business@tribunemedia.net
THURSDAY, OCTOBER 24, 2019
$4.52
JEFFREY BECKLES
Beckles: Dorian presents opportunity to ‘build on for the futre’ By YOURI KEMP
THERE are significant opportunities following Hurricane Dorian, says Chamber of Commerce and Employers Confederation chief executive Jeffrey Beckles. Mr Beckles said while Dorian has inflicted serious damage, it has also provided significant opportunities for us to build on for the future. He added that while some from the government and others have estimated that “the financial impact to the government from Dorian is between $250m to $450m”, when you look at the amount of persons not working in the short-term and their contribution and impact to the economy then “that number is expected to grow” within the coming months. He said when looking at rebuilding Abaco in particular, the country should focus on rebuilding for 40,000 people and not just
SEE PAGE 3
$4.55
Chamber chief: Baker’s Bay lay-offs ‘temporary’ By YOURI KEMP
R
EDUNDANCIES made at Baker’s Bay Golf and Ocean Club are only temporary, insisted Abaco Chamber of Commerce president Ken Hutton, pictured, yesterday. Speaking to Tribune Business, Mr Hutton said there were no layoffs at the club, only temporary redundancies during the down-period. Hutton, who said he had spoken to management at Baker’s Bay said he was told: “Basically, no staff members ‘laid-off’ or fired, but were made ‘redundant’ for the time being.” Essentially, all of the people in the housekeeping and hospitality portion of the resort, which is closed following Hurricane Dorian, were made. Mr Hutton added: “What they (Baker’s Bay management) did was that they paid everyone for several weeks and they are retrenching, but are now back in the construction and reconstruction phase. When that is done they will get back to hiring
BPL exec works to upgrade ‘archaic’ state of equipment By YOURI KEMP THE chief executive of BPL, Whitney Heastie, said he was “stunned” by the state of equipment at the company in a new video released by the power supplier. Mr Heastie promised that upgrades are coming as he warned about the state of long-standing disrepair of power generating facilities - with changes expected by next year. In a video produced by BPL that aired on television last night and is on BPL’s YouTube page, Mr Heastie said some of the systems in both the operations and maintenance sections BPL are “archaic”. He said some of the equipment still uses outdated floppy disk drives. Mr Heastie said one of the control rooms at BPL was built in the 1970s and one of the machines shut down nine months ago was operating from that control room. Mr Heastie said they are currently upgrading both facilities and management and procedural processes. He said BPL is designing a centralised generation control so they won’t have three stations operating in “silos” but will be operated from a central control centre to be online by next year. BPL has been going through a year of severe power disruptions and load-shedding exercises. Chairman Dr Donovan
$4.57
WHITNEY HEASTIE Moxey said they are doing everything in their power to restore trust. In an article published this week, Dr Moxey said: “This summer, customers of Bahamas Power and Light have yet again endured frustrating periods of load-shedding as generation capacity has failed to meet demand for electricity. Prime Minister, the Most Honorable Dr Hubert A Minnis, was correct – this was a crisis for families who could not cook meals, small business owners who could not complete transactions, and every Bahamian who had their daily life disrupted by these periods without power.” Dr Moxey also said: “Our generation fleet in some cases is almost 40 years old. From a practical standpoint, that means when parts are needed they can be difficult to procure or simply may no longer be available. “Demand for electricity has grown dramatically in New Providence. Unfortunately, this growing demand
SEE PAGE 2
BAKER’S BAY AERIEL VIEW and bringing people back on to work. It is what one would expect.” A letter that was sent to staff members of Baker’s Bay from management announcing these redundancies was forwarded to Tribune Business, stating that while the club will be closed for the foreseeable future, the closure period is expected to be between six to 15 months, but all salaried staff and hourly staff will be paid through to October 20. In addition, management identified about 200 positions that will provide support during the club’s closure. The letter added that individuals in jobs that the club will be unable to support during the estimated closure will be deemed
redundant as of October 21 and will be paid in accordance with the Bahamian Employment Act. Mr Hutton added: “They do not plan to close down, in fact it is quite the opposite. They are trying to rebuild the resort back to former glory and moving full steam ahead with it. “I do know that in terms of employment right now, they have 236 people on site working in construction, and 200 coming in on the ferry every day. They are not shutting down, they are moving ahead with rebuilding. “They also have a 100person accommodation barge (for workers) that is on site now and another one coming soon,” Hutton also said. Trying to allay fears Baker’s Bay may be shutting
down, Mr Hutton said: “They are not downsizing. They are rightsizing to deal with the deal situation. “But no one has been laid-off, they have just been made redundant during the down period because there is no business or any expected within the short term.” Member of parliament for Central and South Abaco James Albury said of the situation: “As a representative of Abaco, I am always disappointed to see my constituents lose work opportunities, but I sincerely hope that after the time of restructure and repair, they will follow through with their intent to hire and put more Abaconians back to work as soon as possible.”
$4.56
Businesses urged not to miss out on Canton Fair SUBSCRIPTIONS to the Canton Fair-China Export and Import Fair 2020 being organised by the Chamber of Commerce and Employers Confederation is low, says chief executive Jeffrey Beckles. Mr Beckles said that he feels that everyone is currently pre-occupied with Dorian matters and have not had the time or money available to make concerted preparations to attend next year. He further added that this was part of the reason why the fair was put off for this year in October as well as “too many people had to take on Dorian burdens and that people are now watching their spending in these upcoming months”. Mr Beckles went on to say however that the Canton Fair 2020 will offer a tremendous opportunity for those that want to attend as there is a multiplicity of opportunities that Bahamian businesses can take advantage of if they network with businesses in China. Pointing to what was on the Canton Fair’s website, Mr Beckles made Tribune Business aware that there are three phases at each of the sessions that will show different products. Phase 1 will show electrical and electronic products,
SEE PAGE 2
PAGE 2, Thursday, October 24, 2019
BUILDING ON CLIENT TESTIMONIALS HAVE you ever given someone a testimonial? Did they use it on their website? Did you feel honored and appreciated? Giving a testimonial increases your emotional bond with a business or with the person who asked. Imagine the results of making every one of your clients feel appreciated. Feeling valued is an awesome sensation and a very common practice to further help businesses grow. Generally we all want bigger sales, more qualified leads, and more credibility. The question is, how do we get there? One of the easiest and most effective ways is customer testimonials. CLIENT LOYALTY This is why you want to ask for a testimonial every time someone thanks you. It’s not about getting enough testimonials, it’s about making those who
appreciate you feel appreciated as well. Many business sometimes struggle with asking for testimonials. There is almost a sense of embarrassment, perhaps some concern that people may think their business is not doing so well. This is the first hurdle to overcome. If you’re antsy about what a client would say, ask for neutral feedback instead. And if you like what they say, ask for permission: “Can we feature your kind words on our website?�
executives doing their job. However, when it comes from someone that is not linked to your company and has experienced the service personally, there is bound to be more trust.
ESTABLISHES TRUST
APPRECIATION
Since testimonials come from unbiased sources, readers tend to have more trust in them. If a company’s representative tells a potential customer how excellent their services are, the customer may not find it to be highly trustworthy since they’ll consider it just
If you’re the business owner, ask your clients to give a testimonial about your staff. You will appear honorable to clients, and it’s a great way of appreciating others. Showcasing staff compliments is a win-win and is also a great form of quality control.
LEARNING OPPORTUNITIES Sometimes feedback isn’t 100% positive. Or maybe the testimonial mentions something that you’d prefer not to highlight. Either way, collecting feedback is a great learning experience.
Sharp Multifunctional Printer Line Wins Industry Awards
A
dvanced Document Systems /WG KDV EHHQ D OHDGLQJ RIÀFH equipment provider in The Bahamas for nearly twenty years, representing Sharp’s Imaging and Information Company of America (SCIIA). As a local supplier, ADS is pleased to announce that Sharp has won Best in Line for Reliability since 2018 and Line of the Year for 2019 from Buyers Lab, the document imaging industry’s independent authority and provider of testing and reviews. SCIIA’s direct branch strategy augments its strong independent dealer channel by enabling Sharp to better understand customer needs translating that into outstanding products and support. And an extension of that is the Sharp multifunctional printers which are designed to set-up easier, operate faster, control, monitor, manage and maintain while providing exceptional image quality. At ADS, their expertise in digital GRFXPHQW ZRUNà RZ VROXWLRQV JLYHV them an incredible advantage to
blend multiple technologies together to give their customers solutions that they need to succeed in today’s competitive environment. “We demand unparalleled performance from our products, and we back them with an industry-leading guarantee,â€? said DeAngelo Rolle, Sales & Service Manager of ADS. Rolle leads a team of four professionally trained technicians with decades of combined experience. ADS provides document solutions from IT infrastructure to software and hardware requirements to enhance their client’s business. “Understanding a company’s requirements to Ă€QG WKH EHVW VROXWLRQ LV ZKDW ZH do. We work with business to enhance their productivity DQG SURĂ€WDELOLW\ Âľ he said. For more information on ADS’ line of Sharp products call 393-0831 or email us at info@ adsbahamas.com
MEET THE TEAM - pictured from left are: Senior Technicians, Kyle Garland, Craig Moree, Tavaughn Rolle, Jason Rutherford and DeAngelo Rolle, Sales & Service Manager with a Sharp High Speed Graphic Production Multifunction Printer at the ADS showroom in the East Bay Shopping Centre.
SHAREABILITY
Sales pitches make for the worst social media posts. It’s like handing out your brochure at a BBQ. Even on your Facebook business page or LinkedIn profile, where explicit promotion is accepted, showcasing testimonials is awesome and more productive when shared by wild fans. Social media seems tailor-made for this. Moreover, friends, family and colleagues will see the approval and satisfaction about your work. That’s proactive word-ofmouth marketing! INCREASES CREDIBILITY Ultimately, it has been proven that testimonials can help businesses grow. How does it happen? The truth is that a huge number of people would first go on the internet to know about
the integrity of a business before hiring their service. A business that has a good number of current testimonials, from a diverse group of clients, is much more appealing to potential customers than one without. And if the testimonials are respectable, potential new customers will be attracted to the service which means more business. In the end, there’s nothing quite like having someone disclose that you’ve made a positive difference in their life through your awesome work. Isn’t that what we all should aspire to do in our own special way? Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game! NB: Deidre Bastian welcomes feedback at deedee21bastian@gmail. com • Deidre M Bastian is
THE TRIBUNE
The Art of Graphix BY DEIDRE M BASTIAN
a professionally trained graphic designer/marketing coordinator and certified life coach with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
Businesses BPL exec works to upgrade urged not to ‘archaic’ state of equipment miss out on Canton Fair FROM PAGE ONE building materials and industrial products. Phase 2 will show such labourintensive products as groceries, ornaments, gifts, toys and furniture, and Phase 3 will show clothing, footwear, bags, food and medicine. Mr Beckles says he hopes that we can get over this Dorian hump and get businesses back to normal so we can take advantage of what the world has to offer. He further added that China is increasingly becoming a very important trading partner for The Bahamas and we should not miss out on opportunities even in trying times.
THE BPL logo at the company’s headquarters. FROM PAGE ONE was not matched by a parallel investment to increase generation capacity. This means that today, while our peak demand has now grown to about 250 megawatts (MW) a day we only have the capacity to generate about 210MW of power each day. The 40MW shortfall in generation led to load shedding throughout the summer. “The good news is that, despite a number of setbacks, BPL has returned the
first of the two failed generators at Blue Hills Power Station to service, making up about half the 40MW shortfall. The second unit is under the inspection of a specialist even now, and we will continue to update the public on that unit’s return to service. The bad news is that even with both of these generators back online, we still have no excess capacity in the system. That means that if another one of the aging generators fails, load- shedding may need to resume.�
THE TRIBUNE
Thursday, October 24, 2019, PAGE 3
BFSB to Latin America: We’re open for business THE Bahamas Financial Services Board (BFSB) held briefings in Brazil last week letting the Latin American market know that “The Bahamas is still open for business”. Minister for Financial Services, Trade and Industry and Immigration Elsworth Johnson told attendees: “We are investing in human capital through the education, training and retraining of our professional workforce to protect the future of financial services. We are committed to supporting industry in the development of new products and services to meet client needs.” The trip, held between October 14 and 17 in Sao Paulo, saw Minister Johnson reaffirm the longstanding relationship with Latin America and Brazil in particular. Mr Johnson said: “We are of the view that global regulation and international initiatives, whilst on the face if appear to be onerous can create
FROM PAGE ONE
ELSWORTH JOHNSON opportunities. To embrace these opportunities we, as a government have begun by initiating the advancement of structural and technological infrastructure to spur and sustain growth, greater innovation, entrepreneurship and future infrastructural development. We have commenced a major digitisation effort in The Bahamas.” Mr Johnson was accompanied by BFSB chief executive officer Tanya McCartney, who said: “We saw this as an opportune time to restate The Bahamas’ value proposition and to outline the legitimate
role that international financial centres such as ours play in the global economy. Leveraging our location, expertise and commitment to innovation we have what is required to meet the needs of the Latin American market.” The BFSB also arranged meetings between the Minister and BFSB member firms and other advisory firms with a presence in Brazil. BFSB also sponsored the Society of Trust and Estate Practitioners (STEP) LATAM conference, which was well attended, with over four hundred registered delegates.
Top real estate relocates to Downtown Nassau By YOURI KEMP BAHAMAS real estate brokerage firm Engel & Völkers is on the move relocating its main shop from Lyford Cay to downtown Nassau. The firm - with global headquarters in Hamburg, Germany - said: “Over the past decade there has been a major shift towards the west with new developments, services and amenities that have made the western part of New Providence the premier real estate option.” The company also announced they have
Beckles: Dorian presents opportunity to ‘build on for the futre’
opened a micro-shop in Palm Cay. Advisor Ana Wassitsch said: “Buyers are very active these days and are looking for amenities to meet their lifestyle goals. Prior to Palm Cay establishing itself as a successful community, amenities like the beach club, restaurant, marina and spa did not exist in the eastern part of the island. There is also a fantastic new Solomon’s grocery store and a top International Baccalaureate designated private school.” The company said it is also working with the
developer to sell both its remaining Starfish Isle townhomes and the One Marina project. General manager Rob Batchelor said: “We have a great community on the beach with an awardwinning marina and our amenities are all built so you can benefit from our facilities immediately as an owner. We also have a very family island feel of privacy and exclusivity and we believe people just need to come and experience it to appreciate what we have created.”
the 17,000 people that live there. He said: “We have an opportunity to look at town planning and coastal engineering and also for energy reform. Imagine Abaco as a template for energy reform. We need to engage the best minds in The Bahamas to ensure we have them out front to help push The Bahamas forward, particularly on energy reform and a green Abaco is something we should certainly take into consideration. “We also have a chance to look at fiscal planning and our strategies for growth. Dorian has shown us that everything we do affects out economy.” Mr Beckles insisted we take this opportunity to rebuild Abaco and East Grand Bahama for the future and for the next 20 to 30 years down the road and not just rebuilding for rebuilding’s sake. He said we need take the “same old” out to the graveyard and bury it as it cannot help us in moving forward. Mr Beckles insisted that work is to be done, even though you may have lost your job in Abaco or East Grand Bahama, and while you may not have your pre-Dorian job there are opportunities out there currently for people who want it. He said it would take a concerted effort to collaborate with the government from a chamber perspective and right now both sides are involved in talking about what can be done during the rebuild process to help businesses. Mr Beckles highlighted the great benefits in the exigency order granted by the government. The government announced that the exigency order
for post-Dorian rebuilding efforts would be further extended until the end of the year from the original December 2 deadline. He said: “What if we were to allow every building and hardware supplier a chance to have a rebate or tax credit so they can take advantage of the exigency order and provide reasonable quotes on what can be provided for the rebuild. The more money we spend at home the more money we can save to mitigate the shortfall.” “There are great opportunities in rebuilding moving forward to the tune of several millions of dollars - why not extend these exigency orders to help companies that import building supplies and even furniture and vehicles?” He said the chamber is working with the government to ensure that as many persons “buy locally”. He added: “There are also opportunities towards training and retraining local talent,” and he says that the chamber is actively involved in this with
non-governmental organisations (NGOs) and others on the ground to ensure we get the template right so we can foster economic growth and sustain it. “Everything we do in Abaco and Grand Bahama has to be replicated in not only Nassau, but also in other Family Islands as the vulnerability remains throughout The Bahamas. “The Bahamas has a unique opportunity to launch itself to the head of the pack on how the Caribbean region affects changes moving forward on economic impact and how we rebuild stronger.” Citing that assessments are the most critical part of the post-Dorian rebuild, Mr Beckles urged not to rush these matters and for the government to not commit to timelines that are unachievable, which would end up in making a lot of mistakes. He said: “This is why we need to engage many experts and NGOs to ensure that we have the best advice from the people who have done this before.”
USED
OFFICE FURNITURE
S A L E Location:
Scotiatrust Warehouse Carmichael Road - Central Storage Plaza #42
Friday
25th (7am - 3 om)
Saturday
26th (7am - 2 Pm
FOCOL HOLDINGS LTD. DIVIDEND PAYMENT FOCOL is pleased to announce a dividend payment of 3 cents per share to all ordinary shareholders of record as of October 31, 2019 payable November 12, 2019 through
BAY AND PARLIAMENT MLS: 23104 I Downtown I 796 sq. ft . off ice I $2 ,756 p/m
Situated on the corner of Bay Street and Parliament Street, this newly renovated property is located in the heart of downtown Nassau, immediately west of Parliament Square. This 796 sq. ft. space is located on the f irst floor and it is the perfect spot for your off ice needs. Call our off ice to schedule a viewing today! W. CHRIS SANDS
T: 376-2235
E: : wsands@morleyrealty.com
W: morleyrealty.com
THE BAHAMAS CENTRAL SECURITIES DEPOSITORY.
“Fuelling Growth For People”
WEST AVENUE PLAZA | 1,360 sq. ft. | $2,819 p/m
EAST BAY | 1,500 sq. ft. | $2,387 p/m
Dianna Vargas T: 427-8830
W. Chris Sands T: 376-2235
PARK AVENUE | 3,020 sq. ft. | $11,576 p/m
WONG’S PLAZA | 936 sq. ft. | $1,092 p/m
W. Chris Sands T: 376-2235
Kayleigh Dickson T: 425-4042
M O R L E Y R E A LT Y . C O M
242 394 7070 | 11 Shirley Street morleyrealty@morleyrealty.com
PAGE 4, Thursday, October 24, 2019
TRUDEAU: CLIMATE AND PIPELINE ARE PRIORITIES AFTER ELECTION TORONTO Associated Press
A NEWLY reelected Prime Minister Justin Trudeau said yesterday Canadians want him to fight climate change but that building an oil pipeline his government bought
remains a priority. While Trudeau’s Liberal Party took the most seats in Parliament in Monday’s elections, it lost its majority and will have to rely on opposition parties to get legislation passed. Trudeau ruled out a formal or informal coalition with the other parties, meaning he will move forward on an issue by issue basis. Trudeau said at a news conference yesterday that he would unveil his new Cabinet on Nov 20 and it would again be gender balanced. He said his government intends to go ahead with the controversial Trans
THE TRIBUNE Mountain pipeline from the Alberta oil sands to the Pacific Coast, saying that it is in the national interest. While the pipeline is opposed by Canada’s other progressive parties, Alberta is increasingly angry over Trudeau’s inability to get it built. Trudeau’s Liberal party failed to win a seat in the province. “For too long we have been selling our natural resources to the United States at a discount,” Trudeau said. “Getting our resources to markets other than the United States and getting that done as quickly as possible remains a priority.”
REQUEST FOR QUALIFICATIONS (RFQ’s) The Central Bank of The Bahamas is in need of suitably qualified individuals or companies to provide proof of relevant experience with reference to the following services, as it relates to the project to develop its new premises, on the Royal Victoria Gardens site between East Street and Parliament Street, south of Shirley Street, and north of East Hill Street in the city of Nassau, Bahamas. 1. Electrical Engineering Services – the licensed professional engineer shall perform electrical engineering services for the proposed new premises of the Central Bank. 2. Mechanical Engineering Services - the licensed professional engineer shall perform mechanical, plumbing, fire protection services for the proposed new premises of the Central Bank. All interested parties should submit the following information listed below to: tenders@centralbankbahamas.com 1. Please indicate which services you are interested in providing. 2. Please provide the Individual/Company name, address and contact information. 3. Please provide a CV of key personnel or company profile (if applicable). All responses to this advertisement must be submitted by Tuesday, 29 October 2019 @ 5PM.
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 24, 2019, PAGE 5
Johnson’s future, and UK’s, rests on EU move on Brexit delay LONDON Associated Press PRIME Minister Boris Johnson has long argued that Brexit will let Britain “take back control” from the European Union. Yesterday, Johnson’s future, and his country’s, rested on a decision from Brussels about whether the bloc will delay the UK’s scheduled departure to prevent a chaotic no-deal exit in just eight days. “I don’t think the people of this country want a delay. I don’t want a delay,” Johnson said. But a postponement appeared inevitable after British lawmakers blocked the prime minister’s attempt on Tuesday to fast-track his Brexit bill through Parliament so that the UK can leave the bloc as scheduled on Oct 31. The decision means the UK is almost certain to miss that deadline and leaves Johnson with two options: try again to pass the stalled deal, or seek an early election that could break Britain’s Brexit impasse. Both courses depend on the EU’s response to the UK’s request for a threemonth delay. The request was ordered by Parliament to avert the economic damage that could come from a no-deal exit and made, grudgingly, by Johnson on Saturday. “Alas, we cannot now know what the EU will do in response to the request from Parliament — I stress it wasn’t my request — to ask for a delay,” Johnson told British lawmakers yesterday. “I will be studying their reaction very closely to see how we proceed.” European Council President Donald Tusk said in a tweet that because of Tuesday’s votes in London he would recommend that the other 27 EU nations grant Britain a delay. European Parliament President David Sassoli echoed that sentiment, saying that European leaders should accept the Brexit extension because that will “allow the United Kingdom to clarify its position and the European Parliament to exercise its role”. The bloc’s chief Brexit official, Guy Verhofstadt, agreed, saying a three-month flexible extension was needed to give
BRITAIN’s Prime Minister Boris Johnson speaks to lawmakers inside the House of Commons during the regular Prime Minister’s Question time, in London yesterday. According to news reports Johnson may push for an early General Election. Photo: Jessica Taylor/AP European Parliament members time to check the details of the withdrawal agreement. Johnson won a major parliamentary victory on Tuesday when lawmakers backed his Brexit plan in principle, voting 329-299 to pass a bill to implement the divorce agreement that Johnson struck with the EU last week. But minutes later, legislators rejected his fasttrack timetable by a vote of 322-308, saying they needed more time to scrutinise the bill. Without speedy passage of the bill, Britain won’t be able to make an orderly exit from the bloc on Oct 31, a central vow of Johnson’s 3-month-old Conservative administration. House of Commons leader Jacob Rees-Mogg conceded that “it is very hard to see how it is possible” to leave the EU with a deal by that deadline. In London, talk quickly shifted yesterday to holding an early election, which could give the Conservatives a majority in Parliament, allowing Johnson to push through his plans. British Justice Secretary Robert Buckland told the BBC that Parliament’s failure to break the logjam means “we are left with the option of a general election.
... That seems to me to be the only way to break this impasse”. Britain’s next scheduled election is in 2022. If Johnson wants an early election, he needs to win a vote in Parliament calling for one, or lose a no-confidence vote, which so far opposition parties have refused to call. The main opposition Labour Party said it would “support a general election when the threat of a no-deal
crash-out is off the table”. That could come if the EU formally offers an extension in the next few days. All 27 other EU leaders must agree to an extension, which would be the third time Britain’s departure date, originally set for March, has been postponed. The bloc’s other members are weary and frustrated at Britain’s interminable Brexit melodrama. But they also want to avoid the economic pain that would come
to both sides from a sudden and disruptive British exit, so when push comes to shove they are likely to offer a delay. Chancellor Angela Merkel’s spokesman, Steffen Seibert, said yesterday that “an extension will not fail because of Germany.” Irish Prime Minister Leo Varadkar said Ireland would support a delay until Jan 31 “that could be terminated early if the House of Commons and House of Lords
ratifies an agreement”. But with some countries — notably France — more reluctant, Varadkar said EU leaders might have to hold an emergency summit to seek unanimity. “My bags are always packed for Brussels, and packed they are again,” he told lawmakers in the Irish Parliament. Meanwhile, Johnson has not abandoned his Brexit deal, which sets out the terms of Britain’s departure from the EU after almost five decades of membership. Parliament’s vote Tuesday to approve the Brexit bill in principle was an important milestone — the first time since Britons chose in 2016 to leave the EU that lawmakers have backed a Brexit plan. Some legislators urged Johnson to push on with passage of the bill, saying it could pass if lawmakers had time to study it properly. “I would have thought it can be done in a matter of weeks,” said Labour lawmaker Richard Burgon. Johnson’s Conservatives lack an overall majority in Parliament, so he would need support from opposition and independent lawmakers to pass the bill, and numbers are tight. An election could give the Conservatives the majority needed to get the plan through Parliament. Opinion polls currently give the Conservatives a healthy lead over Labour.
PAGE 6, Thursday, October 24, 2019
THE TRIBUNE
Biden: Trump has ‘no idea’ about working-class struggles SCRANTON Associated Press JOE Biden cast President Donald Trump yesterday as a fraudulent populist whose tax policies, economic stewardship and erratic leadership have hurt US workers and betrayed voters in the critical battleground state of Pennsylvania. After scrapping with fellow Democrats for weeks, Biden returned to his hometown of Scranton to focus on his ultimate
JOE BIDEN
DATA ADMINISTRATOR October 2019
Trident Trust is a leading independent provider of corporate, trust and fund services to the financial services sector worldwide, employing 800 staff across a global footprint that spans Africa, the Americas, Asia, the Caribbean, Europe and the Middle East. We are seeking an entry level Data Administrator to join the Corporate department in The Bahamas. Client-focussed and service-oriented, we only employ individuals who are professionally minded, committed and able to demonstrate good interpersonal skills. The Role To assist the Corporate team in the entry of data into the system and to file and/or process related information as designated. Key Responsibilities: The successful candidate will be responsible for assisting, directing and co-ordinating activities relating to data entry matters including but not limited to: - The collating and input of client data in the designated software. - Assisting Administrators with scanning and indexing of company and client documents - Assists on specific projects as required including updating electronic logs, archiving, and filing. - Undertakes other tasks that may be requested, and as commensurate with the level of the role. Skills and Experiences • A high-school diploma or a degree in a business-related field. • Proven ability to maintain a professional, positive and enthusiastic attitude when dealing with clients and colleagues. • Ability to work under pressure, work independently and to be organised • Problem solving, communication and relationship skills. • Time management skills including an ability to manage multiple tasks and to meet deadlines • Good standard of communication, both written and verbal • Knowledge of Viewpoint software preferred but not mandatory Compensation Competitive compensation will be offered, based on the successful candidate’s relevant experience and overall suitability for the position. How to Apply Applications should include a complete C.V. and will be treated in the strictest of confidence. Please clearly outline the skills and attributes you would bring to the role, your availability and salary expectations. Applications should be submitted not later than October 25, 2019 to the Manager at ycoakley@tridenttrust.com.
foe: Trump. The former vice president sought to dent Trump’s argument that regardless of what working people may think about him personally, the actions of his administration have helped them. “This administration has no idea what hard-working, decent, ordinary Americans are going through,” Biden said of middle-class struggle in a growing but uneven economy. “Go back to your old neighborhoods and ask them how they’re doing,” Biden said, lamenting that the rising cost of health care, college and housing deny the “breathing room” that should define middleclass security. “Too many middle-class and workingclass folks can’t look their kids in the eye any longer and say it’s going to be OK and mean it.” Trump appeared later in the day in Pittsburgh, at the opposite end of the state, but made no mention of Biden. The speech, which was billed as an economic policy address, is the type of forum where Biden often has his strongest moments in a campaign that has contended with verbal missteps and inconsistent debate performances. But it’s becoming increasingly difficult for Biden or any other Democratic White House hopefuls to compete with the daily cacophony of Washington as Trump rails against the House impeachment inquiry. Biden was reminded of that on the eve of his speech. On the same day that a top US diplomat offered damning testimony against the president, Trump scrambled the conversation by saying Democrats are effectively “lynching” him. When Biden’s campaign joined the resulting chorus of critics, the president’s re-election campaign revived a 1998
video of then-Sen Biden using the same “lynching” metaphor when discussing impeachment proceedings against President Bill Clinton. Biden tweeted an apology for his choice of words on Tuesday night, but made no mention of the matter yesterday in Scranton. Instead, he highlighted his plans on a host of issues, including repealing Republican tax cuts, taking action on climate change, strengthening gun regulations, spending more on education and expanding government health insurance. The visit is an early effort to block a Trump victory in Pennsylvania next year and narrow his path to re-election. The president won the state by about 44,000 votes in 2016, taking a state that had sided with Democrats in presidential races since 1988. Reclaiming Pennsylvania, along with Michigan and Wisconsin, would put the eventual Democratic nominee on track to winning the White House. Biden recalled stories from his childhood in Scranton, including his father’s “long walk” up the stairs of their home to tell ten-yearold “Joey” that the family had to move to Delaware because the elder Biden had lost his job. Turning to Trump, he said, “I think the longest walk his father ever made was to drop off $400m in his trust account,” Biden said. It was a reference to reports that Fred Trump steered hundreds of millions of dollars to his son as the future president built his real estate and promotions business. Biden argues that he’s the Democrat best positioned to defeat Trump by reassembling President Barack Obama’s winning coalition to reclaim some working-class whites who sided with Trump while
also reversing Democrats’ decline from 2012 among non-white voters in cities like Philadelphia, Detroit and Milwaukee. For his part, Trump takes credit for an economy that has continued a steady upward trend since the recovery from the 2008 crash began during Obama’s administration. Trump touts a 50-year low in unemployment, but the reality is more complicated, with everwidening income inequality, a rising national debt and the uncertainty of Trump’s multi-front trade wars. Still, Americans’ assessment of how Trump handles the economy has been consistently been higher than his overall job approval rating. Biden railed against escalating corporate profits and salaries for CEOs. He held up the decades after World War II, when wage increases reflected the rise in US productivity, in contrast to the last 40 years, when inflationadjusted wages remained relatively flat for all but the highest wage-earners, and the investment class amassed fortunes reminiscent of the Gilded Age. That span covers nearly all of Biden’s career as a US senator and vice president. In using the economy as an argument against Trump, Biden also indirectly highlighted differences with progressive Democratic rivals Elizabeth Warren and Bernie Sanders. Biden touted tax changes that would treat capital gains on investments essentially as wages — a move that would bring tax increases for the wealthiest Americans. That’s short of Warren’s proposed direct tax on personal net worth exceeding $50m and Sanders’ tax on Wall Street transactions.
THE TRIBUNE
Thursday, October 24, 2019, PAGE 7
Uncertainties escalate for Fed as it weighs another rate cut WASHINGTON Associated Press THE Federal Reserve finds itself in an unusually delicate spot as it considers how much more to try to stimulate an economy that’s still growing and adding jobs but also appears vulnerable. As it considers a potential interest rate cut at its meeting next week, a string of complicated questions is clouding the Fed’s outlook. Will a US manufacturing sector that is essentially in recession weaken the rest of the economy? Will a shaky truce in the US-China trade war hold? Will Britain avoid a possibly calamitous no-deal Brexit? Is Europe on the brink of a downturn? Can the Fed finally manage to lift annual inflation up to its 2% target? Compounding the Fed’s difficulty is the nature of its rate cuts. They’re intended to avert a slowdown that could sink into a recession rather than revive an already-ailing economy. In such cases, it’s hard to know when rate cuts have been sufficient. Rate changes typically affect an economy only over time. The danger is the Fed might miscalculate and either fail to cut rates enough to energise the economy or push them too low and inflate a bubble in stocks or other risky assets. “Calibrating that is tricky,” said Julia Coronado, chief
economist at MacroPolicy Perspectives. The Fed’s interest rate cuts are “not based on actual deterioration” but “on the potential for deterioration if you don’t act”. The question of whether to cut rates comes against an economic backdrop in which inflation and borrowing rates remain historically low even after a record-long 11 years of growth as well as low unemployment. The Fed is facing all these challenges while also absorbing public attacks from President Donald Trump, who has regularly excoriated Chairman Jerome Powell’s leadership and the central bank’s decision not to cut rates earlier and more aggressively. The Fed has also recently had to buy billions in Treasury bills to inject cash into short-term money markets after concluding belatedly that it had let too much funding drain from those markets and caused short-term rates to temporarily surge above its target range. Next week, the Fed is widely expected to cut its benchmark short-term rate to a range of 1.5% to 1.75%. The goal would be to help safeguard the economy from uncertainties caused by Trump’s trade wars and from a global slowdown and to boost inflation. In speeches in the past month, Fed policymakers, including Powell, Vice Chair Richard
Clarida, and New York Fed President John Williams have done little to dispel those expectations. Still, some analysts say the Fed could end up holding off on a rate cut. The economy still appears largely healthy, with the unemployment rate at a 50-year low of 3.5% and a still-solid pace of consumer spending. Inflation, too, has been edging up toward the Fed’s 2% target. Eric Rosengren, president of the Boston Federal Reserve, has suggested that the economy is “very close” to meeting the Fed’s dual mandate of full employment and stable prices. Rosengren dissented from the Fed’s two previous rate cuts. “It’s not a slam dunk this close to the meeting, one way or the other,” said Diane Swonk, chief economist at consulting firm Grant Thornton. Indeed, despite the economy’s overall strength, some signs of weakness keep emerging. Last week, a report on retail sales showed that Americans slightly reduced their spending at stores and restaurants in September. And an already weak gauge of manufacturing output also fell — and only partly because of the strike at General Motors. The US-China trade war has left many US businesses reluctant to invest in facilities and equipment without a clearer picture of whether or how the conflict may be resolved. The two countries may formalise an initial agreement by next month, when Trump and China’s President Xi Jingping are to meet at an international conference in Chile. The two sides reached a temporary cease-fire this month when China agreed to buy more agricultural goods from the US, and the Trump administration suspended a planned tariff increase. The White House is still set to impose tariffs on $112bn in Chinese goods Dec 15. Fed policymakers “are hearing a lot from their business contacts about uncertainty,” Coronado said. “They’re not retrenching in payrolls, but they’re not committed to growth either.” While inflation has edged up slightly, some Fed officials
are concerned about declining inflation expectations among investors and the public. Inflation expectations can be self-fulfilling: If a company expects overall prices to largely remain in check, it will avoid increasing its own prices. Market-based measures of inflation expectations have dwindled to exceedingly low levels. This has raised alarms among economists and policymakers that the Fed will find it even harder to achieve its 2% inflation target in the future. “By some measures, inflation expectations — which are a key determinant of actual inflation — have
slipped further this year and today are at uncomfortably low levels,” Charles Evans, president of the Chicago Fed, said last week. Evans said that while he still thinks the Fed will reach its inflation target over the next couple of years, “achieving these outcomes will require more accommodative monetary policy.” The slumping global economy, with its potential to infect the United States, is another concern for the Fed. The International Monetary Fund foresees global growth slowing to 3% this year, which would be the weakest showing since 2009, when the world was in the grips of the
financial crisis. China’s economy is decelerating in part because of Trump’s trade war. And Germany, heavily dependent on exports, is nearly in recession as its shipments to China have flagged. Fed policymakers are sharply divided between those most worried about an economic slump and others seemingly more concerned that further rate cuts could fuel dangerous asset bubbles. At last month’s meeting, tenparticipants signaled opposition to further rate cuts, though not all are voting members of the Fed’s rate-setting committee. Seven others signaled support for another cut.
PAGE 10, Thursday, October 24, 2019
THE TRIBUNE
Google claims breakthrough in blazingly fast computing
SAN FRANCISCO Associated Press GOOGLE announced yesterday it has achieved a breakthrough in quantum computing, saying it has developed an experimental processor that took just minutes to complete a calculation that would take the world’s best supercomputer thousands of years. The feat could open the door someday to machines so blazingly fast that they could revolutionise such tasks as finding new medicines, developing vastly smarter artificial intelligence systems and, most ominously, cracking the encryption that protects some of the world’s most closely guarded secrets. Such practical uses are still probably decades away, scientists said. But the latest findings, published in the
THE GOOGLE logo at a gadgets show in Paris. Google said it has achieved a breakthrough in quantum computing research, saying its quantum processor has completed a calculation in just a few minutes that would take a traditional supercomputer thousands of years to finish. scientific journal Nature, show that “quantum speedup is achievable in a real-world system and is not precluded by any hidden physical laws,” the researchers wrote. Big tech companies including Microsoft, IBM and Intel are avidly pursuing quantum computing, a new and somewhat bewildering technology for vastly sped-up information processing. While conventional
computing relies on bits, or pieces of data that bear either a one or zero, quantum computing employs quantum bits, or qubits, that contain values of one and zero simultaneously. But quantum computing requires placing the fragile and volatile qubits in colder-than-outer-spacerefrigerators to control them. Google’s quantum processor looks like an upside-down garbage
JUNIOR COMPLIANCE OFFICER October 2019
Trident Trust is a leading independent provider of corporate, trust and fund services to the financial services sector worldwide, employing 800 staff across a global footprint that spans Africa, the Americas, Asia, the Caribbean, Europe and the Middle East. We are seeking an entry level Administrator to join the Compliance division in The Bahamas. Client-focussed and serviceoriented, we only employ individuals who are professionally minded, committed and able to demonstrate good interpersonal skills. The Role To assist the Compliance team in compliance related matters and to file and/or process related information as designated. Key Responsibilities: The successful candidate will be responsible for assisting, directing and co-ordinating activities relating to compliance matters including but not limited to: - Conducting world checks. - Conducting background checks. - Prepare reports and any other ad hoc documents that are requested from time to time by the Compliance Officer. - Assists on specific projects as required including updating electronic logs, archiving, scanning and filing. - Undertakes other tasks that may be requested by the Compliance Officer and are commensurate with the level of the role. - Prepared to undertake professional study as required Skills and Experiences • A high-school diploma or a degree in a business-related field. • A minimum of 2 years’ experience in the field of Compliance. • Awareness of relevant regulations and legislation. • Proven ability to maintain a professional, positive and enthusiastic attitude when dealing with clients and colleagues. • Proven ability to work under pressure, work independently and to be organised • Proven problem solving, communication and relationship skills. • Proven time management skills including an ability to manage multiple tasks and to meet deadlines • Good standard of communication, both written and verbal Compensation Competitive compensation will be offered, based on the successful candidate’s relevant experience and overall suitability for the position. How to Apply Applications should include a complete C.V. and will be treated in the strictest of confidence. Please clearly outline the skills and attributes you would bring to the role, your availability and salary expectations. Applications should be submitted not later than October 25, 2019 to the Manager at ycoakley@tridenttrust.com.
can, out of which comes a series of tubes used to conduct signals to a chip. The whole thing is stored in a cool chamber to protect the chip. Google said that its quantum processor, called Sycamore, finished a calculation in three minutes, 20 seconds — and that it would take the world’s fastest supercomputer 10,000 years to do the same thing. The calculation was a random sampling problem, similar to looking at the various combinations that could come from dice or a gambling machine. It has little practical value, other than to test how well the processor works. “The more interesting milestone will be a useful application,” said Chris Monroe, a University of Maryland physicist who is also the founder of quantum startup IonQ. Google’s findings, however, faced pushback from
other industry researchers. A version of Google’s paper leaked online last month. IBM took issue with Google’s claim that it had achieved “quantum supremacy”, or the point when a quantum computer can perform a calculation that a traditional computer can’t complete within its lifetime. IBM researchers said that its IBM-developed supercomputer, called Summit, could actually do the calculation in 2.5 days. Google disputed IBM’s claims. Whether or not Google achieved “quantum supremacy”, the research suggests the field is maturing. “The quantum supremacy milestone allegedly achieved by Google is a pivotal step in the quest for practical quantum computers,” John Preskill, the Caltech professor who coined the term
“quantum supremacy”, wrote in a column after the paper was leaked. It means quantum computing research can enter a new stage, he wrote, though a significant effect on society “may still be decades away”. One feared outcome — though experts said it is a long way off — is a computer powerful enough to break today’s best cryptography. Quantum computers might also one day lead to the development of better artificial intelligence systems to guide financial portfolios, crop yields or transportation routes. The promise of such applications has attracted interest from the US, China and other governments. President Donald Trump last year signed a measure to spend more than $1.2bn over five years for quantum research across the federal government.
THE TRIBUNE
Thursday, October 24, 2019, PAGE 11
FORD 3Q PROFIT FALLS NEARLY 60% ON RESTRUCTURING COSTS DEARBORN Associated Press
FORD Motor Co’s thirdquarter net income tumbled nearly 60% as the company booked $1.5bn in charges mainly for restructuring, and Chinese and US sales fell. The Dearborn, Michigan, automaker knocked a halfbillion dollars off its full-year pretax earnings guidance. Ford now says it will make $6.5bn to $7bn, or $1.20 to $1.32 per share. Ford’s net income from July through September was $425m, or 11 cents per share. Excluding restructuring charges, the company made 34 cents per share. That soundly beat Wall Street estimates that averaged 26 cents per share. Revenue fell 2% to $36.99bn, partly because the company bungled the launch of the new Ford Explorer SUV. Sales of the highly profitable Explorer were down 48% for the quarter as quality problems forced the company to hold shipments to dealers. Ford’s revenue also beat Wall Street estimates of $36.87bn, according to data provider FactSet. Included in the restructuring charges was $800m to reduce the value of assets in India, where the company
A WHEEL on a 2019 Ford Expedition 4x4 is displayed at the 2019 Pittsburgh International Auto Show in Pittsburgh. formed a joint venture with Mahindra, as well as ending its Chariot ride-hailing service. Chief Financial Officer Tim Stone said Ford is making progress, emphasizing improved free cash flow to $200m. He said the automaker is rolling out the right portfolio of new products, restructuring to improve productivity, and developing smart autonomous vehicles. “We think the trajectory is improving across the business,” he said. Ford, which released earnings after the markets closed yesterday, said
higher than expected warranty costs, expected lower sales and income in China and increased discounts in North America caused the company to cut its full-year guidance. Shares of Ford fell 3.3% to
$8.91 in after-hours trading. Ford had planned to send the Chicago-built 2020 Explorer to dealers during the normal model year changeover in late summer. But quality problems forced it to delay deliveries and
even ship thousands of the SUVs to Michigan for repairs. The company says dealers are now getting them in large numbers directly from the factory, although some are still being sent off for fixes. As a result, Explorer sales slumped during the quarter, cutting into revenue and income. That helped to drag Ford’s overall US sales for the quarter down 5.1%, according to the Edmunds. com auto pricing website. “Ford has almost fully made its transition away from cars, but the company has yet to show that this gamble is driving sales in a meaningful way,” said Jeremy Acevedo, Edmunds’ senior manager of insights. “If the company can’t turn the corner with a stable of brand-new SUVs right when shoppers want them most, there could be cause for concern.”
Ford switched the Explorer from front-wheeldrive to rear-wheel-drive, and gave it a gas-electric hybrid version for the 2020 model year. The SUV’s launch was the most complex in the company’s history, spokeswoman Kelli Felker said. For example, 96 % of the work stations at the Chicago factory had to be changed for the launch, she said. The company sent the SUVs 260 miles (420 kilometers) to a plant in Flat Rock, Michigan, for repairs, largely because there is little space around the Chicago factory to store them. Plus, Ford had space and a trained workforce in Michigan to make the repairs, Felker said. Among the problems are loose wiring harnesses, gear displays that aren’t activated, faulty seats and an improper shifter cover.
EMPLOYMENT
OPPORTUNITY
HEAD CHEF Blue Lagoon Island, home of Dolphin Encounters is looking for an experienced Chef who is passionate about culinary arts. The ideal candidate for this position will be a leader who is current with culinary trends. If you are passionate about the restaurant industry and have prior experience as a Chef, we invite you to apply today. Responsibilities:
POSITION AVAILABLE Compliance Officer
If you: • Possess good working skills • Have good oral and written communication skills • Are able to work Flexible Hours Main Responsibilities: • Report inconsistencies to Compliance Supervisor • Provide written reports on a regular basis • Investigate compliance disputes • Conduct spot checks • Liaise with law enforcement officers to ensure proper reporting violations • Ensure security procedures are adhered to • Conduct field investigations to ensure compliance • Investigate violations • Conducts surveillance to ensure all regulations are adhered to • Provide temporary solutions to minor problems • Any other duties assigned DOCUMENTS REQUIRED 1. Copy of your valid Bahamian Passport 2. Copy of your valid NIB Smart Card 3. Copy of your Police Record 4. 2- References 5. 2- Recent Passport photos
Email to jobs2018bah@gmail.com Deadline: October 28th, 2019
Include but are not limited to; • Estimating food requirements as well as food/labor costs • Assigning work in the kitchen • Assist with scheduling and training kitchen staff • Manage kitchen staff and delegate tasks related to meal prep, cooking and delivering food to guests in a timely fashion • Keeping up with industry trends and creating new delectable dishes • Planning and directing food preparation and culinary activities • Modifying menus or creating new ones that are profitable and meet quality standards • Ordering food and supplies as well as arranging for equipment purchases and repairs • Comply with nutrition and sanitation regulations and safety standards Requirements • • • • • • • • •
Working knowledge of various computer software programs (MS Office, restaurant management software, POS) Knowledge of kitchen inventory management Strong knowledge of proper food handling and sanitation standards Able to work in a fast-paced environment Knowledge and experience in baking and pastry making Knowledge of QuickBooks a plus 3+ years working experience as a chef 3+ years’ experience in a supervisory role Associate Degree in Culinary Arts required (Bachelor’s preferred) Only qualified applicants will be contacted. Please send resumes to hr@dolphinencounters.com
PAGE 12, Thursday, October 24, 2019
THE TRIBUNE
YOUR
CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019
THE TRIBUNE
Thursday, October 24, 2019, PAGE 13
Stocks eke out gains after a mixed set of earnings reports By ALEX VEIGA Associated Press US stock indexes eked out tiny gains yesterday following a wobbly day of trading as investors reviewed another set of mixed quarterly report cards from big companies. Some of the companies’ earnings topped analysts’ expectations. Others put traders in a selling mood after warning that the slowing global economy and trade tensions are hitting their profits. While it’s still early this earnings season, traders are trying to gauge how much the US trade war with China and a slowdown in global economic growth is hurting Corporate America. The lack of direction in earnings yesterday was reflected in the market, which spent most of the day wavering between tiny gains and losses. “Fewer than a quarter of the companies have reported, so there’s a lot more to come,” said Sam Stovall, chief investment strategist at CFRA. “But the results have been mixed so far, even with the bar being set as low as it was.” The S&P 500 rose 8.53 points, or 0.3%, to 3,004.52. The benchmark index had been down about 0.2% before recovering toward the end of the day. It remains within 0.8% of its all-time high, which was set July 26. The Dow Jones Industrial Average also rebounded from a midday drop, gaining 45.85 points, or 0.2%, to 26,833.95. The Nasdaq composite added 15.50 points, or 0.2%, to 8,119.79. The Russell 2000 index of smaller companies picked up 1.99 points, or 0.1%, to 1,552.86. Bond yields mostly held steady. The yield on the ten-year Treasury note was unchanged at 1.76%. Roughly a quarter of the companies in the S&P 500 have reported how much they made from July through September, and
analysts are still forecasting the index will end up showing a drop in earnings per share from a year earlier. If they’re right, it would be the first time earnings have fallen for three straight quarters since 201516, according to FactSet. The weakest results are expected to come from companies that are reliant on the strength of the global economy, which has been slowing amid trade wars. Raw-material producers, technology companies and energy stocks are predicted to report drops of 10% or more, according to FactSet. Analysts are forecasting stronger growth for communications companies and businesses that sell to consumers, which have been the strongest part of the economy. One worrisome sign is that estimates for 2020 corporate earnings growth have been mostly reduced since the end of last month, Stovall said. “There’s so much uncertainty out there right now,” he said. “The US-China trade relations, whether that is likely to see improvement, and what kind of an impact Europe could experience when Britain does finally leave the EU.” Health care companies helped lead stocks higher yesterday, powered in part by Thermo Fisher Scientific, which reported strongerthan-expected profits and raised its forecast for fullyear revenue and profit. The stock gained 5.7%. Boeing rose 1% after it said its 737 Max airplane may return to service by the end of the year and that it will gradually increase 737 production by late 2020. That helped make up for its weaker-than-expected profit for the latest quarter. On the losing end was Texas Instruments, which said its customers have become far more cautious than they were even 90 days ago, with trade tensions a big factor. It reported stronger profits for the
latest quarter than analysts expected, but its forecast for this quarter fell short of their estimates. It lost 7.5%. Caterpillar, another company whose fortunes are seen on Wall Street as closely tied to President Donald Trump’s trade wars, briefly declined before climbing 1.2% after reporting weaker-than-expected profit for the latest quarter. Several big companies are scheduled to report quarterly results on Thursday, including American Airlines Group, Amazon and Visa. Benchmark US crude oil rose $1.49 to settle at $55.97 a barrel. Brent crude oil, the international standard, gained $1.47 to close at $61.17 a barrel. Wholesale gasoline rose four cents to $1.65 per gallon. Heating oil climbed 2 cents to $1.96 per gallon. Natural gas rose one cent to $2.28 per 1,000 cubic feet. Gold rose $8.20 to $1,489.90 per ounce, silver rose 8 cents to $17.52 per
ounce and copper rose fourcents to $2.66 per pound. The dollar rose to 108.65 Japanese yen from 108.46 yen on
Tuesday. The euro strengthened to $1.1128 from $1.1124. Stock indexes in Europe closed mixed
yesterday as the United Kingdom’s pending exit from the European Union appeared set for yet another delay.
To advertise in The Tribune, contact 502-2394
NOTICE NOTICE is hereby given that ANSON PETIT, of Palm Breeze Drive, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24nd day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE IN THE ESTATE OF ANIESHA LETANIA THOMPSON late of No. 1A Dolphin Drive in the Western District of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased. Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 31st November, A. D. 2019, after which date the Administrator will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.
IN THE SUPREME COURT PROBATE DIVISION 2019/PRO/npr/00421
IN THE ESTATE OF AUDREY FLORENCE DEAN-WRIGHT late of Skyline Lakes in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased.
And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date herein before mentioned.
NOTICE is hereby given that all persons having any claims and/or demands against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 19th November 2019 after which date the Executors will proceed to distribute the assets having regard only to the claims of which they shall then have had notice AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.
EDWARD B. TURNER & CO. #24 Leonie Place Flax Terrace off Malcolm Road Nassau, Bahamas Attorneys for the Administrator of the Estate of the late Aniesha Letania Thompson
Personal Representative of the ESTATE OF AUDREY FLORENCE DEAN-WRIGHT c/o Sterling Bank & Trust Limited 81 East Bay Street Nassau, The Bahamas
PAGE 14, Thursday, October 24, 2019
THE TRIBUNE
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
WEDNESDAY, 23 OCTOBER 2019
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,187.12 | CHG: -1.71 | %CHG: -0.08 | YTD: 77.67 | YTD%: 3.68 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 10.21 7.51 16.50 9.30 3.64 14.20
52WK LOW 3.70 20.91 4.90 4.46 1.01 0.22 2.00 9.25 6.15 3.95 6.75 2.35 1.76 7.51 6.10 12.10 6.20 3.01 13.01
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 4.08 17.43 6.00 5.92 2.46 1.80 4.51 11.06 6.16 4.06 7.98 3.27 3.50 10.50 7.51 16.25 9.27 3.54 14.20
CLOSE 3.70 17.43 6.00 5.92 2.46 1.80 4.51 11.06 6.16 4.06 7.98 3.37 3.50 10.44 7.51 16.25 9.27 3.54 14.20
CHANGE -0.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.00 -0.06 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund 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 145,660
VOLUME
NAV 2.26 4.29 2.07 191.61 158.33 1.65 1.82 1.74 1.19 8.23 10.10 6.85 11.24 12.28 10.74 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 15.5 18.7 N/M 16.0 N/M N/M -10.3 15.3 13.7 22.1 57.0 33.0 7.5 16.2 10.3 19.9 9.9 17.4 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.59% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.96% 0.00% 12.88% 1.71% 3.14% 3.20% 3.32% 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 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-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
THE TRIBUNE
Thursday, October 24, 2019, PAGE 15
Tesla’s stock soars after company posts surprising 3Q profit
AN UNSOLD 2019 Model X sits under a sign at a Tesla dealership in Littleton, Colo. Tesla reported financial earns yesterday. Photo: David Zalubowski/AP SAN FRANCISCO Associated Press TESLA posted a surprising profit of $143m in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company. The positive results announced yesterday came after Tesla lost $1.1bn during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles. Doubts about Tesla forced its stock to fall by 23% so far this year, while the bellwether Standard & Poor’s 500 index has climbed 20% so far. But Tesla’s shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring by nearly 18% to $299.41 in extended trading. The rally stemmed largely to the widespread expectation on Wall Street that Tesla would registere yet another significant loss for the July-September period. Analysts surveyed by
FactSet had projected Tesla would lose about $253m during the third quarter. Instead, Tesla delivered a “jaw dropper”, said Wedbush Securities analyst Daniel Ives. “The Street wanted profitability and Tesla delivered in big fashion.” The performance represents a measure of vindication for Tesla’s enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture. Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter. Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company’s financial breakthrough in the past quarter.
To advertise in The Tribune, contact 502-2394
PAGE 16, Thursday, October 24, 2019
THE TRIBUNE
ZUCKERBERG DEFENDS FACEBOOK’S CURRENCY PLANS BEFORE CONGRESS WASHINGTON Associated Press
FACEBOOK CEO Mark Zuckerberg, pictured, endured hours of prickly questioning from lawmakers yesterday as he defended the company’s new globally ambitious project to create a digital currency while also dealing with widening scrutiny from US regulators. Representatives also grilled Zuckerberg on Facebook’s track record on civil
rights, hate speech, privacy and misinformation — not surprising given the litany of scandals Facebook has been dealing with over the past two years. The House Financial Services Committee’s immediate focus was Facebook’s plans for the currency, to be called Libra. Zuckerberg took pains to reassure lawmakers that his company won’t move forward with Libra without explicit approval from all US financial regulators. Still, many members
of the panel appeared unconvinced. Rep Maxine Waters, the California Democrat who chairs the panel, said the Libra project and the digital wallet that would be used with it, Calibra, “raise many concerns relating to privacy, trading risks, discrimination ... national security, monetary policy and the stability of the global financial system”. Furthermore, Waters told Zuckerberg, “You have opened up a discussion about whether Facebook
should be broken up.” The social media giant has sparked public and official anger at every turn, from its alleged anticompetitive behaviour to its shift into messaging services that allow encrypted conversations, to its refusal to take down phony political ads or doctored videos. The breakup specter — the worst-case scenario for Facebook and other tech behemoths — has been raised by prominent politicians, notably Sen Elizabeth Warren, a leading
Democratic presidential candidate. The Justice Department, the Federal Trade Commission, the House Judiciary antitrust subcommittee and attorneys general in several states are all conducting investigations of Facebook and other tech giants amid accusations that they abuse their market power to crush competition. Zuckerberg was on the defensive at the hearing, his first testimony to Congress since April 2018, parrying criticism but also acknowledging lapses. He conceded at one point that the Libra project is “risky”, acknowledging several high-profile companies such as Visa, MasterCard and PayPal had signed on as partners in the currency’s governing association but have recently bailed. Under continued criticism of Facebook’s handling of hate speech and potential incitements to violence on its site, he said, “We’re not perfect. We make a lot of mistakes.” Trust was a central theme of the hearing. Given Facebook’s history “why should congress regulators and the public trust you to create what amounts to the world’s largest bank, what really amounts to shadow sovereign government?” asked Rep Madeleine Dean, a Democrat from Pennsylvania. Responded Zuckerberg: “Well congresswoman, we are not creating a bank. We are helping an organisation create a payment system.” Zuckerberg held up China as a strong reason for encouraging innovation as embodied in the Libra project. “While we debate these issues, the rest of the world isn’t waiting,” he said. “China is moving quickly to launch similar ideas in the coming months.” Facebook also has cited competition from China as a compelling reason against breaking up the company. Zuckerberg’s China argument found a ready echo from some Republicans on the committee, such as Rep Patrick McHenry of North Carolina, who stepped up to defend the Libra project and urge lawmakers not to put “innovation on trial”. But Democrats, in a rare tilt, allied themselves with President Donald Trump and his Treasury secretary, Steven Mnuchin, who have publicly criticised the Libra plan. Mnuchin and other regulators, including Federal Reserve Chairman Jerome Powell, have warned that the digital currency could be used for illicit activity such as money laundering or drug trafficking. Zuckerberg touted his optimistic vision of Libra and what it could mean for people around the world who don’t have access to bank accounts. A bulk of the hearing also focused on Facebook’s record on diversity and civil rights. Rep Joyce Beatty, a Democrat from Ohio and vice chair of the Congressional Black Caucus, lambasted Zuckerberg over his company’s track record on both.