10172019 BUSINESS

business@tribunemedia.net

THURSDAY, OCTOBER 17, 2019

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Baha Mar shrugs off $10m dip with $300m expansion

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters BAHA Mar yesterday shrugged off a “temporary” Hurricane Dorian-related $10m revenue decline by unveiling a $300m water park expansion that will increase its workforce by ten percent.

Graeme Davis, Baha Mar’s president, said the Cable Beach-based mega resort complex was already narrowing the gap between current and prior year booking rates following the fall-off in the category five storm’s immediate aftermath.

With the expansion on the former Wyndham property likely to be interpreted as an indication of Baha Mar’s confidence in The Bahamas and its tourism product post-Dorian, Mr Davis voiced optimism over the property’s prospects for late 2019 and the peak 2020 winter season.

Speaking during a a press conference at the Cabinet Office, Mr Davis said Dorian’s impact “has been more temporary than permanent.

We have, during the months of September and October, seen a fall-off of bookings - certainly down from the prior year,” he added.

“I would say that we are in the neighbourhood, between rooms and food and beverage, at about a $10m fall, but as far as the longterm outlook we are now

SEE PAGE 7

A TOP engineer yesterday hailed the draft Public Procurement Bill as a tool that can “remove the veil” and “opaque processes” surrounding the award of multiple government contracts.

Quentin Knowles, the Bahamas Society of Engineers (BSE) president, told Tribune Business that the long-awaited legislation that has been released for a 30-day public consultation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

FORMER Cabinet minister yesterday predicted his Bahamas Power & Light (BPL) class action lawsuit will be in “full flight” by end-November after gaining around 1,000 members.

Damian Gomez, minister of state for legal affairs under the Christie administration, told Tribune Business he “should be in a position to start the file as early as November 21” after obtaining sufficient support from Bahamians outraged by the misery and financial losses caused by BPL’s persistent summer power outages.

Suggesting he was “very hopeful and optimistic” of winning compensation for the “class members”, Mr Gomez said there was a “quiet, festering anger” among most Bahamian households and businesses over what the state-owned utility monopoly had forced them to endure.

He added that he would move forward on “courting” other parties that had expressed an interest in joining the lawsuit, such as

seems to promise the creation of an equitable ‘level playing field’ for all bidders on public sector contracts.

Revealing that he knew of companies and entrepreneurs who simply chose not to bid on government tenders because of perceptions they were always awarded to “favoured” rivals, Mr Knowles voiced optimism that the legislation will “go a long way” to boosting competition by expanding the bidding pool.

SEE PAGE 6

Bahamasair loses $2m over Dorian

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMASAIR’S Hurricane Dorian-related losses “quickly spiral” above $2m due to a combination of evacuation costs and lost commercial flights, a Cabinet minister said yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, said the national flag carrier had lost revenue from cancelled flights over the “heavy travel” Labour Day holiday weekend in the US in addition to incurring

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BPL class action in November ‘full flight’

Procurement Bill can ‘remove veil’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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extra costs from evacuating 3,080 persons from Grand Bahama and Abaco on 38 flights.

“I am advised that the losses sustained by Bahamasair because of the passing of Hurricane Dorian quickly spiral above the $2m mark,” the minister told the House of Assembly during the debate on amendments to the Disaster Preparedness and Response Act. He added that Hutchison Whampoa, Grand Bahama International Airport’s 50

SEE PAGE 5

DAMIAN GOMEZ several trade unions, once he had finished helping to defend ex-fellow Cabinet minister, Shane Gibson, against bribery charges before the Supreme Court.

Mr Gomez also rejected concerns that success would impose a further financial burden on taxpayers or BPL customers, describing this as an unjustifiable basis for not proceeding.

He questioned whether those harbouring such fears would feel the same way about compensation won from the government on behalf of victims of police abuse.

“I have been tied up in court, and I will turn my

John Bull firing ‘beyond the pale’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

of trade unions who had indicated their interest, but they have not come back to me and I’ve not had time to court them as I intended to do. As soon as I’ve finished with Shane’s matter I will move forward on that.”

The former Cabinet minister told Tribune Business that he was pursuing “a straight-up consumer war” against BPL when he announced his intention to bring a class action lawsuit against the utility in late August just prior to Dorian’s arrival.

At the time, he urged Bahamians to stand up for their rights and stop passively accepting poor service and high costs from their utility providers amid the average daily threehour load shedding and blackouts that BPL’s New Providence customers were facing as a result of its generation capacity shortfall.

News of Mr Gomez’s plans, though, did not meet with universal approval

A COURT of Appeal judge has ruled that John Bull went “beyond the pale” in firing a 14-year veteran store manager for drinking champagne at a promotional event staged by the company.

Sir Michael Barnett found that the Bahamian luxury goods and office supplies retailer acted unreasonably by terminating Helena McCardy, then-manager of its Michael Kors store on Paradise Island, for alleged “misconduct” after she and five other staff consumed some of the drink provided.

The case managed to both unify and split the Court of Appeal. While all three judges unanimously agreed that the Industrial Tribunal verdict in favour of John Bull should be overturned, they reached their conclusions in different ways.

While Sir Michael found that Ms McCardy’s case did not involve “exceptional circumstances that warranted the strong measure of immediate dismissal”, his two fellow appeal judges based their verdict on the Industrial Tribunal’s “total and blatant failure” to treat it as an unfair dismissal claim.

Appeal justices Jon Isaacs and Stella CraneScott ruled that Marilyn Meeres, the Industrial Tribunal’s vice-president, had incorrectly dealt with it as

SEE PAGE 6

SEE PAGE 4

• Ex-minister: Lawsuit has 1,000 members • Numbers sufficient ‘to start file by Nov 21’ • ‘Fairly strong case’ over blackouts liability attention to it when we’ve finished with the Shane Gibson thing,” the exCabinet minister said of the lawsuit’s progress. “We have set, sort of as a benchmark, November because we were looking at how many people we would have attracted, and I think the number is hovering around 1,000.

“We are near the number I was looking at. It will be in full flight to go by the last week of November.

Most people didn’t know I was offering the service, and that delayed the initial surge in the numbers, but as the word has spread more and more people have approached me. We should be in a position to start the file as early as November 21.”

Mr Gomez said there had been no “wavering” in backing for his action, adding: “We’d indicated to everybody that we were looking at November as the potential starting time. No one has pulled out.

“There were a couple

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PAGE 2, Thursday, October 17, 2019

THE TRIBUNE

BAHAMIAN ENTREPRENEURS IN SERVICES EXPORT INSIGHT THE Small Business Development Centre (SBDC) teamed with the Caribbean Export Development Agency (CEDA) to host a global export workshop for entrepreneurs.

The three-day workshop, titled Services Go Global, was conducted by Dr Nsombi Jaja, a CEDA consultant, at the Bahamian entity’s offices. Eight entrepreneurs participated in the workshop, and learnt about trade in services, conducting market research, developing a marketing

strategy and entering the global market.

Dr Jaja said there were two main advantages to Bahamian entrepreneurs selling their products into international markets.

“There are several benefits for The Bahamas when entrepreneurs market and sell their products outside of the country,” she explained. “Two main ones are increasing business to the providers, and another is visibility of unique Bahamian products and services.”

DR Nsombi Jaja, centre, and Access Accelerator entrepreneurs.

She added that the Bahamian cultural and creative industries have endless possibilities globally, with the European Union (EU) in particular focusing on that sector.

Dr Jaja said: “The culture and creative industries are a big focus with the European Union (EU), who we have a partnership agreement with. These industries include many young persons and we want to get them engaged and

exploring cultural and creative services meaningfully.

These industries include animation, performing arts, fine arts, food and culinary tourism. There are endless opportunities there.”

CEDA is responsible for the European Union Development Fund (EUDF). This seeks to integrate Caribbean countries into the world economy and enhance regional economic growth, helping to ease poverty. As custodians

of the EUDF, CEDA is trying to prepare the services industry to ready their export plans and produce better, more consistent goods and services.

Participants described the workshop as a success. Cherelle Cartwright, owner of Mama Sassy’s Gourmet Foods, said: “I have not been that inspired in a long time. Dr Jaja’s export training class is priceless. Thank you to the SBDC for allowing us

the experience to learn from Dr Jaja, as many of us are not at the stage in our business to afford what this course would cost had we had to pay for it ourselves.”

Another attendee, Jannifer Thurston, owner of A Solutions Agency, said: “Thank you to Dr Jaja for being such an inspiration and helping to bring clarity to my business planning process. Her ability to make the subject material relatable and enjoyable is truly a gift from the Father above. I’m looking forward to applying all that I have learned. Thank you SBDC. Job well done.”

The SBDC is the product of a tripartite arrangement between the government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC).

The centre works to guide the development, funding, growth and evolution of Micro, Small and Mediumsized Enterprises (MSMEs) in The Bahamas.

TECHNOLOGY ENHANCES DORIAN DAMAGE STUDY THE National Emergency Management Agency (NEMA) and the Ministry of Public Works are employing new technology to conduct building damage assessments in the Dorianhit islands.

“In the past, data collection was a tedious process; information was collected on paper and then transferred to Excel. Now, this innovative way of data collection produces real-time interactive reports for rapid assessments,” said Gayle Outten-Moncur, Manager of NEMA’s National Emergency Operations Centre (NEOC).

Francis Clarke, senior engineer with the Ministry of Public Works, said the Building Damage Assessment (BDA) toolkit designed by the United Nations Development Programme (UNDP) is being

used to quickly assess damage to private residences, public buildings and non-residential buildings affected by Hurricane Dorian.

To date, around 3,000 houses in Grand Bahama and Abaco have been assessed using the online tool. The data collected in the field will assist the government in estimating the total cost of Dorian’s damage and planning new and more resilient public policies to build back better.

Since 2017, the UNDP has been supporting other Caribbean countries in the aftermath of natural disasters through the BDA Toolkit. It was implemented in Barbuda and Dominica following Hurricanes Irma and Maria, respectively, and uses an online questionnaire on mobile devices that provides real-time georeferenced reports.

Prior to the use of the

BDA methodology, building damage assessments were paper-based processes that could take months, and even years, for data to be collected and processed to be used by policymakers.

“The BDA toolkit will also inform the prioritisation for risk-informed rehabilitation and rebuilding, assist the government on the quantification of damage, prioritise for faster recovery, monitoring and can also help with policy-making for disaster preparedness,” said Mr Clarke.

“The tool has been useful, since it allows users to upload the information straight away. Reports can be generated in real-time for review and analysis.”

More than 2,500 buildings have been assessed in Grand Bahama to-date, along with 400 properties in the Spring City and Central Pines areas of Great Abaco.

CRUISE LINES UNVEILS NASSAU HOTEL OPTIONS BAHAMAS Paradise Cruise Line says travel advisors can offer clients sailing with it the option of staying at multiple Nassau hotels following the launch of its latest itinerary.

The cruise line said the all-inclusive Meliá Nassau Beach Resort at Cable Beach, SLS at Baha Mar and Comfort Suites on Paradise Island are all properties where its passengers can stay for up to six nights after sailing from Florida to Nassau. In return, travel advisors receive a base commission of 15 percent, with no non-commissionable fees.

“We greatly appreciate our valued travel advisor partners for helping make the Cruise & Stay programme a success on Grand Bahama Island over the years, and we are excited to introduce the programme on Nassau – creating an additional way for them to

A BAHAMAS Paradise Cruise ship at sail. drive bookings and increase overall revenue,” said Francis Riley, Bahamas Paradise Cruise Line’s senior vicepresident of sales and marketing.

“With this programme, and with the support of our travel advisor partners, we will be a major driver of economic support for Nassau, bringing hundreds of thousands of tourists each year to Nassau-based hotels, benefiting

the island’s post-Hurricane Dorian recovery effort.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, October 17, 2019, PAGE 3

Govt: No VAT on $44M EXUMA AIRPORT ‘TO TENDER IN TWO WEEKS’ insurance claims

By YOURI KEMP

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday said it had moved swiftly to “pre-empt” erroneous social media claims that VAT is being charged on Dorian claims payouts.

Marlon Johnson, acting financial secretary, told Tribune Business that the ministry wanted to clarify the situation even though it had received “no concrete examples” of insurance companies imposing the 12 percent levy on claims settlements.

“We have been made aware of social media rumours where people are alleging they have been advised VAT is charged on insurance claims and wanted to clarify that,” Mr Johnson said.

“It’s started to take legs and circulate, and we wanted to pre-empt and make sure people understand what the rules are for VAT treatment of insurance claims.”

Given that Dorianrelated insurance claims are projected to total more than $500m, and be key to financing rebuilding and restoration in Abaco and Grand Bahama, the Ministry of Finance and its agencies have moved quickly to prevent any disruption to this process.

The Department of Inland Revenue, in a statement issued yesterday, said: “VAT is not charged on insurance claims. The Government of The Bahamas is only in receipt of VAT on insurance policies at the time premiums are paid on taxable policies.

“The government does not, under any circumstance, demand a net VAT payment on claims settled between insurance companies and policyholders.”

Mr Johnson, meanwhile, confirmed that the government and Bahamian

MARLON JOHNSON property and casualty insurers had settled their dispute over the payment of VAT refunds on insurance claims.

“We have come to a resolution,” he told Tribune Business. “We’re finalising the paperwork, as we came to a meeting of minds and understanding on both sides that works for everyone.

“Whatever the situation was as it related to insurance payments we did manage to clear it up; how we treat it prior to a certain date and how we treat it after a certain date. We did come to a settlement on it.”

The quarrel stemmed from whether Bahamian property and casualty underwriters could recover VAT on all or only some claims that were settled on a cash basis.

While the insurance industry felt it had achieved “a clear understanding” with the former Christie administration that VAT was recoverable on all such claims, its successor adopted the position that this was only the case where the insured client was a VAT registrant - meaning a business with a turnover greater than $100,000 per annum.

As a result, Bahamian property and casualty insurers were faced with being unable to recover “the VAT portion” of any claims paid out to residential homeowners and other non-VAT registrants.

A SENIOR government official yesterday said the works package for the $44m redevelopment of Exuma International Airport will be put out to tender within the next two weeks.

Algernon Cargill, director of aviation, told Tribune Business ahead of next week’s Exuma Business Outlook conference that the scope of works will be released imminently, including both the terminal redevelopment and runway extension.

He said the government plans to make Exuma airport “the best in the Caribbean, and we plan to replicate the same airport design in Exuma for North Eleuthera”.

Mr Cargill added that the viability of The Bahamas’ Family Islands airports, and their ability to meet global standards and receive international flights, is vital to keeping the country’s tourism prospects alive especially in the aftermath of Hurricane Dorian.

He confirmed that an upgraded airport is now being designed for Long Island at Deadman’s Cay by Bahamian architect, Gus Ferguson, with the project costs pegged at $15m.

Mr Cargill added that another airport is being constucted on Great Harbour Cay in the Berry islands at a cost of $5m, with a Bahamian contractor spearheading the works for both the terminal and runway development.

“Airports are the gateway for tourism, and we want to ensure that The Bahamas remains competitive and rival those other airports globally,” Mr Cargill said. “We want to ensure that these airports are viable for at least 20 years into the future.”

He added that the government was still working with Canadian-based Stantec Consulting Group in revamping The Bahamas’ 28 Family Island airports

because they are “global experts on airport design”.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business preDorian that the government has allocated just one percent of the $200m needed to upgrade the 28 airports in this year’s budget.

He told Tribune Business that the $2m provided for the 2019-2020 fiscal year highlighted why The Bahamas must urgently “fix the model” for airport maintenance as the alreadystrained Public Treasury “is unable to carry the load”.

Mr D’Aguilar said the government was looking to potentially roll-out the so-called “NAD model” to major Family Island airports, given that all are suffering from a lack of operational and capital improvement funding.

This structure, which involves a private sector entity taking over an airport’s management and financing, has already been adopted at the Lynden Pindling International Airport (LPIA) with the Nassau Airport Development Company, and the minister said the government’s financial constraints give it no alternative but to look at similar public-private partnerships throughout the nation.

While aviation consultants, Stantec, estimated in 2013 that a $180m total investment was required to bring all Family Island airports up to international standard, Mr D’Aguilar said these costs had likely escalated to “very much north of $200m”.

All 28 airports remain under the control and management of the state-owned Airport Authority, with travelling passengers contributing nothing towards maintaining infrastructure vital to the tourism industry and inter-island commerce.

“The issue at many of our Family Island airports is a lack of funding for operations and capital improvements,” Mr D’Aguilar told Tribune Business. “So the

government is considering the implementation at some of the key Family Island airports of a business model similar to the one we have at LPIA, where we have an entity that manages that specific airport and raises funds through the implementation of a passenger facility charge.

“None of our Family Island airports charge a passenger facility charge. I don’t know of any international airport that does not charge a passenger facility charge. The business model at airports recognises the users of the airport pay for its use, but we don’t deploy that at Family Island airports, so they don’t have sufficient funding in place to fund operations and provide the necessary upkeep when needed.”

Acknowledging that this had resulted in The Bahamas possessing some of the cheapest airports in the Caribbean to fly into, Mr D’Aguilar said this had created an imbalance that needed to be addressed if this nation is to bring its aviation ports of entry up to world-class standards.

Using the Miami to Nassau route as an example, he revealed that airline ticket prices typically contained around $154 in total fees. While around $60 was incurred on the US side, the remainder on this end was

made up of NAD’s charges ($48); Bahamian departure taxes ($29); and a $7 security fee with the remainder being value-added tax (VAT).

While similar fees and charges may not be imposed at the same level in the Family Islands, Mr D’Aguilar said additional income streams were essential to address the Airport Authority’s “very limited funding for capital improvements and equipment upgrades” and “keep it on the cutting edge”.

“The process has begun for us to turn our airports into self-sustaining businesses,” he told Tribune Business. “Once we’ve done North Eleuthera and Exuma, we will bring attention to those airports receiving serious traffic and set up a business model that allows for sufficient revenue to upgrade and maintain them. We need to put that structure in place.

“I feel that we’re leaving money on the table that could be used to maintain them. We need to fix the business model. The public purse is not going to be able to carry the full load. The travelling public can expect, in the near term, to commence paying a passenger facility charge. I’m hoping that at Marsh Harbour we can achieve that in the near term.

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PAGE 4, Thursday, October 17, 2019

THE TRIBUNE

John Bull firing ‘beyond the pale’ FROM PAGE ONE a wrongful dismissal matter.

They also differed from Sir Michael, who ruled that John Bull ought to pay Ms McCardy a net $22,819 compensation, in finding

that the matter ought to be sent back to the Tribunal for a fresh hearing.

Ms McCardy, in her legal pleadings, said news of her termination from “a company I had planned on retiring” with “changed her life” when it was delivered

in mid-October 2017 during her five-day suspension from work.

“On September 30, 2017, the store was to host a promotional event at which guests were to be served macaroons and champagne.

The event was intended to

last from 4pm to 7pm,” the Court of Appeal judgment recorded.

“The staff was encouraged to mix and mingle with the guests, and to take photographs during the function, and they did so. At some point during the function, the appellant [Ms McCardy] retreated to an office area and partook of at least two glasses of the champagne which was intended for the guests. She also allowed members of her staff to consume some of the champagne.”

Ms McCardy was summoned to a meeting with Dorian Roach, her division manager, two weeks later where she was disciplined and suspended for five days without pay for drinking the champagne in her office and allowing staff to do the same. Her termination occurred on the day she was due to return to work, with John Bull offering no severance pay.

The former Michael Kors manager filed a complaint for unfair dismissal with the Labour Board, which was ultimately transferred to the Industrial Tribunal as an unfair dismissal claim. John Bull countered that she had violated company policy by drinking on the job, and claimed it amounted to gross misconduct that warranted immediate dismissal.

Appeal justice Isaacs, writing the majority verdict, noted that the retailer’s employee handbook banned the use and/or possession of alcohol and drugs on company premises and during working hours.

Violations were “cause for immediate disciplinary action up to and including dismissal”, but appeal justice Isaacs also found that John Bull’s disciplinary procedures required that a hearing be conducted where employees had the opportunity to respond to the charges against them.

This, though, did not occur in Ms McCardy’s case.

After finding that her complaint ought to be treated as unfair dismissal, as opposed to wrongful dismissal, the Court of Appeal majority verdict said: “It is evident that she is alleging unfairness in the manner that she was treated by the respondent, to wit, that given her otherwise stellar work history of almost 14 years, her actions at the function did not merit the most condign punishment of dismissal.

“Moreover, that by proceeding to what we would in this instance call the ‘nuclear option’ of dismissal, the employer failed not only to follow its own disciplinary procedure but failed also to consider a less severe punishment.”

Rionda DeleveauxGodet, John Bull’s attorney, admitted to the Court of Appeal that if the retailer had failed to follow its own disciplinary procedures then it would be impossible for the Industrial Tribunal to have concluded that Ms McCardy was not unfairly dismissed.

And appeal justice Isaacs also rejected John Bull’s counterclaim for an increased sum of $7,941 that Ms McCardy allegedly owed in loans and purchases made to her by the retailer during her employment.

Finding that the company was claiming more than it had stated in the former Michael Kors manager’s termination letter, he wrote: “The submission that the real amount was ascertainable only after the financial controller calculated the sums owed lacks credibility.

The sums were provided by the financial controller.

“Certain headings were identified, and a final figure as the amount owing was put to the appellant in the letter. It is incumbent on the employer to get it right when terminating the employee, and the consequences of a failure to do so, in the absence of any

fault of the employee, must be borne by the employer.”

Sir Michael, in arriving at the same conclusion by a different route, said the key issue was whether Ms McCardy’s summary dismissal after five days without pay was “a reasonable response” to her admitted conduct.

He found that it was not, and ruled that the provision relied on by John Bull to justify her dismissal related to alcohol/drugs brought on to the company’s premises by employees - not alcohol purchased by the retailer for its own promotional event.

While finding that Ms McCardy was wrong to have drunk the champagne, Sir Michael ruled: “Summary dismissal was not, in my judgment, within the bands of reasonable responses in the circumstances of this case involving an employee of 14 years standing.

“The appellant had already been suspended for five days without pay. A punishment she accepted.

To then summarily dismiss without any form of notice or payment in lieu of notice was, in my judgment, beyond the pale of a reasonable response.

“It must be borne in mind that although at work, this was a social event. The appellant was expected to entertain the customers.

Having a few glasses of the respondent’s champagne without its permission cannot, in my judgment, be so egregious as to cause the respondent to lose trust and confidence in her and exercise its ultimate sanction of summary dismissal after almost 14 years of service.”

Dissenting from the majority’s decision to send the case back to the Industrial Tribunal, Sir Michael said Ms McCardy should have received $27,300 minus the $4,481 she owed to John Bull in loans and accounts receivables. That amounted to a net $22,819.

www.ub.edu.bs

CAREER OPPORTUNITIES Suitably qualified candidates are invited to apply for the following career opportunities at University of The Bahamas, Oakes Field Campus: Writer, News and Publications, responsible for working closely with the University’s constituents to develop diverse narratives in alignment with the University’s strategic priorities, for print, digital and online media and publications. Other duties include, but are not limited to, conducting interviews as may be required for University publications, press releases and special projects; producing news and feature stories to raise the profile of the University nationally and internationally; conducting research, content gathering, writing and review of communications for the Office of Grants (Non-Research Corporate and Foundation Grant Activity); contributing to regular media tracking and data analytics reports and liaising with clients of the Office of University Relations in the provision of communications services through the OURHelpdesk.

Media and Communications Assistant whose duties and responsibilities include, but are not limited to, providing administrative and technical support in the execution of corporate communications, media relations and marketing support strategies. Other responsibilities are facilitating mass electronic distribution of approved newsletters, notices, communiques and press releases as directed; coordinating and maintaining records for external advertisements, publications and notifications; liaising with media, communications and other vendors in the provision of services for the Office of University Relations; initiating general purchase requisitions as directed; and providing public relations assistance with key University events.

Human Resources Information Systems Analyst responsible for coordinating with IT and HR teams to analyze all HRIS requirements; develop and implement various HRIS procedures and prepare customized reports for various finance and payroll teams. Other duties include, but are not limited to, resolving queries and ensuring accuracy; preparing all business documents and providing upgrades, if required; monitoring HRIS systems and maintaining integrity of all data; preparing reports for all HR systems and applications, analyzing systems to resolve all issues and escalating all customer issues to management to provide efficient resolution; and preparing user manuals for ERP applications.

Detailed position announcements are accessible online at: http://www.ub.edu.bs/aboutus/career-opportunities/.

Interested applicants should submit the following to the Human Resources Department via hrapply@ub.edu.bs (Attn: Vice President, Human Resources) by Friday, 18th October 2019: · A cover letter of interest highlighting work experience and accomplishments relevant to the position; · Completed UB Employment Application Form (www.ub.edu.bs/wpcontent/uploads/2017/01/Application-for-Employment-Staff.pdf)

· Current curriculum vitae or resume; · Copies of relevant qualifications and certificates; · Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; · Copy of N.I.B. Card; · At least three (3) written, professional references.

PROCLAMATION

WHEREAS, the capital markets perform a critical function in the economic development of the Commonwealth of The Bahamas by providing access to funding for business growth and expansion in the private and public sectors, and by providing citizens with access to investments opportunities to preserve and build their wealth; AND WHEREAS, WHEREAS good financial practices including budgeting, saving responsible management of credit and debt and investing are essential to the well-being of all Bahamians; AND WHEREAS, financial literacy and investor education can help Bahamians to improve their capacity to manage their personal finances, to protect themselves from falling prey to various frauds and financial scams, to invest in the future and to be financially prepared for their retirement years; AND WHEREAS, the Securities Commision of The Bahamas (“the Commission”), a statutory agency, is charged with over seeing the activities of the capital markets, and has the satutory function to promote public understanding of the capital markets, the participants and the risks, benefits and liabilities associated with investing; AND WHEREAS, the Commision is participating in the global World Investor Week Campaign being promoted by the International Organization of Securities Commisions (IOSCO) to raise awareness about the importance of investor education and protection, and highlight the initiatives of securitries regulators in these critical areas, and has organized activities to bring greater awareness to this important issue and to launch various investor education initiatives; NOW, THEREFORE, I, Hubert A. Minnis, Prime Minister of The Commonwealth of The Bahamas, do hereby proclaim the week beginning Tuesday, 1st October, 2019 and ending Sunday, 31st October, 2019 as “INVESTOR EDUCATION MONTH”

IN WITNESS WHEREOF, I have hereunto set my Hand and Seal this 7th day of October, 2019

THE TRIBUNE

Thursday, October 17, 2019, PAGE 5

BTC PARENT’S FOUNDATION GIVES $125K DORIAN AID THE charitable foundation established by the Bahamas Telecommunications Company’s (BTC) immediate parent has donated an extra $125,000 to Hurricane Dorian relief efforts.

The Cable & Wireless Charitable Foundation (CWCF) said in a statement that it has given $75,000 to the National Emergency Management Agency (NEMA) and $50,000 to the Rotary Club of Grand Bahama. The funds will be used to aid relief efforts in Abaco and Grand Bahama.

Inge Smidts, pictured, chief executive of Cable & Wireless Communications (CWC), and chair of the Cable & Wireless Charitable Foundation, said: “The aim of the foundation is to make an immediate difference in the lives of those affected by disaster. Our first concern is always people.

“As soon as the all-clear was given our teams were on the ground to ascertain the damage and advise on the assistance needed in terms of what our colleagues and the communities in general urgently required, and to also assess how quickly we could begin

to reconnect communications services.

“We know it will take many hands over time to return these islands to normalcy, and so we were delighted to also partner with NEMA and Rotary to get urgent relief to those communities that need it most. They have both been doing a super job with restoration and recovery efforts, and we will continue to work with them to rebuild these communities.”

Captain Stephen Russell, NEMA’s director, said: “This monetary donation from the Foundation is very much appreciated at this time. We have had a massive outpouring of kindness from regional and international organisations, including governments who have provided us with enough food to last a year.

And for that we are grateful. However, given the

Bahamasair loses $2m over Dorian FROM PAGE ONE percent controlling owner, had promised the government they will have the storm-ravaged facility open for international flights next month with a target date of November 15.

However, Mr D’Aguilar said the return of US preclearance facilities to the island was “sketchy”, with Bahamians travelling to the US from Grand Bahama now requiring a visa unless they travel via Nassau.

“Freeport was completely flooded, once again, and every single building at that airport was significantly impacted by a storm surge in excess of 20 feet. Once again, Mr Speaker, many of the buildings will have to be condemned and rebuilt, and the operator of the airport, Hutchinson Ports, is contemplating the way forward,” he confirmed.

“Right now, Mr Speaker, that airport is only open for scheduled domestic flights - Bahamasair and Western Air - but has not yet been cleared to receive scheduled flights from overseas.

“Hutchison Ports have assured the government and the residents of Grand Bahama that they will operationalise that airport for international flights by the middle of next month, hopefully by 15 November, but reports are sketchy on when the pre-clearance facility will re-open.”

Turning to Abaco, Mr D’Aguilar said the destruction of the Treasure Cay airport had caused the government to “seriously consider” turning it over to a private company or fixed base operator (FBO) to manage. Marsh Harbour, too, had sustained “substantial damage” and is understood to require a $5m investment to get it ready for international flights.

CONSULTANT RADIOLOGIST NEEDED A well establish local Radiology Center is seeking to fill the position of Consultant Radiologist.

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large number of evacuees that we now have to care for, we are in need of funds to cover additional resources that are urgently required.”

Lisbeth Knowles, area governor of Rotary Clubs of Grand Bahama Island, added: “The damage caused by Hurricane Dorian is unprecedented and many families have lost everything. This grant will enable Rotary to distribute critical supplies to impacted persons and allow us to begin our building

material programme to rebuild Grand Bahama.

We welcome every level of assistance that allows us to provide hope to many vulnerable families as we help them to recover and rebuild their lives.”

Since Dorian’s passage, the CWC foundation has provided $500,000 in humanitarian aid. This includes 5,000 care packages comprising smart phones, prepaid SIM cards and personal care items.

Packages were distributed in New Providence

from the Odyssey Airport, Bahamas Ferries dock, Sir Kendall Isaacs gymnasium, the Fox Hill Community Centre, and in Eleuthera and Andros.

In addition, the Foundation shipped and airlifted 64 generators and 30 cases of waters to hospitals, churches and emergency care centres. Ten of the generators were donated to the Emergency Room Doctors from the Rand Memorial Hospital. The Foundation also donated $25,000 to World Central Kitchen to support

their food programme.

Garry Sinclair, BTC’s chief executive, said: “The journey to rebuild these islands will be a long one and we want the people of The Bahamas to know that we are with them every step of the way.

“BTC has been a part of the community for over 100 years and we are not going anywhere. The hurricane has passed but we will be here for the long term. We will work to rebuild our communities and networks and we will #comebackstronger.”

PAGE 6, Thursday, October 17, 2019

Procurement Bill can ‘remove veil’ FROM PAGE ONE

Describing himself as a small businessman of 30 years standing, the BSE chief said there were “too many forces” ranged against micro, small and mediumsized (MSMEs) in The Bahamas, and expressed hope that the Bill may “counteract” some of these.

Focusing on the construction industry and related professions specifically, Mr Knowles said he also wanted the Bill to encourage the government to outsource more services and work to the private sector, pointing

to the building inspection process and other aspects that have the potential to be “farmed out”.

“From my perspective, public procurement is basically giving equal access to the public to bid on any projects and products the government may have,” Mr Knowles told this newspaper.

“That’s my understanding of what this is all about, and it’s critical for me as a contractor and engineer.

“Procurement is what I do in contracting. That’s what contracting is all about; to secure the best price, product and resources. To give people who are suitably

THE TRIBUNE

qualified equal access to all available procurement possibilities is going to be critical.

“I think the way it’s done presently, it’s a veil and such an opaque process,” he continued. “It’s not to say things are not being done in a correct way, but this Bill will probably remove that veil, if you will, and I think it will be a benefit not only to the government but people out there who did not have access to opportunities.”

Complaints and allegations have long swirled over the process for awarding government contracts, with rejected bidders frequently challenging this and the selection of rivals. The government, though, believes the Public Procurement Bill will both help save taxpayers millions and aid small businesses.

Besides producing better “value for money” through improved transparency and

accountability surrounding the award of government contracts, the Bill also stipulates that all government agencies must award a minimum ten percent of their contracts to Bahamian MSMEs. Acknowledging that “having to embrace change is sometimes difficult in a government environment”, Mr Knowles said it was “human nature” for persons to deal with companies that they knew and trusted, which sometimes meant rival bids were not properly considered.

“There’s a lot of people that I know of, because of the perception they don’t have a chance to even go after some of these projects, they decide not even to bid even if it’s advertised in the newspaper because they feel there are people who would be favoured,” he added.

“It will go a long way to encouraging people who have not traditionally gone after government work to go after it... I haven’t looked at it [the Bill] in detail, but it seems like a really good thing if it’s properly implemented. That’s another question: Proper implementation will be the key. We have a lot of great laws and regulations on the books, but we sometimes struggle to implement.”

Mr Knowles said the “ten percent minimum” of contracts for small businesses may also help counter perceptions that they lack the resources and capability to undertake government contracts, which ultimately harms their growth and development.

“I’m a small businessman myself,” he told Tribune Business. “There are too many forces against small businesses in this country.

Being an entrepreneur for 30 years, there are too many forces. The more this thing is brought into government it could really help counteract some of these negative forces. It is really tough to operate in this country.”

Turning to the Bill’s implications for his own profession, Mr Knowles added: “I am hoping that such a Bill will encourage entities such as the Ministry of Works to outsource more of the work they perform internally.”

BPL class action in November ‘full flight’ FROM PAGE ONE as some postings to The Tribune’s website expressed concern that BPL consumers and/ or Bahamian taxpayers would ultimately pay for any compensation he won on behalf of class members through higher electricity prices and/or taxes.

The former Cabinet minister, though, yesterday rejected such arguments as a false narrative, and questioned whether similar concerns would be expressed over compensation he had won for clients who had been beaten and abused in police custody.

“I don’t think it’s a justifiable reason not to sue,” he told Tribune Business of the BPL case.

Describing Bahamian attitudes to this summer’s energy crisis, Mr Gomez added: “It’s sort of a quiet anger, which in a sense is worrying. When people are shouting and carrying on, they’re releasing some of the pent-up pressure.

That is a festering anger.

“It’s adversely affected business, and for preparation for court and stuff it’s been extremely inconvenient. On [BPL’s] liability, we have a fairly strong case. The issue will be proving individual quantums of damage suffered by different members of the class. It varies from household to household, and among the professional groups it could be significant.”

Explaining why he had decided to act in an August social media posting, Mr Gomez wrote: “It’s time for Bahamian consumers to stand up and shake off the sense of victimhood. We have the right to a consistent, reliable supply of electricity.

“The supplier, BPL, and its predecessor have failed us consumers. Our government has failed

us. We have the statutory right of recourse before the Supreme Court. Let us exercise our rights by suing for compensation against BEC, BNPL, URCA and the Government.

“If you believe in accountability, join the class action lawsuit. It is high time we protect ourselves from the rapacious bureaucracy which abuses the Bahamian electricity consumers. We must put an end to the deaths from heat stroke and other deaths caused by the power outages. Join the fight. Bahamians need to fight for the rights of Bahamians.”

BPL’s load shedding and daily outages have reduced in frequency and length in recent weeks, although this is more due to lowered energy demand as the temperatures reduce and The Bahamas heads into fall.

The utility, in regular daily statements, says it is close to bringing back on line the two engines at its Blue Hills power plant that sparked the energy supply crisis when they both failed in early summer and took 44 Mega Watts (MW) off-line. This left a daily generation shortfall of around 25-30 MW. Desmond Bannister, minister of works, subsequently pledged to Tribune Business that New Providence residents would “never go through a summer like that again”. All eyes are now on the installation of 132 MW in new generation capacity procured from Wartsila, which is supposed to be completed by mid-December.

The new engines are ultimately to be absorbed into the new multi-fuel power plant that Shell North America is to construct at Clifton Pier by 2021-2022.

THE TRIBUNE

Thursday, October 17, 2019, PAGE 7

Baha Mar shrugs off $10m dip with $300m expansion FROM PAGE ONE starting to see that gap close between prior year bookings.”

“We are confident and optimistic that as we get to the end of the hurricane season this will be a past memory in the traveller’s mind, and they will understand that The Bahamas is open for business and so is Baha Mar and other lodging establishments here in New Providence. So we are very optimistic that we will have a bright season ahead throughout 2020.”

Mr Davis said Baha Mar has already hired a Bahamian company to do the pool construction for its water park, estimating that about 80 percent of the workers on-site are Bahamian.

Other contracts have yet to be awarded.

The long-awaited water park and entertainment facility, known as Baha Bay and the central element to Baha Mar’s Phase II expansion, is projected to create some 500 permanent and direct jobs, and 1,000 indirect jobs.

It will be located between the SLS Lux and Melia hotels on the 14-acre site that previously housed the nowdemolished Wyndham resort and Crystal Palace casino, and is scheduled to be completed in the next 12 to 24 months.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the impact of Baha Mar’s $300m investment was “enormous” for the Bahamian economy and tourism product - especially given its timing just weeks after Hurricane Dorian’s passage.

Revealing that he had been “very anxious” for all approvals to be granted, and construction to proceed, Mr D’Aguilar said the 500 permanent jobs being created will inject $12.5m in new wages annually into the economy based on an average $25,000 salary.

“It’s increasing the employment levels at Baha Mar by ten percent, so yes, it’s very significant,” he told this newspaper. “You have all the goods and services, and utilities and imports and VAT as well from this. I was very anxious for it to get concluded, and I’m glad we’ve reached that point.

“We have a lot of people in New Providence from the affected islands, and it will take time for them to find

BAHA MAR renderings for BAHA BAY. employment and get back up and running. This will help to ease that pain somewhat.

It’s an immediate boost to employment levels which will help to negate the negative impact of the storm on the economy.”

Mr D’Aguilar, who was a Baha Mar Board director under original developer Sarkis Izmirlian, and vehemently opposed the process that led to the acquisition by current owner, Chow Tai Fook Enterprises (CTFE), said water parks were becoming a “must have” feature for mega resort properties such as the Cable Beach development.

While its development may further narrow product differentiation between itself and Atlantis, the minister added that a “most attractive” feature of Baha Mar’s development was its intention to make the water park open and accessible to Bahamians.

“I think that Baha Mar realised, certainly when they completed construction of their property, that they needed to add water activities,” Mr D’Aguilar added.

“This helps to accomplish that, and they’re going to open it to the public. It will give Bahamians, which I find most attractive, the ability to visit a water park in their own country.

“It continues to add to the inventory of product that’d available in Nassau, and water parks seem to be the in thing. People look for water-based activities, especially in tropical settings like The Bahamas. It will help drive additional business

to The Bahamas, and that translates into more revenue for the country in more ways than one.”

Mr D’Aguilar added that Baha Mar’s investment would further strengthen The Bahamas’ ability to “bounce back” from the “setback” inflicted by Hurricane Dorian, and said: “We’re down but not out, and are offering new product in parts of the economy unaffected by Dorian.”

Mr Davis, meanwhile, said construction works related to the expansion will not impact Baha Mar’s other amenities or attractions. He added: “We are working on some pool areas in advance in the very front area of the beach, so we can get that tidied up for the upcoming season. So we can have two pools and a restaurant opening up for the season of 2020.

“These works won’t have any impact on the day-today operations, and we are very fortunate that this 14 acres of land was right where the Crystal Palace Hotel was demolished. So this is a clean site between the hotels and it is not affecting the experiences.”

The $300m Phase II expansion also includes the development of Long Cay, Baha Mar’s private 15 acre island, featuring beach enhancements and the construction of new food and beverage facilities.

Upgrades will also take place to the Melia hotel including mechanical, electrical and plumbing, as well as to the kitchen, convention and meeting spaces.

And Baha Mar’s existing pier will be expanded to better allow for boats to more safely dock at the resort.

PAGE 10, Thursday, October 17, 2019

THE TRIBUNE

GLOBAL SHARES MIXED AS INVESTORS AWAIT MORE EARNINGS TOKYO Associated Press GLOBAL markets were mixed yesterday as investors await another batch of earnings reports from US companies and Brexit talks faltered yet again.

Germany’s DAX rose 0.3% to 12,666, while Britain’s FTSE 100 fell 0.1% to 7,202. France’s CAC 40 was flat to slightly lower at 5,699.

US shares were poised to open down with Dow futures falling 0.2% at 26,929. S&P 500 futures

were also down 0.2% at 2,992.

European shares mostly declined after European Union and British negotiators failed to reach a breakthrough in Brexit talks during a frantic allnight session. They are to continue seeking a compromise on the eve of a crucial EU summit today.

A report also showed that inflation in the 19-country eurozone was revised down in September to its lowest rate in nearly three years. Low inflation, which can be a sign of a weak economy, has been a concern for officials at the European Central Bank.

In Asian trading, Japan’s benchmark Nikkei 225 rose 1.2% to finish at 22,472.92, while Australia’s S&P/ ASX 200 gained 1.3% to 6,736.50. Hong Kong’s Hang Seng edged up 0.6% to 26,664.28, while the Shanghai Composite index lost 0.4% to 2,978.71.

South Korea’s Kospi added 0.7% to 2,082.83 after the Bank of Korea announced it was cutting

its benchmark interest rate by a quarter of a percentage point, to a record-low 1.25%.

Shares also rose in Taiwan and most of Southeast Asia. India’s Sensex fell 0.1%.

US stocks notched solid gains on Tuesday on Wall Street on surprisingly good quarterly results from some of the nation’s biggest companies.

Investors are looking to the wave of quarterly report cards due out over the next few weeks to give them a clearer picture of what impact the trade war between the US and China is having on corporate profits and the broader economy.

“Global market sentiment was seen picking up a notch overnight with Wall Street gaining on earnings despite the uncertainty that persists on US-China trade,” said Jingyi Pan, market strategist with IG in Singapore.

The encouraging earnings reports came with a spate of surprisingly good

forecasts for the rest of the year, which helped ease concerns about a slowdown due to the costly trade conflict.

On Friday, the US agreed to suspend a planned hike in tariffs on $250bn of Chinese goods that had been set to kick in on Tuesday.

Beijing, meanwhile, agreed to buy $40bn to $50bn in US farm products.

The US did not, however, cancel plans for more tariffs in December and the sticking points of intellectual property and trade secrets still hang over the dispute.

ENERGY: Benchmark crude oil picked up 22 cents to $53.06 a barrel in electronic trading on the New York Mercantile Exchange.

It fell 78 cents to $52.81 a barrel Tuesday. Brent crude oil, the international standard, gained nine cents to $58.83 a barrel.

CURRENCIES: The dollar fell to 108.77 Japanese yen from 108.85 yen on Tuesday. The euro strengthened to $1.1032 from $1.1029.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, October 17, 2019, PAGE 11

How Canada’s legalisation is shaping cannabis laws elsewhere Associated Press EVER since Canada became the first major country to legalise marijuana for adults a year ago, other nations have been paying attention.

The small South American nation of Uruguay was the first to legalise marijuana for adults. New Zealand, Luxembourg and Mexico are among those that have looked to Canada for guidance or lessons, while Russia has chastised it for its “barefaced” flouting of international antidrug treaties.

Here’s a look at how Canada’s experiment is playing out internationally and where the next attempts at legalization are coming: UNITED STATES States continue to flout federal prohibition and legalise marijuana within their borders, arguing that the nation’s war on pot has drained law enforcement resources, had a disparate impact on minorities and failed to curb the drug’s popularity.

Thirty-three states and Washington, DC, have now legalised cannabis for medical or recreational use, with Michigan and Illinois the most recent of 11 states to OK recreational sales.

Last month, the US House of Representatives, with significant bipartisan support, passed a bill that would grant legal marijuana businesses access to banking while sheltering financial institutions from prosecution for handling marijuana-linked money. That would clear up a serious headache for the industry. Many pot businesses have had to conduct sales and pay vendors or taxes in cash,

making them robbery targets and also making it harder to detect theft, tax evasion and money laundering.

Advocates say the vote was a sign the US, long the world’s leading proponent of the drug war, is ready for comprehensive cannabis reform.

LUXEMBOURG The small nation of about 615,000 people has decriminalised possession of small amounts of the drug, and since January it has allowed medical use. Now it is aiming to become the first country in Europe to legalise and regulate recreational sales to adults, a development that could lead to broader cannabis regulation in the European Union.

The government has announced that it intends to legalise sales, with Health Minister Etienne Schneider recently telling the Euronews television network that the country’s cannabis legislation will be “inspired by the Canadian model”. Officials estimate that it will take about two years before legal sales begin.

While Schneider said Luxembourg’s legalisation won’t force the hand of other EU nations, he said he intended to speak with counterparts in Germany, France and Belgium, the countries that border Luxembourg, and encourage them to explore the possibility of regulating the drug. In the meantime, Schneider said, Luxembourg will respect their prohibitions by limiting sales to Luxembourg residents.

MEXICO Mexico’s Supreme Court ruled last year that the government’s ban on the personal use of marijuana was unconstitutional, the culmination

of a series of rulings against prohibition since 2015. That’s helped put Mexico on a path toward full legalisation.

Before he was even sworn in, President Andrés Manuel López Obrador sent emissaries to Canada to discuss its approach to cannabis.

Things are moving quickly now, with the ruling party’s Senate leader saying the chamber intends to vote on a new legalisation measure by the end of this month, following dozens of forums in which politicians, advocates and voters have worked out what a regulated system might look like.

“The importance of Canada having regulated is that it broke the taboo on an international level in a way that Uruguay did not,” said Zara Snapp, a drug policy reform advocate in Mexico City. “For us, what it taught us is there is a path, and that path is possible without there being any apocalyptic sanctions from international bodies.”

That said, after severe drug-war violence, Mexico’s legalisation is not likely to mirror Canada’s, where a few massive corporations have dominated production and more artisanal growers have largely been shut out.

For example, lawmakers are considering giving greater licensing privileges to indigenous groups, she said.

“We need it to have a way bigger impact than just tax revenue or stock exchange values,” Snapp said. “The things that indicate success in other jurisdictions are not going to be the same indicators of success for us.”

NEW ZEALAND New Zealand will hold a referendum next year on whether to legalise and regulate the adult use of marijuana — the first country to put legalisation to a nationwide vote. Officials are still hammering out the exact language, but in a speech last month Justice Minister Andrew Little said the measure would include a minimum purchase and use age of 20; a ban on using the drug in public; limits on home growing, marketing and advertising; a public education program; and licensing requirements for the entire supply chain.

“The approach we are taking is that in the event of a ‘Yes’ vote in the referendum, it will be necessary to have a regime that affords maximum control, so that the obvious risks can be minimised,” Little told a drug policy symposium last month.

Whether the vote will be binding is a matter of dispute.

The three parties that make up New Zealand’s governing coalition have vowed to honour it, but legislation would be required to effect legalisation, and the centerright party National has not made clear whether it will support the bill.

Advocates have expressed concern about social justice

in New Zealand’s legalisation efforts as well, suggesting that its model could strike a balance between Uruguay, where access to cannabis is tightly controlled at a small number of pharmacies, and the more commercial approach taken by some Canadian provinces and US states.

RUSSIA Canada’s legalisation hasn’t been uniformly well received.

Russia’s representative to the international Commission on Narcotic Drugs lamented the “barefaced” and “blatant violation by Canada of its international obligations” under anti-drug treaties.

“There exists real danger that some other countries

may follow the example set

by Canada, which would lead to the erosion and even dismantling of the whole international legal foundation of our fight against narcotic drugs,” Mikhail Ulyanov said.

As recently as this month, Russia’s mission to the UN tweeted: “#Legalisation of narcotic drugs, including cannabis, for recreational purposes constitutes a grave violation of the international law.”

But Russia may have ulterior motives in criticising Canada, given what many world leaders consider to be its own flouting of international law in annexing Crimea, among other issues.

PAGE 12, Thursday, October 17, 2019

THE TRIBUNE

Fed survey finds US economy being hurt by trade battles WASHINGTON Associated Press THE US economy expanded at a modest pace in September and into October, despite rising trade tensions and weaker global growth that hampered

manufacturing, and adverse weather hitting farmers.

In its latest assessment of business conditions around the country, the Federal Reserve reported Wednesday that “persistent trade tensions and slower global growth” were weighing on

the economy.

The survey, known as the beige book, will be used by Fed officials when they meet Oct 29-30 to decide whether to cut interest rates for a third time this year.

Financial markets are expecting another rate cut

as the central bank seeks to protect the economic expansion from the fallout from a trade war between the world’s two biggest economies, the United States and China.

The beige book findings will likely be cited by

GN-2313

Fed officials who believe the central bank should cut rates again because of rising risks that the nation’s longest recovery, now in its 11th year, could be derailed.

Gus Faucher, chief economist at PNC Financial Services Group, said based on the beige book’s emphasis on areas of weakness he expected the Fed will cut rates again at the October meeting.

“By cutting rates now, the Fed hopes to avoid the need for deeper rate cuts in the future,” he said.

The report, compiled from information gathered by the Fed’s 12 regional banks, said that the banks’ business contacts still expected the economic expansion to continue but many had lowered their outlooks for growth over the next six to 12 months.

The report also found conditions varied by regions.

States in the southern and western part of the country generally were more upbeat than regions representing the Midwest and Great Plains.

That disparity likely was influenced by the tough times faced by many farmers. They have been caught between President Donald Trump’s higher tariffs on billions of dollars in Chinese imports and retaliatory tariffs imposed by China, which has also canceled purchases of US farms goods, including soybeans, in an effort to hurt a key Trump constituency.

“Agricultural conditions deteriorated further due to the ongoing impacts of adverse weather, weak commodity prices and trade disruptions,” the Fed report said.

The report found that the initial impact from the General Motors auto strike had been limited, with auto sales described as “robust” during

the survey period.

The beige book said that businesses across all regions were having to deal with persistent worker shortages and tight labour market conditions across various skill levels and occupations.

This has been an issue as unemployment has continued to fall and in September dipped to a half-century low of 3.5%.

A number of districts reported that manufacturers had reduced employment because of softness in new orders. However, some firms were concerned about the longer-term availability of workers and opted to trim hours rather than lay off employees.

Even with the tight labor markets, wages were described as rising only moderately but some upward pressure was noted for lower-skilled workers in the retail and hospitality industries and for higher-skilled professional and technical workers.

A number of smaller companies reported difficulty matching pay offers from larger firms and many employers were continuing to use non-wage incentives such as increased bonuses and benefits to attract and retain workers.

Price increases were described as modest but both retailers and manufacturers noted rising input costs, often for items that had been hit with new tariffs in the trade war. The report said that retailers were finding more success in passing on the price increases to their customers than US manufacturers were finding.

Trump announced last Friday a temporary truce in the US-China trade battle, saying he had agreed to suspend a tariff hike scheduled to go into effect this week on $250bn of Chinese imports.

THE TRIBUNE

Thursday, October 17, 2019, PAGE 13

TRUMP BOASTS THAT US WOULD WIN TARIFF WAR WITH EUROPE WASHINGTON Associated Press

PRESIDENT Donald Trump, pictured, voiced confidence yesterday that the US could not lose a tariff war with the European Union as the US prepares to impose trade sanctions on up to $7.5bn worth of EU goods.

The Trump administration plans to impose punitive tariffs starting Friday following a World Trade Organization ruling that European plane maker Airbus received illegal subsidies. Trump used a meeting with Italian President Sergio Mattarella to

focus on a trade deficit with the EU that stood at $109bn in 2018.

Trump insisted that the US couldn’t lose a tariff war with the European Union because he says the trade imbalance is so great.

“It’s a very tough

situation for us for many years. But now it’s a very tough situation for them because I can remedy the situation very easily. And there really is not any financial counterattack.

Hopefully, I don’t have to do that,” Trump said.

Trump also used a news conference with Mattarella to urge Italy to increase its defense spending. Trump says Italy is spending only 1.1% of its gross domestic product on defense, short of a goal set by NATO allies during the Obama administration of spending 2%. Trump said he was pleased, however, that Italy has agreed to purchase

90 “brand-new, beautiful F-35s”, a fighter jet produced by Lockheed Martin.

The leaders spoke at the White House after meetings that were expected to focus on trade, digital taxes and countering Chinese trade practices they consider unfair.

Mattarella said trade tensions were to the benefit of no one and described tariffs as “counterproductive”.

The World Trade Organization has formally given the go-ahead for the United States to impose trade sanctions. The EU won a similar WTO case accusing the US of illegally subsidising Boeing, but a ruling

allowing possible retaliation is still months off.

Mattarella called on the two sides to meet and try to work out their differences.

“There may be tariffs in six months’ time concerning the subsidies given to Boeing,” Mattarella warned through an interpreter. “This is a mere race between tariffs and mutual tariffs.”

The two also discussed tensions in the Middle East. Mattarella said Italy was “deeply concerned” with Turkey’s offensive in northeastern Syria. Vice President Mike Pence is set to depart later yesterday for Turkey to try to

negotiate a cease-fire after Turkey began attacking Kurdish fighters and civilians in Syria.

The two leaders did agree on their support for Italian native Christopher Columbus, though. Columbus Day was on Monday, but some cities and states instead recognise Indigenous Peoples’ Day over concerns that Columbus helped launch centuries of genocide against indigenous populations in the Americas.

“To me, it will always be called Columbus Day,” Trump said. “Some people don’t like that. I do.”

PAGE 14, Thursday, October 17, 2019

THE TRIBUNE

NOTICE

NOTICE is hereby given that LUCKSON VERSANNES of P.O.Box GT-2738 Roland Street Ridgeland, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 17thday of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that CADLYNE THERVIL of Fox Hill, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17thday of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MARC KELY E. DORELY of Henry Allen Drive, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 16 OCTOBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,171.79 | CHG: 0.06 | %CHG: 0.00 | YTD: 62.34 | YTD%: 2.96 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 5.92 2.60 2.00 5.47 11.75 6.17 4.64 12.40 2.81 3.50 10.18 7.51 16.50 9.30 3.64 14.20

52WK LOW 3.50 20.91 4.90 4.46 1.01 0.22 2.00 9.25 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 1.65 1.82 1.74 1.21 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 1.58 1.69 1.66 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

LAST CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.51 11.06 6.16 3.98 7.26 3.16 3.50 10.50 7.51 16.50 9.27 3.54 14.20

CLOSE 4.10 17.43 6.00 5.92 2.46 1.80 4.51 11.06 6.16 3.98 7.26 3.23 3.50 10.49 7.51 16.50 9.27 3.54 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 0.07 0.00 -0.01 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 Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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 115

10

VOLUME

NAV 2.26 4.29 2.07 191.61 158.33 1.65 1.82 1.74 1.19 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$ 0.170 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

P/E 17.2 18.7 N/M 16.0 N/M N/M -10.3 15.3 13.7 21.6 51.9 31.7 7.5 16.2 10.3 20.2 9.9 17.4 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.15% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 3.02% 0.00% 13.44% 1.71% 3.13% 3.20% 3.27% 2.16% 3.39% 4.30% 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 MTH% 2.46% 3.85% 1.61% 3.28% 1.78% 2.75% 3.85% 6.28% 7.12% 2.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 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 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-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

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

NOTICE is hereby given that MARGO JUSTINA RICHARDS of Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of October, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Legal Notice

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Sandy Shoes Corp. has been dissolved and has been struck from the Register with effect from 23rd September, 2019.

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

THE TRIBUNE

Thursday, October 17, 2019, PAGE 15

CUBA TO LET CITIZENS BUY IMPORTS WITH FOREIGN CURRENCIES HAVANA Associated Press

THE Cuban government says it will allow citizens to use ten foreign currencies to buy products like televisions and air conditioners at state stores in an attempt to compete with a multi-billion-dollar informal market in imported goods.

The communist state has a monopoly on most forms of retail sales and all wholesaling, import and export. The only legal vendors of appliances like refrigerators and air conditioners are state stores that charge as much as 200 percent of the average global price for generally low-quality Chinese-made products that are often out of stock.

That has led to an illegal but tolerated black market in goods purchased abroad by individual Cubans and resold at a profit on the island. Thousands of Cubans each year fly to shopping districts catering to them in countries ranging from Panama to Haiti to Russia.

By some estimates, the sellers known as “mules” spend some $2bn a year overseas, a major outflow of hard currency from an island already in a serious cash crunch.

Cuban officials announced on Tuesday night that the prices of some consumer goods would drop for Cubans who create special new hard-currency bank accounts denominated in US and Canadian dollars, Euros, British pounds, Swiss francs, Mexican pesos, Danish, Norwegian and Swedish kroner and Japanese yen.

Cubans will also be able to use the accounts to import goods through state-run companies, officials said on national television, although the precise mechanism for those private-public imports remains unclear.

Products that will be

BANK notes from various countries are displayed on the wall of a small beverage shop near the beach in Havana, Cuba. available for foreign currency include 43-inch flat-screen televisions, standing freezers, refrigerators and mini-split air conditioners. The discounts over current prices appear to be marginal — Reports in state media indicated that the government would still charge some 75 percent above the wholesale price. A 43-inch Samsung television, for example, would sell for $549, state media said, about twice the cost of a similar item in the US. “Money is leaving the country in significant amounts to acquire these products and we need to capture it as a source of hard currency to restock our industrial base, our retail stories, our market,” Vice President Salvador Valdés Mesa said in an appearance along other government ministers and high-ranking economic officials.

Cubans who open hardcurrency accounts will be given a bank card used to purchase discounted goods.

The move adds a new complication to Cuba’s unusual multiple-currency system.

Cubans currently use Cuban pesos worth about four cents each and convertible pesos worth about a dollar.

Cuba has been hard hit by

the collapse of its main ally, Venezuela, and the hardening of US sanctions under President Donald Trump.

The state-run economy is constantly short on cash and, because it is highly dependent on exports that must be paid in hard currency, Cuba has been hit by regular shortages of basic goods ranging from gasoline to chicken over the last year “The economy needs a push, a reactivation of our national industry. There’s demand there,” Economy Minister Alejandro Gil said.

PAGE 16, Thursday, October 17, 2019

THE TRIBUNE

Netflix heads into showdown with slowing subscriber growth SAN FRANCISCO Associated Press NETFLIX’S subscriber growth is bogging down even before the leading video streaming service confronts high-powered threats from Apple and Walt Disney Co. The latest sign of the challenges the company is facing emerged Wednesday with the release of its third-quarter results. The numbers provided further evidence that Netflix’s salad days may be over, particularly in the US, where most households that want its 12-year-old streaming service already have it.

Netflix added 6.8 million subscribers worldwide from July through September, below the seven million customers forecast by the Los Gatos, California, company.

Just 520,000 of those subscribers were picked up in the US, below the 800,000 that management anticipated. The shortfall came after Netflix lost 123,000 subscribers in the US during the April-June period, marking its first contraction in eight years.

The latest miss on US subscriber growth “spells trouble for the company ahead of heightened competition,” said eMarketer analyst Eric Haggstrom.

“The fourth quarter represents a completely new ballgame for Netflix.”

Uncertainty about Netflix’s future growth is the main reason the company’s stock had dropped by about 30% below its peak price of $423.21 reached 16 months ago. Netflix’s shares surged 10% in extended trading yesterday, apparently because some investors had been bracing for an even bigger letdown in the third quarter.

Netflix said it expects to add another 7.6 million worldwide subscribers during the final three months of the year, down from 8.8 million during the same period last year in

THE NETFLIX app is shown on an iPhone. an acknowledgment of the fiercer competition.

“The launch of these new services will be noisy,” Netflix advised in its third-quarter letter to shareholders. “There may be some modest headwind to our near-term growth, and we have tried to factor that into our guidance.”

The big question now is whether some of Netflix’s existing subscribers will decide to cancel its service and defect to cheaper alternatives that Apple and Disney will launch within the next month.

Apple is charging only $5 per month for its service, set for a Nov 1 debut, while Disney is selling a service featuring its vast library of treasured films and TV shows for just $7 per month beginning Nov 12. Netflix’s most popular plan in the US costs $13 per month.

Netflix is counting on the unique lineup of award-winning TV shows and movies that it has amass since expanding into original programming six years ago to help it retain its competitive edge and attract more subscribers.

It has taken advantage of its head start in video streaming to track the viewing interests 158 million subscribers around the world, giving it valuable insights into the kind of programming that is most likely to appeal to wide swaths of its audience.

That knowledge, in theory, will help Netflix and choose which TV shows and movies to back in the future as it bids for programming

against the likes of Apple, Disney and existing rivals such as Amazon and AT&T’s HBO. Even if Netflix keeps picking winners, some budget-conscious subscribers may be tempted to abandon its service and be content with the entertainment options being dangling

by Apple and Disney.

Netflix CEO Reed Hastings acknowledged yesterday that a US price increase imposed earlier this year is causing some current subscribers to cancel the service and perhaps causing some prospective customers to shy away.

“There’s a little more sensitivity, we are starting to see a little touch of that,” Hastings said during a discussion about the third quarter. “What we have to do is just really focus on the service quality, make us must-have.”

Apple is trying to make its new streaming service even more tempting by offering it for a year to anyone who buys an iPhone, iPad or Mac computer. And Disney already is heavily promoting on Twitter its forthcoming service by highlighting that it will feature classic films such as “Snow White and The Seven Dwarfs” and “The Lion King”.

Wedbush Securities analyst Daniel Ives said he is expecting Netflix to lose some of its appeal. He thinks the company could lose about 24 million subscribers, or about 15% of its customers, during the next 18 months.