonprofit to help sick children, or so DJ Haddad thought. Two years ago, when Haddad, who owns a digital design company, offered to help DiGuido with his website, he learned DiGuido had been CEO of digital marketing companies and a pioneer in Haddad’s own industry.

DiGuido became Haddad’s mentor.

“I’ve picked his brain on some of those matters like negotiating contracts,” says Haddad, whose company, Haddad & Partners, is based in Fairfield, Connecticut, where DiGuido’s Saugatuck Sweets is located.

Haddad says one reason why he admires DiGuido is because of his humility.

DiGuido didn’t brag about his achievements.

LEARNING THE BASICS FROM A CEO Kevin Groome’s first job out of college in 1986 was editing quarterly reports at Hambrecht & Quist, a San Francisco-based investment bank that helped underwrite initial public offerings for tech giants including Apple.

Groome’s editor was cofounder Bill Hambrecht.

“Getting my copy past Bill’s editorial pen was like an intensive MBA course every three months,” Groome recalls. Hambrecht’s expertise taught Groome other lessons that later helped him as founder of Pica9, a New York-based digital marketing company. Among them: how to communicate bad news to investors and to not micromanage staffers. And to have an upbeat attitude.

“One (idea) that really stuck with me was change, whether for good or for bad, is creating an opportunity,” Groome says.