11212019 BUSINESS

business@tribunemedia.net

THURSDAY, NOVEMBER 21, 2019

$4.56 Past govts ‘negligent’ on $160m BTC pension hole

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company’s (BTC) unions yesterday slammed the “negligence” of previous administrations for creating a near-$160m pension hole that taxpayers must now plug.

Ricardo Thompson, pictured, the Bahamas Communications and Public Managers Union’s (BCPMU) president, told Tribune Business the deficit in the carrier’s original defined benefit employee pension plan “definitely should not have been allowed to balloon” to the scale it has now reached by the last Ingraham and Christie administrations.

He spoke out after the government’s Fiscal Strategy Report, tabled in the House of Assembly yesterday, committed Bahamian taxpayers to paying $20m per year over the next eight Budget periods to close the gap created after its two immediate predecessors failed to live up to legally-binding commitments made when BTC was privatised in 2011.

As part of selling the majority stake in the government-owned operator to Cable & Wireless Communications (CWC), the then-Ingraham administration agreed to both close-off the defined benefit plan to new BTC employees and cover the deficit by injecting $39m into a so-called Feeder Trust.

The agreement also required the government to

make annual “top-ups” to the plan as required to cover any future payments, but neither these injections nor the original $39m payment were ever made.

Former prime minister, Perry Christie, complained several times while in office about the liability the Ingraham administration had left him, at one point revealing that the deficit had reached $99m. Yet he, too, appears to have done nothing about it, and Bahamian taxpayers are now being asked to pick up another inflated bill caused by prior governments kicking the can down the road.

“As disclosed in the 2019-2020 budget communication,pursuant to the April 2011 shareholders’ agreement (SA) between the government and C&W, when the Bahamas Telecommunications Company (BTC) was sold to Cable & Wireless Communications (C&W) for $210m, the government was required to inject an initial $39m into a Feeder Trust and annual top-ups, as required, to fund future pension obligations relating to BTC’s defined benefit plan,” the Fiscal Strategy Report

SEE PAGE 8

THE government yesterday revealed it has taken a $100m “provision” in anticipation of the Bank of the Bahamas bail-out vehicle recovering just 40 percent of the toxic loan sums transferred to it.

The Fiscal Strategy Report 2019, tabled in the House of Assembly yesterday, reaffirmed that the $167.7m “gross book value” of bad credit switched from the troubled BISX-listed

bank to Bahamas Resolve “significantly” exceeds the collective worth of the mostly real estate collateral it is now attempting to sell on taxpayers’ behalf.

It also confirmed that the government (meaning taxpayers) has had to cover the semi-annual interest payment due on the promissory notes injected into Bank of The Bahamas’ balance sheet in exchange for these toxic loans, as Bahamas Resolve has been unable to generate sufficient revenues

SEE PAGE 6

Aliv IPO goal for 2022-2023

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is targeting the 2022-2023 fiscal year to exit its 51.75 percent majority ownership in Aliv and raise “at least” $73m, it was revealed yesterday.

The 2019 Fiscal Strategy Report, released yesterday, disclosed that the government’s disposal of its equity stake in the mobile operator will help “reduce financing requirements” for itself as it grapples with a projected $238.6m fiscal deficit that year.

Referring to its hugelyexpanded borrowing

requirements to cover Hurricane Dorian restoration costs, the report said: “To cover the balance of financing requirements [in 2019-2020], the government is presently exploring funding opportunities from other multilateral institutions and banks - both international and domestic – and the possibility of a bond offering.

“In fiscal year 2022-2023, the government’s prospective sale of its shares in Aliv is expected to reduce financing requirements by at least $73m —the initial purchase cost of these assets, and in fiscal year 2023-2024, sale

SEE PAGE 6

$4.60

‘Not grim’ despite $1.3bn debt surge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Govt in $100m ‘provision’ over BOB’s bail-out

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.57

T

HE deputy prime minister yesterday disagreed that The Bahamas faces a “grim” economic and fiscal outlook even though government debt is forecast to increase by $1.3bn over the next five years.

K Peter Turnquest told Tribune Business that “strong” tourism arrivals, coupled with a foreign direct investment (FDI) pace that remains “on track”, will enable the country to shrug off Hurricane Dorian’s devastating impact by

$4.60

K PETER TURNQUEST

• DPM optimistic despite deficit rise to $677m • Fiscal plans blown off-course for up to ten years • Govt to lose $566m from storm-hit islands generating a 2.1 percent expansion in economic output for 2021.

His optimism came despite revealing earlier to the House of Assembly that the category five storm has blown the government off its key deficit and debt ratio reduction targets by between five to ten years depending on the indicator.

Its 2019 Fiscal Strategy Report, tabled in Parliament yesterday, now forecasts that nine-figure

deficits will persist for the next five years post-Dorian and only come back into line with the Fiscal Responsibility Act’s 0.5 percent of GDP target by 2024-2025.

The report also shows that the sustained “red ink”, caused by the government having to borrow to cover the gap created by its spending exceeding income, is projected to drive its direct debt from $8.205bn this fiscal year to almost $9.5bn over the same period.

This represents a $1.3bn debt surge that will keep the government far away from achieving the Fiscal Responsibility Act target of a 50 percent debt-to-GDP (gross domestic product) ratio.

That is projected to still be at 62.9 percent in 2024-2025, and Mr Turnquest yesterday admitted that this ratio will only “resume its downward trajectory” towards 50 percent come 2028-2029.

SEE PAGE 7

Fears Bahamas ‘on edge of abject failure’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FISCAL watchdogs yesterday voiced alarm that The Bahamas is “on the precipice of abject failure” based on the sharp post-Dorian hikes in the government’s annual fiscal deficits and national debt.

Rick Lowe, an executive with the Nassau Institute think-tank, told

Tribune Business that “years and years of neglect and kicking the can down the road” had left The Bahamas in a precarious position that was now being exacerbated by the scale of Dorian restoration costs.

The government’s 2019 Fiscal Strategy Report, released yesterday, discloses that its direct debt is set to increase by a near-$1.3bn over the next five years due to the huge blow inflicted on the public finances by

Dorian’s devastation.

The fiscal deficit for the 2019-2020 budget year is projected to increase by a further $104m beyond initial forecasts to some $677.5m, and it will remain in ninefigure territory for four years before finally hitting the Fiscal Responsibility Act’s 0.5 percent of GDP target in 2024-2025 - some five years after it was predicted to hit this level.

“This country is on the precipice of abject failure,”

Mr Lowe told Tribune Business when confronted with the report’s contents. “I’m glad to see they’re at least taking account, but it’s frightening how close we are to bankruptcy. I’m glad they’re taking stock, but boy, it’s a hell of a hole to dig out of.

Holy smoke.

“Neil, it is frightening. I’m glad I’m closer to retirement than just starting out. Maybe

SEE PAGE 5

PAGE 2, Thursday, November 21, 2019

THE TRIBUNE

Airport plans for 90,000 Thanksgiving travellers KEYÂ Lynden Pindling International Airport (LPIA)Â stakeholders will meet this week to finalise plans for ensuring 90,000 travellers enjoy a smooth customer experience over the Thanksgiving weekend.

These passenger volumes are projected to move through LPIA’s three terminals between Wednesday, November 27, and Monday, December 2, as the peak travel season kicks off with the Thanksgiving holiday.

Further surges in passenger

LYNDEN PINDLING INTERNATIONAL AIRPORT

traffic are expected between mid-December through to New Year’s Day despite The Bahamas’ main airport operating with just one main runway.

Officials from the Nassau Airport Development Company (NAD), Immigration, Customs, the Airport Authority, US Customs & Border Protection (USCBP), Air Traffic Services (ATS), airline operators, airport police and the Road Traffic Department will review standard operations procedures (SOPs) and examine contingency plans.

Ongoing runway works will be a major focus of the discussions. In June, NAD partnered with BHM (formerly known as Bahamas Hot Mix) to conduct major rehabilitation works on Runway 09/27 (soon to be Runway 10/28) and Taxiway India. The works include the rehabilitation of the asphalt pavement surface to extend the life of the runway, in addition to the installation of new lighting.

Vernice Walkine, NAD’s president and chief

executive, projected that the runway works will be finished before year-end even as the airport prepares to meet the increase in traffic. “After coming off of a strong October with 126,575 passengers representing a 6.29 percent growth yearover-year, we’re anticipating solid numbers in November, December and into early January,� she said. “For the high season, our goal is to work closely with various stakeholders to mitigate challenges that may result from the increase in traffic. We want to ensure a positive passenger experience for all of our users. “Throughout Thanksgiving, LPIA will operate as a single runway facility as we continue our efforts to improve the airport. We operated quite effectively during the peak summer days with all stakeholders doing their part. Contingency plans remain in place for the runway rehabilitation project, ensuring that our airport runs in a safe and efficient manner, meeting all international

safety standards.�

Passenger wait times interminal will factor heavily in the discussions among stakeholders.

Particular focus will be placed on managing the flow in pre-security clearance areas - US Customs, Bahamas Immigration and Bahamas Customs during the peak periods of 12pm to 3pm.

The Airport Authority will fully staff screening areas, with processing beginning at 5.15am to accommodate early morning flights. Air Traffic Services has also committed to scheduling sufficient staff to efficiently manage commercial and general aviation arrivals and departures during peak periods.

Passengers should arrive at LPIA three hours ahead of US-bound flights, and two hours prior to international and domestic flights. Travellers are also encouraged to communicate directly with their airlines for the latest flight updates and visit www. nassaulpia.com or follow @ nassau_airport for operational updates from LPIA.

IMPORTANT NOTICE CUT-OFF DATE FOR SUBMISSION OF HURRICANE DORIAN CLAIMS

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THE TRIBUNE

Thursday, November 21, 2019, PAGE 3

GOVT TARGETS $418M SOE EXPOSURE SLASH

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government is targeting a 56.8 percent reduction in loans it has guaranteed on behalf of state-owned enterprises (SOEs) over the next four years, cutting this sum by $418.2m.

The 2019 Fiscal Strategy Report, tabled in the House of Assembly yesterday, sets out the Minnis administration’s ambition to increase savings on annual subsidies allocated to the likes of the Public Hospitals Authority (PHA), Bahamasair and the Water & Sewerage Corporation from five percent in 2021-2022 to 15 percent some three years later.

It confirms that the Government is looking to the upcoming $650m Bahamas Power & Light (BPL) refinancing for an instant reduction in its contingent

liabilities, as this will remove some $246m worth of bank debt it has guaranteed on the utility’s behalf from both its books and the national debt.

“Explicit loan guarantees provided to SOEs expose the government to the possibility of unexpected and substantial risk, which could lead to a severe strain on the fiscal resources, hence the government’s resolve to ensure that these entities are closely monitored and managed,” the report said.

“Benefits from the ongoing rationalisation initiatives with the SOEs are expected to deliver cost savings, building from five percent of the budgeted subventions in fiscal year 2021-2022 to 10 percent for fiscal year 2022-2023 through fiscal year 2023-2024 and further to 15 percent for fiscal year 2024-2025.”

The document continued: “Contingent liabilities were an estimated $736.1m at end-June 2019 and, based on existing debt levels and repayment schedules, are forecasted to move sharply lower to $416.6m at endDecember 2020, then taper off to $317.9m over the three-year period ending 2023.

“This more favourable liability profile reflects the expected swap out of the Bahamas Electricity Corporation’s (BEC/ BPL) contingent liability debt with the proposed rate reduction bond, scheduled for issuance in early 2020, and which is not intended to be guaranteed by the government but serviced from a rate reduction fee.

“Other developments that will provide an upside to the profile include the pending sale of the Lucayan Renewal properties, which

will extinguish the bulk of the noted ($35m) liability.”

The Minnis administration has long targeted the SOE sector for greater efficiency and reduced subsidies in a bid to both improve public services and lower the financial burden on hard-pressed taxpayers. Shortly after taking office in May 2017 it pushed for all SOEs to develop a three-five year plan to put themselves in a position where they can

recover all costs.

“SOEs accounted for almost 14 percent of the fiscal year 20192-20 budget, with this proportion relatively unchanged at 13.9 percent throughout the medium term,” the Fiscal Strategy Report said. “However, initiatives underway, particularly in the aviation sector, could generate significant cost savings which should free more resources to be devoted to other uses,

such as healthcare, education, renewable energy and national security.

“The draft Public Financial Management Bill, slated for enactment before the end of fiscal year 201922020, also envisages an enhanced governance framework for the SOEs to increase accountability and transparency in their operations, and provides a basis for the eventual consolidation of the public financial position.”

The sky is the limit with Adobe Cloud EVER wondered what Adobe programs do?

Adobe creates a lot of programs that most people are familiar with, such as Flash, Photoshop and Adobe Reader, but those are not the only ones it develops.

In the past, a fairly large investment was needed to buy this program suite.

However, in recent years, Adobe has lumped all its products together into its Creative Cloud platform with subscription plans.

Here is a quick rundown of each of Adobe’s software programs: Adobe InDesign InDesign is responsible for page layouts, and produces and previews documents for magazines - both in print and online across mobile and desktop platforms. InDesign is made for publishing. Ideally, projects rendered are newspapers, posters and other marketing material. If you need to create a layout for something with a lot of text and graphics, InDesign is just about the best software for it.

Adobe Illustrator Adobe Illustrator is a software application for creating drawings.

Adobe Bridge Bridge handles asset management or organises photos and designs. It also comes with the standalone version of Photoshop.

Bridge is also used for batch file utility functions, such as renaming files or editing. It is not necessarily a program used for creating or making visual edits to actual content, but you can think of it as a handy assistant for all other Adobe software.

Dreamweaver Dreamweaver is a good tool for building websites, but you need to know how to use it effectively. That means having a good understanding of HTML, CSS and JavaScript. It can also be used to upload them to a Web server. It is not a framework but an application.

Adobe Fireworks Firework is a fascinating creature. Formerly known as Macromedia Fireworks, the program is a bitmap and vector graphics editor that is typically used to create interactive graphics and website prototypes, as well as interfaces for apps and games.

Adobe Prelude Adobe Prelude is an organiser and management program that can store various kinds of videos in different file formats, and convert the videos in a default file format that can be used by any video editor and designer.

Adobe After Effects After Effects has been the leading program in the video compositing industry since the 1990s. It is used for adding visual effects to videos or animations of both text and complex characters. After Affects also allows you to add lightning strikes, glowing eyes and lightsabres to videos as well.

Adobe Premiere Pro Premiere Pro is used to

The Art of Graphix

BY DEIDRE M BASTIAN

edit and cut video tracks, export in a desired format and add them to a timeline to create a movie. Titles can be added and colour corrections can be applied.

Adobe Photoshop Photoshop is the go-to image editing and manipulation software used by almost everyone in the industry. Photoshop excels in working with raster (bitmap) graphics, and is capable of producing highly detailed compositions. Recent versions have brought in functionality for working with 3D designs, though the program still primarily obtains the most respect for its photo manipulation and post-production ability.

Adobe Flash You know those funny animations and web games played on Facebook and other sites? Many of them were designed using Flash.

Flash can be used to create a cartoon, comic, an interactive interface or even a game.

Adobe Audition Audition is the sound room. Useful for editing audio, it can be used to edit and mix sounds or fine-tune and re-master soundtracks.

Historically, it was often used by radio stations for cutting and adding sound effects.

Adobe SpeedGrade SpeedGrade is for colour grading images. At first glance this does not sound like much. But correctly applied colour can add depth, emotion and character to a picture and videos.

Adobe Encore Encore is a DVD and Blu-ray disc authoring package. It can create DVD menus that can be edited in Photoshop using layers.

Adobe Flash Builder Formerly known as Adobe Flex Builder, Flash Builder is an integrated tool designed to speed up app development. Flash Builder offers an intuitive framework for the entire development process The software includes a separate code editor to quickly preview the final product during the development process.

Adobe Acrobat X Pro Acrobat X is used for creating robust PDF files.

It lets you set backgrounds, foregrounds and isolate or resize individual pages. It allows you to add video,

audio and interactivity to PDF documents.

Adobe Media Encoder Media Encoder saves media for almost any screen or device. Media can simultaneously be saved in multiple outputs for optimal playback on a variety of resolutions and devices.

Generally, Adobe Creative Cloud is a set of applications and services from Adobe Systems that gives subscribers access to a collection of software used for graphic design, video editing web development and photography, along with a set of mobile applications and also some optional cloud services.

This software is downloaded from the Internet, installed directly on a local computer and used as long as the subscription remains valid. Enjoy life and stay on top of your game!

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/marketing co-ordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc, She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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PAGE 4, Thursday, November 21, 2019

THE TRIBUNE

WATER SUPPLIER LENDS GENERATOR TO NEMA CONSOLIDATED Water has lent the National Emergency Management Agency (NEMA) a 400 kilowatt generator to help power its Abaco headquarters and help restore government services to the island.

John-Michael Clarke, chair of the government’s disaster relief and reconstruction committee, said: “In Abaco right now the challenge is there are no government services. We are moving essential government services back to Abaco by setting up a

central workforce that is housed in 47 recreational vehicles (RVs), and Consolidated Water’s generator will power those RVs. “In order for Abaco to be brought back to life, we now need to have some government function over there, so this provision is very timely. A strong government presence is required because the shelf-life of an NGO (non-governmental agency) in a disaster area such as this is usually 90 to 120 days, and we’re fast approaching that.”

Bryan Russell,

Consolidated Water’’s Bahamas general manager, said that in addition to providing the generator it will be monitoring the maintenance to ensure it continues to work reliably.

“Our company had an extra generator that wasn’t in use, so when one of our directors spoke to NEMA and found out they needed it, we immediately serviced it so it was in prime working condition and arranged for it to be picked up and shipped. Some of our technical staff will go to NEMA’s centre in Abaco to

FROM left: Captain Stephen Russell, NEMA’s director; JohnMichael Clarke, chair of the disaster relief and reconstruction committee; Bryan Russell, Consolidated Water’’s Bahamas general manager; Ramjeet Jerrybandan, Consolidated Water’s executive vice-president of operations; and Consolidated Water Board member, Ethan Adderley. review the installation,” he staff will return to Abaco to oversee this task and keep said.

“We have a computerised it in good running order.”

During a visit to NEMA maintenance management system (CMMS) that alerts headquarters, Consolito when planned mainte- dated Water personnel nance should be carried out met Mr Clarke and NEMA Captain Steon the generator, so when director, servicing is required our phen Russell. Discussions

included inviting a local Consolidated Water representative to be a part of the annual pre-hurricane season preparedness meetings with other utility providers.

Ramjeet Jerrybandan, Consolidated Water’s executive vice-president of operations for its Grand Cayman facilities, said: “As an essential service to the countries where we do business, Consolidated Water typically tends to partner with organisations like NEMA. “This way we’re present, we know what’s happening, and we can work together with the organisation in any way our capabilities allow us to assist. We look forward to future partnerships between Consolidated Water and NEMA so that we’re able to lend more support from our company.”

Cruise line unveils ‘Black Friday’ offer BAHAMAS Paradise Cruise Line, the provider of two-night cruises to Grand Bahama Island and Nassau, has announced a Black Friday offer to help drive increased bookings and revenue.

Starting from today, the cruise line will offer a ‘buy one, get one free’ discount, with prices starting at $69 per person for inside cabins on sailings through February 13, 2020. All bookings will also include the option to buy five free drinks and get five free. In return, travel advisors will receive a base commission of 15 percent with no non-commissionable fees.

THE GRAND Celebration cruise ship.

“This holiday season we’re proud to launch an exclusive promotion that simultaneously rewards our guests and our travel advisor partners,” said Francis Riley, Bahamas Paradise Cruise Line’s senior vicepresident for sales and marketing.

“With this limited time offer, advisors can give clients the chance to avoid the Black Friday crowds and escape to The Bahamas for less than ever before – booking a much-needed vacation from their busy holiday schedules.”

THE TRIBUNE

Thursday, November 21, 2019, PAGE 5

Tourism moves to boost cruise ship crew spend

Fears Bahamas ‘on edge of abject failure’ FROM PAGE ONE

FRONT (L to R): Wilma Rehberg, cruise director, Mein Schiff 1; Todd Burgman, captain, Mein Schiff 1; Carla Stuart, senior director, Ministry of Tourism; Richard Dawkins, port manager, Inchcape Shipping Services. Back (L to R): Arthur Schulz, shore excursion manager, Mein Schiff 1; Angelika Cartwright, project manager, Ministry of Tourism; Alisha Quant, Inchcape Shipping Services.

THE Ministry of Tourism & Aviation’s cruise and maritime department has introduced an initiative designed to increase onshore spending by visiting cruise ship staff and crew.

The new crew programme features a familiarisation exercise that allows cruise ship employees to experience a taste of the hospitality, culture and tourism product of The Bahamas.

The initiative was officially launched earlier this year at a People-to-People Romance Tea Party at Government House, which was attended by a number of cruise ship captains.

Since then, several cruise line officials have been hosted to luncheons and tours of Graycliff Hotel and

Restaurant, plus its chocolate factory, cigar factory and wine cellar.

Carla Stuart, the Ministry of Tourism’s senior director of cruise and maritime, branded the programme “an amazing opportunity”.

“Our intention is to co-ordinate programmes that incorporate cultural exposure, tours, shopping coupons for various interests of the crew, and social and sporting activities,” she explained.

“It is important that we continue to reinvent ways to target this growing market.

In that way, we are ensuring that we maximise opportunities for our country. Our ministry is grateful for the co-operation and high interest which we have received in this programme thus far.”

Andrew Malone,

director at United Shipping, said: “We have a very close bond with the cruise lines because we always stay one step ahead of the ships.

Opportunities come at short notice, and expectations have to be met in order to keep customer satisfaction. It’s in this vein that we are happy to have the crew programme. It is long overdue.”

Cruise lines that have been hosted so far include Celebrity Equinox; Celebrity Silhouette; Mein Schiff 1; Norwegian Bliss and Sunrays Motor Yacht.

Ministry of Tourism officials are now developing a crew discount initiative to boost spending at Bahamian businesses. Other initiatives will include crew incentive awards, Inter-ship sports and heritage games.

retirement won’t be so fun after all if I live long enough to retire. It’s just years and years or neglect, and kicking the can down the road in every aspect of governance.

The only positive thing is that at least we’re learning where we’re at.”

Both Mr Lowe and Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, voiced concern that the report was relatively light on plans to tackle the Government’s unfunded civil service pension liabilities which are now thought to be approaching the $2bn mark.

While few details were provided, the report did confirm that the government is planning to require new civil service hires to contribute to financing their own retirement through the creation of a defined contribution pension plan.

“The central government has an unfunded defined pension arrangement, with a growing liability which is a significant fiscal risk. The government acknowledges this exposure and is in discussion with advisors on initiatives to limit this exposure,” the Fiscal Strategy Report said.

“As part of its mitigation initiatives during the fiscal planning horizon, the government is intending to introduce a defined contribution-type pension plan for new employees which will allow for greater

sustainability of these costs.”

K Peter Turnquest, deputy prime minister, told Tribune Business that the Cabinet had not given “a definitive timeline” for the introduction of this pension plan structure even though previous research by the KPMG accounting firm suggests this unfunded liability is now likely to be approaching $2bn.

The 2018-2019 budget showed the government is currently allocating between $95m to $100m each year to finance civil service pensions during the three fiscal years to 2020-2021.

KPMG has estimated that the unfunded, “pay-as-yougo”, civil service pension liabilities are set to increase to $2.5bn by 2022, and $4.1bn by 2032, unless reforms are enacted.

And the International Monetary Fund (IMF), in its Article IV report last year, agreed that the current system - where civil servants contribute nothing to funding their retirement - is “unsustainable”. It added: “Staff analysis in the 2016 Article IV Staff report noted that accrued government pension liabilities totaled $1.5bn in 2012, and would rise to $3.7bn by 2030 as the population ages.”

Mr Turnquest yesterday told the House of Assembly that the government will “not spend wildly” in financing post-Dorian recovery, and pledged that it will not be “derailed” from its fiscal consolidation strategy.

Yet Mr Myers argued that

much will have to go right for the government over the next five years for its forecasts to bear fruit, especially given The Bahamas’ exposure to the effects of a global recession and another Dorian-type disaster. He added that the forecasts will also have to survive a potential change of government at the next general election which must be held by 2022.

“They’re not considering that we might have another storm next year, that we might have a global recession next year,” Mr Myers told Tribune Business. “These are real issues. Responsible people have contingency plans for these things but we have a hope and a prayer that they don’t happen.

“We have no contingency plan, and we already have these liabilities with Bank of The Bahamas and the BTC pension fund. What don’t we know? Is anybody else hiding multi-million dollar losses, corruption and inefficiency? For God’s sake tighten up. It’s just obscene. I don’t know what else to say.

“The projections assume whoever gets into government between now and then doesn’t torpedo your plans and start some massive capital spending programme, and starts doing more irresponsible things. Come on, we certainly know what the government and various administrations are capable of. It doesn’t give you a lot of faith. We’re living through this and it’s a disaster. The fiscal condition of the government is very, very poor.”

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PAGE 6, Thursday, November 21, 2019

Govt in $100m ‘provision’ over BOB’s bail-out FROM PAGE ONE

from selling the underlying security.

With the $167.7m in promissory note principal due to be paid to Bank of The Bahamas by end-August 2022, the Fiscal Strategy Report said the relatively slow recovery pace meant the government had little choice but to take provisions given that it will likely have to cover “at least 60 percent” of this sum using taxpayer monies.

“In fiscal year 2022-2023, the government has made a $100m provision for a possible outlay related to Bahamas

Resolve,” the report reveals.

“Under a promissory note executed in August 2017, a second tranche of nonperforming assets were transferred from the Bank of The Bahamas to Bahamas Resolve, the special purpose asset management company formed for this purpose.

“The gross book value, and corresponding value of the promissory note, was $167.7m, bearing interest at a rate of 3.5 percent semi-annually and with the principal becoming due on August 31, 2022.”

Confirming that the Public Treasury, and not Bahamas

THE TRIBUNE Resolve, has been making these interest payments todate, the report continued: “Resolve envisages being in a position to make its semi-annual payments on the $167.7m note, which aggregates $5.878m annually and, to date, has been budgeted for and made by the government.

“While Resolve is also making progress with the sale of properties, the degree of toxicity in the asset pool is likely to limit recovery of the gross book value of the loans, which is significantly higher than the appraised value of the underlying security.

“Based on early estimates and, barring no change in status of several large exposures, it is likely that the government will be required to redeem at least 60 percent

of the $167.7m note. It should also be noted that the government is examining the possibility of acquiring suitable commercial properties out of Resolve’s asset pool for administrative offices,” it said.

From the perspective of governance, the government is working with Resolve to establish greater transparency in its operations through the requirements for regular financial reporting and release of information on asset sales to the public.

The first audited financial statements, covering activities through 2018, should be released prior to end-2019.”

James Gomez, Bahamas Resolve’s chairman, yesterday revealed to Tribune Business that the bail-out vehicle hoped to relieve Bahamians of their twiceyearly interest payment burden by making its first $2.9m outlay in February 2020.

He added that while it was seeking to “maximise” asset recoveries on behalf of taxpayers to minimise their exposure, the “current market environment” was making it extremely challenging to achieve sales prices that

matched the delinquent loan amounts.

“It [Bahamas Resolve] purchased the portfolio at gross book value, but the underlying security is significantly lower than that,” Mr Gomez explained. “We’re trying to realise the security, and realising the security in current market conditions, you’re probably not going to get close to what you expect on the value of security which is lower than the gross book value.

“That’s where you create the gap. That’s the challenge.

Things were moving a bit slowly, but they’re moving at a quicker pace now. You will see quite a bit of movement.

We’re trying to maximise recoveries given the current market environment. If things go in our direction, we get lucky, we might go beyond the government’s expectations in terms of what we realise.”

Suggesting that Bahamas Resolve was moving closer to standing on its own feet, Mr Gomez added: “We have a semi-annual interest payment that is due in February.

Resolve will fund it on its own. We’re going to meet

that on our own in February from sales.

“We’re not going to need any government support; I’ve spoken to the deputy prime minister on that. We’ll meet that payment. It’s $2.9m or thereabouts. We’re going to pick up our own tab with that semi-annual interest payment that comes due in February.”

Mr Gomez also confirmed that Bahamas Resolve was on track to publish its financial statements, dating back fourand-a-half years to when it was created, before year-end 2019. “This will encapsulate audits from inception,” he added. “It essentially brings us current.

“No financial statements were done under the former Board. What we’re trying to do is bring everything current from inception and give a full accounting. It’s not just one year; we’re doing four-and-ahalf years, which is a bit of a challenge but we’re literally knocking on the door now.

We’re about 30 days away from finishing those financial statements. It’s been a long road, and a challenging one, but we’re almost there.”

Aliv IPO goal for 2022-2023

involvement with such institutions. However, the Minnis administration scrapped this model in favour of an initial public offering (IPO) that would give Bahamian retail and institutional investors the chance to hold HoldingCo shares directly, rather than through another entity.

For an IPO to take place, Aliv has to establish a performance track record via audited financial statements. Carl Bethel QC, the attorney general, previously indicated that an IPO will not take place until the mobile operator achieves profitability and, while it has emerged from its growth phase and is making progress towards this milestone, it has yet to hit this target.

The Fiscal Strategy Report, meanwhile, revealed that the government made a $10.75m shareholder loan to Aliv’s parent company in May 2019 to help “bridge emerging cash flow” needs. It indicated that a similar financial injection was made by Aliv’s other shareholder, BISX-listed Cable Bahamas, although the amount it contributed

was not detailed.

“In May, the government granted HoldingCo 2015 (HoldingCo), the vehicle created to hold the government’s 51.75 percent equity in Be Aliv, a loan of $10.75m to enable it to comply with Aliv’s request for loan funding from its strategic partners to bridge emerging cash flow requirements,” the report said.

Damian Blackburn, Aliv’s top executive, yesterday confirmed the financing transaction to Tribune Business and said it was part of “the normal funding balance that goes on between shareholders”.

“It’s part of the round of funding we had for the last financial year,” he explained, referring to the preference share capital that Aliv raised at the same time. “I would stress that the company has got to the stage where it is EBITDA (earnings before taxation, depreciation and amortisation) positive.

That milestone’s been hit, which means the operating cash flows of the company are being covered. We’re operating cash flow positive”

FROM PAGE ONE

proceeds from the proposed solarisation SVP (special purpose vehicle) are expected to lessen borrowing requirements.”

Aliv has long represented one of the most obvious opportunities for the government to realise a one-off injection of significant capital to narrow its annual fiscal deficit, as occurred in 2011 with the BTC privatisation.

The former Christie administration had sought to exit the government’s majority stake in HoldingCo, Aliv’s parent, via a private placement to Bahamian institutional investors such as pension funds, credit unions and mutual funds.

This was intended to ensure the greatest possible number of Bahamians participated, and benefited from Aliv’s future earnings, via their membership and financial

Employment Opportunity Suitable candidates are invited to apply for the position of Analytical Officer at the Bahamas Development Bank (“BDB”). The successful applicant will have satisfied the requirements and be able to provide the services as noted below.

General Duties and Responsibilities: Within and subject to the Bank’s core values, the primary duties of the Analytical Officer are as follows: • Provide timely financial and business analytic support to senior management.

• Conduct statistical and other quantitative analysis, including financial and risk modeling.

• Be highly numerate and use a variety of analytical techniques to provide high quality, timely analysis and intelligence relating to key priorities of BDB. • Ensure accurate and open communication and co-ordination with a range of organizations and individuals, researching and drafting correspondence and papers and ensuring the management of specific tasks, lead reporting and analysis across a range of specialties, functions and projects.

• Develop and optimize credit risk strategies using analytical techniques and statistical analysis to meet pre-defined goals.

• Integrate new data sources and solutions into credit risk strategies.

• Tracking and reporting on strategy implementations and validating post implementation (e.g. economic impact).

• Develop and maintain economic report for all major Bahamian islands.

• Participate in major and minor projects where analytical support is required.

• Other duties as assigned.

Required Experience and Skills • • • • • • •

Advanced Microsoft Office (Access, Word, Excel, Power Point, etc.) skills are required; Minimum of a Bachelor’s degree in a quantitative discipline (e.g.

Statistics, Economics, Mathematics, Analytics etc.); Experience in credit risk modeling/analytics, credit risk portfolio management or credit risk strategy development (preferred but not required); Advanced Project Management experience; Excellent communication, interpersonal and organizational skills; Experience working as part of a cross functional team; and Analytical and problem solving skills.

All interested applicants are asked to submit a resume along with letter of interest to the Human Resources Department, no later than end of business November 22nd, 2019 via email to hr@bdb.gov.bs. ONLY SHORT LISTED CANDIDATES WILL BE CONTACTED.

THE TRIBUNE

Thursday, November 21, 2019, PAGE 7

‘Not grim’ despite $1.3bn debt surge FROM PAGE ONE His acknowledgement that the government will only start “returning to compliance” with the Act’s debt and deficit reduction goals by 2024-20205 - some two years after the next general election has to be called - exposes the severity of the blow dealt

by Hurricane Dorian to the public finances.

Mr Turnquest said the current fiscal year’s deficit is now forecast to increase by a further $104m from the immediate post-Dorian estimate of $573.4m, hitting $677.5m. That sum, equivalent to 5.3 percent of Bahamian GDP, will require the government to seek Parliament’s approval to borrow $507.9m to cover the difference between the original budget estimate of a $137m deficit.

With Dorian restoration continuing to serve as the chief drain on the Public Treasury, the Fiscal Strategy Report outlines a painfully slow reduction in the fiscal deficit to $498.9m in 2020-2021 and $301.2m the following year. Deficits of $238.6m and $122.6m are forecast for 2022-2023 and 2023-2024, respectively, with the 0.5 percent of GDP goal finally reached the following year at $82m.

The deputy prime minister yesterday reaffirmed the government’s projection that it will lose some $236m in projected revenues for the 2019-2020 fiscal year as a result of Abaco’s and Grand Bahama’s economies being taken-off line, while also incurring some $182.7m in unplanned spending.

“Given the disruption in business activities in both Abaco and Grand Bahama, revenue loss is estimated at a combined $565.8m or an average one percent of GDP over the four affected years,” the Fiscal Strategy Report said.

The government is forecasting that it will lose $100m and $132.5m in income from Abaco and Grand Bahama, respectively, this fiscal year, with the combined loss Abaco, $87.9m, and Grand Bahama, $81.9m - falling to $169.8m in 2020-2021.

The revenue loss is then forecast to decline to $133.3m in 2021-2022, split into $65.4m from Abaco and $67.9m from Grand Bahama, before a final drop to a combined $30m in 2022-2023.

On the spending front, Hurricane Dorian is forecast to produce $107.4m in unplanned recurrent costs over the next two fiscal years that are mainly associated with landfill operations ($46.2m), some $11.4m in unemployment benefit payouts, and a range of social services that will come under pressure from storm victims.

Total Dorian-related capital expenditures have been pegged at $214.2m over the next three fiscal years through 2021-2022, with the bulk of the outlay - some $100m - incurred during this budgetary period. A further $85m is due to be paid out in 2020-2021, with electricity restoration accounting for almost $80m over that three-year period.

Some $17m is being earmarked for Freeport’s Rand Memorial Hospital, with $38.3m allocated to temporary housing.

Besides the “huge fiscal costs” imposed by Dorian, Mr Turnquest said the 2019-2020 deficit had also been inflated by “several spending imperatives, aggregating nearly $120m for fiscal year 2019-2020,which represent urgent priorities and are critical to stable governance of the public sector and the provision of much-needed infrastructure improvements”.

Based on the Fiscal Strategy Report, this figure appears to include $30m out of a total $130m that is due to be spent over the next four years on improving the skills and expertise of the Bahamian civil service.

“Given the pressing need to make various human resources reforms and increase technical capacity across the public sector to enable the government to deal more effectively with its administrative and policy agenda, the government has provisioned an aggregate of $130m to be spent - with $30m for fiscal

year 2019-2020, and the balance spread almost equally over the ensuing three fiscal years,” the report said.

Yet despite the Fiscal Strategy Report’s almostrelentless pessimism, Mr Turnquest told Tribune Business via messaged replies to its questions that there was sufficient cause for optimism over the medium-term economic outlook.

“I don’t agree with you that the outlook is grim,” Mr Turnquest replied. “Foreign direct investment (FDI) continues on track, and the commitment to rebuild remains solid. Micro, small and medium-sized enterprise (MSME) participation and creation continues to improve. Tourism arrival numbers remain strong.”

The Fiscal Strategy Report detailed multiple FDI-related projects that are in the pipeline, albeit all are already known. Besides Baha Mar’s $300m water park expansion, the other investments detailed were Carnival’s $100m cruise port; the proposed $275m redevelopment of the Grand Lucayan and Freeport harbour by Royal Caribbean/ ITM Group that it said should be sealed by yearend; and Disney’s cruise port at Lighthouse Point, south Eleuthera.

Asked by this newspaper whether the government was concerned that the increased Dorian-related borrowing, and associated deficits, could push The Bahamas towards the “debt spiral” it has been so keen to avoid, Mr Turnquest said: “The Fiscal Strategy Report contemplates the increased borrowing cost.”

Bahamian taxpayers will be paying almost $400m annually to cover the government’s debt servicing costs (interest payments) by 20222023, with this sum breaching that mark the following year.

“Interest costs associated with increased borrowings requirements is assumed to add an additional $263.6m (9.7 percent) to the forecast spend across the budget and medium-term horizon,” the Fiscal Strategy Report reveals, exposing the scale of the increased debt servicing burden that will be placed on Bahamian households and businesses by Dorian-related borrowing.

Mr Turnquest yesterday conceded that all the emergency financing mechanisms and contingencies put in place by the government were little match for storms as powerful as Dorian, when he was asked by Tribune Business whether a lot would have to go right - meaning so similar storms or global recessions - if is to meet its projections and get fiscal consolidation back on course.

“The Dorian experience proves that even with contingencies the worst can happen,” the deputy prime minister said. “The Financial Stability Report gives us certain parameters to work within. We intend to maintain that commitment and the principles that got us here using the best planning tools available to us.

Mr Turnquest added that the affordability of insurance coverage for Bahamian homeowners and businesses was “a great concern and a reality that all in the region will have to face” in the aftermath of Dorian and 2017’s major hurricanes. With premium rises of between 15 percent to 30 percent forecast, hurricane protection is being placed further out of reach for many, leaving the state with exposure to an ever-increasing recovery burden.

“We can help ourselves, however, by resilient building and adherence to building codes,” Mr Turnquest added.

“We are studying the issue and concepts that may incentivise greater insurance participation.”

The Fiscal Strategy Report predicts that Bahamian economic growth will rebound to 2.1 percent in 2021, driven by foreign direct investment and post-Dorian reconstruction, following a 0.6 percent contraction in 2020 and the halving of this year’s projected output expansion to 0.9 percent.

“These activities, alongside the government’s tax relief in the hurricane-ravaged islands to support and incentivise small business

recovery, could result in near to full employment in the construction sector, restore previously lost jobs and increment direct and indirect final employment opportunities,” the Fiscal Strategy Report said.

“At the outer margins of the medium-term horizon, the IMF expects real

GDP growth to ease to 1.7 percent in 2022, before gradually reverting to its long-term potential growth rate projected at an average annual 1.6 per cent.

“The government’s ongoing commitment to growing the real sector, through the removal of structural impediments,

and targeted initiatives to support both domestic and foreign direct investment, could improve this outlook.”

The Fiscal Strategy Report said registered businesses in Abaco and Grand Bahama numbered 1,752 and 1,812, respectively, pre-Dorian.

It added: “Employment conditions in The Bahamas are also expected to worsen due to the disruption to business activity and productive capacity in both Abaco and Grand Bahama, which account for 2.6 percent and 13.8 percent of the labour force, respectively.”

PAGE 8, Thursday, November 21, 2019

THE TRIBUNE

Past govts ‘negligent’ on $160m BTC pension hole FROM PAGE ONE

revealed yesterday.

“According to the recent actuarial assessment, the deficit in the plan is pegged at nearly $160m. To satisfy

this legal obligation, the government is proposing to do so over eight years, making annual contributions of $20m commencing in fiscal year 2020-2021.”

Dino Rolle, the Bahamas

Communications and Public Officers Union’s (BCPOU) president, yesterday told Tribune Business he had been unaware that the government was going to make such a move but welcomed

it nevertheless as a means to “stop the bleeding”.

Arguing that the pension fund deficit has “mushroomed since the sale”, he said of the government’s payment plan: “It’s a long time coming and I’m happy to hear that. I’m sure many of my members and those persons employed at BTC who have now retired will be happy to hear that the government has done what it ought to have done some time back and shored up the ever-depleting pension plan.

“I hope that the government will continue to live up to that... There’s no question that the government didn’t do what was required back then. I’m not really sure myself whether the initial $39m was paid and, if it was, nothing was paid after that.

It speaks to the negligence of previous governments and their obligations to that fund.”

Mr Thompson, meanwhile, added: “I knew there was a shortfall and there was talk of addressing it, because when the sale of BTC took place in 2011, one of the things the government agreed was to undergird the pension fund; I forget to the tune of how many millions of dollars.

“We have more people who have retired and

accepted voluntary separation packages in recent years. This is absolutely necessary. I haven’t heard this bit of news but am thankful for it, and happy to hear that something is going on in that direction because it was concerning for us.

“Retirees are living longer, in some cases for 15 to 20 years, so it’s really a weighty thing,” the managers’ union chief continued. “This is definitely a move in a good direction if the government has decided to plug it. The numbers were just ballooning annually.

“The concern wasn’t at a high level yet because folks were consistently being paid their retirement monies on time. There was never a glitch, a delay. We had concerns but no complaints because people were being paid on time every month.

It hadn’t reached an alarming state but we knew it was something that had to happen with all these people in this fund and these voluntary separations going on.”

Both union leaders said the frequent voluntary separations that BTC has used to downsize its workforce since the 2011 privatisation have placed extra pressure on the original fund as departing workers sought

MANAGERS NEEDED for Warehouse, Grocery and Sales. 2 years minimum experience in management required.

Send resume to

resume@acgbahamas.com

DINO ROLLE early access to their retirement savings, either through lump sum payouts or a payment schedule agreed with the plan’s administrators.

“The plan was really designed for employees who worked until they reached the age of 60, and as a result of the continuous downsizings with the voluntary separation packages (VSEPs) we are seeing people who leave early without reaching retirement age,” Mr Rolle told Tribune Business. “The pension wasn’t designed for that.”

He said he had received a communication indicating that 53 BTC line staff members of his union had left the carrier in its latest VSEP exercise, along with ten to 13 management union members, although Mr Thompson said the number he had heard was closer to 100.

The original BTC pension plan, which was a defined benefit offering where the company paid 100 percent of contributions and the employees nothing, was closed to new entrants at the time of privatisation.

All new staff must now enter a defined contribution plan, where employer and employee make matching contributions.

BAHAMAS DEVELOPMENT BANK

Employment Opportunity

Suitable candidates are invited to apply for the position of Credit Officer at the Bahamas Development Bank (“BDB”). The successful applicant will have satisfied the requirements and be able to provide the services as noted below.

General Duties and Responsibilities: Within and subject to the Bank’s core values, the primary duties of the Credit Officer are as follows: • • • • • • • • • • •

Promoting growth and development of small and medium-sized businesses throughout the Bahamas through marketing the Bank’s products and services.

Review submitted proposals and respond to clients regarding the project’s viability within 48 hours.

Providing operational and financial advice to both new and existing clients regarding their businesses, within the Department’s objectives in the time-frame specified per project by management.

Assist with acquiring new clients by staging informative financial presentations to diverse organizations.

Conducting annual site visits of projects that received funding.

Assist with the maintenance of a quality portfolio for the Bank through providing business advice to both new and existing clients regarding their operation.

Ensuring that clients remain in compliance with all loan covenants/ reporting requirements.

Assist with the preparation of departmental reports.

Assist the department with achieving annual sales and loan restructuring strategic goals as established by the Bank.

Assist with the preparation of statistical reports for use by the Bank with decision-making.

Any other related duties as assigned by Management.

Required Experience and Skills • • • • • •

Bachelor’s degree in Banking, Finance or Accounting. Qualifications in credit or related fields would be an asset.

Excellent credit judgement and understanding of credit risk, advanced and current knowledge of regulatory environment relating to credit.

Understanding of provisions, including regulatory and IFRS standards.

Strong analytical and leadership skills.

Excellent communication, interpersonal and organizational skills.

Ability to travel.

Submit resume and letter of interest to the Human Resources Department no later than November 22nd, 2019 via email to hr@bdb.gov.bs

THE TRIBUNE

Thursday, November 21, 2019, PAGE 9

PAGE 12, Thursday, November 21, 2019

THE TRIBUNE

New US-China trade worries pull stocks lower on Wall Street

By ALEX VEIGA Associated Press STOCKS closed broadly lower on Wall Street yesterday as investors turned anxious about the possibility that the US and China may not reach a trade deal before next year.

Technology stocks took the heaviest losses. Communication services and industrial stocks also were big losers. Banks fell as bond yields declined. Energy stocks notched the biggest gains as crude oil prices rebounded.

A published report

suggested a “phase one” trade pact may not be completed this year as negotiators continue to wrestle over differences. Beijing is pressing Washington to agree to broader tariff rollbacks on Chinese goods.

Investors have been hoping the world’s two

biggest economies can make a deal before new and more damaging tariffs take effect Dec 15 on about $160bn in Chinese imports. Those duties would cover smartphones, laptops and other consumer goods.

“If a deal is not going to get done before the end of the year, then all of a sudden this uncertainty comes back in around what’s going to happen around December 15,” said Scott Ladner, chief investment officer at Horizon Investments. “Are the tariffs back on the table again? The market has certainly come to expect that those are not going to happen.”

The selling nudged the major US stock indexes off their recent all-time highs.

The S&P 500 index dropped 11.72 points, or 0.4%, to 3,108.46. The Dow Jones Industrial Average lost 112.93 points, or 0.4%, to 27,821.09. The index was briefly down 258 points.

The Nasdaq slid 43.93, or 0.5%, to 8,526.73. The Russell 2000 index of smaller company stocks gave up 6.68 points, or 0.4%, to 1,591.61.

Major stock indexes in Europe also closed lower.

Growing optimism among investors that the US and China were making progress toward a limited trade deal helped pave the way for gains in the market in recent weeks, including a string of all-time highs for the major stock indexes.

That optimism dimmed yesterday as investors weighed the implications of more tariffs kicking in next month.

The two countries have

raised tariffs on billions of dollars of each other’s goods in the fight over China’s trade surplus and technology ambitions. That weighs on trade worldwide and threatens to depress corporate earnings and global economic growth, which has already showed signs of slowing.

President Donald Trump said on Tuesday he was prepared to raise tariffs on Chinese exports if the nations can’t reach an agreement on trade.

The Senate may have complicated the path to a deal yesterday, when it passed a resolution in support of human rights in Hong Kong following months of antigovernment protests.

China condemned the move and threatened “strong countermeasures”.

Technology and communication services companies were among the biggest losers Wednesday.

HP fell 2% and AT&T slid 2.2%.

Citigroup dropped 1.2% as financial stocks fell along with bond yields. The yield on the ten-year Treasury slid to 1.74% from 1.78% late Tuesday. Falling bond yields hurt banks because they are a benchmark for the interest rates lenders charge on mortgages and other loans.

Energy companies held up better than the rest of the market as oil prices climbed 3.4%. ConocoPhillips rose 3.8%.

Benchmark crude oil rose $1.90 to settle at $57.11 a barrel. Brent crude oil, the international standard, gained $1.49 to close at $62.40 a barrel.

Utilities, real estate companies and makers of household goods also rose as traders favoured less-risky and higher-dividend paying stocks.

Investors also had their eye on the latest batch of quarterly results from big retailers.

Target surged 14.1% after handily beating Wall Street’s third-quarter earnings estimates. The retailer also raised its profit forecast for the year.

Lowe’s rose 3.9% after raising its profit forecast for the year following a solid third quarter. The home improvement retailer has been working to improve profit and sales to better compete with rival Home Depot, which on Tuesday cut its profit forecast after reporting disappointing earnings. The stock dropped 2.2%.

Urban Outfitters plunged 15.2% after the clothing and accessories retailer fell short of Wall Street’s third-quarter profit and sales forecasts.

In other commodities trading, wholesale gasoline rose six cents to $1.66 per gallon.

Heating oil climbed three cents to $1.89 per gallon.

Natural gas rose five cents to $2.56 per 1,000 cubic feet.

Gold was unchanged at $1,473.30 per ounce, silver was unchanged at $17.10 per ounce and copper was unchanged at $2.65 per pound.

The dollar rose to 108.64 Japanese yen from 108.53 yen on Tuesday. The euro weakened to $1.1070 from $1.1078.

EMPLOYMENT OPPORTUNITIES An established company in The Bahamas is presently considering applications for an Assistant Office Manager and a Project Manager.

The positions are opened to candidates with the following qualifications: ASSISTANT OFFICE MANAGER Qualifications Highly detail-oriented Able to work independently and multi-task, Excellent verbal and written communication skills A Bachelor’s Degree or equivalent Must have a minimum of ten (10) years of experience relevant to the responsibilities and computer literate Accounting experience a plus PROJECT MANAGER Bachelors Degree in Engineering, Certified Project Manager, Construction Management or related studies.

Minimum of 10 years professional experience.

Must have some project management experience.

Proficient in Microsoft Word, Excel, Project and AutoCAD. PERSONAL ATTRIBUTES Must be able to lead in planning and implementation of projects Must be able to perform engineering duties Must be able to oversee construction and maintenance of building structures and facilities Must ensure that construction standards are met.

Must be a “problem solver” with an eye for detail Must have ability to identify priorities, meet deadlines in a timely manner Provide direction and support to project team Must possess good communication skills Must be able to multi-task.

All interested applicants should email to nassaurecruitment@gmail.com

THE TRIBUNE

Thursday, November 21, 2019, PAGE 13

World shares retreat on jitters over US bill on Hong Kong BEIJING Associated Press GLOBAL shares declined yesterday after the US Senate passed a resolution supporting human rights in Hong Kong following months of increasingly violent protests.

The resolution has added to worries over prospects for Beijing and Washington to resolve a tariff war that is hammering manufacturing in the world’s two biggest economies.

Germany’s DAX lost 0.8% to 13,120 and the CAC 40 in France declined 0.4% to 5,885. The FTSE 100 in Britain lost 1.1% to 7,242.

Wall Street was expected to extend losses, with the future contract for the Dow Jones Industrial Average

down 0.3% at 27,820 and that for the S&P 500 losing 0.2% to 3,111.

The Senate on Tuesday easily approved the Hong Kong Human Rights and Democracy Act, which passed by a voice vote. It now goes to the House, which has already endorsed similar legislation.

In Hong Kong, a small band of anti-government protesters, their numbers diminished by surrenders and failed escape attempts, were still holed up at a university yesterday as they braced for the endgame in a police siege of the campus.

Police were waiting the demonstrators out after ten days of some of the most intense protests the city has seen in more than five months of often-violent unrest. Since the siege

began on Sunday, more than 1,000 people have been arrested and hundreds of injured treated at hospitals, authorities said.

Hong Kong’s Hang Seng dropped 0.8% to 26,889.61.

The Shanghai Composite index declined 0.8% to 2,911.05.

The US pressure on what Beijing says is purely an internal Chinese issue could complicate efforts by President Donald Trump’s administration to forge a trade deal with Beijing, analysts said.

“Now that the ‘HK bill’ has passed by an overwhelming majority in the Senate, it will be difficult for the White House to hold out against this bipartisan pressure, which could put another snag in the trade talk lines,” Stephen

Innes of AxiTrader said in a commentary.

Beijing and Washington are negotiating a preliminary deal that could help avert increases in the billions of dollars in tariffs each side has imposed on the other’s exports in the dispute over industrial and technology policy and trade.

Trump said on Tuesday he was prepared to raise tariffs

on Chinese exports further if an agreement cannot be reached.

“China’s going to have to make a deal that I like,” Trump said. “If they don’t, that’s it, OK?” Trump said he was “very happy” that China and the US are talking. But he added, “If we don’t make a deal with China, I’ll just raise tariffs even higher.”

The tariff war between China and the US has stretched for over a year, squeezing businesses in many countries.

Tokyo’s Nikkei 225 index declined 0.6% to 23,148.57 after customs data showed the country’s exports falling 9.2% in October from a year earlier, with sharp declines in shipments to China, South Korea and the US.

PAGE 14, Thursday, November 21, 2019

THE TRIBUNE

Target bursts into the holiday season with a bang NEW YORK Associated Press TARGET is bursting into the critical holiday season with strong thirdquarter earnings as the company pushes faster delivery and invests in stores and on new fashion brands.

The retailer raised its expectations for the year and shares closed up more than 14% at $126.43.

Target’s quarterly sales of clothing rose 10% year over year, helped by its

focus on creating its own brands and updating its clothing displays.

While Target is boosting sales, department sales are struggling to attract shoppers. Kohl’s has cut its profit outlook for the year after a disappointing third quarter dragged down by poor women’s clothing sales. JC Penney’s latest report showed its continued malaise in clothing. Macy’s and Nordstrom report today.

“Everyone is chasing the same stuff, and it’s not working,” said Stacey

Widlitz, president of SW Retail Advisors. “Target is taking the best of retail and putting it into the store.

Or the worst of retail and making it better.”

During a call with reporters yesterday, Target CEO Brian Cornell said the chain is picking up market share from both department stores and smaller mall stores. He also noted that store remodels have helped. Shoppers who previously just bought household essentials are now picking up clothing and home goods.

Overall, growth in stores open at least a year and online rose 4.5%. For just online, sales rose 31%.

Target is demonstrating how an intense focus on both low prices and customer convenience can put traditional retailers on a competitive footing with Amazon.com, which has upended the retail sector.

Walmart last week raised its annual profit expectations after reporting strong third-quarter results helped by its grocery business.

Still, the holiday season is expected to be brutally competitive. Faced with the shortest holiday shopping season since 2013, retailers want to get into the minds of potential customers early.

Target is spending $50m more on its payroll this quarter than it did during the same period last year to ensure customers can find help whenever they need it.

The Minneapolis retailer is also introducing new incentives this holiday season, such as a loyalty program called Target Circle that has signed up more than 35 million people. It found

in an early test of the programme that customers shopped more frequently and spent 2% to 5% more.

It’s also offering a variety of options to buy, from picking up online orders curbside or in the store.

Through Shipt, which it purchased in December 2017, shoppers for a fee can get deliveries to their doorstep in a few hours because there is likely a Target store nearby. The company said Wednesday that sameday services accounted for 80% of its third quarter digital growth.

Target’s thirdquarter results were “outstanding across the board,” said Charlie O’Shea, lead retail analyst

at Moody’s Investors Service. He added that it should be able to avoid price cuts and other promotions that can eat into profits.

Third-quarter profit was $714m, or $1.39 per share, including discontinued operations worth two cents. Adjusted earnings came to $1.36 per share, easily beating Wall Street per-share expectations for $1.19.

Revenue was $18.67 billion, also topping projections.

Target Corp now expects adjusted earnings per-share of $6.25 to $6.45 in 2019, compared with earlier projections of between $5.90 and $6.20.

THE TRIBUNE

Thursday, November 21, 2019, PAGE 15

BLOOMBERG SPENDING $15M-$20M TO REGISTER HALF MILLION VOTERS WASHINGTON Associated Press

AS HE moves toward a presidential announcement, New York billionaire Michael Bloomberg, pictured, is rolling out plans to spend an estimated $15m to $20m on a voter registration drive designed to weaken President Donald Trump’s reelection chances in five battleground states.

News of the large investment, confirmed

by Bloomberg’s team on Wednesday, comes less than a week after the former New York City mayor unveiled a $100m

online advertising campaign attacking Trump in four general election swing states as well.

The new effort will target 500,000 voters from traditionally underrepresented groups that typically lean Democratic, including African Americans, Latinos, Asians, young voters and those living in some rural communities. The drive will begin early next year in Arizona, Michigan, North Carolina, Texas and Wisconsin, but could expand to more states.

The move marks another significant show of financial force demonstrating Bloomberg’s ability to

run what senior adviser Howard Wolfson described as parallel campaigns over the coming year.

Bloomberg has already filed paperwork to qualify for presidential primary ballots in three states. The 77-year-old former Republican and independent, who formally registered as a Democrat just last year, is expected to make a formal announcement about his 2020 intentions in the coming days.

“If Mike runs, we’re going to try to do what we can to run two campaigns simultaneously,” Wolfson said.

“One campaign is a primary campaign — and there are a lot of great people in that contest and a lot of focus and activity

PUBLIC NOTICE Extension

PUBLIC CONSULTATION-Renewable Energy Self Generation (RESG) Projects Proposed Guidelines The Utilities Regulation and Competition Authority (URCA), advises the public that the deadline to submit responses to URCA’s Renewable Energy Self Generation, RESG Projects Proposed Guidelines, Consultation Document, ES 05/2019, has been EXTENDED to November 30, 2019.

URCA reminds the public that responses to the said Consultation Document can be sent via email to info@urcabamas.bs, faxed to (242) 393-0237/393-0153, mailed to P.O. Box N-4860 or hand delivered to the URCA office situated at Frederick House, Frederick Street, New Providence to the attention of the Director of Utilities and Energy.

URCA issues this Notice in accordance with section 41(4) of the Utilities Regulation and Competition Authority Act, 2009.

around that,” he added.

“But at the same time, there’s another campaign going on that the president has begun that ends in November that also needs to be engaged. And one of the arguments that we would make on behalf of Mike to primary voters is (that) he is able to wage these two campaigns simultaneously — effectively and simultaneously.”

The new voter registration drive targets voters across five states that Trump won in 2016 largely by narrow margins.

The Republican president carried Michigan and Wisconsin by less than 1 point and Arizona and North Carolina by three points. The exception is Texas, where Trump

scored a nine-point victory, but where Democrats are increasingly hopeful that demographic shifts backed

by California transplants will make the state more competitive next year.

Earlier in the week, the left-leaning organization NextGen America launched a registration and turnout operation of its own across 11 general election battlegrounds. The group, founded by Democratic presidential candidate Tom Steyer, plans to spend $45m over the coming year and register at least 270,000 young voters.

Madison, Wisconsin, Mayor Satya Rhodes-Conway, who is part of a training program for mayors across the country funded by Bloomberg,

said Bloomberg’s new investment would make a significant difference on the ground in her state, where Trump won by fewer than 23,000 votes.

“That’s a big, hairy, audacious goal. I think it’s great,” she said.

As to whether she thinks Bloomberg should run for president, Rhodes-Conway noted there are already a lot of candidates, but said, “The more the merrier.”

The Democratic Party is largely focused on its presidential primary phase of the 2020 election, which will be decided at the party’s national convention in July.

Trump has no significant primary challenger, so he’s already working aggressively to strengthen his reelection bid.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 20 NOVEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,199.41 | CHG: -3.83 | %CHG: -0.17 | YTD: 89.96 | YTD%: 4.26 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.64 11.25 2.81 3.85 10.21 7.60 16.90 9.40 3.63 14.20

52WK LOW 3.52 20.91 4.90 4.46 1.01 0.22 2.00 9.30 6.15 3.95 6.75 2.35 1.76 7.51 6.10 12.10 6.41 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 3.64 17.43 6.00 6.10 2.46 1.80 4.50 11.06 6.16 4.11 8.06 3.21 3.85 10.06 7.60 16.90 9.33 3.51 14.00

CLOSE 3.64 17.43 6.00 6.10 2.46 1.80 4.36 11.06 6.16 4.10 8.06 3.23 3.85 10.11 7.60 16.90 9.33 3.51 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.14 0.00 0.00 -0.01 0.00 0.02 0.00 0.05 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

5,700 10,100 200

1,250 150

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 0.260 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 15.2 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 22.3 57.6 31.7 8.2 15.7 10.4 20.7 9.9 17.3 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.67% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.93% 0.00% 13.44% 1.56% 3.24% 3.16% 3.20% 2.14% 3.42% 4.36% 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

Publish your

LEGAL NOTICES in The Tribune

Call 502-2394

PAGE 18, Thursday, November 21, 2019

THE TRIBUNE

NOTICE

NOTICE

NOTICE is hereby given that GUETLY ST FLEUR, #20 Southern Heights P.O.Box NP1170, 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 14th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that ALIYAH KHALILAH SAUNDERS , Pioneers Way West 7A 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 14th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

ENGAGEMENT OF AN AUDITOR AND CONSULTANTS FOR THE VARIOUS PROJECT REPORTS: PROJECT MANAGERS The Bahamas Environment, Science and Technology (BEST) Commission is seeking qualified individuals to provide consultancy services for Project Manager of Biodiversity and Climate Change Projects.

CERTIFIED FINANCIAL AUDITOR NEEDED The Bahamas Environment, Science and Technology (BEST) Commission of the Ministry of the Environment & Housing requires auditing of financial statements for internationally funded projects.

The complete Terms of References and process for responding to employment opportunities are available at The BEST Commission website www.best. gov.bs/projects/ Submissions can be directed to inquiries@best.gov.bs or call 322-4546 SUBMISSION DEADLINE: November 29, 2019

NOTICE In the Estate of NIGEL ROSSON late of #34 Oxford Street, Palmdale, of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the abovenamed Estate are required to send the same to the Undersigned on or before the 23rd day of December, A.D., 2019, and if so required by notice in writing from the Undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the Undersigned on or before the date hereinbefore mentioned.

Dated the 20th day of November, A.D., 2019.

CAMPBELL CHASE LAW, Chambers, Nora Leonie, 71 Mount Royal Avenue at Rosetta Street, P. O. Box N-4447, Nassau, Bahamas.

ATTORNEYS FOR THE PERSONAL REPRESENTATIVES

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JOHN F. SMITH of Blair Estates, P.O. BOX GT-2006, Nassau, N.P., The Bahamas, intend to change my name to JON F. SMITHCASTILLON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

Invites applications from matured, qualified, and experienced candidates to fill the position of

MAINTENANCE MANAGER The successful candidate should have the following: • A High School Diploma (minimum), Vocational certificate preferred • Minimum 5 years’ experience in similar role or related field • Responsibility for securing school property • Knowledge of plumbing, carpentry, electrical, grounds supervision • Experience with Internal Security • A valid driver’s license • Be result oriented and energetic • Be a born-again Christian Duties Include: • Responsible for the day to day running of the Maintenance Department • In-house security of staff and students • Transport students to and from games and events • Oversee the upkeep of school property & equipment (including buildings and grounds) • Oversee the installation and repair of equipment and systems • Plan and schedule preventive maintenance activities • Plan, coordinate and execute various development projects of the school • Supervise staff and provide training as necessary • Secure property at end of day • Negotiate terms with vendors Application forms can be obtained from the school’s office or website (www.kingswayacademy.com) and should be submitted along with a recent color photo, resume, and Police certificate to: Business Assistant Kingsway Academy Box N-4378 Bernard Road Nassau, The Bahamas