11292018 BUSINESS

business@tribunemedia.net

THURSDAY, NOVEMBER 29, 2018

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Top civil servant in ‘weak’ officials blast

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government’s top official has branded key civil servants as “extraordinarily weak”, with The Bahamas’ “40 percent overstaffed” public sector ranking among the Caribbean’s worst performers.

The criticism by Camille Johnson, the Cabinet

Secretary, of the Government’s deputy permanent secretaries is disclosed in a just-published Inter-American Development Bank (IDB) assessment that gave The Bahamas a score of only 19 out of 100 for civil service development and quality.

The report, which said the Bahamian civil service has “room for significant improvement”, revealed that Ms Johnson - who

INVESTORS FACING PREFERENCES LOSS WITHIN THREE YEARS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ bid to secure a longer investment transition period than three years was blocked by the European Union (EU), which had demanded these incentives be ended in six months.

K P Turnquest, deputy prime minister, yesterday confirmed to Tribune Business that existing investors will only be able to enjoy their special “ring fencing” incentives until end-2021 after EU resistance thwarted the Government’s efforts to obtain up to a 20-year extension for these clients.

Describing the outcome as “unfortunate”, he said the three-year “grandfathering in” period for existing International Business Companies (IBCs), Investment Condominiums

(ICONs) and Exempted Limited Partnerships (ELPs) was at least five times’ longer than the 28-nation bloc’s initial position.

“We tried to negotiate for a longer period,” Mr Turnquest told this newspaper. “Unfortunately, the European Union (EU) did not accept. They wanted six months. We negotiated as best we could.

“They would not accept five years, and our initial offer was 20 years, which was consistent with the existing Stamp Duty exemption for IBCs. They would not accept those terms. We tried to push for five years, which was not acceptable to them. We ended up settling for three years, which is consistent with what the OECD advocates for in transition clauses.”

SEE PAGE THREE

NAD CUTS LOSSES 70% BEFORE $130M REFINANCE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU’S airport operator has slashed annual losses by almost 70 percent ahead of its upcoming $130m debt refinancing that is due to be placed before Christmas.

The Nassau Airport Development Company’s (NAD) financial statements for the year to end-June 2018, released to investors as part of the offering materials, reveal that its net

LYNDEN Pindling International Airport. comprehensive loss fell by almost $10m year-over-year - dropping from $14.153m to $4.371m.

SEE PAGE SEVEN

heads the service - said it was “overstaffed by as much as 40 percent”. And she was not the only senior official holding major concerns about its efficiency and effectiveness.

While the quote attributed to the Cabinet Secretary is an indictment of the second-highest civil service rank, she was backed by Elise Delancey, permanent secretary in the Ministry of Public Service,

who said the public sector has “a hollow middle” and lacks vital skills essential to its smooth functioning.

The report, The state of the civil service in The Bahamas, revealed that only Suriname’s civil service is performing worse than this nation’s public sector, which was ranked behind Jamaica, Barbados, Trinidad & Tobago and even Guyana on performance qualify. “A score of 19

out of 100 shows that The Bahamas has significant room for improvement,” it concluded.

Benchmarked against seven main performance indicators, The Bahamas came close to 50 percent on just one - merit - which assesses how professional the civil service is in practice, and its ability to remain free from corruption and political influence.”

SEE PAGE TEN

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MINISTER of Public Works Desmond Bannister.

$92M BPL DEBT: MORE THAN 50% OVER MONTH OLD

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MORE than 50 percent of the $92m owed by customers to Bahamas Power & Light (BPL) at-end October 2018 represented arrears owed from previous monthly billing periods.

SEE PAGE SIX

PAGE 2, Thursday, November 29, 2018

THE TRIBUNE

THE TRIBUNE

Thursday, November 29, 2018, PAGE 3

INVESTORS FACING PREFERENCES LOSS WITHIN THREE YEARS from page one

The Government’s handling of “ring fencing” was deemed the most critical issue to the financial services industry’s future by most in the sector, and it remains to be seen whether a three-year transition will be viewed as sufficient time to adjust by The Bahamas’ investor clients.

The “grandfather” period, set out in the Removal of Preferential Exemptions Bill 2018 that was tabled in the House of Assembly yesterday, effectively means that all IBCs incorporated from 2002 onwards will not enjoy the 20-year Stamp Duty waiver their beneficial owners will have anticipated.

Such investors will have had a legitimate expectation of enjoying such preferential incentives, not only as the Stamp tax exemption but also the flat $300 Business Licence fee for non-resident entities. It remains to be seen whether the three-year period is enough to maintain investor confidence in The Bahamas, and avoid any lawsuits from these clients.

Some in the Bahamian financial services industry were yesterday already expressing doubts. Paul Moss, Dominion Management Services president, told Tribune Business: “Three years is a short time for someone who had expected 20 years.

“It should have been more than that; five to seven years. The client has to be able to navigate, and find ways in which to compensate for that. It’s going to be a problem for him.”

Mr Moss argued that The Bahamas’ response could indeed hurt investor confidence, given that it appeared the Government had sought EU and Organisation for Economic Co-Operation and Development (OECD) approval of its legislative package prior to its tabling in Parliament.

DEPUTY Prime Minister Peter Turnquest during the Budget debate.

Photo: Terrel W. Carey/Tribune Staff “I think it absolutely does,” he told Tribune Business. “I have less confidence in their ability to be sound, prudent and know what’s going on in business. What they’ve done is undermine the confidence an investor has; the Government of the Bahamas has gone outside the halls of Parliament and got the approval of those on the outside. That is going to undermine the confidence of investors coming into the jurisdiction.”

Mr Moss added that The Bahamas appeared to have secured little in return for complying with EU and OECD demands, saying: “There’s nothing coming from them to indicate that ‘blacklisting’ is off the table.

They could not get a guarantee we will not end up on a blacklist. It will rear its head again.”

The dilemma facing The Bahamas stems from the EUs’s demanding to eliminate “ring fencing”,

or preferential tax regimes for non-resident entities and foreign investors that are not offered to their Bahamian counterparts.

Failure to do so would likely see this nation named on the EU’s ‘blacklist’ of non-cooperative countries for tax purposes.

Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told last month’s Nassau Conference: “The big issue is ring fencing.... How do we eliminate preferences and ring fencing without causing irreparable, catastrophic damage to the Bahamas as an IFC? As I and others see it, the two primary issues we are facing is Stamp Tax and Business License.”

And Ryan Pinder, a former financial services minister, told Tribune Business earlier this year that The Bahamas “could kiss the entire IBC market goodbye” if it gets its

response to Europe’s “ring fencing” demands wrong, branding it a “make or break” issue.

Besides eliminating “ring fencing”, the legislative package tabled in Parliament yesterday has other profound implications for The Bahamas and its financial services industry. Mr Turnquest yesterday acknowledged to Parliament that the Commercial Entities (Substance Requirements) Bill “poses some risk” to corporate vehicles that do not require a physical presence here.

He went further subsequently in speaking to Tribune Business, conceding that the use of IBCs and other products as passive “fronting vehicles” will “not really” occur any more due to the need to meet the EU’s demands.

Mr Turnquest added that “any entity in The Bahamas will have to meet the standard”, compliance with

which has to be verified through more reporting to the Ministry of Finance.

“It’s all the stuff to prevent the shifting of profits from high tax to low tax jurisdictions, engaging in tax arbitrage,” he added.

The Commercial Entities (Substance Requirements) Bill focuses, in particular, on key financial services industry segments as well as headquartering; distribution and services centres; shipping; intellectual property; and holding companies.

The Bill may be subject to change, with Mr Turnquest disclosing that there was an “ongoing discussion” over the exemption for passive holding vehicles, but he argued that its coming should be viewed as a glass half-full rather than half-empty.

“I think that while some may see this as a death knell for financial services, we see the potential for opportunity,” he told Tribune Business. “Entities have to create real substance, which will create opportunity possibilities for business professionals in space rental, more employment at the high end of the foreign direct investment scale.

“We prefer to look at the positive side. The facts of the matter are that with the global roll-out of these practices there’s no real place for anybody to run any more, and most of us will be competing on a level playing field. There’s always some outliers.”

Bahamas-domiciled entities will have to establish

a physical presence in this nation, doing real business, through spending sufficient monies here, hiring staff and ensuring the “managing mind” is resident through holding an “adequate number” of Board meetings here.

The Commercial Entities (Substance Requirements) Bill is designed to address the EU’s demand for all nations to impose ‘economic substance’ regimes that effectively require companies to have a physical presence - and do ‘real business’ - in a jurisdiction.

It wants corporate profits, revenues and assets to be taxed in the jurisdictions where they are generated.

They are thus aiming to prevent companies, especially multinational corporations, from exploiting gaps in tax types, rates and rules to artificially shift profits from jurisdictions where they are generated to low or ‘no tax’ jurisdictions, thus lowering their tax bill.

The Government yesterday also brought tax evasion, both domestic and international, into the penal code for the first time by making it a crime to deceive, defraud, obstruct or hinder a public servant seeking to collect due tax revenue.

“This is another one of the requirements to be in line with international practices, and to be able to enforce judgments that may be referred to us. That is the focus of that legislation,” Mr Turnquest told Tribune Business. “It necessarily strengthens domestic law.”

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PAGE 4, Thursday, November 29, 2018

THE TRIBUNE

STOPOVERS RISE ‘A PHENOMENAL’ 18% IN ABACO STOPOVER visitors to Abaco increased by “a phenomenal” 18 percent for the first eight months of 2018, with the island’s airport now the country’s second busiest due to Freeport’s decline.

Dionisio D’Aguilar, Minister of Tourism and Aviation, told a weekend town meeting in Marsh Harbour: “Tourism is doing exceptionally well on the island of Abaco. For the first eight months of this year, stopover visitors are up 18 per cent and that is phenomenal.

“In the first eight months, the number of foreign visitors that came to Abaco by air was 95,000; the number of foreign visitors to Grand Bahama was 54,000. This island is doing well.”

Minister D’Aguilar said there were plans to hire a private company to run Abaco’s Leonard Thompson International Airport

and the Treasure Cay Airport, similar to how the Nassau Airport Development Company (NAD) operates the Lynden Pindling International Airport (LPIA).

“We’re looking at creating a company to run that airport in much the same way that NAD runs LPIA,” he explained. “The airport, since its construction, has begun to deteriorate a little and we need to generate the funds to pay for its upkeep and maintenance.

“When you go through LPIA, if you go through the international side you pay a $48 passenger facility charge that keeps the airport wonderfully maintained. If you’re going on a domestic flight you pay $10 towards the kitty.

“Basically create a company that just runs the airport on a full-time basis and can maximise and bring focus as to why the other

MINISTER of Tourism Dionisio D’Aguilar during his visit to Abaco. airport (Treasure Cay) is sitting vacant. What are we going to do with that empty Customs building? Whereas it’s now a part of a huge portfolio of airports, and we’re not bringing the appropriate focus on what’s a key entry point to the country.”

While in Abaco,

Mr D’Aguilar visited Forest Heights Academy, the school of current junior minister of tourism, Khalea Richard.

He not only praised her excellent work thus far, but encouraged the students of Forest Heights to consider a future in tourism.

“The economic climate in Abaco is such that it allows you to create your own employment; to become entrepreneurs and chart your own economic future,” Mr D’Aguilar said.

“The field is wide open for business.

“Any enterprise

involving the sea is a hands down winner: Boating, fishing, diving, kayaking. On land, look at the rich culture of Abaco; the history, the heritage, the arts and craft. You can capitalise on these areas and package innovative tours and excursions for our visitors.”

TOURS AND LAND-TO-TABLE VENTURES HAILED AS OPPORTUNITIES THE newly-formed Tourism Development Corporation (TDC) has identified land rental tours and farm-to-table businesses among the entrepreneurial opportunities available to Abaconians.

Janet Johnson, the corporation’s chief executive and executive director, told a Why Tourism Matters workshop in Marsh Harbour, held in partnership with the Abaco Chamber of Commerce, that the industry offered numerous spin-off business possibilities.

She said eco tours, farm tours, souvenir stores, authentic Bahamian

JANET JOHNSON tours, more dining options in Treasure Cay and a grocery store were

among the areas ripe for exploitation.

“The TDC intends to be very engaged, working with our corporate partners,” Ms Johnson said. “We’ve created a TDC Abaco Entrepreneurs Whatsapp group, and they’re all participating.

“A few Abaconian businesses participated in Jollification last weekend, and I’ve taken photos to encourage others to think about growing and expanding their products to festivals in Nassau.

We also have similar chat groups with entrepreneurs in Bimini, and we intend to systematically grow our

reach across the islands of The Bahama.”

Ms Johnson said the corporation’s creation was a good step, and added: “We have a lot to do. The Ministry of Tourism and Aviation (MOTA) has been very good at promoting The Bahamas abroad but has done little to look at the domestic situation, build capacity and get more Bahamians involved in ownership of the tourism business.

“That is now the job

of TDC to explore the linkages and show Bahamians what the potential is to improve their quality of life and work for themselves.”

Ken Hutton, the Abaco Chamber of Commerce’s president, said: “The event was important for Abaco because it allowed tourism operators and suppliers to know that there are funding and support facilities available to them to grow and expand their existing

business, and for entrepreneurs looking to gain a foothold in the Abaco market. There are options outside of commercial banks for funding and investment.”

The TDC has developed out of the former Hotel Corporation, and is a new arm of the Ministry of Tourism with a mission to increase Bahamian ownership. The Tourism Development Corporation intends to visit and conduct an assessment of all 16 major islands.

In the ESTATE OF CLYDE KILROY GARDINER late of 2 Yarrow Street in the Eastern District of the Island of New Providence, The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate are required to send such claim or demand duly certified in writing to the undersigned on or before 9th day of December A.D. 2018 after which the Personal Representative in the said Estate will proceed to distribute the assets of the Estate having regard only to the claims, demands or interest of which she shall then have notice AND all persons indebted to the above Estate are required to settle such debts or make arrangements with the Personal Representative for such settlement on or before the date mentioned above.

STRATFORD LAW CHAMBERS Attorneys for the Personal Representative Attn: Attorney Keith O. Major Jr. 46 Carmichael Road Nassau, N.P., The Bahamas

THE TRIBUNE

Thursday, November 29, 2018, PAGE 5

CLOUD Carib executives pose with Senator Kwasi Thompson and Cybernetica speaker Riho Kurg. From left, Stelios Xeroudakis, Cloud Carib founder and chief technology officer; Riho Kurg, Cybernetica’s vice-president of product; Senator Kwasi Thompson; Reneldo Russell, Cloud Carib’s client delivery executive – public sector; Scott MacKenzie, Cloud Carib chief executive.

Photo: Preston Knowles Photography

THE FUTURE IS NOW AS TECHNOLOGY SUMMIT COMES TO GB THIS month, The Bahamas successfully hosted its second annual technology summit in Grand Bahama.

The theme for this year’s summit was “The Future is Now”, and attracted over 600 participants including investors, IT Professionals, developers, innovators and stakeholders from within the region and abroad.

A Nassau-based company supported this year’s Grand Bahama Technology Summit by inviting key technology partners to participate.

Cloud Carib brought Cisco, VMware, Palo Alto Networks, Oracle, Veeam, RedHat and Cybernetica to the three-day event, branded The Future is Now, which attracted more than 600 investors, IT professionals, developers, innovators and stakeholders to Freeport.

Cloud Carib, in collaboration with its partners, hosted multiple technology talks, workshops and shared its knowledge and experience in digital transformation and regional expertise.

The company revealed how their involvement in the Government of The Bahamas’ digital transformation journey was helping transform

information technology (IT) for a nation.

It showed how working with a provider such as itself allows clients to leverage the expertise and knowledge of a regional provider, while also benefiting from their partnership with global technology leaders such as Cisco.

“We’re extremely proud to play a pivotal role in the digital transformation and development of The Bahamas as the ‘Silicon Valley’ of the region,” said Cloud Carib’s chief executive, Scott MacKenzie.

“At the summit we were able to share how we, together with the Government of The Bahamas and our technology partners, have been working to establish our country as a leader in eGovernment and

work towards our shared goal of advancing business environments through technology in the region.”

Mr MacKenzie participated in a panel discussion on ‘Transforming the Future of Business’, where he discussed the accelerated rate of change in the digital era, the importance of digital transformation and how Cloud Carib encourages creativity while still adhering to data-driven innovation.

Reneldo Russell, Cloud Carib’s client delivery executive for the public sector, was also involved in a panel on ‘Disruptive Ideas, Emerging Technologies’ where he highlighted how disruptive change is positive for The Bahamas, and how this encourages the country’s development as a technology hub.

PAGE 6, Thursday, November 29, 2018

THE TRIBUNE

$92M BPL DEBT: MORE THAN 50% OVER MONTH OLD from page one

Data tabled in the House of Assembly yesterday by Desmond Bannister, minister of works, revealed that $48.415m or 52.7 percent of BPL’s total $91.797m receivable dated from previous months.

Of the arrears, around one-third or some $16.068m would be described as nonperforming, given that this sum is more than 90 days or three months past due, highlighting the severe cash flow difficulties experienced

by BPL as a result of customers failing to pay due bills on time.

“It’s a huge impact,” Mr Bannister told Tribune Business. “People don’t understand the kind of receivables BPL carries, and that’s why they have to collect charges in a prompt manner.

“It affects the efficiency of the company. The company is already saddled by legacy debt of close to $500m, and so it has to

collect on a regular basis.”

Just 79 BPL customers were responsible for almost 25 percent, or one-quarter, of BPL’s receivables, as their combined debts of $50,000 or higher stood at $22.909m - with around half of this sum representing arrears from previous periods.

The statistics highlight how The Bahamas’ energy crisis cuts both ways, with consumers struggling with escalating costs driven by high global oil prices that have been exacerbated by BPL’s forced reliance on more expensive fuel sources due to the recent Clifton Pier fires that knocked out its most efficient generation units.

In turn, BPL’s high accounts receivables deprive it of essential cash flow, leaving it struggling to pay its bills, fuel suppliers and finance essential maintenance and upgrades across both its generation and transmission and distribution infrastructure.

All this results in a vicious circle of high energy

costs and power outages, with BPL also absorbing increasing costs through the Government’s decision to increase the VAT exemption threshold from $200 to $300 monthly power bills.

And the state-owned energy monopoly has also “capped” its fuel charge at 19.15 cents per kilowatt hour (KWh), meaning that it has not passed on all such costs as is its traditional practice.

Whitney Heastie, BPL’s chief executive, in a November 27 email to Mr Bannister, said December’s fuel charge will be 21.676 cents per KWh, based on a $33.916m fuel burn cost and 156.467 KW hours of power generated.

“Therefore, the fuel charge for December is 21 cents,” Mr Heastie wrote.

“However, since the last increase in fuel charges we have not been passing on the full amount. So the last couple of months we have capped the charge at 19.15 cents.”

Despite this, 5.412 BPL

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BAHAMAS Power and Light. customers owing a total $5.393m remain disconnected by the utility, including 4,639 on New Providence. Mr Bannister yesterday said the number typically fluctuated between 4,500 to 6,500, a statistic that has changed little since the 2008-2009 recession.

The data supplied in the House of Assembly yesterday suggested between 11,000 to 15,000 BPL customers will benefit from the VAT exemption threshold increase. However, this likely represents a

modest bit of good news, as those paying at the $300 limit will only be saving $36 per month or $432 per year.

Mr Bannister, meanwhile, told Tribune Business that refinancing of BPL’s legacy debts, pension fund deficit and environmental liabilities via the proposed Rate Reduction Bond (RRB) is key to the utility’s very survival.

“There are some discussions on where we are going to go with that,” he told Tribune Business. “It’s critical for BPL, just too

critical to the very existence of BPL.” The former Christie administration’s refinancing plan involved issuing the RRB bonds, via a special purpose vehicle (SPV), to Bahamian and international capital markets investors. The proceeds would take out BPL’s legacy debts while keeping the new financing off the utility’s and government’s balance sheets, enabling the former to raise new capital to invest in badly-needed network upgrades.

The Minnis administration initially seemed reluctant to adopt the longterm financial restructuring tool left behind by its Christie predecessor, but the RRB’s placing is critical to raising the nine-figure sum required to restructure its legacy debt. It will add an additional charge to consumers’ electricity bills, representing monies that will be used to pay interest to investors in the RRB, but this will be a small component of the overall bill.

THE TRIBUNE

Thursday, November 29, 2018, PAGE 7

NAD CUTS LOSSES 70% BEFORE $130M REFINANCE

from page one

The Lynden Pindling International Airport (LPIA) operator’s improved financial performance was driven by increased passenger traffic stemming from Baha Mar’s full opening, plus fee increases, both of which contributed to significant hikes in passenger processing and facilities fees.

Passenger facility charge revenue grew by 15.5 percent or over $7m, rising from $45.464m to $52.508m, while processing fees were up by 51.4 percent from $7.525m to $11.396m.

As a result, total operating revenue jumped from $77.028m to $89.396m, a 16 percent rise that put NAD closer than ever before to

covering both operating expenses and $68.473m in financing costs.

And NAD is projecting that it will turn a comprehensive profit of $2.56m for its current financial year to end-June 2019, driven by further increases in passenger facility and other forms of revenue.

The enhanced outlook is timely as NAD moves to refinance its “participating debt”, or second tier debt, that was taken on to finance LPIA’s $409.5m redevelopment.

The debt is split into several layers or tranches, with the “participating debt” accounting for around 25 percent of NAD’s total $522m debt at end-June 2018. Its holders rank behind those owning its senior secured debt in any creditors queue.

The offering term sheet, distributed to investors

by CIBC and RoyalFidelity in their capacity as joint placement managers, confirms that NAD is seeking to refinance “high cost” debt with securities that will carry a fixed 7.5 percent interest coupon payable quarterly. They will have a 17-year term, meaning they will mature - and principal be returned - by 2035.

“NAD is seeking to refinance the high cost participating debt put in place in 2009 at the height of the financial crisis,” the term sheet said.

“While the new notes are repayable by 2035, NAD intends to reduce the outstanding balance on a quarterly basis as cash flow permits.

“Should interest

OPPOSITION DECRIES BPL VAT THRESHOLD INCREASE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Opposition’s finance spokesman yesterday argued that raising the value-added tax (VAT) exemption ceiling for electricity bills from $200 to $300 will do little to help struggling Bahamas Power & Light (BPL) consumers.

Chester Cooper, the Exuma and Ragged Island MP, instead warned that small and medium-sized enterprises would be “driven out of business” due to high energy costs.

He told Parliament that the exemption increase would be of no help to the more than 5,0000 consumers across the country whose electricity supply is currently disconnected.

“The bills at BPL will drive many small and medium-sized businesses out of business. What are you doing to lower the cost of electricity for businesses? These are serious time in this country,” said Mr Cooper.

He expressed concern over BPL’s fuel charge, arguing that the utility needs “better oversight, and that should fall under URCA. There is no point in having URCA if it cannot properly regulate the utilities.”

Mr Cooper suggested that BPL’s fuel price be

DEPUTY Leader of the Opposition Chester Cooper.

Photo: Terrel W Carey Sr/Tribune Staff published, along with how whether the Government much of that fuel is used in has considered zero-rata particular month and the ing electricity for VAT cost to consumers. purposes.

He also raised concerns over the handling of the fires at BPL’s Clifton plant, saying: “What about the insurance? Has BPL considered whether there is a possible claim under the Business Disruption Coverage which I presume they carry?”

The Exuma MP called for a short and medium-term renewable energy strategy, and also questioned

NOTICE Pursuant to the provisions of Section 138 (4) of The International Business Companies Act, 2000, Notice is hereby given that: (a) WAKEFIELD BAHAMAS LTD. is in dissolution; (b) the date of commencement of the dissolution was November 28, 2018; (c) the name of the Liquidator is EDWARD B. TURNER of EDWARD B. TURNER & CO. 24 Leonie Place, Flax Terrace off Malcolm Road. P. O. BOX N - 1375, NASSAU, BAHAMAS. EDWARD B. TURNER Liquidator

NOTICE MGT HOLDINGS INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MGT HOLDINGS INC. is in dissolution as of November 27th, 2018.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

payments not be made, the interest will be added to the principal balance and accrued interest repaid from future excess cash-sweep mechanisms provided in the note agreement.

“In addition to substantially reducing the carrying cost of its debt, the refinancing of the participating debt may result in more of NAD’s debt being denominated in Bahamian dollars, substantially reducing interest costs and fees to convert Bahamian dollars to US dollars for repayment of principal and interest.”

Describing LPIA as the fourth busiest airport in the Caribbean, with 84,000 aircraft movements in its last financial year, the term sheet added: “LPIA served nearly 3.5 million passengers in fiscal year 2018 and

generated $89m of revenue.

“The airport is served by 23 airlines offering travel to 56 international and domestic destinations. LPIA’s historically stable passenger flow and increasing hotel room inventory in The Bahamas, combined with steady revenue and EBITDA growth since 2015 result in a stable credit profile.”

Nassau/Paradise Island’s room count now stands at 8,009.

“Passenger traffic for fiscal year 2018 was 6.2 percent above prior year,” the term sheet said.

“While traffic has been stable and predictable over the past 10 years, with the addition of new rooms to the destination and more aggressive marketing NAD is experiencing greater growth.

“The United States remains LPIA’s largest origin/destination market for both inbound and outbound travel at 83 percent of international origin/ destination. NAD continues to add seat capacity with new markets, aircraft up-gauges and added daily and weekly frequencies from existing and new carriers. Capacity additions through summer 2019, currently on sale, represent a 13.5 percent increase in seat capacity over the prior year.”

Vantage Airport Group’s contract to manage NAD expires on April 1, 2019, having already been extended for two years, with the company’s EBITDA having increased from $28m in 2009 to more than $60m under its stewardship.

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PAGE 10, Thursday, November 29, 2018

THE TRIBUNE

TOP CIVIL SERVANT IN ‘WEAK’ OFFICIALS BLAST from page one

“This score (47) is based on the extent to which the work of the Public Service Commission (PSC) mitigates risks associated with arbitrary decision making for recruitment, selection and promotion, and other forms of bias including political persuasion,” the IDB report said.

The civil service fared less well, though, when it came to “functional capacity” and “management capabilities”, where it achieved a score of just seven out of 100. “In the case of ‘functional capacity’, The Bahamas faces significant gaps in instrumentality related to job descriptions, performance standards, performance management, and pay structure,” the report found.

“The low score for the ‘management capabilities’ index is attributable to weaknesses in personnel management, alignment, and stakeholder engagement, and lack of enforcement of strategic management.”

Among the multiple issues identified by the report are: • The “extremely complex” civil service salary scale system used by The Bahamas. This consisted of 341 pages on 2014, with the number of grades for specific jobs varying from four to 24. The situation appears to have gotten worse, not better, with the 2016 Salary Book featuring 453 pages.

• The IDB report exposes a situation where teachers transferred to other parts

CAMILLE JOHNSON of the public service remain on the Ministry of Education’s payroll. Not only was this boosting the Ministry’s already “inflated wage bill”, but it was unable to hire replacements because those transferred had not formally left their posts, thereby exacerbating teacher shortages.

• Despite the dire need for greater training of public service officers, the Ministry of Public Service’s 2017-2018 budget in this area was just $150,000 - equivalent to just $7.50 for each of the civil service’s 20,000 members.

It had asked for a $1m allocation, and the IDB report’s authors said they were unable to meet with the Ministry of Finance to find out the reason for the variance.

• The Government’s difficulties in hiring qualified technical professionals were highlighted by the fact engineers in the public sector earn 78 percent less than their private sector counterparts. Accountants and teachers in the public sector were shown as earning nine percent and seven percent less, respectively,

although IT managers and nurses in the public sector were said to earn more.

• The civil service’s costs as a percentage of Bahamian gross domestic product (GDP) steadily increased between 2014 and 2018, with the highest jump coming in the 2017 election year.

With the Christie administration seeking to solve its employment and political problems by expanding the public sector, civil service wages and salaries rose from 7.3 percent of GDP in 2014 and 2015 to 7.6 percent in 2016 before spiking to 8.2 percent of GDP last year. This bill was projected to grow further to 8.4 percent of GDP in 2018.

While VAT’s 2015 introduction helped reduce civil service wages and salaries as a percentage of revenues, they have hovered between 29.7 percent and 32.4 percent of total government spending over the past give years.

“According to the most recent PSC report, at the end of 2016, the central government employed 20,310 workers,” the IDB report said. “In addition to persons employed through the PSC, as of November 2017, the full complement of government employees - including those whose services are retained through temporary contracts and/ or by government corporations - stood at 38,435. This represents a 6.3 percent decline from the pre-election figure.”

Data published in the report showed the public sector’s share of total Bahamian employment declined

from 20 percent to 19 percent over the six-month period from May-November 2017, or by almost 2,500 workers, amid several downsizings and the expiry of short-term contracts.

While Bahamian civil service’s cost ratios were not out of line with other Caribbean nations, the IDB report’s quality and performance findings will reinforce concerns that the goals of improved governance, public services and “ease of business” are being undermined by continued shortcomings in the public sector’s workforce.

“According to the IMF, non-essential temporary workers account for as much as 30 to 40 percent of public employees,” the report said. “The head of the public service [Ms Johnson] indicated that the public service is overstaffed by as much as 40 percent.

“The permanent secretary in the Ministry of Public Service [Ms Delancey] indicated that, while the staff numbers were high, the civil service had a ‘hollow middle’ and lacked essential skills.

“The Cabinet Secretary [Ms Johnson] and several permanent secretaries, as well as external stakeholders, reaffirmed this assessment of the lack of essential skills. In fact, the Cabinet Secretary described the cadre of deputy permanent secretaries (DPS) as ‘extraordinarily weak’.”

These comments to IDB assessors confirm longrunning concerns about the dearth of middle management talent in the Bahamian civil service - a

NOTICE

NOTICE

DEVON CAMPOS THIRTY-TWO, LTD

Devon Campos Thirty-Four III, Ltd.

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

(a) DEVON CAMPOS THIRTY-TWO, LTD. is in dissolution under the provisions of the International Business Companies Act 2000.

(a) Devon Campos, Thirty-Four III, Ltd. is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 21 day of November, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said Company commenced on the 21 day of November, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

H & J CORPORATE SERVICES LTD.

H & J CORPORATE SERVICES LTD.

Registered Agent for the above-named Company

Registered Agent for the above-named Company

NOTICE

NOTICE

DEVON PN-T-SIXTY-SIX, LTD.

DEVON PN-T-EIGHTY-SIX, LTD.

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

(a) DEVON PN-T-SIXTY-SIX, LTD. is in dissolution under the provisions of the International Business Companies Act 2000.

(a) DEVON PN-T-EIGHTY-SIX, LTD. is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 21 day of November, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said Company commenced on the 21 day of November, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

H & J CORPORATE SERVICES LTD.

H & J CORPORATE SERVICES LTD.

Registered Agent for the above-named Company

Registered Agent for the above-named Company

NOTICE

NOTICE

DEC Third Capital, Ltd.

Devon Camamu Thirteen, Ltd.

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

(a) DEC Third Capital, Ltd. is in dissolution under the provisions of the International Business Companies Act 2000.

(a) Devon Camamu Thirteen, Ltd. is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 21 day of November, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

(b) The dissolution of the said Company commenced on the 21 day of November, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

complaint that also extends to the private sector.

This is especially critical to good governance in The Bahamas, given that these middle managers are responsible for the smooth implementation of policy and operation of all government ministries, agencies and departments, While the Government’s 2017 election manifesto promised to transform civil service efficiency, and ensure all positions were held on merit, the IDB report said its policies lacked an anchor. It indicated that this could be provided by the National Development Plan (NDP) drawn up under the former Christie administration, but which the current government has yet to embrace.

“At this point, there is no overarching plan governing decisions on staffing in the various ministries and departments,” the IDB report said. “The Minnis administration has only been in office since May 2017, and there has not yet been an official pronouncement on its position on Vision 2040 (the NDP), which was published for comment in December 2016.”

While permanent secretaries had begun developing strategic plans for their ministries, the IDB said these “have not been definitively aligned to the draft NDP because the current administration has not formally adopted the NDP”.

It added: “Furthermore, there was no evidence of an established institutional framework to facilitate cross-ministerial collaboration at a technical level.

Without such a framework, progress toward the Government’s stated intent to improve the country’s ranking in the World Bank’s Doing Business Report could be adversely impacted.

“In the absence of an approved NDP and strategic plans for the various ministries, workforce planning is rudimentary. Further, it has been reported that across administrations public sector jobs have been utilised as a welfare function.

“The leadership of The Bahamas Public Service Union (BPSU) posited that politics rather than strategic priorities are the dominant factor in determining the size of the various ministries,” the IDB report continued.

“As a result of the ad hoc approach to workforce

planning, staffing policies, decisions and practices do not necessarily reflect national or sectoral strategic priorities.

Both internal and external stakeholders opined that some ministries are significantly overstaffed, especially with unskilled workers.”

The IDB report blamed the absence of a human resources information system (HRIS) for the Government continuing to pay workers even after they had left its employment.

“The lack of a comprehensive HRIS has also been associated with administrative loopholes and inadequate checks and balances, resulting in frequent instances of officers continuing to receive salaries even though they are no longer on active duty,” it confirmed.

“In some instances, steps have been taken to recover the funds once the error has been detected. However, such efforts have not always been successful.”

Pointing to the lack of succession planning within the Bahamian civil service, the report added: “The outcomes of these deficiencies include a ‘hollow middle’ or lack of key skills and competencies among midlevel public officers, as well as the need to bring back retired senior officers on contract to fill skills gaps.

“This practice is likely to continue for some time since the current peer group of permanent secretaries and other senior officers is projected to be significantly depleted by retirement in the next two to three years.”

With no standard job descriptions, Ms Delancey, the Ministry of Public Service’s permanent secretary, told the IDB team “that people with the same rank may have completely different functions and scope of responsibility”.

This resulted in “confusion” within civil service ranks, and the report added: “An officer who appears to be more senior based on his/her job post may be carrying out a far more junior role than someone who holds a more junior post.

This situation raises grave equity considerations...

“An anomalous situation was identified related to the transfer of officers, particularly those appointed as teachers. Specifically, teachers have been transferred to other ministries while retaining their substantive appointments within the Ministry of Education.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SHERRECK FORBES of ST. Charles Vincent St., New Providence, Bahamas mother of RAINIQUE AALIYAH MONDELUS intend to change her name to RAINIQUE AALIYAH FORBES. 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 the publication of this Notice.

THE TRIBUNE

Thursday, November 29, 2018, PAGE 11

BAHAMAS IN ‘BATTLE’ TO SAVE FINANCIAL SERVICES

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE BAHAMAS is in a “battle” to save its financial services industry, the Deputy Prime Minister said yesterday, expressing optimism that legislation tabled yesterday will avert any further “blacklistings”.

K Peter Turnquest, updating Parliament on efforts to comply with the Organisation for Economic Co-Operation and Development (OECD) and European Union (EU) anti-tax evasion initiatives, said: “This is a sector still trying to rebound from the effects of de-risking and withdrawal of financial institutions as a direct consequence of increased compliance costs and the compound effects of the global financial crisis.

“While we are implementing measures that will ensure compliance with the international standards on tax governance and transparency, we let it be known that we reserve our sovereign right to develop our legal, tax and regulatory framework in ways that we deem necessary for our economic development.

“We are in a battle to save an industry that is a significant contributor to our economy, and we are being attacked on multiple fronts. With the legislation we are tabling, and which I anticipate will proceed through the legislative process quickly in order to meet the December 31 deadline, I believe that we have deflected the threat of being reinstated

to the EU’s list of noncooperative jurisdictions when the EU Council of Finance Ministers meet in January.”

The Bills are the Commercial Entities (Substance Requirements) Bill 2018; the Removal of Preferential Exemptions Bill 2018; the Register of Beneficial Ownership Bill 2018; the Non-Profit Organisations Bill 2018; and the Penal Code (Amendment) Bill 2018, which are designed to put The Bahamas in full compliance with the EU and OECD standards.

“These Bills have been widely circulated, consulted and agreed by industry stakeholders after extensive private and public industry briefings, and with the technical representatives of the EU and OECD,” Mr Turnquest said.

“The Commercial Entities (Substance Requirements) Bill 2018 will require commercial entities that engage in specified activities to demonstrate economic substance through having substantial economic presence and real economic activity within The Bahamas,” said Mr Turnquest.

“This means, for example, that commercial entities will have to demonstrate that they have an

NOTICE

Devon Campos Thirty-Four I, Ltd.

adequate number of fulltime, qualified employees; that directors are qualified to make strategic decisions on the operation of the entity; and that the entity demonstrates a sufficient level of expenditure commensurate with the activities that it undertakes.

“This development, while posing some risk to entities that do not require a physical presence in the ordinary course of business, also provides potential opportunities for qualified Bahamians to provide physical presence and services, creating employment and space requirements for international operations wishing to remain in our jurisdiction.”

Mr Turnquest added that the Removal of Preferential Exemptions Bill 2018 provides for the elimination of preferential tax advantages

afforded to non-resident companies that are not given to domestic ones.

“This Bill will have the effect of equalising the tax treatment of domestic and international companies, and eliminates the long complained-about perceived advantages offered to foreigners that Bahamians are not entitled to by virtue of their domicile,” he said.

The Non-Profit Organisations Bill, 2018 according to Mr Turnquest, brings nonprofit organisations under regulatory oversight. “This will enhance the integrity of and mitigate abuse of these entities,” said Mr Turnquest.

The Beneficial Ownership Register Bill will create a non-public database for the collection and retention of information on the beneficial owners of all incorporated entities. “This

(b) The dissolution of the said Company commenced on the 21 day of November, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company NOTICE

AMETHYST JADE LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) AMETHYST JADE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 26th November 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 29th day of November, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator NOTICE

JYD SHINE LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) JYD SHINE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 26th November 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 29th day of November, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

it a crime to intentionally defraud a person employed in the public service relating to the collection of money for the purposes of general revenue. This Bill brings tax evasion within the lexicon of criminal acts in The Bahamas and is a landmark Bill whose time has come.”

NOTICE

DEVON CAMPOS THIRTY, LTD. NOTICE IS HEREBY GIVEN as follows: (a) DEVON CAMPOS THIRTY, LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 21 day of November, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

NOTICE

NOTICE

DING XIANG LIMITED

TARKIN INVESTMENTS LIMITED

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

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

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

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

(b) The dissolution of the said company commenced on the 26th November 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 26th November 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

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

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

NOTICE IS HEREBY GIVEN as follows: (a) Devon Campos, Thirty-Four I, Ltd. is in dissolution under the provisions of the International Business Companies Act 2000.

is a part of a global push to eliminate opaque entities that could be used to hide corporations and individuals from tax obligations, and aid in the fight against anti-money laundering/ terror financing and corruption,” said Mr Turnquest.

“The Penal Code (Amendment) Bill makes

Dated this 29th day of November, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

Dated this 29th day of November, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

PAGE 12, Thursday, November 29, 2018

TRADER Jonathan Corpina works on the floor of the New York Stock Exchange, Wednesday, Nov. 28, 2018. Stocks are opening higher on Wall Street, led by solid gains in big technology and health care companies.

Photo: Richard Drew/AP

THE TRIBUNE

Stocks rise as Powell hints at interest hike slowdown NEW YORK Associated Press US STOCKS rocketed to their biggest gain in eight months yesterday after Federal Reserve chairman Jerome Powell hinted that the Fed might not raise interest rates much further.

The Dow Jones Industrial Average surged 617 points.

In a speech to the Economic Club of New York, Powell said that rates are close to “neutral”, the level at which they neither hold back growth nor aid it. That might mean the Fed isn’t planning to raise interest rates far above their current levels. Powell also appeared to suggest that the Fed might pause its cycle of interest rate increases next year so the central bank can assess the effects of its actions.

That relieved investors who feel the nine-year-old bull market could come to an end if rates rise too fast. Those worries have contributed to the market’s big slump in October and November.

Stocks rose in morning trading and nearly tripled their gains as Powell spoke.

Bond yields slipped and the dollar weakened as investors adjusted their expectations for how quickly interest rates might rise in the future.

After slashing interest rates to near zero before the 2008-09 financial crisis, the Fed has been steadily raising them since the end of 2015 and it’s expected to announce another increase in December. But higher interest rates tend to slow economic growth, and since growth in the US and other regions is already likely to slow down next year, investors are concerned the increases will hinder the economy.

“He’s acknowledging that if you make an interest rate move today, you’re not really going to feel the effects of it for 12 to 18 months,” said Jack Ablin, chief investment officer of Cresset Wealth Advisors. “Global central bank

tightening (of rates) was probably the biggest risk that equity investors faced over the next four quarters, so having the Fed chairman come out and suggest they’re almost done is welcome news.”

The S&P 500 index surged 61.61 points, or 2.3 percent, to 2,743.78, its biggest gain since March 26.

The S&P 500 has gained 4.2 percent this week, but would still need to rise another 6.8 percent to return to its record high from late September.

The Dow Jones Industrial Average jumped 617.70 points, or 2.5 percent, to 25,366.43. The Nasdaq composite rose 208.89 points, or 2.9 percent, to 7,291.59.

The Russell 2000 index of smaller-company stocks gained 37.53 points, or 2.5 percent, to 1,530.38.

After an initial decline, bond prices turned higher, sending yields lower. The yield on the ten-year Treasury note fell to 3.06 percent from 3.07 percent earlier in the day. It stood at 3.05 percent late Tuesday. The yield on the two-year note steadied at 2.81 percent.

The dollar weakened, which sent metals prices higher. The ICE US dollar index lost 0.6 percent.

Customer-management software developer Salesforce surged 10.3 percent to $140.64 after its earnings and revenue were stronger than analysts expected.

That helped pull technology companies higher.

Software maker Adobe rose 7.3 percent to $249.21.

Apple jumped 3.8 percent to $180.94 and Microsoft rose 3.7 percent to $111.12.

Jam and packaged food maker J.M. Smucker fell 7.2 percent to $101.28 after it reported a smaller profit and less revenue than analysts had expected. Smucker also lowered its forecasts for the full year.

Boeing recovered a sliver of its recent losses as investigators in Indonesia discussed their probe into the crash of a Boeing 737 MAX 8.

NOTICE Notice is hereby given that MICHELE LOUIS of Eleuthera, 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 signed statement of the facts within twenty-eight days from the 29th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

THE TRIBUNE

NOT JUST JOBS RIDING ON FATE OF GM PLANT LORDSTOWN, Ohio Associated Press GENERAL Motors is moving to shut down as many as five North American factories in a major restructuring, but there are more than jobs riding on the fate of at least one of them: Ohio’s Lordstown assembly plant.

Ohio and much of the rest of the industrial Midwest were vital to President Donald Trump’s campaign in 2016 and probably will be again in 2020. Trump ran on a promise to bring back factory jobs, and blue-collar voters in this otherwise Democratic stronghold in Ohio embraced him.

Trump blasted GM’s announcement this week that it will shed up to 14,000 workers in North America.

He threatened to cut off federal subsidies to the automaker and singled out

the Ohio plant as one he wants to stay open.

“The US saved General Motors, and this is the THANKS we get!” the president tweeted on Tuesday, referring to the government bailout of the automaker a decade ago.

Democrats and Republicans in Congress and union leaders are also pressuring the company to keep the plant running, in what’s now a high-stakes decision for all involved, not just for the workers and the battered Rust Belt community nervously watching.

GM said on Monday that Lordstown will stop making the Chevy Cruze by March, at a cost of 1,400 union jobs on top of the 2,700 lost there since Trump took office.

The plant is a focal point in the potential closings because of the president’s pledge at a rally last year in nearby Youngstown, where

he talked about going past big factories whose jobs “have left Ohio”.

“They’re all coming back.

They’re all coming back,” Trump assured supporters.

“Don’t move. Don’t sell your house.”

It was the kind of promise that endeared Trump to blue-collar workers in places like Youngstown and Lordstown, Democratic and labor bastions where Trump surprisingly won half the vote.

But it’s also one that could haunt him with people who crossed party lines two years ago, said David Cohen, a political science professor at the University of Akron.

“You can’t place all of the blame on Donald Trump, but he individually raised the stakes because he promised workers he was the only one who could save the manufacturing base,” Cohen said.

Thursday, November 29, 2018, PAGE 13

CRYSTAL Odum inspects the front end of a General Motors Chevrolet Cruze at Jamestown Industries, on Wednesday, in Youngstown, Ohio.

Photo: Tony Dejak/AP

VACANCY NOTICE

Broadcast IP Video Specialist Cable Bahamas Limited is seeking to employ an experienced Broadcast IP Video Specialist. The successful candidate must be a highly motivated person, organized and detailed oriented.

SUMMARY The position of Broadcast IP Video Engineer will be responsible for the installation and maintenance of all video equipment within the Headend and at field locations.

This position is responsible for troubleshooting activities for outages in conjunction with the technical teams, and ensuring acquisition routing and quality control of incoming and outgoing video feeds. The position also requires occasional extended work in and around a typical data center, telecommunications facility, and/or Central Office. These environments may include loud machinery/fan noise, chilled temperatures and wind, and lowered humidity working with and around highamperage AC and DC power.

JOB DESCRIPTION • Configuration, installation and management of Core Video Multiplexers, Edge Video Switches, Routers, IP Video Modulators; • Configuration and Management of IPTV, OTT, ATSC and all IP related video equipment.

• Ensure the integrity of video and encoding hardware and software; • Perform analysis, diagnosis and troubleshoot root cause of issues/ outages related to IP video content; • Assessing the impact of content issues that arise as part of daily operations; • Review current IP video environment, product requirements, and determine gaps; • Liaise with new equipment vendors and middleware service providers; • IP Video Headend system monitoring and management; • Troubleshooting of all alarms in relation to IP video broadcast generated from the Headend monitoring systems; • Work closely with IP Engineers and Headend Technicians to identify and resolve issues that impact the IP video network; • Development of MOPs, Testing Procedures, Labs with ticket creation; • Meticulous documentation of video network infrastructure; • Liaising with internal and external clients to deliver new products and initiatives; • Working within a team with a focus on delivering the company’s yearly objectives; • Help facilitate new network projects ensuring minimal disruption to live services; • Ensuring the video network infrastructure is fit for effective and

efficient service delivery and aligned with the company’s objectives; • Assisting in the maintenance and tracking of hardware and software owned by the company; • Perform all other Headend related duties as determined and assigned by management.

SKILLS & QUALIFICATIONS REQUIRED • A bachelor’s degree in Computer Science/Engineering, Electrical Engineering or equivalent; • Two or more years of strong understanding and experience working with MPEG-2 and MPEG-4 (H.264) compression, MCPC and IPTV platforms, video transmission/reception equipment, video monitoring equipment and ancillary video equipment; • Two or more years of strong experience working with multicast and next-generation Video delivery technologies (IPTV, ABR HLS, Smooth Streaming, etc.); • Two or more years exposure with various test equipment, including: MPEG analyzers, optical power meters, RF signal level meters, RF spectrum analyzers; • Must have knowledge of and experience with a wide range of technologies including routers, multiplexers, switches, RF uplink and downlink hardware, and associated redundancy hardware; • A fundamental understanding of Linux command line; • Comprehensive understanding of IP Video Technologies and Network Environments; • Networking and IP multicast routing; • CCNA/CCNP, Comp TIA Network +; • IP transport of MPEG-TS over UDP/RTP multicast; • Strong understanding and experience working with TCP/IP technologies desired, including IPv4, addressing/subnetting, IP unicast routing and IP Multicast routing and associate technologies; • Able to Diagnose Network Connectivity Issues; • An understanding of digital modulation technologies (QPSK – 256

QAM) is desirable; • Working knowledge of RF systems, including: general understanding of the EIA spectrum, general understanding of RF performance

requirements in a QAM environment, basic RF troubleshooting

techniques, Working knowledge of the OSI model, specifically layers 1, 2 & 3; • Knowledge of multi-vendor middle-ware software such as Imagine, Arris, Builtwrite, Minerva, Anevia and TiVO/ROVI; • Ability to effectively use engineering NMS tools such as Solarwinds,

Wireshark etc.; • Experience with MS Office and MS Visio; • Ability to isolate problems and troubleshoot issues down to the hardware level.

PERSONAL COMPETENCIES • Ability to exercise judgement within broadly defined practices and select methods and techniques for obtaining solutions; • Excellent attention to detail and methodical approach; • Ability to self-motivate and work independently; • Strong decision-making & analytical skills; • Customer service orientated approach; • Strong oral & written communication skills; • Ability to manage multiple tasks and priority levels; • Proactive approach to changing technologies; • Be able to work outside normal work hours; • Be able to travel periodically to perform work/maintenance at all digital

Headend sites in The Bahamas and United States; • This position requires on call support (Tier 2/3) and off-hours maintenance activities (weekends, weeknights and/or Holidays); • Possess personal traits: Friendly, mature, factual, honest, meticulous, self-starter.

Qualified applicants should submit Resumes on or before Tuesday, December 11, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Broadcast IP Video Specialist to humanresources@cablebahamas.com.

PAGE 14, Thursday, November 29, 2018

THE TRIBUNE

Trump dismantles US climate efforts as warnings grow WASHINGTON Associated Press PRESIDENT Donald Trump has moved steadily to dismantle Obama administration efforts to rein in coal, oil and gas emissions, even as warnings grow — from his own administration and others — about the devastating impact of climate change on the US economy as well as the Earth.

Trump has dismissed his administration’s warnings about the impact of climate

change, including a forecast released on Friday that it could lead to economic losses of hundreds of billions of dollars a year by the end of the century.

“As to whether or not it’s man-made and whether or not the effects that you’re talking about are there, I don’t see it,” he said in an interview on Tuesday with The Washington Post.

Trump’s position has been that efforts to combat the emissions that cause climate change have hurt the US economy.

NOTICE

Announcing the US withdrawal from the Paris global climate accord in June 2017, he said, “The Paris Climate Accord is simply the latest example of Washington entering into an agreement that disadvantages the United States to the exclusive benefit of other countries, leaving American workers — who I love — and taxpayers to absorb the cost in terms of lost jobs, lower wages, shuttered factories, and vastly diminished economic production.”

PRESIDENT Donald Trump pictured on Monday.

An email obtained by this meeting is to explore The Associated Press whether, post Paris, we need under the Freedom of to develop, or simply piece Information Act shows the together from what already administration withdrew exists, a policy proposal from the Paris agreement that can be characterised as with no clear climate policy the ‘Trump climate policy’,” Michael Catanzaro, a in place.

“All, the purpose of former oil and gas lobbyist then serving as Trump’s energy and environment consultant, wrote to White House and Environmental Protection Agency officials days after the president’s Notice is hereby given that KENEL announcement.

BRAVE of Cow Pen Road, New The EPA did not respond Providence, The Bahamas is to requests for details on applying to the Minister responsible the meeting, or on any subsequent Trump climate for nationality and Citizenship, for policy.

Registration/ Naturalization as a In an email yesterday, the citizen of The Bahamas, and that any State Department noted person who knows any reason why that the United States is registration/naturalization should not still taking part in global climate talks, despite pulling be granted, should send a written out of the Paris accord. signed statement of the facts within That includes a State twenty-eight days from the 22nd November, 2018 to Department delegation to the Minister responsible for Nationality and Citizenship, UN climate talks starting P.O.Box N7147 Nassau, The Bahamas. next week in Poland, in follow-up to the Paris talks.

“The United States continues to participate in ongoing international climate negotiations including those related to Notice is hereby given that WILSON guidance for implementing

NOTICE

Notice is hereby given that MILANGKA JEANTINORD of #21B Bass Lane, Freeport, Grand Bahama, 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 signed statement of the facts within twenty-eight days from the 29th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE

NOTICE

Notice is hereby given that MYRTHA BECTRAND JEANTINORD of #21B Bass Lane, Freeport, Grand Bahama, 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 signed statement of the facts within twenty-eight days from the 29th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

JEANTINORD of #21B Bass Lane, Freeport, Grand Bahama, 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 signed statement of the facts within twenty-eight days from the 29th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

MARKET REPORT WEDNESDAY, 28 NOVEMBER 2018

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,028.67 | CHG 4.12 | %CHG 0.20 | YTD -34.90 | YTD% -1.69 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.10 0.52 3.92 9.30 6.60 4.93 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50

52WK LOW 3.50 19.17 7.00 3.32 0.90 0.16 2.25 8.60 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL LAST CLOSE AML 4.45 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.01 BBL 0.52 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.14 CBB 12.42 CWCB 2.52 DHS 1.78 EMAB 7.98 FAM 6.30 FBB 12.80 FIN 6.75 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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) 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

MUTUAL FUNDS 52WK HI 2.18 4.16 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.45 17.43 7.00 4.90 1.10 0.52 2.30 9.30 6.16 4.14 12.42 2.55 1.78 8.13 6.30 12.99 6.75 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.15 0.00 0.19 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

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

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial 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

VOLUME

1,300

5,844 3,000

10,000

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631

DIV$ 0.100 1.260 0.000 0.240 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 20.8 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 26.9 19.8 25.0 8.5 N/M 9.4 18.5 11.7 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 1.92% 0.00% 7.63% 3.57% 2.90% 4.99% 2.35% 3.37% 1.03% 4.44% 3.85% 2.22% 3.59% 4.61%

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 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 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%

NAV 2.18 4.16 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.92 8.69 11.79

YTD% 12 MTH% 2.90% 4.07% 0.44% 4.38% 1.70% 2.35% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 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 NAV Date 30-Sep-2018 30-Sep-2018 28-Sep-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

MARKET TERMS 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

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 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

Photo: Andrew Harnik/AP the Paris Agreement - to ensure a level playing field that benefits the United States, its workers, and its taxpayers,” the department said in a statement.

The initial shock of the abrupt US retreat from the Paris accord galvanised international support for climate efforts, said Nigel Purvis, who worked on climate issues in the Clinton and George W Bush administrations.

At home, the Trump administration has initiated a rollback of a complex Obama-era effort to power the nation’s electrical grid with more renewable energy and less climatealtering coal.

Separately, the country’s auto industry already is adjusting to the Trump administration’s announcement in August that it would ease Obama-era mileage standards.

Auto experts say the Trump administration’s relaxing of mileage standards will deepen American drivers’ devotion to heavier, fuel-gulping sports utility vehicles over more fuel efficient cars.

THE TRIBUNE

Thursday, November 29, 2018, PAGE 15

IVANKA Trump pictured on Tuesday. Photo: Otto Kitsinger/AP

‘LOCK HER UP’ OVER EMAILS? NOT ME, SAYS IVANKA TRUMP WASHINGTON Associated Press IVANKA Trump defended her use of a private email account as she was moving into an adviser’s position in her father’s administration, saying that it cannot be compared to the flap over former Secretary of State Hillary Clinton’s private email server and that “Lock her up!” doesn’t apply to her.

“All of my emails are stored and preserved.

There were no deletions,” President Donald Trump’s elder daughter and adviser told ABC News in an interview broadcast yesterday.

The Washington Post reported this month that Ivanka Trump sent hundreds of emails about government business from a personal email account last year to White House aides, Cabinet members and her assistant, many in violation of public records rules.

“There is no restriction of using personal email,” she said. “In fact, we’re instructed that if we receive an email to our personal account that could relate to government work, you simply just forward it to your government account so it can be archived.”

Clinton used a personal email account linked to a private server at her home

in Chappaqua, a New York City suburb, during her time as the top US diplomat under President Barack Obama. The FBI found classified information in some of the emails that were sent or received through her private server.

Donald Trump harshly criticised Clinton, his 2016 Democratic presidential rival, for her use of the private email server. Trump dubbed her “Crooked Hillary” and repeatedly said, including to her face, that she belonged in jail. At his campaign rallies, chants of “Lock her up!” rang out.

Ivanka Trump was asked

by ABC News, “So the idea of ‘Lock her up!’ doesn’t apply to you?”

“No,” she replied.

Referencing her father’s denunciations of Clinton’s private email server, she said, “There’s no equivalency to what my father’s spoken about.”

On other issues, Ivanka Trump said she is not worried about legal exposure for herself, her father or anyone else in her family regarding special counsel Robert Mueller’s probe into Russian interference in the 2016 elections.

“I know the facts as they relate to me and my family, and so I have nothing to be concerned about,” she said.

To advertise in The Tribune, contact 502-2394

PAGE 16, Thursday, November 29, 2018

THE TRIBUNE