11042019 BUSINESS

business@tribunemedia.net

MONDAY, NOVEMBER 4, 2019

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DPM: Dorian won’t break VAT promise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HE government will likely need around $300m in bank and other commercial financing to meet post-Dorian needs, as the deputy prime minister pledged: “We won’t break our VAT promise to the people.�

K Peter Turnquest told Tribune Business that the Minnis administration will not use the category five storm’s aftermath as an

• Govt to stay course on $360m arrears pay-off • Likely to need $300m bank finance for deficit • ‘Nothing is off the table’ on funding options

K PETER TURNQUEST

excuse to deviate from the three-year fiscal consolidation plan that commits it to paying off some $360m in unbudgeted arrears over that period.

Some $201.7m, or 56 percent, of this sum had been paid at end-September 2019, and Mr Turnquest said the government will not divert monies away

from this to finance postDorian reconstruction as it would effectively betray the reason it gave for hiking VAT to 12 percent in the 2018-2019 budget.

He explained that a sizeable chunk of the expanded $573.4m deficit now projected for the 2019-2020

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Union’s bid for $5m Water Corp damages tossed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union’s bid to secure nearly $5m in damages from the Water & Sewerage Corporation for violating their industrial agreement has been rejected by a Supreme Court judge.

Justice Ian Winder ruled that the Water & Sewerage Management Union, together with its trustees and president, were due just $15,000 in “nominal damages� after the state-owned water utility breached the industrial agreement clause that gave its members a “90day exclusivity� to bid on all

outsourcing opportunities.

Besides finding that the union was incapable of claiming damages on its members’ behalf, Justice Winder also dismissed calculations by its financial analyst, Davinia Bain-Blair, that it was due $4.856m in damages due to not being informed of three Family Island reverse osmosis plant opportunities.

The analysis was based on the corporation’s $4,000 per month guaranteed payment to Watermakers Inc/ Staniel Cay Yacht Club for each of the three plants over the life of their ten-year contracts, but the Supreme

SEE PAGE 5

Broker fighting commission to close this week By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN broker/ dealer embroiled in a furious legal battle with the Securities Commission yesterday confirmed it will close this week with multiple job losses having already occurred.

Guy Gentile, principal of SureTrader and MintBroker International, told Tribune Business in an e-mail last night that it had been a “sad weekend� after the operation based in Bay Street’s Elizabeth on Bay plaza released “around 15� staff on Friday.

He added that

SureTrader’s clients had been asked to either close their accounts or have them transferred to another broker by this Friday, after sending this newspaper a signed missive headlined “Exiting the brokerage industry� that started with the phrase: “In life there is a rule ‘everything has a beginning and an end’.

Business is not exempt from this rule.�

However, Mr Gentile did not respond to Tribune Business’s e-mail asking whether SureTrader’s closure has any connection to his and the company’s current legal battles with

SEE PAGE 6

Union merger ‘critically urgent’ for worker rights By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE merger of The Bahamas’ two major trade union bodies is “critically urgent� because workers are losing hard-fought rights and benefits, a leading unionist has told Tribune Business.

Obie Ferguson, head of the Trades Union Congress (TUC), said its planned combination with the National Congress of Trade Unions (NCTU) would give the labour movement more clout and influence in

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OBIE FERGUSON addressing issues that affect Bahamian workers.

Declining to provide a timeline for when the

SEE PAGE 4

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PAGE 2, Monday, November 4, 2019

THE TRIBUNE

BROKER: TOO MANY BAHAMIANS PRICED OUT OF MID-MARKET HOMES A WELL-known real estate broker has urged the country to tackle the growing problem of housing affordability, warning that too many Bahamians are being priced out of the midrange market.

“Home ownership has been shown to be the foundation of safer, healthier communities,” said Mario Carey, a four-decade real estate veteran. While luxury properties continue to command high prices, and he and his colleagues enjoy sustained success in this area, he worries that too many Bahamians are being priced out of the middle range housing market.

“What is happening in The Bahamas is that the high cost of real estate combined with the scarcity of high-paying jobs is creating a growing gap between those who can own their

MARIO CAREY own home and those, including well-educated college graduates, who are forced to stall or forego their dream of a home of their own,” said Mr Carey, founder and president of Better Homes and Gardens Real Estate MCR Bahamas Group. “We must find a solution.”

He views the Bahamian housing dilemma as part of a larger set of financial challenges that, left to reverberate throughout the economy, could shatter the

increasingly fragile middleclass safety net that holds communities together and allows for economic expansion.

“At the moment we are facing the perfect storm of a middle-income pocketbook punching bag,” he said. “How can the median-income Bahamian household keep up with inflation, with the rising cost of living, plus 12 percent VAT, a lack of capital in the business community meaning not a lot of new businesses opening offering opportunity, double digit unemployment and little diversity in housing inventory?”

Noting that those displaced by Hurricane Dorian have merely added to New Providence’s housing pressures, Mr Carey added: “When demand outpaces supply, you have to innovate

to design and manufacture the supply part of the chain.

I believe there are several options, including government spurring the economy by covering costs to develop subdivided crown land.”

Careful zoning and development, he said, can open up vast areas for residential ownership. While government bears the first cost, owners then pay utilities, real property tax, hire service personnel or companies, and buy everything for their homes from paint to furniture. “With government’s initial investment, we can create communities with parks, jogging and cycling trails, a community centre,” he says.

“If land development costs are subsidised by government, those who want to invest in an income-producing property like duplexes and triplexes will be better

able to do so at a lower cost and in a quicker time frame.

“The income-producing model is interesting because when you look at the list of distressed properties – those foreclosed by a lending institution for non-payment – of the hundreds on those lists, very few are duplexes or triplexes.”

Mr Carey adopted the same solutions-oriented approach almost immediately after Dorian. With homes destroyed or uninhabitable, and thousands of people displaced, Mr Carey suggested investment by groups in distressed properties at reduced sales and closing costs.

Making use of foreclosed properties, he added, would take them off the lender’s books and make them available for immediate near-term rental as well as improving neighbourhoods

which suffered the repercussions of many empty structures, lessening the value of existing property nearby. For those who could afford to buy, the foreclosed properties would provide housing and an opportunity for the family inhabiting the dwelling to make improvements.

“Whenever there is a problem, you have to look for the solution,” said Mr Carey. “After more than 35 years in the business, seeing the highs and living through the lows and watching the market as well as the people who work in real estate mature, I think of it the same way as I do a triathlon.

You have to get through the worst part to get to the part you like best and,. eventually, even though it’s tough, with enough stamina and determination, you get to the finish line.”

Works minister to lead Long Island’s Outlook DESMOND Bannister, pictured, minister of works, will be the main speaker at the fifth Long Island Business Outlook conference that is scheduled for November 14.

It will be held at the Ladies Friendship Centre in the settlement of Grays

under the theme Connecting resources, maximising opportunities, transforming Long Island.

Completing the speaker line-up will be Adrian Gibson, executive chairman, Water & Sewerage Corporation; Dr Nicola Virgill-Rolle, director of

The National Insurance Board; Ian Knowles, Long Island’s chief councillor; Algernon Cargill, director of aviation, Ministry of Tourism and Aviation; Chloe Burke, Airbnb’s public policy associate for the Caribbean and Central America; Dave Smith,

executive director, Bahamas Development Bank; Winston Rolle, senior advisor, Small Business Development Centre; Alicia Tai, business development manager, business enterprise, BTC; Delmaro Duncombe, senior Aliv partner; and Ramona Richie-Taylor, vice-president of the Long Island Chamber of Commerce.

Joan Albury, developer and chief organiser of LBO of the seven-island Business Outlook Series, said: “Never has it been more important to grow the Business Outlooks in the major communities of the Family Islands, such as Long Island.

“A new and necessary phase of development seems to be getting into gear, so it’s urgent to bring together the pertinent national and local leaders to share information, opportunities, challenges and harmonise goals and the steps towards achieving those goals. Facilitating such essential collaborations is the reason for the existence of the Business Outlook Series.

“Based on communications with chief councillor Ian Knowles, we are expecting that the current well-received infrastructural projects, especially the water and airport projects, [and] the need for more employment and more Bahamian business investment, will top Long Islanders’ input to the discussions.

“It is for this reason that we are most grateful to have secured the participation of the minister of public works, the member of Parliament for Long Island and the director of aviation, along with several other strategic movers and shakers, including representatives of the Small Business Development Centre and Bahamas Development Bank.”

Mrs Albury continued: “Locals are excited about the water project, and are of the opinion that these projects will put Long Island into the spotlight.

The current construction bodes well to create new business opportunities such as pools, laundromats, car washes and other common amenities.

Additionally, the year has brought an increase in real estate business as well and, apparently, the crawfish season got off to a good start.

“Undoubtedly, Long Island has the kind of social and environmental profile that appeals to today’s tourists who are seeking greater authenticity. We have been told that many visitors are drawn by the simplicity and eco tours, such as birding and bonefishing.

“Long Island tourism is likely to become highly competitive with an international airport, more airlift and increased marketing.

There is a great opportunity for investment in higherend product, such as nice restaurants and good entertainment. Also, it is hoped

that the cost of living can be mitigated; electricity costs are astronomical,” she added.

“There is a message that is coming out of Long Island from which the entire country could benefit, especially in the light of the enormous changes Hurricane Dorian has forced. Long Islanders are demonstrating an attitude that is key to quality and sustainable development—the people taking ownership of challenges and opportunities.

“Evidently, they believe in putting their hands to the wheel to build and safeguard their island. Just consider how they reacted to the devastation of the Category four Hurricane Joaquin in 2015. Although they endured extreme flooding and the loss of over 400 residences, they didn’t hesitate to mobilise to get going again.”

For registration, contact any one of the following: Ramona Ritchie-Taylor, e-mail at ramona.ritchietaylor@gmail.com, Tel: 242 472 8100 or Long Island Chamber of Commerce, e-mail longislandcoc@gmail.com or Dawn Simmons, e-mail dsimmons@bahamas.com or Margaret Albury e-mail malbury@tclbahamas.com, Tel. 242 322 7505 or register at www.tclevents.com.

THE TRIBUNE

Monday, November 4, 2019, PAGE 3

PROPERTY WORTH $160M ADDED TO TAXATION ROLLS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government has already added $160m worth of property to the tax roll through its technologydriven initiative to upgrade “antiquated” systems, the deputy prime minister has revealed.

K Peter Turnquest, addressing the eighth annual Caribbean valuation and construction conference, said efforts to reform real property tax were already bearing fruit through the addition of 550 extra properties to the rolls.

Referring to the government’s recently-launched initiative to capture every home and commercial building on New Providence, Mr Turnquest said some 16,000 properties including vacant land - have already been assessed. With this number accounting for

20 percent of the island, he added that the evaluation project was on target for completion within the target 18-month timeframe.

“Since the project started earlier this year, almost 16,000 properties have been assessed, including residential, commercial and vacant lands,” the deputy prime minister explained.

“For the tax roll next year, we added 550 new dwellings with an estimated appraised value to the tax roll of $160m. With 20 percent of the island of New Providence assessed already, the project is on target to be completed in its 18-month timeframe.”

Mr Turnquest reaffirmed the initiative’s goals of generating $21m in extra annual real property tax revenue, and increasing the number of properties on the tax roll by 30 percent, to a conference organised by the Royal

Institution of Chartered Surveyors (RICS) and the International Property Tax Institute (IPTI).

To achieve this, as announced earlier this year, door-to-door calls are being made on all New Providence properties over the period to end-2020 in a bid to create a modernised tax system that delivers improved revenue yields together with greater taxpayer equity and fairness.

The data collected will ultimately be used to develop an “objective basis” for valuing real estate that will enable owners to challenge billings and tax assessments they believe are over-valued.

While property owners do not have to give data “collectors” access to the interior of their property, they will be taking photographs of all properties and measuring their exterior dimensions. They

will also determine the current property owner’s identity, and seek information including the year the building was built; occupancy type and size of building; number of rooms and type of construction.

“We are not too proud to admit that our real property tax system is quite antiquated,” Mr Turnquest told the conference. “The data collection exercise that we have underway is the foundation for addressing the various known challenges we have...

“At the end of the day, the transformation we are ushering in will allow us to have more fair and timely assessments using quantifiable and objective criteria.

We will finally be able to establish boundaries that group homogenous parcels together for the purpose of valuing like properties equitably. In other words, rate parity in

neighbourhoods across the country.

“And, importantly, for me as minister of finance, the government will be in a position to reduce revenue leakage caused by dated, incomplete and inaccurate data currently stored in the system.”

Mr Turnquest said the reforms that the Department of Inland Revenue (DIR) and its consultant, Tyler Technologies, are undertaking are but one part of the government-wide digitisation and modernisation initiatives designed to transform the public sector bureaucracy.

Acknowledging the “frustrations” with the real property tax system, especially when it came to fairness and the “ease of doing business”, the deputy prime minister added that the government wanted to transform it into “a model example”

for the Caribbean.

With real property tax forecast to generate $131m, or six percent of the government’s total revenue for the 2019-2020 fiscal year, Mr Turnquest said: “It is difficult to arrive at a more accurate and fair valuation system if your data is not fully computerised; if your systems pay little or no consideration to market information; if the values on record are based on decades-old market information.

“In the future we will not have to worry about these legacy issues, as we are doing ownership research and reconciliation, land pricing and sales analysis, among other things. Upon completion of our data collection and data entry, an update of land and building rates will be possible using a fully enabled Computer Assisted Mass Assessment (CAMA) software tool.”

BANK ACQUIRES FORMER RBC FINCO PROPERTY PM unveils NAI Bahamas Realty Commercial, the commercial division of Bahamas Realty, has facilitated the sale of the former FINCO building on Robinson Road to another unnamed retail bank.

Larry Roberts, commercial broker, negotiated the sale of the property former used by Royal Bank of Canada’s (RBC) BISX-listed mortgage lending arm.

“This sale is the latest of several recent major transactions we’ve represented in Nassau,” said Donnie Martinborough, chief executive of Bahamas Realty & NAI Bahamas Realty Commercial. “This trend demonstrates a clear

$1.5m farm, fishing relief

demand for commercial space in the capital.”

The purpose-built building is located on the north-east corner of Robinson Road and Key West Street, a high traffic

location with excellent visibility. The 6,499 square foot building is designed for security with separate front office and secure warehouse sections, and features a drive-through facility.

‘DISCIPLINE, NOT JUST SPEED’ NEEDED IN DORIAN CLEAN-UP

By YOURI KEMP

A CABINET minister says Abaco’s post-Dorian clean-up “requires tremendous discipline and not merely speed” amid concerns that the effort needs to be “ramped up” to facilitate the island’s restoration.

Desmond Bannister, minister of works, told Tribune Business: “The Ministry’s efforts are planned, targeted, professional and precise. We began by clearing roads and repairing road breaches immediately after the storm. We did that with roads and bridges, as you can see with the Little Abaco bridge.

“The next step is to clear areas that require public access - road verges, government facilities and tracts such as the shanty towns that may impact public health or safety. However, this work requires tremendous discipline, not merely speed, since every attempt must be taken to recover bodies with dignity, and to protect property that is salvageable.”

Mr Bannister was responding after Ken Hutton, the Abaco Chamber of Commerce’s president, last week said the authorities needed to speed the clean-up process up by “a factor of four to five”, and permit foreign contractors with the necessary equipment to assist given that the scale of the devastation requires “mammoth resources that this country doesn’t possess”.

Warning that it was impossible for businesses and homeowners to rebuild “in the middle of debris field”, given the obvious dangers this posed, Mr Hutton said a non-governmental organisation’s (NGO) recent revelation that it was taking 180 loads to the Abaco landfill per day “needs to be closer to 1,000” if reconstruction is to soon begin in earnest.

He added that the debris and waste created by the category five storm, which a Cabinet minister previously estimated to weigh 1.5bn pounds, also needed to be properly separated rather than simply dumped en masse into the island’s landfill due to the heightened

risk this posed for fires as well as long-term environmental and health hazards.

Mr Bannister, though, replied: “It is to be noted that contractors are not merely clearing the sites.

Their contracts require them to sort the waste into several defined categories, all of which will be disposed of differently. That is tedious work that must be done very carefully. It is ongoing, as is mold remediation wherever necessary.

“The next step is to clear the island in zones. We are currently doing this. These contractors must be careful in relation to private property. Good intentions can lead to a considerable amount of liability.”

He also denied that there was insufficient capacity for the clean-up effort in The Bahamas, telling Tribune Business: “We are not close to exhausting existing manpower or equipment pools. Many contractors in New Providence are fully equipped and prepared to take work on in Abaco. The emphasis from the beginning, however, was to utilise local labour and equipment in the first instance until it is exhausted.”

However, Mr Hutton’s concerns over the pace of the clean-up initiative were backed by the Marsh Harbour/Spring City town council’s chairman, Roscoe Thompson. “I concur with Ken Hutton,” he said. “The CORE (international civil society/non-governmental organisation) is doing a lot of debris removal in Murphy and Dundas Towns. Marsh Harbour’s clean up is pretty stagnant.

The only clean-up I’ve seen in that area is in The Mudd and The Peas.

“Why not focus on Dundas and Murphy Town. No one can live in The Mudd and The Peas because there is too much debris, and right now they are fencing those areas off.

Why focus on where nonBahamians live and you are forgetting the Bahamians in Dundas Town, Murphy Town, Marsh Harbour and Spring City?”

Mr Thompson also disputed the government’s assertion that Dorian-debris is

being separated and sorted before being disposed of. “Right now nothing is being separated and they are now having fires at the landfill by Snake Cay,” he alleged.

“Two days ago it was set afire. It smells bad and the smoke is lingering. There is a company there that is pushing the debris. They are filling in an old waste area where there was water settled and putting fill in on top of it.”

Tribune Business also spoke to a Bahamian contractor in Abaco assisting with the clean-up and separating of debris material. Speaking on condition of anonymity, they said: “ The contractors are working; we can’t work as fast because of the human remains.

“The process of cleaning those initial areas requires a lot of manual labour and excavators. The debris is being sorted on site. The Environmental Health Department has two dump sites; one at Snake Cay that accepts the wood and the dirt, and another off of the Earnest Dean highway that accepts kitchen items. On that Earnest Dean site they have a separate on-site portion for just for metals and another for bedroom items.

“Then they are creating a third site for cars.

It may take about two to three weeks before they create the new site from what I have been told. We have about seven more weeks before all of the contracts are to be done. It’s going to be optional to do extensions.”

The contractor also told Tribune Business “The issue in Murphy and Dundas Towns, and on the Bay Street, is land ownership. You can’t go on people’s private property and move stuff. This is the issue the government is trying to resolve right now so we can continue on into those areas.”

To advertise in The Tribune, contact 502-2394

THE prime minister yesterday said the Government plans to establish a $1.5m loan and grant initiative to help impacted farmers and fishermen recover from Hurricane Dorian.

The programme, which is also focused on persons in the boating industry, is targeted at entrepreneurs and businesses in the Special Economic Recovery Zones of Abaco and Grand Bahama.

The Prime Minister reiterated that the previously-announced VAT relief policy applies to Abaco, the Abaco Cays and Grand Bahama until June 2020.

“Under this new policy, individuals and businesses in the areas impacted

PRIME Minister Dr Hubert Minnis, centre, outlines plans for rebuilding after Dorian. directly by Hurricane items related to reconstrucDorian will be exempt tion, rehabilitation and from the payment of value- every day consumption,” added tax on a range of Dr Hubert Minnis said.

PAGE 4, Monday, November 4, 2019

DPM: Release ‘chokehold’ over financial innovation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas must “release our chokehold on the status quo” if it is to successfully break into new financial services products and markets, the deputy prime minister has urged.

K Peter Turnquest, addressing members of the Bahamas Association of Compliance Officers (BACO), said the private sector and the government needed to work together “to break those barriers down” if this nation is to realise its ambitions in areas such as Fintech (financial technology”.

Pointing to initiatives such as the Central Bank’s Project Sand Dollar, which aims to create a digital version of the Bahamian dollar, and the Securities Commission’s Digital Assets and Registered Exchanges Bill 2019 (the DARE Bill), Mr Turnquest said legislation to facilitate the latter will likely be released for public consultation before year-end

2019 or early in the New Year.

“But this requires us to release our chokehold on the status quo and to venture into new markets,” Mr Turnquest said. “This is not to negate the existence of barriers, but collectively we have to break those barriers down. Industry cannot look to government alone to do this work.”

Arguing that access to digital services and technology was critical to the competitiveness of small businesses, the deputy prime minister reiterated the need to balance compliance and regulation with innovation.

“We must strike the right balance in this area so that your work as compliance officers helps to safeguard the integrity of the industry, while also facilitating the growth and expansion of industry. This is the balance we must all strive to achieve,” Mr Turnquest said.

“We need you compliance officers to help us by being more aggressive in

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our stance towards reducing the internal red tape in your organisations as well as legislative amendments that may be required to lessen the burden of the restrictive requirements to open and maintain an account at commercial banks - and even the international sector of our financial services industry.

“We are currently uncompetitive in this area and the status quo cannot remain if we are to remain at the forefront of the industry and, at the same time, encourage financial inclusion and access to financial services required for development.”

Mr Turnquest said Hurricane Dorian had further exposed the need for more technology-based financial solutions, arguing that this was “no longer a wish or luxury; it is now a necessity” after the sector was completely shut down on Abaco.

He added that The Bahamas faces several further reviews by international agencies in early 2020, including the Organisation for Economic Co-Operation and Development’s (OECD) assessments of this nation’s economic substance/physical presence regime and country-by-country reporting.

Vacancy Announcement The American Embassy in Nassau is accepting applications for the following position:

Mechanical Engineer Salary $51,114 - $76,672 Duties: The Mechanical Engineer shall be directly responsible to the OBO Project Director in the performance of their duties. Services shall generally consist of eight (8) hours a day, 40 hours a week from Monday through Friday or as otherwise directed. The mechanical engineer shall be available for compensated overtime work as directed by the OBO Project Director. The Mechanical Engineer will observe, inspect, and report on the construction of the New Embassy Compound (NEC) in Nassau as directed by the OBO Project Director.

Interested candidates are required to possess the following skills and qualifications: • Education: Bachelor of Science degree in Mechanical Engineering from an accredited institution is required.

• Experience: Five years of progressively responsible experience in Mechanical Engineering with at least three years of experience in the field of building construction.

• Language: English level IV (Fluent) Written/Speaking/Reading is required.

The complete Vacancy Announcement and Application forms are available online at: https://bs.usembassy.gov/embassy/jobs Application forms must be submitted electronically to the following email for consideration:

DPM: Dorian won’t break VAT promise FROM PAGE ONE fiscal year will be filled with loans received from multilateral institutions such as the Inter-American Development Bank (IDB), along with $20m from the dormant bank accounts fund and the $12.9m payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF).

These funds, Mr Turnquest added, will significantly reduce the government’s need to rely on more expensive commercial bank loans and other financing to cover the $436m “blow out” in the deficit produced by Dorian compared to the initial $137m full-year forecast.

The deputy prime minister also said the government was “there”, and “very close”, to producing a balanced budget or surplus for the 20192020 first quarter if the “extraordinary items” that represented the start of post-Dorian rebuilding were taken out or eliminated.

“We do intend to continue dealing with that,” Mr Turnquest told Tribune Business when asked whether the government would sacrifice paying off the unbudgeted arrears to claw back funds for Dorian restoration. “That’s part of our consolidation plan which doesn’t necessarily change.

“We are very much on target, and the fact of the matter is we made a promise to the Bahamian people with respect to the increase in VAT and why we had to increase it. Those fundamentals have not changed and we want to continue with this consolidation.”

The government’s first quarter “fiscal snapshot”, which covers the three months to end-September 2019, revealed that the arrears were reduced by a further $17.1m during the period.

“As a part of the government’s overall plan to eliminate approximately $360m in arrears payments over three years, beginning

in fiscal year 2018-2019, the government paid $17.1m of the $100.9m allocated for fiscal year 2019-2020 during the quarter,” it said. “Since the start of the programme, the government has paid a total of $201.7m in arrears payments.”

After $52.5m was paid during the first quarter of the 2018-2019 fiscal year, the government had steadily reduced the backlog prior to Dorian’s arrival.

Some $184.6m was repaid during the 2018-2019 fiscal full year, accounting for more than half the balance owed.

Mr Turnquest, meanwhile, added that he and the Ministry of Finance were now focused on getting their post-Dorian fiscal adjustment plan to Parliament and “getting back on track as soon as possible, continuing the level of discipline that got us here by controlling expenditure and increasing revenue without increasing taxes”.

He added that “everything is going according to plan” with the government’s Dorianrelated financial strategy, and that it was “not under any pressure at the moment” due to the multitude of funding options available to it.

The $100m contingent financing line from the Inter-American Development Bank (IDB) was “in play”, Mr Turnquest revealed, with the government “very shortly” set to draw down on it again following the $25m accessed during the 2019-2020 first quarter.

“We’ve had discussions with financiers, our banks, with respect to the needs we have as they become quantifiable,” he told Tribune Business. “So far we’ve got favourable feedback so we anticipate we’ll be fine in terms of financing and the funds we can access.

“We anticipate we’ll be around a $570m-$600m deficit as a result of the hurricane. We had projected a deficit of $137m, so you’re looking at probably $400m-$450m that we have to go out for. We’re still

studying what is the best mix of financing options.

“Nothing is off the table as we evaluate the options of financing and what will be best for us. Of that $450m, we’ve got $100m from the IDB, $50m from the Caribbean Development Bank, and have got the CCRIF money. In reality it’s probably $300m we’ll be going out for in addition to what we have, so we’ll see,” Mr Turnquest continued.

“We’re not under any pressure at the moment, and have an opportunity to look at the best financing options to see what is best for us. We have some maturing debt that we might want to roll into an offering so we will see what is best from a market perspective.”

Mr Turnquest argued that the government’s fiscal austerity measures had “put us in a position where we have this headroom” to respond to the devastation Dorian has inflicted on Abaco and Grand Bahama.

“Events show we were on the right path, and that the options taken to this point have been the correct ones, so we have this flexibility,” he said, pointing to the fact that the 2019-2020 first quarter fiscal deficit had fallen from $64.9m to $41.8m - a decline of 35.6 percent year-over-year.

“We were very close. If we take out the extraordinary items we were there, but even with the extraordinary items we were still very close,” Mr Turnquest said of a period that was nearing a balanced budget or surplus.

“That’s where the trends were going. We were very confident in where we were trending, very comfortable in where we were trending. It’s unfortunate we’ve been thrown off by this event.”

The deputy prime minister said it was likely that Dorian had blown The Bahamas off its fiscal course by three to five years, and added that the debt-to-GDP ratio would be pushed into the high 70 percent range.

Applications will not be accepted at the Security Gate of the Embassy or by mail or other means of delivery.

Union merger ‘critically urgent’ for worker rights

Deadline for applications is November 8, 2019.

FROM PAGE ONE

Due to the high volume of applications, unsuccessful candidates will not be contacted.

merger will be consummated, following last week’s vote in favour by both umbrella

NassauHR@state.gov.

bodies and their respective union affiliates, Mr Ferguson argued that it would unify the labour movement and enable it to “speak with one voice” in much the same manner that the Chamber of Commerce does for the private sector.

“The labour movement has accepted that it is in the best interests of the workers of The Bahamas that their be unity, and that there be one apex body that will require all unions to be associated with that body,” the TUC chief told this newspaper, “so we can pool our resources together, we can speak with one voice and we could confront issues in a more collaborative way and we can better serve the workers of the Commonwealth.

“We met yesterday and we voted unanimously, the TUC and the NCTU, on the uniformity of the labour movement... This is very critical for the labour movement based on the urgency we see occurring in the workplace. A lot of things we have worked on and achieved over the years seem to be disappearing.”

Mr Ferguson cited difficulties in ensuring workers received due pay for working on holiday from both employers and the government, “industrial agreements not being honoured” and the recent difficulties surrounding the National Insurance Board (NIB) union’s strike poll as examples of where worker rights were coming under pressure “I had to go to court to get an order from the court to have a poll,” he recalled of the NIB matter. “How can that be progressive for workers. A strike vote is not a strike; it’s to determine if the members are desirous of

having a strike or not. These things out not to happen.

“When we now speak to the government we will speak with one voice. There will be one. When we speak to the private sector we will speak with one voice. It makes life easier, makes it more efficient and makes it more constructive as as you won’t have three to four people saying different things.

“It will be a united body like the Chamber of Commerce. The Chamber of Commerce speaks for business. Why can’t we do the same? It’s better to have one voice. You’re working from a stronger base. You will see a more united labour movement and the efforts of the workers together,” Mr Ferguson continued.

“As a matter of fact every minister of labour has said they don’t see no reason why we can’t be together. I hope they continue to say the same thing. Now there will be one apex body and one united labour movement.”

Mr Ferguson said a merger of the two umbrella union bodies had been in discussion “unofficially” for some two years. A transition committee will now develop “the relevant protocols” to ensure the merger “is done in a smooth and orderly way”.

Calling on the union movement to “let the past be the past”, and “look forward in the interests of the workers”, the TUC chief said he could see no obstacles to the merger’s completion. He added that the “protocols” developed would ensure that the unions did “not encroach” on each other, set out the new “apex body’s” rules and develop objectives in areas such as training and education.

THE TRIBUNE

Monday, November 4, 2019, PAGE 5

Union’s bid for $5m Water TAKING A STEP TO MEET THE MINISTER Corp damages tossed FROM PAGE ONE Court found this to be too simplistic and superficial.

Justice Winder said Ms Bain-Blair’s evaluation was also based on evidence not before the courts, and agreed with the corporation that it failed to take into account the investment, capital outlay and overheads involved in constructing each of the three water plants.

His September 11, 2019, decision stems from a previous ruling by thenacting justice, Brian Moree QC, who in ruled in early January 2016 that the Corporation had breached the two sides’ industrial agreement over reverse osmosis plant contracts for Mayaguana and Long Island.

The contracts involved the construction and maintenance of of two 20,000 gallon per day reverse osmosis plants in Mayaguana to serve the communities of Abraham’s Bay, Betsy Bay and Pirate’s Well. And a similar 20,000 gallon per day reverse osmosis plant for Simms, Long Island, was part of the same tender.

Then-acting justice Moree found that the corporation breached article 29 of the industrial agreement, which covers outsourcing, by failing to inform the union of these contract opportunities prior to awarding the deal to Watermakers/Staniel Cay. He added that the individual contracts of union members were also violated as a result.

The industrial agreement’s Article 29 stipulates that the corporation consult the union on all forthcoming outsourcing opportunities “at least 90 days” before they happen.

Should union members, who are “existing employees” of the corporation, decide to bid, they have a “90-day exclusivity” from the time they are informed of the opportunity. This shuts out all rival bidders.

And only members of the management union, or Bahamas-domiciled companies where they hold a “minimum” 70 percent equity interest, will be allowed to bid during the exclusivity period.

Then-acting justice Moree, though, left the question of damages to be determined before another Supreme Court judge. Justice Winder thus picked up a matter where only one witness was called by either party - the union’s financial analyst, Ms Bain-Blair.

Explaining how she derived her figures, she said they were based on revenue and production figures for the three plants provided by the union. With the trio enjoying ten-year contracts, Ms Bain-Blair said in evidence: “The corporation was prepared to pay $4,000 a month whether the plant performed or not.

“The worst case scenario was considered of a straight line average growth approach from the date of production of water to the end of contract. This means that maximum production of water would only occur in year ten...

“The amount due and owing to the union and the members as bargaining agent as a result of the breach of article 29 is $4.856m as of October 26, 2018. The calculations provide the present value of the amount due and owing.

The amount includes interest which is prime plus two percent.”

The $4.856m sum was described as the “opportunity cost” lost to the union and its members, but this was subjected to what Justice Winder branded a “multi-pronged” attack by the corporation and its attorneys, Ferron Bethel, Camille Cleare and Viola Barnett of Harry B Sands & Lobosky.

They argued that the union was “incapable of sustaining any damage”, while

it had provided no evidence about individual members seeking to bid on the three plants. The corporation and its attorneys also slammed Ms Bain-Blair’s assessment as “flawed” because it ignored costs and investment in constructing the plant, while there was “no obligation” to award the deal to the union’s members.

Justice Winder backed the corporation and its attorneys on the union’s standing to claim damages, finding that article 29 was geared towards providing financial opportunities for its members - not the union itself.

And the Industrial Relations Act limits union trustees to initiating legal actions only where union assets or property are concerned, not to act as an agent for individual workers.

Then, noting that Ms Bain-Blair herself had “complained about the paucity of information to make her assessment”, Justice Winder said a valid claim for damages needed to specify what each individual union member would have done had they been aware of the outsourcing opportunity.

Ruling that this could not be calculated using Watermakers’ proposal, he added that there was no evidence that the $4,000 guaranteed monthly payment represented its profit or if it covered ongoing capital and operational costs.

“It does not appear to be a right of first refusal as the analysis suggests,” Justice Winder concluded of article 29. “There is no obligation on the defendant to give preference to an employee’s bid or to accept a bid from an employee within the period of exclusivity or at all.”

Despite finding there was no evidence of then union or its trustees sustaining any damages, he nevertheless awarded them a “nominal” $15,000 due to the industrial agreement being breached.

THE Society of Trust and Estate Practitioners (STEP) Bahamas branch paid a visit to the minister of financial services, trade and industry and

Immigration, Elsworth Johnson, centre, at the on October 31. Pictured from left: David Davis, permanent secretary; Sirhan Johnson; Norissa Williams;

Anayah Miller; Mr Johnson, Joanne Pyfrom (STEP chair), Lillian Russell, Taryn TurnquestGordon and Shivron Gay. Photo: Derek Smith/BIS

PAGE 6, Monday, November 4, 2019

THE TRIBUNE

Broker fighting commission to close this week FROM PAGE ONE the Securities Commission of The Bahamas, the local capital markets regulator.

This newspaper can reveal that Philip Davis QC, the Opposition’s leader, is the attorney representing Mr Gentile and SureTrader/Mintbroker in the Judicial Review action they launched against the Securities Commission in the Supreme Court following the regulator’s recent bid to suspend their licence and registration for five days.

Both sides are due to appear today before Justice Ruth Bowe-Darville today for a hearing on whether the injunction she granted to Mr Gentile and his business, which stayed the five-day licence suspension, should be continued and revoked.

Tribune Business understands that the Securities Commission was infuriated that SureTrader/MintBroker effectively went behind its back to obtain the injunction, having previously agreed to meet with the regulator to discuss its concerns and the broker/ dealer’s proposed resolutions on September 24.

Yet that very same day,

SureTrader was triumphantly boasting on its website: “We have good news. By court order, our suspension has been lifted and trading has resumed. We will also resume normal business operations tomorrow, Tuesday, September 24, and our priority will be to ensure that all client queries, concerns and requests are responded to in a timely manner.”

Tribune Business sources familiar with the matter, speaking on condition of anonymity, told this newspaper that the Securities Commission was especially concerned that the injunction could block its investigation into SureTrader/MintBroker’s business activities.

“It’s actively involved in an investigation and doesn’t want all regulatory proceedings against him [Mr Gentile] to be stayed because it needs to remain active,” one contact said.

“They [SureTrader] clearly wanted to throw a wrench into the commission’s ongoing investigation, and that is most worrisome to the commission.”

Besides getting an injunction, Mr Gentile’s business has also launched a Judicial Review challenge

on the basis that the Securities Commission had exceeded its authority and was not properly exercising its power in relation to the five-day suspension. It is understood that the regulator is being represented

by John Delaney QC, principal of Delaney Partners and the former attorney general.

Mr Gentile did not respond to Tribune Business’s questions on any of these legal issues, but did confirm that his Bahamian business - at one point said to employ 60 persons - was closing this week.

“We are asking clients to transfer out by Friday,” he confirmed. As for job losses, Mr Gentile added: “Unfortunately around 15 were let go Friday. It’s been a very sad weekend.”

A message online, purportedly from SureTrader to its clients, said: “We would like to advise that without notice and reason our clearing broker has recently changed the terms of our relationship. In light of this there will be changes to your trading account.”

Clients have the option of either transferring their account to another broker, F1Trade, by Friday, November 8, or closing it and having all cash and

Vacancy Announcement The American Embassy in Nassau is accepting applications for the following position:

Electrical Engineer Salary $51,114 - $76,672 Duties: The Electrical Engineer shall be directly responsible to the OBO Project Director in the performance of their duties. Services shall generally consist of eight (8) hours a day, 40 hours a week from Monday through Friday or as Otherwise directed. The electrical engineer shall be available for compensated overtime work as directed by the OBO Project Director. The Electrical Engineer will observe, inspect, and report on the construction of the New Embassy Compound (NEC) in Nassau as directed by the OBO Project Director.

Interested candidates are required to possess the following skills and qualifications: •

Education: Bachelor of Science degree in Electrical Engineering from an accredited institution is required.

•

Experience: Five years of progressively responsible experience in Electrical Engineering with at least three years of experience in the field of building construction.

•

Language: English level IV (Fluent) Written/Speaking/Reading is required.

The complete Vacancy Announcement and Application forms are available online at: https://bs.usembassy.gov/embassy/jobs Application forms must be submitted electronically to the following email for consideration: NassauHR@state.gov.

Applications will not be accepted at the Security Gate of the Embassy or by mail or other means of delivery.

Deadline for applications is November 8, 2019.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

assets remitted to them.

“On Monday, November 4, all client will be placed on closing transactions only,” the notice said.

In his personal note, Mr Gentile wrote: “When I started SureTrader in 2011 it was an exciting time for opening up a brokerage in The Bahamas. Not only a beautiful country but one that was hospitable to business that also offered a great deal of talent that enabled SureTrader to grow and prosper, having opened accounts for over 40,000 clients and employing over 100 staff persons who ran SureTrader day-to-day.

“I am very proud to gave given such talented Bahamians the opportunity to build careers and grow as professionals. I have been in the brokerage business for over 20 years. Many know my story due to hard work and pulling myself up by my own bootstraps to learn this business on my own, which led me to thrive and prosper.”

Then, seemingly alluding to his legal challenges, Mr Gentile wrote: “My business model has been a great inspiration to many other start-ups because my model has been copied many times over and those businesses have also thrived.

“As have many things in this life, this business has evolved: Increased competition, a major movement into commission-free models, as well as many other challenges with banking, clearing and regulations.”

Tribune Business understands that the Securities Commission has kept Mr Gentile and his businesses

under close scrutiny for some time, and this is not the first time he has had a run-in with the Bahamian regulator.

Mr Gentile and Swiss America Securities, which trades under the SureTrader and Mintbroker International names, previously agreed to a $120,000 settlement with the Securities Commission in 2018 after failings were identified failings in their customer due diligence processes and record-keeping procedures.

The fines were spread over ten failings, which included not verifying client accounts; not conducting KYC and risk monitoring of clients; failing to provide details on insurance coverage and an outsourcing agreement; and not notifying the Securities Commission of its name change.

Mr Gentile told Tribune Business at the time that all the breaches had been adequately addressed, but he has subsequently been engaged in a long-running battle with the the Securities Commission’s US counterpart, the Securities & Exchange Commission (SEC), over multiple allegations that he and Swiss America/SureTrader violated US securities laws.

While the SEC’s first effort was defeated in the US courts, it quickly came back with claims that Swiss America and Mr Gentile were breaching securities laws by acting as an unregistered broker/dealer and soliciting US clients without the necessary registration and permissions.

This was vehemently denied by Mr Gentile, but

the SEC has been making progress in its bid to obtain potential evidence via subpoenas issued to one of his former attorneys and a Florida-based business. The south Florida district court has said it is minded to grant the SEC’s subpoena enforcement requests despite resistance from the targets and Mr Gentile.

Mr Gentile has enjoyed a somewhat colourful career in The Bahamas, with Tribune Business reporting in 2016 how he and his broker/ dealer were allegedly used as “bait” by the Federal Bureau of Investigation (FBI) to help snare numerous international securities fraudsters.

He claimed that he and his Bahamian businesses, including the now-closed Sur Club Sushi Bar, were “forced” to play key roles in undercover ‘sting’ operations targeting criminals earning millions of dollars from market manipulation scams.

Their participation even extended to the ‘bugging’, both by video and sound, of Swiss-America’s Bahamian head office in a successful bid to gain evidence against a Canadian fraudster who subsequently pleaded guilty to the charges against him.

Mr Gentile also attracted international media coverage more recently after his Russian-born, model girlfriend, Kristina Kuchma, 24, in a fit of rage drove his Mercedes S400 hybrid into the pool at his Ocean Club home after he ended their 18-month relationship by text and allegedly reneged on a promise to provide $50,000 for one of her business ventures.

THE TRIBUNE

Monday, November 4, 2019, PAGE 7

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

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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

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• 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

Illinois marijuana law aims to undo harm of war on the drug SPRINGFIELD Associated Press WHEN lawmakers crafted the law legalising marijuana in Illinois, they tried to make sure it would right what many see as past wrongs linked to the drug.

In addition to expunging hundreds of thousands of criminal records for marijuana arrests and convictions, the law’s architects added provisions meant to benefit communities that have been the most adversely affected by law enforcement’s efforts to combat the drug.

The so-called social equity provisions are expected to help black applicants, in particular, as blacks are nearly four times as likely as whites to be arrested for marijuana, the American Civil Liberties Union found. The law, which takes effect Jan 1, also established ways for qualified applicants to pay lower licensing fees and get business loans and technical assistance. And it earmarked part of marijuana sales revenue for neighbourhood development grants.

“On the surface, its tone and what it’s trying to do is ahead of any state that’s done this. They’re really setting off in the right way,” said Kayvan Khalatbari, a board member of Minority Cannabis Business Association, which has composed model laws outlining social equity programmes. He added that follow-through will be key: “We can’t just set this in motion and set it free.”

Companies that apply for a license to sell marijuana will be judged on a 250-point scale, and those that qualify as social equity applicants will get a 50-point bump.

There are three ways to qualify. First, the organisation applying must be majority-owned by a person who has lived at least five

of the past ten years in an impoverished area where there have been higherthan-average numbers of marijuana arrests. Second, the majority owner or an immediate family member must have an arrest or conviction of a marijuana offense eligible for expungement. Finally, for a company with at least ten employees, more than half must qualify in one of the first two ways.

Illinois is the 11th state to legalize recreational marijuana. Cannabis sales could generate $250m for the state by 2022 and $375m in 2024, according to the state Revenue Department.

Campaigning on legalisation last year, Democratic Gov JB Pritzker predicted the industry could eventually bring in up to $1bn in annual revenue.

Other states that legalised pot established equity programs, but none has distinguished itself yet.

Massachusetts has one, but all but two of its 184 licenses to sell pot were issued to white operators.

California created a $10m fund to go toward helping social equity applicants finance marijuana startups, but critics derided the amount as paltry.

The legalisation ballot question that Michigan voters approved last fall requires the state to “positively impact” damage done by anti-marijuana law enforcement, but such vague parameters leave a lot to bureaucratic interpretation, though officials announced in July that dispensary-operator licenses would cost up to 60% less for qualified equity applicants.

No one knows how many Illinois applicants will pursue social equity licenses. There was no intention to set a quota, said state Rep Kelly Cassidy, one of two Chicago Democrats who led efforts to write Illinois’ law. But

after May 1, when licenses from the first pool of equity applicants will be awarded, licensing will pause to allow for an independent review of social equity participation.

Anton Seals Jr plans to be a social equity applicant. The co-founder of the nonprofit Grow Greater Englewood attempts to turn the Chicago neighbourhood’s abandoned lots into urban farms. He plans to apply for his company OURS, for Organic Urban Revitalization Solutions.

“It makes total sense for those of us, in particular, who have been doing work in the community to transform and to revive and restore spaces that have been impacted by poor public policy,” Seals said. “Groups like mine ... should have a really fair shot to get into this industry, to compete.”

Critical are low-interest loans from what proponents estimate will be a $30m fund to jump-start social equity operations. What held back underserved applicants in other states is that they “didn’t have the capital and they didn’t have the acumen,” said Khalatbari, of the Minority Cannabis Business Association.

The money will come from medical cannabis operators, which, because they’re established, get the first crack at the recreational licenses being awarded this fall. It’s not cheap. A dispensing-outlet license requires a contribution of up to $100,000 to the loan fund, based on recent sales. A cultivator pays up to $750,000.

Some are skeptical it will be enough. Willie “JR” Fleming, director of the Chicago Anti-Eviction Campaign and a hopeful social-equity applicant, helped organise the nonprofit Hemp in the Hood to ask established marijuana companies “to share their wealth.”

PAGE 8, Monday, November 4, 2019

THE TRIBUNE

Trump now has opening to pull US out of Paris climate pact WASHINGTON Associated Press FOR more than two years President Donald Trump has talked about pulling the United States out of the landmark Paris climate agreement. Starting today he finally can do something about it.

Even then, though, the withdrawal process takes a year and wouldn’t become official until at least the day after the 2020 presidential election.

In the Paris agreement, nearly 200 countries set their own national targets for reducing or controlling pollution of heat-trapping gases. It was negotiated in 2015 with lots of prodding by the United States and China and went into effect Nov 4, 2016.

The terms of the deal say no country can withdraw in the first three years. So today is the first time the US could actually start the withdrawal process, which begins with a letter to the United Nations. And it doesn’t become official for a year after that, which leads to the day after the election.

If someone other than Trump wins in 2020, the next president could get back in the deal in just 30 days and

plan to cut carbon pollution, said Andrew Light, a former Obama State Department climate negotiator now at the nonprofit World Resources Institute.

Light and other experts say the withdrawal by the United States, the second biggest climate polluter and world’s largest economy, will hurt efforts to fight global warming.

“Global objectives can’t be met unless everybody does their part and the US has to play the game,” said Appalachian State University environmental sciences professor Gregg Marland, who is part of a global effort to track carbon dioxide emissions. “We’re the second biggest player. What happens to the game if we take our ball and go home?”

Someone else, probably the biggest polluter China, will take over leadership in the global fight, said MIT economist Jake Jacoby, who co-founded the MIT Joint Program on the Science and Policy of Global Change.

The penalty for the US “is not in economic loss.

The penalty is in shame, in discrediting US leadership,” Jacoby said.

Asked what the US plans next, State Department spokesman James Dewey

PROTESTERS gather outside the White House in Washington to protest President Donald Trump’s decision to withdraw the Unites States from the Paris climate change accord in 2017. For more than two years President Trump has talked about pulling the United States out of the landmark Paris climate agreement. Starting today, he can finally do something about it. But the withdrawal process will take a year and doesn’t become official until the day after the 2020 presidential election. And if someone other than Trump wins in 2020, the next president can get back in the deal in just 30 days.

Photo: Susan Walsh/AP on Friday emailed only this: “The US position with respect to the Paris Agreement has not changed. The United States intends to withdraw from the Paris Agreement.”

The agreement set goals of preventing another 0.9 degrees (0.5 degrees Celsius) to 1.8 degrees (1 degree Celsius) of warming from current levels. Even the pledges made in 2015 weren’t enough to prevent those levels of warming.

The deal calls for nations to come up with more ambitious pollution cuts every five years, starting in November 2020 in at a meeting in Scotland.

Because of the expected withdrawal, the US role in

2020 negotiations will be reduced, Light said.

Climate change, caused by the burning of coal, oil and gas, has already warmed the world by 1.8 degrees (one degree Celsius) since the late 1800s, caused massive melting of ice globally, triggered weather extremes and changed ocean chemistry. And scientists say, depending on how much carbon dioxide is emitted, it will only get worse by the end of the century with temperatures jumping by several degrees and oceans rising by close to three feet (1 meter).

Trump has been promising to pull out of the Paris deal since 2017, often mischaracterising the terms of

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DWIGHT RUSSELL of Red Bays, Andros, General Delivery The Bahamas, intend to change my name to VALVIN DWIGHT BEEN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

the agreement, which are voluntary. In October, he called it a massive wealth transfer from America to other nations and said it was one-sided.

That’s not the case, experts said.

For example, the US goal — set by Barack Obama’s administration — had been to reduce carbon dioxide emission in 2025 by 26% to 28% compared to 2005 levels. This translates to about 15% compared to 1990 levels.

The European Union’s goal was to cut carbon pollution in 2030 by 40% compared to 1990 levels, which is greater than America’s pledge, said Stanford University’s Rob Jackson, who chairs the Global Carbon Project, a group of scientists that track carbon emissions worldwide. The United Kingdom has already exceeded that goal, he said.

“The US agreement is not a tax on the American people. There is no massive wealth transfer,” said Climate Advisers CEO Nigel Purvis, who was a lead State Department climate negotiator in the

Clinton and George W Bush administrations. “In fact, the agreement obligates no country to make any financial payments.”

Formally getting out of the Paris agreement is bad, but at this point after years of rhetoric is more symbolic than anything, said Georgia Tech climate scientist Kim Cobb. She said she is more worried about other Trump carbon pollution actions, such as fighting California’s tougher emissions and mileage standards and rollbacks of coal fired power plant regulations.

The US was not on track to reach its Paris pledge, according to the federal Energy Information Administration’s latest projections.

The EIA projects that in 2025 emissions will be at 4959 million metric tons of carbon dioxide, 17% below 2005 levels, about 500 million tons short of the goal. Emissions in 2018 were nearly 2% higher than in 2016, the agency’s latest energy outlook says.

That spike likely was from extreme weather and economic growth, Marland and Jacoby said.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 CAVIAR WISHES LIMITED Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of CAVIAR WISHES LIMITED was completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 26th August, 2019.

24th

October, 2019

Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865 Nassau, Bahamas

LEGAL NOTICE MY FAVOURITE THINGS CO. LIMITED (In Voluntary Liquidation)

16th

October 2019

NOTICE is hereby given in pursuance of Section 222(2) of the Companies (Winding Up Amendment) Act, 2011, that all persons having claims against the above-named Company are requested to attend an Extraordinary General Meeting of the Members of the above-named company on the 26th day of November 2019 at 11:00 o’clock in the forenoon in the Offices of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, Nassau, Bahamas, for the purpose of having an account laid before the Members showing the manner in which the winding-up has been conducted, the property of the Company disposed of, hearing any explanations that may be given by the Liquidator and determining, by Extraordinary Resolution, the manner in which the books, accounts and documents of both the Company and the Liquidator shall be disposed of.

Dated the 31st day of October 2019.

Bennet R. Atkinson Liquidator

THE TRIBUNE

Monday, November 4, 2019, PAGE 9

Trump absent, ASEAN charts path for trade bloc led by China increased tensions and may undermine peace, security and stability in the region.”

GN 2327

MYANMAR leader Aung San Suu Kyi, centre, stands with Malaysian Prime Minister Mahathir Mohamad, left, and Philippines’ President Rodrigo Duterte during the opening ceremony of The Association of Southeast Asian Nations (ASEAN) summit in Nonthaburi, Thailand yesterday.

Photo: Aijaz Rahi/AP NONTHABURI Associated Press SOUTHEAST Asian leaders agreed yesterday to work with China and other neighbours to transcend conflicts over trade policies and territorial disputes for the sake of stronger economies and regional stability.

President Donald Trump skipped the summit of the Association of Southeast Asian Nations and instead sent his national security adviser, Robert O’Brien.

Last year, Trump sent Vice President Mike Pence. Both now are busy campaigning back home, and analysts say their absence left room for China to further raise its profile and clout in the region.

ASEAN leaders “welcomed the conclusion of the Regional Comprehensive Economic Partnership negotiations” and the commitment to sign the free trade deal next year, the summit’s host, Thai Prime Minister Prayuth Chanocha, said in a statement on behalf of the ten-nation regional bloc after the

annual meetings.

“This will significantly contribute to an open, inclusive and rules-based international trading system and expansion of value chains,” the leaders said.

Officials said there were still final issues to be resolved by the 16 countries involved in the trade deal, which has been under negotiation for seven years.

RCEP aims to level trade barriers between ASEAN members and six other countries in a bloc encompassing nearly a third of all global trade.

ASEAN also reported progress toward setting a code of conduct with China regarding disputed waters in the South China Sea. Chinese Premier Li Keqiang told other leaders attending that Beijing was committed to forging such an agreement.

“Given the complexity in the international and regional situation, our cooperation is built on a stable structure and moving forward in a positive fashion,” Li said. “This is beneficial to the region and all parties

involved.”

“We support stability in the region and by doing so we have been able to cope with the instability elsewhere in the world,” he said.

On the troublesome issue of the South China Sea, Vietnamese diplomats wanted a mention in the ASEAN statement of recent Chinese encroachments into waters where Vietnam, Malaysia and the Philippines have exclusive rights under international law to exploit energy resources.

Earlier drafts mentioned recent “serious incidents”.

That was absent from the final statement, perhaps reflecting Beijing’s clout.

China and its allies in ASEAN, led by Cambodia, have opposed any attempt to use the annual meetings to vilify the Asian economic powerhouse.

Still, in what appeared to be a compromise, the ASEAN leaders said they “took note of some concerns on the land reclamations and activities in the area, which have eroded trust and confidence,

Li welcomed progress on negotiating a code of conduct that could avert armed

confrontations in one of the world’s most disputed regions.

PAGE 10, Monday, November 4, 2019

THE TRIBUNE

Saudi Arabia formally starts IPO of oil firm Saudi Aramco DHAHRAN Asssociated Press

SAUDI Arabia formally began an initial public offering yesterday of a sliver of oil giant Saudi Aramco after years of delay, hoping international and local investors will pay billions of dollars for a stake in the kingdom’s crown jewels.

An approval by Saudi Arabia’s Capital Market Authority served as the starting gun for an IPO promised by Crown Prince Mohammed bin Salman since 2016. But unlike traditional IPOs, Saudi Aramco offered no hoped-for price range for its shares nor any idea how much of the firm would be offered to investors on Riyadh’s Tadawul stock exchange.

Analysts say the kingdom likely hopes local investors will push its share prices toward a desired $2tn valuation and buoy that price ahead of any possible further listing abroad. Saudi Aramco also made a point in its filings to highlight its profitability and low costs through newly released data once held as a state secret by the Al Saud royal family, euphemistically referred to by the company as its “current shareholder”.

A MAN walks near a compound for Saudi Aramco in Jiddah, Saudi Arabia, yesterday. Saudi Arabia formally started its long-anticipated initial public offering of its state-run oil giant Saudi Aramco yesterday, which will see a sliver of the firm offered on a local stock exchange in hopes of raising billions of dollars for the kingdom.

Photo: Amr Nabil/AP However, economic worries, the trade war between China and the US and increased crude oil production by the US has depressed energy prices. A Sept 14 attack on the heart of Saudi Aramco already spooked some investors, with one ratings company already downgrading the oil giant.

“We want to share the Aramco shares with the citizens of Saudi Arabia,” said Yasir al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund.

“We want to get financial investors from all over the world.”

It’s hard to overstate the power of the oil firm, known formally as the Saudi Arabian Oil Co. It produces over ten million barrels of crude oil a day, some 10% of global demand. The firm’s net income in 2018 was $111.1bn, far beyond the combined net income of oil giants BP PLC, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell PLC and Total SA.

Saudi Arabia’s oil sits close to the surface in large pools, making it far cheaper to extract. Saudi Aramco also has proven liquid reserves of 226.8 billion barrels, the largest of any company in the world and “approximately five times larger” than those held by the five oil giants, according to the firm’s IPO documents.

That’s led to a clamouring from investors for Saudi Aramco stock since Prince Mohammed announced

NOTICE

NOTICE

NOTICE is hereby given that EDDREA DONNELL EDWARDS, of Family Street off Solider Road, 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 twentyeight days from the 4th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LEXLUCGER D’HAITI, of Mackey Street, 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 4th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 1 NOVEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,211.46 | CHG: 2.63 | %CHG: 0.12 | YTD: 102.01 | YTD%: 4.84 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 3.85 10.21 7.51 16.50 9.40 3.64 14.20

52WK LOW 3.65 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 2.27 4.31 2.07 194.86 158.57 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 3.67 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.10 8.55 3.51 3.85 10.13 7.51 16.50 9.33 3.54 14.20

CLOSE 3.67 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.12 8.55 3.49 3.85 10.13 7.51 16.50 9.33 3.54 14.20

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

11,900

104

VOLUME

NAV 2.27 4.30 2.07 193.72 158.42 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 15.4 18.7 N/M 16.0 N/M N/M -10.7 15.3 13.7 22.4 61.1 34.2 8.2 15.7 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 4.63% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.91% 0.00% 12.44% 1.56% 3.24% 3.20% 3.27% 2.14% 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% 2.77% 3.84% 1.38% 3.46% 2.03% 2.76% 4.99% 6.20% 7.18% -0.08% 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 30-Sep-2019 30-Sep-2019 27-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-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

plans in 2016 for a two-phase IPO of 5% of the firm in the kingdom and abroad.

The prince hopes to raise some $100bn from investors, which will be funnelled into the kingdom’s PIF sovereign wealth fund for projects to boost employment and major development projects.

“I believe it is in the interest of the Saudi market, and it is in the interest of Aramco,” Prince Mohammed told the Economist magazine in 2016 in announcing his plans.

But the planned IPO saw years of delays over valuation concerns and where to list it abroad. Oil prices, once over $100 a barrel, crashed in 2014 to under $30 a barrel. Benchmark Brent crude now trades around $60 a barrel, pushed up by a production cut by OPEC countries like Saudi Arabia and those outside of the cartel like Russia. Those cuts have limited Saudi production, in turn pushing up its estimated government budget deficit for next year to nearly $50bn.

The announcement by the Capital Market Authority offered no timeline, share price or percentage of the company to be offered in the IPO, nor did officials or documents later released by Aramco. Both al-Rumayyan and Saudi Aramco CEO and President Amin H Nasser also declined to say whether an international listing would still happen as well when addressing journalists in Dhahran in eastern Saudi Arabia, the city that hosts Saudi Aramco’s headquarters.

“Usually when you go for an IPO, you have a target price,” said Capt Ranjith Raja, an oil analyst at data firm Refinitiv. “There’s still no clarity in what they’re trying to look at.”

Based on that, Saudi Arabia may choose to rely on local investors to push up the price of the stock, Raja said.

The Saudi-owned satellite channel Al-Arabiya reported last week, citing anonymous sources, that pricing for the stock will begin Nov 17. A final price

for the stock will be set Dec 4, with shares then beginning to be traded on the Tadawul on Dec 11, the channel reported. The channel is believed to have close links to the kingdom’s Al Saud royal family and correctly identified Sunday as the IPO’s launch.

Analysts say a $2tn valuation — Apple and Microsoft separately for instance are $1tn — may be a stretch.

By announcing the start of the IPO yesterday, Prince Mohammed may have been convinced to take a lower valuation in order to get the IPO moving.

Saudi Aramco has sought to assure investors, given the questions over its valuation and the potential hazards of future attacks or geopolitical risk. A presentation posted to Aramco’s website last month announced the intent to offer a $75bn dividend for investors in 2020. That’s the payment per share that a corporation distributes to its stockholders as their return on the money they have invested in its stock.

It also pledged that from 2020 through 2024, any year with a dividend under $75bn would see “non-government shareholders” prioritised to get paid.

But beyond the stocks, worries persist that Saudi Arabia could be hit by another attack like the one Sept 14, which temporarily halved its production.

The US blames the attack on Iran. Tehran denies it launched the cruise missiles and drones used in the assault. Yemen’s Houthi rebels claimed responsibility, but analysts say the weapons used wouldn’t have the range to reach their targets from Houthi-controlled areas of Yemen.

Responding to a journalist’s question about the safety of an Aramco investment, al-Rumayyan spoke about how quickly the company restored production after the attack.

“The oil traders, they saw this as a nonevent, and that means it is really safe,” he said. “That’s what the money is saying.”

NOTICE NOTICE is hereby given that ROSELOURDE LOUNISE D’HAITI, of Mackey Street, 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 4th day of November 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 GETTY PHILOGENE , of Carmichael Road, Golden Gates 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 4th day of November 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 FRED LOUIS of Guana Cay, Abaco, Bahamas, General Delivery, 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 28th day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 12, Monday, November 4, 2019

THE TRIBUNE

INDIA, GERMANY AGREE TO BOOST INDUSTRIAL CO-OPERATION NEW DELHI Associated Press

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INDIA and Germany agreed on Friday to enhance cooperation in tackling climate change, cybersecurity, skill development, artificial intelligence, energy security, civil aviation and defense production.

The two countries signed several agreements, with Prime Minister Narendra Modi saying India is eager to benefit from Germany’s expertise.

Modi said he also hopes to work together in fighting global terrorism and extremism. He did not give any details.

Visiting German Chancellor Angela Merkel said her country would like to collaborate with India in infrastructure projects, waste management and

water supply.

Merkel has been accompanied by several ministers and state secretaries as well as a business delegation.

She told journalists accompanying her that Germany wanted a deescalation and an easing of tensions in Indian-controlled Kashmir, where New Delhi imposed a security clampdown after removing its semi-autonomous status and beginning direct federal rule of the disputed area.

“In particular, we want India and Pakistan to find a peaceful solution together,” Merkel said. “I still want to listen first to the prime minister’s arguments today too.

But the situation for the people there at the moment isn’t sustainable or good.”

Kashmir has been divided between India and Pakistan

since the countries won independence from British colonialists in 1947. Both claim the region in entirety and have fought two wars over its control. India accuses Pakistan of arming and training insurgents, a charge Islamabad denies.

Merkel also was asked about toxic air in the Indian capital, which led to a panel of experts declaring a health emergency and authorities ordering closure of schools until tomorrow.

Accordng to a German government transcript, Merkel said she noticed that the levels of fine particulate matter were very high.

“This shows how important our co-operation in the field of environmental protection is, how important it is, especially, to also have better environmental standards,” she said.

A joint statement issued after the talks between Modi and Merkel underscored the importance of building a digital partnership as part of collaboration on nextgeneration technologies.

Germany is India’s largest trading partner in Europe.

Bilateral trade reached $21.9bn in the 2017-18 fiscal year, an increase of 17% from the previous year.

German investments in India are mainly in transportation, electrical equipment, metallurgical industries, services, chemicals, construction, trading and automobiles.

More than 70 Indian companies are operating in Germany in fields such as information technology, automotive, medicines and biotech, according to the Confederation of Indian Industry.

On Saturday, Merkel is set to visit an Indo-German auto parts manufacturing facility in a New Delhi suburb and a metro station before departing.