11272019 BUSINESS

business@tribunemedia.net

WEDNESDAY, NOVEMBER 27, 2019

$4.56 Debt ratio forecasts are ‘overly optimistic’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FISCAL observers yesterday warned that projections showing The Bahamas’ debt ratios will be kept in check are “very optimistic” given that this requires surpluses three times’ higher than achieved before.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that estimates forecasting the Government will run ninefigure primary surpluses from 2022-2023 onwards would likely be challenged by a hurricane or global economic recession.

The government’s justpublished Fiscal Strategy Report projects that the primary budget balance, which measures by how much revenue exceeds/falls short of non-interest recurrent spending, will move back into a $76.7m surplus in 2021-2022 following two years of deficits that peak at over $300m due to Hurricane Dorian restoration costs.

These surpluses are forecast to increase to $159.2m in 2022-2023, then grow to $278.2m the following year and $313.3m come 20242025. However, Mr Myers said the latter figure was almost three times’ higher than the $116.9m surplus achieved in 2018-2019, raising doubts as to whether the government’s projections will be met.

“You’re talking $300m for each of those years,” he told Tribune Business.

“You’re talking about creating a primary surplus three times’ what they’ve proven they’ve been able to achieve. That’s pretty tough, and also doesn’t seem to take into consideration any downside risks in the global economy and environmental landscape.

“I think it’s overly optimistic personally, but I’m not looking at the nitty gritty. If there’s no risk contingencies built in they are highly optimistic.” Recent history suggests that The Bahamas, which has been struck by major hurricanes in four of the last five years, will likely encounter at least one major storm during the next five years.

Mr Myers pointed out that the prospects of a correction in the global economy were also reasonable given that there has been no major global recession since 2008-2009, while high crime levels, the raised cost of doing business and impairments to the ease of doing business all represented further threats to the government’s fiscal outlook.

The Fiscal Strategy Report makes clear that the

SEE PAGE 6

$4.57

$4.60

‘Taking Nassau from 1.0 to 10.0’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHAMIAN institutional investors will be invited to raise 40-50 percent of the cruise port’s $100m bridge financing facility, with its developer pledging yesterday: “We’re taking Nassau from 1.0 to 10.0.”

Michael Maura, Nassau Cruise Port’s chief executive, told Tribune Business that its ultimate parent wanted Prince George Wharf’s $250m transformation to be its “signature” product and “most fantastic experience and product” out of all the 16 other ports it owns and manages worldwide”.

Revealing that Global Ports Holding is not aiming

ANTHONY FERGUSON

just to “go from Nassau 1.0 to Nassau 2.0” with the cruise port’s conversion to a destination product, Mr Maura confirmed that its Bahamian subsidiary - of which it owns 49 percent

- is currently in the market to raise the necessary funding to kickstart construction work early in the New Year.

“The chairman of Global Ports [Mehmet Kutman] wants this to be the most

NASSAU cruise port’s operator is aiming to “double the yield” from passenger spending once the facility’s transformation into a destination product is completed by the 2022 first quarter.

Michael Maura, Nassau Cruise Port Ltd’s chief executive, told Tribune Business yesterday that “millions of dollars” have already been invested in the design, engineering and environmental studies that will lay the foundation for Prince George Wharf’s overhaul over a 24-month period.

Detailing a series of

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SEE PAGE 5

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• Operator aims to ‘double’ spending yields • Says project ‘game changer’ for Bay Street • Will lure residents, Atlantis and Baha Mar guests construction milestones that are critical to revitalising the main gateway to The Bahamas for some 3.5m cruise passengers annually, Mr Maura predicted that the project would be a “game changer” for the wider Bay Street and downtown Nassau area.

He said the waterfront’s revival would deliver a sufficiently strong product to entice Atlantis and Baha Mar guests, as well as Bahamians and residents, back to the downtown area to enjoy

live entertainment, an interactive Junkanoo experience, and improved retail and food and beverage offerings centred on “authentically” local products.

Emphasising that the cruise port’s retail offering will seek to complement, rather than compete with, Bay Street merchants, Mr Maura said Nassau Cruise Port and its 49 percent owner, Global Ports Holding, were also working closely with stakeholders such as the taxi drivers to

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

bring order and discipline to call-up systems so that all gained a fair share of the tourist trade.

Confirming that the 2022 first quarter is “the target” for construction completion, Mr Maura said Nassau was on the “front line” of the global cruise industry’s rapid expansion and needed to improve its product to attract higherspending passengers for the benefit of Bahamian-owned

fantastic experience and product that he has done to date,” the Nassau Cruise Port chief said. “It’s his signature. He’s not holding back. If you were at dinner last night to see some of the stuff he’s got planned for this thing you wouldn’t believe it.

“It will cause people to hop on the plane to Nassau.

We’re not going from Nassau 1.0 to Nassau 2.0.

We’re going from Nassau 1.0 to Nassau 10.0.”

Anthony Ferguson, CFAL’s (the former Colina Financial Advisors) principal, told this newspaper

$250m cruise port overhaul targets Q1 2022 completion

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Govt debt trading on BISX misses target start date THE Central Bank’s governor yesterday expressed optimism that the trading of central government debt on BISX will begin before year-end despite the initial November deadline being missed.

John Rolle told Tribune Business he was “absolutely” confident this will happen before 2019 closes, saying: “I know that the process is virtually complete. There are just one or two technical questions around the pricing methodology where we’ve committed to share some information.

“From a technical point of view we’ve completed the process, so it’s very close to happening. We will certainly be ready to move in that direction. We don’t anticipate there would be any issues with the relationship with the market in terms of getting started.

The intent is that everything would be listed; all bonds would be listed.”

The Bahamas International Securities Exchange’s (BISX) 20-year effort to have more than $3bn in government bonds listed and traded over the exchange moved closer to conclusion earlier this year after itself, the government and Central Bank unveiled a partnership to make this happen by November 2019.

However, Tribune Business understands that this deadline is likely to be missed.

Keith Davies, BISX’s chief executive, told this newspaper: “We look forward to receiving whatever information is necessary for us to move ahead. BISX has

• Cruise port to be operator’s ‘signature’ project • Bahamian firms to participate in $40m-$50m bridge • Eventual equity placing targets $35m from ‘20k-plus’

MICHAEL MAURA

$4.60

‘Robust’ Thanksgiving from 90k LPIA arrivals

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

A CABINET minister yesterday voiced optimism for a “robust” Thanksgiving and Christmas tourism season after 90,000 persons moved through Lynden Pindling International Airport (LPIA) last week.

Dionisio D’Aguilar, minister of tourism and aviation, speaking ahead of the weekly Cabinet meeting, said: “We are expecting an extremely busy Thanksgiving period.

The hotels are all reporting they are going to have a robust Thanksgiving.

“Fortunately a lot of reservations were made prior to Dorian, and the visitors have decided to maintain most of them. You would have seen that the airport is

• Customs confirms 50% increase - with different data • US issues ill-timed, unchanged travel warning • Minister hopes for GB airport re-open this week

DIONISIO D’AGUILAR recording record numbers. I think about 90,000 persons have moved through that airport from Wednesday to Monday. So it’s going to be, as usual, busy in our key destinations.”

However, Bahamas Customs - while acknowledging that there had been a recent 50 percent year-over-year arrivals increase at LPIA - gave Tribune Business slightly different statistics compared to those provided

by Mr D’Aguilar.

Livingston Ferguson, chief Customs revenue officer at LPIA, said the arrival figures for the dates Mr D’Aguilar was quoting last week - from Wednesday, November 20, to Monday, November 25 were only 25,257.

He added: “If we were to include the dates from Friday, November 15, to

Monday, November 25, it would be 67,411. We have been seeing a lot of traffic through the LPIA this year.” Mr Ferguson said that for the same period in 2018 total arrivals were 44,920, a difference of 22,491.

Mr D’Aguilar’s comments came as the US issued an updated travel advisory on The Bahamas that appeared to be virtually identical to the last one it released. This nation remains flagged as a “Level 2” country where US citizens are told to “exercise increased caution in the Bahamas due to crime”.

While this is unchanged from the prior one, its

release could not have been worse-timed for The Bahamas given that it coincides with the Thanksgiving weekend and the start of the peak Christmas tourism season. It has also been issued just as this nation continues to shrugoff the negative publicity and fall-out associated with Hurricane Dorian.

Mr D’Aguilar declined to comment when contacted by Tribune Business other than to agree that the timing was “so sensitive” and to question why the US State Department was issuing another such advisory.

The latest missive repeats previous warnings to “exercise caution” at Arawak Cay’s Fish Fry, especially at night, and for US citizens who account for around 83

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PAGE 2, Wednesday, November 27, 2019

THE TRIBUNE

Bahamians participate in ‘business of music’ THE Small Business Development Centre (SBDC) teamed with the Caribbean Export Development Agency (CEDA) to ensure three Bahamians took part in the latter’s Business of Music (BOM) initiative.

Terneille Burrows, Jason Ferguson and Sonovia Pierre represented The Bahamas in the programme, with the former duo recently travelling to Barbados to attend a twoday face-to-face workshop.

The BOM initiative is facilitated through webinars, and is designed to help persons within the music industry overcome challenges when seeking to export their products.

The programme covers topics such as digital platforms, intellectual property (IP), distribution

MINISTER REPRESENTS AT MAJOR MARITIME SUMMIT RENWARD Wells, minister of transport and local government, addresses the 31st session of the International Maritime Organisation (IMO) Assembly. The event is being held from November 25 to December 4 at the IMO’s London headquarters.

Mr Wells addressed the Assembly on the Government’s behalf with The Bahamas up for re-election to the Council in Category C. Regular sessions of the Assembly are conducted every two years.

JASON Ferguson and Terneille Burrows attending the CEDA BOM workshop in Barbados.

Photo: Alex Carrington and promotion. Its creation resulted from a 2015 study, conducted for CEDA by the Visual & Performing Arts Jamaica (VPAJ) and KEA European Affairs (KEA), which revealed access to finance and a lack of support were among the key challenges faced by artists when trying to export their works.

Ms Burrows, a

Bahamian artist, writer and producer, said: “The BOM training covered a wide range of topics, predominantly about digital distribution and marketing. It was highly beneficial, and I will be able to use the information to maximise marketing efforts through platforms such as Facebook, Instagram and YouTube.

“My expectations were to expand upon my knowledge of the digital music industry, and my expectations were met. As a Bahamian music creative, it’s very important that we take advantage of opportunities for advancing our knowledge of the music industry. This can contribute on a wider scale to enhancing the fledgling local music industry.”

Mr Ferguson, who also participated in the face-toface sessions in Barbados, described the experience as enlightening as he discovered colleagues within the region faced similar issues.

“My trip to Barbados was a very enlightening experience, and one that I wish to be a part of again,” he said.

“The networking with fellow Caribbean colleagues from the industry solidified the fact that we all have similar issues.

Through group and oneon-one discussions we were able to find out that some Caribbean islands are doing exceptionally well in their cultural efforts.”

While Mr Ferguson believes the networking done in Barbados was the most valuable part of the experience, he also gained knowledge that will benefit him and his craft.

He said: “The BOM training brought a lot of clarity to quite a few questions that I and artists that I’ve worked with may have. I now have a wealth of knowledge that I could not be more grateful for.

The information relayed through the training will help me to be a better producer, musician and ambassador for the country.

“With the right avenues and resources I am open to helping my fellow artists to improve their craft and make a better industry for us all. I plan to implement the small training in my every day productions.

I honestly believe that by empowering persons to be globally minded we can hopefully be better at what we do.”

The SBDC is the product of a tripartite arrangement between the Government, through the Ministry ofFinance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). It works to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas.

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THE TRIBUNE

Wednesday, November 27, 2019, PAGE 3

TOP INSURERS REMOVED FROM RATINGS ‘REVIEW’

By YOURI KEMP Tribune Business Reporter

THE Bahamas’ two major life and health insurers were yesterday removed from “review” by the industry’s major rating agency despite suffering increased claims and policy lapses due to Hurricane Dorian.

AM Best, in two separate releases, confirmed it has lifted the additional scrutiny applied to both BISX-listed underwriters following the category five storm and reaffirmed their existing “financial strength”.

Colina Insurance Company and its listed parent, Colina Holdings (Bahamas), have thus maintained their A(Excellent) financial strength rating and long-term issuer credit rating of ‘a-’. AM Best also reaffirmed the same ratings for Family Guardian and its parent,

FamGuard Corporation, removing both insurers from “review with developing implications” due to Dorian’s financial and economic impact.

Also giving the duo a “stable” outlook, AM Best said that less than 20 percent and 15 percent, respectively, of Colina’s and Family Guardian’s policyholders were based in the Dorian-ravaged islands.

“The ratings reflect Colina’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM),” it added of Colina.

“These rating actions follow the company’s comprehensive assessments of the financial impact to Colina following Hurricane Dorian. Immediately following the storm there was disruption to the company’s

SMALL BUSINESS CENTRE GIVES $400K FOR DORIAN

and $45,000 for Abaco.

Total grants are valued at $253,000, with $158,500 approved for Grand Bahama and $95,000 for Abaco. The total Dorian-related financing provided through the SBDC now stands at $403,500.

There are still no confirmed figures for how many businesses have been impacted by Dorian, although some estimates placed the number as high as 1,200.

The government has allocated $10m from the dormant account fund to help micro, small and medium-sized businesses restore their operations following Dorian. Some, though, have suggested that this sum may not be nearly enough, particularly Abaco’s Chamber of Commerce president, Ken Hutton, and the Bahamas Chamber of Commerce and Employers Confederation chairman, Krystelle Rutherford-Ferguson.

By YOURI KEMP Tribune Business Reporter

MORE than $400,000 in loan and grant financing has been provided to Dorian-devastated entrepreneurs by the Small Business Development Centre (SBDC), its senior advisor said yesterday.

Winston Rolle provided figures showing that, as of yesterday, some 13 loans that have been approved with funding allocated. Ten of these businesses are in Grand Bahama, and another three in Abaco.

Some 22 grants have also been awarded to 12 businesses in Grand Bahama and ten in Abaco. Total loan financing approved amounts to $150,000, with $105,000 allocated to Grand Bahama entrepreneurs

distribution systems in the affected islands of Grand Bahama and Abaco.

“The company also experienced a number of claims attributable to the hurricane, as well as a small increase in policy lapses from policyholders resident in the affected islands.

However, the overall financial impact was limited,” the rating agency continued.

“The storm’s most severe devastation occurred in the northern islands of Abaco and Grand Bahama where less than 20 percent of the company’s policyholders are located. The island of New Providence, where most of the country’s population and businesses are located, was largely spared.”

Turning to Colina’s balance sheet, AM Best said this demonstrated “the strongest level of riskadjusted capital, the absence of leverage and

good liquidity, which is partly offset by the company’s limited investment options and high concentration of sovereign debt holdings”.

The rating agency added: “The company’s mortgage loan portfolio sustained very limited impact due to the low number of loans in the hardest hit areas and property insurance coverage requirements.

Operating performance remains strong with minimal impact to operating earnings resulting from the storm.

“AM Best expects consistent positive net earnings to continue supporting capital growth in the near term. The business profile assessment considers Colina’s position as a market leader in The Bahamas and creditworthy product offerings offset by its geographic concentration in The Bahamas. The company’s ERM

framework and governance structure are appropriate for its risk profile.”

Delivering a similar verdict on Family Guardian, AM Best said: “While there was disruption to the company’s distribution, increased benefits and increases in policy lapses, the overall financial impact was limited.

“The most severe devastation of the storm occurred in the northern islands of Abaco and Grand Bahama where less than 15 percent of the company’s policyholders are located.

The island of New Providence, where most of the population and businesses are located, was largely spared.”

The rating agency added: “The balance sheet strength assessment reflects the very strong level of risk-adjusted capital, the absence of leverage and good liquidity partly offset by the

company’s limited investment options and high concentration of sovereign debt holdings.

“The company’s mortgage loan portfolio had very limited impact due to the relatively low number of loans in the hardest hit areas and property insurance coverage requirements.

Operating performance remains strong, with minimal impact to operating earnings resulting from the storm.

“AM Best expects consistent positive net earnings to continue to support capital growth in the near term. The business profile assessment considers Family Guardian’s good market position in The Bahamas and creditworthy product offerings offset by its geographic concentration in the Bahamas. The company’s ERM framework and governance structure are appropriate for its risk profile.”

PLP HITS BACK AT CLAIM IT ‘WISHED BAHAMAS ILL’

forecast to be incurred between now and the 20242025 fiscal year represents money that “generations to come will have to pay” back.

While the same could be said about the $2.4bn worth of debt racked up under the former Christie administration, Mr Mitchell accused the government of “running the economy into the ground” and using Hurricane Dorian as a “scapegoat” for its own mismanagement and poor governance.

Again, many observers could argue that similar charges can be made against the last PLP administration, but the party’s chairman said: “They [the government] cannot pay the VAT refunds. They owe almost every contractor in town. They refuse to pay civil servants. They have not made good on promised financial assistance to hurricane victims. There is no money on the ground.

The evidence is that the hurricane relief effort is shambolic...

“The national debt will be $9bn in the coming months.

The FNM will run a $700m deficit this fiscal year. Generations to come will have to pay this incurred debt. The PLP had nothing to do with that. Make no mistake, this financial crisis and mismanagement existed long before Dorian made landfall some 12 weeks ago.”

Mr Turnquest had accused Mr Davis of “working his hardest” to attract the credit rating agencies’ attention, as he asserted there was “no sign” of a Bahamas downgrade.

Rejecting Mr Davis’ fears that the country is “falling off a cliff” post-Hurricane Dorian and facing a “financial crisis”, he argued that this was the position when the Minnis administration took office in May 2017 but it had since “made significant progress” towards returning to fiscal health prior to the category five storm’s arrival.

Mr Davis on Sunday argued that “a downgrade is for certain”, alleging that the government had sought to “gloss over and paint a

picture” more optimistic than the reality of a further $1.3bn surge in the national debt to an all-time high of $9.5bn come the 2024-2025 fiscal year.

“He is certainly working his hardest to cause a secondary review,” Mr Turnquest responded, “but we have no indication of that [a further credit rating downgrade] at the moment and believe then fundamentals of the economy remain strong. We are working hard to bring these projects in the pipeline online, which will help us to offset the loss of Abaco and Grand Bahama.

By YOURI KEMP Tribune Business Reporter

THE Progressive Liberal Party (PLP) yesterday blasted the deputy prime minister for accusing it of “wishing the ill of a credit rating downgrade on The Bahamas”.

Senator Fred Mitchell, pictured, the Opposition party’s chairman, said in a statement it was “shocking” that K Peter Turnquest had the gall to accuse it and party leader, Philip “Brave” Davis, of making such suggestions.

Hitting back at an article in Tribune Business, Mr Mitchell said the $1.3bn in additional debt that is

PAGE 4, Wednesday, November 27, 2019

THE TRIBUNE

Sterling names Bahamian to head local IT operations STERLING Global Financial, the $10bn asset manager, has appointed Timothy Maura to head corporate information technology (IT) for its Bahamas operations.

“We are very pleased to announce the appointment of Timothy Maura, a specialist who brings with him a wealth of knowledge and experience in the private international wealth management sector,” said Stephen Tiller, Sterling’s

president and chief operating officer.

“Having worked for almost two decades as chief executive and senior technician of Itech Bahamas, Tim’s practical knowledge, as well as superior communication skills combined with the ability to see the big picture is what makes him an excellent addition to the Sterling Global team.”

Mr Maura, a Bahamian who joined Sterling in

STERLING Global Financial has named Timothy Maura, a Bahamian, to head up information technology (IT) for its Bahamas operations.

June, specialises in corporate IT development with a focus on firewall security, server/workstation installation and support, application software support, networking, wireless and fibre optics.

A Nassau native, the 44 year-old Mr Maura attended a top tier boarding school in Connecticut prior to graduating from the College of Charleston where he earned a Bachelor of Arts Degree.

He holds several certifications, including CompTIA A+, MCP (Microsoft Certified Professional), MCSE (Microsoft Certified Solutions Expert) and CFOT (Certified Fibre Optic Technician).

“Sterling is an exciting company growing rapidly while remaining true to its expertise and core values, funding real estate projects and development through the investment funds

managed by its growing team,” said Mr Maura. “It’s an honour to be part of that dynamic team.”

Among Sterling Global’s current projects is the massive $350m Sterling Hurricane Hole mixeduse development that will double the size of the site’s marina and create a “downtown” destination for Paradise Island with dining, shops, a food store, professional office space and harbourfront residences. Retail space in the first phase scheduled for completion in late 2020 is now fully leased with limited retail space remaining in the second building.

Sterling Global Financial and its subsidiaries, including Sterling Advisory Services, are also launching redevelopment projects in two Family Islands the Sky Beach Club in Eleuthera and on Matt Lowe’s Cay in Abaco.

‘Taking Nassau from 1.0 to 10.0’ FROM PAGE ONE that “everyone” among the Bahamian broker/dealer and institutional investor community will be given the chance to participate in the cruise port’s financing plans.

He revealed that $40m to $50m of the bridge facility will be raised from the Bahamian capital markets, with these investments ultimately rolled into the debt component of The Bahamas Investment Fund. This entity, which will be created and administered by CFAL as the Nassau Cruise Port’s financial advisers, will

own 49 percent of the redeveloped port’s operating company.

Mr Ferguson also disclosed that The Bahamas Investment Fund’s equity component will seek to raise between $30m-$35m when it is placed towards the end of 2021. Global Ports Holding is aiming to attract “20,000-plus” Bahamian retail investors to invest in the Fund, with Mr Ferguson yesterday pledging that this will ensure “no one owns five to ten percent of it”.

The current bridge facility is designed to provide Nassau Cruise Port with the required construction

LEGAL NOTICE

N O T I C E STEINER TRANSOCEAN (II) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of November, A.D., 2019.

Dated the 27th day of November, A.D., 2019.

Stephen Lazarus LIQUIDATOR 770 S. Dixie Highway Coral Gables, Florida 33146 U.S.A.

NOTICE LORGNON NORTHEAST LTD. In Voluntary Liquidation

financing until The Bahamas Investment Fund’s equity and debt components, representing around $100m in capital, are placed with local investors.

Mr Ferguson voiced optimism that the first $20m in “bridging” credit will be placed “within the next month”, while arguing that the bridge facility’s structure appeared to have been misunderstood by several capital markets players.

This had led to concerns and criticisms that some Bahamian finance houses and institutional investors were being excluded from participating.

However, he explained that the $100m financing would be raised and drawn down in stages, since Nassau Cruise Port and its parent did not need the full amount to start Prince George Wharf’s redevelopment towards the 2020 first quarter’s end.

The CFAL chief said the initial $20m raise would only include a minor Bahamian dollar component of around $4m-$5m, with the majority raised internationally in US dollars. The relatively small local first-round raise, he suggested, required participation from fewer institutions and may have created the false perception that only a narrow circle of investors would be invited to become involved.

“Everyone will participate. We will approach institutions like Providence Advisors, RoyalFidelity, Leno and Family Guardian,

all the BISX member broker/dealers, to see if they will participate in the bridge facility,” Mr Ferguson told Tribune Business.

“Knowing there’s a lot of pension funds and institutions out there, we said to the team we want to have access to being part of the bridge and not just be part of the equity and bonds that will not come until the end of 2021.”

Explaining why the bridging facility will be placed in phases, Mr Ferguson said it made no sense to raise $100m in one go and then leave a substantial portion of it sitting in the bank unused while Nassau Cruise Port had to pay interest on it.

“The bridge is going to be drawn down in phases,” he confirmed. “It’s not going to raise all the money today and pay all this interest, then not use it for nine to 12 months.

“The bridge is going to be placed over the next 12 months in draw downs. The initial one is going to be $20m, and the next one will be in March, I believe, for $30m. In the first instance it’s going to be mostly US dollars; the Bahamian dollar component is going to be around $4m-$5m.

“When we increase the Bahamian dollar allocation is when we will go out to the rest of the broker/ dealers and see if they want to participate or not. The maximum bridge for the Bahamian dollars will be between $40m-$50m, and those persons will roll over

NOTICE OF DISSOLUTION NOTICE IS HEREBY GIVEN as follows: a)

York Partners Ltd. is in voluntary dissolution under the pro visions of Section 138 (4) of the International Business Companies Act 2000.

b)

The dissolution of said company commenced on the 22nd day of November 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

c)

The Liquidator of said company is Petaluma LTD, PO Box SP63146, Nassau, Bahamas.

d)

All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before December 24, 2019.

Dated this 25th day of November 2019

______________________ Petaluma LTD Liquidator

into the debt” portion of The Bahamas Investment Fund when that is placed.”

Mr Maura confirmed that the bridge facility’s placement, and Nassau Cruise Port’s capital calls, will be “aligned with the progress of the project”. Mr Ferguson, meanwhile said the financial structuring was designed to “take out all the risk” for Bahamian investors especially the smaller retail ones - and be mindful of the pressures on the country’s external reserves.

He added that one factor behind why the initial $20m bridge raise is predominantly in US dollars is a desire not to place any further strain on The Bahamas’ foreign currency reserves at a time when they are being impacted by the traditional Christmas season drawdown and Hurricane Dorian.

And, explaining why The Bahamas Investment Fund’s debt and equity components will not be placed until construction at Prince George Wharf is nearly complete, the CFAL chief said: “The reason is we want to take out a lot of the risk.

“We don’t expect to come out with the bond until the end of 2020 to mid-2021.

When we go out there and issue these bonds you’ll see the new structures, the new pier, so you will know your money is already safe as the project is 90 percent complete.”

The government, as it did with the Aliv mobile operator, has said initial public offerings (IPOs) of equity

investment interests will not occur until the subject company has built up an established track record of financial performance.

Reflecting this, Mr Ferguson said the Bahamas Investment Fund’s equity portion will likely not be placed until towards end-2021, although market conditions may change this.

Mr Maura said the equity offering’s “bottom up approach” will ensure every Bahamian investor receives the first $1,000 they subscribe for, adding: “The objective is to have 20,000-plus investors.” Mr Ferguson added: “No one is going to own five to ten percent of it. It’s just not going to happen.”

The CFAL chief, though, conceded that the government’s post-Dorian financing needs could pose “a challenge” to the finance-raising plans of the cruise port and other private investors given projections that it will need to borrow a net $1bn over the next two years to plug its fiscal deficits.

This, in theory, will create competition for investor capital and could push the price (interest rate) paid to persons providing the funding upwards, Mr Ferguson conceded.

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NOTICE OF DISSOLUTION NOTICE IS HEREBY GIVEN as follows: a)

KAAT Ocean Limited is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

b)

The dissolution of said company commenced on the 22rd day of November 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

c)

The Liquidator of said company is Francesca Magna Eichmann, PO Box SP-63146, Nassau, Bahamas.

d)

All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquida tor before December 24, 2019.

Dated this 25th day of November 2019 ______________________

Francesca Magna Eichmann Liquidator

THE TRIBUNE

Wednesday, November 27, 2019, PAGE 5

CROOKED ISLAND IN POTABLE WATER FIRST SEVERAL settlements in southeastern Crooked Island will receive potable water for the first time as part of a $41.63m water supply improvement project.

Adrian Gibson, the Water & Sewerage Corporation’s executive chairman, told a groundbreaking ceremony at Colonel Hill Park that although confined to a single lot, the proposed work will be “extensive”.

He said the settlements of Pond Road, Church Grove, Timothy Thompson and Colonel Hill will get potable water for the first time in eight months, while other water issues faced by residents will be corrected.

The work includes installation of about 18,850 feet of four-inch PVC pipe, and around 5,800 feet of twoinch PVC pipe, with fewer than 100 water service connections.

The project is being financed by a Caribbean Development Bank (CDB) water supply improvement loan of $28.33m, with counterpart funding of $13.3m coming from the Government.

“Our government provides Crooked Island with potable water distribution systems that will stand the test of time. I can assure you that while not all of Crooked Island is being covered during this time, we continue to look at ways and means that we can further extend the water mains

WATER & Sewerage Corporation executive chairman, Adrian Gibson, speaks at the groundbreaking ceremony for a potable water distribution system in Crooked Island. Photos: Patrick Hanna/BIS

BENNETT MINNIS, Water & Sewerage Corporation board member; Miriam Emmanuel, MP for MICAL; Adrian Gibson, Water & Sewerage Corporation executive chairman; and Elwood Donaldson, general manager, Water & Sewerage Corporation, are pictured at the groundbreaking ceremony in Crooked Island. in Crooked Island,” said Mr Gibson.

“My outlook is not Nassau-centric. Those of us on

the islands deserve the same services and same opportunities as those persons in New Providence. Like you,

Govt debt trading on BISX misses target start date

highlights the extent to which their addition broadens and deepens the Bahamian market, giving investors extra securities options.

Placing government debt and the market for its secondary trading on a formalised stock exchange will bring The Bahamas into line with what happens elsewhere in the world. Until now, trading in government debt following its initial issue has been facilitated by the Central Bank via an over-the-counter type arrangement.

FROM PAGE ONE already upgraded its system, and we are able to provide all the information as required by the Central Bank to proceed.

The securities are already listed; it’s the go-ahead to begin trading.

“We are ready, willing and able to begun trading government securities whenever the Central Bank says. We put a platform for government securities on our system from inception for whenever they came on and, now they are here, we have upgraded our system to remove any point of failure. We’re essentially cloud based.”

The BISX listing will provide investors with real time information on the breadth and depth of the government securities market, plus the pricing of different issues, thereby enabling them to make “better informed” investment decisions and boosting transparency.

There will also be spinoff benefits for the wider debt market, as companies will be able to use investors’ risk appetite for government debt as a

I grew up on an island and know what it feels like to be on these islands that don’t have what many in New Providence have.

“I know what it is to draw water from the well, to use a pump and tote water. I feel your pain and that is why it is my daily thrust to ensure that we get water to as many people as we could on these islands.”

Mr Gibson underscored the importance of utilities for economic development, explaining: “Sometimes people stench and don’t want to come because there is no water, light, airport or other development available. Putting water on Crooked Island and other islands is another step to seeing further development and people having an interest in investing in these places.”

He assured residents that engineers have taken care to design water systems that are “robust” enough to withstand climate change, and said: “They have identified potential climate change impacts along with appropriate adaption measures for Crooked Island.

“For example, all pipelines to be laid along roadways that are adjacent to the sea will be laid at a depth of four feet. The standard depth for laying pipes is three feet, so we are adjusting for climate change.

Pipes will also be installed opposite the road from where the sea is situated.”

JOHN ROLLE “benchmark” for pricing their own corporate debt issues thus leading to the development of a Bahamian Yield Curve.

The addition of more than $3bn worth of government bonds, split into over 200 tranches or issues, will increase the total value of debt listed on BISX more

than six-fold compared to the $513m present at the end of the 2019 first quarter.

Adding in $4.853bn worth of listed equities, the arrival of the BGRS issues will increase the total value of all BISXlisted securities by 55.9 percent to $8.366bn. This

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SAINT REMY MICHEL of Hanna Hill Eight Mile Rock Freeport Bahamas intend to change my name to MICHEL SAINT REMY. 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.

To advertise in The Tribune, contact 502-2394

PAGE 6, Wednesday, November 27, 2019

THE TRIBUNE

Debt ratio forecasts are ‘overly optimistic’ FROM PAGE ONE

YOUR

government is relying on higher economic growth post-2020, coupled with last year’s upward revision to Bahamian GDP by the Department of Statistics, to keep the country’s direct debt-to-GDP ratio - which measures increases in the national debt in proportion to economic output - in check.

The report projects that the national debt as a percentage of GDP will rise from 60.4 percent at yearend 2018 to peak at 66.2 percent at year-end 2021, as Dorian reconstruction spending outpaces economic growth, only to drop to 64.7 percent at year-end 2024 as economic expansion picks up.

Tabled in Parliament last week, the Fiscal Strategy Report reveals that the government must run a primary surplus averaging one percent of GDP - some $100m to $130m - per year during the five-year period between 2019-2024 if it is to bring the debt-to-GDP ratio back to the 60 percent range.

Given that excessive post-Dorian spending will dominate the first few years of that period, the report says the government will

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

NOTICE

NOTICE

NOTICE is hereby given that LOVE DJYNA TANIS, of Claridge Road Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 20th 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 VANWRIGHT JAMAL DEAN, of Hamster Road P.O.Box N8284 Nassau, 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 20th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 26 NOVEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,201.23 | CHG: 0.05 | %CHG: 0.00 | YTD: 91.78 | YTD%: 4.35 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 3.96 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 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.23 10.10 6.85 11.45 12.32 10.74 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 4.36 11.06 6.16 4.11 8.06 3.29 3.96 9.99 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 4.11 8.06 3.27 3.96 10.07 7.60 16.90 9.33 3.51 14.00

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 0.08 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 20,550 170

97 29,000 1,200

VOLUME

NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.31 10.26 6.88 11.45 12.32 10.70 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 32.1 8.5 15.6 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% 2.92% 0.00% 13.27% 1.52% 3.26% 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% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 11.19% 12.08% 18.66% 19.64% 4.33% 5.06% 10.43% 7.24% 5.42% 5.77% 3.11% 0.77% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-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

have to “back load” its primary surplus - which measures the difference between its revenue income and non-interest expenditure - towards the end of that period.

“If the debt-to-GDP ratio is to converge back to the 60 percent of 2018, a primary surplus averaging one percent of GDP will have to be maintained during the 2019 to 2024 period,” the Fiscal Strategy Report said.

“As the government will inevitably have to increase spending during the next two to three years to respond to the needs of the country following the hurricane, much of the adjustments to achieving the average primary surplus of one percent of GDP would have to be back loaded to the outer years.

“Given that the primary balance ratio for the period 2019 to 2021 is estimated to average -0.7 percent of GDP, back loading the adjustment to reach the 60 percent debt ratio by 2024 translates into achieving a higher primary surplus averaging 2.7 percent from 2022 to 2024.”

Rick Lowe, an executive with the Nassau Institute think-tank, yesterday argued that reducing the size of government, together with improvements to the ease of doing

business and getting the economy moving, were critical to The Bahamas escaping a looming fiscal crunch.

“They can’t think they can extract more taxes and succeed. That’s not an option,” he told Tribune Business. “They say are taxes are low compared to the region but that’s a bit misleading. I think there’s so many levels of taxation here. I think they could increase the volume of imports by lowering taxes, and that will give them more money and taxes in reserve.

“Until they do something seriously with the size of government nothing is going to change. It’s a huge deficit decade after decade, and the size of government keeps increasing.

I’m willing to bet they’ve increased the number of government employees in spite of Dorian, not because of it.

“Fiscally, I think we’re in trouble and have been in trouble for quite a while.

It’s just that the cracks are beginning to appear now....

They don’t appear to be changing the ledger on the other side, and projections are not worth the piece of paper they’re written on.

We see that every month with ours. You need to do them but it’s not money in the bank. It’s a tough road.”

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SARAH ELIZABETH ANDERSON of Nassau Village intend to change my name to SARAH ELIZABETH FARRINGTON. 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.

NOTICE NOTICE is hereby given that ROSELINE MICHEL, of Hanna Hill, Eight Mile Rock, Freeport, 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 27th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that QUELINE DALMOND of Cowpen Road, 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 20th day of November, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that SHANE KRISTOFF BOWLES, of Cotton Wood Street, Pinewood Gardens, P.O.Box SS19830 Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, November 27, 2019, PAGE 7

$250m cruise port overhaul targets Q1 2022 completion FROM PAGE ONE merchants and their employees.

“One hundred and twenty new cruise ships are hitting the water between now and 2017, and we are at the front door of that,” he told this newspaper. “We want to help the cruise lines attract a customer that spends more money, and we’re going to do that by improving the destination.”

While few would dispute that Nassau’s cruise port and the surrounding Bay Street area is in need of major regeneration, some observers will likely question whether the cruise lines will continue calling so frequently on the Bahamian capital given the attractions of their nearby private island network that is set to expand further with the Carnival and Royal Caribbean projects in Freeport.

Still, Anthony Ferguson, principal of CFAL, the financial advisers to Nassau Cruise Port, yesterday said the number of passengers passing through Nassau’s cruise port was forecast to surge to more than 4m in 2023 - the first full year after the redevelopment is completed.

While current cruise passenger per capita spending yields are disputed, with the cruise lines pegging this at around $130 and local statistics putting it at $70, Mr Ferguson said Nassau Cruise Port’s $250 target represented a major increase either way.

“The statistics we have put it around $70m” Mr Ferguson told Tribune Business. “We’re looking in the first instance to increase that to $250. If it’s accurate

where passengers can acquire their services.

As for the government, he added that it will still receive its present $18 per passenger taxes and fees plus a minimum $2m annual lease payment during the construction phase. Mr Maura explained this was a baseline figure that could

that the number is $130 we will look to double that yield.

“The numbers are huge, but we need the product in the port to attract people to spend more money. If we’re only selling t-shirts we’re not going to get $250. A lot of entrepreneurs, young and existing, should benefit substantially from this.”

Mr Maura added: “That’s not to our benefit; that’s to the community’s benefit by spending on taxis and tours.

I think this will be a game changer for downtown when it’s finished... People will come to Nassau just to see the waterfront.

“I believe we will, as much money as Atlantis has put into securing every dollar their guests come to Nassau with, find our incredibly unique waterfront experience is going to cause people to leave Atlantis and come downtown, and I believe we will see the same at Baha Mar. “If you look at the design of the entire space, the approach we’re taking is one of destination, promoting the destination and not necessarily the cruise port.

The type of thought going into the retail, entertainment and food and beverage is promoting downtown, not

the cruise port,” he added.

“We’re not trying to displace retail on Bay Street.

Everything that you’re going to see is going to add value, a new type of experience that will cause people to want to come downtown.

“We’re working with the retail operators at Festival Place in terms of their branding, and to have something that’s authentic and uniquely Bahamian, so we’re looking to help them create those products made

by Bahamian hands and artisans.”

Mr Maura said the revamped cruise port will also feature an interactive Junkanoo experiences, where visitors could participate in creating actual costumes as well as learning about its history via a museum.

The Nassau Cruise Port chief said it was also planning to take over where the Downtown Nassau Partnership (DNP) had left off on the proposed multi-storey parking lot on Kelly family land just to the east of Prince George Wharf.

The ground floor will be dedicated to a taxi rest and call-up area, Mr Maura said, with drivers having a counter or “sales desk” in the new cruise port terminal

‘Robust’ Thanksgiving from 90k LPIA arrivals

FROM PAGE ONE

percent of this nation’s tourist market - to avoid water sports and, especially, the jet ski industry. What goes unmentioned, though, is that virtually all visitors do not become victims of crime.

Meanwhile, responding to concerns over Grand Bahama’s tourism product, Mr D’Aguilar said: “The Ministry has changed its messaging to try to get the word out that Grand Bahama is coming back on stream. They are trying to get the airport back on stream. All of that will contribute to not a robust Thanksgiving but a very robust Christmas.”

As for the government’s possible acquisition

of Grand Bahama International Airport from Hutchison Whampoa and the Grand Bahama Port Authority (GBPA), the minister said no decision has yet been made.

He added: “The Grand Bahama airport is still owned by Hutchison Port. It’s still operated by them and they are still responsible for it. Obviously, Hutchison has been impacted a numerous amount of times at that airport and they are not as exuberant as they once were to operate it, and the government is looking at all options in acquiring it.”

While admitting it was too early to discuss acquisition prices, Mr D’Aguilar reaffirmed earlier statements

that the government’s main concern is not just acquiring the airport but how to make it safe and profitable after it does.

He said: “It will take some time to get the airport back on stream. You have to analyse why it keeps flooding and how to make it more resilient, and that will take more time to think through it.

“Hutchison Ports are certainly bringing a terminal back on stream. We expect hopefully by this week that it will be in a position to open. The airlines will be able to get back in and it can resume international flights. We have been reliably advised that hopefully some time this week it will happen.”

be higher, as the sum the government receives will be whichever is higher - the $2m, or 50 cents per cruise ship passenger.

The annual rent increases to $2.5m per year once Prince George Wharf’s transformation is complete, and Mr Maura said: “It’s a 25-year concession. The

government retains ownership of the land without giving up a penny.

“The government, the people are getting a $250m investment downtown which has economic benefits to labour, commerce, commercial citizens and their employees, who all benefit as a result of this investment.”

Shell Western Supply and Trading Limited Trading Operator Purpose: This position is a key part of the Shell Trading & Supply global network (STN), the principal trading and shipping business of the Group. The STN is one of the largest trading and shipping companies worldwide and continues to be a dynamic and rapidly growing business. STN is a truly Global Organisation with some 16 trading offices in such places as Houston, London, Singapore, Dubai, Barbados etc.

Commercial Operators are responsible for oil and freight operations to the various business desks. Commercial Operations staffs work alongside Traders / Trading Managers to optimize the deal portfolio to provide commercial benefits to the business. It is a fast moving and changing environment and Operators will work alongside a diverse, multi-cultured group of people. The work is extremely varied according to the desk but Operators are developed to gain a common set of professional skills.

This role is specifically to provide Commercial Operations support to the Latin America (Latam) Crude Oil trading desk.

Accountabilities: Ensure that all obligations arising from the contract/charter party are carried out and seek to add value by exercising embedded commercial and logistical deal options by using a pro-active approach to problem solving, in tandem with the wishes of the Traders.

Highlight any contract optimisation opportunities, thinking on your feet to deal with contractual problems (e.g. off spec cargoes, vessel delays, etc) and ensuring that these are managed professionally and optimally for the trading business.

Deal with oil and freight counterparties, terminals, vessels, agents and inspectors on a regular basis regarding all post-deal activities ensuring operations are expedited and all necessary operational information is communicated in good time and documentary requirements are met.

Make oil and vessel nominations, prepare and send voyage orders and monitor progress of vessels. Appoint independent inspectors, expeditors and ships agents.

Ensure that all oil and freight operational information is entered into Trading systems (FED/DEX, RADAR etc) in a timely fashion and ensure that the trading position is accurate at all times and adequate records are kept to meet legal and fiscal obligations.

Understand the potential commercial impact of cargo/demurrage claims and ensure that the necessary commercial actions are taken to protect Shell’s business position both during and after the physical activity.

Liaise with Finance Operations to ensure that deals are correctly and timely settled.

Gain & use a full understanding of all operational aspects of the Oil/Shipping deals and Global Trading Network Policies and Guidelines and ensure all commercial contractual/policy obligations are complied with.

The incumbent needs to be extremely detailed orientated, to be able to reconcile, agree volumes with third parties and answer queries on payment quality contracts The incumbent is required to drive improvement programs specific to Latam operations across boundaries.

In addition to standard physical cargo operations the Latam Crude Oil Operator may also be required to: Manage storage locations and stocks Manage monthly forward allocation declarations Operate specialised vessels operations including COA nominations and COA Owner liaison The scope of this position may vary depending on the Operational activity assigned per portfolio / desk * DIMENSIONS The incumbent will be working on the Latam Crude Oil desk, but is part of the Crude Oil Commercial Operations team, and will be expected to learn the other roles within the team in order to provide flexibility. A competent operator should be a good communicator, with strong stakeholder management skills, well organized with commercial awareness and team skills; to be pro-active in showing initiative and have or gain knowledge of all parts of the trading business. * SKILLS & REQUIREMENTS Experience and qualifications: Previous knowledge of Oil and Freight operations would be advantageous.

The incumbent will have to be extremely adaptable, be able to work under pressure, be able to successfully prioritise work depending on current situations, and has to be a good team player.

Knowledge of Trading systems such as RADAR / DEX / GMAS would also be advantageous.

Understanding of pricing structures and the concept of pricing exposure would be desirable but not necessary.

Key Competences required: Value-chain Management & E2E Profitability Supply Chain Analysis Supply Chain Strategic Planning & Implementation Supply Chain Tactical Planning Supply Chain Integration & Optimisation Compliance Control & Risk Management Trading Risk Management Supply Chain Contracts & Negotiation Supply Chain Scheduling Supply Chain Transport Management Refinery Configuration & Processes Supply Chain Customer Service Trading Operations & Documentation Application Usage – Tools/Systems/Platforms Additional Information: The oil supply and trading environment is often dynamic and fast moving.

Operators often have to be able to respond quickly and accurately to challenging and sometimes conflicting deadlines in order to comply with business needs and policy guidelines. Daily working hours may be variable and unpredictable at times including regular out-of-hours contact.

To submit application for this role please send Cover Letter, CV and four written references to the following email: HR-Advice-Bahamas@shell.com, on or before Wednesday, 4 December 2019.

PAGE 10, Wednesday, November 27, 2019

THE TRIBUNE

GLOBAL MARKETS CAUTIOUS AS TRADE WAR TALKS GRIND ON TOKYO Associated Press

GLOBAL stock markets were subdued yesterday after China said its top trade envoy and other senior officials spoke by phone with US negotiators.

The lackluster trading followed a rally of technology shares on Wall Street prompted by China’s new guidelines for the protection of patents and copyrights. Theft of intellectual property has been a big sticking point in the

US-China trade war.

The guidelines may be an encouraging sign for negotiations on the first phase of a deal to end the tariff war between the world’s two largest economies. Yet the talks have for been fitful in recent months, leading investors to remain cautious.

France’s CAC 40 slipped nearly 0.1% to 5,921 while Germany’s DAX was down 0.2% to 13,219. Britain’s FTSE 100 edged up 0.1% to 7,405.

US shares were set to be

A MAN looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo. Asian shares were mostly higher yesterday on optimism over US-China trade talks, prompted by Beijing’s new guidelines for the protection of patents and copyrights.

Photo: Eugene Hoshiko/AP

little changed with Dow and S&P 500 futures up less than 0.1%.

An announcement by China’s Commerce Ministry early yesterday that top trade negotiators from both sides spoke by phone and agreed to continue talks did not seem to spur significant gains. That might be because the vaguely worded notice did not mention specifics or indicate how much progress has been made.

Earlier, the plan was that Trump and Chinese President Xi Jinping might meet

THE WEATHER REPORT

5-Day Forecast

TODAY

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Partly sunny

Partly cloudy

Partly sunny and pleasant

Sunny to partly cloudy and breezy

Sunny to partly cloudy

Mostly sunny and delightful

High: 83°

Low: 71°

High: 81° Low: 69°

High: 80° Low: 69°

High: 79° Low: 68°

High: 81° Low: 71°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

86° F

72° F

84°-68° F

78°-66° F

79°-67° F

84°-69° F

ORLANDO

TAMPA

High: 78° F/26° C Low: 61° F/16° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 78° F/26° C Low: 71° F/22° C

4-8 knots

S

High: 82° F/28° C Low: 64° F/18° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 82° F/28° C Low: 68° F/20° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 80° F/27° C Low: 59° F/15° C

High: 80° F/27° C Low: 68° F/20° C

MIAMI

High: 85° F/29° C Low: 68° F/20° C

4-8 knots

KEY WEST

High: 83° F/28° C Low: 74° F/23° C

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 80° F/27° C Low .................................................... 65° F/18° C Normal high ....................................... 80° F/27° C Normal low ........................................ 69° F/20° C Last year’s high ................................. 88° F/31° C Last year’s low ................................... 69° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 46.43” Normal year to date ................................... 38.11”

ELEUTHERA

NASSAU

High: 83° F/28° C Low: 71° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2019

High: 80° F/27° C Low: 73° F/23° C

N

High: 81° F/27° C Low: 74° F/23° C

N

S

E

W

6-12 knots

S

7-14 knots

ANDROS

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:55 a.m.

8:15 p.m.

3.5 2.7

1:33 a.m. -0.6 2:24 p.m. -0.3

Thursday

8:42 a.m.

9:03 p.m.

3.4 2.6

2:20 a.m. -0.4 3:12 p.m. -0.2

Friday

9:29 a.m.

9:51 p.m.

3.3 2.4

3:06 a.m. -0.2 4:00 p.m. -0.1

Saturday

10:16 a.m.

10:41 p.m.

3.1 2.3

3:53 a.m.

4:49 p.m.

0.0 0.1

Sunday

11:03 a.m.

11:33 p.m.

2.9 2.2

4:41 a.m.

5:38 p.m.

0.2 0.3

Monday

11:53 a.m.

-----

2.7 -----

5:33 a.m.

6:28 p.m.

0.5 0.4

Tuesday

12:27 a.m.

12:44 p.m.

2.2 2.5

6:28 a.m.

7:19 p.m.

0.7 0.5

sun anD moon Sunrise Sunset

6:35 a.m.

5:20 p.m.

Moonrise Moonset

7:28 a.m.

6:28 p.m.

First

Full

Last

New

Dec. 4

Dec. 11

Dec. 18

Dec. 25

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 74° F/23° C

High: 82° F/28° C Low: 75° F/24° C

N

High: 81° F/27° C Low: 73° F/23° C

E

W S

LONG ISLAND

tracking map

High: 82° F/28° C Low: 76° F/24° C

H

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

CAT ISLAND

E

W

and sign an agreement at a Pacific Rim summit in Chile. That was cancelled due to political unrest, and so far there has been no announcement of plans for a meeting elsewhere.

In Asian trading, Japan’s benchmark Nikkei 225 advanced 0.4% to finish at 23,373.32. Australia’s S&P/ ASX 200 gained 0.8% to 6,787.50. South Korea’s Kospi slipped 0.1% to 2,121.35. India’s Sensex added 0.1% to 40,950.28 and the Shanghai Composite was flat at 2,907.06.

7-14 knots

MAYAGUANA High: 83° F/28° C Low: 76° F/24° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 82° F/28° C Low: 76° F/24° C

High: 82° F/28° C Low: 75° F/24° C

GREAT INAGUA High: 85° F/29° C Low: 76° F/24° C

N E

W

N E

W

S

S

8-16 knots

8-16 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SE at 4-8 Knots NW at 6-12 Knots NE at 6-12 Knots NE at 7-14 Knots ENE at 7-14 Knots N at 7-14 Knots ENE at 8-16 Knots NNE at 8-16 Knots E at 6-12 Knots NNE at 6-12 Knots WSW at 4-8 Knots N at 6-12 Knots NE at 7-14 Knots NNE at 7-14 Knots NE at 8-16 Knots NE at 8-16 Knots ENE at 7-14 Knots NNE at 7-14 Knots ENE at 8-16 Knots NNE at 8-16 Knots E at 6-12 Knots NNE at 6-12 Knots NE at 8-16 Knots NE at 8-16 Knots NE at 7-14 Knots NNE at 7-14 Knots

WAVES 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 2-4 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet 0-1 Feet 0-1 Feet 1-3 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 77° F 77° F 80° F 79° F 79° F 79° F 82° F 81° F 77° F 77° F 79° F 79° F 81° F 82° F 83° F 82° F 82° F 82° F 83° F 83° F 78° F 78° F 82° F 81° F 79° F 79° F