11062019 BUSINESS

business@tribunemedia.net

WEDNESDAY, NOVEMBER 6TH, 2019

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BTC suffers $30m blow from Dorian

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas Telecommunications Company (BTC) has been dealt a $30m blow by Hurricane Dorian with network repairs set to last into 2020, it was revealed last night.

The carrier’s ultimate parent, Liberty Latin America (LiLAC), disclosed that BTC suffered a $5m revenue loss for the three months to end-September 2019 as well as incurring some $25m in damages to systems infrastructure in Grand Bahama and Abaco as a result of the category five storm.

Unveiling its results for the third quarter and first nine months of 2019, Liberty Latin America said some $5m was spent on restoring

• $25m network repairs to carry into 2020 • Aliv costs one-quarter of rival’s at $6m • BTC loses another 4,200 mobile clients

GARRY SINCLAIR

DAMIAN BLACKBURN

BTC’s services prior to endSeptember when the third quarter reporting period closed.

It added that Dorian also delivered an $8m hit to the operating cash flow

of Cable & Wireless Communications (CWC), BTC’s immediate parent and a Liberty subsidiary, while the latter was also forced into a $14m one-time write off of property and

communications equipment that Dorian “damaged beyond repair”.

Garfield “Garry” Sinclair, BTC’s chief executive, could not be reached for comment before press deadline last night. However, Liberty Latin America revealed in its results announcement: “In the third quarter we spent $5m on restoration related to damage caused

by Hurricane Dorian in The Bahamas.

“We currently estimate up to $25m of property and equipment additions, inclusive of the $5m already

SEE PAGE 4

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Nassau/PI hotels enjoying a 25% revenue boost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LARGE Nassau/Paradise Island hotels enjoyed a 25 percent “revenue boost” for the first nine months of 2019 as Hurricane Dorian only had minimal impact on its September performance.

The Central Bank of The Bahamas, unveiling its report on economic developments for that month and the third quarter, said room nights sold for the first nine months of 2019 were up 16 percent compared to the same period the year before while average daily room rates (ADRs) were ahead by 7.8 percent at $265.05.

Average occupancy rates for the year to end-September stood at 72 percent, with Hurricane Dorian only slightly blunting the resort sector’s performance over the eight months prior to its devastation of Abaco and

Grand Bahama.

“Data from The Bahamas Hotel & Tourism Association (BHTA) and the Ministry of Tourism for a sample of large hotels in New Providence and Paradise Island confirmed a deterioration in hotel sector performance for the month of September,” the Central Bank report said.

“The average occupancy rate eased by one percentage point to 36.5 percent, amid a one percent fall-off in room nights sold. Nevertheless, the average daily room rate (ADR) edged up by 0.6 percent to $167.39. However, New Providence’s room revenue was flat during the month...

“Conversely, in the nine months to September expansion remained evident, with surveyed large properties in New Providence experiencing a revenue boost of

SEE PAGE 5

Union’s ‘red flag’ Govt urged: Get GB airport deal closed ‘before too late’ over CIBC buyer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Financial Services Union’s (BFSU) president yesterday voiced concerns about an early “red flag” that has been raised over CIBC FirstCaribbean’s proposed purchaser.

Theresa Mortimer told Tribune Business that initial checks with Colombian representatives of UNI Global Union (formerly Union Network International), the global trade union federation, suggested that the Gilinski Group was “anti-union” in how it operated its banking business in its homeland.

Emphasising that the BFSU expected any CIBC FirstCaribbean buyer to honour existing industrial agreements, Ms Mortimer said the union would know more about the bank’s plans today when she joins a conference call with its Barbados-based head office.

“Being part of Union Network International, we do have a counterpart in Colombia, and I wrote to my counterpart in Colombia about this group,” she told Tribune Business of the proposed CIBC FirstCaribbean buyer.

“This group in Colombia is an anti-union group. That sends a red flag. We have an agreement with this bank and that agreement doesn’t stop with any sale. You have to honour agreements that are in place. No if;s, and’s or but’s about it.”

Media reports, which first surfaced in Latin America last week, disclosed that the Gilinski Group is aiming to acquire a 70 percent majority stake in CIBC FirstCaribbean for around $2.2bn. The latter was yesterday tight-lipped on the deal, although it did not deny it.

However, K Peter Turnquest, deputy prime minister, confirmed to Tribune Business that a deal was imminent as he had been “introduced” to the prospective buyer. While no formal applications for the necessary government, Central Bank and Securities Commission regulatory approvals have yet been submitted, Mr Turnquest’s comments and Ms Mortimer’s remarks indicate this will happen shortly.

The BFSU chief said the union, which represents around 300 CIBC FirstCaribbean International Bank (Bahamas) staff, was waiting on the outcome of today’s conference call before formalising its position on the planned acquisition.

“We need to hear from them exactly what is happening and how things will go forward,” Ms Mortimer said. “I know for sure it [the bank] was on the market for sale. It’s been on the market for a while.”

She added that CIBC will be the second-owned Canadian bank to exit the region if the Gilinski Group deal goes through, with Scotiabank having departed

SEE PAGE 4

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters

A TOP Freeport hotelier yesterday warned the government it has little time to acquire Grand Bahama International Airport “before it’s too late” to swiftly rebuild the island’s tourism product.

Magnus Alnebeck, Pelican Bay’s general manager, told Tribune Business it was “very wise” for the Minnis administration to consider purchasing Grand Bahama’s key transportation link given that the major international route servicing the island is unlikely to re-open until December 18 at earliest.

He disclosed that American Airlines, which

• Minister confirms purchase under ‘consideration’ • But promises taxpayers wont happen ‘on the fly’ • Top airline cancels GB flights until December 18

DIONISIO D’AGUILAR pre-Dorian provided the key global connection to Freeport from Miami, had “cancelled all flights in their system to Grand Bahama” until that date - despite previous pronouncements

from the airport’s current owners that it will be reopening to international airlift one month earlier around November 15.

The Grand Bahama International Airport is owned 50/50 by Hutchison Whampoa and Port Group Ltd, the Grand Bahama Port Authority affiliate, via the Freeport Harbour Company, and Mr Alnebeck yesterday suggested “the writing was on the wall” for the Hong Kong conglomerate’s exit since at least last year.

Pointing out that

Hutchison Whampoa had shown little interest in the airport prior to selling the Grand Lucayan to the Government in September 2018, the Pelican Bay chief said its decision to get out of hotel ownership meant it had even less “incentive” to maintain “an airport that works”.

Mr Alnebeck spoke after Dionisio D’Aguilar, minister of tourism and aviation, confirmed the Government is mulling the acquisition of Grand

SEE PAGE 5

Oil explorer gains near certainty on well funds

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN OIL explorer yesterday said it has achieved near-certainty over the financing of its first Bahamas exploratory well after its latest $11.4m fund raising raise beat the target by 60 percent.

Bahamas Petroleum Company (BPC), in a statement to the markets, said it now “expects to see gross cash inflows of approximately $24.6m prior to March 2020” when it plans to spud that well in this nation’s territorial waters several hundred miles south-west of Andros.

Besides raising $4.3m from nearly 50 percent of

• BPC’s $11.4m raise beats target by 60% • $24.6m in cash inflows cover well costs • CEO: ‘Path’s not been straightforward’ its existing shareholders via an “open offer”, BPC then gained a further $7.1m via a “firm placing” of additional shares with a group of private investors. Both raises offered the same price of 2 UK pence per share.

The oil exploration outfit added that when the collective $11.4m proceeds were combined with the £10.25m convertible loan, which can be switched into equity shares, from Bizzell Capital Partners, an Australian-based oil and gas exploration financier, it now

possessed “sufficient funds” to cover the $20m-$25m costs of drilling that first well regardless of whether it secures a joint venture partner.

While the $24.6m worth of anticipated cash inflows would cover the top end of those well drilling costs, BPC said it will continue to assess other financing offers and options as well as pursuing a farm-in or joint venture partner.

Simon Potter, BPC’s chief executive, conceded in a statement that “the path taken to this point

has not been straightforward” but the company was now within sight of its first exploratory well after a 13-14 year effort.

“Our clear focus at Bahamas Petroleum is to drill an initial exploration well on our highly prospective acreage in The Bahamas during 2020, consistent with our obligations to the Government of The Bahamas,” he said. “We have been working diligently to develop a co-ordinated funding strategy so as to ensure we have

SEE PAGE 4

PAGE 2, Wednesday, November 6, 2019

THE TRIBUNE

BAMSI, TOURISM TEAM ON FISHING GUIDE CERTIFICATION

By YOURI KEMP

THE Bahamas Agriculture and Marine Science Institute (BAMSI) is teaming with the Ministry of Tourism to certify the “new generation of fly-fishing guides” that is key to growing the industry.

The two public sector entities, unveiling the fly fishing certification initiative that will launch in January 2020, also disclosed they are planning to develop a curriculum for an associate degree in ecotourism.

Ellison “Tommy” Thompson, the Ministry of

Tourism’s deputy directorgeneral, said: “We see this as a great opportunity to get more Bahamians, especially young Bahamians, involved in this huge industry that contributes greatly to tourism sustainability efforts.”

The certification initiative was yesterday backed by Prescott Smith, The Bahamas Fly Fishing Industry Association’s (BFFIA) president, who told Tribune Business: “It’s pretty much needed. We need a whole new generation of guides to grow the industry. With that level of training the country will benefit more than we

FROM left: Liz Brace, BAMSI student activity co-ordinator, Dr Raveenia Roberts- Hanna, BAMSI executive director; Ellison “Tommy” Thompson, Ministry of Tourism deputy director-general; and Dr Vallierre Deleveaux. for the manufacturers and then it would be a wonderhave done so in the past.

“Also, the research com- equipment companies - ful thing.” ponent will allow all to be whether it be rods, reels, Mr Smith added that able to participate in it as clothing, boats and engines, there are about 400 fly fishwell from BAMSI. What you will have a support after ing guides in The Bahamas. was lacking over 20-plus you get the certification. Given that their average years, the way it is being You would also have differ- age is between 45 and 55 structured now means that ent companies participating years-old, he said the indusyou will not only have train- in the training process. try needs a new cadre of “We were always doing it younger guides in their 20’s ing on campus but support for apprenticeship pro- hanging from the cliff with- to come in and take over grammes, which is badly out the real support needed. the sector.

If BAMSI can tap into relaneeded.”

Denny RankMr Smith continued: tionships that we would not ine, the Association’s “This would also allow ordinarily be able to make, vice-president, said: “What

this certification programme does is it enables us to have a chance to engage the younger generation to make the industry more accessible if we take them through a certification process at BAMSI.” The Ministry of Tourism’s release added: “With the expansion of the fly fishing industry in mind, the fly fishing certification programme was designed not only to fulfill the mandatory requirements of Fisheries Resources (Jurisdiction and Conservation) regulations, which mandates that all fly fishing guides must be certified, but also to ensure that guides are responsible and armed with sufficient knowledge on preserving the environment and the sector.”

“Fly fishing is a big part of the tourism offering and, to be a certified guide, adding that academic and scientific input into what you do is important for the sustainability of the sector,” said Dr Raveenia Roberts-Hanna, BAMSI’s executive director. “We are happy to have that stamp of approval from the Bahamas Ministry of Tourism.”

“They have got all hands on deck and have a lot of multilaterals and international agencies and non-governmental organisations working. They are working in a sustainable way and looking to the long term, using it as a national economic rebuilding and restructuring opportunity.

Hopefully, stakeholders will seize that opportunity.”

When it came to The Bahamas’ competitiveness against low-cost regional rivals, Mr Comito said: “The Bahamas is different than that of the Dominican Republic. Both destinations are doing a great job overall. The Bahamas, prior to Hurricane Dorian, was on track for having its best year ever in terms of visitor arrivals and average daily room rates. It was on a track to lead the entire Caribbean prior to Dorian. In terms of tourism indicators, the rest of The Bahamas seems to

“We are looking at working on long-term recovery for the business and to shine greater light on the destination in the Bahamas at Marketplace 2020.”

Mr Comito has held executive positions with the Nassau Tourism and Development Board; the National Alliance of Business in Washington DC; and earlier with the St Croix and St Thomas-St John Chambers of Commerce.

Regionally, he has held posts as president of the Caribbean Society of Hotel Association Executives; been a long-serving member of CHTA’s Board of Directors, and has extensive experience in crisis planning and recovery. Mr Comito was also deputy chairman of the Nassau Airport Development Company (NAD), where he helped guide a $410m investment in upgrading the airport.

EX-BAHAMAS TOURISM OFFICIAL TO BE HONOURED

By YOURI KEMP

A BAHAMIAN tourism executive will be honoured at the Caribbean Media Exchange (CMEX) Leadership Awards 2019 for more than 35 years of service to the industry.

Frank Comito, pictured, the former Bahamas Hotel and Tourism Association’s (BHTA) executive vice-president, will be rewarded for his efforts to spur economic development, organisation management, government affairs, project management, workforce development, research and business and investor support in the tourism industry.

Mr Comito, who is currently the the Caribbean Hotel and Tourism Association (CHTA) chief executive and director-general, told Tribune Business of the award: “It is a reflection that we at the Caribbean Hotel and Tourism Association (CHTA) have made a concentrated effort to play a more active role in tourism.

The work we are doing at the CHTA is being recognised through the award.

“I think the whole profile of Caribbean tourism and its incredible offerings has the potential to be beefed-up to be continually profiled in a positive light. The CHTA has been working a great deal to raise that profile for the people of the Caribbean. We like to think of our

organisation as a leader in that regard.”

Mr Comito added: “Despite the challenges facing The Bahamas it has mobilised resources to rebuild Abaco and revitalise Grand Bahama. There is a tremendous opportunity to do things right. The Bahamas does not have far to go in order to see the lessons learned after major storms.

Look at the incredible job that Dominica has done post-hurricanes Irma and Maria.

be rebounding faster than we anticipated.

“The Ministry of Tourism and the entire industry is marketing the destination, letting the world know what the real story is in The Bahamas. I think Thanksgiving and Christmas should be fine for this period. The real hard work is getting folks back beyond those peak periods between the month of November up until the end of Spring Break 2020.

“The real hard work is going to be afterwards.

We are so pleased that the CHTA is going to bring the Caribbean Marketplace 2020 to The Bahamas in January. We planned for it to be at Baha Mar. We have not veered from that as it takes on added significance now considering what it means to The Bahamas at this point in time,” he continued.

THE TRIBUNE

Wednesday, November 6, 2019, PAGE 3

Abaco resort to ‘keep hope alive’ through pizza addition

By YOURI KEMP AN ABACO resort is aiming to complete its new pizzeria by February 2020 as it seeks to rebuild from “major damage” inflicted

by Hurricane Dorian.

Joshua Stivers, the Treasure Sands Club’s managing director, told Tribune Business it was “not focusing on tourism and bookings” as it instead concentrates on preparing for 2020.

He revealed that the property had not received any bookings for the Christmas holidays due to the category five storm’s devastation, but said it wanted to “keep hope alive” through its restoration efforts.

“We started the cleanup of our property merely days after the storm, and

will continue to do so as we lay the logistical groundwork for the next step, the repair and rebuild,” Mr Stivers said.

“We have stood our trees back up, nearly 100 or so, all in an effort to move forward with hope and light.

We had major damage, but the two buildings - one is the White House in Treasure Cay, filled with five town homes, and the other is where we plan to put a school - fared better than many others.”

He added: “We are not focusing on tourism and bookings right now. We are just trying to make sure we clean up properly and get prepared for 2020. Generally we will start getting reservations for Christmas Eve and Christmas Day

well in advance. We have not gotten anything for this year as yet because of the destruction of Dorian, and people thinking we are totally destroyed.

“Christmas time is a great time for families and good energy, so it would be fantastic if we could bring jobs back because so many people want to return to Abaco. But it is about them finding homes if they do find work. We have six employees right now, but they are just in our landscaping crew and no one yet on the hospitality side is back to work yet.”

Looking beyond Abaco’s immediate recovery needs, Mr Stivers said: “It is our mission to keep hope alive every day, all day. Our goal is to open our newest

Govt ‘vets’ aircraft registry agreement

addition to our property, Sunset Pizza. This is a small wood-fired oven pizzeria that was nearly complete prior to the storm.

“We plan to push forward in finishing this smaller project by February 1, 2020, so that those that are here have somewhere to go to relax, take their mind off the devastation and share in conversations of the future.

“Once we attain that goal, we will begin our work in the repair and rebuild of Treasure Sands Club. In addition, we have a 1.5 acre farm that we must - and will - bring back to life as well, as sustainability is the future,” he added.

“We have water coming to the farm. This is our

growing season. Even if our resort does not have water, the farm is very important because we can use what we grow to share with the local community.”

Mr Stivers told Tribune Business that Treasure Sands Club had recently completed renovations to the local pre-school that it began in 2017, so that the local community could again enjoy pre-school education.

He said the school fared well during Dorian, sustaining minimal damage compared to buildings around it, and the resort’s current focus is to make the necessary repairs including the addition of a generator because it is uncertain when power will be restored. This, Mr

Stivers said, would allow them to lend the school facilities to the community for all ages until the public schools can be rebuilt.

Mr Stivers added that they have been “approached by volunteers that are working with the few teachers that have returned to the island” to make this possible, but said the greatest challenges they face are logistical.

“The current work permit process for foreign help needs to be better facilitated along with the absolute need for electricity,” argued. “Long-term needs are definitely affordable housing and public transportation.

These are both things that were needed even prior to the storm.”

TOURISM REACHES OUT TO CANADIAN MARKET

By YOURI KEMP THE government is “vetting” the proposed contract that will formally launch the creation of a Bahamas aircraft registry, a Cabinet minister said yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, declined to commit to a timeline for when the deal with Aircraft Registry Group (ARG), the company selected to develop the registry, will be signed.

“The government has decided to explore an aircraft registry,” he said. “As you know we already have a maritime registry, and it is very much an income-producing enterprise for the Bahamas.

“We have gone through the ‘beauty contest’ in selecting a company. We have negotiated a Memorandum of Understanding (MOU), and we are now completing the negotiations of a contract. We expect that company would come on board and begin to implement the necessary steps to launch an aircraft registry.”

Mr D’Aguilar added: “There has to be a very exhaustive, due diligence period. You have to get in proposals and vet all of them, and we are very close to signing the agreement.

The office of the Attorney General is vetting the documents as we speak, and

DIONISIO D’AGUILAR when that is finished we will be executing that document and begin the launch of an aircraft registry with Aviation Registry Group (ARG).”

Algernon Cargill, director of aviation, told Tribune Business earlier this year that a registry will be “well in place” by 2020 after confirming that the Government had signed an MOU with ARG. ARG’s company website says it was established in 1995 as the first privatelymanaged Category-1 aircraft registry in the world, as rated by the US Federal Aviation Administration (FAA).

Mr D’Aguilar, in earlier statements made to Tribune Business, touted the benefits of an aircraft registry

He said: “An advantage is that it will cause focus to be brought to the civil aviation regulatory environment, enhancing it and making it top of class; world class in order to attract aircraft to our registry” “It will create jobs in terms of inspections, maintenance and repairs. People will come here to have their planes inspected. It creates hangar storage, businesses for aircraft maintenance, inspections and the like, and has the advantage of creating employment opportunities. The benefits span the entire aviation sector.

“It’s important to pursue this for the reasons mentioned, but also to create this best in class sector that becomes a flag of choice.”

DIONISIO D’Aguilar, minister of tourism and aviation, is interviewed

by Global TV Network Canada on Monday at

the Atlantis resort. The Bahamas is targeting the Canadian market for additional visitors, and to support new airlift, by

delivering the message that this nation remains open for business following Hurricane Dorian.

Photo: Kemuel Stubbs/BIS

PAGE 4, Wednesday, November 6, 2019

BTC suffers $30m Union’s ‘red flag’ blow from Dorian over CIBC buyer FROM PAGE ONE

spent, will be required to restore our damaged networks, which is expected to be incurred during the remainder of 2019 and 2020.”

Liberty Latin America added that Hurricane Dorian’s interruption of normal consumer and business activity on Abaco and Grand Bahama, together with the free roaming and minutes offered to BTC mobile subscribers, resulted in CWC suffering a two percent yearover-year “rebased revenue” decline for the third quarter.

This “negatively impacted third quarter revenue by $5m”.

And, from an accounting perspective, BTC’s ultimate parent was also forced into “an impairment charge.. of $14m in The Bahamas, related to Hurricane Dorian, to write off the net carrying amount of property and equipment that was damaged beyond repair”.

BTC’s network infrastructure damages were last night revealed to be more than four times’ those of its mobile rival, Aliv, which pegged its own restoration costs at around $6m. Damian Blackburn, Aliv’s top executive, said the operator had almost completed the “secondary sweep” of its mobile network on Abaco and Grand Bahama to determine if any further equipment needed to be repaired or replaced.

“We’re still sort of counting up, but it will be in the order of $6m that we’ve had to spend, most of which is covered by insurance,” Mr Blackburn told Tribune Business. “On the mobile network side we have full coverage in Abaco, the Abaco Cays and Grand Bahama.

“We’ve pretty much completed the second phase of our restoration, which was literally to go and inspect every tower impacted by the hurricane and replace anything

that was damaged. That’s pretty much finished.

“It took us nine days to get the whole of mainland Abaco working from having no coverage for a day or so, and Grand Bahama, West End and Freeport were working through, during and immediately after the storm. Within two to three weeks we were pretty much done in terms of restoring coverage and service.”

Mr Blackburn added that several longer-term issues remain to be addressed, especially having to liaise with BTC on where destroyed towers they both used are to be rebuilt and who will be responsible. He added that these sites were “a small number of around a dozen”, and based mainly in east Grand Bahama.

Besides having to contend with Dorian’s wrath, BTC suffered the continued erosion of its mobile subscriber base with the loss of another 4,200 customers during the three months to end-September.

However, this near-two percent decline occurred at a much slower pace than in the previous period when BTC saw a net 9,300 subscribers leave during the 2019 second quarter.

BTC saw 3,800 pre-paid mobile subscribers, and 400 of the more stable, higheryielding post-paid subscribers leave during the third quarter, dropping its total customer base from 213,500 to 209,300.

It closed September 30 with 184,200 prepaid subscribers and 25,100 post-paid subscribers as Aliv seemingly continues to make inroads into its market share, albeit at a slower pace than before.

Data previously provided

by Liberty Latin America showed that, for the 2019 second quarter, a modest gain of 700 post-paid mobile subscribers was more than offset by the loss of another 10,000 pre-paid customers.”

Referring to CWC’s

business, Liberty Latin America said: “Mobile subscribers were broadly flat in the third quarter. Jamaica added 23,000 subscribers in the quarter as we continued to build on customer value propositions launched in April. We have now added 85,000 subscribers year-to-date in Jamaica, an improvement of nearly 120,000 compared to the first three quarters of 2018.

“These gains were offset by losses due to continued competitive pressure in Panama and The Bahamas, where we lost 18,000 and 4,000 subscribers, respectively. Mobile revenue was 10 percent lower on a rebased basis compared to the prior-year period, primarily attributable to lower service revenue in Panama and The Bahamas.

“Continued competitive pressure drove decreases in ARPU (average revenue per user) and the average number of subscribers in each market, with an additional impact from Hurricane Dorian in The Bahamas.”

BTC also suffered a 1,300 decline in fixed-line subscribers for its fixed-line services, which includes broadband Internet and telephony.

Fixed-line voice and Internet customers fell by 1,200 and 100, respectively, compared to end-June 2019 numbers, leaving the carrier with customer bases of 43,200 and 25,600.

However, BTC did make a net 400 subscriber gain in its TV/video offering, growing this customer base to 6,500. As a result, its net loss of revenue generating units (subscribers) for the 2019 third quarter was kept to 900, although this excludes the mobile business.

BTC closed the third quarter with a total 75,300 subscribers for its TV, Internet and fixed line voice services.

Some 128,900 homes are passed by its “twoway” infrastructure.

FROM PAGE ONE

the eastern Caribbean (its battles with the Antigua government notwithstanding) to retain a presence only in the larger, more profitable jurisdictions of The Bahamas, Jamaica, Barbados and Trinidad.

And Ms Mortimer said domestic retail banking jobs are coming under increasing pressure from moves to drive customers towards online and digital banking as their main avenues for accessing financial services.

“They’re forcing you to go there,” she said of the banks.

“They need to teach you, but how can you force a 70 year-old persons to go to the machine? They have more comfort going into the bank.

Older people are more valuable customers because they have more money. Do they

want customers or not?”

CIBC FirstCaribbean International Bank (Bahamas), which is the largest listed stock on the Bahamas International Securities Exchange (BISX) by market capitalisation, is less than five percent owned by Bahamian minority investors.

It is also likely to be the largest and most profitable unit in the group alongside Barbados, accounting for 30-40 percent of its overall business.

The Bahamian operation generated $85m in net income on $188m of revenues for the financial year to end-October 2018, the last period for which fullyear results were available.

That represented its highest profit in five years, with the bottom line for the prior three years varying between $66m and $77m.

The Gilinski Group is

THE TRIBUNE headed by Jaime Gilinski Bacal, who is said to be Latin America’s second richest man with a net worth of $3.9bn. The group has a history in banking that dates back to the 1990s, with a track record of turning around under-performing institutions, and it currently owns Colombian bank, GNB Sudameris, which has over $10bn in assets.

Mr Gilinski also has a $500m stake in Banco Sabadell, Spain’s fifth largest bank. However, James Smith, the former finance minister and Central Bank governor, has questioned whether CIBC FirstCaribbean under the Gilinski Group’s ownership would be able to maintain the necessary correspondent banking links to keep commerce moving through the clearance of US dollar transactions.

Under CIBC’s ownership, the Bahamian institution will have been able to clear through its Canadian parent’s worldwide network to overcome the regulatory difficulties and withdrawal of correspondent relationships suffered by other local and regional banks.

Oil explorer gains near certainty on well funds FROM PAGE ONE access to the funds necessary for drilling, as and when we need them.

“I am thus extremely pleased to advise all shareholders of our successful open offer and placing which, in aggregate, have raised approximately $11.4m. When combined with the proceeds we expect to receive from our conditional convertible note, we will have secured the finance required for drilling activities given our anticipated well cost is in the range of $20m to $25m.

“At the same time, we continue to maintain our cost focus, monitor a range of additional funding options, and progress our farm-in process, all with a view to strategically enhancing the overall financial capacity of the company whilst not being reliant on any particular outcome for drilling activities to be implemented.”

Mr Potter added: “The path taken to this point has not been straightforward but, collectively, we have stayed focused so as to realise the company’s goal - the management team understands the responsibility it bears and is determined to succeed...

“I look forward to updating you all on our progress over the next six months as we ramp up for drilling operations. We strongly believe it will be an exciting time for our company.”

Environmental activists and others opposed to any form of oil drilling and exploration in Bahamian waters may disagree, though, especially given the Hurricane Dorian-related oil spill in Grand Bahama and climate change fall-out.

Still, BPC’s announcement added: “The company considers that with the success of the open offer and the placing, and when combined with the conditional convertible note, it will likely have sufficient funds to undertake the drilling of an initial exploration well in The Bahamas during 2020 in accordance with the company’s licence commitments.

“Moreover, in addition to the proceeds from these activities the company continues to pursue a farm-out as part of its overall funding strategy, and has received proposals for, and continues to develop and assess a number of other financing options. A decision to enact any of these other financing proposals will be taken, if required, based on the

outcome of the farm-out process.”

BPC said securing a joint venture partner could “materially increase” the funding available to it, with the monies applied to the first well’s drilling or “a broader work programme than the current single well the company intends to drill in 2020”.

It admitted, though, that there was still “a degree of uncertainty” surrounding the funding from the conditional convertible note, which requires certain conditions to be fulfilled before the funds are released on or prior to February 15, 2020.

“In circumstances where suitable funds are not raised via the conditional convertible notes, or if a farm-out is not secured, the company would likely not have sufficient cash to complete the drilling of the planned initial exploration well in 2020 which, in turn, puts the company at risk of not meeting its licence obligations,” BPC said.

“In such circumstances the company would look to secure funding by way of alternative sources. There can be no assurance, however, that the company would be successful in securing any such alternative funding.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Wednesday, November 6, 2019, PAGE 5

Govt urged: Get GB airport deal closed ‘before too late’ FROM PAGE ONE

Bahama International Airport.

He yesterday blasted Hutchison Whampoa’s failure to “demonstrate an effort” to urgently restore the asset to its pre-Dorian state.

Disclosing that it will likely cost between $20m-$40m to rebuild the airport terminal and associated facilities, Mr D’Aguilar pledged that the Government will not make any purchase decision “on the fly”.

He promised that, rather than rush into a deal as it was accused of doing over the Grand Lucayan, the government will first determine how to make the airport profitable before it commits the Bahamian taxpayer to another potentially risky multi-million dollar outlay.

“Certainly it is under consideration to buy the GBIA,” Mr D’Aguilar confirmed when questioned outside the Cabinet Office. “Hutchison Ports have not demonstrated an effort to rebuild the airport to where it was before.

They seem somewhat reluctant, so the government is considering its options.”

The minister’s comments contradict recent interviews given by Sarah St George, the Grand Bahama Port Authority (GBPA) co-chair, which sought to reassure Freeport residents and

businesses that both the GBPA and Hutchison were fully committed to restoring the airport so it can receive international flights from mid-November onwards.

However, Mr D’Aguilar said the government will not rush blindly into any acquisition. “Buying the airport is the easiest thing,” he warned.

“It is what you do once you get the airport. The focus of the Bahamian people is now for Hutchison Ports to do something with that airport. Once the government buys it, the focus will now go towards the government, and what will the government do about it?”

The minister estimated that rebuilding Grand Bahama International Airport could cost between $20m to $40m, and added: “You have to figure out where that money will come from, and you have to consider who the operator is going to be, and you have to consider how that airport is going to make money.

“So before we spend the money of the people of The Bahamas, you have to consider these things and I don’t think the government wants to be rushed into this thing.

We have to think through the purchase.”

Mr D’Aguilar continued: “You can’t just buy it where it will just sit there. You have to have a plan. We just can’t make a decision on the fly.

You have to do the research and look at the business model and study the financials. You have to consider all of these things.

“The objective is going to be revenue source. How will the airport fund itself? Obviously we will look at the Nassau Airport Development (NAD) model at the Lynden Pindling International Airport (LPIA); obviously the LPIA has more traffic than what they have in Grand Bahama.

“So, are we considering it? Yes. But we are working through all of the proposals and considering how we will make it work once we acquire it.”

Prominent businessmen such as Mr Alnebeck, together with Michael Scott, the Hotel Corporation and Grand Lucayan chairman, have previously urged the government to acquire Grand Bahama International Airport given that the island’s tourism and industrial business model “won’t work” if it is unable to receive international airlift.

While Freeport’s stopover tourism product is still moribund in Dorian’s wake, the airport - and associated airlift - are set to assume greater importance in the coming months due to the development of Carnival’s $100m cruise port and the proposed ITM Group/ Royal Caribbean joint venture that includes the $195m first phase acquisition of the Grand Lucayan and harbour redevelopment.

“That’s great news,” Mr Alnebeck told Tribune

Business of the minister’s comments. “I think it would be a very wise thing to do.

I think the airport should belong to the government, and then they should hand it over to someone who knows how to run airports. They have the perfect people to do that as NAD is already set up and running Nassau.

“Anything that can be done to get international airlift back into this market will be welcome to Grand Bahama. I wouldn’t be surprised if Hutchison and the Port Authority welcomed getting rid of it. It’s just a matter of getting it done before it’s too late. The longer it takes, the more we’re going to have to rebuild.”

The Pelican Bay chief added that the little international airlift Grand Bahama enjoyed pre-Dorian was already under threat. “I know American Airlines has cancelled all flights in their system to Grand Bahama up until December 18.

“I don’t know if that will be revisited if the airport opens, but at the moment the earliest you can book American Airlines for Miami to Grand Bahama is December 18. That’s what it looks like... Most of the people who connect and come from elsewhere to Grand Bahama comes through Miami and American Airlines.”

American Airlines may have decided there is insufficient tourism product and room inventory on Grand Bahama post-Dorian to justify resuming flights, given that demand will be

minimal to non-existent. Mr Alnebeck said that while Pelican Bay is “still full”, this is mainly due to persons assisting with the storm relief and recovery efforts.

Besides American Airlines, he added that the other carriers servicing Grand Bahama internationally were Silver Airways and Bahamasair. Yet the scheduled start of Sunwing’s winter airlift programme in mid-December from Canada also added to the urgency in resolving the airport’s immediate future.

“We need an airport that is open, and I think most people in Grand Bahama will welcome this taking over of the airport,” Mr Alnebeck added, pointing out that the NAD model had worked in Nassau despite Mr D’Aguilar’s caution.

“One of the problems we’ve had in Grand Bahama is that we’ve always had an airport that is too expensive, even when Hutchison owned 60-70 percent of the hotel rooms on the island,” he told Tribune Business. “They were not interested in the airport.

“When they closed the hotel down and sold it to the government after Matthew, the writing was on the wall as they were no longer the largest hotel room owner on the island. What’s the incentive for having an airport that works?”

Tribune Business sources yesterday confirmed that the government had placed Hutchison Whampoa and the GBPA “on notice” of its intent to acquire Grand

Bahama International Airport. They said the Minnis administration’s initial grounds for doing so were “eminent domain”, which is taking private property for public use, and national security on the basis that the ownership duo had “abandoned” the facility.

“The problem with that is the signal that is sent to the private sector about the government seizing private property and assets. That’s not a good signal to send to businesses and investors,” one contact, speaking on condition of anonymity, told this newspaper.

“The Port has yet to do anything with the airport. They’ve propped up some fences but done nothing to rebuild the terminals.

Hutchison does not want to invest money, and the Port has no money to invest.”

They added that Grand Bahama International Airport’s private ownership meant it enjoyed none of the subsidies given to LPIA and others, and said: “That’s the biggest problem. It’s a private company that loses money and doesn’t subsidise anything.”

The source said that while the airport loses money its immediate parent, Freeport Harbour Company, is profitable and suggested that the government also consider trying to acquire this valuable strategic asset too.

Calls by Tribune Business to Grand Bahama International Airport chief executive, Godfrey Smith, were not returned yesterday before press time.

NASSAU/PI HOTELS ENJOYING A 25% REVENUE BOOST FROM PAGE ONE 25 percent. The average occupancy rate rose by 8.5 percentage points to 72 percent, while the number of room nights sold moved higher by 16.0 percent and the ADR appreciated by 7.8 percent to $265.05.”

The Central Bank said the Bahamian tourism industry’s year-to-date performance had been largely “buttressed” against Dorian’s impact by its strong first-half showing, although the effects were more noticeable in the vacation rental market.

“The storm’s impact on capacity in the shortterm rental market was also evident in AirDNA estimates for September,” it added. “In particular, the number of total available listings contracted by approximately 19.9 percent month-on- month, outdistancing the 2.8 percent fall-off during the same month of 2018 owing to broad-based declines across major markets.

“Further, when combined with seasonal patterns this was also accompanied by a reduction in bookings for

the month. In terms of pricing, both hotel comparable and entire place listings posted declines in their average daily room rate (ADR) of 4.7 percent to $142.11 and 14.2 percent to $337.88, respectively.

“On a year-to-date basis available rental listings grew by 17.1 percent, with an increase in properties for both entire place and private room offerings.

Likewise, bookings were 31.7 percent higher over the same period in 2018, reflecting improvements across all major markets but with lower average prices for both hotel comparable (7.3 percent ) and entire place accommodations (2.4 percent).”

Not surprisingly, tourism arrivals were also impacted

by Dorian during September. “The most recent data from the Ministry of Tourism revealed that total visitor arrivals contracted by 12.8 percent in September following a 62.4 percent surge during the same period last year, when the Baha Mar properties’ capacity boost settled-in,” the Central Bank said.

“By port of entry, the high value-added air component fell by 14.7 percent reversing 2018’s 48.7 percent strengthening.

Likewise, the sea segment retreated by 12.4 percent in a turnaround from a 65.3 percent expansion in the prior year.”

The Central Bank added: “Reflecting the impact of Hurricane Dorian’s passage in early September, data provided by the Nassau Airport Development Company (NAD) showed a 9.2 percent contraction in departures of foreign persons, sharply contrasting with the 42.3 percent increase secured during the same period last year.

“Specifically, growth in the dominant US segment tapered to 9.2 percent from the prior year’s 44.7 percent expansion, while traffic by non-US international passengers was reduced by 8.9 percent vis-à-vis last year’s 30.5 percent strengthening.

“Underpinned by improvements in earlier months, total foreign departures expanded by 15.2 percent during

the nine-months to September, extending a 13.4 percent growth recorded over the same period of 2018.

US departures rose by 16.6 percent compared to a 12.7 percent advance a year earlier. However, the growth in the non-US international component slowed to seven percent from 17.8 percent.”

As for the banking

industry’s ‘bad loan’ woes, the Central Bank said: “Over the first nine months of 2019, total private sector loan arrears declined by $60.2m (7.4 percent). The ratio of arrears to total loans fell by 1.1 percentage points to 13.2 percent.

“Short-term arrears narrowed by $21.7m (7.4 percent), and the related ratio by 38 basis points to 4.8 percent.

Non-performing loans decreased by $38.4m (7.4 percent), and the nonperforming loan rate by 67 basis points to 8.4 percent.”

The Central Bank added that mortgage loan arrears fell by $42.7m during the nine months to endSeptember 2019, with commercial/business loan arrears down by $15.4m and that for consumer loans dropping by just $2.1m.

PAGE 6, Wednesday, November 6, 2019

THE TRIBUNE

US woos Asia with plan to rival China’s ‘Belt and Road’ BANGKOK Associated Press COMMERCE Secretary Wilbur Ross said yesterday the US will invest and trade more in Asia as it rolls out an American plan to support “sustainable” projects in Asia as a counterpoint to China’s multibilliondollar “Belt and Road” infrastructure initiative.

Ross is leading a highpowered trade mission in Asia and along with national security adviser Robert O’Brien attended meetings at a regional summit that wrapped up Monday on the outskirts of Thailand’s capital.

Like O’Brien, he sought to dispel suspicions that President Donald Trump’s administration is disengaging with the region, a sentiment that deepened when Trump sent his adviser to the annual summit, skipping it for a second straight year in order to campaign.

“We have no intention of vacating our military or geopolitical position,” Ross told reporters in a

US Commerce Secretary Wilbur Ross sits on chair after delivering a speech at Indo-Pacific Business Forum in Nonthaburi, Thailand on Monday.

Photo: Sakchai Lalit/AP conference call.

He said many people had misinterpreted Trump’s 2017 US decision to pull out of a regional trade deal, the Trans-Pacific Partnership, as a sign of waning interest.

“We are here permanently, and we will be continuing to invest more here, and we will be

continuing to have more bilateral trade, and I’m spending much more time in the region,” Ross said.

To illustrate that commitment, US officials launched the Trump administration’s “Blue Dot Network” on Monday at a high-powered business conference attended by 1,000 people, including

more than 200 American business executives.

The plan’s name is a reference to the late scientist Carl Sagan’s book “Pale Blue Dot” and the photo of Earth taken by Voyager 1 from more than four billion miles (6.4 billion kilometers) away.

Speaking on the same day the US formally withdrew from the Paris climate agreement, Ross said the Blue Dot Network was in its early stages but that it will include countries committed to “sustainable infrastructure development”.

Earlier, O’Brien told reporters it was akin to a “Michelin Guide” for rating investment projects in infrastructure — the roads, ports and energy systems that keep economies and communities running.

It’s unclear exactly what sort of investment commitments would come of the initiative, described by the US government

as an alliance of governments including Australia and Japan, companies and civil society “under shared standards” that would provide a “globally recognised seal of approval”.

At the business forum in Bangkok, Japan and the US signed a statement pledging to coordinate on $10bn in Japanese investment in liquefied natural gas projects. Other plans include an agreement to work with the Asian Development Bank in arranging up to $7bn in financing in other Asian energy projects.

O’Brien said the initiative would counter the trend toward what he said were projects that were not “high quality” that had led countries into debt traps — alluding to complaints by the US that the vast network of Chinese-backed projects under the “Belt and Road” are undermining the sovereignty and financial stability of the countries involved.

But it’s part of the Trump administration’s foreign policy vision focused on what it calls a “Free and Open Indo-Pacific”, laid out when the president traveled to a summit of the Association of Southeast Asian Nations in Manila, Philippines, two years ago that he ended up leaving early.

According to US government figures, trade with the region topped $1.9tn in 2018 and helped support more than three million US jobs.

The business delegation led by Ross includes AES Corporation, Baxter International, Bechtel, Bell Textron, Boeing, Capstone Turbine Company, Cheniere Energy, Citi, Honeywell International,

LNG Limited/Magnolia LNG, Lockheed Martin, Qualcomm, Securiport, Sierra Nevada, Tellurian, Tesla and Varian Medical Systems. It was due to travel on to Indonesia and Vietnam after Thailand.

As Ross was talking up US trade and investment in the region, saying of Australia, “We’d be delighted to sell more military aircraft if that suits your department of defense,” China opened a lavish import expo yesterday in Shanghai showcasing its own eagerness to do business.

President Xi Jinping vowed to open Chinese markets further, clinking wine glasses with French President Emmanuel Macron, who urged that Beijing and Washington end the trade war that is clouding an already murky global economic outlook.

Xi said Beijing was willing to speed up talks on various free trade deals and investment agreements and “happy to conclude high-standard free trade agreements with more countries”. He also promised to gradually improve conditions for foreign investment.

The summit meetings in Bangkok made halting progress on a sweeping free trade deal, the Regional Comprehensive Economic Partnership, that is seen by many as a rival to the Pacific Rim accord rejected

by Trump.

Fifteen of the 16 countries involved said they were prepared to push ahead with that Chinabacked plan, though India, one of the biggest, was stepping aside and not yet ready to commit to opening its markets that fully or quickly.

AT TRADE SHOW, XI PLEDGES STEPS TO OPEN CHINESE MARKETS SHANGHAI Associated Press PRESIDENT Xi Jinping promised more gradual market-opening steps at the start of an import fair yesterday but no initiatives on technology policy and other irritants that sparked a tariff war with Washington.

The second China

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International Import Expo showcases the country’s vast import market of 1.4 billion people to help deflect complaints that it improperly subsidises industries and shields them from competition. It offers a marketing platform for foreign suppliers of goods from wine to yachts but does less for companies that already are established in China.

“The door that China is opening will only open further and wider,” Xi said in a speech to an audience that included French President Emmanuel Macron and prime ministers of Greece, Jamaica and Serbia.

Xi affirmed promises to reduce restrictions on foreign investment and an offer, first made in June, to accelerate work on a China-Europe investment treaty.

Beijing has announced plans over the past two years to make its state-dominated economy more productive.

They include cutting import tariffs and abolishing limits on foreign ownership in auto manufacturing, finance and other fields.

None directly addresses US, European and other complaints about technology policies and other irritants that prompted President Donald Trump to hike tariffs on Chinese imports, setting off a trade war that threatens to chill global growth.

Xi made no mention of the battle with Washington but called for building and “open and shared world economy”.

Macron said market entry must be “accelerated, made more transparent” and he appealed for equal treatment in subsidies and legal remedies.

Macron expressed hope a US-Chinese settlement will “safeguard the interests of China’s and the United States’ other major trading partners, starting with the European Union”.

American and Chinese negotiators announced what Trump called a “Phase 1” agreement Oct 12 after talks in Washington. Envoys are negotiating the details. The

two sides have reported no progress on their biggest disputes and economists say a final settlement is unlikely this year.

On a conference call yesterday with reporters, Commerce Secretary Wilbur Ross said he was “reasonably optimistic” the Phase 1 talks would be finished. He said more difficult issues would wait for later rounds.

“We’re hoping Phase 1 will be a precursor of later agreements,” Ross said.

Xi and Trump were to have met at this month’s gathering of Asia-Pacific leaders in Chile, but the event was canceled due to protests there. Ross said the two sides are looking for a different location.

The European Union is looking for “real, substantial” progress on the investment treaty before an EU-China summit in the second half of 2020, the EU Delegation in Beijing said in a statement.

“We want an ambitious agreement that grants wider market access, robust investment protection, greater predictability for our companies and commitments on sustainability,” the statement said.

Beijing is trying to shore up consumer demand after economic growth sank to a multi-decade low of 6% over a year ago in the latest quarter.

The ruling Communist Party is looking to consumers to propel economic growth, replacing trade and investment. But shoppers are uneasy about the trade war and possible job losses. They are spending less, which has battered sales of autos, real estate and other goods.

Chinese imports were off 5% from a year earlier in the first nine months of the year, down from double-digit growth in previous years.

Imports of American soybeans and other goods were down 26.4% following Chinese tariff hikes and orders to importers to find other suppliers.

THE TRIBUNE

Wednesday, November 6, 2019, PAGE 7

BRITAIN’s Prime Minister Boris Johnson speaks during a cabinet meeting, inside number 10 Downing Street, in central London, yesterday.

Photo: Tolga Akmen/AP

UK parties promise end to Brexit agony if they win election LONDON Associated Press BRITAIN’S three major national political parties wooed weary voters yesterday, all promising an end to Brexit wrangling if they win next month’s national election — but offering starkly different visions of how to achieve that.

Prime Minister Boris Johnson says if his Conservative Party wins the Dec 12 poll, he will get Parliament to ratify his divorce deal with the European Union and Britain will leave the bloc by Jan 31.

The main opposition Labour Party says it will take a bit longer — six months — to end more than three years of uncertainty triggered by voters’ decision in 2016 to leave the 28-nation EU after more than four decades of membership.

Left-of-centre Labour says if it wins, within six months it will negotiate a new Brexit divorce deal that keeps close relations between Britain and the EU, then hold a national referendum on whether to leave on those terms or remain in the bloc.

Labour leader Jeremy Corbyn hasn’t said which side he would support in such a referendum. Johnson urged him in an open letter on Monday to “come clean and explain what your plan really is”.

Corbyn insisted yesterday that “Labour’s plan for Brexit is clear and simple” and said he was right to try to appeal both to the 52% of voters who opted to leave the EU in 2016 and the 48% who wanted to remain.

“Anybody seeking to become prime minister must talk to and listen to the whole country,” Corbyn told Labour supporters in

Harlow, a town northeast of London that voted in 2016 to leave the EU. “Labour stands not just for the 52% or the 48%, but for the 99%.”

Corbyn said “the Brexit crisis needs to be resolved but it must be done democratically.”

Meanwhile, the centrist, pro-EU Liberal Democrats are trying to lure voters away from the bigger parties with a promise to scrap Brexit altogether. They said yesterday that ending the economic uncertainty around Brexit would boost the economy and allow the government to put another 50 billion pounds ($64bn) — what they call a “remain bonus” — into public services.

The party currently has just 20 of the 650 seats in

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economy that would undercut stringent EU social, environmental and workplace standards.

Corbyn made a similar claim, accusing the Conservatives of seeking “a race to the bottom in standards and protections”.

“They want to move us towards a more deregulated American model of how to run the economy,” he said.

Johnson’s Conservatives deny planning to lower standards, and say they are confident of finishing the negotiations by the end of 2020, when a transition period laid out in the proposed divorce agreement is due to end.

Cabinet minister Michael Gove said yesterday that the transition period “absolutely” would not be extended.

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are eligible to vote in Britain’s Dec 12 election, with all 650 House of Commons seats up for grabs.

While voters may hope the election brings an end to Brexit uncertainty, they are likely to be disappointed. Britain faces more big decisions and looming deadlines.

Once the UK leaves the EU, it will have to negotiate a new trade deal with the bloc, its biggest trading partner.

Michel Barnier, the EU’s chief Brexit negotiator, said Tuesday that post-Brexit talks on a free trade deal with the UK might be as tough as the negotiations that have taken place over the past three years.

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Parliament, but leader Jo Swinson said yesterday that this election “is a moment for seismic change”.

“This is not a normal election,” she told supporters in London. “It’s not a typical choice about whether you want the red team or the blue team (Labour or the Conservatives) to be in government for a few more years. Because on this issue they merge into one.”

On the other side of the UK’s divide over Europe, the newly formed Brexit Party led by Nigel Farage wants British voters to reject Johnson’s Brexit deal and leave the bloc without an agreement on future trade. It is seeking to woo Brexit-backing voters from both the Conservatives and Labour.

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PAGE 8, Wednesday, November 6, 2019

THE TRIBUNE

EU’s Barnier warns of tough times ahead on UK trade deal LISBON Associated Press EUROPEAN Union Brexit negotiator Michel Barnier yesterday drew the battle lines for the upcoming free trade talks with the UK once it has left the bloc and warned Britain not to undercut EU standards.

Barnier said the trade talks after Britain leaves as expected on Jan 31 might be as tough as the long-running Brexit divorce negotiations, which have consumed much of the last three years. He

said whatever trade agreement emerges, it will cost UK businesses, since they would now be outside the 28-nation bloc.

Currently, there is seamless trade and zero tariffs under common regulations since the UK is part of the EU and has unfettered access to a market of almost half a billion consumers.

With its Brexit departure, the UK hopes to maintain as much access as possible to that wealthy market while at the same time be free to revamp its whole economy, unshackled from EU rules

NOTICE SEA HORSE MANAGEMENT INC. N O T I C E IS HEREBY GIVEN as follows: (a)

SEA HORSE MANAGEMENT INC. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 06th day of November, A. D. 2019

__________________________ Leeward Nominees Limited Liquidator

Current plans call for Britain to leave the bloc on Jan 31 and end a transitional trade period as soon as the end of 2020. Considering that major international trade deals can often take over half a decade to clinch, that seems a precipitously short time.

Barnier told the Web Summit that by next summer, it will be clear if the Brexit trade transition period will have to be extended beyond the end of next year.

COZUMELLI LIMITED

LAVENDER COPORATION LIMITED

JAERNEK LIMITED

(b)

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 06th day of November, A. D. 2019

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a)

LAVENDER COPORATION LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

JAERNEK LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & CharlotteStreets, P.O. Box N-3023, Nassau, Bahamas

Dated this 06th day of November, A. D. 2019

Dated this 06th day of November, A. D. 2019

__________________________ Bukit Merah Limited Liquidator

__________________________ CST Adminstration (Bahamas) Limited Liquidator

NOTICE

NOTICE

NOTICE

HERON PEAKS LIMITED

GOOD ON YOU INC.

PONGO LIMITED

__________________________ CST Administration (Bahamas) Limited Liquidator

N O T I C E IS HEREBY GIVEN as follows:

(c)

diverge from EU standards, and potentially head to a US-style low regulation economy.

The EU definition of “best” is different, Barnier said.

“For us, it means a free trade agreement whose aim is not only economic and financial profit with zero tariffs and zero quotas but which is also in the interest of the people, their environmental and living standards,” he said.

NOTICE

COZUMELLI LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

quotas and zero dumping”.

“There will be more economic competition — OK — between the EU and the UK, and that is normal. But the EU will not tolerate unfair competitive advantage,” he warned at the Web Summit in Lisbon.

Outgoing British Prime Minister Boris Johnson has insisted he wants a “best-in-class” free trade agreement, which comes down to the best trade deal that still allows the UK to

NOTICE

(a)

(a)

and regulations.

Barnier’s message was clear — there is no way that will happen.

In the EU, there are fears that Britain will transform itself into a low-regulation economy that would undercut stringent EU social, environmental and other standards.

Barnier warned that “the UK should not think that zero tariffs, zero quotas will be enough. The EU will insist on zero tariffs, zero

NOTICE N O T I C E IS HEREBY GIVEN as follows:

(c)

EUROPEAN Union chief Brexit negotiator Michel Barnier rides an escalator on his way to a meeting about Brexit outside the EU headquarters in Brussels.

European Union ambassadors are meeting in Brussels on Friday to discuss what kind of extension to the Brexit deadline they could propose to Britain.

Photo: Francisco Seco/AP

N O T I C E IS HEREBY GIVEN as follows:

HERON PEAKS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

Dated this 06th day of November, A. D. 2019

(a)

GOOD ON YOU INC is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

PONGO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 06th day of November, A. D. 2019

Dated this 06th day of November, A. D. 2019

__________________________ Bukit Merah Limited Liquidator

__________________________ Bukit Merah Limited Liquidator

__________________________ CST Administration Liquidator

NOTICE

NOTICE

NOTICE

PAX CONSULTING LIMITED

BELODY LIMITED

ROSA MULTIFLORA LTD.

N O T I C E IS HEREBY GIVEN as follows: (a)

PAX CONSULTING LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 06th day of November, A. D. 2019

__________________________ Bukit Merah Limited Liquidator

N O T I C E IS HEREBY GIVEN as follows: (a)

BELODY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Dizame Consulting S.A., P.O. Box 3149, Pasea Estate, Road Town, Tortola, British Virgin Islands.

Dated this 06th day of November, A. D. 2019 __________________________ Dizame Consulting S.A. Liquidator

N O T I C E IS HEREBY GIVEN as follows: (a)

ROSA MULTIFLORA LTD is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 30th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 06th day of November, A. D. 2019

__________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Wednesday, November 6, 2019, PAGE 9

McDonald’s CEO’s ouster reflects trend on workplace romances NEW YORK Associated Press

WORKPLACE couples are often romanticised — think Bill and Melinda Gates or Michelle and Barack Obama. But when the relationship involves two people with unequal power, it can also be fraught with peril, especially in the #MeToo era.

McDonald’s CEO Steve Easterbrook is only the latest chief executive to be ousted over a consensual relationship with an employee.

Increasingly, US companies are adopting policies addressing workplace romances, a trend that began well before the #MeToo movement galvanised a national conversation surrounding sexual misconduct.

Addressing workplace romance can be complicated, but many companies have removed any gray areas by forbidding managers, especially C-suite executives, from having relationships with subordinates given the potential for favouritism or lawsuits if the relationship sours.

There are questions about whether consent is truly possible when the power imbalance is especially great.

Many women who have come forward to share their #MeToo stories have said that they feared the consequences of saying no to a powerful person who could influence their careers.

“That power difference can create a dynamic where the relationship can never truly be consensual,” said Debra Katz, a founder partner of the law firm Katz Marshall & Banks who has represented women in several prominent sexual harassment cases.

“The #MeToo movement has shown how quickly it can go from consensual in the beginning to a huge problem when the relationship goes awry.”

Easterbrook’s departure comes as McDonald’s steps up its efforts to stop sexual harassment after dozens of employee complaints.

Over the last three years, more than 50 McDonald’s employees have filed cases alleging sexual harassment with the US Equal Employment Opportunity Commission or in state courts, according to Fight for $15, a labour advocacy group.

In August, the hamburger chain unveiled a programme to teach its 850,000 US employees how to recognise and report harassment and bullying. Franchisees — who own 95% of McDonald’s 14,000 US restaurants — aren’t required to offer the training, but the company expects them to provide it.

McDonald’s said Easterbrook violated company policy forbidding managers from having romantic relationships with direct or indirect subordinates. In an email to employees, Easterbrook said

had policies discouraging dating between subordinates and managers.

Much more complicated is how far to go with such policies. Not all policies pertain just to bosses and their underlings.

The SHRM study found that 45% employers with workplace romance policies forbid relationships between employees of significant

MCDONALD’s CEO Steve Easterbrook is interviewed at the New York Stock Exchange. McDonald’s said on Sunday that Easterbrook has stepped down after violating company policy by engaging in a consensual relationship with an employee. the relationship was a mistake and he agreed “it is time for me to move on”. He was replaced by Chris Kempczinski, who recently served as president of McDonald’s USA. Time’s Up, a group that fights harassment and has been supporting workers’ legal cases, said Easterbrook’s departure should provide an opportunity for McDonald’s to do more, including making sexual harassment training mandatory.

“Under the new leadership of Chris Kempczinski, McDonald’s has an opportunity, and obligation, to act to ensure that all of its locations are safe and equitable for all,” said Jennifer Klein, chief strategy and policy officer at Time’s Up. Easterbrook followed in the footsteps of Intel Chief Executive Brian Krzanich, who resigned last year after the chipmaker found he engaged in a relationship that violated a “non-fraternisation” policy that applies to all managers.

Other CEOs who have been pushed out over consensual relationships, include Darren Huston of online travel company Priceline, Brian Dunn of Best Buy and Harry Stonecipher of aerospace company Boeing.

In 2005 — the year Stonecipher was pushed out — just a quarter of US workplaces had policies addressing consensual relationships, according to the Society for Human Resources Management, the world’s largest group of human resources professionals.

By 2013, the number had jumped to 42%, according to a SHRM survey that year of 384 of its members. Of those workplaces, 99% prohibited romance between a supervisor and a direct report.

SHRM has not conducted a more recent survey on the issue, but other research suggests such policies are even more common now. In a 2018 survey of 150 human resources executives, the executive coaching firm Challenger, Gray & Christmas found that 78% of companies

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, THERESA CHRISTINA RAQUEL BETHEL of Nassau Village intend to change my name to THERESA CHRISTINA RAQUEL BETHEL DEVEAUX. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.

rank differences, while 35% prohibited them between employees who report to the same supervisor.

Many human resources professionals, however, believe it’s unrealistic to adopt a blanket ban on workplace romance.

A SHRM survey from January 2019 found that one-third of American adults have been in a romantic relationship with someone at work.

“People meet at work.

It’s not an uncommon place for romantic relationships to start,” said John Gannon, an employment law attorney with Skoler Abbott in Springfield, Massachusetts.

A growing trend among small companies is to sponsor happy hours for their staffers to increase camaraderie, said David Lewis, CEO of HR provider

OperationsInc, based in Norwalk, Connecticut. Those events can be fertile ground for romantic relationships, so it’s hard for a business owner to then tell staffers to break up or quit, he said.

Some companies have what are known as “love contract”, which require disclosing relationships to the company and agreeing to act appropriately.

NOTICE

NOTICE

NOTICE is hereby given that MINUS MURAT , of Queens Highway Andros, 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 30th day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that ALLISON PETIT-HOMME, of Eneas Jumper Corner, 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 30th day of October, 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

TUESDAY, 5 NOVEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,211.36 | CHG: -0.07 | %CHG: 0.00 | YTD: 101.91 | YTD%: 4.83 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 3.68 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.12 8.55 3.49 3.85 10.03 7.51 16.50 9.33 3.54 14.20

CLOSE 3.68 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.12 8.55 3.51 3.85 9.92 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 0.00 0.00 0.02 0.00 -0.11 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

9,600

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 34.4 8.2 15.4 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 4.62% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.91% 0.00% 12.36% 1.56% 3.31% 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

PAGE 10, Wednesday, November 6, 2019

THE TRIBUNE

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

T

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

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

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

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

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

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

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

OPPORTUNITIES • • • •

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

BENEFITS

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

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

THE TRIBUNE

Wednesday, November 6, 2019, PAGE 11

US trade deficit falls to $52.5bn in September WASHINGTON Associated Press THE US trade deficit fell in September to the lowest level in five months as imports dropped more sharply than exports and America ran a rare surplus in petroleum.

The Commerce Department said Tuesday that the September gap between what America buys from abroad and what it sells shrank by 4.7% to $52.5bn. That was down from the August deficit of $55bn and was the smallest imbalance since April.

The politically sensitive deficit with China edged down 0.6% to $31.6bn.

President Donald Trump has imposed tariffs on more than $360bn in Chinese imports. China has retaliated with its own tariffs on American products as the world’s two largest economies have engaged in a trade war that has rattled global financial markets and slowed economic growth.

The September deficit reflected the fact that exports fell 0.9% to $206bn but imports fell an even faster 1.7% to $258.4bn. For the first nine months of this year, the US deficit is running 5.4% below the same period a year ago. The deficit for all of 2018 totaled $627.7bn.

Economists said they expect the trade deficit will be a drag on growth in the current OctoberDecember quarter as the continued weakness of the global economy further depresses demand for American exports.

“It’s hard to see anything other than further weakness in exports over the coming months,” said Andrew Hunter, senior US economist at Capital Economics.

So far this year, the deficit with China is 12.8% lower than the same period a year ago although it remains the largest imbalance America runs with any country.

CARGO cranes at the Port of Tacoma in Tacoma, Wash. Yesterday the Commerce Department reports on the US trade gap for September.

Photo: Ted S Warren/AP The two countries are currently trying to complete a phase one trade deal that would deal with some of the administration’s complaints that China is stealing US technology and pursuing other unfair trade practices.

Investors are hoping that a phase one agreement will halt the imposition of any further tariffs. Those tariffs have disrupted global supply chains and caused businesses to pull back on their investment spending, resulting in slower economic growth in the US

and other countries.

The September trade report showed that the US ran the first surplus in petroleum in more than four decades, according to government records that go back to 1978.

The small $252m surplus reflected the fact that the United States exported $15bn in petroleum products in September while importing $14.7bn. US petroleum exports have been growing in recent years, reflecting a boom in new production methods such as fracking.

To advertise in The Tribune, contact 502-2394

In addition to sparring with China, Trump has imposed import taxes on foreign steel and aluminum and is threatening to tax imported autos, too. Trump views America’s persistent trade deficits as a sign of economic weakness and the result of unfair trade agreements which he says have resulted in the loss of millions of American manufacturing jobs.

But mainstream economists say the trade gap is the product of economic

forces that don’t respond much to changes in trade policy such as a strong dollar, which makes US goods more expensive on overseas markets, and the fact that Americans consume more than they produce with imports filling the gap.

In September, the United States recorded a $71.7bn deficit in the trade of goods such as cars and appliances. But it ran a $19.3bn surplus in the trade of services such as banking and education.

ZANZIBAR TESTS DRONES SPRAYING RICE FIELDS TO FIGHT MALARIA ZANZIBAR Associated Press FOR the first time drones are being tested to help fight malaria on the island of Zanzibar, off the coast of Tanzania.

The drones will spray a silicone-based liquid on rice paddies, where there are large expanses of stagnant water where malaria-carrying mosquitoes lay their eggs. The substance will spread across the water and prevent the eggs from hatching. It is hoped this will significantly reduce the numbers of the malaria-carrying anopheles mosquitoes in the area.

The spraying by drones is a test to see if it will help the government of Zanzibar reach its goal of eliminating malaria on the archipelago by 2023, according to the strategic plan adopted by Zanzibar Malaria Elimination Program.

The drone spraying is a relatively inexpensive way to stop the mosquitoes from reproducing, said Bart Knols, a medical entomologist and lead researcher of the programme.

“We are getting to the bottom of it as we will spray the breeding grounds of mosquitoes,” said Knols, who is with the Dutch Malaria Foundation.

The drone will spray Aquatain, a liquid gel that will spread over a section of water and kill mosquitoes’ larvae, said Knols. The substance has been tested internationally and has been found to be harmless to non-target organisms, non-toxic and biodegradable.

In the initial test, in the Cheju area of southern Zanzibar, the drone flew over and sprayed the shallow, sunlit water bodies in the rice paddies teeming with mosquito larvae, which were trapped as the gel spread across the water. Without the gel, the larvae would have emerged as adult mosquitoes in search of a blood meal. When those mosquitoes bite humans infected with malaria, they become vectors for the disease and continue its deadly transmission cycle.

PAGE 12, Wednesday, November 6, 2019

THE TRIBUNE

White House and Pelosi part ways on relief for drug prices WASHINGTON Associated Press THE White House yesterday signaled President Donald Trump’s blunt thumbs-down to House Speaker Nancy Pelosi’s plan allowing Medicare to negotiate drug prices. Her office’s sharp retort: “Working people won’t like it if he sells them out.”

Despite the House impeachment inquiry, the White House and top aides to the California Democrat have been in regular contact on efforts to curb drug prices, a mutual objective and a top concern for Americans across party lines.

But a senior White House official told The Associated Press that the administration has concluded Pelosi’s plan is “unworkable” and Trump will instead support bipartisan legislation pending in the Senate. The official spoke on condition of anonymity to discuss ongoing deliberations.

The falling out imperils chances for legislation this year, already seen as a long shot.

A recent study found more than half of seriously ill Medicare enrollees face financial hardships with medical bills, and prescription drug costs are the leading problem.

In a statement responding to the White House, Pelosi spokesman Henry Connelly said, “House Democrats are taking the bold action to negotiate lower drug prices that President Trump always claimed was necessary, and working people won’t like it if he sells them out on one of the most important kitchen table issues in

HOUSE SPEAKER NANCY PELOSI

America right now.”

The senior White House official said that while Trump is not ideologically opposed to Medicare negotiating prices for medicines, Pelosi’s approach can’t be quickly retooled.

Her bill would levy steep taxes on drugmakers who refuse to accept a Medicare price keyed to what’s paid in other economically advanced countries.

The White House official objected that Pelosi’s bill is essentially structured to give Medicare the power to dictate prices, and pointed to its lack of Republican support.

Trump is backing a

bipartisan bill from Sens Charles Grassley, R-Iowa, and Ron Wyden, D-Ore. That legislation would for the first time limit what seniors have to pay out of their own pockets for medications. It would also require drug companies to pay rebates to Medicare if they hike prices beyond the inflation rate.

Similar ideas are also in Pelosi’s legislation, but she takes a more aggressive approach to inflation rebates and sets a lower out-of-pocket limit for Medicare recipients.

Under the legislation that created Medicare’s prescription drug programme,

price negotiations are handled privately by insurers and their pharmacy benefit managers. The GrassleyWyden bill does not grant Medicare negotiating power.

Pelosi’s bill has cleared key committees and is headed for the House floor, where it’s expected to pass on a party-line vote.

The nonpartisan Congressional Budget Office has estimated it would save Medicare $345bn over seven years, and Democrats want to use some of that to expand benefits.

Aides to the House speaker say that her bill would give Trump precisely

what he had asked for as a presidential candidate, when he broke with other Republicans to back negotiating authority for Medicare. House Democrats even echo Trump’s longstanding complaint that other countries where medications cost less are taking advantage of the US. The White House says the administration is working with Grassley and Wyden on improving their bill, by adding special provisions to address the escalating cost of insulin, which is used to treat diabetes, and by exploring a monthly limit on out-of-pocket costs for Medicare recipients.

It’s unclear if and when that bill would go to the Senate floor. The Congressional Budget Office estimates it would save Medicare $85bn over ten years.

Grassley’s office said yesterday that the senator spoke last week with White House officials, who underscored Trump’s backing for the Senate bill.

“Growing support for the bipartisan Senate bill reflects the emerging consensus that it’s the only path forward to lower prescription drug prices,” said Grassley spokesman Michael Zona.